Evening Star Newspaper, August 14, 1930, Page 13

" FINANCIAL WARNER BROTHERS . STOCK ISSUE NEAR . lnterest Aroused Locally by Report of New Financing. Own D. C. Theaters. There is much interest here in the rumored new financing of Warner Bros. Pictures, Inc, which owns several theaters in this city, and whase stock is widely ‘held in the National Capital. Latest. point to & new issug of 1,000,000 shares of common stock to sharehoiders at a price of $22 a share, the offering to be put out by Goldman, Sachs & Co.. with Hayden, Stone & Co. participating. There is a rumor that Kuhn, Loeb & Co. may participate. ‘Warner Bros. own the Metropolitan, Earle, Tivoli, Ambassador and many other theaters in Washington. ‘The new financing becomes necessary, it is reported, on account of rapid ex- pansion of the chain of theaters throughout the country, understood to have beeri purchased recently largely by _stock. Reports that John J. Raskob, who il & stockholder, may assume a r Emt in the management of w-mu- ros. continue, and it was stated today in circles here that Raskob was one of those who the plymcn', of a dividend, which was week. Rumors that * the dl\‘kknd would be paid in either notes or a stock dividend appeared today to be unfoundec. See Recovery in Stock. Stock “of Warner Bros, which de- | clined from a high of 80’y this year to & low of 243,. recently has been on the de. Today it was hitting around before noon. The participation of Raskob, who operated with such success as chair- man of the Finance Committee of Gen- eral Motors, is taken in financial eir- cles as a helpful influence in the man- sgement of the amusement enterprise, e& there were unofficial predictions that after the refinancing the stock 'fllld in all likelihood begin & steady recovery. Prank W. Tee, vice president of the Mount Vernon Savings Bank, has re- turned from vacation at Atlantic ®ity. He not only has resumed his respon- sibilities at the bank, but is planning ne" activities for the campaign of or- labor in this city to raise tfim to completé financing of the District of Columbia World War Me- morial. Mr. Lee, who is chairman of the Executive Committee of the Cen- tral Labor Union in charge of the cam- pajgn, reports steady progress toward the goal. Labor is raising the total in hand from $135,000 to $155,000, needed for construction. Directors Named. Representative Willlam E. Hull of Tlinois and A. R. R. Onyun of the Washington Times were elected two & stockholders mee! Brentwood, Md. C. J. Mains, presie reported sales increase, and t h'l- crease of 30 per cent for the seven mnu nl 1930 over the ear. This k the las vnh-\e m lwekolmhmp-nyhhddhx'uh- oconcerned over the ups and dowhs of the street car located ipall; - mu":«- York ‘:hfion: p:lny unbm‘klepn of decreases in 197, or 16.7 per ccus. Trading On D, C. Exchange, Local utilities rised the entire trading on the Walfh‘g)mn Stock Ex- change, no other stocks appearing in the sales column. Bonds- were more active than Deal has . He is a member o hexum:umm-m tlmm‘ u.