Evening Star Newspaper, April 16, 1931, Page 15

FINA STOCKS ARE LOWER ON CURB EXCHANGE Public Utilities Prove Feature as Market Continues Decline. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, April 16—Under the weight of renewed attacks by profes- gionals, stocks on the Curb Exchange moved lower today. Electric Bond & Share and Cities Service both eased a small fraction. United Light & Power A was down nearly a point at times. Consolidated Gas of Baltimore was off about 2 points. Petroleums and public utilities, es- pecially natural gas shares, weakened under the strain of short selling. Hume ble Oil was the first of the Standard oils to break into new low ground, and numerous others equaled previous min- imum levels. Meanwhile, Chesebrough Manufacturing jumped 3 points and Buckeye Pipe Line ran up a point. Gulf Oil was the first in the miscella- neous petroleums to topple to a new low. London selling broke Brazilian Trac- tion & Light to a fresh bottom quota- tion. Italian Superpower A and other international utilities moved lower. Some of the preferred issues of dome: tic power and light companies, such as New Orleans Public Service preferred, reached new highs. The decline in Cities Service re- flected March earnings, which showed a surplus available for common divi- dends and reserves of $1,586,533, against $4,048,509 in March, 1930. The shrink- age in some quarters was attributed largely to the oil operations of the company. International Cigar Machinery opened down 8 points, but American Cigar ad- vanced 2 points to a new peak. D. Emil Klein, despite encouraging trade re- ports, declaration of the regular quar- terly dividends and cancellation of $116,000 of preferred stock, was un- changed though moderately active. Tobacco & Allied lost some of its re- cent gains. Steels and allied shares reacted in sympathy with some of the leaders of that group over on the big board. Driver Harris was down nearly 2 points. Babcock & Wilcox was virtually un- changed, while Dresser Manufacturing shares receded. Electrical manufactur- ing companies likewise moved down- ward. Crocker-Wheeler Electrical was off about a point. Noma Electric pre- viously had discounted reduction of the quarterly dividend from 20 to 10 cents. TSN S S0 NEW YORK BANK STOCKS NEW YORK, April 16 (#).—Over-the- counter market: P Bid. Asked. id. Asked. BENE G '8 G e B Chase ... Chat P gty Fifth " Avenue .. ] First National N ¥ Harriman over . em, & Tr Corn ‘Exchange County Guari BONDS ON THE CURB MARKET. les DOMESTIC BONDS. thousands. High. Low. Noon. 3Alabama Pow 55 '68 1044 104 2 Aluminum Co 108 * 105 Sa in t 38 '53 Chi Dis El 4%35 10 A 1Cig Str Real Stz '49 17 Cittes e 55 '50 NCIAL., Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s), shows those stocks were sold in odd lots. Sales— Add 0. whicl ~Prev. 1931~ Low. stock and Dividend Rate, Acme Wire v.t.c. (2). Aeolian Co pf (7).... 508 Aero Supply Mfg(A) 1 AeroSupply B...... 4 Atfiliated Prod 1.60. Arfa Ansco. ... Afnsworth Mfg (1).. Ala Pow pf (6). Alleg Gas. . Allted Aviation..... 3 1 Aluminum Co of Am 925n 157% 1 109% 1 Alu Co of Am pf (6). Am Austin Car. Am British & Cont.. Am Br B fd shars. .. Am Cigar Co. .. Am Cit P&L (A) (a3 Am Cit P&L B b10%. Am Com P A (b10%) Am Com Po 15t pfA 7 Am Cyanamid A. 3 Am Founders. Am Gas & Elec (11). Am Gas & El of (6).. Am Invest Inc (B).. Am Lt & Trac (2%). Am Maracaibo. ... .. Am St Pu Sve(al.60) Am Superpow (40c). Am Ut&Gen cu pf(3) Am Util&Gen (B)vte Am Yvette Co (25c). Anglo Chi] Nitrat Appalachian Ga: Arkansas Nat Arkans Nat Gas A.. Ark N G cu pf (60c). Asso Gas&FEl A (a2). Ass0 G & El ct (8) Assoc G & E pf (5).. Assoc G & E A dbrts Assoc G & El war... Assoc Rayen....... Asso Ray pt cod(6). Atl Secur Corp. .. Atlas Uil Corp. Aviation Cp of Am. Babcock & Wil (7) Bahia Corp. .