Evening star. [volume], August 20, 1930, Page A-13, Image 13

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
SUSPECTED ISSUES
' WATCHED IK D. C.
Capital Free From Bucket
Shops, but Certain Schemes
Are Scrutinized.
Although Washington has no specific
law to prevent fraud in security trans
actions, -attempts are being made
l through the banks and Better Business
Bureau here to pro
tect the public
-against proposals
which officials say
continue to come
Into Washington to
catch the gullible
Investor.
At the present
time Washington is
entirely free from
any so-called
"bucket shop.” ac
cording to Louis
Rothschild, direc
tor of the Better
Business Bureau,
but certain highly
Speculative pro
posals and promo
tion schemes now-
F. G. Addison. Jr.
operating here are under investigation,
he said.
“The bureau is not opposed to specu
lation as such." said Mr. Rothschild, i
„ “The bureau does feel that when ti
person speculates or buys a speculative
security that individual should know
the risks involved and should not be
misled into thinking that a gilt-edge
conservative investment is being made."
The bureau, however, is active in its
campaign against the promoters and
salesmen of worthless securities and i
against confidence schemes of various \
types and kinds.
Warnings are being issued weekly to !
the members of the bureau of sus- ,
pected proposals and it is becoming j
increasingly difficult, he says, for thej
promoters of unworthy schemes to even
, get a bank to accept their account or
to gain entrance to the better office
buildings.
Losses Continue.
Washington investors, however, con
tinue to lose money through invest
ment in worthless securities, according
to both Mr. Rothschild, and prominent
bankers who were exercised over the
situation here today.
During the past week a total of 84
financial inquiries have been answered
by the Better Business Bureau as a re
sult of its "before You Invest—lnvesti
gate” program. This brings the total
number of inquiries answered to date
to 9.898.
A law for the control of the situation
here long has been advocated. Though
there is some difference of opinion as
to the form the law should take, all
sound financial and business interests
of the city are united in a demand for
legislation which shall protect the in
vestor.
The District of Columbia Bankers'
Association has a Committee on Law
and Legislation, which has been active
on behalf of that association in pre
senting its case at hearings before con
gressional committees on the matter.
F. G. Addison, jr„ president of the Se
curity Savings A Commercial Bank,
who is also treasurer of the Better
Business Bureau, is chairman of the
association's Committee on Law and
Legislation, in charge of this matter.
Mr. Addison still has hopes that legis
lation may be enacted to curb the
evils of the local situation, and to
further protect the public.
McLachlen Plans Meeting.
Plans are being made by Lanier P.
McLachlen, president of the District
of Columbia Bankers’ Association, for j
the regular monthly meeting of the
council of administration of the ;
association. Friday, August 29. There i
will be committee reports and discus- I
sicn of plans for the Fall.
The regular weekly luncheon meeting
Os the District Bankers’ Association was
held today at the Willard Hotel.
An interesting development in trading
on the Washington Stock Exchange to
day was a series of sales of People's
Drug Stores preferred, starting at 103%
and falling off finally to 102%. George
town Gas 5s sold at 1031*. Washington
Gas 5s at 103 to 103 3 i and Washing
ton Gas 6s A at 103. Merchants’ Bank
A Trust Co. turned over at 125, and
Mergenthaler went at 96 >*.
At least six financial houses in Wash
ington will be represented at the annual
convention of the Financial Advertisers’
Association, to be held in Louisville
September 17 to 20, according to Eliot
H. Thomson of the Washington Loan
A Trust Co., who will be one of the
representatives. The others probably
will include John Poole, president of
the Federal-American National Bank;
Bertram Chesterman. president of the
Morris Plan Bank of Washington; Nel
aon B. O'Neill, manager of branches
of Riggs National Bank; T. Hunton
Leith, assistant cashier of the Security
Savings A Commercial Bank, and Rob
ert L. Flather of the American Secur
ity A Trust Co.
The theme of the program Is to be
"The Challenge of the Next Decade,”
and the speakers will take a broad,
long-range view of business and banking.
P. J. McMahon, assistant treasurer of !
the Munsey Trust Co., Is on location
at Atlantic City.
Eugene E. Thompson of Crane Parris '
A Co, Is in Detroit, Mich , on business
connected with the Associated Stock
Exchange, of which he Is president.
W. W. Keck, assistant treasurer of
the American Security A Trust Co., is
on vacation In Canada.
Earl G. Jonscher, assistant trust
officer of the Aiperican Security A
Trust Co., is on vacation at Union
<town, Pa.
. R. G. Marx, auditor of Riggs National
Bank, is on his annual vacation.
DRY GOODS MARKET.
NEW YORK. August 20,-Cotton
goods markets were quiet today. Print
cloth quotations remained unchanged at
5 for 64x60s and 5 3 4 for 68x725. Raw
silks were quiet and unchanged.
SHORT-TERM SECURITIES.
(Reported by J & W. Scilgman Ac Co.)
Bid OrTar.
AUis-Ch»lmer« 5s 1937 101% 102
Amer Tel & Tel ft l ,* 1843 108', 108%
Amer Thread S ,s 1938 100'.4 101
Balto A Ohio 4%s 1033 101 101%
Batavian Pei Corp 4%s 1942... Oft'« '•5%
Bell Tel of Canada 5s 1957 103 103',
Calif Pet Corp 5La 1938. .102% 102%
Canadian Nor. Rwy 4%s 1935.. 101
Chicago Rock Island 4s 1934 99 99%
Chile Copper Co 5s 1947 97 97%
Cudahy Packing 5%f 1937 96', 97',
Oen. Mot Accrp Corp, «s 1937. 103 1 » 104
General Pet Corp 5s 1940 . 102% 103
Gen Theater Equip. 6s 1940 . 92% 93
Goodyear T A U 5s 1957. 93 93'j
Grand Trunk ot Canada 6s 1936. 106% 107
Gulf Oil Os Pa 5s 19.37 101% 101%
H-imhle 011 5La 1932 102 L 107%
Internat. Match Corp. 5s 1947.. 100 100 L
Maryland 011 ss. 1932 100% 101
K Y. Ch! A St L 6s 1932 102% 102%
Phillips Pet. Co. 5Ls 1939 96% 96%
Pure Oil Corp 5Ls 1937 ... 99% 100%
Shell Union Oil Co 5s 1947... 973, 97%
Sinclair Crude Oil 5Ls 1938 102% 102%
Stand Oil of Ne« Jersey 5s 1946 104 104%
Stand Oil of N Y 4Li 1951 100 100 L
Bt. L. Ir. Mt. A So Rwy. 5s 19.71 101 1 a
St. L Southwestern Ry. 4s 1932 97% 100
Swift A Co 5s 1932 100% 101
Union Oil of Calif 5s 1935 101 102
United Drug Co. 5a 1953 98% 98%
U S Rubber 5s 1947 82% 824a
Western Electric Co 5* 1944 .. 104% 105
Wheeling Steel Corp. 5%s 1948. 102*. 108%
Wheeling Steel Corp 4%s 1953 . 92% 92%
- ■ ■■- ■■■ • ——
FOREIGN EXCHANGES.
(Quotations furnished by w. & Hibtos A' Co t
Nominal «old Selling check*
value <or pnr». today
liOnoon. pound M 86rtf> 14 86 31-32
Paris, franc 391 * -.c 3 93 3 »c
Brussels, beUa 13 91c 13 97|iC
Berlin, maik 23 82c 23 BR , sC
Rome, lira 5,26 c
Zurich, franc 19 3c 1?45c
Athens, drachma ... 1.3 d 129 «c
Madrid, peseta 19 3c
Vienna, schilling... 14.07 c 14.25 c
Budapest, pengo 11 49c 17 82. s c
Prague, crown .nom.l 2 964 c 2 96%e
Warsaw, zloty 1132 c IL
Copenhagen, crown.. 36 8c 29!!.
