Evening Star Newspaper, January 18, 1931, Page 64

"4 BUSINESS METHOD | FAGES LEGAL TES Practice of Patent Pooling Under Scrutiny in Su- preme Court. BY DEAN DINWOODEY. The legality under the Sherman anti- trust act of so-called “patent pooling.” | the method by which the members of an industry license each other to use the basic patents severally owned, for their common benefit, was argued be- “fore the Supreme Court of the United States Thursday in concluding the first case brought to test this relatively new Business procedure. The practice by competitors in an industry of pooling patents which con- stitute the basis of their business, avowedly for the purpose of avoiding disturbing industrial warfare and costly patent litiation, has during the past few years been pursued in several fields, but particularly in the radio, aviation and oil industries Test Case. The case in which the validity of the tise is being tested was brought by e Department of Justice against, pri- marily, the Standard Oil Companies of Indiana and New Jersey, the Texas Co. and the Gasoline Products Co. to re- strain the operation of agreements be- tween providing for cross-licensing of patents covering processes for “crack- ing” gasoline and apparatus for prac- ticing the processes The defendant companies, charge of monopoly. point to the evi- ident keen competition in the sale of | cracked gasoline. There is no monopoly of production, they contend, no monop- oly of the product or the fixing of a price for its sale and no monopoly of tents. Besides the four companies, icenses to practice the processes have been granted 40 other refiners, and it is ciaimed that any refiner may have & license. May Effect Radio Patents, The court’s answer to the problem, #¢ its forthcoming decision . is on the fundamental matter involved, will be determinative not only of the legality of patent pooling arrangements in the cracked gasoline and other fields, but decisive most probably of a specific suit which the Department of Justice Has brought to break up a pool of radio patents owned by the Radio Corpora- tion of America, General Electric Co., Westinghouse Electric Co., American * Telephone & Telegraph Co. and asso- clated companies. One difference in the two cases, possibly fundamental, is that in the radio case some of the patents pooled are so-called product tents, covering products sold, whereas | IR the eracking case the patents pooled | are so-called process patents. Numerous other refiners of cracked gasoline are vitally interested in the outcome of the cracking case, not only #s so-called secondary defendants but also as licensees of the processes of the four primary defendants. The Federal District Court at Chicago, in upholding the Government's contention, decreed that not only the contracts between the primary defendants but also the contracts between the primary and sec- ondary defendants were totally void and wnenforcible. Investments Involved. If the Supreme Court affirms the Btter n of the decree, investments of these refiners in plants, built to gmu the licensed processes, may be the to rebut the Should the agreements between four defendants be held o constitute a violation of the Sherman set, long-continued patent litigation between them on some 73 patents which may disturb the industry, will possibly result. The effect of the court's decision in any event will be Sar reaching. (Copyright. 1931.) CHICAGO OPERATOR BUYS WINNIPEG SEAT @rain Traders Reported Dissatisfied | 1 With Recent Decrease in Business. BY WALTER BROW Written for the Associated Press. CHICAGO, January 17.