Evening Star Newspaper, May 22, 1929, Page 14

4. FIN ANCIAL, CHANGE IN BANKING SYSTENS 1S RAPID Association President Com- ments on Recent Develop- ment in Financial World. BY EDWARD C. STONE. Changes taking place in America’s banking system indicate that in the next five years its achievements will’ far surpass anything accomplished by it in the past as a constructive fac- tor in the Nation's progress, Craig B. Hazlewood, presi- dent American Bankers' Associa- tion, told the an- nual convention of the Ohio Bankers' Assoclation, at Co- lumbus today, ac- cording to a patch to 'The Star. “In these days of swift inter- change of ideas and methods. busi: ness and banking progress has be- come visable and tangible,” Mr. Hazlewood said in part. “There was a time when busin seemed without leadership and with- out direction. Progress consisted in a mere groping toward the light. Today, the reverse is true. A better method is discovered. the news is broadcast, the idea is promptly accepted, and the various Industries and units of business march forward with greater assurance and increased rapidity. “Bank management is perhaps the most discussed subject in our banking system. Bankers everywhere have definitely begun to realize that there are sclentific methods of operating a bank, an ignorance of which spells faflure, and a knowledge of which is the only key to banking success. Sound Management. “The evidences of this are found on every hand. In banking magazines and in financial newspapers, at State bank conventions and at group meetings, al- most all of the discussions are beginning to revolve about the single subject of sound management. It is recognized that management is what makes the difference between a successful and an unsuccessful bank, that a bank cannot be successful unless it earns profits, that it cannot be profitable unless it} enjoys the confidence of its community, and that it cannot enjoy this confi- dence unless it is liquid and therefore safe. Management, profits, liquidity— these today are the great key words. “It is high time that bankers awak- ened to the fact that the ultimate ob- jective in running a bank is to make a profit and that this requires skilled management. That may seem like a cold philosophy. It may seem to dis- place the human side of banking. It may seem to forsake the idea that a | banker’s principal function is to serve his community and the men and wom- en in it. It does none of these things. Let me emphasize that no banker prop- erly serves his community and its eiti- zens unless the bank makes a profit, for profit in banking is inseparable from safety. And a bank must be safe if it is to contribute its proper share to the upbuilding and development of its com- munity.” President Names Essay Judges. President Robert V. Fleming of the District Bankers’ Association today ap- pointed the judges for the essay contest conducted by Washington Chapter, American Institute of Banking, the winners of first, second and third places being awarded with trip to the bankers’ convention at Montauk Point, Long Island. The judges are W. W. Spaid, partner in W. B. Hobbs & Co.; Howard Moran, vice president of the American Security & Trust Co., and Joshua Evans, jr., executive vice president of the District National Bank. ‘The subject of this year's contest is “Methods by Which a Bank May Best Protect Itself From Fraud.” The papers have all been written and submitted according to the rules and mow await the judges’ decision. The papers are all numbered and none of the names of the authors are known to the judges. This contest has been held annually for several years and always proves highly interesting. The subject this year may have been considered a bit heavy by the members, as not quite as many essays as usual were submitted. ‘This, however, will only serve to in- crease the chances of those who did write essays to get to Montauk and read their papers to the gathering of bankers. Airways Common Stock Offered. An issue of 50,000 shares of common stock, no par value, of Atlantic Sea- board Alrways, Inc, is being offered today by Charles 8. Rodd & Co., Inc., priced at $15 per share. The company has large tangible as- sets, inclu Hoover Field, Washing- ton; Hains Point Seaplane Terminal and Gettysburg Airport, and controls International Afrways, In Potomac Flying Service, Inc.; Hains Point Fly- ing Service and Gettysburg Flying Service, Inc., all engaged in air opera- tions, including flying schools for stu- dents. Expansion along the entire Eastern seaboard and acquisition of additional airports and seaplane terminals, with Hoover Field as the central point, is| contemplated. Proceeds of this financ- ing will be used to acquire properties, to enlarge operations of present sub- sidiaries and to enable the corporation to consummate plans for expansion of its services to other territories and branches of aviation. Local Securities More Active. ‘Trading on the local Stock Exchange ‘was considerably more active today than in recent sessions. Capital Traction again sold at 96, There were three odd-lot transactions in Washington Gas Light stock at 110. This stock is appearing on the board more fre- quently than it did a month ago and is also selling at higher prices, indicat- ing that local investors are taking more interest in it than they did for a long time after the annual meeting. ‘Washington Railway & Electric com- mon, appeared in the list for the first time in many weeks, a small lot chang- ing hands at 575. Rallway & Electric preferred moved at 96',. National Bank of Washington sold at 307. Firemans Insurance Co. registered 40';, Federal- American Co. common, 49%, and the preferred, 101. Merchants Transfer & Storage common sold at 125 and 1243 and the preferred at 109. Georgetown Gas 5s sold at 100, Wash- ington Gas 6s, series B, at 103. The se- ries A bonds moved at 102 in tiny de- nominations, and $4,000 Capital Trac- tion 5s closed the bond market at 97! Bethesda Bank Elects Director. E. Taylor Chewning, president of the United Clay Products Co., which has its main offices in the Investment Building in this city, has been elected a director in the Bank of Bethesda. Mr. Chewning is vice president of the Hud- son Brick & Supply Co., the plant be- ing situated on Bladensburg road, and is president of the Continental Clay Products Corporation, which has fac- tories in Pennsylvania and West Vir- ginia and offices in Washington, New York and Pittsburgh. Mr. Chewning is a director in the Bank of Commerce & Savings, this city. and also a director in the Federal Security & Mortgage Co. He belongs to the Maconic Fraternity and the Ki- wanis Cluh. » C. B. Hazlewood. saving time. Abitibl Power... ADbItIbI pf (6). Abrahmé&Straus. 