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Evening star. [volume] (Washington, D.C.) 1854-1972, May 21, 1930, Image 15

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1930-05-21/ed-1/seq-15/

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UTILITIES FEATURE
DULL CURB MARKET
Most Issues Move Within
Narrow Range, With Trad
ing Cautious.
BY JOHN A. CRONE.
•peelal Dispatch to The Star.
NEW YORK, May 21.—Public utili
ties, oils and a miscellaneous list of
securities, especially trading corpora
tions, Insurance companies and food
manufacturers, recevied the most at
tention in today's dull curb market.
Electric Bond St Share moved within
a point range In early trading and the
fluctuations of United Light Sc Power A
were equally narrow. American Super
power eased slightly. .
Natural gas shares, If National Fuel
Oas be excepted, also lagged. Ameri
can Natural Gas inclined toward
higher levels. Cities Service, after
opening up *,» at 35 Vs. reacted to 34 %
and then recovered to 35 on a greatly
reduced turnover.
The manner in which the market
Ignored favorable news developments
was best illustrated by the movement
of Insurance Company of North Amer
ica. This company plans to increase its
Capital from $10,000,000 to $15,000,000.
The growing number of insurance
shares listed on the curb was increased
today by the admission of West Coast
Life Insurance Co.
Alabama Great Southern common
and preferred were each up a point on
their initial sales and Pennroad Cor
poration was fractionally higher.
Pacific Coast Biscuit common and
preferred, which is being acquired by
National Biscuit, led the food stocks as
they rose to new peak prices. Wal
green on a sale of 100 shares rose 2 %
points. Mead Johnson, through its gain
of 2Vk points, attained a new high level
for the year.
-
CHICAGO DAIRY MARKET
CHICAGO. May 21 (A*>—Butter-
Receipts, 6,595 tubs; barely steady,
prices unchanged. Eggs—Receipts, 13,-
669 cases; firmer; extra firsts, 22’i;
graded firsts, 21V*a22; current firsts,
20a21; ordinary firsts, 19a19%; storage
packed firsts, 23%; storage packed
extras, 24%.
BONDS ON THE CUBB
MARKET.
Sales In DOMESTIC BONDS.
Sousandg. Hish. Low. Close.
3 Alabama Pw 4%*'07 »•% *•!}«
IS Aluminum Co Ss ’S3. 101** 1011* 101%
11 Aluminum Ltd 5s '4S 09% 98 99
5Am Cmwlh Pw Ss ’4O 98 98 98
111 Amer For Pow 6s ’3O 88(« 88 88
JAmer Q A K 5s 'BB. 97% 97% 97%
10 Amer O A Pow Ss ’49 93% 93% 93%
JAmer P A L Ss 2018. 107% 107% 107%
4 Amer 801 l Mill 5s ’4B 99% 99 99%
15 Appalach Pow 5s %8 99% 99% 99%
15 Appalsch Gss Ss '45. 128% 135% 129.^
-7 Arkans P A L 5s 58 98% 98% 98%
1 Arnold Pr Wk Ss ’4l 90 % 90% 90%
28 Asso Electric 4%s '53 88>/s $7% 87%
1 As O A E 4%s ’4B ww 100% 180% 100%
8 ASSO OA E 4%S C '49 80% 80% 80%
13 Asso Gas A El 5s ’BB 85 % 84% 85-4
43 ASSO Gas & E 5%S 38 83% 82% 83
IAS 81m Hdw B%s ’33 88 88 86
MAS Tel Util 6%S '44 C 99% 99% 99%
1 Bell Tel Can Is A ’55 102% 102% 102%
10 Bell Tel Can 5s B '57 102% 103% 102%
40 Bost A Me 2d 5s ’55 99 % 99% 99%
1 Can Nat R E 7s E ’35 107*. 107% 107%
6 Canad Pacific 5a 54 102 102 102
5 Carolina PAL 5a ’56. 102 102 102
$5 Caterpil Tr 5s ’3B wi 104% 104% 104%
3 Cent 8t Elec 5%s 54. 83% MV* 03%
3 cent 8t PAL t%B ’53 89 % 89 89
i UC, MASt P 4%s ’89.. 100% 100% 100%
89 C. R IAP 4%s ’60... 101 Vs 100% 101
2 Clg Btr Re 5%s A ’49 85 85 85
1 Cities Service 5s ’66.. 85 % 85% 85%
s9Cit Serv Gas 5%s ’42 87% 87 87
78 Cities Bervice 5s '50.. 127% 135% 136
Cit Serv Pow 5%s ’53 89% 88% 88%
10 Cons Textile 8s '41.. 93 97% 98
11 Cont GAE 5s A ’58... 89% 89 89%
2 Contlnen Oil 5%s '37 96 96 96
13 Crown Zeller Ss ’40.. . 98Vs 98 98%
.• 5 Crucible Steel 65.... 99% 99% 99%
1 Cudahy Pka 5%s ’37, 98 98 98
1 Det C Gas 5s B ’50.. 100% 100% 100%
2 Det Int Brdc 6%s ’52 79% 79 79
11 Dlx GO «%s A ’37 ww 95 95 95
1 El Paso N O 6%s ’3B 116'* 116V* US'*
14 Elec PAL 5s A 2030 .. 91% 91 91
9 Empire OAR 5%s '42. «7% 87 87'*
1 Fairbanks Mor 5s '42 98% 98% 98%
4 Firestone CM 5s '4®. 90 99% ®9%
1 Fisk Rubber 5%s ’3l 87% 57% 57%
17 Florida P A L 5s ’54 . 90% 90% 90%
11 Gatineau Pow 5a ’6®. 95 94% 94%
2 Gatineau Pow 6a ’4l. ®*% *9% 99%
17 Gen Bakina 5%s ... 96% 98% 96%
3 Gen Ind Alco S%* ’44 73 73 73
6 Gen Wat Wk 8s B ’34 98 95 98
16 Goebel 6S A 100 100 100
3 Grand Trunk «%s ’36 107 188% 107
3 Hanna 99% 99% 99%
3 Helen Rubenstetn 6%s 88% 88% 86%
1 Hood Rubber 5%s ’36 87 87 87
1 Hous OG BV,s ’43 ww 86? 86% 88%
KHoui GG 8s A ’43.. 93% 93% 93%
I Hygrade Fd 6a A ’49 70% 70% 70%
1 Illinois PAL S'at ’57 94% 04% 94%
13 DUn PAL 5%s B ’54 100% 100 100%
It Independt 011 6a ’39 104% 104% 104%
llndnap PAL 5s A ’57 99% 99% .99%
92 Inlsnd Util 6s ’34... 121 119% 119%
37 Insull Util 6s '4O 8.. 105% 104% 105
7 Inter Pw Sec 7s E ’57 99% 99% 99%
1 Intersta Power 5s ’57 91 91 91
3 Intersta Power 6s ’52 90% 90Va 90%
2 Invei Co 5s As’47 xw 79% 79% 79%
4 Inv Eq 5s A %7 xw. 76V* 76% 76%
1 lowa-Neb LAL 5* ’57 94% 94% 94%
5 Kelvinator 6s ’36 xw 86 86 86
36 Koppei s G AC 5s ’47 99% 99% 99%
16 Hopper GAC 5%s 'SO 102% 102** 102%
25 Laclede Gas SV*s ’35 100 I.* 1 .* 100% 100%
7 Lehigh PB6s A 2026 *OS 104% 105
4 Lone Star Ge* 5s ’42 07% 97 97
2 La P A L Ss ’57 97 97 97
3 Manitob P 5%S A ’Bl 99% 99% 99%
6 Mass Oas 5a 98% 98 98
5 Miss Oas 5%s ’46... 96 98 98
39 Memphis N O 6s ’43. 118% 117% 117?*
35 Mltsßiv FI 6s '44 ww 115 V. 115% 115%
3 Mlsa River Fuel xw.. 98% 96% 96 %
MMO Pac R R 5a ’SO wl 10(1% 99% 100%
3 Morris A Co 7%s ’3O 100% 100% 100%
3 Muns SS 6%s ’37 ww 92% 90 MVs
1 Narraaansett 5s ’57. 101 101 101
• Nat PA L 6s A 2026. 105% 105% 105%
3 Nat P AL 6s B 2026. 91% 91% 91%
12 Nat PS 5s ’76 30 79 % 80
19 Naw Ena GAE 5a ’4B 91 91 91
IN Ena GAE 5%s ’7B 99 99 99
1 N T P A L 4%s ’67.. 94% 94% 94%
1 Nlaa Falls Pow ts ’SO 106 106 108
>0 Niae, Shares 5%s ’SO 102% 102% 102%
8 Nor ind PS5s C ’66 101% 101 V, 101%
36 Northw Power 6s ’®o 100 99% 99%
15 Ohio Pow 4%* D ’56 9>% 95 95
1 Ohio Pow 5s B ’52. .. 'Ol 101 101
5 Oswego River 6s 100% 190% 100%
13 Pac O A E 4' s E ’57 96% 95% 96
1 Penn Doe A W 6: 97'-. »«'• 97%
10 Penn O F-l 5' ~ B ’ V 9’;% 99%
6 Prop LAP 5s ’79 ww *' **% 85
l«Phlla Elec 5%r. ’72.. ’06% 509 106
7 Pitts Strd 6s ’4*l. .. . 103 105 103
II Potomac Fd 5« E%3 100 inn 100 %
1 Pug SPAT. 5%s 49 »6’h 96 1 > 96%
lPili 8 PAL 5%s A ’49 101% 101% 109%
38 Pure Oil 4%s ’4O wl 00% 98 98
3 Roch Cen Pow 5s 53 79-,» 78% 79%
3 Ryerson A Son 5s 43 74 74 74
3 San Ant P S 5s B ’SB 97 97 97
I Schulte RE 6* ’35 xw 78 .78 78
11 Shaw WAP 4%s A ’67 95 95 .95
18 BE PAL 6j A 2035 XW 106 105% 106
5 South Cal* Oas 5s ’37 100 100 100
16 Southern NO 6s ’44. 99% 99 .99%
I l 9 So’thw PAL 6s A 2012 10#>« 106% 106%
3 Standard P * L6s ’57 99% 99% 99%
I 12 Stlnnes 7s ’s6 xw.... «1% 80 *l%
, 38 Texas PitL 8s 66.. 99% 88% 99 4
1 Trl Util 5s ’79 89% 89% *9%
7 Union OU Cal 5s ’45 99% 00% 99%
3 Uni Am Inv 5s A 48 99% 99% *»%
II Uni Lt & Ry 5%s 52 90% 90% 90%
2 Uni Lt A Ry 8s A ’52 102% 103% 102%
3 Uni Rya Har 7%s ’36 103% 103% 10* *
1 U S Rub B%s ’35 96 96 96
1U S Rub 6%s ’3B 94 % 94'a 94V,
71 Van Swerineen 6s '*s 98V* 98 98%
18 Wabash 5s D ’BO 100% 100% 100%
2 Wes Penn 5s 2030 wl 93 93 93
6 West Tex Ut 5s A '57 91% 91 % 91%
8 Wes Union Tel 5s ’BO 103% 103% 103%
3 Westvac Chi 5%s ’37 102% 102% 103V*
FOREIGN BONDS.
