Evening Star Newspaper, February 19, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE COMPARISON MADE JF B.&0. EARNINGS Savings Conference Plans Announced—McCrory Stores Report 1930 Income. BY EDWARD C. STONE. The preliminary statement of Balti- more & Ohio Railroad Co., for the year ended December 31, 1930, shows net in- come of $21423771 after taxes and charges, equivalent after 4 per cent pre- ferred dividends, to $7.44 a share on 2,562,954 shares of common stock. This compares with net income in 1929 of 28,767,908, or $11.24 & share on 2,349, 945’ average common shares and $10.30 a share on 2,562,954 shares outstanding end of that year. Preliminary income account for year 1930 compares as follows with last year: . s208 600435 153,142,374 13. lBfl 44T Net operating in- 15664632 Tents, etc. . come ... $40.248.614 $49.184.110 Other income 111243924 8.427.835 Total income.... Interest, rights, etc Net income Preferred divi Common dividends Surplus ........ $1,128.556 Eastern Savings Conference. Bankers interested in the savings business in the New England and Mid- dle Atlantic States will participate in the Eighth Annual Eastern Regional Savings Conference, sponsored by the savings bank division of the A. B. A, which is to be held at the Hotel Com- modnrr. New York City, March 19 and 2 The ‘program will feature the ques- tion of scgregating savings deposits, cost accounting, allaying popular ner- vousness which causes runs on banks, the savings bank division’s educational and advertising campaign for stimu- Jating savin the securing and con- serving of business and investments. The chairman of the Conference Committee is Frederick B. Shepherd, ident, Savings Banks Association of g::ssme of New York and president Oswego Savings Bank, Oswego, N. Y., and of the Banquet Committee, Henry Bruere, president, Bowery Savings Bank, New York. McCrory Has Good Year. McCrory Stores Corporation for the year ended December 31 shows net in- come of $2.168,173 after depreciation, and Federal taxes, etc., equivalent, after preferred dividends, to $4.08 a share on the 457,605 shares of common and class B common stock outstanding. 'I‘his compares with $2,223,233, or $4.20, in 1929. At the end of 1930 there were 242 stores in operation, as against 245/ in 1929. “During the past year,” F. P. Wiley, secretary, said, “our efforts have been devoted to the improvement of opera- tions in existing stores rather than to an_expansion program. “Sales for 1930 amounted to $43,223.- 526, compared with $44,703,965 in 1929, & decrease of 3.31 per cent. The year was an exceptionally difficult one in which to operate on account of the generally depressed business conditions. We have effected improvements and have instituted economies in operations of stores, warehouses and general of- fices. These improvements should com- pensate us very materially for the slight loss in sales. “Inventories have been reduced, standing on December 31, 1930, at '5- 605916, as compared with $6,841,258 on December 31, 1929. Mercl] is in good and clean condition and all merchandise losses were absol far as known, in current operatio: Traction Feature of Market. Capital Traction was the market fea- ture in Washington Stock Exchange trading today. - The stock opened with 20, 15, 40 and 35 share lots selling at 353, an ad- vance of ¥, point over yesterday’s close. The market closed with 15 more shares ehanging hands at 