Evening Star Newspaper, May 16, 1926, Page 41

THE SUNDAY STAR, WASHINGTON, D. C MAY 16, 1926—PART 1. BANKERS FIGHTING U.. POWER MOVE Curb on Interior Secretray Urged—Insurance Men Meet—Local Notes. BY EDWARD C. STONE. At the annual Spring meeting of the Investment Bankers' Association of America, just ended at White Sul- phur Springs, W. Va., the board of governors adopted two important committee reports. one opposing Gov- ernment entry into power operations and the other favoring a new educa- tional program The first report was presented by the public service committee and reafirmed the agsociation's opposition to the United States C(overnment taking part in any power construc- tion or operation and urging that the option given the Secretary of the In- terior in the power part of the project in the Boulder Canyon bill, now be- fore Congress, be omitted, and that it be made mandatory that water rights at the proposed dam be leased under the Federal water power act. The other report, presented by the foreign s rities and educatlonal committ asserted that owing to the growing interest of investors throughout the United States some medium is necessary for securing and distributing relfable and curvent in- formatfon bearing on foreign securi- ties. The bhoard of governors has au thorized these committees to co-oper- ate with New York University in the establishment of an institute of in- ternational flnance. For a number of years the foreign securities com- mittee of the association has stressed the need of such a service to its members and the investing public, but heretofore no satisfactory plan has been developed. The association also voted to re duce the board meetings to two a vear instead of four, and selected White Sulphur Springs for both con- ventions. FEugene E. Thompson, head of Crane, Parris & Co., who attended the convention as a member of several important committees, and Paul V. Keyser, who is counsel for the asso- fon, returned to Washington yes- terday. Both reported a very profit- able meeting. Insurance Congress Success. ‘Washington insurance agents re- port that the Maryland-District of Columbia congress of life underwriters held in Baltimore during the week was a great success. 4 Ellsworth, president of the ington associa- tion, presided. Joseph A. Marr, of Washington spoke on “One Man Busi- ness” and Wallace Hatch, of this city, made an address on “Educational Insurance.” Addresses also were given by Oliver Truman, Earl G. Man- ning. Dr. Lee K. Frankel, J. Bruce Thompson, Bernard B. Gough, George H. Harris and Charles R. Posey. The penkers at the annual dinner were C C. Gilpip of Vermont and w 1 B. Burruse of Washington, who took for his subject, “Shake- speare the Salesman.” Pamphlet Report Received. The pamphlet report of the is being rec the com- pany during the past year which re. sulted in ear equivalent to $6.14 & share on $6.000.000 capital stock, compared with $4.33 a year ago. The fact that outstanding indebtedness has been cut down until the company does not owe the banks a cent is considered to be the most important and interesting feature of the report. Peoples Drug Company Expands. Opening by Peopies Drug Stores, Inc., of another store in Washington, Rhode Island avenue northeast, is of ¥hore than ordinary interest to local investors since the company's pre- ferred stock has for some time been listed on the Washington Stock Ex- change. The concern is expanding rapidly, a store was opened only a short time ago in Alexandria and two others have recently been started in Frederick, Md. The last sales report f 10 local stock he stock closed yesterday bid and 102% asked ew Farm Loan Offering. C. F. Childs & Co., will offer tomorro: a new issue of §1.000,000 of 5 per cent farm loan Londs of the Joint Stock Land Bank of Little Rock, Ark., of which Senator Joseph T. Robinson s cnairman of the board. The bonds will be dated May 1, 1926, and due May 1, 1956, redeemable May 1, 1936, They will be offered at 103 and Inte est 10 net 4.62 per cent to the redeem- able date and 5 per cent thereafter. Unlisted Securities Prices. Following are the bid and asked prices of local securitles in the un- listed department of the Washington Stock Exchange BONDS Club e Potomac Savings Bank . aleigh Hotel Wasbington Titie iie ¢ Washinrton Bl Clin Woodridse & Langdon Sav. B Commodity Prices Stronger. The downward trend to wholesale commodity prices that has been a no- table f e of the domestic markets for seve 1ths past met with con siderable re 1 the week, 35 out of the 66 changes that occur in the list of quotations collected by Dun's Revlew being advanced as com pared with 31 declines. In the last week’s tabulation there were 39 reduc. tions and 34 increases; in a similar comparison for the corresponding week a year ago 37 advances con trasted with 33 recessions. EARNINGS TOP RECORD. NEW YORK. (#).—The Lehigh Valiey Railros nderstood o bave record earnings for April, ex seding previous April figures through in coal heavier merchandise frelght movement. Carloads of coal for the month were 1,073,828, against 121,135 th April last year. Net operating Inconie s ex pected to be around $1.400,0u6 which had seldom been exceeded in the best Autumn months. This would bring net for the four months o 1926 to $2.188,000, against $3.7i6.000 a year ago. BAN]} CLEARINGS DROP. YORK s thronz the week nre compiled at a90 by the Commerelal and Chronicle. 4 decreans of 0.6 per cent under the 39.4:9.700,702 reported a year sgo. New York Cliy showed a arep of 1.50 per cent. ‘When a man he ts making the liest of it {* always means he has got the worst of M, BANKING BILL UP AGAIN. Senate to Reconsider Vote on Branch Measure. When the Senate meets tomorrow it will act on a motion entered Friday by Senator Jones, Republican, of ‘Washington, to reconsider the vote by which the branch banking bill was passed Thursday. Senator Jones said that the branch banking provisions, as rewritten by the Senate banking committee after the House had approved the bill, did not meet the situation adequately, UNDERTONE STEADY, ON CURB MARKET Movements Narrow All Week. Oils Irregular—Utilities Inclined to Sag. By the Associated Press. NEW YORK, May 15.