Evening Star Newspaper, April 1, 1930, Page 12

ATBAN Senator ‘on Program for' I « Spring Meeting at Colum- - bia Country Club. BY EDWARD C. STONE. It was announced today that Senator Pat Harrison of Mississippi will be one the chief speakers at the Spring of the District Bankers' Asso- be_held assisting. ‘g‘m Rohert Tmend D. Rheem, V. Fleming of the Riggs Natiorial Bank, has donated a handsome silver cup to be comj for during the afternocn of golf which always precedes the eve- ning dinner. The golf competition is open only to active bank officials and partners in brokerage houses which are mentbers of the barkers’ -association. The winner of the cup will have his name inscribed on it and hold the tro- hy for a year or longer, if he is able capture it two years in succession. Lanier P. McLachlen, president of the banking corporation by that name, and C. H. Pope, vice president of the Munsey Trust Co., are in charge of arrangements for the dinner. 'President W. J. Waller expects a record turmout of local bankers. Investment Firm 61 Years Old. Swartzell, Rheem & Hensey, mortgage bankers, located at 727 Fifteenth street |- northwest, today are celebrating the firm's sixty-first birthday anniversary., They have received a host of congratu- lations from' their regular customers and = host of business associates throughout financial district. The company started business on Seventh street, but Has been in its own bullding for several ars in the heart of the banking section. ¥ The firm was organized by George W. Swartzell, Clarence P. Rheem, Alex- T. Hensey and Luther A. Swart- They started the concern on the to solid business success. For six decades the has maintained an enviable reputation, which has extended far beyond the limits of the National Capital. The present officers include Luther A. president; Edmund D. Rheem, son of one of the founders, first vice president; J. Newton Brewer, second vice president; John H. ‘Holmead, treasurer; George F. Hunt, secretary, and Harry T. Domer, general counsel. Loeal Bank Clearings fo Date. lflt Comparison by months follows: miibae s 96,545.2 114,113,698 ... 328,878,172 3370,883,260 ‘The above -tabulation, which does include gents in’ each . total, ts an interesting picture of busi- conditions so far in 1930. The the year it was predicted that here and all over the country off slowly and gain momen- year progressed. To meet clearings in this city, some ha be re- 109,849,040 131,795,928 g & i ay’s business was re- n 3 , good demand at 103. came out on the board at Traction 55 sold at 96% stock division a single share Trust Co. stock oy -American Co. common came , dropped a half point and it opened. Capital Traction figured in a 58-share turnover at 79 and Potomac Electric Power 5l per cent preferred cha g Gas sold at 101 and the of the day was a sale of six shares of National Bank of ‘Washington at 248. { Concern Pays Three Dividends. .V "The Continental Finance Corporation New Jersey, which has offices in the | o d National Bank Building, 1331 street northwest, announces the pay- fment today of the regular quarterly of ‘15 cents per share and an dividend of 21 cents per share on company's preferred stock to stock- ders of record on March 15. A divi- d of 21 cents per share also was paid y on the company’s common stock o stock of record March 15. Charles Delmar, formerly manager of n office of the Wimsett ., Which was sold to another firm not long after it was established here, now s connected with the local office of the above corporation. Convention Dates Set. October 12 to 15, inclusive, have been selected as the dates of the nineteenth | annual convention of the Investment Bankers' Association of America, to be M}\‘ mn Nt"l orlxuru. new form of program, recently ap- provec by the association’s board of governors, will become effective at this meeting. Instead of running for six days, as heretofore, the convention will run from Sunday to Wednesday, 2 of four days. Forty-eight hours’ will thus be saved for the dele- tes. About 1,000 investment bankers rom all parts of the United States and Canada