Evening Star Newspaper, November 15, 1930, Page 13

1 SEENNG 0 AID INVESTORS Financiers Study Affairs of Bond Company at Meet- ing Held Here. BY EDWARD C. STONE. Craig B. Hazlewood, vice president of $he First National Bank of Chicago and former president of the American Bankers' Assoclatio., presided at a mmeeting at the Mayflower last night called to consider reorganization of the nvpemu of the American Bond & ortgage Co. In recent years the com- pany, which has its home office in , has underwritten a large num- ber p:ruu. tnnn:nt and m%mfinl houg Pproj but due to over! ing an a general decline in rentals, the officials state that the burden has become too heavy in some cases and the issues have defaulted. It was for this reason .that a special committee v'as formed to work out plans for relief of the bond- holders, of which there are some 65,000. Bankers stated after the meeting that it is hoped that in the next few months about $1,000,000 can be realized to be applied to the relief of the investors. It is also expected that further amounts can be raised at a later date. Arthur W. Draper, president of the company, wn: pr:l‘en';l and explained the present status 16 company’ tail. In addition to Chairman H wood, other bankers at the meeting included: Joseph E. Otis, president Central Trust Co. of Illinois; Dayton Keith, vice president, National Bank of the * Republic, Chi ;" Frank W. Blajr, chairman of the board, Guardian Grou Banks of Def E. K. Hallett, chair- nal Bank of tle and bankers held for at which considered fur- renoon, &t wi \l.:‘y coas - Natural Gas Due Here January 1. In a letter just forwarded to share- holders in the Columbia Gas and Elec- tric Corporation, President Gossler calls lmngn to the oant':’-ets wll;le::M have recently been made to £u ural at wholesale to the llh.llm: Light Co. and to the gas it at_York, Pa, is will be the first section, says President Gossler, of a high It is reliably reported that Federal Land Banks plan an issue of short- time bonds suitable for banks as well as individual investment. The issue will be for $20,000.000 and formal announce- ammt probably will be within a few ys. A canvass of dealers, which was made in anticipation of the issue indicated a demand larger than expected and on re- quest of underwriters the total was raised several million dollars over the amount originally contemplated. The last issue of Federal Land Bank bonds was in the Autumn of 1928, These were 30-; avor banks as well as individual in- ‘vestment. It is understood the rate will be be- tween 4 per cent and 5 per cent on the Dew issue. Insurance Bank Meeting Planned. VALUABLE COPPER MINE ONCE SOLD FOR SONG Speclal Dispateh to The Star. NEW YORK, November 15—The 8% At Refining (12) 33% Brown Shoe (3). 6% Dome Mines (1 "NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. $0) Addressoxr'ph (1%). Advanee Rumley. . Alr Reduction (14! Alr Way El Ap (1 y nce Realty Allled Ch & Dy Alpha Port Cmt (2) Am Agrien) Crem Am Brown B E f «7 ) 108 161 Am Chain 3) Am Chicle (43 Am Com Alcol Am Encaustie (1)... Am European Secur. Am & For Power,.., 8: Am & For Pw pf (6). 