Evening Star Newspaper, March 6, 1930, Page 15

FINANCTA THE EVENING STAR, WASHINGTO “CURB SHARES RiSE 3 AFTER DULL START ¢ Market Points Upward, With ‘Many Issues Appearing on Tape. BY JOHN A. CRONE. . @pectal Dispatch to The Star. NEW being concentrated on individual or_grou] E‘x':urg:' Bond & Share backed and filled within & point range. Interna- tional utilities, such as Brazilian Light & Traction and Hydroelectric Securi- ties—ihe latter scoring & new top— benefited from London buying, due to the lowered Bank of England rate. Citles Service was much less active than on Wednesday and moved within & half point range, as it met profit-tak- ing on most attempts to rally. Indian Territory and Arkansas Natural Gas ) were much less prominent on today’ fape than In recent sessions. Natural Gas shares ionnnued to feel the effects of At taking. Hp\::finq 0Oil and Refining, in point of rice fuctuetions, featured the petro- ums. Opemung at 91%, up 1i, it ‘touched 931y, . record hign for the year. The recent earnings statement for 1929 has attracted atiention to this stock, whose strength bettered Standard Oil of xnutnlnu an)c‘l some u‘r:er-pnm Standard Olls, such as Creole. Newmont Mining again led the line list, as it moved up during pre-noon trading mote than 3 points to new 1930 high. Noranda, Hudson Bay and New me Zinc were less uniform in their moves. " Str!pn(&h was also shown by utilifies, industrials and trading corporations. Blue Ridge common and Shenandoah common attained peak marks for the year. ~Marine Midland tion, Which soon will announce ful ac- Quisitions, also was active, GRAIN MARKET. CHICAGO, March 6 (#).—Affected by downturns at Liverpool. and Buenos Alres, wheat values here averaged lower early today, with rye previous bottom-price records for the season. An- nouncement that Government-sponsored organizations would support the wheat market was more or less ineffective for at least the. time being. Opening un- changed to 1}z off, Chicago wheat fu- tures efterward pursued an irregular downward course. . Corn, oats and pro- visions were also weaker, with corn surll;x‘ ¥aa7 off and subsequently de- clinning more. Despite action of Federal Farm Board auxiliaries in purchasing Chicago wheat future delivery contracts toaay, the market here proved at times to be much more responsive to bearish develop- ments, especially a sensational assertion credited to a Canadian trade suthority. He was reported as saying that Europe could reduce her overseas wheat re- quirements 200,000,000 bushels, enough t0 break any market. It was explained -+ that by mmuu‘:‘; rye and pohl:'fl‘n, Euroj countries afe prepared tm:pu?l:uce off one-tenth of the wheat they-use for bread and one-tenth mare used for pastry. . Export demand overnight for wheat from "North America was described as Europe, in prices, ‘Traders friendly to the bu; side fll the wheat market con ,overnight selling orders, which were at- tributed to further liquidation and .. which sent prices into new low ground . for the movement and season. May .