Evening Star Newspaper, November 25, 1930, Page 13

FINANCIAL. MOUCTON SPEAKS BEFORE BOND CLUB, NG STAR, WASHINGTON, D. C, TUESDAY, NOV. ADVANCE IN STOCK |£2: MARKET RESUMES £ THE EVENI) _FINANCIAL, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Note—All stocks are sold in ene hun dred-share lots | —Prev.1s30—~ ing those designated letter & (80s) (2508) l"h‘-, i Stock and sates— by the Dividend Rate Add 00. vhlc shows those stocks to be sold in odd lots only. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wa (17), “Prospects for Business” |a: Discussed by Economist. Cites Figures. BY EDWARD C. STONE. Harold G. Moulton, president of | the Brookings Institute in this city and | former professor of economics in the | University of Chicago, addressed the n Bond ‘Washingtol Clubi at its first meeting of the year noon at the He took up the lead- ing factors in the long-range forecast| and also touched on the weak spots ess sit- ch are likely to hold back any quick return to normal conditions. Dr. Moulton is a speaker who has an abundance of n:- ures at hand to back up his claims, ai he M ample use of them in his mx m club was fortunate in obtaining him as the opening speaker for the year. He is the author of many books on financial and economic subjects, among them being “Financial Organi- zations of Society.” “Germany’s Ca- plly to Paye ‘The French Debt blem” and “World War Debt’ Settle- ments” Sidney T. Thomas, president of the bond club, introduced the speaker to the large number of regular and asso- clate members present. The luncheon meeting started the year off most au- spiciously. Present Exchange Governors. The terms of two members of the board of governors of the Washing- ton Stock Exchange expire each year. Following the annual election the board is now composed of C. C. Glover, ir.; Y. E. Booker, jr.: Eugene E. Thomp- son, C. J. Gockeler, James M. John- ston and Edward L. Hillyer. The pres- ident of the exchange, George O. Wal- son, is also a member ex-officio. The annual meeting was made not- able by the comprehensive report pre- sented by the head of the exchange. It was the first report of the kind which has been made in several years and in a ‘way establishes @& precedent, which must be continued in the future. The late Albion K. Parris delighted in keep- ing up the exchange history. Since his death the most accurate record of the emhnn(e 1s likely to be the president's report. Realizing this fact, Mr. Wuhon made his report as complete as possible, very valuable for future ref- erence. choberanipe, prices paid for the seats meml| ps, or the seats, the amount of trading in the bond and stock divisions, by froupl, and a host of other pertinent Southern Building Sale Off. Peter A. Drury, president of the Southern Bul Investment Co., as noted eluwhm nounced this arrangements had been reached with the holders of the notes, so that the not. Sidney T. Thomas. qunu nounu appeared stat- i mmm( was to be sold at the date arrived the on in regard to certain notes that were due. Today's announcenvent marks the success of the conferences. Today’s Trading on Exchange. 