Evening Star Newspaper, January 17, 1930, Page 15

D. C., FRIDAY, JAN FINANCIAL, THE EVENING STAR, WASHINGTON, ) 2 " CURB SHARES EASE ' NEW YORK CURB MARKE IN SELLING MOVE Motors, Mines and Radios Are Off—Profit Taking in Utilities. BY JOHN A, CRONE. Special Dispatch to The Star. NEW YORK, January 17.—After opening active and irregula curb stocks today eased and siowed. Motors, mines and radios were conspicuously soft and some utilities that were re- cently whirled ran into profit taking. Foreign buying in Utilities Power & Light common and B shares put them up 13 and 10% points respectively. The New York State Utilities, Niagara Hudson Power, Niagara shares, Eastern States Power B. Mohawk Hudson pre- ferred and St. Regis Paper, so popular ! in the previous session, were relatively inactive today. Pivotal issues like American Super- power, Electric Bond & Share and United Light & Power felt the effects of profit-taking. Standard Power & Light old shares for a time were higher and so were Electric Power & Light op- tional warrants. Erie Railroad rights, representing the privilege of subscribimg to shares of the Pittston Co., lcraild :’0 lePI:l lh? wg properties _opera y. nnsylvan! Coal and Hillside Coal, both owned by Erie, made their bow on the curb at 134, but later were quoted at 1. Bearish rumors circulate about the motor industry affected the automobile shares. Further shut-down of mines by Anaconda to hold down production proved depressing in mining shares. Newmont Mining, a holder of mining securities, was off at times more than two points. Virtually all radios were offered. as radio over on the big board declined. Trade circles believe a further concen- tration of the radio business will take place as a result of recent receiverships and lower earnings. Arcturus Radio Tube moved counter to the general downward trend as a re- sult of an announcement that it will make & complete line of battery type tubes in addition to present lines. Further reductions in crude oil prices brought new selling into the petroleum division. Several large blocks of Stand- ard Oil of Indiana, one of them for 8,300 shares, changed hands at slightly lower quotations. Humble, a Standard Oil of New Jersey subsidiary, which in- augurated the recent price revision, was down 2 points in the forenoon. Cities Service was off more than & point and its subsidiary, Indian Territory Illumi- nating, was nearly 2 points lower. I Baltimore Markets l Bpecial Dispatch to The Star. BALTIMORE, Md., January 17.—Po tatoes, white, barrel, 1.5024.00; 100~ und sacks, 1.75a2.65; sw. potatoes, arrel, 1.50a3.00; yams, barrel. 2.00a3.00; beets, crate, 2.75a3.00; beans, hamper, 1.50a3.75; cabbage, hamper, 40a65; car- rots, 100, 2.00a4. caulifiower, crate, 1.25a2.25; celery, crate, 1.50a3.25; let- tuce, crate, 4.50a5.25; kale, barrel, 1.25a 1.50; onions, 100 pounds, 1.75a2.00; peppers, crate, 3.00a4.00; peas, 5.00a 5.50; parsnips, basket, 50a65; spinach, ‘bushel hamper, 50a90; apples, bushel, 75 22.25; cranberries, box, 3.00a4.7. grapefruit, box, 2.50a4.75; oranges, box, 2.15a4.50; tangerines, box, 1.25a2.40; strawberries, quart, 30a40. Dairy Market. Poultry, alive—Turkeys, pound. 30a 34; old toms, 22a25; Spring chickens, 25a28; Leghorns, 21a22; old hens, 208 27; Leghorns, 22a23; poor and thin, 17 18; old roosters, 17a18: capons, 32a36; ducks, 16a24; geese, 15a32; guinea fowls, each 40a45; pigeons, pair, 25. Receipts, 814 cases: native and nearby, firsts, 41: pullets, 35; hennery. whites, firsts, dosen, 42; culls'and dirty a30. { eggs, 2 E Butter—Good to fancy creamery, pound, 33a38; ladles, 30a32; store packed, 20; rolls, 27a29; press, 36a37. COPPER OUTPUT CURTAILED. NEW YORK, January 17.—Further’ curtailment of its production was an- nounced today by the Anaconda Cop- per Mining Co. Its Original and Anaconda mines were closcd last night. A few days ago the company announced temporary suspension of operations at other properties. The curtailment is the result of an increase in the stocks of refined copper between December 1, 1929, and January 1, 1930. — .. PARIS BOURSE Pfi]ES. PARIS, January 17 (#).—Prices were steady on the Bourse today. Three per cent rentes, 88 francs; 5 per cent loan, 105 francs 55 centimes; exchange on London, 123 francs 91 centimes. The dollar was quoted at 25 francs 453 centimes. BONDS ON THE CURB MARKET. 