Evening Star Newspaper, February 28, 1930, Page 13

Manager Bright Total of $96,545,212 for Present Month. BY EDWARD C. STONE. Pebruary bank clearings in Washing- fon were announced this noon by the ‘Washington Clearing House Association. Like the January bank clearing totals they indicated & quite marked decline I business compared with February “f:‘fntu in this city in February totaled $96,545.212,86 in comparison with » total of unouuuou in the cor- Tesponding pe! A year ago, according b e r!eordl kept by Manager Charles E. Bright. “Pebruary clearings were well under fl:e January figures, as is usually the uary clear amounted to ;uum,zu 83 against the much higher January last year of 38,201.31. Sl T e mon o the present year total $214,764,475.69 against $239,087,331.75 in the first two months of 1929. Following the New O s or 193 et BUSiness would 30 ‘were e for 19 S g i "Two holidays and generally quiet umu- were the reasons given by Jocal bankers today for the drop in clearings compared with the same month & year ago. Washington is to e congratulated on the steady Govern- ment that has kept business here on & much more even keel than it i in most of the larger cities of the -am one banker said, pointing &s an D:{! to Akron, Ohlo, where business i so ponr that bread lines have been =0 confl onal savings er- moxmm':mnr:gn bank division of iht American Bankers' Association is to be held at the Hotel Commodore, New York City, March 20 and 21, 1930, ‘The conference is open to representa- tives of all banks interested in the sav- ings business. It is not limited to the forums, in charge of & the presentation of each Same of the subjects outlined in the are advertising, personal loan t, cost accounting and sudit -.nauet committee announces ma Julius H. Barnes, chairman of the National Business Survey Conference, called by President Hoover, will be the At one of the luncheon the pmmnuml far anndunced will be Roger Steffan, vice president, National City Bank of New York; Littleton Fitz- ., American Bank & Trust ._Richmond, Va.; Dr. Thomas H. professor of accounting, Har- iversity; Henry Bruere, vice their - regular luncheon hhy at t.h:“(':nmn ce Was unus large and much enthuslasm was manifested. year’s meetings of the club are extra helpful to those engaged senior securities. Mr. bond market & $9,000 turnover in Potemae Electric Power 6s at 106%. ‘The bond market closed with $2,000 Po- tomac Electric Power Consolidated 5s changing hands at 101%5. In the stock division’ powm-c Elec- tric Power 51 per cent preferred sold at “107%, extra dividend. Lanston came out on a small scale at 1151, lnd 104 shares of Real Estate Mortgage & o-m-u:ty preferred sold at 7. mon mo a eoples Drug Stares preferred was quoted extra divi- @end on dn exchange today. ’l'r‘“ lumvin( in District. - Reserve Bank of Rich- l!mll reparu that there. has been some quickening of Spring trade during the past few days in the fifth Federal Re- serve district. Better weather and added employment are the chief factors in the lnmpmement Twenty n Co. com- increase in construction has it employment to hundreds in the Ild(nt trades. The open weather also ‘has_speeded N(hny pro]em and a demand is for farm Announcement is made that the Horace L. Dodge Boat & Plane Corpora- tion would start production, March 13, in its new plant at Newport News. Be- cause of the unfilled orders on hand, the plant will open with about 2,000 ‘workers. Chain Stere Stock Offered. Merrill, Lynch & Co. and E. A. Pierce & Co. are heading