Evening Star Newspaper, September 21, 1930, Page 71

DECLINE ON CURB - APPEARS CHECKED Market Closes Steady Afte “Narrow Price Changes During Day. BY JOHN L. COOLEY, Associated Press Pinancial Writer, NEW YORK, September 20.—Buying appeared today to check the decline of curb. stocks and some closed higher, al- though gains were confined to fractions for the most part. The narrowness of price movement in the half-day session reflected the uncer- tainty existing in professional circles, | neither side being very aggressive. Mar- | ket leaders closed near the high of the | session, and never were depressed more than a fraction below the previous final price. 1 Electric Bond & Share moved within | & range of about a point and finished 3 higher. United Light & Power A, which _has yielded several points 'this week, finished at 37%, up 5. Brazilian Traction, International ~Superpower, | Missouri-Kansas Pipe Line, Middlewest | Utllities, Associated Gas & Electric A, all registered small gains. American & Foreign Power lost about a point then recovered some ground, and with Ameri- can Cities B, and Central States Electric | finished % lower. Niagara Hudson was firm. Petroleum issues were steady Service, changed. Humble sagged l%. meht & Bonding Co. shares were firm Goldman Sachs Trading was the prin- Among in- cipal gainer, advancing ' dustrials, A. O. Smith soared 3 points, Translux and Technicolor were firm. Fokker was slightly lower. EARNINGS REPORTED. NEW YORK, September 20 porting this week, year,.include: 8ix _Months—June. American Thermos Bottle unray Ol p ng_ Island Raiiroad Year—June 30. Consolidated R. R’'s of Cuba 36 prd p . Bight Months — August 31, exttograph Corp. ... s nde], Corp. 1030 . %0, b 7 157 1929, 845 1.02 351 27.47 SIX BILLION IN LOANS. Six billion dollars from the reserves|—In rather inactive dealings, raw silk of life insurance companies is being in- | futures showed vested in conservative loans on real | with tone firm. The Far Eastern mar- estaté, according to a survey of a group | kets were higher with Yokohama up 3 of prominent insurance companies. WEEKLY FINANCIAL HIGH LIGHTS BY the Associated Press. Brokers' loans.... r Federal Reserve system ratio Holdings (United States) Securities . 4 Gold reserve. Rediscounts .. Bank clearings. ... . {Final three ciphers omittes loadings week ending September 6 Crude oil production (barrels).. Stock-sales (N. Y. Stock Exchange).... ‘Bend sales (N. Y. Stock Exchange).... New-financing. 3 Call-money rai ‘Timi. money rate. . Commercial paper. Sioe WASHINGTON STOCK EXCHANGE - YEAR 1930 (Reported by W. B Hibbs & Co.. Hibbs Buflding. Washington, D. ©.) @ALES OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1930 UP TO AND INCLUDING FRIDAY, SEPTEMBER 19. BONDS. PUBLIC UTILITIES Anacostia & Potomac Riv. R. R. st Anacostia & Potomac Riv. R. R. guar. C. & P. Telephone of Virginia 5s, 1943 Capital Trac.ion City & Suburban 18t 8, by Ry 1st 5s. 1948 . Georgetown Gas Light 1st 55 1961 Potomac Electric Power cons. 3s, 10! Potomac Eleciric Power gen & ref Washington. Washington Washington Washington Washington MISCELLANEOUS. Barber & Ross. Inc, 6'zs, 1937 District of Col. Paper Mfs. 1st Potomac Joint Atock Land Pank s, Washington Cons. Title 6s, 1951 ‘Washington Market 5s, 1938.. 1947 Gas Light gen. 55, 1960 Gus Light series A 6s, Gas Light series B 6s, STOCKS. Par value. rate . $100 100 PUBLIC UTILITIES. Capital Traction 5 N. & W. Steamboat N. & W Steamboat rights . Potomac Eiectric Power pfd Potomac Electric Power pfd..... Washington Gas 4 Washington Ry. & Elect com. Washington Rwy. & Elect .pfd NATIONAL BANKS. 1 Capital 4 15 Columbia ! 461 Commercial . . 87 District Pederal-American 40 Liberty 1 Lincoln 43 Metropolitan 201 Rises 36 Second Washington 100 B.037% 100 TRUST COMPANIES, American Security & Trust Continental . Merchants’ Bank & Trust . National Mavings & Trust Prince Georges Band & Trust Union Fen Washington Loan & Trust SAVINGS BANKS. Bank of Bethesda East Washington . Potomac Savings (new) Becurity Savings & Commercl Washington Mechanies PIRE INSURANCE. Piremen's 2 National TITLE INSURANCE. Columbia 4 Rea) Estate . 