2 Begot M Bk 7s '47 n 81V* 81% 81 %
, 2 Buen Air 6%s '6l wi 95% 95% 95%
.7 Buen Air Pr 7%s 47 101% ini'* 101%
scent Bk Co 6s 6 ’sl. 84 84. 84
3 Chile Mtn Bk 6s ’3l 99% 99% 99%
4 Com Pr Bl: 5%s '37 09% 89'/, 89%
9 Cuban Repub 5s ’45.. 98 ?8 98
5 Cuban Tel 7%s A ’4l 108 107% 107%
3 Danish Cons 5s '53.. 96 96 96
I Den Mtg B 5s ’72 IX 97% 97% 97%
16 Europ El Cp 6%s ’65 97% 97(5 97%
1 Europ Mtg 7s <5 ’67 . 89 89 80;,
1 Pinld Ind* Bk 7s ’44 99V, 99% 99%
S Flnld R M Bk 6s ’6l *5% 85% 85%
2 Oer Con* Mun 6a '47 89 % 99% 89%
3 Ger Con Hun 7s '47 86% 86% 86%
2 Hamburg Elec 7* ’35.. 101% 101% 101%
1 Hanover City 7* ’39.. 92 92 92
II Helsingfors 6%s '60.. 94 94 94
2 Hun It B 7%s AC ’63 88 86% 86%
19 I»al Sup Pow 6s 'S3.. 75% 75% 75%
7 Nippon El P 6%« ’53 90% 9«% 96%
2 Prussia F 8 6s '53. .. 90 % 90 90
25 Prussian F S 6%s ’sl 90% 90 90%
1 Rio de Jan 6%s '59 . 94% 94% 94’.*
10 Ruhr GCo B'.,s A ’53 88. 88 88
1 Rumania Inst 7s '59.. 86% 86% 86%
4 Russian 5%* ctfs ’2l 84% 84% 84%
10 Russian 6%s ’l9 4% 4% 4%
23 Saar Basin Con 7s ’35 4% 4% 4*w
2 Santa Fe Arr 7s 45.. 101 101 101
* Sydney _NSW 5%s 55 89% 89% 89%
1 United fel Ber 7s '6B 102 102 102
9 Unit El Ser 7s '56 xw 05% 95 95%
2 Unit Indus 6%s '41.. 91% 91% 91%
5U S W 6%s A 47 XW 01% 91% 91%
ww -With warrants
xw—Without warrant*,
n New
wi—When issued.
Nearly 3,000 motor cycles were lm
% ported into Japan last year.
3
FINANCIAL.
| NEW YORK CURB MARKET a^ysraT|
Notice—AH stocks aro sold In one himdrod-aharo lata
excepting thooe designated by the letter ■ («•> (MS)
which shews those stocks to be sold In odd lets only.
--Pray. 1910 Stock end Bale*-
Nish. Low. Dividend Rate. Add 00. Own Nish- t*w. Ctooo.
IS 7% Acotol Prod (A.) I **»
70% 67 Acme Steel (4) 2 66% 66% 66%
18% 8 Aero Supply i 8).... 19% 9% »%
34 19 Agfa Aneco 2 26% *6% 25% *6%
132% 119 Ala Great Sou (t7).. 1 120 120 120 120
141 126 Ala Gt Sou pf (rt).. lsoa 181 132 181 132
2 % 16 Al! Am Gen Corp.... 20 22H 23 22% 28
3 % Allied AvlaUon $2 2% 2 2
16% 9% Allied Mills <»0c)
1% % Allison Drug St (A). 1 % % % %
% % Allison Drug St (B). 2 % % % H
28% 14 Am CPAL(B><IO%> 14 21% 21% 21% 21%
28% 28% Am Com P<A) blO%. 70 27% 28 27% 27%
46 34% AmCwlth P(B)10% 1 42% 42% 42% 42%
6% 2% Am Co'wlth Pwr war 6 8% 8% 8% 3%
H %Am Control Oil FMs. 2 •* * * A
87 24% AmCynam B (1.60). 16 26% 26% 26% 26%
22 16% Am Equltlsa 6 19% 19% 19% 19%
76% 46 Am For Pwrlwar).., 12 66% 66% 64 66%
167 118% Am Gas A Klee ill). * 141% 141% 140 141
109% 105% AmGasAElec pf(s). 1 108% 108% 108% 108%
16% 10 Am Invest. Ine tB).. 3 12% 12% 12% 12%
76 62% Am Laund Mach(4). 26a 64% 64%* 64% 64%
89% 67% Am LtATrae tn).... 10 78% 78% 72% 72%
4% 1% Am Maricabo 73% 8% 8% 3%
19% 7% Am Natural Gas.... 1.1 18% 18% 18 18
89% 28% Am Suparpwr (1)... 80 33 3SH 82% 82%
96% 87% Am Suparpwr pf (6). 8 96% 96% 96% 96%
101 94% A.n Super Ist pf ($). 6 100% 100% 100% 100%
16% 10% Am UAGen B vtc 40e 46 12% 12% 12% 12%
7% 3 Am Tvette in) w. 1.8 $H 8% 2% 2%
82% 17 Amrad Corporation.. 2 28% 28% 28% 28%
43% 15% AngloChll Nitrate.. 4 88% 38% 87% 38%
14% 10% Appalachian Gas. ... 7 12% 12% 12% 12%
16% 8% Arkansas Nat Gas... 6 12% 12% 12% 12%
16% 8% Ark Nat Gas i A).... 23 12% 12% 12% 12%
8 6% Asso Elec Ind (30c). 16% 6% 6% 6%
61% 41% Asso Gas A Elec 3 44% 44% 41 44
46% 15% Asso G&E (A) t 2.40. 10 28 38% 37% 88%
11% 7 AssoG&E (A) dbrta 15 7% 7% 77
147% 126 Asao Gas&El ctfa(S) 1 132% 132% 132% 132%
6% 4 Asao Rayon 18% 3% 2% 3%
60% 59% Asso Kayon pf (6).. 1 49% 49% 49% 49%
(t % Atlantic Fruit A Sug. 1 % % % %
26 15% Atlantic Secur Corp. 1 20 20 20 20
14% 12% Atlas Util Corp 58 12% 12% 12% 12%
6 4% Atlas Utilities!war). 8 5 6 4% 4%
16% b% Auto Muaio A1t1.05) 6 7% h 7vs 8
65 24% Aviation Corn of Am 1 40 40 40 40
17 12% Aviation Credit «6 15 16 16 15
19 7% Aviation Securities. 2 19 19 19 19
49% 86 Axton-F Tob A (3.20 2 44% 44% 44% 41%
6% 2% Bahia Corp 14% 4% 4% <l%
83 28 Bickford'a.lnc pf 2% <« 82 32 32 82
16% 6% Blue Ridge Corp.... 9 11 11% 10% 10%
44% 33% Blue Ridge cv pf (all 11 40% 41% 40% 41%
9% 6 Bourjois, Inc 1 7H 7% 7% 7%
40 80 Bow Biltmore Ist pf. 10a 35 35 36 35
b 5% 36% Brasil Trac ALt 12) 19 48% 48% 48% 48%
6% 2% Brit Calaneka rets... 13% 3% 3% 3%
46 32% Bulovacv pf (>%).. 1 38% 38% 38% 85%
10% 8 Burco. iuc 1 8 8 8 8
6% 8% Bwana M Kubwa.... 14% 4% 4% 4%
3% 2 Cable A Wire A rets.. 10 2% 2% 2% 2%
15 16 Camp* Corp 1 12% 12% 12% 12%
9% 3% Canada Marconi 12 6% 6% 6% 6%
2% % Carib Syndicate 11% 1% 1% 1%
42% 53% Cent PS (A) ta1.75) 8 39% 59% 39% 69%
39% 19 Cent States Elec s4oe 12 33% 33% 32% 32%
83% 72 Cent Sta El pftDxw. 2 82% 82% 62% 82%
