Evening Star Newspaper, May 12, 1929, Page 77

FINANCIAL ! THE SUNDAY' STAR, WASHINGTON, D. C., MAY 12, 1929—PART 5.’ * PRCES HOLD IR N, BXCH Lanston Goes Higher—Bonds in Fair Demand—New Era in Banking Predicted. il WARD C. STONE. d trading on the Wash- ock Exchangs yesterday, local closad the week with prices nston Menotype again scored r new high by a fractional gain Capital Tracticn cnded the week at after salling at !, Potomac Elec- tric power 6 per cent preferred closed at 113, and the only transfer in Wash- ington Gas tock place at 108%. Rall- ectric preferred opened at 97 | d ' higher on a 50 share way & I cl turnover, Chevy out at preferred came Mortgage & Guaranty preferred moved at 735, Sand | & Gravel preferred registered 9074, and an odd-lot transaction in Merganthaler Linotype was recorded at 107'2. The usual checking of unlisted securities showed very few changes in bid and | asked prices. There was considerable investment buying in the bond division. City & Suburban 5s moved at 91%s, Pctomac Consolidated 5s changed hands at 10014, small denominations in Wash- jngton Gas 6s. series A, registered 10255, and the B bonds 103%. and 10414 for & $1,000 bond. One of the closing bond sales was in D. C. Paper 6s at 941,. The week as a whole fe- flected growing interest in local| securities. Ban's' Report on Earnings. Two of New York's oldest banks— First National and Fifth Avenue Bank ~-which have withstood the extensive erging activity of the past year, wed the highest earnings of all New ork and Brooklyn banks during 1928 according to an intcresting survey of banks, trust companies, title and mort- | gage and surety companies prepared by Clinton Gilbert, bank stock specialist. First National reported $213.44 earned nor share and Fifth Avenue $159. The United States Trust Co. was highest among the trust companies with $159.03. The National City Bank led in de- posits with a total of $1,311,641.010, fol- Jowed ciosely by Chase National with $1,033,494,400. National City also showed the largest surplus and undi- vided profits—$111,246,500. Banks and trust companies bettering the $500,000,- 000 mark for deposits were Naflonnl‘ Bank of Commerce, $576,775,000; Bank- | ers Trust, $500.872,300, and Guaranty | ‘p “Trust, $634.373,501 Of ‘Brooklyn banks and trust com- panies, Brooklyn Trust showed the largest deposits of $117.839,000, while ! Kings County [Trust earned most per| share—$155.32. Retail Sales Comparisons. Comparison of retail sales in Wash- ington stores in March of this year and March, 1928, shows a percentage increase this year of 8.7 per cent. The percentage increase in total sales since January 1, over sales during the same period in 1928 was 4.2 per cent. The percentage in March, 1929, sales over average March sales during the three years, 1923-1925, inclusive, was 289 per cent. The percentage increase in stock on hand March 31, 1929, over stock on February 28, 1929, was 6.5 per cent. The percentage of sales in March, 1929, to the average stock carried dur- ing that month was 31.6 per cent. { The percentage of sales since Janu- | ary 1 to average stock carried during each of the three elapsed months was | 82 per cent. 1 The percentage of collections in March to total accounts receivable on March 1, 1929, was 31.4 per cent. New Management Era Predicted. President Craig B. Hazlewood of the A. B. A, makes this forecast on bank management, & subject which is to be given special attention at_the coming convention of the District Bankers’ As- sociation: “Gradually we shall all have in bank- ing what we require of our customers in other lines—control by men with a | genius for management, consideratisa of every essential of the problem, mar- ket analysis, elimination of unprofit- able units and wasteful practices, closer budgetary control, economical . and profitable operation, faster turnover of capital, lower costs, larger gross and net profits, and greater liquidity with even greater safety and service. ‘The banking business has been making great progress the past few years. The time is ripe for the ap- plication of higher and more definite standards. No business has greater re- sponsibility—none has the right to be more efficiently managed. By the co- operation of all, the time element in accomplishing this great achievement may be minimized.” Dollars and Sense Features. The leading article in the current tssue of Dollars and Sense is the text of the speech: delivered recently by Ogden L. Mills, Undersecretary of the Treasury, before the forum of the chapter on_ the subject of “Treasury ! Bills.” Outlines of this interesting talk{ have already appeared in local news columns., Second Assistant Postmaster General W. Irving Glover contributes | an article on “The United States Air| Mail Service” and “The New Currency” | is interestingly described by Controller of the Currency J. W. Pole. “Co-Operation Between Trust Offi-| cers and Life Underwriters.” a subject ' now occupying considerable attention in the banking and trust world, is set forth under the name of Roger B. Hull, managing director and general counsel of the National Association of Underwriters, and Harold Stonier, edu- cational director, American Institute of Banking, contributes an article under | the title “Educational Preparation a! Growing _Requirement for Success in Modern Business.” Autos Costly to U. S. Treasury. The growth in the number of auto- | mobiles in the country has contributed definitely to the paper currency prob lem of the Treasury. The passage of paper money through the hands of service stations with unavoidable ac- cumulation of grease and dirt appre- ciably decreases the average life of smaller denomination bills. An experi- ment with dollar bills gives rise to the estimate that denominations of this size are spent one time in seven at automobile service stations. MONTHLY COPPER REPORT IS AWAITED IN STREET By the Associated Press. NEW YORK, May 11.