—Announce- ment that Arthur W. Cutten had pur- chased a seat on the Winnipeg Ex- change, strengthened current reports that the giants of the grain trade were transferring their trading to Canada because of inactivity here ! Applications of Chicago and Minnea- | polis brokers for Winnipeg Exchange geats have forced the price upward. | Cutten paid $12.600. Chicago Exchange | seats may be brought for approximate- | ly_$9,000. | Traders have contended that buying | | ©f wheat by government sponsored | jes has forced many of them out | A week ago wheat buyers | and sellers moved from the largest | pit on the floor to the second largest | while corn traders took over the number | one pit. This transfer was made be- cause for the first year in the 83 the| exchange has been in operation. corn | was in greater demand than wheat. | Cutten is generally believed not to! have been active in grains for three or four years. At one time he was the | 102 most_spectacular and the largest of | wheat speculators. He turned his at- tention to the stock market and at- tained almost as much distinction there. Recently he has been dealing in grain “bids” and “offers.” an operation that | resembies Lloyds’ famous insurance ac- eeptances Mr. Cutten always has been a mys- . terious figure In the grain trade, largely because he operated alone and in silence. No frosted glass door bears his name and no anteroom is filled with FINANCIAL. ~—1930— i ith. Low. High, 102 9826 Lib3%s1932-47.....1021 1032 100 10 Lib 1st 4% s 1932-47. 1035 103 27 100 28 Lib 4th 418 1933-38. 104 102 12 9830 US3%s1940-43 102 27 10225 991 US3%s1943-47 3 107 103 3% 8 1946-56 1094 10516 11314 10924 Argentine 65 June '69.... Argentine 65 A '57. Australia 6s ‘55 Austria 78 '43 Bank of Chile 6158 '57. Bank of Chile 6%s 1961.. Belgium 6s '55. . Belgium 8s "41. Bolivia s ct 69 Bordeaux 6s ‘34 Brazil 6338 1926-57 Brazil 8s'41..... Canada §s 52 Chile Republic 6s s Chinese Govt Ry bs '51... Colombia 65 1961 Jan Copenhagen 5s ‘52 Czechoslovakia 8s '51 Denmark 5%s 1955 Denmark 6542 ... Dutch East Indies 6547, Dutch East Indies 65 63. Fiat 7s '46 war Finland i s ‘50 French 7 French T%s Ger Gov 5345 '65 wi. .. rman Bank 65 1938 German 7s 49 Greek 65 1968 5 Irish Free State 55 '60. Italy 7s '51. Japanese 6%s '54. Kreug&Toll 58 ct w Mexico 48 1904-54. Milan 6%s '52 Netherlands 6s New South Wales 57 Norway 6%s Orfent Dev 5%s '57 Paris-Lyons-Med 6s '58 Paris Orleans 5%s 196i Peru 65 '60 Peru 7s. Pireili Co Poland 85 '50. Queensland 6s '4 Queensland 7s 41 Rhinelbe 75 = . Rhine Westphalia 65 '53. . Rio de Janeiro 8s°46. ... Rio Grande Do Sul 65 '68. Rome 63%s '52 5 Sao Paulo State of 85 '36. Seine Dept of “s. ... . Serbs.Croats&Sla Serbs Croats Slov § Swiss 6% 8 46 Toho Elec Pwr 75 '65. Utd Kingdom 6%8s'37 Uruguay 6s 1960. Vienna 6s 1952. Warsaw 7s 1958 4 Yokohama 6s "61. MISCELLANEOUS. Abram & Straus 5% s'43. . Alleghany CG cv b8 '44. .. Am Agri Chem 7%s '41 Am Beet Sugar 6s '35 Am Chain 6s 1933 AmIGChm6%s Am Internation 5% Am Natural G 6% Am Sm & Ref 1st Am Sugar Ref 6s ‘37 Am Tel&Tel cv 4%s Am Tel & Tel s £ 5 Am Writ Pap 654 Armour & Co 4145 Armour of Del 5%, Atlantic Ref deb bs '37. Bell Tel (Pa) ref 5848 Beth Steel pm 55 Certain-teed 6% 8 194 Chile Copper 55 *47. Colon Ofl 6538 Columb G & E Comm Invest § A Comm Invest del 48. . Con Coal (Md) 1st ref &s. Detroit Edison ref 6s40.. '40. 75 1004 1071, 29% 101% T4 911y 1124 118 68 101 1004 . 102 80 96 8% 1011s 894 R 104 92 €814 103 597 1004 8514 102 66 102 91 104 Dodg: 4 Duquesne 43%s 1967 East Cuba Sug 7%8'37... General Cable 6348 1947. . Gen Motors 6s '37. . ? Goodrich (B F) 6%8°47.. Goodyear Rub 58 1957.... Inland Steel 4348 1978, Inter Cement 55 *48 Inter Match 68 '47 Inter Mer Marine Inter Paper 55 A * Int Tel&Tel cv 4% Kan Gas & Elec 4%5 80. . Kendall 6%s ‘48 (war) Midvale Steel 55 '36. . Montana Power 55 1943. . Nat Dairy Prod 5%s°48. . Nat Radlator 63%s 1947 New England Tel 58 ' N Y Edison 15t 6348 '41 100 93% 111 103% 111% 98% 105% 99 99% 1005 101% 110 115% 10815 107% N Y Tel 65 '41 North Amer Ed bs ‘57 Northern States Pow 5 Pacific Gas & E15s°42. .. Pacific Tel & Tel 68 '62. .. Pan-American 6s '3 Para-Fam-Lasky 63 '47 Philadelphia Co 58 *67 Phil& 104 108 103 106 Postal Tel& Cab 6s ‘33 Reming-Rand 658 '47. Sinclair O11 78°37. . Sinclair Crude Ofl 5%s Sinclair Pipe Line 58 '42. Southwes Bell Tel 55'54. . Stand Ofl N J