6 60 6s A 2025 xw 103% 103% 103 537, 9Da e1ia a1 s 2 H a. H a i = {3 ERwensee e S an S he S Semw PECIEERr ] 5 U ® A’ s 15 Den Mtge Bk 5s 72, IX 98 T4 Eas Prus LB 5300 908 Finland In Bk 75 "4 97'3 RMB 65 '61. 78 rchen 65 ‘34 92, . Brazil 7s 10 Pri F 8 65 Rio de_Jan 6'3s Co. | smm . Stock and Dividend Rate. 7 Aeronautical Indus. 5% Aero Sup Mg B. 48% 13 Aero Underwrite All Amer Gen Corp. . % % Allied Aviation. SanS~ams 29% Am Cit PAL A i 10 AmCP&L B (b10%) 16 Am Colortype (2.40). 18 AmCwith P A b10%. 22 AmCwith PBb10%. 1% Am Control Oil Fids. 20% Am Cyanam B (1.60) 14% Am Equitie 254 Am For Power war.. 70 Am Gas & Elec (31 98 Am Gas&Elee pf (8). 64 Am Invest Ine B. 190 Am Lt & Tract (10). 1% Am Maracaibo. . 7% Am Nat G cm pf 60 15 Am Superpower (1). 3 82 Am Superpow pf (§) 89% Am Super 1stpf (6). 5 Am Yvette (new) wi. 8 Anchor PostF (2)... Andre Citreon B rets. 14 Anglo-Am vot (73c 11 Anglo-Am n-v (73c. 7% Arcturus Rad Tube 1% Arizona Com (50¢) & Ariz Globe Coppe. 23% Arizona Power 3% Arkansas Nat G 6% Arkan Nat G 5% Asso-Elec Ind Ltd. e - ArwnaSNenen 25 42% 399 B 26 roo - Seadma = Sramremun~EinRaanuRacsann Laund (320¢) 3 Asso Rayon..... 30% Asso Rayon pf (6. & Atiant Fruit & Sug. 24 Atlas Plywood (2). 304 Atlas Port Cem (2) 46% Bancomit new (1. 4% Bellanca Alrcraft 34 Blue Ridge Corp. 234 Blue Rdg ev pf (a3). 3 1 Blyn Shoes, nc. 6414 Bohack (H C) (2 314 Brazil Tr & Lt (2) 1% Bridgeport Machi; 14 Brillo Mfg (1.20) 98% Bunker H&S (16% T4 Burco, Inc 3% Burma Corp (f3le) 13% Butler Bros (1.20). 3% Cable Radlo T vte Can Marconi. 1 Carib Syndica 43% Carrier Eng n 20 Celanese Corp. .. 6 Cent Atlantic Sta 20 CentPSvA (al.75). 12 Cen States El (340¢) 4% Centrifug Pipe (60c) 9 Chain Stores Stock. . 44 Ches & Ohio (new).. 20 Citles Service ($30¢) 270 84 Citles Servpf (6)... 10 Clev Tractor (1.60) 2 Club Alum Uten e AR o B h e aa e D wone 93% Comwith Pow pt (6). 1% Comwlth & Sou war. 95% Com'wlith & S pf (6). 124 Com Wat Ser (b6%) 1 4 Consolidated Copper. 45 124 Con Dairy Prod (32). 71 Con Gas, Balto(3.60) 20% Con G: 10 Cons Laundrie Consol Min&S(t1%). Copper Range (2)... 19 98 201 23 95 13 T (2).. Alrports vte, Wright war.. 1% Cusi Mex Mining.... 18 €% Darby Pet (1).. 2 2 Davis Drug Storcfs. 1 6% 31 Dayton Air & Eng... 1 642 310 Decre& Co (6)...... 768 470 3 De Forest Radio 4 Derby Ofl & Refin. 59 Driver Harrls(new) 324% 120 Duke Power ($5) 20 8% Durant Motors 1 14 Duval Tex Sul 1 g astGas& F Asso.. 1 28 Kast States Pwr, B1., Eastern Util Inv A. . 189 50 108% 100 El Bond & Sh pf (6). 10% ElP& L opt war.... 16 Elec Pow Asso (1)... 7 28 14 ElecPwAsso A (1).. 3% Elec Sharehldg (11). 45% El Sharehold pt (8).. 25% Empire Pwr Corp(2) 14% Emp Pub Sv A(1.30), 50% Fajardo Sugar .10 Falcon Lead........ % Fandgngo Corp. 5% F el Products. . 29% Federal Screw (3) 20 Fed. Metals t1%. 16% Fiat Stk deb rts rcts. 4% Finan Invtst, NY... 100 Florida P&Lt pf (7). 8 Fokker Adreraft.. 15 Ford Motor Can A 10% Ford Motor Ltd 3 Ford Mot of France. 3% Foundation For Shs. 20 Fourth Nat Inv. 414 Fox Theat ClA. 18% Garlock Pkg (1.20).. 8% Gen Am Invest new. 24 General Baking..... 45 General Bak pf (6).. 7% Gen E Ltd rts (50c) 19 Gen Empire Corp. ... 29% Gen Fi'proof (12%4). 13 Gen Gas & El (A)... 10 Gen Laundry Mach.. 9 Gen Rity & Utilities, 24 Gen THeat Equip vts 105 95 GaPowerpf (6).... 1 11% Globe Underwriters. % Gold Coin... 3 Gold Seal Eln 24 Golden Cente: 82 Goldman Sachs (b6). .16 Goldfield Consol Gorham Ine pf ( Graymur Corp. Groc Stors Pro Ground Gripper (1). 5 25 115 Gulf Oilof Pa (1%). 11 137 14 Hartman Tobacco... 4 3% Hollinger Gold (60c) 2 19 Hoover Steel (1.20).. 1 6 Hudson Bay M&S.. 13 74% Humble Oil (2)..... 17 27 Hydro Elec Serv (2). 1 50 HuylrS,Dercmpfi. 2 340% 260 Illinois P L (20).... Bls 41 22 ImpOilCann (50c). 27 Ind P Lnew (12%).. 1 Indian Terr Illum 61 Insull Ut Inv(b6%). 3 Inx Co of N Am (13). % Intercontinent Petn. 614 Intern Perfume (1). 15 Intl Petrol, n(62%¢) 26% Intl Superpow (31).. 3 Internatl UtB.. 92 Intl Util pt pf (7 10 Interstate Equitie 40% Interest kq cv pf (3) 11% Irving Afr Ch (1.50). 4% Italian Superb war. . 6% Italian Superpow A 29 Johnson Motor Co 10 Jon & N cum pf (3). 1% Kirby Petroleum. 4 Kirkland 1 Kolster- A T4 Lakey Fdy&Ma (32). 1% Land Co of Florida. . 