Evening Star Newspaper, February 15, 1930, Page 24

B-10 * IN HEAVY SELLING Market Closes Lower as| Profit Taking Affects Various Groups. BY JOHN A. CRONE. @pecial Dispatch to The Star | _ NEW YORK, February 15.—Slipping | steadily and slowly, the Curb Market | closed lower today. | Public utilities, investment trusts and trading corporations and a select group of industrials stubbornly resisted sell- | ing, and not a few of such securities reached record highs for the year. Off- setting this strength, however, was weakness in the oils, pipe lines, mines and motors. Leading utilities like Electric Bond & Share, American Superpower, United Light & Power A, Utilities Power & Light and Consolidated Gas of Balti- more either maintained their quotations or moved ahead slightly. International Petroleum led the descent of the lower- priced oils late in the session. Middle West Utilities was whirled on prospects of an early stock distribution. Shareholders at their annual meeting March 25 will be asked to approve a capital increase from 18,200,000 to 25,000,000 common shares, the addition- al stock to be used for stock dividends. Pipe line stocks near the close fol- lowed the downward trend of the oils. National Transit was off nearly a point and Missouri-Kansas Pipe a shade lower. Producers have been trying to get pipe lines to cut their carrying rates as the prices of crude are re- duced. Hazeltine was a feature of the radio group as it moved to a new high for the year. The decline of Bunker Hill Sullivan Mining reflected the further drop in silver metal prices. Coppers, too, were weak as the trade expressed doubt about the possibility of main- taining red metal at its present level. Motors were irregular and dull. BANK CLEARINGS. Bank clearings are still further re- duced, the total this week at all leading cities in the United States, as reported to Dun’s Review, amounting to $8.331,- 272,000, showing a decline of 29.3 per cent from that of a year ago. At New York City, clearings of $5,488.000,000 were 344 per cent lower, while the aggregate for the principal centers out- side of New York of $2,843,272 was 16.8 cent below last year's. The decrease hlsb“l::e clearings ;‘imf N(ilv::lber lul: n_ progressively er eac] month. The :eport now covers the first half of February, and the showing is even more unsatisfactory than that for either of the two preceding months. This week's report- includes only five business days this year and last at a a\lamu;e le‘l‘:l\ng cl{m. for ‘the week, as reported to R. G. Dun & Co., and average daily bank clearings for the past four months, are compared herewith % 853uEss T Srwonoanman 5 " i TERTRY 853 ¥ o H i 5 I H 5 § % e Total ®ew York Total all BONDS ON THE CURB MARKET. ales in DOMESTIC BONDS. ousands. High. Low. Close. Al Pow Ss '68 100% 100% 1005 17 Alabama P_413s '67 94 mw Fd 4125 D °§ 2 Cons Textile 8s '41. 31 Cont G 5 1 Cuds s 3 Gatineau P 55 5 Gen Rayon 6s A 13Gen Thea Ea_6s 1Georria Pow 55 ' 1Grand Trunk Pa 55 . 96% 963 96% (19 10612 106!3 10613 . 00 1001, 10015 9515 9 c 94 94 94 6Pa West O6'.5 '43ww 86 86 86 | Penn O E 5.5 B 9515 953 951, 16 Phila_ Elec 5'as 1083 10412 10415 1 Potomac E4 35 E 963 961, 964, 1Pow Corp N Y 5i2s '47 96 & 96 = 96 Rel Mang 55 A 80 80 80 Roch Cent P 55 °53... 78 78 18 38t L G&C 65 47 0 70 7 Shaw W&P 4'os A '67 91% 90 91% 12 Silica Gel 67,5 32 ww 99 © 98 99 7SE P&L 6s A 2025 xw 104 104% 104% 15Sou Cal Ed 55 °51...100': 100': 1003 Sou Cal G 55 '37.... 91 91 91 128cuth Nat G 6s 44 94 93 933, i South PAL & A 221037 1633, 1035 13Stnd P&l 6 57, . 981 9810 98l 8222338382328 FINANCIAL. CURB SHARES EASE | THE EVENING STAR, WASHINGTON. NEW<YORK CURB MARKET Received by P, Wire Direct to The Star Office Notice—All stocks are sold in one hundred-share ~Prev. 1930.~ Stock and Sales— excepting those designated by the letter s (65s) (um', High. Low Dividend Rate. . Add 00 Open. Hign. Low. Close. which shows those sfocks to be sold in odd lots only. 9 8% Lakey Fy &Mch (1). 2 g 9 9 Y ~Prev. 1930.— Stock and Snles— 29 224 Lane Bryan l!ngm- 1785 ‘25 25 25 High Low. Dividend Rate. = Add00.Open. High. Low Close. | 49% 19 LazarusF&RCe... 8 15 15 15 15 505% 44 ' Acme W Covic$2). 2 b8 51 50% 51 | 22 147 Lefcourt Realflds.. 2 2ix 21% 21% 10 ¥ AeroSup Mfg B. 1 ) 514 Lehman (The) COrp. 21 85K 85% §dls 3% 81 AIr Investors vic. 1 Leonard Ofl...... o 1 1% 1w 1M 49 43 Airstocks vie (1) 1 Liberty BakingCorp 1 5l 54 5w 54 | 2% 1% Alexander Indust 5 Loews Incdebrts... 3 314 '32 31w H T 4 Allegheny Gas Co 5 Loews Inec war e 2 TN TR TN d 1% % Allied Aviation 1 Lone Star. new (80¢) 2 38 38 -38 38 17 14 Allied Mot Ind(1). 1 Lonk Isl Light(80e). 