Evening Star Newspaper, April 1, 1930, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 'RETURN OF PUBLIC . TOMARKET IS SEEN i {Recent Sessions of Exchange Reveal Expansion of Trading Range. BY LEMUEL F. PARTON, Bpecial Dispatehi to The Star. NEW YORK, April 1.—While Win- ter still lingers in thc lap of Spring, optimism is budding in the groves of ticker tape, where one plants one dol- lar and reaps five—maybe. The in- vesting public, meaning the incorrig- ible gamblers or the sagacious investors, according to one’s point of view, is out again, venturing cautiously, to be sure, and shivering a bit in the seasonal hang-over of wmtrv dlyu but never- theless taki ‘The New ork flnlnclal district to- day is beginning to look like old tlms, With amageur lators returning to brokers’ offices, stenographers diving !or the finantial page before opening the morning’s. mail, more requests.for tickets to the Steck Exchange gallery and fresh gardenias in the coat lapels of the more dashing and histrionic operators who shepherd the lambs in and out of the ‘market. Luxury Shops. Luxury shops are beginning to re- ron a slight response to last week’s up- urn of the market. The manager of an upper Fifth avenue jewelry store, one of the most luxurious shops in the world, said teday the store had just sold a_mauve jade necklace from the Gobi Desert, incomparably beautiful and breath-taking in price, which they had acquired last Fall and had been unable to sell. Standing behind three tall gold candelabra, wearing a morn- ing coat and Ascot tie and speaking in the hushed, ecclesiastical manner of the custodian of fimelu- treasure, he need- reflection said. “This necklace bought by & financier, who, we happen to know, suf- “fered most severe losses last November. Hehubunlnteverllumuwlmknc but said he would be un- lt- unless there was a turn for better in his business nlrs Saturday he came and paid our price. It was out best sale of the last six months, although somewhat less than the top prices we received for scattered and hesitant, and I mean to say that there has been any- thing like a return to conditions of last Summer. However, we have been as- sured of better conditions to the extent of making commitments which we would nnt have dared make a month Foreign Investing. Mumin( travelers bring word that Europe has a persistent alth ln l.he recuperative powers of finance, and thlt this l!.rendy is lend- ing foreign money back to these uhom ln l‘:xn volume. This feeling is en- hanced, say the voyagers, bu such hap- as the American bids for ts to the international of sea- :%nA Boxes costing $2,362 uly for ga week season were eagerly snap up by Americans. Steamship agencies report heavy for the Summer season, not only on the new de luxe ships, but on ships and in the “student” and The a) court approaching presentations, 8ir Thomas upun‘l new ehtnmu with his Shamrock V, Amer- icans flocking to London’s spnn; dress usual interest and uclfie— ment and American mmnmerfllynpmuntdrn hotsy-totsy again in money marts. Some of the tough-minded, weather- beaten old brokers down in Wall thehv:t continued steady gains are justifiable hmyflgfi:&.bfltfihltlrulholfl;; ommlp:le (Copyright, 1930.) ELECTRICAL EQUIPMENT OUTLOOK IS PROMISING ‘Operations of leading electrical equip- ment manufacturers are being main- tained at levels which compare favor- ably with activity of a year ago, and mcm for the first six months of 930 should exceed that of the cor- rwond.ln( period of 1929, according 0 & current survey by the Standard Statistics Co. of New York, which con- ln companies should score continued lub! stantial gains.” CANADIAN NATIONAL RAILWAYS EARNINGS Bpecial Dispatch to The Btar. MONTREAL, April 1.