« Bahia Corp pf. . Beneficial IL (1%).. Benson & Hedges pf. Slue Ridge Corp. ... Blue Ridge cv pfas. Bohack (HC) (4)... Braz Tr & Lt (b8%). Brit Am 011 C (80c). Brit-AmT(B)1.17 4-5 Buckeye PL (4).... Bulova cv pf (3%).. Brirco Inc war. . Canada Marconi! Somt Pub SvcA b10% 4 Cent&Swn Ut (b7%) Cent Stat El (b10%). Cent St Ecv pfna6. 1258 Centrifug Pipe (60c) 2 Chain Store Devel. .. Chat Ph Aln.v (1).. Chesebor Mfg (14%) Cittes Service (g30c) Citles Serv pf (6)... CitSvP & L pf (6 Claude Neon Lts, [n Clev El [llum (1.60). Colombia Syndicate. Col Ofl & Gas vtc. ... Cmwith Edison (8).. 108 235% $E 3 Cmwlth & Sou war. . Com Wat Sv (b6%). Comstock Tunnel. .. Consol Auto Merch. Consol Copper...... Consol Dairy Prod. .. Con Gas Balto (3.60), Consol Gas Ut A 2.20 Cont Shares conv pt. 2501 Cooper Bessemer. Cord Corp...... Cor & Rey pf A (6).. Court'ds Ltd 13 3-5c. Creole Petroleum. 20 2 2 8 1 3 5 s 3 . 402 2 2 Cusi Mex Mining.... Davenport Hos (2). De Forest Radio. Detroit Afrcraft Cp. . Douglas Afr (11%).. Douglas Shoe pt (7). Dresser Mfg B (2).. Driver Harris new Duke Pow (5) Duquesne Gas Durant Motors. East St Pow B (1) Elec Bond & Sh (b6) Ele¢ B & Sh pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war.., El Sharehold (b6%). Emp G & F cupt (8). Empire Pub Sve (A). Eureka Pipe L (4).. 1 20 17 2 3 S ..1008 103 9 38 268 123% THE EVENING STAR, WASHINGTON, D. (f., THURSDAY NEW YORK CURB MARKET Stock ana Dividend Rate. Leng Isld Lt pf (7).. 208 Louisiana Lan & Ex. 9 MacMarr Stores (1). ~Prev 1831~ Hish Lew. 112% 106% 2 1% Open. 8% 10% B55% High. Low. Close. | 11% 10% 10% % % 56 8 2% 21% 16% 10 Memph Mesabi 3 2% 1y Mexico 1 25 4%, 6919 Mo Kan Miss Ri Miss Ri Mounta Nat Bd Nat Inv Nat Ser NatST New Or Newmo Niag-H Niag-Hi Niag-Hi Niag-Hi Norand. Nordon Peop L Perrym: Pittshe! Plymou Pub Ut Pure Of Relianci 12% Rossia 4 Safe Ca: st Regl Saxet Cy S15Ind 4 Sle Ind Sni Vi Solar R 34 2% 17% Stand I BAY. .. % % Mavis Bottling (A).. 103 Mead Johnson (14).. Mesta Machine (2)’. Met & Min Inc (1.20) Mid W St Ut (1%) # Mid West Ut (b8%). Mid St Pet vtc B. ... Minne-Honey pt (6). Moh H P 1st pf (7) Montecatini deb rt Moss Gold Mines Nat American Co. Nat Aviation. . Nat Family Stores. Nat Fuel Gas (1) Nat Rubber Mach. .. Nat Union Radio. ... Neisner Bros pf (7). New Eng Pow pf (6) New Jers Zine (13).. N Y Steam n (2.60).. N Y Tel pf (6%) N Y Transit (1)..... Niag Sh Md (40¢). Nipissing (30¢)...40 Nor Am Aviat A war Nor Europ il Corp.. r St Pow pf (6)... 30s r St Pow A (8 2 Northw Yeast Co 12) 608 ©Ohto Copper. . . Ohio Pow pf (6). Ohio Pub Svpf A (7) 108 Oilstocks Ltd A (40e) Outboard Motor B. .. Pandem Of1 Pennroad Corp (20¢) Penn Wat & Pow (3) Petrol Corp war..... Phoenix Secur Corp.. Phoenix S Cpf (3)... Pllot Rad Tube A... Pitney B P n (20¢).. Pitts Plate G (2). Premier Gold (12¢). Producers Roy Corp. Prudential Invest. .. Pub Sve Oklap 1 (7) Pub Util Hold war.. Pub Util Hold Cp xw Puget Sd P&L bf (6) Rainbow Lum PrA.. Reliable Stores. Reybarn Co. Reynolds Invest, 7s Roosevelt Field Inc.. Royal Typewriter(3) Salt Creek Pro(1.40). Schulte 5c-$1 St pf. » Seaboard Util (50c).. Seeman Bros (3).... Seg Lock & H (50¢). Seiberling Rubber. ., Selected Industries, . Sentry Safety Cont. . Seton Leather (1)... Shen Corp pf (a3). .. Sherwin Wil (1434). 100; Singer Mfg (112%).. 108 Smith-Corona vtc. So Am Afr Lines 1st. South Penn Ofl (1).. 4 South CEd pf B1%4. South C EdpfC1%.. . South Col Pwr A (2). SouthernNat Gas. ... Sou Pipe Line (2). .. Southld Royalty 60c. SW Dairy pf ww.... Spanish & Gen rc Spanish & Gen (B) Stand Motors. Received by Private Wire Direct to The Star Office Sales— Add 00. Open. ‘Hign. Low. Close. 111% 111% 111% 1% 1% 1% 111% 4 8% 13 2 2 NG Co (80c) Iron. Ohto Ofl. ... 