Evening Star Newspaper, May 27, 1931, Page 13

FINANCIAL. LOCAL GAS LIGHT " PROFITS ADVANCE ' B. & 0. and Pennsy Also File _ Reports—Park Savings Makes Promotions. BY EDWARD C. STONE. Net earnings of the Washington Gas Light Co. in April showed a modest 8ain of $4,198.22 over April, 1930, ac- cording to the monthly statement just filed with the Public Utllities Commis- &ion. Operating revenues amounted to $543,074.77, compared with $518,585.06 in April last year; operating expenses amounted to $332,416, against $314,- 091.35 in the same period a year ago, leaving & total opeuun& income of $176,366.46, compared with $170,487.54 in April, 1930. e cflmswmmgru called for $67,- .03, luctions a year ago amounting to the lower figure of $62,- 391.57. After these subtractions the gas company reported a total net in- come for April of $114,114.69, against $109,916.47 a year ago, The Washington Gas Light state- ment also showed earnings for the first four months of 1931. Operating rev- enues totaled $2,358,705.48, against $2,064,151.93 last year; operating ex- penses required $1,433,071.70, against the lower figure of $1,307,701.68 a year ago, while operating income reached the total of $781,415.44, in comparison with $624,214.23, ‘Total deductions from gross called for $268,620.27, compared with $250,119.47 a year ago, leaving a net income of $531,122.17, against the much lower fig- ure last year of $381,113.80. . Georgetown Gas April Report. ‘The Gegrgetown Gas Co. has u?oned Anrlfi earnings to the Public Utilities Cor , operating revenues amount- ing to $107,519.05 against $100.251.71 B year ago. Operating expenses were $87,807.32 against $70,171.92. Revenue deductions totaled $91.171.92. Revenue $74,813.83 in April, 1930. Operating inccme totaled $15,841.66, compared with ' $25,438.88, after all other deduc- tions, - leaving a net corporate income for the month of $12,732.24, against $21,730.30 last year. ° For the first four months of 1931 the Georgetcwn company reported op- erating revenues of $480,557.13, com- pared with $399,706.11; operating ex- penses totaled $395,870.82, pari- son with $280,386.25 lest year; while total revenue deduction amounted to $411,957.68, compared with $299,771.28 in the l‘lenc four months cf 1930. G. W. U. {o Give Insurance Exams. ‘The American College of Life Under- writers announces that George Wi chartered life underwriter certificate. Similar arrangements have been made by 30 other universities in various parts of the country. The total number of approved candidates is 600, indicating the great increase of interest among life insurance men in obtaining a pro- Tessional status. Only successful life underwriters with over three years’ experience and vouched for by the local authorities are eligible for the examinations, which deal with general education, economics, law, the actuarial science and Heard In Financial District. Peo Drug_Stores, Inc, has de- m«l’fi. regular quarterly dividends of 25 cents on common stock, payable 20. D. F. Kelly, president of the National Goods Association, makes bt b dent of United States Steel Corporation. ~Prev 1931~ Stock and High. Low. Dividend Rate. 3% Abitibl Pow & Paper 3 18% Adams Express (1).. 74 Millis (2) 2 Alr Way Elec Appl. . Alaska Juneau (40c) 1099 Alleg Corp. .26 Allez Cp $3 %, 1 Allegheny & Wn (8). 20s Allfed Ch & Dye (n6) 147 AllledCh & Dof (7). 2 Allis Chalmbers (2). 24 Alpha Port Cemt (1). 15 Amerada Corp (2). Am Agri Ch of Del 3 Am Bank Note (1! Am Beet Suga Am Beet Sugar pf Am Br Shoe (3 40).. Am BrSh& F pf (7). Am Brown Bov Elec. Am BrBEDf (T).... Am Can (15). Am Can pf (7). Am Car & ary (3).. Am Chain2)... Am Chain pf (7). Am Chicle (13). ... Amer Col'type (80c). Am Comel Alcohol. . Am Encaustic (1)... Am European Secur. Am & For Power.... Am & For Pw pf (7). Am & For Pow 2d pf. Am Hawailan S: Am Hide & Leather Am Hide & Leath pf. Am Home Pr (4.20).. Am lce (3)... . Am International... Am La Fr & Foamite Am Locomotive (1).. Am Locomot pf (7).. Am Mach & Metals. . Am Mach & Met ctfs. Am Mch & Fdy 1.40 Am Metal Co. 39% Am Nat Gas pf. 64% Am Fow & Lt (31).. 