Evening Star Newspaper, April 13, 1931, Page 14

14 wxw : MARKET REFLEETS TRADE CONDITIONS Uncertainty in Some Lines of Trade Gives Confidence to Bears. BY CHARLES W. STORM, Editor, the News Service of Wall Street. Epectal Dispatch to The Star. NEW YORK, April 13.—Professionals continued to dominate the stock mar- ket on Saturday with the result that the general list failed to get anywhere in either direction, some stocks advanc- ing slightly while others declined. The general market was strong at the start, but sold off in the last half-hour un- der offerings from bears. Although the general list fails at this time to give any indication of the prob- able immediate trend and although pub- lished news items fail to warrant any reason for cptimism, the most important banking interests in Wall Street say that real improvement is being shown in quite a number of industries. Th add that the poor earnings of the first quarter of this year, which scems to be the important influences dominating rice fluctuations now, will mark the ttom of the depression and that the incomes of the corporations for the sec- ond quarter of this year will show im- provement over those for the first three- month period of this year. Johns Manville Weak. Although reports of building opera- tions for March showed some improva- ment, an cutburst of selling occurred Saturday in Johns Manville stock, which caused it to decline more than 5 points to a new low for this move- ment. The low price, howaver, was substantially above the figure recorded for this year. The selling of Johns Manville had all the earmarks of a professional bear drive and reports cur- Tent as to the buyers of the stock on the z%talxi:e !w:lx;e to the effect that the in- of the company were accumulat- ing the stock. 4 . Motors Doing Better. ] One of the features of steadiness in the list throughout the short session was the persistent demand for the good motor shares, particularly General Mo- |. tors, in which a big Chicago group fs | \:;’:!];nd to be very active on the long This group’s accumulation of the stock is based on knowledge of the in- crease in retail sales. It is known that other large motor companies are also experiencing a change for the better in the demand for their products. This is particularly true of Auburn Motor, Wwhich advanced to a new high price for this year. A big and strong group which has bcen active from time to time in Chrysler Motor is expected to Tesume their operations for the rise 3 Big Short Interest, One of the large commission houses in the Street has made a special in- vestigation as to the size of the short interest. It made inquiries of 28 lead- ing firms with regard to the amount, of stock being borrowed and loaned. Is was revealed that the short interest is abnormally large and, according to this nmsémls thle tl}:!rgesz on hl;ecorfl. e of commission houses leve that stocks are on the bn'rgrm ::Jcl;lilt:’ip:;d nr:! :;“e:splngx their statis- 2 men ck! tractive securities. S International Telephone. One stock to show persistent strength during the short session on &me ‘was International Telephone and Tele- g;nph. It develops that there is a big iying order in the market for the stock which is being picked up without any eflort to advance the price. The hares are being absorbed for foreign acccunt, presumably French. and is a preliminary step to the application for the listing of the sharcs on the Paris Beurse. A big block of International Tele- phone was recently taken out of the market by Dutch bankers. The steady withdrawal of the stock for investmcnt for foreign account is naturally reducing the foating supply. International Telephone is now declared to be in position by reason of the re- duced floating supply and the short interest to advancs sharply when the balance of the market turns upward. Tobacco shares continued to manifest strength in anticipation of increased Tevenues by reason of a forthcoming Taise in ‘the wholesale prices of Cigarettes. American Tobacco, R. J. g&m{firzoh}?cco. Lxggetzu& Myers and 3 shares natura be the favorites, i, (Copyright, 0 o0 e NEW OIL !N EAST TEXAS IS GLUTTING MARKET Bpecial Dispatch to The Star. TULSA, Cckla., April 13.