Oaio crewn. 3« f* 26 810
Stockholm, crown... 26.8 c 36.88*
FINANCIAL.
i| NEW YORK STOCK EXCHANGE I
Received by Private Wire Direct te The Star Office.
Note—All stocks are sold In one hundred-share lot*
• I exrrptling those designated by the letter a (80s* (250»i
1 which shows those storks to be sold in odd lots only.
' -rrev.lSJW- Steek end Sale*— Free
Kish. Lew. Dividend Rate Add M Hl.h Lew Close Close
tl 42% 22 Ahltlbl Pwi St Paper •/ 23% 28% 23% 22%
37% 21% Adame Ear «1 *0»... K 26 25% 25% 26%
1% % Ahumnda Lead 5 % % % %
136% 103% Air Reduction t*)... 60 110% 117% 11S 118%
36 16 Air Way Tl AptlH). 3 17 16% 16% 16%
2% 1 Alas Rubber. 2 1% 1% 1% 1% ,
9% 4% Alaska Juneau 16% 5% 6% 6%
15% 6% Albany Wrap Paper. 7 11% 10% 11% 10%
I 35% 18 Allegheny Corp 15 20% 20% 20% 20
1! 343 232 Allied Ch * DvetpS) ft 262 260 261% 261
126% 121 Allied Ch ft Dpf »T). 1 126 126 126 125%
; 68 48% Allls-Chalmera fl).. 2» 54% 53 53% 52%
; 31% 18 Amerada Coro «*>... 68 25% 24% 24% 25
10% 4% Am Agrlcul Chem... 8 6% 6 6 6%
.39% 23 Am Agricul Ch pf... 7 36% 35 35 37%
97% 68 Am Rank Note (t*> 1 83% 83% 83% 83%
66 61 Am’Hank Not* pf (31 20a 63 63 63 63
54% 41% Am Brake Rhoe(2 40» 4 45% 43% 43% 42%
128 118 AmßrShAFpf ill 100 s 121% 121 121 7 * 121%
21% 8% Am Hrown Rev Elec 71 18% 16% 18% 16%
80% 60% Am Brcwn B E nfili 20s 73 73 73 72%
156', 108% AmfinUl 419 12R% 125% 127% 126%
82% 42 Am Car * Edv <Bi. . . 1 44% 44% 44% 44
33 9% Am Comm Alcohol.. 1 12% 12% 12% 12%
59% 33% Am European Seeur. 3 36 35 35 34%
lOl*. 56% Am A Forn Power .. 505 71% 69 71% 68%
33% 14 Am Hawaiian (tlO). 1 14% 14% 14% 14%
69% 65 Am Home Prodf4.Jo) ,2 61 60% 61 60
41% 31 Am Ice <t4) 9 33 32 32 32%
55% 28% Am Internat! ti1.,.. SO 33% S 3 33% 33
35 15 Am LaFr & Foam pf. 10a 16% 16V4 16% 15
105 39 Am Locomotive (4). 1 40% 40% 40% 40
42% 35% Am Mch A Fou Co n. 6 40% 40% 40% 40%
14% 7% Am Mach * Metals. . 2 7% 7% 7% 7%
61% 28% Am Metal Co (1%).. 18 30 29% 30 29%
119% 72 Am PwrALl (11).. 22 83 80% 82 79
85 75 Am PAI, pf A <J%) 3 82 82 82 82
i 107 99 Am Pwr ft Lt pf (6). 7 102% 101% 101% 101%
i 88% 80 Am Pftl.t pf A Ht(l). 1 86 86 85 85%
A- 39% 23% Am Raft Std San 1H 86 25% '.’4% 25% 24%
| 37 15% Am Republics 3 19% 19 19 19
I 100% 48 Am Rolling MHlfni) 11 r. 6% 65 56% 64%
' 67% 62% Am Safety R»*ir<6> 1 63 63 63 63%
1 64% 46% Am Shipbuilding (5) SOs 49% 49% 49% 49%
3% 1% Am Ship ft Com IS 2% 2 2 2%
79% 63 Am Sir ft Refit* 42 68% 66% 66% 66%
103% 101 AmSmft Refpf («) 1 101% 101% 101% 101
43% 38 American Snuft (t 8). 1 41 41 41 40%
I 62% 35% Am Steel Fdv ill. . . 1 36% 36% 36% 36%
' 116 110% Am Steel Fdy pf (7). *o* 112 112 112 113
j 69% 47 Am Sugar Ref i 5)... 1 55% 53% 63% 6V
I 110 103% Am Sugar Ref pf (7) 2 103% 103% 103% 103%
26% 9% Am Sumatra Tob... S 11% 11 11% 11%
! 27% 16 Am Tel ft Cable (6). 80s 21 20 20 20%
: 274% 200% Am Tel A Tele* (»>. 89 212% 209 211% 209%
264% 197 Am Tobacco (t 12)... 1 246 246 246 246
269% 197 Am Tobacco B ftl2). 14 261% 249 251 248%
126% 117 Am Tobacco B( new) 56 126% 124% 125% 125%
141% 113 Am Type Fdry (I).. 2 124 123 124 119%
124% 78% Am Water Wki tnl) 47 91% 89 90 68%
20% 7% Am Woolen 12 11 10% 11 9%
44% 19% Am Woolen pf 1 26% 26% 26% 27%
44% 29% Am Writ Pa pf (4).. 1 37% 37% 37% 38%
61% 44% Anaconda Cop (3%). 155 47% 45% 46% 47%
37% 18 Andes Copper (1%). 1 20% 20% 20% 20
29% 19% Archer-nen-M 3 20% 20% 20% 20%
110 103% Archer-Dan pf (7).. 40s 109% 109% 109% 109%
82% 73% Armour of Dei pf (7). 1 73% 73% 73% 73%
4% 2% Armour of 111 6 3 2% 2% 3
13% 5 Arnold Constable.... 15% 5% 5% 5%
60% 28 Asso Dry G (2Vfcl... 1 33% 33% 83% 83%
242% 194 Atch Toft SF* 110). 1 216 216 216 215%
108 102% Atch Toft SF pf (6). 1 106% 106% 106% 106%
51% :0% Atl Refining 22 37% 36 86% 37
37 25% Atlas Stores ini)... 6 30% 30 30 30%
263% 91 Auburn Auto (J 4 >... 67 110% 105 109% 105%
81% 37 Auto-Strop Bas R<s) 40 72% 67% 67% 73%
