Evening Star Newspaper, March 14, 1930, Page 13

FINANCIAL, NEW YORK STOCK EXCHANGE Recetved by Privatc Wire Direct to The Stas Office. D. C. REPRESENTED AT BANK MEETING Several Washington Finan- | tow ciers Go to Philadelphia. U. S. Issue Sold. BY EDWARD C. STONE. Several Washington bankers have @one to Philadelphia to attend the two- day conference on bank management, ‘Which opened there today and will con- tinue tomorrow. Among the local bank- ers present are Vice Presidents George ©. Vass and Hilleary G. Hoskinson and . Mr. McQuade one of the mn.fllfll subject being “Better Bank ice. ‘The conference is open fo seven near- States and the District of Columbia. alm of the sessions are to show Banks how to make satisfactory profits, furnish still better protection for the depositor and adequately serve the com- munity. O. Howard Wolfe, cashier of the Philad National Bank, is an of conference. Treasury Issue Oversubscribed. Mellon announces that the and maturing in one year, totalled $1,- 390,990,000. The total amount allotted 'Was $483,841,000. The Richmond Federal Reserve dis- frict asked for $58278,000 and was al- $35,520,000.. New York naturally for the largest amount and San isco came next. “Reserve district was in the new issue. asked for $85,500 8':‘2!.000. At.lAnVat practically same amoun Richmond and was allowed the same be Dian to exterid banking by trade areas in the United States. Today's Exchange Trading. § Stock Exchange trading m'm with IQSOO and $1,000 in Capital Traction 5s at 95l. ashington Gas bonds, series B, re- & baby bond transaction at 103 and s lm;umn 110’5“/{‘ Potomac Consolida 0] 3 In the stock mvfim the heaviest Trac hands at 84Y,. A smal Power 5), per cent preferred came out 2 and 14 shares of Washington AdLle g Electric preferred moved Fanrv, u:-u A. Garrett, resident partner ot P. B. Keech & Co., has gone to New !erkflt‘o&:ummut%ot the part- ners Tage E The cut in the New York rediscount interest 1 . 5 ‘with $251,120,000 week and $343,562,000 corresponding week of 1929. U. S. FARM IMPLEMENTS SENT T0-10 COUNTRIES Associated Press. - Argentina and Russia lead in, buying wer !..umln" u:mn"l‘r? The Batted States. ,556 worth of farm imple- e St g e e 37,714,754 worth, - m:.‘mfed‘nb,su,nn. and Russia’s '%}’&%m-m: farms machin- ery 83 per cent was shipped to 10 for- eign countries. GHICAGO LIVE STOCK MARKET OHI( , March 14 () (United cAGg.—tmmn of Agriculture) — Receipts, 21,000 head, including lm direct; market opened 25 cents Jower; choice light hogs mostly sold early; later trade on weighty butchers 25850 lower; slow at decline; extreme , 11.10. Butchers, medium to choice, m-iw pounds, 9.50a10.30; 200-250 10.00811.00; 160-200 pounds, 0a11.10. Packing sows, 8.5029.60. , medium to choice, 80-130 pounds, 9.25210.75. Ca ttle—Receipts, 1,500 head; calves head; mrke: l‘IO' steady, lower grades predominatini best ylul,l'l. 13.00. Slaughter classes: Steers, !nod and choice, 1,300-1,500 pounds, 1275a14.75; 1,100-1,300 pounds, 12.75a15.35; 950-1,100 pounds, 12.75a 16.25; and medium, 850 pounds ), 9.4 Fed yearlings, good and 750 pounds, 13.00a15.25. Helfers, good and choice, 850 pounds down, 11 ullfl common and me- , Cows, good and choice, 7.75a10.00; commen and medium, 6.00a7.78; low cutter and cutter, 4.75a 6.25. m“l::d and choice (beef), 8.2529.50; eut to- medium, 6.75a8.25. Truck Crops Inmcrease, , Calif,, March 14 (P). —California’s vegetable crops have in- €reased 111 per cent since 1920., Ore Sold Seven Years Ahead. ATLANTA, Ga,, March 14 (P).—The t fi““— ' o fl n!'- been sold for u‘vonm.;su in 5! 