—More than the customary interest is being shown in the forthcoming monthly copper statistics which should be ~available early next weck. Wall Street is particu- larly keen about the possible influence which the developments of the last few s in the copper metal market may had on the activities of the in- dustry. Following the spectacular rise of copper prices in March, it was found that the upturn in metal prices had been effective in stimulating production sharply. Through the greater part of April there was evidence that urgent con- gumer demand for the metal had been satisfied and the price dropped from the high of 24 cents to a low of 18 cents, with customs smelters doing the bulk of the business. Nearby figures will be interesting for what they show of the effect of these new conditions on the statistical position of the in- dustry, IeE | May Business and commercial activities in ‘Washington are on the upgrade, show- ing considerable advances during April of this year, as compared with the same month of 1928. Incrcases have been mercial agencies in the amount of i check transactions, the number of kilo- watt hours consumed, the telephones in rvice and the mverage number of tele- phone calls originating in the District |in a day and in the volume of local re- | tail trade. Check transaceions during the past month were $9.280,166 in ~ excess of [ those recorded n April of last vear, | although _slightly less than those of ! March, 1929. The amount, however, is | considerably more than that of Febru- ary. Last year the Washington Clear- ing Hcuse Association announced a total of $120,019,886. as against $129,- | 300,052 for April, 1929. Month January February March April 1923. $04,226,703 79,749,776 92,652,626 90,702,240 101,408,088 101,208,121 90,996,351 81,618,588 84,064,271 94,922,808 93,475,020 97,234,378 June July August September October November December tabulated by governmental and com- | 1924. $00,846.145 103,703,090 100,970,204 111,728,231 Only in postal receipts was there any decrease in business in Washington | from that transacted last year. During | the past month the receipts totaled 18499,056.83, as against $506,543.44 for | April, 1928, This drop of $7,486.61 is | attributed to three causes by Postmas- ter W. M. Mooney.. Easter came in | March this year, while it was in April last year, and the date of this holiday | is always an important factor. Sec- | ondly, the rates are lower this vear | than Jast, having been reduced July 1, | last. The final reason for the decrease | he said, is that during April of 1928, | the political campaigns were beginning. | while this year there is no similar ac- | tivity. % | The | trict during Apri' was 21,071,318, or an |increase of 3,039.484 over the total for the corresponding month of last year. | The figures for April are slightly less number of kilowatt hours of | electric power consumed in the Dis- Barometers of Washington Business than those for March, but more than in February. Increases of 7.976 telephones in serv- ice in Washington and of 66,823 calls originating locally over the totals of April of last year, were tabulated by of- ficials of the Chesapeake & Potomac Telephone Co. In the former class. the figure announced for the past month was 153,633, as against 145657 for the corresponding month of last year. Calls originating in Washing- ton during April, 1929, total 668827, while 602,004 calls were made during | 1928. The index figure computed by officers of the Federal Reserve system, shows the amount of retail trade in’ Wash- ington is 111.1 for the past month. During the same month in 1928 it was |108.0. This gain is regarded as par- ticularly impressive since the Easter buying season was in March this year, " while it was in Aprii a year ago. CHECK TRANSACTIONS WASHINGTON CLEARING HOUSE 1926. $112,853,440 99,026,075 120,498,787 115,978,408 118,068,666 128,361,071 121,511,514 104,912,118 105,608,791 119,532,824 118,066,537 127,262,714 1925. $109,562,615 93,021,370 110,920,979 112,360,952 115,295,665 124,366,758 122,575,468 101,429,229 105,318,309 116,844,670 117,857,183 123,724,889 88,455,424 93,035,755 96,340.577 98,587.918 87,986,668 89,003,939 99,752,086 97,988,384 1928 1929. $114,408,832 $129,438,201 103,405,524 109,649,040 122,284,990 131,795,928 120,019,886 120,300,052 123,796,402 126,930,689 114,273,668 107,049,844 113,117,412 137,660,693 114,264,134 122,706,244 123,581,252 120,981.412 1927. $117,074,963 103,348,052 121,510,442 124,139,370 120,850,495 127,516,336 108,600,949 103,580,305 104,579,350 116,851,774 ‘Total 31.1&,158.970 1922-23 $299.807.70 81,365.26 304,733.56 331,521.39 348,685.49 495.443.44 549,643.41 523,234.37 589,845.64 391,823.26 328.974.00 297,790.64 Month July August September October November December January February March April May June $1,167,398,426 31,355,'279,001 $1,392,580,951 POSTAL RECEIPTS Reported by Fiscal Years 1923-24 1924-25 1925-26 $317,581.74 $314,171.01 $361,177.16 288,450.08 325,707.10 330.063.11 287,922.33 356,610.99 373,122.67 404,421.01 469,513.11 477,321.63 390,539.16 394.496,32 