Evening Star Newspaper, April 14, 1930, Page 12

A—12 THE E LEGGE IS OPPOSED TO MARKETING BILL Farm Board Chairman Be- lieves Present Senate Measure Is Too Drastic. By the Associated Press. Chairman Legge of the Farm Board announced today he had advised Chair- man McNary of the Senate agriculture committee that a pending Senate bill to prevent the sale of cotton and grain in futures markets was too “drastic a change” and “would completely upset the marketing machinery, although we Tealize the need for improvement.” “Inasmuch as the handling, proc- essing and financing of several of our major crops are so completely based on the present futures market system, which has been in operation for many years,” Legge wrote, “we are fearful that so drastic a change would com- pletely upset the marketing machinery. Although we realize the need for im- rovement, we think a change, in order avold disruption, will ha=» to ~eme gradually. “We believe,” he continued, “titat de- cided improvement in the present sys- tem could be accomplished if the ex- changes were placed under proper su- pervision and control of the Department of Agriculture, with power to intervene whenever the Secretary of Agriculture finds any operations in the farm com- modity futures market are antogonistic to the best interests of producers or consumers, or both.” Informed of Legge's announcement, Benator Caraway, Democrat, Arkansas, who introduced the bill, said off the floor: “Mr. Legge's statement discloses what I think everybody has realized, that ‘when he is called upon to sacrifice the gamblers in the cotton and grain ex- changes or the farmers, he prefers that the farmers shall suffer.” 0Oil Stocks BY GEORGE T. HUGHES. (This is the tenth of a series of brief analyses by Mr. Hughes of the principal ol stocks. The intent is not to recom- Mend the purchase or sale of any par- ticular stock but to give the investor such information as may enable him in- telligently to chart his own course.) Not to be confused with Standard ©Oil of Ohio, although both are mem- bers of the original Standard Oil group, ©Ohio Oil ranks high among the estab- lished producers and distributors of crude petroleum. The company is one of the largest in the industry and oper- ates principally in the mid-continent fleld. The immediate point of interest, however, is the fact that it was able during 1929, a year supposedly of ex- ceptional difficuities for oil companies. to double its net income over that of the preceding year. In 1929 Ohio Oil earned $5.15 a share on its stock, against $2.11 a share in 1928. There are no bonds but there is & 6 per cent cumulative $100 par issue of preferred stock outstanding to the amount of $60,000,000. This was au- thorized to be offered in exchange for stock of Illinois Pipe Line on a basis of three shares of Ohio Oil preferred for one share of Illinois Pipe. 2 As the ranking obligation of so strong an organization Ohio Ol preferred is a Bigh-grade investment, but without speculative attraction because of the provision that it may be redeemed three years after issue at $110 a share. The common is also outstanding to the amount of $60,000,000 but is of $25 par. Present dividend rate is $2 annually plus extras, the last one of which 50 cents was paid March 15, 1930. The market capitalizes this earning power as well as the book value of the stock, which was approximately $44 a &hare on December 31, 1929, at a high rate, so high that the income return is very low. This is not unusual with Standard Oil Co. stocks. The compen- sation is that the Standard Ofl policy is to distribute stock dividends from time to time, giving the shareholders & profit from this source. The last time Ohio Oil distributed a stock dividend was in 1922 when one of 300 per cent was paid. How soon anything similar will be done cannot be forecast now, but surplus would warrant another stock ' dividend when, and if in the opinion of the directors, conditions trade permit it. I Business Notes By the Associated Press. NEW YORK, April 14—H M. Goodell of Kansas City, western dis- trict sales manager of Graybar Electric Co., has been elected to the directorate of Graybar Management Corporation, the voting organization for Graybar Electric. Gross sales of the American sub- sidiary of the Fairchild Aviation Corpo- ration, which, in turn, is a subsidiary of the aviation Corporation (of Dela- ware) increased from $2,656,000 in 1928 to $3,494,000 in 1929, ‘The Parke-Davis Co. of Detroit an- nounce that additions are being made to the company's plants at London, England, and a2t Sydney, Australia, and that the Rio de Janeiro plant is being doubled, while a new building to serve as a warehouse and laboratory is being constructed at Buenos Aires. Private reports received by members | of the New York Hide Exchange indi- cate that conditions in the shoe manu- facturing centers of the country are showing steady improvement. This was sald tc be especially true in the New England area this month, and several ll-rs: orders were reported placed this week. Newsprint production by United States and Canadian mills in March totaled 820,813 tons, or 72.2 per cent of capac- ity, compared with 301,548 tons, or 74.5 per cent in February, and 332,733 tons, or 81 per cent of capacity in March, 1929. { Farmers of Panama are installing amall electric plants. 