Evening Star Newspaper, March 25, 1930, Page 14

“LARGEST BANKING || NEW YORK STOCK EXCHANGE | FINANCIAL. THE,_EVENIL (Cont PFrom Page ~Prev. Stockana Sales— . UNIIS Nflw |N U- S- R et High Tow, _ Dividend Rate. Addog mub. Loy, 338 Close. ~Prev. Stockana Sales— 3% 2 - ah Low " Dividend Rate. Add00 High. Low. 2. Close | 12% 7t Servel Inc... L. 314 13% 12% 12% 124 o 7 12 % Mallimson&Co..... 10 1% 114 104 17| 3o 224 Sharon Stesl £ (3. Ll 3% 3k A i : . 864 25% Man Elec Supply. ... 48% 36% Snattuck(FG)( v ~+First and Second Institutions| oy 3ox Man Eiev moa (@8.. 1 837% 37 37 38| 2374 21 Shell Union (140)... 34 2% 23% E23% 23% iy 55 3vi Marlin-Rock (14%).. 1 5216 *52% 524 "B1%| 1044 100 Shell UnOil pf (53%) 7 108% 102% 108% 102! L in World Located in | g, 8% Mt bont e e o i 48 40 42 0 % on Motor (3).. L 3 % ™ W - 0% 375 Mathieson AIKIN (1) 143 49% 4T 48% ATM| 28% 2is SinclatrCon Oll (3)s 2% 28 8! 8 nider In; "Sz g }3“ :; ::& ‘8;% 36%— 233 Bn;dnmllin""‘ 4 35 108 95% Solvay Am In p! eosintmodiohhsrmaunen 5% 15w Mengel Company ¢ 3 21% 19% 21% 19%| 30% 24% So Por Rico Sug (3).. 2 Bpecial Dispatch to The Star. 33% 164 Mexican Seaboard... 266 33% 32% 324 34%| 65% 56\ Southern Cal Ed (2) 8 - NEW YORK, March 25.—Wiggin.| 33% 26% MiamiCopper (4)... 2 30% 30 30% 30 127 119% Southern Pacific (§). 3 McHugh, McCain, Aldrich are the “big | 74% 53 Michigan Steel 13%). 13 73% 72% §72% 72% | 136% 1234 Southern Rwy (8)... 7 ~ four” in the $2,800,000,000 Crase Na-| 31% 231 Mid-Cont Pet(2).... 97 31% 30% 30% 314 | 135% 90 SouRyM&Oct(d). 1 tional Bank. 24 % MiddleStatesOllet. 2 1% 1% 1% 1%| 45 33 Spalding(AG) (3)... 3 Before the recent merger the Chase| 53 37 Midland Steel (3).... 1 47} 46% 46% 47%| 33 19% Spang-Chalfant...... 27 National Bank was the sixth and the| 110 90 Midland Steelpf (8). 3 106 106% 106 107% | 22% 13% Sparks Withngta(1). 7 ** Equitable Trust the twelfth among the| 4% 3% Miller Rubber...... 7 5% &% 5% 4% | 364 213 Spicer Mf 9 thirteen $1,000,000,000 money organiza-| 76% 61 MinnHonReg(13%) 1 73 78 78 7T4W| 44% 39% Spicer Mg P (... 2 . Home'in existence. When the sixth and | 22% 12% Minn Moline Pwr.... 83 23 21% 22 22 | 52 35t Splesel-May-St (3).. 1 4 4 0's 40! T welfth merged, it made the Chase| B5% 50 MStP&SSMpf... 1 54 B4 54 55w| 291 22% Stand Brands (1%).. 63 244 28% 28% 24% LR biggest bank in’the world, with an- | 62% 46% Mo Kan& Texas..... 59 62 61 62 60%| 74 5 StandCommTob.... 1 6 6 6 n e v Yotk Bank, the National| 1084 103 Mo Kan& Tex pf(1). 4 1075 1074 1073 107% | 124% 109% Stand Gas& E1(3%) 26 114% 111% 111 114% « ity second. Two London banks, the | 145 134 Missouri Paopf (5).. 1140 140 140 1404 | 66 64 BandG&EDf(4).. 6 6% 65 634 6O a0 0d Tloyds, are third and| 40 25 MohawkCMills(3). 3 25% 26% 25% 25| 15 10 StandInvestCorp... 1 13% 13% 134 13 fourth with fifth place held by the| 60 48% MonsantoCh (§1%). 56 54% 56 56 | 65 b5 Stand Oof Cal (33%). 131 67 ~ 64% 66% 64 Suater Trust of New York. 49% 38% Montgomry Wrd (3). 120 40% 39% 39% 40 | 102 98 StandOil Exp pf (5. 101 101% . Ot What about the men who direct | 13% 46 13% 13% 13% 13% Stand O1I N J (13). - its banking policy? Albert H. Wiggin, 62,| 72 § 5’;“ ;‘ 6'11, 8 ; ‘chairman of the governing board and & 2 2 e . 1% ks . preacher’s son, was born at Medfield, | 7% 4% Motor Meter G & B.. % 6% 6% 6% |, 14% 12 Sterling Seo pf(1. Thic ek oL Masa. went to work eatly and has been| 32, 308 Moipr FURS (et 3 Ion Dok ok ot| 4 S armer Bak) 4 4D 05 4ok 41 ~ i ul . 1 S ‘g:}z’i'gngfei;-‘:hfi he Joimed| J4i 18 MurrayCor(bi%stk. 18 21 2114 215 21%| 108 77 Btone& Webs 26 98% 97 9Tk 95% : g’;e bt $56,000,000. To this aggressive, | 49% 35% Myer(FE)&Bro(3). 41 49% 48 48 49%| 47 40% Studebaker Co (5)... 31 ax 41& i a1% arbitious man must go much of the| 5gi, 45% Nash Motors (6) 19 4T 46% 46K 4T% % % Submarine Boat. 5 P 00, e ' credit for the Chase’s leadership. A| 261 18% NatAcme (1% 10 24% 244 24k 2414 z ol &b member of 16 clubs, a hard worker when| 22% 11 Natl Air Trans, 132 234 21 22% 22% © 26% 23% 2 he works, Mr. Wiggin is widely known ;g? 7?" N.usxieu. !.H B sg ;5% éé% !ll;k ;;* o AR T Tiked. W scuit, n (2.80). 62 3 mgot:’x:uMcHuzh. 64, born in Bellville, | 31, 65% NatCasb Reg,A(t4). 157 664 64 64% 64 16% 8% Symingion (A).. 5 1§‘/j :4% :;% ::7‘ Canada, immigrated at 26 to the United 40 624 514 Bl% 5i%| 16% 13 TennCop&Ch(1)... 