—As compared 1629, working ex- penses of the Canadian ‘National Rail- ‘ways wm decreued by $999,079.23 last month. gs for month ‘were ;17,030314, as compared wi $20,239,020, and working expenses $15,. 662,515.14, as compared with $16,661,. 594.37. Net earnings in February, 1930, were $1,373,858.86 as compared with $3,577,425.63 in the same month last yeat., PFrom the first of January this year gross ecarnings have amounted to $33,858,443, working expenses $31,750,- 67192, and net earnings $2,107,771.08. o Stock Trading Heavy. NEW YORK, April 1 (M—Trldlnl on the New York Stock Exchange in March was the heaviest for any month since last October, when all records were broken. Sales totaled 96,562,040 shares, nearly 30,000,000 more than in B o Maich, 103 i ot e for c| jua; ted 227,583,540 shna udnst 04,434,260 in the same period last year. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Auu—cmlmu 5s 1937, Amer. Tel. & Tel. 88 1643 mrlnln ‘Thread 5Y%s 1938 ito & Ohio t'hl 1933 . 4Y28 1 “ Hieh. 36% 70 [N L 100% 264 108 189% "1, 50 18 s o oK Py 0% o010 A% K18 1% 22 288 214 2Ry oK% 237% TAY 0% 108% 145% 40 &0 4o 15% B ™% s 59% (Continued From Page 12.) Stock and Low. 30% Kresze(88)Cot1.60) 611 Kress (SH) (1) 23% Kreuger&Toll (1 Sll Bales— Dividend Rate. _Add 00 mm m 76 37 Kromer Gr&Rakinl). 120 98 Laclede Gas pf (5).. 10s 12 Lehigh Valley Coal.. 32 Leh Val Coal of (3). 70% Lehigh Valley (t444) £9 Lehman Corporation 19% Libbey Owens (1)... 914 Ligwett & Mvers(t5) 1% Liggett&Mvyrs B(t5) 16’ 25% Lima Locomotive. .. 52% Liantd Carbonie (4). 42% Loew's Tne (3)..... 8% Left Ino .. 0% Loone-Wilas (43 70). 164 Lorfliara (P) Co R fantelana ON. 128 Lonis & Nash (T 82% Ludium Kteel (2) 28 MeAnArews&F +2 85, 40% MeCall Corp 12%) 82 McCrary nf (6) 35 MeGraw-Hill ¢ 14% McTntyre Pare M(1). 61 McKeeapt T Pre4) 251 MeRennan & Roh /2) 414 MeKes & Rb nfi33%). 14% MelLellan Store . n 132 Macv/RFY & Cofn2) 45 Wagma Canner /5),, 23 Wanat! Qnear nf. 14 ManAsl Rrat ORTC Wan Flae @ 201, Aan Tlaw mad 74K 510 A0TL Nan Shirt 93 1L Varneathe Ol Ben,, 208 \tarman ntar (2) Q. Aartin-Parry 2714 Vatht 154 Wengel Camnany (2) 82 Menwel Conf (T). .. 2% ro Gn1d nf (1 29) FuaSanmom alean Aanhat Flew etd (1) 80 . 40n 2 18 Mexiean Sanhoard. .. 155 2874 Miam{ Cannar 4. .. FR Michiean Stes! (2%) 23% Mid-Cont % M1AATe Qtnt €1 Minn Han R"l'fi“) 17% Minn Valine 1% Minn & €t Tonta. 4RT4 \Ta Wan & Texae 107 Mo Ran & Tex nf 1), 184 Miesnnrt Pan nf (K). 95 Aahawle & Mille /), AR5, Maneanta Ch (e1U), SEU Monteamry Wrd (3) 2 Maon Moters .. 1% WMather Tode r4ne 4% Motor Vater G & 7., K0 Matar Prodnects (2). 261 Mntar Wh 19% Malline Mfe. . . 18 MurravCar N9 o AF% Mver(FE)S Rro (2). 45% Nash Motore (8, 198 Nat Aeme (14). 11 Natl Afr Trans. 9% Nat] Rellas Hese. 71 Nat Riseuit.n (2 80). #RU Nat Cash Rew A(H4), 456 Nat Datre (42 ... .. 20 Nat] Dent Stores(2). 20 Nat DintiMors (9) .o Nat! Pwr & Lt (1), 1% Nat] Radinter. 1 Natl Rve Mex %4 pf. 7014 Nat! Surety (5} 22 Nat Tea Co (2) 43 Neisner Bros (1.60), 26% Nevada Conner (3).. 134 NV Ont & West 2 NY Raflwave pf. 16% Norfalk Santhern 226 Norfolk&Wentn(10), 3% Narth Am /N0 stk) 51 North Am of (3), IW Wfiflh Am T4 pf ll)- % Norwalk Tire & RD. 9% Ofl Well Supply. 43 Oppenheimer Co! k(J Ofllmv‘l:o!llt") 38% Pho . R 8% Philip Morris (1), 29% Phillips Petrm ( 21% Plerce-Arrow A. 69% Plerce-Arrow 1 Plerce Ofl, 2% Plerce Pe 33% Pillsbury Flour (! 45. Pirelli of Italy(3. ld). 60 Pittsburgh Coal. 59% P Rican Am To (A)7 12 P Rican Am To (B).. 97 Postal Tel & Cpf(7). 45 Prairie Ol] & Gas(3). 54% Prairie Pipe }- (15) 4% Punta Alegre Sugar un - 21% PureOfl (1% )..eceer 92 Reming-Rnd ast (1), 10% Reo Motor Car (.80). 72 Repub Ir & Steel (4). 