Evening Star Newspaper, February 19, 1930, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, FEBRUARY 19, 1930. STOCKS RREGULAR ||~ NEW YORK_STOCK EXCHANGE s which shows those stocks to be sold in odd lots only. Sales of Each Stock Compiled to 12:30 P.M. ~Prev. 1930.~ Stock and Sales— Prov. Modern Ideas in Office Furniture USINESS efficiency — now moves at a fast pace, thanks to modern ideas in serviceable office furniture. Busy execu- Stock and Sales— Dividend Rate. Add 00. High. Low. Coty, ine (k2) 1 Volume Falls Off, With Mar- | ket Moving in Uncertain Manner. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, Pebruary 19.—The stock | market drifted irregularly today despite aggressive bullish demonstrations in a select group of public utilities and spe- cial Trading showed a marked 1aliing off in viume, due to the absencc ©f any extensive public participation. money held steady at 4'5 per cent, although there was a fairly plenti- ful supply available, and it was ex- ted that the rate would be shaded the “outside market.” made a further slight gain, but has lost the momentum that caused it to rise so rapidly in January.” Pig | iron and steel prices held steady. Bull- | ish enthusissm in the stock market | ‘was chilled somewhat by the fact that freight car 'loadings continue to run | below the levels of the -corresponding period a year agd, a further increase in crude oll production and fears of a tech- nical reaction. ‘The brisk demand for the public util- ties was jnspired largely by merger - rumors, although there were no new tangible developments along. those lines: Brooklyn Union Gas ran up 712 points to 17015, which contrasts with Re low of 99 established iy the break last Fall. American Water Works ran up 3 points and‘one block of 10,000 Amer- fean & Foreign Power changed hands at 1015 O T8 were freely sold as a result of tne reduction in the Calumet & Arizona dividend, that stock breaking below 75 to & new low for the year, while Anaconda, broke 4% points on what looked like ‘s renewal of bear selling. Unl‘hd Fruit sank 4 to & new 1930 low at 92, Wall Street Briefs By the Associated Press. F. W. Dodge Corporation reports that construction contracts awarded in the States East of the Rockies during the week ended February 14 totaled $61,- 170,000, a gain of $2,748,800 over the revious week, but a reduction of $20,- 2,000 from the lige week of 1920. Contemplated work reported during the week wmeg‘aus,us.soo.l thebllurtuu it being a proposal to build a m,m tidewater hydro - electric development at Eastport, Me.« 3 Harry H. Pond, & vice president of the Chase National Bank, pians to retire from that office on April 1. Mr. Pond, who has been in:the banking business in New York for nearly 20 years, will retain his lency of the Plainfield ‘Trust Co. fleld, N. J., a post he has held for a number of years in addi- tion to his work in New York. - ‘The wm‘xnotmwuummg h;lk;n‘ ac- ceptances e tountry as of January 31 was announced by the American Ac- ce a decrase orv:n,uz.m from December 31, but a of $418,522,728 over the January 31, 1829. The ac- ceptance business normally reaches its peak at the end of the year, as credits are liquidated and seasonal crop require- ments satisfled. ‘Yesterday's gold movement report of the New York Federal Reserve Bank shows imports of $2,000,000 from Bo- Hvia. There were no exports and no net change in the amount of gold ear- marked for foreign account. It also was announced that $3,700,000 in gold had ?ln received at San Francisco from apan. Hunter S. Marston, vice president of the Bancamerica-Blair Corporation, has been elected presidgpt, succeeding Elisha ‘Walker, recently elevated to the chair- ip. Mr. Marston has been