5 52 52 58 50 | 52K 35% Allled Pow & L. 14 Louisiana Lan & Ex. 10 3% 3% 3% 8% | 49% 45 Allled Pwr&Lt pfe 3 Mac Marr Stores 4 19% 19 191 19 827 76% Allied P&L 1t pf(5) 2 Magdalena Syndicat. 3 » 44 37T AmCItP&LA (a3). 2 Marc W T brshe62c) 21 13" 13 13 13 | 24% 14 AmCP&L B (b10%) 25 Marine MIdCp (1.20) 27 41% 4216 41 42% 28% 204 Am Colortype (2.40). 1 MarionSteamsShov. 1 13- 13 1y 1 274 3% Am Cwlith P A b1V % 2 Marland of Mexico. 3 29% 5% Am Cyanam B (1.60) Mavis Bottling..... 50 19% 1 Am Equitles. . 17% Mead Johnson(t3% 4 75 65% Am For Power war.. 704 Mer & MIS A (160, 1 14215 113% Am Gas & Elee (31). 137 Met & Min Inc (1.20) 12 1074 105% Am Gas&Elecpf (6). 1 107% 107% Met Chain Stores... 6 14% 10 AmInvesiincB.... 14 148, Mid Wst Util (b8§%). 30 67 4% Am Investors (war) ~ 67 Mid West Ut A war, 6 274 225 Am Lt& Tract (10). 15 261% Mid West Ut Bwar. 4 32 3% Am Superpower (1), 3L Miss River F Cp war 1 Tia 6% Am Yvette (new) wi [ Mo Kan PL (b10%). 26 14% 114 Anchor Post ¥ (2)... 14% Mountain & Gulf 8¢). 6 17% 15 Anglo-Am vot (13¢). Mount Prod (1.60) 5 15% 12% Apex Electrical Mfg. NetAsmerCoss 6 15 9w Arcturus Rad Tube. t Aviation H 144 ¥% Arkansas NatGasA. Nat Casket (4) Ay 604 60 ArmstrongCork 2% Nat Dairy P pf A(T) 1 7 64 Asso-Elec Ind Lid. . % Natl Fam Strs (160) 1 4614 36' AsS0 G & E A (12.40) i Nat Fuel Gas (1).... 13 1 7 Ass0 G&E A deb rts. % Nat Investors (new) 40 2 1 AssoLaund (120¢).. 3 1 1 NatPubSv A (1.60). 50% 394 Asso Rayonpf (6).. 4 50 Bow NatSteel Corp xw (3 6 28 22 Atl Coast Fish(1.40). 2 2i% 7% NAUTIansit (1).e,es 2 % % Atiant Fruit&Sug.. 1 W i New Mex & Ariz Ld. 16 2415 18 AtlasStors Corp(11) 1 234 23w, NewionoMIbI0Y-. . 13 15k 14 Auto Music (A) (1). & 14 14y NY Invest (1.20)... 3 347 24% AviationCorpofAm 14 33 34 N Y Tel pf (63).... 258 132 122 Babcock&Wilcox 19. 508 131% 131% Niagara Hud P(40c) &9 3% 4 2 2 Niag Hud Pw A war. 20 307 ) 1 ag Hud Pw B war. 10 104 6% Blue Ridge Corp. ... 12 Niles Bement Pond.. 13 40% 33% Blue Ridge cv pf. 26 Noma EI Cor (1.60).. 2 42 27% Blumenthal (S) 1 Noranda Mines (3).. 7 9% 7 Bourjois, Inc (1).sns 1 North Am Aviation.. 63 40% 36 Brazil Tr& Ltd2)... 4 NoAm L &P (b8%). 2 31 2% Bridgeport Machine. 2 North Am Utll Sec.. 1 88 &8 Brill Corp pf (1).... 50s North St Pow A (8).. 2 26% 4% Buf Niag&EPpf 1.60, 2 Ohto Copper. ryd 81 70i Bunker H&S (16%). 2 Ohio 01l (12) f 3% 3k Burma Corp (13ic).. 1 Okla Gas& EI pf (1) 1 17% 113 Butler Bros (30c) 1 Otis Elevator new... 16 2 1% Cab&Wire LtdBrets 1 Orange Crush (1.60) 2 aw 3 Outbd Mot A (1.80).. 1 s 64 Overseas Sec (1).... 2 f (i z i T4 5 Carnegie Metals. ... 1 Herrot el 3l 224 Cent & Southw Utli. 2 PeE WA A OIL: H £l 40} 22 4 Parke-Davi H e (60c, 2z 15% 1212 Chain Stores Stock.. 4 e Gl TR 61 534 Ches & Ohio (new).. 7 Pateot Corn (140, & 82% 26l Citles Service (330c) 182 Pick(A) B& Coctfs. 1 2 18 ClevTracior (Le0).. & Pllot Kad T A (1.20), 9 32 24 Columbia Pictures.. =z Sl e % W Columbia Syndicate. -4 foe e 59% 52 Colgate-Pal-P (%) 7 Param C Mfg (2.40). 2 288 134 Com'with Kidison (8) 22 ErRt R . 15 1024 95% Comwith Pow pf (6) Prince&Whitely pf3. 2 6% 3'2 Comwlih & Sou war. PHIGeECODE (D, 1 100 94 Com'with& S pt (6). Bratnentitl sy . 18 14% 12% Com Wat Ser (b6% ) Pub Util Hold war,. 47 1 12 Comstock Tunne! 3% ORI IICO TR, _ Radio Products (2).. 4 8% 5 Consolidated Copper. RainbowLumProd A 1 19 13% Con Dairy Prod (32). RainbowLumProd B 4 118% 80% Con Gas, Balto(3.60) Relter-Foster (40c). 1 € 3 Cons Instrument.... : 5 Rel'nce Managemnt. 9 14% 10 Cons Laundries..... 13 13% 13 13 | I8 71 RepublicSteslnwi.. 21 102 102 Cont G&EI pr pf (7). 2015 101% fo1w sory| - 204 0N RepStaeicumpt wi, 37 15% 12% Continenta] Oil. 10619 dew amelc 29 23R RavoolasMata 340, |2 3in 11m Cord Ci 206 113 ¥7 804 Richman Bros (3)... 1 18 11 Cord Corp...... 12% 12% 12% 12m 2 » 74% 64 Cosden Oil 64°- 64" 60 6o | 2 264 Rike Kumbler (220 1 40 39% Coty Soc Anon rets. . 9% 39% 3 9% . DewE(t3i6) . 4 6% 6 Creole l'etroleum. .. Ui e Royal Typewr(13%) . 2 L% 18% Crocker Wheeler 2% 26% 24 24% St Regis Paper (1).. 35 % 4 Crown Cent Petrol. . % % % o Schlet & Zan pt 3% 1 4% 2% Curtiss Alrports vic. 4 4% an 4k Schulte Real Estat ¥ : Curtiss Wright war. 250 2 2 o 4 Seeman Bros (3).... 2 Dirhy et (1 o i 98 Sex Lock & H (3Uc).. 1 Davenport Ho; w220 200 22 BSSHing Db, 3 > e o | Selected Industries.. 4 Dayton Alr & Kng... T n % T 8¢l Ind allot cfs § 1 Deere & Co (36).....8508 642 64z €31 631 e e 3 Deere & Conew w.i.. 2 128% 130 128% 130 e g De Forest Radio.... 11 44 4% 4% 4% i ok Derby Oll&Refin... 1 5 6 &5 & - ntiarl okl TSR Detrolt AircrattCor. & 5% 6 5% 6 b o e DixGas& Utilities.. 7 16 16 15 15 s 120 Doehler DieCasting. 1 18 18 18 18 B e it Dolores Esperanza.. 