Evening Star Newspaper, April 3, 1930, Page 13

FINANCIAL. CAPITAL TRACTION STOCK 1S STRONG Dealings in Utilities Issue Feature Trading on D. C. Exchange. BY EDWARD C. STONE. Capital Traction stock was strong on the Washington Stock Exchange to- day, opening at 80, advancing to 80% All the trading and closing at 8014. was in small lots, the day’s sales to- taling 43 shares. The market closed with 80 bid and 81 asked. Potomac Electric Power 6 per cent preferred moved at 1123;. Washington Gas Light stock opened at. 120 and closed at 121 on very small trans- actions. Railway & Electric pre- ferred changed hands at 97% and Columbia Title In- surance Co. at 9. Two banks stocks appeared on the board, 10 shares of C%Enmercial National again selling at 235 and five shares of Riggs National ‘commanding 530. Both type stocks also figured in sales, Mergenthaler Linotype selling in three 10-share lots at 10733 and 20 shares of Lanston Monotype coming out at 116. Peoples Drug Stores preferred was strong at 108':, the highest recent price, while in the volume of trading Carpel Corporation was large, 132 shares selling at 261:. Bond trading was confined to Wash- ington Gas issues, Potomac Electric consolidated 5s and Washington con- solidated title 6s, all at firm prices. Morris Bank 20 Years Old. The Morris Plan Bank of Washington, of which Bertram Chesterman is presi- dent, is joining with Morris Plan banks all over the country in celebrating dur- ing the montlh of April the twentieth anniversary of the establishment of the first Morris Plan Bank in this country. The first Morris Plan Industrial Bank was founded by Arthur J. Morris of Norfolk, Va., in that city in 1910, to ex- tend to the individual the credit facili- | ties of a banking institution. Since the organization of the first small bank, 115 of these iInstitutions, with 178 offices op- erating in 147 cities have been founded. The combined number of loans made by all of these institutions since the or- ganization of the first bank, according to local officials, amounts to 6,500,000, totaling $1,500,000,000. Reserve Amendments Favored. The Senate banking and currency committee has ‘avorably reported out the following minor amendments to the Federal Reserve act: Amendment to section 9 and section 3240, granting Federal Reserve Board discretionary authority in assessment of costs of examining member banks against banks examined, and amend- ment to section 22 of the act, prohibit- ing any member bank making any loan or granting any gratuity to any bank examiner or assistants who examined such banks. ‘The following bills, which have al- ready been passed by the House, were favorably reported by the Senate com- mittee: Bill providing for the erection of a Federal Reserve branch at PlthburKh cost of which is not to exceed $875,000. A bill authorizing coinage of 50-cent plece commemorating the seventy-fifth anniversary of the Gadsden Purchase. A bill amending sections 6 and 9 of the Federal Reserve act permitting cancellation of Federal Reserve Bank stock held by member banks which have ceased to function in certain cases; amendment to section 9, au- thorizing Reserve Board to vaive notice by State banks and trust companies of intention to withdraw from membership in Federal Reserve Bank. An amendment to section 13 of the Reserve act permitting a member bank to rediscount with a Federal Reserve bank the same amount of paper of a single borrower as a national bank may acquire from a single borrower under section 5200 of the Reserve statute; and a bill providing for the discontinuance ©f coinage of $2.50 gold pieces. Lockwood to Manage Office. Chester W. Lockwood is now asso- elated with Maynard, Oakley & Law- rence, members of the New York Stock FExchange, as_manager of their Wash- ington branch. The firm is tempo- rarily located in the Securities Build- ing until its permanent offices in the Shoreham Building are completed, on or about the 1st of May. Mr. Lockwood was Iormerly manager of the Washington offices of Harriman & Co., having been employed by them for the past eight years. He was a member of the class of 1919 at Har- vard University. At the outbreak of the World War he joined the Navy and attended the Officers’ Training Corps at the United States Naval Academy and later saw active service in the patrol zone. He is the son of the late Thomas W. Lock- wood, jr. Financial District Brevities. ‘The