- contracts sold off to 14.62 and the old as well as covering and some buying for a reaction. Prices 8 or 9 points from the lowest, with May selling up 4 #0 14.71, but the advance met further yriselling and the market was nervous and ",-unsettled, with the active months about .8 to 12 points net lower at the end of o0t capls, ad¥io reported iverpool _cable es general liquidation and short sell in that market and said cotton cloth sales . were small for all outlets, with fears of Jower prices restricting business. BONDS ON THE CURB Bell -flmc-.n;’ns Canad Pacific 5s 't ol 18 15 Cent % Gon FERRRRE FFSRRESATS S3asas 42 s '43 ww a5 A 51 9 NG 65 3. Sivasesaass peeeagesesSsstysans: & ERR FEEFSFTFE PR (2 5 sE3ie >y S T 2 3 8 Blhent 75 ‘38 awii. Ww-With rrants. Trow warTate. { NEW YORK CURB MARKE Notice—All stocks are sold in ing these b one hundred ited by the letter s (65s) 0dd lots enly shows these stocks te be seld in 920~ Low 7% Acetol Prod A, 8 AeroSup Mfg Aeronautical In Corp. Allegheny Gas Cor| Allied Aviation. All Int Inv Corp. Aluminum Co of Am Alu Coof Am pf (6). Am Arch Co (3 Am Brit & Cont....ou Am Capital (B). Am Chain(3). Am Cit PAL A AmC P& %) Am Cwith P A b10% Am Control Ofl Fids. Am Cyanam B ¢ Am Dept Stores. Am Equities. .. Am For Power . Am Gas & Elec (21), Am Gas&Elec pf (). Am Buperpower ll): Am Super 1st pf (6) Am Yvette tnew) wi. Anglo Chil Nitrate.. P g o . e ] Stoek and Dividend Rate. Add .. Arkansas NatGas A. 126 Asso-Elec Ind Ltd. AssoGA&E A (1! A330 GAE A deb rts. Asso Laund (120¢).. Atl Coast Fisht1.40) Atiant Fruit & Sug. . Atlus Stors Corp(31) Auto Musie (A) (1).. Auto Voting Mach. . Aut V Mev prpt (2) Aviation Corp of Am Aviation Securities. . Axton-F Tob A 3.30.. 40) 21 58 17 19 1 1 1 1 4 0 6 3 1 1 3 Babcock&Wileox 19, 76; Bahia Corp... . Bell Tel of Can (8).. 50s Bitss Co (B W) (1).. Blue Ridge Corp. . Blue Ridge cv pf (a8) Brazil Tr & Lt (2)... Brillo Mfg..... . Bulova ev pf (3%) . Burco. InGy.vvvenres Bureo, Inc ev pf (3).. 4 Butler Bros (30¢)... Burma Corp (t3le).. + Cab&Wire LtdA rets Cab& Wire LtdH rots Can Marconi........ Can Pacific(new)w. Celan Cor 18t pf (7). Cent Hud G&E n(2). Cent Public 8ervie Cent P Sv A (al.76) .. Cen States El (3400) Cit Serv pf B (60¢).. Citles Serv pt (6| Clev El Illum (1.60). Colgate-Pal-P (3%). . 124% Continenta] Oil...... 28 Cooper Bessemet(2), 5 Copeland Prod inc A. 11% Cord Corp..eave.s 12% Corroon & Reynolds, 1 of Wheeler...e 1% Curtiss Wright war. 1% Cusi Mex Mining. vi] Air.rots 50¢ Detroit Afrcraft Cor. Douglas Air (75e) Corp (15). R)MIEAS Driver Harris(new. Dubilfer Cond&Rad. Durant Motor: Duval Tex Sul w. 18% East Sts Pow B (1).. 14 80% 22% Elec Pw Asso A (1).. EIP& Lopt war.... E1P&L2dpt A (7).. Elec Sharehldg (3$1). =‘l !.h'lr.hold ot (l)’)‘ mpire Pwr Corp Emp PubSv A(1 BEmpire Steel Corp. Employ Reinsur 1%. EngPSopt war..... Buropan Eles (The). Evans Wallow Lead. E1 Bond & Sh (b6). Ford Mot, Ltd 37 Fourth Nat In Fox Theat Cl As Gen Rity & Utilities. Gleaner Com Har(3), Glen Alden Coal (8) w Globe Underwriters. Sachs (b6). Gorham Ine pf (3)... Goth Knitback Mach Gr A &P Teapt (1), Grand Rap Var (1).. Groo Stors Prod vte. Ground Gripper (1).« Guardn Fire Asen(3) , Gulf Ol of Pa (1%). b : Happiness Candy. . e Haszeltine Corp (1), Hecla MIning (1)..ee Hires (CE) A (2)..0 Horn & Hard (23%)11 Hygrade Food Prod. 2 14 2 Eisler Elec (1.60)... 1 4 El Bond & Sh pt “): 111 Pipe L c.0.d. (20). 508 Imp Ol, Can (60¢). . indiana P L, n(12%) Insull Ut Inv(b8% )~ Insurance See (1.40). ;luuom 4 nteroon Intl HoldghIny 1 Internl Petzol n (1) Internat Produsts ftaltan Superpow Kisin (H)pt pf $1.20, Kolster-Br tAm 8h) Land Co of Florid Lefcourt Real 11.! 29 Lefoourt Real pf (3) 16% Lehman (The) Cerp. s mum“a‘- s 7 1 2 3 Senlsal - N P A 00. Open. High. Low. Clope. i 9 8 9 1% 101 234 B b¥% 19% "% 1% 6 6 210% 310% 3 107 107 434 T 8% b2k 47w 130 130 4 156 27% 13% 415 ke ) 278% 275% 5% 6% 14% 15% 19% 21% & Reccived by Private Wire Direct to The Star Office Stock and -] 1929~ sha o Dividend Rate. re lots . Low. (2838), 2 2 2 ) T AT 4TH Lily T Cup (160).... 