Evening Star Newspaper, April 8, 1930, Page 10

THE EVENIkG STAR, WASHINGTO! D." 6, TUESDAYb APRIL 8, 1930. FINANCIAL. SmBKS IRREGUI-AR NEW YORK STOCK EXCHANGE Mm:sE G:ZETII!SY“:(GL'EIN ErammIaet National Savings & Trust Co. with the actual work of production and Recelved by Private Wire Direct (e The Star Office. delivery of goods. Some ill-advised The Oldest Savings Institution in the District of Columbia busin ight, perhaps, d 64th AS VUI_UME DR(]PS Notioo—All stecks are ot e ’E{',‘.’,‘,f“ e O~ o, 3 Frov. | Commerce Official Would Also In-| research as coming ph s ol e Yoar Cor. 15th and New York Ave. - 44 Conde Nast Pub(3). 2 he continues. stocks to be sold In odd lots only. . : e v of Each Siock Complied o 13,30 FM. 6" Contrem pr vy, 3 50 T i Tine | madT e i b mors e o Over Sixty Year 4 . . i i A ‘research’ sounds, ), g Market Displays Erratic|msn L, -~ Y 4 4 Cigar (1 1 53 Business Lines. somewhat remote, professoriai, cloister- & Surplus ver JiX ears arke isplay: 39% 22 Abitibl Power & Pap 20 384 H e - B“l-»—mut M"n';m "z'fin"fi"-:"mfi 3 f G i Trend—Business News of | 3u i 8 Consol o 2t 24 Advertising and research should not | {iugy s indispensable; 1t 15 © of Good Service . bt 128% 128% only be sustained at the present time| of vitalizing and accelerating if"the but should be “prudently expanded as| currents of bunlnul 1%‘&: “A-mfiz:&rm:‘;a?'co’m}nm:na‘: sixty years of it—i hat K - SIXty years ot i1t—is wha % clares in a message to the business lead- German State n“h'”d" commends this bank to your 3% ers of the country fo appear in the| BERLIN, April 8 (#)—The govern- Rl iderati : Y ] forthcoming issue of Bulletin,” | ont-owned rallways of Germany ¥ consideration—what makes 87 published by the J. Waiter Thompson | covered a running distance during 1929 (TTF ¢ “National Savings” the de- Co, internstional advertising agency, | of 422,000,000 miles, according to offi- e i ositon vl 50,400 New York. clal statistics just published. ' Tnis is | poStol o over g Discussing the “Value of Research (an increase about 23,000,000 mues L f patrons. and Advertising in Promoting Our |over 1928. Some 3,054,000,000 n- Ty AR Prosperity.” Dr. Klein notes that “when- | gers were carried, an increase of 2,000, 1 W Desostts tn ony amount thvited— ever any doubt exists about the future | 000 over the previous year. v =k (] same rate of interest paid on large and small accounts. Mi umle Mixed Character. e % Ahumada Lead \ 118 Alr Reduction (3). BY STANLEY W. PRENOSIL, 2:“ Alr wl:’bw'(’“). Ajax Rubbder.. Assoclated Press Financial Editor, 1 T NEW YORK, April 8—Extreme ner- K et gl vousness of professional traders was re- 35 AJISERANYICORD: flected in highly erratic price move- 95% Alleg Corp pf (53). ments in today's stock market, al- Bl Ao "W(“/l) though speculators for the advance ap- | ‘g3~ “¢ov Allis-Chaimera {3 peared to retain the advantage. Trad- 28% Alpha Port Cemt (') ing showed a moderate falling off in 18 0 volume, with fewer large blocks appear- D ing on the tape. The ticker kept fairly 77 Am Bank Note (13). well abreast of the market in the early trading. 