Evening Star Newspaper, May 20, 1929, Page 12

*¥ FINANCIAL," 12 FINANCIAL, BANKERS T0 STUDY INSURANCE TRUSTS! ez e | is mow operating on Eastern daylight- saving time. EVENING -STAR, WASHINGTON, D. C. 192 MONEY TO LOAN ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE NO COMMISSIONS OR RENEWALS APPLY COLUMBIA PERMANENT UILDING ASSOCIATION 733 12th Street N.W. Main 352-353 THE MONDAY. MAY 20, Received by Private Wire NEW YORK STOCK EXCHANGE Z:renruzea||STOCK PRICES DROP T Tme . T T Ty N AP REACTION THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A _TRUSTEED OWNER- SHIP in 100 leading American Corporations. R be to | your interest to Investiza Standard Collateral Shares Corp. Franklin 3783, Wor ard Bld, | Cont Baking 4. Cont Baking B. e [Cont Bak prc8). e i Cont! Can (234). CRIRD. Low Olons. licon(1ican\(ste) . 21| Contl Insur (2). 115 | Contl Mot(80e). 110s | Corn Prod (13). 3 South Dairies B. 184 | South Pac( 129 South Ry(8).... 138% Souta Ry pf(5). 96% SonRVM&O cfs ¢ 127% Spalding (1.60). Spane Chalfne. | Sparks With(3). Stear & Co. . Spear&Co pf(7). - Spen Kellog 1.60 39 = Spicer Mfg 4 Splegel Co (3). . | Stand Com T(1). (StdG&E (3%). Std G & E pf(4). Std O of Cal(13) Std 0§l NJ (12). Loos ! Rail Case Decision Followed by Rally and General Decline. New Attendance Record Seen' B at Fiduciaries’ Meeting. W. W. Spaid Honored. Lortiiard Co. Louistana Qi1 Louis GasA 1.75. | Louls & Nash(7) 142t LudlumSti(2).. 864 Abitibl Power. Abitibi pf (6). Abranm&Straus. Ab&Straus pf 7. Adams Ex (rts). 38 38 Adams Ex pf(5) 91 Adams Millis(2) 33 Adv Rumley.... Adv Rumley pt.. | Ahumada Lead. It was learned today that reserva- | air Redctn (13). tions for the meeting to be held by the | Air Way El (2). fiduciaries section of the District Bank' ! Aiax Rubber. ... ers' Association Friday evening at the | Alaska Juneau.. ‘Willard have pass- {AIb&Susa(t11). " ed the 90 mark | Alleghany Corp. 3d'n and are expected | Alleg pfrets 5t 1003 to reach 115. This | Alleghny pf 5. 100% indicates a general | Alliance Realty. outpouring of | Altied Chem. ... bankers interested | Allis-Chalm(1). in fiductary m: | Amerada(2).... ters, the intention An Agricul Chm being to devote the Am Agri Ch pf.. entire program to Am Bank N(13), life insurance Am BK N pe(3). . trusts, following |iAtBosch: ... the dinner, at Am BrSh(h1.60). which Frederick P. Al BTGV, . H. Siddons, chair- | Am Brown Bo pt man of the sec- Am Can (14) tion, will preside. Am Can pf(7)... Gwilym A. Price AmCar&Fdy (). trust officer of the w. w. sPAID. |AMC&F p(7). 1 Peoples’ Savings & Am Chicle (3).. Trust Co. of Pittsburgh. will deliver the { Am Com Alcohol principal address, discussing generally | Am Encaus (2). the subject, “Life Insurance Trus! Am Express (6). He has had much experience in this | Am & For Pow Work, and his record in Pittsburgh in | Am&For Pow 2d. educating the public on this subject has | Am&ForP pf(7) been unusual. s Am Hawa SS(1) Willlam A. Montgomery, president of | Am Hide & L pf. Biso AULBTS 18 the Acacta Mutual Life Insurance As-|Am Home P 3.60. iriv toat.. 14 soclation, and Harold D. Kraflt, the|Amlce (td)..... 