Evening Star Newspaper, January 31, 1930, Page 14

A—14 *¥3¥ FIN CHICAGO EMPLOYES WAITING FOR PAY Thousands of Workers Em- barrassed by Fiasco in City Finances. BY JOHN F. SINCLAIR. Special Dispatch to The Star. CHICAGO, Il., January 31.—Chi- thousands of complaints protesting ex- cessive assessments. The Thompson administration, oppos- ing the new assessment, says that hun- dreds of millions have been taken off the downtown bul and spread elsewhere, The fight is a bitter one. “Some public men never worry about of reckoning big busi- sessment. e:rru. But what every fair-minded citizen wants to do now is to bring order out of chads.” Speaking without emphasis, easily, | although tired from days of lmdy"md conference, Mr. Strawn continued: “Co- operation with the municipal officials is necessary, but the first job before us is to hammer out an agreement satisfac- tory to the several tax-spending bodies and our own citizens' committee, re- specting the expenditure of the funds which our committee is prepared to =d- vance, pending the receipt of taxes. Mayor Thompson, bitterly opposed to the new real estate assessment, de- mands a special session of the Leglsla- ture be called. O;V. Bn:e"m‘:; cau- , listening, watching, 3 o sml:‘n committee ':nlll wil cash, in lieu of tax money, to carry on, whenever their plan is agreed to. In the meantime, thousands of school teachers, policemen, firemen, nurses and | other employes of Cook County and Chicago are annoyed, embarrassed and humiliated because they in turn cannot pay their current bills. Probably no city in America ever pre- sented such a financial stalemate. - centuries insects ruled "orld, Mankin ‘Bas theupper now, but only because we P %Ifly after the insects,” said H. D. Hudson, president of the H. D. Hud- a year for the last five years. 1 demand is greater now than ever—it’s $1,000,000,000. “For years we have distributed trainloads of perishable foods, ‘whole “‘But the quick freezing- method brings in a new factor—a most important one. That is, public prejudice, although the rapidity of the modern freezing causes no disruptive . “Has there been a net decline in per capita meat consumption?” I asked. “Although meat consumption has de- clined from the high level of 1924, the total per capita meat consumption now is about the same as it was in 1900, replied the packer. “But the public taste has changed. There has been a decline per capita in by ita consumption of pork and veal. P?&hunnwbeeomemmut popular meat in the American diet.” tering uced little, if any, revenue. profits came from the by-products. And do not be surprised if you see drug stores, among others, selling meat in the near future. Speaking of net profits, would a re- tail shoe store doing a business of $25,000 gross & year be satisfled with a $300 net profit? Would a neighbor- hood drug store having gross sales of 850,000 be satisfled with a net profit of $600? Would a downtown a net profit percent which Swift & Co. made last year, for out of total gross sales of a little over $1,000,- 000,000 it had a net profit of but $12,000,000. (Copyright. 1930. by the North American Newspaper Alltance.) BANK CLEARINGS . NEW YORK, January 31 (Special).— New York Bank cl today, $1,- 409,000,000; & , $2,088,000,000. 373,000,000 ago, $165,000,000. 3 { ;& New York Poder‘l’mm credit bal: ances, today, $134,000,000; a year ago, $157,000,000. DIVIDENDS DECLARED. NEW YORK, January 31 (#)— Resular. Pe. Pay. Hidrs. . recor o gMriRR Peb. 1 . Inttial, Klein D Emil Co...25c Q July 1 June 1§ n pf_ .. 8'ac P’ ANCIAL,” THE EVENING STAR, WASHINGTON, D. C, FRIDAY, JANUARY 31, 1930. DECLINE REPORTED NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page ~Prev. 1030.— . Low. 20%4 16% McLellan Stores. 77% 70 Mack Trucks () 152% 137% Macy(RH) & Co(n2) 12% 12 Madison SqG (1%). 5 Manati Sugar. .. Elec Supply. . Elev mod (dl).). 8 32 10 01 16% Maytag Co (12)..... 29% Maytag Co pf (3).... ::h Mengel Company (3) 164 Mexican Seaboard. 