94 6% Stock and 3 Dividend Rate. A 22 Abitibl Power & Pap. Alleghany Corp 95% Alleg Corp pf (5%).. 99% Allegh'y C pf ww s.v. Am Bank Note (13). Am Bank Note pf (3) Am Brown Bov Elec. Am Brown B E pf(7) Am Chicle Co (13% Am Com Alco(n] Ag European See. Am & For Power. Am&Forn Pwr pf| Am Hawatian S8 (3) Lea Am Pow & Lt pf (6). AmP&LPIA(3%) Am P&L pf A st (6). Am Ra&Std San 1%.. Am Am Rolling Mill Am Bafety Rasor (5) 120 Am Tobacco pf (8).. #81% Am Water Wks (al), 99% Am Water W 1st(6). 7% Am Woolea. 19% Am Woolen 5 Am Writ Paper otfs., 29% Amft Writg Pa pt(4) 8% Am Zinc L4 & Sm. 69% Anaconda Copr (7 35 Anchor Cap (3.4 30% Andes Copper 75 Armour Del pt ( 5% Armour Ill (A) - BeSanwannde ©SKke 81% Atlas Powder (4)..m 3%_Austin Nichol ve % les. 5., & 37 Auto-StSafRA (3). 4% Aviation Corp Del... 30% Baldwin,Loco (1.75). 111 Baldwin Loco pt (1)). 89% Bayuk Cigar (3). e Beacon sssease 13 oll. 67% Beatrige Cream 321 Bendix Aviation (2) 31% Best& Co43). . ‘92 Bethlehem Steel (6). Bethlehem 8t pt (7)u 47% Bohn Al & Brass (3 Bon Ami A (4) yn & Queens.. . Bkiyn Union Gas (5), Brown Shoe Co (3)..« Bona Capital Adm A pf(3) Case (J1) (6).... 4 Case (J 1) Co pf (7). 1501 Caterpilir Trao 13% .. Celotex (3). Celotex pf (7 Cent Aguirre B Cent Alloy Steel (3) Cent Alloy etfs (3) B - - Roarctes ® Baon Chi Mill St P&Pas. .. Chi Mill 8t P&Pae pf; Chicago & N'W (5) Chi Pneu Tool. Chi Pneu T pf Ch! Pae BORDBI N ® rysler Corp (3 City Stores (1).... Coca-Cola (8) i Colg-Palm-P pf (6).. 2 Collins & Alkman...® 3 Col Fuel & lm,(l)- Hsh Low. 3 20% 20 % 2 108% 108% 156 29% 284 37 191% 1 22 3T 2 108 208 85 Com Crd 1st pt (6% Com Cred pf B (2) Coml Inv Tr (g1.6 88 36% 17 26% 26 400 121% 119 1% THE EVENING STAR, WASHINGTON, D. C, FRIDAY, MARCH 14, 1930. ~Prev. 1930.— 6% 66% Stock and 4% Contl Ol of Del 278 Contl Shares (1)... 8714 Corn Prod (13%).. 2444 Coty, Ino (k2)....... 25% Cream of Wht(12%). 9 CrexCarpet........ 10% Crosley Radio (1). .. 43 Crown Cork & Seal. .. 85% Crucible Steel (k) 44 Cuba Cane Product: % Cuba Cane Sugar.... cnh-glm Sugar pf.. Cudahy Packing (4) - Curtiss Wright Corp. Curt Wright Corb A.. Cutler-Hammr(33%). Davison Chem. Debenham's ( Deere & Co pf (1) Delaware & Hud Dome Mines (1)..... Dominion Strs (1.20) Dupont d N deb (6) Eastman Kodak ( Baton Axle & 8 (3) Hilec Auto Lite (6)... Electric Boat. . Elec Storage Bat (5). Elk Horn Coal. .. Endicott-John (5). .. Eng Pub S ctfs ($1).. Eng Pub Serv (31).. Eng Pub Sve pf (5).. Eng Pub Svo pf (6%) S - -1 LR =TT - eepey Evans Auto Ldg 2%, Fairbanks Co, . Fairbanks Co pf. Fairbanks Morse (3). Fash Park Asso (2% Fash Pk Asso pf (7). Fed Lt & Tre (31%). Fed M & 8 pf (1) Fed Wat 8, A (e2. Federated Dept Str Fid Pho Fire 1(2.60). f (6%) D! First Nat Strs (3%). Fisk Rubber. Fisk Rubber Florsheim Shoe A. ... Florsheim Shoe pf §. Follansbee Bros (3).. Foster Wheeler (2). undation Co Gen Amer Investors. Gen Am Inv pf (6)... Gen Am Tnk Car(34) Gen Asphalt (4)... Gen Baking pf (3). Se PSS - PPN - PSP L <P Gen Electric (1.60) Gen Elec spec (60c).. Gen'l Food Corpn (3) Gen Gas&El A (te2). Gen Ital Ed w.i. a2.61 General Mills (3)...; Gen Motors (13.30) Gen Motors pf (T)... % Gen Out Adv (2) Gen Public Serv (b§) Gen Refrac (14%)... Gen Theat Equip vts. 7% Gillette Saf Raz(n8). 11% Gimbel Brothers. - Iy - Gobel (Adolf). Gold Dust (3%). Goodrich B ¥ (4) Goodyear Tire (5. Goodyear 1st pt (7)., Gotham Silk H (3%) 3 .o Granby Copper (8).. Grand Stlver Strs (1) Grt West Sug (2.80). Grt West Sug pt (7).680s Grigsby Grunow (2), -20 Guantanamo Sug pf. 20s Guif Mo & North.... 3 Gulf St Stl 1st p£(7) 100s Hacken pf A (1%)... 10s Hahn Dept Stores. Hahn Dept 8 pf(§ 3 Hall (WF) Ptg (m1) 1 Hamilton W pf (6).. 