bs. Stand Ol N Y 4%s5 5. Sugar Est Orfente 63 Tennessee Copper 6 United Drug 6s ‘53 U S Rubber 18t & ref 8s. . Utah Power & Light bs. . Uil 105 9014 68 7% 804 857 102% 961y > 106 THE SUNDAY STAR, WASHINGTON, D. C, JANUARY 18, 1931—PART SIX. BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. Low. Close. e. 4% 4% +1 08 108 1 100 5 102% Low. 10127 102 29 10324 1 102 29 196 25 108 25 1129 A Youngstown Steal 65 '78. RAILROAD. Atch T & 8 Fead) 45 '95.. Atch T &S F gen 4595 Atch To & S Fe 4345 '48.. Atlantic CL 1st 48 '52. Atl Coast Line 4 %8s '64 B & O gold 48 B&Ocv 4% Balto & Ohlo 55 B & O ref 53°95 B & O ref 53 D 20! Balto & Ohio s "95. B&OPLE&W Va B&OS W Div 6850 Bangor & Aroos 4s'51. Boston & Maine 53 '67. ... Brooklyn Manh 1st 65 A. Brooklyn Union 58 '50. ... Canada National 4% Canadian Natl 4348 Canadian Natl 4158 Can Nat July 65 '69...... Canadian Natl 58 6 Oct. Canadiarn Pacific deb 4s. . Centra: Pacific 45 '49 Central Pacific 65 1960. Chesapeake Corp b8 ‘47 Ches & Oh gen 438 '92 Ches & Ohio 43893 A Ches & Ohio 4135 B ChiB&Q4%s B 77. ChiB&Qrefbs'?l..... Ch & East [1l gen 68 '51.. "Chi Great West 45'69.... 4 ChiMStP&P 5515 Chi M St P & Padj bs Chicago&Nwncv 4% s Chi& N W ‘36 Chicago Rys 68 ‘2 ChiR 1 & Pac ref 453 Chicago RI4%s A. Chi Union Station 4 As... Chi Union Station 6%s. .. hi & West Ind con 4 1 & West Ind 5%s " C&StLrf4%s 100% 1004y 101% 1064 106 110% 101 1054 - 101% - 101% T9% 95% 120% 125% 101% 9% 9274 0% 807 1011 8418 1023 103% 89% 81, 105"y 61% 102 895 104% ] N 102% 907 1047 Cleveland Term 6s B '73.. Cleveland Terminal 5%s. Colo & Sou ret 4%48'35. .. Cuba R R bs '52 105% o 97 Den & Rio Grande cn Den& R G W "5 Den & R G West b Detroit United 4% Erje 1st con 48 '96. Erie gen lien 45 '96. irie 67 r East Coast 68 '74. Fonda J &G 4%s'62... Grand Trunk s £ deb 6s. Grand Trunk 7s 40 4 Great North 4%s'76. . 91 Great Nor gen 5%8 '62... Great North gen 78 '36. .. Havana Elec Ry 6%s Hudson & Man adj bs' Hud & Man ref 58 '67 Illinots Cent ret 48’ Illinojs Central 4% : Inter Rapid Tran 58 '66 Inter Rap Tr 5s sta '66. .. Inter Rapid Tran 6s'32. . 105% 94% 105 80 830 551 9515 > Inter Gt Nor ad) Inter Ry Cent Am 6% Iowa Central 4s°51... Kan City South 331950 Kan City South 53 '60 Kan City Ter ist 48 Lake Shore 4s '31 Lehigh Val cn 4s % Louls & Nash uni 4s '40. . Market St Ry 78 A "40..... Mil EI R & L 18t ref bs. .. MStP&SSM6ls'31.. Mo Kan & Tex 1st 48'90. . Mo Kan & Tex ad) 68 '67. . Mo Kan & Tex prIn 6sA. . Mo Pacific gen 45 ‘75..... Mo Pacific 55 A '65. Mo Pacific 5s Mo Paclfic 55 G/ Nassau Elec 43 '51. N Y Cent deb 4334 N ¥ Cen ref imp 68 201 N ¥ Cent deb 6535 .. NY Ch & 8Lref6% New Haven deb 48 NYNH& Hart 4%s 10714 102 100% 106 1064 103% 36 89% 102% “ . Norfolk & W cn 48 '96. North Pacific 3 North Pacific 4s 'S7 North Pacific 53 D 2047 North Pacific r 1 63 2047, Ore Wash 1st ref 45 '61.. Penna cn 4345 1960. . Penn gen 4%s'65 Penn 4%s '63 Penn 53 196 Penn gen 5, Penn 6% '36. A Pittsbgh&W Va 455 C 60 Reading 4%8s°'97..... . corporation news prepared by Standard .| factured for civil use, Rio Grand West col 4s. .. RIATk& L 43%8'34..... St L Iron Mt gen 6831 SLIM&SR&G 4833, StL&SF prind4s A 5 StL&SF4%8'78... StL & San Fr 68 B St Louls S W con StPKCS Line 4 Seaboard A Lref Seaboard A L ad) Seaboard A L con 6 South Pacific col 4 South Pacific ref South Pacific 418 '68. Southern Pac 475 '69 Southn Pac Ore 448 '77 % Southern Ry gen 6s 56 South Ry dev 6% '56. Third Ave 1st ref 4s'60. Third Ave adj 65°60..... Union Pacific 1st Union Pacific Un Pacific ref 4s 20! Virginia Ry 1 Va Ry & Power Wabash 4148 19 Wabash 54 ‘75. West Maryland 4s '63. West Maryland 63%s '77. Western Pacific 58 '46. West Shore 1st 48 2361 10015 100% - . 911y over, but smaller and slips will not| mon to_medium, 5a7; bring over 28 to 33. Liberal shipments | quality, 35,.5;“’" iy o NEW YORK STOCK EXCHANGE (Continued From Second Page.) Stocks and Dividend. High Thompson Prod (3.40).. 