Evening Star Newspaper, June 20, 1931, Page 13

: = \ SAXONY HAS FELT FULL EFFECT Recelved by Private Wire Direct to The Star Office. o P ; :x'e‘:.u:." m-u':.-'-::u by r.'::h- (oh) (3use). i Dividend Rate, “‘:‘;: o e “’,’,;"’;;E Clamor for i?“ Market Turns Upward on Hoover Announcement of Aid for Germany. Commodity Price Trends of Week BY H. N, MeGILL, Editor MeGill Commodity Serviee. AUBURNDALE, Mass., June 20 () —~ BANKS OF GAPITAL | N GOOD CONDITION Declarations of Dividends Show Local Financial In- AdvRubiey (BsWY.s Alr Reduction (14%) 88 stitutions Are Strong. ! Alasknteneawiees): 1A Relief From Repa‘i'ati’onrpay- , ments Daily Grows Louder—Political Factoru Depteu Business: - : « Goodrioh B ¥ pf (7). 30% Goodyear Tire&R(3 34 Graham-Pai; Abitibl Pow & Paper ADbItibl P& P pt (8) . Bx) (1 Adams Exp pt (5) 25 3% 144 4t 3% 48% GrtNorthern pf (4). 48% BY FREDERICK OECHSNER. Grigsby Gruno 10% Guif StatesSteel 4% Hann Dept Stores. /. BY GEORGE T. HUGHES, 4 H Spocial Dispateh to The Btar. NEW YORK, June , Saxon industry b 80 out of its veins. Thus did a manufacturer here in huh’.o! the State Bubstantiating predictions in loeal financial circles that Washington's financial. institutions were in- stronger position generaliy than institutions in uther cn‘m of the country, several banks have been declaring dividends. The Natlonal Metropolitan Bank of ‘Washington directors yesterday declared an extra 2 per cent dm““&‘e«?"-u' July 1. Books will be cl from June 21 to June 30, both dates in- clusive, for the transfer of stock, it ‘was_ stated. The board of directors of Seventh Street Savings Bank has declared the usual semi-annual dividend of $6 per share, payable June 30, to stockholders of record at the close of business: June 26. { The Woodridge-Langdon Bank has ! declared the regular semi-annual divi- dend of 3 per cent, payable July 15 to stockholders of record on June 30. . 18 3 Company Removes Offices. fot H os ) arvester (23 ).. Y. E. Booker & Co., which has been Am Safety Razor (5) Hyaro Bl A ‘2'.: located at 1508 H ‘street since its for- ‘Am Smelt Ret (2) Matoh pf (4) mation in July, 1926, announces the Am Solv & Ch < 0e) . Temoval of offices to the new American Am Stl Foundr!| ow A. o Security Building, 730 Fifteenth street. 1Int Paper & Pow C.. ‘The membership of the firm is made up 5 Int Pap & P pf (1), of Wi men, Yelverton 'E. Bait (3) Booker, Harry W. Finney and T. Baker Robinson, as general partners, and 37 George Hewitt Myers, special partner. 82 Am Type Fdy pf (7). 10s ‘They are members of the Washington Am Water Wks (3).. 14 Stock Exchange and have a direct wire Am Wat Wksefs (3) 2 connection to New York with Dominick Am Woolen pf...... 7 & Dominick for the convenience of ‘Washington investors. ‘The record of earnings of the Inter- national Business Machines Corpor- ation, which has a large branch office, one of its factories in this eity, is “impressive, profits having registered steady expansion since 1921, accord- ing to an analysis by Standard St tistics Co. “A mew high total was established in 1930, continues the anal: “when net amounted to $10.98 a share (giv- ing effect to subsequent stock divi- dend), as compared with $10.01 in 1929 and $8.01 in 1928, on a like basis. Earnings in the first quarter of 1931, moreover, increased 5 per cent to $2.82 A share, as against $2.68 in the cor- responding 1930 period. The abjity to maintain profits in the face of the general depression