3 Lefcourt Real(11.85) 87 381 .5 29% 449% 210% Com’'with Edison (8) 10s 237 104 4% 5% 8 16% 17 9 101% 108% 101% 103% 2N s B n 3 3% 7 4% 6 768 156l 1668 155% 155% Bl 5 5 | 9% 193 1% 1 246 24% T B El Bond & Sh (b6)... 300 84% 85% 83 2 103% 103% 103% 103% 18 31% 32 304 284 19% 424% 307% 309 307% 309 26 26% 8% 2 15% Stock and Dividend Rate. Lehman (The) Corp. Leonard Oil.... Libby McNeil & L. .. Loews Inc deb rts. .. Lone Star, new (80c) Long Island Lt (40c) Louisiana Lan & Ex. Mac Marr Stor e Marine Mid Cp (1.20) d of Mexico. . Nat Fu Pants 29 237 8 %5 6% 16% 164 10% 3 15% 104 [3 15% 1% 6% 21% 30% 2% 2% 1% 8% » 104 6 15% 11w 6l 21% 30% 8 3 3 480 470 3% 3% 8% 5l 476 3% 11 19 47% 46 4 5% 82% 304 25 25 25 % 10% 10% 3T 3T% 23 23 18% 18% 18% 4% 5% 00 100 16% 164 301 29% 10% 100 6% % 4 36 6% 4 36% 6% 21% 1% 4 3% USDa 137 135 Bl 15 25% 26% 15% 2% - Y 8% 3 2 15% 15 16% 2% [ W 8% 2 15 So. Cal. 2% oy 07 T % 8% Bt annusl payment. Mer& MfS A (1.50) 4 Mesabl Iron........ Met & Min Ine (1.20) Middle Wst U(b8%). Mid W Ut cv pt xwé. Mid Royalty cv pf 2. Mo-Kansas Pipe L. . Moh H P 1st pf (7)..1758 Morison Elec ($1)... Mtg Bk Col (Am sh). Mount Prod (1.60).. Murphy Co (1.20).... Amer Co (2).... at Aviation. . 3 Natl Fam Strs (1.60) Natl Fam S pf (2)... [ : Nat Investors (new) Nat Transit (1)..... Nat Steel Corpx w.. Nat Sugar NJ (2)... Nehi Corpn (1.30)... Neptune Meter (2).. Newberry (JJ)(1.10) New Mex & Ariz Ld.. Newmont Min (34).. Newport Co (2)..... N'Y Auction (1%) N Y Invest (1.20). .. N Y Pet Royalty (1). NY Telpf (6%).... Niagara Hud P(40c) Niag Hud Pw A war. Niag Hud Pw B war. T 8. 0. Royal Typewr(t3%) Ryan Consolidated. . St Anthony Gold. ... St Regls Paper (1) Salt Creek Prod (2 Schulte Un 5c-$1 Si Seg Lock & H (50c Selected Industri; Select Ind pr (5% Sel Ind allot efs 5% Selfridge Prov S 27e. Shenandoah Corp. an Corp pf(a3). % Silica Gelet... .. 1 Singer Mfg Ltd(30c) Sisto Fin Corp. Skinner Organ (2%) 3 Sonora Products. ... So Am Gold & Plat South Penn Oil (2) SEP&LDI(T)..... So Cal Ed pfB(1%).. Southern Corp. So Ice & Utilities B Southland Roy (1) S W Dairy Produ S W Gas Util. Stahl-Myer (1 Standard Motors. . Stand Oil Expt pf(5) Stand Oil, Ind (2%). Stand Oil, Kan (2)... Starrett Corp Starrett Corp p . Stein Cosmetics Inc. Sterch Br St (1.20).. Stroock & Co (3). Stutz Motor Car. SunInv..... Sun Inv pt (3). Superheater (13%).. Switt & Co (8)... Swift & Co new (2) Swift Intern'l(2%) Syrac Wash M B (1). Taggart Corp (1).... Tampa Electrie (32 Taylor Milling (13, Texon Ofl & Land Thermoid Co (2) Third Nat Inv (1). Tobacco & All Stks Transamer (31.80) Tran Con Alr Tran.. Tr-Lux DL P S (A). T'ri-Continental Cor. Tri-Cont Corp wa, Tri-Cont Corp p£(8). Tri-Utilities. Trunz Pork 8 (1.60) . Tub Art Silk B (10). 130 Tung-Sol Lamp (2).. Ungerleider F Corp Union Tobacco. Utd Carr Fastnr 1.20 4 United Ch pt pt (3) Corp Dividend rates in doliars based on last quarterly or semi- nt. Received by Private Wire Sales— Add 00. Open. 18 77 h. % o RN R A—DE AR AN 64 1) AR NN DENHD AN ~H—O Shares(50c) Noranda Mines (3).. North Am Aviation.. Ohto Copper. . Oilstoeks,Litd A % Okla Gas & El pt (7). Outboard Motor (B). Pac GAEl 1stpf 1%. Pac Western Oil. Pandem Ol e Oil. Penn O Ed pr Pennroad Corp Pet Milk pf (7) Penna Wa & Pwr (3) Petrol Corp (1%).... Philip Morris Inc. Philip Morris (A). .. Pilot Rad T A Pitts Plate Glass (2) Plymouth Oil (2)... Polymet Mfg (31)... Prince & Whitely. .. Prince&Whitely pf3. Prudential Inv...... Pub Util Hold war. Pug SP & Ltpf (6). Radio Products (2).. RainbowLumProd A Reliable Strs (b5% ) . Reynolds Bros Inc. .. Reynolds Met n 2.40. DE(T). L » S CanmmSnendiB vonnuminon Sheavanears - P ISP PRS- ). o S 24 75 24% - e Sromnlunlrarmmar camdemoiicmsmataa SR~ B Ter e United Gas Co. Unit Lt&Pwr A( Utd Lt & Po pf (6).. United Milk Prod Unit Mola: United Profit Shar. ., United Public Serv.. U S Dairy (A) (5). iyl .o, U 8 Finishing (32). USFollB (1)...... US&InScte (2%) U 8 Lines (50¢c) U S Radiator (2). 8 Rubber Reclaim. U S'Shares Fin.... United Stores. Unit Verde Ext (4) Utility Pw & Lt(al). UUIP&L Utility & Ind..,. Util & Ind pt (1% Utility Equities Vacuum Ofl (t4%). Van Camp Packing. . Venezuela Ptm(20e). Vick Fin Corp. Walgreen Co. Walker (H) ( Wayne Pump. Wenden Copp: Wilson Jones (3 Winter (Benj). Yukon Gold. . RIGHTS. Krie Railroad Co. Johnson Motor. Lud.. Betfs (a1). Expire. Jan.16. 