5 Business news was not very encourag- 46% Am Brak lho‘(l 00) ing. Steel ingot output in March was 1184 Am Br8 & F pf (1) the lowest of any similar month since | : 8% Am Brown Bov Elee. = o We Are Pleased to Announce 1925, prices are at new low levels and a 117% Am Can (4). €% CubanA s . decrease in the unfilled orders of the 651 Am Car & Fdy (¢ United States Steel Corporation is ex- 110 AmCar& Fpf (1) 2 4 1::“ g"""’n':?,‘é'"" | c d ' Albgzz:l'crl 1 ted Thursday. President Denney of 75% AmChain pf (1).eee 7 y u 0(16%) . rowds! TINEST Fie Erie Railroad told stockholders that a6 Am cuieleCo (1KY 6 114 Curdls Publiah pf(1). —that MR. WILLIAM N. STURTEVANT v business conditions were such that he 19% Am Com Aleo(n1.60) 6 Pl il g 7 B“sy! CONN. could not forecast when dividends on 84 Cutler-Hammr(33%). has been appointed a manager of our f A N w 28% Davison Chem. . v, Washington Office. Hlll’l'y. e. N.W. in its territory, coincident with reporte 80 Am Locomotive (3). Dlamond Match (8). uo- 4 I 2 THE GREAT SALE OF 520,000 of another decrease in the daily aver- 104 Am Loco pf (T). 22% m::‘,::l: 1).eee 2 3 arriman ompany the common stock could be inaugurated. " by (5. 32 30% 8ge of crude oil production last week. 210 Am Mach ae 2 A Neole o 5 e i By i ity B ANKRUPT STOCK O bulin;lmg&r;eymn;r‘:ew:gmx:‘t x:\ e ::?]t‘ 65 Am.NatGaspf (7) 1601 ;3 Dunhill Inter “ Trinity Building, 111 Brosdwsy, New York Satisfactory service—over - oy BNRARNNNG OO Ie B eIINNN %) 10% Crosley Radio (1)... 43 Crown Cork & Seal, 84 Crucible Steel (k8).. 110 Crueible Steel pf (7) 8% Cuba Cai % Cuba Can reS EX-14 © nounced an increase in gasoline prices 2 Am La F & Foamite.. 5 5 Increasing doubt over the ability of lan 0 copper producers to malnum‘;1 the mt; gg: ::x':c:%.l:mu.ln 2 -a- rice for the red metal " mfren%”""dp ki B 84 Am Icepf (6). 1 136 Del Lack & W (11).. The Standard Oil of New York an- 35% Am International (1) 2 2% 6 2 2 V] 1 B2 % Am Plano... o % 1% Duplan Silk pf (l) : e i (Stéhunds 11" Am bowes & LEIEHD 12 1121 Du Pontde N (t4. MEMBERS NEW YORK STOCK EXCHANGE “ 2 Much of today's selling was inspired 80 AmP&LptAst(b). 2 175% Eastman Kodak (18) b by the growing belief that n;]e |mllrket gg“: :: g::“sl:n:.lfl 1%. 92 E z;v/. g&%“‘l‘oi“!‘h’d"' 3 3 ‘was titled to at least a technical re- g Y -Scl " . N ” — 5 lct:o:lnur!:r its recent advance. How- 80% Am Rolling Mill (3). 28 Eleo Auto Lite (§). BOUGHT BY AN ORDER OF DISTRICT SUPREME COURT e e O e mniiaicea (0 3 0 SR 5 s 2 : | WARDROBE TRUNKS, GLADSTONES, SUIT f CASES, BAGS, LEATHER GOODS, ETC. Washington Office | (“Indestructs” and “Never Break” Wardrebes Included) 729 15th Street N.W. ONE ONE Telephone, National 1603 FOURTH N 1/2 OF THIRD [ OFF OFF expensive. ~United Alrerat, for in- stance, sold up to a new high a ‘., broke to 95 under the weight of feavy 41% Am Snuff Co (13%)en selling for both accounts, and then ran 15 Am Solvents Chem.. ] up to another new high at 9. 25% Am 8ol Ch ov pf (3). 3 543 Eng Pub Bve o (534) American Telephone sold off 4 points 4415 Am Steel Fay (3).. 55 Eng Pub 8 otfs (31).. on a denial of rumors that a capital 60% Am Sugar Rfg (5)... 39% Equitable Bldg (3%) stock split-up or a distribution of its 104 Am Sugar &u‘nlfl) E R. . Western Electric holdings was oo 232 1 ¢ templated. but_quickly recovered its 2720 26T% 268 2 loss. Peoples’ Gas dropped 7% po:l!r;'; U ol — 282 x::a l:vn;A:lo Lag 3. 3 o 1 veresem Vanadium sold Gown 3 p?,Tfi‘é (0 110 106 Am Type Fary pE(1) 108 112 364 Fairbenks Merse (55 and rebounded to 117. Similar recov- UBHE AT R WER AR o 2 15 Fash Park Asso..... eries took place in Worthington Pump 59% Fed Lt & Tre (31%). and a number of other specialties. & 4 98 Fed M &S pf (7. U. 8. Steel common appeared to be 7% Fed Motor Tr lflc).. under rather steady selling pressure, I - 32 Fed Wats.A (o ylelding about 2 points. Revival of o A T activity and strength in General Motors, b i sy which crossed 53 to a new h‘ghhwtr tmhe 40 Anaconda W&C (3. ear, was based on reports thal e Ficher nterests were again active in SoEmuEt plR 8] 4 s 79% Firestons T&R pf(6) the stock, and that it was poin‘ed for 50% First Nat 8trs (33). h levels. Yellow Truck advanced Do Sl 3" Fisk Rubber...csess 1o e high in' sympathy. 