Evening Star Newspaper, May 26, 1930, Page 12

A—12 wes OLYMPIC GROUP SHELVES ISSUE Refer Proposal to Pay Ath- letes for Time Lost Re- ferred to Committee. By the Associated Press. BERLIN. May 26.—Anticipated fire- works over the “broken time" issue, in- volving ent of amateur athletes for time lost from work while competing in the Olympic games, falled to de- velop today in the Olympic congress. For the time being the whole issue was shelved, being referred to the commit- tee on amateurism through the diplo- matic leadership of J. S. Edstrom of Bweden. ‘The English delegation, headed by Brig. Gen. Kentish, and supported by the Prench and American delegates, has sought to have the matter threshed out in today's preliminary session. ‘Two Americans, Gen. Charles H. Sherrill and Murray Hulbert, are mem- bers of the amateurism committee. Admission of woman competitors to athletic events, as well as to fencing, inastics, tennis, swimming and skat- g contests, was recommended by the Olympic program committee. The same committee advised that the games at Los Angeles in 1932 not exceed 16 days, Including the opening day of ceremonies. Films Bring Enthusiasm. A wave of optimism over and en- thusiastic sup] for the Los Angeles games swept the delegates today in con- nection with a showing of films de- &ctmg the prospective 1932 “Olympic ty.” Surprise and delight was ex- at the completeness of prepara- ns and the apparent excellence of facilities. ‘Willlam May Garland, gray-haired American committeeman who was largely instrumental in having the Cali- fornia city selected, told the Associated the response from all countries as to the size of teams they would send had far exceeded expectations. This. Garland said, was due to the unusual t&dufiu eflect‘ed thro;x.h Lh;"oxflor? meral secretary, 3 Farmer, ‘:E rtation and living costs for the trip Los Angeles. Germany to Increase Delegation. As examples, Garland said Germany, which originally intended to send 150 picked athletes, now contemplates aug- menting this number. He said the French government hsd just voted $480,000, which would permit sending 175 to 200 athletes. The British no Jonger consider the cost & problem, he ided. “Our estimates of the costs are only onectourih to one-sixth what Buropeans | had expected them tp be,” said Garland, and Farmer 3 “What pleases. us equally is that even the smaller countries say they can arantee & splendid attendance. We nvt met the acid test of five days of solid questioning and without exception all are enthusiastic. Not one outstand- ing objection has been raised to our arrangements.” g TO CALIFORNIA THIS SUMMER? wplv‘ of “Forty Wnys! and More to c:lfluom “&oklfl‘m hel’pr your over the most scenic a wm rgll'fl with lowest fares. /Address C. N. Hale, General Agent.| ©. & N. W. Ry, 201 Franklin Trust Bldg., Philadelphia, Pa.—Advertisement. . GOING Burns’ Home Open on Sunday. After being closed to the public on Sunday for years, the Burns' cottage 8t Ayr, has just been opened to visitors on that day, in spite of many THE EVEN TALKIES HAVE MOVED TO FARM IN BIG PLANTATION THEATER Movie theater built by Howard M. Hanna, Georgia plantation owner, for his employes is shown interior (top) and exterior (below). given. THOMASVILLE, Ga. May 26— “Forty acres .and a mule” has been amended to take in the latest talkies on one of Dixie’s model plantations. It #5 owned by Howard M. Hanna of Cleveland, nephew of the late Mark Hanna. A $20,000 theater for employes, With two complete sound reproduction sys- tems which cost an additional $20,000, ves the finishing touch to what has n called the South’s finest represen- tation of plantation life of the old days, embellished with modern improvements. Called “Showboat.” Up-to-date schools, churches, play- g;)kulnds and model homes preceded the es. ‘The theater is called “The Showboat” after the musical show, and Mr. Hanna followed the boat idea in its construc- tion. Built of cypress and pine and fronting on a road near the “big house,” the entrance is the familiar gangplank, spanning a pool. Upstairs there is a “deck” outside and Weekly shows are a balcony inside. The interior is fin- ished in “pecked” cypress, so-called because of numerous small indentations. Special architects arranged the acous- tical plans. Although the theater is used frequently by Mr. and Mrs. Hanna and their chil- dren and friends, it is primarily a center for the several hundred employes, in- cluding many negro tenant families. The plantation residents are given an excellent assortment of pictures once or more a week. Subjects of educational value are featured along with those providing pure entertainment. Many Attend Shows. The theater frequently draws the socially prominent of the Thomasville Winter colony to witness nuutandh;, pictures before they appear in many the larger cities, ‘Thé estate is one of several owned by members of the Hanna family near ‘Thomasville, each of the plantations stretching 5,000 acres or more. Each is knewn as a model. MARYLAND TOBACCO PRICES. BALTIMORE, May 26 (Special).