Evening Star Newspaper, May 23, 1930, Page 13

FRIDAY, MAY 23, 1930, STOCKS IN ADVANGE|3 CONGERNS LIFT® AS SHORTS COVER QUARTER EARNINGS Many Issues Marked Up Dur-IReports of 345 Companies with GREATeST ANNUITIES Sena tor Intormation LEROY GOFF INSURANCE—ALL 1006 Woodward Bids. Nat. STEAMBOAT STOCK EXCHANGE LEADER) .z JAMES Y, PENNEBAKER Net.5201 1520K St N.W. —t Bales— Add 00. miwh. Eleo lllrln ht (‘) . l‘ u Demand for 100 Shares| e % Sends Price to 266—Capital . Traction Drops to 70. BY EDWARD C. STONE. Capital Traction stock sold_down to 70 on thl ‘Washington Stock Exchange it closed at 70%. The day's turnover mvolved 110 shares. Norfolk & Wash- - turnover. The rights were not out. National Bank of Washington _stock sold at 255, Carpel Corporation _regis- tered 26Y%. In the unlisted depart- ment 11 shares of Chapin Sacks 8 per cent preferred mov- ed at 10512, & ‘The rest of the Wash. Prances M. Pearce. ent. = n Gas 5s, Potomac Electric Power 6s and Capital Traction 5s moved around recent levels. Miss Pearce Ambitious Banker. Miss Frances M. Pearce, who won the Institute Essay contest, which is spo! sored by the l’:’)htrlct Bankers' Assoc! loyed moved its offices to Boston. been working since the age of 14, Somrcl o Lnd-an cademic ege, and_an ecurle in the District Evening High mn Pearce helped insugurate & new business extension nt in_ the Federal-American and is highly enthu- e anged the oon ness proj e & " vention of the Financial Advertisers’ Association at Atlanta last September T and read a paper at the “our best bet’ whlch E:nper was considered one of the best “This is not the first essay contest that has ‘was chosen eleuly shown in winning of this contest in which t,lure ‘were 29 contestants. Holdings of Bills Increase. The - consolidated statement of con- banks Member banks mu dedsned $5,200,000 and note circulation °$12,200,000, Government while $24,300,000. Total bills and securities were $11,600,000 above the amount re- Commis- ake & Ohio issue $18,152,400 of com- w sell in addition stock. gxnhwrlptlon lt par to common stock- 1de mmefinbemldmmuhoum 8s of a record dal determined htammntholmm!or every four shares held. North American Assets Higher. ‘The statement of North and flwd.llflu $940,453, 'lf.h MI 416.”! on xd‘lm total surplus of u!l 727,405 assets Convention Plans Announced. Prank M. Perley, recently elected lo- presiden istration, bonds and lnvemnenu, busi- ness deve]opment and advertising, checks and collections, credits, foreign trade and foreign exchange, savings ‘The aationsi public. speaking national public_speal contest for $1,000 in prizes and the national de- bating contest are two of the high lights for evening sessions. The day sessions will be glven over the depart- mental conferences touching every hase of banking. About 50 local chapter members have ‘been elected to attend the convention but the axact list of delegates is not yet made up. Heard in Financial District. ‘The North American Co. announces that plans are under way for another addition to the Benning phnt of Po- tomac Electric Power Co. Wuhl ton. The new addition will house turbo-generator of 30,000 kilowatts pacity with boilers and auxiliary ment and will increase the plant's ca- plcny to 208,000 kilowatts. the recent final examinations in the educational gton Chapter, Ameri- can Institute of Banking, Miss Mary Chadwick of the Washington Loan & Trust Co. turned in a perfect paper, ing with a grade of 100 per cent. Henry Ford tops the list of business leaders whose ideas on one or another phase of the march of industry are pre- sented in the June number