32.40 to Fredericksburg Account Saturday and Su 20th ; and until 10 day April 21st. Richmond _tickets going and returning from Broad St. Station galy. Not good ta or from Main St. . Children half fare. No baggage checked. RICHMOND FREDERICKSBURG & POTOMAC R. R. in the oil RICHARD WHITNEY. Nineteen years after entering Wall | street, Richard Whitney, 41, becomes president of the New York Stock Ex- change, the world’s most important stock and bond center. Massachusetts born, he graduated from Harvard in 1911, immediately en- tered Wall Street, where, after asso- ciating with several firms, he organized his own Stock Exchange firm in 1916. The new president became famous overnight in the dark days last Fall when the market was tumbling, and prices were melting away so fast that nobody knew where the end would be. In a clear voice, heard by every one on the floor, he bid $160 for 25,000 shares of Steel. At that time he was acting for the powerful banking pool headed by Thomas W. Lamont. ‘The break was halted. Traders be- | came sane and reesonable again. The | wild, blind fury subsided. Mr. Whitney is known as a “Morgan” broker. His brother. George Whitney, 44, Is a Morgan partner, a director of General Motors, the Pullman Co., Kennecott, Johns-Manville, Texas Gulf Sulphur and many other leading Amer- ican corporations. DIVIDENDS DECLARED NEW YORK, April 14 (#).— Regular. Pav- Pe- Rate. riod. able. QM Hidrs. ot | Company.. Chain & GEpf. .$1.62'5 Halle Bros....... 50 Do. pf . $1.62'> Hawaiian _Pineapple 50c hoc ... 5125 sare IS0 Lunk'heimer 'pf. $i.6315 Do. o s gAYy Midwest 8 Tt A i3 etrol & Trad A. 31tic otomac Ed 7% pf.$1.75 % bt 5150 £OODDDOOODDDOO! Texas PAL 7 Do. 6% b s Thatcher Mf chv of 90c Universal Leaf Tob..75¢c Stock. 107 00099 Commercial Share Michizan Steel w = Pow & Lt Bec Tr (Bene- ficial Shrs) 1% — Increased. Lunk'heimer pf..$162'a Q July 1 Omitted. Detroit Forging ..40c Q Due Apr. 15 Gen Fdy & Ma Al50c Q Due Mar.31 Deferred. N J Bond & Share- holding pf ..$3.50 SA Due Apr. 15 May 1 June 30 June 21 ‘Warns of Over-Pruning. URBANA, 111, April 14 (#).—Pruning shears snip too energetically in_Ameri- can gardens and orchards, says Irving I Peterson, University of Iilinols expert. Most of the hardy trees and shrubs need little pruning, he says. SILVER QUOTATIONS. Apr.21 | NEW YORK, April 14—The follow- ing is ti;o(ily'l summary g! b\mpntrlusl corporation news prepare Stand- ard Statistics Co., ];;CD.II New yYol'k. for the Associated Press: News Trend. Stocks of refined copger were increas- ed further during March. Refined metal on hand in North and South America on Apri] 1 totaled 256,020 tons, the largest reserve since January, 1922, and an increase of 22,897 tons over March 1 and 203,052 above the same date a year ago. Production in March totaled 126,064 tons or 4,099 daily, inst 163,561 tons or 5276 daily, in March, 1929. Shipments in March were 104.- 167 tons against 91,476 in February and 165,806 in March, 1929. The Industries. Chain Store.—March sales of 50 chain | store companies, with sales aggregating 1 303,303,107, declined 2.1 per cent from | a year ago. Sales of these companies for the first three months of 1930 were 3.7 per cent above the corresponding period of 1929. Coal—Anthracite shipments in March totaled 3,430,940 tons, a decrease of 1,277,768 from previous month and 197,751 below March, 1929, according to Anthracite Bureau of Information. Shipments for year ending March 31 amounted to 57,838,837 tons against 61.214,046 in preceding year. Copper—Stocks of refined copper in North and South America on April 1 totaled 256,020 tons, an increase of 22,- 897 over March 1 and 203,052 above stocks on hand, April 1, a year ago. Total stocks of refined and blister cop- per on April 1 were 522,581 tons against 497,372 on March 1 and 47 613 on February 1. Production of re- fined copper in North and South Amer- ica in March totaled 226064 tons or 4,099 daily, against 121,195 tons or 4328 daily in February, and 163,661 tons or 5276 daily in March, 1929. Shipments in March were 104,167 tons against 91,476 in February and 165,806 in March, 1929. Of March shipments, 73,644 tons were domestic and 30,523 re for export, against 61,879 domestic | and 29,597 tons export in February and 105,860 domestic and 59,046 export in March, 1929. Oil—During the past day price of crude oil was advanced by Texas Corp- oration, Imperial Oil and Cities Serv- jce. Gasoline prices were increased by Standard Oil of Indiana, Standard Oll| of Ohio, and Sinclair Consolidated Oil. Steel.