Evening Star Newspaper, May 10, 1930, Page 13

FINANCIAL. LOCAL APRIL SALES - SHOW 12 PCT. GAIN Richmond District Ahead of| Other Areas, Reserve Board Announces. BY EDWARD C. STONE. Department store sales in April were | 105 8 per cent larger than in the corre- . sponding month a year ago, according to preliminary reports made to the Fed- eral Reserve system by 520 stores lo- cated in leadin cities of all Federa Teserve districts. ‘The increase re- flected in part the fact that the date of Easter, which ‘was very early last year (March 31), Wwas very late this year (April 20). ‘Comparison of sales in March and April taken together so as to include the Easter selling sea- { son in both years shows a decrease of 2 per cent from a Fear ago. Sales during the first four months of this year were 4 per cent below the ~ lJevel of a year ago. April sales in the Richmond Federal Reserve district, which includes Wash- ington, were 12 per cent ahead of the corresponding period a year ago, but for March and April combined they ‘were 2 per cent below the level of the same period in 1929. This decrease is exactly the same as for the country as a whole. The percentage of increases or de- creases from a year ago by districts in the 12 Federal reserve areas follow: Federal Mar. Jan. No.of ite Tto report. AP, 302 Ap. Fairfax Harrison. 30° stores 520 10 51 (s PRI I Dm ome-Sonkos VILLIT I+ Ersssses FIHRER FEE RS 3! an Fri : *April figures preliminary. The Reserve Board’s compilation ! shows that the Richmond district stood | ‘with New York at the top of the 12 dis- tricts for increase in trade in_April Next in order of increases came Boston, Cleveland and St. Louls. But when April is combined with March 11 of the districts reveal losses in sales, compared with the similar ; period & year ago. San Francisco re- | Eaned just_the same slaes volume as st year. Richmond is down with the rest, but with a smaller decrease than the other areas with the exception of Boston. 3 The report for the first four months nts a particularly interesting gl of business conditions. Only ton and New York made gains. Rich- mond, however, was off but 1 per cent for the four months. Chicago's sales were off the most, and Atlanta’s next. Bank Clearings Off 6.2 Per Cent. Bank clearings in 126 cities reporting to Bradstreet’s in April totaled $51,005,~ 367,000, & decrease of 62 per cent from the like month a year ago, this comparing with a drop of 17.7 per cent in March, of 22.4 per cent in February and of 22.2 per cent in January, from corresponding months of 1929, At the 125 cities outside New York, 1 ings amounted to $17, ,228,000, & decrease A and the smallest from - ago * total for the month since 1924. All groups of cities showed declines from A year ago, the smallest drop being 1.1 per cent in the New England group. The Southern group of cities, with & decrease of 9.5 per cent, showed its " heaviest drop for any month of the year, while the other groups exhibited smaller declines than during the first quarter. For the four months ended with April ‘bank c! at the full list of 126 cities aggregated $195,004,143,000, com- pared with $236,157,355,000 in the like period of the preceding year, a decrease of 17.4 per cent. Harrison Calls Dividend Solid. Fairfax Harrison, president of South- ern Rallway Co., made the following statement : “Because industry has been in an air- et throughout the first quarter of 030, and railroad revenues have in consequence been seriously affected, stockholders of Southern Railway Co. have inquired whether it is the policy of the d to maintain established dividend. The answer is emphatically in the affirmative. :l'he m.tlddor !he‘ Southex;: regards present depression as temporary, and will therefore do everything Raw fully and fairly may to maintain div dends without