10s Hanna (M A) 15t (7) 20s Corp B 1.20 Homestake Min (17) w Houdaille Her B (2). Household Fi pf 3% .. Household Prod(14). Houston Ofl.......a 30 Howe Sound (t4%).. 17 Hupp Motor (£2). Illinois Central (7) (1) 64 Int Nickel of Can (1) 104 Intl Printing Ink Intl Print Ink pf ( Int Salt ( 4 Intl Sily Jewel Tea (4) o 4 Johns-Manville (3).. 29 Johns-Manv pt (7). .320s Jordan Motor Car. 4 Kan City Sou (5 Kan City Sou pf (4).. Kaufmann)D 8 (13) Kayser Jullus (4)... Keith-Albee-O pf (7) -Spring Tire,.. Y GR (1) Kolster Radio. Kraft Ph Ch (134).., lé:::-(ig')ti‘o(uo). T&Toll (1.34), Kroger Gr&Bak(nl). Lago Ol & Trans. ., Lambert Co (8). Rubber & Tir Leh Port Cem (3%). Lehigh Valley Coal.. Lehman Corporation Lehn & Fink (3)..... Libbey Owens (1).,, Liggett & Myers(t5) 34 Loft.Ing...,,. 50% Loose-Wiles (12.70 B-838 nanBan Sales— Prev. Dividend Rate. _ Add 00. High._Low. Clase. Close. 6~ 243 24% 30% 28% 22y 17 50% 85% 4 1 i 13% The 45% 1% 18% 84% 39 24 125 175 142% 72 41% STOCKS GO HIGHER ON BANK RATE CUT Some Gains Are Erased by Trofit-Taking in Late Trading. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, March 14.—A further relaxation in_ credit conditions, arising from the reduction in the New York Federal Reserve rediscount rate from 4 to 3!, per cent and the heavy ac- cumulation of funds here in anticipa- tion of March 15 tax payments, fur- nished the impetus for another broad advance in prices in today's stock mar- ket. A sprinkling of issues, including a few high-priced specialties, showed 241% | conspicuous weakness. Trading was in 166 43 19% 71 80% 100 41 30 9% 95 2% 81% 3% 14% 46% 100 T2% 19% 35 45% 9% 5% 14% fairly heavy volume. Call money renewed at 3!, per cent for the first time since January 25, 1928, and then dropped to 3 per cent, the lowest official rate in nearly four years. Outside funds were available as low as 2% per cent despite some calling of loans by out-of-town banks. Time money rates eased in sympathy, and some dealers again reduced bankers’ acceptances 13 of 1 per cent, the fifth similar cut in the last fortnight. Bear Attacks Repulsed. ‘While Wall street’s first reaction to the lower money rates was bullish, some observers placed a bearish interpreta- tion on the change, pointing out that the lower rates were caused by the rel- atively low commercial demand for funds and the necessity of providing some stimulus to business. Efforts of bearish professionals to unsettle the market, however, met with strong re- sistance. Judging by the borrowing de- mand for stocks, the short interest in some of the leading speculative issues has reached large proportions. Further heaviness again developed in some of the commodity markets, wheat futures selling off a cent or more a bushel in the early trading, and this :g;::: to restrain bullish operations in The ofls, which had not participated extensively in the recent “bull” mrr.ket, % | again gave an impressive demonstration of strength. Recent favorable trade de- velopments have revived speculative ;:::‘:‘:’:tn’;o in txhou i:“mu and led to the n of several new Du‘;'&w' pools in the ith a few minor exceptis - tically uu’ of the lmm‘: fimfinc sues, Sinclair, ms, Phillips and Richfield, moved into new high for the year. Y Active Issues. A. M. Byers, Atlas Powder, America Tobacco B, Peoples Gas, Auburn Acu; and Texas & Pacific Land Trust were x:ivde. ;c ‘higher prices during most of PENNSY ASKS AUTHORITY FOR NEW BOND ISSUE By the Associated Press. Authorization to issue $60,000,0¢ f gold bonds was asked today byw'-:e Pennsylvania Rallroad in an applica- gfll;“lo tl;e lnu!