290, Am & For Pow 24 pf. Am Hawailan ooamnd 2). Am Locomotive (4) Am Locomot pt (1) Am Ma & Fy (11.65. AmMach & M = o SennnaSuar Am Nat Gas pf (7). Am Power & Lt (r1), 3 Am Pow & Lt n? (6), Am Rad&Std San(1). Am Republ} 8.8.8 4.0 Am Sm & Ref pf (7). Am Solv & Chem Am Sugar Ref pf( AmSumatra Tob., , Am Tel & Tel - SuBanbnnBunn _Am Totacco pf (§).. Am Water Wks (n1), Am Woolen pt. . Am Zinc Lead & Sm. Anaconda Cop (2%). Anaconda W & C (1) Aachor Cap (2.40) Andes Copper (1) Armour of Del pt ( Armour of 111 tA) Armour of Il (B) Armour of 111 pt ¢ Asso App! Ind Asso DG 1st pf S wponshBe oy SmamiRe Atch To & 8 Fe (1 o H Suiued Ao Beech-Nut Pkg (3).., :cndlt Aviation (1). Bohn Alum&Br(1%) Borden Co (k3)... Bklyn-Man Tr (4), .. Bkiyn Union Gas (6) Bruns-Baik-Col Bueyrus (1) Sooamma Burr Add Mach (1 Bush Termma) (3% ) Bush T Bldg pf (7)., Butte Cop & Z (80¢).. - = RumafaSen Calif Packing (4).... Cslumet & Arizona.. Calumet & Hecla.... Campbell Wyant (3). Canada Dry G A Can Pac new (2% gnnon Mills (1. = S RO SRSOUIURTTT=TON=T T 0 O T ST Checker Cab 14.20) Ches & Ohlo (214) Chesapeake Corp ( Chic & Alton Chic & Alton pf. Chie Mi1 8t P & Pac.. Chic M1l 8t P& P pf, Chicago & N W (5).., Chic Prieu Tool. . ) 2 9% Co'um Graph (a%).. li: Columblan Carb «16) Comm Credit « 22 Com In Tr (g1 . 32 Comm Solvents (31) Comwlith & 8o (80¢). 162 Comwith & Sopf ¢6) 2 Congoleum-Nairn... 19 Consol Cigars (5) Consol Cig pr pf § Consol :D:n 2). ] 2 on Cons RR Cub pf (6)., Consol Textiie. Container A (1.20) Contl Baking Contl Baking Contl Baking pf Conti Can 12%). Contl Dia Fibre (1).. ® 11 PR P =3a Crown Zellerb'eh (1) Crucible Sieel (k§) mar, . Curtis Publish (17),. Curtiss Wright Corp. Curtiss Wr Corp P 1 Davison Chemiesl.,, Debenhams (7! Del Lack & Wn Denver & R G Detroit Edison Devoe & Ray ( Dia Mateh ctfs RS e Dom Stores (3 Drug Corperat Du Pont de N ¢ Ba w823 0umarn - onConxdBed 31 17 3 9 18 15 2% 3619 181 18 18 18 217% 217% 217% 8% 8 8 e 68y 14% 67% 14% 67% 1% 94% 108 % 9% 9 167% 1714 13% 15% 36 4 Dividend Add Fed Motor Tr (80e).. Federal Serew (3 Fed Wat Sve A 2. Fid Ph Fire in (2.60) , Firestone T& R (1), Firest T & R pf (8) First Nat Strs (3% aaaranend Fox Film (A) (4). Freeport Tex (5).., Fuller pr of (17.94),. Gen Am Inv pf (8).. Gen Am T'k Car (34) Gen Asphalt (3). (len Cable pf (1) Gen Cigar (4). Gen Electric (1. Gen Elec spec Gen Food Corp (3) Gen Gas&E) A (e30c Gen G & El cv pf (6). Gen Mills (3). R & Ut pf (e Refract (14%).. Gen Theatre Equip. . Gillette Saf Ras (4). Gimbel Bros. . . Goodyear Tire (6).,. Goodyear 15t nf (7), Gotham Silk Hostery Gould Copper. Graham-Paige. . Granby Consol (2)... 10 Grand Sfiver § (ml). Grand Union. ....... Granite City 8tl (4).. Grant (W T) (1) Gr North of (5). Great Western Sugar Gr West Sug pf (7).. 60s Grigsby Grunow Gulf Mobile & No: Hersh Choe pf (16).. Holland Fur (et2%). Houdaille He: Howe Sound (14%).. Hu@&Man Ry (3.50). Hudson Motors (3, Hupp Motors. inots Central (7)., Independ O & G (2).. ndlan Refining. Indus Rayon (4). SRNRRwmmnnenD o2 Steel (4). Inspiration Coppe: Insurance Sh (45¢c) Ins ctfs (Md) (60c) Interlake Iron (1), » wovarnpalnan3he r Intl Mateh of (4).. Intl Nick of Can (1), & Inti Paper & Pwr A.. Intl Pap & P pf (7) 17 Intl Printg Ink (2%) 3 Int Rys Cent Am ct. .220s Intl Salt (3)... 1 Int Shoe (3). 1 Intl Silver pf (7) 208 Int] Tel & Tel ¢2)... 220 Inter Dept Strs (2).. 18 Investors Equity (2) 1 Jewel Tea (15)....00 * 9 Johns-Manvilie (3).. 12 Jones&Laugh of (7).120s Jordan Motor Car.... 6 Kayser Jullus (2%). 7 Kelly-Spring Tire.., 16 Kelly -Spring 8% of. Kelsey Hayes (2)... Kelvinator Corp ... Kend Co pf (16.37).. Kennecott Copper(2) Kolster Radlo. Kolster Radlo c Kresge (88) Co 1. Kreug & Toll (1 Krog Gr & Bak Lambert Co (8) f.e¢ Rubber & T Lehigh Port Cmt - © < SToulammionnm Ludlum Steel. . MecKeespt T P(15%). McKes & R pf (34).. Mack Trucks (6) Macy & Co (nt3). Madiron 8q GaF ( Magma Cog per (3).. Man Elev mod g (d5) Manhat Shirt (1).... Marine Mid (1.20 Market St Ry 2d pf.. Marlin-Rock (15%).. Marmon Motor Car. . Marshall Fleld (23), Mathieson Alkali (3) May Dept Stra (n2).. Meiville Shoe (2) Mengel Co (2)... Mengel Co pf (7)., Mexican