35%. Columbia Sand & Gravel preferred also attracted special attention, although the trading in this issue was light. The stock opened with 10 shares selling at 97, and closed with two shares moving at 100, & jump of five points above yes- terday’s cl The demand for the stock is due to the acquisition of the Columbia Sand & Gravel Co. by the Arundel Corpora- tion of Baltimore, announced yesterday. The preferred stock is expected to be called at 105 and possibly at a higher figure. Ten shares of Security Savings & Commercial Bank stock sold today st 451, and 20 shares of Federal-American National Bank & Trust Co. came out at 50. Potomac Electric 6 per cent pre- ferred sold at 110 and Mergenthaler closed higher at 881} Bonds were also quite active, Rallway & Electric 4s taking the lead. Loan Association Elects. At & meeting of the Southeastern Loan Corporation Wistar W. Balderston was elected president of the company and plans were made for opening the! industry to engage in a general indus- trial banking business at 1425 I street about March 1. Mr. Balderston brings to the institution varied experience in ‘L'[:e fleld of credit and industrial bank- g. ‘The board of directors comprises the following: Paul V. Rogers, chairman; Wistar W. Balderston, president; M. J. Hine, Otis O. Mills, Frank A. Berg- feld, Joseph A. Wilner, Ernest C. Rueb- sam, Frank E. Edington, Benjamin A. Harlan, Dr. C. Willard Camaller, Ar- thur J. Hirsch, Charles O. S8how, John B. Schommer, Dr. Kenneth B. Jones, Prof. Selden y, Charles H. Potter, Edward F, Gruier and Theodore N. Beckman. Heard in Financial District. The Potomac Electric Power Co. will| pay the usual 11, per cent quarterly dividend on tue 6 per cent preferred stock and 1% per cent on the 53 per cent preferred on March 1, on stock of record February 12 The Washinglon Railway & Electric Co. will pay the usual semi-annual 21, dend on the preferred 1 t stock of record May | v dividend of 134 per | » will be paid March | rd February 14. Boothe of Crane, Parris Co., was hit by an automobile and knocked down in front of his home last night. He was badly bruised and shaken | up, but received no broken bones, 1 was reported today as doing well A. W. Wetsel, director of the Wetsel Market Bureau, Inc., of New York, con- ferred here yvesterday with A. R. Towner, head of A. R. Towner & Co., investment_counselors, with offices in | the Hibbs Building t the meeting of the Advisory Board es of the American Security 0., James F. Shea was elected n of that board to succeed the F. Saul E. A Pierce & Co. are distributing coples of an article entitled “Looking Ahead With the Chain Stores” re- | printed from Barron’s of February | 16, 1931. ! Stone & Webster, Inc,, has declared 8 quarterly dividend of 5 cents. lac- the stock on a $3 annual 15 inst $4 reuousl -‘(.:hmDeIB 4 has declared the yegular quarunv dl\ldend of 756 cents on the common stock, payable April 1 to stock of record March PETROLEUM PRODUCTION. By the Assoclated Preds. American petroleum production _last year was estimated today by the Com- merce Department at 898,000,000 ber- yels, a decline of 109,000,000 from the record output of Recelved by Private Wire Direct to The Star Office. Note—All stocks are sold in one excepting those dedxlnud by t.ho mm s (Ml) (250-). m’& those stocks were sold in odd lots. Individual sales compliled to lun—u-pleu in 5:30 wuu. Stock and Dividend Rate. Add 00, High. Low. Close. Giose. 