The Washington times., 1930-05-16
Copper Sales

Sales of copper to domestic
and foreign consumers during the
week ended Wednesday totaled
10000 tons. the heaviest ton
mage ever sold in a single week.
Lead sales, too, were heavy due
to higher London quotations. De
spite the increased demand for
the metal, however, copper shares
on the stock exchange drltted
lower, showing no response to
the favorable trade news. I re-
marked a week ago that the cop
pers could not be expected to
move upward until the leading
producers had substantially re-
duced their inventories. At the
current rate of metal sales, such
inventories should be wiped out
within short period. There
was a report current on the street
that the metal price would be
reduced to 1912 cents again
within few days. This rumor
was mainly responsible for the
selling of copper shares.
Brunswick Terminals new con-
tract to supply manganese to the
Tennessee Coal and Iron Com
pany, a United States Steel sub
sidiary, should benefit BRUNSWICK
Terminals shares.
Columbia Gas
It is a definite fact now that
United Corporation will make an
offer for acquisition of Is per
cent of the stock in the Columbia
Gas and Electric Corporation. I
understand the offer will be one
and half shares of common and
one-third of a share of preferred
for each share of Columbia Gas.
I think Columbia Gas should be
bought on all receSSions.
The reported plan of the Van
Sweringen interest to extend
their railroad system from coast
TO coast should bring a furry IN
| the carrier group. and partlcu-
larly in the Van Sweringen broth
erS securities.
Duquesne Gas
Duquesne Gas was listed on the
curb exchange yesterday, and I'M
mediately sold at 1872, a point
above the price at which the
offering was made by John Ber-
gen. The stock was one Of the
curb leaders for the day, $4,000
shares changing hands. The stock
was to have been offered publicly
| yesterday, but all of the 100000
were sold before that time pri-
vately. A small group has &C
quired most of the stock and, in
order to attract public attention,
it is said they will attempt to
push the price above Is in short
order. Duquesne Gas owns and
operates gas properties in Penn
Sylvania and West Virginia, and
supplies gas to many Standard
Oil subsidiaries.
United Corporation is said to
be acquiring large blocks of Con-
solidated Gas Of Baltimore
quietly. This company is one Of
the few large independents in
the Atlantic seaboard territory.
Warner Brothers
In certain quarters it is claimed
that Warner Brothers pictures has
ended its move, and that the
stock is selling high enough to
suit interest behind the stock.
Certainly it seems to have re-
linquished its leadership of the
amusement group. 1t was under
pressure all through yesterdays
session.
International Telephone held
up we'll in yesterdays selling. The
stock was very active, and II
was said that a sharp upward
movement may be expected soon.
Radio Keith -orpheum
Radio-Keith-O -Orpheum was the
only one of the amusement
shares that offered worth
while resistance to selling pres.
sure yesterday. At the close it
showed a gain of 13s on the day.
Most well-informed operators
claim thta RK-O and Fox Film
are the most attractive issues in
their group.
The next show in strength III
the market is likely to bring q