2 RCD xruu otfs (4).. ~16% Rio Grande Ofl (3) 44% Ritter Dent Mfg (13) 1n 44 9 BonnRean M ® 00 1 08 e B N SO0 00 i1 O oo 001 1 33 01 S 0100 1 b G0 e e - Low. 4 111% Stock and Dividend Rate. Md oo !lm Low. 17\{\ Rosaia Inc (2.30) 46 Prev. 2:85. Close. 8 103% 24% 10% 9% Seagrave (1.20) Sears Roebuck (. Servel Ine. . Sh on Steel anul Union (1.40) Shell Un Ofl pf (8 Shubert Theatres. Sinelair Con Ol Skelly O1142). Snider Packing... Solvay Am In pf b So Por Rico Sug 12). Sonthern Cal Ed (2). Southern Dalries B, Southern Pacifio ( Southern Rwy (8)... Southern Ry pf (6).. Spalding(AG) (3)we. Stand Brands (1%). Stand Gas & E1 (3%) Stand G & E pf (4).. Stand Invest Corp... Stand O of Cal (234). Stand Oll Exp pf (6) Stand Oil of Kan (2). Stand O1l N J (12).. Stand ONI N Y (1 60). Stand Plate Gl Sterling Sec A Sterling Seo pf(1.20) Sterling Sec ev pf(3) Stew-Warner (h 3%) Stone & Webster (4). Studebaker Co (5) Sweets of Amer (1).. Symington. .. Symington (A). Telautograph (11.30) Tenn Cop & Ch (1) ‘Texas Corp (3). Tex Gulif Sul (4) ‘Texas & Pac (5) Tex PC&Ofl..0uese Texas Pac Land Tr.. Thatcher Mfg (1 60) ‘Thatcher pt (3.60) ‘The Fair (2.40).... Third Avenu Thompson J R (3.60) Thompsn Prod(2.40) Thompson Starrett. . Tide Water Asso 60c. Tide Wat Asso pf (6) Tide Water Ofl (80c) Tide Water Oil pf(5) ‘Timken Det Ax(80e). ‘Timken Roller (3)... Tobacco Products. ‘Tobacco Products A. ‘Transcontl Oil(30e).. Transue & W (1).... Trico Prod (2%) Und-Ell-Fisher (§) Union Bag & Pap Union Carbide (3 Union O1 of Cal Union Pacific (10) Union T'k Car (1. Utd Afreraft& Tran 8 l‘r-llhl 3). Hoftman (2) Ind Alcohol the Vadsco Sales Corp. Vanadium (14). Vick Chemieal (3%). Virginia-Car Chem. , Virginia-Car 6% pf. 305 10 4 3 bash. . 124 Wabash DL, A (5).ees H Wabash pf, B (6). ‘aldort Systm prsmEem i 1 Ward Baking A. 8 pL (7). Warner Bros Ple (4). 105 War Bros P pf (3.20) 6% Warner-Qui (l)a ln (2). Wess O & So pf (4).. West Penn El pf (7). 20s 1 West Penn Pw pf(§) uo- Westn Dairy (B).... Western Maryland. . 3! :n Western Pacifio pt..» ‘Western Union (8). ., 43% Westinghse A B (3).. Westinghse E&M (5) Weston Kl Ins (1)... ‘estvaco Chlor (2) ‘extark Radlo Strs. White Motors (2) ‘White Rek Hl('l*) White Sewing Mach. Wilcox Oll & Gas. Wilcox Rich. B (3). Willys-Over (1.20) Wilson & Co Wilson & Co Wiison & Co pi ‘Woolworth (: 40) Worthington Pump, Worth Pump B (6). ‘Wright Aeronautical o S orrEShenarpanoann e May % Con Fil Ind...Apr 10 3% Fox FilmA...Apr 10 % Fox Film deb.Apr 10 1% Int Tel&Tel. . May 1 % fag Lllhl‘..lfi-y 1 3% 8o ldu- lluh -Nn York Exchange. 761,600 13:00 Noon, P.M. 3.301.600 Vll 1n th ll‘ahlu .:..‘".‘fl: scrip. Stock Rights IBUSINESS STEADY | Reserve Bank Reports Sea- ! month in 1929, three of five reporting 40% 1% 65 % 14% 5% 16% 20 16% 58% 644 129% 13% 28 32% 48 29 13 42% 1 03 10% 20 82 36 18% 72 334 63% 35% ub!u 66 36% 6% 2% 5% 111% 45w 3 661 188% 9% 7% opitel, She ompany had outstand- It s i timore had aggre| IN FIFTH DISTRICT sonal Trend Prevailed in Recent Weeks. By the Apsociated Press. RICHMOND, Va., April 1.—Business conditions in the fifth Federal Reserve district during February followed sea- sonal trends- without nrlkl.n&ly favor- able or unfavorable results, the review of February and early March trading. annoupoed here by William W. Hoxton, chairman and Federal Reserve agent, discloses. Labor conditions did not improve materially, but the outlook for future employment brightened somewhat, the review states, The *situation in textiles continued unsatisfactory, and cotton ccnmmpfion in the flfih "district during- February was much below that of February last year, but the fifth district’s &:rcenufi of total consumption was PFebruary, 1930, than in hbrun-y 1929. Retail