— Both receipts and sales of Maryland leaf tobacco showed increases last week, the former totaling 197 hogsheads, while 94 hogsheads were reported sold, leav- ing a stock in State tobacco warehouses of 1,613 hogsheads. Fairly good rains gave a few early crops the first chance to be set out last week. Most plants are still rather back- ward for this time of the year, but in- | creased receipts are looked for next month. *Quotations today for Maryland leaf tobacco per 100 pounds—Inferior, 7.00a 12.00; sound common, 13.00a20.00; good common, 21.00a30.00; medium, 31.00a 40.00; good to fine red, 41.00a51.00; fancy, 51.50a52.00; seconds, common_to common, 7.20; medium, 21.30; good to fine, 31.00a40.00; upper county lz\‘ngg. nominal; ground leaves, 6.00a . A foot ball kicked against an over- head cable during a game at Doria, Germany, recently, severed the wires ts. The first Sunday visitor was Molly_Brown, this year's “raillway ‘queen” of Britain. Extra Distributions Regular cash dividends are only part and threw nine villages into darkness hours. for several POWER OUTPUT GAINS. NEW YORK, May 26 (#).—The In- ternational Hydro-Electric System, & division of the International Paper & Power Co., produced 347,174,000 kilo- watt hours of electric energy, an in- crease of 13 per cent over the output in the same month in 1929. PARIS BOURSE PRICES. PARIS, May 26 (#).—Trading ‘Was quiet on the Bourse today. Three per cent rentes, 88 francs. Five per cent loan, 101 francs, 35 centimes. Exchange on London, 123 francs, 95 centimes. The dollar was quoted at 25 francs 503 centimes. ‘Warner Brothers Program. NEW YORK, May 26 (#).—Warner Bros. Pictures, Incorporated, has nounced it will' spend $20,000,000 for feature and short pictures during the 1930-31 season. First National Pictures plans to spend $17,000,000. J —_— Visitors taking cures at Bohemian watering places totaled 135,000 in 1929, of whom 5,000 were Americans. E.1. DUPONTVOTES NEW STOCK AT $80' Holders Receive Right to Buy Additional Common on One- for-Thirty Ratio of the income to be derived from a Public Ledger Bureau New York, May 19 Common stockholders o; E. I. du NG STAR, WASHINGTON, with an te value of over us.-|nm uarter of 1930 with by s 'mmd r~ b qor % the 1like | 15 per cent in the past year, but still [ holders to vote on reduction of capital Corporation News NEW YORK, May 26.—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. Dullness continued to prevail on the securities markets during the past week. ‘Volume of transactions was at the low- est level since January. Prices on the stock exchange dipped sharply on Mon- day, but losses were practically re- covered during latter part of the week. Our composite index of 90 representa- tive issues closed on Saturday at 1921, or 0.7 points below the level of May 17. The industrial group, as measured by our index, declined 0.4 points and the rails advanced by 0.3 points. Util- ities, which until recently showed strong resistance to selling pressure, declined by 5.4 points. Brokers’ loans, for the first time in°three weeks, recorded an increase. The gain was relatively small, amounting to $8,000,000, and bringing total borrowings to $4,015,000,000. Ex- planation for the increase is probably found in the requirements of bond deal- ers and banking houses. New bond financing had recently been exceptionally heavy and payments for & number of important issues were due in the period covered by the latest loan report. Transactions of this na- ture will reach a substantial total dur- ing the next few weeks, and may cause a further moderate gain in brokers’ borrowings. The official call money rate was maintained at 3 per cent with outside rate 2!, per cent. Bankers' acceptances, 30-90 days, were reduced 1% to 21582%. The important changes in the consolidated statement of the Federal Reserve banks were increases for the week of $16,000,008 in holdings of bills bought in open market and $400,000 in United States Government securities and a decrease of $500,000 in bills discounted. Reserve ratio stood at 83.5 per cent against 83.6 per cent in the previous week, and 75.9 per cent a year ago. The weekly reForts from industry re- vealed little Indication of improvement in the general situation. Freight car loadings, probably the best single indi- cator of merchandise distribution and general industrial activity, were again at the lowest level since 1924. Total loadings of 933,931 cars for the week of May 10 were 1 per cent less than in the preceding week and 11 per cent below the like week of 1929. Geographically, all regions reported reductions in loadings of all com- modities not only in comparison with the corresponding week of last year, but also with the like period of 1928. Steel production was again reduced slightly. Operations in the entire in- dustry averaged 75 per cent of capacity, compared with 76 per cent in the pre- vious week. The United States Steel Corporation maintained its rate at