2 % % % | % < Douglas Aircraft.... 2 14% 14% 14 143 o a3 5 Driver Harrisinew). 2 62 6 &5 oue| 28 22 SoCal e gt o G Dubilier Cond&Rad.. 15 1% 114 0% 11 |139 .55 SienPaLerprd). 4 Durant Motors. o e e g |PART T ROSE SR B LIDERE) - : DUVANTEx Sulwiloe: © (61T 100 ATH. 1T inis. e Bt era b i 1 2 EastStatesPoB(1). 19 27 27 26 26 T 413 Solce& Utllities B.. 3 15 7% Eastern UtilinvA.. 2 14% 14% 14% 14%| 16 10 Southland Roy (1) 2 18 14 Kisler ElecCorp..., 7 16% 17 16% 17 | 121 10% S W Dairy Products, 9 10:% 80% ElBond & Sh (6)... 280 100% 100% 99 994 | 15w 715 S W Gas Utll, ... 4 3% El Bond & Shpf (6).. 1 105 105% 10BY% 105l | 118% 117% S W Bell Tell pf (7). 508 % Elec Pow Asso (1)... 9 33% 33% 33 33%| 109 106% StanGas& EIpf (1) 1 Elec Pw Asso A (1).. 10 3l'a 31% 30% 30%| 1% o Standard Motors.... 1 EIP&Loptwar.... 3 39% 39% 3y 89 | 545 b1% Stand Oil, Ind (2%). 43 kSlec Sharehldg (3 9 zb% 26% 254 25%| 37w 33% Stand Ol Ky (1.60). 4 £l Sharehold pf (8. 1 9 95 96 95 | 484 44% Stand OIl Neb(t3%) 1 Empire Fire 1ns. 4 15 15% 15 15% | ®8% 81 StOilof Ohlo (2%). 50s 4 Emp PubSvA(180) 1 23% 3% 3% 28%| 7% 62 Stand Pow & Lt. 3 EngPSoptwar..... 2 29% 20% 29 29 | 76% 61 Stand Pwr&Lt B... 17 EngineersGold..... 4 1 1% 1% 1%| 14% 10 Stein Cosmetics Inc. 19 Buropan Elec (The). 8 18% 18 184 18%| 4% 1% Stulz MolorCar..... 4 Kvans Wallow Lead. 5 % £ B 8% 8% 6! Sunray Oil (40c) . 5 Fabrics Flatkhing, s s | 41 B8 Superheater (13%).. 1 Fairchild Aviation. . 2 4 Taggart Corp (1). 5 Fansteel Products... 2 Tampa Electric (31). 3 Flintkote A (1.50) 1 Texon Ol & Land. q Fokker Alrcraft 2 Thermold Co (2).... & Ford Motor Can 3 Tobacco Pr Exports. 7 Ford Metor Lid..... 14 Transamer (11.60).. 10 Fourth Nat Inv..... 12 6 TranCon Alr Tran.. 2. Fox Theat CIA. e i Tr-Lux DLPS(A). 4 Garlock Pkg (1.20). 3 Tri-Cont Corp pf(8). 6 General Baking..... 122 Tri-Utilities (11.20). 6 S -w Trunz Pork S (1.60). 1 e ) Tub Art Silk B (10). 100, GenGas&El(A)... 4 i Gen Kty & Ut s Ungerletder F Corp. 4 Gerrard (SA) (.150). 2 L i Gilbert (AC) (1)... 1 K Glean Com Harn(1). 3 B Globe Underwriters. 10 - Gold Coin. LI 5 Golden Center...... 43 Goldman Sacha (66) 16 DelisaiCanco. - 4 P Unit Li&Pwr A(60e) 63 Greenfield Tap&Dfe. 1 rh e LR Groc Stors Prod vie. 4 R e e H Guif Ofl of Pa (1%). 10 T DO I Hall Lamp (1.50) 1 U S Finlshing (32).. 2 Happiness Candy 2 US Foll B (1).. 10 Hartford Elec Lt Co. 50s US&InSetf (2%).. 22 o 2:;"3;‘;::“:‘ "5 l's&lmsw;slfih((fi). 1 U'S Lines pf (60c)... 1 Hollinger Gold (60¢) 1 Unit Verds Ext (4).. 6 Horn & Hard (2%).. 1 « Utah Metal & Tunnél 4 S il Fr & Lual. 11d seess o P! s . Hydro Elec Serv (2). 27 ek L Hygrade Food Prod. 4 Util & Ind pt 2 llinote PL (203 .. 1 Utility Equitte 9 4 Imp Oil, Can (50¢)... & vacuu e 419 Indlan Terr lllum... 40 I s Ind Finetfs (b10%). 1 Vick Fin Corp. H nsull Ut Invioe%). 4 Vogt Mfg Co (2).... 1 {nsurance See (1.40) ; Intercontinent Petn. 5 WekLmBae). 1 A algreen Co 1 intl Petrol. n(62%e) 4 bl ! Intl Superpow (31). 3 bl Aty 3 Internatl Ut B. 45 Watson (JW) C' 0 1 Interstate Equit 7 W eraun CoTmar s H Interest Eacvpf(3) 1 Went Mass Co (2) 2 Interstat HM (1.40). 1 A WiRteF DG . Iron Cap Copper.... 2 Benj)...... 6 irving Alr Ch (1.50). 4 RIGRTS. Expire. AL SUBEEOW A, & 5 3% Con Gas El L&P..April 1 16 4% 4% ia(an@upstbiwas.. | 1 3 % Crocker Wheeler '..Feb.24 5 21 214 "‘"'“"‘ ";"s‘""b:': i : 2:"' 2:'/' 2% 2% ";m. c.pi\guenn rates in doilars based on ‘ast auarterly or semi- 26% 25 KanCity PSvtcAp 25 al payment. & & Kerr Lake...... ceee B * cash of ‘stock. b PayRble in stotk. a Favabie o referfen Soek. ™ NEW MILLS PLANNED. Gulf States Steel Will Build Plants at Gadsden, Ala. GADSDEN, Ala.,, February 15 (#).— W. H. Coverdale, president of the Gulf States Steel Co., announced here yes- terday that between $17,000,000 and $20,000,000 would be spent in erecting new mills and enlarging others at Gadsden. The announcement said the building program would include a $1,000,000 . blooming mill, a plate mill to cost $2,000,000 and a $2,000,000 sheet mill. Other construction . projects include additional steel furnaces, coke ovens and a pows lant. er, After the .filuuncement, city council- men met began planning for thewith the B. construction of streets through land recently bought by the steel company on which Mr. Coverdale said the new mills would be erected. Employes Share Profits. NEW YORK, Pebruary 15 (#).—Em- | ployes of the Procter & Gamble Co. re- | celved $800,000 during 1929 in profit- | sharing dividends. These employes in | | plant: d offices throughout the United | States and Canada own or have sub- | scribed to 226900 shares of common | stock, which has a market value of about $15,000,000. Stock Deposited. NEW YORK, February 15 (#).