14 Thompson Starrett Co. Thomp-Starr pf(3%) Tide Water Asso (60 Wi Tide Water O1l (80c) Tide Water Ofl pf (5). Timken Det Axle (80¢) Timken Roller Bg (3).. Tobacco Products. Tobacco Prod (A) (195¢). Transamerica Corp (1). Transue & Willlams (1). Tri-Continent] Corp. Tri-Con Corp pf (6). i Trico Products (23%) Truscon Stl (g1.20).... Twin City Rap Tr (§4).. Twin City Rap Tr pf(7). Ulen & Co (1.60) Underwood- £11-Fish (5) Underwd-Ell-F pf (7)... Union Bag & Paper Union Carb & C (2.60) Un Ol of Cal (2 2 Unlon Pacific (10). Unlan Pacific of (¢ Union Tank Car (1. United Aircraft. ... Unit Aircraft pf (3). Utd Am Bosch UnitedBis United Carbon (1). Unlted Cigar Stores. . T1d Cigar Stores pf (6) Unit Corporation. . United Corp pf (3).... United Elec Coal United Fruit (4) Utd Gas & Improv (1.20) United Gas Imp pf (5).. Utd Plece Dye Wks (2).. U S Distributin; U S Express. U S & For Sec. U 8 & For Sec pf (6) S Freight. . Rubber 18t of. .. Smelting & Ref (1). 'S Smelt & Ref pt(3%) USSteel (T)....0uuuns U S Steel Corp pf (7). U S Tobaceo (4). United Stores A. United Stores pf (2% ) Universal Leat Tob (3). Univ Leaf Tob pf (8) Univ Plpe & Rad .. Univ Pipe & Rad pf ( Utilities P&S(A)et2 ¥ 1 g, :rx" FuLEY » - o PE EE2RF F2¥ FIHHL 141 22 23 185%x187% 85 854 (NN W, W Weston w Willys Dividend rates payments based on X Bx-divi us 10% in Stosk. stock; 14% in stoc 1% Va Elec & Pwer pf(§) n. Vulean Detinning (4)... Wabash......... Walgreen pt (6% ). Walworth Co (2) Ward Baking (A). Ward Baking B, . Wara Baking pf (1), Warner Bros Pict. .. Warner Quinlan. Warren Bros (3) W'ren Bros v pf (3) Warren Fdy & Pipe (2). \Wesson O1i & Snow (3). Wesson O1l & 8n pt (4). w. Western Maryland. Western Pacifio. Western Pacific p Western Union Tel (8).. estinghouse Afr B (2) tingrouse E & M(6) tinghse E&M pf (5) White Motors (2). White Rock M S (t414).. White Sewing Machine. . White Sew Mach pf. Wilcox Ofl & Gas. .. Wilcox & Rich (A) 3 -Overiand Wilson & Co (A) Wilson & Co pt Woolworth Co (2.40). Worthington Pump. Wrigley Wm (4) Yale & Towne (2). 4 Yellow Truck & Coa Yellow Tr & Coach pf. Young Spring (3). Zenith Radlo. ... RIG] 8% Peoples Gas Chi..Jan 15 n_stock. J Plus 8% 14 J n Plus 5% ' sfok: » ck. FINANCIAL. BOND MARKET FIRM AT SHORT SESSION Rail and Foreign Grouos Are Higher—United States List Heavy. s7: 2528 2035 BY DONALD C. BOLLI Associated Press Pinancial Writer. NEW YORK, January 17.—The bond o 1 08 FEES cumulated at good Iractions above the previous close. The volume of trading was abcut average for a short session. Railroad bonds profited from a good 13| demand. St. Paul 5s, Eris 5s of 1975, Northern Pacific 4s, Wabash 5s and co 4!2s were among the legal in- vestments that displayed a strong tone. Realizing cut into the advance in Southern Rallway 4s, which were up more than a point yesterday. There was some irregularity in the utility group, which has had strong competition this week from a large vi ume of new offerings. American Tele- phone 5s of 1960 was slightly lower and International Hvdroelectric 6s turned reactionary, but some of the electric company obligations registered small advances. United States Governments, the strorg feature of the week's movement, were heavy and sold slightly under their high prices for the current ad- vance. The further recovery in Rich- field Ol 6s stood out in the stock priv- ilege group. The bonds rallied to 54, to wipe out the 11’;-point drop that fol- lowed the recelvership. Foreign bonds were irregularly high- er. German International 51%s led the advance, rising more than a point in active trading. R Elec Inst (1)... S aEal WEEKLY CLEANINGS. NEW YORK, January 17 (P).—Tht weekly statement of the New York clearing house shows: Total surplus and undivided profits, $2,820,300 decrease. Total net demand deposits (average), $22,209,000 decrease. ‘Time deposits (average), $10,987,000 decrease. Clearings week ending today, $5,511,- 147,265. Clearings week ending January 10, $5,978,346,349. 