con- nected with Bancamercia-Blair Co: ration and its predecessors, Blair & Co., since his graduation from Brown Uni- wversity, in 1008. Stockholders of the Minneapolis- Honeywell Regulator Co. have approved an increase in the common stock from 250,000 shares to 500,000 shares. business in which both capital and per- sonal service are material income-pro- ducing factors also is given mmldm-; tion in computing the tax on earned income to which the 25 per cent credit| 2 applies. ‘The revenue act provides in such Cases that a “reasonable allowance as compensation for personal services” shall be considered as earned income. Such allowance is not to exceed 20 per | cent of the taxpaver's share of the net | profits of such trade or business. For| example, a taxpayer received in 1929, from a business in which both personal | gervices and capital are material in-| come-producing factors, a net profit of | $30,000. The 25 per cent credit is com- puted on 20 per cent of $30,000, or| $8,000. The amount payable is the tax on $30.000, less 25 per cent of the tax | of $6.000, | ‘Within the range of the second class | of earned income are many kinds of | professions in which individuals are | associated as partners. When the facts| in each case indicate that the propor- | tionate share to each partner of the net amount of fees from the professional am.nersm;; truly represents compensa- | ions for personal services actually ren- | dered by him, such partnership share | is to be classified as earned income in/| the individual return. If such share| does not represent compensation for | services rendered, but instead represents | A return on capital invested by him -in | the profession, or gain derived through | the employment of assistants who do | the actual work, it i not to be classi- | fled as earned income to the taxpayer. | SHORT-TERM SECURITIES. (Reported by J. & W. Seligman : ng.! Allis-Chalmers Co 55 1t ‘Aluminum Co. of A st S Oatiada has more than 135 chain store organizations, Dividend Rate. Abitibi Power & Pap, Abitibl P & P pt Adams Expr (1. Adams Millis (2 Advance Rumley. Ahumada Lead. Alr Reduction ( ghany Corp Alleg Corp pf (6 Alleg C pf (5% )xw. Allied Ch & Dye(né) Allis-Chalmers (3) Amerada Corp (2) Am Agricul Chem Am Argicul Ch p#, Am Bank Note (13 Am Brake Shoe(2. Am Brown Bov Elee, Am Can (4). Am Car & F' Am Chaln pf (1) Am Chicie Co (1234 ). Am Com Alconl §0) Am European See. .. % Am & For Powe) Am&Forn Pwr 24 Am Hawallan S S (3) Am Hide & Leather.. Am Hide & Lea pt... Ani Home Prod(4.20) \m 1ce Co (T4)uuuus, Am International (3) Am La F'& Foamite.. Am Locomotive (8).. Am Metal (3)......0 Am Nat Gas pt (7).. Am Piano. Am Piano pf : Am Power & Lt (31) Am Pow & L1t pf (6). AmP&LPLA (3%4) Am P&L pf A st (), Am Ra&Std San 1%.. Am Republics. ...... Am Rolling Mill (2). Am Safety Razor (5) Am Seating (2). Am Tobaceo (B) (3). Am-Tobaceo pt (6).. Am Type Fdry p£(7) Am Water Wks (n1), Am Woolen. Archer-Dan-M (3). ., Armour Del pf (7)., Armour 11l (A). Armhour 11l (B). Armour 111 pt (7 Arnold Constabl As50 Appl Ind (4)... Atch T& 8 Fe (10).., Al Coast Lihe (110). AUG & W indles. ... AU Kefining (12 Atias Powaer (4. Atlas Powdr pt Auburn Auto (J4, Austin Nichols. Autosales, ... . Auto-StSaf RA (3). Aviation Corp Del. .. Baidwin,Loeo (1.78). Baldwin Loco pf (1), Baltumore & Vnio (1) Balto & Onio pt (4).. Bang & Aroos (4., Barker Bros(z). ... barnsdall, A (2).. s Bayuk Cgr 1st pt(7). Beatrice Cream (4).. Bendix Aviauon ). Best &Co (3). . Bethle Nieel (6), Bethlenem St pt (7). Bohn Al & 1 Booth Fishe, s Booth kish 1st pt. ., Borden Co (ki) Borg Warner (4), Brigs M{g..ceuu.s Briggs&stration (2), Brit Emp Stl 18t pf., Bkiyn-Munnat () Bklyn-Man Tr pt Brooklyn & Queen: Bkiyn&Queens