interruption. An appro- priation has been made for the full divi- dends scheduled to be declared through- out the year 1930.” Gleaned in Financial District. ‘Washington bank clearings this week totalled $29,273,000 against $22,667,000 last week, but a decline of 5.5 per cent in comparison with clearings for the corresponding week 1929. Eugene E. Thompson, who is & mem- ber of the board of governors of the Investment Bankers' Association of America, will attend the sixty-sixth meeting of the board, which opens at “White Sulphur Springs, W. Va., tomor- Tow and closes on the 15th. H. Mortimer Barkley has become as- sociated with the sales department of James M. Jognston & Co., with offices 0 the Shoreham Building. George O, Vass, general chairman, re- in the Bankers' Bulletin, that eVery detail in connection with the coming Ashville convention has already been arranged. On arrival at the hotel guests can go to their rooms without even bothering to register. C. 8. McCain, president of Chase Na- tional Bank, V. Everit Macy, jr., and » Robert C. Ream, all of New York, have been eclected directors of Seaboard Alr Line Rallway. They replace T. W. Mat~ thews and R. P. Jones, resigned, and fill the one existing vacancy. Measures looking to the reduction of the enormous burden imposed upon productive enterprise in America, chiefly agriculture, by weeds are rec- ommended to the Federal Farm Board in_a memorandum submitted by the agricultural service department com- mittee of the United States Chamber of Commerce, FORD REPORTED BUYING STOCK IN N. Y. BANK By the Associated Press, NEW YORK, May 10.—The Journal of Commerce today says it has learned that the Ford interests have been mak- 1 m substantial purchases of National y Bank of New York stock during flm;‘hpls; h'iw xml:lmhx, e buying, the newspaper asserts, has accompanied incre; xlx?xl‘;eclnur Te- lations between the bank and the Fords, reflected both in general banking oper- ations and in their co-operation in or- snl.l the American I. G. Chemical xnuqn a year ago. cials of National City said today they had no information relative to the purchases. reports were received with special because of recent changes Jn the alignment of New York bank- ing interests, and the Journal of Com- merce pointed out that any considera- ble participation of the Fords would establishment of a fourth major financial group. . _'The so-called Morgan banks now in- clude the Guaranty Trust Co. Chase National, the world's largest bank, is ded as a Rockefeller institution. ‘du Pont interests are in Irving Exust and Chemical National. of 10 per cent THE EVENING NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. . Notice—All stocks are sold in one hundred-share lots excepling those designated by the letter s (65s) which shows those stocks to be sold In odd lots only. ~Prev 1930.~ Stock and High Low Dividend Rate. 4216 22 Abitibi Pwi & Paper 2314 Adams Exp (1 60). 23 Adams Millis (2) 1114 Advance Rumley s Ahumada Lead. . 118 Alr Reduction (3). 1% Ajax Rubber. 616 Alaska Junea 814 Albany Wrap Paper. 23 Allegheny Corp. 9515 Alleg C pf $31w 2557 AMied Ch & D 4 121 Allied Ch & Dpf (7). 49'4 Allis-Chalmers (%), 18 Amerada Corp (2)... 5% Am Agricul Chem 77 Am Bank Note (42), 8% Am Brown Rov Elec. 6012 Am Rrewn B E pf(T) 117% Am Can (4) 140% Am Can pf ( 52 AmCar & Fdv (6). 1004 Am Car & Fdy pf(7). 54 Am Chain Co3).... 16% Am Com Alcoin1 60) 35 Am Enropean Secur. Sales— Add 00 High. Low. Clos Am & Forn Power. .. 2 Am&Forn Pw nf. 7% Am Hawallan SS (2) Am Home Prod (4 20) Am Ice Co (t4) . ... Am Internatl (2).... 65% Am Locomotive (8). Am Mach & Fdy (7). Am Metal (3) ¢ Am Plano. Am Piano pf. Am Pwr & Lt (31).. 3014 Am Ra&Std San 1%. 4 114 Am S| 661 Am gar Ref (5) matra Tob. 1& Cable (5) Am Tel & Teler (9). Am Tobacco (8)..... Am Tobacco B (8) ... 