2 4 1 1 2 1 0 3 108 24 108 1 51 PL(b10%), ver pr pf (6). v Fuel bd rts in Prod (1, &S Corp (1).. estors. VIce/Co. . .. .. Sec A (350c) Pub Sv pf(7) 25s 1 mt Min (4). 4 1 39 13 ud Pow (40c) ud Pow A w.. ud Pow B w.. ud Pow C w.. 2 9 1 a Mines. . 20 Corp Ltd.... 24 16 6 10 . 208 = & P A (2.40).. an Electric. 44 6 h & L E (10).1508 1 th O11 (1). Hold cu pf(3) 1Dpf (6).0uuns e Int A. Int Corp. rH&L (8).. s Paper (1).. full pd (5%). prior (534) ... cosa rets. . efinin nvest cum pf. 50s A SALT WATER CUTS INTO OIL OUTPUT *150,000 Acres in East Texas Affected by Industrial Bogey. . DALLAS, Tex., April 16.—Salt water, most feared of oil field bogeys, appeared | in the edge of one of the East Texas | pools this week to lop off approximately | 50,000 acres from the potential produc- | tion ar:a in the Kilgore district. Condemnation of this acreage, sit- uated on the west side of the Bateman- Crim field, was only one of a conglomer- ation of developments, including threat- ened investigation of alleged hoarding of tank cars, steps by the State Railroad Commission to enforce proration of the pools regardless of a restraining order and what some termed ‘“virtual col- lapse” of the market. - Some operators argued that when salt | water showed in the Magnolia Petro-| leum Co.’s No. 1 Florey and the Burton Drilling Co.’s No. 1 Florey, the theory ! that unrestricted production, such as had obtained in East Texas since the discovery of oil there five months ago, caused channeling and coning to ruina- tion of fields, had been borne out. ‘While the salt water disappointment west of Kilgore caused abandonment of extensive drilling plans in that section, it having been reported the Sun Co. especially discarded several locations in the vicinity where derricks were up, the Pathrop pool, near Longview, had been extended a half mile westward by com- pletion of thrze producers. One of these, the B. A. Skipper Oil Co.s No. 1 Thad Snoddy, was regarded by oil men as the largest yet found in that field. More than half a hundred producers had been completed during the past week in the Kilgore, Joiner and Lathrop areas of the field and the estimated daily production had been fixed at in excess of 250,000 barrels. East Texans, opposing proration of their fleld, were advised by the Railroad Commission that, acting on advice from the Attorney General’s Department it had decided to issue an order curtailing production in the fleld. ‘The Attorney General's Department held that a restraining order issued by a Travis County District Court on peti- tion of Carl Estes, Tyler newspaper editor, in fact applied only to Estes’ holdings of 72 acres and was not effec- tive as to other operators and lease- holders in the field. With this interpre- tation of the law before it, the Rail- road Commission gave notice it would soon invoke its previous order to pro- | rate the pools. It was hinted, how- ever, that the original allowable of 90,- 000 barrels daily might be raised. Appearance of salt water and reduc- | tion of the price of ol in the field to 25 cents per barrel, announced by sev- eral large buyers, was sald to have in- fluenced some of the anti-prorationists to temper their previous uncompromis- ing attitude toward orderly curtailment of production. There were reports that some oil had been contracted for at 10 cents per barrel. The State had sent investigators into the field in response to complaints that discrimination against small operators had been shown in the allotment of railway tank cars for transporting oil. The complaints charged this action had been taken to force the “little fello to sell oil at ridiculously low prices to brokers. Some relief from congestion in the fleld was offered by announcement of | Daniel T, Pierce, assistan: to the chair- man of the board of the Sinclair Con- solidation Ofl Corpcration, that plans had