pt 4) Bkiya Union Gas 5) Brown Shoe Co (3).., Bruns-Balk-Col, Bruns Ter & Ry 8 Buoyrus krie (1), Bucyruscv pt (23). Budd (£ G) Mg (1), Buda Wheel (1), 100 Bullard Co (1.60). .., Bulova Watch (3) Burns Bros 5. . Burns Bros pf (7) Burf Add Mach (1).. Bush Termni (2%).. Bush Term deb (7). . Butte & Superior 1) Hutte Copper & Zine, Butterick Byers a M) Calif Packing (4) Cullahan Zine & L. .. Calumet & Ariz (8).. CalumetiHec s ). Campbell Wyant (z). Canada Lry G A (6). Canadian Fae (10, Cannon Mills (1.50)., Capital Adm (A). ... Capltal Adm A p2(3). o . Caterpilir Trao 13% . Celotex (3). Cent Aguirre Cent Ailoy Steel (3). ~ Ches & On10 (10) 4.4 Chesapeake Corp (3) Chi& N W pt (T).es Chik L& Pae (1), Chi Pneu Tool Chi Pneu L pf (3%). Chi R L & Fae pf (6). Clty Stores (1)....u0 Clark kiquipment (3) & AlKinan, .o, x Col Kuel & Lron (2). Colo & South (3).... Colo & Sou 1st pt (4) Col Gas & K1 (2) Col Gas & K1 pt A(8) Columb Graph (87¢). Columbian Carb (16) Com Credit (3). »t £1.80). 4 Comm Solvents (3).. Comwlith&sou(s0e) Congoleum-Nairn. Congress Cgr (16% ). Consol Clgar (7).... Consol Cgr prpf 6% . Consol ¥iim (3) Consol F1lm pt (2),. Consol Gas N ¥ (4 Consol Gas NY pt. Consol RR Cub pt(8) Consol Textile. Container Cor Container Corp Contl Baking Contl Bakii . Contl Baking pt (8). 9 2 o - s P L - 33 & Py e o= S & roamarroRonmrrrrtocrorErEarSerSarnak 108 .. 20y 4 241 10 Add 00. High. Low. Close. Close. 30 31% 78 33% 26% Cudahy Packing (4) % Curtis Publish pt(7) 16 825 8644 67 & Cushman's pf (7) Cutler-Hammer Davison Chem Debenham’ Dee: (3 Duplan Siik pt (§). Dupond de Nem (4) Dupontd N Durham Hos pf new. Estn Roll Mili(ht3) Kastman Kodak ( Eastman Kod pt ( Katon Axle & 83, Eitingon pt (83%) Elec Auto Lite (8). Endieott-John (§)... Kng Pub Serv (31 Eng Pub Sve pt . Kng Pub 8vo pt (6%4) Ksquitable Bldg (%) Birie X R, Erie RR 24 pf (4).., Erie & Pitts (834)... Kureka Cac Cl (4)... Evans Auto L(33%). Fairbanks Co pf.,... 30s Fairbanks Morse (3), 3 Fairbanks M pt (7)., 10s Fash Park Asso (3%, § Fed Lt & Tre (31%). Fed M&SpL (1)...a Fed Motor Tr (806) vu Fed Wa Ser A 62.40., F1d Pho Fre 1(2.60). Files jons. Firestons T&R (1. Firest First Nat Strs (3%). Fisk Rub 1st pf ev... Follansbee Bros (3).. Foater Wheeler (2) .. Foundation Co. Fox Film A (34). Freeport, Texas (18) Gabriel Snub A. . Gen Am Inv pt (6)... Gen Am Tnk Car(34) Gen Asphalt (4)..ee Gen Cable Gen Cable A (4) Gen Cable pt (7). Gen Cigar (4)...cc00 Gen Electric (1.60) Gen Klec spec (§0e).. Gen'l Food Corpn (3) Gen GaskEl A (tel), GenG & BIptA(7).. Gen Ital Ed w.i. a3.61 Gen Motors pf (7)... Gen Outd Adv A (4). Gen Outd Ad vte (2). Gen Public Serv (b§) Gen Ry Signal (5). en Refrag (144)... jen Theat Bquip vis Gillette Sat (nb). Gimbel Brothers. ... Gimbel Bros pt (1).. Gold Dust (234). Goodrich B ¥ (4 Goodyear Tire (§)... year 1st pf (7)., Gotham Silk H (3%) Graham-Paige..... Granby Copper (8) Grand Silver Stra (1) 4 Grand Unios . 8 Granite City 8tl ()uy 7 Grant (WT) (1)eeee 1 2 Grt North pf ct (5) & GtNctfsOP (a3%). 4 Grt West Sug (2.80). 10 Grt West Sug pf (7). 50s Grigsdby Grunow (3), 236 Guantanamo Sugar. 3 Gulf Mo & North. 6 Quit Bta Steel (4) 26 Hackensck W pf 1% . 108 Hann Dept 8 Hall (WF) Ptg (m 1 Hanna pf (new) (7). 908 Harb-Walkr Ref (2) .400; Hartman Corp B1.20 10 Ha; 0d; 2 Household Prod(t4). Houston Of1. 0). Hudson Motor (§). Hupp Motor (13). Iliinots Centrai (7)., . 3 1 Illinois Cnt s in (4). 108 Interlake Iron (1). Intl By Intl Ces Inter Comb Eng Intl Harvester ( Int Hydro E1 A (e2) Intl Mer Marine (1) Intl Pap & P A (3.40) Intl Pap & Pwr Intl Pap & Pwr Int Pap & Pwr pf Int Ry Intl 8 ep! ) Inter Dpt St pf x 208 I ors Equity(2). 