Evening Star Newspaper, March 6, 1930, Page 12

TIME IS EXTENDED ON FLORIDA FRUIT Department of Agriculture Notes Many Price Declines In Weekly Review. t Wearly all the important fruits and Wegetables except apples and cabbage declined in price during th last week of February. Markets apparently were well supplied and dealers were unable to maintain recent price levels. The higher temperatures which prevailed in many | parts of the country may also have | added to the dullness of markets or taken the edge off the trading. Cantaloupe acreage in the Imperial Valley of California is being greatly in- creased this season. A preliminary re- port shows about 24,400 acres of covered melons, as against 16,500 last year and 15,000 in 1928. By far the leading variety is Hale's Best, which matures early. The covered plantings of Honey Dews and Honey Balls together are also being increased by 1,000 acres to a total of nearly 5,000, but other miscellaneous varieties are decreased. Two years ago the covered Honey Dew and Honey Ball acreage was less than 1,600 together. | Movement of Imperial Valley green | peas decreased to 70 cars and Mexican | arrivals were only 100, but shipments | from Imperial Valley are due to in- crease greatly this month. Asparagus shipments from California totaled about { 10 cars, compared with 3 the preceding | week. Movement of caulifiower was eqtirely from the State of California and | decreased to 215 cars. Texas spinach shipments increased slightly to 500 cars | and Florida Stringbean movement amounted to 140 cars. ‘The period for movement of Florida citrus fruits this season has been ex- tended by quarantine officials to April 15, or a couple of weeks longer than at first expected. This will permit a larger portion of the crop to be picked and moved to market. Grapefruit shipments. &lmost exclusively from Florida, totaled 630 cars last week, and arrivals from Porto Rico increased to 70 cars. Florida shipped 1,000 cars of oranges, with 770 also from California, Total forwardings of 23 fruits and vegetables decreased only slightly to 15620 cars, or about 2,700 less than during the same week last season. INCREASED PRODUCTION OF ALUMINUM. IN 1929 New aluminum produced in the Unit- ed States during 1929 amounted to 225,000,000 pounds, valued at $51,864,- 000, as compared with 210,000,000 gunda. valued at $47,899,000, produced 1928, according to a statement of the United States Bureau of Mines, Depart- ment of Commerce. The principal pro- ducing plant was that at Massena, N. Y., where approximately 42 per cent of the metal made in the United States was produced. Other works are at Ni- Nleé . Y.; Alcoa, Tenn, and According to the Engineering and Mining Journal, the domestic price of new aluminum ingot, 99, per cent pure, ‘was 24.3 cents a pound during the en- tire year 1929, VIRGINIA POWER CO. (Including subsidiaries.) January gross L5585 $1,478.130 Bal. atter tax... | aanors | gal; 12 months gross. 17,140,844 16,297,227 | *Bal. after 5,992,688 5,208,039 charges. . . *Before depreciation, POTATO MARKET. CHICAGO, March 6 (United States of Agriculture) —Potatoes ~—Receipts, 104 cars; on track, 259 cars; total United States shipments, 670 @rs; slow, market firm; Wisconsin, sacked round whites; 2.40a2.55: Minne- sota sacked round whites, 2.35a2.40: lad;;m sacked Russets, 3.0023.15; few o CHICAGO LIVE STOCK MARKET| MQHICAEGO‘I MA‘;:'cih 6 ().—(U. 8. De- ment of iculture) —Hogs—] ceipts, 22,000 head, including 3,00 direct market steady to 10c lower than yes- terday's average; light hogs . showing most_decline; practical top, 11.10, one out of line sale, 202-pound weights, at 11.30; butchers, medium to.choice, 250~ 300 pounds, 9.85a10.60; 200-250 pounds, 10.35a11.10; 160-200 pounds, 10.35a 11.10; 130-160 pounds, 9.85a11.00; pack- ing sows, 8.50a9.75; pigs, medium to choice, 90-130 pounds, 9.00a10.75. Cattle—Receipts, 6,500 head; calves, receipts, 2,500; general market less ac- tive but generally steady; buyers show- ing disposition to back away from re- cent advance, uigechlly on she stock and yearlings; shippers taking better ade steers at strong prices, - mostly 3.75a14.50; top, 14.75; slaughter classes, steers, g and choice, 1,300-1,500 pounds, 13.2515.25; 1,100-1,300 pounds, 13.25a15.50; 950-1,150 pounds, 13.25a 15.75; common and medium, 850 pounds up, 9.00a13.25; fed yearlings, good and choice, 750-950 pounds, 13.00a15.75. Heifers, good and choice, 850 pounds dewn 11.75al common and medi- um, 8.00a11.75; cows, good and choice, . common