Evening Star Newspaper, February 24, 1930, Page 13

FINANCIAL. GAININ INSURANCE [ NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Siar Office. Stock and Bales— Prev. T e P ted 1 hich shows the tocks to be sold in odd lots only. % Cuba-Cane Sug ctfs.. 18 " January Figures 5 Per Cent v Dividend Rate. 488 s migh. Cuban-Amer Saiss. s : T2 Guw AvitibI D& PP Yy 4 oo CubaTDASENE s 1. 1h. o Above Same Month e a Year Ago. DIVIDENDS DECLARED. NEW YORK, February 24 ()— Resular. MONEY 3, 5 or 10 Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Low Rates BOSSEEPHELPS Founded 1907 y- Hidrs. of STOCS TURNVEA| =2 ON HEAVY SELUNG 575 5 5 Falling Commodity Prices|&® B and Uncertainty Over ydrg Hiec” Sec. o . n Ut pf $162'%5 Tarif Affect Market. (2 458 Cudahy Packing (4). 1 4% 174 Advance Ramiey: . Curttas Wright Corp. 54 e right Corp Aw 12 22 Advance Rumley pf. et - % % Ahumada Lead....., er-Hammer 2 133% 118 Afr Reduction (3)... Davison Chem. . 32 21 Alr Way El Ap(3%). Delaware & Hu 1% Ajax Rubber. & Del Lack & W (47 7% Alaska Junea BY EDWARD C. STONE. January life insurance sales were § Per cent above the same month a year ago, according to figures announced to- day at Hartford, Conn. The increase was ' well distributed over the country and shared by 51 per cent of the con- tributing companies. The largest sec- tional increase was made by the East South Central States, which made a #ain of 16 per cent The South Atlantic section, which fncludes Maryland, District of Colum- bia, Virginia and West Virginia, as well 8s five other States, registered an in- grease of 12 per cent. West Virginia made a brilliant showing, having a gain | 7o O of 38 per cent, standing second in the | 73 601 AmBrowaB W pf(7)110 1ist of all the States in the Union. New | 14¢% 1itH 4% (00 t0) o Mexico was at the top of the list with 78l Am Car & Wiy (.o $ 71 per cent gain. 363 Am Chicle Co (12%). South Carolina had a gain of 19 Per{ 33 56y Am Com Alco(n1.60) eent and Georgia 14 per cent. The Dis- % 35 Am European 860, .e trict of Columbia sales were up 10 per $8% Am & For Power, eent over the January, 1929, figures. Florida was up 6 per cent, Maryland 3 per cent and Virginia 3 per cent. North Carolina_was well up the list with a 3 galn of 16 per cent. Nine States had | 105 947 Am Locomotive (8) . a loss, Navada's business falling off 33| 26715 210 © Am Mach & Fdy (1) per cent. Massachusetts, Ohio and| 511, 44 Am Metal (3)... Tdaho reported 6, 7 and 9 per cent| 70 65 Am NatGaspt (1) losses respectively. 1 % Am Plano. preen Escay Contest Subjects Amnounced. | o 2% A0 POUSTIv i3 President Wilmer J. Waller of the 100 Am Pow & Lt Df (6). District Bankers' Association made a 7 AmP&LDLA (3%) very important announcement &t the| gg 80 Am P&L pfA st (b)w institute banquet when he read the 304 Am Ra&Std Sam 1% . subjects selected for the annual essay 126% Am Rad & S S pf (1), contest. The bankers' council decided 2013 Am RepUDMCS. cayess to give the institute members a choice ¥0% Am Rolling Mill (2) of two topics to write on this year. 59 Am Bafety Razor (5) The subjects are: “My job. My duties. % 1% Am Ship & Com. t are the requisite qualifications 69% Am Sm & Ref (. and how may I be of the greatest ser- 4214 Am Snuft Co (13 vice to my bank in helping to increase| 51% 441 Am Steel Fdy (3) earnings and reduce expenses?” The 110% Am Steel Fdy pt BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, February .24—The stock market turned weak today after an early period of irregularity, Liquida- tion of stocks was generally attributed Bt to the renewed weakness