Evening Star Newspaper, May 1, 1930, Page 13

FINANCIAL. ANSTON NET $14.38 PER-SHARE IN YEAR).. =z Over Previous Twelvemonth at Annual Meeting. BY EDWARD €. STONE. At the anfual meeting of the Lanston Monotype Machine Co., held this noon in Alexandria, President Harvey D. Best reportéd that-the company earned $14.38 per .m;a r profits of the com- ny for the year (after depreciation and taxes) were lgflflfl”.:'b a gain J. Thilman Hendriek. notes_issued under the plan to encourage employes' savings. Current assets are 82 times the current liabilities, and 92 per cent of outstand- capital stock. Cash on hand and ‘fll lunl total $1,612,985.18, an increase the year in these two items of ’fl .52. ends paid for the year were $390,000, this l.ncludlnl an increase for the iast quarter in the regular rate per share from $6 to $7 per annum, aiso an extra dividend for the quarter of 25 cents per share. The new regular rate and the extra have been maintained in the first quarter of the new fiscal year. Sales Volume Increases. For the sixth consecutive year there has been an increase in the volume of products, For th inting industry did not react unfavorably to the unusual stock market conditions and that any general industrial depression has resulted in an increase of printed advertising and sales iblicity. lw!'.n’ly in the year the Thompson Type Machine plant Wll moved !rom Chicago 'o the Philadelphia factory. Manufac- re of the Monotype-Thompson on the bull of interchangeable wu requlnd re-designed of many parts. This work has been comj and 55 new ma- ehlnu were ipped within the fiscal Buluen with Latin America the g:mum. reported has been larger than year. In October, 1020 e o Delaware 4nd 14 wu incorporaf ware wholly owned subsidiary of Lanston Monotype Machine Co. l;n November, com| was_proper] Brasi and then p?.mfl'...a e tme assets of Companhia Monotypo do Brasil, 8. A., our !nrmn agents for tm ‘The report announs in Barrett portable electric adding ma- chines and lauded the work of Frank J. Roderick in this division. Frederic ‘W. Goudy, art director, and .Sol Hess, assistant art director, as l:ell as T. 8| NEW YORK STOCK EXCHANGE Recefved by Private Wire Direct to The Star Office. ' TICE—The Nu !ntlun-nll-nmnuu nl-yllxm-vln. Notice—All stocks are sold In one hi excepting those designated by the which shows those Milllll-l‘!l Gain of $66,594 Reported“ { 11% Advance Rumley. 22 Advance Rumley pf. 4 Ahumada Lead. Air Reduction ( ) Allied Ch & Dye(n6), Allied Ch & D pf (7) Allis-Chalmers (3). Alpha Port Cemt (3 Amerada Corp (1) Am Bosch Magneto Am Brake Shoe(2.40) Am Brown Bov Elec. Am Brown B E pf(1) Am Can (4). Am Can pf (1)... Am Car & Fédy (6) Am Car & Fdy pf(7). Am Com Aleo(n! Ifl Am Encaustic (2)... Am European Secur. Am Hawailan S8 fl) Am Home Prod(4.20) Am Ice Co (14). Am Ice pfy6).. Am Internatl (3). Am LaFr & Foam pf. Am Locomotive (8). Am Mach & Fay (7). Am Metal (3).. Am Nat Gas pf (7).. Am Plano.......... Am Pwr & Lt (21) . Am Pwr & Lt pf (6). AmP&LDpLA (3%). Am P&Lt pf A st(5). Am Ra&Std San1%. AII Rolling Mill (3). ty Rasor(§). An Ship & Com. . Am Sm & Ref (4)...1 AmEm & Ref of (1).. Am Snuff (13%). 4 Am Stores (2) Am SBugar Ref (5) Am Sugar Ref pf (1) Am Tobaceo B (5. . Am Tobaceo pt Am Type Fdry #)3" gal Am Type Fay ot (7). 108 Am Water Wks (n1) . Atch To & SF pt (5) Atl Coast Line (111 Sales— Dividend Rate. Add 00. High. v RN 1 Alr Way T1 A:um. N.l 20l 16 3 6 208 193 6 2 2 2 118 17 16 6 3 undred-share lots letter I (85s) (285) lots enly. Dividend Rate. < Ada 00 M 27% Conti Bakinj ) Contl Baking (B). Corn Prod pf (7). Coty. Ine (k2).. Cream of Wht(12% l' Crex Carpet. . Crown Cork & Seal. . Cuba R R pf (8) Cuban-Amer Sugar. Cuban-Amer Sug pf. Curt 'ublish pf(7) Curtiss Wright Corp Curt Wri| Cushman’s pf Cutler-Hammer(3%) Drug Corporatn (4). 5 Duluth S8 & Atlpf.. Dunhill Intl (XH .1 & Pub 1 ( Eauitable Bldg nx‘) ErieRR. . % Erle RR 18t pf (4).. Eureka Carp Cl (4). Evans Auto Ldg 2%. Exchange Buf (1%). Fairbanks Morse (3) Fairbanks M pf (7). Fash Pk Asso pt (7). Fed Wat 8, A (o “) Fisk Rubber 1st pf. . uo. Follansbee Bros (3). 3 Foster Wheeler (2).. 