120 Am Tobacco pf (6).. 8, Am Water Wks (n1) 991 Am Wat W 1st pf(6) 193 Am Woolen pf...... 29% Am Writ Pa pf (4).. & AmZinc Ld & Sm, 5214 Anaconda Cop (1) 35 Anchor Cap (2.40). 21% Andes Copper (3) 5% Armour of M1l (A) 2% Armour of 111 (B) 6% Arncld Constabl Asso Dry G (2% Atch To & S Fe (10).. 59 Atl Gulf & W Ind(1). 4614 Atl Refining (12). 31% Atlas Stores (1) 78 Atlas Powder (4)... 101 Atlas Powder pf (6). 176% Auburn Auto (j4)... 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 24% Baldwin Loco (1%). 110% Baldwin Loco pt (7). 1 63 Bang & Aroos (3%) 20'% Barnsdall. A (2). 671 Beatrice Cream (4).. 4% Belding-Hemingway 82% Bendix Avlation (2). 31% Best & Co (2) 91% Bethlehem S 34% Blaw-Knox (1%) 60' Borden Co (k3). 327 Borg Warner (4). 13% Briggs Mfg Co...... 243% British Em S 1st pf. . 63 Bklyn-Manhat (4)... 847% Bklyn Man Tr pf (6). 53 Bklyn&Queens pf(4) 131 Bklyn Union Gas (5) 14% Bruns Ter& Ry 8.... 3314 Bueyrusev pf (2%). 107% Bucyruspt (7). a ° S RuBeReE canan 297% Bullard Co (1.60). Burr Add Mch (1)... Bush Termnl (2%).. Butte Cop & Z (50¢) . Byers (AM)........ 65% Calif Packing (4).... 60% Calumet & Ariz (6).. 16'% Calumet&Hec(ad3). 19 Campbell Wyant (2). 57% Canada Dry G A (5). % 187% Canadian Pacific(10) 1924 Case (J I) (6) 54 Catrpillar Tra 20 Celotex (3) 23% it Aguir; % 51% Cerro de Pasco (6).. 9 Certain-teed Prod... 36 Checker Cab (4.20 63% Ches & Ohlo Corp (3) 11% Chi Great Wi 34 Chl Great Westn pf. 18 Chi Mil StP & Pac 31% Chl Mil StP & Pac ptf. 17% Chi Pneu Tool.....s. 109 ChiR1& Pac(7).., 26% Chi Yellow Cab (3). .10 53 Childs Co 12.40) 51 Chile Copper (33%)... 301 Chrysler Corp (3) 40% City Ice&F (k3.60).. 7% City Stores (50c. 30 Cluett-Peabody (5 1334 Coca-Cola (6) 59 Colgate-Pa 14% Collins & Atkman 36% Col Fuel & Iron (2). 69 Col Gas & El (2) 23Y% Colum Graph((a87c) 128% Columbian Carb (16) 23% Comm Credit (2). ..., 31% Comm Credit A (3). 22% Comm Cred pf (1%) . 36% Comm Inv Tr(g1.60) 89 Comm Inv Tr pf 63.. 25% Comm Solvents (1) 12% Comwith & Sou(60¢c) 99 Cmwith & Sou pf (6) 13% Congoleum-Nairn. .. 67 Consol Cgr pr pt 63, 6% Consol Clgar pf (7)., Consol Film (2)..... 18 * Consol Film pf (2).. 96% Consol Gas N Y (4). . 99'% Consol Gas NY pf(5) 1 Consol Textile...... 12 Container(A) (1.20). 27% Contl Baking (A) 4 Contl Baking (B).. ‘78% Contl Baking pt (8) 50% Contl Can (2%).. 23% Contl Dia Fibre (3) 4% Cream of Wht(123). 10% Crosley Radio (1)... 15 Crown Zellerbach (1) 75% Crucible Steel (k5). . 110 9 CubaCo....... 6% Cuban-Amer Sugar. 41% Cudahy Packing (4). 113 Curtis Publish (163%) 6% Curtiss Wright Corp 13% Curt Wright Corp A . 64 Cutler-Hammer(3%) 28% Davison Chemfeal... 117 1611 Delaware & Hud (9). 60 Denver & RG W pf.. Diamond Mateh (8). Dom Stores (31.20).. 77 Drug Corporatn (4). 27% Dunhill Intl (34) 97 Duplan Silk pf (8), 1121 Du Pont de N (14.70) 175% Eastman Kodak (18) 241y Eaton Axle & S (3).. 81 Elec Auto Lite (6).. 43% 102t 146% 265% AT Crueible Steel pt (7). 10s 10 08 6 3 37 e 2 4 24 1 60 9 1 Deere & Co pf (1). .. 3008 1 14 1 17 8 11 . 108 15 8 70 106% El Auto-Lite pf (7)..100s 43 Electric Boat....... El Pwr & Lt (1). 106% El Pwr & Lt pf (7).. 10715 Endicott-John pf (7) 39% Eng Pub Serv (31).., 39% Equitable Bldg (3%) 43% ErfeRR........0.0, 18% Evans Auto Ldg 3%. 12 Fairbanks Co pf. 34% Fairbanks Mor: 321 Fed Wat8, A 29 Federated Dept Stri 65% F'id Pho Fire 1(2.60). 21% Firestone T&R(1.60) 50% First Nat Strs (234). 2 Fisk Rubber. 95% Florsheim Sh pt(6). . 60% Foster Wheeler (2).. 15% Foundation Co. 16% Fox Film (A) (4)..a 38% ¥reeport, Tex (16).., 141% 145 5215 100% 4 105% 9074 2 110 2112 Pisk Rubber st pf. . 1308 2176 .3 60 46% 185 - 55% % 28% (285) 1104 105% ~Prev 1930.