4 w4 S L a nes: president of the Distriet of Colume Sl 514 s, | E :if«» l:g;sndu-\nlers Assoctation, will | Am Lafe&Foum "An increasing interest has been noted | Am Locomou(s). in the development of the life insurance | Am Loco pf (7 trust business since the formation of | this section last year, and likewise the interest of the life insurance men has been so evidenced through the work of the life insurance trust committee of which T. Stanley Holland, assistant trust officer of the American Security rust Co., i chatrman. e president of the bankers' asso- ciation, Robert V. Fleming. and other officers will be present. Other invited ests are Earl D. Krewson, chairman of the life insurance trust committee of the District of Columbia Underwriters Association; Robertson Griswold, presi- dent of the Corporate Fiduciaries Asso- clation of Baltimore City. and Miss Grace M. Bromley. assistant secretary of the local association. Spaid Elected Association Official. . Spaid, member of the broker- lg?hr‘; P B Hibbs & o has just | AmTsiaTeltrta) been elected vice president of the Asso- | Am Tobaccotd).. ciation of New York Stock Exchange | Am Tobac B Firms. Mr. Spaid's selection for_this | Am TypeFo(l).- office is regarded here as a deserved mwv" . :'.) and distinguished honor and is one sel- | AmWWW1st pf( dom bestowed upon any one other than | Am Woolen..... i Coty. Ine (x2).. + | Crossiey Ra(11) Crex Carpet . | Me Call Corpc4) 90 McCrory A(2)... 98% McCrory B(2) .. McGraw Hill(2) { McKeespt Tin Pl | McKsn prA 3 Mack Truek(6). Macy Co (€2)... Mad Sq Gar 1%. Magma Cop (5). Mallison & Co. Mallison pf(17).. Manat: Sugar pt Mandel(2%). Crown Cork & §. 62 | Crown Zelrbek 1 95 | Cruc:ble Sti(6). | CubaCaneSugar. Cuba Cane Su pt Cuba Company.. s | Cuba R R(4.80). Cuban-Am Sug. . Cuban-A Sug pf. Cuaahy PKR(4). Curtiss Aero(1). Curtls Pub (6).. 1221, Cushmann pf(8) 112 Cutir-Ham3%) 60% Cuyamel Fruit.. 50 Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Y%% We Make First Mortgages on Homes, Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia | By the Associated Press. 5 NEW YORK, May 20—The stock market went into a sharp nose dive in the last hour of trading today after an carlier outburst of buying in the rail- toad stocks, inspired by the United | States Supreme Court's decision favor- ' able fo the St. Louis & O'Fallon Rail- road in the famous valuation case, had St . s 5 | carried scores of rail stocks up 2 to 22'» | StwartWar(3%) points. The railroad issues quickl | Maracatbo O, Stromberg (3). . | dipped 3 to 13 poiats below the early | Marland Oil...L0 Studebaker (35). high levels and a long list of industrials | Mair-Rock (14). R 9iu 86 86 | Subnarine Boat. crashed 4 to 16 points below last week's Marmon Mot(4). E 95% | Sun O11 (g1) closing quotations Martin-Parry... 10% | Sun Oil p(6). There was nothing in the day's news Del & Hud(¥9)... 95 9 9 Mathiesn Alkili. 49 | Supertor O1l. to explain the sudden change in specu- Del L& W(t7).. Muy Dept Sc4). £0% | Superior Steel. lative sentiment, although the general | Den RG Wn pf.. Maytag (12). 13| Sweet of Am(1). 4| market had been heading downward for | Detrott EA(8). .. 265 | Melvle Shoe 1.40 | the greater part of the day. Wall Devo&Rayn(13). 53% Mengel Co 2 26'a | Telautogrph(1). Street long has been expecting that a Diamond M (8). 145 Mexican Seah 5 50 | renn Coppert1). 18y 18l | favorable decision would start a gen- | Lome Mines(1). 7 Miami Cop (4).. 2 | Texas Corpn(3). 64% 63% | eral revival of bullish activity, and | Drug Inc4). ... Mid-Cont P(2). 5l | TexasGulfSul(4) s T5's | when this failed to develop, professional ! RANDALL H- HAGNER & COMPAN o INC‘ Dunhill Int ($4). | Middie States Texas & Pact§ 17336 | CPetators: stacted bl coticartedi-beat = 1321 Connecticut Avenue. Decatur 3600 Duplan Silk (1) ., Mid Siares cifs. | Tex&P C&O( 19% i autack on the general list, which was Mortgaga Loan Correspondent, New York Life Insurance Company E BY EDWARD C. STONE. 