bzen completed by Sinclair to ship 60,000 barrels of crude ofl daily, either to'its northern or Gulr Coast refinery under a joint tariff arrangement with the Prairie Pipe Line system. “This would be accompiished, it was announced, by construction by the Sin- clair Pipe from East Texas to a connection with tha Prairie Pipe Line Co. at Mexia. New York Cotton Special Dispatch to The Star. NEW YORK, April 16 —Opening cot- | ton prices today were 1 point lower to 3 points higher. Much of the buying was merely short covering and there was fresh liquidation in considerable volume from local professionals, Trade buyers were inactive, but there was some continental inquiry. Opening prices were: May, 10.16, up 2; July, 10.41, up 3: October, 10.74, up December, 10.98, Jnn\nry,l 2 up 11.07, up 2, and March, 1129, off 1. Line Co. of a 12-inch line | PRIL 16, 1931. FINANCIAL, BUILDING OF MERCHANT SHIPS SMALLEST IN LAST FOUR YEARS With a decline of over 325,000 gross tons since the beginning of this year the volume of the world's merchant shipbuilding is now smaller than at any time in the past four years, says a statement just issued by Lioyd's Reg ister of Shipping, covering returns for the quarter ended March 31, last from all maritime countries except Russia, for which no figures are available. ‘Two-thirds of the decline in the past three months is accounted for by the falling off of the work in the hands of the shipbuilders of Great Britain and Ireland. The total tonnage being bullt in those countries now is 215,000 gross tons less than at the beginning of this car. In Germany there has also been a marked decrease, amounting to over 80,000 gross tons, and Holland and Japan report sizable declines also, For the United States, however, Lloyd's Register points out, there has been a decrease of only about 1,000 tons, while France is building nearly 60,000 tons more than at the beginning of this | year. Comparative Statistics. How the total of merchant shipbuild- | ing has compared during the past. two | quarters in the principal groups in the | orld industry is shown by Lloyd's Reg- | ter in the following table, the figures | representing gross tons: Mar. 31, Dec. 31, | 1931, 1930. | Great Britain and Ireland. 393,814 901 United States ..... Other countries World total In the period just before the war, Lloyds points out, Great Britain and Ireland were building considerably more merchant tonnage than all other coun- tries combined and 1,575,000 gross tons more than the United States. At the | beginning of the current year, however, the gap had been lessened to 675,000 | tons and is now only about 460,000 tons. | At the end of June, 1914, Great Britain | and Ireland were constructing 430,000 | gross tons more than all the other ship- | building countries taken together, ex- | cluding the United States. At present, however, these same countries are building 382,000 tons more than Great Britain and Ireland. 1t is shown by the returns that of the present shipbuilding in all countries 1,345,231 gross tons are being con- structed under the supervision of Lloyds’ Register and intended for classification with that society. This figure includes 658,236 tons being built in Great Britain and Ireland and 686,995 tons in other countries. Of the total current world shipbuilding, therefore, more than two- thirds is to Lloyds’ classification and 95 per cent of all ships under way in the yards of Great Britain and Ireland, New Work. New work, it is shown by the returns, continues to fail to offset the amount | sent toward completion. Launchings of | steamers and motor ships for the quar- FOX FILM ORDERED T0 SELL LOEW STOCK Federal Court Decree Is Handed Down in Anti-Trust Pro- ceedings. By the Assoctated Press. NEW YORK, April 16.