5 sy Title & Inv. Co of Md com MIACELLANEOUS. Barber & Ross. Inc. com. Chevy Chase Dairy ptd Columbis Sand & Gravel pfd Commerciai Nationa! Co. ofd. D C Paper Mfg Co. pfd Dist. Natl_Sec. pfd Emerson Bromo-Seltzer Pedera Btorage Co. ptd Federal-American Co com Pederal-American Co. pfd Lanston Monotype 3 Merchants' Transfer & Stg. com.. Merchants' Transfer & Stg. pfd. 10 Mergenthaler Linotype ..Non National Mtge. & Inv. Co. ofd. 1 Peoples Drug Stores pfd Real Estate Mtg. & Guar. Security Storsge A Terminat Ref Whg. Corp The Carpel Corp. Washington Mech. Mtge. Co. com. washingtor Medics! Bigs Corp Woodward & Lothrop pfd. .. Unton i ptd t Non BY GEORGE T. HUGHES. (This is the third of a series of studies in preferred stocks by Mr. Hughes for the benefit of his readers. 'He analyzes the technical provisions of the stocks discussed and gives facts about the cor- porations behind the securiti chief purpose is (o explain the a proces, certain securities of high ing used for the illustration.) Two Railroad Preferreds. Representative of the highest type of | railway preferred stocks the senfor share obligations of the Atchison and of the Union Pacific may be cited. Both sell to give a return not much higher than to be had on high-grade bonds. Atchison preferred is 5 per cent, non- | | cumulative, and Union Pacific preferred r| Pacific has paid its preferred dividend | regularly since 1900, a matter of 30 years. is 4 per cent, non-cumulative, and both are of $100 par value. Atchison pre- ferred sells in the market around 105, where the vield is 4.76 per cent, and Union Pacific preferred sells around 86, where the yleld is 4.65 per cent. Both stocks have equal voting power with the common shares of their respective cor- porations. Dividends of both are pro- tected by & wide margin of safety, and both have long unbroken records for payments. In the last 10 years net available for Atchison preferred ranged from $16.92 to $49.15 a share, the lower amount in 1920 and the higher in 1929. During the same period earnings available for Union Pacific preferred have ranged from $31.44 a share to $49.48 a share, the lower in 1921 and the higher in 1920. The Atchison has paid the pre- ferred dividend without interruption since 1901, 29 years, and the Union On this showing there is little to Cities Vacuum, Houston were un- Invest~ | (P).— share earnings of corporations re- with ~ comparative figures for the corresponding period last In above.) | . $94,192,000 | choose between the two. Both are suit- | able for those who require the highest degree of safety and are content to sac- rifice return for quality. This, however, -| s only part of the story. The reason why these two preferred railroad stocks sell on so low a yield basis is because | | the Atchison and the Union Pacific are - | consistent earners for their common stocks and consistent payers of divi- | dends on those common stocks. | The Atchison has paid dividends | ranging from $3.50 to $10 a share on | the common since 1901, and during that | time every change has been upward ex- | cept that in 1908, following the des | pression of 1907. 'The rate was cut from $6 to 85 a share. The Union Pa- | cific has paid dividends on the com- mon for 30 years, but the rate of dis- bursements has been more irregular, ranging from $3.50 to $11.50 a share, with the higher return in 1917. It is these outposts of safety in the way of common dividends which give investors so much confidence in the preferred | stock. . RAW SILK FUTURES. NEW YORK, September 20 (Special). little change today, to 11 points and Kobe 3 to 15 higher. ‘This week. $5,222.000 81.6% Last week. Same week '29. $3,143,000 $6,569,000 81.3% 738% $610,383 2,975,640 163,149 9,224,654 $602,033 2,959,600 183,195 8,130,110 $177,609 | 2,989,400 | 933,916 13,964,420 1,018,431 2,965,400 23,553,350 $50,653,900 $241,501,000 2% % 716-10% 24-3%% 83 % 3-3%% % 856,637 2,419,750 10,565,970 $47,772,000 984,504 2,437,050 11,718,550 $48,207,000 $139,911,000 212 % 2%4-3%% 3-3%% 65, 1953 Baitimore & Aunapolix fs 1941 1933 1936 A Railway & Elect. cons. 4s, 1951, “1997. 1934 100 100 20 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 25 50 10 06 100 TO DATE Approx . yielo to Open. High. Low. Close. maturity 83 85 8% 2% 6.60% 9 95 90 94 550% 102 98 100 510% 4 96% 00% 94 5.55% 3 81 3 em0% 103% 100 103 4.80% 103 100 102% 4.55% 100% 105 109 5.35% 6 65 6 104 99% 104 1047 100%2 103 101% 1{: 82 8 52 91 90 9 55, 1949 55, 1949 B R v . 