110 Ab&Straus pf 7. 110 Adams Ex (rts). 34 Adams Ex pf(5) 91% Adams Millis(2) 31 Adv Rumley. 48 Adv Rumley pf. Ahumada Lead. Alr Redetn (43). Air Way El (2). Afax Rubber. ... Alaska Juneau.. 5% 5% Albany Wrap Pa 16%: 16 Alleghany Corp. 3% 34% Alleghny pf 535. 1003 100% Alleg pfrcts 5% 100% 100% Allied Chem.... 288 292 Allled Cm pt(7). 123 123 Allis-Chalm(7). 186% 192 Amal Leather, 6!y 63 Amerada(2).... 28 28 Am Agricul Chm 117 11% Am AgriChpf.. 444 45 Am Bank N(13). 119 119 Am Bosch...... 60% 60% Am BrSh(h1.60). 5la bl'a Am Brown Bov.. 20 20% Am Brown Bopf X8 88 Am Can (14). 134% 135% Am Can pf(7)... 141 141 AmCar&Fdy(6). ¥ 95 Am Chicle (3).. 55 bba Am Com Alcohol 4815 60's Am Encaus (2). 36 35% Am Express (6). 326 326 Am Exp ctfs (6). 328 328 Am & For Pow.. 108 106% Am&For Pow 2d. 90 90% Am Hawa SS(1). 37% 38% Am Hide& L pf. 34% 36l Am Home P 3.60. 73% Am Ice (13)..... 41 Am Internatl 32, 63 Am LaFr&Foam 6 Am Locomot(8). 115% 116 Am Ma & Fy(4). 153% 153 Am M&Fptew 7. 109 109 Am Metals(3).. b53% 54% Am Metals pf(6) 113's 113} Am Plano. 6% b Am Fiano pf... Am P& L (11). AmP&LDS sta 5. AmP&LtA(3). AmPo&Lt pf(6). 100 AmRa&StdS2%. 424 AmRa&San(rts) 1% Am Ry Kx(8)... 156 Am Republies... 47 50 Am Roll M (c2). 114' 114% Am Saf Ras.1e). 65 65 Am Seaung(3).. 36% 36% Am Ship & Com. 3% Am Shipbldg(8). 84 Am Sm&Ref(4). 100 Am Snuff (12)... 193 Am Snuff pf(6).. 109 Am St Fdys(3). 62 Am Stl Fy pf(7). 111 Am Stores (2) 74 Am Sugar (5)... 9 Am Sugar pf(7). 108% 108% Am Sumatra(3). 41 41 Am Tel&Ca(5). 28% 28% Am Tel & Tel(3) 210% 210% AmTel&Tel(rts) 34 4 Am Tobacco(8).. 168 169 Am Tobac B(3).. 170 170 Am TypeFo(8).. 143 143 AmWW&EIl(el). 89 9% AmWW1st pf(6) 101% 101% Am Woolen. 19% 19% Am Woolen pf.. 47 47 Am WritPactfs 11 11 314 32 8l 110 1 34% 913 0 122% 124% 4 4l 6% 6% Anaconda (rts).. Anacond W&C 3. Anchor Cap 2.40. Anchor pf (6%). 112% 112% Amdes Copr (3).. 48% 49% Archer Danls(2) 35 35% Armour Del pf 7. 89% 895 Armour IIl(A).. 12 12k Armour II(B).. 6% 64 Arnoid Con &Ce 20% 21 AssoDryG(234). 46% 46% Asso D G 18t(6). 96 96 Atchison(10).... 204% 204% Atchison pf(5).. 100% 100% Atl Coast L(t10) 182 182 AUGUIf& WI.. 61% 61% Atl Refg (11%). 65% 67 AtlasPowder(4). 91 91 Atlas Pow pf(6). 102 102 Auburn Auto J4. 245% 255 Austin-Nichnis. 6 6 Austin-Nich pf.. 38% 38% AutoSales...... 29% 29% AutoSalesvf(3) 38 38 Autostrap A(3). 44 44 h— Baldwin Loe (7). 337% 237% Bald Loco pf(7). 120% 120% Bulto & O(8).... 118% 119% B&O (rights).. 2% 2% Balto & O pf(s). 77 Bang & Ar(3%). 67 Bang & Ar pf(7) Barker Bros(2).. Barnet Leather.. Barnsdall A (2). Beth Steel pf(7) BohnAl&Br t3% Bon Ami A(4 Booth Fisher! Booth Fish 1at Borden Co (3)... Borg-Warnr(J4) Boston & Maine. Botany Mills (A} Briggs M{gFCo. Brockwy Mot(4) Bklyn-Man(4). . Bklyn-Man pf (6) BrownShoe(2%) ick B(3) ick Ter. Bucyrus(1). Bucyrus ev(234) Bueyrus pt(7).. Bullard (1.60) Bush Term(g2). .Butte Cop & Zine Butte & Sup(2). Butterick Co.... Byer & Co. 14 By-Prodcts 12% . 126% 127 ol Calif Packg (4). Calla Zine Calif Petrolm. 1u & Ariz(10 Cal & Hecla(4).. 