446,018.56 518,909.59 551.324.73 627,252.88 389,948.61 387,730.52 438,573.00 363,399.96 357,128.69 407,873.78 430,375.66 414,944 87 498,967.48 412,258.66 428.539.13 485,013.24 378.964.63 384,923.20 426,834.06 337,259.78 373,644.07 422,098.21 426 1,435.125,602 1928-29 $391,428.44 412,757.49 469,250.28 545,649.13 494,103.07 672,162.47 480,663.77 467.238.68 505,179.65 499,056.83 1927-28 $388,568.16 §07.809.26 376.465.09 506.969.00 511,040.11 687,795.65 47347351 466,625.95 527,486.19 506,543 44 470,110.35 447,490.35 1926-27 £380,996.07 371,654.56 447,804.14 541,876.96 505.417.39 686,860.38" 452,798.09 460,256.72 521,939.24 1923 10,506,616 9,778,368 9,450,875 9,369,463 9.951,005 10,981,107 10.704,274 10,957,601 11,290,753 10,284,223 10,680,731 11,052,499 108,846 1923 405,837 442,483 431,490 448,179 432,161 423,839 353,684 383,447 370.837 412,222 440,508 446,493 *Seasonal decrease due to vacation 109,599 115,767 Average Origmating Local Calls Per Day t(,il?,lfil.lfl ;1,520.031421 $4,758,734.06 $5,204,315.78 $5,720,206.27 $5,860,378.15 KILOWATT HOUR OUTPUT FOR DISTRICT POTOMAC ELECTRIC POWER CO. 1926 15,049,208 14,570,549 14,038,461 13.990,862 15,081,528 15,157,253 15,248,254 15,576,137 15,515,505 15,713,113 15,861,046 16,442,705 1925 12,925,647 12,289,072 11,990,809 13,005,484 12,924,002 14,159,728 13,883,518 13,066,085 14,630,733 13,429 422 13,887,687 14,554,861 1024 11,124,071 10,819,661 10,623,588 10,611,230 11,217,227 11,842,940 12,176,571 12,221,674 11,607.167 11,047,503 11,345,775 12,183,606 Number of Telephones in Service 1924 1925 1926 116,944 127,411 118,563 119,601 120,532 120,759 121,230 122,739 124,152 125,360 126,501 1926 544,604 564,108 1924 586,784 period. DISTRICT OF COLUMBIA Aversge Monthly Sales 1923100 1925 1926 81.5+ 94.5— 84.1 98.0 108.3 1020 1100 81.1 50.1 1383 1307 2207 1928 1929, 18,655,125 22,016,010 18,479,857 20,009,602 18,472,095 21,520,790 18,031,834 21,071,318 18,852,464 19,484,101 19,555,847 19,470,453 19,710,347 10,286,368 20,256,623 20,663,208 1927 117,036,730 16,154,758 16,275,840 16,266,198 16,413,356 16,740,188 16,427,149 16,330,080 16,203,226 16,796,510 18,131,429 19,030,145 TELEPHONE SERVICE IN DISTRICT CHESAPEAKE & POTOMAC TELEPHONE CO. 1929. 151,285 152,381 153,274 153,633 1927 136,506 137,285 137,992 138,281 138,468 138,457 138,563 138,730 140,177 142,039 143,196 143,585 150,360 1920. 664,306 658,304 670,000 668,827 1928 1927 590,024 560,613 589,917 588,646 598,398 SALES INDEX OF DEPARTMENT STORES 1927 90.4 89.4 ‘Totals 109.9 NEW By the Associated Press. York siock exchanges instead of the present three are in prospect to ac- commodate several million new investors throughout the country whose transac- tions have put a terrific strain on available market facilities. When the curb market built a roof over its head and became a closed corporation, the historically convenient arrangement of one central exchange, and a street market for the overflow, came to an end. “Qver-Counter” Trading. The number of stocks, however. and the number of traders continued to grow with extraordinary speed. This resulted in a huge volume of “over- counter” trading with its confusion of rices, opportunities for irregular deal- gs and general disorganization. The securities market of the New York Produce Exchange was launched as a third trading center to provide an organized, supervised market and quo- tation system for stocks which could not be squeezed on the “big board” and the curb. Five more exchanges now have shown a desire to come to the rescue Of over- taxed market machinery. They are the maritime exchange, the coffce and sugar exchange, the rubber exchange, the cotton exchange and the New York Hide and Skin Exchange. 1f all succeed in amending their char- ters to parmit securities trading, they are expected to limit listings to stocks in enterprises connected with their respective commodity markets. ‘Wall Street prophets who claim to be able to see around corners before they come to them, predict that the next few years will witness a consider- able specialization of stock trading. Each economic unit, they believe, will |tend to_concentrate its activities. both | commodity and security, in its own ex- change. Volume Grows. William _Beatty, president of i New York Produce Exchange, says that | the board of managers of that insti- | tution, which has occupied the big. red brick building at the foot of Broad- way since 1884, are highly satisfied with the growing volume of trading. “The large increase in the volume of trading recorded on the security ex- changes of the United States during NEW YORK, May 11—Eight New the | EXCHANGES ABSORBING . BIG WAVE OF STOCK BUYING the past two years” he said. “have suggested certain new factors at work. It seems increasingly sure that, while single industries exposed to competi- tion may show loss of ground, trading in securities generally will in all prob- ability increase steadily. “One reason for this is that modern invention and improved organization of industry have increased the creation | of wealth and a sound political and eco- nomic system has distributed the earn- ings of this process ipto the hands of millions of perosns.” Dairy Dividend Voted. Directors of National Dairy Products Corporation have declared a dividend of 37!, cents a share on the new stock, or at the rate of $1.50 annually. This compares with $3 pald on the stock before the recent two-for-one npllt-uf)v The usual dividend of 1 per cent in | stock was also declared. both payable July 1 to stock of record June 3. The company announced that the cash pay- ment did not necessarily place the stock on a $1.50 annual basis, BSeveral Washington investors have recently become owners of this stock. Gainers and Losers In Week’s Dealings On Stock Exchange By the Associated Press. NEW YORK, May 11.