Evening Star Newspaper, October 12, 1930, Page 74

Tak SUNDAY BTAR, WASHINGTON, D. C., OCTOBER: 12, ' 1930-~PART SIX. ~ FINANCIAL STOCKS WITHSTAND Mid-Continent Pet(2) Midland Steel (3 Midland Steel pf (8) Min Hon'w Reg (14). Averageprice of 50 stocks. 209.38 202.68 24560 164.60 20 General Outdoor AdY, Same period a veas ago. .. 31190 226.77 H- 2% ;:% - ™% Week. P! !‘?'022.‘"0 “l.l‘l“tl.l: Car Clinch&Ohio sta(5). 106 + % " 64%. Gen Rallway Signal (5). 136,140,280 866,861,290 Case (3 ) Co (6 1 121%~10% 1 Profit Taking and Closing of %“n. ik :,‘ "’““"‘ e SRR 5% Gen Realty & Utilith, urpose is Process, s : -lrlJ. being und"ar he lllh"- o 3 ke S 3 15, Gen Realt &Ut] pf(e6). Accounts 'Over Ho!|day m s &re!erred o west- ish. Low. Stock ai Low. Clese. Chse Ca bs = NN S ey R e Ge: lectric & Manufacturing Co. Gnn 8t Cast Corp pf (6). +1+11189 - e ¥ \{o Kan & Tex (3)... " inghouse % 50! 9 Celotex Co... % Feature Trading. We have a security differing in one im- 04 Y Y e Celotex voting otf I % BY CLAUDE A. JAGGER, Associated Press Pinancial Writer. NEW YORK, October 11.—The stock, market maintained its equilibrium today and eully absorbed the expected back- wash o{ “:f Such lent rebound as marked the selll.n[ climax yesterday is nor- mally followed by l re:uu but the er, wme of the pre- vious session's net gains. G After opening firm, the market slid «oft slowly until the last half hour, ‘when the hangover liquidation became heavy, making the day's total sales more than 1,730,000 shares. The fact that the wmarket will be closed Monday, Columbus Day, prob- ably swelled the volume of week end selling. Traders who bought around yesterday's low levels were active profit- takers. Signs of distress selling, how- ever, "-re not conspicous. United States Steel, after rising to 151, c'osed at 148%%, off 1 point net, although 4 points above yesterday's low. Shares losing 3 to 4 points included General Electric, American Telephone, Sears, Roebuck, Consolidated Gas, Du- Pont and American and Foreign Power. ‘Westinghouse, New York Central, American Water Works and Loews lost about 5, and Eastman, Foster-Wheeler and Case, 6. Allled Chemical, a wide mover of late, closed off 915. The decline- was regarded in Wall Street as a normal reaction from the swift rebound which marked a climax in the selling movement of the past month, and the fact that large-scale necessitous liquidation appeared to have been lcmm&khad brought relief to strained nerves. Bankers stated that yesterday's climax had been met without organized action on their part, which was regarded in brokerage circles as conclusive evidence of a much more stable situation than had thought existed. ‘The week end business and trade reports indicated wide cross currents, but on '.be whole wre reusurinc rtant detail from any of those hither- Eommnibie S ating feature e preferre :gck pemf,'?. ‘Westinghouse _ Electric preferred is of CW r value, as is the common stock. entitled to 7 per cene cumulative mvldends in preference to the common, that is $3.50 a share annually. After