Evening Star Newspaper, March 5, 1930, Page 10

4 A_10 #es BULLS HOLD SVAY * N STORK NARKET New Highs for Year Scored|men tow 33% 22 in General Upturn in Today’s Trade. BY STANLEY W. PRENOSIL, Assoctated Press Financial Editor. NEW YORK, March 5.—The recov- ery in stock prices assumed rather im- Pprasive proportions in today's stock market despite the collapse in a recent pool specialty. Fifty or more issues were marked up to new high levels fcr the year, with gains of 1 to 5 points quite common, and a few, high priced issues marked up 6 to 15 points. Trad- ing was moderately heavy in volume. ‘The day's trade news was rather spotty. Iron Age reported that United States Steel operations were being main- tained at 85 per cent of capacity, but that the rate of output for the industry generally had fallen from 80 to 78 per cent, with certain producers of sheets and strip down to 59 per cent. “Irregu- larities in demand, wide variations in the operating rates of different mills and a further moderate recession in total ingot production are features of a steel market that lacks a definite trend,” says the review. Call Money Plentiful. ‘Woolworth reported February sales slightly in excess of the same month last year and the new J. C. Penney stock was put on a $3 annual basis, which is equivalent to $9 on the old stock which paxd $7 a share. Glen Alden Coal reduced the annual divi- dend from $10 to $8 and an initial * quarterly payment of $1.50 was made on Tri-continental Corporation cumu- lative preferred. Call money renewed unchanged at 4 per cent, but the supply funds were so plentiful that the rate in the out- side market was dropped to 31.. The time money market displayed an easier undertone. The cut in bankers’ accept- ances yesterday was construed in some quarters as foreshadowing a further de- crease in Federal Reserve rediscount rates. J. 1. Case again was a spectacular feature, soaring 143, points to 279%, after having sold down to 260 in the early trading. New York & Harlem, ‘which sold as low as 180 this year, was marked up 12 points to 307. National Biscuit (old stock) jumped 8> points “t0 220, and Worthington Pump 72 to 9213, both new highs. Go to Record Price-. Amer:_an Solvents & Chemical com- mon and _preferred, Foster-Wheeler, Simmons Co., National Lead, Peoples Gas, Westinghouse Electric Co., Vick Chemical Drug, Tnc.; Vanadium Steel, Atchison and Stone & Webster were marked up 3 to 5 pofnts, many of them ‘to record 1930 prices. Among the many uther issues to reach new high ground were Radio Corporation, Borden, United Corpora- tion, Consolidated Gas, Electric Power *& Light, Associated Dry Goods, Good- year and Loose Wiles Biscuit. Indian Motor Cycle common broke 6% points to 9 and the preferred 23 points to 52 on what appeared to be the collapse of a pool operation in that issue. Nash Motors fell 215 to a new low at 46. Crex Carpet dropped 4 points and Crosley Radio 2%. RETAIL SALES DROP IN CHICAGO DISTRICT Slowing Down of Auto Industry p Blow to Detroit and 5 Indianapolis. “ Bpecial Dispateh to The Star. ing month a year ago, gaining 3.3 per cent over last January, while in Chi- cago, it and Indianapolis sales ‘were smaller in this comparison for the fourth consecutive month, declining 97, 17.7 and 6.7 per cent, respectively. ‘The siowing down in the automotive industry has affected trade in Detroit to a considerable extent, and also in Indianapolis, while the spinal menin- gitis epidemic in the latter city was largely responsible for the January de- cline. A decrease of 59 per cent from last year was shown in total sales for 57 stores in other cities, and the district decline averaged 9.4 per cent. - A lower volume of stocks was on h.mih the e'n’g of January than either a month previous or a year ago, declines averaging 5.3 and 1.2 per cent in the