~ High. Low. ™ 111% Tt 3814 48 314 99 494 25% 100% 101% 61 95% 1% 611, 183 1061 44r, 110% 93%, 6% 0% 28% 12 51% 44T 11% 46'% 134 39% 8014 1% Stock and Dividend Rate. Gardner Motor...... Gen Am Tnk Car(34) Gen Cab Gen Cigar (4). Gen Clectrie (1 Gen Elec spec (60c) . Gen Food Corp (3).. Gen Gas&E (A) new. Gen G&El ev pf(6) ., Gen Ital Eds (a2.62). Gen Mills (3) Gen Motor Gen Motors pi ‘ Gen Out Adv(A) (4). Gen PublicSve (b6).. Gen Ry Signal (6)... Gen Realty & Utll. .. Gen Real & Ut pf(6). Gen Refrac (t4%4)... 1 +3.30).. 103 £ (7 Sales— Add 00. Bigh. 4% 106% 7 8 1 16 3 28 4 12 Gen Theat Equip vte. 109 Gillette Sat Raz(n5). Gimbel Bros. Glidden Co (h2) Gobel (Adolf). Gold Dust (234)..... Goodyear Tire (5)... Gotham Silk H (2%) 4 Gould Coupler. ’ Granby Copper (8).. Grand Silver Strs(1) Grand Unfon. . Grant (W T) (1), Grt North pf (5). Grt North pfet (6).. GtNctfsOP (a3%). Grt West Sug (2.80) Grigsby Grunow.... Gulf Mobile & North Hahn Dept Store 21 1 Hanna pf (new) (7). 1008 Har Wkr Havana Elec Ry, Hayes Body. .. Helme (Geo H) (7). Ilercules Mot (1.80), Hercules Pow pf (7). Hershey Choc (b). .., Holland Fur (et2%). Hollander Sons. . 5 Houdaille Her B(3). H'hold Fin pf (13%). Houston Oil (b10%). Howe Sound (t434).. Hud&Man Ry (3.60). Hudson Motor (5). # Hupp Motor Car (3. Illinois Central (7).. Independ O11 & G(2). Ind Motor Cyel Indian Refining. Indian Refining ret Ingersoll-Rand (45). Ingersoll Rand pf(6) Inland Steel (4)..... Inspiration Cop (4).. Insurance Sh (45¢) Interboro Rap Tran, Interlake Iron (1). Intl Agricultural Intl Bus Mach (n 4 Intl Carrier: Intl Cement Intl Combustion....: Intl Harvester (234). 4 Intl Harvester pf(7). Intl Hydro E1 A (e3) Intl Mateh pf (4).... Intl Mer Marine (1).. 4 Intl Nickl of Can(1). Intl Pap & P (A)2.40. Intl Salt (6). Inter Dept Strs (3).. Investors Equity(2). Island Creek Coal(4) Johns-Manville (3).. Jordan Motor Car. Kan City Sou (5) Kelly-Spring Tire.,. Kelvinator Corp. .... Kennecott Cop (5)... Kinney (G R) (1)... Kolster Redio. . Kraft Ph Ch (1%). Kraft Ph Ch pf(63%4). Kresge(SS)Co(1.60) K &Toll (1.34) Kroger Gr&Rak(n1). Lambert Co (8)..... % Lehigh Valley Coal.. 85% 84 3% Leh Val Coal of (3).. Lehman Corporation Libbey Owens (1) Liggett & Myers(15) Ligg & Myers B(15). Lima Locomotive. ... 50% Lot 16% 8 384 28 61 6514 159% 125 665 145'% 12 40 68% 49% 16% 72 6% 234 Th 324 124 50 4674 5 22 Ludlum Steel (2)...v McKeespt T P(t43). Mack Trucks (6).... Macy (RH) & Co(n2) Maliison & Co. . . Manati Sugar pf.... Man Elec Supply. Man Elev mod (d5).. Man Shirt (2) Market St Ry Marmon Motor (h2 Mathieson Alkil (2 May Dept Strs (n3) Melville Shoe (2) Mengel Co (2). Mengel Co pt (7 Mexican Seaboard. Miami Copper (4). Michigan Stl (m2%4) Mid-Cont Petm (2)., Middle States Ofl et.. Midland Sreel (3) Minn Moline Pwr. M StP & SSM pf. Mo Kan & Téxas, Missourl Pae pf (5).. Mohawk C Mills (3). Monsanto Ch (g1%). 4 Montgom Ward (3).. Moon Motors. ....... Morrell & Co (4.40) .. Mother Lode (40c). .. 4 Motor Meter G & El.. Motor Products (2).. Motor Wheel (3) Mullins Mfg. . Murray (bz%stk). sh Motors (6 Nash, Chat&StL (7). Natl Biscult, n(2. Natl Cash Reg.A(14) Natl Datry (32)..... Newton Steel (3) N Y Central (8)... N Y Chi & StL pf(6). N YN H& Hart (6).. NYNH&HDL (1), N Y Raflways pf. Norfolk & Wn pf North Am Aviation, . North Am(b10%stk) North Am pf Oliver Farm Equip.. Oliv Fr Ea cv pt(3). . Oppenheimer & Co pt Otis Elev. n(2%).... Outlet Co (4).. Pacific Gas & E1 (2). Pacific Lighting (3). Packard Motor (1) Pan-Am Petm (B) Panhandle P & R Param’nt Publix (4). Park & Tilford (13).. Park Utah. 5 Parmeles Trans 134, Pathe Exchang v Pathe Exchange (A) Patino Mines. ....... Peop Drug Stra(1) Pere Marq pr pt (5).. Phelps Dodge (3). Phila Read C&1.... Philip'Morris (1).... 4 Phillips Petrm (n2)., 100 Plerce-Arrow pf (6). Plerce Oll........ Plerce Petroleum, Pillsbury Flour (2 2 9 127% 26% 8% 19% £Continued on Page 14.) Prov. Low. Close. Close. 