—Today's market on the curb exchange pursued a course similar to that shown on recent sessions, although business during the opening period was slightly Increased in some quar- ters, Standard Ol of New York opened with a small gain, but this improve- ment was conceled with the introduc- tory dealings in the new when issued shares to be exchanged in the merger with General Petroleum. Sales in the new stock were reported at 31%. The statement issued by New Jersey show- ing a gross business for last vear amounting to more than one billion dollars had no apparent effect on that greup. A few industrials sold off sharply, among which were a five-point loss In Ford Motor of Canada and a decline of 8 points in Kraft Cheese. Balking shares were lower. Penn Water featured the public util- ity division, moving up 3% points to 141%. Other stocks ranged narrowly in quiet trading. The market all through the week showed a comparatively steady tone. Movements, even in speclalties, were unusually narrow and there was a general absence of large offerings re- flecting the exhaustion of much of the supply that had come into the mar- ket on previous downward movements. This market did not make such a good response to the settlement of the British strike as other security trad. ing groups, reflecting the absence of any substantial short account. Where large trading occurred, the dealings were generally connected with speclal conditions or developments, among them being General Electric. Oll stocks were irregular, Anglo American moved up from 16% to 17% on the strike settlement and Imperial Oil of Canada advanced over a point to about 36. Low records were made in the Galena Issues, the common stock falling from 20 to 1814 and the preferred, old, from 83 to 78. Public un\nlas showed a sagging tendency, while bonds were strong and active. CHICKEN TARIFF RAISE IS DECREED IN FRANCE Export Tax Increase Follows Slump in Franc—English Still Able to Buy Freely. By the Associated Press. PARIS, May 15.—The bitter com- plaint made by the French that one result of their unfavorable exchange has been to put chicken off the family menu has resulted in an increase of the export tax on fowl. The tax has been raised from 10 per cent ad rem to 20 and that on eggs from 20 per cent to 30 per cent. The French pessimists gloomily de- clare, however, that this measure will make very iittle difference as with the franc worth about 45 to the pound the Increased tax will present no im- pediment to the English buyer. A banana plant may grow 40 feet in a year. STEEL EASING OFF ON STRIKE ENDING Copper Price Improves With Better News From the British Isles. NEW YORK, May 15 (P).—The volume of buying in the steel market during the first part of the ‘week showed improvement, probably due to expectations of a protracted strike in Great Britain, and when the strike was called off the domestic trade was a good deal puzzled over probable future developments and the demand fell off somewhat. Values were {rregular, but a gradual scaling down of prices appeared to be in progress and the average for the week was slightly lower. Pig iron was easy and irregllar, with the de- mand only fair and spotted and for- eign iron was offered at concessions. Copper became firmer with the im- provement in the British labor situa- tion. Some increase was reported in export inquiry toward the end of the week, and buyers for domestic con- sumption who had been holding off pending a settlement of the strike abroad, reentered the market. A con- siderable business has been reported in electroyltic on the basis of 137 cents delivered, and while metal was still reported avallable at that figure, some of the producing interests were asking 14 cents at the end of the week Tin was shown a reactionary ten- dency owing to expectations of an early resumption of shipments from England incident to the settlement of the general strike. Around inside prices on Thursday dealers and con- sumers were blg buyers of futures straits, the turnover on that day be- ing the heaviest in years. Lead has been reduced $2 per ton by the leading producers, with Mexican ore lead on an import basis, buyers have not been Inclined to anticipate future requirements. After declining early, zinc prices ad- vanced a trifle on a better consuming demand. Antimony was unchanged for spots, but futures wers lower, with more liberal offerings from Cuba. GERMAN RED TAPE PUTS U. S. ENVOY TO TROUBLE Wedding of Ambassador Schur- man’s Daughter May 19 Arranged ‘Only After Much Negotiating. By the Associated Press. BERLIN, May 1 ‘The marriage of Dorothy Schurman, daughter of the American Ambassador Schurman, to Lieut. James McHugh of Wichita, Kans., scheduled for May 19, has dem- onstrated how difficult it is for for- eigners to get married in Berlin. Despite assistance of German offl- cials, Ambassador and Mrs. Schurman were unable to announce the date of the wedding until after 10 days’ ne- gotlations with the courts and the municipal license bureau. The Berlin regulations made it almost impossible for foreigners to get married in less than a perfod of three weeks. The appellate court must issue an affidavit in all cases of the weddings of foreigners, declaring there are no legal obstacles to the marriage, and the banns must be posted in public places for a period of two weeks. The maximum legal charge to obtain a marriage license is $500. VON SEECKT IS PEEVED. German General Resents Press Ref- erences to Himself. BERLIN, May 14 UP.—Gen. Hans Von Seeckt, chief of staff of the Reichawehr. is not a little put out by the fact that newspaper articles in commemoration of his recent sixtieth birthday invariably referred to him as the “man with the iron mask and the monocle..” For one &0 prominent in the war and peace time history of Germany, Gen. Von Seeckt as a citizen is prob. ably less known than any other man in high public office YOUmonlyaagoodnyour nerves. When they break health breaks. But you can con- serve them now by proper rest and relaxation. Sleep right. Get yourself a FOSTER IDEAL SPRING. 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