8% 4% Centrifug Pipetsoc). 16% 6% 6% 6%
8% 2% Chain Stores Dev.... 6 6% 5% 6 6%
17 12 Chain Stores Stock.. 12 14% 14% 14% 14%
26 iO% Chathm Phoo Al n-V. 39 10% 21% 20% 21V4
25% 20 Chem Nat Asao n*v. 12 20% 20% 20 20%
44V* 26% Cities Servtcel tIOc) 120 30% 36% 34 35
98% 68 Cities srvcpf (6)... 3 13 93% 93 93%
9 8% Cit Svc pf B (60c). .. 16% 8% 8% 8%
t% 3% Club Alumn Utensils 2 6-6 6 6
% % Colombia Syndicate. 2 % % % %
21 11% Col Oil A Gas v.t.c... 27 14% 14% 13% 13%
65% 24 Columbia Pic (sl%). 3 47% 47% 47% 47%
64% 42% Colum Pic v.t.c. sl%. 3 46% 46% 44% 44%
1 % Comstock Tunnel... 6 % % % %
330% 234 Com'with Edlaon(s) 10a 313 313 318 813
6% 8% Com’wltb A Sou war. 95 6 6 6 6
19% 12% Comm Wat Serv bS* 3 16% 16% 16% 16%
27% 16 Consol Aircraft 1 20% 20% 20% 20%
IV* % Consol Auto March.. 3 % % % %
8% 5 Consol Copper 6 6% 6% t% 6%
30% 21% Con Gas Util A 2.20.. 3 29% 29% 28% 28%
14% 10% Con Gas Utll.B ».U. 2 12% 12% 12% 12%
16 l« Consol Laundries.... 1 J 3% 18% J 3% 13%
13 7% Con Retail Strs (1).. 19% 9% 9% 9%
6% 3% Consol Royal (<oc>.. 1 4 4 4 4
67 28 Cooper Beaaemer(2) 20 67 57 66 66
12% 5 Copeland Prod.lnc A 3 11% 11% 11% 11%
17% 10% Cord Corp 20 10% 10% 10% 10%
27% 25% Corp Secur. Chicago. 2 25% 26% 26% 26%
92 71% Cor ARey pf (A)(8) 1 78 78 78 78
74% 45 Coaden Oil 7 66 66 64% 64%
42% 39% Coty.So Anon 74 4-19 1,41 41 41 41
*4% 18% Crocker Wheeler 6 24% 24% 24% 24%
66% 40% Cumbeland P L(tlS) 100a 66% 66% 66 55
42% 31 Cueno Press (2%),.. 1 40 40 40 40
6% 2% Curtiss Airports vtc. 16% 6% t>% b%
4% ' 1% Curtiss Wright war. 4 2% 3 i.% 3
22% 18% Davenport Hoa (2).. 8 J 8 18 16 16
8% 3 Dayton Air A Eng... 4 6% 6% 6 6
162% 113 Deere ACo (t 1.20).. 20 140 140 186 137%
8% 2% De Forest Radio.... 10 5% 6% 5 5
22% 22% Deisel-Wem-Gil 1% • 4 22% 22% 22 22
11 4% Derby Oil Refining.. 2 7% 7% 7% 7%
8% 5 Detroit Aircraft 13 7% 7% 7% 7%
23% 12% Douglas Air (76e)... 9 19% 21 19 21
66% 31 Dres(Sß)Mfg A $%. 8 61% 51% 61% 61%
44% 38% Dresser (S R) B (2). 3 42% 42% 42 42
13% 6% Dubllier Cond A Rad 16% 6% 6% 6%
17 16% Duquesne Gas (new). 41 16% 16% 16% 16%
7 4 Durant Motors 7 4 4% 4 4
1% 1 East Butte 11% 1% 1% 1%
42 25% Eastn GAP Asso.... 1 36 36 . 26 36
44 18% Eastn Sta Pwr Btl). 2 36% 86% 36% 36%
18% 7% Eastn Util Inv (A).. 1 12% 12% 12% 12%
30 13 Educational Pic pf.. 60s 80 30 30 30
22 13% Eialer Eelectrici 1%) 2 16% 16% 15% 16%
117% 80% El Bond ASh <bl).. 346 100% 101 97% yxt,
109% 103% El Bond ASh pf <f). 16 *OB% 108% U)7V4 107%
37 22% Elec Pwr Asso Ail) 3 30 30 30 20
78% 28% Ela- Pwr A Lop war 6 66% 66% 62 62
107 99% El PAL 2d pf(A)(7). t> 104 104% lot 104%
32% 15% Elec Shareholdgtll) 2 23% 23% 23% 23%
21% 15 Electrographie (2).. 1 20% 20% 20% 20%
23 18 Euro Elec I.td (A)... 1 20 20 20 20
6 3 Evans Wallow Lead. 13% 3% ;>% 3%
9% 2 Fabrics Flnlnshlng.. 4 4% 4% 4% 4%
2% % Fandango Corp 11 1 j j
42% 32 Federal Screw (3)... 1 34 34 34 34
6 2% Financial Inv, NT... 12% 2% 2% 2(4
27% 18 Flintkote tA) (1%). 1 20% 20% 20% 20%
105 100 Florida PALt pf (7). 1 103 lot lo.’t 103
34% 13% Fokker Aircraft.... 8 23% 23% 22% 23%
21% 16 Foote BrGrM (1.20) 1 17 17 17 17
38% 28 Ford Motor. Cant A). 31 .6 6% ;5% . 51.. j
12% 6% Ford Mot France 10c. 9 12% 2% lit. U%i
18% 10% Ford MorXtd. 87%e. 18 .8% 18% 18% 18*.
17% 2% Fox Theater Cl (A). 17 12'- i 3% 12% 12%
80 . 76 Franklin Mfgpf (7). 60s 76% 75% 75% 76%'
72% Galena Oil Corp 11 6s. 6% 6% 6% i
4% 2% General Baking 21 3 3% 3 3% I
54% 24% Gen Baking pf it)... 3 25 36% 33 26%'
69 61 Gen Capital Corp.... 1 60'/, 60% 30% 50%
14 10% Gen E. Ltd rctsUOc) 12
98% 95% Gen Mot pf new w.1... 8 9t.% »6% yg% 96%
29% 20 Gen W WAEI A) <2). 6 9 ■« y
121% 98 Glen Alden Coal 8..« 5 io<i 1011 100 100
16% 11% Globv Underwriters. 11% );% 12%
1 3 Golden Center 2 4% 4% 4s. 4%
% £ Goldfield C0n501.... 2 y„ A a 5,
46% 84 Goldman Sachs(bs), 52 ;5% ;6% 35 351*
6 2% Gold Seal Elec new.. 4 4 4 3X± 3%'
8% 1% Goth Knltback Mach 1 ]% ]«„ i>.
26% 20 Gram'ph’na rets 3.81. l 24 24 24 24 1
260 220% Or A APTn-F ($).. 10s ’.42 242 24 i 242
122 116% Or AAPTeapf <7>.. 60s 118 118 117% »17%
97 90 Grief ABrpfX (7).. 1 97 97 97 97
14% 11% Groc Stores Prod vta 5 13 13 13 jg
5(4 8 Guardian Invest..... 14% 4% 4% 4%
29% 27% Guenther Law 1D... 8 28 2h 2>%
166% 131% Gulf Oil of Pail %l. 3 iso 150 ug | 4K
14 11% Hecla Mining (1)... 1 12% ivi*
27% 19% Houston Oil of Tex n 39 2>% ;2% 21% 21%
14% 8% Hudson Bay M A 8.. 4 9% j 0 .
66 87% Hydro Elec Sec (2).. 5 46% 46% 4 5» 4 4,;
16 10 Hygrade Food Prod. 7 14* 14% K% 13%
30 22% Imp Oil, Can. n(soc). 2 24*4 24% 24% 04%
47% 35 Ind Terr lllu Oil (A) 3 ::b% ;(6% 3 % 35*.