1000 100% 607 807 1029 8ly 62% 1512 21% 1819 s 21 Dupont de N(4). 174% 174% 170% 170 | Midld Stl pf $12. Tex Land Trust. 16+ | swelled by a large volume of liquidation DushanVEGN ... 8 6 6 & | Milier Kuvber... Uhatcner Mfg... 2 24 by (rightened imvestors and small Mo Kan & Tex. . The Fair(2.40).. 36% | speculators. Mo K&Tex pf(7) Third Avenue. I7% | Prices developed irregularity at the Missourt Pacific. Thomp J R(3.60) 46 | opening. Transcontinental Oil opened MoPacific pf(5). Tidewater AsO1l 20 | with a block of 23,000 shares at 137, Mohwk Car 2% . TidewatrO(80e) 4 " 37 up 13 113 ¢ | Mont Wara 33 Tim Det Ax 1.80. 2 26% | were recorded by General Asphalt, Timken f B (3). §%i%| Allied Chemical and Liquid Carboni o 13 40 6% | Advance Rumely preferred dropped 7%, Tob Prod A 1.40. 3 9 19 | points on the fust sale to oo which | Transcont G 13! | contrasts with the year's high of 119. | crafbue & W (1) General Electric fell 2, points and | T'rico Prod(2%) | Anaconda, Radio and Mathieson Alkali | TruaxTraer 1.60 | each yielded a point. i —U. Uneasiness over the credit situation, Undwd-EI F (4) 125 | intensified by reports that directors of Un Carbide (n).. 81% the New York and Chicago Federal Re- Un Ol Cat2). serve Banks were seeking approval for Union Pac(10).. 219 a higher rediscount rate, brought Utd Afr & Trans. 138% further selling orders into the market | Utd AIr&Tpf(3). 92 over the week end. With the excep- Utd Biscuit 1.60. tion of the Advance Rumley issues, Utd Cigar 8t(1). which broke sharply to around the Utd Cgr St pf(6) year's low levels, the early selling was United Corpn. fairly well absorbed, with declines held Utd Corpn pf(3). to_a point or two. Utd Dyewood Bullish operations _were not_entirely Utd Elec Coal abandoned, Sparks Withington, which Utd Fruit (c4) was strong lastt week, jumped 15 points Utd Paperboard. to another new high at 275 and Ameri- | US CastIr P(2). can Commercial Chemical touched a US CIP 18t 1.20. new peak at 55. Merchandising shares US CIP 2d 1.20 were in fairly good demand as a result U S Distributing of the recent excellent earnings and U'S Hoftman(4). sales reports, early gains of a point or U S Aleohol (8).. 162% | so being recorded by R. H. Macy, Sears US Leath Roebuck and First National stores. ggf:lfi: :'1‘41), bl DuAme{lcfl c:n.&Ameflun ‘Telephone, L 9 nt. ett ‘& Myers B, Stewart. Newport A ). U'S Realty (8).. 9213 | Warner, ‘American Water Worke. and A‘z;r;o'n Isszee' ) " U S ruooer. . International Cement all yielded a point 3 r Bra). 5 u g;«;gl:(:a’ . or more In the first wave of selling. A ? 3 d stea N Y C & StL(§). U S Steel(7). 1724 | with Sterling Cubles unchange L A d 4| with Sterling Cables unchanged at 4.8: broker, however, won the ALUACLEN I | Ar Zino bt 6 9% NYNH&Hart(4) U S steel Gty ) 44 i [Pt ; : % canetior tne outcof-town section_of ) s ¥ NH&H pt(7) U S Tob pfi7)... 141 : qulta e Lo- peratlve g. ssn o Cfation of Hew Yor! ok B N Y Ont&Westn. Uni Leaf Tob(3) 81 2 i i e Ao e member of the | Anacond, (ri).. Norfolk Sou 2%. Uni Ple 1st pf(3) 87% " Washington Ticker |l joun jov EDSON, President WALTER S. PRATT., or, Secretary board of governors. In helping to get [ Anacond W&C S Suis vaaw Ay s 16 | L phus & Pronts S160190 bonrd of governas 1 e i 40 NorAm b10% stk ] Assets .....