Seaboard HeBhonass Buaa Heaaame Mo Kan & Tex of (7). Missouri Pacifie..... - oo B monnsRBITE Mohawk Carpet. ..o Monsanto Ch (£1%). Montgomery Ward.. 1 Moon Motor: Mother Lod¢ Motor Me: Motor Products (3). Motor Wheel Mulline Mtx... Murray (B) (2% stk) Nash Motors (4) Nat Acme, (1%) Nat Dept Stores (1). NatDist Products(2) Nat Lead (18 211 211 LI 52%+ 50% 18% 184 69%, 65% 4% 43 W 1% ™ 3w 54l ::M 23% 20% 22% 20 8 6854 C 31w 11% 28% 59% 37 50% 11% 49% 61 58 “% 6% 95% 8 26 19% 62 33 20% 70 4% STOCKS HOLD FIRM INPROFIT TAKING Market Forced to Absorb Considerable Selling After Recent Advances. ' BY GEORGE T. HUGHES. Special Dispatch to The Star. ‘WALL » New York, Novem- ber 15.—Taking into account the ex- tent of the recent recovery, today'’s|The stock market held its gains remarkably “e]elk .flm was the ,unul uu:ounz of w real , plus profit taking by traders who bought lower down, and yet the market absorbed offerings with only minor recessions. of tbe two-hour During course 3 | session United States Steel crossed 147 for the first time on the movement General Mators sold within a fraction of its best before the dividend came off the price, in effect also making a new high on the recovery. Early in the day Westinghouse and General Electric were rather freely sold, but they came back well. Copper Group. ‘The reaction in the have been e: new 12 cents a pou pflc:fi Still _some concern as to the attitude Washington may take with regard to the ag;!emuu to curtail production, and this helped to moderate enthusiasm for the copper stocks. While traders were cautious about following the advance in stant €hares, those still short of the market % deemed it wise to retire at least a part 10% 98% % 14% 8l 42% of iheir commitments. This was the reason for the strength in the amuse- ment shares. Warner Bros. was the leader, closely followed by Loew's and Fox Pilm. All of these stocks harbored short interest. ties were heavy for a time, but never really weak. Columbia Gas sold Off somewhat on the drop in earnings revealed in the third-quarter statement. There was good buying, however, of American & Foreign wer and the rusmrs in evidence of late on Amer- ican Telephone & Telegraph was lifted. It was noticeable that the market was mar:.:fitnln on the advance than on e. Mail Order Stocks. A better. feeling was displayed toward the mail order stocks, Montgomery Ward and Sears Roebuck. General -American Tank starred in the equip- ment division with a gain of from 3 to 4 points. Food stocks were firm and there were isolated advarices among the olls, one of them in Prairic Pipe Line, responding to the declaration of the regu:ar quarterly dividend and the usual extra. Rails were inactive and irregular. Some tax selling was noticed in the dividend payers. Northern Pacific was one of the few strong spots in this part of the list. DECLINE IN BUSINESS CYCLE CALLED ENDED 3 | Special Dispatch to The Star. 21% ki 43 68% 120% % 18% 1% 13 21% 8% 36% 32 1% % 27% 20% 84% 854 84 1025 1024 108 208% NEW YORK, November 15.—That the decline in the business le has about run its course is the f of the Brookmire Economic Service, which says: “1t seems probable that the declining cycle of business has about run its course. The fragmentary statistics for October which are now coming to hand indicate that basic industries got down to a level which may be considered close to minimum and which, if continued for a few months, will bring the needed . We still adhere to our be- Lief that the Spring of 1931 will see a cycle recovery under way.” TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) te—Maturity Dec. 16, 1990...1.. 