Evening Star Newspaper, April 28, 1931, Page 13

FINANCIAL JORN NEWBOLD, R, SUCCEEDS FATHER ;BWosen President of Mer- ohants Transfer & Storage Co. by Directors. Note—All stock are sold in eme hundred share lots excepting those designated by GII letter s (I.') (2508), nkh shows those stocks were sold in odd lots. The New Ynk Steck Exchange is mow operating en daylight saving time. Stock and Sates— ~Prev 1931 Dividend Rate, Add 00. High. 515 Abitibi Pow & Paper. 11 5% 21% AbItIIP&PDPL(S). 1 21% 16% 39 15% 8315 89 20% 204 $% Adv Rumley (new) % Ahumada Leal Alr Reduction Prev. Low. Close. Close. 5% 19% 4 Alaska Juneau (40¢) 571 Albany Wrap Paper. 1 Alleg COrP..vanas 38 Alleg Cp330 ww B34 1 AllegCp340wwblh. 1 34 Alljed Ch & Dye (n§) 316 126% Allis Chalmbérs (2).. 16 29% Alpha Port Cemt (1), 3 124 Amerada Corp (2)... 25 Am Agri Ch of Del... Am Bank Note (13) ¢ Am Br Shoe (3.49)... Am Brown Bov Elee. held yesterday, John L. New- was elected president of the Am Car & Fdry (3).. Am Car & Fay pt (7) Am Chain2)... Am Chicle (13).. Am Colortype (1.40 Am & For Pw pf (1) Am & For Pow 24 pf. Am Hawalian 88.... Am Hide & Leather. . Am Hide & Leath pf, Am Home Pr (4.20).. now 88 fol- Jyomm L. N John L. Newbold, jr., president: Wil- Ham J. Eynon, chairman of the board; Ben L. Prince, first vice president; C. reta prullz:nt F. G. MasAloon, treasurer, lnd L B. Doggett, assistant secretary. resent board of ditectors in- eludu g Thomas Dunlop, W. J. Eynon, william F. Ham, Fleming ‘Newbold, Newbold, jr.; Ben L. Prince, David P. Smith, Leon Tobriner, Donald ‘Woodward and C. B. Buck. Am International Am Locomotive (2) Am Pow & Lt (31)... 21 AmP&LptAst(s) 2 Am Rad & 8t 8an (1) 1.8 Am Steel Fdy (3). ... Fay pt (7). 10s Am Stores (123%)..., 10 Am Sugar Ret (6)... 18 Am Sugar Kef pf (7) Am Sumatra Tob. .. Am Tel & Tel (¥ Am Tobacco (16. Am Tobacco B (16).. Am Water Wks (3).. Am Wooie: c &P lu-nlu- Increase. rating nvul:uega:( tcl:: w Polo ac Tel e - M% l'lum the re- led with the Am Zinc Lead & 5m.. Am Zinc & Lead pf.. 2 Anaconda Cop (1%).. 166 Anaconda W& C (1), 4 Anchor Cap (2.40)... 4 after deducting ta: uncollectible was $190,722 against sm- ‘852 in March, 1930 finl revenues for u:e “fih ending - March $2,264,510, as oompued with uxzu‘n for the same “Total ting income lhcr Ge- year. nflfl 3 Accher-Dan pt (7). .. 508 1018 101% Armourof Lelpf (1) 8 41 axh Armour of 111 A 37 H z % Armour ot 1l 8 16 % Armour ot 111 pf. 1o - 1bla Arnold Constabl 6 - Asso Apparel ($2)...e 19 As80 Lry G (2%)eee. 8 t 1nd. Atlantic Refining (1) Atlas Powder (4)... 37 99% 94% Atlas Powder pt (6). Io. 13% b Atlas Stores (al) 295% 101} Auburn Aute «f4) 24% 21 Austin Nich prA 2% 1 5 % L 1,27% 16 BaldwinLooco (1%).. 79 104% 883 baldwin Loco pt (i), 208 37/ 58h Balto & OKIG (5).... 434 107 101% Bambeiger pf (§4). 1408 6% 5b. Bang & Arcos\3h). 2 10 Barker Bros........ 50 14% 8% barasdall tA) (1) 56 33 Bayuk ar(d).... Sus 90 87 BayukCiglstpf(7) nu- Bl 66 Beatrice Cream (4).. 4 2% Beiding-Hemingway 80% 78 BelN Ryptpfibbl. 26% 16% Bendix Aviauon (1). uu !n Best&Co (2).. % Bethlehem Stesl Il}. mn nx Bethlghem 8t pf (7). 20 BlaweKnox (13).... 0 20% Bohn Alum & Br 13%. 3% uv\mmnl.‘o(ln.. . 66% 1833 Borg, Warner (1) 7! 19 1% Botany Con M (A).. 10Cs 1% 14% briggs Mg (11%)... 8¢ 14% Bkiyn Mun Tr pt Bkiyn & Qu'T pE (5)« lots, 20 thaler Linot s0ld at 80 and Pmomle Electric Pq::re 5%, per cent preferred moved at 1093 Capital Traction held its recent gain in very light trading, 10 shares selling at 33%. Gleaned in Financial District. The Pennsylvania Railroad today re- rmd & net rallway operating income or March of $3.818,561, a decrease of l’ Glljl@ over March, 1930. orfolk & Western reports March rll!n‘ income as $22,496, against in the same month a year ago. TM Bouthern Railway reports March et operating income as $802,849, com- pared with $1,394,346 in March, 1930. North American net $4.35 on 6.111- #5¢ common in 12 months to March 31; year ago, $5.06 on 5,513,311 m'. Butter — One - pound prints, 19a30; | tub, 28. Eggs—Hennery, MIW, lfiA try, alive — Turkeys, hens, M 25; Spring broilers, 38a40; mhorn broilers, 35; Winter chick- ens, 30a32; hens, heavy, 22a23; ulh'k:m:! 