4% 104% 56 31 59 101% 53 79% 1% 581 14% 925 4% 104%, 56% 33% 59 101% 53 238, 54y 97% 44% 19% 127% STAR, WASHINGTON. D. -C, SATURDAY, ‘MAY 10, 1930 FINANCI AL ® A-13 4% 14 | the business outlook. The weekly trade s [Sure on Friday and on the apparent ‘IMarket Shakes Off Hesita- 4 | tric, Public Service, American & Foreign { | Traders were more impressed by the STOCKS N UPTURN AT SHORT SESSION tion After Opening and Scores Gains. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 10.—A broad up- | ward movement under way soon after today's opening carried prices for lead- ing stocks up to_the highest since the recent break. Trading was not in es- pecially large volume, but it was marked by a more confident tone than any- thing seen earlier this week. The upswing was led by the electric stocks and by the public utilities, but it was not confined to them. All grades of stock participated more or less, ex- cept the rails, and these were not weak, but merely inactive. General Electric, which had lagged behind Westinghouse Electric of late, was taken in good-sized blocks at rising prices, while Westinghouse ran up some 4 points. Then attention turned to the utilities, where Electric Power & Light | was the leader. This, it will be remem- bered, was the stock that took a 13- point nose dive in one of the weak ses- slons. It was up 6 points in the first hour today on a combination of short covering and new buying. This demon- stration was followed by sharp advances in Columbia Gas, Standard Gas & Elec- Power and other typical issues in this part of the list. Various industrial specialties devel- oped strength. Food stocks were bid up again, including Corn Products and Borden, Amusement stocks were in de- mand under the leadership of Warner Bros.’ Pictures. High-priced issues, like J. I Case and Eastman Kodak, ran up for substantial gains and, more influ- ential &s to sentiment, United States Steel sold at a new high on the recovery as it crossed 172, The speculative feature was radio, which retraced its steps, passing the 50 mark, up almost 9 points from its low of Monday. Copper stocks made & new top on the movement, although the gains here were mnot large. None of this strength could properly be ascribed to any real change in reviews were only mildly optimistic. way in which stocks had resisted pres- drying up of liquidation. It was felt not only that the business depression had been fully discounted in the mar- ket, but that stocks had been over- sold and were due for a rally. $2,000,000 LOSS OCCURS IN BROKER FIRM FAILURE By the Assoclated Press. ST. LOUIS, May 10.—Losses to stock- holders and creditors in the recent col- lapse of W. H. Young & Bros, Inc., brokerage firm, which operated more thw 60 offices in 15 States, will exceed 00,000, according to an audit filed late yesterday in Federal Court by F. E. ‘Williams, Federal receiver. ‘The report showed that the public holds $1,703,350 of preferred stock of the Young company and its two sub- sidiaries, the Midwest Holding Co. and the Industrial Holding _Corporation. ‘This stock was held to be worthless. The auditors reported they found 0.5 of the company so tangled and incom plete that they were unable to stats the exact. condition of the firm. The company was thrown into re- eeivership last March when it failed to pay its 12 per cent dividend per month on its preferred- stock. ‘W. H. Young, president, and his brother, Fred C.. Young, vice president of the brokerage firm, face prosecution in Barton County, Mo., under the State blue sky law. They also are under oonds here to fact any charges that may be filed and are under investigation by Post Office officials. Corporation News NEW YORK, May 10.