respective comparisons. Turnover of -26 times was slightly less than the .30 shown for January last year. llect expanded 21.8 per cent #ver December, while accounts recefv- able on January 31 totaled 14.1 per cent less than at the end of the year. Several salient facts are to be remem- bered by the taxpayer in claiming de- ductions for taxes. Taxes on personal property or real estate, whether busi- ness or residential, are deductible. So- called taxes which are assessed against local benefits, such as streets, sidewalks, drainage and other like improvements Wwhich tend to increase the value of the property assessed, are not deductible, since they are considered as constituting the cost of a permanent improvement, The Federal income tax may not be deducted. However, income taxes paid upon the incomes of individuals to States may be deducted by an indi- vidual on his Federal income tax re- turn. The deduction of estate and inherit- ance taxes is confined to the estate. Retroactive provisions pertaining to deductions of estate and inheritance taxes are found in the revenue act. tage is not a tax. Automobile license fees are ordinarily deductible Customs duties paid by a person on articles for his own use are deductible. Import on tariff duties paid in the opera- tion of a business are deductible as taxes, provided they are not added to or made a part of the expenses of the business or the cost of the merchan- ::5 with respect to which they are Admission taxes are deductible, but the taxpayer must show that account has kept of the amount paid. Guesswork will not be accepted. e SILVER QUOTATIONS. NEW YORK, March § —] sllver, 40%. Mexican gnu-n, (l‘;’l/‘. i INVESTMENT TRUSTS. NEW YORK, Ma s el rch 5 (#).—Over the rit & Cont 6% Nersified Truste i In; wer & Lt Sec FINANCIAL. TOCK Abitibi Power & Pap Abitibl P& P pf (6).. Adams Expr (1.60) Advance Rumley... Advance Rumley pf. Abhumada Lead. Alr Reduction (3)... Alr Way E1 Ap(33%). 64% 23 11% 78 4% Alleghany Corp. ... Alleg Corp pf (5%).. Alleg C pf (6% )xw.. Allied Ch & Dye(n6) Allled C& D pf (7).. Allis-Chalmers (3). . Alpha Port Cemt (3) Amerada Corp (2)... D19 9IS 2 5 winsoaBrvanSulonenunRonnd Am Can (4).. Am Car & Fdy Am Chain pf (7). Am Chicle Co (12%). Am Com Alco(n1.60) % Am Encaustie (2) Am European Sec. Am & For Power. Am&Forn Pwr 2d pf. Am Hawallan S 8 (3) Am lce Co tt4) Am Ice pf (6) - Am Locomotive Am Metal (3)...... Am Nat Gas pf (7).. Am Piano. cessse Am Power & Lt (1) Am Pow & Lt pf (§). AmP&LDIA (3%) 4« Am Ra&Std San 1%. Am Republics. . Am Rolling Mill (2). Am Safety Razor (5) Am Seating (2)..... Am Solvents Chem. . Am Sol Cb ev pf (3). Am Steel Fdy (3).... Am Stores (2).. Am Sumatra (3). Am Tel & Ca (5). Am Tobaceo (B) (8). Am Tobaceo pf (6).. Am Water Wka (1) Am Woolen......... Am Woolen pf. . Am Writ Paper pf (3 AmZine L4 & Sm... Anaconda Copr 17). Anchor Cap (2.40)... Andes Copper (3)... Archer-Dan-M ¢2)... Armour Del pf (7).. Armour I (A). Armour Il (B). g e e 1 Atch T&SF f (5)... At] Coast Line (110) AUGE& W Indies. ... Atl Gult & W I pL(5) Atl Refining (2).... Atlas Powder (4).... 6% Atlas Tack... Auburn Auto (J4) Austin Nichol. Autosales. . Auto-St Saf R A (3) Aviation Corp Del. Baldwin.Loco (1.76). Baltimore & Ohlo (1) Balto & Ohlo pf (4).. Bamberger pf (634). 70 Bang & Aroos (3%). - SvormGarssuBuReaannons afelE 8ol Belding-Heminway. Bendix Aviation (2). Best & Co (2).. - Bethlehem Steel (). Blu'thal & Co pf (7). Bohn Al & Brass (3). Brit Emp Stl 1st pf. Brockway M T. . Bklyn-Manbat (4) Bkiyn Union Gas (6) Bruns-Balk-Col. Bucyrus Erfe (1). Bucyrusev pt (33%). Budd (E G) Mfg (1). Budd Wheel ( Busb T Bldg pf (7).. Butte Copper & Zine. Butte & Superior. Butterick Co... Byers (A M). Calif Packing (4) Callahan Zinc & L. Calumet & Ariz Calumet&Hec(asih). Campbell Wyant (2). Canada Dry G A (5). Canada South (3)... 