a_ syndicate which is offering today a block of MacMarr Stores, Inc., 7 per cent preferred stock with common stock purchase warrants, 8t $103 per share, yielding 6.80 per cent. Each share is accompanied by a war- rant, which is an option to purchase one share of common at $30 until December 81, 1933. MacMarr Stores, operates directly or through subsidiaries a chain of 1,400 grocery stores. UNITED RAILWAYS. BALTIMORE, February 28 (Special). ~—Gross revenue of the United Railways, "hh:h controls the trolley system of timore, for January, 1930, was $1. m,sn 69, as against $1, u'uua for January, 1929, an increase of $3 023.27, according to .the first month's statement of earnings. for January, 1930, Just issued by the The company’s net for January, 1930, Wwas $24,005.20, as against a net of $2,326.55 for January, 1929. Snow condlblam caused an increase in opera An increase in expenses. car miles operated was reported. TOAN INTEREST RATES. loans in veraged out for ast week by the , 88 8 out for Bureau, indicated Reports | 84% i 2.40) 118% Am BrS&F pf (1).. 10s 11 NEW YORK STOCK EXCHANGE by Privatc Wire Direct to The Star Office. 45 Abraham Si 23% Adams Expr ( 11% Advance Rumley. 22 Advance Rumley pf. 118 Air Reduction 13). .. 2 Alr Way Kl Apaaii. 1% Ajax Rubber. 95% Alleg Corp pf (5%) 89% Alleg Cpf (3% )xw. 255% Allied Ch & Dye(n! 49% Allls-Chalmers (3). = o PR 46% Am Brake Shoe(: 8% Am Brown Bov Eleo. 117% Am Can (4). . 145 78% Am Car & Fay (6) 2 36% Am Chicle Co (13%). 3 26% Am Com Alco(nl.80) 23 127 95% Am&Forn Pwrad pf. 8 107 Am&Forn Pwrpf(i). 8 19% Am HawallanS813) 5 55% Am Home Prod(4.20) 24 35% Am ice Co (14, 85 Am Ice pt (6) 94% Am Locomotive m 210 Am Mach & Fdy (7) 44 Am Metal (3)..uass, 3 100 Am Pow & Lt pf (8). 80 AmP&LptAst(s). 2 30% Am Ra&Std San1d4.. 47 203 Am Republica....... 10 30% Am Rolling Mill (2). 19 59 Am Safety Razor (6) - 1% Am Snip & Com..... 83 Am Shipbullding (8) 50- 69% AmSm & Ref ()..., 16 4214 Am Snuff Co (13%4). 16 Am Solvents Chem. . 26 Am Sol Chev pt (3). 44l Am Steel Fdy (3) 461 Am Stores (2).. Am Tobaceo (8)’ Am Tobaceo (B) 106 Am Type Fdry pt(7) 10- lW 3814 Am Water Wks (al), 74 Am Woolen.... 19% Am Woolen .. 28% Am Wric Raperpé (3 8% AmZinoc LA&Sm... 2 15% 69% Anaconda Copr (1).. 106. 76% 85 AnchorCap(240).., 6 ‘4Li 23% Archer-lan-al (2).«" 5% Armour il (A). 2% Armour Il (B). 60 Armour 11l pt (1), 6% Arnold Constable. .., 4% Art Metal Const (12) 36% Asso Appl Ind (4) 28 AssoDry G (3%).... 121 39% 85 As30DG 1t pI(6).. Atl Gulf & W 1 pf(5). 86% AU Kefining (12). ) 30% Baldwin,Loco (1.75), 10 36% m win Loco pf (7) 200s 114 115 ' Baltimore & Ohlo (1) 63 Bang & Aroos (3%).. 3 75 110 n-nx&um DL (7). 408 110% 16% Barker Bros(2) Beech-Nut Pkg(2) Bendix Aviation (2). 190 ox Best& Co(2). 40 Bethlenem Steel (6), 7‘1 100 Bethlehem S1 pt (7). Bloomingdale Bros. . 4.British Em il 24 pte Bklyn-Manhat (4). .. Bklyn Union Gas (6) Bruns-Balk-Col. Bucyrus Brie (1)...." Bueyrus v pf (34)< Budd Wh Bush Termnl (23%).. Butte Copper & Zine. Butte & Superior (3) Butterick Co. Byers (A M) Calif Packing Calumet & Ariz Cavanagh-D pf(6%). Celotex (3) . Celotex pt (7) Cent Alloy Steel (2).. Cent Alloy ctfs (2).. Cent Alloy St pt(7).. Cent Rib Mills pf (7) Cerro de Pasco (6).. Chi Yellow Cab(3) Childs Co (2.40) Chrysler Corp (3) City Ice & F' (k3.60) City lce & ¥ pt (634) City Stores (1)... Coca-Cola (6). . Coca-Cola A (3) Collins & Aikman. .. Col Fuel & Iron (2 Colo & Sou 2d pf (4). Col Gas & El (2)..... Col Gas & Kl pf A(8) Columb Graph (87¢). Columblan Carb (16) Com Credit (2)s0.ae. Comm Credit A (3).. Coml Inv Tr (§1.60). Comm Solvents (31). Comwith&Sou(60c) .. Comm & Sou pf (6).. Conde Nast Pub (3) Congoleum-Nairn. .. Congress Cgr(15%). Consol Cigar (7).... Consol Cgr prpf 6% . Consol Film (3) Consol Gas N ¥ (4).. Consol Gas NY pf(5) 49 Consol RR Cub p£(6) 1 Consol Textile...... 