12% 1% 12% + iven in the above table ar latest auarteriy or half early duAl I in- stock. % plid this Payable when' earned. ‘e Pasable [ cash sock. ¥ Plus 8% in stock "k Plas S KPlus 3% in stock m Plus $1.00 in preferred s cash te. or Plis 1% ih tock. 't Plus CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NE WYORK, January 17.—The fol- lowing is today's summary of important Statistics Co., Inc., New York, for the Associated Press: News Trend. Trade during the past week was stim- | ulated by the reduced “sale” price and | the lower temperatures, the Mercantile Reviews report. Small stocks of mer-| chandise have brought forward some | orders from dealers, which in turn have increased activity in the basic industries. 1t was pointed out that the recent rela- tive stability of wholesale commodity quotations i a decidedly helpful factor. Business failures for the week are r ported at 1796, against 927 in the pre- ceding week and 638 in the 1930 week. Bank clearings continue to show an ex- ceedingly large decrease, compared with 1930 and 1929. Total clearings in 22 leading cities in the week ended Jan- uary 15 were 24.5 per cent below the like 1930 week, which in turn were about, 18 per cent less than in the 1929 period. The Industries. Aircraft—Airplanes manufactured in the United States in 1930 for civil use totaled 2,514, according to preliminary report of Commerce Department, In addition, 710 military craft were de- livered to Army and Navy, making to- tal production 3,224. Of aircraft manu- 250 were ex- ported. Coal—December shipments anthracite total 4,889,057 gross tons, an increase of 689,010 tons over November, but 942,477 tons under year ago, according to Anthracite Bureau of Information. Rayon—Full year 1930 earnings of the domestic rayon industry have been relatively unsatisfactory. Evidence is lacking, moreover, that operating re- sults will undergo any substantial im. provment during the first six months of 1931. Sales should register some recovery with the advent of the Spring buying season. but continued competi- tion from silk will prevent a really satisfactory volume of business. Recent reductions in yarn prices will serve to restrict profit marging In all prob- ability, narrowing of the domestic field will be hastened through the elimina- tion of the weaker units, thereby, plac- ing the industry on a sounder basis. The introduction of run-resistant under- wear, manufactured by three of the largest producers under a patented proc- ess should aid materially in reducing the ranks of producers. Copper—Prices for March and April export copper were advanced yester- day 5 to 10 points a pound, to 10.35 cents and 10.40 cents a pound, respec- tively. Domestic prices remain at 10 cents. The Companies. Associated Gas & Electric-Rochester Central Power 6 per cent preferred and 5 per cent debenture holders offered exchange, $6 dividend series preferred and 5 per cent convertible debentures respectively, share for share and par for CHICAGO LIVE STOCK MARKET CHICAGO, January 17 (#) (United States Department of Agriculture).— Cattle. 200; compared week ago fed steers and long yearlings steady after losing most of midweek advance; ex- treme top yearlings, 13.50; medium weights, 1325, and weighty steers, 12.25; bulk predominant supply or short feds selling at 8.50a11.00; stock- ers and feeders very scarce; strong to 25 higher; mostly 7.00 upward on bet- ter grades with well bred light feeders, 8.75, and half fat weighty short turn steers, 9.40a10.25; all she stock closed, 25-50, mostly 50, lower on very slug- gish trade: light heifer and mixed yearlings being in excessive supply; practical top light heifers, 9.75; bulk, 8.00a8.75; cutters, weak; bulls, 25 lower, and vealers about steady. Sheep, 5,000, including 3,500 direct; | today's market mostly 25-35 higher: several loads fat lambs, 8.65a9.25; around 97-pound offerings at inside price; for week 42 doubles from feed- ing stations, 18,200 direct; compared week ago fat lambs most 25-50 higher; sheep sharing upturn; feeding lambs stro; tending higher: closing bulk Swd