9% 4% Aviation Corp of Del 9 6% 5% 6% 5%'
38 19% Baldwin Loco (1*). 52 29% 29 29% 29
116 104% Baldwin Loco pf <7) 10a 110 110 110 110
122% 98% Balto A Ohio «7>.... 12 101% 100 100 101%
20% 12% Barker Broa (2).... £oe 12% 12% 12% 12%
34 20% Barnsdall. A <«».... 25 23% 22% 22% 25%
92 67% Beatrice Cream (4). 1 78 78 78 78
57% 27% Bendlx Aviation (2). 2 31% 31% 31% 31%
66% 31% Best ft Co (2) 13 47 45% 47 45%
110% 75 Bethlehem Steel t«). 69 81% 79% 80% 79%
69 28% Bohn A) ft Brass f>). 12 30% 29 29% 31
90% 60% Borden Co (k 3) 34 77% 76% 76% 77%
60% 23% Borg Warner (3).... 1 28% 28% 28% 28%
26% 13% Briggs Mfg Co 242 21% 20% 21% 20%
22% 12% Brockway Motor Trk 22 17 15% 16% 14%
178% 115 Bklyn Union Gae IS) 4 125 124% 124% 122
30% 13% Bruns-Balk-Col 1 16% 16% 16% 16%
33% 5% Bruns Ter ft Ry 8... S 9% 9 9 9%
31% 19% Bucyrus (1) 8 23 22% 23 22%
43 33% Buevrus cv pf <2H). 1 36% 35% 35% 35%
16% 7% Budd (EG) (1)..... 18% 8% 8% 8%
14% 8% Budd Wheel U> 2 10% 10% 10% 10%
74 £O% Bullard Co (1 60)... 20 24V, 24% 24% 24
43 26% Bulova Witch 1*)... 1 27% 27% 27% 27%
61% 29% Burr Add Mch (1)... 44 34% 32% 84% 33%
4% 2% Butts Cop ft 7. IBOe). 12% 2% 2% 2%
6% 1% Butte Superior...... 8 1% 1% 1% 1%
| 29% 131, Butterlek Co 1 16% 15% 15% 14%
i 112% 60% Byer* (AM) 68 70% 68% 69% 69%
1 114 108% Byers (AM) pf (7).. 10s 108% 108% 108% 109
2% 1 Callaahan Zinc ft Ld. 11111
89% 48% Calumet ft Arts (2).. 6 55% 65 55 65%
33% 13 Calumet&HectalH). 4 14% 13% 13% 14
226% 161', Canadian Paclflc(lO) 23 176 173 174 174%
62% 40% Can Paclflc(new)w.L 62 43% 42% 42% 43%
34% 20 Cannon Mill* (1*0). 2 21% 21% 21% 21%
28*4 13 Capital Adm (A) 1 16% 15% 15% 16
42 81 Capital Adm Apf (3) 1 33% 33% 33% 33%
362% 150 Case 1J 11 1(1 .... 330 186% 180 186% 17#
79% 63 Caterpll Tr (t 3 \)... 34 56% 65% 56 65
60 • 9 Celotex Co 2 13% 13% 13% 13%
66% 43% Cerrode Paaee (•).. 8 46% 46 46 46%
16% 6% Certain-teed Prod... 2 6% 6% 6% 6%
67% 19% Checker Cab (4.20).. 4 22% 22% 22% 22%
47% 44% Chesapeake ft Ohio.. 13 47% 46% 46% 46%
82% 61% Chesapeake Corp (3) 3 64% 64% 64% ( 5
10 3 Chi A Alton 6 3% 3% 3% 8%
10% 2% Chi ft Alton pf 3 8% 3% 3% 3%
17% 8% Chi Great Western.. 6 10% 10 10 10
52% 27 Chi Great Weatn pf. . 3 36% 36% 36'% 36%
26% 12% Chi Mil StP ft Pae... 3 14 13% 14 14%
89% 66 Chicago ft N W (6).. 1 71 71 71 71
87 11% Chi Pneu Tool S 14% 14% 14% 13%
67% 48 ChildsCo *2 40)..... 1 49% 49% 49% 50%
43 24 Chrysler Corp (1)... 80 28% 27% 28% 27%
49 38 City IceftF (kS 60).. 1 40% 40% 40% 41
13% 5% City Btores (Bde. ... 16% 6% 6% 6%
77% 74% Ciev A Pitts (2%)... 20* 78% 78% 78% 77%
106% 98 CCCft-StLpf (6).. 20s 105% 105 105 106%
191% 138% Coca-Cola i•» 6 176% 175 176% 173%
62 48% Coca-Cola A (2) 6 16% 61% 61% 51%
64% 50 Colgate-Pal-P <2%). 2 56% 56% 56% 56
102 97 Colg-Palm-P pf («).. 3 102% 102 102% 102
36% 14% Collins ft Alkman. .. 6 22 21 21% 21%
77 36% Col Fuel ft iron (2). . 10 49% 48 48% 48%
87 55 Col Gae ft El (2).... 119 60% 67% 59% 58%
110 104% Col Gas ft El pf A(«) 2 109% 109% 109% 109'/,
I 37% 12!, Colum Graph (a2Bc) 128 14% 13% 141. 13 \ /t
199 108 Columbian Carb (til 14 135% 131 134% 131
I 40% 23% Comm Credit (21.... IS 26 25% 26 25%
25% 221* Comm Cred pf (1%). 20s 24% 24% 24% 24%
27% 22 Comm Cred pf B l 2). SOs 24% 24% 24% 24%
55 28% Comm Inv Trigl.tO) 4 35% 36 35% 35%
38 20V* Comm Solvents (21) 118 25% 24*« 25 24%
20% 12% Comwlth ft Sou(6oc) 168 13% 13% 13% 13%
104% 99 Cmwlth A Sou pf (I) 2 101'* 101% 101% ion,
19% 10% Congoieum-Nalrn... 7 12 11% 12 11 %
80 67 Consol Cgr pr pf 64. 20* 70 70 70 70
136% 96% Consol Gas N Y (4). 213 107% 105% 105% 105%
103% 99% Consol Gas NY pf(6) 1 103% 103% 103% 103%
2 % Consol Textile...... 7 % % %
8% 3% Container (8> ....... 14% 4% 4% 5
62% 18% Conti Baking (A)..*. 1 24% 24% 24% 24%
73% Conti Baking (8)... 6 3% 3% 3% 3%
94% 66% Conti Baking pf (S). 2 71 71 71 7tv.