—A steadil: increasing zoundance of new oil mld\‘,‘h{ East Texar fields is. glutting the oil market cf that area. The bringing in of new wells daily, swelling the offer- ings fromn wells with an already estab- lished production, is prompting the operators to make concessions in prices. As a result two of the small buyers posted prices of 20 cents a barrel dur- ing the latter part of the week. These two purchasers have been buying ofl | on contract from 35 to 45 cents a bar- | rel previously. Their combined pur- chases are about 12 per cent of the field’s output. The question of price appears to en- ter less into the making of contracts for the purchase and sale of oil in East Texas than the matter of obtain- ing an outlet for the production. The finding of large production in the new wells has taxed the limited demand in this area. The large buyers of such caliber as Humble, Gulf, Texas, Mag- nolia and Standard of Indiana have not vet entered the market for ofl in| the new district; consequently the only demand is from independent refiners. PARIS BOURSE PRIbES, PARIS, April 13 Prices were | Three per | per cent loan, . excharge on L 22 TREASURY CEBTIFI(;ATES. (Reported by J. & W. Seligman & Co) 1 i Offer. -3 100 9-32 32 00 100 1-32 14-32 101 16-32 SHORT-TERM SECURITIES. (Reported by J. & W. Beligman & Co) Bid. "~ Offer Allis-Chalmers 58 1V, 1015 ¢ 110 101 1013 9534 104 9515 102% 102% Co & 25| THE EVENING STAR, WASHINGTON, D. C, MONDAY. APRIL 13, 1931 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. . (Continued Prom Page 13.) . 1991~ stock ana . Low. Dividend Rate. 3 Pathe Exchange A.. 37% Penick & Ford (1)... 2814 Penney (J C) (2.40). 90 Penney (JC) pf A (6) 315 Penn Dixle Cement. . 54% Penn RR (#)........ 23 Peop Drug Strs (1).. 965 Peoples D S pf (6%) 200'4 Peop GasCh (8).... 6% Fetrolm Cp of Am(1) 19% Phelps Dodge (2)... 52% Phila Co 6% pf (3 95% Phila Co pf new (6) T% Phil Read C& 1. 9 Philip Mor & Co (1), 9 Phillips Petroleum. . % Pierce Oil. ..... 1% Pierce Petrolm 13 Pitts Screw (1.40). 75 Pitts Steel pf (7). 3% Pitts Terminal Coal. 24 Postal Tel&Cable pf. 1214 Prairie Oil & Gas (2) 17% Prairi€Pipe L (3)... 63 Proct & Gamb (2.40) 72 PubSvNJ (3.40) 95 PubSv N J pf (5) 109% PubSv N J pf (6).. 40% Pullman Corp (4) 3, Punta Alegre Sugar. % Punta Aleg Sug ctfs. 814 Pure Ofl 88 Pure Ofl pf (8) . 37% Purity Bakerics (4). 12 Radio Corp. 48 Radio Corp p! 34% Radio Corp B (5)... 15% Radio-Keith-Orph A. 18% Raybestos Man 2.60. 1714 Real Silk Hos(b10%) 11% Remington-Rand.... 7% Reo Motor Car (40¢). s s AT B RN B BN R RO A D S B e 11%4 Revnolds Metals (2) 70 Reynolds Tob A (3). 40% Reynolds Tob B (3). 2% Richfield Oil..... 27 Rit Dent Mfg (2%) 16% Rossia Insur (2.20).. 35% Roy Dich(m1.3404).. 38% Safeway Stores (5).: 98 Safeway Strapf (7). 17 St Joseph Lead (1).. 29% St Louis & San Fran. 44% St L-San Fran pf (6) 4 Schulte Retalil Stri % Seaboard Air Line. 1 Seab Air Line pf. 447% Sears Roebuck 323% 3% Second Nat Inv. 1% Seneca Copper. 414 Servel Inc 12 Sharp & Do 58% Sharp & Do pf 3 2214 ‘Shattuck F G (+1%) 6% Shell Unfon Oil 4% Shubert Theatel 14% Simmons Co. . S o) sentlurontvacolenslaBlceanasnnne® Sawa o 9 9% South Port Rico Sug. 45% South Cal Ed (2).... 901 South Pacific (6).... 40% South Ry (8). # 34 Spalding (A G) (2).. 8% Sparks Withing (1). 10 Spencer Kellog (80c) 10% Spicer Mfg......... 16% Stand Brands (1.20). 58 StandG&E (3%) 57 StandG&Ept (4). 421 Stand Ol Cal (h23%) % 102% Stand Oil Exp pf (5). 14% Stand Ofl of Kan (1) 41% Stand ONINJ (12). .. 21 Stand Ofl N ¥ (1.60). 3 Sterling Sec A...... 6% Sterl Sec pf (1.20)... 33 Sterl Seccv pf (3). 14% Stewart Warper.... 37% Stone & Webster (3). 20% Studebaker (1.20). .. 100% Sun Ol pf (6) % Superior Ofl 1 Symington. 17 Telautograph (1.40). 6% Tennesses Corp(50c) 274 Texas Corp (3) 45% Tex Gulf Sulph (4) 4% Texas PC&Oil.. o - - wemnERa » S oS S Bales— Add 00. High. —Prev. 1931~ High. Low. Tide Wa: Timken Timken Tobacco Tobacco Transue Tri-Cont Truax T Unit Aire Unit Bise Unit Pap Unit Piec Unit Piec Unit Sto: Vi v ‘Wabash Wabash Waldort est Pa West Pa West Pa Westing Westing Westing tvacy tark Wrigley ¥ ¥ Sou Cal 10:30 A.M. 1:30 P.M. . tions. s Unit of tradin Stock ana Dividend Rate. 11% Texas Pac Land Tr..