'an Dry (14%). Can Pacific(10) . Can Pac(rights) CannonMills2.80 0 Clin&0(4) . ase Threshg (&) Cavanagh-Dobbs Celotex Co (3).. Cent Alloy(3).. Century R pf(7) Cerro de Pas (6) Certain-teed Pro Ches & Ohlo(10) Ches & Ohlo rts. C & O Corpn(3). Chi & Alton..... Chi & Alton pf.. Chl & East Il pf ChiGreat W Cnl Gt West pf. . Chi Ml & StP.. Ch1 Mil & StP pt Chi & Nwn (4).. Chicago Pn Tool Chi P T pf(8%). CRIRI&P (7)., CRI&Ppt(1). Chickasha(3). .. Childs(2.40) . Chile Cop (3%) . Chrysler Mot(3) City Ice (3.60) City Stores. ... Cluett-Peab(b). Coea-cola (4)... Coca-Cola (3)... Collins & Afkm Col Fuel & Iron. Col & Southn(3) Col Gas (2)..... Col G&E nfA(6) Col Graph (35¢) . Col Carbon t4% Com Credit (2). . Com Cristpf 6% Com Iny Tr($4). Com Solv (h8). . 5% 2% 142 347 THE EVENING STAR, WASHINGTON, 114 1584 108 52% 1131 99 305 60% i 7 32 139 125% 8% = Note—The New York Stock Exchange ! is now operating on Eastern daylight- Open. High. Low. Close. 1514 154 60 60 22% 5% 92 Com Power (+4) Conde Nast(2).. Congoleum-Nair Cong Cgrs (6). . ConClrprpf(6%) “ons Film pf(2) Cemsol Gas (3).. | ConsolGaspt (5) ConRRCuba pf 6 Consol Textile. . | Container A 1.20 Container B 6uc Cont Baking A Cont Baking B.. Cont Bak pf(8). Cont! Can (234). 23 26% 110 Contl Mot(80c). Corn Prod (13).. Corn Frou pfi7). cl arpet. ... Crossley Ra(11) Crown Cork & S. CrownWF1stpt? Crown Zelrbek 1 Crue:ble Stio). * | CubaCur.eSugar. 6% 32 102% 801y 74 100 au 1% 1604 48 112l 631y 354 3% 84 98 193 109 61% 111 73% 78 108% 36% 28% 2081 3% 166 166 Cuba Cane Su pt Cuba Company. . Cuban-Am Sug. . Cuban Dom Sug Cudahy PKE(4). Curtiss Aeroc1). Curtis Pub (6). . Cushmann pf(7) Cushmann pf (8) Cutir-Ham(3 %7 122% 1210 110 60% Davison Chem.. b51% 53% DeeresCo pf(7). 1211 121% Dol & Hud(9)... 189 189 Del L & W(17).. 1224 123 Den RG Wopf.. 65% 6bi Detroit Ed(8)... 260 260 Devoe&R 1st(7). 115 116 Diamond M (8). 144% 1443 Donis Mines Domin Stor Diug 1ned). ... Dunhill Int (34). Duplan Silk (1). Dupont (i4%2).. 167% 165 Durham Hos pf. 42 42 — e Eastman (18)... 176 176% Eaton Axle (3)., 624 63 iungon(Z%)... 284 Eitingn pf(63%). 957 Elec AutoL t4% Electric Boat. ElecPow&Lit(1). Elee Stor B (8). £m Brantgm(A) Emmerson B pt. €nd-John(b). ... Endicott pf(7) Eng PubSer(31). Eng Pu S pf(b). Eng PuSprhi. Equit Bldg(2%) krie R R. Erie 18t pt. Erfe 2d pf. Bureka Vae (4 EvansAu L 32%. Exchange(1%). Feirbanks(3). .. Fashion P(k2%) FedLt&Tra $1%4 Federal M & Sm. 215 216 Fed Mot T(80e). 16% 154 Fidelity-Phoenx 1024 1024 Filine’ 73 13 Filene 102 First N P 1st(8) 115 NatS(1%). 82% 82% 102 Florsheim (A). Follansbee 12%. Foundation Co « Gen Cigars(4 Gen Electr . 2 Elec sp(60c) G&El A 1%. G&EIAS) n Gas pf B(7) Gen Milis (3)... Gen Mot($3.30). Gen Mot pf(7).. 117% 24 TT% 8 107% 28 13 43 24 7% 18% 80 98% 119% 394 GenOut A(4)... Gen Out ctfs(2). Gen Ry SIg(5). . Gen Refrac t3%. Gim ros. Glidden Co 1% Glidden pr pf(7) Gobel (Adolph). Gold Dust (new) Goodrich(4). ... Goodrich pf(7) Goodyr T&R(5). Goodyr 1st pf(7) Gotham H (23%). Gotham H pf(7). Gould Coupler A Graham-Paige. . Granby Min (7). Grand F&W (1). Grt North pf(5). 103% Gt Nor pfcfs(6) 102 Grt NorO(all%). 27% Grt WnSug 2.80. 374 Greene Cana(3). 148 Gulf Mo & Nor. . Gulf Stat 8ti(4). Hacknsk W(1%) Hahn Dept Stor.. Hahn DS pf 6. 231 | Hanna M A (7) Hartman A (2) Hartmn B(1.20), Hawatian P (2). Hayes Body (b8) Hersney Corp. Household(14). . Houston O1l. Howe Sound(4). Hud Man(2%).. Hudson Mot(5). Hupp Mot (£3). . illtnots Cen(7).. 136 Ind O & Gas (2). 37% Ind Motor Cycle. 20 Indian Refining. 