—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. The Department of Agriculture’s es- timate of Winter wheat production, based on condition of the crop May 1, is 525,070,000 bushels. This is £3,000,- 000 bushels below the actual 1929 yield, and, with the exception of 1925, the lowest for any years since 1917. These figures were awaited with a considerable amount of interest, insomuch as it is believed that the extent of the expected recovery in business in the second half of the year will be governed largely by the trend of agriculture. If new crops are of a size favorable to higher prices, the chances of marked trade expansion will be excellent. Conversely, if yields are sufficiently large to depress values further, general business will be af- fected. Bank clearings for the week were larger than in the like periods of either of the two preceding years, because of heavy settlements in New York City. Total at 23 leading citles was $12,254,- 323,000, or 5.3 per cent above a year ago. At New York City clearings to- taled $8,708,000,000, & gain of 8.6 per cent over 1929, while aggregate for principal centers outside of New York was $3,546,323,000, or 2 per cent below 1929. Department store sales by 520 stores located in leading cities were 8 per cent I than in April 1929, according to reports to the Federal Reserve System. ‘The increase reflected in part the late Easter business, which was in March a year ago. Comparison of sales in March and April, taken together so as to include the Easter selling in both years, shows a decrease of 2 per cent from 1929. The Companies. Addressograph International earned 89 cents on common stock in March ¢ qulll::r. against 73 cents in like 1929 000, against $35,600,000 on March 31, " 19: 1w | per cent; eriod. » American ‘Telephone & ‘Telegraph transatlantic telephone rate lowered by $15 for first three minutes and $5 for each additional minute; effective May 11, 1930. Chicago & Alton Railroad April net operating income $12,209, against $184,- 162 year ago; four months’ net $237,- 524, against $1,061,974. Chrysler Corporation introducing new ane‘ggsl’lymoum cars; price range $590 Coca Cola International earned $1.82 on common stock in March quarter, against 60 cents in like 1929 period. Denver & Rlo Grande Western Rall- way protective committee organized to enforce payment of the five-year back interest on General Mortgage 5 per cent bonds. Claims interest has been earned and in accordance with mort- llg)efl should have been paid. minion Stores sales 5 weeks to May 3 up 1.43 per cent; sales 17 weeks to May 3 up 1.38 per cent. George A. Fuller Co. uncompleted contracts March 31 totaled $31,000,- 9; have taken about $8,000,000 in new construction in past 5 weeks, Granby Consolidated Mining, Smelt- ing & Power copper production in first quarter total 11,001,437 de, ter 1929. Hayes Body had deficit of $106,605,- in March quarter. sales ‘? 45 four months’ sales 9.2 per cent above year 8go. tion of copper in fi 39,699,763 pounds, compared wit) against 14,904,806 pounds in first quar- MacMarr Stores A Nevada Consolidated Copper produc- pounds in like perludplnfi. s Earned 46 cents on common stock in March quarter, before depletion and Federal taxes, against $1.38 in 1920 period. SWEDISH FARMER BOY RISES TO HIGH GOVERNMENT POST ~ SHIELDED BY SOVIET By the Associated Press. Brought to the Department of Agriculture by Secretary Jardine to do a special piece of work in economics, Eric Englund proved so useful that he was kept as a special assistant. Now, under Secretary Hyde, he has been named assistant chief of the Bureau of Agricultural Economics. Englund was born on a farm in Sweden in 1893. He came to the United States as a _small boy and engaged in farming in Texas and Oregon. He has a B. S degree from the Oregon Agricultural College and an A. B. from the University of Oregon, and has had graduate work at the Uni- versity of Wisconsin, University of Chicago