101 36. . 100 106% 65 100 100% 1015 82% 4.75% 5.25% 4.85% 475 8 8 9 8 9 84% 6.90% 5.15% Div Appras 6.6% 5.1% Close. 60% 235 R M% 5.4% 101 5% 1262 28% 560 12% 8 51% Open. 75 270 1 111 108 9612 500 9% $4.00 12.00 8.00 5.50 3.60 7.00 5.00 10.00 12.00 8.00 8.00 10.00 .00 12.00 14.00 15.00 9.00 13.00 250 410 225 23 278 200, 400 360 495 180 250 - 29% 15.00 6.00 5.00 12.00 38215 130 125 530 35 60 480 11.00 14.00 1.50 1.20 2.00 17.00 o8 2 65 82 50 23 26 102 700 86 7.00 4 9 33 120 33 100 13 18 0 7.00 100% e 600 108 0 4 650 103'y 0 80 7 w00 18 300 £0 e 150 24 80 9% 00 107 7.00 2.00 6.00 7.00 5% Tt 16 50 26% 9% W 1.00 10 UNLISTED DEFARTMENT, % BON Army & Navy Ciub 5s. 1961 Cosmos Club 4'as retired annually Metropolitan Club 4%as, 1636 X Chapin-Sacks pfd. Chr. Heurich Brewery . Munsey Trust Park Savings Bank ... Washington Savirgs Bank Washington Title Ins. Co. STOCK! 100 100 100 . 10 10 DS. ” 9 [ 8 2% 80 93% 108 30 1621 100 78% 0 13% .8 107 20 162% 8% 12% £ Total number of shares sold. Same perfod a vear ago..... WEEK ENDING SEPTEMBER 20, 1930 Last Week Low. 5% 1% 16 16 80 16 34 100 100 15% an 3, 8 % 210 105% 18 97 37 34 26 3 % 6 30 Stock and dividend. Aero Supply Mfg B).. A'nautical ind war. Afliated Prod Inc. Agfa Ansco. Agfa Ansco p! ‘ Alnsworth Mfg (12%).. Alr Invine. vie. ....... Ala Great Southern(t7). Alabama Power pf (6) All Amer Gen Corp. Allegheny Gas Corp. Alleghany orp war. . Allled Mills. Inc(60e). Allison Drug Strs B, Aluminum Co of Am.. Alum Co Am pf (6). Alum G'ds M (1.20) Alum Ltd cum pf 6) Am Agricul Chem Wi Amer Austin Car. Am. Bakeries, A(3)... Am Beverage Corp. . Am Br Bo Bl Fd Shs. Am Capital (B). Am Capital pf (3) Am Cit P&L A (a3) Am Cit P&L(B) (b10%) Am Colortype (2.40). Am Cmwlith P A(b10% Am Comwlth Pw B b10% Am Cynamid (A)(1.60). Am Cyanamid (B).... Am Dept Stores. .. . Am Dept St 1st pf A(7). Am Equities Am ForPwr wa Am Gas & EI (31 Am Gas & El pf Am Hard Rub (4) Am Inv. Ine. B.. Am Inv, Ine, war. ... Am Laundry Mach (4). Am Lt & Trac (2%)... Am Maize Products (2). _ Am MfgCo (4). Am Maracaibo Am Natural G Am Phenix Corp (3).... Am Potash & Chem (1). Am Superpower (1).. Am Superpo pf (6). Am Superpwr 1st pf(6). Am Transformer (1.40). Am Ut&Gen B vte (40¢). Amer Yvette Co. Inc. .. Anchor Post F (b10%). . Anglo-Chilean Nit Anglo-Norwes H (25¢). Appalachian Gas. . Arcturus Radio Tub.... Arizona Globe Cop. .. Ariz Com Mining. Ark Nat G Ark Nat GasA... Ark N G cm pf (60¢c). Arkansas Pwr&Lt pf( Asso Dyeing & Ptg. Asso Elee Ind (30c) Asso Gas & Electric . AssoG& E A (at2.40).. AssoG & E debrts..... Asso Gas & Elec ctfs(8) . ASS0 G & B pf (5).nunne Asso Laundries. Asso Rayon pf (6). Atlantic Fruft & Sug.. Atlantic Sec Corp. Atlas Plywood (2) Atlas Utilities Corp Atlas Utilities(war) . Austin Mot Co Ltd. Auto Mus Inst (A). Auto Vot Machine Auto Vot'g Ma ev pr pt Aviation Corp Am Aviation Credit. Babcox & Wilcox (19).. Bahia Corp : Bancomit Corp (1.60) Bancroft (J)&Sons pf( Bellanca Afreraft Bell Te! of Can ( Benson & Hedges. .. Bickfords, Ine (1) Bliss Co (B W) (1 Blue Ridge Corp (40¢).. Blue Ridge ev pf (a3) Bourjois, Inc. Bower Roll Bear (1). Brazil Trac & Lt(h2). Bridgeport Mach (25¢). Brillo Mfg (30¢)....... Brit-Am To B 98 1-10c. . Brit Cel Ltd rots. oy Buckeye Pipe Line (4).. Buffalo, N&EP pf(1.60) Bulova W ev pf (3%) Burco, Ine. Bureo, Inc, war. Burco, Ine ev pf (3) Burma Corp. rets (t31e) Butler Brothers (30¢) Buzza Clark Inc. . Bwana M Kubw Cop. Cable Radlo Tub vto. Cabl & W Ltd. A ret. Cabl & W Ltd. B rets. .. Cab& Wire pf rets 9%c. . . Canadian Marconi 4 Cent Pub Sv: Carfb Syndicate. . Carnegie Metals. . Caro Pwr & Lt pf (T)... Carrier Engn-v A (1)... Celluloid Corp o Central Atlantic States. Del...... Cent Pub Sve A (al.75). Cent States El(k40c)... Cent States El pt(6)xw. Centrifugal Pipe (60¢). Chain Stor Development Chain Stores Stock..... Charis Corp (13). . Chat Ph Alnv (50¢).... Chicago Corp (The).... Chicazo Rwy Equip (1). Childs Co. pt. (7).... City Sav Bk Ltd (4.19).. Cities Service(g30c). Citles Service pf (6) . Clev Elec Illum (1.60).. Cleveland Tractor 1.60. . Club Alumn Utensil: Cockshutt Plow (1%). Colombia Syndicate Colon Ofl....... . Columbia Oil & Gas vte. Columibja Pict (f114). Colum Piet vte (£1%) Com'’ Edison (8).., Comwith Sec cv pf (6). Comwlth & Sou (war).. Comm Wat Serv b6 % Comstock Tunnel . Consolidated Afreraft.. Consol Auto Mer ctfs. .. Consolidated Copper. .. Cons Dairy Prod (2).... Con Gas of Baito (3.60) . Consol Gas Util A(2.20). Consol Laundries(1)... Con Retail Stra (1) Consol Ret Strs pf (8¢). Consol Royal O1l(50¢) Contl Gas & El pr pf(7). Contl Shares pf (6). . Coon(WB)ICo(2.80). Coon(W B) Co 1st pf (7) Cooper Bessemer (2). Coorer Bess pfA(3) Copeland Prod Inc A... Copy®r Range (1). Cord Corp . Corp Secur of Chi (b6%) Cor n & Heynolds “osden O1l S rane & Co (1%). Creole Petroleum Cresson Consol (4c). Crocker Wheeler .. Crowley-Miller (2)..... Crown Cork Intl A ((1). Crown Cork pf (2.70) . Cuban Cane pr opt war. Cuneo Press (213).... Curtiss Flying Serv Curtiss Wright war. Cus! Mex Mining. Darby Petrolm new (1). Davenport Hos (2). Davis Drug Stores. .., Dayton Atrpiane & Eng. Deere & Co (m1.20) De Forest Radio. ...... Deisel W Gilbert (1%4).. Derby Ol & Refin. . Detrolit Alreraft Cor, . Diamond Match w. Diamond Match pf Diamond Shoe (1%).. Distill Corp Seag(1). Dix Gas & Utllities Die Casting Afreraft «76e) . r Corporntion(16) (S R) MfR.A (3%) Dresser Mfg (B) (2). Driver Harris (new). Dubllier C & Radlo. Duke Power (315) Duquesne Gas Corpw. Durant Moto: p Durham Duplex pr pf, Durham Hostery (B) Duval Tex Sul w.i. 2,066,400 . 9.276,145 Th Year 172,278,580 843,976,905 High Lew. Close. ™ 1% 20% 17 % 1% 20% 16 80 19 104 23 24% 244 92 i5 9 1% ™ 27% 2% 10% 1 * 1% 9% 9% 108 1 5% 297 308 3% 100 123 4% 45% 86y 10 156 107'% 42 20 3 30 2614 24 7 8% 5 13 27 20% 12% 15 107 441 28% 918 58 15% 4w 194 o 3w 9% 42 414 28615 664, 3% 3% 1% 116 8 3% 105 7814 21 T4% 3614 40% A 814 R4 2 9 30 39 5% 13 17 25 1% 3 * 354 4y 80% 3 15% 6% 3l 231 34 10 24% 124 18% 60 47 88 67 4 168% 1 3% 1 ™ 1% 20% 16 80 19 105 Net Chge. o & P+ #0000 #1144 000+ () o - FEPFELISEF REX (EEEERE] L++++ 11 #4001 +010 N FE F2 OFE FEFEE + P + % 8 i FEFFEF ¥¥ e FEFEF P FF FESEEEFEF FE (NENE T PLE++ 101 sPersa¥ seF esFes s Fer . Stock and_dividend. 18% East Sts Pow B (1)..... Eastern Util Assocv. ... Eastern Utll Inv (A). Eisler Electric Corp. ... Elec Bond & Share (b6). Elec Bond&Sh cu pt (5) E] Bond & Sh of (6).... Elec Pow Asso (1). Elec Pow Asso A (1) 2l P& L opt war.. Elec P&L 2d pf A (7). Elec Shareholding (21). Elec Sharehold pf (a6) Empire Corporation Empire Fire Ini Empire Gas&F em pf(8) Hicd Low. Close. 97% 109% 274 26% 517 103% 19% 9614 5% 11% 104 29 13 % 7 6% 97 108% 23% 22% 47 103% 18 95% 5 1% 104 16% 4% 25% 1 12% 4 1% 84 214 2% 47 Emp Pub Sve A (a1.80). Empire Steel Corp. Emplyrs Reins(13%) Engineers Gold Europe Elec, Lt Euro Elec, Ltd deb rts Evans Wall Lead. . Ex-cello Air & Tool. Fabrics Fintsh. Fageol Motor. Fajardo Sugar. Falcon Lead Fandango Corp. Fansteel Prod.....ceee0 Fedders Mfg Co (A).... Federal Baking Shop. .. 9 Federal C.&W.(11.60 Federated Metls (t1% 4 Fiat Stk deb rts Film Inspect Mach Financial Iivest N Y. Flintkote A (1.50). Florida P & L pf(7)..... Fokker Afreraft. Foltis-Fischer Corp. . Ford Mot, Can A (11%). Ford Mot, Can B(t1%).. Ford Mot, France (28¢). Ford Mot, Ltd (37%¢) Foremost DairyProd % Foremost D P pf (1.60). Fox TheatersClassA. ... Franklin Mfg Co pf (7). Garlock Pack (1.20). General Alloys(80c) General Baking General Baking pf (3) General Cable war...... Gen El Ger rets (1.92) Gen E Ltd rets(50c) . npire Corp (1). Gen Gas&El cv pf B (6). Gen Tire & Rubber (16). Gen W W& E1 A(2).. GeorglaPowerpf(6).. Giibert (AC) (1)... Glen Aldon Coal (8 Globe Uncerwrite: Gold Coin (new) Gold Seal Elec new Golden Center Goldman Sach: 3 Grt A&P Tean v(5). Grt A&P Tea pf (T)..... Groc Store Prod vtc. ... Guardian F Assn (2).... Gulf Ofl of Pa (1%).. Happiness Candy . Hazeltine Corp (2) Hecla Mining (1) Helena Rubinstein Hires (CE) Co A(2) Hollinger Gold (§0c). Holt (H)&Co (1.80) Houston Ofl of Tex: Hudson Bay Min & 8.. Humble (2)..... . Hydro EL Sec.