42 1% 1% Jan.27 18 1 1 pr.12 46 3 3 Mar.b 762 .07 .07 %1 1 1 2% 2% 06 .06 *Ex-dividend. tPartly extra. $Plus extra in stock. a Payable in eash or atock. b Payable in stock. d Payable in preferred stock. MONEY MARKET. NEW YORK, January 17 (#).—Credit continued in plentiful supply today, re- flecting the flow of funds to this center which normally continues during the first three weeks of January. ‘There was little change in rates, how- ever. Call money renewed at 4% per cent and was in reduced to 4. Time money was slightly lower. ! loans were quoted at 4% r | cent, and two to six months, 41 to 4%. The rates yesterday were quoted at 4% flat for 30 to 90 days and 4% for four | to six months. was better than for the past few days, but rates were unchanged. Commercial paper was fairly active, with rates un- changed, at 4% per cent for best names and 5% for names. The bulk of the business was sald to be done at 43. ‘The large offerings of bonds this we_k, most of which will be paid for during the next fortnight, may deter further easing of money rates, ——————— Australian white ants are a, i destructive. They will lmk”-:\ud e’-’ molish a large farm cart overnight, leav- ing only the metal parts uneaten, METAL MARKET. NEW YORK, January 17 (#).—Cop- per qulet; electrolytic, spot and future, 18. Iren quiet, unchanged. Tin easy; spot and nearby, 38.50; future, 30.12. Lead steady; spot, New York, 6.25; East 8t. Louls, 0. Zinc easy; East St. Louis, * spot and future, 5.0585.15. Antimony, 8. Gemsh sy b 8ilk furnishes the longest continuous fiber known. One cocoon has been known to yleld nearly three-quarters of & mile. - bud 1929. equipment. a minimum of $31,800,000. These fig- condition _of brought about by the recent market RALVAY INDUSTRY PLANS EXPANSIN Huge Budgets Prepared for This Year Following Gains in 1929, By the Associated Press. NEW YORK, January 17.—The elec- tric rallway industry in'1929 earned the largest net revenue in its history, car- ried almost 16,000,000,000 passengers and will spend this year for new plant and equipment, maintenance and mate- rials a total of $371,220,000, Electric Railway Journal reports, making public & survey just completed. The t for 1929 was $357,455,000. The total gross revenue of the elec- tric rallways in 1929 was $1,130,000,000, a gain of $20,000,00 over 1928. The to- tal net income for 1929 was $83,000,000, which sum compares with $78,000,000 for 1928. Capital invested in the urban and interurban lines as 1930 gets under way totals to $5,500,000,000, the survey shows. Employ 300,000 Persons. ‘The 671 electric rallway companies in the United States emfloy 300,000 per- sons and last year paid to them oper- ating wages aggregating $424,000,000. These employes rendered service over 42,431 miles of track. The companies operate 11,854 busses and own 100,255 cars and locomotives. They ted more than 2,000,000,000 revenue car miles in 1929, a gain of 10,000,000 over 1928. The total of passengers carried was 15,830,000,000. A total of 400,000~ 000 revenue bus miles was operated by the lines. Car and car equipment purchases in 1930, the survey report shows, will con- tinue the expenditure gains noted in For that year the companies spent $28,710,000 for new cars and car This year they will spend ures compare with the $18,900,000 out- lay for new cars and car equipment in 1928. The companies expended $81.- 900,000 for way and structures in 1929. The 1930 budget calls for an outlay of $88,400,000 in this classification. In all, the urban and interurban lines will expend $19,900,000 for new busses in 1930, as against $17,300,000 expended in 1929, For power equipment the com- panies plan expenditures totaling $8.