'l‘odly‘l was rather, light on the Wi Exchange, but & uuch flmfi tone was noted in local lul "R‘:‘Ifln ed in two sales of 10 shares each at 49. This was a gain over yesterday, but the main fact of interest was that bids were made for several large blocks at that figure and the stock was not forthcoming. ‘The bid on Riggs National Bank stock was also raised, another indication of a better tone in local was a transfer of 50 shares of Potomac Electric Power 6 per cent preferred stock at 111 ex-dividend, and 50 shares of Washington Railway & Electric pre- ferred changed hands at 98 ex-dividend. Bond was confined to Wash- ington Gas Light and Washington Rail- way & Electric issues around recent quotations. | North American’s Surplus Up. ‘The statement of North American Co. and subsidiaries, as of September 30, 1930, shows total assets of $821,051,202, comparing with $892,087,749 on Septem- ber 30, 1929, and total surplus of $140,- 773,397 against $117,035807. Current asséts totaled $62,746,065, and current Uablilities, including accrued taxes, in- terest, dividends, etc., amounted to $34,- 444,353, against $49,856,014 and $49.- :;g 576, respectively, on September 30, The Federal Reserve Board's condition statement of weekly reporting member banks in leading cities on November 19 shows an increase for the week of $59,- 000,000 in loans and investments and decreases of $75,000,000 in net demand its, $66,000,000 in time deposits | and $14,000,000 in Government deposits. | Peoples Drug Dividends Voted. Peoples Drug Stores, Inc.. has declar- ed the regular quarterly dividends of 25 | cents on the common and $1.62%; on| the preferred stocks. Common dividend | is payable January 2 tc “*ack of record December 8 and preferred December 15 to_stock of record December 1 Loew's, Inc., dend of $1 on the common in addition to the regular quarterly common divi- dend of 75 cents, both payable Decem- ber 31 to stock of record December 13. declared an extra divi- | quotations. There |, | | The company declared an extra divi- | dend of 75 cents at this time last year. Gains for the October and 10 months’ ! periods are revealed of operations of Potomac Electric Power Co. filed yesterday with the Pub- e Utilitlies Commission. Net income for last month was $399,271.18, an in- crease of $57.933.88 over the month last year and that for the 10 months of the current year, $3,756,617.47, or $488,- 847.01 more than the corresponding pe- riod & year ago. Heard in Financial District. Prank L. president of the North Americah Co., reports to stock- holders that construction is ahead of ldledule on the new office bullding of Potomac Electric Power Co. and t.hz ‘Washington Railway & Electric Co., on the new electric operating service building and on the new bus garage. Among bankers on a list of nomina- tions as directors of the Buy-in-Wash- Councll filed by the committee ted for the purpose of suggest- members for the body are President Evans, ir, of the District Na- President John Poole of by the statement ;:gfié Prsldenl John Eynon of uon Iflm QUOTATION! -American Bank & Trust | 80 ®Am P& L pf A st 97% Am Pow & Lt pf (8). 1264 121% 14% 19% ) m mw:um—m o 40 Wiver, 35 3% 15 Indivilual nhuflh‘buxmhlum g mu-n u;“mcuu 8tock and Dividend Rat Abitib! Pow & Paper 9 Abitibl P & P pf 1 Abraham Straus Adams Exp ( Albany Wrap Paper. Allegheny Corp. Am Can pf (7). Am Car & Fdy (8 Am Car & Fay of (1) Am Chain (3). Am Chicle (13) Am Com Alcohol Am Buropean Secur. Am & For Power Am Hawalian (a10). Am Home Pr (4.30).. Am Ice (4). Am Ice pt (6). Am Internatl (2) Am LaFr & Foam pf. Am Locomotive (4). Am Locomot pf (7). Am Ma & Fy (1. AmMach & Metal, Am Metals&Min (1) Am Power & Lt (r1). Am Rad&Std Sani1) Am Republics...... Am Roll Mill (n3)... Am Safety Razor (5) Am Sm & Ret (4) Am Sm&R 24 pf (8). Am Snuff (13%). Steel Fdy (3) Am Steel Fdy pf (7). FTRT) 1190 -4 FUPSIOpe -~ - Sadannd Am Tobacco B (). Am Tobacco pf (§) Am Type Fdry (8).. Am Water Wks (nl). Am Wat W 1st pf (6) Am Woolen.... . Am Woolen pf. Am Writ Paper ctfy Am Writg Paper pf.. Anaconda Cop (23%) Anchor Cap (2.40)... Archer-Dan-M (2). Armourof Il (A)... Armour of Ill (B).. Armour of Il pf (7) Artloom Corporation Asso Appl Ind (4) Asso Dry G (2%). Atch To & S Fe (10 Atl Coast Line (10) At Refining (13). E TN -1 TN T epare 0 RPelRemam Baldwin Loeo (1%). 78 Baldwin Loco pf (7). no- Balto & Ohfo (T)... Bamberger pf (8%). m. Barnsdall A (2)..... Bayuk Cigar (3). Bayuk Cig 18t pf ( Beatrice Cream (4). Reatrice Cr pf (7). .. Bel N Ry pt pf 16.51. Bendix Aviation (1). Seet & Co ) Stesl em 8t pf (7). Blaw-Knox (13%) Bloomingdale Br Bohn Alum&Br(1 Borden Co (k3) Borg Warner (3 Botany Con M (A Briggs Mfg Co. Briggs & Strat (2)... Brockway Mot Trk. Bkiyn-Man Tr (4)... Bklyn-Man Tr pf t:) yrus ( Bucvruscv pf (3% Budd (E G) Mfg. Buda lEGllDll" 1 Can Pac new (2%) Capital Admin (A). . Capital Adm A of (3) Car Clin & O sta (5) Case (J 1) (8). Caterplillar Trae| 5 'xlé-DD! (6%).1008 Chicago Great Wn pt Chie Mil Bt P & Pac. Chic M1 St P& P of. Chi & Northwn (4) Chic Pneu Tool . . Chi Pneu T pf (3% Chic R 1 & P pf (6) Chic R | & Pac (1), Chi YellowCab (3) Chrysler Corp (1)... City Ice & ¥ (k3.60) . City lce & F pf (6%) do- City Stores (500). .. Cluett Peabody (3).. ! Coca-Cola (8). 2 Colgate-Pal-P (1%). 1 Collins & Atkman.. 52 Colonial Beacon. Col Fuel & Iron (1).. 39 Col Gas& Kl (2).... 85 Colum Graph (a%). 14 Columbian Carb (1) 17 Comm Credit «2) 3 Comm Credit A (3 Consol Clgars (§) . Consol Cig pr of 6% . 208 Consol Cigar pf (7).. 408 Consol Film «2)..... 8 Consol Film pf « Consol Gas N ¥ ( Cons Gas N ¥ of Contl Baking A B. Crof Wheat (13 Crosley Radio Crown Cork Crown WP 1st Cudahy P-cnnl Curtis Publish (1), Curtis Publish pf (7) 4 n7 Curtiss Wright c«n 16 3% 4 Curtiss Wr Corp A. 7 5 Cutier-Ham (8, 8 4 W 118 13 18 Davison Ch voe Detroit Edison (8).. Devoe & Ray (1.20).. Dia Match ctfs (8).. Dom Stores (11.20). Drug Corporat (4) Dunhfll Int (1). Du Pont de N (14.70) Du P de N debd pf (§) Eastman Kodak (18) 1. [ 2 1 1 2 L3 6% Dome Mines (1)..... } B4 2 4 1 2 Eaton Axle &8 (3).. 6 Elec Auto Lite (8) 60 Electric Boat. .. 2 El Pow & Lt (1) 107 El Pow & Ltpf (1).. 2 ] Storage Bat (5).. 7 Elk Horn Coal of. 108 Endicott-John ¢6)... 3 FqOMcBldt(l'/n.. 8 irie R R 0 ErltRRldp!l(). B 6 Eureka VacCleaner. » Evans Auto Loading. 2 Exchange Buf (1%). 10s Fairbanks Co pt. ... Fash.on Park Asso. . Federal Screw (3) Fed Wat Bve A 2.40. Federated Dept Strs. F1d Ph Fire In ( Filene's pf (63%).... 1 Firest T & R of .. First Nat Stra (3%). Fisk RUDDOF. ...0s0s Fisk Rubber 1st Df. . ”- Follansbe Bros (1).. Foster Wheeler (3). Fourth Nat) Invest. Fox Film (A) (4)... Frank Simon pf (7). 40s Freeport Tex (16)... & Fuller pr pf (17.9¢. Gamewell Co (5). Gen Am Investors. L3 Gen Am T’k Car (34) 48 Gen Asphalt (3) 3 Gen Bronze. Gen Cable A Gen Cable pf (1) Gen Food Corp (3).. Gen Gas&E) A(e300) Gen G & El cvpf (6). Gen Ital B4 (22.63).. Gen Mills (3 Gen Mills pf ( Gen Motors (1! lfl)n Gen Motors pf (6)... Gen Outdoor Adv.... 1 Gen Pub Berv (b6).. 6 Gen Ry Signal (§)... 