(2). Hygrade Food Prod. Imp Oil of Can (50¢) Imp Ofl of Can reg (50c) Imp Tb G B &I (187¢). Indian Pipe L n (12%).. Ind Terr Illu Ofl (A).... Ind Terr Iliu Ofl (B) IndusFi ctfs(b10%). ... Insull Util Inv (1b90%) 4 Ins Co of No Amer (13). Insurance See (1.40).... Intercont Pete new Int Holding & Inv Co... Intl Petroleum (1). . Internatl Superior (f1) Int Utilities A (3%). Internatl Utilities (B, 140 12% 21% 3 6 104 b4 19% 12% 2% 38 34 Intl Util war (new). Int.Util pt pt (7). Interstate Equiti Interst Eq cv pf (3).. Interstate Hose Mills. Iron Cap Copper. Irving Alr Chute (1) Irving Air Chu Isotta Fraschini 1,06, Italtan Superpowr A Johnson Motor Co. Jonas & Naumburg. Ky Util Co pf (6) Klein (H) pt pf (1.20).. Knott Corp (a2.40)... KKolster-Br(Am shs. Lackawanna Sec (3) Lakey Fdry & Mach. Land Co of Florida Lane Bryant, Ine (2)... Lefcourt Realty (11.85). LefcourtRity pf(3). Leh Coal & Nav new 1.40 Leonard Oil..... Libby McNelll & L. Liberty Baking Corp Lily Tulip Cup 1%. Lion Ofl Refin (2). Loew’s Inc deb rt. Loew’s, Inc (war)... Lone Star Gas (1) Long Island Lt Long Isl Lt pf (7). Long Islcupf B (6).... Louisiana Lan & Ex. LaP&LDpL(6)... MacMarr Stores (1).. Manhattan Dearborn. Mg Finance Co v. Marion Stm Shovel Mass Util Asso. Mavis Bottling. .... Mead Johnson (1414). Memphis Nat GasCo, Mer Chap & S(1.60). Mesabi Iron . Mesta Machine (11.80).. Met & Min Inc(1.20).. Met Chain Stores....... Met 5¢ to 50c Stores pf.. Mid Sts Pet v.t.c. A Mid Sts Pet v.tc. B 11 25 % 38 4% 1% 27% 13% 284 37 85 16% 17% 1% 27 12 Mid West Util B (w Midlan Nat Gas A( Mid Royalty ev pf (2) Midland United (war) Midvale Co (4). Miller & Sons (2)....... Mo Kan Pipe L (b10%). Miss K PL v.te.... Moh Hud P 2d pf(7). Moore Corp, Litd (1) Mountain & Gulf (8c). Mountain Prod(1.60) Municipal Service (1%). Nat Amer Co. National Aviaiion. Nat B & Sh cp 50c Nat Casket pt (7) . Nat Container pf (2).... Nat Dairy Prod pf A(7). Nat Fam 8tb2% % . Nat Fam Strs pf (2). Nat Fuel Gas (1), Natl Investors Natl Pwr & Lt pt (6) Nat Pub Serv (A) +1.60) Nat PS cv pf ww 3%. Nat Rub Mach 12) Nat Screen Service (2).. Nat Sh Tm Sec(£50c).. Natl St Car, Ltd (2) Nat Sugar NJ (2). Natl Transit (1). Nat Union Radio. Nauheim Pharmaci, Nebel (Osc.) (62%c) Neet Inc cv A (1.60). Nelson (Herman) (1) da-Calif Electri New Brad Oil (50c) New England Pwr (2).. New Eng Pow pf (6 New Jersey Zine (12%). Newmont Mining (f4). Newport Co (2) 20% b | 105% 18% o 9% 8 LY 10% 39 111 15% 106% 10% 18 32 13% 104 23 4T 11 264 16% 620 29% 16% 5% 1% 5l 201 16% 132 2% 93% 93% 654 86% 25% 7 30% 14 N Y Hamburg (2%). N Y Merchandise (1) N Y Pet Royalty. .. N Y Pwr& Ltpf (1).. N Y Rio&Bu Alres N ¥ Tel pf (6%). ... Niag.-H. Power (40c) Niag.-H. Pwr A war. Niag Shares. Md (40e. Niles-Bement-P (12%) . 1 Nipissing (30c). . 6% Noma El Corp (80c). Noranda Mines (2).... # Nordon Mines, Ltd. 2 Nor Am Aviation A 86 NorAmL & P pf (6). 10% @ 3% North Am Utll Sec. 24 13% North & S8ou AmCor p A. 4% 1% Nor European Oil Corp. . L) 9 114% A4 116% 16% 4 12 12% 14% " 30 13 % 7 % 974 108% 24 224 47 103% 18 9614 5 11% 104 16% 415 25% 1 12% 4 1% B4 +U1 1449, +15 1A+ REFHEIR LS SERRE +1 +4 I++ 1+ AR R N I S S (1 5 1+ L+l ++444 04111 H e e o FEFE F§ FEE2EF P CEEF FF FE2 & saeg2 Fxe gEs ¥¥ ® E ——1930— Hirh. Low. 102 95% 1831 130 105% 95% 89% 22% 16 111 76 654 1% % 107 108 108% 104% 108 1001 1% 11% 115 13 19% 27% 28% 398 19% 2% 4% Stock ands dividend. North Ind Pwr Sve (6).. North Stat Pwr A(8)... Nor States Pwr pf (6).. Novadel Agene (13%).. Ohio Bell Tel cum pt (1) Ohio Erass B (5). Ohio Copper. Ohio Ol n (cu)pf (6). Ohio Power pf.(6). . Ohlo Pub Serv pf A (7). Oilstocks LtdA (50c). O'stocks Ld B (50¢) Okla Gas & El pt (7).... Outboard Mot B : Overseas Securities (1). Pac Fin Corp (1.32). . Pac G & E 1st pf (1%)." Pac Pub Ser (1.30)..... Pac Western Oil 4 Pandem Ofl. . 102! 167 Pantepec Ofl. ... . Paramount Cah M . Parke Davis (11.65). ... Patterson Sargent (2).. Peninsular Tel pf (1)... Pennroad Corp (20c). .. Penn Gas & Elec (a114). Penn Mexico Fuel (2)... Penn Pwr & Lt pf(6). Penna Pwr & Lt pf(7) Penna Water & Pwr (3) Peoples L&P (A)(a2.40) Perryman Electric. Petrol Corp war. ....... Phila Elec Co pf (5) Phila Co new (195¢). Philip Morris Inc. Philip Morris (A)...... Pierce Governor (114). . Pilot Radio Tube(A). . Pines Winter Front (n1) Pitney B Pos n(20¢). Plymouth Ofl (2). Polymet Mfg (b4% Potrero Sugar Pow Corp of Can (1). Power Securities Power Securities pf Pratt & Lambert (45 Premier Gold (24e). Prince & White(25¢c). .. Prince& Whitelv of. ... Prod Royalty Corp (f1). Prudence Copt (T)..... Prodential Tnv E Pub Util Holdings (50¢). Pub Util Hold A (50c).. Puget Sd P & Lt pf (5). Puget S4 P&L nf (6). Pure Ofl nf (6).. Pyrene Mfg (80c) Radlo Products (2) . Raliroad Sh Corp(2fe). Rallwav & Lt 8 (t5). Rainhow Lum ProdA... Rainhow Lum Prod B.. Red Bank Red Warrlor E Reeves (Dan'l) (1%4) Reiter-Foster. .. ... Reliable Strs (b5%). ... Reliance Management. . Repatti Candy. ........ Reybarn Co. Revnolds Tnvest...... Rich Oil of Cal pf(1.75) . Richmond Radiator. ... Richmond Rad eum pf. . Rike Kumler (2.20) ., R'kland Lt & P (80¢) Roosevelt Fisld Tne Rossia Intl Corp....: .. Russek’s Fifth Av 1.60. Ryan Consolidated Safety Car H & L(8) Safeway Stores war 2d. St Antonv Gold. St Regis Paper (1). St Regis Paper pf(7’ Salt Creek Prod (2) SaxetCo........ Schiff (The) Co (2) Schulte Un e +081 8. Schulte bc to $1 Stra f. Schutter Tohnson (A). . Seaboard Utilities (50¢) Secur Corp Gen (40c) Seeman Bros (3). .. Seral I & Hwde(50¢) Selected Industries. Select Ind allot ctfs 414, Sel Tn 759, prior(F %) Selfridge Store (27¢) Sentry Saftey Control. . Shattuck Den Min. .. 4 Shawingan W & P (2%) 67 Sheaffer Pen (13). Shenandoah Corp. ..... Shenandoah Corp pf(a8) Sterra Pacific Elec f(6) Silica Gelot. .. . Sim’ons Bd cv pf (3)... Singer Mfg (1191%) 425 Sing Mfg Ltd rets(23¢). 4 Smith (A O) (2) . 187 Solar Refining......... 11 South Am Gold&Plat... 1 South Penn Oil1(t2%) 37 o 79% 591 20 484 97 4% 39% 560 6% 250 33 28, 45% 10 41 94 15 35 High Low. Close. 100% 100% 155 155 101 101% 85% 35% 14 114 674 £ 106% 107 107% % 107 108% 107T% ™ 9 114% 2 10 674 - i P - 2% 30y 284 + 1% 27T 24% 1% 27 22% pLY 2:}4 | oW | 20% » 17 13 20% 2% Stock s dividend. SouthCalEd pfA(1%).. So Cal Edis pf (B) (1%) Sou Calif Ed pf(C) (1%) So Colorado PwA (2) Southern Corp. Southern Pipe Line (2) Southland Roy (1).. Southw Dairy Prod So West Gas Util. Spanish & Gen ret Spleg-M-Stn pf(634). 4 Stahl-Myer (1.20). Stand Motors Stana Ol of In o Stand Ofl of Ky (11.80). Stand Ofl of Neb (13%). 4% o FLEL+ L +4 Fl++44 Q (X FEEEER rEEF ¥ 114 ++11 13 #® 19% 28% 28% 15% 3 2% 4k 38% 26 107 10% 143 24% 104% 110% 73 301 31 21 104% 41% 1 12 % 6% 24% 10 +1 E S 2ER + oA+ Stand O] Ohlo(2%).. Stand Ofl Ohlo pf(7) Stan Pow & Lt pf(7 Stand Silver Lead. Starrett Corp. .. Starrett Corp pf (3). Stein Cosmetics Inc. Steinite Radio.. .. Strauss Roth.......... Stromberg-Carl (11%). Stuts Motor Car Sun Investing pt Sunray Ofl (40c) . Swift & Conew (2)..... Swift Internat’l (23%).. Syrac W Mch B (1).. Tampa Electrie (32). Technicolor Inc. .. Tech Hughes (60c) Tenn El Pw 18t pf(7)... Texon Oil & Land (t4) Thatcher Sec Corp. Tishman Real & Con. . Tobacco Prod Export. Todd Shipyard (4).. Trans Air Trai 1% 254 6n 110 12% 2% 45% 1 50% 814 25% 5% b 69 33 Transformer Corp. Trans Lux DL P § Tri-contin'l Corp war. Tri Utilities ($1.20). Tri Utilitles pf (3 Trunz Pork Stores(1.60. Tubsizé Chatel (B) TwinStNG A pt1).. Ungerlelder Fin Corp. Un NG of Can (11.60) UnionTobacco. .. . Utd Car Fastnr(60c) United Chem pt (3). Unit Corp war Unit Dry Dock Unit Founa (b2- uUnited Gas new United Gas war United Gas pf (1) Utd Light & Pwr A(1) Utd Light & Pwr B (1).. 4 Utd Light & Pwr pt (6). Unit Milk Prod Unit Molas Ltd(t55c) Utd Shoe Mach (1414) U 8 Dairy B. U S Elec Pwr ww U S Finishing pf(7). U S Foll Co. B (1) U S & Internt] Sec. US & Int Sec 1st pf U S Lines pf (1). 4 US & Overseas war. U S Radiator (2). Unit Verde Ext (2) Unite Wall Paper Universal Insur (3%) Utah Apex (60¢)..... Utility Pw & Lt(ai) . Util P&L (B) etfs(al). Utility & Ind. .. Utl] & Ind pf (1%) Utllity Equities. . Vacuum Ofl (4) ... Veeder Root (2%). Venezuela Petroleum., Vie Finan Corp(40c) Waltt & B. A (2).. Waltt & Bond, B (1. Igreen Co. Walker (H) (1) Wenden Copper-. . . West Va Coal & Coke. West Alr Exp (60c). West Auto Sup A(3) tern Md pf. Wheatsworth (11%) . White Eagle Oll deb rts. Willlams. R C (1.40) [REE SN} ERERRE ¥ BEJEFF FF R b » FEEF % & i » EX I FER rEZ a5 e & £ FR z = wn £ FEE OER Li++11 134 10% 54 43% 45 21 8 18% 28% 28% kel T 31% 167 % 17 16% 7 99 40% 80 110 5% 7 65% 16% 12% % 20% 108 31 2% 134 FELtT L il - Lie (] - 3 #Essse ERELIYERLY - - [l 1+014++110 a5 2% E 50 39% 1 % 16 y % " 4% 8% * Dividend annual puyment. % 14+ +11 | £Plus 5 per cent in per cent in_stock. % ™ PREDICTS NEW ERA IN BANKING FIELD Bank Services to Be Recast to Fit Public Needs, Expert Declares. Spectal Dispatch to The Star. LOUISVILLE, Ky., September 20.— | Flem D. Sampson, Governor of Ken- tucky, was the principal guest of honor at the annual banquet of the Financial Advertisers’ Association held here. “The bank in 1940 will be an insti- tution which can talk the language of industry to industry—a bank immersed not in the figure side of industry alone, but in the innermost intricacies of man ufacture, accounting and distribution, C. H. Handerson, sales manager of Stephon-Sanford & Sons, New York City, declared in an address on the subject, “Banking Ten Years Hence— A Depositor's Prophecy.” Mr. Hander- son spoke from long experience in the banking fleld, as well as the general business world, fof he was associated with the advertising and new business departments of the Union Trust Co. of Cleveland before entering the industrial fleld, and he is a past president of the Financial Advertisers' Association. “It will be a bank presided over by thorough bankers who with their col- Jeagues will be engaged not merely in operating the intricate and ‘wonderful machinery of & bank, but in recasting bank services to fit the rapidly chmg-l ing needs of the public and in selling these recast and repackaged services,” he said. “Yesterday the manufacturing mind dominated industry. The men who could make the goods ruled because it was a seller's market. Banks as then constituted were purely credit manufac- turing establishments. But today it is & buyer's market in banking as truly as in industry, and the bank of the morrow will primarily be a sales in- stitution—and I say this with nothing except the highest compliment to the manufacturing mind, since no sale is possible without nearly perfect manu- facturing.” NSNS FRENCH REDUCE BUYING OF MARYLAND TOBACCO Special Dispatch to The Star. BALTIMORE, September 20.—Mary- land leaf tobacco which French tobacco monopoly buys in large quantities, has undergone a sharp decline in export to France, according to figures-of the State tobacco warehouses. During the first six months of 1920 more than 3,500,000 pounds of Maryland leaf were exported to France, while for the first six months of 1930, only 9,000 pounds were shipped to France. ‘The great decrease in the export of Maryland tobacco to France is explained | to a large extent by the purchases of | France for the whole year of 1929, the total buys for that period being more than 6,000,000 pounds, said to be an exceptional figure. It is apparent, however, that the tobacco monopoly of France, a buyer of 4 to 6 r cent of the total American leaf export, is revising its manufacturing processes and is pur- chul.?lnhr antities for the first gae'“-u 'xuefllrovnh_oflur ~ Slump in German Bonds Ascribed to Unfounded Rumors Special Cable Dispatch to The Star. BERLIN, Germany, September 20.—In the opinion of the Ger- man government, the internation- al slump of German bonds and shares, especially reparation bonds, is caused exclusively by unwarranted rumors. Whatever is the solution of the coaiition problem, a radical de- parture from the present finan- cial and foreign policy is con- sidered impossible, as it would bring about complete chaos. ‘The election results are not ac- curate reflection of the people’s view on Chancellor Heinrich Bruening's reform measures, and even the opposition parties would not dare to change them essen- tially. The consequences of their repeal would be disastrous, first, for the unemployed, as the pay- ment of doles would be stopped within a few months. Second, salaries of officials would be en. dangered. Last, 8 wave of ban! ruptcy would sweep the Kastern agriculture provinces. Dr. Alfred Hugenberg's Social Democrats will likely avoid such risk, which would chiefly hurt their own followers, ‘Though realizing that the sti- uation has been aggravated by the election results, the govern- ment is unaffected by the general nervousness and steadily con- tinues its policy of reforms. (Copyrisht, 1930.) TYPHOID EPIDEMIC REPORTS ARE DENIED Dr. A. B. Hooten, Prince Georges County Health Officer, Finds That Solitary Case Ex; L ESE R Special Dispatch to The Star. HYATTSVILLE, Md, September 20. —Putting a quietus on reports that there were many cases of typhoid fever in this section, Dr. A. B. Hooten, Prince Georges County Health Officer, has in- formed Dr. Leonard