is attributed to the rental basis of the major portion of busness, as well as to an increased sale force. We anticipate that the present rate of profits will be largely sus- tained during the balance of 1931, and preliminarily estimate full year earn- ings of better than $11 a share. Since the company is less dependent upon exports than most office appliance units, and since consumers’ stocks of its equipment are not excessive, it should benefit rather promptly from any improvement in general business. Capital stock of 660.852 shares is pre- ’!'I‘lg it | of Baony describe, 10 Shis correrpend ny > ent the ?gr‘;hmdon under. which- he business and his Saxony, - contribu Germany's total Tadusiries normal “years from to $50,000,000. 'In normal | per cent of the Saxon popu: engaged in industrial or min- tions. No “section of* th the possible ol: Am Brown Bov Hleo. AmBrB Epf (7). Am Can (15) i 11 Hudson Motor (1). 5% Hupp Motor: 41n I Seneonk Fanrwo~pranan muaBe~ FrrRlEgE “észa§§§E§ PR 3 P prices are only' in retail prices. Even everyday necessities, buying has been delayed, but with the advent of ices to consumers it has monstrated: that business will t of any Tests heavily on uvn u;eot.h‘.. m": O ptymont et e ek as ent T ) burdensome with the issusnce of each new emergency decree, were and the probabllities are that Monday's 0% | seaston will give & better on technieal g Semioa P : Factors. to these internal factors de- and & [§ Inter Dept Strs (3) 36% Jowel Tea (4)... 40% Johns-Manville (3) 54% 48% Bdv 48 105 Johns-Manv pf (7).. 10s 108% 108% 108% 105% 7 2 Karstadt (Rudoiph). 1 242U A 15| polne Recn ko b s g % Kelly-Spring Tire 5 i e B Ty T 91 | were in demand from the short interest, | o COTeSPORent hts talked were 80 a 39% | with the former up 5 ance could be maintained 14% Kennecott Copper(1) 84 16% | the latter more te. Con tic; some were simp 28% Kinney (GR)Co pf.. 30s 26 | solidated wi mistic. than others, Sevese] 1 25 Kresge (58) Co1.60. 34 26% already from 7 to 10 per cent. below 7% Kreuger&Toll (1.61). 45 18% - | last year's export levels. Working hours 8 Kromer GrockBaki1l) 44 in such instances have been reduced 7%, 66 Lambert Co (3). to & 40-hour week and nmonm av- 24 Loe Rubber & Tire... 1 erage are 7 per cent below. the high mark in June, 1930. 88% Leh Port Cmt pt (7). 50s ) i mgll'?'"‘;l'.) o o1 up pemin':!::ks:m total mltpun‘ b ro e w Ford Glass. . 4 i nly fractionally, the Tunning gene; on a 60 per cent basis, motors did little. having fount essential to reduce There were intervals of rea] ucticn to meet the lessened demand offers were quickly al or their goods. Business has been bad | factor 38% | market continued to climb, with new | for some s past, anyhow. Leather 1 | favorites taken up. Heavy buying came 4| into General in the second 34 | hour and into International Telephone 701 | &nd then into Du Pont, all at higher 104 | prices. % 8% 22% 5% 57% 80% 126 40 @ S N able export balance, but this balance Eh 5 sl e S industries see their way clear to ki above water. A number of industrialists with whom Am Zinc & Lead pf.. 1 Anaconda Cop (1%). 236 Andes Copper....... 3% Armour of Del pf (7) 10 Armourof Il A.,... 2 Armour of 111 B 1 Asso Dry G (2%) 5 % Atch To& S Fe (10). 31 Atch To&S Fepf (5). 2 Atlantic Refining (1) 22 Atlas Powder (4)... 1 Auburn Auto (£4) 138 Aviation Corp af u Baldwin Locomotive 4! Balto & Ohio (6).... 