and choice lambs, 94 pounds down, 7589.25; latter price the week's native bucks, 7.7588.25; throwouts, 6.50a T50: fat native ewes, 3500480 weok's vearlings, 6.50a7.50; fe lambs, 7.5087.75, © = Hogs, 16,000, including 14,000 direct steady with Fridi_'s average; top, 8.35: bulk, 140-210 pounds, 8.00a8.25: 230- 300 'pounds, 7.40a7.90° pigs, 7.90a8.25. packing sows scarce; compared week ago mostly 10-15 higher: shippers took 2500; ~estimated holdovers, 1000; light " lights, good and choice, 140-160 pounds, 8.15a8.35; light weights, 160- Money to Loan Secured b Frevaiing. in oseph l"-w: First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America iot L. & Trust F N.W. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Life Insurance Financed Monthly Installments 0. V. JONES $06 Commereial Natl. Bank Bldg. Natl. 9112 Inquirfes Solleited 200 pounds, 8.0088.25; medium weight 200-250 pounds, 7.6088.15; h‘el‘v‘y‘ weights, 250-350 pounds, 7.15a7.75; pac sows, medium and good, 275- 300 pounds, 6.25a6.85; pigs, good and choice, 100-130 pounds, 7.75a8.35, Business Notes NEW YORK, January 17.—The in- creased call for pure dye silks has now | reached the stage where the demand for these goods, as against weighted types, is materially swelling the con- sumption of raw silk, the trade in New York reports. In some quarters the | view was expressed that the need for the mills to replenish supplies of silk on hand is becoming more pressin and frequent. i i i BETTER USED CARS We Never Offer any Used Cars but “Better Used Cars” MOTT MOTORS, Inc. Since the tornado in Porto Rico the | e e rnado in Porto Rico fashion in glassware has changed fiom | Ll dainty plates and saucers to those of heavy green ware. | FINANCIAL STATEMENT REAL ESTATE MORTGAGE & GUARANTY CORPORATION ° DECEMBER 31, 1930. ~ash on deposit in banks .. Real estate mort $59,589.54 . 582,300.00 . 2,659,065.10 . 2,806.68 . 27,338.45 .$3,331,180.77 Office buflding .. Total assets LIABILITIES AND CAPITAL. Due borrowers on approved loans Notes payable—bank loans Accrued interest and other Collateral trust gold bonds . Capital stock . Surplus and rese: $24,031.04 None 45,480.13 600,000.00 . 2.299,423.19 362,255.41 .$3,331,189.17 Total net earnings from June 7, 1923 (date of in > tion) to December 31, 1930 Sadinis $1,664,313.78 Less fifteen dividends paid during same period .. .« 1,302,058.37 $362,255.41 AUDIT CERTIFICATE. We hereby certify that, in our opinion, the foregoing Condensed Balan Sheet is a correct statement of the financial tdndgtl(:‘n' of the Real E!t‘%: Mortgage & Guaranty Corporation as of December 31, 1930. COUNCILOR & BUCHANAN, Certified Public Accountants, ‘Washington, New York. (Signed) WM. GORDON BUCHANAN. HAYDEN JOHNSON, SOL LANSBURGH, WILLIAM MUEHLEISEN, HORACE G. SMITHY, THOMAS SOMERVILLE, THOMAS SOMERVILLE, Jr.; C. 8. DUNCAN, o EDWARD C. ERNST, FTRS® MORTGAGES g i » o | cows, chy Visitors to see him. He has a tiny office Baltimore Markets of large capons advised while the de- DR, choke o 18tky, 1n a bank building at the intersection of Jackson boulevard and La Salle street From it he may look down into the huge trading room of the Board of Trade. Acros sthe street from it is the | FPederal Reserve Bank. Cutten has desk | space in two grain brokerage houses, but his name is not among the officers wirtually 1s inaccessible by telephone. The speculator is a Canadian and worked 14 years as a bookkeeper and trader before stepping out for himself @t 3¢. He now is 61, but looks vears unger. He has not always won. In 3922 he advised the Federal Trade Com- mission that he had been caught in a wheat “squeeze For several years he paid the highest fnoome tax of any Chicagoan PAY ROLLS IN MARYLAND | SHOW 7 PER CENT DECLINE Bpecial Dispatch to The Btar BALTIMORE, January 17-—Dr. J. Knox Insley, Maryland commissioner of labor and statistics, in a statement just | fssued said there was a loss of 7 per | cent In the amount of combined pay | olls in Maryland from November to| December. There was also a loss of 2.6 per cent in employment in selected manufacturing industries, according to the statement. Of the 262 manufacturing plants re- ported, 2 were not in operation, 132 were running on a normal full-time basis, 14 were working overtime and 114 were ' operating on a part-time schedule. Of the total number of persohs em- loyed, 619 per cent were employed establishments working full time or more and 38.1 per cent in plants oper- Special Dispatch to The Star i BALTIMORE, Md., January 17.