5% Armour Il (A) 12% Fisk Rub 1st pf ev.. Foster Wheeler preferred soared 10 60t Foster Wheeler (3).. 90 points to a new high at 210. Among| ) 00, 1501 Fost Wheeler pt (7). 1 000 000 the many other issues to reach new 16% "ound.!:lolco‘ 4 ly 5 high ground were Radio-Keith-Orphe- 46% FourthNatl Inv . um, which crossed 44 on a heavy turn- : e 16% FoxFilma (10)...c 360 n i over; American Can, Timken Roller : | Bearing, Corn products, Stone & Web- i 90 Fuller pr pf(17.94).. 130s p y Ster. Raybestos Shubert Theaters, Best 5 € 80 Fuller 2d pf(17.40) rie atiroa ompan & Co., and National Air Transport. 2 » g% glb‘flfl I;IIBA brisk demand for the Chicago Great 1 Gardner MOTOT. ... Western isene, ased. on reports tha . 12" Gon Amer lavesiora. . 16% i REFUNDING AND IMPROVEMENT MORTGAGE 5% GOLD BONDS the Joyce interests are now in control, 3 en Am Inv pf (§).. featured the railroad group. 2) i 99% Gen Am Tnk Car(36) . SERIES OF 1930 . Chinas)laes I Chibaas omneibigar- " % Dated Apri 1, 1930 Due JApril 1, 1975 ette factory was forced by business 5 s Sroubles to Close recently. Interest papable April 1 and October 1 in New York City Gen Eleotrio (1. .)-o Gen Eleo spes (806).. 4 30% Baldwin,Loco (1.76). 10 Gen’'l Food Corpn (3) Redeemable in whole or in part, at the Company’s option, upon 60 daps’ notice, on any interest payment date, et the TRUSTEED. SHARES 115 Baltimore& Oblo (1) 9 Gen GasaEI A (new) 149 following prices and accrued interest: On or prior te October 1, 1966, at 105%; thereafter on or prior te 784 Balto &Ohlo pf (¢).. 2 Gen Ital Ed (a2.62) October 1, 1971, at 102%%:; and thereafter, at 100%. ;g:mffldhomm S 107 Bamberger pf (§%).1008 i o 5 > ‘ 2 ® - pusasan~nnt anmhaBannens o s ‘demand — 8, TG 1;‘"“,,"5;:"' 201 Barnsdall A (3) y 5 Coupon Bonds in denominations of $1,000 and $500, registerable as to principal. Registered Bonds in 13 Beacon Oil.... 7 2 d inations of $1,000, $5,000 and $10,000. Coupon and registered Bo Sold in Lots—$100.00 Up 3 eTBeRTIOIC e i) 9 enomina; ,000, $5, X P nds, Call or Write 6 4% Belding-Heminway.. " % 12 and the several denominations of each, interchangeable. 80 Belg N Ry pt pf 6.49. Standard Collateral 32% Bendix Aviation (3), 52 Gen Refrac (14%).. 21 Shares Corporation 31} Best &Co (3). 6 Gen Theat Equip vts 243 9 Woodward n-mln;.m Met. 8783, " 92 Bethishem Stesi (83 0 e . qm.n. Saf Raz(nb). 28 7 ‘ The issue and sale of these Bonds have been authorized by the Interstate Commerce Commission. 122% Bethlehem St pf (7). 74 Blu'um:go L ('l.), 88 2 3 47% Bohn Al & Brass(3). 8 6 ? o % Booth BN IROTIeR) s cr s SR 5 | BANKERS TRUST COMPANY,'NEW YORK, TRUSTEE. 60% Borden Co (k3)..ceu Gold Dust (3%). 32% Borg Warner (6)..e. Gold & Stock Tel (6) lo- ;-;fl': 2:::::;‘:;""‘ 0 203 C. E. Denney, Esq., President of Erie Railroad Company, has summarized as follows his letter to 1% British Empire Steel 4 4 s '8 us regarding this issue et PRI 4 Rt LA ; N | ERIE RAILROAD' The Erie Railroad System covers the so-called trunk line territory and serves the important Y k 2 - SYSTEM gateways and traffic centers of Buffalo, Cleveland, Youngstown and Akron, and Scranton end S0 Bulyn ManTr ;?m 2 9 e Geabanboia the anthracite coal felds of Pennsylvania. Its main line from New York to Chicago has a high . . « 10 Brooklyn & Quee! Granby Copper (8 freight traffic density and, except for a distance of nine miles, is double-tracked throughout. The total mileage Refinanci 131 Bkiyn Union Gas (8) Grand Stiver Strs (1) 7 { et it 13 3R S il I (810t N ek ik pe eant imsisiie g laris o7 sxtenston {mTovericnes fo mokive pouer, rolling ng 4 BrownshoeCo).n 1 40 % Grand Unio stock and road bed. This program has since been actively followed and has already resulted in substantial :m Baruh-;ux.