are expected to attend. ‘The following are the members of the association’s 1930 convention commit- . tee: Alden H. Little, Chicago, executive vice ident, Investment Bankers' As- sociation, chairman; Walter T. Collins, Hemphill, Noves & Co.,-New York; Larz E Jones, New O:leans; George H. Nus- loch, New Orleans; George W. Robert- son, New Orleans; Kenelm Winslow, Jr., Seattle; Kelton E. White, St. Louis; Harold E. Wood, Chicago, and E. C. ‘Wampler, Chicago. . Financial District Brevities. Prank Owings, who recently resigned as cashier of the Bank of Commerce & Savings, after 16 years'.service, will be a dinner by the officers and directors mmul. ow evening at the Am- Ho! New York Stock clgchm-.:‘e R , annount that J. Clarke Dean has been ldml!lee; as a ral ner in the firm, effec- pril 1, 1930. They also. announce t of Charles Reed ent mortgage it 93 i ; at 93% per cent. annual_convention . this June 26-28. & 95 26 “ 55 28% 87 2% 9% 101% 57" 19% 59% NEW YORK STOCK EXCHANGE _ Recelved by Private Wire Direct to The Star Office. ~Prev. 1930.~ High. 35 0% S1% 199 40 2% | 18% Congoleum-Nairn. .. l:u-dl Congress Cgr (1634). 8 Low. Dividend Rate. 22" - Abitibl Power & Pa, 1% Ajax Rubber. Alaska Juneau. Am Com Alco(nl 80) Am Encaustic (2) Am European Sec Am & For Power. Am&Forn Pwr pf(7) Am&Forn Pwr 2d pt. Am Hawalian S 8 13) Am Home Prod(4.20) Am iceCo (t4)...... 3 Am International (3) 48 Am La F & Foamite, Am Locomotive (8) Am Loco pf (1) Am Mach & Fdy (7). Am Metal (3)..c..00 6 Am Nat Gas pf (7)..200s Am Piano 513 Am Piano pf. 2008 Am Power & Lt (31) 62 AmP&LDLA (3%) Am P&L pf A st (8). Am Ra&Std S8an 1%. Am Republics. . Am Rolling Mill (3). Am Safety Raszor (5) ) Am Sm & Ref pf (7). Am Solvents Chem. . Am Sol Ch v pf (3). Am Steel Fdy (3).. Am Stores (2) Am Tel & Tel Am Tobacco (8 + Am Tobacco (B 3w Amft Writg Pa pt(4) Am Zine Ld & Sm. Anaconda Copr (7) 3. o & L T = N N e o Art Metal Constr(2). Asso Appl Ind (4). Assc Dry G (2%) Asso DG 1st pf(§, - - ® 2 PT Tt T -y Atlas Powder (4) Atlas Stores (1). - " Autosales. . Aute-StSaf R A (3). Aviation Corp Del... Baldwin,Loco (1.75). Baltimore & Ohlo (7) e IR - s & Heacon Ofl. Beech-Nut Bendix Aviation Bethlehem § Bethlehem 8t pf (7. Bohn Al & Brass (3 Borden Co (k3) Boston & Mal! Botany Con M (A). Bruns Ter & Ry Bucyrus Erte (1) Bucyrusev pf (2% Budd (EG) Mfg (1 Budd Wheel (1). Buliard Co (1.60) Wi - ® watNonm o KIng (4). Callahan Zine & L. Calumej&Hec(ad %) Campbell Wyant (2) Canada Dry G A (6). ‘anadian Pae (10).. Capital Adm (A) 4 Case (J 1) (6). Caterpllir Trac 13% . Celotex (3) t Aguirre As1%. Cent Alloy Steel (2). Cent Alloy ctfs (2) Century Rib Mill Cerro de Pasco (6) Certain-teed Prod... Certain-teed pf. Chbecker Cab (4.20) Ches & Ohio (10).... Chesapeake Corp (3) Ch: Great Westn pf. Chi Mill St P&Pae. .. Chi Mill St P&Pac pt Chicago & N W 16).. Cbi Pneu T pf (3%). ChiR | & Pac (7 . Chi R 1 & Pac pf «6). Chickasha C 01l (3).. Chiids Co (2.49) . Chry City Stores (50¢).... 4 Clark Equipment (3) 1 % Clev & Pitts (3%)...3708 Cluett Peabody (6).. -Cola (8] 48% Coca-Cola A 14% Collins & Alkman, 361 Col Fuel & Iron (2).. 155 70% Col Gas & El (3).... 1128 104% ColGas& Elpf A(6) 2 24% Columb Graph (37¢). 289 168% Columblan Carb (16) 14 23% Com Credit (3). 72 76%’' Com Crd 18t of (6%)100s 22 Com Cred pf B 240 75 s 8 k] 2 1 88 0 3 3 % 82 30 0 1 Contl Insur (3.40). .o Continental Motors.. Carpet. .o Crosley Radio (1)... Crown Cork & Seal. . Crown Zellerbach (1) Crucible Steel ¢k5).. Cuba Cane Products. Cuban-Amer Sugar.. Cudahy Packing (4). Curtis Publish pf(7) ./ Du Pont de N (14.70) Dupont & N deb (6).. Estn Roll Mill(ht2). Eastman Kodak (18) Elec Storage Bat (§) Endicott-John (6)... Endicott-John pf (7) £ng Pub Serv (21).. Eng Pub Sve pf (5).. Eng Pub Sve of (§%) Eng Pub S otfs (31).. Equitable Bldg (3%) Bureka Cac Cl (4)..« Evans Auto Ldg 2%. Fairbanks Co..oev.u Fairbanks Morse (3). Fash Park Ass FedM&Spt (7 . Fed Motor Tr (80¢).. Fed Wat S. A (e2.40). Federated Dept Stra. 18 Pho Fire 1(3.60). Filene's pf (6%4).... Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (3%). Fisk Rubber........ Fisk Rub 1st pf ev.. Florsheim ShoeA (3) Follansbee Bros (3).. Foster Wheeler (1).. Foundation Co. FourthNatl Gen Elec spec (60¢).. Gen’l Food Corpn (3) Gen Gas&El A (tel). Gen Gas&El A (new) Gen Ital Ed wi. a2.61 Gen Qutd Adv A (4). Gen Printg Ink(2%). Gen Printing Ink pf.. Gen Pub Sve (b6)... 39% Eq 81% Gillette Saf Ras(n6). 11% Gimbel Brothers.... Glidden Co (h2) Gold Dust (2%) Goodrich B F (4). Goodrich pf (7) Goodyear Tire (5) Goodyear 1st pf (7)., Gotham Silk H (3%) ‘Gould Coupler. . Graham-Paig Graham-Paige ct. Granby Copper (8).. Grand Silver Strs (1) Grand UnioB......e0 Grand Union pf (3).. Granite City Stl (4) GtNetfsOP (a3%). . Grt West Sug (3.8 Grisby Grunow. Guantanamo Sugar Gulf Mo & North.. Gulf Sta Steel (4)... Gulf St Stl 1st pf(7) Hacken pf A (1%).. n Lept Stores. .. Hall(WF) Printg(2) Sron~aman 3 M ARATEDAN M aN Ha® 12 1008 1 Bama su8 SuBuoan ) ] =F'Y - mrmmanSean 2 25 160 9 70 Hanna (M A) 18t (7) 100; Hartman Corp B 1.30 Houdaille Her B (2). H'hold Fin pf (13%). Houston Oll.i...0us Hows Sound (t4%).. Hud&Man Ry (3.50). Hudson Manh pf(5) Hudson Motor (6)... Hupp Motor Car (2). filinols Central (7), ., Illinols Cent pf (6). . independ VIl & G (3) Inspiration (4. Insurance Shars ¢5¢ Interboro Rap Tran. Intercontinental Rub Interlake Iron (1) Int) Cement (4) Int Combustion. Inter Comb Eng 2 21 14 3 1 227 1 Intl Harvester (43) Int Hydro EI Intl Mateb pf Int] Mer Marine (1), int Nickel of Can (1) Intl Nick Can pf (7). Intl Pap & P A(2.40). intl Pap & Pwr B.... int! Pap & Pwr C, Int Pap & Pwr pf (7) Intl Printing Iok (3) 2 205 1 X 2 11 1 1 Intl Print Ink pf () 100s int Salt (6) Intl Silver (18)..... Int Tel & Teleg (3) Inter Dept St (3) Investors Equity (3 Island Creek Coal(4) Jewel Tea (4) Johns-Manville (3) Johns-Manv pt (7).. Jones & Laugh pf(7) Jordan Motor Car... K C P&L 1st pf B Karatadt (R) (103), Kaufmann)D 8 (1%) Kayser Julius (4). 20 K;-W:l 86%. Kinney (G R) pt (8). 1% Kolster Radio. 208 1 924 4 6 708 [] UPTURN IN STOCK PRICES RESUMED Steels and Oils Feature Ad- vance After Market Ab- sorbs Profit Sales. BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK, April 1.—Resumption of the upward price movement in to- day’s stock market lifted more than 50 issues to new high levels for the year, but the advance encountered heavy t-taking and occasional short sell- . which brought about a few sub- stantial declines. Trading started off at a brisk pace, but slowed up in the early afternoon when the ticker caught up with the market for the first time in about a fortnight. The demand for stocks embraced a rather broad list with the steels, public utilities and ofls giving the strations of grou . gains in the active issues from 2 to 6 points, with a few specialties show- advances. Worthington Pump and Peoples Gas each broke 8 Potnm but made partial recovery, the former sell down to 117 as against a Righ of 139 last week. Call Money. Call money renewed unchanged at 4 ger cent. New funds came into the mar- et but the demand was relatively light. The time money market was dull with rates unchanged. Bankers acceptances were firmer, all maturities being ad- vanced % to % of 1 per cent. Two of the most constructive develop- ments of the day were the announce- ment of President Grace of the Bethle- hem Steel co?onflon that first-quarter S publication of & réport that o and the cal of a op- erations g‘l‘the United States Steel Cor- poration were now running at 83 per cent of capacity, as against about 80 cent in the two weeks. mwd States Steel common was marked up more than 3 ts to 8 new high at 197 and Mhleg:: crossed 110 for the first time this year. Re- public Steel common and the certificates and Colorado Fuel also reached new h!gll Tmnnd‘ blication of a series of favorable 1929 earnings rej by oil companies, including that of Skelly, which showed earnings of more than $5 a share last year, brought fresh buying into the oil mlr. Standard Oils of New Jersey and and Skelly each advanced more than 2 points to new high levels for the year. Houston sold 3 points higher, Utilities Group. In the public utility group Public Bervice of New Jersey, Standard Gas & Electric and Detroit Edison ran up 4 to 62 points, the first named regis- tering another new 1930 peak. United Gas Improvement, Southern California Edison and Commonwealth & Southern also reached new high ground. —_—— PARIS BOURSE PRICES. PARIS, April 1 (P).