$5513,051.63 Surplus & Profits...S1,601,704.98 Utll P&L A(e3). 41 1% | By the At lated P a olid Toundation Ay v the Associated Press . 1 he attended many sectional meetings a Subscription for the 97th Issue of Stock Being Received e Archer Danls(2 3 = In the face of persistent reports that O A interest to note that W. B, | Arch-Dan pt(7). Vadasco Sales, 8y | Washington -authorities are compelling | < Save Systematically < 3 in the Equitable e foundor and senlor partner of | Armour Il(A) Come i 5 |the two largest Reserve banks, at New HE Equitable’s plan of sys- Eastman (18)... 177% 177% Eaton Axle (3)., 664 66y kitngon(2%)... 30 30 Elec AutoL 14%. 166 167% Elec Au L pf(7). 113 113 176'% 176 641, 30 161% Initial gains of a point each 141 | Moon Motor. ... 48 | Mother L (40c).. Motion Pic Corp Motor Meter A. Motor Prod(z).. Motor Whi (2). Multins Mfg. Muliins pf (7).. Munsingwr 133 Murray Corp. Complete Investment and Brokerage Serfice Copy of our “Fortmightly Review” furnished om request G. M.-P. MURPHY & CoO. Members of New York Stock Exchange 1508 H Street Connecticut at K WASHINGTON, D. C. Telephone Main 9600 New York Philadelphia Richmond Private Wires and Telephone to New York 48'y 5a% 2214 A 125% s pI(6) 0 p! Am P &L (11) AmP&LtA@). AmP&LpS sta b. AmRa&StdS2 1 . AmRa&San (rts) Nash Motors(). 944 94% Nash & Chat(7). 149 202% Acme (1)... 34% 3 Nat Bellas H$1. 52 i2% at Biscult (6). 176% 108 at Bisc pr(7).. 141'% 67 67 | NatCash Reg 14 16% at Dairy (33). 108 Dairy (1%) ut Lept Stor at Distiliers NatDistirs pf(7) Vao (4. u L3234, Exchange(1%). 5814 Foirbanks(3). .. FairbankMpf ( shion P (k21) Fed Mot T(80e). Fidelity-Phoenx Filene's pt(6%). Sirst NatS(1%). €isk Rubber. ... Fisk Rub 1st pf. Fleisehm Follansbee 123 oundation Co. . Am Ship & Com. Am Sm&Ref(4) . Am Stl Fdys(3). Am Stor Am Sugar pr(7). Am Sumatra(3). £ Am Tel & Ca(5). Fox Film A(4).. Am Tel & Tel(9) x 2 Freeport T (4).. Fuller pr pf(6). 107 Gabriel Snub A.. Sl D Gardner Motor. ., Gen Am TC(34). Gen Asphalt.... Gen Asph pt(5). Gen Mllls (3)... Gen Mot(13.30) . Gen Mot pf(7) GenOut A(4). Gen Out ctfs(2). Gen Ry Sig(5). . Gen Refrac 13%. Gillette S R (5). i mhbel Bros. ... Glidden Co t1%. Gobel (Adolpn). Gold Dust (new) No Ger Lld 3.41. : Nortn Pac(b) dium d B Armour I1I(B).. (r4).. 90 York and Chicago, to refrain from fol- the firm, was the first out-oltoWs \rmour Iilpf(i) lowing expressed desire to raise local e e o Friamociation. Arnold Con & Ce rediscount rates, the Federal Reserve TS o rias made an cnviable repu- | ASSODIYG(3%). Board is maintaining its customary | e s sl ‘and national | A320DG 24(7).. silence. Roy A. Young, governor of the O o e mear' Mibamnt | A'chison(19)..0. board, Saturday was proffered at least i 1004 Victor pr pf(7).. 114 114 { Va-Caro Chem 13y 13% Vulcan Detin. T 1T 77 Vule Det pf(7).. 108 108 108 011 Well Supply. Oliver Farm Eq. Oliver conv (3). Oliver pf A (6).. $2.50 City, Ohlo, in 1880, he came to Wash- | Atchison 31(8) ington in 1899 and shortly afterward entered the employ of the Hibbs or- <anization, being admitted to partner- ship in 1912. He is a graduate in law ang a member of the District of Co- lumbis Bar Assoclation, also a gradu- ate of the American Institute of Bank- g and was president of Washington Chapter in 1914. In 1918 he was elected president of | the Dupont National Bank, holding the | position in addition to his brokerage connection until 1922, when the bank was