Evening Star Newspaper, February 20, 1930, Page 13

> STOCK PURCHASES * BYTRUSTS IS TOPIC Conference in Debate Over Buying of Equities for Estates. P BY EDWARD C. STONE. . Bankers engaged in a lively discus- on at the trust conference in New 'York yesterday over the advisability of es of common stocks by trust “companies acting as trustees and by executors of es- r L. Smith, gm mt of the rving Investment ‘warning. movement toward common stocks be- ¢ comes faster than ¥ the readjustment of . corporate financial § structures, a situa- { tion will be created in which the de- mand for '.‘Dmmgg stocks so exce es M. Doing. that stccks are U o likely to sell even more out of line with values than they did before the recent break, he said. However, he favored the purchase of common stocks of the highest type and management. * . F. N. Bancroft, of the Colorado Na- tional Bank, Denver, took opposite ground, stating that “the creator of a trust during his fifetime may specu- late in order that those designated in his will may profit thereby, but it is the province of the trustee to conserve and not to speculate unless specific ref- :z“nc‘e to stock purchase is made in a ‘W. M. Baldwin, vice president of the Union Trust Co., Cleveland, stressed the zfln& that it is improper fo. a trustee take risks, adding that if a loss is sustained through the purchase of stocks the only way to recoup is by further speculation. Scores of other bankers spoke for and against common stocks in estates, some claiming that none should be carried and others that common stocks are often better than some bonds. Insurance Club Adds Members. ‘The Insurance Club of Washington held its regular monthly luncheon meeting yesterday at Hay-Adams House. Sidney F. Taliaferro, Commissioner of the District of Columbia, was the guest of honor and made a particularly in- teresting address. Mr. Taliaferro was at one time in the insurance business and is thoroughly familiar with the mEecL £ ¥ A I N = s manager American R. S. d’Espard, man- ager_General Adjustment Bureau, and H. R. Quinter & Co. were elected to membership in the club. The attendance yesterday was un- usually large. Doing Heads Publicity Committee. Charles H. Doing, manager of the branch office of the Washington Loan & ‘Trust Co. at Seventeenth and F streets northwest, been appointed chair- man of the District Bankers' Associa- tion publicity committee in connection with the coming annual convention to ‘be held at Asheville, President W. J. Waller announces. Mr. Doing was chairman of the association’s taxation committee ::I year. Banquet Plans Move, on Rapidly. T. Hunton Leith, chairman of the institute’s general banquet committee, said today that plans are practically completed for the big annual event. th believes the banquet may not largest, but at the same time the best one yet held. It is; worthy of special mention that four na ell as the present national presi- | Among the guests will be such | ished bankers as Gov. Roy A. | Young of the Federal Reserve Board tional presidents will be present | 1 NEW YORK STOCK EXCHANGE Recelved by Privatc Wire Direet to The Star Office. Notice—All stocks excepting those design: the letter s (65s) which shows those stocks to be sold in odd lots only. Sales of Each Stock Compiled to 12:30 P.M. ~Prev. 1930.~ Stock a Sales— High Low. Dividend 33% 22 Abitibi Po 104 Abraham & St pf (7 45 Abraham Straj Expr ( Alr Reduction (3)..e Alr Way E1 Ap(2%). Ajax Rubber Alaska Juneau 4 Albany I W Pap Alleghany Corp, Alleg Corp pf (6% 255% Allled Ch & Dye(né). 49% Allis-Chalmers (3).. 