about 80 per cent, but the independent companies reduced their output to a shade over 70 per cent against 72 per cent in the preceding week. A year ago at this time the steel corporation was op- erating at practically capacity, with in- dependents at 93 per cent, average for the lnr&str{ as a whole at 96 per cent. In the like period of 1928 the industry’s average was 82 per cent and in 1924 75 per cent. Prices of steel products continue to decline. Dow, Jones’ average price for eight iron and steel products dropped to $47.24 & gross ton, 28 cents below the previous week. Steel specifications generally are re- ported to have fallen off, but structural awards and line pipe orders continue in good volume. Two pipe contracts ...costs D. C., MONDAY, Crude oil statistics for the week May 17 were unfavorable. Domestic produc- tion averaged 2,607,900 barrels daily, an. increase of 12,750 barrels over preceding week's average, although 35,650 barrels less than a year ago. Gain over the previous period was due chiefly to in- creases in Oklahoma, New Mexico and Wyoming. In California production was 2,700 barrels less than in preceding week, resulting from a decrease of 5,500 barrels in the Santa Fe Springs pool. Stocks of gasoline increased 117,000 bar- rels to 53,320,000 barrels. Gas and fuel oil stocks increased 55,000 barrels to 137,004,000. Copper buying fell below the record levels of the previous week, but volume was relatively large. Foreign sales to May 22 aggregated 222,000,000 pounds. This total exceeds any full month's sales in the history of the industry. Further evidence tending to empha- size the extent of the current period of recession is furnished by a compari- son of the aggregate net income for the Look vigorous hunt for MAY 26, 1930. , as well as a . Combined statements of fl’le"fi.lrfl .1':' dustrial companies for which compari- son of earnings for the past three years can be made shown an aggregate net return, for the 1930 period, only 0.5 per cent above that experienced in the first quarter of 1928, and 23.8 per cent below the record profits of 8 year ago. Subdividing this total into groups, it was found that in 12 of the 28 industries covered combimed earnings were lower than in 1938, Com- parison with 1929 reveals only six groups which were able to register gains, : Ciroups{ which sustained substantial leclines from a year ego, were still well above the ltvelsoolb;lgfll in‘ clude: Electrical equipment, earnings of which were down some 11 per cent from the 1929 first quirter, although 20 per cent above 1928; mining and smelting, with 30 per cent drop in profits from last year, but a 24 per cent advance over two years ago, and steel and iron showing a decrease of For a Mato Oba IGHTING their way through the dense African jungle, old-time copper pros- peetors cheered lustily when they came upon a clearing—and then began a a bush with peculiar brownish-green leaves—the IMato Oba. This is the only plant that can grow in the copper-poisoned soil of a potential mine— for the copper ore lies so near the surface in Africa that it is mined mostly with only a pick and shovel—and only the Mato Oba can grow in such ground. When you are hunting for wealth in Amer- ica you won't find a bush growing in the middle of a clearing—but you will find cer- tain clear and unmistakable signs which will point the way. In finance you’ll find two sure markers—proof of rafety of prin- cipal, and unfailing interest returns. When a wise investor comes upon such signs, he knows his search is ended...which is why %0 many careful men of finance have the majority of their capital invested in such securities as the 6 per cent First Mortgage Notes offered by #e Swartzell, Rheem & Hensey Company. These notes are for the small and large investor alike. We would like to send you our booklet describing them, or talk over your investment affalrs with you to suit your convenience. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS \72.1 15 STREET N.W. WASHINGTON D.C. more than 70 cent in advance of 1928 profits. cluding American Tel- ephone & Telegraph, earnings for the 19 comparable utilities were 9.7 per cent below the record totals of early 1929, and but 1.7 per cent ahead of 1928 levels. Railroads earned 6.3 per cent less than in 1928 and 32.5 per cent less than a {en ago. For the 266 com- bined organizations, first quarter profits sxceeded the levels of two vears ago by the small margin of 1.7 per cent, and were 21.7 per cent lower than last year. The Companies. Hamilton-Brown Shoe, W. R. Gentry, St. Louis attorney, appointed receiver for_company. Owens-Illinois Glass enters bottle maufacture field through acquisition of glass_manufacturing properties of Ber- nev-Bond.Glass Co, of Clarion, Pa. ‘Tonopah Mining of Nevada stock- stock from $1,000,000 to $500,000 and sale of most of sssets to Tonopah Cor- poration. Wil-Low Cafeterias, Inc., April sales up 159 per cent over year ago. Bendix Aviation buys conttol of Charles Cory & Son. rpottior marine equl;’ment