- 950,000 this year. Last year their out- lay for power equipment was $7,570,000. Stability of Industry. “In view of the somewhat disturbed the general business rash,” the Journal said in summarizing 2 survey statistics, “the figures of 1929 and the forecast for 1930, both showing increases, are of real significance. They emphasize again the fundamental sta- bility of the electric railway industry and its relative immunity to fluctua- tions in trade. Expenditures for the past year were not, curtailed in any in- stance and most of the electric raliways reporting showed increases for 1930." | CORBY URGES STUDY IN ALL INVESTING Local Financier Makes Address at Wharton Institute in Philadelphia. Karl W. Corby, Washington finan- jer, stressed the importance of investi- ting thoroughly every investment be- fore action is taken, in an address last night before the ‘Wharton School of Finance in Phila- delphia, his sub- ject being “Seeking the Truth in Se- curities.” Among other things Mr. Corby said: “‘Securities should be selected after a thorough investiga- tion is made to obtain the truth regarding them. In the past few years the ublic has participated to a greater extent Karl W, Corby. than ever before in the securities mar- ket. By this interest greater distribu- on of assets occurred. Corporations I have increased their capital issues be- cause of larger volume of business, or by reason of mergers or consolidations. “These issues took various forms— 8% (bonds of many kinds, preferred and common stocks. There were many re- adjustments of capital. Frequently bonds and preferred stock were re- tired leaving the common stock as the ‘This, in it=clf, is very confusing and creates a perplexing problem at the outset in the mind of the investor. It brings before him the necessity of cau- tion and actually makes it imperative that the thinking investor investigate the financial structure of the corpora- tion in which investment is contem- plated. ‘While the Federal Reserve system was organized for the purpose of givin, an elastic currency, ai in the lan- guage of its forefathers ‘preventing the flow of the nation's credit to Wall Street,’ nevertheless it has enabled the building of a credit structure which indirectly has proved an outstandin, factor in the absorption of securities. Mr. Corby outlined specific factors that required consideration by the in- vestor. such as the kind of industry, the time element, state of employment, the purchasing power of the people and covered in a broad way basic prineiples of investment in railroad securities, copper securities, the retail fleld, etc.. and_concluded: ‘Success is gained through intelli- gent effort and to the investor study and preparation are essential to the intelligent correlation of fact: upon envy and prejudice vanish truth unfolds itself in wider wisdom. TRUSTEES ARE CHOSEN BY PLATE-GLASS FIRM At the annual meeting of stockhold- ers of the Home Plate Glass Insurance Co. of this city the following trustees were again chosen for the ensuing year: Byron 8. Adams, H. H. Bergmann,, Charles R. Brown, Albert J. Gore, Charles E. Hood, John B. Larner and William H. Somervell. The board or- ganized with the selection of the fol- lowing officers: John B. Larner, presi- dent; Byron S. Adams, vice president. and Willlam H. Somervell, secretary- treasurer. The financial report of the treasurer showed a gratifying increase in the business of plate glass insurance premiums during the year. This com- pany was incorporated under the laws of the District of Columbia on Febru- ary 11, 1882, STOCKS MAY'DECLINE; THEN GAIN IN SPRING Special Dispatch to The Star. NEW YORK, January 17.—Hornblow= er & Weeks, in their January Invest- ment Review, state they look for a sub- stantial improvement in general bus ness this Spring, and in consequence anticipate materially higher prices by late Spring for all representative invest- ment securities. They point out that it is possible lower urity prices may be registered in the meantime as a ro. sult of current indifference toward de news and unfavorable earnin statements covering the last quarter of 1920. They also look for a Spring im- provement in the bond market. UARY . 17, 1938 H PINANCIAL. STOCK AND BOND MARKET AVERAGES F By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. 50 90.4 ir value), $10,384,000. (Copyright. 30, Standard Statisties Co.) FIGHT FOR HIGHER SUGAR DUTY MAY END WITH SENATE VOTE Effort to Increase Tariff Received Serious BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 17.