—Fox Film and Fox Theaters Corporation were or- | dered, in a consent decree signed by Federal Judge Knox, to divest them- selves of stock in Loew's, Inc., operat- ing a large chain of theaters. The de- | cree terminates an anti-trust suit filed in 1928. The court held that ownership of the Istock purchased in 1928 when William Fox, former president, carried on an extensive program of expansion, consti- tutzd a violation of the Clayton anti- trust act. He approved its transfer to the Film Securities Corporation, recent- ly formed for that purpose. The Fox companies must dispose not | only of its stock in Loew’s, Inc., of which it had working control, but also in the Metro-Goldwyn-Mayer Pictures Corpo- ration and the Metro-Goldwyn-Mayer Distributing Corporation. The Attorney | General was authorized to apply to the court for “further appropriate reme- dies” should any attempt b: made to lessen competition between the Fox and | Loew interests. As part of the purchase price of 660, 900 shares of Loew's stock the Film Se- curities Corporation will pay $28,800,000 to the Fox Film Corporation, and, in addition, the latter will receive 462,000 shares of class A stock of the Film Se- curities, which, in the event of dissolu- tion or liquidation, are entitled to a | preference of $100 a share over com- | ter ended March 31 last were 158,000 gross tons more than the new construc- tion begun during that period. The disparity was most pronounced in Great Britain and Ireland, where launchings were 112,000 tons in ex- cess of new work, the total of replace- ments for those countries being very small. For all other countries com- bined the volume of new work was 46,000 tons less than the tonnage sent down the ways. Comparison between launchings and new orders during the past two quarters is shown by Lloyd' in the following table of gross tonnage: March 31, Dec. 31, 1931 Britain & Ireland. countries 144,219 249759 g 3931978 v work. eat Britain & Ireland. 32.085 Qther countries 203,482 World total b A decrease of nearly 150,000 gross tons of tanker construction during the quarter just ended is shown by Lloyd's returns. The figures ueal only with steam and motor tankers of 1,000 gross tons and upward each, For Great Britain and Ireland a decline of about 90,000 tons is shown since the begin- | ning of the year, for Germany of 38,000 tons and ‘for the United States of 23 - 000 tons. Sweden reported a slight increase in this class of construction, The contrast between the two last quarters is shown in the following table, jo2 | the figures representing gross tons: 0 Magen 31, Great Britaln & Ireland ] Sweden Germany United Staies Other countri World total Of the total of this type of tonnage ndw being bullt, 663,122 gross tons are motor tankers, A much greater decline in the con- struction of motor vessels than of other types of ships is reported as having oc- curred during the last quarter; the de- crease in tonnage to be equipped with internal combustion engines aggregat- ing 285,000 gross tons. Changes in Ranking. There were & number of changes in the relative ranking of the various ship- building countries during the quarter Jjust ended. Great Britain and Ireland retain the lead, but by a much reduced mar- gin. The United States, however, has dropped from second place to thir France, which stood fifth in the pre vious quarter, making a gain of nearly 60,000 gross tons, and now leading the United States by about 1,100 tons, which represents just about the amount cf this country’s total decline during the quarter. Germany, which was third at the beginning of this year, has now fallen to sixth place—its total having decreased about 80,000 tons during the Italy, despite a small decline in work on hand, remains in fourth position, ®¥3 A_ 15 CITY BANK ADVANCES YOUNG ROCKEFELLER Special Dispatch to the Star. i NEW YORK, April 16.