—Due to liberal receipts from all sections and a lighter demand the egg market slumped badly the latter part of the week and prices show & decline of as high as 5 cents a dozen from quotations | last week. There is practically no de- mand for hennery whites and browas and the dealers at the present time are taking up regular firsts in preference to paying any premium for henneries. The market rules easy and mostly in buyers' favor at 22 and 23 cents a dozen for nearby firsts and 21 and 23 for current receipts. Buycrs also are critical as to quality and eggs must be well graded and strictly fresh to bring top values. | Poultry Prices. | Receipts of live poultry have been more liberal the past week and the market generally is easy and a shade lower on practically al! lines, with tur~ keys showing the largest decline. De- | mand fairly good for all lines with the exception of geese, but it takes large, fat stock te bring top vaiues. Young hen turkeys. 8 pounds and over, are selling 35 to 37 cents a pound and ' gobblers, 12 pounds and over, 33 to 35, but old hens and toms move slow | at 28 and 30, while crooked breasts are neglected at 25. Medium to large col- | ored Springers are bringing 22 to 25 and Leghorns 18 to 20, but all poor, thin fowl, as well as bare backs, is slow | sale at 14 and 15 Very little demand for old hens at 15 to 22 for stock welghing 3. pounds | and over, but Leghorns will not bring over 15 and 16, while all poor, thin fowl as well as old roosters move slow at 12 | ating on a part-time basis. 'In the 260 plants, 11.54:‘ D:l‘.s.ml.s were ‘w:‘run‘ on an average 1.9 per cen! full time. ? and 13 Capons in very light receipt and sell- ing readily when large and fat at 35 to 37 for birds welghing 7 pounds and! | while yams sell mostly 2.25 to 3.25, mand, continues good. Choice fat ducks in good demand at | 22 to 25, but stock under 4 pounds is neglected at 15 and 16 Demand lim- ited for fat geese and the market rules casy at 18 to 22, while poor, thin stack is not wanted at any price. Market for guinea fowl and pigeons steady at 30 to 60 each for the former and 15 to 20 a pair for the latter. Demand only fair for dressed stock, which in most cases will bring & premium of only 1 or 2 cents a pound over live stock. Vegetable Market. The market for white potatoes con- tinues unsettled with a siightly better feeling prevailing under moderate receipts from all points, but the de- mand continues slow at 1.50 to 2.00 per 100 pounds, for No. 1 stock, but | ungraded potatoes not so desirable and move slow at 1.25 to 1.75. Sweet potatoes and yams continue in good demand and the market holds steady with no change in prices at 3.00 and 4.00 a barrel for No. 1 sweets and 1.00 to 2.50 for ungraded stoc s to size and quality Demand for native and nearby garden truck fairly good, but centered on first quality stock at the following quotations: Kale, 90a1.00 bushel; oyster plants, 4.0006.00 per 100; parsnips, 80a1.20 bushel; Savoy cabbage, 75a1.00 bushel, and turnips, 1.00a1.30 bushel. Live Stock Market. The live cattle market shows little life on the wharves, due to the fact that recelpts consist prineipally of com- mon rough stock, which is slow sale at inside prices, with demand centered on first quality stock. Quotations today at Light - street wharf: . Beet catsd, frst quality, 8a9; com- continues | 6a7: common to fair, 3a5; oxen, as to quality, 4a6. | Calves, veal, choice, 10al1',; large, | fat, 10a11; large, rough, 8a9; thin, 6a7; rough and common, 5a6: sheep, 2a4; old bucks, 2a3; Spring lambs, choice, | 813a9: fair to good, 6a8; common, | thin, 4as. | Hogs, straight, 8a9; sows, 6a7; stags, 4a5; live pigs, 11a12. Shoats, 9a10. 