18 Amerada Corp (3).ee 6% Am Agricul Chem 27% Am Argicul Ch pt... 7 Am Beet Sugar. Am Bosch Magnet. Am Brake Shoe(2.40) Am Brown Bov Elee, 35 Am Brown B E pf(7) 1108 Am Can (4)... Am Car & Fdy Am Chain pf (T)...a0 Am Chicle Co (13 ot. Am Hawalian S 8 (3) Am Hide & Leathe Am Home Prod(: Am Ice Co (14). % Am International Am Locomotive (8 Am Mach & Fay (' Am Metal (3). Am Nat Gas pt Am Power & Lt (3 Am Pow & Lt pf (6). Am P&L pf A st (5) - .o » orenBhiSERumpralae - @ EL o T R P T T Art Metal Work: Asso Appl Ind o - Baldwin,Loco (1.75). Baldwin Loco pf (7). Baltimore & Ohlo (7) Bang & Aroos (33).. Bendix Aviation (2). Best & Co (2)... Bethlehem Steel Briggs Mfg Brockway M T. . Brockway pt (7, Bklyn-Manhat (4), Bklyn&Queens pf (4) Bklyn Union Gas (5) Bruns-Balk-Col. Bruns Ter & Ry 4 Bucyrus Erie (1) Bueyrus pt (7) Bucyrus cv pt 4 i 1 28 7 10 . it s 5 2 & = ~Ea Burns Bros A (8, Burns Bros B. - - o Surnalibud and W. W. Hoxton, chairman of the| Reserve Federal Bank of Richmond. H. F. Kimball, chairman of the en- tertainment committee, has secured talent, several surprise numbers being included. The American Security Glee Club will also be heard. New Treasury Financing Planned. ‘The Federal Reserve Bank of Rich- mond issued yesterday a preliminary notice of the approaching quarterly fi- nancing for the Federal Government. The details of the financing have not been decided upon, but it is generally thought that issues of both certificates of indébtedness and of non-intereft bearing Treasury bills will be offered. Certificates amounting to $404,209,500 mature March 15, and Treasury bills totaling $100,000,000 fall due March 17. Simultaneous offerings of the, two types of securities would not be compulsory. The decision in such a matter would Test with the Treasury Department. ‘The recent $50,000,000 bill issue was put out by the Treasury for the benefit of the Farm Loan Board. Funds from the next financing will be needed for other Government purposes. Heard in Financial District. Kark W. Corby, partner in W. B. Hibbs & Co., has returned to Washing- ton from a three weeks' outing in Florida. F. P. H. Siddons, secretary of the American Security & Trust Co., has Teturned from a business trip to Boston and New York. Dr. H. Parker Willis, economist, well known in this city, has become asso- clated with Shields & Co. as chairman of the investment advisory board. Edward J. McQuade, vice president of the Liberty National Bank, attended the trust conference sessions in New York on Tuesday. He also attended the meeting of the directors of the Mergen- thaler Linotype Co. Lloyd B. Wilson, president of the Chm&elke & Potomac Telephone Co., was elected a member of the board of directors of the United States Fidelity & Guaranty Co. in Baltimore yesterday. W. W. Spaid, Francis G. Addison, jr., and Frank Stetson, will leave the bank- ing district Saturday for Florida for an outing on the golf links, Byers (A M) pt (7).. Calif Packing (4), Callahan Zine & L. Calumet & Ariz (6) Calumet&Hec(ad % Canada Dry G A (5) Canadian Pac (10) Case (J 1) (6). Caterpilir Trac Cent Alloy 8t p£(7).. Century Rib Mill Certain-teed Fro: 9 « cBorFannenelanen Chickasha C Oll (3).. Childs Co (2.40). Chry. - City lce & F pt (6%) 1108 City Stores (1).., 2 City Stores A (3% Cluett Peabody (6) Coca-Cola (4)... Coca-Cola A (3). Collins & Alkman..., 6 Collins & AIkpf (7)., 2 Col Fuel & Iron (2).. 12 Colo & Sou 2d pf (4). 208 Col Gas & El (2).,.. 146 ColGas& EIpf A(8) 2 Columb Graph (87¢). 173 Columbian Carb (16) 28 Com Credit (2)..... 20 Comm Credit A (8) 4 Com Credit pt (1%). 108 re sold in one-hundred share lots = (283s), Sales— Dividend Rate. Add 00. High. 10 Corn Prod pf (7). Cudahy Packing - Curtiss Wright Corp, Curt Wright Corp A Cushman’s of (7) Cutier-Hammer. , Davison Chem. Deere & Co pf (7)... Delaware & Hud (9). Del Lack & W (17). Denv& R G W pt. Detroit Edison (8). ., Devoe & R, A (2.40).. Diamond Match (8). % Dome Mines (1)...., Dominion Strs (1.20) Dupond de Nem (4). Duplan Durham Hos pf Bastman Kodak (18) 17 Eastman Kod pf (§). 