— About 60 per cent of the common and | preferred stock of the Miller Rubber | Co. of Akron, Ohio, has deposited | under the company n_to merge P Goodm:h,co v gt DROP IN PESETA. MADRID, February 15.—The peseta continued its drop on the exchange yesterday, closing at 7.97 to the dollar, which is not far from its lowest value during the last weeks of the De Rivera dictatorship. Business circles said that trade was generally slowing up as the result of the fall in value. The government has not yat reported on the Spanish financial situation. Well informed unofficial circles be- lieve that the downward movement was chiefly caused by foreign markets, in- fluenced by reports of unsettled political conditions in Spain, Minister of the Interior Marzo told a group of business men that the gov- ernment would use its resources to de- fend business interests by enforcing law and order. As a result of the fall of the peseta AT"B“ on the domestic markets have slightly risen, fi;*;: Sun Life Assurance Head As- - }‘ | Special Dispatch to The Star. {of his company's activities he showed | | privileges accruing on the company’s | | States, and our investment policy is| | Scotch president of Canada’s largest life i insurance company. | great | suppose that the same developments | | an excellent United States Ambassador | | ever, been in the field of glass, but in | than the manufa | terested? | the richest reaction in his own char- | acter. D C, INEASES ASSETS | | serts Confidence’in U. S. Industries. NEW YORK, February 15.—When T. | B. Macaulay, president of the Sun Life | Assurance Co.. made the annual report | that the rate of interest earned on its| “mean invested assots” had risen to 7.02 per cent. With bonuses and stocl holdings eliminated, the rate of return was 6.60 per cent. “We believe in the future of Montreal, of New York. of Chicago and all our great cities. We believe still more in the tuture of both Canada and the United | based on that confidence,” said this “What _effect had the stock market drop on Sun policy?" “When investing our funds we have an eye to the distant future—10, 20, 30 years hence,” said Mr. Macaulay. “Through our large stock holdings we have become permanent partners in the utility and other corporations, which serve our large cities.” United States Government bonds, preferred and common stocks in Ameri- can institutions owned by this Canadian company totaled $300,000.000 out of combined assets of $460,000,000. The British electrical industry has been making great strides in recent years. In 1913 the electrical output in all its branches amounted to $146,000,- 000, an impressive increase over the 468,000,000 done in 1907. But in 1928, che business reached $418.500,000, about three times the pre-war figure and six times the amount handled 20 years ago. British electrical exports are compet- ing in several places successfully with its’ American and German competitors. Last year about $92,000,000 of its elec- | trical equipment was exported, an in- | crease of 140 per cent over 1913. i Unlike the industry in the United | States, the British industry up to re-| cently had not been concentrated in the hands of a few firms, but in the last 12 months a series of amalgamations have taken place, which leads one to which have taken place in the United ; States will take place in England. Today three British groups in the | electrical industry employ about 38,000 | workers, Alanson B. Houghton, who made such | at Berlin and London, began his career | 25 years ago as a doctor of philosophy | in_chemistry. . [ Then most of the professors of chem- istry believed that it was beneath their | professional dignity to go into active business, but not Dr. Houghton. He went to work in a glass laboratory and developed a heat resistance glass, first used in the family oven. Today Alanson B. Houghton, 66, is chairman of the board of the Corning Glass Works, one of the largest manu- facturing establishments in the.United | States. His recent activities have not, how- the field of peace. “Let the individuals of the Nation who do the fighting and the suffering vote on the question of wlnr or peace” is the basis of his peace plan. ‘The consumption of cigarettes shows another year of remarkable expansion for 1929. It registered a gain of 12.3 per cent over 1928, with the total num- ber of cigarettes consumed reaching 119,000,000,000, an unthinkable figure. ‘The four principal producers of ciga- rettes already have laid out their cam- | paigns of advertising for 1930, which | center again on woman smokers. | Another large gain is expected both in sales and in profits during the | current year, with estimated output of 133,000,000,000 cigarettes. Cigars are holding their own. Their consumption was about 1.5 per cent larger in 1929 than in 1928. The downward trend has been checked, tem- porarily at least, by the 5-cent cigar, which is responsible for 54 per cent of the total output. It looks as though many of the cigar | companies will be forced into other lines, and that before long only a few companies handling the outstanding popular-priced brands will be left. Cigarettes, however, have the inside | track, and no one appreciates it more | rers themselves. Oil companies watching the de- velopment of the Diesel engine very carefully, for it is well known that its operation costs only a fraction of what the present gasoline engine does. A Tecent test was made of installing a small marine Diesel engine in an au- tomobile. It was driven through cold and .snowy January weather from In- dianapdlis to New York, a distance of 792 miles, on 30 gallons of oil at a cost of $1.43, for this Diesel engine burns fuel oil, which costs only 4.75 cents a gallon, instead of burning gas, which casts 21 cents, Why shouldn’t oil corporations be in- Many people believe that eventually | the Diesel engine will revolutionize the oil business. Sir Joshua Stamp, 49, English busi- ness man and financier, when asked re- | cently for his views on the ‘“citizen of the future,” said: “The citizen of the future will care more for others, and that care will have Unselfishness is the only thing that can supplement this in his charac- acter. The citizen of the future will find out more—he will think and judge better. He will have a clearer aim and weigh the spiritual against the material and mercenary, and he will work more wisely, if not so long, and he will do it all for love.” Probably no British subject has a wider sweep of business, both from a theoretical and practical standpoint, | than Sir Joshua Stamp. A member of most of the scholastic organizations of England, he has represented his coun- try in mank conferences on both. sides of the Atlantic. He was an important member of the committee that framed the “Dawes” report, has-spoken and written extensively on income, wealth. taxation and banking, and still has time to attend to the work of the world. He is president of the executive com- SATURDAY, FEBRUARY 15, 1) ICANADIANCOMPANY jclalizing on financial outlook in that (of several South American currencies | person \ Y8, PINANCIAE., ™ "= STOCK AND BOND MARKET AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. e i STOCKS. 50 20 Industrials, - Today .... 1. ! Previous day. .S Week ago. .. : Year ago. . Two years ago. . 143, | Three years ago, weekly aver..108.7 High (1930)... 183.8 1 Low (1930)... 166.5 Totaf sales, < * New 1930 | BONDS. Today .... | Previous day. | Week ago. | Year ago. | Two years ago. 97, i Three years ago, weekly aver.. 95.8 High (1930). X Low (1930).. Total sales (par value), (Copyright. 1930, Standard Statistics Co.) ‘Washington Ticker BY CLINTON COFFIN, Associated Press Pinancial Writer. Latin American countries need to | borrow about $500,000,000 on inter- | national money markets during the next | year in order to maintain their economic | balance. Prospects for the supply being | provided on reasonable terms are far from rosy, but it is probable that ad- vances wiil be made and that the in- | vesting public of the United States will | be called upon for most of that amount. This represents the judgment of American Government observers spe- quarter. Indeed, the first big loan in the anticipated list, a $60,000,000 tender for Cuban public works, has already been floated and will be followed up, it is understood, by a $20,000,000 short-| term advance, presumably applying to | the 1930 Cuban sugar production. | American agents who note the need | for public borrowing now evinced by | South and Central American countries | say that since 1924 the balance of in- | ternational payments for that area has been maintained by a continuous stream of new foreign investment, chiefly com- ing out of the United States. The bor- rowings have largely gone into public works, in the form of harbor and roads } construction - and city sanitation and | water supply. One line of credit, estab- | lished in London for valorizing Brazilian coffee, is keeping about $80,000,000 re- volving, with some halts as coffee moves to markets. Beginning in 1928 the stringent credit conditions brought about in the United States by the era of intense security speculation cut off Latin American investment supplies and has kept them cut off until now. This cessation in the flow of new capital to