of Nation's Business. Mr. Ford philosophizes about the in- dustrial possibilities of Russia, to the advancement of which he is lending aid and support: He believes that work will keep Russia sane and that a busy bolshevist, is bettey than an idle swindles ving §: Teady been detected this year in York. Of this amount only $1,000,000 has been recovered. BANK CLEARINGS. NEW_YORK, May 23 (Special)— New York ‘, $145,000,000, 150% 118 Alr Reduction 38 Alr Wu T1 A’(l“)- 2% Ajax R Albany Wrap Paper.. Allegheny COrp... .. Alleg Cp w 330 w 5% Alleg Cp w $40 w634, Alleg Cpx 330 w lu . Am European Secur.. Am & Forn Powe Am&Forn Pwr 3d pf. Am Hawaiian 88 (3). Am Ice (14.20)..... Am Internatl (3). 3 Am Mach & Fy pf(7). lflsn Am Metal (3). pf (! Am P&Lt bt A at(5). Am Ra&Std San 1%.. Am Rad & § S pf (7). ‘Am Republici ‘Am Rolling Mill(n2) tng (3)..00m Am Tel & Teleg (9).3 Am Tobacco (8)....3 Am Tobaceo B (8)... An 'A‘n» Fdy of (1) or Wks (n1), An wn Wast [2I0N Atch To & SF pf (i). Atl Refining (12)..e Atlas Powder (¢) . Atlas Stores (n1)... Auburn Auto (§6).ce Autosales. Auto-Strop Saf nm Aviation Corp of Baldwin Loco (1!) Balto& Ohio (7) 3 annpadend o L= T 36 Blu'thal & Co pf (T) 20! Bohn Al & Brass (3). 1 y Trk Bklyn-Manhat (4)... Brooklyn & Qllmll. l!ufl‘ Whul 'l)¢ . Buff & Susque pf (I)- » Se 2a$’ 656% Calif Packing (¢). 50% Calu: & Ariz (l)o- 16% Calumet&Hec(al% ). 19 Campbell wyent 3). ....?..?::....._...g - 198 ] S 8 o aaBpba [ o seBudSearvinnmnneSTuenaSannn 36% Col Fuel & Irom (). 69 Col Gan& Bl (3) 23% Colum Graph (a2c). 128% Columbian Card (16) 28% Comm Credit (3). 22% Comm Cred pf (1%). 76% Com Credit ist (6%) 0) (31) 12% Comwlth & lou(“a) Cmwlith & Sou pf ¢ - > & 67 Consol Cer pr pf 6%+ ao. 2 156% Consol FMlm (3 18 Consol Film pt (3) | Slflt Consol Gas N Y (4).. 204 9 Consol Textile, . 27% Cenmtl Blkll‘ (Adise 4 Contl Baking (B 78% Contl Blliu pL (8] 50% Contl Can (2%) - 23% Contl Dia Fibre (3). 68 Contl Insur (3.40) 4% Contl Motors. 19% Contl Ofl of De! 27% Contl Shares (1) §7% Corn Prod (13% ). 59 140 Corn Prod pf (7)....100s 24% Coty. Ine (k2).. 2 25% Cream of Wht{13¥ ). 9 Crex Carpet 10% Crosley Radlo (1) 3% Cuba Cane Products.. 63 Cuban-Amer Sugar., 6% cnmbu Steel lll).. 41% Cudahy Packing (4! nlu 114% curu- Publish pt(n. Curtiss Wright Corp. 13 lm 18% Curt Wright Corp A, 6 1 1 1 26 2 6 3 1 pt (l)... lNl (3%) Do ) Drug Corporlln (4). 43% 27% Dunhill Intl (34). 145% 112% Du Pont de N (1. 255% 176% n:.un- 16 1 6 6 £l 13 1 19 10 63 k] 2 26 20 13% Evans Auto Lag 3’ 34% Fairbanks Morse (3) 24 14% Fash Park Asso. 99% Gen Am Tnk Car(3 nm Gen Asphalt (4 Gen Am Inv pf (6) 32% Gen PublicSve (b6).s 85% Gen Ry Signal (§ Cast pt (03} 39% Gen 'l'l-‘ Equip vte, 80% Gillette Saf Ras(nb). 62 20 15 70 3% Intl Carriers Ltd (I)- 1 Ma May D-n Stre (28) oo % Maytag Co pf (3) %fll 27% m .lh NUn‘AII 10 % 86% 51 105 100% Goodyear Tire ¢5)... Goodyear 1st pf (7).. Gotham Silk Hoslery Gotham S H pt (7) 3 EETE arcnRunnans Grt West Sug (3.00), Grt West Sug pf (7). lo- Grigsby Grunow.... 370 Hackensack W (1%) m- P Hahn Dept Stores. .. Hahn Dept 8 p£(8%) 1 Fanza pt (new) m. 108 ar Wkr Ref (13 7 y. Hercules Mot (1.8 ‘Hershey Choe (§). Hershey Choo pf(? Hershey Ch pr pt(6). Hoe (R) & Co. ey Holllllfl Fur (e11%). Hollander Sons. l!ouflll“l Her B(3) 1‘ Househld Fi pf 13% Houston Oi1 ). Hupp Motor Car (3) e Independ Oll & G(3)« Ind Moter Cyel Inspiration Cop (3)ea Interboro Rap Tran.. Intl Cement (4). Intl Combustion. Intl Comb Eng pf. Intl Harvester (3% ) . Intl Harvester p£(1), Int] Hydro El A (e8), Int] Match Df (4)e.en Intl Mer (1)e Intl Nickl of Can(1), Intl Nick. Can pf(7).. itl Pap & P (A)! 