of wheat and | Bhaker Ga-s v, cotton futures, which sank to new low T levels for the season, although indica- tions of firming money rates, uncer- tainties over lariff legislation and lack . of an investment demand were also Quaker Oats. stressed as contributing factors. Early declines ranged from 1 to 10 |Queker Oats... points, with rather feeble recoveries e later. Trading was largely professional BANK CLEARINGS. NEW YORK, February 24 (P)— in character, with much of the liquida- tion traced to houses with Florida con- nections. A powerful group of “bear” | Clearing house statement: Exchanges, Eng Pub Serv ($1) traders has been operating from South- | §1,246,000,000; balances, $189,000,000. Equitable Bldg (1%) ern resorts for the past few weeks. f, ‘There were several favorable deveiop- i ments in the day's news. The annual dividend on Coca Cola was increased from $4 to $6, and an extra payment of 12% cents a share was authorized on South Penn Oil. The Consolidated Gas Co. of New York, the Plerce Arrow Automobile Co., the Midland Steel Products Co., and the Chesapeake Cor- poration all reported 1929 earnings in excess of the year before, while Beech- nut Packing and Timken Detroit made unfavorable showings. High-priced industrials and special- ties were again the hardest hit in the selling movement. J, I. Case broke 10 points, but quickly recovered § points P S of 'its loss. Auburn Auto sold down edorig el L | 8%. Gulf States Steel, 7; Safeway Stores, 4%, and Atchison, New York & Sabralmaun A Harlem, National Lead, American Can, Qaraxer Motor, Westinghouse _Electric common _and first preferred, American Telephone and General Theaters Equipment sold down 3 to 4 points. United States Steel common was hammered down 3, 107% 95% Alleg Corp pf ( B 894 Alleg Cpf (5%)xw., 255% Allied Ch & Dye(ns), 214 49% Allis-Chalmers (3)., 20 Amal Leather pf.... 18 Amerada Corp (3)... 64 Am Agricul Cheni, ., 26 Am Argicul Ch pf. 77 Am Bank Note (13). 61 Am Bank Note pf (3) 7 Am Beet Sugar. 40% Am Bosch Magneto. . 46% Am Brake Shoe(2.40) 8% Am Brown Bov Eles. Loan Correspondent John Hancock Mutual Life Insurance Co. 1417 K St. National 9300 5 A 2 DDLOLODREZREZEREL0000ODOOOOLODD: O Dupont d N deb (6. Eastman Kodax (18) 18 Eastman Kod pf (6). 10s Eaton Axle &8 (3).. 8 CarvmEswonm SECURITY Accumulations of a lifetime have been lost in a day f}l’roug}\ reckle, investment." Safeguard your available funds b investing thmgz a reliable house in— First Mortgage Notes Real Estate JAMES Y. PENNEBAKER Nat.5291 1520K St.N.W. Eureka Cac Cl (4)..a Investments Evans Auto L(32%). Fed Motor Tr (80¢) o Fed Wa Ser A ¢2.40. . Fid Pho Fire 1(3.60), Firestone T&R(1.60) Firestone T&R pf(6) First Ne 351 Am Ice Co (14). 35% Am Internatio: Public Service Corporation of New Jerse Dividend No. 91 on ‘mon Stock Dividend No. 45 on 8% Cumulative Preferred Stock Dividend No. 29 on 7% Cumulative Preferred Stock ler Fox Film A (§4).. ‘The Board of Directorsof Public Service second topic: “How may the clearing of checks on nearby points be expedited? The three institute members winning the first three places in the contest are rewarded with trips to the bankers’ an- nual convention, which will be at Ash- ville, N. C. this year. The topics were announced much earlier than usual to give the contestants more time in which to write their papers. For some reason there were only seven contestants last year. Judging by the interest already ). 604 Am Sugar Rfg () 19% Am Sumatra (3). 239% 216 Am Tel & Tel (9) 2393 197 Am Tobacco (8)eeses 241 197 Am Tobacco (B) (8). 