24 Creek Coal(4) Kan City Sou pf (4). Kayser Julius (4) Kelly-Spring Tire. Kelly Spring 8% pf. Kelvinator Corp. Kelsey Hay Liggett & Myers( Liggett&Myrs B(15) Liggett & My pf (1), Lima Locomotive. Llquid Casmonts (61 ul ! ). Losw's, Ine (3)..... FIVE DECORATIONS® BY ROCKWELL KENT We invite applications for loans on improved property in the City of W /\MERICAN SECUR TT 15th and Penna. Ave. N.W., CONVENIENT the Metropolitan Life Insur- ance Company offers a desira- ble plan backed loan situation in a country, We invite applications for loans on property in the District of Ce- lumbia and nearby Maryland and Virignia. Long Term Low Interest Rates 809 15th St. NW. Metropolitan Life Insuramce Company tives and trained office workers find convenient nts in the modern articles of furniture that so appreciably facilitate office routine. You'll appreciate the comfort and beauty of Mil- waukee Chairs, Stow & Davis Desks — and the ever-popular Standard Desks. You'll feel more secure with a Diebold Safe in your office. The very latest ideas in modern office furniture are displayed in our showrooms. THE W.D. CAMPBELL COM BUSINESS FURNITURE AND EQUIPMENT teriors Decorators of Commercial In 1018 15th St. N.W. 1508 L St. N hington. Low Interest Rates OFFICES MORTGAGES A MAN’'S HOME HIS CASTLE Because the average Ameri- can defends his home to the last extremity gives our 6% FIRST MORTGAGES —added attractiveness, for when he incurs obligations for a home he strives hard to measure up to the financial re- quirements necessary to com- Over a Third plete ownership. of a It is little wonder that large Century insurance companies, banks X and trust companies specialize Hdme in this form of investment for Loss strictly trust money. Do you know of a safér method of safe- guarding your funds? 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 a study of the sections of the Consult WeAZRER0S District 9486 Mortpage Loan Correspondent while profits from sale of investments have been greater in some years than in others. In 1929 income from the latter source was unusually large. From the total income the ex- pentes, taxes and debenture interest are paid, reserves and surplus are builtup and dividendsaredistributed tothe stockholders. Thisunified man- agement of the combined funds of many is devised to afford greater safety and income than the average man obtains through his individual operations. CUT IN WOOD BY J. J. LANKES NVESTMENT companies such as those in the American Founders group must justify their existence by achieving better-than-average results in periods of depression as well as in times of inflation. The funds contributed by the de- benture owners and shareholders are invested and managed with a view to obtaining the highest income con- sistent with safety—to achieve in *good times” above the average yield and appreciation, and in “bad times” to experience less than an average shrinkage in earnings and market values. American Founders Corporation, now controlling the other.four com- panies, has consolidated resources exceeding $200,000,000. Copies of the consolidated annual report for the fiscal year 1929 may be obtained from bankers and security dealers or from Founders General Corpération, 50 Pine Street, New York City. A high average rate of gross earn- ings of all the five companies in the American Founders group, has been maintained since the first was formed in 1921. Interest and divi- dends have provided thebasicincome, AMERICAN FOUNDERS CORPORATION < Sharing Subsidiary Investment Companies INTERNATIONAL SECURITIES CORPORATION OF AMERICA SECOND INTERNATIONAL SECURITIES CORPORATION UNITED STATES & BRITISH INTERNATIONAL COMPANY, LTD. AMERICAN & GENERAL SECURITIES CORPORATION Countries gy the Prosperity ‘of Many Companies, Many Industries, Many ¥