3 Canadian Pac (10). Capital Adm (A). Case (J1) i6).ouuens Caterpilir Trac 3% . Colotex (3).euueeran Cent Aguirre As 13%. Cent Alloy Steel (2). Cent Alloy ctfs (2).. Cent Alioy St pf(7) Century Rib Mills. .. Cent Rib Mills pf (1) Cerrode Certain- Cbecker Cab (4.30). . Chesapeake Corp (3) Ches & Ohio (10). Chi & Alton pf. Chi Great Western. . Chi Great Westn pt.. Chi Mill St P&Pac. .. Chi Mill St P&Pac pt 6).. Collins & Aikma Col Gas & El «2). Col Gas & El pf A Columb Graph (87¢. Columblan Carb ( Com Credit (2) Comm Credit A Com Credit pf (1% Coml Inv Tr g} 60 Com Inv Trst war. Comm Solvents (11 Comwlith&Sout60e) Comm & Sou pf +6) Congoleum-Nairn . Congress Cgr (15% Consol Cigar (7). Consol Film (2)..... Consol Gas N ¥ (4). Consol Gas NY of (5) Consol RR Cib pf(6) Consol Textlle...... Container Cor A 1.20 Container Corp B. Cont! Baking A Contl Baking B Contl Baking pf ( Contl Can (2%). Contl Insur (2.40). Continental Motors, 4% 32% 45% - dox 18%. 14% 33 Coty. Ine (k2)...... 30 25% Cream of Wht(12%) 29 9 Crex Carpet... 10% Crosley Radio (1)... T 30% 3 20% 63 20% 8 18% EXCHANGE Stock ana Bales— Dividend Rate. Add 00. High. Low. Close. Crown Cork & Seal Crueible Steel pf (7 Cudahy Packing (4). Curtiss Wright Corp 388 Curt Wright Corp A. Cutler-Hammr (3%). Davison Chem..... Duquesne 1st pf (5). Eastman Kodak ( Eaton Axle & 8 (3. Eitingon pf (6%) Elec Auto Lite (6). Electric Boat. El Pwr& Lt (1), Eleo Storage Bat Endicott-John (5). Eng Pub Serv (11). Eng Pub Sve pf (5).. Eng Pub Sve pf (5%4) Equitable Bldg (2%) rie R R. Ei R R 13 Eureka Cac Cl (4). Evans Auto L(32%). Fairbanks Co pf..... 30s Fairbanks Morse (3) 8 Fairbanks M of (7).. 10s Fash Park Asso (2% 2 Fed Motor Tr (80c).. 1 Fed Wat 8, A (e2.40), 13 Fid Pho Fire 1(32.60). 4 3 35 5 2 1 6 3 9 3 Foundation Co. Fox Film A (§4). Freeport, Texas (' Gamewell Co (5).. Gen Am Tnk Car(34) Gen Asphalt (4)..... 68 Gen Baking pf (8)... @) 2 Gen Ital Ed w.l. a2.61 General Mills (3) Glidden Co (h2). Glidden pr pf (7) Gobel (Adolf). Gotham Silk H (2%) Gotham 8 H pf (1) GtNctfsOP (a3y Grt West Sug (2.80). Grigsby Grunow (3) Gulf Mo & North. Gulf Sta Steel (4 Hann Dept Stores Hahn Dept S pf( Hall (WF) Ptg (m1) Hartman A (2) Boarmnae - Houdaille Her B Housed F pf 13.12% Household Prod(t4 - =1 9 BT o Hupp Motor (£2) Illinols Central (7) a 3 Inland Steel (4) Inspiration (4) Insurance Shar: - ponndneE~Sunmonnm Int Hydro E1 A Intl Match pf (4) Intl Mer Marine Int Nickel of Can (1) 14 Intl Pap & P A(2.40). Intl Pap & Pwr B, Intl Pap & Pwr C, Intl Printing Ink 2 Intl Print Ink pf (6). 10s Intl Rys Cent Am. .. . Inter Dept St (2)... Inter Dpt St pf x w(7 Investors Equity(3). Jewel Tea (4) Johns-Manvill Jordan Moter Car. Kan City Sou (5) Kan City Sou pf (4). Karstadt (R) (1.02). Kaufmann)D S (1%) Kayser Julius (4)... Keith-Albee-O pf (7) Kelly-Spring Tire. .. Kelly Spring 8% pf. Kelsey Hayes (3). Kelvinator Corp. (G R) pf (8). Kolster Radio Kraft Ph Ch (1% Gr&Bak(nl). Lambert Co (8). ..., Leh Port Cem (2%4). Lehigh Valley (143%) Lehigh Valley Cosl. . Leh Val Coal of Lehn & Finl Lima Locomotiv Link Belt (2.60 . Liquid Carbonie (4). Loew's, Inc (3)..... % Loew's, Inc pf (6%). Loft. Inc....... Long Bell Lumb A. Loose-Wiles (13.70). I Lorillard (P) pt (1 LouG&EIA (1%).. Louls & Nash (1) Loutsiana Ofl, Ludium Steel ( McCall Corp (2%). .. Mclntyre Porc M(1). 3 29 2 4% 3 18% 49 % 3% 8% 8% 41% 4% 45 18 e e (Continued on Page 11.) 49 145 41% 166 T 82% 33 99 125 101% 215'% 33% 55 100% 7 72 5 574 b6% 29 9% 42% 59 45 18 Prev. Close. 