3 Lion Ofl Refin (2)... Loe: Loutsiana Lan & Ex. Magdalena Syndicat. Mangel Store cee 1 Strs pt (8% ) Marine M1d Cp (1.30) Marion Steam Shov. Marshall Field & Co. Mavis Bottling..... Mayflower Asso ($3' Mead Johnson(1334) Memph Nat Gas Ce, . Mesabi Iron. . # Met & Min Ine (1.20) Met Chain Stores. ... Mid Wat Util (b8%). Mid West Ut A war.. Miller & Sons (2)... Miss River F Cp war Mo Kan P L (b10%). Moh H P 1stpf (7)., Mount Prod 1 60)., Mountain & Guif 8¢). Nat Pub Serv B Nat Rub Mach (3).. Nat Steel Corp xw (3 Nat SugarNJ (2)..s Transit (1)... Nat Union Radlo. ... Neet Incev A (1.60). Nelson (Herman)«2) Neni Corpn (1.30)... Neisner Bros pf (7). 3508 Newberry (JJ)(1.10) 2 Newberry(JJ)pf(7). 508 New king Pow pf New Eng Pwr (2) 9t 1 10 19 i 001 09 00 08 09 N.Y. & Hond Ros 12 N Y Invest (1.20) N Y Tel pt (l".)‘ Noranda Mines (3).. North Am Aviation. . North Cen Tex (60¢) North St Pow A (8).. Ohlo Copper. Otis Elevator Pac Coast Bis pf 3.50. Pac Comm Co (1.4 Pac GREl 1st pf 134 . Pae Pub ltr'o(llAlll- PennGas & E A (1%) Penn Mex Fuel (2).. Penn Pwr&Lt pf (§). Penna Wa & Pwr (3) Peop Drug Stra (1).. Peop LAP A(a2.40). . Pepperell Mfg Co (8) Philip Morris Ine... Pierce Governor 1% , Pilot Rad T A’ll.i'h ( Premfer Gold (IC.): Prince & Whitely... Prince&Whitely pf3. - e TS =1=T 7% Pyrene Mfg (80¢; Quiney Mining. Radio Prod (50)... RainbowLumProd A RainbowLumProd B 34 Red WAIHOra .o, oo 24 Reiter-Foster (406). 1614 - Rel'nce Managemnt. lep Stee] cum pf wi., 54 Reynolds Bros In S el R PRA0 HNOHENRARS SN % Ross _14% Russek's 5th Av 3% Ryan Consolidated. St Rogis Paper (1) Schulte Un 6ec-31 Selected lnflll-u’ll‘l‘ 19% 2% (44 Borm % 1 SoAmGold & South Coas So Penn Ol SoCalEA pf C(1%) Southern Corp. So Tce & Utiliel LI LTS tand Pwr & Lt 70 St Pow & Lt pf (7)... 50s 102% 102% Starrett Corp. . 3 264 26% Statrett Corp pt (3).. Stein Cosmeties Ine. Stetson (J B) (634) Stinnes (Hugo) Strauss Roth. Stuts Motor Car. Sun Inv,.... 31% Swift Intern'l(3%).. 54% Tampa Blectrie (33 78% Téchnicolor, Ine. o woabiSndranke vossnwnns 11, . Tub Art 8ilk B (10).. Tung-Sol Lamp (2).. Un Nat Gas of Can. Uuton Tobaeco. . Utd Carr Fastor 130 United Corp war. United Dry Doek: 2% Utd Founders United Gas Co. Utd Lt & Pwr A (1).. 121 Utd Lt&Popt (6). United Milk Prod. ... United Public Serv, 49 49 60s 136% 136% 2 24% 2% 28 % 144 21% Thh 43% U S Gypsum (1.60). US&Int Se 3d pd 3% . USL Unit Verde Ext (4) United Wall Pape Universal Pictu Utllity Pw & Li(al). Utility & Ind........ Utll & Ind of (1%).. Utllity Equities. .. e RIGHTS % ChiRT& Pac Ry 3% Con Gas Balto. % Eisler Ele. Newport Co 4 Pac Lighting 19% Pao Tel&Tei. . Apr i 3 & y 1 2% r 31 36% annusl_pe: 88% 84 T Sales— Add l: Open. High. Low. Close. 50 3% 3w 7 20% 20% 20% 204 Dividend rates in dollars hased on last quarterly or semle ‘D. €., THURSDAY, ‘MARCH 6, 1930, FINANCIAL, | LI o | ] 00D WILL AS AID 24 L iExample of J. C. Penney in Building Fine Personnel Is Cited. BY JOHN F. SINCLAIR. Special Dispatch to The Star. % | successful merchandiser, attributes his success almost entirely to the leadership set-ur within his own organization. He says: ways be included. First, every manager must have a pleasing personality. I can tell when I meet a person whether that person is the type, for without it we can | do nothing. But