and at Harvard. Since September, 1928, he has been in charge of the division of agricultural finance, the activities of which he will continue to direct. Oil Stocks BY GEORGE T. HUGHES, (This is the twenty-first of a series of brief analyses ‘Hughes: b the princi stoc] Tecommend the purchase pariicular stock. but to gi Such information as may enable inteligently to chart his own course.) Said to be the largest manufacturer of gasoline in the world and one of the leading_organizations in the petroleum trade, Standard Oil of Indiana reported for 1929 the highest net income in its history. Reduced to a share basis, net profits applicable to the capital stock werc equal to $4.66 per share. The net income in the statement of 78,499,754 compares with $77,337,166 for 1928, which was & record up to that time, but in the latter year revenues included an extra “cash dividend of $21,821,870 from Midwest Refining Co., a wholly owned subsidiary, whereas in 1929 the extra dividend from this source was only $3,118,065, so that last year's results were really more favor- able than appeared on the surface. ‘This increase was effected in & period of depression in the ofl trade and testi- fies to the great strength of the com- pany. The larger profits came partly from a greater volume of sales and partly from larger returns from invest- ments. The balance sheet as of De- cember 31 last revealed the usual strong position in that all current la- bilities totaled $48,444,029, and against this the item under current assets of “cash, Government securities and mis- cellaneous investments” was $122,- 692,248. Standard Oil of Indiana has no di- rect funded debt, but it guarantees, in effect, jointly with Sinclair Ofl, $42,- 000,000 of Sinclair Crude Oil Purchas- ing 5'; per cent notes maturing in 1938. There is only one class of stock which is of $25 par_value. The present dividend rate is $2.50 annually plus ex- tras. Standard Oil of Indiana holds about 80 per cent of Pan-American Petroleum common and class “B shares. The stockholders recently ap- proved an increase in authorized capi- tal stock from 18.000,000 shares to 20 000,000 shares to provide for expansion. Taking the regular cash dividend only, the stock sells in the oven market to yield between 4 and 414 per cent, which is reasonable for a Standard Ol stock. The records show that patient inves- tors in the stcck of this group have al- ways been rewarded, although they may have had to see the market price of their security temporarily depressed in the meantime. AMERICAN TELEPHONE EARNINGS COMPARED The latest American Telephone & Telegraph report to the Interstate Com- merce Commission says: 1930 1929 $9,978,675 $9,440,751 3,179,205 3,460,308 28,950,824 27,579,777 March gross Oper. inc. ..... 3 mos. Gross..... Oper. inc. WINTER WHEAT CROP By the Associated ‘:;. i abon il is year's Winter Wl , indi- ok by May 1°conditions as being 525.~ 700,000 bushels, compared with 578,336 000 bushels a year ago and 550,636,000 bushels the 10-year average production, was announced today by the Depart- ment of Agriculture for important pro- ducing States, with the conditions on May LS LON: Indicated Condi- production, ~ tion. 20.646.000 & State pennsylvania . hio .. Kansas . Oklahoma Texas . Washin Shiffornta i First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Real Estate Loans Made Money to Loan deed of trust on real estate '“'m lu:- 'Illfir!l! and commission. Joseph I Weller 90"t First Mortgage Loans In "‘"“'&‘,‘f-\""’,‘““’ and Commonwealth [nvestment Co., Inc. 806 15th St N.W. Phone National 3483 Mortgage Lean Corres, The Prudential Insurance C of America New York Title and Mortgage Company With Capital Funds Over $63,000,000 issues owners’ and mortgagees’ policies of title insurance on real property in the District and