100 s Jame 3% 183100000 18 28 18, 1881 i 3135 Deec. 15, 1. SPEEDWRITING! New Class Opens November 24th Y.W.C. A, 17th and K Sts. Inquire Education Department, Met. 2102 is | ments were earned 4.4 Preferred Stocks : BY GEORGE T. HUGHES. T e (This is the twenty-seventh of a ser t referred & 3 sy for o "Senetl o %hle aaers an: . eal provi of e stock S n%t L AR Srade being used for the lustration.) ‘There are two issues of preferred stock of the American Smelting & Refining Co. The 7 per cent erred is the older, has the prior claim on earnin and is the more conservative investment. ¢ shares of the 7 per cent issue outstanding. The second pre- ferred, which is 6 Lfir cent cumulative, is out to amount of 20,000 shares and is subject to the 7 per cent stock, but preferred over the common. 7 per cent issue has the additional advantage over the 6 per cent in that the former is m-uuu%ele. ‘whereas the latter may be retired on 30 days’ notice ¢ & price of 105 per share. h:&.efle‘n Smel u:‘n & Refining is the corpora a long record of successful operations. ‘The 7 per cent preferred stock has paid and | dividends without interruption for 30 ‘fll‘l. glving it a seasoned character. he 6 per cent preferred was issued only some six months ago. Like every other company in the metal trade, earn- ings fluctuate over a wide range, but even in periods of abnormal depression there has been no reason to que: the safety of getmeuflbdhburumenu. dmt year was an unusually good one and ne available for the 7 per cent stock was ivalent to $43.66 a share, against ;?”nqumen ! interest on funded debt and || mtm dividends mher juire- is not to be ted that any. guek expec Al sucl showing will be made this y!u..nynd yet in the first.six months of 1930 the sum of $13.76 a share was available for the 7 per cent preferred and $25.65 a share for the 6 per cent preferred. The larger rd | amount on a share basis for the second preferred does not mean a higher mar- gn of safety for the dividend, but is due the smaller number of shares of the 86 stock compared to the $7 stock. Both preferred issues are listed on the New York Stock Exchange, with the older one having the more active mar- ket and selling on a basis to yleld a lit- tie over 5 per cent, while the junior issue gives nearly 6 per cent. PARIS BOURSE PRICES. PARIS, November 15 .—Prices mnmonthenmlruwdnmy.mm per cent rentes, 87 francs. Five per cent loan, 101 francs 15 centimes, Sentimes. Te aoiar was incs o1 . e 35 francs 46%; centimes.® o0 8¢ 4 M&ney to Loan b; Ll on real estate. Jonle:pll= Wi i : First Mortgage Loans Co-nuwulth;.:mm J 808 15th 8¢, N.W. Phone National 2623 Mortgage Loan Corresponde; The Prudential In?unmnt':o’." of America medif T S R Apply for low cost illustration to M. LEROY GOFF Jos WSS TWARD BB, First Mortgage Loans Lowest Rates of snterest and Commission ‘Thomas J. Fisher & Company, Inc. Motey on Hand to Loan on First Deed of Trust Exceptionally attractive front office suite of two rooms. One room very large. Especially decorated for present tenant, who is moving out. ‘Draperies now at windows can be had if wanted. Corner location, overlooking Fifteenth street. Two ex- posures and pretty view. Very attractive building, with unusual service. In neighborhood of Fifteenth and H streets. Phone for Information or Appointment to Inspect TERRY B. SIMMS 729 15th St. NW. +» FERST Phone National 1120 MORTGAGES ALWAYS A GOOD INVESTMENT —because they give a fixed re- . turn for a continuous period. Our 6% FIRST MORTGAGES have a reputation covering more Over a Third of a Century Without a Loss than a third of a century for de- pendability—and throughout the term of the mortgage your prin- cipal is safely protected by con- servatively appraised real estate. May be purchased in amounts from $250 up. B. F. SAUL National 2100 CO. 925 15th St. N.W. its field and has) Glass GAS SALES INDICATE ADVANCE IN INDUSTRY Speclal Dispateh to The Star. NEW YORK, November 15.