-?. . 2 2 p- gnnno vtv:l;.y 8@, 1 operating economies. runs Ter & Ry 2 2 rant (W T) (1 6 % or 29 Grt Nortb pf 4 PURPOSE These $50,000,000 Bonds are being issued to provide for the retirement of $20,486,500 principal . f P! 2 2 2 5 GtNctfsOP (a3%) OF ISSUR amount of bonds maturing this year, for the reimbursement of the Company’s treasury for ConstruCtlon [1) s .2 Grt West Sug (3.30). 7 85,442,250 of matured obligations heretofore acquired and for other corporate purposes including 5 b grllltbly' G;u;ow o . reimbursement for past expenditures for additions and betterments. That part of the rrocud‘ not required Dwemn (-} 3 93" u:g N", : for the retirement of the above-mentioned $20,486,500 bonds maturing in 1930 will be applied to the pcymcnl of g R o 5,000,000 short term notes, toward the Company’s 1930 budget of about $32,000,000 for additions and betterments, 2 2 : and to other corporate purposes. 434 Burr Add Mach (1)ee Hann Dept 8 b 634) i EARNINGS ' 7 Prompt Answers 36 ~Bush Termni (3%).. 4 Hall(WF) Printg(2) 100% Bush Term deb (7). . Hanna pf (new) (7). 96 9 Years Ended Gross Operating Income Applicable Total Net B 4 Hanna (M A) 1st (1) December 31 Revenues to Fixed Charges Fized Charges Income ' H: CorpB130 9 BO}@&HELFS 80% Byers (?g 4 H:?'En‘l;" bt (6) o i $118,543,455 $21,698,418 $14,969,112 86,729, ,306 Bk o O ey I:E:ZJ o :;,:Ziz 14,813,977 10,113,393 Acking (4) eow 122,478,3. 5 14,948,938 3,512,649 1417 K St. N.W. Nat. 9300 1 P e ot e - 124,976,542 24,722,439 14,719,555 10,002,884 74% Calumet & Aris (6).. Hershey Choo pf(15) Tou m::::fl““:‘,;. g::.:f,’ :,e.(',"""")’ 129,230,437 26,170,579 14,492,870 11,677,709 19 Campl yant (3). S During the five-year period covered by the above table, annual income ticable to fixed charges averaged STATEMENT OF THE CONDITION et e T e 3 L8T times folai fxed charges. Income epplicable to Lxed charges in 1929 amounted {6 1.81 times total fived cha OF THE Cannon Mills (3. Houdaflle Her B (3). As 317,574,600 bonds being refunded by this issue bear interest at the rate of 7%, a substantial saving in interest Insurance Co. of the i 16n Capital Adm (A); oo Ehold Fin pf (13%). charges will result in respect of bonds issued for refunding purposes. 3 31 Capl m A p£(3). coe cuml f Philadelphia, P: 84 Cavanagh-Dobbs, Hudson Motor (5)... owned in foe, lnelud the important mileage crossing the State of New York from Piermont on the Hud-m o iladelphia, Pa. 354 Celotex (3). Hupp Motor Car (3). River to Dukirl on Erie. It is also a lien upon the Company’s rights by stock ownership and or leasehold in L Ymot Reohe 1 Celotex pf (7). Illinois Central (7). 1,284 miles of road, or substantially all the rest of the mileage of the System. The Mortgage is further secured Columbia, Code, amended June 30, 23% Cent Aguirre As13, Independ O11 & G (3) ;. a lkn on the capital stock of the Pennsylvania Coal Company, which leased as of January 1, 1930 to 1902, and August 18, 1911, 30% Cent Alloy Steel (3). h.fllum Coi iny, the anthracite coal properties formerly operated by it and Hillside Coal and Iron Company. 181 stock SLiosoieonioh s The lien of the Nefurding and Improvement Mortgage on the above-rentioned mileoe: leasehold ond ofhor e it ety rights, St pledges stech o enbject to the lens, o0 faf s thep ettech; of underlying mortgages and a collateral © 1,000,000.00 Pasc - trust indenture securing $161,374,200 bonds outstanding in the hands of the public. 