10s Eaton Axle &8 (3).. 47 E1 Pwr & Lt Df (7). o Elec Storage Bat (§). Emerson-Brnt B. Endicott-John (). Eng Pub Serv (31)., Eng Pub Sve pf (5)., Equitable Bldg (3%) pooe o Suro - awenSSe Evans Auto L(32%). Fairbanks Co. ... Fairbanks Co pf Fed Lt & Tr pf (6).. 108 Fed Motor Br (80¢).. Fed Wa Ser A e2:40 Federated Dept S Fid Pho Fire 1(2.60), Filene's pf (63%4). Firestone T&R(1.60) Firestone T&R p£(6) Fisk Rubber. .. Fisk Rub 1st pf ev.. Follansbee Bros (3).. Foster Wheeler (3).. 6 Fox Film A (§4).... 802 Freeport, Texas (15) 7 @ g H Gen Am Inv pf (6)... Gen Am Tnk Car(34) 30 Gen Cigar pf (7). Gen Electric (1.60). Gen Elec speo (60c).. Gen'l Food Corpn (3) Gen Gas&El A (Te2). GenG&EIpf A (8). ‘Gen Motors pt (7)... Gen Outd AdV A (4)., Gen Outd Ad vto (2). Gen Public Serv (b6) Gen Ry Signal (5)... Gen Refrac (t43). Gen Theat Equip vts 4 Gillette Saf Raz(n6). Goodyear Tire (5) Goodyear 1st pt (7)., Gotham SiIK H (2 %) Gotham S H pf (7).. Gould Coupler...... Graham-Paige. Granby Copper (8).. Grand Silver Strs (1) Grand Union........ Grand Union pf (3)., Grant (W T) (1). Grt North pf (5). Grt North pf et (5). GtNctfsO P (a3%). Grt West Sug (2.80). Grt West Sug pf (7). Grigsby Grunow (2), Gulf Mo & North..,. Gulf Sta Steel (4) 50 Hahn Dept Stores... 6 - MeRG~HOaNA 9 » ©3 k3 = s Hall (WF) Ptg (m1) 1. Hanna pt (new) (7)., 508 Hartman A (2)...... ° Hartman Corp B 1.30 es Body oo Hercules Motor 1.80, Hercules P pf (7)..., Hershey Choo (5). .., Hershey Choc p£(15) Hoe (R) &Co....... Holland Fur (e12%). Houdaille Her B (4). Household Prod(14). Houston Ofl.......u Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motor (6) Hupp Motor (£2). Illinots Centra1 (1) 1litnois Cent pf (6 Independ 011 & G Intercontinental Rul Interlake Iron (1) Inter Comb Eng Intl Harvester (2% Intl Harv pf (7) Int Hydro E1 A Intl Match pf (4, Intl Mer Marine - Int Nickel of Can (1) Intl Pap & P A(2.40). Intl Pap & Pwr C, Intl Rys Cent Am. Int Rys,Cen A pf( Int Salt (6). 2 Inter Dpt 8t pf x w (11508 Intertype Corp (2).. 1 Investors Equity(2). 23 Island Creek Coal(4) 1 Island Creek pt (6).. 10s Jewel Tea (4). 4 Johns-Manvill o Jones & Laugh pt(7) Jordan Motor Car. K C P&L 18t pt B(6), 208 Kan City Sou (6). 5 Karstadt (R) (1.02) Kayser Jullus ( K 142% 207% 122 45 1. 108 8 208% 121 345 100% 108% 6% 63 109% 120% 120% 44 44 b61% 614 41% 42y ATTACK ON STOK PRES I HLTED Market Steadies in Afternoon as Selling Wave Subsides.} BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. ‘NEW' YORK, February 20.—Stocks fell into a decided slump during the early ‘hours of trading today as the selling waveé which appeared late yes- terday swept’ through the market, but the liquidation appeared to have been completed by early afternoon, and bulls rallied to the support of leading shares. Early declines of 1 to 10 points were considerably reduced, and several shares lweris litted above last night's ' closing evels. Bears evidently took advant of the jar to confidence provided sud- den downtown late yesterday' to launch a concerted attack, and many.traders * | hastened to take profits, 'Several com- mission houses have been advocating the lightening of accounts in prepara- tion for a_technical reaction for about a week. Further declines in the grain markets also caused some nervousness. The most conspicuous item of theé day's corperation news was the annual report of National Lead, together with announcement of a $3 extra dividend on the stock. While earnings for last year were nearly