71% 50 Conti Can (2 4) 42 65% 54 65 64
8% 3% Conti Motors 5 3% 3% 3% 31,
30%. 18% Conti Oil of Del 21 20% 19% J 9% 20%
40% 16% Conti Bhares (1). .. 24 21% 20% 21% 21%
111% 83% Corn Prod Ref 114 4 ) 15 I>* 90% 91% 90%
33 15% Coty Inc 8 18% 18% 18% 19
7 2 Cuba Cane Product*. 2 2% 2% 2% 2%
19% 9 Cuba Co 1 14 13 13 13%
65% 38 Cuban-Amer Sug pf. 100* 36 35 35 38
2% % Cuban Dom Sugar... 1 % % % .%
48 38% Cudahy Packing (4). 1 40 40 40 40
126% 105% Curtis Publish (t6%l 1 111% 111% 111% 114
121% 114% Curtis Publish pf(7) 1 119% 119% 119% 119
j 14% 6% Curtiss Wright Corp 25 7% 77% 7%
19% 7% Curt Wright Corp A. 34 9% 8% 9 9%
. 90% 65 Cutlsr-Hammsr(>4> 1 68% 58% 68% 58%
43% 24% Davison Chemical ... 6 26% 26 26% 26%
181 146 Delaware ft Hud (9). 1 163 163 163 161%
163 110% Del Lack ft Wn (»7>. 1 114 114 114 112
256% 195% Detroit Edison (I). 5 220 218 219 218
j 114% 106% Devoe ft R Ist pf (7). 10s 99 99 99 112',
240 139 Diamond Match tl) 11 246 231 245 225
9% 6% Dome Mines 11).... 3 7% 7% 7% 7*4,
87% 67 Drug Corporatn (4) 79 79% 78 79% 78%
43% 15% Dunhlll lntl (*4) 2 20 20 20 20%'
' I 145% 96*. DuPont 4*Nlt4lOl 63 114% 112 113V* 111%
! 121 114% Dupont d*N db pfi6) 1 119'* 119% 119'/* 119
! 265% 176% Eastman Kodak (til 36 214% 208% 212 210%
. 26% 14 Eastn Roll Mlll(htZ) 1 14% 14% 14% 15
87V* 19% Eaton Axis* 8 (I).. 2 23% 22% 22% 23%
62 88 Kttlngton-Schlld pf.. 1 38 38 38 40
114% 65% Eleo Auto Lite (•).. 23 69% 68% 69 69%
' 9% 3% Electric Boat 14% 4% 4% 6
* 108% 49% El Pwr ft Lt(l) 256 69 66V* 68% 66%
. 100% 97% Elec Pwr&Lt pf (6). 1 98% 98% 98% 98%
1 79% 61% Elec Storage Bat (t) 1 63% 63% 63% 63%
113 107 V, Endicott-John pf (7) 2 111 111 111 111
66 39V* Eng Pub Serv 12.40). 1 49% 49% 49% 45
107'. 94% Eng Pub Svc of *6). 1 98 98 98 98%
104% 94% Eng Pub Svc pf 16%) 1 9919 99% 99% 100%
‘ 60% 39% Eqmt Office Hldg (8) 1 46 46 46 45%
63% 36% Erie R R 5 38% 38% 38% 38%
111% 102 Fairbanks Mpf (7) 20* 109 109 109 109
90% 59% Fed Lt ft Tre IJI %). 25 65 65 65 65
185 145 Fed Min ft Smelt 1 115 115 116 150
100% 96% Fed Min &Sm pf (7) 2 100% 100 100% 98%
12% 7% Fed Motor Tr (80c). 1 8 8 8 ||B
89% 66 Fid Ph Fire Ins 2.60. 1 64 64 64 162
88% 19% Firestone T&R0.60) 1 21 21 21 21
87% 69% Firestone Tftßpf<«) 6 72% 72% 72% 72%
I 61% 46 First Net Stra (2VB). 2 66% 66V* 66% 66%
6% 1% Flak Rubber........ 4 2 2 2 1%
I
THE EVENING STAR. WASHINGTON. D. C„ WEDNESDAY, AUGUST 20, 1930.
—Free.tasn— Stock end Sal**— p?ev
Rich Lew. Dividend Rote. Add Ofl Rich Low. Close Clan*.
21 5% Fisk Rubber let pf.. 60* 6 6 6 6
104% 60% Foster Wheeler (I). 16 86% 85% 86 85%
60 28% Fourth Natl invest. 2 32 32 32 82
67% 16% Fox Film (A) (4). .. 296 43% 41 42% 41V*
55% 37 Freeport Tex 1*6%.. 6 43 42 42 42%
95% 88% Fuller pr pf(t7.94).. 20s 89% 89% 89% 89%
’ 11% 6% Gabriel SnußiA)new 16% 6% 6% 6%
7% 2V« Gardner Motor 2 2% 2% 2% 2%
106 88% Gen Am Inv pf (6).. 1 93% 93% 93% 90%
I 111% 78% Gan Am Tnk Car (14) 10 86 85% 86 86
71% 38% Oen Asphalt (4) 1 42 42 42 42%
38% 14% Oen Bronze UK.... 3 16 15% 16 15
34% 13% Gen Cable 1 16 16 16 14%
61 40% Gen Cigar (4)....... 2 43 43 43 43
120 112% Gen Cigar pf (7).... 10* 116 116 116 115%
95% 60% Gen Electric (1.60).. 293 71% 69% 70% 69%
11% 11% Gen Elec anee (60c). 6 11% 11% 11% 11%
61% 46% Gen Food Corp 18).. 83 65% 64% 55 64%
18% 8 Gen GasftEl. A(eSO). 23 8% 8% 8% 8%
106% 77% Gen G&EI cv pf(«).. 1 80% 80% 80% 78
59% 40% Gen Milled) 7 46% 45% 45% 46%
95 89 Gen Mills pf (6) 5 90 90 90 91
54% 37% Gen Motors (»3 SO).. 630 44% 43% 44% 43%
97% 92% Gen Motors pf (5). .. 12 97% 97% 97% 97%
52% 30% Gen PubllcSve (b 6). 10 35% 34% 34% 36
106% 78% Gen Ry Signal (5)... 2 77% 77 77% 78
19% 10% Gen Realtv ft Util. .. 4 10% 10% 10% 10%
100 75% Gen RltyftUt pf (e6) 1 81% 81% 81% 81
90 65% Gen Refract (t4%i).. 17 74% 73% 74% 76
61% 27 Gen Tbeat Eaulp vto 26 30% 30 30% 30
106 k, 58 Gillette BaT Rasinß) 180 78% 74% 76% 79%
20% 10 Gfmbel Bro* 10 10% 10% 10% 10
38 14% Glldden Co (2) 4 15 15 15 15
19 7% Gobel (Adolf) 18% 8% 8% 8%
47% 34% Gold Dust (2%) 84 41% 40% 40% 40
58% 21 Goodrich (BF) 12 23% 23 23 23%
96% 54% Goodyear Tire (6). .. 13 63% 62 63% 62%
28% 8% Gotham Silk Hosiery 1 10% 10% 10% 10%
18% 5% Graham-Patg* 3 6% 6% 6% 6%
59% 18 Granby Con Min (8). 17 23 21% 22 23%
52 30 Grand Sllvsr 8 (ml). 2 38 38 38 38
20% 10 Grand Union 2 15 15 16 16%
44 34% Grand Union pf (S).. 4 41% 41% 41% 41%
50% 31% Granite City Stl (4). 1 31% 31% 31% Jfl%
43 £9 Grant <WT> <11.... 2 31% 31% 31% 31%
102 71% Grt North Pf (6) 1 78*. 78% 78% 78
25%' 18 Gr Nor ctfs Ore (a\ 2 22% 20VS, 20% 20%
34% 17 Gr* West Sug(l.4o). 6 17% 17% 17% 17%
28 12% Grlesby Grunow.... «F. 14% 13% 13% 13%
2 % Guantanamo Sugar.. 3 % % % %
38 26 Hackensack W (1%) 190* 35 34% 34% 35
23% 12% Hahn Dept Stors*... 15 17 16% 16% 16%
31% 21 Hall (W F) PrCo(2) 1 22% 22% 22% 22
72% 60 Har Wkr Ref (t 2%). 1 60 50 60 60
17% 6% Hayes Body 2 6% 6% 6% 6%
31 20% Hercules Mot (1.80). 1 24% 24% 24% 22
123% 117 Hercules Pow pf <T>. 10* 118% 118% 118% 118%
116% 62% Houston OU (bl 0%) 110 81% 79% 80% 79%
41% 25% How* Sound <t4H>- 2 28% 28 28% 28
53% 41 Hud&Man Ry (8.60). 2 47% 47 47% 47%
62% 26% Hudson Motor (6)... 27 30% 30 30% 29
26% 12% Hupp Motor Car <*>. 12 13% 12% 13 IS
136% 113% UlinolaCentral (7).. 16 115 113% 113% 115%
32 19% Independ 011*0(1). 7 21% 21% 21% 21%
17 4% Ind Motor Cycle 2 4% 4% 4% 4%
, 28% 8% Indian Refining 13 11% 11% 11% 11%
98 68 Inland Steel (4) 2 76 75% 76 75
30% 12% Inspiration Cop (2). 11 14% 14% 14% 15%
13% 9% Insur ctfs(Md)(6oc) 1 11% 11% 11% 11%