84 114 10% 10% 39% Adams Exp (1.60)... 8 22 Adi XD DE (5) aae 88 Advance Rumley.... 6 4% Advance Rumley pf. 19 Ahumada Lead...... % k% Alr Reduction (14%) 100% Airway E1 Ap (60c).. 9% 9% Alaska Juneau uue) I Alleg Corp. 11% Alleg Cp 330 ww 6%, 58 Alleg Cp $40 ww 534 . 55% . Alleg Steel (12.80).. Allled Ch & Dye (n6) Allied Ch & D pt (7). Allis Chalmers (3).. Alpha Port Cmt (2) Amerada Corp (2) ‘Am Agri Ch of Del. Am Bank Note (13).. Am Beet Suga 4 Am Br Shoe (2.40)... Am Brown Bov Elec. AmCan (16). Am Can pt (7). Am Car & Fdy (6)... Am Car & Fdy pt (7) Am Chain (3). Am Chicle (13) ‘Am Colortype (1.40). ‘Am Comel Alcohol. .. ‘Am European Secur. Am & For Power.... Am & For Pw pf (6). Am & For Pw pf (7). oo o B o890 S e 8 » el ol ot Onans ~auananeees AmIce (3).... Am Internat (2 Am Locomotive (2) . Am Mch & Fdy 1.40.. Am Metal Co.. . ‘Am Nat Gas pf (T) Am Pow & Lt ($1)... Am Pow & Lt pf (6). AmP & L pf A st (5) Am Rad & St San (1) Am Roll Mill (n2)... Am Safety Razor (5) Am Sm & Ref (4).. Am Sm & Ref pf (7). Am Snuff (13%). Am Steel Fdy (3) & " Lo S on A Am Tobaoco pf (§) Am Water Wks (3) Am Wat W 1st pf (6) Am Wat Wks cfs (3) Am Woolen. . . Am Woolen pf. ‘Am Writ Paper etfs.. Am Zinc Lead & Sm.. Anaconda Cop (2%). Anchor Cap (2.40)... Andes Copper (1) Archer-Dan-M (2) Armour of Del pf (7) Armour of I11 A, Armour of Ill B Armour ot 111 pi o e - w3 0 2.. PS-PUIBIVIN - § ION. OPHSTOIORN | PTS PRS-t 10t Asso Oll (2). Atch To & S F Atch T & 8 Fe pf (5). Atl Coast Line (110). Atlantic Refining (1) Atlas Powder (4) Atlas Stores (n1) Auburn Auto (f4). Austrian Cred (3.82). Autosales..........' Aviation Corp of Del. Baldwin Loco (1%) Baldwin Loco pf (7. Balto & Ohlo (7).. Balto & Ohlo pf (4).. Barnet Leather. Barnsdall (A) (1)..a Beatrice Cream (4).. Bendix Aviation (1). Best & Co (2).. Bethlehem Steel (6). Bethlehem St pf (1}. 3. ® & ® Bloomingdale pf (7). 108 Bohn Alum & Br1%. 10 Bon Ami (A) (4) 2 Borden Co (k3) 23 Borg, Warner (1). grllsl M (11.62%). 202 rockway Mot Trk 2 Brockway Mot pf Bklyn-Man Tr (4)... Bklyn & Qu T pf (5). Bklyn Union Gas (5) Brown Shoe (3)..... Bruns Ter & Ry 8. Bucyrus (1)... Bucyrus cv pf (2%)« Budd (E G) Mfg. Budd Wheel (1). Bullard Co. .. Bulova Watch (1%)+ Burns Bros (A)..... Burroughs A M t1%. Bush Terminal (2%) Butte Copper & Zinc. Butte & Superior Butterick Co. Byers (A M). Byers (A M) p! Calif Packing (4)..e Callahan Zinc & Ld Calumet & Hecla Camp W&C Fy(1). Canada Dry G A (3).. Can Pacific (2%) Cannon Mills ( Capital Admin A. Admin pf Cent Aguirre As1%. Century Rib Mi Cent R Mills pt (1) Ser de Pas Cop (2) rtain-teed Prod. Checker Cab (1.80) Ches & Ohlo (2%)... Chesapeake Corp (3) Chi & Alton. . . Chi & Alton pf. Chi Great Western, Chi Great West pf... Chi Mil StP & Pac..; Chi M11 StP& P pf.. Chi & Northwest (4). Chi Pneu Tool. Chi R1& Pac (1) ChiRI&P pt (6). Chi R1& Pac pf (1 Childs Co (2.40) Chile Copper (2). Chrysler Corp (1)... 147 City Ice&Fuel (3.60). 4 City Ice & F pf (8%) 208 City Store . Coca-Cola (6). Coca-Cola A (3). Colgate-Pal-P (2%). Collins & Atkman. Colo Fuel & Iron (1), 9 Col Gas& El (2).... 31 Col Gas & El pf A (6) Col Graphoph (a%). 36 Columbian Carb (16) 10 Comel Credit (2).. 11 Comicl Cred pf (1% ). B0s Comel Cred 18t (634) 108 Comel Credit A (3).. 1 4 Comcel Cred pf B (2). 708 Comm Inv Trust (2) Comel Inv Tr war Comel I T cv pf ( Comecl Solvents (31). 