63% 35% Ind Terr lllu Oil IB) 2 ;:6% 36% 36% 36%
29% 17 Ind Flnetfs(blo%>. 9 3t»% 16% ■*’ -6
73% 60 lndua Fin ev pf (7). 225 h 66Vi 67% 66U 67%
71 64% insull Ut Inv*b6%). 2 64-. «4% 14% K 4%
85% 69% Ins Co. No Am (?J). 3 79% 79% 7j.% 7 e «*
23 17 Intturance Sect 1 40». 3 18% 18% 18% 18%
16% *2(4 Intel cont Pow A (2). 6 22% 24% 22% '4
1% % Intercontlnent Pel n 16 i> /4 j*. ., A
8% 4% IntHoldgAlnv 10c.. 7 6 C% 6 6%
24 17% inti Petroleum (1).. 3 :0% :0% 20 4 20%
46% 32% Inti Superpwr(ll)... 1 3914 39, 39v .
19% 6% Internatl Util IB)... 3 i 6% i 6% j 6% 16%
4% 1% Internatl Util (war). 2 2% 2% 2% 2%
46 40% lnterst Eq ev pfil).. 1 4 2 u 491* 4014 49%
27 12 Irving Air ChM.6O). 11 22 22% 22 "2
9% 6 Irving Air Chute war 6 7% 7*" '744
I
NEW YORK BANK STOCKS
| NEW YORK, May 21 (Special).—The
brisk bidding in Corn Exchange stock,
which followed a proposed increase in
capital from 605.000 to 750,000 shares
of S2O par and the consequent offer of
rights to subscribe to the new share*
at SIOO a share to the extent of 234 pe
cent of present holdings, lifted trading
in bank stocks and trust shares out of
the lethargy that characterized it at
the opening today.
Over on the Produce Exchange Corn
Exchange rights opened at 22 bid. hi
offered, and subsequently in the over*
t lie -counter market they were 244 to
26. as the outstanding shares averaged
a 7-polnt advance. Holders of record
• V'
THE EVENING STAR, WASHINGTON, D. 0., WEDNESDAY, MAY 21, 1930.
—•mw ima .. Stock And gait ■
BlgT Low? Dividend Rate. Add 00. Open. High. Low. Close.
18 9% Italian Superpwr A.. 10 j 2% 12% 12% 12%
9% 6 Italian Super war... 2 6% 6% 6% 6%
2% 1% Jonaa ANauroburg.. 2 1% 1% 1% 1H
*«% 26 KanCPS (A) pf (4).. 1 26% 26% 26% 26%
3 1% Kirby Petroleum.... 3 2% 2% 2% 2%
20% 18% Klein (DE) Co <l).. 1 14% 14% 14% 14%
2 % Kolster-Br (Am Sh). 2 1% 1% 1% 1%
SOlb" 17% Lily Tulip Cup 1«... 2 27% 27% 27% 27%
20% 3% Loew'a. Ine (war)... 2 16 16% 16 16%
66% 84% Lone Star Gas, n 11). 6 62% 62% 52% 52%
112% 107% Long laid Lt pf (7).. 50a 111 111% 111 111%
6 3 Louisiana Lan A Ex. 18% 3% 3% 3%
7714 <2 Mangel Strs pf(B%). 26a 64% 64% 64% 64%
17 14% Man-Bowman (A) 1% 1 15 16 15 15
12 8% Man-Bowman (8)... 1 9 9 9 9
27% 22 Mfg Finance v.t.c.... 1 22% 12% 22% 22%
47 37 MapeaCons (1).... 2 42 42% 42 42%
47% 32% Marine Mid (1.20)..* 9 39% 40% 39% 40
10% 8 Mass Util Asso 18% 8% 8% 8%
3V* 1 Mavis Bottling 6 2% 2% 2% 2%
69% 65% Mead Johnson (tl%) 3 71% 71(4 70 70
22% 10% Memphis Nat Gas... S 3 18% 19 18% 19
69% 60 Mercantile Store (5). 2 49% 60 49% 50
36% 15% Mer A MfgSA(l%). 1 33 33 33 31
16% 8% Met A Mtn. Jnc<l.2o) 11 14 14 18% 13%
80 16 Met Chain Stores 4 18 18% 18 18%
105% 103% Met Edison pf (0)... 10s 105% 105% 105% 105%
11% 7% Mid Sts Pst v.t.C. A.. 13 K% 9 8 8%
6 4% Mid Sts Pet T t-C. 8.. 9 4% 4% 4% 4%
27% 26 Mid W Sta Ut <1%)., 7 27% 27% 27% 27%
28 26% Mid Wst Ut!l(b8%). 6 33% 33% 33% 33%
8 3% Mid Wst Util B war. 16% 6% 5% 5%
24% 16% Mid Roylty cvpflD. 2 23 23% 23 23%
8% 1% Min Corp of C (25c).. 11% 1% 1% '%
38% 18% Mo Kan PL Iblo%>. 99 33% 34% 33% 34%
6 2 Miss KP L v.t.c 37 2% 2% 2V* 2%
26 19% Mock Judson Voe<2). 2 22 22 22 22
% % Mountain&Gulf (8c). 3 % . % % %
12% 8 Mount Prod< 1.60).., 1 10% 10% 10% 10%
5 4 Natl Baking Co 3 5 5 6 5
51% 42 Natl Bond A Share.. 2 46(5 45% 45 45
20 1A Natl Fsm Strst 1.80). 4 17% 17% 17% 17%
40% 26% Natl Fuel Gas <1)... 15 38V* 39 88% 38%
30 12% Natl Invsstorslnew) 9 20 20% 20 20%
103% 100% NatlPwrALt pf is). 4 101% 101% 101% 101%
111 108% Natl Pwr ALt pf (T) 500 s 111 111 111 111
26% 22% Natl Pub Sv A( 1.60) 1 24% 24% 24% 24%
27% 17 Natl Rub Mach (2).. 1 18% 18% 18% 18%
£0 19% Natl Stl Corp (war)., 4 24% 26 24% 26
76% 60 Natl Steel x-war(2). 5 65% 65% 65 65
36 29 Natl Sugar. NJ (2).. 13 14V* 34*s 34 34
14% 12 Natl Short Trm SecA 18 13% 14% 13% 14V*
26% 18% Neet. Inc, cv A(1.«0). 6 21% 21% 21% 21%
125% 112% Neisner Bros pf (7). 60s 117 117 117 117
31% 21 Nelson (Herman! (2) 2 24 24(4 24 24%
143 60 Nevada Cal Elec 580 s 116 127 115 127 j
95% 88% New Eng Pwr pf <s). 30s 92 92 92 92
141% 105% Newmont Min (24).. 1 113% 113% 113% 113%
42 24 Newport Co (2) 2 34% 85 34% 35
16 11 N Y&Hon Ros(tl%). 3 10% 10% 10% 10%
18 8 N Y RtoAßu Aires... 16 14- 14% 14 14%
24% 18% Niag Hud l’wr(new). 42 21% 21% 20% 20%
6% 4% Niag Hud Pwr.A war 18 5% 5% 5% 6%
16% 11% Niag Hud Pwr B war 2 13% 13% 13% 13% j
21% 12 Niag Shars Md(4oc(. 2 17% 17% 17% 17% !
46% 27% Nlles-Bsment-P t 2% 1 32% 32% 32% 32% j
1% 1% Nipisslng (30c) 11% 1% 1% 1%
44% 26% Noranda Mines (3).. 10 28%. 29% 28% 29
6 2 No Am Aviat A war.. 19 3% 3% 3% 3%
6% 3 North Am Cement... 1 5 5 5 5
86 67 Nor Am LAP (b 8%)„ 1 74 74 74 74.