101% Bang & Aroos (3%) 60% 5% Barnsdall (A)(1)... Beatrice Cream (4).. Bendix Aviation (1). Best & Co (2) S Bethlehem Steel (4). 198 Bethlehem St pf (7). 1 Blaw-Knox (1%).... 1 i Bohn Alum& Bri%. 3 Borden Co (k3)..... 71 Borg, Warner (1).... 23 briggs Mfg (11%)... 33 Briggs & Strat (2).. 4 Brockway Mot Trk. . Brockway Mot pf. . Bklyn-Man Tr (4) Bkiyn Man Tr pf (8) . Bkiyn & Queens Bklyn Union Gas (5 Bruns. 2 of the Young plai oung plan schedule of payments to meet conditions would have a considerabl , but the (Copyright. 1931.) RALL 'FREIGHT ilA’I'E ADVANCE| HELD NECESSARY TO PROSPERITY | Paper. T e o e lue [anila cl rd and Btfacherticn pulp. Important Price Changes. & 19, June 13, 5" e g This Previous Year week.. week. .882°" 582 8% Ludlum Steel 71% MoKeesport T P 15% 74 McKesson & Rob (1) 21% McKes&Rob pf(3%) 44 McLellan Stores. ... 21% Mack ‘Trueks (3).... 66% Macy (RH) & Co(n3) 19% Magma Copper (1).. Manati Sugar. 1 ManElevmg . Manhat Elev gtd (1). 20s Marine Mid (1.30)... 16 Marmon Motor Car.. Marshall Field (3%) Mathieson Alkali (3) ' May Dept Stra (1%). Maytag Co 1st pf (8) Meiville Shos (2) Mengel Co pf (1) Met-Gold Pic pf 1 Mexican Seaboard. .. Mid Continent Petm. Midland Steel (3). Minn Moline Pow. Mo Kan & Texas. ... Missouri Pac of (5). Monsanto Ch W(1%) Montgomery Ward Mother Lod 8% Motor Wheel (1) 8% Mullins Mfg: 6% Mutray Corp 20 Nash Motors (4) Great Northern Railway. NEW YORK, June 20 ( — The reduction In_the dividena ot the Great Northern Railway to a $4 a share % basis this year had been anticipaf th | e Htock - ublic interest to meet the ve the ominous financial prob- | Hides and icgiher emergency with which the rallways are Which. the railways directly, | Buidine mileriai. . Be tone by the ‘State and Natiacal gor s e raiiwaTs io e E y an ational gav- maintain HUGE GLASS CONTRACT o s e s gttt AWARDED TOLEDO FIRM ? | says the Railway Age. “Only those who ‘TOLEDO, June 20.—Libbey-Owens- | % SEeEl B3 § : ing for a small floating supply. issue is on & $6 annual dividend basis, and present prospects are that the 8 per cent stock extra paid in January Bvers (A M) of recent years will be continued in T e L 5 Calumet & Hecl “The renewal of the upward trend of 10% Camp WAC Fy(1). bank deposits shows that we are again bl bl AU engaged in the serious business of 24% Canadian Pacific1%. 88 building up our savings—and with 1t, 17% Cannon Mills (1.60). 1 our purchasing power.” says the Alex- SR CADTR TR A ander Hamilton Institute. , 88 CarCith & OB €4). “Solid and enduring revival must be B i J come from a rebuilding of the re- 2190 CatarpIIlEE Tewe (37 sources which have been spent or lost. 14 Celotex Copt.. . 104 No individual gains and keeps wealth 7% Cont Agutie Andib except by accumulation. and what is oS R Ll it true of the individual is true of the ag- 2% Certain-teed Prod gregate of individuals who comprise the 7% Chosker Oub MTE. Butte Copper & Zine. | Butterick Co... are prejudiced or do not know the facts { Tailroas will deny that the ds are con- fronting s real emérgency. With no improvement in traffic in sight, failure to secure an advance in rates might, and probably would, resuit in numerous railroad bankruptcies. “Such an advance in rates as is pro- posed would enable the rallroads to pass safely through the crisis. The in- | general dustry, commerce and people of the country would have fo pay the higher rates. Every branch of industry and commerce and every class of are suffering- from the d . Would it be better