8uu-n~u-—==—u e - Se ~85- - 1 Inter Dept Strs (I) . l::ll'l'fl (14) K CPaL1st pf B .)‘ Kan City Sou pf (4).. Klynr Julm.’!‘fl. . Rnllr-lvfl::li of. Kelsey Hayes (3)... ewp Kl.ll" (QR ) '! ll). Lambert Co (8)....0 Leh Port Cem (2%) w Lehigh Valley Coal.. o H 8 151-1% {-{opaers - 8g0. % | **Loutsiana Ofl Refinin MQABGAI‘(" 5). « MeKi ( Ol)s LTy - Maytag Co (12), Roonia Maelville Shoe (3). ox) 8 Miami Cepper (4). Michigan Stl (m3%) Mid-Cont Petm (3).. Middle States O1l ot.. Midland Steel (3) .. Minn Moline Pwr. ..y Mo Kan & Tex (1)... 22 Mo Kan & Tex pt(1). 4 Missouri Paciflo..... : 4 7 [aalBel Missour Pac pt (5) e Mohawk Carpet....e Monsanto Ch (g1 ;A Montgom Ward (3)«y los Motor Whe: Murray (b2 % stk Nash Motors () B50% 177 Y 1081 109% 248 240 1 116y 118 &pptnl. o H e 10 ion” doam otk & Wa'f (4), 708 [ 86 86 9% North Am 28 11 11 11% 5 38 11 116x 11 % 118 Amerpt(3).. 3 854 Norih AmEapt (b 1 100% 100 105 108 T (Comtinued on Pemm 108 — Bimusibems ing the Day—Gains Are Substantial. BY CLAUDE A. JAGGER, Associated Press Pinancial Bditor. Show Smaller Incomes Than in Same 1929 Period. Special Dispatch to The Star. NEW YORK, May 23.—Although ag- tion | gregate net income for the 345 indus- Y’ and the bear element folded and left the fleld. The market shook off its recent apathy, but moved for- ward with considerable restraint. ption of the advance appeared ‘Resum] 56% [ to be based primarily upon the grow- ing conviction in s that the market had reached an over- sold position, as the resistance met by efforts to depress prices yestgerday seemed to indicate. Gains of 2 points or more in leading utilities and indus- trials were common. The day’s business news was scarcely of a character to inspire any violent bidding up of prices, but the feeling is growing in Wall Street that the cur- rent depression will have run its course by late Summer. Furthermore, an- nouncement that $82,500,000 in repara- tions bonds will soon be offered here ‘was regarded as a clue to the improved wm of the stock market. While a run-away bull market would undoubted- ly detract funds from the bond market, & weak stock market would also tend to impair confidence and hinder suc- cessful flotation of this issue. Some of the business reviews coming to hand at the end of the week ex- pressed restrained optimism. The Busi- ness Week reported that “basic indus- trial activity is being sustained some- what above: seasonal levels,” although F.raenl trade lags a little. The weekly 1 -Reserve condition statement showed that the system was again sup- porfi!l‘ the bankers’ acceptance market. The brokerage loan tabulation dis- clo.ed » met increase of $8,000,000, but contractfon of loans for |343pS ofin Despite & somewhat better tone in the whut market, commodity prices, while ps dragging bottom continued to IM' mnemement. Bteel scrap prices ‘were again cut 25 cents & ton at Chi- cago, making reduction of 50 cents to $1 for various sorts of scrap this week. The Annalist weekly wholesale price index showed a decline of about %; of 1 per cent from the previous week. Rail- way operating income reports for April continue to show some improvement over March. News Trend. ‘averages showed l week. The prices s:vup recording ranging from 1 point for knflu to 2.9 points for miscellaneous. It is pointed out that the statistical position of a number of commoditles, including silk, , an- thracite, steel and rubber, 'g:u little cation for the belief t prices ve touched hottom. pfll rallroad earnings _statements thus far- released show some indication 94 |of improvement over the previous| poCommeng