11% 6% Nor Cent Tex(«oc).. 18% 8% 8% 8%
1% % Ohio Copper J 4 % % ‘ % »*
74% 66% Ohio Oil (4) 1 71% 71% 71% 71%
18 3% Outboard Motor (B). 4 8% 8% 8% 8%
19% 16% Overseas Secur (1).. 3 16 17% 16 17%
60% 26 Pac Coast Biscuit 11) 32 50 51% 50 61%
100% 49 Pac Const Bis pt 3.60 31 *9% 103 99% 102
27% 26% PacG&El Ist pf 1%. 1 27% 27% 27% 27%
39% 27% Pac Pub Svc 11.30).. 2 31% 32 31% 32
19% 12% Pac Western 0i1.... 11 16% 16% 16% 16%
2% 1 Fandem Oil 163 1% 1% 1% 1%
4% 1% PantepecOil 2 3 3 2% 2%
13% 6 Param’t Cab( bS%).. 4 6 6 6% 6
16% 12 Pennroad Corp 9 lt 13% 13 13%
29 19% Petrol Corp (1%)... 20 *6 *6 .5% i. 5%
5% 4V« Petrol Corp war 10 5% 5% 5% SV«
2 % Philip Morris. Inc... 11111
16% 10 Pilot RaT(A)(I.2O). 4 10% 10% 10 10
20% 10 Pitney BP. n (20c).. 5 15% 15% 10% 15%
18% 9 Polymet Mfg i 11)... 1 12 12 12 12
75 38 Power Securities pf.. 1 70 70 70 70
15% 8% Prince A Whlteiy 1.. 4-> 1;.% 13% 13% 13%
44 35% Prince A Whit pf (I) 1 40% 40% 40% 40%
27% 17% Pub Util Hold w w.. 26 24% 24% 23% 24
9% 7 Pub Util Hold war.. 2 6 6% 6 • (,%
101% 99 Puget S PALt pf (8). 20a 99% 99% 99% 99%
14% 18% Rainbow Lu Prod A. 6 10 11 10 11
7% 3% Rainbow Lu Prod 8.. 3 4% 4% 4% 4%
16 14 Reliance Inti (A)... 1 16% 15% 16% 15%
26% 16% Reliance Manag 1 Ik la 19 19
8 7V« Reynolds Invest.... 10 7% 8 '•% 8
3 2 Richmond Radiator., 1 2 2 2 2
12 8 - Rich Rad cum pf.... 18% &% 8% 8%
29% 19% Rocklana LtAPt 92c» 1 25% £5% £5% 25% |
5% 2 Roosevelt Field,lnc. 13% 3% 3% 3%
11% 7% Rossia inti Corp.... 5 8% 5% 8% fc% j
% %St Anthony G01d.... Ift A, -to A, to
34 19% St Regis Paper (1 >.. 26 27v« 27v» 27% 27% t
110 106 St Regis Pap pf (7). 150 s 109 109 109 109
15% 10 Salt Creek Prod (2).. 2 12% 12% 12% 12%
9 6% Seg Lock A H (50c). 17% 7% 7% 7%
17% 6% Selberllng Rubber... 5 8 8 7% 7%
84% 66 Sel ind allot cfs 5%. 1 74% 74% 74% 74%
20 8% Shenandoah Corp. ... 7 14% 14% 14% 14%
48% S 3 Shenan Coro pf (a3). 18 43% 43% 43% 43%
34% 18 Silica Gel Ctfs 5 22% 22% 22% 22%
18 6 South Coast 18% 8% 8% 8%
46% 37% South Penn Oil (t 2% 1 :9% 39% 3!'% ?,9%
26% 22% So Cal Ed pf C<l %). 3 25 26 25 25
20% 13 So Pips Line (T 21... 1 16 16 16 1*»
17 9 Southland Roy 11).. 12 14% 14% 14 14
20% 7% S W Gas Utilities. .. 2 17% 17% 17% 17%
120% 117% Sowst Bell Tel pf(l) 200a 119% 120% 119% lio%
2% 1 Spanish & Gen Keg.. 4 1% 1% 1% 1%
3% % Standaid Motors.... 72% 2% 21* 2V«
69% 49% Stand Oil, Ind (2%). 12 64 64 63% 53%
40% 33% Stand Oil Kv. (1 60). 3 26 36% : 5 36%
14% 10 Stand Pub Serv (A).. 2 13 13 13 13
23% 10 Stem Coametlra.. .. 3 20 20% 19% 19%
4% 1% Stutx Motor Car 2 : % *% 2% 2%
52 48% Sullivan Alach (4)... £o* 51 61 61 51
10 6% Sunrav OH (400. ... 10 7% 7% ’*%
63 38 Superheater • t 3%).. 1 46% 4fc% 46V* 46V*
34% 29H Swllt ACo new «2). 1 30% 30% 30% 30V*
38% 31 Swift Internal l( 2%) it 3t.% 37 26% h7
96% 90 Swiss-Am El pf (6). 1 98 98 98 98
9 6% Syrac Wavh M B (1) 2 6% t% t% t%
86% 61 Technicolor 1nc.... 40 60% «2 51 52
14% M 4 Texon Oil & Land... 1 11% 11% n% n%
6% Sl* Thatcher Sec Corp.. 1 :-.* 4 3% 3% a*,
87 76 Thermoid Co pf (7). 25a >l% 81% 81% 81%.
47% 38% Transamer (11.60).. 45 43% 43% 43 43%
10% 6 Tran Con Air Tran.. 1 »% *>?„ 9% 97^
13% 4% Trans Lux DL P S.. i 11% 11% 11% n%
! 9 4 Tri-Cont Corp . war) 4 1 V 7 , 1
j 16 17% Ulen&Co 1 25% 13% 23(4 23(4
! 36% 26V* Un«eSieJder K Corp. 1 28% 28% 28% 28%
i 47% 40 Union OH Asso <l2). 4 44** 46V* 44% 45%
| 33 2 a Un Nat Gas. Can 1.60 9 52% 53 32V* 33
1 % Union Tobacco 3 % % % %
i 30% 14** United Coip (war).. 5 27 26V* 27 28V*
i 8% 6% Unltl Dry Docks... . 2 6U 6% 6% 6%
, 44 27 Uld Founders' b 2 36) 5;. 29'« 29!* 28% 29
45% 19% Untied Gas Co 4 36% 36% 36% 36%
28% 17% Uni led Gas Co (new) 41 .22% 22% 21% 21%
11% 6% United Gas (war).. . 8 9% 9% 9% 9(*
!>7% 94% United Gas lit (7).. . 5 !,6 9!> 95% 95%
42% 29% United Gas Corp ctfs 8 36% 26% 36V* 36V*
26 27% Utd Lt A Pwr At I). . 1(9 63% 64 62 63
119% 97% Uld Lt A Pwr pf(6). 3 11,% U7% 117 117
k 6% 13(4 USDa.rytß) 1 24 24 24 24
22% 14V* U S Klee Pwr (war). 70 18 18% 17% ih
j 93 92% U S Finishing pf(7). 100 593 93 93 93
| 26% 17% U S Foil *B) .1) 1 .3% 2H4 23% 23%
76 60% U S&lntl Sec Ist (6). 3 67% 67% 67% 67%
20% 14 U S Lines Df (1).... 5 15% 15% 15% 15!^
22% 17% USA Overseas war. 1 18'* 18% 18** 18%
I 65 42% U S Radiator (21.... 2 61% a2 51 Si
I 55 42 U S Radiator ctfs(2) 4 53 53 5; 52
13% 7 U S Sharea Fin 3 9% 9% 9% 9%
6% 3% United Stores 13% 3% 3% 3^
16% 11 Utd Verde Ext 14).. 1 li \% 12 j j
3% 2 Utah Apex (500.... 12% 2% 2% 2%
' v» ,✓''l4% Utility PwrALt(Sl). ft) 22% 22(4 22 * £2%
23% 16% Utility A Ind. .*.... 2 18V* 18% 18% D;%
22 10% Utility Equities 4 17% 17% 17 17
97% 86% Vacuum OH 1(4%).. 8 87% 87% 86% 88%
16 71* Van Camp Packing.. 15 8% 8»* 6% 61*
16 10 Van Camp Pkg pf... 3 8% 8% 7% 7%
»% 8 Vick Financial Corp. 8 8% 8% 8% 8%
61 41% Walgreen Co 1 46% 46% 46% 46(*
18% 8% Walker (Hi (It 6 12 I.' ID* n*/ 4
, 4% 2% <7%c>. . 3 i% 2% 2% 2%
6 1% Watson (J WI Co. .. I 3% 3V« 8% 3%
15(4 «% Wil-Low Cafeteria. . 17 12% 13% 12 12%
1 67V4 58 Wtnton Engine (4).. 2 66% t;6% 64(4 64%
2% % ’*y’’Oil A Gas. . 2 1% 2 1% 2
RIGHTS Expire
, IV4 1 Cities Service. ...June 16 77 11% 11
, 23% 19% Clev El 111 June 2 820 20% 20 20%
, 1% 1% Dupont DeN June 234 1% 1% t l% IV4
3 1* Mo Kan Pipe... .June 26 42 1% IV4 1%/l%
. Dividend rales in dollars based on last quarterly or aemi
aanuai payment
•Ex-dlyidend. 'Partly extra tPlus extra In stock, a Payable
in ca»h or stock, b Payable in stock, d Payable in preferred atock.
June 12 have the privilege to subscribe
to 142,175 shares, and the balance of
2.325 shares will be auctioned publicly.
Chase National at 168% was off *2-
National City. 197*/*, %>ff 1: Equitable.
133%, off 4; Guaranty, 769, off 1;
Bank of America, 134. up 2; Bankers,
163%, off Bank of United States,'
64%* off %; Chemical, Ity*. up %,
Continental. 36‘/a. U P * • Ma ,V.^ a 1 l *
tan, 135. off Manufacturers, 1344.
up Public, 141 \a< UP -a
following were unchanged: Brooklyn
Trust, 816; Central Hanover, 390. Chat
ham-Phenix, 138'a; Commercial, 523;
Empire* 90: First National. m -
ing, 60 'i, and New York Trust, 295.
INVESTMENT TRUSTS
NEW YORK. May 21 (fl*).—Over-the
counter market:
. . 'Bid. Asked.
Affiliated Inv Inc S 8
Do. near units 50 70
Am,lns stocks 17191,
British Type Invest new 14 15V«
. Chain A Gen Equities 8%% pi. 75 80
Diversified Trustee Shares A... 35
Do B 20% 31 %
Granger Trade 24 28
Incorp Equities 30 35
Mohawk Invest com 70% 73%
Power Sc Light Sec Trust 82 64 |
Union Financial A 9% 11%
Super Corn o t Am Tr Shares A S’* 10%
Do. B 9% 9%
United Inst Trust Shares T 17% 19%
* A*
MODIFICATION SEEN
IN BRANCH BANKING
A. B. A. Committee Finds
Views of Bankers Changing
on Disputed Question.