13 16w 18% 16 154 States. He gained his early banking ex- 6 21 20% 21 201 57% 60% Texas Corp (3) 73 68% 5_7’& T s perience in Ioya as president of the 3).... 15 5% 35 85% 35% | 67% 54% Tex Gulf Sul (4). 48 6674 65% b_s:? fi;"h 4 Pirst National Bank, Sfoux City. 3314 27% Natl Enameling (2).. 1 20 28% 29 29%| 141 8% TexPC&O (b10%). 17 13% 13 134 ;w Fifteen years ago he left Towa to be- | 18914 137 National Lead (t8).. 2 176 176 176 1781 32% 13% Texas Pac Land Ti 408 31 29 fq' 0% © come president of the Old Metals and | "473% 32 NatlPwr&Lt(l)... 49 46 44% 45 45%| 26% 19 Thatcher Mg (1.60). 2 26w 26% 26% 254 Mechanics Bank in New York. When it| 11~ "4 NatlRadiatorpf.... 1 6% 6% 614 b5u| 44% 40% Thatcherpf(3.60)... 1 44 44 44 44 merged with the Chase, he became 1% 1 NatlRysMex2dpf.. 12 1% 1 1% 1%]| 32 26 . 2 20 28% 8% 31‘ president. Now, one of the solid bankers | 983 701 NatiSurety (8)...... 4 964 954 951 95% | 47% 364 ThompsonJ R (3.60) 2 420 4l ;én 55,": “% of the Street, he continues as chairman 1116~ 116 116 115 88 33% Thompsn Prod(2.40) 2 35% 3b6% % 35 of the executive committee. L~ 6 83 324 324 82| 17% 11 ThompsonStarrett.. 93 18% 174 18 174 Charles S. McCain, 46, born at Pine | 323 26% Nevada Copper (3).. 16 29% 28% 29% 28%| 48% 40 Thomp-Starpf(3%). 6 49% d48% 49% 484 _BIuff, Ark., received his early schooling| 80 51 NewportCoA (3). 5 8 85 85 80 | 16% 10% Tide Water Asso60c. 119 154 15 15 15 “at Little Rock, graduated from Yale in | &7% 40 NewtonSteel (3).... 1 56% 54 555 53%| 84 78 TideWatAssopf(§) 2 89% B83% 88 82% ""1904, and was a Phi Beta Kappa man. 444 N Y Alrbrake (3.60). 1 44% 44% 44% 45 | 23% 19% Tide WaterOfl (80c). 1 24% 28% 24% 23 He returned to Little Rock and advanced 82 188% 187 187 1874| 91 86% TideWaterOflpt(s) 1 90 90 90 89 ““to the presidency of the Bankers' Trust § fl: }:;“ }39 140 ::% 14% Timken Det Ax(30e). }é ;;\t ;Zt ém ;;% Co. there. He entered New York as 10 109 | 8 N vice president of the National Park 5 N 2 42 41 42 43u ) Lo o Ban became its | 1274 108% N L7126 124% 125 125% | 114 1 % tient R 35% 122 NYNH&HDf(T).. 21844 13¢ 134 13¢ | 20% 16% Transcontl Oil(30e).. 220 20% 20 204 20 P ome one has said that when the| 16 134 NYOnt& West..... 1 154 18% 15% 15 | 28% 16 Transue& W (1).... 34 28 25 205 207 Chase merged with the National Park| 4% 2 N ¥ Rallways . 1 214 2% 216 21| 41% 30% Trico Prod (3% 5 38k 37T% 38 37 «it gained two important assets—money | 123 ~ 93% North Am(bl 92122 120% 120% 121 | 22 16 TruaxTraer(160).. 3 18 184 184 ‘19 and McCain+ This Southern banker [ ®5% 51 North Am pf (3) 1 55% B5b% 55% 55%| 374 38 TrusconStl (g1.20).. 2 37% 35% 36% 35% moves into the chairmanship of the( 104% 100% North Am Ed pf (8 1 104% 104% 1044 104% | 138 97% Und-Ell-Fisher (8).. 6 130 127 128 130% board of directors of the new Chase| b5zik 45 Nor Ger Lloyd( 3 b3% 58% b58% bsla| 16% 10 Union Bag& Paper.. 2 13% 13 13 13% Bank. 97 84 Northern Pac (5). 2 93% 93% 93% 94 | 100% 76 Union Carbide (2.60) 271 101 ~ $9% 100 98 ‘Winthrop W. Aldrich, 44, son of the| 96% 8214 North Pac et (5) 1 931 93% 98% 93%| 47% 41% UnionOllofCal(33) 8 46% 46 46 46 late Senator Neison W. Aldrich of Rhode | 2 % Norwalk Tire & Ri 9 24 1% 2 1% | 237% 215 Union Pacifie (10) 6 239% 237 237% 236 Island, brother-in-law of John D.| 15% 9% Ofl WellSupply..... 6 134 13 13 13| 85% 82 UnlonPaciflopf(d).. 2 26 86 86 855 Rockefeller, is a Harvard graduate in| 59i. 134 Oliver Farm kquip.. 28 29% 28% 28% 28| 36% 33 UnlonT'kCar(160). 1 34% 347 34% 35 both arts and law. He came to New | 44% 31 Olivr FrEQovpt(3). 5 44% 43% 43%. 441 | 84% 434% uwnreuna'rr;n- 22; 2 ;al' “‘,‘. = York in 1912 and, except for a year in| 5% 2% OmnibusCorp...... 39 7% 6% 71 8| 75% 56 Utd Atrcraft&T pi : s,s T th: Army, he has practiced law ever| 20% 46 OtisElevatorn(2%) 6 784 76% 77 78| 50% 36 Utd Bisouit (1.60)... 4 z« 46 don since. He is a director of many corpora- | 36 30% OtisStee] (33%)..... 13 34 TN 0 K % tions, particularly of raflroads. Among| 60% 524 Owens 1l Glass(né). 2 sa ity e e these railroads may be mentioned the| 16y 7 pacific Coast, 4 4h s 3ve 0w Western Maryland, Western Pacific and | 707 gou pacitio Gas & i 18w Blw sia gL Denver & Rio Grande. But more intl- | 100.* 75" pacific Lighting 3+ RRCE O mately, Mr. Aldrich. who becomes 18| 1% 1 PacifoOilstubs.... 6 1% 1i 14 16| "0 31 UtdGasa Imp(ii) 114 39% 3su 384 39k SR T iy | g 18w Packard Motor (1).. 115 23 23% 2% 23%| 1o 97 UtaGas&Impf(b). 