~ Thompson Prod 1.20. Tide Water As (60c). Transamerica (1). Weston El Instr (1). & Towne (2) Sales— Add 00. High, 18% tAs pf (6).. Det Ax (80c) Roller (3)... Products. .. Prod A t95c Braorurn~ana 12 &W (1) Corp. raer Coal Co. Una-Ell-Fisher (5).. Un Carbide (2.60)... Un Ol of Cal (2) 4 Un Pacific (10).... Un Pacific pf (4).... Un TankCar (1.60) Unit Alreraft. . craft pf (3) cuit (2). Unit Fruit (4). perboard ce D W (2).. ce Dpf6%.. Realty & Im (3). U 8 Steel pf (7). U S Tobacco (4.40) res A. .. Unit Stores pf (4). Univ Leaf Tob (3) Util P&L A (e12.15). adium Corp (3).. a-Car Chem. ...... Va El & Pow pf (6).. 20s Vulcan Det (4).. Vulcan Det pf (7).... 508 4 12 704 3 120s RR. RR (. Sys (1% Walgreen pf (6%) Walworth Co (1) Ward Baking A.... Warner Bros Plet. % Warner Bros pf 3.85. Warren Bros (3) ells Fargo. .. El pt (6). Elpf(7)... Pow pf (6). AB(2).. EI&Mfg (4) 157 E&M pf (4).1008 1 o Cblor (2). 1 Rado Strs. White Motors (1)..., White Rock MS t4%. White Sew Mach pf. Wilcox Oil & G Willys-Overland Wilson & Co. Wilson & Co A. Wilson & Co pf Woolworth (2.40). Worthington Pump. . (Wm) (4).. 24% 12% RIGHTS—EXPIRE. Ed...Apr20 14 2% Sales of Stocks on New York Exchange. 200.000 1. 1.000, . 700.000 1 100,000 Dividend rates as given in the above table are the snnual cash payments based or the latest quarterly or half yearly ra- less than 100 shares. ‘Partly extrs. tPlus g 1B stock. & Pald last able ‘when earned. Flus 67 in stock, ferred stock. k Plus n Plus §% in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, April 13.—The follow- ing is a summary of important corpo- ration news prepared by the Standard Statistics Co., Inc.,, 'New York, for the Associated Press Weekly News Review. In spitz of uncertain fluctuations of prices on the Stock Exchange and an atmosphere of general pessimism, last week closed with no marked changes in price levels. The Standard price index for 90 stocks rose 0.1 point to 130.7 on April 10; from 1306 on April 2, which is, practically speaking, no change at all. The weakness that has been evident in railroad securities in the past month or two was again shown by a decline in this division of 2.3 points to 89.4 on April 10, whereas industrials | rose 0.4 point to 126.2 and utilities ros: 1.1 points to 183.8. The most significant point in such market action is the absence of positive trend in either direction. Following as it does a deccline of several weeks' du- ration, it represents a hait in the down- ward movement, but there are positive indications that this is to be followed by a recovery. It should be remembered toat the decline ceased for over a week in the middle of March, only to resume later. A decline of 0.8 point in the stand- ard price for 30 bonds is of a piece with the stock market decline. In this case there is the added factor, how- ever, that several large issues have been marketed recently and that any real | show of market strength evokes addi- ' tional offerings. | The commodity markets, like the se- | curity markets, showed little actual price movement, although they were | likewise under the influence of gen- eral uncertainty as t> the immediate future. Wheat prices moved in a small range and cotton prices fell somewhat. In the steel industry mixed tenden- cies have confused attempts to esti- may be accounted for in large part by the fact that this March contained one | less Saturday than last month. Railroad carloadings for the week ended March 28, reported last Wednes- day, were below the preceding week and ran contrary to the normal sea- sonal trend. News of a more favorable nature, from a long-term viewpoint, lay in the appointment of arbitrators for the differences existing between the four Eastern trunk lines, party to the East- ern consolidated plan. This step is be- lieved to foreshadow presentation of the final plan to the I C. C. within about three months. The World Sugar Conference at Paris reported progress in its efforts to reach a uniform selling policy for that indus- try, known to be in need of some kind of relief. Fluctuations in the price of refined copper ended with the price at 10 a pound, where it