—Net price changes for the week on the New York Stock Exchange of six of the leading gainers and six of the leading losers follow: The gainers: Close. N. Galn. s. vol. pliance . ‘Tobacco Atlantic ‘Rel 1A 4702 Consolid'd Gas 117% Telephone. 270 ‘The losers: Advance Rumely common .. Advance Rumely preferred . Borg Warner | 154! Byers WHEAT IS IRREGULAR IN REALIZING SALES IM«rket Reacts in Late Dealings as Profit-Taking Becomes Heavy. By the Associated Pres CHICAGO, May 11.—Reports _of flooded fields in Kansas and Nebraska, together with export buying of 1,000,000 bushels of North American wheat, made wheat prices today average higher. Profjt-taking sales toward the last, however, brought about something of a reaction. Word of beneficial showers n wheat sections of Canada were to some extent responsible for easing the wheat market in the late dealing Wheat closed irregular, cline_to an equal advance; corn, Y to 3, off; oats unchanged to 3; down, and provisions at 10 set-back to 10 gain. Low. Hlly Bepteibér December September . December | P Gats— May July | Scptember Decamber Rye-- ey .. iy 2 September | Bard-— | may - July Septenber Ribs— May o iz 230 July ... September TOBACCO OUTPUT HIGH. Special Dispateh to The Star. DURHAM, N. C, May 11.—North | Carolina has broken all records for pro- | duction_ of tobacco in a single State, { with & crop for the last season of ap- | proximately 500,000,000 pounds, 20,- | 000,000 pounds above the 1927-28 crop. North Carolina led the Nation not only in production, but in value and acreage of tobacco planted. Kentucky is second to North Carolina in the roduction of tobacco, relinquishing the ead to Nosth Carolina three years ago. Kentucky produced less than 400,000,000 pounds of tobacco in the 1928-29 crop. a million { | | | | | i | Swee BANKS TO BENEFIT BY CREDIT BUREAU Estahlishment of New D. C. Institution Results From Years of Work. BY I A. FLEMING. It has taken years of work, years of | talk in season and out of season, meet- | ing the strongest opposition from bank- ers themselves, but at last it is a set- tled fact and official announcement has been made—Washington will have a credit clearing bureau under the super- vision and management of the District | of Columbia Bankers' Association and its accredited appointees with head- quarters in quarters of the association on F street west of Fourteenth street | northwest. Attemps have been repeatedly made from time to time to bring into ex- istence this most necessary aid to the safe handling of the funds of banks, to the wiping out of crooks, and prob- ably more important than all else. to the elimination of the duplicate bor- rower. Applicants for credit in the doubtful class are becoming more and more cau- tious as the banks of the District have been drawing closer and closer together under the bond of union established by the Bankers' Association, through the weekly meetings bankers at their luncheons, through exchange of close credit information by word of mouth and the gradual change of sentiment in favor of the credit bureau, which naturally will involve an interchange of credit information between banks. Information on Borrowers. Hesitation in the matter of giving away the secrets of a bank’s business, and lending money is almost the sole | source of income for many banks, has been the chief cause of failure to establish a bureau for the dissemina- tion of credit information until this late date. after many commercial, man- ufacturing and mercantile credit or- ganizations have been formed and are in fine working order. The secretary of one of these organi- zations made it a habit to tender the use of his association bureau to the District Bankers' Association at the annual conventions of the latter. ]u;‘l’;m ing‘:’rmatlim kept on file, abso- confidential as to any one institution, L T ing of a duplicate user of credit: * has borrowed $500 at six banks, whatever the correct answer may be, and the man who is broadcasting his notes and the borrower using credit that he is not entitled to, will have to Join the check kiter, the “no funds” ;‘S:fik bl:l::erv and other frauds that ery generall through !.!M)clltian':flol‘t!.y e The decision to establish a credit bu- reau, approved by the vote of all mem- m’;nl’z‘edme pm;ldte;l feather in cap of Columbia Bankersl" As‘b:llll)ll:x:"“ & there 15 & splendid assortment of con- nd of e e e“‘er feathers now promi- i h.n:umun( Note Collection. rles Howe, treasurer of the Amer- ;::nn Security & Trust Co. of this city, as appeared before the Oldest Inhab- itants’ Association and other organiza- tlons to read papers and talk of men and matters with which he is person- ally familiar from study and as a re- sult of research and collection—the ;ureful work of a man who is vitally interested in the past while in no sense nefl:ctlg( me’ present. . Howe is the owner of on the best, If not the beat collections of Continental paper, shinplasters of the times when money was perhaps worth something and mayhap less than noth- or ing: notes of the more numerous banks | of issue of the early American peri and on down almost to Civil w-rp;l}?:, shinplasters of that time and bank notes that were issued by people, not