—The Execu- tive Committee of the National City Bank has appointed Hobart M. McPher- son as assistant vice president and these assistant cashiers: George Griswold, James Stillman Rockefeller and Victor F. Schroeter, Mr. Rockefeller is the son of Willlam G. Rockefeller and a nephew of A. Rockefeller, one of the National Cily directors. He has been connected with the bank for about a year and resides in Greenwich, Conn. Mr. McPherson is a product of the National City's College Training Class, which he entered in 1920. He was ap~ pointed an assistant cashier late in 1928 OUR TRUST Department Is Prepared to Serve You in Many Useful Ways An Insurance Trust, in our hands, means com- plete fulfillment of the aims of your insurance. Inquire of our Trust Officer about the creation of such a trust—you will incur no obli- gation, fWe act as trustee for cstates, individuals and corporations—as executor, administra- tor, registrar of stocks and bonds, guardian, assignee and in all other fiduciary capacities, NATIONAL Metropolitan BANK 15th St., opp. U. S. Treasury Organized 1814 N 2222 2 L T . T e 716 11th Columbia Building Association St. N.W. Under Government Supervision Pays 5% Let Us Refinance Your Maturing Real Estate Loan - No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime Compounded Semi-Annually PROPERTY Apartment House MANAGEMENT MANAGEMENT ET us give you some con- crete examples of the bene- fits of our management of apartment houses—of money saved, and income increased —and the owners’ entire relief Stand Ofl of Ind (2).. 44 Stand OIl of Ky 1.60.. 17 Stand Ofl, Oh1o (2%) 608 Europ Elec deb rt: Evans Wallow Lea Fandango Corp..... Federated Capital. .. mon stoc Coincident with the Federal court ac- | tion Supreme Court Justice Cotillo 28 1Cit Berv Poy 5! 14 Col G&E 55 '61 Grain Market s 54 '3 103Y, 8814 oS e e EECSERBEAE 55 60 s A '57 88% FOREIGN BONDS. 2 Aer Mie Bank 7 48 104 7 C 6 8 Ger Cons Mun 6s "47 ? al 65 53 ww. 8 4 mburg El 5 % B4 d_El 52 18 83 8% | 84| ¢ 65 '63 3 Manst M&S 7s ‘41 xw 1 Medeliin Col 75 51 13 Mendoza_Pr_Tiss El P 6l 0 7 Stinnes 75 36 x 1 Terni Boc 6'as A 1 Tietz (L) 7'2s '46 ww—With warrants. st ww warrants, Ford M Can A (1.20) Ford Mot Can B 1.20. Ford Mot Ltd 36 3-5¢ Foremost Dairy Pr Foremost Fabrics, Fox Theater Cl A Fraoklin Mfg Co. Gen Aviation. . Gen Elec Ltd (p70¢). Gen G&E cv pf B (6) Gen Petroleum. ..... Gen The Eq cv pf(3). Gerrard (SA) Co.... Glen Alden Coal (4) . Globe Underwriters. Golden Center. ..... Goldman Sach T C.. vs Graymur Corp (1).. 0 wi = crearlanliomn namnanton 127 2 Gt At&Pac Tea nv(6)115s 231 108 120 GrtA&PTpf (7).. Groc Strs Prod vte. Gulf Ofl of Pa (13%). Hamilton Gas rct, Happiness Candy... Hazeltine Corp (2). Hecla Mining (40c). Helena Rubenstein. , Hoilinger Gold(65c) . Hudson Bay M &S .. Humble Of1 (12%). 7 Hydro Elec Sec1.40. 11 Il Pow & Lt pf (6).. 258 tmp Oil of Can (50c) 36 ind Ter MuONB... 2 Indus Fin cv pf (1) Insull Inv (b6% ) intercontinent Pet n Int Cigar Mach (2%) int Petroleum (1) Int Saf Raz B (12%). Int Textbook (2.25) . Int Utllities A (3%). Int Utilities B. .. Int Utilities war. Interstate Equities. Inter Equ conv pf(3) Interst Hose Mills. .. frving Atr Chute (1) Italian Suvernow A. Jordan Mot (new). Kirby Petroleum Kletn (D E) Co (1).. Kolster-Br (Am Sh) Lefcourt Realty 1.60 Leh Coal & Nav 1.20. Leonard O11. .. Libby McNeli & 1 10 ’ e Ll 2i S s Mo e OVIO GO (20 R e Sunray Tampa Teck H By 26% Un Ni 5 60 Unit Lt U 8 Fini U S Lines of (1) Unit S Unit Verde Ext (2).. Ind . Utl] P&Lt(at1.02%). Ut P&L Biat1.02%). Util & Uttty Ul Eq % Vacuum (4 2voei Venezuela Petrolm.. Walgreen Co. . Walker Wayne West Mass Co(2%). Wilson Wil-Lo Wil-low Cafeteria pf Zonite Products (1). Mavis Bot... | . Divideuds Yates 1 *Ex dividend in cash or stock. 