“:uumnmm rating revenues of Virginia Pubuc g’ Co. and subsidiaries for irter of "1930 were §1,- lfl !lfl cempared with $1,685,412 in the 29. ' Balance vlll 'flndl was $449,193, compared with $339,603, Gatley's ealth Improves. Albert 5. Gatley, executive vice pres- Yaent ot ihe. Lincom National: Bank who ls & ':t 'z::w District Bank ers’ Associ »! impra in health at home, after. ,Z“,enn}';‘:: from s carbuncle, but is not. yet ready Hme 3%t betors Be roturse, & wes. setd ore he retufns, it was at the bank. Butter — One-pound 42043; tub, 41a42. i Hennery, 28; current receipts, quality inferior, prices not quoted. Poultry, alive—Spring brolers, large, 32a33; medium, 28a29; small, 24a25; Leghorns, 23a25; fowls, 21a23; Leghorn fowls, 14al5; ducks, 15. Dressed — st:tg‘p-d in, iced Spring broilers, 35a36: fowls, hu small, 17117 Spring. Lroilers, Jobbers' home dressed, large, 37a38; medium, 34a35; small, 30a32; Leghorns, 27a28; fowls, 26a27; medium fowis, 24a25; Leghorn fowls, 20a22; ducks, 5; 8. bams, 27; smoked shoulders, 20 lard, in package, 12; Joupes, Ridgeways, 1002.00; i two-peck baskets, 758125 honeydews, flats, 1.25m1.75; honeybalis, 1.5084.50; Persian melons, pony 008150 6.00. unches, 500.600 cucumbers, NEW YORK, August 14 <soechl clearings, wd“l’y. mfllh Stoek and Dividend Rate. Abitibt Pwi & Paper 2 Adams lixp 1180) . 1% Addressograph (1%) 1 Ahumada Lead Alr Reduction (i Ajax Rubbe Adams Miits (3) Alabama&Vieks(s) .. Alaska Junean...... Albany Wrap Paper.. Allegheny Corp. Alleg Cpw $40 w B3 Allled Cb & Dyet: Allfs-Chalmers (1) —I'N I- uu 22 ATH 21% SN 20% 1% 1 136% 1054 2y 1 32" 23 120 EY 15% 5% 09% 343 68 31 10% 9 551 I 21% 156'% Am Brown Bov Elec, AmCan t4).. & Am Can pf (1), Am Car & Fdv (6). Am Chain (3) Am Chicle (13) Am Comm Alcohol. Am Encaustie (1) Am EuropeanSecur. Am & Forn Power. .. Am & For Pwr pf(6). Am & For Pwr pf(1). 8244 9% 1% Am Internatl (3).... Am La Fr & Foamite Am Locomotive (4) Am Mch & Fou Co n Am Metal Co (1) . Am Pwr & Lt (31 Am Pwr & Lt pf . Am Ra&Std San 1%. Am Republies. . Am Rolling Mill(n2) Am Rm & Ref (4). . Am Sm & Ref pf (6). Am Solv & Chem. .. Am Bol&Ch ev pf(3). Am Steel Fdy (3) Am St Am Tobacco B (112). Am Tobacco B(ncv) Am Tobaceo pf A Type Fag pf (131008 Am Water Wks (n1 24 Andes Copper (1%). Archer-Dan-M (2)... Armour of Del pf(7). As Atch To& § Fe 110). Atch To & SF pf (5). At] Refining (12,00 2514 Atlas Stores.(nl) 91 Auburn Aute (34) 2 Autosales..s. & 37 Auto-Strop Haf Ri3) 4% Aviation Corp ot Del 15 19% Baldwin Looco (1%). 35 104% Baldwin Loeo pf (1) 1308 l‘"..ohll M.... - CuBuhmpmamemen Bani Barnsdall. A42). Beatrice Cream €4) . B'trice Cream pf (7). 2'4 Belding-Hem! Bendix Aviation (2). Bethlehem Steel (§). Borden Co (k3)..... Borg Warner {(§).... Briges Mfg Py Brockway Motar Trk Bkly-luhn “)... 3 "3::.-;» 5% Brums Ter & 8y Bueyrus cv pt (4% )+ of (V.es (54l Butte Cop & Z (50¢). Butte Superioreceses Byers (A M).. 604 Calif Packing (4)... 1 Callaahan Zine & Ld. 48% Calumet & Aris (2).. 13 Calumet&Hec(al%). 56 Canada Dry G A ¢5). m 173% Canadian lel. Case (J 1) (8 Case (J 1) pf Caterpil Tr (+3%) 9 Celotex Co. 281 Cent Aguirre As 1%+ 434 Cerro de Pasco (6).. 18% Checker Cab (4.20)., . 44% Chesapeake & Ohio. . 51% Ches & Ohto Corp (3) 3 Chi& Alto 2 Cbi & Alton pt 27 ChiGreat Westn Y M1l StP & Pas..o M1l StP & Pac pt. 3 68 2 .tz 4 lll Cluett-Peabdy pf 7). 20s 50 Colgate-Pal-P (1%) 14% Collins & Alkman. 86% Col Fuel & Iron b5 B« 16% Coty. Ine. - 38 Crown Cork & Seal.. 104 Crucible Steel pt (1). 9 Cub&Co..v.ecesesse 4% Cuban-Amer Sugar.. 384 Cudahy Packing t4). 114% Curtis Publish pf(7). 6% Curtiss Wright Corp, 7 Curt Wright Corp Ae 24% Davison (.ll.l 45 Denver SRG W 21% Devoe&Ray A (1.20) 139 Diamond Mateh (8) . % Dout Mines (1).v..e & Corporata (4) . i Dunmiit ) (34 97 Duplan Silk pf (8 5% Du Pont de N (14.70) 175% Eastman Kodak (18) 19% Eaton Azle& 8 13) 114% 56 Elec Auto Lite (8, 108% 49% E) Pwr& Lt ). 