74 Foundation Co. Freeport, Tex (16).. Gardner Motor. Gen Am Investors. 99% Gen Am Tnk Car(34) Gen Food Corp Gen Gas&B (A) n STOCKS ARE LOWE ON HEAVY SELLING Steel, Rails and Other Groups Lose Ground—Special- ties Bid Up. BY CLAUDE A. JAGGER. Associated Press Pinancial Editor. NEW YORK, May 1—The stock market turned reactionary again today with a sharp bear drive against the ralls, many of which broke 4 to 14 points to new mintmum levels for the year or longer, a few breaking through the low levels of last November. * The market opened with ‘s moderate show of strength, under the influence of reductions in the Bank of England and Bank of France rates. Wall street, how- ever, was not generally inclined to look for an tmmediate cut in the New York Reserve Bank rate, and cheap money no longer inspires the bullishness that it did a few weeks ago. A group of farm equipment, oil, food and amusement shares were strong during the first hour of trading. but later sold off. Rails were bought in considerable vol: ume early in the year, when publica- tion of the Interstate Commerce Com- mission’s consolidation plan focused at- tention upon the carrier stocks. Pub- lication of the March operating income statements, however, has left this group of stocks friendless, and although there has been little apprehension over divi- dend rates, bearish operations were suc- cessful in causing considerable liquida- tion. Selling was not particularly heavy, but with little prospect of an early upturn in these shares their spon- sors failed to support them. mumn also ran into considerable lling pressure. Official denial of mer- rumors regarding United Co: um and United Gas Improvement was a disappointment in some quarters. Al- though some of the olls turned upward in the early trading, & cut in Pennsyl- vania Crude also ht selling into this p. losing 4 to 7 points included Atchison, Atlantic Coast Line, Northern Pacific, Southern Pacific and Colorado & Southern. Pere Marquette, the float- y of which is now very small, ing suj 3% | tumbled 14 points to & new low. Such issues as New York Central, Chesapeake & Ohio, Norfolk & Western and Cana- dian Pacific lost 3 points or more. Southern Railway sold down close to 100, the lowest level since 1925. J. 1. Case sold up 7); points, then more than lost its gain. Pierce Oil pre- ferred was pushed up more than 4 points on rumors of a merger with Sin- clair. Texas rose 2 points 60% | to a new high for the year. Loews and 3% cmnnlmm«:’uurhu es selling per cent. " Time money was easier, how- ever, and lower call joan rates are ex- pected within a few days. - FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) THE EVENING STAR - WASHINGTON, D. C. THURSDAY, “MAY -1, 1930. JAGGER IS'APP:OIHTED A.P. FINANCIAL EDITOR By the Associated Press. NEW YORK, May 1.—Claude A. Jag- ger hll been appointed financial editor of the Associaf Hfl eflmlve wdl!. sucneedn. Prenosil, Mr. Jagger becarpe & member of the New York newss staff of the Asso- ciated Press years ago, after sev- eral years' experience on New York Btate ahd New En England ne TS, For the past year and a half Mr. J: ger has been writing a daily financial and stock market review for Assoclated Press morning papens. In his new ca- pacity he will write a signed daily re- view for afternoon papers, heretofore written by . Prencsil, and other financial art! . otothrpi BANK CLEARINGS. NEW YORK, May 1 1 (Special) —New York bank clearings today, $1,765,000,- 000; a year ago, 82017000000 New York bank balances today, $177,000,000; & year ago, $169,000000. New York PFederal Reserve credit balances, $173,- 000,000; a year ago, $160,000,000. INTEREST RATES. By the:Associated Press. Collateral interest averages af rmsw centers remafned unchanged jast week, as the figures were worked out by the Census Bureau. Rates for the week and comparable periods were estimated as follows: Time money. Call loans. Rook gndine 4 Avril 26..74 "% V% Erecedin Ly INVESTMENT STOCK THERMOID CO. Oum. Pfd. Convertible Stock. on Curb Exchange; yields over 8% Recommended. "REAL ESTATE LOANS Made at Low Interest Rates 'l'Yl.ER & RUTHERFORD 1520 K St. N.W. National 0475 l-'ini Mortgage Notes FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N. First Mortgage Loan = Applic:tioql > Invited at 5)5% .