2814 | tPis 5 per cent 1n £ per cemt in stock J 3 Ju © Paid last vear—no Sun Invest pf (3). Swift & Co (2).. Swift Internat (3)... Swiss-Am El pf (8). Syracuse W Mach B. Technicolor. Inc. ... Thatcher Sec Corp. 4 Tobacco & All Stks. . Trans Lux DL PS.. Tran Con Air Tran. .. Tri-Cont Corp war. . Tri Uttifties (31.20). Tublze Cantillon (B) Ungerteider Fin Cp.. Ji Gas,Can t1.45 Unit Gas pt (7). U 8 Dairy (A) (5)... U 8 Elec Power ww.. US & Inl Secur..... U S Inter Sec 1st pf.. TPartly extra in stock. m Plus 3 per cent in stock. b Plus Oll (b5% ). 4 Electric (32). 3 2 ughes (60¢)., 17 1 1 15 7 6 1 & Pwr pf (6). ishing. ores. .... Eauitie; uity pf (H) (1. Pump. Jones (1% w Cafaterias, 13 RIGHTS—EXPIRE Apr0 65 D qoilars uased on last % quarterly or IFlus 4 per cent In stock & b Payable in stock e Ad, stock. & Plus 6 per cent Plus 2 per ¢ent in stock. i stment dividend. stock. b Plus 1 Plus 10 per cent ver cent in stock. regular rate Buying for Profit BY GEORGE T. HUGHES, (This 1s the fifth of & series of principles to present usiness and in securities.) The problems, the individual investor 83 ° | faces in selecting a diversificd lst of high-giade common stocks for long- term holding under present conditions are the same as those faced by vestment trusts. A compilation recently made covering the reports of over 50 trusts of the management type shows that the 10 most popular stocks with at the close of 1930 these comj Gas, American Can, General Motors, Union rticles discussing the application of investmert day conditions in Electric, National Dairy Products, Standard Ol of New Jersey, and Elec- tric Power & Light in that order. A year earlier, at the close of 1929, the leaders selected on a similar basis were Consolidated Gas, American Telephone, General Electric, New York Central, Standard Oll of New Jersey, Columbia Gas & Electric, Atchison and Gillette. It will be noticed that these two lists have striking differences. Five stock | that ranked among the first 10 at the close of 1929 are missing from th2 list 12 mcnths later. | stocks were taken some of chese missing issu's would show up but lower down on the lst. Now if the investment trusts, which are supposed to have the benefit of the most expert judgment, have to revise their selections so radi- time, it is not to be ex- jual investor will in & year's ?ammmm mm Union Carbide, Electric Bond & Share, If a large number of | ‘The deduction is not that common | stocks should be excluded from an in- vestment pi am because of the risk of making ct unwise selections, but that constant supervision is a prime requisite for success, and that if this supervision cannot be given securities paying fixed returns must be substituted. METAL MARKET. By the Associated Press. | CHICAGO, April 16.—Influenced by | unlooked-for setbacks in Liverpool wheat quotations and by lessened ex- port demand for North American wheat, grains tended downward early ttoday. Fresh low-price records for securities counted also as a bearish factor. Opening Yia% off to % up, wheat afterward receded all around. Corn | started at lia% decline and subse- | quently sagged further. | Enlarged shipments of wheat from Argentina and the Black Sea put an | additional handicap on bulls. The | Argentine total for the week was 4,410,- | 000 bushels, compared with 3,454,000 a | week previous and 1,670,000 at this time last year. Continued dry weather re- ports from the Amerlcan and Canadian Northwest, however, served to make bears cautious, but for at least the time being gave littie rallying power to prices, notwithstanding that no heavy rains have fallen in Spring wheat ferritory month. Hesslan fly reports from Nebraska Ted at times to some wheat buying. The brood was reported tb have spread west of Hastings and also to the north and south of sections infested last year. Frost apparently came too early this season and failed to catch the pests out of their hibernation period. Corn and oats averaged lower much of the time, owing to wheat weakness. | Provisions declined with cereals despite upturns in hog values. | DIVIDENDS DECLARED NEW YORK, April 16 (#).