121% 120 Am Tobacco pf (6).. 111 106 Am Type Fdry pf(7) £814 Am Water Wks (n1), 99% Am Water W 18t(§ 7% Am Woolen 19% Am Woolen pf. Gen'] Food Corpn (3) Gen Gas&EIl A ( . GenG&EIpfA(8). Gen Ital Ed w.i. a2.61 General Mills (3). Gen Mills pf (6) points to 1795, or 10 points below last week’s high. Woolworth and United Fruit each drop) more than 2 points to new low levels for the season. Many other representative issues sold 2 or more points below last week's closing figures. Sales Management Centralized. NEW YORK, February 24 (#).—Gen- eral Foods, Ltd., Canadian sales sub- Corporation of New Jersey has declared divi: dend at the rate of 8% per annum on the 8 Cumulative Preferred Stock, being $2.00 per share; at the rate of 7% per annum on the Cumalative Preferred Stock, being $1.75 per are; at the rate of $5.00 per annum on the non r value Cumulative Preferred Stock, being 1.25 per sl id 85 cents per share on the non par value Common Stock for the quarter ending March 31, 1930. All dividends are pay- able March 31,1930, to stockholders of record at the close of business March 1, 1930. Dividends on 6% Cumulative Preferred Stock are payable on the last de ay of each month. 5 Am Writ Paper ctfi T.W. Van Middlesworth, Treasurer, 8% Am Zine L4 & Sm. live subjects have been chosen. 69% Anaconda Copr (7). Bankors are Hres &, state that earnings 35 Anchor Cap (2.40).., this year will not equal those of 1929. f“- Archer-Dan-M (2).u For that reason they want all the sug- 1% 77 Armour Del pt (7).« gestions possible to increase profits ‘without in any way hurting the service. Some excellent ideas along this line are the junior bankers. 3 “g"hce"gtl’rlrecl"mwpic Jl.s of equal interest 24% Art Metal Const (12) and much importance. If a local bank 36% Ass0 Appl Ind (4). gets a check on a Rosslyn bank, al- 28 Asso Dry G (33) though the two banks may be but 10 85 Asso DG 2d pt (7) minutes apart, the check has to be| 240% 219% Atch T&S Fe (10).., cleared through Richmond. 1If a check ven out on a Hyattsville bank, to a 4 eihingion pank, it has to be cleared| 427 36K AtlRefining (12)..e. through_Baltimore. This serious loss| 94 8% Atlas Powder (4) of time has often been discussed by the | 104% 101 ~ Atlas Powar pt ( Jocal clearing house officers and will [ 238 175% Auburn Auto (J4) furnish plenty of good material for | 6% 3% Austn Nichols...... . 8% 4% Aviation Corp Del. 38 30% Baldwin,Loco (1.76). 22 Echoes From Institute Party. 16 111 Bertwis it Gr ta al president, J. W. Evans, | 119% 115 Baltimore & Ohio (7) 10 mfd‘le ’.‘:‘“’\i‘mfiiuy able speech on| 81 78% Balto&Ohlopf(4).. 2 “Keeping Step With the Times.” The| 7% 63 Bang& Aroos (3%).. 2 keynote was the demand for better| 77 ~ 73% Barker Bros pf(6%) 180s bank man power to meet the sweeping 1;“ fuh :-rn-anl.Au). o 17 changes taking place in the banking 13‘3- w; a-"f""g“' world. And in producing this man- % g sl -+ pree e belleves education is the most | g8 4l BNV TNE (00 He gave a vivid picture of the dif- ’:‘:3: gf"“ g::,f, fi fi{ B pH; 3 ficultles in keeping up with the times 37% 313 B on (2). becsuse ~of ~consalidations, franch st banking and chain ba 2. ears 5 » ag0, Be said, “one could miss & stage Sex ‘47 Bobm ALE! Bsr":l:‘.("l)). coach, wait, three days and take the| 75" 70 BonAmIA (4)rsse next onme. 'oday your grandson 6 6/ Kicks if you miss ‘the first section of | <3 Su BordenCo (ki) a revolving door.” The Amos ’'n’ Andy skit was one of the hits of the evening. It was writ- ten'by Thomas W. Brahany of Crane, Parris & Co., and broadcast by two institute members, H. Tudor Morsell and Arthur B. Plerce. Every line in the sketch caused roars of laughter. Amos and Andy were pictured as| 26% 224 Bucyrus Erie (1).. being in Washington seeking a loan.