Hays, health offi- cer for Hyattsville, that only one case has been reported to him from Hyatts- ville recently, and that person, he un- derstands, now is in a Washington hos- ital. let Hooten said that doubtless the rumors that the disease was iemng - foothold here arose as the result of the fact that in sections near here four cases have been reported. Aroused by reports of numerous cases, Dr. H. T. Willls, Mayor of Hyattsville, asked Dr. Hays to find out the real situation through Dr. Hooten and vari- ous physicians in this section. BUSINESS TOPS 1929. NEW YORK, September 20 (Special). —Directors of Retall Properties, Inc., wd? declared the usual quarterly divi- dend of 75 cents a share on the $3 pre- ferred stock, yable October 1, to I;mmldez mnmd !epwu;be'r “I‘;l. rnings y so far, {::r are stated to be &tn excess of those Will-Low Cafeteri: Woodley Petrol Worth, Inc, A Yukon Gold Co. Zonite Products (1). Ins Co of NA. Newport Co. So New Eng Tel Zonite Prod rates in doll tPartly ext) | able in cash or stock. b Payable in stock. e Adjustment dividend. 64 +1 .. 10% RIGHTS—EXPIRE. .Oct1 2% Sept22 & Oct1l 8% Oct 8 3 A based on last quarterly or semie . 1Plue 4 per cent in stock. & Paye % stock. g Plus 6 per cent in stock. hPlus 1 § Plus 2 per cent in stock. k Plus 10 per eent in stock. m Plus 3 per cent in stock. n Plus 8 per cent in stock. ' WEST THINKS EAST IS TOO OPTIMISTIC | Wheat Prices and Prospects Held' Biggest Factors in Business Outlook. Special Dispatch to The Star. KANSAS CITY, Mo., September 20.— | Influenced perhaps too much by the ex- ', periences of the Summer and inclined . to be doubtful, the interior believes the ' * East too optimistic of improving con- ditions. The Mact is that the major influences of business activity move from East to West, and any material change in finan- cial trends starting at seaboard reach and affect the Middle West about 90 days later. This was true of the serious upsettings of the past, and it is the logical movement because of the time needed for causes to make themselves felt at' a distance half across the country, y Wheat continues to be the premier subject for discussion, with the plan! of the new crop somewhat delayed at ', first by drought and later by wet fields. However, with delayed Winter approach the sowing can continue for six weeks ' yet, and seems likely o to do. Primary .. market price of 65 cents is discouraging ; selling, and the wheat belt probably has 50 per cent of the season's erop in the farmers’' hands, compared with a normal 35 per cent. Lack of increase in price is causing & delayed inclination to purchase com- modities and trade is less active than ordinarily. The corn crop of Missouri is about 40 per cent of normal, that of Kansas and Nebraska about 50 per cent—though much immature acreage can be used for roughage and so aid the stock interests. SIX BIG RAILROADS NOW SERVE AFTERNOON TEA Cushioned Oriental ease, coupled with the service of an exclusive metropolitan " club, is the solution by which railroads are proposing to meet the challenging bids of airplane and motor bus com- panies for passenger trafic. “Crack trains put into service on'’ transcontinental or all-day runs by American railroads this year equal in'/ luxury of service the ocean lners’', launched by foreign companies during- the same period,” says a bulletin . the American Research Foundation. A ., survey by the foundation disclosed that afternoon tea, long a routine detail of'’® transatlantic travel, is now a daily’,. ritual on six major American railroads. “‘Continuing the custom of afternoon tea without interruption while en route is evidence of the increasing cosmopoli= tanism of the American public that . places,” the bulletin states. “In r Junketings to Europe, Americans have been conversant with the effect of tea as a refreshing pick-me-up from travel fatigue, and as & means of breaking the social ice between fellow passengers.. Catering to a taste acquired abroad by the more sophisticated element of the Amerjcan traveling public, railroad * dining car departments have started the . teapot circulating through the lounge ', “The Great Northern claims the dis-, tinction of having introduced the tea . hmlr. innovation 24 years ago. % & T Ji expects to advance wp#mnmnw. -