investment in Latin America, which has persisted for many months, is now set down by most observers as the primary cause for the depreciation which is daily reported on the exchange markets. It has probably contributed to the decline in prices of listed bonds of several Latin American countries, and it is embarrassing the remittance to the United States of payments for manu- factured goods sold there by this coun- try's exporters. Government people say that South American purchasers in a number of cases, finding their own cur- rency depreciated, are depositing the price of the goods bought in local banks | and letting the seller work out the ex- change problems. If the flow of capital from the United | States to the southern area resumes, | manifesting itself either by the pur-| chase of bonds evidencing debts of gov- ernmental and municipal units or by direct investment in utilities and en- terprises, some of these symptoms of unbalanced economics, such as depre- ciated currency, will be expected quickly to vanish. The best hope that the money will be forthcoming from the United States or from other investing countries of the world is based on the prevailing low level of interest rates. Julius H. Barnes, chairman of the national business survey conference called by President Hoover last Decem- ber, spent a day or so in Washington this week and expressed the opinion that general conditions justified cheer-| fulness as to the business outlook. One | of the things which have been giving | Mr. Barnes and higher Government of- ficlals cause for optimism lately is an apparent check now being observed in | the prolonged decline of commodity prices. For the second successive week the various series of indices which measure average wholesale price levels have remained stationary or nearly so. | Just what caused nearly the whole ! collection of commodities which enter | into human usage and supply to drop | during January from low price levels | to lower is still a matter of debate. | The exact degree of the decline of the composite level varies in accordance with the different methods of express- ing it. On a percentage basis, average wholesale prices appear to be ranging at present at about 130 pe°r cent of 1914 levels, whereas 14 months ago they were, roughly, at a point representing 140 per cent of 1914 levels. In the theory of many economists any further substantial recession in the collective price levels would raise the prospect of enforced downward read- Justment of wages and salaries, and the halting of the recession is consequently being warmly welcomed. In producing 2500000 tons of coal | tar last year by the distillation of coal the United States took production lead- ership among nations which have an output of this highly valuable industrial corpor: a the Associated Press. of 4 cents a gallon for lubricating oil was the most important index change in the groups. clared an extra dividend of $4. | standingly favorable earnings state- Corporation News NEW YORK, February 15.—The fol- owing is today’s summary of important on news prepared by Stand- rd Statistics Co., Inc., New York, for News Trend. Compared Of the groups comprising the index, the previous week. A sharp decline Corporation news of the day was mixed. United States Envelopengb n- amin Winter omitted preferred divi- dend of $1.25 due at this time. Out- ments for the year 1929, as compared Line, Buffalo, Rochester & Pittsburgh, Underwood-Elliott Fisher Co. and United States Envelope Co. The Companies. Airway Electric Appliance earned $3.86 on common stock in year 1929, against $3.29 in 1928. Art Metal Works earned $4.45 on common stock in year 1929, against $4.62 in 1928, . Atlantic Coast Line earned $14.47 on common stock in year 1929, against $10.25 in 1928. Baldwin Locomotive Works current unfilled orders about $24,000,000. Benjamin Winter, Inc., passes quar- terly preferred dividend of $1.25 due at_this time. Borg Warner subsidiary acquires Chi- cago Rolling Mills, Inc. J. R. Brill Co. shows deficit of $176,051 for year 1929, against surplus of $116,808 in year 1928. Buffalo, Rochester & Pittsburgh Railroad earned $6.11 on common stock in year 1929, against $4.75 in 1920. Central of Georgia Railroad earned $8.79 on common stock in year 1929, against $8.56 in 1928. Chicago & Northwestern Railroad carned $8.63 on common stock in year 1929, against $6.62 in 1928. Chicago, Indianapolis & Louisville Railroad earned $10.55 on common i!sl;(‘ak in year 1929, against $11.17 in Columbia Gas & Electric earned $3.12 on common in year 1929, against $2.79 in 1928 Chicago, St. Paul, Minneapolis & Omaha Railroad earned $2.46 on pre- ferred