1 99% 994 99% 1004 efeller interests. -Am Pete B, - PO his record aggregation of nearly $3.- | i s Pannandle b4 K L] 1 000,000,000 of banking resources—what | o1 4715 Panhandle P & R pi 1 2% .28% 2% 2% does it portend? How big can banks| 74 48y Paramount-F-L «4). 50 20% 29 29% 29 grow? Prancis H. Sisson of the Guar- 25 Park & Tiifora (33). s anty Trust Co. probably answered it as 2 S8k 874 884 8T Yo e e 68 107% 105% 105% 105% R e e &Fdry (2). 18 33% a2 33% 3 Growth in size is accomplished only ::l“ D;’(l " el Y o 32% rough growth in the work to be done.” f e Fhe talk one hears, there are ‘many more bank mergers in the making. P e L 80 63% Penney (J 5) (3) «A specialist in apprehension” is what | “9g 931 Pen (J C) pf A (8| one financial editor calls Representative | 1 6% Penn DixieCement.. 15 107% 10% 10% 104 McFadden of the House committe on 2 52 504 52 56 banking and currency. 85l T2% Penn: 58 B4% B4 B4 B4 When Thomas W. Lamont, Morgan| 313 230 Peopl 8317 309y 317 309 er, announced that about one-| 20y 18% Pet 1 18% 18% 18% 19% !nur'.h of the $300,000,000 of rem 43% 38% Phel 5 43 42 424 43% bonds, ‘when issued, will be sold in the | 1g5, 11m 2 b 1l 3T ITAL 3210 264 Virginia-Car 6% p United States, Chairman McFadden re- | 275 24% Phillips-Jones (3) 1 24% 24%° 24% 243 . S oined that he believed such bonds to| 151 8% Phillp Morris (1). 1 12% 12% 125% 12%| 80 51 w-::: ol “legally defective.” 38% 29% Phillips Petrm (n3). 43 38% 38% 38% 38% §7u 8 nl ,,,' tas 8 87 Here is Representative McFadden's| 13 10 Phoenix Hoslery.... 1 14 14 14 1zs| 23% 244 WaldorfSysum (1%) 6 2% % 2 reason for thinking so: 26% 21% Plerce-Arrow A..... 1 25% 26% 25% 25%| 40% 26 wor "’ S i 30% dox 394 The German reparation bonds to be| "2, "1 Plerce Otl 28 28 2 2 2| 14 44 WardBakingB..... 13 1% 10k 10 10% sold are & tax upon railroad gross re- 1% 20% Plerce Oil 4 37 87 37 371 | 8% 58 Ward Baking pf (7). sm :Z, 69 T2 681 ceipts. But the German Reichstag has 6% 2% Plerce Petrolt 124 6 5% 6% 6 T8% 38% Warner m.:’k.uo). 80 A_s'/. T % T fio power 10 pledge the raflroads, because | 714 33} Pillsdury Flour 133. 1 334 33 83% 33w | S8 = 36% WarBroaPof(330) 5 68%' 68 654 68 they belong to the German states, and | 50% 45 Pirelliof Italy(3.14). 2 47% 47w 473 47| 20% 16% Warner-Quinlan (1). 37 19% 184 1 18% the states never have consented to the 1 61% 61 61k $7% 1:;:: lgu zm:;tr;‘a)( . fi‘. lgg’, 1:;». 1:5». 12;5. ent, So German courts “ 2 21% 2% 214 21 4 2%, 327 cancel such confiscation authority and | 210 20% Pittston Company... 15 22w 22 22 22 8% 64 Webster-Eisanlohr.. 3 7w 7 7 6 the bonds, when issued, will be subject| 3e% 27% Poor&Co(BY (D). 2 324 31N 3In 1% e o TR R udiation.” 76w 59% P Rican 24 . 4 " “::gemm. if true. But these bonds| 27 12 PRicanAmTo(B).. 42 26% 26% 26% 26 4 do mot depend exclusively upon the| 103 97 Postal Tel&Cpf(7). 1 102% 102% 102% 102% railroad receipts, becausc “the basis of | 521, 45 PrairleOll&Gas(3). 2 49 49 49 48% security for the payment of the annul-| 60 54' Prairte Pipe L (16).. & 56 556% 66% b6% 219% W ties is the solemn undertaking of the| 16% 7% PressedSteelCar.... 6 144 14 14 14% - Westinghse 4 B (2) German government, to which no fur-|.70% 52% Proe& Gamble(2).. 3 68% 68 681 68% 195 Westinghae TAM “; N ther guarantee can add anything what-| 11% 6% Prod & Refin: 7 1% 10% 10% 11 s 29% W m.‘n 150/02) < soever,” says the Young report. 104% -81% Public Serv. N 8071081 D1% 101% 20z4| "I ISR ASEMINERIANE) .. 3 Granting Chairman McFadden's po-| 97 92k PubSve NJ of (6 S s P e TR sition in regard to railroad receipts, the | 112% 106% Pub Sve NJ pf (6) 1 111% 111% 111% 111% 3% 31 w:”‘l:‘;“m"‘:hfh ~ ‘ 4 bonds to be offered are a direct obli-| 130 121 PubSveNJ.of (1) 2 130 180 130 130w |, gi% T3, WRHS BOGRNLT 16 Seve b3t o gation of the German government and | 1555 143 Pub Sve NJ pf (8) 11563 153 163 153 13 T4 White Sewn . . “‘: o 3 are just as valuable as any other obli-| 9% 81% Puliman Corp (¢) 3 82k 82 B2k 82| g u“:h""’“; ! & ";a ;q». 11% gation of the German government itself, 8% 4% Punta Alegre Sugar., b% B% 6% B%| 1o 111 Wilcox Ol & G:- s B B 5 364 d no more, 26% 21% Pure Oll (1%) . B3 24% 24% 24% 24% s 18 8 18 175 55 ) 8S% 74 Purity Bakeries (4). 4 77% 75% 75% 76 | 34% 21 Wilcox Rich (A)3%. 2 324 32% 324 32 Making progress! This is the size-up 26% 19% Wilcox Rich. B (3).., 3 23% 23% 231 2384 of the Julius H. Barnes report of the % wmyn-gvn (1.20).. A;I g:: 24. 9% ational Business Survey Conference, : % 6 % fi};suzd yesterday. Favorable a 2 11% 9 10% 9 Easy long and short term credit; an 2 5% 49% 5lw 48 increase in savings; life insurance; . 79 63% 6215 62% 62 building and loan activity. ¢ Worthington Pump. 107 134 129% 13215 128 A revival of construction in its mant ywyr:c:u A‘:'ronl‘u,llul ? gg:. gg gs., 58 fold forms has for a first requirement rigley Wm (. = " % 69 68% adequate and reasonably priced credit, 281 Rels (Robt) & Co bf. Towne (16). 216 ‘6 15 says Mr. Barnes. This is already here. 41% 25% Rem Rand (1.60). 37 23% 22% 22% 23% Some businesses, however, are not Up| 7.0 Jos Reo Motor Car (.80). 12 50 1'5’ 1“ 4 43n to the record of the preceding Year:| g™ 727 Repub ir & Steel (4). 1 2 147 144% 147 145 Building construction, carloadings, ship-| 75 72 Rep Irasti ctfs (4 3 Sasa T 0 Sk 9 % ping, telegraph and ‘cable, radio, coal,| - ', -4 ReynoldsSpring.:.. 2 6 &% &% 5% RIGHTS EXPIRE steel, automobiles, chemicals and textiles. | g, ‘49 Reynolds Tob B (3).. 44 B5% 55% b65% bbw| 2 % AmRoll M., Junel6 5 ‘1 1 1 1y lle newspaper advertising in 173| 55, 224 Rionfield Of) (2).... 22 27 ~ 26% 26% 26%| 2% % ChRI&P 2 1% 1% 1% 2 leading newspapers showed a decrease! 5., 161 RioGrandeOll (3).. 17 23% 23 23% 23% % % R e of about 8 per cent over February of 59% 447 Ritter Dent Mfg (18) 1 58% 56% 56% 58% 7% 3% P N last year, radio advertising shows a re-| gy 371 Rossia [no (2.20) 9 46 4d% 4d% 45% % W 9 W m“k‘mfiutfaY rygfe | '..?’a“‘ ‘;‘h‘é‘c‘;:lhe' 54% ' “49% 'Royal Dutah (8. 26 52% b2% b2% 624 P e 1aonom What about re o i RO 93% Safeway Stores(eb). 21 99 95 974 94% 9 S b etail sales in February 1253?/: 48% StJoseph Lead (13). 38 54% 521 54 62%| % ..April 192 3% 3% 3% 3% I A T, e March are less in | 115 107% StL-San Fran (8)... 5 115% 116% 115% 115 Sales of Stocks on New York Exchings. and the first half of March are less 18 100, ‘g2 St L-SanFranpf(é). 1 100% 100% 100% 100%| 1080 AM..e..o. 743.200 13:00 Noon......2.285.200 dollar value, but because of Tower-PUCNC | “egw 69 StLSouthwestern... 1 67% 67 67w 67| 1:30 PAL...... 8192400 310 PAL...... 3,530,500 s e . 31% 24% Savage Arms () 8 29% 29 29 20 | Dividend rates as given in the above tables are the annual cash e vy hepsive— | 13% 44 SehulteRetailStra.. 3 9 9 9 g |payments based on the latest Quarterly or half vearly eclarations. T et frank, even courageous, | 12% 9% Seaboard Alr Li 5 10% 10% 10% 10% | in"stock. '§ Bavable in scrid: {Blis b in stock. & Pasd iass b not eolored, but frank, even courage t] 14% 9% Seagrave (e1.20. 5 13% 13 13 13% | no r rate. b Payable in stock. J' ‘Payable When earned. e Pay- mzfpmi' b.Q'Q,‘."ms’.“u?&y'“.'fiafié' xrll;xw 00% 82V Sears Rosbuck ($234) 20 851 86% 87% 884 |sble in cash 'g&;m‘"ul. D % eh sk g Plus 6% 1o stock. > ; 205 % A n : Drogress in & much more substantial B Second Natl love_.- 18 2Li 20% 214 20%| 3oy i5 siodk” Pt s i Sk S aubien, '8 ek, m Piug way. (Copyright, 1930, by North American News- paper Alllance.; pointment of a by the|not adopted the system. An investiga- SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Offer Allis-Chalmers Co. 5s 1937 100% 101% T, 1. 5las 1943, 107% 108 Amerfel & Tel. Bhas 1043110 1oL 108 1 28 193 100 1M orp. 4128 1942, 93% 9412 1957, 0 100 © 100 Sieelocorty 1o%: 167 1oa lifornia ek orp. I, 3 1034, 9794 . 3 o 3 1937, 96Y% 97 9% 1 s Corp. 65 1937, 103 Corp, 55 1940 101% 85 1957..... 9513 Accep. General Petroleu m r T. R. 58 aoana X nada Gs 1936 Gulf O1] of 5s 1937... Humble Oil 5';s 1932, ternat. Match Corp’ ‘58 Nron. St StL & 0 B:‘nfl ra Oil 438 anda Jt . L., Ir. Mt. s 1931 1t §:“'; .”rclhig 4s 1932 o. Dhion OIf Go. of United Drus Co. 88 Western Electric 5s Wheeling Steel Cor. Wheeling Stéel Corp. . York 97 % 30 Ry 100% tern RY. 9 Reduction of pneumatic casls January of this year totaled 4,745,149, | OF according to the yubber manufacturers’| Teport on the desirability. association. This figure compares with 3,261,080 in December. 1929, and with 6,722,040 in January, 1929. —_— tates—Ci 3 ‘The Canadian International Pa Maryland, Montana, h’u tarted consts of & bom Wi on ‘Minnesota t mill at Gatineau, cost $1,000,000, Co. started plant at its news Quebec, which 92% | in 28 State in | ment of public old-age pension systems NEW YORK BANK STOCKS. NEW YORK, March 25 (#)—Over the counter market: BANKS. 4 85 iz 13 142 80, 82 v e 18 gfi:fn':enu Ni 140 143 City National. 