if one has it, then the second thing is to give that person re- sponsibility. Most corporations stop here. I think a third element, however, must be added to maintain and strengthen an organization. That third factor is to allow the individual to share liberally in the profits which he himself helps to create.” This policy has enabled J. C. Penney in 28 years to build up one of the larg- est institutions of its kind in the his- tory of business. It is known as an or- ganization full of aggressive leaders, each particularly loyal to the group. For good will in business personnel is indispensable to success. This is the unfortunate part of the Fox Film Corporation dispute. No mat- ter how the ?noanclll tangle is met, Mr. Fox and his former associates are a loggerheads today. Willlam Fox advo. cates a certain plan which his associates of former days violently opposed. The plan offered by the Bancamerica-Blair Corporation is opposed by four of Fox's vice presidents—Winfleld R. Sheehan, Saul E. Rogers, C. P. Sheehan and John Zanft—as well as by James R. Granger, general sales manager. % |~ These men hold that the plan sub- mitted by Halsey, Stuart & Co. is more advantageous by $31,850,000 in cash. Mr. Fox disputes this. turally feeling .has been aroused., Th: old spirit that has bullt the or- tion to what it is—a leader in its Mr. Fox or his former tes must give way. It is doubtful if they can ever work together again in friendly business co-operation, Money is very important to Mr. Fox now, but not any more important than men. This is the sad part of the prés- |k ent n:ugle in Wall Street for the con- trol of this vast enterprise. Peter A. Bogdanov, the new chairman of the board of directors of the Amtorg Trading Corporation, speaking at & luncheon of the American Russian Chamber of Commerce in New York | presided over by Reeve Schley, vice president of the Chase National Bank, made this statement: “If the door to the Soviet market is to be opened wide to American manu- facturers, the American money market must be opened to the Soviet Union % |and the question of credits and loans must be approached with a realistic understanding of existing conditions.” % new Soviet business leader, with headquarters in New York, took a rap at a type of reactionary thinkin, Russia which holds to the belief IN BUSINESS URGED &% 'NEW YORK, March 6.—J. C. Penney, | Uik o “To develop a successful organization | ) three factors in the personnel must al- | Farm g_in that | INVESTMENT TRUSTS. 'NEW YORK, March 6 (). -the- ol -, (). —Over-the. BUSINESS IS SLOW IN NINTH DISTRICT Reserve Bank Reports Debits, Checks and Building Behind Last Year's Figures. Bid. Asked. 1812 " 20 28 : NEW YORK BANK STOCKS. NEW YORK, March 6. ().— Special Dispatch to The Star. MINNEAPOLIS, March 6.—Debits to individual accounts in January in- creased 1 per cent over January, 1929 In the various subdivisions of the ninth Federal Reserve district increases: were shown at Minneapolis, South St. Paul mixed farming_area. Decreases oc- curred at St. Paul, the Great Lakes ports, the southeastern beef and pork areas, - the lumbering regions and the wheat and range ter. ritories. Business trends in the district were mixed during January. Country check clearings decreased in all parts of the district as compared with January last year, the largest decrease occurring in th kotas. Freight carloadings of all commodity _groups, creased. ines flour shipments, linseed