47 Cmwlth & Sou (60¢). Cmwlith & Sou Pt (6) Congoleum-Nairn. .. Consol Cigars (5) Consol Cig pr pf 6% . llo- Consol Film (2)..... Cons=ol Flim pf (2) Consol Gas N ¥ (4). 272 Con Gasof NY pf(5) 25 Consol RR C pf (6).. Container A (1.20) Contl Dia Fibre Contl Insur (2.40) ... Contl Motors. Contl Ofl of Del. ... Contl Shares (1).. Corn Prod (13%)..., Coty Ine...... Cream of Wht (12%) Cr Cork & Seal 2.40. . Crucible Steel pf (1) [s Cudahy Packing (4). Curtis Publish (17). Curtis Publish pt (7) Curtiss Wright Corp. Curtiss Wr Corp A. 'M Cutler-Ham (3%) ~Prev. 1031~ Btock an Bales— Dividend Tate, uaoo.mm 18% Davison Chlmlell 173% 143% 1307 128% T4 Et 13% 50% 21% 14% 76's 68 1124 104% G Diamond Mtch pf 114 Dome Mines (1 Dunhill Internat. . .u Dupont de Nem (4).. Eastman Kodak (18) Eastman Kod pf (6). ern Roll Mills Eaton Axle (1.60). .., Eitington-Schild pf Elec Auto Lite (6)..: Elec Pwr & Lt (1) Elec Pow & Lt pt (6 Endicott-John (5) Eng Pub Bv (2.40). ., Eng Pub Sv pf (6%). Eq Office Bldg (2% ). BrieRR......co0 0 Erfe RR 1st pf (l).-. Fureka Vac Cleaner., Exchange But (1%). Fairbanks Copf..... Fairbnks Morse 1.60. Fashion Park Asso Federal Screw (1) Fed Wat Sv A (2.40). First Nat Strs (2%4). Firestone T&R (1).. Firest T & R pf (6).. Fisk Rubber. .. Fisk Rubber 18t pf.. 3 Florsheim Sh pf (6) 4 Follansbee Bros.... Foster Wheeler (2).. Fourth Nat Invest..; Fox Film A (4). Freeport, Tex (4 Gabriel CoA... Gamewell Co (5). Gen Am Investors Gen Am T Car (34). Gen Asphalt (3) Gen Bronze. Gen Cable. Gen Cable A Gen Cigar (4) o R - T T Gen Elec spec (6! Gen Food Corp (3) .. 26758 Gen G & El A (e30c) 236 GenG&Elcypt(8). 6 GenG&EIptA (8- 208 Gen Ital Ed (a2.60) s Gen Mills (8)...coan Gen Motors (3). . ea Gen Motors pf (5) wss Gen Outdoor AdV.... Gen Out Adv A (4).5 Gen Pub 8v b6% stk, Gen Ry Signal (5). Gen Ry Signal pt (6) Gen Realty & Util... Gen Refractories (4) Gen Theater Equip. . Glidden Co. . Glidden pr pf Gobel (Adolf) Gold Dust (2%)... Goodrich (BF).... Goodyear Tire (5). Goodyear 1st pf (7). 4 Gotham Silk Hoslery 25% 26 12% ™% B8R, 69% 3% 2% 4% 3% 81 45 182 164 65 59% 10% T 8% 5 9 6% 30% 24% 28% 26% 15 12% 3% 34 49 46 173'% 145% 124 9% 625 49% Gotham pf xw (7) ... Gould Coupler. Graham-Paige. Granby Consol (2). Grand 811 Strs (h1).. Grand Unfon........ Granite City St (3) Grant (WT) (1).eee Grt North pf (5). Grt Nor Ore (2) Grt West Sug pt (7). Grigsby Grunow. Gulf States Stee Hahn Dept Stores. . Hahn Dpt St pf (634) Hall (WF) Pr Co (2) Hanna pf (7).... Harb Walk Ref (2) Hartman Corp (A). Hartman Corp (B).. Hawallan Pineap (2) 208 Hayes Body........ Hershey Choc (5) Hersh Choc pt (t6) Holland Furn (+2% Homestake Min Houdalille Hershey Houston Oil.... Houston Oil (new). Howe Sound (4). Hudson Motors (3) Hupp Motor: Illinots Central (7) Indian Motor Cycle Indian Refining. . Indust Rayon (4) Ingersoll Rand (t Inland Steel (4) Inspiration Copper. Insuranshar Del 40c. Insur Shrs Md(40c).. Interb Rap Transit Interboro R T c.0.d. Interlake Iron (1) Int Agricultural. Int Agricul pf (7) Int Bus Mach (n6). Int Carriers (25¢) Int Cement (4). Int Combustion Int Comb Eng pf. Int Harvester (2%).. Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4) Int Nickel (80c) Int Paper pt (1) - 4 Int Paper & Pow Int Paper & Pow C.. Int Printing Ink. Int Print Ink pt (6).. Int Salt (3) Int Tel & Tel (2). Inter Dept Strs (2 Investors Equity. Jewel Tea (4).. Johns-Manville (3).. KC P&L 1st pt B (6). 108 % Karstadt(R) (a1.03). 1 Kayser Julius (2%). 