20; wen 15 young, 75280; hens, toma 32a33; !vfln[ broilers. 45; Win: ter chickens, 38a40; hens, heavy, '2728 light, 25a26; Leghorns 22a23; roosters, 16; keats, young. 10-80 old, 50 h)‘:lu—Btfl 17a18; current re-l fresh shoulders, smoked shoulders, 121 strip bacon, In bulk, 11. mfla—slrl‘berrl&, North Clr\)ll.h: and Florida, 7.00a8.50; cherries, Califor- nia, bnxel 4.00; oranges, Florida, 3.50a 1 3.00a4.00; grapefruit, Vi 3.50; 120-pound sacks, 2 100-pound sacks, 2.50; ldlho hxerl, 100-pound sacks, 2.50; new, per barrel, 7.5088.00; sweets, per "bushel, 150.100 tomatoes, Mexico, lugs, 4.00a6.00; kal 60a75; spinach, 75; g(phnt, 5.00a5.50; carrots, per crate, 2. beeu per crate, Bkiyn Union Gas (5) Bruns Ter & Ky 8. Bucyrus (1)..¢ Bucyrus pt (7). :uuynu VL (2i). Bush Terminal (3%) Butte Coppe: & Zing Byeis (AM)... Calit Packing (2).. Calif Petroleum Caiumet & Ar: Calumet & Hecla. Camp W&C ¥y (1), Cauada ry G A (3). Can Pacific (3%).. Cannon Mills (1.v8) Caterpillar 4 Cavanaugn-Dobl Celotex vic etfs, 4 Cerro de l'lno(l Certain-teed Prod a Checker Cab MIg. . Ches & UN10 (i %)... 4V Ch nyunCur)u) 1 Citt & AlLOR. ...0esn Chi Great Westarn.. Chi Great West pf... Chi M1l Bt P& Pac. ., Chi M) St P& Pyt Chi & Northwest (4 ChiR1& P pLb). Chi Yellow Cab (3) Feabody (3). “ola (17%). Colonial Beacon. .. Colo Fuel & iron (1). ll l Col G 3 Cel Graphoph (“). lll’ Columb Carbon (6, 32% Comel Credit A (3) 20 Comel Cred pf (1%). 30s 211 Comel Cred of B (2). 40- 23% Comm Inv Trust (2). 134 Comm Solvents (1).. 8 Cmwith & Sou (80¢) 1% mem- & Rou pt 16) Pub (2). 26% Comsol Cigars 16) ..o 64 Consol Cigar pt (7). 208 54 Consol Cig pr of 6% .1108 od Fils 16 143% by 44ty 1017 10 2% 8 18 S80% 9 86% 16% 22 146 4y 1013, 10 T2 81y 16 311 tock and Bales— * A Dividend Rate, Add 00. lll'l- % Consol Texttle, 17 5 Cont ln-rCorp w10 1% Container B 8 13% Contl Baking 6% Contl Oll of Del. .. lh Col lnru. x Cudahy Packing (4). Curtiss Wright Corp 1t Curtiss Wr Corp A, Cushman's pf (1) Cutle Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (9). Del Lacka & Wn (4). Denver & R G W pf.., Diamond Match..... Diamond Mtch pf 1% Dome Mines (1).. Domn Stores (1.30) .. Drug Corp (4). Dunhill Interna Duplan Silk (1). Dupont de Nem ( Du P de N deb pf (8). Eastern Roll Milly... 2 Eastman Kodak (18) 123 Eaton Axle ( 21 tllec Auto Lite (8) Klec Pwr & Lt (1)... 203 Elec Pow & Lt pf (8) 3 Elec Pow & Lt pt (1) 1 Elec Stor Bat (6).... 23 Endicott-John (5) % Eng Pub Sv (2.40)... Eng PubSvpt (5%), Eq Office Bldg (2%)« 3% Erfe RR...cveee Erie RR Eureka Vac Cleaner.. Evans Auto Produets Exchange Buf (1%).100s Fairbnks Morse 1.60. 1 Fairbanks M pf (7)., 30s Fashion Park Aspf.. 2 Fed Lt & Trpt (6).. 108 Fed Mot Truck (40¢), 2 Federal Screw Wks.. 2 Fed WatSv A (24v). 6 Federated Dept Strs. 1 Fid Ph Fire In (2.60) 3 Filene's pf (6% ).... 108 Firestone T& R (1).. 1 Firest T&RpL(6).. 18 First Nat Strs (2%). Freeport-Texas (3).. 40 Gardner Motor. . Gen AmInv pt (6)... Gen Am Tank Car(4) 18‘ Gen Asphalt (3)..... General Baking Ce... lc Gen Bronse. . 111 Gen Elec spec (ln). 117 47% Gen Focd Corp (3).. 376 4 GenG & E1A (e30e). 40 GenG&EIpLA (7). 108 GenG & ELPLA (8).. 408 % Gen Miils (3). 6 37% Gen Letraciories (4) Gen Stl Castgs pf(6) *3% Gen Thearer Kquip 213 Glllette Sat Rasor. Glllette Sat R pf (5). 324 Goodrich B F' pf (7).210s 32w Goodyear Tire&R(8) 123 75 Goodyear 1stpf(1).. 3 4% Gotham Bilk Hoslery & 50 Gotham 8 Hpf (7).. l0l Grt North pt (5) Grt Nor Ore (2). 7% Grt Western Sugar.. 