102 Am Pow & Lt of (6). 85 Am P &L nf A st (5) 21% Am Ra&Std San 37% Am Roliing Mill 42 58% 102% 138% 2% 2% 13 43% 28% AmSm& R 2d pf (6 Am Sm & Ref pf (T). Am Snuff (13%).... Am Stores (12%) Am Sugar Ref (5). . 1081 Ref pf ( 11% Tol 2 427 16).. 16 Am Tobacco B (14).. 73 Am Type Fdy of (7).200s 110% 80% Am Water Wks (3).. 35 Am Zinc Lead & Sm.. Am Zine & Lead pf.. Anaconda Cop (1%). 226 Anaconda W&C (1). 2 Anchor Cap (2.40)... 3 Anchor Cap pf (6%). 1 Andes Copper. . oo’ 73 Archer Daniels Mid. 3 Archer-Dan pf (7).. 50s Armour of Del pf (7) 1; 29 Atch To&S Fe pf (5). At] Coast Line (7)... Atlantic Refining (1) Atlas Powder (4)... Auburn Auto (f4)... 304 Austin Nich pr A (3) 2008 Autosales. ... 2 Aviation Coro 21% 14% Baldwin Loeo (1%).. :: ang & Aroos (3%). 1 m:nu »f (7). 108 ) 25 Cream (4 5 Beatrice Cr pf Beech-Nut Pkg (3).. Belding-Hemingway Bendix Aviation (1). 61 Best&Co (2)....... Bethlehem Steel (4). 846 Bethlehem 8t pf (7). : : vlfl Briggs Mg (11%)... ©16 Briggs & Strat (2).. Serome =S [S1-1F PNt 15% 9% Bulova h (1% ). 32% 21% Burroughs A M t13. 31 17 Bush Terminal (2%) 70 Bush Term deb (7)., 108 95% Bush T Bldg pf (7).. 10s 1% Butte Copyer & Zinc. 20% 10 Butterick Co... 69% 323 Bvers (A M). 201 s G3 20% Calif Packing (2).... 1% % Callahan Zinc & Ld. . 43% 26% Calumet & Arizona.. 11% 6 Calumet & Heela. 168 11% Camp W&C Fy(1) 43 29% CanadaDrvGA (3). 20 45% 24% Canadian Pacific1%. 51 17% Canamon Mills (1.60).. 5 131% 62% Case (J I) ¢ 340 52% 23 Caterpillar Tr: 16 8% Celanese Corp A 30% 16% Cerro de Pasco(1.50) 23% 8% Checker Cab Mfg. 4% Chi Great Western. . 26% 17% Chi Great West pf... 8% 4w Chi M1 St P & Pac. . 15% 7% ChiMIIStP&PDS.. 45% 29 Chi& Northwest (4). 16% 6% Chi Pneu Tocl.. % 16 Chi Pneu Tool pf. 66% 33 ChiR1& Paeific (5). 33% 18% Childs Co (2.40)..... 38 22 Chile Copper (1%) 26% 16% Chrysler Corp (1)... 128 4% 2% City Stores.... 5 25 12% City Stores (A)... 170 137% Coca-Cola (17%).. 653% % Coea-Cola A (3)..... Colgate-Pal-P (23). Colg-Palm P of (6).. Collins & Afkman. . . Colo Fuel & Iron (n). Col Gas & EI (3). Col Gas & El pf A ¢6) Columbia Graph 56c. lumb Carbon (5).. ‘omc] Credit (2). Comel Credit A (3) Comel Cred pf (1%). Comm Inv Trust (2). Comcl 1T ev pf (e6). Comel Inv Tr pf (7). Comm Solvents (1).. Comwlth&Sou (40¢). Cmwith & Sou pf (§. Congoleum-Nairn. .. Congress Cigars (4). Consol Cigars (5)... Consol Cig pr of 63 Consolidated Film. .. Consol Film pf (2).. Consol Gas N Y (4). Consol RR C pf (§) % Consol Textile. "% % Contl Baking B. 11% 44% Contl Baking pf (8).) Can (2%). Note—All stock are sold in one hundred share lets excepting those designated by the letter s (80s) (250s), B% which shows those stocks were sold in odd lots. Sates— o Add 00. High. Low. Close. Ciose. | 43 THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE G % e Bl o 181 e 24n| 133 19 23 R0% 45 24% 101% 3% 29 27% REK. B7% 56% 631 98 6% 5474 20% 35% ~Prev. 1931 High. Low. Recelved by Private Wire Direct to The Star Office. Stock ana Dividend Rate. 3 CubaCo..... .. 2% Cuban-Amer Sugar.. 21% Cuban Am Sugar pf. 210s 35% Cudahy Packing (4). 2% Curtiss Wright Corp 3% Curtl, Corp A.. 00 Cushman’s pf (7)... 0% Cutler Hammer. .. Sates— Add 00, Hign. w‘r Ciose, Uise. 2 4 iavison Chemical. Deere & Co pf (1.40). Drlaware & Hud (9). Del Lacka & Wn (4). Denver & RG W pf.. Detroit Edison (8 Devoe & Ray (1.20) Diamond Mateh. .... Diamond Mtch of 134 Prev. 4 3% 2 24 2% 2% ‘2% 20% 20% 21% 12 38% 119 2 108 4 1 1 Dome Mines (1)..... 20: Domn Stores (1.20) Drug Corp (4). Dunhill Interna Duplan Silk (1) 12! % Dupont de Nem (4) 118% 7 1284 128% 10% 3% 35% 381 107% D P de N deb pf tern Roll M1ll Eitington-Schild pt Elec Auto Lite (6). El Auto-Lite of (7) Elec Pwr & Lt (1). Elec Pow & Lt pf (6) Elec Pow & Lt pf () Endicott-John (5)... 