7% 3 tntercontl Rubber... 12% 2% 2% 3
8% 4% Inti Agricultural. ... 2 6 5% 5% 6%
197% 152% Inti Bus Mach (n6>.. 2 178 176% 176% 172%
19% 11 lntl Carriers. Ltd %. 2 12% 12 12 12%
14% 5 lntl Combustion.... 25 6 5% 6 6%
78 30 lntl Comb Eng pf... 2 60 60 60 61%
116% 72 lntl Harvester (2%) 66 80 76% 77% 76%
144% 140% lntl Harvester pf<7) 10 144 143% 144 143',
54 31% lntl Hvdro El A (*2) 15 36% 35% 36 35
92 65% lntl Match pf (4). .. 4 76% 75% 76% 76%
44% 20% lntl Nlckl of Can(ll. 327 21% 20% 21% 20%
31% 14% lntl Pap ft P (A1t.40 3 18% 18% 18% 18%
18 • 6% lntl Pap ft Pwr (C).. 10 8% 8 8 8%
58% 28 lntl Printing ink (2) 3 29% 29 29% 29
101 88 lntl Print Ink pf (6). 2 60 60 60 93
59 59 Int Pr Ink pf ctf (6). 1 59 69 59 59
32% 19% lntl Rwys Cent Am. . 2 16% 16% 16% 20
45% 36 lntl Salt (new) ... 213 41 40 41 40%
62 63% lntl Shoe (8) 1 63% 53% 63% 63%
77% 40% lntl Tel ft Teleg (J). 128 45% 44 45 44
40 18 Inter Dept stra fI). . 31 25% 24% 25% 24%
75% 60 Inter Dpt Hpf xw(7) 60* 77% 74% 76 66
29 13% Investors Equity (2). 2 14% 14 14 14
66% 43 Jewel Tea (44) 9 51 49% 51 49%
148% 70 Jobns-Msrvllls (8). 109 93% 90% 92 90%
123% 118% Jones* Laugh pf(7) 10* 122% 122% 122% 121%
5% 1% Jordan Motor Car... 2 1% 1% 1% 1%
150 85 Keith-Albee-O pf (7). 2 115 113 115 112
6% 3 Kelly-Spring Tire... 2 3% 3% 3% 3%
42 20% Kelly-Spring *% pf. 20* 21% 21% 21% 22
38% 22% Kelsey Have* (2)... 1 29% 29% 29% 30
26% 714 Kelvlnatcr Corp. ... 4 16% 15% 15% 15%
62% 36% Kennecott Cop (8). . 396 36% 34% 34% 36%
97 79% Kinney (GR )pf (•) 10* 79 79 79 79%
8% 1% Kolster Radio 12% 2% 2% 2%
36% 26% Kr«eg*(SS)Co(l.6o) 6 29% 29% 29% 29%
35% 23% Kreuger ft Toll 1.60. 96 26% 26% 26% 26%
48% 21 KrogGrAßak (nl). 24 24 23% 24 23%
113 76% Lambert Co (»). ... 3 92 91 91 91%
108% 104 Leh Port Cm pf (7). 810* 105 106 105 lOi
17% 7% Lehigh Valley Coal. 3 10% 10% 10% 10%
37% 22% Leh Val Coal pf (8).. 1 25 25 25 25%
97% 66% Lehman Corp (3)— 18 71% 69% 71 69%
113% 85 Liggett ft Myera(t6) 6 96% 95 96% 95%
114% 85 Llgg ft Myere B(t6). 77 98 95% 97% 95%
81% 62% Liquid Carbonlo <4). 4 67% 67 67% 68
95% 42% Loew’a. Ine (8) 94 69% 67% 69% 67
112% 86*4 Loew’a Inc pf (6%). 1 104 104 104 103
6% 3 Loft Inc 3 3% 3% 8% 3%
70V* 60% Loose-Wiles (t 2.80). 26 ‘6O 68% 59% 69
28% 16% LoriUard (P) C 0.... 62 23% 22% 22% 22%
12 8 Louisiana Oil 18% 6% 8% 8%
61% 33 Lou Gft E1(A) (144) 3 38 37% 37% 38
138% 116 Louie* Nash (7)... 1 120 120 120 120
44% 22 Ludlum Steal (2)... 3 24% 24V* 24% 25%
70 67% Me Crory (B) (2)... 1 66% 66% 56% 57%
89% 61 McKeespt TPI (t 6). 22 80V* 79% 79% 80
37% 14% McKesson ft Rob (2) 7 18 17 18 18%
20V* 12 MoLellan Store*.... 1 H 14 14 14
88% 46% Mack Trucks <61.... 1 55% 65% 55% 56
159% 109 Macy (RH)ftCo(ntS) 41 126% 124 124% 124
62% 28% Magma Copper (4).. 9 31% 31 31 32%
68% 46% Manhat Kiev gtd (7) 10s 50 50 50 50
32% 29% Marine Mid (1.20).. 15 81% 30% 30V* 31
66 30V* Marlin-Rock (t 5% )•• 2 35 35 35 34 I
80% 8% Marmon Motor Car.. 3 10% 10 10% 10%
48% 35V* Marshall Field (2%) 1 37% 37% 37% 38
61% 40% May Dept Str* (n 2). 10 43V* 41% 42% 41%
37 16% Mexican Seaboard. .. 80 22% 21% 21% 22%
33% 15 Miami Copper (1%). 6 15 14% 16 15%
77 63 Michigan Stl (h 2%). 1 67 57 57 66%
38 22% Mld-Cont Petm (2).. 12 23% 23% 23% 24
2% % Middle States Oil et. 2 1111
53 21% Midland Steel (8)... 17 33% 32% 32% 32%
110 84 Midland Steel pf (8). 5 95% 94% 95% 93%
28% 10% Minn Moline Pwr... 9 13% 13 13% 13
2% ■% Minn ft St Louis .. 6 % •% % %
66% 32% MoKan ft Texas (2).. 6 40% 40 40% 40
108% 92% Mo Kan ft Tex pfl7). 1 95% 95% 95% 96%
98% 67 Missouri Pacific 6 64% 64% 64% 63
145% 115% Missouri Pac pf (6). 1 120% 120% 120% 119%
40 16V, Mohawk Carpet 2 16% 16% 16% 16%
63% 85 Monsanto Ch irlH>- 83 46% 45% 46% 46
49% 29% Montgorn Ward (I).. 66 33 32% 82% 31%
72 61 Morrell ACo (4.40).. 1 63 63 63 62
2 1% Mother Lode <20c).., 4 1% 1% 1% 1%
11% 3% Motor Meter G ft El.. 1 4 4 4 3%
81 34% Motor Products (2).. 2 48 47% 48 48
34 21 Motor Wheel (8).... 1 21% 21% 21% 22%
25% 12% Murray (b2%stk)... 2 16% 15% 15% 14%
68% 30% Nash Motors (4).... 6 33 32% 33 32%
26% 10% Nat Acme (IV4 > 3 13% 13 13% 12%
20 8 Natl Bella Hess 5 8% 8% 8% 8%
93 71 Natl Biscuit. n<2.80) 14 82% 81% 82% 81
83% 41 Natl Cash Reg.A(t4) 82 47% 44% 45% 44%
62 45% Natl Dairy (12) 64 63% 62% 62% 53
24% 13% Natl Dept Stores (2) 1 13% 13% 13% 13%
39% 24V, Natl Distillers (2).. 16 31% 31 31% 31
143 138% Natl Lead pf(A) (7) 110* 143 142% 143 l«l%
58% 32 Natl Pwr ft Lt (1).. 174 45% 45 45% 44%
62% 53 Nat! Steel (2) 2 .85% 65 55% 54%
124% 100% Natl Supply (6) 1 104% 104% 104% 103%
98% 66V* Natl Surety (6) 1 70% 70% 70% 69
41% 22% Natl Tea Co (2) 13 22% 21% 21% 22%
32% 13% Nevada Copper (1%) 19 14% 14 14% 14%
192% 150% NY Central (8) 11 161 160% 161 161%
32 17% N Y Invest (1.20)... 6 18% 18% 18% 17%
128% 97% NYN H & Hart <«). 2 105 105 105 105'%
135% 116 NYNHA Hpf (7).. 1 120 120 120 120
15% 7% North Am Aviation. 73 9% 9% 9% 91%
132% 87% North Amiblo%atk) 117 100% 98% 99% 99%
55% 40 No Ger Lloyd (3.48). 2 43% 43% 43% 44
97 66v* Northern Pacific (6). 2 70 69% 69% 70%
265 213'/* Noif ft Western (10) 5 226 226 226 226%
50% 42 Northwstn Tel 13).. 10s 47 47 47 46
24% 9% Oil Wen Supply.... 12 23 22% 23 23
108 86 011 Well Sup pf (7). .160 s 105% 105 105 105'%,
34% 13% Oliver Farm Eontp 10 17% 17% 17% 17%
58 36 Oppenheim Col (3).. 1 36V* 86% 36% 37
80% 65 Otis El*v niSSVfel 6 66% 65% 66% 65
128 118% Otis Elsv of <«> 10* 127 127 127 126%
38V, 24% Otis Steel <2%) 1 26 26 26 25
19% 6% Pacific Coast 1 8 8 8 8