the common has also recelved $3.50 a share, 7 per cent on the $50 par value, the preferred and common share and share alike in any further disbursements, This is the pmvulon which gives the preferred its unusual value compared with other preferred stocks. A number of corporations have similar clauses in the rter affecting their preferred stocks, but Westinghouse Electric can be taken as an example of all this class because of the prominence of the cor- poration. Now the present dividend nu: on both the preferred and the com- mon is $5 a share, or $1.50 above the $3.50 minimum. The result is that in the market the preferred and common stocks of the corporation sell tppmxl- mately at the same price. ently this price was around $150 a share, which would mean a return on the in- vestment in either preferred or common of 3.33 per cent, which is lower than to be obtained from other preferreds of equal or higher rank as investments, but which do not have a participating feature. As long as the net income of the company is sufficient to pay $3.50 a year on both classes of stock the two will sell at about the same figure. In other words the owner of the prcferred has the same equity in the earnings as the holder of the common. He has the additional advantage in that his claim to at least $3.50 annually comes ahead of that of the common. Also the pre- ferred stock has the same voting power as the common and when rights to sub- scribe to new shares have been awarded both preferred and common have re- ceived them. In the last 10 years this priyilege has added largely to the income of the pre- ferred sf older, There is no pro- vision for calling the preferred, which is free to appreciate in market value as it would not be if it were callable. There has been some discussion, however, of submitting some plan to the stock- Adams Expr's pt (5). Adams Millis (3). . Advance Rumley. .. Advance Rumley pf. Ahumada Lead. . Afr Reduction (f4%)... 1 Alr Way Elec Appl (1%) Adax Rubber. I'|I ny Steel (12.55). ce Realty (1334).. . Allied Chem Allis-Chalmers (3). . Alpha Port Cement (2).. Am Bank Note (18). Am Bank Note pf (3 Am Beet Surgar. .. Am Brown Bov Elee Am Brown Bov El Am Can (15). Am Chicle (13) Am Comin Alcol Am Encaustic (1) . Am Buropean Secur.... Am & Forn Power...... Am&Foreign Pwr p£(6). Am & Forn Pwr pf (7).. Am & Forn Power 2d of. Am Hawaijan S8 (a10). Am Internationai (2) Am La France & Foam. . Am La Fr & Foam pf. Am Locomotive (4).. Am Locomotive pf (7).. Am Mach & Fy (11.65).. Am Machine & Metal Am Metal Co (1%). LS 5. Celotex pf. : Cent Aguirre Asso(13%) Cent RR of N J(113).... Century Ribbon Mills. Cerro de Pasco (4) . Checker Cab Co (4.30).. Ches & Ohfo (23). Chesapeake Corp (3 Chicago & Alton. . Chicago & Alton pf. Chicago Great Western. Chicago Great Westn pf., Chicago Mil & St Paul. Chicago M1l & St Pay Chicago & N W (§). Childs Co (2.40). .. Chile Copper (2%)...... Chrysler Corp (3) City Ice & Fuel (k3.60).. City Ice & Fuel pf (6%). City Investment (10).,. City Stores (50¢). . City Stores A (3%) Clark Equipment (3). Cluett Peabody (3)..ss0 B Coca-Cola (6). . Coca-Cola Class A (3).. Coca Cola Intl (12)..... 