and medium, X . low cutter and cutter, 4.75a6.25; bulls, good and choice (beef), 8.25a9.50; cutter to medium, 6.75a8.50; vealers (milk fed), good and choice, 11.00a15.00; medium, 9.00a11.00; cull and common, 7.00a9.00; stocker and feeder steers, good and choice, all weights, 10.75a11.75; common and medi- um, 8.25210.75. Sheep—Receipts 15,000 head; market opening slow; few early sales and bids steady to a shade lower: indications bulk fat lambs, 10.25a10.75; best held above 11.00; fat ewes, 6.00 down; feed- ing lambs strong, 65 pounds, 10.20; lambs, good and choice, 92 pounds down, 10.00a11.25; medium, 9.50a10.25; common, 8.50a9.50; medium to choice 92-100 pounds, 8.75a10.75; { 1 er lambs, good and choice, 9.25a10.25. The tax on dividends is an important item in the returns of many taxpayers. As defined by the revenue act the term “dividend” means any distribution made by a corporation to its shareholders, whether in money or other property, out of its earnings or profits accumulated after February 28, 1913, If a dividend Tepresents profits earned by a corpora- tion prior to March 1, 1913, there is no A dividend may be payable out of current profits or accumulated surplus, but it has no legal existence until it is “declared” by a formal resolution of the directors of the corporation. The ordinary form of dividend is a period- ical cash distribution of current profits. However, dividends may be paid in s curities or other property. ample, a ration may distribute among its stockholders securities in ‘which it has invested its earnings. Such securities are to be reported as divi- dends by the, stockholders at the fair market value on the date the dividends become payable. Diyidends paid by a domestic corporation are subject to sur- Special Dispatch to The Star. CHICAGO, March 6.—The State tries to safeguard the savings of its people, but all too often the people ignore these efforts and insist on relying on their own judgment, according to Robert C. Clark, president of the National Asso- ciation of Securities Commissioners, who spoke on the Halsey, Stuart & Co. Tadio program last night. . Greed and avarice—the lure of gain— break down common sense and caution, he pointed out, and as a result the savings of a lifetime may be lost. He urged that investors be certain that they deal only with reputable invest- local State department has approved after a thorough investigation. tect the investor, Mr. Clark cutlined the work which is being done in many States by the security commissions in the effort to cut down on the millions which are lost annually to the stock swindler. He explained how the “fraud act,” which is operative particularly in 'a number of Eastern States, has exposed a multitude of fraudulent schemes through investigation of se- curity selling plans. He also showed how the “regulatory act,” requiring the registration in a public department of every person or concern which intends to offer securities for sale to the public, ment houses and brokers whom the | Tellng how the State seeks to pro- | THE EVENING STAR, WASHINGTON, D. C, THURSDAY, SECURITIES BUYERS WARNED TO GET DATA ON COMMITMENTS | has. served to cut down thes number of | dealers in fraudulent securities. |~ He emphasized the primary responsi. | bility, however, of the buyer in all sit- uations, saying: “Can it be assumed, then, that every bond or stock offered in a regulated State is a desirable investment? By no means. Many of them are highly specu- lative. But the State asks a dealer to give exact facts. If a man wishes to speculate, knowing the risks as well as the attractions, he has only himself to blame if he loses his money. No man should speculate if he cannot afford to lose. Under no circumstances should he gambie on borrowed money. Many | a tragedy has resulted from so doing. “Can a man, then, who lives in a | state having a regulatory law deal safe- |y with the strange salesman who pre- sents himself at the door? No. The | passage of a law does not insure its | obedience. Robbery is forbidden by law, | but we still have robbers. Likewise, un- licensed salesmen will elude the au- | thorities and attempt to prey upon the unwary. Ascertain first whether he and his house are properly registered or | licensed “Beware of the man who urges haste, who offers the chance of a lifetime to make large Eroflts, who advises against consulting the local bankers. Let him ur?n.t He is p{?ubably }n a hurry to sub- stitute a worthless piece of paj for your hard-earned money.” i BY CLINTON