—When the Senate yesterday voted to retain the present tariff rate on sugar it settled, at least for the present, one of the most disputed political-aconomic questions of the proposed tariff bill. Powerful in- terests were working for increased pro- tection. Other ones, just as powerful, were interested in keeping the present rate. Senator Tom Connolly of Texas in- sisted if the increase suggested by the finance committee was adopted it would cost, the American people an additional $54,000,000 & year. “Only one-fifth of the sugar consumed in this country is produced here,” said the Texan. “That means that only $11,000,000 will go to American in- terests. So the bill proposes to tax the American consumer $54,000,000 to give the American sugar farmer $5,500,000." Upon the theory that only 50 per cent of the amount of the cost going to American interests ever trickles down to the sugar farmer, most of this would go to the sugar producers of Hawail, Philippines and Porto Rico. The finance committee had asked for an increase in the rate from 1.75 cents a pound to 2.20 cents a pound. This probably spells the doom of any increase in the sugar duty incorporated in the new tariff bill. Less than $240,000,000 was used by the bankers' committee to “plug the airpockets” in the stock market crisis of October last. Many believed the figure was several times this amount. On October 24, in the Morgan offices, six institutions pledged $40,000,000 each for the pool. They were J. P. Morgan & Co., the National City Bank, the Guar- anty Trust Co. the Chase National Bank, the Bankers' Trust Co. and the First National Bank. ‘The purchases were made for the group by the Morgan firm and kept for the account of the whole group. Even this fund was not all used. Since that time some of the stock has been_sold, but the total amount left in the hands of the group, to be divided up equally among the different mem- bers of the consorium, is less than $100,000,000. ~Thomas W. Lamont, spokesman, handled the "'“'fl‘f." for the bankers throughout the crisis. Most of the stocks, having been bought at figures much lower than present prices, will probably be put into the strong boxes of the various banks and disposed of late: Paramount-Famous-Lasky _Corpora- tion will announce today net profits for the year 1929 of $15,500,000 after all charges and taxes. This is equal to $6.34 a share on the average outstand- ing shares during the year—a gain of about 78 per cent over 1928. The profits of all subsidiary companies in these figures are included from the Blow in Action Yesterday—Bankers' .Pool Report. date of their acquisition only and not for_the entire year. Dividends of $7,300,000 were paid during 1929 and the balance of $8,200,- 000 added to surplus. Paramount has no bank debts and only $14,323,000 of 6 per cent deben- ture bonds prior to her common stock. Earnings are about 18 times the annual interest requirements of these bonds. “The year 1929 was the most suc- cessful year in the company’s history. De luxe theater operations, which in the last few years have made motion glctures the principal public recreation, ave been a large contributing facto: in our prosperity,” said Adolph Zukor in discussing Paramount's expanding business. “Talking pictures have help- ed a lot. but the real factor in our growth been due to the great amount of earnings which we have lpggzvd back into the business since William Fox is offering $35,000,000 of 7 per cent three-year gold notes to provide funds to handle his more press- ing accounts. He is going directly to the 15,000 theater owner customers of the mrgonuon and to the 25,000 employes of his various corporations, as well as to the 15,000 stockholders of the pres- ent. companies. Just what is being put up as col- lateral for gotes has not been an- nounced. Mr. Fox's obligations in the immedi- ate future are undersf to be more than the amount of these notes, but it is believed that such an issue will constitute a breathing spell in the period of readjustmnet. Scores of prominent business men and financial services have been quoted on the present business situation and its future. Productions figures have been given at random, but few attempts have them and show the ‘The New York Annalist, in its annual review and forecast number, issued to- day, reports a sharp decrease in the index of business activity. The index, in May was 108.8—the high for the year— and the preliminary December index 1s 90.1—the low for the year—a decline of 18.7 points. This carries the index to the lowest level since August, 1924. Says the Annalist: “The most im- portant factor in the December decrease was a further drastic reduction in the rate