Evening Star Newspaper, March 24, 1930, Page 13

FINANCIAL FINANCIAL TRADING 1S LIGHT NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 1 WHiCRSEvaw Libes WCES 10 0 SRR 10’008 ot ouly. Contl Insur (2.40). 69% 69 69 Sales of Each Stock Com; 3 M. 1 ~Prev. Stock and -fl‘—‘uu»rm' 3 o P 20 Pl o nz: DA N iemand - SAPETY. 1930.~ i i on Board. P oints Upward GROWTH, ol principal in resent e Abtiio: Power & Pas 7 Be- sa e « 3 : Market Again P p s ccially -u';a’fi fro unds FLEMING DIRECTOR First Mortgage Loans PR'BES RESUMED New York Reports Election of|, ‘,_m::.;’z"n"y":c.‘.'?.'; Dlvw-.nd Rate. Add 00 High. Low. _2:55. Cle 10 zun- Washington Banker to Serve TRUSTEED SHARES Seb ESTABLISHED 1899 INVEST YOUR FUNDS IN First Deed of Trust Not Final Session rist inds ana of organizations. Quarters Held Tpday. Pepco Featured. BY EDWARD C. STONE. The Washington Stock Exchange held its final session today in the Fif- teenth street headquarters furnished so many years By the American Security & Trust Co. Com- pletion of the mov- ing was to take place this after- noon and all ar- rangements will be finished in time to hold the first ses- sion in the new exchange in the ‘Washington Build- ing at 11:15 to- morroy Today's trading ‘was very light. Ap- rently the mem- s preferred to save up their big orders for the opening tomorrow when they can be recorded on the new quotation board. At today's session there was a small | turnover in Potomac Electric Pow- er 6 per cent preferred stock at 112. The corporation’s 515 per cent deferred changed hands at lfia‘ Two 100-share block.s of Real Estate Mortgage & Guaranty preferred were sold at 7, same as the last previous sale Twenty-five shares of Emerson's Bromo Seltzer, now quoted ex-dividend, came out on the board at 32!; In the bond division two $500 Wash- ington Gas series B bonds sold at 105 and two $4,000 transactions were re- corded in Capital Traction 5s at 95'; Columbia Sand & Gravel has been added to the list of local stocks now selling ex-dividend. Gatley 40 Years With Bank. ‘There are two very important dates this month in the career ot Albert S. Gatley, vice president of the Lincoln National. On March 8 Mr. Gatley had been unusually happily married for 37 years and tomorrow, March 25, he will have been with the Lincoln just 40 years. M the bank will be 40 years cld on | e date, Mr. Gatley has been | with thz institution ever since it was founded. He has not limited his inter- ests to the four walls of the bank, but has taken special concern in many out- side affairs, having been treasurer of ' the District of Columbia Bankers' Asso- ciation since—well, long before the Federal Reserve system was even talked of. Last Fall he was awarded a special medal in recognition of his efficient services to the organization. Few bankers are as regular at the ‘weekly sessions of the luncheon group and, fellow bankers say, few have a bet- Albert 8. Gatley. 8514 64% ADbItibi P& P pf (6).. 84% 84% 234 Adams Kxpr (160).. 89 85% Adams Exp pf (6) 28% 23 Adams Millis (2). 23% 11% Advance Rumley. 41% 22 Advance Rumley p! 141m 115 Al¥ Reduction (3) 4 21 Alr Way Bl Ap(2 1% Ajaz Rubber 99% Allegh'y C pf ww l* 89% Alleg C pf (5% )xw.. 6 954 Alleg Corp pf (5% ).. 23216 SEPX Atitea Ch & Dyécat) 494 Allls-Chalmers (3). . 28% Al Port Cem? (3) 18~ Amerada Corp 2) 6% Am Agrioul Chem. ., 77 Am Bank Note (13). 7 Am Beet Sugar. . 40% Am Bosch Magneto, . 46% Am Brake S8hoe:2.40) 8% Am Brown Bov Eles. 150% 117% Am Can (4)... 145% 140% Am Can pt (7) 8214 66% Am Car & Fdy (8) 116 110 AmCar&Fpt (7)., 99 75% Am Chain pf (7). 49% 6% Am Chicle Co (13% 914 Am Com Alco(n1 60) 3% Am Encaustic (2)... 5 Am European Ses 101% 82% Am & For Power. ... 110% 107 Am&Forn Pwr pf(7) 991 95 Am&Forn Pwr 3d pt. 35% Am lce Co (t4). 35% Am International (3) 30 Am La Fr & Foam pt 83 Am Locomotive 44 Am Metal (3). 65 Am NatGasof (1)..1 77 Am Power & Lt (31) 106% 100 Am Pow & Lt pf (6). 85% 80 Am P&L pf A st (5). 88 304 Am Ra&Std San1%. 34 20's Am Republics. .. 100% E0's Am Rolling Mill (3). 6 59 Am Safety Razor (5) 1% Am Ship & Com. 697 Am Sm & Ref (4). 421 Am Snuff Co (3% Am Tel & Tel (9) Am Tobaceo (8) . Am Tobaceo (B) (8). 1244 120 Am Tobaceo ptf (6).. llt!(\ ®8% Am Water Wks (nl) 8% Am Zinc Ld & Sm... £0% 694 Anaconda Copr (7). 273 224 Archer-Dan-M (2) 81% 74% Armour Del pf (1 6% 5% Armour Ill (A) 3% 2% Armour Il (B) ter appetite. At any rate; the end of the fourth decade with the Lincoln finds him in the best of health and very No doubt Mr. Gltl and the bank’s president, Floyd E. vis, will wln & host of congratulations tomor- A-.lul Tce Gains in 1929. e American Ice Co. in 1029 earned “,l'l 124, or $4.21 a share on its com- stock, as compared with $3,253,- $3.92 a share in 1928, according to ite annual report. Sales were $20,- 804,078, which compares with $20,772,~ 413 in 1928, mlk.lz: it the company's best year from a s as well as profit standpoint. Current assets are listed at $4,279,- 458, or 16 times current liabilities. Charge-off for depreciation and main- tenance amounted to $2,368,534, main- MAnu charges having been lowered low those of other years, due to the high level of nmcuncy to .which plants have been ht. Bonded debt de- creased $160,000, to $6,002,000 during the year. The company now operates s e e s = n arger c ud- ‘ashington, of the Atlantic sea- board. Several small concerns were ac- quired during the year and several new plants are under construs In his letter to stockholders, Presi- dent Charles C. Small says: “We have every reason to believe that t hnlthy trend in the company's ope: tions will not be in any way affected by the current recession in general busi- hess. Thh conclusion is based upon our Jong e: in other periods of in- dutnll decline, showing that the’ice business, being by its nature a basic service, is never disturbed.” Metropolitan Declares Dividend. The board of directors of the National Metropolitan Bank has declared the regular semi-annual dividend of 5 per cent, payable on Aprll 15 to stockholders of record April 5. The books will be closed from Aprll 5 to 14, inclusive, President George W. White announces. At & meeting of the board of directors of the Lincoln Investment Corporation, held at the offices of the company in the American . Building, it was voted that the regular quarterly dividend of 11, per cent on preferred stock mn.- standing as of March 22 be sl stockholders of record. A dividend ef 25 cents per share was voted on the common stock, The dividends are pay- able April 1. Local Banks Cut Down Loans. Continued liquidation of loans by member banks is reflected in the weekly statement of the financial condition of the Federal Reserve Bank of Richmond, issued by Governor George J. Seay. ‘The bank's gold reserves amount to $100,496,000, whereas Federal reserve notes in actual circulation total only I’N 360,000, the bank’s ratio of total re- serves to deposit and note liabilities combined being 78.17. ‘With the ease in call money and the Jowering of the Richmond bank redis- count rate from 4!, to 4 per cent mem- ber banks are amply able at this time to finance business needs without bor- rowing from the parent bank, the week- ly statement indicates. Club to Entertain Bankers. The Security Club will present “A Lucky Break” at the Langley Junior High School Wednesday evening under direction of J. J. Hoffman. The com- mittee in charge consists of Paul L. Vanderbilt, chairman; Miss Francis H. Carrick, Miss Clara L. Gainor and Miss Augusta E. Butler. The play will be repeated Thursday evening at the open meeting of Washington Chapter, Ameri- can Institute of Banking, at the same place. Heard in Financial District. ‘The McCrory Stores Corporation re- 1929 earnings as $4.20 a share on combined common and comms class B stock, as against $6.17 a lhll'! in 1928, Arthur Foraker, manager of the local office of Eastman, Dillon & Co., was bu:k at his desk wdiy after a two vacation in Florida. Tha Federal Reserve Board reported today flllt industrial uction in- creased in February, while the number of workers employed in factories was about the same in January. Wholesale commodity prices continued to decline. Money rates continued to dennm A, 3 “Book” Farmers Increase. LINCOLN, Nebr, March 24 (P.— ase over 1928. Standard ledgers on produc- #ion and costs and profits are dis- tributed by the Unlvenuy of Nebraska. 240% 219% Atch T& S Fe (10). 102% Atch T&SF pf (l). 4914 364 Atl Refining (13) 106 81% Atlas Powder (4)... 34% 314 Atlas Stors Corpitl) [ 25 15 Autosoles Corp 48% o7 Auto-StSatRA s 4% Aviation Corp Del. 38 30% Baldwin,Loco (1.15), 116 111 Baldwin Loco pf (7). 121 115 Baltimore & Ohio (1) 8% 63 Bang & Aroos (33). 20% 16% Barker Bros(2).. 8% 0% Barnsdall A (3). 164 13 Beacon Oil. 82 674 Beatrice Cre T04 +60% Beech-. S 4% elding: Heminwayc, 854 80 Belg N Ry ptpt 48 32% Bendix Aviation (3), 26 A»s. 344 31 Best & Co (2),..0 106% 92 Bethiehem Steel 1221 Bethlehem Bt pf (7). 20 22% Bloomingdale Bre ¥4% o7 Bohn Al & Brass 334 274 Booth Fish 1st pf. 74 60 Borden Co (ki) 47h 324 Borg Warnmer 112 %9 Boston & Maine ( 18 1a% riges Mfg.. 29% 21% Briggs&Stratton (3), 16% 13 Brockway MT.... 8% 63 Bklyn-Mannat (4). 178% 131 Bkiyn Union Gas (5) 13% 10 Brooklyn & Queens 13k 9% Budd (EG) Mfg (1) 14% 8% Budd Wheel (1). 60 29% Bullard Co (1.60)..4) 34% 264 Bulova Watch (3)..4 108 99% Burns Bros A (8) 27 222 Burns Bros B b1% 48% Burr Add Mac 48% 36 Bush Termni (3%) T ) 102 0l Byers (A M), 774 66% Calit Packing ( 2% 1 Callahan Zing 89% 74% Calumet & Ariz (§) 33% 26w CalumetkHec(adp). 27% 19 Campbell Wyant (2). 6% 63% Canada Dry G A (5). 226% 187% Canadian Pae (10)..: 59 27 Cannon Mills (2.80, 27% 18% Capital Adm (A) 204% 1924 Case (J 1) (6) 54 Caterpilir Tra ¥% Cavanagh-Dobbs. 35 Celotex (3). 23% Cent Aguirr 0% Cent Alloy Steel (3). 34% 31 Cent Alloy otts (2).a 315 2764 Cent RROLN J (112) - 7% 3% Century Rib Mills... 65% 57% Cerro de Pasco (6) 15% 11 Certain-teed Prod. 36 Checker Cab (4.40). 237% 203 Ches & Oh10 (10)...0 6% 63% Chesapeake Corp (l) 6% 4% Chi& Alton....e. 5% Chi& Alton pf. 14% Chi & East Il 86 Chi& Kast 111 pf. 12% Chi Great Western, 84 ChiGreat Westn p: 22% Chi Mill St P&Pa 3% Chi Mill St PAPas 89% ¥4 Chicago W 5) 140 138% Chi&N W ut ) 86 22 Chi Poeu Tool. 125% 114 cnuu.rnl 67% 57% Childs Co (3. A:k 33% Chrysler Ccrl 4 104 38% 33 Clark iiquipment (3) 3 37)4 91% Cluett-Peabody p£(7)200s 100 178% 133W Coca~Cola (8)....eee .5 172% 63% 60 Colgate-Pal-P (234). 35% 14% Collins & AJkman. .e 61 36% Col Fuel & iron (3) 95 83 Colo & South (3) 96% 70% Col Gas & £l (2) )fluom Col Gas & El pt A(l) 24% Columb Graph (87¢). 199 168% Columblan Carb (16) 39% 43% 26 55 9 4% 27% Comm Solvents (31). 18% 12% Comwlith&Sou(6fe). 101% 99 commllfllvf(’)-. 50% Conde Pub (2). 19% 8 6 45 Con.rnuctr "l*). % Conley Tinfol] sta. 99% Consol Gas NY pf(8) 49 Consol RR Cub pf(8) Consol Textile. . 12 Container Cor A 1.30. 44 Container Corp Bu..: B4% 2 18% ang 99% 93 1043 79 Corn Prod pf (1). Coty. Ino (k2).. C eam of Whl('ll) Crucible Steel pf (7) Cuba Cane Products. Cuba Cane Sugar. Cuba Co....... Cudahy Packing (4). Curtis Publish pf(7). Curtiss Wright Corp Curt Wright Corp A. Cutler-Hammr(3%). Davison Chem. Diamond Match (8). Dominion Strs (1.20) Drug Corpn (4) Dunhill Inter (u). Du Pont de N (14.70! Dupont d N deb (6).. Estn Roll Mill(ht2). Eaton Axl, Elec Auto Elec Storage Bat (5) Elk Horn Coal Elk Horn Coal pf Liquitable Bldg (3%) ErieRR.... . Erie R R1st pf (4). Erie R R 24 pf (4). .0 Exchange Buf (1%). 20 Fairbanks Co. Fairbanks Co p! Fash Park Asso Fed Wal 8. A (e i‘ld Pho Fire 1(3.60). DT(‘%). tons T&R pf(8) First Nat Strs (3% ). Fisk Rubber. Fisk Rubber 18t pf, . Follansbee Bros (3). Foster Wheeler (3) .. Foundation Co..euue Fox Film A (§4).... Freeport, Texas (15) Gabriel Snub A. rd mn CIgAr (4)....000 Gen Eilectriec (1.60). Gen Elee spee (60¢).. Gen'l Food Corpn (3) GenGas & El (A)... Gen Gas&El A n-l). Genera! Mills (3)... 2). Gen Publie Serv lbfl Ry Signal (5)... Refrac (14%).. Gen Theat Equip vts Gillette Saf Raz(né). Gimbel Broth Gimbel Bros pf (1)., Glidden Co (h2) Gobel (Adolf) Gold Dust (24%) Goodrich BF (4). Goodrich pf (7).. golhlm Silk H (2%) Grand Stor pf (8%4). Grand Union. . Grand Union pf (3. Granite City St (4) Grant (WT) (1). Grt North pt (| Grt North pf et (5). GtNetfsOP (a3%) Grt West Sug (2.30). Grisby Grunow. Guif Mo & North. Guilf Mo & N pf (6).. Gulf Sta Steal (4) Hahn Dept Stores. Hahn Dept 8 pf(l") Hall (WF) Ptg (m1) Hartman Corp B 1.20 Ha: Bod: Hershey Choe nl('l) Hoe (R) & Co, Holland Fur (.'l‘). Hollander & Son. ... Houdaille Her B (2). H'hold Fin pf (13%). Household Prod(14) Houston Oll....,. Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Manh pf(5). Hudson Motor (5) Hupp Motor Car ( Illinols Central (7)., Independ O11 & @ (3) Ind Motor Cnl . Inspiration (4). Insurance Shars ¢5e. Interboro Rap Trun. Intercontinental Rul mb Eng Intl Harvester (3% Intl Harv ptf (7).. Int Hydro E1 A (e3). Intl Mateh pf (4)...3 Intl Mer Marin m; t (6) Intl Stlver pf (7). Int Tel & Teleg (2). Inter Dept 8t (3).... Investors Equity(3).. Island Creek Coal(4) Johns-Manviile (3). 117 Jordan Motor Car... K CP&L 1st gt B(6) llDl €an City Sou n . Karstadt (R) (1.02). Kaufmann)D 8 fl“) Kayser Jullus (4),.s Kelly-Spring Tire. .. Kelly Spring 8% pf.. Kelsey Hayes (2). Kelvinator Corp Kennecott (5). Kimberly-Clank Lee Rubber & Tire. . Leh Port Cem (334), Leh Val Coal pf (3).. Lehigh Valley (1434) Lehman Corporation Lehn & Fink (3) Liggett & Myera(15) Liggett&Myrs B(16) Liggett & My pf (7). Lima Locomotiv After Early Period of Uncertainty. BY STANLEY W. PRENOSIL, Associated Press Financlal Editor. NEW YORK, March 24.—Bullish forces regained control of the price movement in today's stock market after an early period of irregularity. Resumption of big-scale pool operations lifted & score of specialiies to new high records, while gains of 1 to 3 points were scattered throughout the general list by early afternoon. There were & few soft spots here and there, Mont- gomery Ward and American Locomotive sinking to new low levels, but they failed to cut much of a figure in the day's proceedings. Call money held steady at 4 per cent. with no immediate indications of a change in rate. A nominal calling of loans was reported, but these were re- placed with new funds. The summary of business conditions published by the National Business Sur- vey Conference, even though it made no definite predictions of future trends, had a cheerful effect on speculative sen- timent. While current business in many lines has been disappointing, operators on the long side appeared to take the position that the recent decline in se- curities values generally overdiscounted whatever trade recession has taken place. Vanadium Steel was one cf the spec- tacular performers in today's market, soaring 12 points to a new high at 117} in ‘hnt appeared to be a “technical corner” in that issue. Houston oil was marked up more than 8 points. Foster Wheeler advanced 7 to 82 and Worthington Pump, International Com- bustion preferred, United Aircraft, New- port Co., United Carbon, Warner Broth- ers Pictures and Vulcan Detinning were marked up 3 to 6 points, all at new high prices for the year. New peak prices also were registered today by Bendix, International Nickel, Pacific Lighting, American Bank Note, U. 8. Realty, Colorado Fuel, Kelvinator, ‘Anchor Cap, Simms Petroleum, General Asphalt, 8 andard Oil of New Jersey, Texas Gulf Sulphur Sefvel, Paramount Famous Laskey, General Rallway Signal and Ajrwa; ectric. Johns Manville and Western Union, which broke 5 points each in the early trading, recovered their losses by early : | afternoon. Montgomery Ward also re- covered its early decline, and was in brisk demand above 40. Safeway Stores sold down more than 2 points to within a fraction of the year's low. BUSINESS HOUSE IN ORDER. Progress in the establishment of better business standards is reflected in the gathering momentum of the trade prac- tice conference movement which, ac- cording to the trade relations committee of the Chnrnber of Commerce of the United States, is iow in full headway. During the past year 50 such confer- ences were held and rules were adopted by a wide range of industries looking to the abandonment of business prac- tices which were a relic of the old da! when anything was fair from a com- petitive viewpoint. The indications are that during the current year the number of trade prac- tice conferences will be larger than the preceding year. Organized business is now directing its attention to methods of enforcing the rules agreed usmn and giving full force to this mew merchant which is gradually being for- mulated. CRUDE OIL I;EODUCTION NEW YORK, March 24.—Production of crude ull in Californfa during the week ended March 22 averaged 643,900 barrels daily, a decrease of 2,100 bar- rels from the previous week's average. Special Dispatch to The Star. NEW YORK, March 24.—Robert V. Fleming, president of the Riggs Na- tional Bank, Washington, has been elected a director of the Fidelity In- vestment Association. Mr. Fleming is the father of the present system of set- tling clearing house balances in Wash- ington, whefeby payments in _cash are eliminated and settlements effected by telegraphic transfers through reserve accounts in the Federal Reserve Bank of Richmond. Have You a Hobby? ... OURS is clothes . . . and we've made it our business, too! . . . Rogers Peet clothes ... and all the fine accessories that go with ’em . . . . .. we've been riding this hobby for a long time, and we flatter ourselves that we can speak with author- ity on the subject of what’s good and what’s correct to wear . . . make it YOUR hobby to wear Rogers Peet clothes . . . it's a great habit! Rogers Peet Suits 845 to 8§75 Scotch Mist* Topcoats $60 and $65 *Rey, U. S. Pat. Off. Meger’s Shop 1331 F Street We Solicit the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED THE DAY RECE Our Rental Department is Most Ccmpletc and Efficient. We offer co-operation at all times in the solution of Ownership Problems, such as refinancing your mortgage, tepairs, insurance, etc. RANDALL H. HAGNER & COMPANY, Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 Bring Your Insurance Problems to Us Every Kind of Insurance Written Engineering & Inspection Service STATEMENT OF CONDITION Patriotic Insurance Company of America £ reulied sy e Biutict” ot Columbia Code, amended June 30, 1902, and August 18, 1911, $200,000.00 ! 200,000.00 . $145,007.56 1,750,517.50 ‘Total assets LIABILITIES. Net umpaid claims .. " $106,381.00 AW 901,203.57 41,300.00 Qe ol B OSWALD 'h!.u‘ -“lhh.fl’"lbm'h‘I .n.d. P!hr ar s L JOHNY ‘h HRROW ZpE- HEPL HEH-a-SED STATEMENT OF CONDITION New York Fire Insurance Company of New York On the 31t day of December, 1029, Col: bll COHQ a l’lfllf""lc‘ ; nm“'.nd ‘August. 18, Ti 1911, Capital stock Capital stoc ‘Gah ofoe™ . :in;a Real ':‘.z';'z“. e ket nfln 3,048, .00 il recotvab 1,371.65 uncoliected of Total assets LIABILITIES. Net unpaid ciaims 118,763.06 Reserve as require 387.711.48 500,000.00 Character_of business t auFing ‘the vear To80; prre ettt T [ N P lxunduu during the year 1920 . v?u“fl',*fi‘;"“ .19 [} i nt Sgcretary. Subseri] worn' to_before me this 2st &y of br.llar! ny i Not Publi X nn! “" nk Jhrehx xo, 1 ‘ d 'fin':' Yo k%o lilr. ?&%flhm eXires “March J. Leo Ko Insurance Acency SINCE 1902 1237 Wisconsin Ave. West 0002 923 New York Ave. District 5027 ‘William J. Burrows, Manager Member of the Insurance Club of Washington Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Building. Bemng 61,9 Interest’ o', Denominations of . $500.00 and $1.000.00. c.m...u WELCH Realtors Loan S; e--l 15th & N. Y. Av R, National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—Oldest National Bank in District of Columbia—1930 Has It Been —since your Will was reviewed? marriages and changes may important alterat the document. Births, other suggest ions in {f Our Trust Dept. in- vites conference about Wills out ‘obligation. and fiduciary matters, entirely with- 39, on Savings /\\\t - //\\ We appreciate the value of promptness in the matter of real estote loans and have made this a very special feature of our service. Our wide experi- ence and splendid equipment permits us to accomplish speed without sacrificing efficiency in the least degree. Thousands of 3, 50r 10 Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates & Charges BOSSEFHELFS: Founded 1907 Loan Correspondent John Hancock Mutual Life Insurance Co. 1417 K St. National 9300 People —have inquired about the Metro- politan Life Insurance Company Loan Plan and we have loaned mil- lions of dollars on Real Estate to many applicants. WHY? Loans for Fifteen Years Reasonable Terms Low Interest Rates CONSULT US EAVER BRO REALTORS 809 15th St. N.W. District 9436 Mortgage Loan Correspondent Metropolitan Life Insurance Company We invite applications for First Mortgage Loans at 1% on residences and small bus- iness properties in the Dis- trict of Columbia and near- - by Maryland suburbs . . « Lower Costs, Long Term (if desired), Valuable prepay- ment privileges, Three years loans on newer properties without amortization. o3 H. L. Rust Company 1001 Fifteenth Street National 8100