Special Dispatch to The Star.
NEW YORK, May 21.— Modification
of the attitude of bankers on'the long
disputed branch banking question is
forecast in a review and report cov
ering group, chain and branch bank
ing developments prepared by the Eco
nomic Policy Commission of the Amer
ican Bankers’ Association and made
public here today by the chairman, R.
S. Hecht, president Hibernia Bank and
Trust Co., New Orleans, La. The re
port, however, after referring to the
proposal of Controller of the Currency
J. W. Poole that national banks be
given branch banking powers within
the trade areas surrounding their
places of operation, expresses the opin
ion that "we do not believe that so
called ‘trade-area’ branch banking Is
likely to gain the support of any large
percentage of the banking fraternity.”
“The Economic Policy Commission
feels that the most Important develop
ment that has affected American bank
ing in recent years involves the rapid
growth of multiple banking organiza
tions in the form of group, chain and
branch banking systems,” the report
says. "We present this report as an
unprejudiced ecenomic study and have
no theories or policies to urge at this
time.”
Rapid Changes in Banking.
Rapid changes in the banking world
along the lines of failures, voluntary
liquidations, amalgamations and new
i organizations have caused substantial
changes in respect both to group and
chain banking as well as to individual
unit banking during the past six
months, the report declares.
"A great many larger group organiza
tions have taken in not only many ad
ditional unit banks, but also a number
i of smaller bank groups as a whole,"
: the report says. "There have also been
numerous consolidations between strong
I bank groups. Furthermore, many in-
I stances have come to our attention
, where consolidations of groups have
been followed by consolidations within
the group of banks that duplicated or
oversupplied facilities in given local
ities. These have been factors tend
ing toward stronger, more compact
banking, whether from the angle of
individual unit banking or from that
of group or chain organizations.
‘They have also tended to increase
the volume of banking resources now
held in group and chain systems at a
faster rate than the increase In the
number of systems or of member banks.
Our files now contain Information re
garding 269 group or chain systems,
comprising 1,922 member banks and
I $15,285,000,000 In aggregate resources.
, There are only six States and the Dis
trict of Columbia where we do not find
any group organizations.
"We have been in touch with the
managers of many important groups.
Aside from the obvious economies of
centralized operation and control, a
number of these organization heads \
very frankly tell us that they do not
feel that the system has been in opera
tion and tested long enough tp Justify
them -in making positive or sweeping
statements as to Its advantages or dis
advantages as compared with unit
banking in the larger economic view
point.
Advantages Are Noted.
;, "The banking and currency commit- ;
I tee of the House, which is conducting
! an investigation into banking develop- 1
i ments, has called a number of operating [
heads of some of the great group ]
systems. These men declared that they i
found, under certain conditions, definite
operating and economic advantage in I
both group and branch banking over ;
independent unit banking. Some
thought group banking was only a
transitional stage, that branch banking j
was preferable and if it were permitted ,
on an extensive enough scale they would
change their groups over to branch
systems. Others held that group bank
ing was preferable as being more flex
ible and maintaining greater local inde
pendence and contact.
"Some held that the ideal plan was a
combination of the two, with group
bank units for localities strong enough
to support complete banking institutions
and with branch offices extending fur
ther out into the smaller places requir
ing banking services but not large
enough to support complete banks.
Several of these who advocated multiple
banking declared that nevertheless they
believed there would always be room for
vigorous independent unit bank com
petitors.
"The, comptroller of the currency I
recommended that national banks be
given branch banking powers within
| 'trade areas.’ His theory is that this
; would strengthen the national banks,
i extend the benefits of city banking to
j country districts and allow national
! banks to adapt themselves to modern
regional economic developments evi
denced in the spread of group and
chain banking in some sections of the
country through what, might be desig- j
nated as economic trade areas, com
prising sometimes several States.
Gov. Young’s Views.
"Gov. Yeung of the Federal Reserve '
Board appeared to be in general agree- 1
ment with the comptroller. As to mul- j
tiple banking, he said that there were j
24,645 banks and 3,547 branches, a total ,
of 28,192 banking offices: that in this
total, 6.353 offices were either branches
or bank members of groups, or both, j
lea\ing 21,839 banking institutions that,
might be definitely termed independent j
unit banks, having no branches and j
in no way connected with group affilia- S
tions. He said all the banks had total -
loans and investments of $58,500,000,000. j
of which the group and branch systems ;
held $30,000,000,000, or more than half, i
While he expressed himself as in favor j
of ‘trade-area’ brahch banking, he was ,
opposed to Nation-wide branch banking
at present. However, he said that, ul
timately if bankers became trained and
experienced in the larger technique of
‘trade-area’ banking he thought It
would in time evolve Nation-wide
branch banking under control of rela
tively few banks, but he did not believe
this would mean monopoly or lack of
competition. He favored branch over
group banking, which, he said, how
ever, represented an economic develop
ment along ‘trade-area’ lines and would
spread unless checked. He did not ad
vocate a check unless something else
Were substituted, and he thought 'trade
area’ branch banking would serve this
purpose.
“The inquiry is now in the stage of
gathering information as to the major
issues. Branch and unit bankers are
now being heard. The indications are
that the issue as to, branch banking
will not be Joined for some time. It
would, therefore, seem best to wait be
fore attempting to formulate anything
in the name of the American Bankers’
Association along the line of a broad
policy.
“It is the intention of the economic
policy commission to continue to de
velop its own studies in these ques
tions, to watch carefully every move
that is made and every bit of informa
tion that may develop in this connec
tion and keep itself prepared to give
the association an unbiased and ac
curate statement of the facts of the
case whenever that is desired.
"In the meantime we do not hesitate
to venture the opinion that the asso
ciation in the not distant future will
have to modify the position it has taken
in the branch banking problem, al-
I though we do not believe that so-called
•trade-area' branch banking is likely to
gain the support of any large percentage
of the banking fraternity.”
STOCK AND BOND AVERAGES
By the tMHltlit Frew.
From Yeeterday’e 8: JO edition. t
i
STOCKS. «
50 20 20 96
Industrials. Rails. Utilities. Total.
Today 184.4 139.9 261.4 189.5
Previous day 183.1 130.8 261.6 188.6
Week ago 189.4 130.6 v 268.3 193.9
Year ago 216.1 134.1 225.3 204.1
Two years ago 161.4 125.2 151.4 153.7
Three years ago, weekly aver. .119.7 118.1 114.2 118.4
High (1930) 202.4 141.6 281.3 205.8
Low (1930) 166.5 127.0 207.9 168.2
BONDS.
10 10 10 30
x Industrials. Rails. Utilities. Total.
% Today 93.9 106.5 99.3 99.9
Previous day 93.7 106.5 99.3 99.8
Week ago 94.0 106.8 99.5 100.1
Year ago 93.4 103.3 97.5 98.1
Two years ago 96.3 107.1 100.6 JJI-J
Three years ago, weekly aver.. 95.8 106.9 99.0 100.6
High* (1930) 94.5 107.8 99.7 100.5
Low (1930)... 91.9 104.5 97.8 98.4
(Copyright, 1930. Standard Statistics Co.)
VARIOUS STOCKS CLASSIFIED
IN LATEST EXCHANGE SURVEY
Periodical Changes in All Groups Are
Noted in Bulletin—Thirty-Five
Divisions Are Listed.
BY CHARLES F. SPEARE.
Special DispatcJj to The Star.
NEW YORK, May 21. —The second
of the monthly bulletins Issued by the
New York Stock Exchange, whose object
"is to make* more readily and con
veniently available to all interested par
ties economic statistics which relate to
security markets,” has been published.
It contains a mass of information val
uable to those who follow movements In
stocks and In bonds and are interested
in the month-to-month changes in par
ticular groups of issues.
There are about 35 major classifica
tions of the common and preferred
stocks listed in the stock exchange bul
letin. Subdivisions of these main groups
divide the listings Into more than 50
different kinds of companies. For in
stance, under the main group of finance
stocks are Included those of banks and
trust companies, Investment trusts, in
surance companies and holding com
panies. The chemical Industry group is
separated into the stocks of the heavy
and light chemical manufacturing
companies, those of the fertilizer, glass
and drug and cosmetic producers. The j
food Industry is split up into the stocks |
of companies distributing milk and milk ;
products, flour, cereals, bread, sugar, j
mineral waters, groceries, canning, con
fections and fruit.
Division of Groups.
Amusements are subdivided into those
of the radio, piano, motion picture and
theater companies. Chain stores and
restaurants, department stores, mail
order houses and miscellaneous dis
tributors appear in the retail and mer
chandising list. Under the railroad in
dusty division are the stocks of rail
roads, railroad holding and Investment
companies and railroad equipment man
ufacturers. The public utility group in
cludes gas and electric operating and
holding companies, communications
j companies, which would embrace Amer
ican Telephone & Telegraph, Interna
tional Telephone 8s Radio; also trac
tions, omnibus, express and water and
heating utility companies.