‘!l’ltlbe Commerce Com- ion _for . the purpose of carr; through its budgeted expendnum’fi immwmenm 3 1930. securities would be 41 gold debenture 40-year bonfiu'lnpder w:fj‘l‘dt l;'“lk?&'i;)zx\lrhn, loe‘b & Co.; of New L per cent of par and accrued The Pennsylvania Rallroad has and equipment budget providing (.ormt:lg expenditure of $126,358,780, of which « | $98,605,434 would be spent in 1930. This would leave a carry-over of $27,7: to be expended in Toa1, O So7 100346 — NEW YORK BANK STOCKS. NEW YORK, March 14 (). % the-counter market: g - Bid. Asked. America ex-div.. Bk of U 8 units. ki Broadway Natl Natl Chase 1% County . Equitable . Guaranty Irving oo P anvfacturers’ ex-div. New York. . United States. To Those Interested In Bank Stocks We recommend at current market levels Bank of the U. S. (New York City) Transamerica | Information on Request | Lydon, Diem & Co. Ineokporated E. Jos. Aronoff, Res. Mgr. Washington Bldg. National 7610 Pittsfild Y Mass.. A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent Union Trust Bldg. Frank. 6177 '\ Money to Loan e ravaliing interest and ‘sommissione " Joseph L. Weller {0, Wash L & Trast e R e o Real Estate Loans Made s Co. INVESTMENT SECURITIES Weste! Ut 18 o notes o Bit. siela “apout 058% °saviect confirmation. COURTLAND NIXON, 1518 K St. Nt 100¢ Corporation News NEW YORK, March 14.—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 news of the day was of & mixed character. Of outstanding inter- est was the announcement that the board of directors of Bethlehem Steel Corporation and Youngstown Sheet & ‘Tube have authorized an agreement for the acquisition by Bethlehem of all properties and business of Youngstown. Favorable dividend announcement made by L. S. Starrett, Hazel Atlas Glass and Marlin Rockwell Corporation, Announcement of an unfavorable na- ture was the reduction by General Bak- ing of quarterly preferred dividend from $1.50 to 75 cents. Also of interest were the announcements that Cities Service had acquired Federal Light & Traction and General Electric had tak- en over Walker Dishwasher Corpor- ation. The Companies. American Locomotive earned $5.40 on tl:gglamon stock in 1929, against $1.92 in American Sugar Refining earned $8.39 on common stock in 1929, against $7.60 in 1928. Associated Telephone Utllities stock- holders offered rights to subscribe to additional no par common stock at $24 a share in amount equal to 25 per cent of recorded holdings. Bethlehem Steel directors of this company and Youngstown Sheet & Tube authorize an agreement for acquisition of properties and business of Youngs- town on basis of 1% shares of Bethle- hem common stock for each share Youngstown common. Youngstown ll'lfi,UW.OOO preferred stock to be tire Cities Service acquires control of Federal Light & Traction Co. Curtiss-Wright Corporation subsidiary, ‘Wright Aeronautical Corporation, passes quarterly dividend on common stock due in February, 1930. Electric Household Utllities business for first two months 1030 up 14 per cent over same 1929 period. Engineers Public Service February electrical output up 8.6 per cent from year ago. Fox Theaters class A and B stock- holders have right to subscribe to 10- year 7 per cent debentures at rate of $20.20 principal for each share held. General Baking declares dividend of 75 cents on preferred stock; previously paid $1.50 quarterly. General _Electric acquires control of ‘Walker Dl.sh‘:luher Corporation of Syracuse, N. Y. Graymur _ Corporation _ liquidating value, March 6, was $40.52 a share. C;:zkpwy recelved $50 a share for s Hazel Atlas Glass declared extra dividend of 25 cents in addition