stock in year 1929, against deficit of $594,505 in 1928, Consolidated Retail Stores January sales up 15.5 per cent from a year ago. Eureka Vacuum Cleaner earned $4.60 on common stock in year 1929, against $3.15 1n 1928, Fox Film Corporation reorg: nization plan to be submitted to stockholders. Gleaner Combine Harvester earned $2.97 on common stock in year 1929. Gulf, Mobile & Northern Railroad earned $3.51 on common stock in year 1929 against $2.47 in 1928, Heywood-Wakefield Co. shows deficit of $251,247 for year 1929 against deficit of $355,983 in 1928. Kroger Grocery & Baking January sales up 2.3 per cent over year ago. Lily Tulip Cup earned $3.31 on com- mon stock in year 1929. Luxford Taxicab Corporation to oper- ate new Ford cars at 15-cents-a-mile rate in New York City. Massey Harris Co. earned $2.68 on g:mn;gn;gn stock in year 1929 against $3.13 in . Munson Steamship Lines acquires control of Gulf Mall Steamship Co. of New Orleans. Norfolk & Southerr: Railroad earned $2.17 on common shares in year 1929 against $3.79 in 1928. Northern Pacific Railroad earned $8.79 on common stock in year 1929 against $8.52 in 1928. IIncrease Reflects Rebuilding | proving financial situation of the last | securities when they were on the “bar- Wholesale commodity price index fell | off slightly in the week ended February | 10, decline amounting to a little over one-tenth ‘of 1 per cent. with the same period a year ago, index shows a drop of 5.5 per cent. eight farm products and fuel were the only two to show increases contrasted with with 1928, were made by Atlantic Coast | SAVINGS DEPOSITS MAKE GOOD GAINS of Accounts Following Break in Stock Market. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 15.—One of the significant developments in the im- two months has been the increase in savings bank deposits throughout the country. This has been greatest in the metropolitan centers, or where, during October and November, there were heavy withdrawals of money for the purpose of protecting speculative com- mitments in stocks or for purchasing gain counter.” Pigures that have just been prepared covering the savings banks in the Greater New York district indicate a net gain in January of $22,000,000. This - was three times greater than the in- crease in the same month of 1929. It follows an addition to deposits in De- cember of $10,000.000 and a loss esti- mated at around $40.000,000 in Novem- ber and also a shrinkage in the month of October. Rebuilding Accounts. Similar conditions are reported from suburban districts in this neighborhood. | They have also been noted in parts of {New England that have not been greatly disturbed by unemployment and to a less extent in the South and Middle West and with good gains shown in the savings accounts of banks and trust companies on the Pacific Coast, which has, relatively few of the mutual sav- ings banks that operate in the Eastern territory. Savings bank executives state that old depositors who withdrew a considerable part of their funds late last year have been coming back and are starting in {again to build up their accounts. There |{is another and a newer element that figures in the increasing totals of di posits. (This is supplied by the in | vicuals and corporations that have size- able amounts of money to invest, but are not at present interested in either common stocks and bonds and are at- tracted by the 4!; per cent rate of in- terest which practically all (f the New York savings banks now allow to their depositors on daily balances. This rate a brings the savings bank to some extent into competition with the commercial bank whose in- terest rate ranges from 2 to 3 per cent, having been raised by members of the New York Clearing House Association when call money rates were high last year, but so far unchanged since call rates and rediscounts dropped to the lowest level since 1928. Outlook for February. | Prom present indications Februa:y will also show a good gain in savings bank deposits over the same month of last year, but probably not so large as that of January, for in the increase last month the interest duc January 1 figured as an important item. With the increase in savings bank deposits these institutions have been among the conspicuous buyers of the various new bonds offered for public subscription in recent weeks and of which a considerable number are legal for savings institutions in New York State. This is the reverse of the sit- uation of three and four months ago, ‘when withdrawals of deposits from save {ings banks were on such a large scaie that these banks were compelled to g0 deep into their strong boxes and to sell {prime securities