months of the year. The average de- crease for all ‘carriers, - however, will plvblhly nm close to t.he levels of the onths. = April traffic was 9.3 cent below '.he 1920 month, the decllm shown in any month # Companies. American Chain tire chain business 25 per cent ahead 1929. American U unwu & anml, with have acquired eomml ‘of Amerimn Pue) & Power, which has natural gas re- serves of 200000000000 cuble (lct in Kentucky. ition gives companies control some mm extensive reserves ehst Mississippl River. Anaconda Copper Mining action on quarterly dividend of Greene Cananea Oopper ‘postponed untfl June 26 meet- S.ld'ln Locomotive Works Axffl shipments totaled $3,: 432 466; lve ‘months will approximate $14,000,000. Bragilian Traction, mht & Power April net up 1.8 per cent; four months' mllperunznbonnum Bwana McKubwa Copper ining April Pndueuon totaled 587 short tons, 5 lhol’t tons in March and Wnl Ceco mnuhcturl.n( sales in fiscal year to March 31 up 30 per cent over Pprevious year. Central R. R. of N. J. April net r cent; at mmm' off l: N cent W year Oonllnenla Motors unfilled anl ‘The % | currently exceeds $8,000,000. Davenport Hoslery Mills earned $1.03 ""um“"i'o“"a‘}‘.m"“u 13 iy Toab period. Graham-Paige Motors introduces new Graham ;g:ch eight convertible sedan; Dflee, £ Internat Rallways of Oentral America April net off 12.6 per cent; four months, 5.4 per cent below year output of fin- ished products six mont ended March 31 119,408,023 ns, against 111,- 811,322 llllonl in like previous period. Minneapolis, St. Paul & Sault Ste. Marle Ry. (including Wisconsin Cen: tral) Ap: denclt after charges, $499,- 168, lus $254,628; four months deflclt. ‘ 497,279, llllnlt $1,- 623 nnr w ‘T’um hld defldk $173,073 in erch quarter, against profit $31.- 123, or 1 cent a common share in 1929 p.;pnehll Sugar had deficit of 'IM. fg"ln ly 11 to December 2i ‘Wisconsin Central Railway April def- feit after charges $320,364, against $28, 125 year ago; four months’ deflclt. $1,- 313,022, agaifist $704,080. MINING FIRM PLANNING NEW ISSUE OF STOCK By the Associated Press. NEW Yonx ‘Mly 23.—A proposal to increase pital noek and issue 8,000,000 ln B-mr per cent con- vertible debentures will be voted on by stockholders of the Hudson Bay Min- ing & srnel!.ln’ Co., Ltd,, at a special meeting June 6. ‘The Canadian l(ln(nso&m, in which the Newmont Mining rporation has a large interest, plans to increase its thorized stock from 2,500,000 to ,000,000 shares. Stockholders of rec- ord June 7 will be effered rights to sub- scribe to the bonds in the ratio of $100 principal amount of debentures for each 50 shares of common stock held. At the annual meeting on April 15 H. Channing, director of opentuma uld ‘some additional financing would be necessary before the Flin Flon uln- m Plant, now under construction, ec'-}x:md and put on & profiucml m company was organized in e — CONSOLIDATED GAS. NEW YORK, May 23 ] dlrecwn of the Consol ueu t_Thursday, and a to the uu Nicholas F. Brady is expected to be elected. Unconfirmable reports say that Floyd L. Carlisle, chairman of the Niagara Hudson Power Corporation, will be nlmed to establish the link be- tween the wnu of New York City u}a Hudson Co., ru- Nma Carlisle became & g!'wwr o! the United Cerporation & e Ban W RN * M trial, public.utility. and raiirosd com- panies: which. have thus far reported was 20 per cent smaller in the first quarter of 1930 than 1929, 93 of these concerns were, nevertheless, able tn show increased earnings, according a reum survey .of the ‘Standard su- tistics Co. of New York. These better situated lines. include