banks, purporting to be notes of issue by this or that bank under date of Washington and other cities as well. In putting out these notes the main object of crooks would be to get them into circulation as far away from the purported. city of issue as possible that the discovery of their true worthless- ness might be delayed and a er vol- ume of currency of like character put into use. The rarest specimen in this valuable collection is a bill for $10 issued by the First Bank of the United States, which was later put out of commission by Gen. Jackson, when President. The bill itself is on wide, narrow paper with the denomination “10” in figures showing on either side in center and like some of the modern watches “very thin.” It bears date March 23, 1804, and is an agreement to pay at the Savannah branch the sum of $10. In the collection are several bills issued by banks in Washington and also in Georgetown, the first business center of the District. One local institution, the Patriotic Bank, apparently was quite popular just before the war, for there are a number of checks drawn on it in the collection, one drawn by Thomas Burns and another by Thomas F. Burns and B. J. Phillips. There are no other evidences available that the patriotic institution is other than a memory today. Probably no one other than Charlie Howe could give you assurance that it once existed. Georgetown Bank. ‘There are bank notes issued by the Farmers' Bank of Georgetown and also by the Farmers and Mechanics of the same place. Both are probably paper by the predecessors of the late Farmers and Mechanics’ Bank of Georgetown, assimilated by the Riggs National re- cently. A note for $133 was among these bills. Among other documents in the col- lection is a certificate of the transfer of six shares of stock to Willlam Patter- son. August 25, 1852, the Columbia Bank of Washington had $5 bills in circulation bearing the signatures of R. P. Snow, president, and G. C. King, cashier, The Bank of the Metropolis, now the National Metropolitan, had one $50 is- sue of currency and one or two old checks on this bank. also shown bear- ing the signature of P. A. Browning. Like most of the blils in the collection, the Metropolis issue pledged, not the bank itself, but the “president and di- rectors of the Metropolis” to pay on demand. Sweeny, Rittenhouse & Co. and & Bestor sponsored bills as a private bank in 1855. In Georgetown the Bank of. Commerce was doing busi- ness in 1853. Shinplasters. This was the name given to the emergency curréncy of the Civil War days to the private criculating medium of this, that or the other commercial house and to frregular paper of ques- tionable value. Mercantile houses re- deemed these “paper,” copper or other evidences of debt in merchandise at retail prices. Usually a “shinplaster” was a bit of paper, perhaps two inches square with some effort at engraving and or- namentation. The Colony of Georgia issued a plaster “for 1s 6d due bearer, the same being Ellrt of an issue of 1.275 pounds 19 shillings, sterling, au- thorized by the Provincial Congress.” “This bill of 158 is emitted by law of the territory of New Jersey in the fourteenth year of the reign of King George III, March 26, 1776—15 shil- lings.” "‘Burer is entitled to one-half of a Spanish milled dollar value thereon according to resolution of Congress.” Dated Georgla, 1776. There" are scores of other “shin- plasters” and bills of various denomi- nations in Mr. Howe's collection. All bills were originally built on the modern “very thin” model as to paper during the Great War, | | | | | printer. Specta Disvatch to the Star. NEW YORK; May 11, 1929, Stocks (average of 50 issues). Bonds (average of 40 issues) Forelgn bonds (average of 10 issues). ‘Time Unfilled steel orders Pig iron production. .. Building permits: s | Commercial failures (R. G. Dun & Co. Number Last Week. High. Low. 250.31 246.76 Last Week. L] 88.34 . 105.05 105.10 ‘This Week. Last Week. Year Ago. oo 43 733 - 70.1 This Week. High. Low. 252.15 248.35 ‘This Week. . 8811 Last week. 10 to15 81 to 8 ‘This week. .6 tol4 .82 t0 9 Month of Month of Mar.,1929. Feb., 1929. 4,410,718 4,144,341 119.822 114,507 Mar., 1928, 4,335.206 103,215 582 568 582 407,365,423 $252,320,100 $399,615,049 reports) : 1,987 $36,355,601 1,965 2.236 $34,035,772 $54,814,145 ‘Week of April 27, 1929. Previous weok. Year ago. All commodities Grain and Graf Coal and coke Forest_products Miscellaneous products. Live stock. 1,051,728 1,004,156 36,710 164,661 68,634 412314 30,307 27,997 963,007 43,256 167,171 63,890 385,341 14.058 . 31,069 20,899 UTILTIES FEATURE TRADING ON CURB Market Sags Toward End of Session, Due to Uncer- tain Credit. By the Associated Press. NEW YORK, May 11.