6 Gen Ry 'llllll 124 ll) 508 Gen Realty 1 GenR & Ut D! Gen Refract nll).. Gen Theatre Equip. . Gillette Saf Ras (4). Gillette Saf R pf (5). Gimbel Bros.. .... Gimbel Bros pf (7).. Glidden Co (1.30)... Glidden pr pf (7). Goodyear 18t pf (1), 64 Gotham Silk Hoslery 2 Gotham pf xw (7)...100s Graham-Pat Granbdy Consol (2).. Grand Siiv Stra(hl). Grand Union........ Grand Union pf (3). Granite City 8tl (4). Grant (WT) (1).... Gr North D! [ Great N (v Gre: r Gr llluxpf ('l), 10 Grigsby Grunow. . Q\llf Mobile & North. Guif States Steel.... Habn Dept Stores. . . Hahn Dept 8 pf (C'A) Hamilton Watch 1 cnasmann®. oy Bt Hercules Mot (1. .). Hprahey Choo (5) Hanncbocpr 46).. 0). Hudson Motors (3).. Hupp Motors. - Ilinots Central (7).. Independ O & G (3).. Indian Motor Cyel Indian Refining. Indus Rayon (4) Ingersoll Rand 18). Inspiration Copper. . Insurance Bh (46¢).. Ins ctfs (Md) (60¢).. Interboro Rap Tran. Intercont Rubber. ... Int Agricultural.... Intl Bus Macb (06) . Int] Carriers (25¢).. Intl Cement (4)..... Int] Combustion Int Comb Eng pf.... Intl Harvester (2%). Int Harvester pf (7). Intl Hydro E1 A (e3) Int] Mateh pf (4).... Int] Mer Marine (2). Intl Nick of Can (1). Int] Paper & Pwr A. Intl Pap & P of (1) Intl Printg Ink (3%) Intl Rys Cent Amer. Intl Salt (l) vt Int 8h - » - BrarCuaniotassnnwe Soeamar -~ nnNw~NS CETE TP A lnu’rol.'r-l i2)... Inter Dept Strs (2).. Int Dpt 8t pf xw (7). Investors Equity (3) Island Cr Coal (4)... Jewel Tea (15). %« Johns-Manville (3). Jordan Motor Car. .. Kc P&L 1stpt B ll) Kayser Jullus (l\fi) Kelly-Spring Tire, Kelly-Spring 8% Krog Gr & Bak ¢ 1. Lambert Co (8). Lane Bryant (2 EISI=R TSP Liggett & Myer l'l) Lig & Myers B (16). Liquid Carbonio (4). Loew's, Inc (14).... Loew's pf xw (6%). Long Beil Lumb (A)’ Loose-Wiles (12.90). Loriilard (P¥Co.... Louis & Nash (T).... LouG & E (A) (1%) Ludium Steel....... MacA & Forb pf (6). Molntyre Porc M (1) MoKeespt T P(1534) McKesson & Rob (1) Rpt (3%). SloLellan Stor Mack Trucks g M 5 = wanwSeeo~JvsSare slamm—nn 0d g (45) Nu\hl Shirt (1 Maracaibo Ol Ex| Marine Mid (1.30)... Marlin-Rock (t5%). Marmon Motor Car. . all Fleld (3%) leson Alkall (3) Co (1), CeuoBwae Bomned —awn Mid-Cont Pet Midland Steel % 141% 141% 29% 284 62% 18% 62w 17 18% 8 4% 38% 13 e Report That Early Increase in Steel Prices Will Occur Aids Upturn. BY GEORGE T. HUGHES. Special Digpateh to The Star. NEW YORK, November 25.—Buyers oum\lmb:;:! the sellers in my- stock sign. B e, S y. general af re street was more cheerful and many im- t stocks went to new highs on been forecast eral times in the last two weeks, but it was given additional publicity. today and was more generally accepted. Sees End of Depression. Another influence was statement by tha can Telephone & Telegraph Co. to the effect that, in hi inion, the end of the business d was at hnnd tndfll‘lll'mlldln(ouv'!dby “period of prosperity the like of 'hleh no_country has ever seen before. The steel stocks opened mnm and under the leadership of United States Steel, wrm:h during the first two hours approached the 150 mark, were n-nnc Vanadium went along with the 1 shares, although that stock has oth-' r.hlnu on lwul-tln llm Amer- ican Telephone & Telegraph pushed ahead, leading the utilities, with Public Bervice of New Jersey, North American Co. and Consolidated Gas take up later in the day. Buying centering in stocks of this caliber inspired confidence. Directors of Allied Chemical declared 6 per cent common stock dividend in addition to the regular quarter] cash disbursement. A similar stocl dividend was declared last