100% 98 Elec Pwr&Lt pt (8).. 112 105 & Pwraltpfil) 79% 61% Elec Storage Bat 50% 39% Equit Office Bldg 63% 354 ErfeRR..ccccenvvm 10 43% 10% Hureka Vae Cleaner. 11 ulu 102 Fairbanks M pf (1)..150s Fod Wat 8 A (03.40). 1 0 4 1 2 59 7 6 4 3 4 3 1 3 1008 5% 30 237 4 1% Fisk RIbbll'....-.-- 60% Foster Wheeler (3).. 88 28% Fourth Natl Invest. . lsla Fuller pr pf(t1.94).. 2% Gerdner Motor. . 11 60% Gen 4 W 110 1109 hundred-share lots mlcrl 244 24 24% . 244 31 31 % 108% 1w 1% 274 l2l 2714 121 5'« 20w 10% 90% 904 248 244 51% 50% 25 24% 61 5% 36% 314 345 34N 16% 16% 119% 116% 146% 1464 46% 45T 48 a6l 41 41% 1% 15% 34U 1018 1(‘|\._ 24 dle 184 112 112 MSK 204 3 124% 124% 111 110% 28% 27% 109 1061 2 101% 101% 8214 824 72 1% 22% 224 8% 8% 106% 105% % 3N 30 76% 8% 27% 2T 26% a4 6% 6% 100% 100% 108% 106 2081 199% u2% 22 2% 69 4% 62 98U 9T 109 64 designated by the (80s) anhnmu-um-my. 24 20‘4 -., 109 1% 121 LY 7 19% 90U 248 50% 24% 5% 341 24, 16% 117% 105 106% 200% 224, il 62% (2508) Sates— Add 00. Bih. Léw. Close. Close. 103 106% l‘l?k i % 6315 98 1% 10% 104 124 110% 110 34 26% 110 34 26% 204 53 1% 82% 30% 42 41 20 2% i 814 41 14% H% 109 i aien 118 13 m 'i‘:*s: i Y ~Prev.1930— Stock Sates— Low. Dividend Rate. Aulllln. Low. 11% Gen Elec svec (80c). 1% 46% Gen Food Corp (3)... 51% 8 Gen Gas&EL A(IIO). L 404 Mills ¢3). . 3714 8% 814 Gen Quidoor Adv. 654 Gen Refract (14% 29'4 Gen Theat Equip vis 58 Gillette Sar Ras( 14% Glid 91 Glidden pi 7% Gobel (Adolf). 34 Gold Dust (23) 21 Goodrich (B F) 6 Gould Coapler. 5% Graham.-Paigi Grand Unlon. .. 34% Grand Union pf (3) 19 Grant (WT) (1). 71% Grt North of (5). 18 Gr Nor ctfs Ore (a 17 Gr: West Sug(1.40).. 1 110% Grt West Sug pf (7). 10- ]12 121 Grigsby Grunow.... 1 28% Gulf Moblle & North 6 29% 29 26 Hackensack W (1%) 10s 4% 26 Hackensk pf A(1%).. 20s 28 11 % 14% 1 21% 4716 Hamilton Watch 1 4T 8% Hartman Corp (B 6 8% 58 Hav El Rwy pf (6).. 10s 117 Hercules Pow pt (7). 30s 119% 70 Hershey Choe (6) 92% 8 49 119% 921 6 10 64% 2% 45 281 13 5 Hollander Sons. . 94 Houdalle-H (B)1.20 49 Household Fin pf(4) 52 Houston Oil (b10%). 41 Hud&Man Ry (3.50). 256% Hudscn Motor (5)... 12% Hupp Motor Car (3)s 113% Illinols Central (7)., 19% Independ O1l & G(3, 8% Indian Refining. 1544 Ingersoll-Rand (1! 1214 Inspiration Cop (3) 10% Insurance Sh (45e) 9% Insur ctfs(Md) (60c 20% Interboro Rap Tran.. 3% Intebcontl Rubber. 152% Intl Bus Mach (n6).. 11 Intl Carriers, Ltd % . 55% Intl Cement (4) 5 Intl Combustion. 30 Intl Comb Eng pf. 72 Intl Harvester (2%). 31% Intl Hydro El A (e3) 21 Intl Nickl of Can(1). <70 Intl Paper pf (7). 17 Intl Pap & P ¢A)2. 11% Intl Pap & Pwr (B).. 9 intl Pap & Pwr-(C).. 70 Intl Pap&Pwr pf (1), 33% Intl Printing Ink (3) 27 Int PrInk pfetf u). 36 IatlSalt (new), 5314 Intl Shoe (3). 40% Intl Tel & Teleg %) 18 Inter Dept Strs (3).. 14 Investors Equity(2). Jewel Tea (14) 70 Johns-Manvill 118% Johns-Manv pf (7). 80: l22h lZ!li 1% Jordan Motor Car. 1 pLY pLY 65 Kan€itySoupf(é).. 1 66 66 03 1 9 9 3% 3% 10% 641 115 204 1% 190 6614 148% 123 5% 70 48% Kimberly-Clark( 131, 80 59 97 35% 23% Kreuger & Toll Krog Gr & Bak 22% Lehn & Fink (3). 114% 85 Ligg & Myers B( 51 l 120!1 120% 24 22% 1% 178 bdv 6% 161 B53'% 31% T4 2% 30% 10 x7v 20' 123“5 128% ll’/u 11% 20% 15% 23 31 12 K 16 3% 61 6% Mallison & Co. . 