74V, 52% Pacific Gan ft El (8). .23 55% 64% 54% 54%
107 V, 71% Paciflo Lighting (I). 28 77% 75% 77% 76%
30 20% Pacific MiUe 10s 22 21% 22 20%
178 130 Paciflo Tel ftTel (7). SOs 137 136% 136% 134
23% 12% Packard Motor (1).. 67 13% 13 13% 13%
12% 4% Panhandle PAR.... 2 6 6 6 6
77% 48% Param’nt Publlx (4) 120 59% 66% 69 66%
4% 1% Park Utah 2 2 2 2 2
26% 7% ParmeJee Trans 60c. 17% 7% 7% 7%
9 2% Path* Exchange.... 10 4 4 4 BVs
19% 5 Paths Exchange (A) 3 8% 8% B'4 8
12 6% Penn Dtxls Cement.. 16% 6", 6% 6%
55% 26% Penlck ft Ford < 1)... 28 40 40 40 40%
80 48 Penney iJCI (3)... 1 62% 52% 52% 61%
86% 69V, Penisa R R (4) 15 72% 72% 72%. 72
325 230 People’s Gas. Chi 18) 2 260 289% 260 254%
101 94V* Per# Mnro or pf (6). 10* 98 98 98 98
22% 17% Pet Milk (1%) I 21 21 21 21
27% 18% Petrol Corp (1 Vi )... 15 19% 18% 18% 19
44% 29% Phelps Dodge (3)... 1 32 31% 32 32%
25% 11% Phils Read Cft 1...* 82 15% 15% 16 16%
15% 8% Philip Morris (1).... 1 10% 10% 10% 10%
> 44% 29% Phillips Petrm <n2). 41 52% 31% 12 82%
> (Continued on Pag* 14.) .
BULLS IN CONTROL
OF STOCK MARKET
Speculation for Rise Pressed
Forward Aggressively on
Cheerful Reports.
BY CLAUDE A. JAGGER,
Associated Press Financial Editor,
NEW YORK, August 20—Specula
tion for the rise was pressed forward
aggressively in today’s stock market,
the bull leaders, undaunted by Isolated
weaknesses In special stocks, such as
the‘coppers and safety razor issues.
More cheerful reports from the steel
industry atjd a better tone in the com
modity markets encouraged bull op
erators to work for higher prices, al
though some recalcitrant bears offered
opposition here and there, feeling that
signs of business improvement were
still altogether impalpable.
Motor Issues Covered.
A few issues sold up 5 to nearly 10
points, and gains of 1 to 2 or more
embraced most of the important shares.
After announcement of reduction of
the Hudson Motor dividend shorts were
sent to cover in several of the motor
issues. Auburn and Hupp gaining 5
and more. Shares gaining 6 or more
included International Business Ma
chines and Case. Shares advancing 3
or more Included American Water
Works, American & Foreign Power,
Vanadium, International Harvester,
Eastman. Johns Manville and American
Type Founders, while such issues as
United States Steel, Bethlehem. Amer
ican Can, Westinghouse Electric and
Public Service of New Jersey mounted
almost as much. Federal Mining, an
inactive issue, sold at 115, 35 points
below the last transaction, and the
lowest in three years
The fact that dispatches quoting Sec
retary Mellon yesterday as looking for
business improvement in a short time
were repudiated by him after having
been widely mentioned by financial
news tickers and by brokers’ wires
seemed to cause no concern, for Mr.
Mellon said he wished no interpretation
to be placed upon his denial of the
statement, and what he was reported
as having said was in line with much
private banking opinion in Wall Street.
Street Reports Good.
The weekly steel trade reviews were
the most encouraging of trade surveys
coming to hand. Iron Age seemed to
see a few rays of light for the first
time in several weeks. It placed ingot
output at 53 per cent of capacity,
against 52 last week, the first gain
since the week after the Fourth of July.
Composite steel prices, however,
showed no further weakening, and
strength In Pittsburgh scrap, which was
marked up 50 cents a ton today, was
cheering. Steel, formerly Iron Trade
Review, said: “Steel scrap, usually a
reliable indicator of impending change
in market conditions, is stirring under
the surface and giving signs of better
conditions.”
The bull faction felt that such unfa
vorable developments as another falling
off in freight movement, as reported
for the week ended August 9, omission
of the Warner Quinlan dividend and
reduction of the Hudson Motor annual
rate from $5 to $3 a share, had been
foreseen for some time, and should not
prove important factors in the market.
The American Petroleum Institute’s
weekly statistics were again favorable,
and reports indicating a little better
progress in crude production curtail
ment In Texas counter-balanced re
ports of dissension in the Oklahoma
city pool. In some quarters, however,
there was still a tendency to look for
a weakening in midcontinent crude
prices, as the peak consumption period
will be over in a few weeks.
Call money, after renewing at 2>/ 2
per cent, was finally reduced to 2 per
cent, the first time it has reached that
rate at the loan desk in 10 days,
although outside funds have been plen
tiful at 2 per cent.
Business Notes
NEW YORK. August 20. — Buyers
registered in the New York market for
the week ended yesterday totaled 1,022.
against 1,153 in the previous week and
1,150 in the corresponding week last
year, the New York Times lists show.
Registrations yesterday numbered 447,
compared with 461 a week ago.
Co-ordination of colors in the silk
and allied Industries and the distribu
tion of color information of interest to j
silk manufacturers will be undertaken !
by the Color Co-ordinating Committee j
of the Silk Association of America.
The Gleaner Conjbinc Harvester Cor- j
poration of Independence, Mo., has per- >
fected a machine that moves through ;
! a field of standing corn, cuts the corn j
stalk off at the ground, shucks, shells
and cleans the corn and deposits it in
a grain bin in the machine ready for
the wagon box. The corn combine is
drawn by a light tractor operated by
one man.