-Conntruction Loans FINANCIAL. TOBACCO TAX MOUNTS By the Associated Press. ‘The Internal Revenue Bureau has announced ts from the total to- bacco tax collect for the .first nine months of the 1930 fiscal year amounted to $333,071,486. The total was $17,000,000 than eolkcldl.uth.nmtm e 1929 fiscal year. - Cigarettes prod: = 10(1" h'om last July 1 |o Marech 31 of this year, an increase of $18,000,000 over the same period & year ago. ‘l'hz tax on cigars, however, proximately $800,000 to $16, QK'I” while the tax on manufactured to- bacco and snuff decreased approximately $200,000 to $50,579,167. EE e oo g A Sold in Lots—$100.00 Up Woedward Bullding. Month.on‘ TRUSTEED SHARES Call or Write Standard Collateral Shares Corporat Consult Us Regarding Your Mataring Morigage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent New Yeork Life Insurance Company Courtland Nixen, 1518 K 8¢. N.W. Nat. 1926 LIGER GHURCH & C RESULTS IN INSURANCE*STOCKS $562.95 invested (average of 8 years) $557.58 veturned in cash dividend (average 123% % annually for 8 years) Securities still held March, 1930, had market value of $2,801.21 We recommend American Insurancstocks Units . shhnm.hmux sTment thmm 1343 H Street FINANCING AT LOW GOST First Mortgage Funds (Three Yoars or Longer) IN LAST NINE MONTHS | ®* 5% et fnse, o syt oo soml et Joseph | Weller 85,7sa 12 8 Tres = i rust n Met. 8783 EE-TTNETRE- R e eaeTe Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . .. Ample funds, ldwer interest, prompt ap- provals, valuable prepayment privileges. Three-year loans om mewer properties without Glover & Flather 1508 H St. N.W. National 1753 the company mflluatnnnuwhnuot $10,- MM mm lldlhlllnu 1, 1930; of uns.n:u. Hendrick Chairman-of Board. s f the board, presided 'ym mmx- Goodrich (BF) pf i) murrt o;l()” 101 ear 18t pf (1).. Baldwin Loco (1%). 22 2! s Gotham 3%). 1dwin Loco pt (7). 708 Gould Cou| ltf 64 Graham-P: Hi Pnnk M rnn vln leent .Yohn A ice pres 1 l;!ln R. Frets, as- Philsdelphia; M. C. Branc] Vn.; Karl W. Corby, W H Drye. jr, New York City; J. R S ew ] sons, hn' Usher Parsons, N gk. and oaum 'W. White, Wuhln( ‘The annual meeting of thé company s of particular interest to Washington investors in view of the fact that a majority of its stock is held here its activities are directed by Wash- ‘The chairman of the board, Hendrick, former Commissioner of the District of Columbh under the Wil- : the president, Mr. ‘White, president of the Nlflmll Metro- politan Bank; Karl W. Corby of the firm of W. B. Hibbs & Co., and Royal T. McKenna, attorney, constitute the Wi personnel. Tb~ first Lans- ton machine was also dec.”ned by & ‘Washingtonian. Bank Promotes Three Employes. The board of directors of the N tional Metropolitan Bank yesterday voud three important promotions. Br and l"rlntll E_Hilde- bnna ‘were elected assistant cashiers. Both are lenlnr clerks of long stand- ing and have been made assistant cashiers in I‘ggltlon to mpm‘lln;’d‘y n same caj y. e mnho made Frank Van N. Cook suditor. Mr. Cook, who has been with the bank several years, fills a vacancy in that position. The bani officers eonsider the appointments well de- served. Better April Reports Expected. ‘The Y. E. Booker & Co. currrent re- lell that April returns, when to be available around May will look much better than those for mn:h which barely maintained sea- sonal improvement. Inclusion of FEaster in April instead of March will give merchandising reports a better ap- pearance. “While the depression will doubtless prove a little longer than originally anticipated, there is no cause for undue pessimism,” the report adds. Exchange Trading Quiet Today. Forty-five shares of Washington Me- chanics Savings Bank stock sold at 50 on the Washington Stock Exchange to- day. Railway & Electric preferred mmed at 985, Potomac Electric Power per ot ' preferred came out at lUl‘: and Pederal-American Co. com- mon_ at 30 Thirty shares of Mer- genthaler changed hands at 107% and the market closed with 10 shares of P:o’pd:- Drug Stores preferred selling at 108, —— MINERS' WAGES REDUCED. BISBEE, Ariz, May 1 (#).—Copper companies throughout Arizons have an- nounced & § per cent cut in wages, effective today due to the recent 4 eenu per pound reduction in the price of "decrease will 5,000. men *mcm DAIRY MARKET. CHICAGO Briggs & Strat 2).. British Em S 1st pf. . Brockway Motor Trk Bklyn-Manhat (4)... Bkiyn Man Tr of (§). Bkiyn Union Gas (5) Bulova Wateh (l) . Burns Bros (A) (3) Burns Bros (B) Burns Bros pf (7). Bllrr Add Mch (1). Calif Packing (4)... Calumet & Aris (§) Calumet&Hec(a4%). Campbell Wyant (2). Canada Dry G A (5). Canadian Pacifie(10) Capital Adm (A)... Capital Adm A pf(3) Car Clin & O sta (5). Case (J 1) (8). Case (J 1) pf (7). Calormlllr Trac t2% Celotex (3) Chi & Eastern I} pf. Chi Great Wei Chicago& N W Chi Pneu Tool. Childs Co 12.40). Chrysier Corp (3) City Ice&F (k3. Cot Fuel & iron (3) Colo & South (3).... Colo & Sou 18t pt (4) Colo & Sou 24 p! # Col G1 Col G & Bl pt A(6) 24% Colum Graph((as7e) 160% Columbian Ca: L 27% Comm Solvents (ll) 12% Comwith & Sou($0e) 99 Cmwith & Sou pf (6) 18% cnlolu-lul'n . 208 3 9 23 £ 2 12 > 20 508 72 108 4). 108 L 2 (] a2 - Qrand Silver Stra(i). Grand Unios Grand Union pf (3).. Grt North pfet (5). GtNetfs OP (a3%). Grt West Sug (2.80) Grigsby Grunow... Gulf Mobile & North Guif Mo & N pt » peSoanonunnd~o Hahn Dept Stores. .. Hall (W F) Pr Co(2) wBoa » -0 500 po 00 1 S 00 Hupp Moter Car fl Xlll 08 Central (1).. Intercontl Rubber ake Lron (1 n 4 Intl Agricultural Inti Hyare E1 A (63)" Intl Match pt (4) Intl Paper pt (7). Intl Pap & P (A)2.4 Intl Pap & Pwr (B).. Int] Pap & Pwr (C).. Int] Pap&Pwr pt (1). Int] Salt (6). Intl Shoe (3). Intl Silver pt (1) Intl Tel & Teleg (3). Inter Dept Btrs ()., Inter Dpt Strs pf(7). tors Equity(3). nd Creek Coal(4) % Island Creek pt (8)., 108 IBB Jewel Tea (14)., 26 Johns-Manville ¢ 31 110 208 122% KCP&LI it pt B Kan Ci! l“D “) We take pleasure in announcing that Woodward Bldy. 7% r. Floyd R. Formerly with Crane, Parris & Co. Miller has this day become associated with us A. S Goulden &? Company Washington, D. C. First Mortgage Notes in convenient denominations $100 and up Secured on conserva vely appraised residen. tial properties (homes) in northwest section of ‘Washington. The notes are not subject to fluctu-non and risk of loss is eliminated. PHONE OR WRITE US—We will be glad to show the properties om which these wotes are secured. McKeever and Goss National 4750 Members Mortgage Bawkers Asseciation of America 1415 K St. N.W. * [ National Metropolitan Bank 14—Oldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury You Owe It To Your Wife —and family to leave a legally binding Will. Moreover, your Will should name as Execu- tor or Trustee, a com- petent organization, such as this bank. ‘Gl‘l and go further inte his lm”fllnl t.:la with DUR OFFICER No tion will [l on yake. amortization 1% H. L. Rust Company ESTABLISHED 1889 1001 Fifteenth Street National 8100 Lean Correspondent for **The Pradential® Capitoline Apartments DIGGING deep in the ruins of the Capitoline Hill i Rome, exca~ vators unearthed a building that showed traces of having once been five or more stories in height—the forerunner of the modern apartment house. And the street floor, with its oorways, appears to have been occupied by merchants— All very much like the apartments of today. In ancient Rome the house on Capitoline Hill was a luxury of Patricians—today up-to-date apart. ment housing is a necessity. A con- stant flow of capital is needed to keep up with the demand for im- proved housing facilities. And this capital, as usual, will come from those wise investors who appreciate stability—such stability as has been proven over a period of 61 years by the 6% First Mortgage Notes sold through Swartzell, Rheem & Hensey Co., and used to finance the finest type of apartment house in Wash- ington, These ‘Notes are being purchased now, as they have been for the past 61 years, by investors who consider the safety of their investment FIRST. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS T27 15 STREET N.W, INGTON D £