| 87% 33% Bucyruscy pf (33 ). ‘They almost got it after seeing about| 12i 9% Budd (EG) Mfg (1). all the bankers in the city and many| 14% 8% Budd Wheel (1)...e Government officials. Their discussion 51% 29% Bullard Co (1.60)..., of bank tellers was particularly amus- 343 26% Bulova Watch (3). ing. Andy told Amos that a bank teller tells the bookkeeper, the book- keeper tells the vice president, the vice president. tells the president’and the ident says, “We are ve) sorry, t -2 ) i 4 ! 8 Butte Copper & Zine, Wwe can't make you that loan.” 5% 4% Butte & Superior (2). Financial District Notes. 29 16% Butterick Co. Rolfe E. Bolling, president of the| o ot g:l';';‘ i Merchants’ Bank & Trust Co., who has| T¢% 23" e P"'-‘fl Wewe & been confined to his home with a severe | 22 alif Petroleum. .. .. 20s 2 2% 1 Callahan Zine & Li. . ©0Md, is expected back at his desk Wed- | (% oix Caumeta acie co)o 33% 29 Calumet&Hec(as3). 73% 63% Canada Dry G A (5)a 226% 187% Canadian Pac (10). 32% 27 Cannon Mills (2.80)., 27% 18% Capital Adm (A). 249% 192% Case (J 1) (6).. 68% 54 Caterpillr Trac t3%.. 3 6% Cavanagh-Dobbs. manifested there will be many more Gen Motors (13.30). sidiary of the General Foods Corpora- this year. tion, has taken over the sales activities and distribution of the products of five of the Canadian constituent companies. These companies are the Canadian Po: tum Co., Jell-o Co. of Canada, Walter Baker & Co. of Canada and Franklin Baker, Ltd., and Douglas-Pectin, Ltd. Public Service Electric and Gas Company Dividend No. 23 on 7% Cumulative Preferred Stock Dividend No. 21 on 6% Cumulative Preferred Stock The Board of Directors of Public Service Company has declared the reg- jar quarterly dividend on the 7% and 6% Pre- erred Stock of that Company. Dividends are payable March 31, 1930, to stockholders of Tecord at the close of business March 1, 1930, T.W. Van Middlesworth, Treasurer. Glidden pr pf (7). Gobel (AdOLf)..vuees Gold Dust (234)...en Gold Dust pf (6). Goodrich B F (4). Goodyear Tire (5)..4 Goodyear 1st pf (7)., Gotham Silk H (2%) Gotham S H pf (7)..: Gould Coupler. Graham-Paige. Granby Copper Grand Silver Strs (1 Grand Stor pt (6%).. Grand Union. . We invite applications for PARIS BOURSE PRICES. PARIS, February 24 (#).— Prices 3 moved irregularly on the Bourse today. Electricand Gas ‘Three per cent rentes, 86 francs 40 cen- times. Five per cent loan, 101 francs 35 centimes. Exchange on London, 24 francs 24 centimes. The dollar was quoted at 25 francs 55'; centimes. First Mortgage MORTGAGES Loans HOW TO INVEST $1,000 at SO IT WILL NEVER BE WORTH LESS THAN 1 % S5 /0 2 on residences and small bus- $1,000 iness properties in the Dis. SAFE FIRST - Grt West Sug pt (7). 20¢ Grigsby Grunow (2), Gulf Mo & North.... Guif Sta Steel (4)..m Hahn Dept Stores. .. Hall (WF) Ptg (m1) Hanna pt (new) (7). Hanna (M A) 1st (1) 4 Hartman Corp B 1.20 Hayes Body... Hercules Motor - Hercules Powder (3) y Choe (6).... Hershey Choe pf(16) Holland Fur (et2%). Hollander & Son..... Houdaille Her B (2). Housed F pf 13.12% .. Household Prod(t4). Houston Ofl.....cow Howe Sound (14%).. Hudson Manh pf(5) Hudson Metor (5) Hupp Motor (2).... Independ O11 & G (3) Ind Motor Cycle. . Indn Motorcycle pf..470s Indian Refining..... 