Trade. Retail trade in department stores was better than in February last year, 21 of’ 35 stores reporting showing larger sales. ‘Wholesale trade also compared more favorably with the trade of February last year than other recent months compared with the corresponding lines selling more goods last month than in February, 1929. reserve bank on March 15. and in turn were lending less to their customers. Demand deposits in member banks were down moderately this year in com- parison with those a year ago, but de- posits in mutual savings banks in Bal- timore at the end of February were the highest on record, and time deposits in reporting member were only thtly lower than last year. itrary to the seasonal trend, mem- ber banks reduced their rediscounting at the Federal Reserve Bank at Rich- mond between February 15 and March 15, early crop planting needs usu: bflnunl an expansion of reserve bln{ credit at this season, the review ex-| g plained. Payments by check through clearing house banks in the leading cities in the fifth district were less in the four weeks ended March 12, 1930, than in either the preceding four weeks this year or the corresponding period in 1929, but the decline was not large. Failures More Numerous. Business failures in the fifth district in February this year were more numer- ous and liabilities involved were greater than in February last year, but the figures for the current month were compared favorably with other recent of insolvencies and labilities involved, than the average for the United States. Coal production in February was less than either January, 1930, or February, 1929, chiefly due to warm weather, which materially reduced the demand for fuel, the review stated. Building permits issued and contracts awarded in February were below those of February, 1929, in aggregate value, but the review noted signs that a con- siderable amount of construction work is being planned for the near future. Tobacco markets closed after a suc- cessful season, the review stated, add- ing th: sales probably totaled some- what ‘e the previous year's sales, and prlcel this year are higher znpnnfimn for this season are well advanced,” it con tinued, “and Winter crops are in condition. On the 'hole thg farmers in the district seem to be in fair shape to undertake the new season's activi- ties, except in the cotton sections of the two Carolinas, where conditions are probably worse than they have been for a number of years, due to low yidlds and poor prices for cotton.” About 30 per cent of the decline in member banks' rediscounts was attrib- uted to a decrease in city bank borrow- ing, but there was a terial drop in country bank borrowing at a time of uha year when banks in agricultural sec tions normally increase their redis- counting to meet crop planting needs the review asserted. Rediscounts. At the middle of March rediscounts for member banks held by the Federal Reserve Bank of Richmond were less than half the amount on March 15 last year, but a large increase in Gov- ernment mllmy holdmns and a small increase bankers’ acceptances were noted. o Twelve mutual ks in &.‘e deposlu totaling $191,063,5640 at end of February, the thest figure on record, compared with $190,250,263 on January 31 this r‘r and $187,823,332 on February 28, 920. Time deposits in 58 reporting member banks on taled $240,171,000, practically the same figure reported on February 12 this year, but wmewmt less than $244,786,- IL 1, 1930. how-m, 1m or ll:'l. ‘The rec- ord of the parison with Febrtiary, 1920. 