for the public for an ad- vance in rates to be refused, and for | vance in many rallroads to be allowed: to con- tion and subsidiaries to supply them | with practically -their entire needs of | glass for seven years. It is estimated that the minimum re- quirements of General Motors under | this contract will - exceed $50:000,000, :l',! of the hmnie‘:‘ evgdpllmd in e history [ ustry. In order to take care of the v:nyt Te- quirements of General Motors as well 8 place 135 | months then in the 135 | cTop outicok is not 0 | west and the fiatn 21% steel industry maki 17w | Suffer a. considerab] 14 | Ings on its iron ore 1044 | J- Hill retired from the active ment of the Great Northern 50 18% 18% % Nation. “For four years we reduced our sav- ings and finally encroached upon them. ‘The five years from 1920 to 1925 show- ed & growth of 40.5 per cent in total 27 Ches &Ohlo (2%4)... @) Hscuit ( sh Regis 62% | cent permanently and 28 | of this stock high up g:‘i classes of securities. tinue to drift toward disaster, or for the public to pay enough more in freight rates to tide. the railways over? commodity - Profftiess railroading is as bad for general busi- Kuflu-u mer . An advance in freight rates that fl&l stop profitless railronding is as essentisl to ing its facilities and has completed ne- gotiations for the purchase of the plate glass -factorfes at Ottawa, IIl, belong- Plate Glass Co., a sub. individual deposits, or an average gain of 8.1 per cent yearly. A marked slow- irg-up in the rate of deposit expansion occurred in the years following 1925. In each of the three years following deposits increased, but the highest rate of gain for the period was 4.4 per cent. ‘Then in 1929 the phenomenon was wit- £ Part of Costs. “Tt will be pointed out that a period | of depression is a bad time to advance rates. When business was good - the Western lines asked for a general ad- vance which the Interstate Commerce Commission refused upon the ground that they did not need it. If an ad- vance in rates cannot be made when business is good because it is not needed, and cannot be made when business is bad when it is needed, it follows that rates never can be advanced. ing to National sidiary of Gerleral Motors. With these new:- plants and its present factories, I ~Owens-Ford be able to take care of this increase in sales. the revival of prosperity as an advance in oes that | 25 Chi & Northwest (4) Mm\’fl”-. pri will stop 22% ChiRT& Pac(m1¥) B0 ChiRI& Pacpf (7). 23% i % 4| INVESTMENT TRUSTS 1% _— 7% | NEW YORK, June 20 (#).—Over-the- 12% | counter market: 30 City Ice&Fuel ( s nessed of an actual decline in savings. 2 City Store . Individual deposits declined and sav- 40 Colgate-Pal-P (2%). ings deposits were drawn down.” 101% Colg-Palm P pf “As a matter of fact one of the con 9 Colll tributing factors to the current depres- 20% Col Gas & El (2). sion is that in the years preceding it 6 Columbia Graph ople spent too much and saved too & Col Grapho ctfs 56e. little,” says the institute. “Part of the 55 Columb Carbon (§).. slow process of recuperation must be 13 Comel Credit (2).... a building up of savings. Unless the 30% Comel Credit A (3).. growth in bank posits keeps pace 22 Comm Inv Trust (3). with the growth of the country, a de- 10% Comm Solvents (1).. pressing influence is exerted on the 6% Comwlth&Sou (40c). 245 general price level.” 