was about two weeks ago. Increases in retail cigarette prices for the popular brands were re- ceived as encouraging for distributors, but are believed to have little signifi- cance for the manufacturing companies. The Companies. orders. Marmon Motor Car announces new in New York. Unitzd States Lines plans 16-day Eu- ropean trip for $195, includirg all ex- penses. Western Union Telegraph—Airpfane reservation service for passengers made with United Afrcraft & Transport. share earnings 9 cents, against 14 cents. Equitable Officc Building common share earnings, 11 months to March 31, $2.45, against $2.47. First National Stores sales five weeks ended March 28 up 3.5 per cent; 13 eeks up 4.1 per cent. wN‘\v pYork.chw Haven & Hartford March surplus, after charges, expected for March, 1930. Philadelphia Rapid Transit Co.— Three receivers appointed by Common | Pleas Court; mismanageme°nt, and not | insolvency, given as reason; receivers to cancel present nrrlnngemenu with Mit- ten Management, Inc. Okhhcxgl Natural Gas passed quar- terly preferred dividend ordinarily pay- able April 1; paid $1.75 January 1. meat= future trend. Pessimism over the immediate prospect found some justi- fication in reports thzt operations for | the week ended last Monday had been per cent below the weck before and 4 per cent under two weeks previously. On the other hand, the report of un filled orders of the United States Steel Corporation, considered _significant, showed an increase over February 28 of 30,136 tons, even with large orders known to have been received at the end of March not included. Larger March bookings, the belief that recent orders have been for immediate de- livery in large part, increasing auto- orders from building industries, all give ground for the hope expressed in cer- tain quarters that steel activity for this Spring has yet to see its peak. Ofl reports during the week consist- ently carried unfavorable implications. As a result of a temporary injunction granted against the enforcement of proration orders in East Texas, which removes restriction from output there e 2 Goodyear T. & Grand Trunk Guif Oil of Pa, 55 1837. 1 Thternas Maten corp. 55 1041, 82+ 97 nternat. Match Corp. 55 A n 1992, ; 100% 10114 Chi, & 81, L 6s'1832 101% 10113 Co. SVas 1929 74" T Corp. 5las 1037 0% 5 1947 7314 Pure Off 9 Co. 558 1928, 102 8hell Union Oil Ca, oil 100% i 108 ° theless 5 {until a final decision is res in that region has increased, d prices, therefore, have fallen. Low prices for this ofl, which is of high grade, affect the price structure over a broad area. Reports indicate that ad- ditional cuts in the price of mid-conti- nent crude are not unlikely and that the ‘success of proration agreements in other producing areas 1s seriously en- dangered. Retail Sales. . Retail sales for ‘March, reported in quantity during the week, were gen- at around 53 per cent of capacity, 2 | mobile activity and expectation of more | American’ European Securities’ liqui- | d-ting value March 31, 1931, $37.45 | common shzre vs. $28.60 December 31, 1930. Arcturus Radio Tube 1930 deficit, | $1.365,898 vs. nct income $528.429, equal to 89 cents common share in 1929. | Chicego & Alton Railroad. March, net operating income, $31,867 vs. $91,149; | deficit after charges, $342,623 vs. deficit $280,973; three months' net operating deficit, $122,384 vs. net income $225,314; deficit after charges, deficit $891,336. Gflchrist Co. common share earnings, year ended January 31, 35 cents Vs. $2.17 before Federal taxes in 1930. Granby Consolidated Mining, Smelt- share earnings before depletion, 28 cents vs. $6.24. International Great Northern Rail- road February deficit after taxes and charges, $26,758 vs. deficit $139,261; two months deficit after taxes and charges, $210,594 vs. deficit $276,617. Johns Manville Corporation Mlflil’al earnings, al Breweries, Ltd., 1930 com- , $2.41 vs. $2.33. A tion February and March pipe ipments reported motive dividend since first of year has averaged about 25 per cent under year cipacity against 60 per cent a year b r wire erally below March, 1930, but never- made & not unfavorably com- systems , Parison. The aggregate for 32 1833 thowed