17 85% Grt West Sug pf (7). lflu 2% Qrigsby Grunow. . Guif States Steel. Hacken Wat pf A 1% 6% Hann Dept Slores. .. Hall (W¥) Pr Co (2) Ham Watch (11.95).. Hanna pt (1) Harb Walk R Haruman Corp (B) Hawalian Pineap (2) Hayes Body. .. G W) ( Hercules Mot (1.20 Hercules Powd (3) ilercules Pow pf ( Hershey Choc (5)..o Hersh Choe pt (15).. Holland Furn (12%) Hollander Sons 1 308 60 Hudson & Man (3 Hudson Motor (1)... Hupp Motors. . Illinois Central (7).. Indian Motor Cyele. . Refining. Insuranshar Del 40c. Insur Shrs Md(40¢).. interb Rap Tra Int Bus Mach (n§).. Int Carrfers (373%e). Int Cement (4).. int Combustion, Int Comb Int Harve: Int Harv Int Hydro Int Mere Marige (2). int Nickel 180¢). Int Paper pf (7). 4 Int Paper & Pow A. Int Paper & Pow B IntPap &P ol (7)., Int Print Ink pf (6). Int Salt «3). . int Tel & Tel e Inter Dept Strs (2).. Inter D St pf xw (7) Intertype Corp (1 Investors Equity Island Cr Coal (4)... Jewel Tea (4 X Johns-Manville (3).. 174 Johns-Manv pf (7).. 20 Jones & Laug pf (1).190s KCP&L 18t pf B (6). 108 Kayser (J) &Co (1). 10 Keith-Alb-Or pf (7). 1 Kelly-Spring Tire... 14 Kelly-Spr T $% pf.. 100s Kelsey Hayes t2)... 29 Kelvinator Corp. 183 Kendal: Co pf (8). Kennecott Cop (2).. Kinney (GR)Co pf.. Kolster Radio. Kolster Radio ctf Kresge (88) Co Krouger& T (. Kroger Olvfllfifl) Lambert Co (8. Lane Bryant ( Loo Rubber & (Continued on Page NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. mmmcbu 5 l‘h 1% 54 b4% 11% 41% 3 x| Action Bets at Rest Speculation on FRESH WEAKNESS| Bearish Feeling in Street In- creased as Issues Break December Lows. BY GEORGE T. HUGHES, Special Dispatch to The Stas NEW YORK, April 28.—Fresh weak- ness developed in the stock market to- day and shares worked irregularly lower on ‘moderate volume. ‘The fact that the December lows had been broken undoubtedly increased bearish feeling in the Street. It is a widely accepted theory that once a market has gone through its old re- sistance point, as has this one, the de- cline will be extended further. Selling | on this idea had much to do with | today's weakness, ‘There was still, of course, concern over the dividend outlook in many quarters. The greatest interest was taken in the United States Steel meeting, and al- though best informed opinion was that the regular rate would be paid, the un- certainty had an effect on tradin Finally, the two stock exchange fail: ures still had an effect on the market. A wide-open break in Allled Chem- ical was the feature of the morning session. At the annual meeting Mon- day the chairman stated that earnings to date were 1n excess of dividend re- quirements. This reassurance, how- | ever, did not help the stock. Perhaps | traders were influenced by changes in the directorate, but more probably it | was simply a bear operation on the ar- | gument that the stock was too high on a yleld basis. Allled Chemical normal- | ly ‘moves over a wide range and it has disappointed the bears before. Another weak issue was Union Car- bide, which went to a new low snce the split-up in 1929. This decline was ly due to fll’n-qul.mer results. Mc- te slumped 4 points, inenen it b the business been understood that of company was v satistactory, It looked as though a position was being liquidated. olls were still being pressed for sale, particularly Standard Oil of Cali- fornia, which, together with Pure Oil and Shell Union, made a new low. Selling spread to the food stocks, in- cluding Corn Products and General Foods, while among the higher-priced issues Eastman Kodak lost ground. ‘The market had three dividend reduc- tions to appraise in the afternoon. Pirst Illinols Central reduced the disburse- ment on the common stock to a $4 an. nual basis from the $7 previously paid. This had been, temporarily at least, dis- counted, but the es rallied slightly on short covering after the announce- ment. Next Inland Steel put its stock on a $2.50 annual basis, compared with the former rate of $4 a year. dropped 4 points before meeting sup- Commonwealth & Southern declared a quarterly dividend of 10 cents a share on the common, against 15 cents the last time, s0 that the stock is now on a | 40 cent annual basis. The stock was down fractionally at the low of the year. Selling in the general list