Evening Star Newspaper, October 16, 1930, Page 15

FINANCIAL. - FIRM IN SELLING _Changes Small, With Most Groups Steady Near Previous Levels. BY JOHN A. CRONE. Bpecial Dispatch to The Star. . NEW YORK, October 16,—Resistance “to early selling, accompanied by a mod- _erate increase in the volume of trading. haracterized the dealings on the Curb Exchange today. The market leader, Electric Bond & | Share, opened a shade higher, and then steadily slipped off more than a point, holding fairly well around the latter .Jevels. American & Foreign Power, American Superpower and Middle West Utilities moved similarly. Cities Serv- fce was up fractionally, but the rest of the ofl list displayed mixed tenden- cles. Petroleum, aviation, miscellaneous in- dustrials, such as drug shares, amuse- ments and motors, bulked fairly large in forenoon dealings, which aggregated 270,500 shares, compared . with 262,500 in _the same period Wednesday. Bidders for some of the Standard Oil Securities sometimes found rather few offerings. A string of Standard Oil of Kentucky, for instance, came out at :26%; and ran up to 27%. Creole Petroleum, a Standard Oil of New Jerscy subsidiary, further reacted following the announcement that it and other Venezuelan oil producers planned to cut production by 9 per cent from the output as of October 1. Moderate improvement in air shares ‘was due to specific corporate develcp- ments rather than market movements. Douglas Aircraft rose slightly as a re- sult of its 10-month sales of $3.254,334, against $1,905,721 in the same 1929 pe- riod. Detroit Aireraft reported sales of 15 planes between October 1 and Octo- ber 10 and of 45 planes in the last three months. Steady improvement continued in General Aviation, formerly Fokker Afrcraft and now a subsidiary of Gen- eral Motors Corporation. Zonite Products featired the drug group as it advanced fractionally, while most others in that division moved in the opposite direction. Zonite’s Octo- ber sales are 15 per cent ahead of the same period last month and the com- ‘pany has retired all of its bank loans and has a substantial cash balance, Wall Street Briefs By the Associated Press. * A new banking firm has been formed tunder the name of Stetson & Black- Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those ks to be sold in odd lots only. | —prev. 1930.~ Stock and Sales— Low Dividend Rate. Add 00. Open. High. 15% Afliliated Prod 78 Aszfa Anscopf.... 26 Amsworth Mfg 32% . Allegheny Ga Aluminum Co Amer Austin Car High, 55 102 24% 104 B Low. Close. 15% 15% 78 78 12 12 3 3 172 172 2! 2'% | Am Cigar Co. .. Am C P&L (A) (a3). Am C P&L B (10%). Am Capital (B) Am Capital pf (3)... Am Com P A (b10%) Am Com P B (10%). Am Cyanamid (B). THE EVE ISSUES HOLD |[NEW YORK CURB MARKET Recei: by Private Wire Direct to The Star Office Stock and Sales— vidend Rate. Add 00. Oven. High. Low. 01 Gasn(1). 3 30 30 20% Louisiana Lan & Ex. 13 e 1% LaP&Lpf(6). 1008 101% MacMarr Stores (1). 2 1 Mass Util Asso . 6% Mavis Bottling * Mayflow Asso ($2) 6 % 2% 41 Close. 29% Mid St Pet vtc A.. Mid St Pet vte B Mid W St Ut (1%) Mid West Ut (b8 Mid West Ut A war. Mid West Ut B (w.i. + Midld Nat Gas A 1 Mid St Pr2dpf...... Mo Kan P L (b10%). 2 4 Mo Kan P L vte. Am Dept Stores Am Equitles. Am For Pow (war) Am Gas & El (11) Am Invest Inc (B). Am Invest (war) Am Lt & Trac (23%4). Am Lt & Trpt (1%3). Am Maricabo. ... Am Natural Gas, Am Phoenix Corp Am StPS A (1.60) Am Superpow (1) Am U & G B vtc 40 Anchor P F (b10%).. Anglo Chil Nitra Appalachian Gas. Asso Dyeing & Ptg. . Asso Elec Ind (30c). 2 Asso Gas & Elec. ... 211 Asso G&E A (a12.40) Ass0 G & Bl ctfs (8). 4 Asso GEELpurris. .. Asso Rayon pf (6). Atlas Util Corp. . Auto Vot M cv pf pt Aviation Cor of Am.. Babcox & Wil (19).. 4 Babhia Corp... e Bickford's Ine (1)... Blue Ridke Cp (40¢). Blue Ridge cv pfal.. Brazil Tr t(b8%). Bridgept Mach (25e) Brit A To B 1.78 10c. Buckeye PL (4).... Buff N&EP pf (1.60). Bulova cv pf (33)... Canada Marconi Carib Syndicate Cent Pub Svc A al75§ Cent St El (k40c). ... Cen St El cv pf n(a6) Cent St El pf (6) xw. % Centrifug Pipe (60c) Chain Stores Stock. . Chat Ph Al nv (50c). Cities Serv (g30c) Cities Serv pf (6) Cit Sv pt B (60c). Clev El Illum (1.60). Clev Tractor (1.60) Colon Ofl. = Colombia Syndica Col Ol] & Gas vtc. Columbia Pic (f1%4). Col Pict vt (f1%).. Com & Sou war..... Com Wat 8v (b8%) Consol Auto Merch. man, with offices in the Packard Build- ing, Philadelphia. The firm partners are John B. Stetson, jr., former United States Minister to Poland, and Daniel 8. Blackman, formerly a partner in the banking firm of Boenning & Co. The new firm will engage in a gen- eral investment banking business. American Trust Co., now affiliated ‘with the Bank of Manhattan Trust Co., will merge with Bank of Manhattan Trust. Directors of both institutions have approved the merger. Stock of American_Trust is entirely owned by the New York Title & Mortgage Co., & ‘unit of the Manhattan Co. American Public Utllities Co. has called for redemption on November 15 at ‘$110 and accrued cividends all of the “outstanding prior preferred stock o7 itk ouSianding pariicipating preter: e outstan er- yed. At the same time “Ehnd nited Co., which controls American Public Utilities, reopened its offer to preferred stockholders of the subsidiary company for an exchange of their stocks for stocks of Midland United. BONDS ON THE CURB MARKET. lesin DOMESTIC BONDE. ousands. 10 Alabama Pw 1':! 'g; 2 Aluminum Co S5 '52 104 Am iwih Pw 6s 40 § FERRESRE i seyeaesiask 533532 nnnsiiasiadel Sery Pow 5128 leve Elec-Tilu 15 ' r Larabee 5 ' Textile 8s Pow 41ys '58 1 nt G & E 55 A '58 mntinen_Oil 51 & o . 41107 41 54 2000000 £9222900 g 2" a 8 SgeR ns. FEE 5 5 Et E ) t Int Brde t Inter Brd, ast Util Inv P¥290098! .. PREES RS 5555 35582 ., 288555 53 et 28228 v Sec 15 2 Intersta, Power 5¢ '57 31 3 Lr Tsx 51 vow dex owa H A Ter ‘Cen PAL 58 B 47 1003, 1003 10034 0l 1037 10ars o3 s 10813 108% S5 '42 9 ° 99 99 28328203558 3 s 55 100~ 100 = 100 128 37 dol3 g% igis 2 4i3s 57 10102 101% 10145 5 R 02 * 102" 102 Py S aemat- S B as s E S0 S ana - e e s o g e g S >ge e n .‘-Hr 4 o i 5 stor T '54 3 Wes Penn_bs 2030 wi 1Wes Tex Ut 55 A 57 FOREIGN BONDS, 1Brisbane City 6s 50 3 Buen Air Proy. 7s & Buen Air Pr Tl 1Cauca Valley s’ 1gent Bk Co 6s B, t_ 6133 '52 Mtg B bs ‘12 IX 6125 85 xW s C 61 Bk 6s 61 1ty BE:lancan’h 3 anta re 75 45 Ternl Soc €1s A '3 5 Unit Indust 6'is ‘4l | ww—With warrants. XwW_Without warrants. Consol Copper...... Consol Laundries(1) Copeland Pr Ine A... COrd Corp. ..euruans Corp Sec Ch (b6%). Cosden Oil.... % Creole Petroleum. Cresson Consol (4¢). Crocker Wheeler. ... Cross & Black (3%).. Cuban Cane pr opt w. Curtiss Wright war. Cusi Mex Mining. Darby Petrolm n (1) De Forest Radlo.... DeH Alr Ltd rct 50c.. Detroit Afreraft. .... Diamond Match new. Dia Match cu pf (n).. Dixie Gas & Util. . Douglas Alr (76¢) Dow Chemical (2). Driver Harrls new.. Dubilier Cond & Rad. Durant Motor: Duval Tex Sul ’ East St Pow B (1) El Bond & Sh (b6) El Bond & Sh pf (6) Elec Pow Asso (1)... Elec Pow Asso A (1) El Pow & Lt op war., El Sharehold pf (a6) Elec Sharehold (31). Emp P Ser A (a1.80) Engineers Gold. Eureka Pipe L (4). Evans Wallow Lead. Fabrics Finishing. Fajardo Sugar......100s Flintkote Co (A).... 9 Ford MotCan A 113% 11 Ford Mot Can B t1% 50s Ford Mot France 28¢ 2 Ford Mot Ltd 37%c.. 41 Fox Theater Cl (A).., 20 Garlock Pkg (1.20) General Aviation. Baking. Gen Baking pf (3). Gen E Ltd ret (50¢).. Gen Empire Cor (1) .+ Gen G&E cv pt B (6) Glen Alden Coal Globe Underwriters.. Gold Coln (new).... Golden Center. Goldman Sach TC . Gold Seal Elec new. Graymur Corp. GrA &P Topt (1) Grief & Br pf X (7) Groc Strs Prod v.t.c.. Guenther Law (2)... Guif Oil of Fa (1%) Hall Lamp (60c). Happiness Candy Hollinger Gold (60c) Horn & Hard (23%).. Houston Oll of Tex Hudson Bay M & 8. 4 Humble O1i (2). Hydro Elec Sec (2). Imp O1l of Can (60c) Ind Pipe L new (13). Ind Ter I1lu Oil (A).. Ind Fin ctfs (b10%). InsCo N Am (13).... Insurance Sec (1.40) Intercoast Trade (1) 4 Intl Hydro cv pf 3% .120s int Petroleum (1)... 100 Int Safety Razor(B), 2 Internat Util (B), . 4 Irving Afr Chute (1), 1 Italian Superp (A).. 13 Kolster-Br (Am Shy. Koppers G&C pf (6), Lackawanna Sec (4), 1 Lefcourt Real 11.35.. 3 Leh C& Nn (1. 1 A% Leonard O11 2 30% 1 29 4 Lily Tulip Cup (1%) Lion Ofl Ref (2).... 508 118% 2 2% 5% 2 508 102 Mount & Gulf (8c) Mount Prod (1.60). . Mount St Pow pt (7) 10; Nat American Co. . ‘Nat Aviation Natl Banksy Nat B & Sh ep 60c. Nat Fam St b2% % 514 Nat Fuel Gas (1) Nat Pow & Lt pf Nat Pub Sv A (1.60). 4 Nat Screen Sv (2). Natl S T Sec A f50c. . Nat Sugar NJ (2)... Nat Tile (1%5). 4 Nehi Corp (1.30). New Brad Ofl (50¢).. New Eng PS prin 7 N J Zinc (+235).. Newmont Min (f4) Newport Co (2) N Y Auction. N Y Pet Royalty, Niag-Hud Pow (40c) Niag-Hud Pow A w. Niag-Hud Pow B w.. Niagara Sh, Md(40¢) Niles-Bem-Pnd 2% Nipissing (30c).. Noma EI Corp (80c). Noranda Mines (2) No Am Aviat A war.. Nor Am Util Sec. ... Nor EuronOil Corp.. Nor St Pow A (8). ... Novadel Agene t33 . % Ohio Copper. Ohio Oll n cu pf Outboard Mot (A)... Pac G&E 1st pf (1%) Pac Light pf (6). Pac Pub 8v (1.30). Pac Western Oil, Pandem Oil. . Pantepec Oill. Paramount Cah Mfg. Pennroad Cp (20c). . Penn Wat & Pow (3) Peop L& P A a2.40.. Pepperell Mg (8). Philippe (L) A 11.80. Pie Bak Puget § Schulte Pilot Rad Tube (A) Pitney B P n (20¢). .. Plymouth Ofl (2) Tond Creek Poncha Prince & Whit (25c). Prince & Whit pf (3) Prudential Invest. Pub Ut Hold (50c Public Util Hold ;lu. {0‘1 RN e L 3 RO A n T - o o 100, @ S 3 AN AR SRR T A NN NN DS A A 0 S Ik of Am A (2 P & Lt pt(6) Radlo Products (2) Rock Lt & P (30¢) Rossia Int Corp Ryan Consolida Safety Car H&L (8). Safeway Sors war 2d St Regis Paper (1). Saxet Co. Un 5c-31 St.., Seaboard Util (50c). Sec Corp Gen (40¢)., Seg Lock & H (50c) Selected Industri, Sel Ind all ctfs(4%). Select,Ind pr (534) Sentry Safety Cont. Shenandoah Corp Shenandoah Cp (a3). Singer Mg (119%). Smith (A 0) (2). 8o Am Gold & Plat... Sou Penn Ofl (12%).. SoCalEd pt B (1%). SoCal EdpfC (1%). SouthldRoyalty (60c) 8 W Gas Utllities. Spanish & Gen rets. Stand Holding Corp.. Stand Inv pf (5%s).. Standard Motors. Stand Ofl Ind (23).. Stand Ofl Ky, (11.80) Stand Oil Ohio (23). Stand O Ohio f (7). 8td Pub Sve A(b8%) Starrett Corp, Stein (A) Co 8 308 Technicolor Inc. Teck Hughes (60c) Texon Oil&Land (14). Tish Realty & Con... Trans Lux DLPS Trunz Pork 8 (1.60. Tubize Chatel (B). Tung Sol Lamp (1) Ungerleider F Corp. 4 Unicn Tobacco. Utd Car Fast (60c)., Utd Corp (war) Utd EI Sv pr wa Utd Found b2-36 sh Utd Gas Co (new). Utd Gas (war). Utd Gas pt (7). Utd Lt & Pow A (1).. Utd Lt & Pow pf (6). Utd Profit Sharing. . Utd Profit&Sh pf (1) Utd Ret Chem B ctfs US & Int Sec 4 U S & Owi Utd Verde Ext (2).., Util Pow & Lt (a1).. Util P&L B ctfs (al) Utility & Ind. ....... Util & Ind pf (1%) Utility Equitl Vacuum O11 (4) Veeder Root (2 Venezuela Petrol. Vie Finan Cor (40 Walgreen Co. .. Walker (H) (1) Walker Min (7%c¢) West Pow pf (7). Wil-Low Cafeteria. . Wil Low Cafe pf(4). Woodley Petroleum.. 8% Zonite Products (1).. 2 rates in dollars based on last quarterly or semi-annual eas ctf: 15 % 8% 8% extra artly ex $Plus 4% in stock. & Payable in stoc! @ Adjustment dividend. f Plus o, s M e T BY GEORGE T. HUGHES. (This is the fourteenth of a series of studies in preferred stocks by M hy the benefit. of his T explain certain secutities of analytical process, used for the illustra- hich grade being tion.) Corn Proucts Refining. A preferred stock that the market rates very highly, so much so that it sells at times higher than United States Steel preferred, is Corn Products Refin- ing preferred. This is a 7 per cent $100 par cumulative stock outstandi to the amount of $25,000,000 or 250, shares. The stock recently sold around 150, where the return is 4.67 per cent. The reason for the high market ap- praisal is not so much the seasoned record, although the regular rate has been paid without interruption since 1917, when all back accumulations 'lere‘ of ex- rily strong financial position the company consistently maintains. Taking up the matter of first, in the past 10 z:n net avail- able for the preferred ranged from $28.86 a share to $62.59 a share, the lower in 1925 and the higher in 1929. At the low the dividend was covered more than four times and at the high almost nine times. Except for a small mortgage bond issue which sells on a yleld basis of only a little over 4 per cent, the preferred stock is the first capital Mability of the company. This mortgage is a § cent issue due May 1, 1934, outstanding to the amount of $1,822,000. The balance sheet as of December 31 last showed total current liabilities of $6,950,231. Against this there was cash of $2,116,449 and mar- ketable securities of $32,091,890, so that net quick assets were more than the par value of the entire amount of pri ferred stock. Taking into account re- ceivable and other miscellaneous cur- rent assets, working capital stood at over $55,500,000, or more than twice the par value of the outst an ment rating and that the business is a stable one, well managed, with a favorable outlpok. GRAIN MARKET CHICAGO, October 16 (Special).— The wheat market was firm today under buying influence by strength in Liverpool and Buenos Alres. Bullish French crop estimates, set at 232,000,- 000 bushels, against 320,000,000 last year, also caused buying. December, old, opened 79%s to 79; new, 79% to 79%; March, old, 83 to 83%; new, 83; May, old, 843, to 85; new, 85%,. After the first half hour, December, old, 79; new, 79%; March, old, 82%; new, 83; May, old, 84%; new, 85%. Corn was firm with wheat. ber, old, opened 79% 8% to 78 new, 80%;; May, old, 83 to 83',; new, 83 to 83),. After the first half hour, December, old and new, 783 March, old, 80; new, 80'2; May, old, 82%; new, 83. Oats were higher with other grains. .| December, old, opened 37% to 37%: new, 37%; March, old, 39; May, old, 40%; new, 40%. After the first hal hour, December, old, 37%; new, 37%; :‘fi!’ch old, 38%; May, old, 40%; new, Ve for 47 years has J. Robertson, postmaster at Grantown-on-Spey, England, retired. 4 % try is the story of one battle after an- [NCREASE IN AUTO | SALES I EXPECTED Manufacturers Are Confident New Models Will Attract Big Sales Demand. BY DAVID J. WILKIE, Associated Press Stafft Writer. DETROIT, October 16.—American automobile manufacturers whose busi- ness acumen and ingenuity saw them fely through financial and industrial 1930. Looking forward to a tion of normal activities, every automo- bile executive has kept his plants in shape to quickly adjust production to any increase in demand; skeleton or- ganizations have been maintained and finances have been conserved, with the result that, although harder hit than in any earlier business depression, the industry finds itself today in better shape than at the emd of any of its previous lean years. Lean years are nothing new to the automobile industry. Always they have been followed by record production years and better business than ever be- fore. Although not inclined to depend very much upon precedent, leaders of the industry are looking forward to production and demand very nearly ap- proximating normal in 1931. Aside from the fact that the normal replace- ment demand for 1931 will be !uPple- mented by a large volume of delayed buying—or overdue replacement—auto- mobile executives profess to see in the constantly improved models brought out an irresistible attraction to the po- tential consumer. They point, too, to the fact that manufacturing economies have resulted in greater dollar value than ever before in the history of the industry. Obstacles in Industry. The history of the automobile indus- NING STAR, WASHINGTON, D. C, THURSDAY, OCTOBER 16, 1930. FINANCIAL. STOCK AND BOND AVERAGES By the Assoclated Press. Prom Yesterday's 5:30 Edition. STOCKS. 50 Industrials. 140.3 Previ other to overcome seemingly insur- mountable obstacles. First there were mechanical obstacles, then early preju- dices and skepticisms, followed by the criticism that the motor car never could be brought within the reach of the wage earner, and scores of other difficulties. All these obstacles were overcome, and to the pioneer automo- bile builder, looking backward, they were problems of great magnitude— greater by far than the business de- pression of 1930, for the reason that the very existence of the industry was at stake, So it is that the automobile manu- facturers, although avoiding the issu- ance of statements intended to create artificial confidence, are looking for- ward with assurance to the future. The tariff wall created by European countries as a protection for their home industries continues the subject of much discussion among automobile makers. “Build inside the wall,” seem- ingly is the solution decided upon by many of the leading companies. Here again the ingenuity of the American manufacturer comes to the fore; but just how ‘“building inside the ‘tariff wall” will reflect benefit to his Ameri- can plants is a matter of no little conjecture. Henry Ford's plans in coun- tries where the tariff imposts are pro- hibitive, and extend to motor-car parts as well as to the finished product, con- template the use of raw material and labor of native origin. Up until re cently parts were shipped ir large vol- ume for assembly abroad, but in nu- merous European countries the tariff restrictions have been extended to parts, with the result that the export phase of the automobile industry has been seriously threatened. This threat probably more than the Paris and London automobile shows took a number of American manufac- turers or their representatives abroad at this time. While Department of Com- merce figures show that 76 per cent of all the automobiles in the world are registered in the United States, it is in- teresting to note that mechanically Eu- ropean producers are keeping pretty well abreast of their American com- petitors. Some of the most recen® fig- ures show that in France eight manu- facturers are producing eight-cylinder models, in England six companies are making eights, while four German, four Italian, one Belgian and one Austrian manufacturer are making cars with the eight-cylinder engine. One French and two German companies are turning out 16-cylinder cars. Salvaging Operations. Since the Ford Motor Co. began_the salvaging of old automobiles last Feb- ruary more than 30,000 cars accepted bfi dealers as part payment on new ma- chin have gone through the mantling process at the company’s River Rouge plant. Everything on the car is reclaimed, even to the floor boards, which serve as crate tops. CHICAGO LIVE STOCK MARKET CHICAGO, October 16 () (United States Department of _Agriculture) — Hogs—Receipts, 23,000 head, including 2,500 direct; rather slow, but all inter- ests buying; steady to 10 lower; packing sows strong to 10 higher, top 10.05; bulk, 180-300 pounds, 9.75a10.00; pack- ing sows, 8.35a9.00, smooth sorts to 9.50; light light, good and choice, 140~ 160 pounds, 9.45a9.75; lightweight, 160-200 pounds, 9.60a9.90; medium weight, 200-250 pounds, 9.75a10.05; 1 heavyweight, 250-350 pounds, 9.60a10.05; packing sows, medium and good, 275- 500 pounds, 8.3589.50; slaughter pigs, goso.:i and choice, 100-130 pounds, 8.85a "Cattle—Receipts, 8,500 head; calves, Week ago. Month ago. Year ago. Two years e Three years ago, weekly aver. High, 1930 Low, 1930 High, 1929 Low, WORKERS MIGRATE 0 SEASONAL J0BS Annual Shift in Employment Results in Rapid Move- ment of Groups. BY J. C. ROYLE. Labor—that is, unskilled labor—is in a period of change or will be within a few weeks. Many of the workers are moving from one section to another and will continue to do so until the turn of the year. Agricultural work still is occupying laborers in the Northwest harvest fields and the harvesting of sugar beets in the intermountain West and the slicing op- erations of the beet sugar factories will keep thousands of workers engaged for some weeks to come, according to De- partment of Labor reports. Public Projects. A large army of men are employed on road construction and will continue to do work of this kind in the more mod- erate climates all Winter, but it will not be long now until cold and storms check such operations in the North, The type of construction work now most active is gioving a fine volume of employment to th skilled and unskilled labor, but the municipal, Government and State proj- ects, as well as those of the public util- ity companies, favor semi-skilled men rather than the highly trained artisans employed on home construction. The volume of bullding for commercial and private purposes is showing little thange. The number of workers on the Great Lakes and the inland waterways is still high and will continue so up to the close of navigation, when these work- ers’ will come into the cities and seek employment in other lines which are somewhat ill-prepared to absorb them. The coal mines are speeding up, due to seasonal requirements, but there are already many thousands of excess work- ers among the miners. The: metal mines give no indication of abandon- g‘l thelr policy of restricting produc- fon. Shoe Factories Active. ‘The shoe factories are making a fine showing, according to the Labor De- mnment, with some working overtime, t there is still a heavy surplus of textile workers. The iron and steel in- dustry is holding its own in the matter of employment, but is still affected by the dullness in the automobile trade. last month, according to the Bureau of Labor Statistics, showed a seasonal gain of 1 per cent in employ- ment over the previous month and a gain of 1.4 per cent in pay roll totals. Some of the gain was due to the can- ning or preserving industry, which was extremely active. The most significant increase, however, was that of 7.5’%¢r cent in the volume of retail trade. is 'was recorded despite the fact that prices now are lower than they were a month ago. Per capita savings among manu- factur! workers were 0.6 per cent higher n for September, 1929, ‘Workers Efficient. ‘There is no doubt that workers are more efficient and that working condi- tions are more adapted for efficient work than they have ever been in the history of the Nation. More work is being obtained per worker, because the latter works in better light, better air and under generally better conditions. is fllustrated by the plan for the first windowless factory in the United States, to be erected at Fitch- burg, Mass., for the Simonds Saw & Steel Co. The structure will have nei- ther windows nor -skylights. It will be lighted, heated, ventilated and refrig- erated by modern methods, and the walls will be noise-absorbing. The machines will be orange colored to help avold accidents and raise visibility, while walls and ceilings will be blue, green and white. Illumination will be by hundreds of 1,000-watt lights, pro- viding uniform light density. All heavy machines will be seated on cork mats to reduce noise. It is estimated by sci- entists that the new building will in- crease worker efficiency 33 per cent. (Copyright, 1930.) 2,000 head; fed steers and yearlings steady to 25 lower, mostly steady to weak, in-between grades predominating; weighty bullocks scarce, but still slow at recent decline; not much done early; best yearlings, 12.75, some held above 13.00; she stock uneven; cows strong; butchers’ heifers weak to lower. Slaughter cattle and vealers: Steers, good and choice 600-900 pounds, 10.75a13.25; 900-1,100 pounds, 10.25a13.25; 1,100-1,300 pounds, 10.00a 12.50; 1,300-1,500 pounds, 9.50a12.25; common and medium 600-1,300 pounds, 6.25a10.00; heifers, good and choice 550-850 pounds, 10.00a12.75; common and medium, 5.25a10.00; cows, good and choice, 5.25a8.00. Sheep—Receipts, 18,000 head; slow; strong to 15 higher; advance mostly on choice fat lambs; better grade natives, 7.50a7.75; several loads, 8.00; extreme top, 8.15; bucks, 6.50a7.00; ~angers un- sold; whitefaced feeders, 6.25a6.50; lambs, 90 pounds down, good and choice, 7.25a8.35; medium, 5.75a7.25; all weights, common, 4.50a5.75; ewes, 90-150 pounds, medium to choice, 2.00a 3.75; all weights, cull and common, 1.00a2.50; feeding lambs, 60-75 pounds, good and choice, 6.50a7.25. —_ SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co.) Bid. Offer, Alits-Chalmers Co. 5s 2% American Tel. & Tel, § American Thread 5tys Baltimore & Bata; 1997 Yos 1943 1938, 33 h Chile Copper Co. 55 1947 Cudahy Packing Co, 5as 9! Gen. Mot. Accep. m Co. § Slas 193 1l Co._Bs 1947 r Crude Oil Co. 5'2s 19 Sil N Fork wgs 1g8 r Mt 'la.%min}‘g%! ul Y, 19 il all i‘ 9: 195! 194 Ooo. rp. Carp. c. United Drug U;'8: Rubber Wheelins Steet Wheeling Stees s |buying on cable advices. 41 October 14, was INTERNATIONALT. & T. EARNINGS REPORTED Drop in Net Laid to Adverse Busi- ness Conditions .by Presi- dent Behn. By the Associated Press. NEW YORK, October 16.—The In- ternational Telephone & Telegraph Corporation and associated companies today reported earnings of $46,602,422 in the first half of 1930. This compares with $89,201,336 for the full year 1929 and $71,444,764 for 1928. Net income after bond interest was $6,826,831, equal to $1.04 a share on 6,580,599 capital shares. This com- pared with $7,808,440, or $1.56 a share on 5,018,278 shares in the first half of 1929, President Behn told the stockhold- ers “the reduction in general business activities, particularly in this country, has continued to affect adversely the revenues of the telegraph and cable companies.” RS . NEW YORK COTTON NEW YORK, October 16 (Special).— Cotton prices were steady at the open- ing of the market today, the initial range being 2 points lower to 5 higher. There was @ better volume of trade Southern houses supplied contracts. Opening _prices we: October, old, m.a?,e up 5; October, new, 10.27, un- cl Dec old, new, January, new, March, 10.82, unchanged: off 1, and July, 11.22, U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business $252,449,210.21. Cus- toms recei] for the month to date were $15,879,880.98. ‘Total ordinary expenditures, $6,498,650.51. 5 106.0 100.8 RICHARD WHITNEY, President of the New York Stock Ex- change, whose call on the Nation’s Chief Executive has aroused so much interest. Short selling in the stock market is said to be the topic most discussed. OPINION ON “BEAR” POSITION IS DIVIDED but Stocks Difficult to Borrow, Readily Available to Buyers. Special Dispatch to The Star. NEW YORK, October 16.—There is a wide difference of opinion as to the extent and importance of the bear posi- tion. On one side this is claimed to have been much exaggerated, and on the other to be of such extent that a few days more of rising prices might create a bear panic. It is a fact that although stocks have been difficult to borrow, there has been a steady lllmz of them available to those who wai to buy them in the market. Students of market movements over a long term of years maintain that there has never been a permanent rally until after several days of heavy volume of sales and correspondingly large de- clines. They may be wrong in their judgment this time, in view of the fact that there has been a succession of im- portant declines which have brought the level of stocks down to a point where holders of them no longer feel the necessity or the wisdom of selling out. INJUNCTION IN COAL COMPANY CASE REFUSED Special Dispatch to The Star. BALTIMORE, October 16.—An in- junction sought by the Consolidation Coal Co. against the Western Maryland Railway to restrain the latter from prosecuting a $10,000,000 suit now pend- ing against the coal company in the Federal Court in Philadelp has been refused by Judge William C. Coleman. Some months ago the Western Mary- land Railway filed suit against the Con- solidation Coal Co. for alleged breach of contract growing out of the failure of the coal company to ship a mini- mum of 5,250,000 tons of coal a year from its mines in the Fairmont district of West Virginia and in Somerset County, Pa. Subsequently the coal company started proceedings in the Federal Court here seeking to have the con- tract declared void and to have an in- junction issued against the railway from proceeding with its suit in Phil- adelphia. Judge Coleman dismissed the com- plaint, ruling that a court of equity could not interfere, because all of the defenses claimed by thescoal compan could be set up in the suit in Phila- delphia. e More people are traveling by train, fewer are using omnibuses in England, now that many busses have been with- drawn from routes formerly profitable. CITIES SERVICE CO. NET GAINS HEAVILY Total for & Months Exceeds That for Full Year 1929. | Special Dispatch to The Star. | NEW YORK, October 16.