267 M 25 Mid-Continent P (2). 1 Middle States Ofl et. 165 Midl Stl Prd pf t14 3% Miller Rubber...... 61 Minn Hon Reg(13%) 18% 124 Minn Moline Pwr.... 56 46% Mo Kan & Texas..... 105% 103 Mo Kan & Tex pf(7). 92% 87 Missouri Pacific..... 40 36% Mohawk C Mills (3).. 60 49% . o L L LTS Ty 49 Monsanto Ch (§1%). - = 57% Mullins Mfg pf (1) singwear (14).. MffrayCor (b2 %stk. 35% Myer(FE)& Bro (2). 51% Nash Motors (6).. 18% Nat Acme (1%). 140 138% Natl Lead pf A 117 116 Natl Lead pf B (6) 10 36% 32 NatlPwr&Lt(1)... 124 9214 70% Natl Surety (5). 3 41 35% NatTeaCo(2).. 32% 274 Nevada Cgpper (3).. 58% 51 NewportCoA (3).... 1 8 240% 226 Norfolk&Westn(10). 85 Norfolk&Wstn pf(4) 20s 93% North Am(bl10%stk) 145 100% North AmEdpf (6). 1 85% Northern Central (4) 10s 84% Northern Pac (5).... 45 Nor Ger Lloyd(3.41). % Norwalk Tire & Rb 9% Oil Well Supply. LTI TS 52% Owens 11l Glass(n4). 52% PacificGas& E (2).. 72 Pacific Lighting (3). Pathe Exchange A. 28% Patino Mines (3.89). 64 Peerless Motor Car., 26% Penick & Ford (1)... 30% Penn Dixie Cemt pf.. 72% Pennsylvania RR(4) 31% Phillips Petrm (n2). 11 Phoenix Hoslery.... 1 PlerceOil..... 34 Pillsbury Flou: 52 Pressed St1Cpf (7).. 52% Proc & Gamble (2).. 38 31 Prod & Refinerspf.. 60s 81% Public Serv, NJ 3.40 106% Pub Sve NJ pf (6. 82% Pullman Corp (4 6 Punta Alegre S 22% PureOil (1% 112% Pure Oil pf (8).. 77 Purity Bakeries 34% Radlo Corp. .. 68 Radiopt B (5).. 19 Radio-Keith-Orph A. 70 RRBecICstkC(4). Raybestos Man 2.60. 3% Reis (R) & Co. 25% Rem Rand (50¢)..... 10% Reo Motor Car (.80). 72 Repub Ir & Steel (4). Rep Ir & Stl pf (1) nolds Spring. . 724 Reynolds Tob A (3).. 1 52% Royal Dutch (a3. 111% Safeway Stores(ef). 96 Safeway pf (6). 10s 105% Safeway Strs pf (7). 20s 48% St Joseph Lead (t3). 81 107% St L-San Fran (3)... 1 92 St L-San Fran pf(6). 12 59% St L Southwestern... 2 24% Savage Arms (2).... Stock and Sales— Dividend Rate. Add 00. High. Low. 2 1T% 16 8% 1% 5 30% 13.) Second Sharon Shell U Solvay Spaldin Sparks Timken Frel Ind Univ Pi 2% Univ Py, Vulean Warner Warren Of Wess O West P 5 on Al White Wilcox Wilcox Wilson Wilson Yellow Yellow year—no regular rate. € Payable In cash or stock. h Pl m Plis 83 of stocl 30 30% trs. . 8 Schulte Retall pf(8). 90s Seaboard Air Line. . . Sears Roebuck (32%) Sales of Stocks on New 62 16 9% NatlInv..... Seneca Copper. Servel Ine. . Steel H (2).. Sharp & Dohme. ....: Shattuck(FG)(11%). Shell Union (1.40)... n Ol pf (5%) Snider Packing pf. Am In Dt 5% . So Por Rico Sug (2).. So Port Rie S pt (8).. Southern Cal Ed (2). Southern Pacific (§). Southern Rwy (8) E(AG) (2)... Spang-Chalfant..... Withngtn(1). Spear & Co pf (7).... 1 Spencer Kelg (1.60). Sploer Mfg.....cc0ue Splegel-May-St (3).. Stand Brands (1%).. Stand Gas & El1 (33%) StandG&EE L (4).. Stand O of Cal (2%) Sterling Sec p£(1.20) Sterling Sec ev pf(3) Stewart-War (h3%). Stone & Webster (2). Studebaker (35). . Studebaker pf (1) Tenn Cop & Ch ( Texas Corp (3) . ‘Texas Pac Land Tr.. Thatcher Mfg (1. The Fair (2.40). Third Avenue . Thompson J R (3.60) Roller (3) ‘Tobacco Products. ‘Tobacco Products A. ‘Transcontinental Ofl Transue & W (1). Trico Prod (2%) Truax Traer ( Twin City Rp T Und-Ell-Fisher (5).. Union Bag & Paper. . Union Carbide (2.60) Union Oll of Cal (32) Union Pacifig (10)... Union Tank Car. . f. ign S ight (3)...... Aleohol (17) o ;58 Univ Leaf Tob pf(8) 10s et 18t pf‘(l)uloo s pe & Ra 2 Util Pwr&Lt A ( Vanadium (t4). . Virginia-Car Chem. . Virginia-Car pf (7) Detinning. Wabash............ Waldorf Systm (1%) Walworth Co (2 Ward Baking pf Bros Ple (4) War Bros P pf (2.20) Warner-Quinian (2). Bros (19)... Warren Bros 1st (3). Warren Fy&Pipe(2). Wi 1l & Snow (2), & Sn pf (4).. e E&M pf (5) ElA (2).... co Chlor (2).. 'w Mch pf (4) Ol & Gas., Rich, B ( Willys-Over (1.20 &CoA.. & Co pf. Woolworth (2.40)... Worthington Pump. Truck & C. Truck pt Young Spring (3) 5% Zenith Radio. . b York Exchange. 