21 Kelly-Spring Tire... 2 Kelsey Hayes (2) 2 Kelvinator Corp....,. 117 Kendall Co pf (6)... 108 Kennecott Cop (2)... 206 Kolster Radio. S Kresge (SS) Co 1.60. Kreuger & T (a1.60) . Kroger Groc&Bak(1) Lambert Co (8) Lane Bryant (2). % Leh Port Cmt (1) ©: % MclIntyre Porc M (1) Leh Valley Coal Lehman Corp (3). Lehn & Fink (3). Liggett & Myer (16). Lizg & Myers B (15). Lima Locomot (m2). Liquid Carbonic (4). Loew's Inc (3).... Loew's pf xw (O%).. T IO Long Bell Lumb A, Loose-Wiles (+2.70). Lorillard (F) Co. ..., LouG&EA (1%).. Louls & Nash (7) Ludlum Steel. . Ludlum Steel pf. ... MacAn & For (2.60). McCall Corp (2%4). McCrory A (2). e ® caRand McKeesp T P (14%). McKesson & Rob (1) McKes & R pf (3%). McLellan Stores. ... Mack Trucks (4). Macy & Co (nt3). Mad Sq Garden (60c) Magma Copper (3).. Mallison & Co Manati Suga. Man Elev mod g (45) Manhat Shirt (1).. Marine Mid (1.20) Market St Ry pf. Marlin Rockwel Marshall Fleld (2% ) Martin Parry. ...o.. Mathieson Alkali (2) May Dept Strs (2%). Maytag Co pf (3).... Melville Shoe (2). Mexican Seaboard Miami Copper. . Mid-Cont Pet (2). Midland Steel (3)... Midland Steel pf (8). Miun Moline Pow. .. Minn Moline pf (6%) MStP&SSM...... Mo Kan & Tex (a3) » » 8 3 " S FECISTS FREYOER: ERIRPR-JUIg -t 8 . ancoaareSemuBoans 4% " (Continued on Page 14) THE EVENING STAR, WASHINGTON, D. C, THURSDAY, FEBRUARY. 19, 1931. % | sumed ‘at the opening. STOCKS FLUCTUAT INDRAGGY MARKET List Presents Tired Appear- ance as Public Fails to Follow Rise. BY CHARLES F. SPEARE, Special Dispatch to The Star. NEW YORK, February 19.—The stock market today had a tired appearance. It was dull. Price movements were of little consequence compared to those during the past week. The technical status of the market has changed with the recent run-up in values, the elimination of a part of the short interest and the unwillingness of the public to follow the rise in the face of continuing poor corporation reports and frequent dividend reductions, Advance in Copper Shares. Several groups of stocks were in- fluenced by special developments. The advance in copper metal abroad today encouraged pool operations in the cop- per shares. Anaconda, Kennecott, Granby Consolidated and Nevada Con- solidated all sold at the highest of the year, as did American Smelting & Re- fining, in the forenoon session. The logieal traction stocks were bid up sev- eral points on indications that directors of the Interborough and Brooklyn-Man- hattan Transit companies are more than ever in agreement on the question of unification. Such other changes as oc- curred throughout the list were due chiefly to the in-and-out operations of the room traders and did not suggest any permanent trend. Public utilities were irregular. They revealed narrow markets in the ease with which they advanced 1 to 2 points on limited transactions and declined an equal amount on small sales in the early trading. The outstanding mem- bers of this group were Cansolidated Gas, which approached the previous high of the year with the recurrin Tumors of early financing; Nation: Power & Light, Standard Gas & Elec- tric and Public Service of New Jersey. Motors were quieter, as were the motor accessory shares, with Auburn Motors gnveflnx the smallest range in several ays. Steel Group. The strongest members of the iron and steel group was Colorado Fuel, which advanced 2 points by midday, completing a 10-point rise from the January low. In the miscellaneous list of industrials the best gains were in Byers Plpe, Loew’s, General Electric, which agaln crossed 50; Worthington Pump, whose advance at one time was 4 points, and United States Industrial Alcohol. 