4 Eq Office Bldg (2%). Erfe RR....... Erfe RR 1st pf (4 Fzchanze Ruf (134). Fairbanks Co Fed Mot Truck (40¢c) Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) Firestone T & R (1) Firest T & R pf (§) First Nat Stres (2% Fisk Rubber. Fisk Rubber Foster Wheel Foundation Co. Fourth Nat Invi Fox Film A (4) Freeport-Tex; Gardner Motor. ... Gen AmInv pf (6).. Gen Am Tank Car(4 Gen Asphalt (3), Gen Baking (2) 4 Gen Bronze. 4 Gen Cab Gen Cable A. General Cable pf. Gen Klec (1.60). . Gen Elec spec (60c). Gen Focd Corp (3).. Gen G & El A (e30c). Gen G & El cv pf (§). Gen Mills (3).. Gen Motors (3) Gen Motors pf (5). Gen Outdoor Adv Gen Out Adv A (4) Gen Ptg Gen Ptg Ink of (6).. Gen Public Service. . Gen Ry Signal (6). Gillette 8at R pf (5). Glidden Ca...... Glidden pr pf (7) k (2%).. .800; Goodyear Tire&k! Graham-Paige Granby Consol (2). Grand 81l Strs (h1) Grand Unfos caen Granite City 8t (3).. Grant (WT) (1)., Grt North pf (5). Nor O Grigsby Grunow. Guantanamo Sugar, Gulf States Steel 26' Hacken Watpf A 1% 4% Hahn Dept Stores, .. 50 Hahn Dpt St pf (6% Hall (WF) Pr Co (2) Hanna pf (T)........ Hartman Corp (A).. Hayes Body... . Helme (G W) (17). Hercules Mot Co §0c. Hershey Choc (5). Hollander Sons. . Hollanad Furn (42%) Houdaflle Hershey. . Household Fin pt (4) Houston Ofl....u.uun Houston Of] (new).. Howe Sound (3)..... Hudson & Man (3%). Hudson Man pf (5).. Hudson Motor (1). Hunn Mor 1llinots Central (4) Indian Motor Cycle 1Ind Motor Cycle pt. Indian Refining..... Indust Rayon (4) Ingersoll Rand (4) Inspiration Copper Insur Shrs Md(40c).. Interb Rap Tranait Int Agricultural. Int Agriculture p: Int Bus Mach (n6) Int Carriers, Ltd 50c. Int Harvester (2%).. Int Harvester pf (7). Int Hydro El A (e2). Int Match pf (4). Int Mer Marine (1) Int Nickel (80c). ... Int Nick Can of (7).. Int Paper & Pow A “Int Paper & Pow C Int Pap & P of (1)... Int Rys Cen A pf (5) Int Salt (3) Int Stlver.. Int Silver pf (7). Inter D St pf xw (1), Intertype Corp (1).. Investors Equity Tsland Cr Coa) (4) 41% John=-Ma 28% Kans City Sou 16). . 11 Kayser (J) & Co (1). 80 Keith-AIb-Or pf (7). 1% Kelly-Spring Tire. Kelly-Spr T Kelsey Hay: Kelvinator Corp. Kendal! Co pf (6). Kenneeott Cop (2)., Kres 5. Kresse (85) Co 1 60. 0% Kreuger & T (al. . 30N Kraetr GrackBaki1) 03 LambertCo (87..... 2y Lee Rubber & Tire. .. Leh Port Cmt (1),.. Leh Valley Coal. Leh Val Coal pf Leh Valley (2%) Liggett & Myer (15). LiTe & Myers B (16). 2134 Lima Locomot (m2). 25 Link Belt (2.40) 122% T 201 17 116 10 3 Gk o0 1152 1 1 . 108 1 35 337 18 7 408 5 4 5 108 6 1 208 Dept Stores. 110s 54 146 60 59 1 12 25% Liquid Carbonic (3). 25% Liquid 118 38% L. 83 i Loew's Inc pf (6% 2% Loft Ine. sereae 421 Loose-Wiles (12.80). 11% Lorfllard (P) Co..... 27 LouG&EA(1%).. 68 L'ville & N'ville (5). 91 1 Rreel. 17 MoAnd & Forbes (2). 28 MeCall Corp (2%)... 26 MeGraw-Hill (2).... 204 Melntyre Pore M (1) S Mt e ) 1% Macs (RED & Co(ns) 13% Magma Copper (2) 1% Mallison & C 18 1 (Continued on Page 18). ... %|Heavy Selling of Railway D. C, WEDNESDAY. MAY 1931. STOCKS CONTINUE T0 LOWER GROUND 27, Auburn's shipments from January 1 to May 25 were in excess of the entire yur‘ ";’! 1930, as well as the peak year o 5 (Copyright, 1031.) EXPORT COPPER PRICE REDUCED ONCE MORE | Quotation at 9.025 Cents Is Low- IMMUNE FROM | STRONG SECURITY ‘? FLUCTUATIONS ! was within a fraction of its extreme Further Down. Years. Shares Sends Many et ATRv i Tast 846 } i BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 27—The utock‘ market was unsettled sgain today by heavy selling of the rallway shares. A| long list of new lows was established, | both in the rails and in the indus- trials, although the latter made better | resistance than the former. Liquidation in the carrier stocks was | in evidence from the start. Three ad-| verse developments stimulated offerings. | Pirst there was the fefusal of the In- terstate Commerce Commission to initi- ate an inquiry into the transportation situation, second ‘there was a disap-|~ pointingly small increase in car load- ings for the week, much less than the seasonal rise, and third, there was an- | other batch of very discouraging April earnings. It was the