COFFIN, Asscciated Press Financial Writer. Silver as a metal is now attaining the doubtfully pleasant prominence that on world markets at the lowest price ever recorded in economic history. Its situation is being regarded most seri- ously in the producing and utilizing in- dustries and by Government, in the United States and abroad, because the silver attribute of preciousness which has been held since the dawn of civiliza- tion is now encountering challenge. Current quotations place silver values at under 40 cents an ounce and under its regulations the United States mint will now pay only 39 cents for it. This means a decline in price of more than one-third in about 18 months. It rep- resents a price loss of more than 90 cents an ounce from the top levels at which silver sold in 1918. Further, for nearly two centuries, the price relation- ship between gold and silver shows the latter metal depreciating. The famous political war cry of 1896, “16-to-1,” represented a demand for the fixing of silver values on the basis roughly of making one pound of siiver equal to an ounce of gold: today's markect discloses silver selling on the basis of five pounds eing equal to one ounce of gold. And wiere is no certainty that quotations Wwill go no lower. *“Most people assume there will be a bowom to the silver price reached some time,” rt J. Grant, Director of the Mint, observed, “and there is some ground for believing that 30 cents an ounce is an absolute downward limit. At that price the production of silver from mines should be shut off to a very considerable extent, even in Mexico, which is the most important source of ores mined chiefly for silver content.” Mines Worked for Other Metals. Compilations of silver data unde: taken in other Government quarters dicate that the metal is oharacteris- Lgmuy coming from mines worked chiefly for the recovery of other metals. Thus, about siodver cent of present world silver production results from lead mining, 25 per cent more from 2 | copper mining and 10 per cent from mixed lead-zinc ores. More is found in association with gold, and less than 20 per cent of modern output is be- lieved to come from straight silver mines. This has so far prevented any material shut-off of metal supply as the price has dropped. Further, while world output of silver in 1860 was about 29,000,000 ounces, in recent years it has attained a total of 251,000,000 ounces. In the last 10 years India, one of the great silver coin using .countries, has been getting on a paper currency base, while chronic Chinese political disorders have limited the sil- ver intake of the other important sil- ver-consuming country. Industrially, the most important consumption of sil- ver is in photographic film, and it is now estimated that as much as 90 .per cent of this is recovered for reuse. Sil- versmiths lately have instituted a cam- paign for stimulating the usage of household silverware, because it is con- sidered that newly introduced steel loys have been cutting down that outlef Incidentally, the United States Gov- ernment is sharing losses with the silver producers in the present price situation, though to a limited extent, with the additional fact that the Government losses are rather a paper factor. Latest Treasury reports show that the Government holdings of silver dol- lars amount to $494,377,710 at face value. More than half of the metal contained in those coins cost the Gov- ernment $1 an ounce, and the balance was all acquired at market prices of the last half century, which average far above present quotations. The Govern- ment—if obliged to sell its metal— would be a heavy loser, but such sale is not within the realm of possibility, and neither does the Treasury have to inventory its metal at market levels. Bills of Lading. Congress is studying efforts to pro- vide international shipments with the same uniform facilities as to bills of lading that have long been possessed by ‘domestic trade. ‘This week the House merchant marine committee, un- der Chairman White's leadership, took up a proposal which has considerable support from shipping interests, and treats the subject by incorporating into American law uniform bill of lading forms drawn up by an interna- tional convention held at The Hague. The English government is said to have taken the same course, and the adoption of the legislation by principal maritime nations would attain the end sought. At the same time there has been a counter-project for dealing with the subject by international