slackened and there were minor recoveries in the stocks under greatest pressure during the morning. A few new weak spots were uncovered, one of which was American & Foreign Power, which yielded readily. Chicago & Northwest- ern made a& new low. General Electric was heavy, only fractionally above its extreme low. United States Steel fluc- tusted uncertainly pending the dividend announcement after the close. . (Copyright, 1931.) EATON IS RE-ELECTED | BY SHEET AND TUBE Plans o'Clevellnd Financier to Retire. By the Associated Press. YOUNGSTOWN, Ohio, April 28— Cynu 8. Eaton and his associates, S. ton Mather and Hugh Wick of | mevem and George C. Brainard of ‘Youngstown, were re-elected to the Youngstown Sheet & Tube Co. board of directors today. ‘There had been much speculation in financial circles before the meeting ‘whether Eaton’s retirement as chairman of Continental Shares, Inc., $156,000,000 investment company, might affect his status on the Sheet & Tube directorate. Continental is one of the largest own- ers of Sheet & Tube stocl ‘The election set this lpecuhuon at rest but gave no evidence on other spec- ulation concerning the outcome of the still pending battle over the proposed merger of Sheet & Tube with the Bethlehem Steel Corporation, in which AMERICAN TRUST SHARES 0 Auvdilable through FENNER & BEANE Members NEW YORK STOCK EXCHANGE WASHINGTON, D. C. J.D. MUI’HIISHED MaNaom 130K Snazt. N.W. Nationa! 000 G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond Baltimore New York Stock Exchange Washington Stock Exchange Richmond Stock “Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortniohtly Review” on Request 1510 H Street ONLY 39 PER GENT Survey Shows Industries Are Utilizing Little MoreyThan Half Capacity. \ Special Dispatcr to The Star. \ NEW YORK, April 28.—Only \69 per cent of the production capacity of the country’s industrial corporations s utilized at the present time, it is re- vealed in an industrial survey conducted by Campbell, Peterson & Co., Inc., and based on the individual a llyua of several hundred manufacturing execu-~ tives throughout the country. In sup- port of this, three-fourths of those, questioned declared conclusively that new products could be introduced into existing manufacturing plants without excessive investment in additional machinery. “Knwoledge of this industrial poten- tiality of our factories,” the company says, “holds more significance than being merely an indication of generally curtailed production. It means that as business conditions improve, large addi- tions to capital property and equipment will not xeully be required and that there are ample manufacturing facllities available for the new products that are coming along and may come along for some years ahead. But in order to take up this slack, rather than increase n..| intelligent planning is needed.” ‘The chief néeds of American industry today, as recommended by the large | number of executives reached, appear in the following arder: Better manage- ment, named by 19.4 per cent; reor- ganization of distribution, by 14.2 per cent; mergers withir? each industry, 12.5 per cent; extension af research facil- ities, 11.9 per cent; price control, de- velopment of new markeis, development of new products, consolidation of allied industries, improved methods of produc- tion and co-operation’ of unrelated Excessive eompemhn. imdequlte dl.s- tribution channels, inadequacy of re- search, lack of new products, obso-: lesence of products, and obsolesence of machinery and methods. Several added the matter of erroneous financial policies of the banks and the Govern- ment as defects; also, out-of-date laws, overdevelcped sales eiforts, exceseive number of middlemen, and the agricul- tural depression That industrial corporations. as n whole, are not taking full advantage of technical ability to improve their con- ditions was almost unanimously com- ceded. The majority believed that re- search as condacted by