3 It is quite obvious that the market is meeting resistance from some of the interests who were responsible for its pronounced rise last week. It is under- stood that much of the distribution that was then under way in behalf of banks has been completed and that considerable opposition to a further outbreak of speculative fever is mant- 2| fest in important banking quarters. While sentiment in regard to securi- ties has been much improved, this im- ; provement has been recognized in the general gains in stocks since the first of the year. Therefore, it is believed that the wisest policy to pursue in the Immediate future is one of caution, in order to prevent a recurrence of the disappointment that followed the rise last Spring, inasmuch as there is no indication yet that general business will be much better in March or in April than it is at the present time. Suggestions of a firming in money rates were given in higher quotations for acceptances today. The cotton mar- ket was strong, both actually and tech- nically, due mainly to its liquidated condition. Opening Is Higher. Though trading was in diminished volume, the price improvement was re- The featured groups were the mine shares, which re- sponded vigorously to an increase in copper prices, and the local traction stocks, which reflected the report that the Interborough Rapid Transit direc- 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. Money to Loan D.C. Re;l Estate 6% Floyd E. Davis Co. 733 12th St. N.W. Guaranteeing Satisfaction A Department Store for the Business Man In addition to carrying a most comprehensive stock of staples in Office’ Supplies and Equipment, we furnish our patrons with many rather unusual items. Globes Dictionaries Maps Book Stacks—of metal, with adjustable shelves. ~—Ttems t] mmpt ',he query, “Where can I Call National 9175. llf. better still, visit— STOCKETT- PRODUCING STATIONERS 1 ST- -N - W WASHINGTON-D-C asivere, Rightly Called the Man's Department Store tors had virtually agreed to accept uni- fication. Anaconda, starting off with a l000- mre-m nnupover-poln Other copper stocl new Detu ‘The active mcuon.s were Interborough, Brooklyn - Manhattan Transit and Manhattan Modified Guar- lniy' lll il new 193X wps Money Te- inchanged ent. Share trading 1n she first Falf mour was about 400,000, against 500,000 on Wed- nesday. United States Steel was over a point higher at 1461, and Colorado Fuel gained nearly 2 points to 30's. In the industrials Byers Pipe made a new high at 62'5 and fractional advances were the rule in the rest of the group. Rails were quiet. In the motors the feature was Mullins Manufacturing, which added 6 points to its 7-point gain of Wednesday. Auburn was 3 points higher. Motors gained fractionally. The motor industry reports have been increasingly bullish in the past few days. Today's development was a favorable earnings report by Pierce Arrow. Utilities were quiet, but improved all around. In the ofls General Asphalt advanced 22 points to & new high for the year. U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness February 17 was $161,465,608.54. Customs receipts for the month to date were $15,175,078.01, ‘Total ordinary ex- penditures, $6,850,417.05. DIVIDENDS DECLARED NEW YORK, February 19 (#).