424 Indian Refg cifs indust Rayon. Ingersoll R t. 1 Inland Stl (33). Inspiration C(4) InterboroRapTr. Internat Agri 134 43% 40% 100k 4 | Intl Bus Ma Int Cement(4 int Com Engi2). Int Comb pf(7). Int Marv (3%) Int Mteh pf 3 Int Mer Marine. int Mer Mar pf Int Nick,Can $0e Int Paper pf (7). Int PakPoA2.40. Int Papr & Po B. Int Papr & Po C. Int Pa&Po pf(7) Int Prig Ink 2% . Int Rys Cen Am. int Ry CA pf(6. Int] Silver (3).. Int Tei & Tei(6) Int Tel&Tel new IntTel&Tel (rts) Inter Dept 8(2). IDSpf x-w (7). Interiype(ft1%) isiand Creek(4) 524 ERE ey L4517 170% 1714% 121 9 Jewel Tea 164 Johns-Manv(3) Johns-Man pf(7) 121 Jordan Motor. 9 —K— K C Po&LtB(6). 109% 108% Kan City Sou(5) ®3% ¥3% 4 97 13714 137 833 33 KanCBopf(4). 6i% 64% Kaufmn DS 1% 24% 24% Kayser J(B). .. 81% Keith-Al p£(7) 101% Kelly-Spring 16% Kelsey-Hays(2) Pt 101% 15 8% % D. C. WEDNESDAY, MAY 22 1929." FINANCIAL." Hay rts.. Kelvinator Corp <endall pf (16% ennectt (5)... Kimberly-C 2% Kinney (GR)... Kolster Radio. .. | Kraft-Pho(1%). | Kresge (1.60)... Krasge Dept § Kreuger&T 1.34. Kroger Gro(el). LagoOMl........ Lambert Co (3). Tire & Rub. Leh Por Cmt 2% Lehigh Val Coal LehighVal(3%). Lehn & Fink(3). Lig Myers(15). . Lig& Myrs B 16 Lig & M pf(7).. Lima Locomtve. Link Belt (2.40). Liquid Car t4% . Liquid Car(rts). Loew’'s (13).... Loew's pf xw6% Long-Bell( Louis GasA 1.76. LudlumStl(2).. Mac And(12.35). Me Call Corp(4) McCrory B(2). .. McGraw Hill(2) McKeespt Tin P McKesson&R(2) 63% McKsn pf A 3% Mack Truck(§).. 1 Mallison pf(T) Elec Suply. Man El m2g(db) Man Shirt(2)... Maracaibo O Market Street. .. Marland Uil..... Mair-Roek (14). ‘mon Mot(4). Martin-Parry. .. Mathiesn Alkili. May Dept S(4) Maytag (12).... Maytag pf (3).. Melvie Shoe 1.40 92% 1 474 79% 211y 40% ican Seab. .. Miami Cop (4).. Mich Steel(214) . Mid-Cont P(3) Middl Mid Statesctfs.. 264 Midld Stl pf $12. 260 Miller Rubber... 21% Minn & St Louis. 2 Mo Kan & Tex.. 484 Mo K&Tex pt(7) 1054 Missour! Pacific. 87% MoPacific pf(6). 136 Mohwk Car2%.. 68 Mont Ward 3% Moon Motor . Mother L (40¢).. Motion Pie Cor; Motor Meter A Motor MetA ct Motor Prod(17). 130 Motor Whi (3).. 46% Mullins Mfg. 60 Mullins pf (7). Munsingwr 13% 57% 58 Murray Corp... 92 92 s Nash Motors(8). 90% Nash & Chat(). 197t Nat Acme (1)... 38 93 Biscuit (6). t Cash Reg 14 Nat Dairy (1%). Nat Dept Stores. Nat Distiliers. . tDistirs pf(7) Nat Enamlg (1). Nat Lead (b NatLd pf B(8).. Nat Pow&Lt(1). Nat Radiator. Nat Ry Mex 24 Nat Supply (18). Nat Tea (13%)... Nevada Cop (3). N O Tex&M (7). Newport A (3).. Newton Steel(3) N Y Air Br(3). N Y Central($) N ¥ C & StL( N Y Dock.... N Y & Harlm(§) NYNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn. N Y Stm pf(6).. Norfolk Sou 2% . Norf & Wa(110) NorAm b10% stk No Ger Lld 3.41. Nortn Pac(5) 011 Well Supply. Oliver Farm Eq. Oliver conv (3). Omaibus. . Oppenhm-Col(5) Orpheum pf(8 Otis Steel...... Otis Stl pr of(7) 1 Owens 111 Glass. 4 100 82 40% 00 82 Pac Coast 1st Pac Cos 2a Pacific Gas (2).. Pac Lightg (3).. Pacific Mills. ... Pac O11 Stu Pac Tel & Tel(7) Pac Tel & Tel pf Packard (13%).. Pan-Am Petroim Pan-Amer Pet B Panhandl . Paramount-F-L Park & Til(38).. Park Utah(30e). Pathe Ex.. Pathe Ex(A). Patino M (3.89) Peerless Motor Penick & Ford. . Penn Dixle Cmt. Penn R R (4) Penna RR (rt; Pere Marg (18). Pere Mara pf(5) Phelps-Dodg (3) Phila& RC& L. Phil Morris(1).. Phillips-Jon(3).. Phillips P (13%). Phoenix pe(7). . Pierce-Arrow Plerce-Ar pf (6) Plerce Ofl, ..... Pierce O1l pf. Plerce Petrolm Plllsbury (2)... Pirelll (A) 2.83 Pitta Coal. ..... Pites St pf(7).. Pitts & WVa(6). POrtoRICOTobB. Postum(3)... Prairie Oll&Gas. Prairie P L(t4). Public Serv 3.60. Pub Serv pf Pub SE&G pf(6) 109 Pullman Co(4).. 81 Punta Aleg Sug. 16 Pure Ofl (1%).. 28 Pure Ol pf(8).. 112! Purity Baking. . Rad{8 Corpn. . 90% 954 Radlo pf (B).... 80 80 Radio-Keith(A) ReadingRy(4).. Reading 2d(3).. Real Silk Hos. Real Silk pf(7 Rets(R)& Co. 29% 107 ‘ 304 1074 % | Rels 1st pf(7). Remingtn-Rand. Remingtn2d(8). Reo Mot (11). .. Rep Brass pf (7) | Rep 1 & S(4) Reynolds 8pn, Reynlds (B)3.. Richfield Of1 (2) Rio Gr Oil (k2). 304 107 25% 05 907% T b6k 4% 3% NEW YORK STOCK EXCHANGE 80y 25 105 874 i 56 a4y M Received by Private Wire Direct to The Star Office Rossia Ins (n). . Rossia Ins (rts). | Royal Bak P(1). 70 9% 294 52 e Bafeway (3).... 160's 162 St Jom Leaa.13). 68 70 StL & San Fr(8) 116% 116% | StL&SanF pf(§) 93% 944 0% 9% 2914 52 65 H 51% 160 65 1134 3% Savaze Arms(3) hulte Stores Seagrave(el.20). Sears-Roe(33%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclair O11 12 . Skelly O11(2) Sloss-Shef (6 Snider Packg Snider Pkg pf. So Po R Su 123 . South Cal Ed (3) SouRyM&O cfs 4 Spalding (1.60).. Spang Chalfnt. . Sparks With(3). SpicerMfg pf (3) Spiegel Co (3). . Stand Com T(1). SdGAE (3%). StdG & E pf(4). 8td O of Cal(t3) Std O1l NJ (t2) StdO:INY (1.60 Stromberg (3). Studebaker(35). Sun Ofl (g Sun Oil pf(6) Supertor Oil... Superfor Steel. . Sweet of Am(1). Symington...... Symington Cl A. e Telautogrph(1). 20% Tenn Copper(1). 174 Texas Corpn(3). 63% TexasGulfSul(4) 75% Texas & Pac($). Tex&P C&O (b5) Tex Land Trust. Thatcher Mfg. The Fair(2.40). . Thomp J R(3.60) Tidewater AsO1l Tidewatr0O(80c) Tide W O11 pf(5) Tim Det Ax 1 Timken R B (3) b Prod (1.49 Tob Prod A 1.40. Tob Prod cfs(A) Tob Prod ctfs B. Transcont Ofi. ... Trico Prod(2%) TruaxTraer 1 Tguscon S $1.20 InCityRT (4). Undwa-EI F (4) Un Carbide 2.60. Un Ol Calid). .. 1184 6% 22013 133 120% Uta Cigar St(1). United Corpn. .. Utd Corpn pf(3). Utd Dyewood Utd Elec Coat. Utd Fruit (c4).. Utd Paperboard. US Cast Ir P(2). US CIP 1st 1.30. USCIP2d 1.2 U S Distributing (1 S Hoftman(4). U S Alcohol (8) U S Leatner.... Leathr A(4) L Q mll!("‘;:. m pr(334).. wnm agacacacd St U S Tobacco(3). Uni Leaf Tob(3) Uni Pie 18t pf(8) Univ Pipe & Rad Util P&L A(e2). Va-Car Ch pf(7) Vulcan Detin.., 73! Vule Det pf(7).. 105 Vulean Detin(A) 75 —_—— Wabash pf A(5). 93 93 30 33% Ward Baking (A. 45% Ward Baking B.. Warren 1st pf(3) n F&Pine. ison Ofl (2).. West Vaco (2).. West DairyA (4) West Dairy B... Westn ElecA(2). e Eagle(3 White Mot (1) » Wilcox Oll & G. Wilcox (A) 23 Wilcox Rich B. . Willys Ov e1.20. | Willys-Ova pr 7. | Wilson & Co.... Wilson Copf A. Wilson & Co pf. Woolworth (8).. Woolworth new. Worthn Pump. . Wright Aero.... 125% Wrigey ((13%). 748 T4% Yale&Towne(4). 70% 70% Yellow Truck... 41% 434 Young Spgs13% 61k 61% 604 604 | Youngswu Sh(b) 126% 127 126% 126% Hourly Sales on N. Y. Market. 10:30am. 646,600 12m... 1.827.800 1:30 p.m. 3,140,100 3:15 p.m 3,579,000 Divide latest quarterly or half-yearly decl: % Unit of tradin, an 1 oy Taen ] Pllr ‘h(:r e le in_stocl 48% 40 NEW CONSTRUCTION. NEW YORK, May 22 (#).—F. W. % Dodge Corporation reports that new | construction contracted for during the past week in the 37 States east of the Rocky Mountains showed an increase of 4 per cent over the amount for the preceding week. . Jugoslavia plans to spend $16,000,000 for steamers for its government lines. ‘STOCKS ARE WEAK * AFTER SHARP DROP | Rediscount Rate Problem Has| i Bearish Effect on Spec- i ulative Element. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, May 22.—Acute weak- | ness developed in today's stock market as a result of the Federal Reserve | | council’s statement that it favored an | increase from 5 to 6 per cent in redis- count rates. Prices sold off sharply at the opening, rallled before midday under the leadership of the oils on the announcement that President Hoover had called a conference of Western governors to act on oil conservation plans and then turned weak again in the early afternoon. Extreme declines of 3 to 15 points were distributed over a broad list of railroad and industrial | shares. Despite the prospect of higher redis- count rates this week, there was no change in monetary rates. Call money renewed unchanged at 7 per cent, with a fair supply of funds available at that level. There was no change in time money or commercial paper rates, al- though they are now quoted at the highest levels in years. Money in Good Supply. Call money was in good supply and after renewing at 7 per cent dropped to 6 in the early afternoon. Trading slackened and the market showed more stability after the call loan rate was reduced to 6 per cent. Radio mounted to above 95, and Case Threshing Machine recovered 8 points, but the rally was not general. Fresh selling occurred later in the motor and accessory shares, Goodyear's loss run- ning to 8 points, while Auburn was down 2, to 2553;. The closing was weak. Heavy selling took place at the open- ing and prices developed an extremely reactionary tone. Many of the leading industrials and rails were pressed for sale, with the result that opening quo- tations fell 1 to nearly 5 points below yesterday's final quotations. Westing- house Electric_dropped 43, New York Central 3'5, Radio 3! and Chrysler, Columbia ~ Graphophone, Chesapeake Corporation and several others dropped 2 points or more. The early selling was inspired by the action of the Federal Reserve Council | in recommending that the Federal Re- serve Board grant permission to all Federal Reserve banks desiring to in- crease their recent rates from 5 to 6 per cent. Wall Street understands that the New York and Chicago banks already had applied for permission, which until now has been withheld by the board. ‘While many brokers took the attitude that they would like to see the rate raised and the uncertainty removed, the prospect of stiffer money apparently frightened a number of small specula- tors, and led to & resumption of “bear” selling by professional operators. Farly liquidation was not unusually heavy in volume, few blocks over 5,000 ! shares changing hands. One of the largest was a block of 12,000 shares of General Motors at 7634, off 13, and duplicating the low record for the year established yesterday. Ralils, which have been in fairly brisk Decoration—For the Modern Business Office PLEASING office arrangement the forerunner of satisfactory sales. Congenial and comfortable sur- roundings encourage a better class of work from employes. Consult our pro- fessional interior decorators about your office requirements — they are fully ped to give you expert counsel. { THE W.D. CAMPBELL COMPANY \ BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial !nteriors 1018 15th Street 1506 L Street / Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5%% We Make First Mortgages on Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. Decatur 3600 Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Organized 1879 49th YEAR COMPLETED Assets $5,513,051.63 Surplus & Profits. ..$1,601,704.98 Subscription for the 97th Issue of Stock Being Received Save Systematically in the Equitable THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will eventually lead to financial independence. Start now while you have a steady $2.50 PER SHARE demand since the St. Louis & O'Fallon decislon was announced last Monday, | fell back with the rest of the list.| Texas & Pacific dropped 6% points and | Missour! Pacific common, Delaware & | Hudson, Chesapeake & Ohio, Erie and | St. Louls Southwestern fell back 2 to nearly 4 points. | Other Early Losses. | i General Electric and Auburn Auto| each dropped 7 points. Packard Motors, 6; United Aircraft, 415; International ‘Telephone, 41;: Curtiss, 4, and Mont- gomery-Ward. National Cash Register, Kennecott, Anaconda, Commonwealth Power, Air Reduction, Chile Copper and Wright Aeronautical all dropped 3 points or more. Investments JAMES Y, PENNEBAKER Main 5328 1520 K St. N.W. Mortgages Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. Guaranteed 6% First Mortgage Notes Secured on Income- Producing Properties in the District of Columbia and Nearby Maryland District National Securities Corp. Suite 303-307 Telephone Main 2994 District National Bank Building Early Maturity Obligations naturally are directly affected by current time money rates. a result of months of firmness in these rates, Short Term Notes now offer more attractive yields than many long term bonds. Each week we issue a selected list of these securities. Send for a copy. THE EQUITABLE SECURITIES COMPANY ING A subsidiery of The Equitable Trust Compeny of New York Srawry Came, Representstive 917 Fifteenth Street, N. W. WASHINGTON, D. C. ————————————————— earning power. Come in and let us explain about our systematic plan. 915 F St. N.W. EXEMPT FROM INTANGIBLE PERSONAL PROPERTY TAXES AND FEDERAL INCOME TAXES Federal Land Bank 5% and 43% BoNnDs Price 100%, and Accrued Interest Details upon application ALEX. BROWN & SONS Founded 128 Years Ago ‘Washington Office 737 15th St. N.W. National 1053 INVEST NOW AT 6% with Security Protected by a Surety Company Guarantee Y investing now in First National Bonds you can assure a 6% yield on your funds for 3, 5 or 10 years. The bonds provide, in addition, for payment of the 2% Federal income tax, and for refunds of all local taxes up to an aggregate of }¥% per annum on the principal. The First National Company, of Baltimore, Md., with resources of more than $9,000,000, stands directly be- hind your investment. And the bonds are further se- cured, dollar for dollar, by real estate first mortgages that have a Surety Company Guarantee. Write today for Circular “O”, which gives further particulars. INTERNATIONAL BANK Department 16 Jackson Place Main 864 ! :