—Operations in Youngstown dis- trict will be advanced slightly next week as seasonal demand for steel prod- ucts has shown an increase. ~Average of operations in the district will be around 60 per cent, against 67 per cent during current week. The Companies. American Commonwealths Power ab- sorbs properties of Vermont Lighting Corporation, consisting of six gas com- panies located in Massachusetts. American Radiator & Standard Sani- tary acquires Murray Radiator Co. of New York, leading manufacturer of copper radiators. American Smelting & Refining ne~ gotiating for _acquisition of Garard Smelting & Refining Co., refiners of scrap metals. g Commonwealth’ & Southern March electrical output off 4.4 per cent; 3 months, declined slightly; 12 months to March 31, up 7.6 per cent over pre- vious year. Gas output for March, up 49 per cent; 3 months. advanced 3.9 per cent, and 12 montl was up 12 per_cent. Crown Cork & Seal stockholders to vote on increasing authorized no par common stock to 400,000 shares from 275,000. Additional stock to be avail- able for sale to employes, for dividends in stock and for other corporate pur- poses. Hollinger Consolidated Gold Mines production of gold and silver in quarter ended March 31, from 401,431 tons of ore, amounted to $2,588,407. Lehigh & Wilkes-Barre Coal increases common dividend to $4 quarterly from $3_formerly. McCrory Stores March sales off 10 per cent from year ; three months’ sales, off 3.4 per cent. National Family Stores March sales Off 35 per cent; three months’ sales, up 5 per cent from year ago. Prairie Pipe Line March pipe line de- liveries up 4 per cent; three months’ deliveries, 5 per cent above year ago. Stinson _Aircraft March production increased 31 per cent over February. Studebaker Corporation March export shipments, 25 per cent larger than February. Universal Ofl Products files patent infringement suit against Standard Co. of New Jersey, Skelly Ofl, Winkler Koch engheering and Globe Oil & Re: fining. alleging infringement on 15 pat ents for treatment of oils and hydro- carbon oil under tube and tank process. The insolvency record for the past week, as reported by R. G. Dun & Co., showed a further improvement. Total defaults numbered 494, compared with 503 in the preceding week and 533 two weeks ago. In the corresponding week of 1929 there were 475 defaults. The improvement last week in comparison with the previous week's returns was in the South and on the Pacific Coast. Failures with liabilities of more than $5,000 totaled 313 last week, compared with 270 a year ago. Oéen Until 5 PM Aén” 15th and 16th Getting a Start in Life 3% Paid on Savings —is comparatively easy, after you've gotten a few hundred in bank. Ready cash seems to invite opportunity. Pay day's again at hand. Take a Dollar or more out of your pay envelope and open a Savings Account, at this service-giving bank. The CoLuMBia NATIONAL Bank Capital & Surplus, $750,000.00 NEW YORK, April 14 (#).—Bar silver, 425%. 911 F Street SHE THOUGHT: «You'll never be lucky in love until you end ‘B.O.””" Yet, to be polite, SHE SAID: “Your heart line shows many difficulties ahead.” “Luck” was always against him...until he ended “(B. (OMEONE else got the job he wanted. Someone else won the girl he ad- mired. “Bad luck,” he called it. But the real reason was “B.0.”! One day a close friend told him what his fault was, and how Today he is forging ahead in business— 0.”