cigarette, motion food, natural electric Sioma Sanas S5aEEe Indu . Railroads Ttilities HE GENERAL PRICES. By the Associated Press. General prices continue downward as their change is calculated by Census Bureau records. Figures which follow give the index for the last week and comparable periods, based on repre- senting 1926 lVEl'IQ wholesale selling prices as 100. addition, selling prices for a eempoclu ton of steel products at like periods All clvm. Modities. Steel. Week ending May 17 8.7 $33.84 Previous week. 8.0 33.96 Same_week last year...... 95.9 3713 Money to Loan bflfl‘ i& ll‘l IM .l ‘I‘Ill .l ml .".h. l...‘rr--t REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avpiiéations | tnvited -“un-u. 80,486 423,701 M"‘n m&"h&fiu"?fim%&"&" Otlr“lll l“!‘l- IS K St N.W. Nat. 192 Tst Mortgage Notes For Sale In Denominations of $250 ) Ha E. Gladman 308 Penns. Ave. S.E. First Mortgage Loans in Amnq& Count Commonwealth Investment Co., Inc. 200 15tk St N.W. Phone National 3683 Mortgage Loan Carrespondent for Yhe Prudential l-uvmo Ce. MERGENTHALER LINOTYPE CO_ Brooklyn. N. V.. May 20, 1930. VID] A quarterly dividend of nlo upon each otune 38 256,000 shares of s pr:r outstand- "ll stock of no ybe Company. will be paid l'”-“o Ih:“nockh' flu,l‘lb n‘ :seur: e at the uainess o 4 nster Books will ‘an-elueu Mwurr msue,,,,a;'”’ \Pittsfield T Mass., - A Standard Low Premium Policy Business and Prvfeumnl Men Agent Union Trust Bldg. Frank. 6177 e ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. 64th Issue of Stock Now Open for Subscription ‘Money loaned to members on easy monthly payments Offices Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. ' B. F. SAUL CO. Nat. 2100 925 15th St. N.W. e ——————— BEN HUNDLEY, <HOOeb> TIRES 3436 14th St. NW. Adams ll“ Road Bervice—Charge Accounis Int Fint Hortnu Notes FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. Flrst Mortgage Loans On improved Real Estate in the District of Columbia and mearby Maqlnl and Virginia for 3, 8 or 10 yoar terms on your = %% Office Building Business Property Apply RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 Equitable Co-operative Bldg. Ass'n 1879 JOHN JOY EDSON, Assets. .. President eeeeass.85,723,083.61 50th YEAR COMPLETED WALTER S, PRATT, Jr., Secretary Surplus & Profits......$1,755,911.57 Subseription for the 99th Issue of Stock BeingReceived 50 per ' Save Systematically! Sane, conservative in- vesting eventually, makes & nice little estate. Come in and let us explain! 915 F ST. N.W. Moderate Charges The ways and means are various and varied. But if you wish to obtain a real estate loan with the minimum of delay and anxiety, there is only one way to go about it— put the matter in ouf hands. FIRST Over a Third of a Century Without a Loss - R L National 2100 3,50r10 YearLoans On Improved Real’ Estate IN Nearby Montgomery . County and District of Columbi Lowest Interest Rates BOSSmrHEPS Lt Corres it Jonk Hencork Hatuer Lite Insuraney 1417 K St. MORTGAGES FINANCING THE FUTURE One of the best ways to pro- vide a continuous competency for the future is to invest in our 6% FIRST MORTGAGES The fact there is no element of risk is one strong argument. That you can count upon 6% interest is another. And a third is the long-time term of the mortgages. May be purchased in amounts from $250 up. SAUL CO 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY . Metropolitan Life Insurance Company REAL ESTATE LOANS Long Term AVAILABLE ' Low Interest Rates Consuls EAVER BRO REALTORS 809 15th St. NW. Districs 9486 Mortgage Loen Correspondens Metropolitan Life Insurence Company