Indlvldufl cor- porations—while, of course, are exceptions—is still inadequate; lnd 70 per cent believed that the advantages of co-operative T irch within industries are too little recognized. In a larger fleld, 74 per cent believed that the advantages of exchange of research re- sults among different industries are neglected. In addition, the organiza- |tion and direction of outside invention and research was recommended by 71 per cent. COAL OUTPUT DROPS. Production of bituminous coal was appreciably lower during the week ended April 18. In the figures that follow the output is given for comparable periods as determined by the B\ufi\l ot Mines: Week ended April Previous week. . D. H. McKnew & Co. 1200 15th St. N.W. Deeatur 5660-1-2 Investment Securities Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. A A LIGHT ET out more in a day and get more out of the day with more suitable of- fices for your business. For light rooms—and more light on how “light”” the rates can be for better space in a fine build- 2 ing, see The WOODWARD BUILDING Fifteenth at H Street N.W. CARL G.ROSINSKI Realtor Leasing Representative Suite 5 Phone Nat. 8040 London Connecticut at K National 9600 FINANCI BANK STOCKS DECLINE FURTHER DURING WEEK Special Dispatch to The Star. NEW YORK, April 28.—The New York City Bank Stock Market during the past year registered a further reac- tion, as indicated by the dollar-index | Troster. Based upon il 25 prices, ll leldlnl bank and m!flut L le'l'mT !I 1518 X St Bank Stocks ell'fl gs, against 1 of the previous week. The yield now stands 4.343 per cent_against 4.146 cent a week The current oomg '!'.hlyhlflofbul ber 17, 1030, and wi per cent on April 21 last year, Columbia Building Association 716 11th St. N.W. Pays §% Somes: Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime Inec. Me. 3860, 1700 Eye, Compounded Semi-Annually Are You Carrying the Right Kinds and Proper Amounts of Insurance? Have 'You Windstorm Insu‘rance? It’s one of the important protections against property loss—for a frequent and serious hasard nowadays—which you should include in your insurance schedule. We'll consult with you from the viewpoint of your best interests as to amount, etc. RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT N ik S Suiaramcs Gomhonyy 1321 Connecticut Ave. Snmmmnnmnmn 1 F. B. KEECH & COMPANY Members of New York Stock Excl bkl Bite g0 mn -von oy ‘g‘u&: Cotton Exchange ELER: fetE STOCI(S BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders ' on the leading exchanges of the world. M CORNER 17TH ST, N. W., WASHINGTON NATIONAL 0245 Chicago Philadelphis Brooklyn Detroit. ‘Winnipeg New York Providence PROPERTY MANAGEMENT Apartment House MANAGEMENT We Recommend for Invéstment Bought—Sold—Quoted | Waggaman, Brawner & Co Decatur 3600 Il' is only natural that with the experience and facilities of our organization we can manage and operate apartment house properties with greater economy; and therefore great- er profit. Our fee is nominal com. pared with the service we . i ——wrvesressemsssss- render. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS Aet Now Anticipate Future Values Substantial growths in investment values are not made “over night.” Anticipation of the next ‘growing period” of American industry through investmeat at present low prices—~means greater participation in the country’s future profits. The portfolio of 140 leading stocks held by MASSA. CHUSETTS INVESTORS TRUST presents te theinveste or, in a single purchase, the widest type of participas tion in the profits of American industry. An investment in M. I. T. now=—of from $50 to $100,000 is one of the soundest any investor can make. If you would like to know upon what securities this trust bases its future, send the eoupon for full information. The Quorterly Repors showing list of securities owned, bought end sold during Quarter will e sent on receipt of .coupon. . A. S. GOULDEN &00 e, ‘Woodward Bidg., Washington, D.