highest grade ¢f sedsoned | dividend-paying ralroad shares that led | the downward movement resulting in new lows for N. Y. Central, for Union | Pacific, and for Atchison. Omission of the dividend by Pere Marquette brought | a five-point drop in the common stock | of that road. Illinois Central sold un-| der $50 a share for the first time in a | generation. St. Louis-SBan Francisco | made a new low and Baltimore & Ohio | duplicated its previous low following | publication of the April figures. | ‘There was the usual searching out of | weak spots in the industrial list and| many sharp declines. National Surety, the dividend rate on which was cut from a $5 to a $2 annual basis, broke 6/ points. Eastman Kodak sold off to a/ new low and Union Carbide, offered in | large lots, broke through its previous minimum price. The regular rate was declared by Johns Manville directors, but the stock made a new low, just the same. Scant comfort was to be had from the weekly iron and steel trade review. | Production was estimated to be down to 43 per cent of capacity, against 44 per cent a week ago. For a time dur- ing the early trading United States Steel was well supported, perhaps be- cause of the rumored formation of a banking pool to come to the rescue of the market. Whether there was any foundation for the report or-not, it had the effect temporarily of intimidating the short sellers. However, before noon United States Steel was slipping and low. American Can made a slightly better showing during this period and most of the time was up on the day. Judging from the tape, the Street paid little attention to reassuring state- ments from the White House. Banking opinion expressed at today’s meeting of | [fffl the National Poreign Trade Council to ' the effect that there was “no reason for the extreme pessimism rampant” was likewise ignored. Export copper was reduced % cent a pound and for- eign sales stimulated. Copper stocks | were inactive around their previous By the Associated Press. NEW YORK, May 27.-A reduction | of & quarter of a cent a pound today | brought the price of export copper to | 9.025 cents a pound, C. I. F. European | base ports, and the lowest level in more than 35 years. ‘The cut brought the foreign price to a parity with the domestic level of 8% cents a pound, th: price at which custom smelters have been offering the metal for several days. General Cable Corporation has re- | duced the price of bare copper wire in | carload lots a quarter of a cent a pound | to 10%; cents. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Ing.| AUTOMOBILE, LIFE, LIABILITY, FIRE, BURGLARY AND TORNADO INSURANCE Thos. E. Jarrell Co. Realtor: N.W. s 721 10th St. National 0765 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subseription James E. Connelly James F. Shea President Secretary No Renewals No Commissions Home owners and those who comtemplate purchasing prop- erties in the District of Co- lumbia are. especially 1o investigate the offered by bur Loan P has helped hundreds may exactly fit We welcome your personal inaulry. Open Daily, 9 to & Saturdays Until Noon NAtional 1381 An investment doesn’t have to he speculative to be generously remu- nerative—as is evidenced by our 69, FIRST MORTGAGES From them you will receive this liberal interest, but with the assur- ance that it won't fluctuate through- out the life of the mortgage-—and with full knowledge that the princi- pal will remain intact. May be purchased in amounts from $230 up. B. F. SAUL € National 2100 925 15th St. N.