Evening Star Newspaper, March 21, 1930, Page 13

/ Vg CAPITAL TRACTION IS STRONGER TODAY Sells Point Higher in Light Trading on Local Stock " Exchange. BY EDWARD C. STONE. Capital Traction figured in several small-lot sales on the Washington Stock Exchange today, exhibiting somewhat more strength. The stock opened with 10 shares selling at 80%, ex-dividend, this transfer being followed by 10 and 5 share sales at 80%, and & turn- over of 15 more shares at 80. The closing sale was & gain of a oyer the last prev- {ous sale. The final ghotation was i bid and 81 asked. Potomac Electric Power 6 per cent preferred came out at 1113, while 20 shares of the 5'g per cent preferred sold at 108. Five shares of Riggs National Bank stock changed hands at 525, same as the last sale. There was a 35-share turnover in Lanston Monotype at 115. Mergenthaler opened at 10634 and closed at 107, be- ing ex-dividend. Five shares of Merchants’ Transfer & Storage preferred came out,fex-dividend at 100. In the bond division small ‘Washington Gas bonds, serles A, sold at 102!¢ and 1024, and a $1,000 Rail- way & Electric 4 moved at 8635, To the list of stocks quoted ex-idivdead have been added the Norfolk & Wash- ington Steamboat Co., Commercial Na- tional and the United States Savings Bank issues. Booker Reviews Business. “While business improvement during the past week,” says Y. E. Booker & Co., “has not been very tangible, the commodity markets have firmed up, the bond mmarket has done well and there has been a budget of favorable expres- sions from Washington and elsewhere which has tended to dispel the latent apprehension that all was not well with the return to prosperity. “TIt still seems likely that the present depression will not last much longer than that of 1927, which began in the Jate Spring and ended in the following December. _Following is an approxi- mate compilation of the length of for- mer depressions: 1914, 8 months; 1918, 4 months; 1920, 18 months; 192 12 months; 1927, 8 months. Our cu rent depression dates from about Oc- tober and it seems likely that it will have run its. course before 8 or 10 months have elapsed. “Those who have been impatient for more rapid progress must remember that economic trends cannot be unduly Jrried Y. E. Booker, and that the effects of serious excesses in both real estate and stocks l"!:‘l‘ a little time to mend. In our opinion excellent progress has been made thus far and we believe it will centinue.” Commercial Dividend Voted. At the last meeting of the board of directors of the Commercial National Bank a quarterly dividend of 2! o cent was ordered paid on A 1to shareholders of record March 24. This means, rding to announcement from President Wade H. , that the dividend of the Commercial Na- tional Bank will be on a permanent 10 per cent basis, the dividend being paid on a basis of 2% per cent quarterly. Railroad Reports Out Today. ““The Chesapeake & Ohio Railroad Co. for February reports gross revenues of $0,634,179, compared with $10,381,684 in the 1929 month. The net operating income of the company for the month &l $2,497,338, against $3,104,500 in corresponding month of the 8:': s year. For the first two months of current year gross revenues amounted to $20,496,057, compared with $21,020,883 in the 1929 period. For the two months the company had a net op- erating income of $5,861,770, against $5,956,496 in the first two months of last year. ‘The revenues for February of the Seaboard Afr Line Railway will be approximately $4,920,000, a decrease of m 7 per cent from the 1929 month, it was estimated yesterday. It is ex- that there Will be a decline also the net operating income of the d for February, but it is believed tBat the decrease will be less than 7 per cent. Bankers o Get Special Awards. Forty-eight students of Washington pter, Ametican Institute of Bank- . will receive certificates for suc- cessful completion of courses at the midyear open meeting of the chapter March 27, at Langley Junior School. “Students to