to regular quartely dividend of 50 cents on_common stock. Jewel Tea sales four weeks ended February 22 off 3.7 per cent; sales first eight weeks of 1930 off 1 per cent. Lehigh Portland Cement earned $2.13 on common stock in year to February 28, 1930, against $6.15 in previous fiscal . year. Marlin Rockwell Corporation de- clares extra dividend of 50 cents in ad- dition to regular quarterly dividend of 50_cents on common stock. Missouri Pacific Railroad Van Swer- ingen interests reported to have work- ing control of this company. Motor Products earned $10.81 on common stock in 1929, against $13.39 in_1928. Paramount Cab Manufacturing stock- holders to vote on increasing authorized common from 250,000 to 300,000 shares. Rldlo-xelth-Org‘heum lw:lholdm to vote on proposed increase of au class A stock to 4,500,000 shares from 3,500,000. Seneca Qo) Mining had deficit of $287,970 in 1929, against deficit of $221,- 231 in 1928. Standard Oil of New York makes new contract to purchase 1,000,000 tons —ee e e Money to Loan on Property in the District of Columbia | First Trusts Only Immediate Attention Wm. H. Saunders Co,, Inc. 1435 K St. NW. Dist. 1015 Cities Service British Type Diversified Trustee Shares Full Information Marlow-Beech - Corporation 1732 Conn. Ave. Pot. 6167 FINANCIAL. of refined petroleum products from te; covers period m mml‘lllmvea total of $25,~ ,000. L. S. Starrett Co. declares extra divi- dend of 25 cents in addition to regular quarterly dividend of 50 cents on com- tock. m%vonh. Inc., earned $2.68 on common stock in 1929. Airmall service between Berlin and Canary Islands will start this Spring, operated by Deutsche Luft Hansa. We Solicit the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED Our Rental Department is Most Complete and Efficient. We offer co-operation at all times in the solution of Ownership Problems, such as refinancing your mortgage, repairs, insurance, etc. ? RANDALL H. HAGNER & COMPANY, X Mortgage Loan Correspondent b New York Life Insurance Company. 1321 Connecticut Ave. N.W. Phone Decatur 3600 Metropolitan Life Insirance Company REAL ESTATE LOANS '\ AVAILABLE Long Term WIS 809 15th St. N.W. Low Interest Rates District 9486 Mortgage Loan Correspondent Metropolitan Lifs Insurance Company PAVING THE WAY FOR THE FUTURE That is one of the advantages offered through investment in our 6%:% FIRST MORTGAGES You not only realize immedi- ate return—but this is fixed defi nitely and changelessly through: out the life of the mortgage=<: - establishing a continuous -inw come, with principal safely”§e-" cured. Over a Third of a Century Wifhoul a Loss May be purchased in amounts * from $250 up. B. F. SAUL CO. National 2100 925 15th St. N\W. National Metropolitan Bank OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA Capital, Surplus & Undivided Profits Over $2,300,000 15th Street, Opposite U. S. Treasury Successive Generations —of Washington’s substantial people have found in The Metropolitan an able financial friend and advisor. We have kept faith with customers, large and small, for one hundred and sixteen years, and will be here to serve you, no matter how long your allotted span. JAMES Y, PENNEBAKER at.5201 1520K St.N.W. Wm. Gordo'l': Buchanan Councilor & Buchanan Certified mer Buifiiog ™" National_6110-6111-6218 moNEY To'Loan ri‘l C.I! RENE i o i A . (National Sgrines & @Such a bank is an ideal Payday depository and a good one for you to grow up with. Your checking and savings accounts are invited. 3% Paid on Savings One Dollar or More Will Open a Savings Account Open Until 5:30 P.M. March 17th for Payday Depositors’ Convenience