—Efforts to ex- tend the recent recovery of prices in today's curb market were only partially successful. Prices generally started up- ward at the opening, but the market ran into heavy selling in the last hour when doubts were raised as to whether Friday's 6 per cent call money rate could be maintained next week. Public utilities were again turned over in heavy volume on reports of steadily expanding earnings, prospects of favorable dividend developments and rumors of new alignment in the in- dustry. Electric Investors was the spectacular individual feature. soaring nearly 9 points to a new high record at 153'¢, or nearly double the year's low, and then losing half its gain on realizing, St. Regis Paper, which has heavy public utility holdings, crossed 150 for an extreme gain of more than 5 points but lost all but a point. Amer- fean Superpower issues also attained new high levels, but closed practically unchanged. St. Regis paper was again heavily bought, on the theory that it holds strategic power properties iff the pend- ing realignment of Eastern companies. It sold up about 5 points. Buffalo, Niagara & Eastern was also strong. Several issues in this group, however, sagged in profit-taking, ~ including United Gas Improvement, Empire Power and Northeastern Power, which lost a point or so. Some of the radio stocks were sent soaring, Hazeltine mounting 7 points to above 60.. Arcturus Tube was also well bough! Aviation stocks encoun- tered considerable profit-taking, Fokker, which had a brilliant upturn earlier in the weék, losing more than 4 points. Auburn, Bendix, Lehigh Ccal & Navi- gation, Anglo - Chilean Nitrate and Gold Seal Electric made moderate gains. Sentry ‘Safety Control was again well bought, touching a new peak at 27. Oils were strong, on reports of in- creasing gasoline consumption firming prices. Standard of Indiana mounted 3 and Gulf 2 points. Mines med! heavy, Newmont losing about e e used. Nothing like the care given circulation in these days was given to the early money, and yet some of the better flneserved give evidences of con- siderable effort of both engraver and Usually farm groups, farm landscapes, groups of Wwomen, etc.. appear on the front ‘The reverse is entirely the simple indorsement | crops, eagles, sea of the nof blank or wil of officials. One of the oldest notes in the Howe collection is one issued by the State of Rhode Island, a very young State at the time, 1767, for 3 pounds 8 shillings, and another by the register of Pennsyl- vania for 3 cents. In the sae envelopes with bills, uctes, etc., was a full-sized double-page letter sheet, containing the oaths of office of the president, the teller, the cashier, the bookkeeper and the runner of the Discount and Deposit Bank of | Virginia, bearing date, October, 1812, | in which these officiald and the runner as well, agreed to the best of their | ability to serve the bank—a bond of | that day. “Very Thin Models.” All the paper upon which the bills, notes, etc., were printed is very thin, and in many instances hard to decipher. Some excellent specimens of engraving were shown; landscapes, farm scenes and occasionally ports of important men of the day. Many notes were not printed on the reverse, but bore an in- dorsement thereon. There was noth- ing ornate about notes or ‘“shinplas- ters.” except those issued by the United States in Civil War days. Naturally where there was so much bogus circulation the counterfeit detec- to*. which made its appearance in about 5, was an essential to banks and ! mercantile establishments as well. The detector was in use up to near the close of the Civil War, when Government greenbacks and later the bond secured | currency drove all other paper money | into permanent retirement. Bond secured currency, issued by na- tional banks, secured by deposit of Government bonds helped to finance | the Civil War and gave to this Nltlonl a stabilized circulation that has served | it, with gold and silver and Federal; Reserve notes, all backed by gold today, - right down to date. In addition to the early American and Continental bills there was in cir- | culation at the same time Spanish doubloons, English pounds, amllmgs: and pence and French francs. Quoting Values. ! A Miffiin Intelligencer, dated Decem- | ber 1, 1824, contains a list of discount rates applicable to circulation of that date, indicating fractional clipping of Baltimore and Annapolis currency, 20 per cent off Port Deposit bills, 30 per cent off Allegany, Md. notes and | 75 per cent from Princess Anne currency. Richmond, Va., circulation was sub- | ject to % per cent discount, Lees- burg to 1 per cent, some other currency of State institutions as high as 6 per cent. The Bank of Washington, now in existence in this city, found its cur- rency at 1 per cent discount, the Bank of Columbia, 25 per cent. Currency of fome of the Western banks depreciated as_high as 50 per cent. M In this connection it is interesting to note in the day's news that Chase | National Bank of New York has just acquired a great collection of 40,000 specimens of al varieties of currency, | including many of the enormous notes running into trillions of marks and rubles jssued by Germany nad Russia . BUSINESS VOLUME CONTINUES LARGE lIlctivity,oh High Level as Congress Enters Upon . Tariff Task. By the Associated Press. Congress entered most sharply into the field -of business legislation this week, with the promulgation of the new Republican tariff bill by the House ways and means committee and the adoption by the Senate of the debenture plan for stimulating agricultural ex- ports as a phase of general farm relief legislation, ‘The usual preliminary period of con- test over new tariff schedules was im- mediately precipitated, with the prom- ise of attack on the new measure from Midwestern agricultural representatives, dissatisfied with the degree of protec- tion afforded farm products, while spokesmen for Eastern industrial cen- ters indicated dislike for increased sugar imposts and desire for additional upward revisions to manufacturing schedules. It was generally conceded that the debenture vote of the Senate would be negatived eventually by a House refusal to accept its terms, or an ultimate presidential veto, Business Volume. General business volume, by