With these sharp divisions between
different types of stocks, it is possible,
from month to month, by comparing
the market values, to obtain a very
definite idea of where the weak or the
strong spots in the lnv stment or specu-
AMERICANS INVEST
HEAVILY IN ITALY
$350,000,000 Capital Represented
in Issues Sold to United States
Public.
BY WILLIAM H. STONEMAN.
Special Dispatch to The Star.
ROME, Italy, May 21.—Approximate
ly $350,000,000 of American capital is
now Invested in Italy, it is revealed by
statistics Just published by the Banca
Commerciale Italiana. This sum in
cludes bond issues made in the United
States on behalf of the Italian govern
ment, municipalities and industries to
the amount of $330,682,000, as well as
various issues of stock of Italian com
panies which are represented by "Amer
ican shares” listed on the New York
stock Exchange and "depositary re
ceipts” on the New York Curb. The
amount of the latter is not available,
though it is known to exceed $5,000,000.
The $100,000,000 Morgan loan of 1925,
of which $93,000,000 is now outstand
ing; $30,000,000 loans to the Milan and
Rome communes, and various larger
! loans to public utilities lead the list,
j The Pirelli Rubber Co., the Fiat and
the Isotta-Fraschina Works each is
; shown to have a large amount of Amer-
I lean capital. The latest loan Is that
| of $10,000,000 to the Piedmont Hydro
• Electric Co., which was financed by the
: Chase National Bank and Blair & Co.
(Copyright. 1930.)
NEW YORK COTTON
NEW YORK, May 21 (Special).—
Strength in the old crop months served
I to offset in great measure ideal weath
; er in the cotton belt and prices held
; within a narrow range on the cotton
; market today.
As trading in May will cease at noon
Friday, demand for near months left
, May and July with an advance of
' about 5 points, as compared with a loss
of an equal amount on distant deiiv
; eries. Trading was light throughout.
Spots were advanced 10 points to 16 50.
Cotton range:
Open. High. Low. Close.
May 16.17 16.30 16.14 16.3‘-
July 16 ?3 16.37 16.25 16.35
October, old 15.16 15.15 15.08 15.10
October, new .... 14.86 14.90 14.77 14.81
December, old 35.18 15.22 15.14 15.16
December, new .. 14.(3 14.96 14.85 14.88
January, old 15.19 15.14 15.16
January, new 14.94 14.96 14.88 14.88
March . 15.13 15.13 X 5.04 15.10
GRAIN MARKET
CHICAGO. May 21 6P).— Despite
transient setbacks owing to increased
offerings from the Southwest at times,
the wheat market here averaged higher
today. Some of the buying that accom
panied advances in price was credited
to the influence of traders who were
active in expressing themselves as “bull
ish on the United States” and in con
tending that declines in commodity
prices are unjustified by the actual
economic outlook. Taken as a whole. J
the aggregate of trading was light, and I
the market easily influenced.
Wheat closed firm, >4 to % cent a
bushel higher than yesterday’s finish.
Corn closed % off to >a up, oats', % to
1 % advance, and provisions varying
from 12 decline to a rise of 5.
WHEAT— High. Low. Close.
May ... 1.03*4 1.02*4 1.03*4
July ; 1.04** 1.03*4 1.04**
September 1.07*4 1 05*4 1.06%
December 1 11 s * 1.10% 1.11%
CORN—
May 79*.* .79*4 .79%
July 80** .79V4 .79%
September 81** .80% .80**
December 75*/. .73% .74*1
OATS -
May .41*4 .40*. .41%
July .40*, .39% .40
September 39'* .38** .38%
December 41% .41*4 .41%
RYE-
May tno trading) .....
Julv 81*4 .80*4 .61**
September 65*4 .64% .65**
December 69% .69'* .69%
/V
FINANCIAL.
lative situation exists. This is further
brought out in the series of 24 charts
showing the trend of market values in
these groups in 1929 and up to the pres
ent date. In this respect the compila
tions of the New York Stock Exchange
Bulletin are more , comprehensive and
instructive than those available in the
different popular financial services.
On May 1 the total number of com
mon shares listed on the New York
Stock Exchange was 1,088,621,347. This
represented the stocks of 863 separate
companies In the United States and
abroad. The total market value of these
shares on May 1 was $66,669,793,607,
with the average price $61.24. The
total number of preferred shares listed
was 110,682,081, with a market value of
$8,634,814,605. and an average price of
$78.01 a share.
Bond Statistics.
In the compilation of bonds the same
general division into groups and sub
groups has been carried out in the
bulletin. The par value of listed bonds
is given. This, on May 1, amounted to
$49,678,901,677. The market value was
$48,066,265,312. or a shrinkage during
I April of $225,000,000, compared with one
i of $852,000,000 in common stocks, but
| an appreciation of $81,000,000 in pre
! ferred stocks. Most of the latter oc
curred in the public utility s nior shares,
which have made more of a response
to ch°ap money - in the last few weeks
than have bonds.
Another interesting fact developed by
the figures in the bulletin is that the
total par value of all foreign govern
ment bonds listed on the exchange is
$16,803,459,757, while the total market
value of these issues is $16,293,234,367.
This does not mean, however, that the
difference between the two amounts
represents a shrinkage, for a great
many—in fact, the majority—of foreign
issues were sold at a discount and are
still on a discount basis. On the other
hand, the par value of all United States
Federal and municipal bonds listed is
just short of $13,000,000,000, and their
market value about $320,000,000 greater !
than par value. Next to United States
Government and foreign issues, the
largest proportion of l ; sted bonds is that
of the railroad industry, which repre
sents approximately 20 per cent of the
total.
(Copyright. 1930.1 I
Missouri-Kansas-Texas.
NEW YORK, May 21 (Special) .—lt'
is understood that the plan of the Mis- j
! souri-Kansas-Texas directors is to de
i dare a quarterly dividend of $1 a share
! on the common stock, payable within :
the current half year. This will give j
the common $3 a share for the calendar I
| year. The dividends will reflect whftt I
has been earned previous to 1930 rather i
than in the last few months. One of |
the large investment trusts holds about
94.000 shares of “Katy” common, and ■;
has been anxious, naturally, to obtain I
income from the stock as soon as pos- :
sible.
0 FOREIGN EXCHANGES.
(Quotations furnished bv W. B. Hlbbs k Co.)
Nominal gold Selling checks
value (or par). today.
London, pound $4.8665 $4.86,'«
Paris, franc . ...... 3.91%c 3.92'.c
Brussels, belga 13.91 c 13.96 c
Berlin, mark 23.82 c 23.86 c
Rome, lira 5.26 c 5 24'Vc
Zurich, lranc... 19,3 c 19.34'ic
Ath-ns. drachma 1.3 c
Madrid, peseta 19.3 c 12.17 c
Vienna, schilling . .. 14.07 c
Budapest, pengo. . V7.49c
Prague, crown (nom.) 2.964 c 2.96 Ac
Warsaw, zloty 11.22 c
Copenhagen, crown.. 26.8 c 26 75c
Oslo, crown 26.8 c 26.76 c
Stockholm, crown 26.8 c 26.81'ac
TREASURY CERTIFICATES.
(Reported by J k W Sellgmap * Co i
Rati?—Maturity Bid. * Offer
4%s .Tune 16 1930 100 5-32 100 7-32
3’aS Sept 15. 1930 100 7-32 100 9-32
3',a Dec 15, 1930 . 100 9-32 100 11-32
3** Mar. 15. 1932 100 9-32 100 11-32
3'is Sept. 15, 1932 100 9-32 100 11-32
3*is Dec. 15. 1932 100 9-32 100 11-32
First Mortgage Loans
On improved Real Estate in the District of Columbia
and nearby Maryland and Virginia for 3, 5 or 10
year terms on your
Homo Office Building
Apartment /
Apply
Raxdall H. Hagxer Company
Mortgaok Loan Cork mponurnt
NEW YORK LIFE INSURANCE COMPANY
1321 Connecticut Ave. Decatur 3600
Equitable Co-operative Bldg. Ass’n f
Organized 1879 50th YEAR COMPLETED
JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary
Assets 85,723,083.61 Surplus Se Profits 81,755,911.57
Subscription for the 99th Issue of Stock Being Receiyed
j Save 9
A *a»° W Systematically! 0
jq Sane, conservative in
vesting eventually makes
Share a n ’ ce estate<
Come in and let us explain! M
915 F ST. N.W. |.
' A
• 4
A-15
CHICAGO STOCK MARKET
By the Associated Press.