of automobile production. * * * The next was a further pronounced recession in the adjusted index of electric power production. Another was a further sharp decline in the adjusted index of steel ingot production, which is at its lowest level since July, 1924.” “I belleve that when we look back & year or two over the charts of last De- cember we shall find that they regis- tered the industrial lows of the period, and that they will show a gradual im- provement from that point on,” sald Waddell Catchings, of Goldman-Sachs, in discussing the business outlook. (Copyright, 1930, by North American News- paper Allianee.) INSURANCE COMPANY DECLARES DIVIDENDS Stock and Cash Payments Voted and Officers Chosen by Local Concern. The annual meeting of stockholders of the Lincoln Assurance Co. of Amer- ica, home office Washington, was held on Wednesday in the Washington Loan & Trust Bullding. The old officers and directors succeeded themselves, as fol- lows: C. P. Hull, jr., president; Alexander K. Phillips, vice president and secretary. Directors, C. P. Hull, jr.; Alexander K. Phillips, Edmund D. Rheem, Charles R. Grant, H. Glenn Phelps, Alfred H. Red- ding and John T. Meany. A stock dividend of $70,000 was de- clared in order to bring the paid-in capital stock to $200,000. A cash divi- dend of 3 per cent on the capital stock ($200,000) was also declared. ‘The statement of business for the year 1929, as submitted, was satisfactory. CEMENT MERGER UNITES SCHNEIDER BAKING CO. NAMES 1930 OFFICERS At the annual meeting of stockheld- ers of the Charles Schneider Baking Co., Inc., the following officers were re- elected: John G. Meinberg, president; A. H. Plitt, vice president; A. Fred Jorss, treasurer; B. F. Rover, secretary and assistant treasurer. elected were Henry Troeger, Gertrude g.dg:relll, J. A. Eisenbeiss and John B. POTATO MARKET. CHICAGO, January 17 (#) (United States Department of Agriculture) —Po- tatoes—Receipts, 64 cars; on track, 169 cars; total United States shipments, 735 cars; trading slow account of weather: market steady; Wisconsin sacked round whites, 2.50 to 2.65; Idaho sacked rus- sets, 3.10 to 3.30; few, 3.35. NEW YORK BANK STOCKS. NEW YORK, January 17 (Special).— Bid. Asked. America . 127 129 Amer Uniol CENTURY-OLD COMPANIES 2'”"‘ Special Dispatch to The Star. CHICAGO, January 17.—Through the merger of cement companies, form:d by the consolidation of Universal Port- land Cement, Atlas Portland Cement, Atlas White Portland Cement and Atlas Lumnite Cement into the giant Univer- sal Atlas Cement Co., it is estimated the combined production will approximate 36,640,000 glrnh of cement annually. concern, & subsidiary of the e United States Steel Corporation, with | Mel headquarters in Chicago, will double l.hle present capacity of Universal, it is sald. Benjamin F. Affleck will be president of the new group. Changes or additions in the plans have not yet been dis- cussed, although it is assumed that there will be no closing of plants anywhere, as the centers served by the merging companies involved no duplication. Atlas and Universal have grown up with the cement industry. Each com- pany is more than a century old, and after the merger each will continue its old general policies. NEW YORK COTTON. NEW YORK, January 17 (#).—Cotton opened steady today at an advance of 1 to 4 points on trade buying and cov- by the fairly eady showing of the earlier Liverpool cables. ade Union, Bronx. . Wasn'sq N World Yorkville . Bankers. new. Banca CI..... Bank of Sicliy. . ering, which was probably influenced e Liverpool later | Pideli eased off, however, and after selling at | Fulto: or points nef prfoel here slipped back to about ' yesterday's closing _quotations. Trading was steady at the end of the first half hour. Liverpool cables reported trade calling and an active spot demand with con- tinental buying, also a fair cloth in- quiry from India, although many offers | £l were unworkable. | Live 2,000 bsl? of American cotton. b TPOO) sales were reported at 10,000 bales, but they included only |7 juiet with the market | La T Co Underwrite United State: ¥E® A_I5- ILABOR SITUATION IS DECLARED SOUND Workers’ Buying Power Found Not Seriously Impair- ed by Unemployment. BY J. C. ROYLE. Analysis of the survey of employment and employes earnings made public by the