— mnm Hidrs. of Com Rate. fiod. record. Amer %.mul Colr{z pr Do Do cony B Gmwell Co $6 Harris Bros pf. Hickok Oil A. Ktz Drus . ooccc?:cccb 00 000 lll P56 of a 00 1i Pub Bled "L Bl 3150 Reliance M Il pt Universal “Thsir. 435c Welll (Raphael)’ & Co Inc bt d bt g n;{'c';‘ 000 O POD PO pf 334 Westn Pipe & Stl. Thomson El Wi 2ot Contary V031 Fixed Trust Increased. United Stores pt.. Commer Tr Bitell Tnra1 ve o O Reduced. Ely & Walker Dry Goods . Pierce Mg im. Brit Am Tob Ltd..10d Stock. Mid United .....1%% Nat Snert Teria ORI Sec <e.4% .. Dec. 31 on.mea Barker Bros . Comm Tnv Te' 1 115% 8% ABE Mar. 31 : 1 Money to Loan Secured by 1 Frevalling intevert anavommioey o Joseph L. Weller ‘a’.'a.'!';-'i % ‘1" '.",:? REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD 0 t. N.W. Nnfionl 04758 First Mortgage Loan Applications Invited at 5)5% Glover & Flather 1508 H St. N.W. National 1753 Shoreham Building A Better Day’s Work HAT’S what tenants of the Shoreham Building find they receive from their employes. The environment is con- ducive to efficiency. Plenty of daylight, pure ventilation, practi- cally grouped rooms, pleasantly finished; speedy and safe eleva- tors, competent janitor service—are all factors in a smooth running day —and outstanding fea- tures of this most mod- ern of Washington's office buildings. Besides— There’s prestige in being a tenant in the Shoreham Building Inspect available space—single rooms and extensive suites at your convenience. MSKEEVER £ GOSS . Representative of the Owners SHOREHAM INVESTMENT CO. Rental Office, Room 520 15th at H National 5643 - DUTLOOK FOR FAR FINANCIAL *¥3* A—]13 HUGE CHILEAN NITRATE MERGER PLANS PUSHED By the Associated Press. LONDON, February lO—Pl‘ll.ImlnAry detafls were announced here the formation of the Cosach Co., m gigan- tic merger of Chilean nitrate producery with the nitrate interests of the Chuean 20 hs goncn Itl the trade name for Com- Statistics Company Declares pania, Suitrera de Chile, or Chilean 1931 Profit Margin Will | b et % lace Chiean tpnuou expect to place Chilean pMrates in a better position to compete Be Near 1930. with synthetic nitrogen in the world market, The Cosach combine is said to include, :.'n per cegh':!h:he gh\lenn nitrate pro- By the Associated Press. ucers an ve planned & ‘m‘“‘" curtailment of production, which will NEW YORK, February 19.—In & re- | use only the most economical mills to on view of the agricultural situation, | market requirements. Standard Statistics Co. says it does not anticipate any sharp or sustained rise in prices of most farm commodities this year, believing that the situation throughout the world will militate against any strengthening influence trom curtailed production due to the ?ne 1930 drought, the most severe r of which we have record, has largely lg;aelr Ot the Clo continued into the current year, leaving | ! ‘The Transfer Books Wil not be "“"‘1 many important growing sections with ‘W. W. WBLSH, Secretary. sub-soil moisture deficlency,” the review says. “In former periods, similar conditions have been reflected in substantially higher crop prices. With the deficiency continued into the growing season, re- duced aggregate domestic yields might cause momentary strength, but ample supplies, mhuvely expanded by reduced consumption, and steady agricultural progress in many foreign