double those of the previous year, current sales were s to be about 45 per cent below a ycar ago, against 32 per cent in January. A few other concerns announced favor- able earnings statements for 1929. Monetary conditions were unchanged, with call loans still quoted at 43 per cent and in ample supply.at that level. Attention was focused upon the weekly Federal Reserve statements to appear. after the close of the market. Wall Street generally looked for a moderate increase in brokers® loans. American. Telephone, United States Steel and American Can, which were in the van of the recent advance, were heavily sold during the forenoon, losing about 2 points each, but these losses were canceled in the early afternoon n‘lg. ‘Westinghouse Electric, Eastman Kodak and International Silver dropped 5 points each, but soon rallied smartly, Brooklyn Union Gas gained more than 3 points. Gillette advanced nearly as much, and International Tel- ephone and American Tobacco B gained moderately. Radio moved up about a point to a new high for 1930. Otis Elevator lost more than 10 points and shares which showed losses of 3 to 4 points included Chesapeake & Ohio, Auburn Auto, Columbia Gas, Standard Gas, Western Union, R. H. Macy and Alr Reduction. Ofls and coppers sag- ged further, Standards of New Jersey and California and Kennecott reach- ing new lows for the year. ity DIVIDENDS DECLARED. NEW YORK, February 20 (#).— Regular, Pe- Pay. Hldrs. of Rate.riod. gble. recor; 3T Q AD:: 10 # Company. Addressograph In Bang & Aroost R 1 Do. Bt ot 1 California’ Tnk A 7 Do. B. ¥ g Jan.' 21 Jan. 31 Fep. 15 ;1§ 8 Haves Jackson p 20 onoluly Cons Ol .. ind Hy EI P 1% pf. Inter Stiver pf. Neptune Mater s B e 5 B S B E Automotive G Wks...25c Q Mar. 1 Increased. Ang Am of Bo Af.22%°% — Mar. 26 Reduced. New Bedford Cord...50c Q Mar. Omitted. rax Cons Ltd Due at this time rown Durreil Q Due Feb. 15 Hartm Tob 1 Due Mar. 1 1 Peb. 19 Wm. Gordon Buchanan of Councilor & Buchanan Certifiegomer Buliise™tente National_6110-61116213 (Telephone Directory Omission) TRUSTEED SHARES tHe IDEAL INVESTMENT for in. vestors Wwho _demand — SAl 3 ELD and GROWTH of princips Specially “sulted to long-term vestments ~ for _individu trust funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding STOCKS TRADED Stocks, bonds and mort- gages traded on attrac- tive real estate invest- ments with safety, yield and growth. J. P. QUARLES Donip}lln Bldfl.. Alexandria, Va. Phone Alexandria 767 NEW YORK, February 20.—The fol- lowing is today’s summary of impor- tant corporation news, prepared by Standard Statistics Co,, Inc,, New York, for the Associated Press, News Trend. Midweek trade reviews of the steel industry note some falling off in speci- fications. Railroad and buildings or- ders have been the largest contribu- tors to the recent advance, but there will be practically no replacement of this tonnage. With general manufac- turing proceeding slowly, it is apparent support, next few months must come from the automotive, utility industries. { Corporation news of the day included January earnings for a number of railroads which, with the exception of Chesapeake & Ohio, make unfavorable comparison With a year ago. Of oute standing interest was the acquisition of Tungsten Electric Corporation by Eisler Electric Corporation. A particularly favorable earnings statement for 1929 is reported by Walworth Co. The Companies. ison, Topeka & Santa Fe Rail- mlAdtc}elnmed $22.70 on common shares in year 1929, vs. $18.09 in 1928. hesapeake & Ohio Railroad Jlnom ary net income up 30.6 per cent fr T ago. * g};c:['be. Rock Island & Pacific seeks 1. C. C. authority to construct 76 miles of new line from Vega, Tex. to For- t, N. Mex. T