—Prices were firm on the Bourse today. Three per cent rentes, 89 francs; 5 per cent loan, 102 francs 40 cen- times. Exchange on London, 124 francs 285 centimes. The dollar was quoted at Zg‘ francs 543 centimes. NEW TRUNK LINE PLEA IS EXPECTED SHORTLY Special Dispatch to The Star. RICHMOND, Va, April 1.—A re- vised petition for the formation of the proposed Chesapeake & Ohio-Nickle Plate trunk system, will be submitted | to the Interstate Commerce Commis- sion within the next three weeks, ac- | cording to authoritative advices here. Substitution of the Wheeling & Lake Erie for the Virginian railway is said to be the high lights in the new re- vised Van Sweringen plan. The Van Sweringen petition has been pending before the commission for more than a year. Since it was presented, the commission has announced a tentative | railroad unification scheme which di- | vides the East into five trunk systems, | with the Chesapeake & Ohio nu- | cleus for one. The proposed Chesapeake | & Ohlo set-up is_materially different | FINANCIAL. Sweringens, but, with a few changes, is believed = ble to them. rt olvt:n Van Swer- the Van Sweringens will ?oamgn to win approval of their request or the right to a¢ the Wheeling and Lake Erie, which will afford them an opportunity for a more direct route into Pittsburgh than that prm:d in the commission’s unification 3 T. S. Steel Has Birthday. NEW YORK, April 1 (P).—This is the twenty-ninth birthday of United States Steel Corporation, whose first business day was April 1, 1901, Washington Stock Ezchangs Wew_ York Curb Market from the system planned by the Van Couneilor & Buchanan ' Cortified mer Buildims™io"" National 611061116213 (Telephone Directory Omission) REAL ESTATE LOANS . Made at Low Interest Rates i & RUTERFGiD 1520 K St. N.W. National 0478 F. B. KEECH & COMPANY Members of New York Stock Exchange Liverpool Cotten Exchange, Ltd., (Assoe. Membere) DIRECT PRIVATE WIRES H CORNER 17TH ST., N. W,, WASHINGTON NEW YORK THE PENNSYIVANIA RAILROAD. SUMMARY OF ANNUAL REPORT FOR 1929 uE 83RD ANNUAL REPORT Of The Pennsylvania Railroad Comy - for the year 1929, will be formally presented to the stockholc on April 8, 1930. The report shows that net income in 1929 exceeded that of an; thé company’s history and was $18,952,324 greater than in 1928. Last year was successive year in which the net income exceeded that of any previous year. Net income, amounting to $101,378,518, was equivalent to 17.64% upon the outstanding capital stock at the close of the year as compared with 14. uj ofiplnding at the close of 1928. Net income perp:hzre (pars:o?zou $7.35 in 1928. OPERATING RESULTS ‘Torar Orexatog Rzvenues were., ‘Torat OreraTiNG Exeenses were. Lzavine Net Revenuz of. ... ‘Taxzs amounted *o. . . , Joowt Paciurry Rents, etc. amounted to. Lzavine Ner Ranway Orerativg Incoms of . Incoue rrom Investuents axp Orazr Sources amounted to.. 48,791,500 255,843 Mazme Gros Income of ............ ié Renrar Pam Leassp Lives, Laavnvo Nr Incous (Equal to 17.64% on Capital Stock) of. . $1o1,378,478 Oriten Crarces amounted to Tntenest o Fosomo Dest anp . Py Incresss over $682,702,031 $32,133,61¢ n,fl&gzi 19,156,657 2,673,238 + 493,150,993 451779 - $189,552,339 .