12 Container Cor A 1.3¢ 44 Container Corp B. 39 Contl Baking A. 59 Contl Insur (3.40). .1 5% Continental Motors.. 19% Contl Ol 0f Dela..os: 24% Coty, Ine (k2).. 26% Cream of Wht(12%) 9 Crex Carpet. 104 Crosiey Radio (). .. 43 Crown CQrI & w. . % Cuba Ca fots | ~Prev. 1930 Low. 99% 23% 34% 116% 221 lflvld‘d Hl.. Add 00. High. Low. 1% Cuban Dom Sugar... 45 Cudahy Packing (4). 6% Curtiss Wright Corp. Curt Wright Corp A.. Cutler-Hammer. Davison Chem. Delaware & Hud (9). Del Lack & W (17)... Denv&R G W pt. Devoe &R, A (2.4 Duplan Silk pf Du Pont de N (14.70 Eastman Kodak (18) Bastitan Kod pf (6). Eaton Axle & 8 (3). Eitingon pt (6%) 30 108 12 1 Pub fl‘muxn. Bldg 2%) ErieRR. Erie R R 1atof (4 Erie RR2d pf (4).., Bureka Cae Gl (4)... 115 Bvans Auto l412%). 2 Exchange Buf\(1%). 20s Fairbanks Co... Fairbanks Co pf. .. Fairbanks M¢ Fairbanks M p! Fash Park Asso 3% Fed Lt & Tro (314). Fed M&SPL (7). n - Fed Wa Ser A e2. 10 First Nat Strs (2% Fisk Rubbe: - Fisk Rub 18t pf €. Florsheim Shoe A Foster Wheeler ( Fox Film A (§4)... Freeport, Texas (¢ Fuller pr pf (17.96) .. 608 ‘Gen Elec spec (60¢) .. Gen'l Food Corpn (3) Gen Gas&El A (fe3). Gen Ital Ed w.i. 82.61 Gen Motors pf (1)... Gen Outd Adv A (4). Gen Outd Ad vto (3). Gen Public Sery (b6} . - Gen Ry Signal (5)... Gen Refrac (143%).. Gen Theat Equip vts Gillette Saf Ru(nfi). 19§ -TH e Granby Copper (8 Grand Silver Strs Grand Stor PO TP %). Grt West Sug (2.80). 2844 um “Gre West Sug pf (7). 10s 116% 12% Grigaby Grunow (2). 25 18 381 &~ 51% Gulf Sta Steel (4) Hackensack W (1%) BOI 27 Hann Dept Stores. .. Hamiiton W pt (6).. ll)l 10! Hanna pt (new) (1) 1108 Hawaflan Pineap(3}’ Hayes BOAY. ..oveeve Helme (Geo H) (17). Hershey Choo (5). ... Hershey Choc pf(15) Hoe (R) & Co. . Holland Fur (e12%). Hollander & Son. ... Houdaille Hor B (3). 5 Y- T T PRSP Illinolg Centrat (7).. Illiriois Cnt 1s In (4) . Independ Ofl & G (2) o Interboro Rap Trun Intl Bus Mach (n6) Intl Harvester (3%). Intl Harv pf (T).eee. Int Hydro El A (e2). Intl Match pf (4).... Int Nickel of Can (1) 250 Intl Pap & P A(2.40). Intl Pap & Pwr B. Intl Pap & Pwr C. Int Pap & Pwr pf (7) Intl Printing Ink u) Int Salt (6) Intertype Corp (2).. Investors Equity(2). Island Creek Coal(4) Jowel Tea (4)...... Johns-Manville (3) Johns-Manv pf (7). Jordan Motor Car. Karstadt (R) (1.02).. Kaufmann)D 8 (1%) Kayser Jullus (4)... Keith-Albee-O pf (7) Kelly-Spring Tire... & ly-Spring 6% pf. 408 ly Spring 8% pf.. 208 sey Hayes (2)... 12 3¢ Kraft Ph Ch (1% Krnn(ss)Co( Kuppenheimer (2).. 10s Lago ONl & Tran Leh Port Cem (2%). Lehigh Valley (t4%) Lehigh Valley Coal,., Lehn & Fink (l) . . Libbey Owe: 2 Ligge! 3 Liggett&Myrs l(") K Lima Locomotive. .. Link Belt (2.60) Liquid Carbonie (4). Loew's, Inc u). Ludlum Steel (). McAndrews&F 12. MoGraw-Hill (3) McKeespt T P (14 McKesson & Rob McKes & Rb pt(3%). Mack Trucks (6). Macy (RH) & Co(ng) Madison Sa G (1%). Manati Sugar pf. tsu Man Elec Supp!. (3 37% 7).4100- 12’7;. Prev. . Close. Close. 16% 76 3% 170 143 72 40% 163 214 9%, 17% 19 35 1% 45 1% 1% “‘ 77 38 57! 