taken over by the Merchants Bank & Trust Co. Mr. Spaid was president | of the District of Columbia Bankers' Assoclation in 1926, after having held many other important offices and com- | mittee assignments. Sauter Goes With Gillet & Co. Announcement was made today Gillet & Co., Baltimore bankers, that Zlmer F. Sauter has become associated with them in their Washington office. Mr. Sauter has been with Dillon Read | ¢ Co. for the past 10 years, prior to| which he was with the National City/ Co. for 2 years and the Riggs National | Bank of Washington for 7 years. Mr. Sauter has an unusually wide acquaintance in local financial circles through his varied activities. Bonds Attract Market Interest, Bonds attracted the most interest on ‘he Washington Stock Exchange today when the week's trading began. Washington Gas 6s, Series A, sold n $1,100, $500 and $3.000 denomina- ftions at 102'5 Two $1,000 transactions vere recorded in Potomac Electric Pow- ric 4s changed hands at 857:. Bond trading closed with Anacostia & Poto- nac R. R. 55 selling at 95. On the stock side Capital Traction old in two very small lots at 96. Poto- nac Electric Power 515 per cent pre- erred sold ex dividend to the extent | 33 shares at 106',. Riggs National Sank stock came out at 577, and the narket closed with 20 shares of Wood- ~ard & Lothrop preferred selling at 07. In addition to the Potomac Electric | “ower and Washington Railway & Elec- ric issues, Lanston Monotype is now veing quoted ex dividend. Gleaned in Financlal District. John B. Larner, president of the | “Vashington Loan & Trust Co.. who has sen confined at George Washington iospital for several weeks with an in- ired knce, was able to return home “aturday. 'Mr. Larner is able to walk nd has made such an excellent re- overy that he is expected back at the ank by June 1. Rapid increase in the volume of funds “dministered by trust companies as duciaries, a trend which is nationwide, s shown in reports of leading trust ompanies of New England made public oday. In Boston the eight largest rust companies had in their trust 528478929 on March 27, 1929, which ompared with $433,800,965 on February 3, 1928; $321343,833 on April 6, 1925 for six trust companies), and but 75,743,239 on November 10, 1915 (for ve companies) Eastern trunk lines have asked Inter- ‘ate Commerce Commission permission ) put into effect, on one day's notice, nergency rate reductions amounting ) 3.33 cents per 100 pounds on wheat our shipments from Lake Erie ports > Atlantic seaboard. Subject to Service Charge. Eightcenth century banking in the “nglish provinces was carried on as a deline by grocers, tailors, drapers and her trade groups. “In those days” ys Sir D. Drummond Fraser in Bar- sn's Weekly, “panks rose and fell like nepins. The story is told of a man ho came down the steps of his de- anct bank, stumbled into the ar tricnd, and apologlzed by sayin act is, T had lost my balance. Radio Patents Exchanged. NEW YORK, May 20 (#.—The Radio rporation has purchased from Sparks- "7ithington various patents on radio snstruction and granted Sparks-With- nzton licenses under all Radio Cor- ~ration patents. The agreement ends itigation between the two companies. Atl Coast L(110) At Guit & WI. Atl Refg (11%). AtlasPowder(4). Atlas Tack. Auburn Auto J4. Ausun-Nich pf.. Auto Sales...... Autostrap A(3). Ralto & O(8) B &O (rights Bambgr pf(6%) . Bang & AT(3%). Bang & Ar pf(7) Barnet Leather. Barnsdall A (2). Beaena Oll.... Belding-Hemwy . Belg N R pf(16). Best & Co(3) Bethlehm St1(4) Beth Steel pf(7) Bimingdle pf(7) Blumnthl pf(7). BohnAl&Br t3% Hon Ami A(4).. Borden Co (3)... Borg-Warnr (J4) Boston & Maine. Briggs MfgFCo. Brockwy Mot (4 Bklyn-Man(4).. Brunswick B(3) Brunswick Ter.. Bucyrus(1).. Bucyruscv(2%) Buff & Susq Bullard (1.60 Burns Brosa ( BurnsBros pf(7) Burroughs (15). Bush Term(g2). Bush Ter de(7).. Bush Ter pf(7). Butte Cop & Zino B ick Co. Byer & Co Byer & Co pf(7) By-Prodets t2% Calif Packg (4). Callanan Zinc. . . Cal& Hecla(4).. Can Dry (t4%). Can Pacific(10) . Can Pac(rights) CanngnMills2.80 Case Threshg(6) Cavanagh-Dobbs Celotex Co (3).. Cen Aguirre(2). Cent Alloy(2).. Cen Ry NJ(112). entury Rib M. . Century R pf(7). Cerro de Pas (6) Certain-teed Pro ¢ Ches & Ohlorta. C&OCorpn(3). Chi & Alton. . Chi & Alton pf.. Chl & East 111... ChJ & East 111 pt ChiGreat West, Cni Gt W . Chi MI1& St P.. Chl Mil & StP pt Chi & Nwn (4).. Chicago Pn Tool. Chi PT pf(3%) CMRI&EP(7).. CRI&PDpf(6). CRI&Ppt(7). Childs(2.40).... Chrysler Mot(3) City Stores Cluett-Peab(5). Coea-cola (4)... Colilns & Alkmn Col ¥ 1 & Iron. Col & Southn(3) Col Gas (2)..... Co! G&E pfA(6) Columbia Graph Col Carbon t4%. Com Credit (2).. Com Cristpf 6% Com Cr 1st exw. Com Inv Tr(34). Com Inv (war).. Com In Tr pf(7) Com Solv (h8). . Com Power (t4) Congoleum-Nair Cong Cgrs (6). . Cons Film pf(2) Censol Gi i Ce nRNCuba Consol Textile. . Contwiner B §s. 3 4 s A19 76 214 76% 27% 122 P Calu & Ariz(10). 128% 128% 761y 270 1083 69% 106 684 104% 1160 11 #9% AT'y 995 571 Goodrich(4).... Goodrich pf(7).. Goodyear Tire. . Goodyr 1st pf(7) Gotham H (2%). Gothm pf exwar. Gould Coupler A Graham-Paige. . Granby Min (7). Grand F&W (1). Grand Unon.... Grand Un pf(3). Grant W T (1).. Grt North pf(5). Gt Nor pf cfs(5) Grt NorO(a13%). Grt Wn Sug 2.80. Greene Cana(8). Gulf Mo & Nor.. Gulf Stat Sti(4). Hahn Dept Stor., Hahn DS pf 6%. Hanna M A (7).. Harunn B(1.20). Hayes Body (b8) H Hershey pf(4).. HockingVal(10) Hollnd Fu(e2%) Houdaille-Her. . Household(14).." Houston O1l. Howe Sound (4) Hud Man(2%).. Hudson Mot (). Hupp Mot(£3). . lliinots Cen(7).. Ind Motor Cyc! 1nd O & Gas (2). indian Refinin Indlan Refg ctfs Indust Rayon. .. Ingersoll R 153 . Inspiration C(4) InterboroRapTr. Internat Agri. .. Int Ag Ch pf(1). Intl Bus Ma (5). Int Cement(4).. Int Com Eng(2). Int Combus (rts) Int Comb pf (7). Int Harv (2%).. Lt Harv pt(7). . Iut Mtch pf 3.20. Int Pa&PoA2.40. Int Papr & Po B. Int Papr & PoC. Int Pa&Po pf(7) Int Prig Ink 23 . Int Prig Ink pf 6 Int Ry CA pf(5). | Intl Sflver (8)... { Int Te: & Tel(6) | Int Tel&Tel new | IntTel&Tel (rts) 4| Intertype(£11%) Inter Dept 8(2). Island Creek(4) Jewel Tea (16). Johns-Manv(3). | Johns-Man pf(7) Jordan Motor. K C Po&LtB(6). Kan City Sou(§) {Kan CSopf(4).. Kaufmn DS 1%. Kayser J(5).... Kelly-Sprin KelseyHayes(n) Kelsey Hay rts. | Kelvinator Corp Kendall pf (16% | Kennecott (4) Kinney (G R)... Kinney (G R) rts ney pf(§)... % | Kresge (1.60) Kreuger&T 1.34. | Kroger Grotc1) | Lee Tire & Rub. { Lehtgh PC pf(7) | Lehigh Val Coal LehighVal(3%). Lehn & Fink(3). Lig Myers(15). . LIg & Myrs B 16 Lima Locomtve. Link Belt (2.40). Liquid Car t4% Liquid Car(rts). Loew's (#3).... Loew's pf xwé% 1% 99% 98 51% 136% 137 231 24 1% 524 149 119 179% 179% 123 123 M 9% 109% 873 29% 1 100 3814 8715 | Lambert Co (8). 1 2 Oppenhm-Col (5) Orpheum pf(8). Otis Elev (6) Otis Steel Outlet Co pf(7) Owens 11l Glass. 