a decline of 4.6 per cent, which General Cable bare coppe marked up % cent to 11% in load lots. A Colorado Furl & Iron—Pueblo rail | A mill shut down as result of small | - | G 8-cylinder model for $2,077.50, delivered |$ v Arkansas Natural Gas 1930 common | | Fy to be near $1,000,000, against $1,216,205 | ing & Power Co., Ltd., 1930 common | b g0, Youngstown Sheet & Tube opera- | Trusie tions averaging 30 to 35 per cent of Service Stations, Ltd., 1930, combined class A and B share earnings, $3.78 against $5. gart Corporation 1930 common share earnings 83 cents it $1.88. Citles Service Co. 1930 net before re- ur\{;;"W,CZZ,'“O against $48,423,519 n 5 INVESTMENT TRUSTS NEW YORK, April 13 (#).—Over-the- counter markev: Bid. Asked. All_Am Investors Shrs A. 8% wa Founaers 1/10n’ cuis. rounders conv pI cuis, ¥ounaers war...... Founaers 1/40th 'cifs. induscry_Saar aype Inves:. equiLies. R . riush Cheisea Excnange A Cacisea Exchange B Cumulative ‘it 3h. Crum & Foster Inc 8% Deposited Bank Shares Deposited Bank Shrs N Y Diversified Trusiee Shrs Diversified Trustee Shrs B Diversified Trusiee Shrs C Equities Investors Corp com... Equities_Investors Corp units... Equity Trusc 8irs. Fundamental v Shrs B General Equity A Granger Trade. . Gude Winmill Trad.. . 3 Incorporated Investors.: .. . Incorporated ~Invest Equit. Independence Tr Shrs. Ins Shares & Gen Int Secur Corp Am’A. Int Secur Corp Am B int Sccur Corp Am 6 Investment Trust Assaciate Invest Ir of N ¥ Collat investors %r $hi Jackson & Cu: Jackson & Curtis Sec C Leaders of Industry A. Leaders of Indust:y B.. Leaders of Industry C.. Low Priced Shares... Major Corp Shrs. Mass Investors Tru Mohawk _Invest...... Mutual Invest Trust A. Mutual Manage. .. $1,258,926 Vs, | No¥ Representative T: Research Inv Corp. Research Iny Corp Unjis Secur Corp Gen $6.00 pI.. ur Corp A ahead of 1930 periods; output of auto- | Trust Trustee €tandard Oil Shrs d Am Bk_8h. cents & car! 3 Maytag January February sales reported up 100 per over year ago. BONDS IRREGULAR IN QUIET MARKET % |New Offerings Still Influence Price Movement—Prime Issues Firm. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 13.—Dull trading in bonds today resulted in irregular price movements. Last week’s oversupply of new offer- ings still proved a drug on the market, with estimates running as high as 75 per cent of last week’s total still in the hands of underwriters and their retail dealers, As a consequence today's budget was under $10,000,000 and con- sisted mostly of municipals. Investment buying was confined to only the highest grades of bonds. Railroad issues of a secondary rating were still being sold in a market that contained few bids for them. In the foreign department there was renewed liqudiation of Brazilian bonds. Money rates were unchanged. Time loans for 90 days were quoted at 2 per cent, with a large amount of funds in the outside market obtainable as low as 1; per cent. Some tightening of money is expected in the next two weeks as the Treasury withdraws large sums on deposit here as a result of the subscription to the 17 per cent certifi- cates last week. Firmness in prime bonds was mani- fested mostly sales as unchanged prices or advances of small fractions. ‘The most active issues were Allis Chal- mers 5s, American Smelting & Refining 5s, American Telephone 41:s, 5s and 5%,8; Atchison general 4s, Consolidated Gas 5%2s, Detroit Edison 4!5s, Duquesne Light 4}2s, General Baking 5'%s, Great Northern 7s, National Dairy Products 5%s, New York Central 4%:s, North American Co. 5s, North ~American Edison 5%s, Pennsylvania 4%s and 5s, Philadelphia Co. 5s, Standard Oil of g:;'-’mey 5s and Youngstown Sheet & 5s. In the junior list Chicago & Eastern Tllinois 5s dropped a point despite a statement that cash sufficient to pay interest due May 1 had been set aside. St. Paul 5¢ and adjustments were frac- tionally better on the report that the road had had a substantial increase in high-grade freight and that March earnings would be little, if anything, below those of a year ago. Fractional losses were recorded by Aneaghnny 58, Chicago & Northwestern 4%s. Rock Island 4l2s, Erie 5s of 1975, Missouri- Pacific 5s, Nickel