« 40,518,508 $16,033,640 15,804,118 L $133,139,626 . $181,931,126 «_ 80,592,608 1.336,198 18,053,334 y, covering tions at the mnu:r;fing oy the amount outr .83, compared with After providing for the payment of 8% dividends to the stockholders and for sinking and other reserve funds, $48,925,596 was credited to Profit and Loss account. ' In 1939 the Pennsylvania Railroad System ‘The Company met its maturing obligations and cmdd.:dg. /776 in 1929 for improvements on its own equij it in addition to the ex- penditure of large sums by its leased and affliated lines. To y for additions and improvements, to re- Fd: Treasury for capital expenditures al- ready made and to provide funds for the redemption of obligations maturing in 1930, which include $50,000,000 ten-year 7 per cent secured gold bonds, the Board of Directors authorized the issuance and sale of $89,836,050 additional capital stock. Of this amount $71,836,050 was alloted to stockholders at par ($50) in amounts equal to 125 g:rcemo{thdr Tespective ing the s prove St i to ap- mmdulznfth:muiningh&ooo.o; capital stock to the employes at $50 per share to 7oy paid for “This will leave unused about $31,000,000 of the present $700,000,000 of aut provide, therefare, for proving thorized capital stock. To future requirements for im- ing the company's facilities and and expanding service there will be submitted to the stockholders at the annual meeting the question of authorizing the Board of Directors to increase the company's capital stock by $170,000,000, making the total ,000,000. No issue of any part of this new stock is now contemplated. “The Company has paid a return to its stockholders in every year since 1847. It is now owned by 196,119 stockholders who reside in every state of the Union and nearly all foreign countries. Important items of new NEW EQUIPMENT uipment placed in service were: 16 passenger and freight locomotives; 636 steel passenger, baggage, express and refrigerator cars, 5,813 it cars. 1203 improved nopper cars and 17 steel service tank cars were also acquired and in service. Orders for delivery of new equip- ment in 1930 include 106 locomotives, 109 steel Bi'.';'l"‘:'e express cars, 3,363 steel box cars and 2 el ctric tug boats for service in New York Harbor. ‘In the last ten years, heavy freight momodvu hfi increased 48 per cent in number imately 63 cent in tractive power, dec;:mhnmfl m‘:rrau in both train Io':?i and train ;rd and a higher standard of freight service throu; greater efficiency and economy of operation. OPERATING EFFICIENCY Last year was the ninth consecutive year of progressive improvement in operating efficiency as reflected in the steady reduction in the ratio of ting revenues. Operating ‘operating expenses to opera ming:t'yurfouflthhnuimbdymwtbe lowest since 1916, Ratios for the last nine years ‘were: 1931. . .87.6 1025...78.3 xgn..,::.; 1926. 7716.1 1923. . .81 107. . .76 1924 .se.s'i 1928.. .7:.8% 1929...72.1% 13 ¥OR , TAXES PAYMETE, WEATTRRES ™A ‘The Pennsylvania Railroad operates directly about 9t per cent of the mileage of its entire system. The g lines are controlled through stock owner- remainin; ship. The consolidated system embraces 11,550 miles of road with track mileage of 28,053, Last year's satisfactory results were attained throu; of the shippers, patrons and stockholders and —Paid about $349,000,000 in wages to employes —Paid in taxes —Paid for M’;:’mnh.mnwliu and improve: ment work almost $205,000,000. PUBLIC SERVICE The Pennsylvania Railroad System daily average of about 3,800 W&y wnmnn; 3,700 it trains, During the year the formed was_equivalent to ing one ight over 49 billion miles and to carrying senger a distance of more than 6 billies miles. the year 14,028,000 tons of fuel were consumed 1 3 Y ives. quired the installation of 3,606,000 206,000 tons of new heavy steel rail. public the utmost elasticity advanced considerably during the year cooperation with various companies specializing hbymyndbr permitting travel by motor coac! train at night, has just been inaugurated. Coordinated 48-hour railair service between New York and Pacific Coast cities combining travel by train and plane was inaugurated uly 7, by o g %, e operated, e Bogond o Washing lew En t i . C. and Af on the Philadelphis divicion, - * *® the helpful cooperation and nfdteofieu’lw.l‘:s employes to conduct the company's service to the public ti , effici and ploye pan public expeditiously, efficiently y. Philadelphia, Pa., March 31s8, 1930 _THE PENNSYLVANIA RAILROAD rries More Passengers, Hauls More Freight Than Any Other R W. W. ATTERBURY, ailroad in America SHIP AND TRAVEL VIA PENNSYLVANIA “‘md-nmdi-l\mdh].fmw Secretary, brogd Street Station, Philadelphia, Ps.