treaty, The question of which course to take is ex- pected to be dealt with in the commit- tee report after study of the arguments. In picking up again the very tangled subject of railroad valuation, to carry out’ the latest Supreme Court edicts on the subject, the Interstate Commerce Commission’ is_issuing some surprising figures. Last Spring the court, in re- jecting a valuation placed by the com- mission on the St. Louis & O'Fallon railroad, said that more weight should be given to cost of reproduction, which means that the constantly fluctuating cost of materials and scales of wages and salaries have to be considered. Fluctuating Rail Values. This week the commission tentatively valued the Brimstone Railroad & Canal Co., a short and moribund sulpher line in Louisiana, which was very profitable a few years back, and carefully set down cost of reproduction as a_major consid- eration in the process. In so doing it disclosed the interesting fact that under reproduction cost tncories the values of railroads have to be treated as fluctuat- ing constantly in accordance with the changes in costs of materials and labor. Thus the Brimstone line was found to have been worth on February 29, 1920, after depreciation, $241,000; while 1 months later, costs having gone up, it was worth by the same standards $377,- ciation, climbed up to high point of $393,000 in 1923, and then commenced to turn downward, until in 1926 it was worth but $325,000. All this fluctuation has to be strictly accounted for, since the Government, if it once attains a satisfactory formula for fixing final valuations, 15 entitled, under the law, to collect half of all tax only, which is imposed upon net in- come in excess of $10,000. ‘The rate of tax on the income of sorporations is »educed to 11 per cent. money any carrier earns, or has earned since 1920, in excess of 6 per cent on valuation. The Brimstone valuation is the base for a tentative demand made com:s to a commodity which is selling | 000. Its reproduction cost, less depre- | | upon the road to pay over $250,000 as | such excess earnings and undoubtedly will be fought out to a finish. Incidentally, while the carrier con- cerned is small, its ownership is in the Union Sulphur Corporation, a very im- portant enterprise, which is well able to | look to the defense of its subsidiary. BRITISH BANK RATE CUT TO 4 PER CENT Decline in Open Market Charges Teads to Reduction Today. By the Associated Press. LONDON, March 6.—The Bank of England reduced its discount rate today from 415 to 4 per cent. Principal reason for the reduction of the bank rate was found in the dif- ference of 1 per cent between market discounts al the official minimum, which made the latter ineffective. ‘The recent inflow of gold, with more to come from Australia, placed the bank's gold position. with sufficient strength to enbale it largely to ignore the continental demand. The international money market po- sition also has improved since the Bank of England made its last reduction. In view of further decline of the open market discount rates in New York, which were taken in some quarters to foreshadow a reduced New York bank rate, authorities here took the oppor- tunity of giving the trade of the coun- try benefit of another half per cent re- duction. The downward movement had been largely discounted by the stock market, where the prices of investment issues and government stocks yesterday were firmer. Their tone this morning was even better after the announcement of the reduction was made, PACKARD DI.ESEL ENGINE. Approved Type Certificate Awarded for Motor by U. 8. Commerce Dept. DETROIT, March 6 (Special).—"“We type certificate for our Packard Diesel aircraft engine'with an official rating of 225 horsepower at 1900 R. P. M. has been issued to us by United States De- partment of Commerce. We are-now in a position to market our new motor,” sald Alvan Macauley, president of Pack- ard Motor Car Co. “This certificate was granted on the successful completion of a 50-hour ac- ceptance test by the Army Air Corps, which is the usual requirement by the Army when purchasing any new type motor. Such tests conducted by either the Army or the Navy are accepted by the Department of Commerce as fulfilling its test requirements for ap- proved type certificates. “After more than two years of inten- sive testing and development work, we have adapted the Diesel principle to practical everyday use in aircraft en- Tomorrow is the day . .. and here are the ONE DAY ONLY SPECIALS . . . each week, new items reduced in price for FRIDAY ONLY. Regular $5 Zephyr Wool Sport Shirts Finest Grade—the same kind we have sold thousands of at $5. All Sizes. All Shades | AT RDAY . | Friday Only $17.95 have been notified that an approved | NEW YORK, March 6.