—body odor— no longer handicaps him. . Often we wonder why we don’t succeed faster—make friends easier. “B.0.” may be the unsuspected cause. For everyone perspires. Science de- clares that even on cool days pores give off a quart of odor-causing waste. Un- noticed by us, because we soon become accustomed to it, this ever-present odor a favorite socially. “B. * * SHAVING CREAM ‘Test this healing double-dense lather ““Tender Spot.” See how itsoothes—endsstingiogsndburning. on your pet ““Te At your druggist’s 0.” Body Odor) may be a constant annoyance to others, Don'’t take chances. Adopt the simple precaution of millions of particular men and women. Wash and bathe regularly to correct it. with Lifebuoy. Its gentle, creamy, antiseptic lather purifies pores so deeplythat*B.0.”completely vanishes. And how gloriously fresh—how satisfy- ingly clean you feel! . "\ buoy purifies. Li - HEALTH Keeps complexions youthful Clogged pores stifle complexion beauty. Lifebuoy’s soothing, penetrating lather gently frees pores of impurities—makes dull skins bloom with healthy youthful radiance. Its pleasant eztra-cléan scent— that vanishes as you rinse—tellsyou Life Adopt Lifebuoy today. LEVER BROTHERS CO., Cambridge, Mass. . febuo y SOAP stops:body odor— OPPOSE “FIVE AND TEN” Brazil Union Attacks First Store for Violation of Labor Law. RIO DE JANEIRO (#).—The first “five and ten” store was opened recent- ly in Rio de Janeiro by a group of Americans, but the prices are slightly higher than in the United States. It has received enormous patronage. ‘The Association of Commercial Em- ployes, one of the strongest of organized labor bodies, has brought to public and governmental attention the fact that the store is flouting labor laws by hiring its personnel on a day by day basis. In that way it is able to discharge an employe at the end of any day. Under the laws of Brazil, the com- mercial employes point out, discharge must be accompanied by one month’s pay as notice. Forelgn firms must comply with the law the same as do- mestic ones, the union asserts. SPRING IS HERE! WHY NOT MAKE YOUR RADN!O SET A REAL CHAMPION? e e Use RCA Radiotrons throughout” Say Engineers Finest reception of the greatest spring and summer broadcasts can easily be yours . Now’s the time to pep up your set with standard, uniform RCA Radio- trons in every 4 sock . today! / . RCA Radiotron THE HEART OF YOUR RADIO SET TJhe Cheap Paint t away from this wh cant gel —Can’t get away from the fact that, even at a first-cost saving of over $1 per gallon, cheap paint saves less than $4 for the aver- age house —and on a 5-year basis, costs $283 more than quality paint! Patton’s Paint areas essential roof (Get a Good Painter, too ~his judgment and knowledge Theater Fire Causes Panie. MEXICO CITY, April 14 (#)—Dis- patches from Orizaba said today that | a panic resulted and several persons were injured after a film caught fire in a motion picture theater. The theater was quickly emptied and police found the motion picture operator was intoxicated. Don't fool Since halitosis never an- nounces itself to the victim, you simply cannot know when you have it. OFFICE FURNITURE Get rid of halitosis— it may get you fired What kind of people do em- ployers like to have around them? Certainly not people with halitosis (unpleasant breath). You can’t blame a man for firing an employee with halitosis to hire one without it—especially when such employees must deal with the public. Don't fool yourself that you never have halitosis. It’s impossible for .you to know when you are a victim. Don’t take the chance. Keep your- self continually on the safe and polite side by daily rinsing the mouth with Lis- terine, the safe antiseptic. Being an active germicide capable of killing 200,000,000 germs in 15 seconds, full strength Listerine checixs mouth fermentation and in- fection—both acause of odors. ‘Then it gets rid of the odor: it is an instant deodorant. ‘Thousands who used to be unwelcome because of hali- tosis are now acceptable any- where, since using Listerine. Lambert Pharmacal Com- pany, St. Louis, Mo., U.S. A, LISTERINE kills 200,000,000 germs in 15 seconds (Fastest time science has recorded accurately) Humbug 1st.Grade Paint W 75.2nd.Grade 300 p.c‘ime;'s‘lmd dealers from50 typ- ical cities give figures resulting in these averages and comparisons: 1st.Grade Paint 1 2nd GradePair Avere K (800-40) Gallons fverage DerGalin 2, Requ 16% pimier Gallons *(300+30) 54887 4500-2 ST 4661 1661 Ttai'19548 *191.617::. 2c0ms Laber fgure - at-how longwilleach job last? = samepaivers and deesstre: sg 5 Years |2 Years v rget‘gallons=figure inyears of economyand protection/ — keeps out moisture and decay, saves repair bills and depreciation at low 5-year cost! Even among quality paints, a higher standard! Study the COST CHART! Sold by these cvalers who will also recommend responsible painters. ‘WASHINGTON Bloomingdale Hardware Co. Cavanagh & Kendrick. H. Coleman & Sons Craven & Co. 2004 M St. N.W. 1st & T Sts. N.W. +.3271 M St. N.W, .1319 7th St. N.W. 1919 Pa. Ave. N.W. 3908 14th St. N.W. 44th & Hunt Sts. N.E. MARYLAND Freddy’s Hardware Co...8227 Ga. Ave, E. C. Gartner.. Silver Spring Gaithersburg akoma Park H. D. Waters...... VIRGINIA Blue Ridge Hardware Co. e J. W. Cochran .. Middleburg St.,, Alexandria The P!