Plate 4,5, Pere Mar- quette 4¢s, Prisco A 4s and 4%s and Southern Railway general 4s. Richfield Oil of California 6s sold off following reports that May 1 interest requirements and sinking fund pay- ments would not be forthcoming. Re- quirements on the $25,000,000 of 6 per cent bonds outstanding amount to $1,209,000. Renewed selling of Brazilian govern- ment bonds, as well as the obligations / of the Brazilian states and cities, was attributed to further hints that Sir Otto Niemeyer recommend a sinking fund Moratorium for Brazil. German bonds were off fractionally owing to the cessation of buying by Amsterdam and Berlin of German dollar _securities. Dullness characterized the balance of the foreign list. Zinc Production. By the Associated Press. ‘The United States Bureau of Mines reports the production of primary re- fined zinc in the United States from ores of domestic origin in 1930 amounted to 489,361 short tons, com- pared with 612,136 tons in 1929. Pro- duction from foreign sources was 8,684 tons, compared with 13,311 tons in 1929. In addition to primary zinc, 34,849 tons of redistilled secondary zinc was pro- duced, compared with 47,348 tons the previous year. ¥ Washington Siock Exchange SALES. Capital Traction 5s '47-—$500 at 77. ‘Washington Rwy. 4s 1951 —$500 at 89 Merchants’ Transfer & Storage com.- 10 at 95, 10'at 94. Mergenthaler Linotype—10 at 80%, 10 at 80%. Terminal Ref. & Warehousing—10 at 46, 10 at 46. The Carpel Corp—25 at 4%, 20 at AFTER CALL. Mergenthaler Linotype—10 at 803, 10 at 80%, 10 at 8013, 10 at 8015, P!otplfizDru‘ Stores pfd.—3 at 103, 5 . a . Bid and Asked Prices. BONDS. Barber & Ross, Inc., 6! Chevy Chase Club 5/as. Columbia_Country_Club D. C. Paper Mfg. 8s.. Wi Cold Storsie b Washington Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel.. (9).. - Capital Traction Co. (4} Wash. Gas Lt. Co. (i8) Power Pot. Elec' Power 5:% ash. Ry. & El ‘com, Wash. Rwy. & Elec. pfd. (5)... NATIONAL BANK. Capital (14)... - pid ) Liverty (78). 12) Second (9e) oee Washington (13)" TRUST COMPANY. Amer. Sec. & Tr. Co. (15). Continentai Trust (6) Natl. Savings & Trust (131 Prince Georges B kY Union Trust (8 Wash. Loan & Tri BAVINGS BANK. . & United States (30). Washington Mechaniés’ ' (30). FIRE INSURANCE. American (12) Firemen's (8) . s National Union’ (i8) TITLE INSURANCE. Columbia (6h). . Real Estate (65). 382 820 3. 88228258288 £ Real Est. M. & ?ez'uflty’ Stora 'i i The Sutoel Cor, 3 Bde). M Mtge. com. ( E FET 4 [ v BONDS Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Rales. High. Low. Close. Lib3%%s32-47.. 5 10122 10122 10122 List414s32-47. 2 10224 10222 10222 L4th41s33-38 34 10330 103 28 103 30 US3%s40-43.. 49 101 1 10114 10115 US3%s41-43., 2 10114 10114 10114 US3%s43-47.. 3 101 24 10121 10124 U S4s44-54.... 10 107 23 107 23 107 23 UBS4%s47-52.. 11 11127 11126 11127 Sales. High. Low. Close. AbItIHI P& P6s'53 41 66 64 64l Ab&St5%s'43.... 10 981 98Y Allegheny 68 '44... 25 8% T8Y% Alleghenv 5s 49 7% Alleg Corp 5s '50 751 Allis-Chalm 58" 101% Am Az Ch 734841, 104 Am Chain 6s'33.... Am F P 53 2030.... Am1G Ch5%s'49 Am Metal 5%s Am N Gas 6%s"42., Am S&R 1t 5847, Am Sug Ref 6s'37.. Am T&T cv 4%8°39 Am T&T 68°65..... Am T&T c tr 58’46, Argentine 55 *45 Argentine 514s Argentine May Argentine 63 Ju '59. Argentine 6s Oc '59 Argentine 68 A '57 Arm Del 53%5°43. .. Atchison gen 4595 Atchiscv 434s*41.. At & Danv 4s *48 At Gulf At Pef deb 53’37 Australia 4% '56. Anstralia bs ‘55 Australia 5s '67. Austria Ts"42. ..., Austria 7557 ctfs. R&O 4548 e O 58 D 2000. &0 6s°95. . B &O Sw dy 5850, Bk of Chile 6%s "5 Bk of Chile 6% s "61 Batav Pet 448 "42 Belgium 68 ‘55 Belglum 63549 Belgium 78’65 Belgium 7 *56 Berlin Cy 6 w b3 o 283 wnuommpianant Beth St rf 65 '42... Eolivia 7558 45, Rordeanx 65 '34. Budapest s o Buenos A 65’61 Pv. Buff Gen El 4345'81 Canada 5s '52 Can Nat 4%s Can Nat 4%s Can Nat 4% s 'G5 Can Nat 5570, Can Nat 58 July *69 Can Nat 5 Oct '69. Can Nor 4%s35. .. Can Nor 6%sdb 46 10 4 Can Pac 4%s ‘46 Can Pac 4%s 60 Can Pac bs ctf: %s Ches Corp 5s *47 C&O4%s A3, 71, 2 1 9 2 Chi Ind&Lou 6s 66, Chi M & St P 4s'89. Chi M&StP 434sC., Chi M&StP 4%s E. Ch M&StP 4%s'89. 