—The follow- ing is today's summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated: Press: News Trend. Corporation items in the day's news are of a mixed character. Favorable dividend announcements were made by J. C. Penney Co. and National Candy. ‘Washington Oil reduced quarterly divi- dend and Standard Commercial To- bacco omitted payment due at this time. New acquisitions were reported by Bor- den, American Cyanamid and Briggs & Stratton Corporation. Companies with 1929 earnings showing a substantial in- crease over the previous period are Fed- eral Mining & Smelting, Gilchrist Co. General Cable and North American Ce- ment. The Companies. I Alaska Juneau Mining earned 71 cents on common stock in 1929, against 54 cents year ago. American Cyanimid acquires control of Heller & Merz Co. of Newark, N. J. American Hardware earned $5.10 on common stock in 1929, against $5.18 year ago. American Water Works & Electric January Electric output up 5 per cent from year ago. Atlas Tack earned 83 cents on com- mon stock in 1920, against 93 cents year ago. Bickfords, Inc., February sales up 7.7 per cent: two months’ sales up 10 per cent from, year ago. Borden Co. acquires Hildebrecht Ice Cream Co. of Trenton, N. J. Briggs & Stratton Corporation ac- quires I. X. L. Metal Spring Cover Co. of Milwaukee. Calumet & Arizona Mining February production 7,330,000 pounds, against 9.182,000 pounds in January and 10,- 265,000 in December, 1929. Consolidated Gas, Electric Light & Power of Baltimore stockholders to vote on increasing authorized common stock to 2,000,000 shares from 1,200,000 and preferred shares to 500,000 from 300,000 shares. Increase to provide stock to finance expansion from time to time. Federal Mining & Smelting earned $36 on common stock in 1929, against $24.15 in 1928. General Cable earned $4.20 on com- fl%’;‘ stock in 1929, against $2.90 in General Electric obtains $2,000,000 order from New York Central for power substations. Gilchrist Co. preliminary earnings for 1929 equal $2.17 a common share before Federal taxes, against $1.16 year ago. Gleaner Combine Harvester February operating profit $230,078, against $90.- 481 year ago. W. T. Grant Co. February sales up 11.2 per cent; 2 month's sales up 12.4 per cent from year &3o. Hartman Corporation earned $2.47 on common stock in 1929, against $2.06 year ago. Knott Corporation earned $3.07 on common stock in 1929, against $2.67 year ago. MacAndrews & Forbes earned $3.23 on common stock in 1929, against $2.90 year ago. Mackay Co. has deficit of $193.410 for January, against surplus of $40,973 year ago. McCrory Stores February sales up 2.2 per cent; two months’ sales up 1.2 per cent from year ago. Montgomery Ward & Co. opens store at Des Moines, Towa, currently operat- ing 23 retail deparément stores. National Candy declares quarterly dividend of 50 cents on common stock, placing issue on $2 annual basis, against $1.75 formerly. Neptune Meter earned $3.06 on com- mon stock in 1929, against $2.47 in 1928. New York Telephone lost about 8.000 subscribers in February. December (be- fore rates were increased) showed a gain of 10,400 subscribers over previous month. North American Cement Corporation earned $548 on $7 preferred stock, against $3.52 year ago. ‘Packard Motor Car receives approved | type certificate for Packard-Diesel air- craft engine, with official rating of 225 horsepower at 1900 r. p. m.,, issued by Department of Commerce. David Pender Grocery February sales up 3.7 per cent. Had 419 stores and 60 meat markets in operation at end of February. J. C. Penney Co. declares quarterly dividend of 75 cents on increased com- mon shares, placing stock on $3 annual basis, equivalent to $9 on common prior to 200 per cent stock dividend on which $7 was paid. Standard Oil of New Jersey to re- duce refinery operations one-seventh in volume. Standard Oil of New York reduces wholesale and retail ‘prices of gasoline 1 ccat a galion in New Eng- land States. for just one day! FRIDAY Specials Regular $1 Silk or Silk and Lisle Hose 45¢ Plain Shades and fancies —A1l sizes — mostly- full fashioned. All new stock marked special for'the'one- * day only. Three: for $1.25 Because so many of our customers came in on + « too late for this topcoat special last week..:we promised to repeat it...here 'tis. : Regular $30 & $35 Top CoATs Grays and browns and tan mixtures. - Tweed and Herring-, | bone effects. Plain and Raglan shoul- ders. All sizes. CROSNIEIRS 1325 F STREET NEW SECURITIES. H. Rollins & Sons and Halsey, Stuart |yield 4.10 per cent for all maturities. | & Webster and Blodgett, Inc., Emanuel & Co. Offered by the Continental-Tllinois Co. & Co. and others. NEW YORK, March 6 (#).