4 DIVIDENDS ORDERED. Directors of the Florsheim Shoe Co. have d-clared regular quarterly divi- | dends of 75 cents a share on class “A” | common stock and 37!, cents on class| “B” common stock, both payable March |1 to stock of record Pebruary 14. Also | regular quarterly dividend of 1} per | cent on preferred stock, payable April 1 to stock of record March 16. pike P | NEW YORK, January 17 (f)—Per- | share earnings’ of corporations report- ng this week, with comparisons with i last year, include Year, December 31. 1929, R_J. Reynolds General Parts United _Prait.. Uin S, Realls & ‘dmprov : White Rock Mineral Springs z v ., November 30, Tobaceo, ©Co... c A Western Grocer par. Aviation Corporation of the Americas- Chilean Flying Rights granted Pan- American Grace Airways, affiliate. Centrifugal Pipe declares year's quar- terly dividends of 15 cents each. Consolidated Gas of New York, 1930 electric output of New York Edison, subsidiary, up 6.5 per cent Federal Light & Traction November net, before depreciation, off 0.6 per cent; 12 months up 7.4 per cent. Goodrich (B. F.)—British Goodrich, subsidiary, chairman reports 1930 net £88,123 against £92.969 in 1929. Gurd (Charles) Ltd.—1930 share earn- ings, 8298 against $311 nvestment Co. of America—Liquidat- ing vulue December 31, $82.13 a pre- ferred share. Maine Central Rallroad—1930 com- mon share earnings estimated at $8 against $13.20 in 1929. Motor Bankers—Cash and Govern- ment securities, December 31, $1,347,- 622, Ollstocks, Ltd.—Liquidating value Jan- uary 14, 1931, $5.40 shi against 1930, and $10.51, $4.98, December 31, Sun Oil—1930 shares earnings, $4.68 December 31, 1929, against $5.60. Tri-Continental _Corporation—Wedg- wood investing directors recommend asset sale to this company be accepted. United Light & Railway (Delaware)— Combined prior preferred share earn- ings, 12 months to November 30, $54.29, based on adjusted income statement. United Paperboard—Deficit before de- preciation, six months® to November 29, $92,485 against net income before de- Year, December 31. Purity Bakeries....o s a A G. Soal John' B, | L Septabir 2. | De Haviland Atreraf Ireland's cam against captive hare coursing is p‘:gvn % e preciation and Federal taxes, $253,172. United States & International Se- curitles—Liquidating value, December 31, $92.08 per first preferred share. o s 1In charge of a booth at a charity ba- zaar at lorrunu. England, recently, Princess Mary #old' $150 worth af chiefs in less than an hour. 7 i On our liberal 20 monthly repayment plan. No indorsers A strictly dignified tial service. Maryland Personal B INC. nkers, portunity for | Exceptional Income | Share in Control and Management Local group controlling a compa with headquarters here, doing business elsewhere, Wlnd 8% dividend earned several times, wants additional capital for expansion only, with probability of greatly increased ear: s and dividends. Low overhead; strong reserve; as- sured safety; no indebtedness. This is an opportunity for men with surplus ds and of good standing to share in the man- agement, control and unusual profit of a safe, sound busi- ness. Address Box 476-H, Star Office. ALWAYS POPULAR WITH CONSERVATIVE INVESTORS It is a noticeable fact that the shrewdest investors always in- clude first mortgages among their securities. This is because of their immunity from varying conditions and the very definite return which may be expected. Our 6% FIRST MORTGAGES are in this class of dependable investments and have been en- joyed by Washington invastors for more than a third of a cen- tury without loss to a customer. Over a Third of a Century Without a Loss May be purchased in amounts from $250 up. 5 . F, National 2100 SAUL C 925 15th St. N.\W. THERE IS NON\SUBSTITUTE .FOR SAFETY