12:00 r;oon +1,696,200 3,089,500 ven in the above tal e latest quarterly or h less than 100 llhl stock. BY CLINTON COFFIN, Associated Press Pinancial Writer. New England business leaders brought to Washington for a session this week the latest style of business tion— the regional association to advance com- mercial interests of a territory—which is represented by the¢ New England Council. Officials who gave the body a i A created to e & group of 3 provids p i common ‘industrial terests the sort of advertising and serv- ice that a board of trade or a chamber of % affords & &nyi’-::a pre- g.mm-n elsewhere in the United States. Since 1925, when the governors of the six New England States undertook spon- for the council and appointed the delegates who cp-operate in its function! body has uation. proved its worth. Regional co-operative work has been proven to pay extraordi- narily well.” As the council program developed in New England, Dr. Klein continued, it had uroused interest all over the coun- try, and had been productive of much inquiry of the Commerce Department. He predicted that similar lt&npu to somewhat accustomed to pa; mone as indemnity to farel[ner: 1nu|"l. fmi:l’yl nations, is now on the v of col- lecting an indemnity from the United States in her turn. A study of the House of Representatives record that is being built ur_ around the project car- ries the conviction that all branches of the American Government are being organize commercial interests on a sec-1meticulously careful to see that the tional basis would be instituted else- where in the United. States. “We find that large regions of our country have distinctive economic in- terests,” {m said, South's_controlling interest in cotton and undisputed dominance in the naval stores the pnuru‘aem sal- manufs trading activities of New England. When "l ':)nmzr lh:r different regions .h: units, we find that they possess with! themselves many interests that are com- mon to the region as a whole and that seem to call urgently for regional co- operative action. “We do not, I feel, find nearly enough of such rmlon-l group action, It is un- questionably to the benefit of all persons within each region that their common economic should be attacked with concerted g China, which as a natiog must be Chinese claim is forwarded. “President Hoover wrote me a pers sonal letter about this matter, though the indemnity sought only amounts to $500,” Chairman Irwin of the House I need only mention the sty are very indemnity paid bryuzht?m-rd Gold Shipment From Japan. NEW YORK, January 31 (#).—The Mitsui Bank of Tokio is shipping 4,000, 000 gold yen (approximately $2,000,000), to this country on board the 8. 8. Tenymgaru, salling today. Additional mm:fi& are nx'rncud during the FINANCIAL. of $129,438,29131 In January' s year| EXCHANGE OFFER VOIDED. ago. of December clearings, the can- =Y in the ‘month to- | ae taling $116,074,630.10. But December were far behind the previous year, whn: ‘t.lh;'. month’s figures stood at’ $129,981,412.08. R il First Mortgage Loans Commonwealth Investment Co., Inc. zu&n.u.w.rnn—u_ ortgage L 1spondent The Radontiss foseresse Co. January Drop Over Figurespanks of America Year Ago Indicates Lull in Business. SILVER QUOTATIONS. YORK, January 31 (#).—Bar Mexican dollars, 32. gs. The predic-( o siiver, 43%; made in banking circles that this year will show busires de- clines during the first of the yesr and good advances during 7930 are likely to make a new high mark in spite of a slow January start. ‘The lull in trade after the Christmas holidays and the far-reaching effects of the Wall Street crash are ascribed as the main reasons for the business recession here and in other parts of the tly noted by the Federal LIFE OF MASS. Organized 1851 Union Trust Bldg. Franklin 6177 Strong—Progressive—Sound 6'2% First Mortgage Notes Secured on D. C. Property Convenient Denominations $250 up Write or Phone Our Representative Will Call Wm. S. Phillips & €o. Realtors 1501 K St. NW. Nat'l 4600 Business in Washington during the past month has been slower than in Ji , 1929, - er of checks n".:::.fii‘a' by the Wash louse. Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan » Tower Butiding National 611061116213 (Telephone Directory Omission) ber of ‘Wash- According to the Jlnlury made public this noon, total bank clear- the Capital ings in pital amounted to $118,- 219,264.83, in comparison with & total Equitable Co-operative Bldg. Ass'n Organized 1879 50th YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Assets ........co000...85,662,549.55 Surplus & Profits. $1,705,130.78 Subscription for the 98th Issue of Stock Being Received If You Want to Progress Financi- ally—SAVE The most successful method of saving is to adopt a systematic plan. Join the Equita- ble and save as you earn. Real Estate Investments JAMES Y. PENNEBAKER Nats291 1520K St.N.W. vu!mm:l ties ‘Values, Inyif Income .Eourtlmd ““i 8t. $2.50 Per Share First Trust Money Available JAMES F. SHEA 643 Louisiana Ave. N.W. 915 F St. N.W. $50,000,000 International Telephone and Telegraph Corporation TWENTY.-FIVE YEAR 5% GOLD DEBENTURE BONDS Dated February 1, 1930 Due Falmm_'y 1, 1958 » Interest payable February 1 and August 1 in New York City To be issued under indenture dated February 1, 1930, City Bank Farmers Trust Company at New York, trustee. sizty days’ notice, on any date, at the following prices and accrued interest. Until and including February 1, 1940, at 110%; thereafter, until and including February 1, 1944, at 107Y%,%; thereafter until and including February 1, 1948, ot 105%; thereafter until and including February 1, 1952, at 102Y,%; and thereafter at 100%. Redeemable as a whole but not in part, at the the option of the corporation, upoiu Coupon bonds in denomination of $1,000. Registered bonds in denomination of $1,000, $5,000 and $10,000. Coupon bonds and registered bonds, and ths several denominations of registered bonds, lnlnqlt-\ndh. Legal investment, in the opinion of counsel, for life insurance companies in the State of New York. Sosthenes Behn, Esq., chairman of ithe corporation, has summarized as particulars in regard to this issue: International Telephone and Telegra BURINESS. . ) S g company, engaged, !hnu:’l eration of electrical communications. The associcted telephone companies operate telephonic systems in Spain, Cuba, Porte Rico, Mexico, Perm, Southern Braszil, Uruguay, Chile and the Argentine. The Associated Postal Telegraph and Cable Corporation system) operates a complete network of telegraph lines throughout the United States and some 37,000 nautical miles of Atlantic and Pacific cables. The Associated All America Cables, Inc,, operates 27,000 addi- . tional miles of cables and connecting land lines extending from New York City to the East and West Coasts of South America and to Central America and the West Indies. Other associated companies operate radio sta- tions which supplement the land and cable lines in several countries. " . The Associated International Standard Electrie Corporation and ite associated companies, constituting an im- tant part of the international system, manufacture electrical communications equipment in factories located ';‘ dl.l:n.:- ‘u;;;“ c..a‘nlc have a distributing organisation -x!.n“in' to almost every country of the world, except The proceeds of this. issue of bonds will be used pfiun?dly to pay indebtedness contracted b; !:. corporation in financing improvements and additions made during the past year to the propertics of associated operating and manufacturing companies, chiefly those in the Germany, Spain, the Argentine and Chile, and for other corporate purposes. The consolidated net earnings for each of the years 1926 to 1929, inclusive (1939 figures EARNINGS porely estimated) of International Telephone and Telegraph Corporation and its associated companies (not including Compania Telefonica Nacional de Espana