24 Man Elev mod g 30 Marine Mid (1.20) 8% Marmon Motor Car.« 35% Marshall Fleld (23%) 51% 32% Mathleson Alkill (2). 115 Mathieson pf (7) L Seal .15 Miami Copper (1%) 224 Mid-Cont Petm (3). 21% Midland Blan(l) 35 Monsanto Ch-(g1% 29% Montgom Ward (3) .+ 51% Morrell & Co (4.40).. 1% Mother Lode (20¢) ..y 34% Motor Products (3) 21 Motor Wheel (3). 36 Munsingwear (14). 12y Murray (b3 %stk) 30% Nash Motors (4)...s Natl Cash Reg.A(14) 45% Nat Dairy (12)..... 17% Nat Enam & Stamp 124% Lead #12), 116 Natl Lead pf(B) lC)- 32 NatlPwr&Lt (1). 3 1 Radiater pf. 53 Natl Steel (2).. 107 Natl Supply pf (). 24 NatlTeaCo (2)....« 14% Nevada Copper (1%). 28 Newton Steel (2) 87% N Y Alrbrake ( 150% N Y Central (8).. 174% N Y & Harlem (5). 97% N ¥ N H& Hart (6)., 116 NYNH&HD(T).y 2134 Norf & Western (10) 715 North Am Aviation. . 874 North Am(b10%stk) 100% North Am Ed pf (6).. 66% Northern Pacifio (5). 4 70 851 Northern Central(4).120s 88% 9% Ol Well Supply. 29 24 86 Oil Well Bup pf (7). 708 lm 13% Ollver Farm Equip.. 27 Ollv Fr Bqey pt(3)sy 70 OlivFr Eq '!A ) 2% Omnibus Corp. \ 55° Otis Elov. n(3H)eson 24% Otls Steel uu). . 524 Pacific Gas & H (2)., 71% Pacific Lixhting (3). Pacific Tel &Tel (7).. 48% Param'nt Publix (4} 10% Park & Tilford (33).. 1% Park Utah. 2614 Penick & Ford (1)« Penney (J C) (3) 39% Peop Dru II6 230 People’'s Gas, Chi 8% Potrol Corp (1%). 17% Pet Milk (Hfi) 29% Phelps Dodge ( 50% Phila Co 6% pf ( 11% Phila Read C& 1 29k Philiips Petrm 250- l“ 33 B4 -~ 8 P Rican Am To ( 44 Prairie Plye L (15) 6% Presmed Stes 52% Proctor & Gi ..- EmmeEeamShnnnaani aarast 811 Pub Serv.N 4 91% Pub Serv NJ pf (6).. 62 Pullman Corp (4). 1% Punta Alegre 19% Pure Oil (1% 52 Purity Bakeries (l)m - - Cre- o e 2% - 8% D. C, THURSDAY, ISTOCKS SCORE GAIN 101 65 73% 45% 30 12% 115% 21 11 18614 14% 1% 2814 115% 20% 45% 8414 l22'i 122% 1% 1% 66 66 9 3% 29 14% 364 49% AUGUST 14, 1930. HIGH-SPEED TICKERS TO START ABOUT SEPT. 2{'F; By the Associated Press. NEW YORK, Awgust 14—The stock ticker printed a notice after the close “|Market Comes Back Over .| ing, 'Public Service of New Jersey and ‘| from 11 to 10% cents, reducing the ASBEARS RETREAT ol the market yesterday that the mew high-speed ticker system carrying the New York Stock Exchange quotations throughout the country and to Canada is expected to be placed in operation September 2, This was, in effect, an announcement that after Labor day the ticker system would be able to report 5,000,000-share days easily d be able to renofl Tt almerty, . at the close of & dtyl busi- ness amounting to only 2,389,210 shares, the announcement was regarded rather facetiously in commission hmnn& par- ticularly since the daily turnover has been averaging well under !MOW shares for the past month. BALTIMORE BRANCH OPENED. BALTIMORE, August 14 (SpeciaD — Pirnie, Simons & Co., Inc., have opened an 1xafllce hex\-fle in htehe l!!:ltun%r: mmen: Building, under ti joint mai 5 n Pinrnunnga Gordon Shriver, TRUSTEED SHARB Ground Lost in Early Sell- ing Movement. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, August 14.