6 Chi M StP&P 55'76 11 Chi M &St Padi6s 19 Chi&Nwn 43%s 2037 13 Chi & NW con 4%s. 17 Chi&NW rf 58 2037, Chi Rwys 68°27.... 1 Chi RI& P rf 4n'34 25 Chi RIcv4%s60. Clev Term 4%s "17. Cologne 6% '50 Colomb 6s Jan '61. . Colombia 6s'61 Oct 21 Col G&E bs May 52 31 Com Inves5%s'49. 5 CC Md 1st rf 6560 « 11 CanG N ¥ 634545 20 Con Pwr Jap 6%s.. Con Pow Japan 1 Copenhag bs '52. Cuba 5%s 45 Cuba R R 58 '52. Cuba RR 6s ctf Cuba Nor 5%s '42 e Del & Hud rf 45°42. Del & Hud 5%s '37. Denmark 4 %8s '62. . Denmark 5%s ‘65. . Denmark 6s'42. ... Denver Gas b5 ‘61.. D& R Gr gn 4536, D&RG W 68 '55. .. Det Ed G&R4%s Det Edison rf 55 " Det Unit 43;s '3 Dodge Br ¢l 65 '40.. Duguesne 4% 67, Dutch East I Mar. . Dutch East 1 63 '47. Dutch East 1 65 '62. El Salvador 85 '43, Erle 15t con 43 9 Erle cv 58 '67 Erie 5875, Fiat 7s war Ftat 7s ex wal Finland 5%s ‘58, .. Finland 6%s '66... Finland 78 °60. ..., Fla E Coast 55 74, Fram 1D 7%s French 7s°49. ..... French Gvt 7345 "41 1o '46.. P Gelsenk'chen 6s ‘34 Gen Baking 5% % RINE0 coraBSomn wann BarRssmanBnemanl ~Baamnoen Ger Cen Bl 65 '60 O German 6% '50. .. German 7s rep 49. Ger Gen El 7 Goodrich cv s Goody'r Rub 58 '57. GrandTr sf db 65’36 Grand Trunk 7s '40 Grt Nor 4%5'76 D. Grt Nor 4%s 77 E. Grt Nor 58 '73. Grt Nor gn 6% Grt Nor gen 73 ‘36 Greek 68 '63 Green Bay Hait! 6s ‘52 Hav El Ry 5%s '51. Hock Val 43899, ., Hud & M rf 58 °67.. ) enSin ~oRRHEn RAaRRRSRaR0o~ Hum O&R 6%s 62, M BTIistpfés .. Utd King Int Hydro El Int Match 58 4! Iat TET cv 4 %s '3 Int T & T 5s'55 Iowa Cent rf 4s % . Jugosl Bank 78’57, 1 KRCP&L4%s ST, Kan CFtS&M 48 Kan City Sou bs ‘50 Kan City Ter 45 °60. Kan G:E 4%s 80, Lackaw St 53°50... Lac G St L bs Laclede 538 C '53.. Laclede 533 D '60.. Lautaro Nit 6s ‘54.. LehV cv 4148 2003., Loew's 65 ex war... Lig & Myers 6351, Lorillard 53 ‘51 Lorillard 5%s "37 Lou G & El 63 ‘52 L & N uni 4s "40 McKes & R 63%5*50 Manh Ry 1st 4s '90 Midvale Stl 6s°36. . 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Sea All Fla 65 A '35 Seine 78 '4: Serbs-Cr-Si Serbs-Cr-Si Shell Un O! Shinyetsu 6%: Sinclair Ofl 6 Sine Cr O 6%s Sinc P L §s '42. Skelly Oil 5% Solvay Am bs 42 Sou Bel T&T §s'4 SW Bell T 5s A ' 5 92% 92% 7102 102 102 . 33 98 9T 98 Av ref & Third Av ad] bs 60 Toho EI Pow 6s°32. pi Tokio 5% 861, Un Pac 1st 4847, Un Pac rf 4s 2008 Unit Drug ev 6s - USR STOCK FINANCIAL, CTIES SERVICE 0. | EXPANDS INYEAR 4% T bl b Se| Increase in Total Assets Re- 87% 2| ported in Annual Statement 63% = o to Stockholders. 931 3% 3 ’;"‘ By the Assoclated Press. 13 100% 100k Soons otyt?wmé'm:-wgerlv:& tion 8 36:: lm ‘ggn lects unprecedented expansion for 11 96 95% 95% this billion dollar group of public utility, 7 105% 108% 1081 gas an oll enterprises, headed by Henry EXCHANGE Low. Té% ‘The annual L. Doherty. ‘Total assets at the end of 1930 were 2 103% 108% 103% | carried at $1,282,624,854, an increase of 3 98 98 98 |more than $192,000,000 in the 1 96% 96% 96% | Consolidated 13 95% 95% 95% | poration and subsidiaries were $179,797,« 10 97% 97% 97% | 350, including $73,000,000 in cash. 29 724 71 71 report stated that the total num- 1 102% 102% 102% | ber of holders of securities of the com- 4l 94% 93% 94 |pany and its subsidiaries roes during 1 104% 104% 104% | the year from approximately 750,000 to 1 108% 103% 108% | 1,000,000. This makes the corporation 5 102 101% 102 |one of the most widely held in the 101 101 | world. = v Stockholders Increase. 9 97% 97 97%| Common stockholders totaled 460,000, 5 106 106 106 |a&s compared with 350,000 a year pre- 11 91% 91% 91% | viously and only 8,000 a decade ago. 5 97 96% 96% company’s rapid expansion has 10 106% 106% 106% | been largely financed by intensive pub- 4 98% 98% lic distribution of its securities. The led only by that of the 2 105% 105% 105% | Telephcne & Tel 11 62 62 62 |ported American legraph Co., which re- 567,604 holders on December 31. 