21 Indian Refining ot. .. Ingersoll Rand (4).. Ingersoll Rnd pt (6). Inspiration (4)... Interboro Rap Trun. Interlake Iron (1)... Intl Agript (7). Intl Bus Mach (n6) .. Int Combustio: Inter Comb Enj Intl Harvester (3%). Int Hydro ELA (e3). Intl Mer Marine (1) . Intl Match pt (4).... Int Nickel of Can (1) Intl Nick Can pf (7)., Intl Pap & P A(2.40). Intl Pap & Pwr B. Intl Pap & PwrC..., Int Pap & Pwr pf (7) Intl Printing Ink (3) Intl Print Ink pf (8). Int Salt (6). Intl Shoe (3) Intl Silver (18). Int Tel & Teleg (3! Inter Dept St (2). Investors Equity(3). Island Creek Coal(4) Jewel Tea (4). . Johns-Manville (3). Johns-Manv pt (7),. & Laugh pt(7) Jordan Motor Car Kan City Sou (5). Kayser Julius (4 Kelly-Spring Tir ly Spring 8% pf. e R TS Fe s SobieraleBennm 2.4 Sedva 23% Brit Emp Stl 1st pf., 16% 13 Brockway M T....., 72% 63 Bkiyn-Manhat(4). 90% 84% Bklyn-Man Tr pt 176% 131 Bklyn Union Gas 20% 13% Bruns-Balk-Col 23% 15 Bruns Ter & Ry ARG NE RS 24 24 0% 50% b6% 564 614 63 384 36% - RN GOA G, Over a Third of a Century Without a Loss » A thousand dollars is a lot of money. If you have hard- earned cash to invest, put it where you can be sure it will never be worth less than a trict of Columbia and near- thousand. And so invest it that by Maryland suburbs . . . it will bring you a good income. Lower Costs, Long Term (if Our desired), Valuable prepay- 6'2% FIRST MORTGAGES ment privileges, Three years —represent such a safe and .l°':,'.t$ :::"fl.‘;:?‘.::‘" sound investment. You will o 9% get your interest check through o the mail regularly every six months without fail; and every mortgage has back of it con- H- L' RuSt Company 109% Bush T Bldg pt (1) servatively appraised, income- 1001 Fifteenth Street National 8100 100% Bush Term deb (7). . earning real estate, ESTABLISHED 1889 May be purchased in Loan Correspondent for “The Prudential'* amounts from $250 up. B..F. SAUL CO. National 2100 925 .15th St. N.W, THERE IS NO SUBSTITUTE FOR SAFETY Harty G. Meem, first vice president of the Washington Loan & Trust Co., ‘was back at his desk today, having re- covered from a severe cold. The February number of Dollars and Bense has made its appearance and govers the vork of the junior bankers| } ost fully. An article by Howard| o €10teX (3). ... rus Rioen on it study of banking is one | o il ot Au:,,’m. 1 (2 ©f the special features. 110 105% Cent Alloy St p£(7) e 5¢ The Louisville & Nashville Railroad | 3415 313 Cent Alloy ctfs (2). has been authorized by Interstate Com- 5 % Century Rib Mill fmerce Commission to issue $15,000,000 Pt first and refunding mortgage 41, per &ent bonds, series C, and $5,000,000 of fnified 50-year 4 per cent bonds, which ill be sold at not less than 925 per cent of par and accrued interest and 4% Chi & Alton. proceeds used to reimburse its treas-| 15% 13% ChiGreat Western, ury to meet maturing indebtedness and 26 provide funds for additions and better- 24 ments. Today’s Trading on Exchange. ‘The Washington Stock Exchange re- sumed business today after the double holiday with dull trading. Bond trad- 40% City Ice & F' (k3.60. ing was confined to Barber & Ross 6135, 8% City Stores (1) which sold at 893, and Washington 33 Clark Equipm Gas 5s, selling at 100!, and series A 6s at 103 ‘Twenty-eight shares of Mergenthaler Linotype sold at 1083, 20 shares of Washington Railway & Electric pre- ferred changed hands ex-dividend at 96'; and a single share of Federal- American Co. common registered 30, Seaboard Air Line’s Net. The Seaboard Air Line Railway gross revenues in January were approximately 76% Com Crd 1st pf (6%) §200,000 less than the $5220,692 re- 36w Coml Inv Tr (£1.60). ported for January, last year. Net oper-| 19% 11 Com Inv Trat war. ating income also was lower than in| 3 27% Comm Solvents (31). January, 1929, but the decline was not 12% Comwlth&Sou(60e). as large as the approximately $200,000 98! Comm & Sou pf (6).. decline in gross. Net railway operat- 46 = Conde Nast Pub (2). ing income in January, last year, was 13% Congoleum-Nairn. $839,990, 67 Consol Cgr pr pt z i 15% Consol Film () 18 Consol Film pt (2). EARNINGS REPORTED. 