Continental Motors' new air-cooled engine for aircraft in production. ictaphone Co. January sales up 12 t_Over year ago. p%eell." Electric acquires Tungsten Elec- ration. mée‘r:zoem Electric January regrigerator sales up 50 per cent from a year ago. Hocking Valley R. R. January sur- lus, after charges, declined 33 per cent ear ago. ml‘l‘l‘ln’éi: P-clgg Glass earned $2.76 on common stock in year 1929, against $2.13 in 1928. ‘Kansas City Southern R. R. January net after taxes off 20.8 per cent from a Y North American Ofl Consolidated earned $2.66 on common stock in year 1929, against $2.35 in 1928. North German Lloyd earned $3.98 on American shares in 1929, against $3.95 1928, mpenuaunquem R. R. January deflcit after charges, $269,292, against sur- plus, $431,631, in 1928. Puget Sound Power & Light earned tnsgeon prior preferred stock in year 1929, against $28.21 in 1928. sing oil and Shell Transport & Trading arrang for issue of 5,000,000 of company’s per cent second-preference shares. Slerra Pacific Electric earned $2.58 on common stock in year 1929, against $3.56 in 1928. Southern California Edison January net, before depreciation, up 17 per cent from a year ago. Tonopah Mining of Nevada closes old mine lf ‘Tonopah, Nev., because of low price of silver. Utah Apex Mining values 1929 pro- dgg&bn $2,095,032, against $2,253,776 in 1 Walworth Co. earned $6.10 on com- mon stock in 1929, against $1.09 in 1928, R Dodge Plant to Open. NEW YORK, February 20 (#)—The | new $2,000,000 plant of the Horace E. | Dodge Boat & Plane Corporation at | Newport News, Va., will be opened and | | production started March 13. Two thousand men will be employed and the | plant will operate on a 24-hour sched- | ‘;fl until orders now on the books are 1l Guaranteeing Satisfaction 44 Years of Constant Progress Stockettalk No. 1 Our Origin This business was established in & very modest way, in 1886, as a factory to build Blank Books and Ruled Forms. It was a “One Man Business” Mr. W. E. Stockett, the founder, solicited business during the day and did his own manufacturing—most of it at night. The fundamentals of Real Value and Helpful Service were laid down, never to be violated. From its small heginning, this enterprise has now grown to a leading position among the BIG STATIONERY BUSINESSES of the country. STOCKETT- EESKE L& WASHINGTON-D-C SHENANDOAH CORPORATION and BLUE RIDGE CORPORATION E have available for distribu- tion a new descriptive circular, based on the Annual REAL ESTATE LOANS Made at Low Interest Ral TYLER & RUTHERFORD to direet K “m“mm'::unu 1520 K St. NW. National First Trust and Construction LO ans Applications Invited Glover & Flather 1508 H St. N.W. National 1753 Consu “.IHIN'I'IA. A tes A quarterly divi dividend of shares of par_value of Mergent) pany wil pald on March 31, 1 Btockholders of record [ close of business on Mareh 5, 0475 | | Tiansfer Books will not_be elos Secured by . First Mortgages Make your saving n 1 ot curluies. est rate consist- ent with absolute safety. REALTORS Dist. 1015 It Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Company We announce with pleasure that Mr. Henry Shepherd Is now connected with our ‘Washington Office Harriss ¢ Vose Southern Building FIRST Over a Third of a Century Without a Loss B E. National 2100 THERE IS NO a few months best financial who had their gage Notes sol without a penny’s loss. They were the ones grade investments such as the First Mort- & Hensey Company. WHAT CAN BE BETTER? There is no risk, no worry, no bother—but amply secured principal and definitely fixed in- terest when you invest in our 6%4% FIRST MORTGAGES The loans they represent have been made upon our con- servative appraisement and