—For the | twenty-ninth consecutive 12-month pe- | riod, Cities Service Co’s net earn- | ings showed an increase for ‘the year ending September 30, 1930. Net earn- ings for this period was $58,130,186 and, | aside from establishing a new high rec- | ord for any 12 months in the history of | the company, show that net earnings |for the first nine months of 1930 | amounted to more than the total net earnings for the year 1929. ‘The company’s net earnings for Sep- tember, 1930, were $4,685,364, an in- | crease of more than 27 per cent over the same month last year. Net to stocks &nd reserves for September, 1930, were $3.661,772, an increase of 20 per cent over September, 1929. Net to com- mon stock and reserves for September, 1930, amounted to $3,048309, an in- ?;;t;sc of 23 per cent over September, Net earnings of Cities Service Co. for the 12 months were 7.25 times interest and discount on its debentures. Net to stocks and reserves amounted to: $30,- 118,102, or 6.85 times preferred stock dividends. This compares with $32,- 991,726, or 4.86 times for the year ended September 30, 1929. Net to common |stock and reserves amounted to $42.- 802,071, or $1.46 per share on the av age number of shares outstanding, an increase of more than 63 per cent over the previous year when net to common stock and reserves amounted to $1.13 per share. Net earnings for the first nine months of 1930, compared with the first nine months of 1929, show an increase of over $14,500,000, while net to stocks and reserves have increased over $13,- 500,000 and net to common stock and reserves more than $13,000,000 over the same period. Coincident with the publication of fts earnings statement, Cities Service Co. announced monthly dividends of 2'% cents per share in cash and one-half of 1 per cent in stock on the common stock. Regular monthly dividends of 50 cents per share on the preferred stock and preference BB stock and 5 cents per share on the preference B stock were announced, all payable De- cember 1, to stockholders of record No- vember 13, Money to Loan Secured by first deed of Frevaillng Interess and commission. Joseph I Weller ‘gtrsh & # g REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applieations _invited on Ia spariments dwellings, o well located busin for 3. B or 10 vears. if- o du 1520 K St. N.W. National 0478 OFFICE FOR RENT In Wall Street of Wash. ht, 4-window of- of i room. Stenographer wil swer your phone. STENOGRAPHIC SERVICE IF DESIRED Ideal for C. P. or lawyer. Suite 303 907 15th St N.W. Offices Il SAUL BUILDING 925 15th St. N.W, In the heart of the Financial and Real Estate district. One Room, $40.00 per mo. B. F. SAUL cCoO. 925 15th St. N.W, A., realtor Reasonable rent. Made Up to $300.00 On your own signature and personal security Legal interest only charged for actual time the money is used. No Fees, Fines nor Embarra: igations and No Endor. Required Maryland Personal Bankers 8405 Georgia Ave,, Silver Spring, Md. Phones: Shepherd 2854-2853 A Friendly Loan Service MONEY TO LOAN 6% INTEREST Ho°1('3£s BUSINESS PROPERTY Also Funds Available for Construction Loans WM. H. SAUNDERS CO., Inc. District 1016 1519 K Street N.W. First Mortgage Loans On improved Real Estal and’ nearby Maryland and in the Di rict of Columbia Virginia for 3, 5 or 10 year terms on your o 5140 Office Building Business Property RANDALL H. HAGNER & COMPANY MORTGAGE LOAN £ CORRESFONDENT New York Life Insurance Company |, 1321 Connecticut Ave.