4 96% Consol Gas N ¥ (4).. NEW YORK, February 24 (#).—The 294 Co Chesapeake Corporation, holding com- pany for several railroads controlled by the Van Sweringen interests of Cleve- land, reports net profits for 1929 of $4,- 700,060, equal to $2.61 a share on 1,799.- 745 shares, compared with $3,755,751, or $4.17 a share on 900,000 shares out- standing at the end of 1928. Net profits of the Beechnut Packing Co. for 1929 amounted to $2.702,953, equal to $6.06 a share on 446.250 com- mon shares, as against $2.768,768, or $6.51 a share on 425,000 shares in the preceding year. The 1929 earnings of the Timl Detroit Axle Co. totaled $1,513,029, equal to $1.28 a share on 992,096 com- mon shares, as contrasted with $1,738,-| 18% 337, or $1.77 & share on 834,596 shares = 1928, S o An Investment Opportunity First Industrial Bankers, Inc. If Dollars were Doughnuts— SOME people couldn’t be more care- 63'% Chesapeake Corp (3) » Chi Mill St P&Pao... 41% Chi Mill St P&Pac pt 84 Chicago& N W (5). 22% Chi Pneu Tool. 57% Childs Co (3.40) 33% Chrysler Corp (3). less with them than they are today. . To these folks, “pay day” means simply a chance to catch up—a breathing spell—more money to spend— o envaaferxbianelclronareSineSena . Kennecott (5). Kolster Radlo. Kraft Ph Ch (1%)... Kresge(58)Co(1.60). Kresge Dept S pt.... Kreuger&Toll (1.34). Kroger Gr&Bak(n1). Lago Ol & Trani And it will mean the same to them in 1985—no matter what their salary. BUT—to those men who look ahead . . . who are thinking and planning for the future—a dollar has a definite, tangible }‘= Valley (1434) earning power, far different from its use 1 Coal.. 0 i i kA ¢ as something to gamble with. Lehn & Fink (3, Liggett & Myers(15) Liggett&Myrs B(15) Liggett & My pt (7) Lima Locomotivi Participating Preference Stock ($2.00 Curhulative Dividend) The unusually atfractive features of this Non- Callable Participating Preferred Stock afford the + Columblan Carb (16) investor: 1 Com Credit (2).. Comm Credit A (3) Com Cred pt B (2)... And among such people Swartzell, Rheem & Hensey Company has always numbered its clients . . , Men who know that an investment’s true value is measured by its proven stability, its CERTAIN earning power—a security such as the 6 per cent First Mortgage Notes offered by this company. Security of Principal Assurance of Income Participation in Profits (2.60) 4, Lorillard (P) Co..... LouG&EIA (1%).. Louisiana Ofl. R 1608 Ludlum Steel (2)... 3 McKeespt T P(14%). 4 McKesson & Rob (2) Mack Trucks (6). ... Macy (RH) & Co(n2) Priced to yield over 7% You may obtain these Notes NOW-—in denominations of $100, $200, $500 and Circular Upon Request upwards, 083 s 309 03 08 e e B e . SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS Baltimore 727 15 STREET N.W./ Telephone Plaza 2484 WASHINGTON D.C. 9% 49% d » 17 Crown Zellerbach(1) 10 18% 18 18y 17 114% 110 Crucible Steel pf (7) 1808 114 % . s % % Cuba Cane UBAT. oe. 12 C. T. Williams & Company, Inc. Fidelity Building Man Elev mod (45)., Maracaibo Ol Exp. . Market S8t RY........ Marlin-Rockwl t434 . on Motor (2).. u-mg:on.ukm‘g), May Dept Strs (n3).. ken f Wh :uynlco(")..- . 59 Contl Insur (3.40). 5% Continental Motor: