Evening Star Newspaper, November 5, 1930, Page 14

Merchants Advised to Con- _ centrate 'on Adjustments to Present Conditions. BY JOHN F. SINCLAIR. " @pecial Dispateh to The Star, NEW YORK, November 5.—Arthur Wertig, New York merc! ac- Qountant, says that there's always a fendency for business to become over- when price levels are falling. points out that the average business man uses the dollar-and-cents stand- ard of comparison for inventories and that when the decline in unit prices is 30 per cent a decline of 10 per cent in the dollar value of inventory represents the actual increase in unit inventories. “Actually,’ the dollar value of inven- tories should be substantially lower than last year,” said Mr. Fertig re- cently, “because the reduction In unit cost makes it possible to replace the same units for less mone; Many businesses are cutting down advertising in these days, on the theory that it is a Juxury that can be dis- nsed with., Upon this subject, Mr. ig makes this observation: “Advertising is an essential—not & Juxury. Focus attention on the char- acter of the copy. The effectiveness of your copy depends in large measure on its relation to changing external fac- lol"l“ Fertig's advice to the business man today is get adjusted. Change the business to .meet present conditions. Tear yourself loose from the crowd. Forget the possibilities of the future. Focus on the nt, and meet the issues now—today. Then, instead of figuring that the good times are going to be just around the corner, he says, *“we'll have rounded that corner. Suggests Highway Building. Build the superhighways now and provide work for “mijlions of people over a long term of years,” suggests Mr. He has made an outs utcig bul?u:fllfm w would build su IWAYS not up mflurv:;dumu to care for “an in materials of every kind, w!t.h consequently more stable conditions.” The Raskob plan would call for the * elimination of all grade crossings, thus preventing any possibility of a trans- portation glut in the future. 4 laint been much complaint re- o vast amount of Eastern seaboard LY il g g 2 faster than has last 12 months. This itself, should be a basis for optimism, not pessimism. in; rrisome, let us LT e o el Yone that'T nave mentioned time and again i e e sk S % Y in this col- ‘umn: Business conditions will not - until the commodity price level stabilized at some definite figure. Just how this will be accomplished mu in doubt, but it must be brought before there's any great improve- ment In business. Every student of busi- mess knows that. ‘Warner Brothers Program. * - ‘Warnér Brothers, who less than three ago offered to sell their entire ‘:\:ul for $1,000,000, have begun one t pro- grams ever undertaken in :mum This week, they announced plans for the immediate erection of pretentious lanta, Seattle, Portland, Milwaukee, St. Louls, Pittsburgh and Indianapolis. Only recently they have built ex- changes in Chicago, Boston. Minneapo- lis, Buffalo, Dallas, Kansas City, Phila- delphia, Cleveland and New Orleans. * This ‘ambitious building program 1 to house the Warner Broth- ers’ organization as well as the First National Pictures, the Vitaphone Co., | Continental Theaters Accessories, In the Brunswick Co., Industrial Fiims, Inc., and various other subsidiaries, in- cluding four music gompanies which have now placed this company in the dominant position of being the largest publishers of sheet musi¢ in the world. At th® same time construction has '-mel; Brothers' home offices in New | York City, while another 10-stosy build- /4ng to house the shipping and account- | ing department of the Warner Broth- | ers’ Music Co. is almost complete. The bi@lings are being undertaken at this t because of the prevailing Jow building cost and to hnld) in meet- ing the unemployment situation. ‘This is our answer to the walls of NEW SECURITIES NEW YORK, November 5 (#)—New securities oifered include: City of Chicago $12,000,000 4 per ‘bonds, priced to yield 3.75 to 4.20 cent, according to maturities, which from July 1, 1932, to January 1, headed by Lehman 663 108% 981 o % M 145% 100 Missourt 40 63% 49% 8% 1 2 11% 81 34 32 4% 0% 46% 8 url Pad 13 23 19 Mohawk Carpet M to Ch (k1%4) Montgomery Ward Moon Motors. % Mother Lode (20c) 1% Motor@eter G & Ei.. 264 Motor Products (2). 15% Motor Wheel (3) 7~ Mullins Mfg. 9% Murray (B) ¢ stk) 34 Myer (FE) & Br (2). h Motors (6).. Chat & St L (5) 7% Nat Aeme (1%). Biscuit (13.30).. Biscuit pf (7)... Cash Reg A (t4) Dairy (32) 16 24% Nelsner Bros N Y Central (8).. Dock. . .. 174% N Y & Harlem (5). 14% N Y Invest (1.20) NYNHG& Hart (6) 116 NYNH&Hf (1) 1 NY Raflwayspf. 212 Norfolk&West (112) 55% Northern Pacifie (5). 20% Ohto Ofl Co (2) 5 «Oliver Farm Eq 29 OlvF EqofAf6). 8 Oliver Farm Ea cv 55 Otis Elevn (2%).. 36% Owens Ill Glass (3) 46% Pacific Gas & El (2).. 621 Pacific Lighting (3). 128% Packard Ilotv: (80c) p Morris&Co Phillips Petrol (n2).. Plerce-Arrow A (2).. PRAmTob A (3%). PR Am Tob (B).. Postal Tel & C pf (7) Pratrie Ol & Gas (2) Prairie Pipe L (15).. PubSv NJ (340), Pub Sv N J pt (5) Pullman Corp (4). Punta AlegreSugar.. Purity Bakeries (4). Republiec Su Reynolds Metals (2). Ritter Dent Mf Rossia Insur (2.20).. Royal Dutch a3.216i 51% Safeway Stores (5).. Sateway Strs pf (1 St Joseph Lead (13 St L-San Fran (3). St L Southwestern. 15% Savage Arms (2) 4% Schulte Retall 81 ifie. . Pae pf (5). . - SR | e nomal ey Er T o= PN - S P B eaNAnR R SeR B RS e acific Tel & Tel (7) 2208 25 NronSuwananvannansnnSa - 0 BrmnBnarmaaunnnnd smenmmnn s NN o et Sona - Sy Private Wire Direct to The Star Offfes 9% Shell Sloss Sheffield Steel.. Sou P Ric Sug (1.40). Southern Cal Bd «2). 764 1% A 148%/148% 314 31% 42% 44 6% 76 22% 20% 120 118 38% 1 AM..... 1:30 P.M. *Unit Fo preferre stock. 1% m ) Southern Rwy pf (5) Sparks With! b ‘Texas Corp (3).. Tex Guif Sulph (4). Texas PC & Ol ‘Texas Pac Land Thatcher Mfg (1.6 Third Natl Inv (a2). ‘Thompson Pr (2.40).. Tide Water As Tide Water As pf (6) ‘Timken Det Ax (80c) Tri-Cont Corp Truax Traer (1.60). Twin City R Tr (§4). Twin City R T pf (7). 10 Und-Ell-Fischer (5). 9% Union Bag & Paper. . Union Carbide (2.60) Union Oil, Calif (32). Utd Gas & Im . Utd Plece Dye W (2) Realty&lmp(3) Rubber. UtlPow & Lt A Vadasco Sales Corp.. Vanadium Corp (3).. Va-Car Chempf (7). 2 Va Iron Coal & C pf. 110s Vulean Det (4). E&Mpt (5).. 1208 Wextark Radio Strs.. 1 Wheeling& LEpf,.. 1 White Motors (2).... 2 Wh Rock M8 (14%). 1 Willys-Overland, 9 Wilson & Co (A) 1 Wilson & Co pf 1 Woolworth (2. 4 6 3 2 8 ? 2 1 «o« 1340400 Dividend rates as given in cash payments based on the latest quarierly or ding less than 1 % - AFTEREARLY LOSS :: Market Becomes Firmer as Union Of1 Shell Un Ol of (53%). bert Theaters Simmons Co. . Simms Petrol (1. Badew Rwy 2 - - TPNS | INPR JI0L 3 JOTVroe e S = e AN ANE R A NS e B 0¢) 5 cunnBen Utd Corp pf (3). Utd Electric Coal - 8 s Bumnlonnomannasupnenlan - B Walworth Co (2).... Ward Baking (A)... Ward Baking (B) . Ward Baking pf (7). ‘Warner Bros Plet. Warner Quinlan Warren Bros (3)..,, 7 War Broscv pf (3).. 30s Warren Fdy & P (2). 1 Wess Oil & Snow (2), * 2 6% | at 102 Trading Progresses—Vol. ume Is Good. BY F. H. RICHARDSON. Special Dispatch to The Star. (e BONDS m=mma] Received by Private Wire Direct to The Star Offie A NEW YORK, November 5.—After & weak opening, bonds firmed today and the general trend was upward, though there were soft spots scattered through- out the list. Volume was and there was a moderate inves t demand, m clally after municipals showed mai strength following the voters' of various_ issues, nou:li the 000 New York State ering. rea k{ 138, Philadelphia Co. 5s, New York Telephone 41:s, American & Power 5s and International e 55 were strong spots. Small declines were recorded by Atchison General 4s, New York Central 4s, In- land Steel 414s and Columbia Gas 5s. United States Governnient bonds were active and virtually unchanged. Conwruhlu'zwfl a dull tone, 'Iltl; L] mixed trend prices. American In- ternational 51%s, Philadelphia & Read- ing Coal & Iron 6s, Atchison 4! and Southern Pacific 41:s, were all But there were small advances in Texas Corporation 5s, General Theaters Equip- ment 6s and Warner Bros. Pictures 6s. 6s. With no improvement shown in cur- rent earnings reports, secondary and tertiary rail and industrial obligations were irregular. In the rail group the better of the junior descriptions had small gains, including Missouri-Kansas- Texas adjustments, Missouri-Pacific 4s, Southern Rallway 4s and Boston & Maine 5s. But weakness marked issues ‘The Pathe 7s, Goodyear 5s, U. 8. Goodrich 6s, Cuban American Sugar 8s, Phillips Petroleum 5%, and Third Avenue 4s, were lower, Strength was shown by National Dairy Products 5Y,s, Sinclair 7s, Richfield Oil of Call- fornia 6s and Interborough refunding. TURKS T0 JOIN PARLEY ISTANBUL, November § (#)- Turkish delegation. to the the Preparatory Disarmament Commis- Minister Tevfik sion, headed by Ruchdi Bey, left yesterday for Geneva and planned to visit Rome afterward. Great importance is attached here to the prospective visit eohl’hly -na'% follow closely upon the visits to Turkey therios Venizelos, Greece, minister, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks ERNELEE BB Washington Stock Exchange SALES. Wash. Gas 6s A—$1,000 at 103, 65 A—100 at 102 , 100 at 1023, 100 at 102%, 100 . 100 at 1025, ‘Wash, 6s B—$500 at 106'3, $1,000 at 10615, $1,000 at 106, $2,000 at 106. Wash. R. & E. 45—8$6,000 at 89%,. Mergenthaler Linotype—5 at 90'2, 5 at , 100 at 90%%. % | Natl. Mtge. & Inv. pfd.—100 at 5. Peoples Worthington Pump. Worth Pump(B) (§) Wrigley (Wm) (4).. Yellow Truck....... 3 Youngs Spring (3). . Youung Sh & Tube(5) 3% Zenith Radlo. .. Sales of Stocks on New York 260,100 12 . 866,000 + 1,520 100 abov, ble are the 1 el 2ot rhlnl. fParth tra. Il.m 3 ? us in -m{. “l P.IIGXPI#I: yabl l‘t:k. d Pavable when earned. tock, f Plus 10% in l‘fl: { lus. "p in m 3 Plus in stocl Plus But eral * 1942, by a syndicate Bros. Btate of Oregon $1,500,000 4%, per cent gold bonds maturing $37,500 each April 1 and October 1, 1936 to 1955, , at prices to id 4 per cent, Elvmhm ‘the First Na- , Wi 1,250,000 4 King County, Wash., $1,250, .'./: maturing lom‘l. 1932 to 1950, in- from to yield 3.50 to 4.15 M. Preeman & Co. and i L gz ; : E g! The Eng of the statu H INCOME TAX CASE VERDICT DUE SOON Filing of Joint Returns by Hus- band and Wife Is Suomitted to Tel BY J. C. ROYLE. there are'some States, by Spain or Prance, where the { Easin code has exercised a on e ml systems. et | two do not fit. Certain States have what is Wy relere o the property” and wife, 5§ E:Q 35 i ] : i g ] i i 2 £ g il £ ‘The English common law and the Code Napoleon, the bases of the laws of the United States, are proving inade- quate to clothe the income tax provi- slons of some State. It is to meet this situation that the Supreme Court of the United States is expected to hand @ decision in the next z‘uk or so which known as of Rus: tit e 4RSS Doy Al down 1| erty, but lish common law is the basls of most of the citie: ment's position may be summarized by saying that it contends for a practical rather than a legal test. “This test,” the solicitor general has declared, “rests solidly upon the con- trolling purpose of the law to create a national system for the taxation of in- comes without di pon come of every individual' implies uni- formity and equality in administration. But there can be neither unless the law Ry ST T and powers ual tax- Enn in controlling and received. The yers of the five States, on the other , rely greatly upon their respective State laws and insist that since a wife has the same vested righ in the mmunu&mome as the hus- band, she should be permitted to report one-half of it for income tax purposes. In Louisiana, counsel for the tax- payers State, that “the husband cannot community prop- is limited to such an extent that the practical test contended for by (Copyright, 1930.) hopy g INVESTMENT TRUSTS NEW YORK, November 5 (#).—Over- the-counter market: Bid. Asked. S0 88 Amer Brit & Cont G Atl Sec War. Bankers Nat Inv British Type Invest yi.t o gt aaaBe e b 2 Pl 8% 1n stock. » Plus 3100 1n LOEW’S EARNS $9.90 PER SHARE IN YEAR| Business Depression. Special Dispatch to The Star. NEW YORK, November 5.—Net profit of | of Loew's, Inc, including all subsidiary and affiliated corporations, for the fiscal year ended August 31, 1930, after all expenses, depreciation and Federal it | taxes, totaled $17,036,705, compared with $14,074,688 for the preceding year. ‘The profit available for common di- Annual Report Shows Advance inlw Earnings, Despite Present & Str. ptd.—10 at 100. AFTER CALL. 2% C:g. Tract. Co.—10 at 50, 1 at 50. F Amer. Co. com.—10 at 29%, 10 at 29%, 10 at 29%5,.10 at 2915, 10 at 2914, 10 at 29%, 10 at 29i5, 10 at 2015, 10 at 2915, 10 at 29%. Cop, ract. 5683000 at 56, 4500 at 86, Wash. Gas 6s B—$500 at_106. Bid and Asked Prices. - BONDS. PUBLIC UTILITY. Amer. Tel. & Tel 28830.558s 6, Wasn. Qas 6a, series B. Wash. Rwy. & Elec. 45 PUBLIC UTILITY. Amer. Tel. & Tel. (9 v Capital i Wash. N & Pot. El Pot. Elec. = Metropolitan Riaws 165 2 3 Becond (9e)’ Washington TRU! Amer Security & Trust Co. (18) Continental Trust . ants’ Bank, Union ). Wash. Loan & Trust (14)...0. SAVINGS BANK. nk of Bethesda (6§ merce & Savings i Washington (12) ) (UM Baro Eluiizg W vl | pelgi Tower. | ey German 6% German 7s rep New So Wales 57, New B‘C Wales 58 Paris-Ly M 6758 Paris-Ly M 7s 58 Parfs-Or-5%s 68 Peru 83 '6 4 40 Poland 7s*47. Poland 8s Queenland ueenland 7. Rhinelbe 7s Rh Am Metal 5% ‘34. Am N s Arm & Co 4383 Arm Del 5%8 43 . 5 Sonanansl ant BT vnar 8 B e AenBBome Bnale®z Borsn SRvunlwrvwn P RTSTrIG- - aon arafalomanans me P REasa [yore BeBo-Baunrmrnrad BakbEninelian Bul58ae 102% 104 ki 1065 1065 111% 111% 10 4 1085, 5 SrnaBunnuass aSanBeanBilant of - M e ae B o 7. Vert Sug 1st 78 '42. Walworth 63 A *45.. Br Plc s '3 West Un Tel 6 '61. West Un T 6%s 36 WIL-OV 18t 634 33 Wil & Co 15t 63°41, X You St&T5s"8.. RAILROAD. Ann Arbor 4s '52. .. 5 190/ 5 32 n %841 36 122 AtCL1st 453, 1 9 2 14 £l 96% 06% 101% 101% 961 96W| - 105% 105% 9 101 100% 100% 5 6 5 5 18 71% Ti% 1% 1 78% 78% T8% 65 100% 100 100 6 103% 108% 108% 15 93% 98 93 Can Nut ¢%s°57. an Nat 4 /| Can Nai g 100% 101% 100% 95% 95% 104% 104% 104% 112% 112% 1124 9% 994 Yo% 103% 103% 103% 101% 101% 101% 102 100% 100% 29999 98 97 98 0 102% 102 102 50% 49 49 0% 22902 9999999597 | sgaz3eigass gus §8583 EHE 99?%5939? =5 Q g EEEEE -4 #2555 2 < Q & (0 Del'® Hud rf 4843 Del & Hud %837, D& R Gr en 4 22 G W bs'55. 17 DRGA&Watbe'1s 4 Det Utd 4 S 964 96 26 105% 106% 105% 98 97 9% 80% 80 80% 80% 28 65% 85 80% 85% 84% 374 35 32% 30 30 4 107% 107 107% Gr Trunk 78 2 111% 111% 111% GrNor4%s'76(D) 10 99% 99 99 Gr Nor 4% 77 (E) 15 98% 98% Gi 10 % 109% Ner gen 78°36.. 3 1 r . 1% Gulf Mobile 58’50, 11 97% % 9TH Hud & M rf 5s 100 99% 100 80 801 98 65% 85 80% 84% 2 6 43 9 7 35 st 4. 1 Fond J&G 4%8'52. 5 OrTrefdd 21 2 7% TN TN Kan CFtS&M 48'36 23 Kan City Sou 5 5 Kan City Ter 4560 13 Lake Shore 43°31.. 3 100% 100% 100% Leh Val cv 4s 2003, 90% 90% 90% Leh Vev 4% 20 1 101% 100% 100% l 98 9T% 98 101% 101 101% 95 94% 94% Long Isi db5s°37.. 3 101 101 101 L&N4%82003.., 100% 100% 100% Th! 96% | Third Av adj bs "60 ?253535" Q' fac & EEEE y ol B0 SEui-uonaton S et o aERBa s S i E}-‘- E E § NEW YORK BANK STOCKS Sales. High. Low: Close. Nor Pacific 3w 2041 11 081 88 NorPacific4s’97.. 4 95% 85% 95% NorPacri§s2047. 1 111% 111% 1i1% Oreg-Wash ¢s°61.. 3 94% 904 94 Penn cv 4348 60 L] Shekties 3 £ - we . : g > giaes TR [{{{334e8 §-yo8 gaus gugd i§§¥‘i i Sgs £3 s 32 & Fit s EH § R ird Av ref 4s % Saaga e gafai s Bageq 2 yadet sifsfannnnn,gny \ 55 g} 3555328 5 Fagep s 2ay M L wSmetiseag anealen wannah L) f £