—After an- other effort to derrus prices through recent resistance levels, the disorgan- | ized mob of bears lost courage and re- treated further in today's stock market. Prices were generally reduced 1 to 3 fomn during the early hours of sell- ng, but stocks were well taken on the decline, arousing some fear in bear circles that important banking interests may be offering support to the market around recent low levels, Most early losses were substantially more than canceled, although weak spots con- tinued to stand out here and there. Such wide-moving issues as American Tobacco B, Allled Chemlcnl, Atchison and Case gained 5 points and more, Case getting mare than 20 points lbove its recent low. Shares recording gl of 2 to 4 points included Radio, man, Union Carbide, American Smelt- Electric. Auto Lite, while advances of a point or so were numerolis in impor- tant shares. Weak Features. ‘Weak features were Repuhllc Steel, breaking more than 4 points to & new low in selling based on disquieting gossip over the dividend, and the In- ternational Paper & Power issues, which broke to new bottom levels for the year. The class A dividend has recently been paid from surplus, and bears argued that the drollght would adversely affect the company’s hydroelectric properties. As the market has approached the low leveu of June, the courage of the bears has ebbed. Selling appeared to have dried up, and with the unfavorable factors of the business news largely counted, kansk‘mll traders 'llud lm' new developments in the business situa- tion before committing themselves for anything beyond a quick turn. e day’s news failed to provide any guide posts. A further cut in copper metal prices by some custom smelters 0—3 Call or Write Standard Collateral Corporn on Met. 3783 metal to the lowest prices in more than 20 years, was regarded primarily as an effort to move stocks, but brought some selling of the red metal shares eatrly in the day. Kennecott directors meet for dividend action next week, and Wall Street understands a. further reduction in_the payment may be ordered. Wall Street saw a fleeting glimmer of improvement in the steel outlook with the announcement that steel scrap prices had been advanced 25 cents a ton at Pittsburgh, but this was later explained as reflecting a scarcity of first-grade material rather than any increase in demand from the mills, Sentiment Confused. Speculative sentiment has rarely been as perplexed and confused as it is at the moment. Same commission houses look for lower prices after the technical rally is completed and most advocate & sidelines position. The fact that the volume of selling has decreased with each successive -bear drive, however, has provided grounds for hope in some Underwriters » Distributors INVESTMENT SECURITIES Wasnineron Orrica 737 15th Street N. W, Telephone, National 1053 Marw Orrics = Barvivess 4 quarters that the market may be about 120l. 120 23 23% 5% 16% 314 61 3514 121‘& 123 42 u’/. Zid% ’69 18% 18% 1 8% it RS 6% tAsABaMER- _ (Continued on Page 14, _ Miidnaileud sold out. Brokerage circles have in- terpreted its recent action as indicating that stocks are.strongly held. Local’Security Representatives \ An Exceptional Opportunity HIS advertisement is addressed to men who, though not looking for a “job,” would be interested in a con- nection with a large securities n-ul- which will be pleasant, profitable and permanen! The work does not require traveling but can be done in your own community—be it large or small. Previous ex- pene'azen is not necessary for men of ability, character and amb! Men who are well acquainted and influential in their com- munities, with successful business records, retired, or still active, will find this an unusual opportunity to earn $5,000 to $20,000 annually, ‘Write fully about yourself.and in confidence. You will be addressing one of the ten largest industrial organizations in the country, well equipped to give hearty co-operation. The securities are well known, listed on various exchanges and held by over half a million people. ‘This position is available now because of sales e; g’l-lfl Several hundred men have been doing r years. No promotional or pione efforts m ln- volved. Applicants are desired from cities of five thou- sand or more, Address BOX 92-—E Star Office ———) Stay Away From Ogopogos! The Ogopogo—mysterious giant fish of the Canadian lakes—has an unpleasant habit, of tipping over a fisherman’s boat; gobbling up the fisherman, and earrying him through subterranean passages to the Pacific Ocean—so goes the legend of the Canadian Indians. The worried Indian who fishes in' British Columbia waters, and risks being caught by the Ogopogo, is in exactly. the same boat with the worried speculator who risks having his financial craft upset by a stock market flurry—and is gobbled up by the very stock he is fishing for. It’s a simple matter to keep away from these financial Ogopogos. Your surplus funds, invested in 6% First Mortgage Notes, will never be carried away by a downward plunge on Wall Street—for 61 _years; during all the wild periods of fluctuation, these Notes HAVE NEVER VARIED § penny in value—every inves- tor has always received hig unfailing interest return. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS \nw 15 STREET N.W; / - WASHINGTON.Q.Ca, FINANCIAL. both formerly 'l'.h the P’Mhdelphh of:- flce as mlnll!!'l Pa) mwthnonome'mvorkhfll m:‘“'&m ‘“—: ui’fi B 5 rr“?t‘; office and will_serve a te: including Maryland, District of Colum- from and parts of Virginia, West Vir- tlnl.l and Pennsylvania. Flrst Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, § eor 10 year terms on your = 5% Apply RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESFONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 Office Building Business Property PROPERTY MANAGEMENT Apartment House MANAGEMENT WHEN you stop to con- sider the many details incidental to the smooth and profitable operation of an Apartment House—you can " appreciate what @ relief in responsibility it Is to place your property in our hands. We've had over a third of a B. F. SAUL CO. 925 15th St. N.W, Nat'l 2100 M ORT G A GE LOANS FINANCING AT LOW COST First Mortgage Funds (Three Yoars or Longer) EY Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . . + Ample funds, lower interest, prompt ap- provals, valuable prepayment privileges, Three-year loans on mewer properties without amortization 3% H. L. Rust Comphny ESTABLISHED 1889 1001 Fitteonth Street National 8100 Loan Covrespondent for **The Pradential® Capital & Checks for Surplus Vaeationists Unless You're Fair —to 'your Savings Account and give jt a “boost” EVERY. PAYDAY, you can’t expect it to attain sizeable proportions, @Keep your reserve growing steadily through regular depositing. This strong, old bank ac- cept deposits in any amount—Pays the Same Rate of Interest on small and large accounts. Open Until 5:30 P.M. August 15 DIRECTORS: Y3 WALTE GIN, )3 WILLIAM B. WILI HARLEY P. WILSO! National Savings & Trust Co. 64th Oldest Savings Institution in the District of Columbia Yoar Cor. 15th and New York Ave.