year about this time, but today's action stimu- lated. the stock, which was y higher. Other strong spots included United lhul Industrial Alcohol, Alr Reduction, A. M. Byers and Wt ton Pump. Gains Are Widespread. The improvement, however, was not l.'mflnod to the higher-priced issues. A mx of stocks selling around $20 & Among these the imistic dent of Ameri- dunder'mlnuundemnm were Bullard Co., Stan- on | was taking with it the | pendents. all |and the turnover in the first half hour It did not .clpo “notice_that volume | increased today substantially over that of Monday, 'blch was taken as a good To the accompaniment of much bet- ter sentiment in Wall Street prices ranged higher early today. The princi- pal influence was the move to stabllize steel prices and steel l\:cp were all strong. United States Steel up over & t in the first hour, s of the chiéf inde- Low-priced stocks, lllch as Standard lnmh -nd coll.lm Alkman, were w, mdllfl- includ- l.n. on.hlnnm Pump & Drug, Inc.,/|. scored good advances. The one group that lagged hhlnd Wwas the amusement stocks, influenced by the Supreme Coutt decision in the anti-trust suit. Fox Fim was affected the most, but Loew's and Warner Bros. also were lower. Railroad stocks were s new low by Illinols Central, appar- ently forecasting a dividend reduction. North American and American Tele- phone were favored among the utllities. Call money renewed at 2 per cent was 370,300 lhll- one ex the largest, with in & week. AR Y KELLOGG PLANT CUTS HOURS TO AID IDLE Special Dispatch to The Star. turt ‘to help relieve the present unem- ph{ment situgtion all plant employes from an eight-hour work- ing :r' lw s six-hour day, effective De- ‘The plant will continue operating 24 r'ahy,:nmmwul‘:gsua company ‘employ immedia: proximately 35 ocent more people. In addition, the rate of pay will be increased 12'4 per cent so that the new mlnlmum nn rate per male employe $4.00 day, with nn tvml! duly ‘wage of approximately Tex Refund in all States Not Exceeding Five Mills E'%‘"mm We are prepared to carry STOCKS BONDS COMMODITIES On a conservative margin dasis We inpite you to make use of our Statiaticsl Department, H CORNER 17th ST. NW.. WASHINGTON 4 NATIONAL 0248 Mew. York Ohicage nlhw!lfl Detroit Providence Breokive TR e S (Asso0. PROPERTY NAGEMENT Apartment House MANAGEMENT copes with every problem that can possibly arise <~ relieving you of all worry and concern; and netting for you the maexi- mum in return, B. F. SAUL CO. 925 15th Se. N.W. Nae'l 2100 Federal Normal Income Tas Up to 2%, Paid at Source $3,000,000 United Mortgage Corporation First Mortgage Collateral Trust Bonds Bearing Interest at 6% The payment of the principal and interest of all first mortgages pl‘d'.d as security for these bonds will be umndmomlly guaranteed by the - UNITED STATES FIDELITY & GUARANTY. COMPANY Baltimore, Maryland ' MATURITIES AND PRICES Dated December 1, 1930 $ 500,000 due December 1, 1933 — $1,000,000 due December 1, 1938 — 100 and interest 100 and interest $1,500,000 due December 1, 1940 —99% and inferest Coupon Bonds in denominations of $1,000 and $500. Interest payable Juno 1et and December let. Principal and semi-annual interest payable at main office of the Baltimwore Trust-Company, Calldble as a whole or in part by lot on any interest daté on thirty days’ publi terest. Provisions for n’ytu tion of principal. Interest payable without deduct: Tax not exceeding 2%. The Company