Winthrop. Mitchell A Co., members
of the New York Stock Exchange and
the Chicago Board of Trade, state that
a private survey by one of America's
premier utilities shows business still
some 14 per rent below normal, but
current indices are pointing upward,
and by February it is believed business
will be equal to or above normal. The
firm states that this information tallies
Wall Street banking opinion.
Rail Stocks
BY GEORGE T. HUGHES.
(This is the thlrty-scond of a series
of brief Analyses by Mr. Hughes on rail
road securities. The intent is not to
recommend the purchase or sale of any
particular stock, but to give the in
vestor such information »s may enable
him intelligently to chart his own
course.)
PENNSYLVANIA.
There is no occasion to discuss bonds
of the Pennsylvania Railroad Co. They j
are all investments of such a high grade
that they vary In market price only with
changes in the money rate. It is with
the stock that this article will deal.
That is of one class outstanding to the
amount of 12,945.728 shares of SSO par
value. On this stock cash dividends at
one rate or another have been paid
without interruption since 1856, a period
of almost 75 years.
The road has had its ups and downs
and sometimes the stockholders have
had to take a small return on their in
vestment, but in all this time there has
never been a year in which some divi
dend was not paid. This showing alone
entitles the stock to an Investment rat- i
ing. The present dividend is 8 per cent
or $4 a share. This basis was estab
lished in May of 1929. when the dis- ]
bursement was raised from the $3.50 a
share per annum paid theretofore.
The question of importance now Is
whether the current slump in traffic
will imperil this $4 dividend and on this
point the evidence to date is reassuring.
Taking the first six months of 1930 as a
basis, earnings available for the stock
at the end of the year should be be
tween $6 and $6.50 a share, which ought
to be sufficient margin especially in view
of the expectation of business revival
later in 1930.
The road is one of the strongest
financially in the United States and the *
large number of shares outstanding
makes for stability in earnings per share.
The stock has a wide distribution, the
number of shareholders having reached
a new high of 207.188 on April 1 last,
when the average holding was less than
63 shares. From time to time stock
holders have received rights the market
value of which was in effect additional
income. There is no reason to doubt
but thal there will be more offerings of
this character In the future^
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
NEW YORK. August 20.—The fol
lowing is a summary of important cor
poration news prepared by the Standard
Statistics Co.. Inc., New York for the
Associated Press.
News Trend.
With the exception of favorable oil
statistics, the day's reports from in
dustry are unsatisfactory. Steel ingot
production was reduced further in the
past week, with operations for the en
tire industry averaging about 54’s per
cent of theoretical capacity, compared
with 56 per cent in the preceding week
and 58 per cent two weeks ago. At
this time last year plants were operat
ing at slightly over 90 per cent capac
ity, while in 1928 period rate was 76
| per cent. Railroad freight car load
ings for the week ended August 9 con
tinues at level of 1922. Total of 904,-
157 cars, was 17.2 per cent under like
week year ago and 13.4 below 1928
week.
Refined sugar price has been reduced
10 points to 4.40 cents a pound by lead
ing refineries.
The midweek reports from industry,
with the exception of steel production
and oil statistics, are unsatisfactory.
Steel ingot production was at 53 per
cent, against 52 per cent a week ago,
according to Iron Age. At this time
last year plants were operatin'? at slight
ly over 90 per cent capacity, while in
the 1928 period the rate was 76 per
cent. Railroad freight car loadings for
the week ended August 9 continued at
1922 level. Total of 904,157 cars was
17.2 per cent under like week year ago
and 13 4 per cent below 1928 week.
Official report on domestic crude oil
production lor the week of August 16
shows output was reduced 16,800 bar
rels daily from previous week to average
2.463,550 barrels a day. Gasoline
stocks were cut 1,477,000 barrels to 41,-
252,000 barrels, the lowest since De
cember 21, 1929.
Several interesting price revisions
were announced. Refined sugar was re
duced 10 points to 4.40 cents a pound
bv leading refiners. Cigarette prices
have been advanced by United Cigar
Stores and Schulte Retail Stores Steel
scrap was increased 50 cents ton to
$15.75 in Pittsburgh district. Hog
prices at Chicago have advanced to
highest point since August, 1929.
Corporation news is comprised largely
of earnings statements, all of which,
with the exception of American Agri
ultural Chemical, show poorer results
than year ago. Warner-Quinlan omitted
quarterly common dividend due at this
time.
The Industries.
Agriculture—Grain exports from
United States in week ended August 16
were 3,136,000 bushels, against 2,112.000
in previous week and 5,296,000 year ago.
Automobile—Cars financed during
June totaled 332,852. on which $141,-
188,578 was advanced, according to sta
tistics 439 financing organisations. This
compares with 384,520 machines and
advances $178,983,835 for June. 1929,
and 344,220 cars, with advances $145,-
346.014 during May, 1930. Six months
financing totaled 1,666,578 cars, with
advances $710,753,358 vs. 1.809,356 cars
and $839,227,143 in 1929 half.
Meat packing—Price hogs advanced
to $11.60 at Chicago yards; highest level
since August, 1929.
Oil —Domestic crude oil output in
v/eek ended August 16 averaged 2.463,-
550 barrels daily, a decrease of 16,800
barrels daily.
Railroad —Freight car loadings in
v.’eek ended August 9 totaled .904,157
cars, a decrease of 14,178 cars under
previous week and lowest of any like
week since 1922. Compared with 1929
week decline was 187,996 cars, while
against 1928 week drop was 140,111.
Steel —Price No. 1 heavy melting scrap
advanced 50 cents a ton to $15.75 in
Pittsburgh district. Production steel
ingots, in industry as whole, averaged
541-2 per cent theoretical capacity in
past week vs. 56 per cent in previous
week and 58 per cent two weeks ago.
In like 1929 week average was 90 per
cent and in 1928 period 76 per cent.
Sugar—Pr«*j refined sugar reduced 10
points to 4 40 cents pound by leading
refiners.
The Companies.
American Agricultural Chemical
earned $5.30 on $6 preferred stock In
year to June 30, against $2.47 previous
year. _ ,
Brooklyn-Manhattan Transit July
surplus, after charges, up 24 per cent.
Canada Bread, Ltd., earned 83 cents
common share in year to June 30,
against $1.39 previous year.
| Durant Motors. W. C. Durant re
| elected president; subsidiary, Durant
Motors of Michigan, receives contract
; from American Mathis, Inc., to build
100.000 Mathis ‘‘midget'’ cars; Durant
i Motors of California given exclusive
right to build Mathis cars on Pacific
Coast.
Exchange Buffet earned 51 cents
! common share in quarter to July 31
vs same amount year ago.
Fairbanks Co. earned $5.02 on SB.
First preferred in first half vs. $16.73
year ago.
Ford Motor adds five dump body
trucks to line of standard model 1%-
ton trucks. , .. .
Gamewell Co. declares initial divi
dend, $1.50 on $6 preferred stock.
International Railways of Central
America July net after taxes of 52.3
per cent; 7 months, 14.7 per cent below
year ago.
National Manufacture A Stores
earned 80 cents common share in year
to May 31 vs. $2.40 previous year.
Perfect Circle earned $2.65 common
share in 7 months to July 31.
Radio Corporation starts Fall pro
duction, pointing toward maximum out
put, 9.000 sets daily.
Pet Milk had 270 preferred and 892
common stockholders August 15.
United States Freight first half earn
ings, sl.lß common share vs. $2 40 year
ago.