170 170% 14714 143 72 2% 41% 40% 16814 165% 214 21% | T9% 0% 17% 18% 98 98% 127% 126 216% 221 128% 125 84 85% 56 54 1024 101% 6% 6 67 66% 109% 100% 5% 76% 9% 9% 55% 55% 98 99 43% 43 59% 50% 66 66% 60 60% 41 39% 27% 29 264 25% 6 64 19 19 37% 36% 1074 107% 109% 6% 264 27 80% 80% 55% 5b% 28% 116% 16% 424 2% 27 1% 99% 36% 33 9 27% 814 5b% 8% 15% 45 6 33% 28% 28% 115% 115 14%) 17% 4 42% 3% T8 STOCKS IRREGULAR (%52 IN UPWARD TREND ICreeps Forward Despite Profit Taking in Some Issues. BY STANLEY W. PRENOSIL. Associated Press Pinancial Editor. NEW YORK, February 28.—The stock market continued to creep upward to- day, although its progress was inter- rupted now and then by profit-taking and occasional flurries of short uu.m. Gains of 1 to 6 points were again dis- tributed over a fairly broad list, with more than a score issues, including American Telephone, Radio, Westing- house Electric and Paramount-Famous- Lasky, reaching new high ground for the year. ‘There was no change in the charac- ter of the business news. More 1920 favorable earnings reports, mostly those of small companies, made their ap- pearance. = Sears, Roebuck reported a slight gain in sales for the first eight weeks of the year, and an extra divie dend of 25 cents was declared on Con- gress Cigar. Opening Is Irregular. ‘The market moved ln‘e'\lllrly higher at the opening. mounted 13, J. I. Case, 1%; Inumluoml Harvester, 7; General Electric, West- inghouse Electric and Nash, ¥ each. United States Steel, however, sold off 1 point, Simmons sagged 3, and Ken- necott and International Telephone, % each. ‘The market continued to work mod- erately higher during the first half hour. The weekly brokerage loan fig- ures showed a negligible reduction of $5,000,000, which was somewhat Jess than expected, but the Federal Reserve condition statements indicated further strengthening of position and the opin- ion gained ground that lower central bank rates in New York, London and Derlkl‘n may be expected within a few weel Renewed pressure appeared against the coppers, despite reports of mod- erate improvement in consumption. ‘The January net operating income re- pom. showing reductions nvermn; 23 per cent below the pre Jlnunry held the rail shares in check. Stocks in which the m-rket is rather (-hln such as Otis Elevator and J. L Case, were quickly bid up 6 and 5 points, and International Business Ma- chines mounted 3. Westinghouse Elec- tric extended its gain to 212 points and Underwood Elliott sold up as much, reaching a new high. Early Changes. Bhares -emn: -up 8 polm or two in- cluded Generfil Air Reduction, American’ - Telephone nnu Columbian Shggiah, hovever, and predare. wa ever, was Tencwed against Simmons. which hich drop- i ped 2% poh'l" wnmwbw for '.hc I year. Angcondalost more than & pof Foreign exchanges ed easy, wlt.h sterling cables at “og:x.n off o!x'u-ux- feenth of a cent. NEW YORK, February 28.—The fol- mnnc is Mflm: summary of mpu;; ‘corporal news _prepared Standard Statistics Co, Inc., New York, for the Associated Press. News Trend, Index of wholesale commodity Dflu for the week ended February 25 istered the sharpest decline since 1”5 Composite index on that date stoed at 135.3 (1913-100), a decrease of 1.6 per cent from the previous week and 8.1 per cent below the corresponding week of 1920. Of the eight groups com- prising the index, metals was the only one to show an increase from the week Farm ucts have declined 12 per cent lnd'"d products 8.5 per cent. Corporation news included another larger number of January railroad earn- ings statements. Net opentlnl income of the first 50 roads ued dividend Tate ‘was announced by askins Manufacturing Co. The Companies. \American