83% 831 Pacific Gas (2) Lightg (3) Pacific Mills Pac Oii Stubs. Packard (13%).. Pan-Am Petroim Pan-Amer Pet B 60a Penn R R (4) Penna RR (rts). Peoria & East. Pere Marq (18) Pet Milk (1%).. Phelps-Dodge. Phila Co pf(2%) Phila & RC& 1. Phil Morris(1). Phillips-Jon(3).. Phillips P (1%). Phoenix pf(7). Plerce Petrolm. Pillsbury (2)... Pirelll (A) 2.38 PiitsCoal...... Pitts Sti pf(7).. Por RicoToA(7). PortoRIcoTobB. Postal T&C pf 7. Postum(3). ... Prairie O11&G: Prairie P L(14). Pressed Stl Car. Produ & Refinrs. Producers&R pf. Public Serv 2.60. Pub SerNJpf(5). Pub Serv pf(6) Pub 8 NJ pf(7) Pub SE&G pf(8) Pullman Co(4).. Punta Aleg Sug. Pure Ol (1%4) Purity Bakinj 1041 1184 1077 1% 164 294 Radlo Corpn. Radlo pf (B). Radio-Keith(A). ReadingRy (4). Reading 1st(2) Reading 2d(2).. Remingtn-Rand. Rem-Rd 18t(7) Reo Mot (11) Republic Bras Rep Brass pf (1) Rep Brass A (4) itep 1 & S(4). Reynolds Spngi Reynlds (B)2.49. RhineWE(1.92). Richfield Ofl (2). Rio Gr Oil (k2). Rossa Ins (n) Rossia Ins (rts). Royal Bak P(1). Royal D(a1.336) Safeway (3). Safeway pf Safe: pLAT) St Jos Leaa:13 StL & San Fr StL&SanF pf(6) StL&Southwe: Schulte Stores. Schulte pf: ). Sears-Roe(32%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(5). Stmmons Co(3). StmmaPet (1.60) Sinclair Ol 123 Skelly O11(2)... Snider Pkg pf... So Po R 8u 21 South Cal Ed (2) Sou Cal Ed(rts). | stock. | United Cigar Stores common stock. b Plus 4| V%% 1nstoek. Vuican Detin(A) 78 78 Wabash........ 64 64 Wabash pf A(5). 934 93y Wabash B(6). 82 Waldorf(13)... 31% Walworth(1.20). 36 Ward Baking (A° 43 Ward Baking B. Warner Bros Warner pf(2.20) Warner-Qu(2).. W Penn El pf (8) W Penn EI pf(1) West Vaco (2)., ton Electric. Westn ElecA(2). White Eagle(3). White Mot(1)... White Rock (3). White Sew Mach White SM pf(4). Wileox Ol & G.. Wilcox (A) 23.. Wilcox Rich B Willys Ov c1.20. Wilson & Co pf. 60 Woolworth (8).. 228% Woolworth new. 928 Worthn Pump.. 50's 51 Wright Aero.... 131 134% Wrigey ((13%). 76 6 Yale&Towne(4). 72 Yellow Truck... 44% d45% YelTr& Copf.. 94 94 Young Spgs 1214 64% 64% Youngstu Sh(b). 127 127 126 Hourly Sales on N. Y. Market. 11 645 126 ni 1 Partly extr 33 in preferre a Paid this year—no regular rate. in stock, © Plus 5% in stock. s rterly us 1/1 are quai m Payable 1/10 share quarterly in Du Pont Declares Extra. NEW YORK, May 20 (#).—Directors of the E. I. du Pont de Nemours Co. today declared an extra dividend of 50 cents a share on common stock, in addition to the regular quarterly dividend. Buys Transport Company. NEW YORK, May 20 (#).—W. B. Foshay Co. has purchased the Kitsat County Transportation Co. and the Puget Sound Preight Lines. GERMAN BONDS AND STOCKS. NEW YORK, May 20 (Special).— Bid. Asked. | Ger Govt Red Loan with drawing Cifs attached per 100 R M. 5500 60.00 e Loan withoui M Elect 4).5 pre-wa German Gen Elect 445 1919. .. 45 pre-wi Munich 4 bre-war, . ... g uoted in dollars per’s A E G (German Ge Elec)....... A E G (German Ge Elec) pfd B Commerz and Privat Bank. I G Farbel e Disconto Gellischaft. Berliner Handel 28289808 i Darmstaedter Banl Heyden Chem . 2 Mercur_Bank Vienna .. North German Lloyd : Austrian A E G (General Elec). e 3233333332333 a5 76 three published circumstantial accounts of Reserve Board rejection of New York and Chicago bank requests for permis- slon to raise, but suppressed any im- pulse he might have had to rejoin or confirm. Study of the banking figures which | customarily ~dictate rediscount rate | changes offers little guidance at the mo- ment, because it is quite clear that the facts disclosed can be set up to justify raising, reducing, or maintaining ths present rediscount level of 5 per cent. | For the better part of a year credit in most parts of the United States has cost | more than the rediscount figure; and in security loans very much more. Theo- retically, when such a situation has pre- vailed, the outstanding currency and credit totals should have grown toward inflation marks, because a member bank, lending at 6 per cent or better, could secure new funds from the Re- serve system at 5 per cent and make a profit on loans. But the actual fact, which board members in Washington do not forget, is that the banking mechanism has markedly refrained from taking advan- tage of the theoretical possibilities. The | May 17 report of the combined Reserve system showed that the gold reserve was equal to 75.1 per cent of the com- bined total of outstanding currency notes and deposits held. One year ago the same reserve percentage was 6 Furthermore, the same statement de; onstrated that banks were using Reserve | discount privileges with the maximum | of restraint, because of the total Mf $914,599,000 they had borrowed on that | date $739,927,000 was in the form of | bills falling due within 15 days. Thus it is quite plain that the Re- serbe Board is at the moment steering some uncharted credit seas and may take any course it desires. Maintaining a rediscount rate under market levels | is unprecedented. but raising rediscount | rates when reserves are piling up is equally so. ! Relatively small numbers of workers are involved in current industrial dis- putes in the public eye. Chairman La Follette of the Senate manufacturers' committee remarked on that point in discussing the resolution with which his committee is struggling—to investi- gate the Southern textile troubles. ““There are about 5,000 persons in-‘ volved in the difficulty at Elizabethton. Tenn., the chairman said. “and 1600 more in the North Carolira troubles. It is a fact that Senate investigation in previous years has been drawn to industrial difficulties in coal and steel. where the number of workers affected has run up to scores of thousands. Of course, this does not minimize the seri- ousness of the textile troubles, and I am not in position to say that the tex- tile situation adequately represents the national labor situation.” After a careful canvass of raw mate- rial supply and markets, with the aid of governmental branches as well as industrial reports, E. C. Goltra, presi- dent of the Mississippi Valley Iron Co., at St. Louis, is leaving Washington to establish a new industrial production line at his plants. The iron company will shortly undertake the manufacture of ferro-maganese, a steel ingredient now made at two or three points in the United States, but imported to a con- siderable extent. FOREIGN EXCHA-N—GE. (Quotations furnished by W. B. Hibis & Co.) Nominal gold Selling checks value (or par) oany. London, pound. .$4.8665 Paris, franc Brussels, bel Berlin, Budapest, Prague, cr Wa nh crown’ Stockholm, crown LONDON, May 20 (#).—Lord Rosc- bery, former. prime minister, was re- | ported last night to be confined to bed with a feverish cold at his Surrey resi- dence. He is 81 years of age and suc- ‘Three thousand charwomen are now ceeded to the !Il,ule on the death of his 3% employed to keep London’s schools clean. 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