11 Certain-teed Prod. .o 38 Certain-teed pf. .. oo RQUITY The Compeny’s capital s tock, consisting of $47,904,400 par value Flnt Preferred Stock, 316,000,000 par value Second Preg rred Stock, and $151,116,700 par value Common Stock, has an aggr indicated market value, based on current quoutbm of approximately $129,000,000. In 1929 dividend payments at the rate of 4% per annum were resumed on both the ’rnt Pnlflnd and Second Preferred Stocks. » Son T e I T L LG L U T T - T TN S $61.222.36 468,627 21 200,000.00 o ' 6.638.324.00 hands of agent; 593.105.35 Interest due and- e:a:'m:d 60.92 12% Chi Great Western, . Al other assets. 7 34 ChiGreat Westn pf. 22% Chi Mill 8t P&Pac. .. oisitants 39% Chi Mill St P&Pac pf 84 Chicago& N W (6).e LIABILITIES, Net unpald claims.” ... $208,640.5¢ 187% Chi& N W pt (1), Reserve as. required by 22 Chi Pnou TOOL. .. eae Borowed money 500000 e Balaries, rents, e LE 100% ChiR1& Pacpt (). taxes, etc.... 160.669.08 26% Chi Yellow Cab(3).. Intl Mateb pf (6) 4500000 25 Chickasha COil (3) 0% 25 Intl Mer Ma; 1). ' 57% Childs Co (3.40, Tnt Nickel of Can (1) 1.034.80 60% Chile c:opur s 2 60 60 Intl Nick Can pf (7). KA omer Habiitiei 1428:000.00 335 Chvy > % 80 Intl Paper pf (7). P i 96 City lc.l"p! uu) Total liabilities .34,756.560.02 7% City Stores (50e).... — 33 Clark Equipment (3) duting “the venrT0e" pirer Moty 0120 Clueted ;-m ®).. Int] Printing Ink (3) 1 e ) 914 Cluett-Peal ufl‘ g 58% n nting Inl | Trammoriation, \"and navl 1334 Cooa-Cola A e s Amount of risk 0% 48% Coca-Cola A (3), 72 Rys.Cen A pf(5). pluring the :'edndm,:'wn. . 60 Colgate-Pal-P (334) Int Tel & Teleg (3).. the year 1020 % 126042250 97 Colg Inter Dept 8¢ (3). .. Money received " during 14% Coll Alkman fll!n;::'r ld'\’x:ln 3.139,700.47 36% Col Fuel & Iron (3).. . > €5% Colo & Sou 2d pf (4). ? e ; AN O 190 6.3 B, RODGERR, % 80 ColGas& El(3).... 176 6% 83 88% Jons Manon 58" J..P. MORGAN & CO. Yy m orrroRn.. Vice President. 104% Col Gas & El pt A(6) Johns-Manv px (1).. = oS S e me | 330 1882 olombian tard (10) 10 18450 3 o e R FIRST NATIONAL BANK, New York THE NATIONAL CITY COMPANY DES. 40% % Com Credit (3)..eee. 39 % 8% xcru. 1st pf B(6) | rh'l’ a'l" rfle‘ 4:: humu Blde.. 44% llu Comm Credit A (3).. Kan City S8ou {iadelphia, mfmmunm 76% Com Crd 1st of (63) Kaufmann)D 8 (134) e OF R a New York, 4pril 8, 1930, Boss & Phelps, Agents 8 Comrl Invev pt 80 Kelth-Albes-0 o (1) 117 K S Nat. 9300||' 50% 104 Somwithasoneeon. 8% 3% Kelly.Spring Tire... 101% 99 M.lfil(l}.. T The foregoing is subject to the more complete statements contained in the circular,a copy of which may be obtained upon requut. = Soomwonm - THE ABOVE BONDS ARE OFFERED, SUBJECT TO PRIOR SALE AND TO THE CONDITIONS STATED Intl Harvester (3%) BELOW, 4T 95%;% 4ND ACCRUED INTEREST, TO YIELD OVER 6.25%, TO MATURITY. Int Hydro El A (e3).. cSen 8%, 2 pranaR SR annBne The right is reserved to reject any or all applications, and also, in any case, to allot a smaller amount than applied for. All applications will be received subject to the due issue and sale of the Bonds as planned, and to approval by counsel of the form and validity «f the related documents and proceedings, The amounts due on confirmed sales will be payable at the office of J. P. Morgan & Co., in New York funds to their order, and the date of payment (on or about April 2}, 1980) will be stated in the mt&». of sale. Temporary Bonds, exchangeable for definitive Bonds when received, are to vered. a3