ccncern.co ] g ‘Wright-Hargreaves mines’ output n first four months valued at $740,000. Continental Oil reported merger nego- tiations with Tide Water Oil axe, pend- ing. Fokker Aircraft stockholders to vote on proposal to increase authorized com- mon stock from 1,000,000 to 5,000,000 shares and change of name to General Aviation Corporation, which would be- come primarily a holding company, Also would acquire complete control of Dornier Co. and additional properties. ————————————————————— S fUDDEN- SERVICE deg= S ——————————————— Sereens to Order Prevent the annoyance from flies and insects these warm days by the complete screening of your home ... We have bronze screen wire for enclosing porches, or for window screens, screen molding, White pine screen doors, all necessW hardware and paints. + .+ We also make screens to order and will gladly give you an estimate on your requirements. + » . Just call North 1343, Delivery Service—AIll Orders Given Prompt Attention J. FRANK RDW, COAL - - PAINTS BUILDING MATERIALS —augmla 2101 GEORGIA AVE. KELLY LUMBER & MILLWORK = WORKMEN OF WELDIT CO. WELDING THE TAIL ON N\ BUFFALO, AT QST BRIDGE. IN6.WE ARE THERE. People who save a dollar here and there don‘t‘cry when hard times come. We help people save dollars by WELDING broken and worn metal parts—lawn mowers, pumps, sewing machines, motors, bumpers—in fact, everything you can think of. Why not save your money by WELDING it. Weldit Co., 516 First St. N.W. Metropolitan 2416 easoned ---smarft STUDEBAKER EIGHT $450 less than 14 different sixes, but wo rth more than a six when DOWN DELIVERED COMPLETELY EQUIPPED Pont de Nemours & Co. of record June 5 will receive a bonus of ap- proximately $16.542,700, according to plans announced today, whereby di- rectors voted to issue rights to sub- scribe to additional common stock at $80 a share in the ratio of one new share for every thirty shares held. Rights, which have an approximate value of $1.60 each, based on current market prices for the common, will expire on July 15. well diversified list of seasoned, divi- Yo u fra d e i * i n ! dend paying common stocks. Other important sources of income are: 1 2. Extra cash dividends Subscription rights Stock dividends, Stock split-ups ERTIFIED by more than 100,000 Studebaker Eights in owners’ hands, Studebaker’s three great Straight Eights are seasoned and proved. Among them they hold the greatest world and international records, and more Amer- ican stock car records than all other makes of cars combined. Yet despite their enduring soundness, their cham- pion performance and their graceful style, these brilliant Eights are low in price. Itis quite likely that your present car will suffice as down payment. So why wait longer to enjoy the advantages of Straight Eight performance? Since January 1, 1930, the following companies, in addition to their regular dividends, have declared extra disbursements which willaccrue to the owners of Corporate Trust Shares on June 30th: du mel — Eastman Kodak — General Electric Ingersoll Rand—National Biscuit—Otis Elevator Standard Oil of N. J. While Corporate Trust Shares provide a minimum distribution of $0.70 per share per year, the holder is éntitled to all distribu- tions on the trusteed stocks, and interest on the Reserve Fund. For the calendar year 1929, cash distributions were in excess of 19% of current market levels. Studebaker Eights Cost No More to Buy or to Operate Dictator Eight Club Sedan . . . . . $1195 Dictator Eight 4-Door Sedan . . . . 1295 Commander Eight |4-Door Sedan . . . 1515 Przsident Eight 4-Door Sedan |. . . . 1795 Operating economy is a Studebaker tradition. In 23 officially supervised tests The Dictator Eight set a national average of 16.9 miles per gallon of gasoline. In tests made recently in an Eastern city, Studebaker’s Commander Eight averaged 15.9 miles to the gallon. It costs no more to operate a Studebaker Studebaker also offers champion sixes from $895 Eight; costs less to buy than 14 different makes of sixes. In addition, the trade- to $1575. Prices at the factory. in value of a Studebaker Eight will be worth more than a Six. LEE D. BUTLER, Inc., Distributors Sales and Service Under One Roof, CHAMPLAIN ST. AND KALORAMA ROAD, Phone Columbia 5050 Ample Parking Space Adjacent to Our Building Kendrick & Shreve, 1700 Connecticut Ave. N.W. Service Station, 1623 L St. N.W. L. & M. Motor Co. Price at Market, about $10 per share Descriptive Circular on Request GRrAAAM, PARSONS & Co. 1422 WALNUT STREET 48 WALL STREET PHILADELPHIA NEW YORK 300 SOUTHERN BUILDING —WASHINGTON Clarendon, Virginia PITTSBURGH BOSTON TRENTON : BALTIMORE WASHINGTON NEWARK J ohn T. Parran J Indian Head, Maryland Tom’s Auto Service, Inc., 637 N St. N.W. Sales and Service Paris Auto Service, Inc. Quantico, Virginia Blue Ridge Motor Sales Pugcellville, Virginia Riverdale Garage Riverdale, Maryland Cashell Motor Company * Rockville, Maryland Boyd-Carlin Motor Co. T Alexandria, Virginia SCRANTON Royal Sales Compan Front Royal, Viegini