49% 11e 14 14 | o SR 124% 173 143% 42% 168 8 81 33 98 127 101 219% 34k 57 101% 7 72 56 18% YOUNG FINDS CHAINS BIG BANKING PROBLEM Says It Is Extremely Difficult to Keep Up With Branch Developments. By the Assoclated Press. Gov. Young of the Federal Reserve Board informed the House banking committee today that the rapid growth of group banking in the past two years . THE EVENING .STAR, WASHINGTON, D. C, WEDNESDAY, MARCH 5, 1930, SHORT-TERM SECURITIES (Revorted by J. & W. Seligman & Co» 93 o Sre’s American Tel, 3 1tH: & Ohlo 4%38 Baltimore & ¥ d Sk Spec B Edison ILlilv o’ Bost. - Pur had made it “extremely difficult” for the board to keep pace with the “recent developments and the present status of the whole matter.” Replying by letter to an invitation to give his views to the commitfee, Gov. Young wrote that group, branch and chain banking “‘presents one of the most important and difficult problems of our ever changing banking structure before the country at the present time.” “The board believes that more com- plete information regarding the forces which have impelled this new develop- ment will be necessary before any con- clusions can be arrived at regarding its effects—financial, economic and social,” 'JleYlfl'.er ul& r oung probably will appear before the committee later. iy John W. Pole, controller of the cur- rency. wds questioned today regarding the methods his office would employ in examining the various units of large branch banking*systems. - REVENUES SHOW GAIN. Special Dispatch to The Star. BALTIMORE, March 5.—Consolidated income account of the Eastern Shore Public Service Co. and subsidiaries, which was presented at the annual meeting of the stockholders at Salisbury, Md., yesterday, shows operating revenues of $1745739 for 1929, compared with $1,534,036 for 1928. Available for bond interest was $701,878, compared with $594,701 in 1928. Net income available for dividends and surplus was $299,070, as_against $270,128. The Eastern Shore Public Service Co. and subsidiaries operate in Maryland, Delaware and Virginia. The company is controlled by the Seaboard Public ice Co. and is part of the Nlucnll‘ Electric Power Co. group. Real Estate Investments JAMES Y, PENNEBAKER Nat.5201 1520K St.N.W. Joseph 1. Wm. Gordon Buchanan of Councilor & Buchanan Certif Publie mm- fower Building National 6110-6111-6213 (Telephone Directory Omission) Applications Invited at Current Rates of Interest on improved property in the Dis- trict of Columbia and nearby Maryland. * Prompt Service —Minimum Charges HANNON: & LUCHY| 1435 K St. Nat. 2345 i S8t. L., Iron Mt. nion O Go,_ot Calif, 8’ 1038, ted Drug Co. l&cll&! estern_ Electric_Co. 5 Wheeling Steel Corl p. Bios 1948 1017 Wheeling Steel Corp. 4%2s 1953. 8% Sell 300 Shares Great National Insurance Company Stock at 11%5. Must liquidate immediately. Address Box 350-X—Star Office A e et N The Commercial National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Com- pare this method with usual method of computa- tion. Call and let us ex- plain. Other Departments are equipped to serve you in all banking and fiduciary matt The Bank of Personal Service 14th & G Sts. N.W. Over $20,000,000 COOPER, President Resource: WADE 2828022980008 Never a Worry —of losing a penny when you place your funds in safe and sound-— 6"2% 62% Guaranty First Mortgage Notes & Bonds | These guaranteed investments ar secured on income- roducing _proper- les in Washington fnd its uburbs and acked by our Te- sources of $3,800,000 Issued to Yield 6':% Interest Denominations as low as $250 Monthly Payments if Desired Send for Booklet, “The Success Plan” REALESTATE MORTGAGE & GUARANTY CORPORATION Capital Resonrces, §3,500,000 24 JACKSON PLACE Organized 1879 JOHN JOY EDSON, President creeenee..$5,662,540.55 A Word to the Wise SAVE Adopt the method of system- atic saving which builds a firm foundation for the future. SAVE WHILE YOU CAN! Equitable Co-operative Bldg. Ass'n ' Subseription for the 98th Issue of Stock Being Received 915 F St. N.W. FEETEEENFIEEEEY 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits....$1,705,130.78 82 p,f” Shap, Remember you. 809 15th St. N.W. ERMS and Rates are im- portant factors in makind a Real Estate Loan. We ofle; a plan for the financing of your home which we believe will be of value to Fifteen Yedrs to Pay Low Interest Rates EAVER BRO REALTORS Mortgage Loan Correspondent Metropolitan Life Insurance Company District 9486 FINANCIAL.. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. REAL ESTATE LOANS [ Large and small First Trust loans negotiated promptly at prevailing rates and commission, -y FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. NW. National 2431 James F. Shea 643 La. Ave. N.W. SAFE FIRST MORTGAGES An Investment With a Background The very substantial security that stands back of our 6%,% FIRST MORTGAGES commends them to large and small investors alike. The loans are made on income pro- ducing real estate, carefully ap- praised —and you enjoy two benefits — absolute security for your principal and definite in- terest return. Over a Third of a Century Without o Loss May be bought In amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. T 0 Refinancing at o offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the substantial savings possible through five and one-half per cent * Loan Correspondent f 4 financing. for. “The Prudential’’ Prompt approvals == Valuable prepayment privileges == Three year loans on newer properties without amortization. H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1 899 BONDHOLDERS PROTECTIVE COMMITTEE Of Bonds Sold By or Through The F. H. SMITH CO., Inc. (A Delaware Corporation) TO THE HOLDERS OF BONDS SOLD BY OR THROUGH THE F. H. SMITH,CO., Inc.: A The undersigned have been requested by the holders of a large amount of bonds heretofore sold by or through the F. H. Smith Co., Inc. (A Delaware Corpo- ration) to act as a committee and have consented so to act for the protection of the interests of such bond- holders. THE NECESSITY FOR A COMMITTEE IS DUE TO THE FOLLOWING FACTS: 1—Bondholders are widely located throughout the Uni and, therefore, cannot effectively protect their inte except by acting in concert with each other, through a committee duly appointed for that purpose. 2—Legal proceedings have been instituted against the company and its principal offic and directors in Washington, D. C. mington, Delawar. and other acts o pointment of 3—A suit has been institul General of the Stat charter. 4—The F. H. Smith Co., Inc., has been temporarily enjoined from the sale of bonds secured by certain properties in Buffalo, New York, on an application made by the Attorney General of the State, under the Martin Act. 5—Other legal procee pany and several of its principal officers and directors. In view of the critical condition of the affairs of the company, the committee is convinced that the interests of the bondholders can only be conserved by promptly depositing their bonds with the BROADWAY NA. TIONAL BANK & TRUST COMPANY of 261 Fifth Avenue, New York, N. Y., which has been designated the DEPOSITORY of the Committee, and which will issue depositing bondholders its negotiable receipts. WASHINGTON, D. C.—SUB-DEPOSITORY BANK OF COMMERCE & SAVINGS 7th and E Streets Northwest Washington, D. C. The Fidelity Trust Company of Pittsburgh, the Aldine Trust Company of Philadelphia, the Bank of Commerce & Savings of Washington, D. C., are all sub- depositories for the committee, and bonds can be de- posited with either the principal depository or the above-named sub-depositories. Bondholders who deposit their bonds will be kept promptly informed of all matters affecting their interest. BOSKEY, SCHILLE 11 West HON. on ARLES D. NEWTON, Chairman, eseo, N. V. ERIC FISHER \WOOD, Pittsburgh, Pa. JAMES L. MALCOLM, Catskill, N. Y. 3 k. Joik §RNBE " O "EAl N & SERLING, 42nd Street. New York, N. ¥. T. ALAN GOLDBOROUGH, man_of Maryland. ress) d.