we watch the investment continu- ously and critically to see that it does not deteriorate. May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. SUBSTITUTE FOR SAFETY How Is YOUR Financial Ballast? MERICA' A by the remarkable recovery from’ what threatened to be a panic only 'S financial stability is ;;hown ago. And those with the ballast survived the storm savings in safe and high- d through Swartzell, Rheem GEO. L. SCHARFFENBERGER, Treasurer. Safe—Conservative 42 Years’ Experience Wm. H. Saunders Co. Inc. 1433 K MORTGAGES Reports of the above Corporations. The circuler summarizes the position of each Corporation on December 31, 1929, and includes details as to the important holdingsof each Corporation on that date. We shall be glad to supply. copies to those interested and to discuss the attractive position of the preference and common stocks of the Shenandosh and Blue Ridge Corporations and their future possibilities. CRrANE, Parris & Co. Investment Bankers 821,15th St. NoW. Washington, D. C. Phone National 0591 Wins Insurance Honors. Charles W. Crowell, manager of the Acacia Mutual Life Association’s branch at Charleston, W. Va., has been awarded the medal of the International Weekly Production Club for 100 consecutive weeks of production, it is announced here. This organization of insurance men extends throughout the United |- States, the United Kingdom, Canada and Hawail. Trading on D. C. Exchange. On the Washington Stock Exchange today Potomac Electric 5l per cent preferred stock sold at 107%, ex-divi- dend; Wi Railway & Electric ferred moved at 95% and Security Co. sold at 115. Pederal - American Natlonal Bank stock came out at 290 and 10 shares of Continental Trust Co. stock sold at 127, the last previous sale at 133. was the first time this stock has appeared on the board since the re- cent merger with the Commercial Na- tional. It closed 127 and 140 asked. Kelvinator Corp. Kendall Co pt (6) Kennecott (5)...... Kimberly-Clark(13). Kinney (G R) Raa Com Crd 1st pf (6%)0 38 Com Cr 1st ex w 634, 3 Coml inv Tr (g1.60). Com Inv Trst war... 4 Com Inv Trpf (6%). 2 Com Iny Tr pf (7)... 108 Comm Solvents (1). 329 Comwith Power((4). 2 Comwlth&Sou(60¢). 176 Comm & Sou pf (6).. 36 Congoleum-Nairn... 10 Consol Sgar (... 3 Consol Cgr pr pf 63 . Conaol Fiim (3y. 5. 2% 4 . 108 o P e 3 Leh Port Cm pf (7)., 10s Consol Gas N ¥ (4)., 340 B L S K Consol Gas NY pf(5) 1 7 Consal RR Cubotis) £ : My ) onsol Textile..,... & Contajner Cor A 1.30 i My e Container Corp B. Link Bers caoor, Contl Baking A Contl Baking B. Contl Baking pf (8)© 1% d Contl Can (23)..... s . mb A, 1 12 Contl Dia Fibre (3). 30% Loose- Wiles (2.60). 1% Contl Insur (2.40)... % Lorillard (P) Co.. Bonds were in quiet demand at re- 1 128 Louls & Nash (7) On_account of Washing- 9% 8% Louisiana Ofl. will close 27% Contl Shares (1)« 1 W 4 87% Corn Prod (18%)esws 11 These First Mortgage Notes do not fluctu- ate in value. They make the best founda- tion for a sound financial structure. The notes yield 6 per cent income annually and in more than sixty years since the founding of this Company not a penny has been lost in either principal or interest to any investor. Kr Kress (SH) (1). 1 Kreuger&Toll (1.34). 72 Kroger Gr&Bak(nl). 43 28% 4% 42% 060 00005 0600010510010 0 CHOH- 0 00 OHOH-OHD -0V G CHOHOHD 0 - CHOHEH DHOH 22 22u 102% 103% 8 8% 105% 106% Y 12% 18% 813 23% 9% 87U 47% . 45 Liqutd Carbonie (4). % 64 Loew's. Inc (3). ki 67% 6 You may purchase these First Mortgage Notes in denominations of $100, $200, $500 and upwards. We are prepared fo xecute orders for both the com= mon and the preference - stocks at the market. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET n.w./ WASHINGTON D.C.