countries, should, barring universal crop disaster, offset lower yields in the United States. Therefore we do not anticipate any sharp or sustained rise in prices of most farm commodities. “Furthermore, through imposition of unusually drastic foreign tariffs and a current range of domestic prices well above foreign prices, our outputs are be- ing increasingly limited to our own markets. We estimate aggregate 1930" gross income of farmers at about $10,- 000,000,000, with strong indications that income in the current year will be at least 5 per cent lower. Coincidentally sales of industrial products to form dis- tricts will meet continued strong resist- ance in 1931.” Pointing to evidence of farm gradually ;:f‘e . S expresses t, allo for un- foreseen circumstances, -fllfifnly oper- ated farms will at least be able to main- tain in 1931 a gross profit margin an- alogous to that of the preceding year.” . COAL RATES FIXED. By the Associated Press. Rates on coal from Western Ken- tucky mines to Northwestern consum- ing territory were fixed today by the Interstate Commerce Commission at 35 cents per ton in excess of those ap- plying to the same points from Su%g‘hera\‘;lllnm:ummu e erent will go int M B to effect In some cases, the Southern Illinois and Indiana mines have had rates to Michigan, Wisconsin, Minnesota and Dakota destinations which are 40 cents { the !L:s(eelg;v“c'it;e' similar rates from Western y"’ Teal * estate UNITED STORES CORP. NEW YORK, February 19 (#).— United Stores ration declared a quarterly dividend of $1 on the pre- ferred, placing the issue on a $4 annual basis, against $2.50 wsv!mmly paid. MERGENTHALER LINOTYPE ©O. Brookiyn, N. Y., Pebruary 17, 1031. DIVIDEND NO. 141, »A quarterly dividend of $1.5 upon each of of present outstanding % On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. erylnd Pemmnl Bnken, EXTRAORDINARY INVEST. MENT OPPORTUNITY 8. W. Straus Com York Stal Sinking Fund, Smu " 5%4% Bonds, Due 1943 Price 77V, To Yield Annually to Maturity About 99, All or Any Part—25 $1,000 Bonds Total Issue, $4,450,000 APPRAISAL, $6,700,000 Secured on 2124-3¢ BROADW, BUILDING, *Rew’ ¥ork City. located at corner of West 75th Street and Broadway, New York City. Bul operators im Telephone or Teleoraph Your Order at Our Ezpense North American Investment Bankers, Inc. No. 1108 ln'mmt Building el. Met. 3650 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 51/2% Rk e & RANDALL H. HIAGNER & COMPANY MORTGAGE LOAN CORRESFONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 PROPERTY MANAGEMENT Apartment House MANAGEMENT THERE are so many subtle ways in which needless expense eats into income that it takes the long experience we have had in the manage- ment of apartment houses to find them—putting the stop to them that results in increased revenue and additional net profit. 4 Our service isn’t an ex- pense, because it more than pays for itself, B. F: SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS SAFER throwgh the support of larger equitie Fixen charges of the 35 chain store com- panies selected for this portfolio are rel- atively small com- pared to other indus- tries. A greater per- centage of earni is continually avail- able for dividends on common stock. Your local investment dealer or bonk can give you full desails CHAIN STORE SHAREOWNERS INC, MERRILL, LYNCH & CO., DISTRIBUTORS 40 WALL STREET, NEW YORK CITY ROBERT C. JONES & CO. ding—Met. 2022