'Ill better than the national reéord, the district increase in failures being llllhtly over 13 per cent, while the national increase was more than 15 per cent. The number of unemployed persons lp ntly remained the same durin February and the first two weeks of March, with some additional work de- veloping _in others reduced working forces, the re- view said. The prospects for work in the near future probably improved, how- ever, it added, especially for workers in building trades and unskilled laborers who seek employment in road work. “South Carolina’s road bonds were sustained by the highest courts,” the review pointed out, “and it now appears likely that work on an extensive scale will begin in that State in a short time. Congress d a bill authorizing the enllrrement of the Richmond post office buflding and the cona'.rucmm of a sep- arate structure for g: post mail, the two grojecu ling ll 500,000. Several other localities are planning ex- tensive construction programs, and in Washington a very large amount of Government work is already under way or is planned for the near future.” CRUDE OIL OUTPUT AGAIN SHOWS DROP industrial_plants, while | T By the Associated Press. TULSA, Okla, April 1.—The esti- mated daily average production of crude ofl in the United States decreased 11,! barrels during the week ending March 29, the Oil and Gas Journal uyl Total daily average production was 2- 529,001 barrels, compared with 2,540,806 barrels for the previous week. The Oklahoma City field with an in- crease of 9,835 barrels and the Gulf Coast district of Texas, which regi: tered an increase of 4.983 barrels, were | the only important areas to show appre= | Member banks in the district were| borrowing 57.5 per cent less from the| ciable gains. ‘Total production for Oklahoma State decreased 980 barrels. Seminole set the pace on the toboggan with a decrease of 1! 630 barrels, making a total decrease for that area of 28,745 barrels for the last two weeks. ‘The total decline for the Mlflwnullallt area in light oll was nm barrels and heem olls, 100 barrel fornll u.m oll producfim fell off 16,600 barrels. PR E, BANK CLEARINGS. NEW YORK, April 1 (Special).— New York bank clearings $2,211,000,000; & year ago, $2,208, 0,000. New York bank balances today, 3218000000 ‘ y!lr ago, $199,000,000. New York Reserve credit bal- ances today, '197 000,000; a year ago, $191,000,000. . CHICAGO DAIRY MARKET. CHICAGO, April 1 (P).—Butter— ondl, n 29,01 ed firste, zal/,um ordinary firsts, 212823; storage packed, firsts, stor- age packed, extra, 6%. Eastern vmmy vl u“' Corporation Commo Selling gg N!' York l:urh ll l!ll than seven fl jes 1 earnings—3$2.2 181 ll'ltl invited. nalysis on reques ne 4 Nixon, 1618 K St. Natlonal 1926, TRUSTEED SHARES Yektor " Who T o lmllllyulul?e:o 0 h:’l L yestments for lndlvidulu. tflll‘ funds and funds of organ! Sold in_ Lots—$100.00 Up Call or Write Standard_Collateral INVESTMENTS INVESTMENT DEPT. BRODIE & COLBERT 1707 Eye St. N.W. National 8875 Reinvest your funds in Bonds yielding above the average with ety of principal and marketa- bility. Continental Finance Corporation of N. J. Second National Bank Building 1331 G Street N.W. Telephone District 3490 Bankru] February numbered 145, compared with 128 in February, 1929, a lower record, Consult Us Regarding Your Maturing Mortgage. LONG-TERM | REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Hom Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Mortgage Loan Decatur' 3600 Correspondent New York Life Insurance Company G.M.-P. MURPHY & CO. New York WASHINGTON ' Philadelphia Richmond London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange 805 | eral taxes and other cha ‘FINANCIAL. Washington Produce Butter—One-pound prlnh. 