nearby “counties of Mary- land “and Virginia and underwrites certificates of title issued by Capitol Title and Guarantee Company + Chandler Building Washington, D. C. Prompt Service Courteous Attention 9,401,066 10,780,200 | __ERIC ENGLUND. _ INCREASE IN NET. Seaboard Utilities Shares Corporation reports total net income from March 20, 1929, to April 23, 1930, of $1,178,092, after deduction FPederal taxes and expenses, which a gain of $277,386 since February 3, 1930. PROPERTY Apartment House 'RUSSIAN FARMERS Peasants Urged to Plant Crops. Terrorizing Tactics to Be Discontinued. Special Dispatch to The Star. RIGA, May 10.—To induce the peas- ants to resume work in the fields, the Soviet government has just issued & new decree prohibiting any terrorizing tactics, according to Moscow reports received here today. The decree admits that Soviet tri- bunals often have sentenced peasants to death without conclusive proof of their guilt, as a result of too active Communist pressure on them. The order also suspends all sentences im- posed in the last month for unreturned wheat seed, untilled flelds and.untrans- ported lumber. During the last six weeks there has been scant sowing of crops in Soviet Russia, despite fair weather. In no district has there been sufficient plows, sowing machines and tractors, while seed itself is also lacking, par- ticularly in the Moscow district. In more than half of the grain area the Soviets must rely on the individual farms for the crops, yet these later in sowing even than the collective farms because the peasants were not sure which land was theirs and which was collective, (Copyright. 1930) p Unemployment in Finland is increas- Ing. MANAGEMENT Men with large interests in store and factory enterprises will, because they realize the necessity, secure the most thor- oughly experienced managets for their various departments; _yet, without any thought or hesi- itation they entrust the care and management of real estate worth thousands of dollars to persons who lack experience and are incapable of securing the maximum results to be de- rived therefrom. We can obtain thé best re- sults for you. B. F. SAUL CO. 925 15th St. N.W. M ORTGAGE Nat’l 2100 L OWA- NS S'A F.E BER ST gages 0 Over a Third 8% of a Century Without a Loss National 2100 THERE EXAMPLE OF GREAT INSTITUTIONS —and you will adopt first mort- are sound and secure, with defi- nite assets back of them. have this strong appeal of safety and liberal interest—which the big institutions must have for their millions. You have the same protection. May be purchased in amounts from $250 up. B. F. SAUL CO. IS NO . SUBSTITUTE FOR MORTGAGES FOLLOW THE for an investment. They Our FIRST MORTGAGES 925 15th St. N.W. AFETY Sitdes of Iron GUNS were thundering in a famous sea-battle of the War of 1812. The British warship Guerriere hurled its largest, most powerful missile at the American frigate Constitution. The shot merely touched the side of the ship—then sank into the water. The crew in their joy ecried out, ‘‘Her sides are made of iron!’’ From that moment the frigate Con- stitution was known as ‘‘Old Iron- sides.” The famous ship truly earned her name when she withstood the enemy’s powerful broadsides. On the sea of finance there are at- tacks and bombardments similar in fury and destructiveness; and the 6 per cent First Mortgage Notes issued by Swartzell, Rheem and Hensey Com- pany have also in their 61 years of issuance withstood attacks of business depression, panics—all kinds of fi- nancial bombardments. They have always remained exactly at the price paid for them and no holder ever lost a penny in either prineipal or interest. You may obtain these Notes in de- nominations of $100, $200, $500 and upwards. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N.W. _ WASHINGTON D.Co /¢