90 Cmwith & Sou pf (6) 0 New Security Flotations. e Lo New productive security flotations | 6414 Consol Cigar pt (7).. during the first five months of this 10% Consol Film pf (2).. vear aggregated $1,285.000.000, or 70.5 8214 Consol Gas N Y (4).. per cent of total new offerings, accor 101% Con Gas of NY pf(5) ing to the computation by Moody's In- 4 Consol Textile vestors’ Service. This amount is small- 9% Cont] Baking A. er than in the corresponding period of 1% Cont] Baking B. previous years since 1921, except for 40% Contl Can (2%)..... slightly lower figures reported in 1928! 8% Contl Dia Fibre (1).. and 1929. 34 Contl Insur (3.40)... ““The current percentage of productive 5 Contl Ofl of Del . to total new financing is nevertheless 314 Cont Share: . higher than in any of the preceding six B5% Corn Prod (1334)... years,” Moody's state: t offers con- | 146% Corn Prod pf (1)....1708 vincing evidence that at the present 12% Crex Carpet. . & time little new capital is avallable ex- 30% Crucible Steel 1 cept. for distinetly productive purposes, | % Cub s such as construction and additions to | 30' Cul Rpf(6)..... 208 equipment.” i 214 Cuban-Amer Sugar.. 3 Chesapeake & Ohio. 16 Cuban Am Sugarpf. 30s 3l Cudahy Pack! 4). ‘The gross revenue, net rallway oper- 6:“ C::rtll'?n:;il::l) .).. ating income and net income of the 2% Curtiss Wright Corp Ch%s.pe‘:‘:g & Ol;‘l:: Rnl‘vmy Co.i‘ 10- R Curtiss Wr Corn A . gether operating ratio, are shown in the statement of operations for the Brisdenbogh e month of May, 1931, report, for which | 22 1% Deere & Co pf (1.40). was sent to the Interstate Commerce 157% 107% Drlaware & Hud (9), Cor ission today. 102 45% Del Lacka & Wn (4). Gross tevenues for the month were| 23 18 Diamond Mateh.. $10,392,703, a decrease of $1,728,763 over bt g g decrease of $1, Duanes Lt 15t pf (5) stman Ko Katon Axle (1.60)... Elec Auto Lite (8)... Elec Pwr & Lt (1)... Elec Pow & Lt pf (T) Elec Stor Bat (5). ... % Eq Office Bldg (2%). Krfe RR . Frie RR 1at of (4) Bid, Asked. . T & First Mortgage Loans ., On the principle of ‘charging what the traffic will beer’ railway | Trates, under present conditions, would be made lower for longer than shorter hauls to meet ms: Lowest Rates of Interest and Commission Thomas J. Fhi pny. Inc. MONEY TO TOAN sut Hiieg o e st and_2n Consult WELCH, Realtor n ialist ™ =] f e d t 53 North Amer pf (3) Your 3 the source of about 80 per cent of the 60% _30% Northern Pacifie (6) 11 revenues of the railroads. ently, | the direct effects produced by an ad- vance in freight rates upon the costs [ s ta (Nationsi s 4% | Al & Pac com ww. ation: Atl & Pac pf war. 84% | Bankers Nat Inv 7 Bansicilla Corp 37 | Basic Industry.. British Chain & 43% ~5 b4 53% 124% 122% | Gpatn & 6% 3% Omnibus Corp. 58% 31% Otis Elevator (: 6% O ¥l 2. ah ). ifie Packard Motor (40c) Panhandle P&R.... Paramount-Puli 3% . Se-2 Seuf LU - relatively the beneficial effects produced ypon rallway situation. Indirectly, an STANDARDIZED. BANKING FORMS ARE {NDORSED . | By the Associated Press. =, ‘The United States Bureau of Stand- x'nma'un" et 1 sdoption of stand. cam| for Y - ble instruments in the * NATIONAL BANK 14th ana G Streets n All of Its Phases We Make Loans on Listed Stocks and Bonds Monthly Payment Loans on Auto- mobiles, Furniture and other 434 54 53% 124% 122% ™ 1 1% 22% 1% 4 3% 2% Zana 15 ¥ 45 - 48 SFR X ‘Money to Loan by frst | Darss dued of trast du veal estate msetioan Yot | Joseph I. Weller 1,72 & § 3t 2 ISRS 4T 288, 2000888 33 Phillips Petrole: lla) P1 Arrow pf ( Oll of.... ury Flour (3).. Pitts Screw&B(70ch. Poatal Tel&Cable pf Prairie Pipe L (3 Pub Sv NJ (3.40). Pub 8v N J of (1) Pub Sve G&E pf (5. Pullman Corp (4) 11% 5% PureOil. 