receive _pre-standard certificates are Samuel Bennett, Paul J. Bisset, Frank C. Cook, James Dufly, Jeannette B. Frazier, Walter Raymond Fry, F. Barry Gates, George P. Grau, jr.;’ Victor Heflin, Arnold D. Keplin- ger, Scott D. Morris, Mary M. Pfeif- fer, Harold Ricker, Jack Relly, Rich- ard H. Sanderson, Harry F. Scott, Neil Holiday Sprigg, Charles Albert Stra- horn, Charles Otis Tingley, Frank H. Weaver, jr. ~ Those to be awarded standard cer- tificates are Joseph Buscher, James H. Dodge, Arthur C. Harman, H. Fleet Harper, Helen Pauline Hewson, Frank H. Little, Fred A. Lohmeyer, Evelyn E. Lynham, J. H. McAllister, J. Earle cGeary, Arthur E. Meade, Robert B. rris, R. M. Poole, Ernest W. Rauth, E. W. Schreiner, Valentine W. R. Smith, Blanche Wise. Recipients of graduate certificates in commereial banking are John F. Colbert, William P, Keith, Willlam H. Laughlin, Carl W. Thompson, Wil- liam G, Winstead, J. Fred English, Charles B. Hagan; in investment and banking, Anne Preston Crawford, J. Fred English, William P. Keith; in trust banking, John M. Castell, jr. Increase in U. S. Revenues. Internal revenue receipts for the first eight months of the present fiscal year totaled $1,675.007,483, a gain of $180,- 000,000 over the same period last year. The bulk of this increase was in the income tax collections reported up to Pebruary 28, the gains being chiefly in individual and partnership returns, these exceeding $141,000,000 over a year ago. The total corporation tax paid for the period was $666.057,058. Tobacco taxes also showed a con- - sigerable gain, totaling $298,333,504, of which cigarettes accounted for more than $237.000,000. Cigarettes alone had a8 gain of more than $16,500,000 but cigars and chewing tobacco showed losses of more than $797.000. Heard in Financial District, Eugene E. Thompson, head of Crane. Parris & Co., has returned to his office after an attack of erip. John Poole, president of the Federal- American National Bank, has been back at his desk several days after a trip to New York and Atlantic City. W W. Spaid of W. B. Hibbs & Co. is in New York to attend a meeting of the out-of-town section of New York Stock Exchange firms which he helped t organize and of which he is vice president. Frank Owings, former cashier of the Bank of Commerce & Savings, has taken an office in the same building in which the bank is located. He is de- voting his time to personal business. Big New York corporations are re- um\d 10 be placing their surplus funds the savings bank in order to get 4% ver cent while call money is so low. R . M 3 Nearly = 200,000 people attend Taces in Zondon each week, o ~Prev. 1930.~ High. Low. 107w 12 6! 36% 28% 84 22 NEW YORK STOCK EXCHANGE by Private Wire Direct to The Star Office. Stock and Dividend Rate. Add 00 High. Abitibi Power & » 64% Abitibl P 45 23w 28 Abrah o Adams Kxpr (1.60).. Adams Miilis (3). 95% Alleg Corp pf (6% ) 99% Allegh'y Cpf ww 5% % 255% Allted Ch & Dye(né). 4 121 49% 7 40% 46% 2 99% 99 28 292 288 AllledCEDDL (1) 2 124% 124% Allis-Chalmers (3. 49 65% « Am Beet Sugar. Am Bosch Magn Am Brake 8hoe(2. % 1184 AmBrS&¥F pf (1). 8% Am Brown Bov El 117% Am Can (4). 107 Amé&Forn Pwr p2(7). b65% Am Home Prod(4.20) 19% 11 49% 47T% 43 21% 20% 10 29% 28% 3 49% 48% 141 91% 8% 3 1104 109% 7 82% 31% 4 68 67 Am Hawailan 8 8 (3) 85% AmIceCo (t4).....1 10 38% 38% 86% Am International (2) 2 48% 4T% Am La F & Foamite.. 88% Am Locomotive (8)+ 111% Am Loco pf (7). 210 Am Mach & Fay (1)« 44 % 77 100 Am Pow & Lt pf (6). 80 Am P&L pf Ast(5). 2 118% 113% 2 254% 251 Am Metal (3). - 8 45 d4% Am Piano... dee 2 MY 96 Am Power & Lt (31). 387 118% 111 3 106% 105 2 88% 88u 30% Am Ra&StdSanli. 102 37% 36% 2 20% Am Republica. . 88% 31 80 Am Rolling Mill (3). 17% Am Beating (2).. 1% Am 42% Am Bnuff Co (13%).a 26% Am ly 60% Am Sugar Bfg (5)..: 15 104 Am Solvents Chem. . 1Ch cv pt (3). 6% 6 107% 107% 28 17% 15% Am Sugar Rfg pf(7). Am Sumatra Tob. ... Am Tel & Tel (9). 180 248% 245 Am Tobacco (8; 24 2829 232 Am Tobaceo (B) (8). 105 286 2331 Am Tobaccopf (6)., 2 124 128y Am Type Fdry (8).., 3 141% 14d1% 88 Am Water Wks (n1), 111 111% 109% 19% Am Woolen pf., 9% 394 6 Am Writ Paper ctfa., 5% 29% Amft Writg Pa pf(4, ) 106 Anchor Cap pf (6%). 30% Andes Copper (l)‘.‘). 8% Am Zine Ld Des 226 T4% 724 Anchor Cap (3.40). 12 45 4% 2 1103 110w 4 38% 32 364 Asso Appl Ind 28 Asso Dry G (3% 85 Asso DG 1st pf( 314 Atlus Stors Corp(3; 31 48% 464 63 104% 99y 2567% 176's Auburn Auto (3¢) 10% 30% Baldwin,Loco 115 Baltimore & O 82 T84 Balto & Ohlo pf (4).. 110% 107 Bamberger pf (6%) 78% 63 Bang & Aroos (33).. 4% 28% 20% Barnsdall A (3).... 4% 4% 2% Autosale: Aviation Corp Del, 29 M 6w 29 35 34u 12 120% 120% 3. B2% 823 20: lggh 109% in Earnet Leather., 3 31 75: 40 284 26% o (1) 99% 97 BayukCgrilstpf(7), 10s 98 98 16% 13 Beacon Oll, 47% 32% Bendix Aviation (2). 84% 381% Best & Co (3. 2 16 way Belg N Ry pt pf 6.49. 18 47% 464 8 41% 41 106% 92 Bethlehem (.): 118 104% 103% 182% 122% Bethlehem 8t pf (7)., 57 4T T4 60% 47% 32% Borg Warner (4).. 17% 13% Brigss Mfg, 2% 4% 78% 63 Bklyn-Manhat (4)... 1% 4% 178% 131 24% 13% Bruns-Balk-Col..... 28% 14% Bruns Ter & Ry 8... 29% 22% Buecyrus Brie (1).... 42% 33% T6% 226% 1 59 9% 264 9944 22% 43% 36 3 3% 16% 80% 66% 1 4% 264 19 630 87% 27 2133 182% 29 8% b7 26 73% 73 Bohn Al & Brass (3). Borden Co (k3),,e0e British Empire Steel, British Em Stl 2d pt. % 5 17 764 27 170% 169% 43 22% 22 2 19% 19 19 30% 30 7 42% 42 808 111% 111% Bklyn Union Gas (6) Bucyruscv pt (3%). gu:zx(ul;ptfl)... - u G) MIg (1) 34 124 Budd Wheel (1)..... 10 124 flx Buft&Susque pf ctfs. 30s 861 86% Bullard Co (1.60)..e, 26 60 59% Bulova Wateh (3), 5 34% 33 Burns Bros A (8 3 1054 104 Burr Add Mach (1). Bush Termal (23). . Butte Copper & Zine, 1% 10 81 Calumet&Hec(ad4%). 14 28“ Zg:: Campbell Wyant (2), 3 2515 24 Canada Dry GA (8)a 22 75 T4% Canadian Pae (10).., Case (J1)(8).....00 25 284 Caterpillr Trao t3%. 20 74 Celotex (3)..eeeesee 46 Cent Aguirre As 1%. 2 9 824 62 18% 59% 2 233% 232% 6 764 5% Chi & Alton. . 6% 6k Chi & Alton pf. 7 7 49% Chi Mill St P&Pac Chicago & N W (5) Chi Pneu Tool. 3 34u 5614 2 121% 121% 1 104% 104% 1 264 264 64% 63 City Stores (50c) Clark kiquipment (3) Cluett Peabody (5) 38% 1731 50 61 984 30% 59% 93 Col Gas & El (3)..... 127 95% 94% ColGas & El pf A(S) 4 109 109 % Columb Graph (87¢). 160 29 28% Columblan Carb (16) Com Credit (3)...... 856 49% 38 Comm Credit A ( 2 48 48 Coml Inv Tr (g1.60). 12 521 51% bl Comm Solvents (31). 104 83 321 88% S0 Do 176 174 16% 16% upf (6).. 15101 100 Conde Nast Pub (3). 5 49 484 Congoleum-Nairn... 15 18% 17% % « b 5% Consol Cgr pr pt 6% . 10s 78% 78% Consol Film (3. 5 24% 23% Consol Film pf (3) Y 24% 241 Consol Gas N ¥ (4). 280 1229 121 86 196% 191% 121% 99'% Consol Gas NY pf(8) 3 103 103 49 Coneol RR Cub pf(8) 68% Consol Textile. 1% 1% tainer Cor A3.30, 2 19% 19 19 59 Contl Insur (3.40)..s 5% Continental Motors.. 25% Cream of Wht(13%). 9 Crex Crown Cork & Seal. .. Crown Zellerbach (1) Crueible Steel (k8). Cuba Cane Products.. Cuban Dom Sugar. .« Cudahy Packing (4) - Curtis Publish p£(7), Curtiss Wright Corp, Curt Wright Corp A. Cutler-Hammr(3%). Devoe & R, A (2.40).. Diamond Match (8). 120; Dome Mines (1). Dominion Strs (1.30) Drug Corpn (4) Duplan Silk (1) Du Pont de N (14.10), Dupont d N deb (6).. Dugquesne 1st pf (5). Estn Roll Mill(h12).. Eastman Kodax (18) Eaton Axle &8 (3).u Elec Auto Lite (§ Enaicott-John pt (7) Kng Pub Serv (31).. Eng Pub Sve pf (6).. Eng Pub Sve pf (63%) Eng Pub S ctfs (31).. Equitable Bldg (2%) Brie R R. coe) Erfe RR1stpf (4)em Erle RR3A P (4) .00 Eureka Cac Cl (4)..0 Evans Auto Ldg 2% . Fairbanks Morse (3); Federated Dept Strs, Fid Pho Fire 1(2.60), Firestone T&R(1.60) Firestone T&R pt($) First NatStrs (3%). Fisk Rubber........ Florsheim ShoeA(3). Follansbee 5ros (3) . Foster Wheeler (3) .. Foundation Co., Fox Film A (§4). Freeport, Texas (16) 3.“'1.1 Snub A. Gen Gas&El A (1e2). Gen Ital Ed w.i. a2.61 Gen Printg Ink(2%). Gen Publig Sery (b§) Gen Ry Signal (5). Gen Refrac (t4%). Gen Theat Equip vts Gillette Saf Raz(nb). Gimbel Brothers. .... Gimbel Bros pf (7). Goodyear 1st pf (7)., Gotham Silk H (3%) Gould Coupler...... Graham-Paige. Graham-Paige et, Granby Copper (8).. Grand Silver Strs (1) Grand Unfon pf (3).. Grt West Sug pf (7 Gulf Mo & N pf ( Hahn Dept Stores. Hall (WF) Ptg (m1] Hartman Corp B 1.20 an Pineap(2) Houdallle Her B H’hold Fin pf (3% Hudson Manh pf (5. Hudson Motor (5)... Hupp Motor Car (2). Illinols Central (7).. - o A e 2 - - =e mo @ - 2 2 RO CNACRR AL ORANHON® Rero AT EOASN® - 'Y wa o » R Bre IS =T 2ol Independ O11 &£ G (3) ~ Inter Comb Eng Intl Harv pf (1), Int Hydro El A (: Intl Match pt (4) Intl Paper (2.40) Investors Equity. Island Creek Coal(4) Jewel Tea (4). . Johns-Manville (3).. Jordan Motor Car. .« Kan City Sou (8).... Kan City Sou pf (4).. Ka; Julius (4)... -Alb Lambert Co (8). Lee Rubber & Tis Lehigh Valley (t434) Lehman c‘,mr.ul‘, Loew’s, Ine pt Loew'spf s w 8% Loft, Ine... ErumEPrnanmmaonmaaen STOCKS IRREGULAR | AFTER EARLY GAIN' Increases in: Call Money Rate l Act as Bar to Advance. I BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, March 21.—Unexpected increases from 3 to 4, and thence to 41, per cent in the call money rate, which accompanied the calling of about $100,000,000 in loans, turned the course of stock prices irregular today, after an early outburst of buying had carried more than 50 issues to new high levels for the year. Trading showed a marked expansion in volume, with indications by early afternoon that total sales would cross the 5,000,000-share mark for the first time this year. The ticker ran as much as 40 minutes behind the market. Treasury Overdraft. Paying off of the Treasury overdraft at the Federal Reserve, coupled with the fact that out-of-town banks and corporations no_longer found the low rates prevailing here earlier in the week an inducement to lend funds on eall, accounted ‘for the sudden firmmess of money. High rates here will invariably attract funds back so that Wall Street generally looks for a fairly stable call rate moderately above the low levels reached this week. Business news still gave no indica- tion of any general recovery. Presidents of three large railroads commented to- day on the sharp falling off in freight traffic, which is now running.at the lowest levels for this period of the year since 1922. Several new merger Tumors cropped out during the day, the latest involving the proposed acquisi- tion of Vick Chemical by Drug, In- corporated. In the early outburst of buying, U. S. Steel common touched 190, up 3% points, for the first time this year, but sold off from that level on profit tak- ing. American ‘Telephone, Electric Auto Lite, Electric Power & Light, Coca Cola, Union Carbide, Vanadium Steel, Public Service of New Jersey, North ‘American Co. and Underwood Elliott Fisher were among_the many other is- sues to reach new high ground for the year. Movement in Motors. PFurther efforts were made by specu- lators for the advance to revive en- thusiasm for the motor shares. Gen- eral Motors crossed 49 to a new high, and Chrysler was taken in larger! blocks at advancing prices, but both is- sues met with heavy offerings on the rally. U};lihed Carbon was a spectacular fea- ture, soaring 10 points to a new_high n"fl. Atlas Powder jumped 8% to 104%. BROKERS’ LOANS UP $121,000,000 IN WEEK| Special Dispatch to The Sti NEW YORK, March g1 —The weekly statement of the Federal Reserve on brokers’ loans showed an increase of $121,000,000 for the week ended March 19 to a total of $3,841,000,000, against $3,720,000,000 on March 12, and $5,793,- 000,000 a year ago. This brings the total to the highest since November 13, 1929, when the figures were $4,172,000,000. Loans for own account were $1.266,- 000,000, compared with $1,171,000,000, against $1,079,000,000 last week. Loans for others were $1404,000,000, against $1,494,000,000 in the preceding week. Demand loans made up $3,387,000,000 of the total contrasted with $3,302,000,- 000 & week ago and time loans were $454,000,000, compared Wwith $418,000,- 000. No announcement regarding the re- discount rate of the New York Federal Reserve Bank, which is 315 per cent, was made following the weekly meeting of directors held Thursday afternoon. $500,000 FOR FINGERS. Rudolph Priml, internationally famed composer, who is to write the music for a talking picture for United Artists, has insured his hands and fingers for $500,000. Loss of thumb or fingers on | the right hand will be compensated for $300,000, and if any portion of the left hand of this celebrated musician is i incapacitated he will receive up to $200,000. Each finger is insured for a separate value. . Britain is endeavoring to control the importation of malt products. Money to Loan deed of trust on real estate interest and commission. Real Estate Loans Made Linkins Co. Wm. Gordo:l Buchanan Councilor &t Buchanan Omitiog_Exts, fsiseise National 611061116213 (Telephane Directory Omission) " REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages ineident to direet ctepresentation 1520 K St. N.W. National 0475 First Mortgage Loans In Arlington County and Alexandria, Vi Commonwealth Investment Co., Inc. 808 15th St. N.W. Phone Natlonal 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America SECURITY SALESMAN Unusual opportunity for experienced man who will concentrate his time and best efforts on excellent issue to make large com- missions. Address Box 78-E, Star Office Money to Loan on Property in the District of Columbia First Trusts Only Immediate Attention Wm. H. Saunders Co,, Inc. 1435 K St. N.W, Dist. 1015 !A Standard Low Premium Policy LOW INTEREST TO AID i IN BUSINESS ADVANCE Commodity Price Situation Hard- est to Gauge in Outlook, Says Economist. Spectal Dispatch to The Star. NEW YORK, March 21.—The pre- vailing low interest rates will stimulate general business activity, in the opinion of Gage P. Wright, New York economist and president of the Business Economic Digest, who believes that a substantial foundation is now being laid for an| important recovery in business. “Reduced money rates are always a constructive factor for business. Pre- vailing rates, therefore, are conducive to the pushing forward of projects in- volving the purchase of materials and use of labor, thus stimulating business activity,” says Mr. Wright, who also points out: “This is the season when the charac- teristics of Spring revival should make themselves felt in an increasing degree, Especially should the construction pro- gram of this country, estimated at $7,000,000,000 or more for this year, be accelerated, resulting in considerably di- minished unemployment and conse- quently increased consumer purchasing power. Retail trade, automobile buying and farm work are other lines tending toward seasonal expansion, although the full extent of their course immediately ahead is somewhat less apparent than it was at the corresponding time last year. “Varfation in authoritative opinion exists as to the outlook for business as a result of the decline in commodity prices. One line of deduction is that business prospects have been decidedly weakened, and that therefore a defin- nite. substantial rebound in business as a whole has been set farther ahead than otherwise would be the case had no protracted price recession in basic com- modities occurred. The conclusion from this viewpoint, of course, is that the in- come and purchasing power of impor- tant groups of the population of this| country have been adversely affected.” Graybar Electric Gains. NEW YORK, March 21 (#).—The Graybar Electric Co.'s gross volume of business for the first two months of this year exceeded that of the like period last year, and sales for the first 15 days of March were at about the same rate as in 1929, according to Albert L. Salt, chairman. 1851 “V\FF™ 41930 & UIFE INSURy @S\\pimfie’i:i 7 Muss,./,qf‘d‘ foi Business and Pr;feuiunnl Men Det: on Request for Construction Loans James F. Shea 643 La. Ave. NW. 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