—Large comparative increases in sales KEEPS MEMORY GREEN BY USE IF GREENBACK reported for past _several months by Alle- | membe: Gas Corporation, 36 cent of the eommon stock of imchm:wnod September consumption is indicative of a marked increase in industrial activity. Some of the larger customers are United Fuel Gas Co. and Huntington Develupmfi & Gas Co. subsidiaries Co., Hope Engineering Go. and Cooper-Bessemer Corporation. Steel Rail Ordered. NEW YORK, November 15 (#).--The Atlantic Coast Line Rallroad has ordered 18,500 tons of steel rall for 1931 delivery. and November 17 each year and remain there in silent reverence. Having a Trust 3 to the effect that each lodge member who visited his gave on these appointed would be paid $20 at tgn mvulg:’l'nd after mlfl& On June 17, a Iarge trowd assembled at Thiel's graveside, including quite a few who came on the chance of get- ting a $20 bill. Some it camp chairs and all made themsel com- fortable and the party became quite merry. At the end of the hour the “mourners” were marshaled into line and every eligible member received his fee. Brother Thiel's plan worked ad- mlrnfl):d except that hot & single tear | an_hour’s was U. S, TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business November 13 was $109,729,564.24. Cus- toms receipts for the month were $15,440,833.58. Total o penditures, $8,3: First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, 5 or 10 year terms on your Home Apartment 5%% Office Building Business Property RANDALL H. HAGNER & COMPANY New York Life Insurance Company 1321 Connecticut Ave. National Savings & Trust Co. 64th | Capital & Surplus z 3 $3,500,000 i \ « Over Sixty Yé;rs of Satisfactory Service —to depositors, large soundness of this old bank—offer a safe those considering the for nections. f'We accept deposits in any amount—Pay Same Rate of Interest on accounts, small and large. Your Payday account is invm OFFICERS: WILLIAM _D. HOOVER. ‘WOODBUKY BLAIR... 3000600000660 00066000066006660006060000000000064 Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. l: Decatur 3600 and small, attest the ide to mation of financial con- 06000060000 0000000000006000000000002222220020022222222220222222222220002202 0000000820828 Pushing the Mountains N ENTIRE mountain range—the great A Sierra Tegion of California—is being pushed higher into the air by the weight of solid rocks underneath the Pacific Ocean...Scientists with minutely ad- Justed instruments have proven this remark- able fact in studies of recent earth tremors. Outside forces will change what appears to be the most solid structure in the life f a man as in the life of & mountain range. But man can always prepare for change—he can always have a sure rTesource in case of upset to his plans, or sudden stoppage of his earning power, That is why wise investors in Washington set aside a certain portion of their salary for in- vestment in a sound security whose safety has been PROVEN—a security such as the 6% First Mortgage Notes Swartzell, Rheem & Hensey Co. sold through the Through all the wide financial fluctuations since 1869, these Notes have always pald every imvestor & handsome interest return—each payment on the date it is due. During all THAT time the value of the original investment has never wavered a penny, SWARTZELL, RHEEM & HENSEY CO.