CHICAGO, May 21.—Following la
the complete official list of tranaactions
in stock on the Chicago Stock Ex
change today;
Sales. Hisfc. Low. Cloy*.
lAdsms Mfg 35 35
100 Addressograpti Inter.. 36 36 38
300 Allied Mot Ind 14% 14 14*
50 American Colortype... 31 31 31
250 Am Com Pow "A"... 27V* 27* 27*
800 American Equities ... 19* 19 19*
70 Am Pub Ser pf 99 9# 99
100 Am Radio 2* 3* 3*
2300 Am Bervice 11 10 11
50 Appal Gas 12* 13* 13*
200 Art Metal 19 It* 19%
100 Associated Apparel .. 38* 38* M*
33 Assoc Tel a Tel "A” 84 84 64
600 Assoc Tel Util 26 25 * 26
100 Atlas Stores 35* 38* 39*
750 Auburn Auto 166 153 190
150 Banco Kentucky .... 23 23 23
100 Bastlan-Blesslng .... 37* 37* 37*
1450 Bendix Aviation 41* 40* 41
900 Blnks Mfg 30 * 28 * 30*
100 Blum's Inc 10 10 10
3700 Borg-Warner 36 34* 39*
100 Burnham Trad com.. 13 13 13
50 Burnham Trad pf 29 * 39 * 29*
150 Butler Bros 10* 10% 10*.
350 CeCo Mlg 14% 14 14*
160 Cent 111 Pub Serv pf 95* 94 95*
15U Cent 111 Securities.... 28* 38 26%
50 Cent Pub Serv Del... 33 33 33
700 Cent Pub Serv A.... 39* 39* 39%
1050 Cent ASo West 26* 36 % 36%
10Q Cent aSo West p1 pf 103 103 103
50 Chain Belt 43 43 43
600 Chi Ctt Ac Con Rys 1* 1* 1*
450 Chi City At Con Ry pf 14% 14 14*
1000 Chicago Corp 13% 13* 13%
700 Chicago Corp pf 40* 40* 40*
100 Chicago Investors..., 7* 7% 7*
6000 Chi No Sh a Mil P L 90 68 90
130 Chi Rwys series 2 3* 3 3*
500 Cities Serv rts 1* 1* 1*
50 Chicago Yellow Cab.. 36 * 36 % 26*
8000 Cities Service 35* 34* 3t
150 Club Aluminum 5 4% S
200 Commoitolth Edison. 305* 305 305%
200 Community Wat Serv 18% 18 16
450 Construct Materials.. 19* 18% 16*
100 Const Materials pf... 41* 41* 41*
200 Consumers 4% 4% 4%
1360 Cont Chi com 19% 18* 19
1300 Com Chi pt 48 * 46 46*
16800 Corp Sec com 26 24 * 25*
600 Corp Sec clfs 69 68 68
6450 Cord Corp 10* 10 10%
25 Diversified Inv 51* 51* 51*
4250 Electric Household.. 51 49% 51
100 Electric Research Lab 1% 1% 1%
50 Empire G A P 6 r . pf 86 86 66
100 FitzSlmm a Conn xd 57 57 57
900 Foote Gear a Mach 17* 16% 17
400 General Theater Ea. 45% 45 46
50 General Wat Wka A 29 29. 39
800 Gleaner 33 32 32%
350 Great Lakes Aircraft 6 5* 6
45 Great Lakes Dredge. 245 235 244.
22350 Grigsby-Qrunow ... 22* 21% 22*
100 Hart-Carter 21* 21* 21*
150 Houdallle-Horshey A. 24 23% 24
450 Houdaille-Hershey B. 20* 20 20
63 Illinois Brick 20 19% 20
100 Ind Terr 36* 36% 36*
3350 Inland Utilities 34 32* 33
1300 InsuU Util Invest 65 64* 66
50 Insu Ut In pf 2nd Ser 93* 93* 93*
50 Iron Fireman 25% 25% 25%
2300 Jefferson Elec 45 43% 44%
350 Kalamazoo Stove.... 73 71* 73
10 Hercules Mot 35 25 25
250 Ken Rad Tube a Lp. 10% 10* 10%
100 Keystone Steel 14* 14* 14*
15 La Salle Extension... 3 3 3
100 Lawbeck Corp 92 92 92
900 Libby McNeill 16* 15* 16%
100 Lincoln Printing .... 25* 25* 25*
50 Lincoln Ptg war 11 1
50 Lion Oil Refining.... 36* 36% 26%
950 Lynch Glass Mach.. 26 35 26
71500 Maj Hhold 64% 57% 64*
350 Manhattan Dearborn. 36 33* 36
200 Marshall Field 41* 43* 43*
100 McGraw Elec ....... 24* 24* 34*
400 Mercii A Mfrs A.... 33* 33 33
100 Midcontment Laund. 9 9 9
13000 Mid West Util n 33% 33 33*
150 Mid West Ut 6s pf A 103% 103* 103%
100 Mid West Ut A war.. 3% 3* 3*
100 Mid West Ut B war.. 6 6 6
1850 Mid Nat Gas 18* 18 18
850 MIC is iid United 28* 26 28*
50 Mid Unit pf 43% - .7* 43%
82 Mid Ltll 6s A pf 93* 93 93*
250 Mid Unit war 4* 4 4%
30 Mid Util 7s A pf.... 102* 102* 102*
50 Mid Util 6s pr 1n.... 94 93 94
75-Mld Util 7s pr In 107* 107 107*
7500 Mc-Kensas Pipe Line 34* 338* 34*
190(1 Mo Kan rts 1* 1 1*
2150 Moduli’ 64% 63 * 64> ,
50 Mo,:ice Chemical 9* 9* 9*
100 Morsen Lithograph... 15% 15% 15%
10 o -Leather 6% «% 8%
20u Musk ton Motor Spec 21* 21* 21 1 •
200 N?i Eirct Pow A 31 30* 30'-.
221 Nmi )'u!, Serv pf 47* “7* 47*.
100 Nat Sccur Invest ctf. 92 92 92
50 National Terminals... 14 J 4 14
100 North Am CV.r 48 47* 47*
50 North Am etas At Flee 24 21 «2t
1500 Nor A«*tr Lt & Pow. 74 • 73 74
89 No f S> Atner Corp.. ’fl" i iv % If >*
100 Noruiv Erelimri. 2.7 25 25
20 No Wen Wl V. pt.. S’! 94 94
400 Ontario ;ifn .". * no .V*
50 Potymet Mig 17 33 '2
35C Process Corp V *l9 11
20P.ut>)i" ferv n p :r • I'm.*
lOOQtct’-.t ' cats ri„ " ')•:
23 Gus' r • Cats p' 3'• 1 i’S
450 Ra’lror. I Shai-es ... 7 • „ 7
200 17-1 lu. * j
500 Reliance 12 1 12
! 100 •a-.'.ar • .-.ier 1' i i. :
300 Ser.hoar UttlU es .. 7 ,i 7*
250 "(r.n' ' V e'irlnr. 91’
.400 Sts-vt. i TTr.'c pi.. 23% "V t
■'f> trV'. r'r, v. tub Hri'V.. 19* l.i : : :".*
.5499 ftt-i-U- -v o r V
ISO Stone (ito’ & Co 17 r.
to Sto.'. ’i' - .(‘.unitvre . V* I l * V •
300 Su re -M-.H 39* 29 23*
100 Lu.(re;:-n'' Paper ..10 0 10
I aOOEwl* & Co 30* 80% 36*
; "50 CWi . Inti 37 ".3* 38*
KnoTv.il states IC% i« l*
I ISOTIni. Corp 18 13 18
I 100 Unit Am A 20* Ml* ?0*
in Iti 'i -I Gas 36* 36* 38*
I 100 Ur. Print & Pub com 16 16 16
I 909 Ull Print & Pub pf 24 23 24
1359 U S Gypsum-... 47% 46 47%
9.40 TT ft Radio A Te1,... 16* 18* 16*4
1750 Utah Radio 8* 8 8%
13" UtT Power & Lt A.. 40% 39% 39%
450 Util POW A Lt n-Ot 22*.a 22 22*
550 Uttlii'- A Ind 18* 17% 17%
600 Utilttv * Ind/of 24* 24 24*
50 Vortex Cup Co 25* 25* 25*
100 Vort»x Cup A 30* 30* 30*
.700 West Cont Util 26 25 26
1217 West P L & Tel 28 25 26
50 Wlebold Stores 26 _26 26
2450 Winton Engine 66 *65 65
1200 Wise Bk Shares 10* 10 , 10*
1650 Zenith Radio 14* IJ% 14*
Stock sales today. 312.600
BONDS
33000 Insull 6s ’4O 105* 105 165
2000 8011 Nat Gas ’44 97* 97* 67*
1000 Unit Am Util 6a ’4O. 98 98 98
Bond sales today. 57.000
POTATO MARKET.
CHICAGO, May 21 (United States
Department of Agriculture).—Potatoes—
Receipts. 90 cars new, 20 old; on track,
167 new, 98 old; total United States
shipments, 881; old steady; trading just
fair; Wisconsin sacked round whites,
2.85a3.00; Idaho sacked russets, 3.70a
3.90; new, firm; trading good; Alabama,
Louisiana sacked Bliss Triumphs, 3.50a
3.75; mostly 3.60a3.65; Texas sacked
Bliss Triumphs, 3.50a3.65.
SILVER QUOTATIONS.
NEW YORK, May 21 (/P). —Bar sil
ver, 40 Vi.
Pearl street. New York, is one of the
oldest thoroughfares on this continent.

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