15 80% 79% 80 ‘The company spent some $170,000,000 3 66% b66% B66%|on construction and expansion during 22 103 102% 102% | the year, the report says. 21 89% 891 891 | In raising new capital for investment 11 102% 102% 102% | expenditures, $118,115,600 of Cities Serv- 3 8 4 8 |ice 5 per cent debentures and $35,000,~ 87 87 | 000 of Toledo Light & Power Co. (& th were "s | announced at $84,862,958, an increase 88% | of $15,100,000, and a new high record. :;u :;v. pansion of facilities and new i 2 lggfl lgsfl lg:* serves, 1 102% 102% 102% 2 100% 100% 100% AN 4 7 ki) 9 as for the year ended 31, against $29,591,440 in the preceding 60 102 101% 101%| " The latest statement, for the 13 8% 3% 3% | months ended February 28 sho 2 104% 104% 104% | $37,264,503 applicable to common stock 2 110% 110% 110% | and reserves, as compared to $33,124, 1 88% 88% 88%|576 in the year. The nar- of gain in the latest erstood to und 4% 84% | marlly the slump in 3 1505 50 85| aunoueh power saies 2 % 98% 98%| Al 13 106% 105% 105% 36 98% 98% 98% cert Tems - Eay 10 84% 844 84% 68 104% 108 104 | panper vear 1929 and 21 101% 101% 101% 2 105% 106% 105% | MOr® than 416,000 1115 115 115 0 99% 994 99% T 8% T84 T84 6 91% 91% 91% | Citles Service subsidiaries 5 105% 1054 105% | 325 barrels, an increase 7116 116 116" | ore = Small. 1 8 103% 108% 103% | the 28 111 111% 113 1% It also owns 22 83% 83 83 |of gas and oil pipe lines, not 3 106% 106% 106y | & half interest in the 900-mile 21 99% 98% 993 | Empire system. 15 107 107 107 ‘The com| also has become 14 104% 104% 104% | important real estate owner in 9 104 103% 103% | town New York, where construction re- 4 111% 111% 111% | cently was started on a new skyscraper, 0 104 104 104 |to be one of the city’s largest. ;;ggu 106 106% 1§ loa 1031 1627 SAYS FOREIGN LOANS WILL AID RECOVERY 9 102% 1024 1024 6 9l 9% Y% Bank Official Suggests Method of . Putting End to Busi- 14 95 4% 94% 3 105 ness Slumps. 11 102% 102 102 1 94% 94% 9% 1 104% 104% 104% 106% 105 5 99 98w 7 108% 108% 1 25 94 93 1 18 101% 1015 101 | &7, 1885 weck from a two-manth t § 7ix 74n 74| "Somewhat greater activity in Amerl- 1 105% 105% 1053 | Can_ financial issues,” said Mr. Plerce, 2100 100 100 21 108% 1084 108% 94% 2 103% 1033 103% | Ing effect in re Pl il ) S T R lust ) 4 96 95% 95%|in Germany, but the lnenmmo( the 1 100% 100% 1001 | Bruening ministry and its ability to 26 100% 100% 100% | Pass its financial reform has 1 93% 93% 934 |restored confidence, both int and 9% 79% (externally. Lack of adequate long-term 92% 9274 | credit facilities is a great handicap to 36 28, |Rope. that torcign coniteien, semeciatly counf 99% 101% | the United States and mw 53 53 |soon see fit to increase their credits to 51% 62 |Germany. 4 7 70 “French bankers now have a fine 40 opportunity to play a more important 6 70% 70 70 |role in international finance. Under the 4 100% 100% 1004 | auspices of the Bank of France, a new 48 904 89% 90% | French acceptance bank was organized 9 91 91 |in Paris a year ago, and it has made a 997; | Successful start, notwithstanding the 75 | fact that the creation of a board bill 65 651 | market in Paris has meet with some 88 87 s | Obstacles. Special efforts are made also 1 100% 100% 100% |t reopen the French market for foreign 24 99% 99% 998 | loans; the government is in favor of this 1 97 96% 97 |andhasreduced theincometaxon foreign 1 110% 110% 110% | coupons from 25 per cent to 18 per 1 95% 95% 95%|cent. A further reduction, however, 7814 | would be helpful if Paris is to be placed 6315, 0n a competing basis with other in- 85 | vestment markets in Europe for foreign 11% | loans. Mr. Pierce said that throughout Eu- rope unemployment has reached record breaking figures and has brought much mlnerie and discontent. In spite of this, said, there has been compara- tively little disorder, an excellent in= Ny n e — Recent political developments in Eu- rope, particularly the French-Italian naval agreement, have been received favorably, and should be of great as- sistance in bringing about a restoration of general confidence upon which busi- ness recovery is so dependent. U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business 17 105% 105% 105% | 300, . Total — 92% | tures, $18,210,478.60. 1 9% 5 92% 5 88 5 86% 4 101% 52 53% 99% 7% % 11 106% 105% 105% 2 107 106% 106% 5 95% 95% 96% 127105 104% 105 29.., 00% | Warn Br Pie 6839, 4 63 63 63 10 108 102% 108 544 9% 94% | warsaw 785 56 40 106% 106% 106% | West Unlon & West Un T 6%s '36 Wil & Co Ist 724 72% | Win RAT% 797% ' Wis Cen gn 88 Yokohama s 108% Ygstn ShaT bs