ments, building permits and contracts, department store sales, country lumber sales and wholesale hardware and shoe sales. Increases occurred in postal re- ceipts, life insurance sales, securities sales and wholesale and farm implement sales. iness failures were slightly more numerous in Jan- uary than during the corresponding month last year. During the first half of February in- dividual debits, country check clear- ings and building contracts were all smaller thap in the corresponding period 1500 132 MACHINE TOOL SALES IMPROVE DURING MONTH A record volume of inquiries for all classes of machinery continues as the principal feature of the Natjon's ma- chine-tool and machinery markets, American Machinist reports. Dealers throughout the country re- port improvement in the general out- look, but sales levels, they say, have not yet reached the point where present business and the optimistic forecasts of the psst two months can strike a balance. Many districts, however, re- port slight gains in February by com- |last year. parison with the previous month and March is expected to bring better con- Naren s expeted o bring brier con- | BURROUGHS NET LARGEST S 3 IN COMPANY’S HISTORY GRAND SALES UP. F. & W. Grand-Sllver Stores, Inc., report total sales for February of $1,- 860,663, compared with §1,616,058 last Special Dispateh to The DETROIT, March 6.—Record earn- ings for 1029 of $11,684,557 are re- ported by Burroughs Adding Machine Total sales for the first wwo months of | equivalent to $333 & shate on_the amounted to $3,613,220, against| 5000000 shares of non-par value stock $3,076,008 a year ago, the increase of | gutstanding at the close of the year, as $536,321-being equal to 17.4 per cent. | compared with earnings of $1.65 8 shares . share on the same number of CHICAGO DAIRY MARKET. for 1928, Th rgest CHICAGO, March § (7 —Butter 8m; | company’ ey, ane reeseds ‘6o rece! Y ubs; creamery extras, 35%! standards, 35; extra firsts, 348 | 13 ey $0/400,493 over the previous 3415; firsts, 31a33; seconds, 29a30. Bges firm: receipts, 14,263 cases; prices un- changed. REAL ESTATE LOANS Made at Low Interest Rates i DIVIDEND OMITTED. CHICAGO, .March 6 (#).—Directors of the Chicago, North Shore & Milwau- ee Railroad have omitted the April 1 quarterly dividend of 115 per cent preferred stock. per cent on 6 Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Progerties in the if the plans of the Soviet government are carried out that government will not have to resort to imports in the future. Listen ;ohah:.alm“": nee ly suggest to this assem- % | blage that such a view is not in accord with economic experlence. A country i '8 more and its needs increase as its material wellbeing rises. Besides, the Soviet Union is only beginning to de- velop its resources. Then, demands of our rapidly increasing ulation are 1% ) expanding steadily, and the five-year 16% ' plan m;l“dn for continuously increas- ? » exports. " Many of America’s most imj int 23% | business leaders were among g: who attended the luncheon. 73%| The Federation of British Industries 6% | wants an imperial trade conference, in- 12% | cluding all the dominions as well as the 7% | British Isles, called immediately. 