except as to dividends received) and the consolidated net income before and after deducting interest on funded debt of the corporatio, stated be- low. In each year these earnings include the earnings for the full year of associated ing ¢l Yyear, - The net earnings as stated are after deduction of depreciation and income taxes. follows his letter to us stating Cy ation, organised in 1920 as a holding and fin.z::ek::l .c'om’-vdc -ln the development and : 3 PURPOSE OF 1SSUB United States, Net Income Before Interest on Funded Debt $8,480,206 15,217,899 5 16,171,337 1,675,000 20,800,000 3,200,000 !l’n.l'lfi: 0‘:.7:&‘4“ dedt, dividends on preferred stocks and minority stockholders’ equity in earnings. Interest requirements on bonds of the corporation outstanding January 28, 1930, and on this issue of $80, 000,000 of §% debenture bonds amount to $5,771,199 annually. ¥ The funded debt of the corporation as of Janu ary 28, 1930, consisted of $35,000,000 twent CAPUTALIMATION five year 43 % gold debenture bonds due July 1, 1962, $37,693,300 ten-year com vertible 4% % gold debenture bonds due January 1, 1939, the latter decreasing in amount outstanding as con- versions are made Giving effect to the issue of these $50,000,000 5% debenture bonds, the funded debt o rporation is $122,693,300. Associated companies, exclusive of the Spanish i consolidated, ing in the hands of the public on December 31, I’l’, Company, which is not h , had outstand funded debt of $63,901,000 and preferred stocks of $39,964,200, and the equity of minority hel stock of the capital and surplus of such companies was As of January 28, 1930, having an indicated mar lue, on the capital stock of the corporation the present shares without par value standing prior to May, 1929), PROVISIONS The indenture, under which these bonds are to be issued, will contain a covenant that, except e money or for security for short term loans or for indem- OF BONDS in the case of liens for purchas nities, the corporation will not mortgage or otherwise subject to lien any of its property without thereby secur- ing these bonds ratably with the obligations secured by such mortgage or lien. Charges, of Associated Companiest $2,585,036 1,948,470 882,45, Net Interest on Earnings Funded Debt $1,375,000 804,404 N Income $7,108,306 14,413,495 14,596,337 17,600,000 o+00.811,065,242 1 ,369 ders of common approximately $9,449,000, a total of $113,314,200. the corporation had outstanding 6,859,176 shares of commen stock without value on current quotations, of over $365,000,000. Dividends have cn paid since ite organisation in 1920 at the rate of $2 per share per annum on (and the equivalent 6% on the former shares of $100 par ‘velue out- The foregoing is subject to the more complete statements contained in the circular, @ copy of which may be obtained upon request. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO THE CONDITIONS STATED BELOW, AT 96, % AND ACCRUED INTEREST, TO YIELD 5.25% TO MATURITY. Subscription baok{ will be opened at the office of J. P. Morgan & Co. at 10 o’clock a. m. Friday, Janu- ary 31, 1980, and will be closed in their discretion. The right is reserved to reject any or all applica~ tions, and also, in any case, to award a smaller amount than applied for. All subscriptions will be re- ceived subject to the due issue of the bonds as planned, and to approval by counsel of the form and validity of the related documents and proceedings. The amounts due on allotments will be payable at the office of J. P. Morgan & Co. in New York funds to their order, and the date of payment (on or about February 14, 1980) will be stated in the notices of allotment. Temporary bonds, exchangeable for definitive bonds when received, are to be delivered. J. P. MORGAN & co. THE NATIONAL CITY COMPANY - FIRST NATIONAL BANK, New York B.’NKERS COMPANY OF NEW YORK GUARANTY COMPANY OF NEW YORK EDWARD B. SMITH & CO. DOMINICK AND DOMINICK New York, January 31, 1930,