— Pe- Pay- Rate, riod. able. Reduced. \ e Q May 15 Q May Q May Hidrs. of Company. record. Gen Tire & Rub.. Walker & Co B. . Willlams (R, €)' '§ Co o 1%e Apr. Apr. Apr. 20 20 United Pap Box A Apr Vanadium_Corp. ... May Am Pog Campe © b Ceat P & L7 & Sock..... £ o Ap 0 bt .87 Gruen Watch ptf.’$1. Horne (Jos) Co bt s Hunt Bros Pk CI McNell Marb Co pf.$1. Mt Royal Hot 67 pf.3. Newberry (3J) Co Oliver” ‘Uiii " i Parker (8. C. 0POOD £OD Boaians s o Do, P NEW YORK, April 16 ().—Copper | unsettled; electrolytle, spot and future, 9%a10. Iron quiet, 1nchanged Tip easy; spot and nearby, 24.95; future, | 25.10. Lead, steady; spot, New York 4.50; East St. Louls, 425 Zinc easy; | East St Louis, t and future, 3.70a 3.75. Antimony, 6.85. Py I | Ros rocess Corp Bullman Inc...0.0 . Public Elrc Li. . e's 5-10 and’ 25¢ Stores 7' DI .. .31.78 g R aw P Mills pf.$1.7: Selby Shoe... 8¢ sepy 8PLid o x‘ 3130 i pE 31 Do, 5> 1180 1.50 Sterra Pac El pi. 3 Stamford Tr LP heard arguments on a motion by the | defense_to quash the suit brought by stockholders of Loew’s, Inc., to set aside | the sale of the stock to the Fox inter- ests. The court reserved decision untl Monday, when trial is scheduled should | he deny the motion to. dismiss. Will Aid Small Investors. CHICAGO, April 16 _ (Special).— Small investors in every State and 10 | foreign countries who bought bonds of | George M. Forman & Co., internationally active real estate mortgage loan house, will be aided by the latest step taken for their relief, it was announced today by the George M. Forman Realty Trust. The Forman properties being oper- ated by the trust have been placed under the direct management of Court- ney R. Gleason, 40 years a specialist in the operation of buildings similar to those represented in the trust. Mr. Gleason resigned as vice presi- dent of the People’s Securities Co. to extend the benefits of joint mamagement to the 27 great structures covered by the bond issues. Many thousands of small investors throughout the country are co-operating in the trust plan to safeguard $14,500,000 of Forman com- pany bonds. Authorized Service Leece-Neville, Dyneto, Westinghouse, Starters & Generator Repairs MILLER-DUDLEY CO 1716 14th St. N.W. North 1583-4 REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplications invited on _ high-class tments ard dweliings, and partien. on well Tncated business propertics. for 2.5 or 10 yenrs, if %o Gesired: 1520 K St. N\W. National 0475 First Mortgage Loan Applications Invited at 515% Glover & Flather 1508 H St. N.W. (Conn.) .. i Sterling’ Secur Corp, 1st pt DOOOD O DOOLOOOD : OOOD O OO e National 1753 from worry. Consultation incurs no obligation. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE Nat’l 2100 LOANS TRUST SHARES confcr an ownership in- terest in common stocks of 40 leading corporations. SCIENTIFIC is a factor of strength in each of them. o Send for full information L] MEMBERS NEW YORK STOCK EXCHANGE TRANSPORTATION BLDG, 17th AND H STS. N.W. ‘WASHINGTON, D. C. (A Fixed Investment Trust) RESEARCH E. A. PIERCE & CO. FUNDAMENTAL UTILITIES Ameries onsolidated” Gas. Cor'of N Electric Bond & Share C Electric Pw: % orp. orth American C Facific Gas & Elee. Co. Eubllc Service Corp. of N. I So. California Edison C » Ltd. RAILS tchison, Topeka & §. F. Ry. v 3 3 Union' Pacifio K. K. Cov INDUSTRIALS Alr Beduction Co.. Inc. FUNDAMENTAL TRUST SHARES Distributed by e (¢ W. W. MACKALL, JR. E, PARRIS & CO. AN, BRAWNER & CO., INC.