at sacrifice prices in |order to maintain their proper reserve. | INCREASE IN BUILDING. | By the Associated Press. Another slight increase in building iconsn'uct.lon activity in the country was J indicated for last week by Census Bue- :reau calculations. Figures which fol« low give the average day's total of new building contracts let for the week and | comparable periods in territory east of the Rocky Mountains: Week ending February 8.... $9,737.000 9,574,000 12, Preceding week . . STOCKS TRADED Stocks, bonds and mort- gages traded on attrace tive real estate invest- ments with safety, yield and growth., J. P. QUARLES Doniphan Bldg.. 1 Rand Mines declared dividend of $1.52 on American shares. Southern Natural Gas receives con- tract to furnish Tennessee Coal, Iron & Railroad with natural gas. Deliveries estimated at 4,500,000,000 cubic feet annually. Superior Steel earned 63 cents on common stock in year 1929 against 29 cents in 1928. Tampa Electric earned $2.65 on com- 't;(;lnl stock in year 1929 against $2.68 in Underwood Elliott Fisher earned $10.08 on common stock in year 1929 against $6.30 in 1928, material. The Commerce Department, which sets up that estimate, crediu" Great Britain with average annual pro- duction in recent years of 1,709,269 | tons, while Germany, the next most important national producer, has an | output of probably 1,500,000 tons. Coal | tar is the base for numerous and im- portant chemical and dye products which modern industry utilizes. Yot ~ NCOME TAX Pensions paid by a corporation or to an individual for services he, himself, has rendered are taxable. mittee of the London, Midland & Scotch | Railroad, a director of the Noble In- | dustries, Ltd. and a member of the board of directors of many companies, (Copyright. 1630 by North American News- | paper Alliance.) i | TREASURY BALANCE. The United States Treasury balance announced today as of close of business February 13 was $31,278,557.03. Cus- toms receipts for the month to date were $14,959,601.39. Total ordinary ex- penditures, $6,942,506.45. DIVIDENDS. DECLARED. NEW YORK, February 15 (#)— Pe- Pay- Hidrs. ot Company. Rate. riod. record. | Asso 5 & E 36 pf.31.25 Q Feb, 15 Do 36 pf. 1. Q Jan. 31 i Do. $6.50 pi §i6i. Q Jan. 31 BlDllflkflSB Nat Inv A 2;): Q Feb, 1’ Do. 6% pf e Q Do 7% ........13%% Q Dom Text Ltd. :llzl: Q Gerlach B 'ite Do. pf. 50c Q Kaufm De) 5175 Q Mangel 8 62'; Q Mutuelle 1575 Neb P 18,0, Q % 2% Q . ns;. 25 8A Feb. 20 d 3% 9 -1 % 3 : 8 Q 20 | exempt from tax, also a bonus paid by Pensions or retired pay paid by the | P United States Government also are taxable, except as provided by the | revenue act, which exempts from taxa- tion “amounts received as compensa- tion, family allotments and allowances under the ‘war risk insurance act, the | vocational rehabilitation act, or the World War veterans' act, 1924, or as pensions from the United States for service of the beneficiary or another in | the military or naval forces in time of war.” Pensions recelved from a State are a State to its residents who served in | the military or naval forces during the war with Germany. Benefits received | from a labor union by a member while on strike constitute taxable income. An allowance paid by the governing body of a religious denomination from re- | tirement funds formed by assessments cf various churches in which he has | been employed Is taxable income. | Hi Annuities paid to retired employes of the Federal Government are subject to the tax to the extent that the aggre- the amounts wihheld from compensa- | If an employe nt service before he is eligible for retirement and re- celves the amount of salary withheld, | together with interest, he should report | only the amount of interest received | as income for the year in whtchl received. 20000 gate amount of the payments excecd |1, NEW YORK BANK STOCKS. NEW YORK, February 15 (Special).— Banks. America . Grace E Harbor ‘Staie farriman World Ex Yorkville Bang 2 Bk of Siciiy Bk Europe, BENY & T. e Eauitable ! Fidelity Fulton Guaran| Titl* Guar. ., Unit States. Alexandria, Va. Phone Alexandria 767 MOORE & HILL, Inc. Since 1900 730 17th Street REAL ESTATE LOANS L3 L Large and small Trust loans negotiated * promptly at prevailing rates and commission, . FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. NW. National 2431 REeembls First Mortgage Loans | Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc, Offices for Rent in the Edmonds Building 917 15th St. N.W. Opposits MacPherson Squars The Wall Street of Washington | Desirable suites of two to six rooms now avallable Very Low Rentals SHANNON: & LUCHY Managing Agents 1435 K St. N.\W. Nat'l 2345