19 British industry sees the . g 41% | power of the United States exports, ;‘Dm el::pled with the fact that the flmmn; S are now a large part of 7:% the British Isles & 1% the export tr dmulrxil e ade whic formerly had. “At present the United States exports only 8 per cent of her total produc- tion,” says the federation’s report to British business men. “If she were to % | increase this by only 1 per cent this would represent an increased of $350,000, equivalent lg to 10 per cent of the total Britis exports, which would mean additional heavy competition for British industry in the world markets.” the federation looks at Lord Beaverbrook's empire free trade cam- paign as an ideal to look forward to, the federation thinks it cannot for many years be more than a vision. ‘But _the next 10 years will see much closer business unification of the British Empire than the last 50,” says a British business man. yright, 1930, by North Ameri (Copyrisht, 1030, Alanced TRUSTEED SHARES the IDEA el E lllnz and funds of Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woedward Bulldin Met, 8788, “Money to Loan of trust on real estal - '"l‘: ‘!"=M “‘r‘-l ‘eommission. L. Wm. Gofllo‘l.l Buchanan Councilor & Buchanan National 611051116318 (Telephone Direstory Omission) First Trust and Construction Loans Applications Invited Glover & Flather £ 1508 H St. N.W. National 1763 s S, i s, s o, st | / District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue . Decatur 3600 Mortgage Loan Cerrespondent New York Life Insurance Company. " 3, 5 or 10 Year Loans On Improved Real Estate IN Nearby Montgomery ounty an the District of Columbia Low Rates BOssErELpS RS 1417 K St National 9300 Announcing the Formation of LypoN, DM & Co. Investment Securities Washington Bldg. Washington, D. C. E. Joseph Aronoff, Manager F 50 Congress Street Liberty Bank Bl Boston, Mass. Buffalo, N: Y. Faank C. Diem, President Josern M. Lypon, Vice-Pres. and Treas: Atrmap G, Nuson, Asst, Treas. and Cashier National Metropolitan Bank 1814-—Oldest National Bank in District of Columbia—1930 15th St., Opposite U. S. Treasury You Can’t Tel «—when the inevitable will happeh. That's why the prudent man nevér pro- crastinates in the all-im- portant matter of making his Will and appointing a competent Executor. into al gladly go tail th you, without ob- L e I o R Sl 8 AR T Rt ASSETS. in office . $290.20 Net unpaid_cha! Reserve d in the dairying and southwestern | . i hi Li [nsura; ot ffix aistimed durin ¥ 183! . Secretary. Sworn to° befors me this uary, 1930. NA PIERCE. Notary Public. STATEMENT OF THE CONDITION OF The Pacific Mutual Life Insurance Company of California On the 31st Decer Quired under hy Bfatrics m 1903, 1 lumbis &R i g 1ol a3 88 “ni'? tate 7,464,764.60 bR 3.310,3:7.80 198211711 26,063.320.32 Premiu; une aflus U emcEl deferred premiums) Interest due and accrued (in- cluding rents) . .... All_other — asseis: " Pre notes and policy loan: Due from reinsurance com- panies Collater: asse! | partment .. Total admitied assets. L1, a1 stock " ther labili Accident dept.... uring Character of business transact 029: and {he ear 1030: Lite, personal scc Andount o AT *sesamed The vear 1085 med during, oases” sustained ' diring Money recelyéd’ Expendéd S e (8eal) 8. F. McCL : g‘:‘,..:“fin‘.'m."" W. B. Daniels Suite 411, 1333 “G” Street N.W. e Melbepeittes 89.637.299.00 5.681,138.00 INVESTMENT SECURITIES L O P T R COURTLAND]J{I?&N. 1818 K St. ALEX. BROWN «* SONS. g INVESTMENT SECURITIES o — Wasnincron Orrics 937 35th Street N. W, Teephone, Nariona! 3053 Guarantéeing 1886—1930 J 44 Years of Constant Progress STOCKETTALK NO. 3 Thi our story and we're going to stick te it! Further Expansion Prior to June 1st, 1916, this Blank Book