\W. Ower a Third of a Century Without a Loss THERE™ 1S: NO FOR SAFETY Real Estate Loans For Fifteen Years As Mortdage Loan Corrzspona- ent for the Metropolitan Life Insurance Company, we are in a position to offer to home owners in the District of Columbia and nearby Maryland and Virginia a Real Estate Loan Plan for this Long Period at Low Interest Rates on Reasonable Terms. Construction Loans in Any Amount | lows. | break of the day before, after which it | for its business ' CONSULT WERESRECS Washington Building Auburn Auto took one of its now famous nose dives during the morning, adding 10 or 11 points to the 14-point recovered somewhat. Auburn Auto has become a favorite trading medium with the daring spirits in the Street, who sell it in odd lots when they think the market is going down and who bu; when thev believe the trend is upward, all without any particular regard for the merits of the stock or the outlook matter of fact, BUILDING ASSOCIATION R NNTHO ST MW This Advertisement Appears as a Matter of Record Only as the Issue Has Been Sold New Issue $60,000,000 " Consolidated Gas Company of New York Twenty-Year 4,9, Gold Debenture Bonds Dated June 1, 1931 Due June 1, 1951 Interest payable June 1 and December 1 at City Bank Farmers Trust Company, New York. Coupon Bonds in denominations of $500 and §1,000, registerable as to principal only, and interchangeable with fully registered Bonds in denominations of $1,000, $5,000 and $10,000. Redeemable in whole or in part at the option of the Company on any interest date on thirty days’ prior notice at 106 to and including June 1, 1936; at 105 thereafter to and including June 1, 1941; at 10315 thereafter o and including June 1, 1946; at 101} thereafter to and including December 1, 1950. CITY BANK FARMERS TRUST COMPANY, NEW YORK, Trustee Application will be made to list these Bonds on the New York Stock Exchange. Issuapce authorized by the Public Service Commission of the State of New York. The Consolidated Gas Company of New York was organized in 1884, and, either directly or through its affiliated companies, does practically the entire gas and electric light and power busi- ness in the Boroughs of Manhattan and The Bronx, New York City, in a large part of the Borough of Queens, New York City, and in Westchester County, the entire electric light and power business in the Borough of Brooklyn, New York City, and a large steam heating business in the Borough of Manhattan. The total population served, on the basis of the 1930 census, is in excess of 6,500,000. The earnings for the past two years of the Consolidated Gas Company of New York and its affiliated companies (including New York Steam Corporation), all intercompany items elimi- nated, are shown below: Calendar Years 1929 Grogs Earnings, all sources. . . ... ..... $231,631,553.24 Operating and Other Expenses, including Renmewal and Replacement Reserves and Taxes. .. Net Earnings Interest on Funded and Unfunded Debt. 193 $239,357,496.31 _149,216,797.01 01 154,741,465.83 $ 82,414,756.23 16 $ 84,616,030.48 15,353,865.56 $ 69,262,164.92 in outstanding Balance ... .$ 65,132,867.40 Annual interest charges on the funded indebtedness of the System to be outstanding in the hands of the public, including this issue of Debenture Bonds, will amount to $15,744,425. The gas, electric and steam properties of the System, exclusive of working capital, represent an investment of over $1,100,000,000, and the reproduction value is substantially in excess of that amount. The funded indebtedness of the System, including this issue, will aggregate $313,269,240. The large equity above the $110,000,000 Debenture Bonds is represented by Common and Pre- ferred Stocks having a market value, based on current quotations, of over $1,200,000,000, Dividends on the Common Stock of the Consolidated Gas Company of New York have been paid without interruption for more than forty-five years, the present rate being $4 a share per annum. The Trust Agreement and all legal procecdings incident to the authorisation and issue of these Debenture Bonds will be passed upon by Messrs. Shearman & Sterling, New York City. Bonds are offered when, as and if issued to and received by us. It is expected that temporary Bonds will be available for delivery on or about June 9, 1931. . Price 101 and Interest The National City (Eg-mbany Washington—741 15th Street N.W. Telephone—National, 8780-91 Offices in the “The above information has been furnighed us by the Consolidated Gas Compa: