Evening Star Newspaper, March 30, 1930, Page 73

News of Markets Pages1to 5 FINANCIAL AND CLASSIFIED he Sunday Staw Part 6—14 Pages Wi WASHINGTON, D. C, SUNDAY MORNING, MARCH 30, 1930. BANKERS PLANNING TRIP T0 ASHEVILLE FOR JUNE MEETING #Land of the Sky” Is Chosen as Site of Annual Convention. RAILWAY STOCKS PROVE FEATURE ON EXCHANGE Capital Traction and W. R. & E. Tssues Prominent in Short Session Sales. BY EDWARD C. STONE. Much interest has been aroused in| Jocal financial circles by the decision of the District of Columbia Bankers’ As- | sociation to hold the twelfth annual convention at Grove Park Inn, Ashe- ville, N. C., in the “Land of the Sky.” Previous conventions have been held at Deer Park, Md, White Sulphur and Hot Springs, Va., and the last two at Montauk Point, Long Island. year the convention committee, headed by George O. Vass, vice presi- dent of Riggs National Bank, have selected one of the most notable resorts in the world as the mecca for the Jume age of the association. Ashe- 's altitude of 2,300 feet above sea vel assures a delightful temperature, while the mountains which surround :‘nd‘" fl‘:‘eflhllh!st in Elflltem ‘l\dmer}cl provide many marvelous rides for the motorists. v The famous Biltmore estate of the late George Vanderbilt will be open for @ visit by the bankers and the Asheville n. Because the excep- tional ties for sightseeing and the social affairs that have been ar- nn:ehd'. there are ;li]dlutlom r.lntbe t.heri an unusually large number of ladles accompanying the bankers. A program of exceptional interest and im- portance will be presented and the com- mittee is urging attendance by a largé Tepresentation of officers and directors grom every member bank. Attendance is not limited to members of the District of Columbia Bankers' Association and, as in the past, there will be present many from other lines business more or less closely related the banks. A number of distin- @uished guests have also been invited. The ar.mm.l golf and tennis tourna- president of Mount Vernon Bank, is chairman of the sportation committee, Railway Stocks Lead D. C. Market. ital Traction and Washington l.ncl’i.:-y & Electric preferred led the volume of trading ‘ashington ferred ?ened with selling at 97. The sale was followed by &vu 'Wm 10-share lots changing hands /a- Potomac Electric Power 6 per cent preferred moved at 1121, and the company’s 5% per cent issue came out 8t 108%; on & 25-share turnover. Three bank stocks aj n the board, two shares of Riggs National selling at 528, three of Merchants Bank & Trust at 125 and 25 National Metropolitan ehanging hands at 375. 1In the bond division Capital Traction Bs sold in $1,000 and two $2,000 de- nominations at 96, while Washington Gas Series B baby bonds came out at 104!5. The unlisted securities were also called off but few changes noted for the week. nl was a men::nble w;e:ifor ng;: exchange, the new headqua: ed and the volume of fa juiet substantial gains. One of the higl hts was an advance 60 points in the price of Washington ilway & Electric common to 560. preferred has also attracted much attention in recent sessions. Lincoin Bank Reviews Trends. The Lincoln National Bank's April outline of business calls especial atten- tion to the fact that present plans for construction and repair work during the year call for an expenditure of $7,000,000,000. This enormous outlay, even though only & part of it is actually 3 held as one of the chief hopes for a speedy relief of the un- employment situation. ‘The bank calls attention to the re- ports that some improvement has al- ready taken place. Furthermore a record-breaking volume of new con- struction work has already been started. “The final key to the employment situa- tlon,” the bank says, “which is a vigor- ous and sustained upturn in general business, is still delayed. The prin- cipal production indices for March con- tinue to show the mixed trends which began to develop in February after the opening spurt of the year.” After reviewing the steel, automobile, feotton and mill situations, the sum- mary concludes: “No real recovery of the construction industry is possible, it is generally agreed, until the volume of new residential work returns to something like its normal proportions. The progressive easing of interest rates 48 expected to promote this, although how quickly any marked effect may be looked for from that quarter is un- Commerical Staff Entertained. President Wade H. Cooper of the Commercial National Bank entertained the other officers, employes and their guests at a get-together party last night @t the Mayflower Hotel. The “Com- mercial family,” recently enlarged by the consolidation with the Continental rangements was composed of Thelma Courtney, George Haskins, Helen Best and Daniel A. Radice. New York Bank Stocks Active. Local bankers have been commenting the strong, active market in the shares of New York banks in the over-the-counter market during the past week. A long list of ssues moved sharply upward, gains af elose of from 1 to 325 points. The lat- b} of the Pirst Shares of these seven banks reached (high record prices for the year to date: National, Seward National, Bank- jers’ ‘Trust, Brooklyn Trust, County ‘Trust, Guaranty Trust and United I New Controller THEODORE S. MASON, ‘Who has been an assistant cashier of the District National Bank for the past 10 years, has been elected controller. He has been engaged in active banking 26 years, is a native of Virginia, but now lives in Rockville, Md. He is to continue the former duties in his new position. BULDING PROERAM S FACLITATED BY ACTION OF SENATE Way Cleared for Road Con- IMPRESSIVE GAINS SCORED BY STOCKS INWEEK'S TRADING Action of Market Recalls| tarts Rail Gossip Exciting Days of Recent Bull Campaign. BUSINESS NEWS FAILS TO SHOW TRADE REVIVAL Hopeful Sign Found in Check to Declining Orders for Steel. BY CLAUDE A. JAGGER, Assoclated Press Financial Writer, NEW YORK, March 29.—Speculation for the rise was resumed op the stock market this week in a wholesale man- ner reminiscent of the palmy days of the so-called Coolidge-Hoover bull mar- ket. Trading ran close to 5,000,000 shares a day, setting new high records for the year, and the index of 90 repre- sentative shares was boosted nearly 8 points to a new high level since late October. Unlike the late bull market, however, this week’s market was not character- ized by feverish speculation on the part of the general public. It was almost entirely a millionaires’ or big operators’ market. The forward movement rotated from groups. For the most part only issues which were bought in blocks of 5,000 to 25,000 shares made conspicu- ous progress. Odd-lot houses reported substantial picking up of buying by the struction by Agreement on Cost Basis. BY J. C. ROYLE, ‘The steamroller of necessity is smoothing out the way for road and building construction. The weather now is the only thing that really is holding back operations. Money is available and agreements have been reached on certain points ‘which have been holding up operations by Governmental and private forces. The Senate has passed the Elliott-Keyes bill increasing the fund for Govern- ment buildings by $230,000,000. It already has been acted on favorably by the House and signature hy the Presi- dent is anticipated daily. The Senate has also come to an agreement with the House as to the maximum amount which may be paid per mile for road construction on which Federal aid is furnished. This created & somewhat bitter conflict between rural and urban sectors, Authorities in districts with heavy population and heavy traffic desired the limit placed at $25,000 because they wanted to build broad roads which would aceommodate more than two lanes of trafic. The rural districts contended for a maxi- mum limit of $15000 which would enable them to build roads narrower, but of longer mileage in the less con- gested districts. An agreement finally ;ol: reached placing the limit at $25.- Building Trades. ‘This camparatively minor difficulty has been holding up road construc- iry extent. Its in connec- increase in motor ! . Mu over the mechanic's lien regulations in the building_trades also have been ironed out. It was felt by some that the materials men were taking advantage of the lien laws and had encouraged the entry into the building field of a good many contract- ors not financially capable of fulfilling some contracts, since the materials men were sure that they would get their money under the lien laws. Other obstructions in the bullding fleld are being smoothed away. Among these, Truman S. Morgan, president of the F. W. Dodge tion, cites the struggle by the designers and fab- ricators and contractors, the -attitude of the latter toward subcontractors, the intercraft disputes of the building trades, racketeers and other factors annoying to the industry. Architects and general contractors are working in closer harmony in the way of specifications. The financially irresponsible contractors and subcon- tractors are being eliminated. All this is reducing expense in the building in- dustry and stimulating additional con- struction. Road Contruction. ‘The road construction programs un- doubtedly will be the first to feel the new impetus. The increase in build- ing construction according to authori- ties in the industry, will be more steady. It already is gaining and the pressure of Federal and State adminis- trations is counted on to bring the total for the year well up to last year's figures, with the movement gathering the greatest momentum in the late Summer. The improvement in the bond market has been as great an influence as could possibly have been applied to the build- ing industry. The period of difficulty in financing construction projects seems to have passed, although the banks, still are loaning for construction pur- poses with extreme conservatism. Build- and loan associations are showing a de- cided increase in receipts. Some asso- clations have begun actively to solicit applications for home construction and for reconditioning. (Copyright, 1930.) $10,000,000 EQUIPMENT FOR ILLINOIS CENTRAL By the Associated Press. CHICAGO, March 29.—The Illinois Central Railroad will spend $10,000,000 for equipment in 1930, including $1,000,000 for 1929 orders unfilled, President L. A. Downs said y. “The Illinols Central system,” he sald, “is about to ask for bids on 2,330 units of equipment, the aggre- gate cost of which will be slightly less than $9,000,000. It will include 9 oil electric locomotives, 1,000 auto-furni- ture box cars, 1,000 open-top cars, 200 flat cars, 15 malil, baggage and express cars, 15 passenger cars, 20 electric suburban ‘cars, 66 cabooses, 2 rail motor cars and 4 dining cars.” s gheiielite o Ren i, Butter Prices Recover. CHICAGO, March 29 (#)—Prices for butter, March delivery, rose to a new high level for the year on the Chicago Mercantile Exchange today. March de- livery contracts at 38% cents a pound wholesale, 115 cents above the closing figures yemdmnd 5 cents the previous price, also yestexday. above reached so-called outside public, but its partici- pation remained a minor factor. Business News failed to indicate any pronounced revival, although firmer commodity prices, & check to the de- cline in steel mill operations and more favorable weekly reports on car load- ings and building contracts. inspired considerable optimism as to the second quarter. On the whole, the abrupt up- turn in share prices was regarded as anticipating improvement in business, although cautious lers were some- what wary lest a considerable portion of the market activity might represent efforts of pools to distribute their hold- ings to the public. The weekly brokerage loan report gave the forward movement a decided fillip late in the week. While Wall Street was looking for an increase of from $100,000,000 to $200,000,000 in loans, the report showed a decline of $21,000,000. As it covered a period in which the general level of stock prices made substantial progress, Wall Street could reach no conclusion save that stocks had been going hfi. strong hands, such as investment t port- folios and investors' strong boxes. Call money was firmer during the week, ranging from 3% to 4 per cent, but J. J. BERNET, President of the Chesapeake & Ohio, whose recent speech in Boston set rail- road magnates to wondering if the C. & O. wishes to enter the New Eng- land territory by the merger route. The Van Sweringens at once denied such intentions, but their amasing progress in the transportation world always keeps their competitors on the watch. INVESTMENT BOND “PRICES UNSETTLED Profit Taking Proves Disturb- ing Factor in Market During Week. Special Dispatch to The Star. NEW YORK. March 20.—A combi- nation of factors caused some unsettle- ment in the investment market during the past week. Money rates advanced a little from their low level under the stimulation of a stronger demand from sources outside of the market itself. Strictly speaking it was rather a hard- ening or curbing of the supply, because time money did not show any quotable difference, 90-day bills still going at 31, to 4 per cent. Part of the price appreciation of the previous week had been based on an- ticipation of another reduction in the New York Federal Reserve Bank re- discount rate. But the street accept- ed, at the beginning of this week, the probability that the rate would not again be lowered and prices reflected this in @ small decline. Cheap Money Factor. However, this movement did not go very far and the assumption is that money will remain compartively cheap for some time to come. As & conse- quence, continued activity is e these rates appeared to be normal and satisfactory. The 2 per cent money of the previous week was undmb;endxl_y caused by the temporary Treasury - draft incident to its quarterly financing. - SENTIMENT BETTER IN WESTERN EUROPE Continued Easy Money Chief Fac- tor in More Favorable Reports From Abroad. Special Dispatch to The Star. NEW YORK, March 29.—Cable dis- patches to the Business Week give the following survey of business abroad for the week ending March 29: Business sentiment in Western Europe this week has turned optimistic, though there is no material change either in actual conditions or prospects except for a few sporadic signs of the begin- ning of a belated seasonal activity. The improved tone is due primarily to expectation of a continued easing of money, and to indications that capital is about to resume activity, thus stimu- lating business. ‘The wave of advances on the London Stock Exchange is particularly striking. Preparations are progressing in various countries for ratification of the Young plan. First bond issues of the Inter- national Bank may come out in May, certainly no later than June. Finance deadlock in German Reichstag Thurs- day results in cabinet resignation. In Great Britain optimism continues on the upgrade. Strength of gllt-edge securities last week has now spread to the entire list following the second bank rate reduction during the fortnight, with talk of reduction to 2 per cent before June. LAST REPORTS SHOW 17 PCT. INCOME GAIN Financial Statesments of 1,670 Corporations for 1929 Com- pared With 1828, ‘The 1,670 corporations so far report- ing net income for 1929 showed a gain of 17.9 per cent over the previous year, according to the Standard Statistics Co. of New York. Detailed figures follow: No_of Thousands of dollars. 1928. 1929. printing ishing ... impie- rms. 31 Advertising, and publi; 9 Agricultural ‘ments 30,018 30.553 44,000 39.703 3,79 xpected in the senior market. Volume fell off this week as a matter of fact, but this was hardly indicative, as in ad- dition to the undistributed portion of last week’s bu of $210,000,000 new issues, a total of about $150,000,000 was brought out this week. Naturally the process of getting these out cut down market transactions. New issues in the same week last year aggregated $44,575,000. Another factor in the movement was the comfortable profit shown in the ac- counts of those who had bought bonds at their lows of last November, or even s month ago. Profit_taking was not heavy but it had its effect, particularly in the high yield types. Corporations withdrew their funds as the increase in business activity provided more use- ful purposes for them. To set against the foregoing there was a moderate increase in the buying of bonds by savings banks. Life in- surance companies reported an increase in new business coincident with a large decrease in the weekly totals of loans to policyholders. This last would sug- gest that the insurance companies were also heavier buyers of bonds. ‘The trend is illustrated by & few figures. An average of 50 bonds, rep- resentative of the whole list, stood at 94.24 at the end of the week, com- pared with 94.80 last week. United States Government bonds, always sen- sitive to money rate fluctuations, ended the week with an average of 103.636 for the eight active long-term descrip- tions, as compared with 104.628 a week ago. This drop of nearly a point was completed during Thursday's session, showing that traders in these securi- ties anticipated the maintenance of the present rediscount rate. Railroad Bonds. Prime railroad bonds did not drop so far, their average standing at 94.91, | tio compared with 95.45. Ten prime public utilities kept still closer to their high point of the previous week at 99.87, against 100.03. The widest decline was in the industrial group, whose average was nearly 2 points lower at 85.28, compared with 87.12. A group of junior railroad issues dropped to 89.96 from 90.71. In the municipal market an anoma- lous situation exists. 3 offerings to feed the stéady demand peculiar to this of security has left that section with a virtual scarcity and the current range of municipal bonds still stands here as it did a week ago, about 3.60 to 4.30 per cent on the best issues. Boston, for instance, paid only 3.333 per cent to market a $5,000,~ 000 loan during the week. This prob- ably will be re-offered to the public around 3.50 to 3.60 per cent. week’s total of new municipals was only about $40,000,000. The foreign department also resisted the weaker tendency and a group of good foreign vernment ob) lons ended the week at 101.16, compa with 100.71 last week. The stren foreign exchange was partly responsible as there was a considerable amount of 7 [ buying of these securities for overseas 18 Copper " 33 Cotton goods 19 Drugs and cos: g quipment. g u cking ", * and “smeit! 48,715 28 Minf 122 Miscellaneous manu- facturing 199,262 26,491 1,126 218 284, 4 25,914 on. 100 Retail ¢ 4 13 Shipping and " stip- bufldi 10,707 7,491 227,948 42 Bugar " 28,100 17 Theaters 1380 62447 23 Tobacco 140)567, 151,793 12 Woolens 47* 1286 1,316 Industrials 58 Hadetrial 3| for investment account. On the other hand political developments in Europe have not been so promising, with the overthrow of the German cabinet and the continued deadlock of the Naval Conference. In addition the high prices to which the foreign list had climbed last week attracted a moderate amount of specu- lative selling. The explanation of the rise is that with cheap money prevailing through- out Europe, and better than 23-16 to 25-16 per cent in their own bill markets, they have been sending considerable sums to America in their own dollar securities, which offer attractive yields compared to money market conditions. Early this week, when the rate on bank- ers’ acceptances touched 2 cent, there was a small movemen mother way, but with two consecutive ad- vances in the acceptance rates here, the flow was again reversed and at the end of the week foreign issues rose strongly. ‘Germany Obtains Credit, g pm 260 Dtiifttes oaai's Germany obtains & $50,000,000 credif It mprket, ‘wi to in similar alse dating Back The lack of new | ing unable to realize | agreem CALIFORNIA TURNS T0 SANE BUSINESS INPOST-B0OM ERA Realty Situation in Southern Part of State Declared Improved. CURTAILMENT OF 0IL OUTPUT IS ENCOURAGING Growth in Building Permits Re- flects Return to Nor- mal Conditions, BY CHARLES F. SPEARE. Special Dispatch to The Star. LOS ANGELES, Calif, March 29.— Viewed from this side of the continent and with a perspective of business con- ditions that is national rather than local, the New York stock market of the last few days impresses one as running & bit too far ahead of the improvement in trade and sentiment that set in a month ago. The high record for transactions and the new average price levels since the Autumn crash reflect a professional rather than a public promotion of spec- ulation, along the lines adopted just prior to the first of the series of declines in October. Shares Regain Favor. As evidence of the degree to which sentiment has swung around in the past 60 days, we have this week had the strongest markets of the year for ofl, steel and motor shares, representative of the three flattest industries of the period, along with an outbreak in spec- ulation in the public utilities that is reminiscent of last September’s market. Tllustrative of the slow recovery in se- curities that have fallen in grace is the group of investment trust and trading corporation stocks, whose portfolios are fat with those shares that have been the largest gains lately. With March ending, ralroad earnings will begin to reflect not only the sea- sonal improvement in trade, but the effects of a broadening out of Govern- ment and State programs of public works and the expansions by corpora- tions placed in funds since the money market permitted them to borrow again on easy terms. Altogether the outlook is promising and while Wall Street may be follow- ing its old habit of discounting the future to a greater extent than condi- tions warrant, it has ceased to mope over the past. It is making its com- mitments on the warrant of steadily improving trade, enough credit to finance these commitments at mini- mum rates for another 90 days and, if not a betterment in political conditions abroad, a return to such low interest rates that more profitable investments may be made by Europeans in Ameri- can securities and in dollar bonds than in many of their own issues, Attitude of Mind Changes. Southern California, like the rest of the country, gradually is recovering from the effects of local and national over-expansion in real estate and in securities, The further away the American people get from the terrors of last November the easier it is to adjust their minds to a constructive point of view on business and invest- ments and to substitute action for inertia. They find, too, that they are not so badly off as they thought—that they can still afford to travel and lfl& money and enjoy the good things of_life. During November and December and even into January it looked as though California was to have a string of empty hotels. The situation at the end of March is quite favorable, though not comparable to those of two and three years ago. Californians lost their paper profits and some of their capital in the panic, but a visit to any one of the stock exchange es out here, even as early as 7 o'clock in the morn- ing, is proof that they are back in the n;::ec for what they call “New York ‘The top of the real estate boom in Los - Angeles and contiguous territory was reached about five years ago. In some districts it occurred in 1924 and in others in 1925. In the five years preceding 1928, the average annual building operations in Los Angeles were valued at $150,000,000. For the past two years they were $97,000,000. However, the decline from 1928 to 1929 ‘was not so abrupt as from 1925 to 1926. So the cause of the reaction was not high money or losses in stock specula- n. ‘The city did what dozens of others throughout the country have done; namely, anticipated a demand for hous- ing and business facilities that has not yet appeared and at the same time put & premium on values as extravagant as some of those fixed on industrial and public utilities stocks and on the shares of trading “}?q"mm last August and September. However, in January build- permits here were higher; in fact, about equal to the combined totals of Chicago and Detroit, and the realty fleld has a trifle healthier tone than for some months. It is still and will be for some time a buyer's market. Oil Restriction Encouraging. While Southern California was over- produ in the building industry, it was leas the rest of the country in the output of crude oil. This condition runs hand-in-hand with the slowness of business in this section and for this reason the progress now being made in correcting the evils in the petroleum world greatly heartens those who have red | their largest financial stake in it. After nearly a year of attempts to curtail the production of the California wells, the rebels among the independ- ents a few days ago came up against a decision by the Superior Court of the State which sustained the constitution- ality of the California gas law. The effect of this within a comparatively short time will be to bring down the State’'s otitput to 610,000 barrels daily, or about 25 per cent from the allowable maximum of two years ago. Texas and Oklahoma both then be producing more than California if they continue at their present rate, though one of the ents into which California ofl men enhr;du;lduh‘flllttfiwir c“t?.ll!mem ogram shot ve the ical sup- ‘:on of producers in all ome': flelds. i (Copyright, 1930.) to last year. In addition a further credit of $75,000,000 was arranged for later in the . Both credits are secured by the Swedish match groufa loans, due May 31, and August 31, respectively. For the future, dealers see a steadily more active market, with emphasis laid on bonds with convertible features. ‘These es staged a notable rally 3 kzirrofl.n( an actively higher market. stock Classified Ads Pages 6 to 13 BOLLING ENDS HIS FIRST YEAR AS HEAD OF BANK & TRUST CO. Successor to Mr. Drury Has' Had 40 Years’ Experience in Finance. Held Many Important Posi- tions Prior to Selection for Present Post. Rolfe E. Bolling, president of the Merchants Bank & Trust Co., is just rounding out his first year in this position, having taken the helm at the request of Peter A. Drury, who asked to be relieved of the detailed manage- ment of the bank and was elected chairman of the board of directors. The actual change in officers was made on April 4, Mr. Bolling being first vice president at the time. Mr. Bolling starts off his second year as head of the institution with prac- tically 40 years in banking experience behind him. He is a member of the widely known Virginia family of Boll- ings and started his career at Abington in the Old Dominion State. From there he went to Baltimore, and later or- ganized two foreign banks in Panama, which were afterward taken over by New York banking interests, Mr. Bolling entering the Gotham financial fleld at the time. He came to Washington from a position as vice president of the Chatam Phenix National Bank. It was on. April 1, 1923, that he be- came vice president of the Merchants Bank & Trust Co. His acquaintance in local financial circles is wide and he is rated as a most conservative banker. He is a brother of Mrs. Woodrow Wil- son. Quiet and unassuming, he keeps ROLFE E. BOLLING. in very close touch with affairs in the bank and never permits work to pile up on his desk. In commenting & year ago on Mr. Bolling’s election to the presidency, Mr, Drury expressed particular satis- faction in having a banker of such a conservative type succeed him. Mr. Drury is the only other president the trust company ever had and while he wished to be relieved of the many problems that rest on the shoulders of a bank president, yet as chairman o the board he is still decidedly active, goes to the bank every day, and also attends to his many personal affairs. Incidentally, he is the owner of the Southern Building in, which the Mer- chants Bank & Trust Co. is located. EXPANSION OF STOCK TRADING MARKS END OF “SCALPING™” ERA BY I. A. FLEMING. A 5,000,000-share day again on Wall Street and prices once more showing a trend toward old-time highness—al- t(gou(h they have still quite a distance 0. Brokers advise that the public is in the market again. That is the way it looks to a close observer, but the public has not forgotten, lndk‘)roflt.!. when at all sizable, will be quickly taken in. With the stories of unemployment, depression in the building trades and business none too good, one wonders why stocks should not reflect existing conditions. If this is expressed above a whisper, it will probably bring out the statement that, “the market is now discounting the end of the depression due within the next few months, when normal activity will be again the order of the day,” with a word of warning to the effect that when the improvement does arrive it will have been fully dis- counted and that it is high time to stand from under, For nearly the entire three months of this year action in stocks has been on the scalping order, with small gains follawing small losses, as the uncertain trend encouraged or discouraged traders. This week the action has been more positive and gemeral, with brokers’ of- fices crowded again and with a great abundance of easy money seeking em- ployment. Plenty of Call Money. ‘There is plenty of call money. The city with the market last Fall, fared well enough. Country institutions, however, were not so fortunate and they are not back in the call market. Bankers, big and little, now fully rec- ognize the dangers they were called upon to face last Fall even more than they did at that time. They that had the New York Stock Exchange governors decided to close the exc] and declare a moratorium for a certain period, the banks would have been forced to carry the burden and stand the s'nlr;‘ of h:dtelmpei;ry loss of the millions they had loaned. Some of the large investment trusts are reporting their earnings for the first two months of this year showing net losses, in addition to the severe de- preciation shown in their holdings with the close of 1929. Many of these cor- porations are carrying over stocks with intent to recover part of their paper losses at least. Slim Year for Bankers. For several years, characterized by strong, active §§m markets, bankers have enjoyed great prosperity, keeping their funds constantly employed at high rates. This year every one chal with the care of funds is very busy seeking employment for them. Insurance companies are offering loans on real estate at low rates, bankers are looking for desirable mort- gages, which they, for the time being, seem to consider even more desirabl® than collateral, but the mortgage to | sell readily today must be a very de- sirable security. There are few of these being made ht now and rea- sonable rates do not increase the offer- ings. Merchants’ wants are light and bankers will welcome enlarged borrow- ing from and by Wall Street. ‘Washington Stock Exchange. Many congratulations have been ex- tended to the Washington Stock Ex- change over the selection of new quarters in the Washington Building. The exchange in its career of some- thing over 30 years has not been much of a nomad. It has had but three homes since its initial session, and has been decidedly modest, being content with back rooms in both the Adams Build- ing and the recently vacated premises in the American Security & Trust Co.'s i annex, being further handicapped in the latter home by lack of elevatof service. Each time the exchange moved it was forced to do so. Today, with a strong membership, many of them young men, with a good trading list of securities and with money-seeking vestments, housed in the most modern of buildings, in the center of the finan- cial district, with excellent light and every comfort, it certainly looks more or less permanently located and bound for an enlarged and more useful career. One of the reasons for the satisfactory conditions has been the interest taken in the exchange by the bankers of the city, many of whom have representa- tives in the membership. At one time the then controller of the currency, the late J. Skelton Williams, protested most emphatically against bank officials being members of the exchange, his opinion | 00 and action thereon taken forcing two ' was, James of the more prominent members of the exchange to resign. It has become an established custom for c of banks, enjoying close personal relations with officials, to ask and even to give arders for tho purchase and even ive orders for or sale of securities. In this way and through their own investments, the business of banks has come to be an important factor on the exchange. There was some intment that Alblon K. Parris, the otden member "11)( excl , Was not present at the wfl\ the new home. As it M. Green, the second in Ppoint of years ap @ member and the youngest old man on ’change, held the honors of the day. There were no cere- monies, but & bunch of orders were ex- ecuted for a good aggregate business. Activity in N. Y. Bank Stocks. ‘There is considerable activity these days in the shares of New York bank and trust companies, on merger rumors and the consummation of some impor- tant unions between prominent institu- tions, with others almost sure to come. Money on Wall Street, with call loans quoted at 3'2 and 4 per cent, offers small returns for bank funds. In Florida. ‘The season just closing has been a good one for Florida, despite the fact that it was an abnormal one, so far as the weather is concerned. The tourists left many dollars in the State, and there was a good show of prosperity during the three months. Quarantine on the fly plague did not especially inconvenience any one, as there were plenty of guards available for stamping baggage and packages at the various hotels. Road stations, or controls, were not numerous, and they were seeking only to prevent ingress or outgo of oranges or grapefruit. Florida militia furnished the guards to enforce and much money was wages. Most of the fruit confiscated came from tourists, who hoped to pad Banking in the State is having a hard time to make any money. In- deed, there doesn’t seem to be much opportunity. Security for loans is scarce. There is much frozen money in the deposits of the State banks that have reopened. Real estate is perhaps a shade better, but that is about the best that can be said. — PUBLIC PROJECTS LEAD U. S. BUILDING By the Associated Press. NEW YORK, March 29. projects made up approximately cent of the total amount of all classes engin gh out the count during the past week, Construction reported today. This branch of big building activity continues to maintain first place in the Nation's projected construction opera- tions. Apartment house and hotel con- struction plans showed a_slight gain over the preceding week. Projects that reached the proposed stage in the past week were valued at $53,823.000, which compares with $125,445,000 in the pre- vious week and $87,900,000 in the cor- responding week last year. Eoy groups amounts involved were as ollows: Public work, $16,586,000. houses and hotels, $10,- Educational buildings, $7,675,000. Industrial buildings, $4,460,000. Commercial buildings, $3,820,000. Railway improvements, $3,600,000. Hospitals, $2,280,000. Unclassified work, $4,877,000. ‘The New Yark Department of Con- strucuowlnm an $8,000,000 prison, to be located on Rikers Island. Sketches are being drawn for a $5,000,000 apart- ment hotel on Riverside Drive, New York. The City of Chicago is planning the expenditure of $3,500,000 on the construction of a war memorial. An apartment house in Upper Darby, Pa., will cost $2,000,000. A like sum will be spent on an industrial project in Chicago. Elimination of 17 grade cross- ings by the Erie and New York Central tion during churning 21,421,800 po Towa was n 4 Rallroads will cost $3,500,000. i American Piano Company. NEW YORK, March 29 (#).—Reor- ganization of the American Piano Co., which was petitioned into bankruptcy last December, is proposed in a plan adopted by the preferred stockholders’ pmr:‘umve committee, it was announced y. The plan provided for the #6rmation of a new company to acquire the assets from the Irving Trust Co., receiver in equity. The new company will have two classes of stock, consisting of 240,- 000 shares of class “A” stock, which shall be non-voting. The new company also will issue $700,000 first secured 7 per cent one-year gold notes and $600,~ FORD HIGHER WAGE PROGRAM AROUSES BRITISH INTERESTS Attack on “Pinch and Scrap” Policy Made by Auto Magnate. DECLARES PURCHASING POWER MUST BE RAISED Better Pay for Workers Will Solve Trade Problems, He Asserts. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, March 29.—Twenty-five dollars a week! This is the minimum wage Henry Ford expects to pay in his new British factery. Not much? No. But 40 per cent more than his British competitors pay. e British Spectator, Henry Ford, in insists that the cure for British indus- f | trial trouble is to create more purchas- ing power. Higher wages is his answer. Can he do it? Will the British in- dustrial groups fight the move, or will they follow suit? The ~ “pinch - and - scrap” attitude among employers is bad for industry and trade,” says Mr. Ford. If some firms have to go out of busi- ness when wages are raised, it means that they are not efficient enough to pay these high wages and “the sooner they go out the better,” is the Ford dictum. The two statements in the Spectator article“that stand out as particularly pat_at this time are these: “You cannot get good work out of poorly paid men. British industry isn't in need of money; it is in need of in- itiative.” ‘The Ford high-wage theory will be questioned in England, where it has not been tried, but it will not be questioned in the United States, where it has dem- onstrated its soundness for 15 years. And, incidentally, made Henry Ford the world’s richest man. Steel and Iron. Probably no American industry is facing more strenuous competition out- side than that of steel and iron. Ger- many is forging ahead with its blast furnaces in the Ruhr, tied up, as they nr;. ‘11121 tl:;enCh mtz\:szmuu. ussia, too, cannot longer be ignored. The Soviet blast furnaces are nln': pro- ducing at the rate of 350,000 tons & month, equal to her pre-war output, while her pigiron production last year was over 5,000 tons per month in excess of éhe ~War volume. is not satisified. She has begun the expenditure of hundreds of millions of dollars in developing her f:.-w h’;‘z’-: ore fleldl‘," hrz:ly. of course, consumption, buf tually for foreign tnde.p o It is well known that Russian iron every American sf exporter knows mz%umahnnew{uwrwbemk- Seligman’s Library. No university professor in the world possesses so valuable a library on eco- nomics and finance as Dr. Edwin R. S. ligman of Columbia University. For 50 years, he has been collecting o fused fabulous prices for it. e expense money by tra fruit for banks, those that were in constant touch | food e oned Japanese are both understood to have made very much larger offers. But Columbia Uni- versity is the winner, with an offer of about $! X Naturally Prof. Seligman was secured at any price: " Its difficult to ‘estimate the value of such a library. “It‘is priceless it cannot be duplicated. estimated that ‘ '$3,000,000 needed to duplicate it. Prof. Seligman is one of America's best known students in the fleld of economics. g Passport Fees. American tourists, planning European Summer trips, face the same old $10 PRy s i inat atter 12 2 peace, years of 3 the war-time measure in the port fees from $3 to $10 has not repealed? Who is responsible for holding the passport fee to its present war level price? Nearly every business organization, every travel ber of commerce, tourists have protested the high fee charge—the highest, with the exception of ll?aumnu. Greece and Egypt, in the world. True the fees collected amount to $2,000,000 & year, while it costs only $150,000 to handle the work. But that's no_answer, The fee was established by an act of Congress and it will be necessary for Congress to amend the act. Congress is in session. Why should the fee not be reduced to $2, or, better yet, elimi- nated entirely? ~It's a nuisance fee anyway. The Department of State has no al- ternative. It must charge the fee set by Congress. But again—why maintain a $10 g:.;snon fee when nearly every nation abolished such a charge. ‘Why not have the job done at this session of Congress? Stabilized Incomes. Senator James Couzens of Michigan, one of America’s richest men, believes th.'i lfilhflln:}olil” of the income :; workers mus nmmrumed American business, But American business is M‘“T G\?a" ‘n‘:”wfl through old age ymen! urance, rance, and all the other methods of insurance necessary to preserve human life. 6 per cent five-year gold deben- e Planes to Fight Forest Fires. Five flying boats have been ordered the Canadian government forest fires, says reports to ment of Commerce. All metal, they will carry two pilots, a mechanic, and accommodate seven fire fighters. Most Butter From Minnesota. CHICAGO, March 29 (#).—Minnesota maintained its lead in butter produc- the firstpart of 1930, January. Says the Senator: b try were to it .to fight | to iything out of their years, their Peviods ot high employient off seasons many that I have heard of.’ (Copyright, 1930 by North American News- paper Alliance.) . l‘:‘"m of rubber Impor from northern 4 Sumatra by the United States in- creased 50 4n 1920 over 1028,