La_France & Foamite led $3.23 on $7 perferred shares in 16429 vs. $7.12 in 1928, erican _shipbuilding stockholders to yote on reduction of par value of ‘comunon lmk from $100 to no par and él of $40 per common share mmlu wthnnud common shares o be from 165,000 to 230,000 January . deficit after :hm '15 749 vs. surplus $12,378 year Bll: Locomotive Works February consoliated shipments approximately $3,700,} about same as year ago. Bangor & Aroostook January surplus, after chi , up 56 per cent from year -‘;ell lephone’ Co. of Canada (re- vised) ned $9.01 on 613,569 common shares in' 1929, against $9.28 on 603,405 shares in 11928. Century\ Ribbon Mills shows loss of $27,269 . for' year 1929; earned $4.11 on $7 preferrcdt stoék in 192 Chicago, ' Milwaukee, St. Paul & Pa- cific Rulm‘d budget involves expendi- tures of over !Zl 000 000 for improve- ments and ¢|dditions to properties. Chicaj - Islll;d & Pl.clflc‘l:.;:!- way January defieit, after charges, $624,- 728, against :hurplus of $509,464 in 1928, Cleveland, mati, Chicago & St. Louis Railway January net operating income off 30.7 per cent from year ago. Consolidated! Gas, ctric Light & Power of Ballimore requests authority to issue $1,000,000 series A 5 per cent preferred stock., to be sold to customers at current maritet price. Continental )il earned $1.90 on com- mon stock in 1§ Doehler Die (Pasting earned $4.19 on common* stock in vear 1929, against u 19 in 3 nzl ingham Co. sustained lun of ‘fll ‘ll'l I.wynr 1929, against loss of uu'oao in 14{menths ‘to December 31, 192 Ford Motor Co.pLtd., declares initial dividend of 10 per cent on common stock. Greyhound Linest carried 188,980 pas- sengers between Clticago and New York in January, agaln:st 174,509 year ago. ahuu ‘Haskins dend of 75 cents on common stock, plac- issue on & $3 annual basis, as Ha ‘om ‘,edu earn mon_stock in year 1929, l(linlt $4.56 1928, in United States and Canada and mmmotcbemmonreb— Tut A nunmou Central Railroad January net operating income off 38.6 per cent from year ago. lnw-nnmu ‘Telephone & Tel h controls Standard Elektrizitaets A. Stores declares div!dend of 50 cents stock. Pittsburgh & Lake Erie Rallroad January net operating income off 15.5 r cent from year &go. p!ann, Roebuck & Co. reported will discontinue expansion of retail chain during 1930, to concentrate on develop- ment of stores in operation. Sharon Steel Hoop earned $3.69 on common stock in year 1929, against $3.12 in 1928. Southern Pacific (System) January net operating income off 44.5 per cent from year ago. Stone & Welnur, Inc., subsidiary obtains contract from Potomac Electrjc Power for construction work costing about $3,000,000. ‘Wabash Rallroad January deficit after charges $31,841, against surplus declares quarterly divi- | | of $347,606 year ago. ‘Warner Bros. Pictures reported to have acquired an active interest in I‘OMI Co. of Germany. ‘estern Maryland Railroad January surplus after charges up 5 per c:nt from s year ago. Western Pacific Railroad Co. uary net operating deficit $31,501, against l\n'plul of ‘185 852 Yelt 2go. Jan- CHICAGO an MARKET. CHICAGO, February 28 (#)—But- ter—Weak; receipts, 9,171 tubs; cream- ery extras, 33; standards, 33; extra nnu zns‘z;%,; firsts, 30%4a31%; sec- 20 70061 cases; extra graded firsts, 24; 6% Interest FOUN Fiksf AND S¥toND TRUSE Consult WELCH Realtors LOAN lrlcuuv'. Real Estate Investments JAMES Y, PENNEBAKER Nat.5201 1520K St.N.W. ‘Investment Securities »_share. market. 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