Van De Kamps Holland Dutch
Bakeries. Inc., earned $1.28 common
share in first half, vs. $1.47 year ago.
Western Air Express air mall revenue
first half, $1,049,181 vs. $1,043,157 year
ago
Western Pipe A Steel of California
| unfilled orders currently. $2,000,000.
Chesapeake A Ohio Railroad (includ
! ing Hocking Valley) July surplus after
I charges off 15 9 per cent; seven months,
4.2 per cent below year ago.
Public Service of New Jersey July net
Income up 11 per cent; 12 months 11.7
per cent above year ago.
Money to Loan
Secured br first deed of trust on real estate.
Preraillns interest and commission.
Joseph I. Weller
Specializing in Mortgages
on Investment Properties
JAMES Y. PENNEBAKER
Nat. 5291 1520 K St. N.W.
REAL ESTATE LOANS
Mad* at Low Intorest Rataa
TYLER & RUTHERFORD
Applications Invited on hisb . elate
apartment* and dwelllnae. and uartleu
•irl» on well located business properties.
for 8, 5 or 10 rears. If so desired.
1520 K St. N.W. National 047 S
American Telephone and Telegraph Company
® 164th Dividend
The tegular quarterly
dividend of Two Dollar*
and Twenty-Five Cent*
($2.25) per *hare will be
paid on October 15, 1930, to *tock
holder* of record at the elo*e of buai
new on September 20,1930.
v H. BLAIRp SMITH, Treasurer.
FINANCIAL.
WOOL LIMITATION |
HELD NECESSARY
World Curtailment, Indicated
Already, Will Aid Whole
Industry’s Status.
BOSTON, August 20 (C.P.A.)—Sheep
growers are recognizing the fact that
they must reduce their herds, and It is
apparent from reflections noted in this,
the largest wool market In America,
that this policy wUI be followed not
only throughout the United States, but
throughout the world in the next year.
Such a change, it is declared, would
place the industry in a far better
economic positon. In support of this
is instanced the tremendous decrease
in the lamb price this year, the low
price of wool all over the world and the
large number of sheep now on the
ranges and the feed lots. Demand, ac
cording to market leaders, has failed
to keep up with supply.
Lamb Crop Large.
The lamb crop of 1930 was about
2,000,000 head, or 8 per cent larger
than in 1929 or in 1928. The hay crop
is short. The ranges are bare. Losses
from lamb-feeding operations last Win
ter were heavy. The drought in the
corn belt is reducing feed supplies in
that region As a result, the demand
for stocks and feeder sheep and lambs
is materially below that for the cor
responding p ; iod of 1929.
Present indications point to a world
wool clip in 1930 of approximately
3.240,000,000 pounds, although this may
be cut down by a drop in the Australian
production. Australia and the Union
of South Africa are gradually increas
ing wool production. This is coming
into acute competition with the shorn
wool in the United States, where the
1930 clip was 326,000,000 pounds. In
addition, the carryover of wool in the
five Southern Hemisphere countries will
be well above that for the last four
years. Stocks there are approximately
350,000,000 pounds, or 15 per cent above
those of last year. Stocks in London
and Liverpool and Hull aggregate 550,-
000,000 pounds.
Decrease in Demand.
On the other side of the picture there
has been a decreased domestic demand
for wool which has been reflected in
reduced consumption and smaller im
ports. During the first six months of
1930 only 145,000,000 pounds were con
sumed, a drop of 31,000,000 pounds as
compared with 1929.
Wool prices have fallen 25 to 35 per
cent in the last year, although they
are fairly stable at present. In view of
these figures, the outlook for the sheet
grower is temporarily beclouded.
The woolen manufacturer is still find
ing acute competition from the fur
trade in women’s coats, although the
styles are favorable this year for a
somewhat improved consumption of
woolen textiles. The difficulty, how
ever, is that many of the most success
ful woolen manufacturers are depend
ing on Australian wool for their sup
plies and are going into the wool busi
ness themselves in the Southern Hem
isphere, using the clips from their own
flocks.
(Copyright. IMO.I
EARNINGS STATEMENTS.
NEW YORK, August 20 (/P). —Rem-
ington Rand. Inc., manufacturer of office
equipment, today reported June quarter
earnings equal to 30 cents a share on
1.337,777 common shares, compared with
80 cents a share on 1,334,043 shares
in the corresponding quarter last year.
The balance sheet as of June 30 last
showed cash on hand of $7,791,080, the
largest amount of cash on hand in the
history of the company. The ratio of
current assets to current liabilities as
of June 30, was 8.82 to 1.
Chicago Yellow Cab Co., for the first
half earned $2.38 a share, compared
with $2.99 in the first half of 1929.
Consolidated net earnings of Inter
national Hydro-Electric system for the
June quarter available for dividends on
class A stock were $622,367, more than
2 3 4 times the earnings of $215,783 in
the second quarter last year. Dividends
on the class A stock; were $394,717.
SILVER MARKET.
NEW YORK. August 20 (JP).— Bar
silver, 36'4.
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Equitable Co-operative Bldg. Ass’n
Orranlied 1879 50th YEAP COMPLETED
JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary
Assets $5,723,083.81 Surplus A Profits.. .$1,755,911.57
Subscription for the 99th Issue of Stock Being Received
Savinß '
J Come in
Regular Tl Ad and let us
consistent }«► , .
/3 explain
saving is rCr
'sure Share! P ‘ a "'
915 F St. N.W.
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SAFE FIRST MORTGAGES
WHAT TO DO WITH
THAT SURPLUS
MONEY
The question of profitable and
HOHil safe INVESTMENT is not a
iLw/CTr complex one. In fact, one’s
course is clearly charted if con
sideration is given to two things
—amount of interest paid and
Over a Third security assured. Our
of a 6% FIRST MORTGAGES
Century answer the question definitely
Without a on P°i nts —liberal interest;
conservatively appraised im-
Loss proved real estate.
May be purchased in amounts
from $250 up.
B. F. SAUL CO.
National 2100 925 15th St.. N.W.
THERE IS NO SUBSTITUTE FOR SAFETY
' 1
A-13
First Mortgage Loans
Lowest Rate* of interest and Commission
Thomas J. Fisher A Company, Inc.
/ THE \
' COMMERCIAL N
NATIONAL BANK
Let us serve you In all banking
and fiduciary matters.
Interest paid on savings accounts
from day of deposit to day of
withdrawal.
Resources over $19,000,000
V WADE H. COOPER. President J
14th end G Streets
Keep Ahead!
Always select such an
investment as our Guar
anty First Mortgages,
because they are thor
oughly dependable!
If’e Make First Mortgage
Loans!
Real Estate
Mortgage & Guaranty
Corporation
|| Capital Resources, 53.500.000
24 JACKSON PLACE
\ Property <
/ Management S
\ Over 30 years' sue- C
C cessful handling of C
# rents—economical con* #
► sideration for owners. J
i ► Personal attention #
► to details and prompt >
1 y remittances. \
i y Also facilities for \
< . financing.
’ Moore & Hill, Inc. ?
4 > (Sine* 1900)
4 730 17th Street #
If you value money and wish
to conserve time and energy
you’ll appreciate our service in
obtaining mortgage loans.
There's no lost motion with us
and our fees are quite moderate.
3,5, or 10
Year Loans
On Improved
Real Estate
; IN
\ Nearby Montgomery
* County and the
• District of Columbia
Lowest Interest
Rates
BOSS a phelPS
Founded 1907
loan Correspondent
John Hancock Mutual 11/e
Insurance Co.
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