584 __24% Purity Bai Kadio Corp. Radio Corp B (5).... Radio-Keith-Orph A. RR SecIC c Real Silk Hoslery. ington-Rand. ... Motor ca: 4oe). 3 10% 22% 17% 62% 9% 136% 136% 104% 104% 37 3% Ly % 6% 6% 81 205Ta L EEEE MORTGAGES 8% & 1364 136% | Incors fi'é.“?m 104% 104% | 1% Becur Gorp Am A. 31, 56 [{a8 « e r Corp Am B 6% . Prd b r Corp Am 3 Tavest 15 of N¥ Goita 96% 187% 128% 104% 103% - 'DON'T BE CONTENT a 7 "WITH A “FAIRLY” SAFE f:,‘t Egm :a‘roé':'r'fi- ) i ' :u:“: ‘Simmonds, “P‘m 3 b i3 INVESTMENT " 3 ur Corp Am 6%4% 20% itat net. ratlway operating income was $ Taos | ESsters ustes g 283.918, a decrease of $552,401 over M: of last vear. The net income. after charge: was $2.351,001, over May of last year. The operating ratio is 50.4 per cent. compared with 61.2 per cent for May of last year, or a decrease of 1.8 per cent. For the five months énded May 31, 1931, the Chesapeake & Ohio Rail- 'way Co. shows gross revenues of $48.- 514,001, & decrease of $8,226,863. Operating expenses were $31,899,285, a decrease of $6,017496. Net rallway 16 36% 18% 39% 7 8% 6% ustry —when you can-be absolutely sure— 8 both that principal is safe and the fixed return is certain. < Such is the combination offered by our z i*. 6y, FIRST MORTGAGES Ovér a Third 4 | ‘of & Cnm;ryb Without a Loss 6% | Low. irs. 8% | Major Corp Shrs. Mass Investo; Mohawk. utu e, Reynolds Metals (1) 161 Reynolds Tob B (3). . 36% F14 Ph Fire In (2.60 . Also the American Express T e P ey Co. has adopted the plan for its travel- ’ checks, as has the American Bank- ' Association. . An analysis of the. record of acoept- ors, however, shows the need for further cational 24% Roy Dteh(m1.3 38% Safeway llll‘u'li) . 9 St Louis& San Fran. crease of $3,166,104, 74 StL Southwestern.. ing period of 1930. The 124 operating ratio for the period is 65.8 4 per cent, & decrease of 1.0 per cent as [compared with same period a year ago. . BUSINESS FAILURES GAIN. | | By the Associated Press 1 ::’ :-l"'lk‘ ‘C'-ru) Business failurss gained slightly last | 2 ns 'week as their change was calculated by the Department of Commerce. In the | lindex that follows the average is given for comparable -periods, based on rep- | yesenting the 1923-25 average as 100: | 'week ended June 13. [Previous week ... [Same week Jast yea Foster Wheeler (2) Fourth Nat Invest. . Fox Film (A) (2%). I'reeport-Texas (3).. In them there is no speculation— before the money was loaned the property represented was conserva- tively appraised and yoii will receive. * the 6% uninterruptédly to maturity. . et for . claser agdherence standard sizes and arrangements. HEALTHIER BUSINESS. - - CONDITION IS REPORTED 35 ol Ine. Shattuck F G (11%). Shell Unfon Ofl..... Shell Un O1l pf (§%) Simmons Co. . ... Sinclair Consol Ol - iv‘M'a_v be gurcl;ase\d in a-mounts'\ ! . from $250 up. Bk B. F{SAUL:CO. National 2100 925 15th St N:W. .. M 0 S Gl e E R e 48 Gen Food Corp 4% GenG & EI A te 27 Gen Ital Ed El m: 96 Gen Mills pf (6). 31% Gen Motors (3) U. 8. TREASURY BALANCE. The United States Treasury balance today as of close of busi- 18" was. $474,334,937.69. receipts for the month to da lwere. $17.023,046.21. Total -ordinary ¢zpenditures, $13,676,027.79. 14% Studebaker (1. —_— (Continued on Page 14.). 5 sartBemeananstnty