will agree to refund ‘"“"W‘ or personal property taxes not exceeding five mills on each doi er in lieu thereof any Sta within six months after any such tax becomes du Baltimore, Maryland. notice at 101 and in- of any Federal Income State, City, or County securitiep fin principal amount of bonds held, income taxes not in excéss of 6% of the interest thereon, if request is made ind payable, accompanied by proper proof of payment. BALTIMORE TRUST COMPANY, CORPORATE TRUSTEE $Security: These bonds will be the direct obligation of th- Umtod Mortgage Corporation, a Delaware Cote poration ordanised with a paid-in cash capital of '$350,000, and wjll be at all times secured by. the deposit with the Trustees of first mortgages, collateral trust bonds, and/or jnstruments of like legal effect, approved and unconditionally guaranteed by e United States Fidelity and Guaranty Company, United States Bonds, or United States Certifichtes of Indebtedness and/or cash, in principal amount at least 100% of the printipal amount of all bonds outstanding. Provision will be made in the indenture for adequa!o title, fire, and wmdflorm insurance policies to cover each mortgage. Guarantee: All mortgages will be First Mortgages on fee simple propertjes in tho United States and will be guaranteed as to payment of both principal and interest by the United States Fidelity and Guaranty Company, with resources of over $50,000,000. This guarantee will be unconditional and will be for the full life of each mortgage and not subfect to cancellation. By the terms of the Indenture, the United States Fidelity and Guaranty Company will guarantee that the Mortgage Company will have on depoeit with the Corporate Trustee, at least ten days before maturity, sufficient cash, in exchange for collateral, to pay all maturing principal and inte: Certificate: t of these bonds. Certificate of United States Fidelity and Guaranty Company, endorsed on each United Mbr“.l‘o Corporation First Mortgage Collateral Trust Bond, will read as follows: “Payment of principal and interest as they respectively mature of ch of the mortdages and/or collateral trust bonds held by the Trustees under the within mentioned In- denture of Trust, is unconditionally guazanteed to the Trustee by a bond of the under« eignad delivered to the Trustees. UNITED STATES FIDELITY AND GUARANTY COMPANY Custody of Securitiest All mortgages, collateral trust bonds, Vice-President nd insurance policies, together with the Guaranty Bonds of the United States Fidelity and Guaranty Company, United States Bonds or United States Certificates of Indebtedness and/or cash securing these bonds, will be held by the Baltithore Trust Company, as Corporate Trustee. The legality of this issue will be passed upon for the Compmy and the Sunty by Messrs, Bartlett, Poe and Claggett, The Baltimore Company Baitimote Truet Building Auchincloss, Parker & Redpath nd for' the Bankers by Messrs. Semmes, Bowen & Semmes, Baltimore. OFFERED WHEN, AS AND IF ISSUED, RECEIVED AND ACCEPTED BY US -719 - 15th Street, N. W. We have accepted as acouratethe inférmation and staternents contained in nh- #e made on the condition that no any .lnlm o right againet ue. First National Securities Corp. Owned by the Stockholders of First National Ilnl.’ Baltimore Southern Securities Corp. 1200 - 15¢h Street, N. W, Washington Loan & Trust Company 9¢th and F Strests, N. W, o ek ‘ o but this offering ,or-uomm-\-nm lmrhu