Bureau of Labor Statistics has convinced Government officials of the innate soundness of the labor situa- tion. Despite a decline in number em- loyed an Grews o close the Tover o sach showas & gain for the 12 months ended Decem- 1;;_,31. as compared with both 1928 and More significant still was the fact that while employment dropped 2 per cent in December, as compared with November, earnings fell only eight- tenths of 1 per cent. This is ample evi- dence that there has not been a dispo- sition to cut wages. Employment for all industries for the year was 3.9 per cent above that for 1928 and employes’ earnings showed a gain of 6.2 per cent as eomr-red with that year. The level loyment was 1.1 per cent higher 1927 and the total of earnings m 4 per cent above that of two years Retail Trade Increase. The years of 1927 and 1928 were the most prosperous years this country ever had up to the present and the gain, as compared with those periods, has given strong encouragement, to business men and Government executives. This strength was emphasized by the an- nouncement by the Department of La- m:ret.h‘a:‘;etsg t.nbd: showed a decided ce Nu_;_l;mber. ‘mber as compared with e conclusion reached from - ures presented is that buying pt';‘:'e!rflzl the public in general has not been dan- gerously reduced by unemployment and is unlikely to be. December employ- ment, as compared with December a year ago, showed a loss of 3.8 per cent in number employed and 5.8 per cent in pay ml“" but despite this fact the vol- have been bul up their reserves ir the last 12 months,’ explained a p::n‘ll: inent Government official today. “They have done fust what many banks are now doing—setting up funds for con- tingencies and future demands. Only they have done it first. Their n is nearly as sound as the mrul banks in many cases. These reserves are not now being depleted at any alarming rate. The figures of the De- partment of Labor show that in 34,432 establishments 4,928,090 workers were employed and that their combined earnings in 'mber amounted to $132,775,908. The reserves are not like- 1y to suffer severe depletion so long as they are being fed at such a rate.” > Credit Position Sound. ‘The workers of the coun ACCOrY ing to the Government flnzlycur!, nge prepared to withstand a siege and con- sequently are not likely to have to with- stand one. They have banks and are not likely }:(t'hfls ht.hnu reserves I urn have money in their reserv and are perfectly prepared to enerf; a helping hand to reputable merchants Who need extension of credit in order fo carry their regular customers along through periods of depression. This sit- u‘:;lfin iatnot extraordinary—it is sea- 3 occurs annually in the coal fields, in the building lng oomtr::um industry in the rural communities and in & score of other lines of endeavor. Consequently neither workers nor bank- ers are alarmed, they are just prepared. (Copyright, 1930.) —_— GRAIN MARKET. CHICAGO, Januaj 17 tions by the c-n.m:’}; th‘:‘? 3 pool that world demand for wheat is and that the pool will be pose of its wheat to ad- vantage, lifted wheat prices today in the late dealings here. Earlier set- backs in Chicago wheat values were more than overcome. There were also late reports that a good-sized export business in North American wheat had resulted from today’s breaks in prices, and that the principal supporters of z;zryellm':eket vl(’ldlltl!i in due time ac- o i mg;;.cu. Tye delivered on March eat in Chicago closed irre ;‘.,:f:’ ez:;n‘ ’.:’ next ;ecllne to £u o 3 red wit! terday’ - % to 1 up; oats unchanged to 1% high- er, and provisions showing 2 to 30 rise, Other ~directors | Sty Markets at a Glance NEW YORK, January 17 (#).—Stocks weak; communications issues lead de- cline. Bonds firm; high-grade issues dull. Curb heavy: oils under pressure Foreign exchanges easy: sterling al month’s low. Cotton steady: trade buy- ing. Sugar lower; liquidation. Coffee lower; easier Brazilian markets. CHICAGO. January 17 (#).—Whe firm; better export demand. Corn firm; firm Southwest markets. Cattle steady. It's up to you to put a safeguard around your earnings now! Only by persistent saving and sound investment can you surely have any amount to spend ten years from now. Invest in First Mortgage Notes With 6%% Yield SHANNON. & LUCH 1435 K St. Na