—New se- | Arkansas Power;& Light Co. 30,000 and the Foreman-State Corporation. curities offered today include: shares 6 per cf no-par cumulative 040,000 k & Nassau County, N. Y., $3,040/ TREASURY BALANCE. City of Sydney. New South Wales, | preferred stock; priced at § Mgen are vy Australia, $5,000,000 25-year 5'% per |and accrued div . Offered by W. C. | coupon or registered 42 per cen *| The United States balance, cent sinking fund gold bonds, dated | Langley & Co, and the First National |dated March 1, 1930, and maturing announced today as of Flose of business February 1, 1930, and due February 1, | Old Colony Corporation. March 1, 1931, to 1945, inclusive, and March 4, was $39,450,814.67. Customs 1955; priced at 90 and accrued interest, | City of St. Paul, Minn., $1,000,000 414 to | the montA to ‘were priced at 100.49 to 105.03, according receipts for n]xlfixflt Offered by a syndicate in- ns‘ug:uu. cluding cent bonds, maturing serially March Total ibbons & Co., Stone | tures, $11,138,748.54. to yield about 6.30 31, to inclusive, and priced to ret cent, and offered by Bancamerica. ir Corporation, e Combined Resources MOI‘G Than Capital alone may not suffice Capital accumulated and left for distribution without specific instructions as to the manner and terms by which it shall pass may not be enough to assure a lifetime of comfort and pleasure for those in whom you have the - greatest concern. The desire for extravagant luxury, and the accessi bility of the funds that come through such a heritage, may, make possible an untimely dwindling of your estate., Safe- guard the interests of your heirs through a corporate trusteeship. : Branches: Central— 7th and Mass. Ave. Northeast— 8th and H Sts. N.E. The American Security and Trust Company has as- sumed the teaponsibflity and afforded a c'ontinuity of policy for the management and administration of many estates. A plan of trusteeship for your particular needs will be gladly explained by: the officers of our Trust Department. 2 MCAN sB 15th & Pennsylvania Avenue Southwest— 7th and E Sts. SW. Northwest— 1140 15th St. N.W. THE LARGEST TRUST COMPANY IN WASHINGTON STATEMENT OF THE CONDITION OF THE Penn Mutual Life Insurance Company Of Philadelphia, Pennsylvania on the 31st day of December 1929, as required under the District of Columbia Code, amended June 30, 1902, and August 18, 1911, ASSETS Cash in office. . Cash in bank Real estate ......... Sl Real estate mortgages (first lien).... Stocks and bonds (amortized value). Colluborsl ToRRE < ..covivvsisivoivnvete Policy loans and' preminm nobes: ... .. ... ovees s vstanomsvssess Premiums uncollected and in hands of agents. .. Interest and rents due and accrued.......... $33,289.21 5,419,563.74 ... 3,862,103.77 ceee. 204,249,097.11 . 120,303,138.53 2,370,753.81 75,502,382.59 11,258,320.07 7,284,518.69 Total assets.... vee...$430,283,167.52 Net unpaid claims......... Reserve as required by law. .. Dividends to policyholders due or declared. Premiums paid in advance................ Unearned interest and rents paid in advance Commissions due agents, due or accrued... BOHUS IR .. (. oosbitwviniosiviosivueiiin . - Reserve for mortality and asset fluctuations All other liabilities..«..oovvuenin.n. $2,335,587.72 ... 358,414,044.33 38,105,116.74 641,583.00 547,913.82 3,476.43 1,475,000.00 28,661,563.11 98,882.37 .. .$430,283,167.52 -$2,140,388,661.00 21,428,704.00 96,115,413.55 and other contingencies. cesesesaaden Total liabilities . se s e e seveses Amount of risk assumed during the year 1929. Losses sustained during the year 1929. Money received during the year 1929. Expended during the year 1929. .. .. ... coocieccsssvsassss 68,636,908.14 SYDNEY A. SMITH; Secretary. WM. H. KINGSLEY, Vice President. Subscribed and sworn to before me this 18th day of February, 1930. (Seal) W. A. PEFFLE, Notary Public. (My commission expires March 2, 1931), A detalled copy of the company’s annual statement will be sent upon request. ) Wolf and Cohen T. Janney Brown 518-524 Woodward Bldg. 1008 Woodward Bldg. General Agents for the District of Columbia