the test of railroad freight car loadings, re- | ported from Washington as exceeding more than 1,000,000 a week for the sec- ond time this year, was maintaining its ;!:ent high position. “The volume of mon turnover during the week ending M?y 4, as in- dicated by check payments, was larger than in the previous week, but smaller than a vear ago,” the Commerce De- partment summary of the business sit- u-usa; TL )lmme and abroad said. “Steel plant activity advanced from both prior periods. The output of erude petroleum during the latest reported week was smaller than for the previous Week, but larger than during the cor- responding period of last year. The output of bituminous coal showed gains over both prior periods. Lumber out- put, although unchanged from the pre- ceding week, was greater than in the same week of 1928. Primary distribu- tion of goods, as indicated by freight car loadings, covering the latest avail- d | able week, was 6 per cent greater than a Jear ago. “The general level of wholesale prices showed no change from the vr:vlous weck, but was lower than a year ago. Prices for iron and steel likewise showed no change from the previous week, but averaged higher than a year ago. Cotton prices also remained at last week's level, but were lower than for the same period of last year. Loans and discounts of Federal Reserve mem- ber banks showed a slight advance both from the previous week and from a year ago. Interest rates on both call and time loans averaged higher than in either period. Bond prites showed a slight recession from the previous week, but were also lower than last year. Stock prices advanced, as compared with both the previous week and the corresponding period of 1928. Business failures were smaller in number than :l; either the previous week or a year 0. “Receipts of hogs at the principal primary markets during the wtgk eng:d April 27 were greater than a year ago. Wheat receipts during the same week showed a decline from last year. Cat- tle receipts were smaller than a year ago, and receipts of cotton also showed a decline.” Situation Abroad. Abroad, the review remarked en “maintenance of the high frend in con- struction activity” in Canada, as a whole, which had stimulated demand for many different products. A contin- uation of British trade improvement, particularly in coal and iron and buil ing, was reported from Great Britain, with a continuing, though slight, decline in unemployment figures in spite of the close approach of a national elec- tion. Japanese business was rated as “dull and uncertain,” though from China, where recent outbreaks of mili- tary revolution have been lately em- phasized, increases in customs receipts at several important ports for periods this year, as compared with last, gave qruu!nd for declaring a trade better- ment. BANK DEPOSITS DROP IN MIDWEST SECTION Speetal Dispatch to The Star. MINNEAPOLIS, May 11.—The Min- neapolis Federal Bank says a_sharp decrease in deposits during the six weeks ending Arpil 17 which amounted to $26,000,000 was shown by city mem- ber banks in the district. The major . part of this decrease, or $17,000,000 was in deposits due to banks which were lower this Spring than in either of the two preceding years for which records are available. The remainder of the | deposit loss was accounted for by de- crease of $4,000.000 in public demand deposits, $4.000,000 in other demand deposits and $1,000,000 in time deposits. n the asset side of the balance sheet of these banks loans decreased $6,000,- 000, investments decreased $3,000,000 and balances with corresponding banks decreased $7,000.000. These banks in- creased their borrowing from the Fed- eral Reserve Bank $6,500,000 during this period. Borrowing by city member banks on April 17 totaled more than $18,000,000 and were higher than on any other reported date since 1921. The lending rates quoted by Minneapolis commercial banks did not change during the month ending April 15. o APRIL BUILDING CONTRACTS. NEW YORK, May 11 (#).—Building and engincering contracts awarded in April in 37 States east of the Rockies were valued at $642,060,500, the second highest figure for April on record, re- vorts the F. W. Dodge Corp~ration. The total was also the largest for a single month since Jun=. 1923. The increase over March was 32 per cent, Month of | IMARKET MAINTAINS STRONG UNDERTONE. Public Showing Disposition to Hold Stocks Despite Credit Situation. 1 | BY CHARLES F. SPEARE. | Special Dispatch to The Star. NEW YORK, May 11—The strong moments of the stock market recently have been more important than its weak ones. There is no undercurrent of distrust running through it. The public holds its securities, al- though it is compelled to pay a carry- ing charge stiff enough under ordi- nary conditions to force liquidation. This cost so far in May has averaged to the customer of a Stock Exchange house around 12 per cent. Three {days of 14 per cent renewals made only a slight dent in the price list. Good stocks are being bought above |the quotations of last March. Poor | ones are being neglected. The public is wise in its selections. Its faith in the future of American business has not so far been unsettled by credit stringency, tariff revisions, foreign political and financial conditions or by the slump in the value of farm prod- ucts, which has made this a disastrous week for the wheat grower. Price Average Holds Steady. Average prices, however, do not change much. The surprise is that théy hold so well. The