41%5a42; ennu'y. 26; cur- keats, Turkeys, yonn 35a38; old '32a35; Spring. broilers, 46a 48; Winter chickens, 37a38: Leghorns, 37a38; fowls, 82 capons, 35a40; ducks, 25a26; keats, 80a90. Meats, truh killed—Beef, 20a23; veal, 25a28; lamb, 22; pork loins, 28a3 resh hams, 26; fresh shoulders, 22. smoked hnns 28; smoked shoulders, 20 a22; hncan. ; lard; in packages, 12 in bulk, 1 Live lwck—Cllvu 8a13; lambs, 10a 13; Spring lambs, 20. U. S. GRAIN EXPORTS By the Assoclated Press. Exports of States during v.he week ended March 29 totaled 509.000 bushels, as com; with 1,162,000 in the preceding week and 1, suzooo in the corresponding week = of last year. Vacuum Oil Profits. NEW YORK, April 1 (. —The Vacuum Oil Co. yesterday announced | bulletin net profits for 1929 of $35,767,627 after inventory depreciation, reserve lor M- are equivalent to J’Dl a lhlu ar value shares stock out- ey compare with $37,669,- 458, cquivalent o §746 & share, n 1925, earnings $3,500,000.00 grain from the United | BETTER COLLECTION CONDITIONS NOTED .| Oredit Men's Bulletin Says Word “Fair” Has Replaced “Slow” During Month. NEW YORK, April - money and slightly better collection con~ ditions are the most favorable factors noted in the monthly bulletin of the National Association cnm Men, wh)ch was being mailed to members to- 'rhlslsthaflmumln(vurmm that the credit association has had m- thing cheerful lo say on the subject of slow in mmuu‘ the bulletin points out, :;muh plated new work reported for Mury totaled umm mdml to Dodge reports, an cent over the total for hbrulry. ll A three-page letter of Lincoln, writ- ten in 1860, is valued at $7,600. There’s No “Closed Season” —for the thief. He's ever busy seeking valuables that can be converted to his own profit. {Keep your Bonds, Stock Cer- tificates, Deeds, . :welry, etc., in OUR SAFE DEPOSIT VAULT, and possible loss through fire or theft need never worry you. Individual Boxes available at Nominal Annual Rentals. Open Until 5:30 PM. April 1st and 2d National Savings & Trust Co. The Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave. SUN LIFE ASSURANCE COMPANY OF CANADA 1929 A BOOKLET embodying the DIRECTORS’ REPORT, the ADDRESS OF THE PRESI- DENT AT THE ANNUAL MEETING, and a FULL LIST OF THE SECURITIES HELD BY THE COMPANY is now available and may be had on Application to Room 409, Head Office Sun Life Assurance Company of Canada Montreal “A GREAT SATISFACTION" The fulfillment of a wish that perhaps at one time seemed hopeless. The as- sured income necese sary to finance some pet scheme, derived from a safe invest- ment in a good sound security. We Recommend First Mortgage Notes 1435 K St. We have compiled a comprehensive analysis of the Houston Qil Co. of Texas Copm on request Matkub'i‘n,xggcfilfi‘ch & Coy 'Iflflm $1 par NEW YORK, A) c]u_ Bervice pIae.. -y Ool. New York Produce Exchange Solitude Sought in New York. New York Curb Exchange NEW YORK, April 1 ) —] Cressy-Marcks, !Iuhmalpg:r V‘:m Coy o1 our “Fortaiohtly Review™ on Request 1510 H Street Connecticut st K BANKERS Members: New York and Baltimore Stock Exchanges eAssociate Member: New York Curb Exchange NEW YORK, April 1 (#)—8tocks ir- reluhr United States Steel at new high. Bonds steady; rails in.prove; unlw oo Bk 1937 sulllabuomen;‘mem fl‘l’!‘o Ourb firm; Ehen SN Gul reaches new el 3"3?.«2‘&?%3’5‘ eign exchange firm; sterling Sun:u Oil Cotton higher; spot house buyiny g‘“,“‘ commission PoRiee Patommim Cors plans to I hi ans eave shortly on an exhibi up the Amazon River, is m .h}‘lme Immudn ",'l:n New ndflme mean- lomo ng vei find,” she remarked. . s 000,000 in new capital. The old $1 plr value shares are now being exchang=d for the B shares on a sha) National 9600 1508 H STREET " e e WASHINGTON, D.C. been “' s PRI i REDWOQD & SOUTH STS, ' i1 (n-vmn fim; BALTIMORE, MD. S egs s %utw ‘The 'lllh Fleld st Monterey,