245 247 Fifth Ave. 3500 3600 First Natio] ‘l:gg fllllg Harriman Natl B 185, Manbattan Co... OLD-AGE PENSIONS. Growing interest in the question of old-age dependency is reflected in the introduction and consideration of bills latures this year aim- ing either at immediate establish- the -appointment of commissions to | A report prepared for the insurance | committee o leh‘:chlmbel’ of Commerce of the Ul.ll!&ed Btlcle: lho!llxth.:fi klfl alifornia, Colorado, Kentucky, Nevada, Wisconsin, commission State of Massachusetts in 1907. Seven of the State laws grant to counties the option of establishing pub- lic pension plans which may be discon- n'r;uu‘i’ ‘-tl:er -dyevlvx'n trial. . nia, Utal t the counties is ll'lll'lydnlin“t s Many of the counties, however, have tion disclosed that, prior to 1929, out ‘202 cm;:;la in t'l‘u six Blhtes t.he: l;m?! ng pension systems only 5 - ried them into effect. el , » Whiff, ©Ohno, Cops and Looney. . STOCK AND BOND AVERAGES By the Associated Press. From Yesterday’'s 5:30 Edition. m‘l‘nyun ago. years ago, we High (1930). Low (1930).. o ponions, e Arth b Peves wiver toe *New high. STAR, WASHINGTON, BONDS IRREGULAR | == o BONDS o | AS OFFERINGS GAN| * | Wash Cons. Title Rising Market for Municipals Proves Feature of Day’s Trading. BY F. H, RICHARDSON, Epecial Dispatch to The Star. | NEW YORK, March 25.—While the bond market has not reached the point where it could be said there was an oversupply of new issues, the offerings of the past 10 days have reached a respectable total and the addition of another $28,000,000 today, combined " with a stiffening 1n time money rates— which now stand around 4 per cent for. 90-day bills—served to turn the market irregular. Declines were in the majority in the domestic section, while ‘foreign dollar credits were generally strong. It was recognized that last week's abnormally low rates for money could not last in the face of a slowly increas- ing industrial demand for credit, but today's levels were considered more normal. There is no feeling in the street that the bond market will re- lapse into its stagnant condition of last year, the rising market for municipals being the chief argument against such a suggestion. Semi-speculative industrials were weal apart from Hudson Coal 5s, whicl ined 2 points. Pathe 7s dropped over 5 points. Warner Brothers Pictures 6s were the feature so far as volume was concerned. They droppéd an eighth from the high of the year touched on Monday. Tractions and oils were dull. Prime bonds were not heavily traded and had an undecided tone. FPrisco “A” 4s and American Telephone 5s, 1965, l&olh fractionally lower, were most ac- ve. Baltimore & Ohio convertible 4l3s continued to be an active feature of issues having equity privileges. This group reflected a strong stock market. International Telephone 4!,8 were the only exception, down 2 points. Electric Power of Germany 625 were in demand in the fereign department. e General Foods Corporation. NEW YORK, March 25 (Special).— "% Ownership of General Foods Corpora- tion is now distributed among- 33,750 stockholders, according to announce- ment by Colby M. Chester, jr., presi- dent, This figure represents an in- crease of 1,685 over last month's record total of 32,065, and of 6,400 over the number of December, 1929, when there were 27,350 General Foods stockholders. In February, 1929, General Foods stockholders totaled 17,720, as compared with 4,019 in February, 1928, and 1,783 in February, 1927. Washington Stock Exchange SALES. Capital Traction 55—$2.500 at 9593. Potomac Electric Cons. 55—8$1,000 at 10 $1,000 at 10235, Washington Gas 55—$1,000 at 10115, ‘Washington Gas 6s A—$500 at 103. Washington Gas 6s B—$200 at 104'3, $5,000 at 105. Capital Traction Co.—2 at 80, 10 at 8073, 20 at 80';, 10 at 80, ‘Washington Rwy. & Elec. pfd.—30 at 9672, 20 at 963. Commercial National Bank—31 at 239. Merchants’ Bank & Trust Co.—20 at 125. Llnufn Monotype—5 at 1143, 2 at 1147 Meufixéihller Linotype—10 at 107, 10 at AFTER CALL. ‘Washington Rwy. & Elec. 45—8$1,000 at 877, $1,000 at 87%. Washington Gas 6s B—$200 at 10415, Anacostia & Potomac R. R. 55—$1,000 at 83%,, $1,000 at 83%,. Capital Traction Co.—10 at 80, 10 at 80, 10 at 80, 10 at 80. Potomac Electric Cons. 55—$1,000 at Electric 5'2% 1084, 10 at 108%%. Wlshiann Rwy. & Electric 45—$1,000 at 88 1,000 at 8815, $1,000 at 88, $2,000 at 88'5. 6s $300 at 1043, prd—10 at Washington Ga: $200 at 104’5, Bid and Asked Prices. . cons. 5 6s 1953 Wash,, Alex. & Mt. Verno : Wash., Balto. & Annap. 5 | Washington Gas 35 Wa: a8 series Wash. Gas 6s, series B. Wash. Rwy. & Elec. 4s. MISCELI! Barber & Ross, Inc Cham. ibit. Hote] 6! Chevy Chase Club 5 o Paper Mfg. 6s. Jont Stock Ld D. C. Pot. k Ld. arket Cold Storage 4 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel 44 Capital Tractio 80 Washington Gi 20 N & W. Steamboat 50 Potomac Elec. 8% pid 12 Potomac Elec. 5'2% pid 08% Wash. Rwy. & 800 Rwy. & Elec. pfd 982 Wash., Balto. & Anni d NATIONAL BANK. National Capital. 300 Columbia e Commercial 250 Petteral-Aimers 300 eral-American Liberty . 210 Lincoln © i National 388 Rig 535 Second A 300 e National Bank’ of Washirigton . 260 TRUST COMPANY. American Security it Co. 435 Continental Trust. 140 Merchan! Bank 130 National Bavings & Trus 380 Union Trust .o e x-r 300 Washington Losn’ & Trus 500 SAVINGS BANK. Bank of Bethesda. & Bavingi ington United States Washington_ Mechanic FIRE INSURANCE. Amerlcan Corcor: ‘TITLE INSURANCE. Tl & Tnv. ot M i MISCELLANEOUS, rber & Ross. Inc.. com 16 Barvs” Chase Dairy prd. 103 188 Col, Sand & Gravel pfd B 108 D, ©. Paper MIg. pfd. . 5 a0 Natl. Securities pfd 90 98 Selt Seltzer 3 N o, Wash. Medical Blde. Gorp. w-u';umi;‘." g k] The Edward G. Budd M ing | Lo Co. of Detroit and Phflldel%h‘l‘l{.- Seports | Lo ng made at that shipments are now be: March sals Over Febmnry soiss o ok over ary sales of ! to $1,000,000. Unfilled rgrdan on the 1st of the month totaled more than MeCrmisk SR $13,000,000, wit 000 & Ll compared with u,@ D. C, TUESDAY, MARCH 25, UNITED Sales. 36 US3Ke. USés1944 190. STATES. High. Low. 2:38. 10012 1008 1008 2 10117 10115 101 15. Libéth4%.. 375 1027 10131 10131 25 10530 10530 10530 21 10820 10820 108 20 Sales. 26 2 Montana Pw deb Mor's & Co 1st d%8 101% 84% 101 84 FINANCIAL, High. Low. 2:85. 101 84% 100% €9% 99% 3 114% 1ldi 114% 95% 954 95% 100 99% . 99% 110% 110% 110% US4y 63..., 211223 11222 112 22‘ 108 102% 102% 4 02% FOREIGN. 100 1013 lo1n Argenttne 6s3u 89,275 S0k S0 9% 207 03100 7 99% 99% 102% 102 1024 Bremen State Ts. Canada 631931, Canada 6s 1953, Chil pa Copenhagen 41 53. Copenhagen §s ct. Cuba Czech: 6% 0 88 1952 Dutch East 147.. Fiat 7s ex war ¢ German Bank 6s'3, German EI P 6%s Norway 6 198 Norway 6%s. Orlent dev 534 5! Ortent Dev'mt §: Paris-Ly-Med § Pa Poland 6s 40. Poland 7s (rets). 104% 104% 104% 102% 101% 12:!& 55 54 102% 102% 102% 1004 100 100 99% 99 99 9% 95 95 95% 95 95 92% 92 .92 Pub Serv Gas d34m.. 70 98% 98% 98% PureOll6%8°'37.... 8 99% 99% 99% Remington Ar 633 3 97 97 97 Rem Rad 63 100% 100% 100% Richfleid O} 9% 9% 9TH Stnelatr O11 & 100% 100% 100% 1024 102 102 104 103% 103% 100 99% 99% 9T% 974 9T% 95% 95% 95% 108% 103% 103% 105 105 105 103% 103 103 i 1% | Stand OLI N Y 4348, 14 97 9% 9TH 2 1024 102 1024 | ponn Cop 63 B 102 101% 102 107 106% -106% 104% 104 104 102% 102 . 102% 98w 98 98% 2 8815 8T ETh H 100% 100% 100% 2 100% 100% 100 5 omi o7 o1 | UtilitienPow 534 93% 92% 8 100% 100% 100% | Verti i 5 68 &8 58 4 1113 110% 111% | Walworth 6s 4 195 93 98 1110 110 110 (WarQuiniand6s39 5 87% 87 &7 & 931 93u 93y | Western Eleo 26 103% 103 103 e 101 101 101 | Westn Union 6#51. 1 103t 103% 103% 19 105% 105 105 | WhiteEagleOB%4. 11 103% 103% 103% 3 102 101% 101% | Wilson & Co 1st 6s.. 3 1001 1001 100% Willys-Ov 6%s 33.. 2 101% 101% 101% 40 94% 93% 94%| Win Repeat Ar7%s 5 101 100% 101 10 90 90 90 |youngstnS&T 17 102% 102% 102% 1 964 964 96k + 3 100% 100 100% RAILROAD. 13 108% 108% 108% | Atchison gen 63 95% 95 95 135 1184 118 1184 | Atch deb 4%s°43. .. 18 139% 139% 139% 95 1284 122% 122% | At& Bir 4233 SEACOR R Atl & Dan 1st x D2 %l laatcen 10 91% 9% 9% 76 109 108% 109 |AtiantioCL 434864 10 98% 98 98% 88 88% | Balto&Ohfo gold 4s. 7 94% 94% 94% B&Ocv4e% . 16 100% 100 100 665104 102% 102% 6 108% 103 103% 2 105% 105% 105% 1 103% 103% 103% 1110 110 110 17 104% 104% 104% 98 101 100 100 11 94% 941 941 L 38 99% 99% 99% 9 95 95 95 3 96% 961 961 17 96% 96 96 6 102 102% 102% Can Natl §s Oct 69 24 103 102% 102% 94 | Can Nor 43481935.. 5 100% 100% 100% 89 |Can Nor 7 18 1115 111% 111% 8815 | Can Pacdebds..... 12 #74 87 87 104% | Can Pac 438 46. ... 10 100% 100% 100% % 98% | Can Pacific ctfs 1 103% 103% 103k 5 101% 1013 101% | Car Clin & O 6; 1 108% 108% 108% 8 104 1033 104 |CentofGa6sC89.. 5 100% 100% 100% 6 Cent Pac 15t 68 90.. 13 103% 103% 103% 31101 100% 100% 4 100% 100% 100% e93A. 7 98 98 98 Ch&O4%s B1995.135 98% 97% 97% Chi B&Qgen 4353. 35 94 93% 93% CBB&QIlidives. 3 95 95 95 CB&Q4%s 77 B.. 10 99% 99% 99% CB&QIstrfbs... % 107 106% 107 Chi&E (1l gn 68 61. 188 83% 82 83% Chi Gt West 48 69. 223 901 9814 95% 91 105 9714 95% 80% 92 64 93% 10 87 85% 83 95% 111% 61 34 111 96% Poland .. Porto Alegre . Prague 7%s. - Rhine Wst EP 6863 14 92% 921 92y [ CMSP&Pacadifs03 77 773 7564 Rhine West 68 63.. 24 92) 92 924 | Chi & NW gen 4 2 90% 90% Rhine Wst EP 7860 22 103 102 103 |Chi N'W 4382087, 1 981 9815 Riode Janelro 6348 22 85 841 85 |Ch1& N W cond4¥%s150 102% 102% 102% RiodeJan8s1946. 2 101 100% 100% | Chi& N W 7 3 100% 100% 100% Rio Gr do Sul 20 80 80 ChiRI&P « 79 98% 9T 9T 94 94%|ChIRI&PA%S... 39 96% 95% 101 101 |CMTH 9 100% 100% 100 100 100% | Ch! Un Sta ss L1 104% 1047 1047 '99% 993 | Chi Unfon Sta 6844 3 102% 102 102% 1084 108y | C& W 1con .42 91 90% 85t 86 |C& W I8% . 6105 105 97 97 |CCCEStL4%sB... 6 9T% 971 925 925 | Clev Term 6s...... 14 105% 104% 04% 1035 103% |Conn Ry & Ltdis, 1 95% 95% 104% 5 10 ¥1 80% 1034 92 ol% 108 64 64 8 94 93% i 100% 100% 80 961 96 93 98% 98 94% 94 lg;}i 2 98 97 w0t 1 87 87 vg-nu u'u‘.’ 90% 90 !: :gu. :gu arsaw 7s 10 83% 81% 81N : ama 2 Eriecv 68 87. 51 96% 95% Mg o o & » Erie & Jersey 5 111% 111% MISCELLANEOUS. et (it 7% 87 87 |FondaJAG4%ss3. 8 3u 3 allkeianyCy 100" 1688 104" | GF Trunk et an 2 106% 106% 106% Alleghany b: . 51 104 103% 103 | Grand Trunk Ts. il ‘;:w. £ Allis Chalmrs 68°37 2 101% 101% 1013 | Gt Nor 428 76 i e i Am Agri Chem T%s 7 1041 104% 1041 | Gt Nor 4%s B 100 1078 1075 Am Chain 68 33 6 101% 100% 101y | Gt Nor 8s. L o b AmChem 6%scv 49- 34 107% 107% 107y | Great Northn 1st 8 i % " Am IntCor 6%s 45 57 101 100 100 |Gt Nor zen s i Am Nat Gas AmSmit& R 1st Am Sugar Ref 6s. & Armour&Co 4%s 39 Armour Del 53 Associated Of) Atl Gulf 63 69, Bush Term Bldg 58 Certn-Td 6%s rots. Chile Copper 6s. Colon Of1 6s 38, Col G&EI bs M: Bast Cuba Sug 1% Fisk Rub Gen Cable 6%8 47.. Gen Mot Ac Cor s. Gen Pub Serv 54s. Gen St Cast 5%8 4§ Goodrich 6%s. Goodyear §s rets. Inland Stl ¢ Intl Cement 63 4 Intl Match 68 47 Lizget&My t & Myers 7s ine 0C Midvale Bteel 85, Montana Pow é3ee e o » 99 99% 111 Cent 4% s 66 11.C-C-StL&NO. 111 Cent Chi 4%s. 99 9 112% 112% 112% 29 28 29 99 825 82% 82% 99 100% 100% 1005 106% 106'% 106% 98 98 9 106% 106% 106% 9%, 187 18 M T2 T2 Int Rapld Trans 66 66 66 37 86% 86 K6 |[nt Rapld Transs. 39 94% 94 ° 94 3 102% 102% 102% | [nt & G Nor ad) 25 91%, 90 90 } IntRySCABS..... 1 79 791 79% IntRysCA6s4l... 1 95% 93% 93% 7 Int RysCA 6%sro. 5 97% 97 97% 1’ City Ft 8 21 915 97 9T% Lyt KamsasClty 865... 2 101% 101% 1014 6 101% 101 101 |, yq Shore 3%8. 0. 6 M 17 59% 58 58 | Lake Shore4s 5 999 99% 29 Leni Valen 2i 21 13 o BonZurBonn aw T4% T4% 101% 101% 101% 101% 101! 4 103% 103% 108 LehiVgen 4% 200! 6837 Market St 7s M!l] E] Ry&Lt 4% 1 99% Mit El Ry & L 68 61 17 100% M St P&SSM 6%s. . !{ 8 11 854 T9% 95l 241 T8Y 68 40 924 4 118% 26 9% 15 Ponna gen 438 ... 47 101 % 11 101% 101 99% 100% 85% 79 94‘Q 134% 134% 1 6 644 64 941 78 675 914 113% 91 A 95 99% 100% 9 89 89 101% 101% 101% 89 89 89 3 107% 107% 107% 22 103% 103% 103% 80U 100% 101 % | of the Federal Reserve Bank of Chicago RESERVE POLICIES QUESTION REVIVED McGarragh Statement Again Raises Discussion Over Changes in Rates. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, March 25.—The ques- tion how far the Federal Reserve Board in Washington should go in overruling regic - al Reserve bank directors in mat~ ters of discount policy, which is not a new issue, is raised afresh by Gates W, McGarragh, former chairman of the Federal Reserve Bank of New York, his annual report for 1929. In that document Mr. McGarragh, ho has since resigned to become pruiden’ of the Bank of International Settle- ments, in Basel, Switzerland, states that for a number of weeks, from February to May of year, the New York tank's directors repeatedly voted an in- crease in the bank’s discount rate only to be overruled each time by the Wash- ington body. It will be recalled that the rate eventually was raised, but not until the following August, months after the bank’s directors first thought credit conditions called for an increase. Opinion Sharply Divided. ‘The implied criticism of the Federal Reserve Board by Mr. McGarragh is un« usual from a banker noted for his con- servatism. It reveals how sharp was the division of opinion between the New York bank’s directors and Washington on the rate policy last year. It shows further that the New York bankers put up a strong fight for a cut before they surrendered to Washington. ‘The point is that, in the opinion ot many bankers, the devastating break in the stock market last Autumn. might have been averted had the central banks put. he .screws on the money market early in the year, as the New York bank's directors sought to do. As it was, the orgy of speculation on the Stock Exchange was continued for sev- erc1 months longer, while the bubble of | inflation was blown bigger, with the re- sult that when the boom did collapse the destruction was far-reaching. All of that is water over the dam. The question now is merely whether a lesson can be learned by experience. Scme bankers believe such a lesson can and should be learned and applied in practice. The suggestion is that when the directors of a regional Reserve bank decide definitely on a change in the bank rate they make public their de- cision irrespective of whether Washing- ton vetoes that decision or not. 80 doing they would lift the veil of myse tery, which breeds uncertainty. The public would be advised at least of how the bank’s directors feel about the credit shl_ltulnunn and could be guided accord- gly. Controversy Recalled. Under existing practice a very few become exclusively possessed of infor- mation of immense and general impor- tance to all business men and bankera | everywhere, while the latter are kept in the dark and grope along trying to find out where they stand. If, moreover, publicity should be given to a ‘Reserve bank’s decisions the moment they are made, the full responsibility for failure to make the desired change could then be placed squarely where it belonged. The episode to which the New. York Federal Reserve Bank report refers brings back to mind the famous contro- versy that arose between the directors and the Washington board in 1927 over a proposed change in the rate. On that occasion the board probably exceeded its authority in forcing the Chicago bank to cut its rate, {Copyright, 1930.) NORFOLK & WESTERN ' HAS LARGER ASSETS The Norfolk & Western Railway Co. has issued its pamphlet report for year ended December. 31, 1929. General Ll- ance sheet shows total assets of $542.- 286,235, compared with $515,658,515 on December 31, 1828, and profit and loss surplus, $142,372,543, against $117,485,- 947. Current assets were $17,412,984 and current liabilities, $6,386,737, as com- pared with $20,618,128 and $6,398,598, respectively, at close of previous year. Income account for year 1929 shows net income of $41,786,461 after taxes and charges, the same as in preliminary statement, equit t, &fter 4 per cent preferred dividends, to $29.05 a share on 1.406,483 shares of common stock. This compares with $30,727,043, or $21.24 a :hare on 1,402,883 shares of Income account for year 1929 com- pares as follows: 1929, 1928 Gross .. -$117.631.751 $106,94' Expenses 1766.051:247 © 66,521,696 Tax, ete. 10,334.158 9,207,371 . $41,246,346 331,218,144 2,972,901 3,018,142 11,051 32,229 . 344.208.196 $34.204,057 2,935,716 . 1,901,827 . 347,143,912 336 5. 105.884 378,841 $23,992,233 315,786,981 Sales. High. Low. 2.58. 10 169 109 109 4 104% 104 104 26 109% 109% 1097 7100 100 100 PaOhlo& Det4%s. 2 981 98% 98% Pere Marq 1st b 6 104% 104% 104% Pere M 4%s 1980 wi 14 98% 98% 9814 Port El P L. 100% 100% 100% Port RL P 6s47. 6 100% 100% 100% Port RL&P6sd3. RIArk& L 4%s St L IM&S gn 68 '31 St L IM&S R&G ¢s. S&L&SF gen St L&SW con StP & KCShL San A& Arn P Seab A L 4 118% 98 99 81% 90% 99 101 107 81 96% 99% 981 1011 3Lufl% 80% 101 100% 101 100% 113% 113 98 98 99% 99 81% 81' 91 90% 99 99 101 100% 107 107 106'% 106'% 106% 81 81 96% 964 993 99% 2 9Bu 98 101 101% 102% 1021 102% 107% 107% 107% 101% 101% 101% 85% 85% 854 85% 9% 94 34% 64 51 184 - 85 90 94% 8% 68 924 1131 1 101 100% 100%| Ponns 4% '8 880w oo 44 100% 100 100 Seab AL ref '35 A, SB All Fla 6835 B. . 68% Sou Pacclt4s..... 92 93% 18 98l So Pac 4%s3'69 ww. 116 100% 67 92y 18 110% Sou Ry gen Sou Ry con bs. Sou Ry 68 66 ces 26 118% 8 126 Term Asso SLds... 27 90% Term Asso St L 4 103% Tex Ark FS 6%8 6 105% Tex & Pac 63 B 1977 1 102% C79.. 18 103 Wahash 2nd 3 102 Woash 6576 B.... 41 101% Wabash 5%s 76 1 105 West Maryland 45 838 [ West Md 538 17 5 100% ' West Pacific 43 98% ‘West Shore ¢s §, 90 Wis Cent gn