market is about where it was at the end of April, except for a limited number of industrial and public utility shares that have been moving up on the ex- pectation of consolidations, increased dividends or additional “rights.” The railroad group has been isolated from the rest of the market. Half a dozen of its most prominent members sold this week at the lowest of the year: others have been within a fraction of the low. The demand on the carriers for reduced rates on wheat and flour is another instance where publicly reg- ulated corporations have a stop put on their earning power, however well they may_be managed or however strong the tide of prosperity may be running in_the industrial world. The season of the year is af hand | when more attention must be given to the outlook for the Marvests in estima- ting the future of business. It happens now that a large surplus from last year's wheat crop is being carried over, i with the prospects of a yield of Winter wheat in excess of that in 1928. The Government report as of May 1 indi- cates 590,000,000 bushels, which is 46,- 000,000 above the five-year average. The big production States of Kansas, Nebraska, Oklahoma and Washington promise smaller crops. The States of Illirois, Pennsylvania, Ohio, Indiana and Missouri on the other hand, have a remarkable harvest in prospect. Grain Markets Sag Sharply. The effect of such a large surplus and additional supplies has been de- moralizing to the grain markets this week. Wheat is off from 9 to 11 cents & bushel, corn 7 to 8 cents and oats 2 to 3 cents. A comparison with the prices of a year ago suggests why the farmer feels the need of some relief, aithough this may have to be taken out of the railroads and the average consumer in the form of lower rate schedules and higher tariffs. Take the case of the farmer who in 1928, held 1,000 bushels of wheat, X of corn, 1,000 of oats and 1,000 of rye, and hoping for higher markets than existed then, has carried them through to this month. The value of these holdings 12 months ago at the market was approximately $4,600. To- day it is less than $3,200, or a shrink- age of over 30 per cent. Contrast this with Tom, Dick or Harry who in May, 1928, bought 10 shares each of International Harvester, General Motors, United States Steel and Atchison common, the stocks of companies that are closely related to agriculture. The cost of these shares was about $8,000. All of them have either been split up or their hold- ers have been given “rights.” These changes have been taken into account in computing their present value, which is approximatel $10,800. So, while the farmer has had a 30 per cent ahrlnhie in his capital in a year the capital appreciation of, let us ‘say, the industralist, has been nearly 35 per cent. It would be much more if a broader list of securities, including public utilities, were to be used in making the comparison. Commodity Prices Down. One of the many anomalies of the ! present situation is that individual Stocks are selling at approximately the highest average in their history with prices of wheat at the lowest in five years and wholesale commodity prices lower than they have been in nearly two years. The fear of President Sim- mons of the New York Stock Exchange that liquidation in bankers’ loans would turn the unemployed proceeds into commodities and create a worse infla- tion than we now have in stocks is not one over which a great amount of sleep need be lost. The discontent of the farmer, how- ever, is a factor in the situation that cannot be ignored, for unless the old crop for wheat moves out more rapidly or there is a decided reversal in crop conditions before Winter wheat matures in June and is marketed in July, a con- siderable section of the West and Southwest will experience the effect of diminished purchasing power. No one is satisfied apparently with the new tariff bill, which has gone much beyond the_original conception of what Presi- Ma 1 (Continued on Ninth Page.) AUTOMOBILE PLANTS AT RECORD CAPACITY Recession in Industry Is Not ! Likely Soon—April Mark i Due Soon. [ Special Dispatch to The Star. NEW YORK, May 11.—“Most of the automobile factories have entered the second week of May with maximum production schedules still in force. and indications are that the seasonal re- eession in the present stupendous out- put of cars and trucks will not be im- mediate,” according to this week's issue of Automotive Industries. “While it is admitted that heavy rainfall in some sections of the country has curtailed retail sales to a certain extent, most manufacturers report that the aemand in the field, as a whole, continues strong and justifies the maintaining of capacity production. 5 “That a new all-time record Ah the manufacture of automobiles and ‘trucks was established last month appears probable in the announcement by the Ford Motor Co., this week, that its April production reached a total of 190,388 cars and trucks. This com- pares with a total output of 181894 units in March and 125.984 units in February, While the Ford Co. did i not issue a statement on its May out- put, it is understood that the high' rate’ of production will be continued this month, “Among automobile companies that announced the establishment of new all-time records in April were: The Chevrolet Motor Co., with a fotal of 157,134 units: the Graham-1 3» Mo~ tors Corporation, the Marir Motor Car Co., the Hudson Motor iar Co., the Reo Motor Car Co., the Franklin | Automobile Co. and the Nash Moles