34 Colgate-Palm-P (2%).. Colgate-Palm-P pf (6).. Collins & Atkman....... Collins & Alkman pf (7). Colonial Beacon Oil. . Colorado Fuel & Iron(3) Colorado & Southn (3).. Colo & South 1st pt (4). Colorado & Sou 2d pf(4). Col Gas & E16¢ (2) ... Col Gas & Elec pf A (6). Col Gas & Elec pf B (5). Columbia Graph (a%).. Columblan Carb (16) Com Credit 18t pf(6%).. Com Cred 1stex w 6%.. Com Credit pf B (2) Comm Inv Trust (g Com Invest Trust wi Comm Inv Tr pf (8% TV 44 [ANER] Theatre Equip..... Gu ette Safety Raz nl) 3 Granby Consol (2). Grand Silver Stra ( Grand Unio: Grant (W T) (1). Great North pf (5 Grt Nor ctfs O prop(a %) Great West Sug (1.40).. 16% Great West Sug pf (7). ]B!‘/- Grisby Grunow. . Guantanamo Sugar. . Guantanamo Sugar pf.. Gulf. Mobile & Northn. . uu Gulf. Mobile&Nor pf(6). Gulf States Steel....... Hackensack Water(1%) Hackensack pf A (1%).. Hahn Dept Strs pf (8%). Hall (W F) Print Co (2) Hamilton Watch (1.80) ar! Harbison&Wallser pf(6) (REESRN] 13% Hartman Corp. A (3)... 5% Hartman Corp (B)..... 4“ Hlv-nl Elec Ry pf (6). 4 Body....... % Hetme (God H) (117" 19% Hercules Motor (1.80).. 60 Hercules Powder (3)... Hercules Powder pf(7) . Hershey Choe (5)...... Hershey Choo pf(t5 Hershey Choc pr pf (l) . Hoe (R) &Co..... Holland Furnace (ol'l) Hollander A & Son. Homestake Mining (18). Houdalille Hershey Household Finan pf (4). 13 22% 861 1% 29 1 80% BEEE S8 e Rt +1011 0+ 1+1 (R EENEN] +10 issouri Pacifie. . Missouri Pactfe ot (). uav. Murray Corp (b2% Myer (F E) & Bros (3 h Motors (4)... Nash Chut & StL(5). Natlonal Aeme (1 Nat Afr Transport. Natl Bellas Hes: Nat Biscuit (13. Nat Biscuit ot (7) ancun ne{. A (1) Natl Supply ( Nat Supply pf (T) Natl Surety (5).. Natl Tea (1). 0) évada Con Copper (1), New Or Tex & Mex (7).. Newport Co, A (3). Newton Steel. . Norfolk & Western (10). Norfolk & West pf (4).. Nenh Am Aviation.. + M % 1% 1084 108% — 1% 116% 116% + 1% 6% T LA AR SN BUSINESS FAILURES hatever that pIkf might. be B woud have to be satisfactory to the holders of IN THIRD QUARTER| s iy it & Norlh American pf (3), % B6% ~ Am Natural Gas pf (") North Am Edison pf (6). 108% 104% — Northern Central (4) 9 9% 9+ 2% 62 5T Houston Ol (b10%).... Howe Sound (14%)..... Hugdson & Man Ry (3.50) ‘Hudson & Man pf (5)... Bouth Atlantic Section Has In- crease in Amount of Lia- bilities Involved. Bpecial Dispatch to The Star. NEW YORK, October 11.—Although both the number and the liabilities of commercial faflures in the South At- lantic section rose during the third From the stand t of the eommom stock it would be advantageor rid of the preferred. Memvhfle lhl'- issue has a nuisance as well as an in- vestment value. g RECESSION IN STEEL DEMAND IS FORECAST Trade Expected to Feel Effects Am Po & Lt pf A sta(). Am Rad & Sta San(1%). Am Rad&Std San pf(7). Am Republics........e0 Am Rolling Mill (n2) Am Safety Razor (5) Am Seating. ... Am Ship & Commeres. Am Shipbuilding (5). Am Smelt & Ref (4). Am Smitg & Ref of (l) Am Smelt & Ref pf (7). Am Snuff (13%)... s Consol Cigars pr pt Cigars ot (7) Consol Fitm Ind (2) 104% Consol R R, Cuba pf(6). Hudson Motor (3). Hupp Motors.... llinots Central (T) Illinois Central pf (6)... Independ Oil & Gas (3). Indian Motor Cyele. . Indian Motorcycle pf... Indian Refining........ Indus Rayon (b5 % stk). 1 Ingersoll-Rand (15). Inland Steel (4)... Inspiration Copper Insuranceshares (45). . ‘nsuransh ctfs(Md) 60c. RO I+L+T Ohio 01l Co (2) Ofl Well Supply Ofl Well Supply pf (7). . OliverFarm Equipment. Oliver Farm £q pt A(6). Oliver Farm Equip ev pt Omntbus Corp. . . Omnibus Corp pf A (3) Oppenheir Collins (3). Orph"m Cir pt (8). 5 - 1% 45 % - W quarter of this year, the principal in- Interboro Rapid Transit crease was in the amount involved, R. Interboro Rap Tr c.o.d. Interjake Iron (1). Intl Agricultural. . of Latest Decline in P! Stocks. Owens 11l Glass (3, Am St] Foundries pf (7) Pacific Coast. .. Am Stores (2)... Am Sugar Ref (5). Am Sugar Ref pf (7 Am Sumatra Tobaceo. Am Tel & Cable (5) 51 m‘?&f'"“m'“‘&" $7560.500 of ‘the above the of the cotrespondin, od of 1929, while the Special Dispatch to The Star. number of dehul'.s, at 104 was 35 in wlle'r excess of the 459 insolvencies of the better sentiment among Wlt.h!slllht reductions, favorable ,m_ thetr customers, with a more favorable eryhnd Dmlflct ofwg:lu:m‘fe A e l'og{ mfiarrm had been giving. a Georgla, but more or less increase oc- fair account of itself, and sellers curred in Delaware, the Virginias, the Carolinas 2nd . Florida. Four States in this geographical group—Maryland, ‘Virginia, West Virginia and South Car- olina—reported smaller - liabilities, the decreases ranging from about $60,000 in South Carolina to more than $600,- Intl Carriers (25¢).. Intl Cement (4)... Intl Combustion Eng. Inter Comb: mfll ot Intl Harvester (2%) Intl Harvester of (1), 14 Intl Hydro Elec, A (s}, 65 Intl Match pf ( 16% Intl Mer Marine (2).... % 16% Intl Nickel of Can (1).. Bt SosE b Crucible Stesl pf (7). = nt] Paper pf (7). Cuba Cane Products. 1 L e brcr g ooy 5% Intl Paper & Power. B. . Cuba R R pt (8). a e R [ A DT ‘ower i it oA 224 Intl Printg Ink (2%4) 75 Intl Printing ink pf( [REIR RN Corn Prod Ret (14%) Corn Products pt (7) Coty, INC...ceuun Cream of Wheat (12%). Crosley Radio. ......... Crown Cork & § (£2.40). Crown Cork&S pf(2.70). R t+trrr+ererrrrren “FxER % Paramount Publix (4): Park & 'm!ora. Park Utah. . UL L I O U O B I 1 Thl++10) 109 Curtis Publsihg pf (7).. 119 Curtiss Wright.. Curtiss Wright (A) . Cutler-Hammer (3%). trru (R AN NN R S R RN E S RN AN 1+ Ph Phila Company (l‘l) . Philadelphia Co 6% Phila Co pf new % Jordan Motor Car. 108 KanCrFowaLtB % 50 Kansas City Sou (5 64% Kansas City Sou pf (4). 7% Karstadt (R) (1.03).... 164 K’'mann Dept Stra(13%). 17% Kayser Julius (23%). mental conditions warrant, so that per- force in the course of time, say tl T"‘ PRODUCTION cuT | months, there will be an upward turn 90 89 Atch Top & 8 o(u)‘.. IN THIRD QUARTER | in ustiess. Atch Top & 8 Fe of (6).. 1084 1064 Bpecial Dispatch to The Star. i | At} gu::(.pw lallu l:_i"t: NEW YORK, October 11.—Further disa) Atl Gu . drastic curtallment of tin producing | been makin 50 Ati Gul&West Ind pf(5). 54 operations was announced by the :::unt;un:fl:!(n‘l) (2).. - o= Pmdlleerl Association in London MA as Powde: with a statement that the Atlas Powder pf (6). Dominion Stores ($1.20) Drug Ing (4).... Dul 8o Sh & Atlanti Dunhill Int (1) 2sF7s 2 SRR REE T+i+ 1L+ | (AR RIS R - @«Sa results of the curtailment program dur- n:filuu quarter ended September 30, had y com up to its expectations. In to various rumors, the association Annauneed that there had been no secessiofls from its membership nor had any question arisen as to discontin. - uance of regulation of output urudy agreed upon. STEEL OPERATIONS. NEW YORK, October 11_(/P).—Steel in the You ‘week at 53 per cent of capacity. tenance of its tube department opera- tions and a slight pickup in sheet m duction will enable Youngstowr Sheet & Tube Co. to maintain its activity ed at 50 per ocent. f F kmw what their mills were turning (Copyright, 1930.) SALE CONTRACT APPROVED. NEW YORK, October 11 (#).—Stock- holders of the American Glue Co. to- dxy approved a contract for sale of business to Richard Wilhelm of Oowlnda N.. Y, for $2,800,000 cash. The contract includes sale of glue fac- tories and good will. The raw materials and supplies are to be paid for in addi- tion to the purchase price. It was understood that J. P. Lym.n. pra-ldgnt of the company, recommend directors a cash dlvtdmd of $30 a lhm | out of surplus be p-id on common stock unchang Carnegle Steel Co. production also will continue ' on October 15, holders of record unchanged at 50 per cent. October 11. Atlas Stores (nl1) Atlas Tack.... . Auburn Autmobflo e Austin-Nichols. .......e Austin Nichols pr A (3). Auto Sales........ ‘Auto Strap Bat Ras (1). Aviation Corp of Del... Baldwin Locomo ll a8). 10 Y% L A (2). y\lkG‘l.rl 1st pf ('l). Beatrice Creamery (4).. Beatrice Creamry of (7) 1 Beech-Nut Packing (3). Belding-Hemingway.... Belg Nat Ry pt pf(5.51). Bendix Aviation (3).... AR AR AR RN em pf (§. Duquunnm 1stpt (I) .- Eastern Roll Mill (ht3). Eastman Kodak (18)... Elec Pwr&Lt pt (6). Elec Pwr & Lt pf (7) 10! 56% Electric Storage Bat(5). Elk Horn Coal...... Elk Horn Coal pf. . Emmerson-Br'ham, 4. Endicott-Johnson (5)... Endicott-Johnson pf(7). Eng Public Serv (2.40).. Eng Pub SBerv pf(5%). .. “ulublo Office Bldg(3) Rallroad. (R oo S*F g [RRNEIN} - & Lib'y Owens Ford G1(1). Liggett & Myers (15)... Liggett & Myers B (15). Plltl’!"l‘chl M (1). Pittsbgh Screw (1.40, »t. Pittsburgh United Corp. Pltts & West Va (6).... Pittston Co (75c) teel Car. Pressed Steel Car pf(7). Proctor & Gamble (2.40) ot Public Serv, NJ (3.40).. Public Serv N Public Serv [(EARINNER ) e l:x ange Buffet (134).. Fairbanks Co pf.... Fairbanks Morse (3) Fairbanks Morse f (7). HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week Last Year. Best & Co (2)... Bethlehem Steel (6). Bethlehem Steel pf (7).. Blaw-Knox Co (1%) Bloomingdale Bros. . Bloomingdale Brs pf ) Blumenthal & Co pf (7). Bohn Alum & Br (1%).. Bon Ami (A) (15). Booth Fisheries. Booth Fisheries 1st pf. Borden Co (k3) Borg Warner Corpn (l). Boston & Maine (4). Botany Con Mills. A.... Lima Locomotive. Jotf NJpt Public Serv N J pf (7. Link Belt (3.60). NJpt Public Serv Public Serv E&G pt Pullman Corp (4). Punta Alegre S igar. a F R M R K Loew's Ino pt z w (634). Lott Incorporated. . Long-Bell Lumb Cl A Loose-Wiles Bis(12.90). Lorillard Co. .. eeveeres Corpora larfllh-rd »t (1) Radio Crp ofAm pt(nn 1ana Oil Rrefinin 6% ' Radio Crp ofAm pf B % 30 LouisGasa Bl A (1%): 30% 50 Radio-KaltnOrDh. (). 1064 Loufsville & Nash (7)... RR 9 14% Ludlum Steel. Fireatons T & Bub (1) 1 58 Ludlum Steel f (6%).. restone 23 “ Mac And&Forbes(12.85) e 33% McCall Corporatn (3%) . s McCrory Stores B (3)... 8 ¥ ettt Sm U Fed uowr Tflmk (80e).. Federal Screw (3. TRl +l+ ‘o B = yb Reading Rwy (4) . Reading Rwy 2d pf (3). Real 811k Hos Mills (5). Real 8ilk Hoslery pf(7). Remington Rand (1.60) Rem Rand 1st pt (7) Reo Moter Car (.80) Republic Steel [N} —oaoe & F MelntyrePorcMines(1). Mc Keesport TP (15%). son & Rob (1).... &RpTA(3%). L EGECE s z* Revere Cop & Br A Reynolds Metals (2) EEF ity ted by bank debits outside New . Shaded sreas show weeks of activity the corresponding weeks of the Black areas indicate declines trom same weeks (2 months earller. . ACTIVITY BY FEDERAL RESERVE DISTRICTS. T Bodd (BG) (D). transactions compared with the same week s _vear ago. Budd Wheel (1), ton | New '-ri—‘fi -'ii“' \l- cuv-u-d lun-na Bullard Co.... 0% | 5% % ‘ cz.. Bulova Wateh (1) m‘ ] l:g!nl;l ‘ .'Iu’lflh ‘IIIM cll' l D;Ihl 90 I.IADING Bm'l"ll. Showing trend of important factors. (RN RN Fuller Co 2 pI(17.40) Gabriel Snubber (A) 11 Co 40000000 Ritter Dent Mfg (13). Rossia 1ns 01 am(2.30). Royal Dutch (23.2166).. Rutland pf. . Ill)flll! Shirt (1) Maracaibo Ofl Marine M1d Cp (1.30). Market St Ry pr pf. Marlin-Rockwell (15%). Marmon Motor Car. ... Marshall Fleld&Co(3%) Martin PArry...ee.e Mathieson Alkili (2) Mathieson Alkall pf(7). May Dept Stores (n2).. Maytag Co (1)..... Maytag Copf w w ). Maytag Co 1st pf (8) Melville Shoe (2) Mengel Co (2) . Bush Terminal (3%)... Bush T inal deb (7). Basiness in dollars (checks cashed) . Bush Term Blag pf (1) l-ahy-.t ne—mu-t of Labor) Butte Cop & Zine (80¢). . of Labor) .... . sugugmg:rlor oard Butterick Co. . 49% Byers (A M "‘""'”"‘ } ] 10814 Byers (A M) oF (1300 ‘ a) 52% California Packing (4). llnu ( nl Reserve N Loy A 88 Calumet & Arizona. 9% Calumet & Hecla... 13 Campbell W&C ). 50 Canada DG Ale (§, 165% Canadlan Pacifie (14) ... +tei0 000 St Louts & San F pf ( 8t Louis Southwestern. Gen Electric Spec (600). 12 Gen Foods Corp (3).... 53% Gen Gas & Elec A (e30c) 8 Gen Gas&Elec cv pf (6 67% Gen Gas (A) pf (7). 108 44% 335 Gen Ital Edison (a2.62). 344 59% 40% Gdnfltl Mills (l). % 964 85 Mills of (6 bW 35% Gn Motors (13.30),. xS FRPERREECROVE PP e v R N E AR 2 SN AR I 1 7% Segrave (1.20)... . 52% lmnflbuck(fl“)o.. (Continued on Fourth Page) (N ERNEERE] fotd 2oes¥ 552 238 =% (R AN m Miami COPDOF. vvmsanas