Riggs National Bank has pub- lshed a folder since the call of March 27 showing capital of $3,000,000, sur- plus and profits of $3,796,300 and total Tesources of $57,011,200. The old buildings next to the Ameri- can Security & Trust Co. are coming down rapidly, the bank's new building project getting away -to a good start. Charles D. Light is bnck at his desk in the local officés of the National City Co. after several weeks d at Charleston, S. C., and Ashevil C. He is again in excellent health, Frank J. F. Thiel, resident partner of M. J. Meehan & Co., has returned from a conference of the partners held in_New Yorl Members of the New York Stock Ex- change are asking that the exchange be closed on Good Friday and Satur- day before Easter, April 18 and 19. If such action is taken, the Wl!hingto Exchange will also take the two days off. Agricultural implements exported in February, valued at $21,292,477 by the Commerce Department; increase of 100 r cent over 1929 month and new h record, Bankers here today commented on the big increase in brokers’ loans dur- ing the past week. The report leaves no doubt about the public going back 1n the market. The public d bear in mind, the bankers say, that this is a very selective market and too much care and caution cannot be used in the securities being D“rclu.sed. ume mulnm han- B. Chesterman. ’nwph{liul dled ln 920 by the Reserve. Bank of Richmond was mlurlnevery artment, =ex fiscal agency ‘work, u:nn in 1928, ac- it cording to the fifteenth annual of the Inafiwuon made publlc by 48 liam W, Hoxen, chairman an Ped:nl‘m sagent. Hungarians Prefer Gltmni'u. Movie fans in Hungary want tn:lc themes in their res. ] ‘Women Will Tour Europe. NEW YORK (P).—' -eight wom- en have enro!umf m"gou will tour Notice—All stocks are sold in one-hundred share lots excepting those designated by the letter s (65s) (283s), which shows those stocks to be sold in odd ~Prev. 1930.~ NEW YORK STOCK EXCHANGE Received by Private Wire ots only. Sales of Each Stock Compiled to 12:30 P.M- Stock and Abitibi Power & Pap. 25 Abraham Strauss. ‘Adams Kxpr (160).. Alleg Corp pf (6% ) Allegh’y C pf ww 6% Allled Ch & Dye(n6) Allled C& D pf (7). Allis-Chalmers (3). Alpha Port Cemt (3). Amerada Corp (3) Am Agricul Chem Am Argicul Ch pf. s e =y 10y LIS Am Bosch Ml‘n'lo Am Brake Shoe(2.40) Am Brown Bov Eleo. 0 » S R SRl Am Chain pf (7). Am Chicle Co (1234). Am Com Alcotn1 60) Am European Sec. .. Am & For Power. " - 5 P T T e = TP Am Home Prouu £0) Am Ice Co (t4). Am Ice pf (6) Am International (2) Am La F & Foamite. Am Locomotive (8). Am Mach & Fdy (7). Am M&F pf xw (7). ms Am Metal 3 Am Nat Gas pf l'l)u NU- Am Piano. 50 '3 Am Plano p! 108 Am Power & Lt (31) 38 Am Pow & Lt pf (6).. Am P&L pf A st (5).. AmP&LDIA (33%) Am Ra&Std San 13 .. Am Republics. Am Rolling Mill (3). o Am Sm & Ref pf (7). Am Snuft Co (13%).. Am Solvents Chem. . Am Steel Fdy (3). Am Stores (2).. Am Sugar Rfg (5) Am Sugar Rfg pf(7) Am Sumatra Tob. - » MromGanonSoses S e Am Tobacco (8) Am Tobacco (B) (8). Fdry (8)..s 4 Am Water Wks (n1). Am Water W 18t(6). ‘Am Writ Paper ctfa. Am Zinc Ld & Sm. .. Am Zine pf (6). Anaconda Copr (7).. Anaconda W&C (3) D Anchor Cap pf (6%). Andes Copper (3)... Archer-Dan-M (2).. Armour 111 (A). Armour Il (B). Arnold Constabl Art Metal Constr(2). Asso Appl Ind (4) Asso Dry G (2%)... Atch T & S Fe (10). Atch T&SF pf (5)... Atl Coast Line (110). AtlG & W Indie: At Gulf & W 1 pf(5) Atl Refining (12). 2 Atlas Powder (4). Atlas Powdr pf (6).. % IR 3 R N O N & ) o2 Atlas Stores (1) Auburn Auto ( Austin Nichol: Autosale: Auto-StSaf R A (l)- Aviation Corp Del Baldwin,Loco (1.75). Baldwin Loco pf (7). 2 Baltimore & Ohlo (7) Balto & Ohlo pf (4 Bang & Aroos (3%) Barker Bros(2)....4 Barnet Leather.....y Barnsdall, A (2) Beacon Oil, Beatrice Cream (4).. Brtrice Cream pf (7). 'a Beech-Nut Pkg (3).. Belding-Heminwa, Bendix Aviation (2). 4 Best & Co (2). Bethlehem Steel (8). Bethlehem St pf (7). Blu'thal & Co pt (7). Bohn Al & Brass (3). Booth Fisheri Borden Co (k3). Borg Warner (4). Briggs Mfg. Rriggs&Stratton (2), Brockway M T Bklyn-Manbat (4). .2 Bklyn Union Gas (§) Bruns-Balk-Col. 58 Bush Termnl (2% Bush T Bldg pf (7 Butte Copper & Zino, Campbell Wyant (2). _ Canada Dry G A (5). Canada South (3)... Cent Alloy ctfs (2).. Cent RR of NJ (112) Century Rib Mills. Baolsmeme - e Ches & Ohi0 (10)seee Chesapeake Corp (3). Chi & Alton.....e Chi & Alton pf.. Chi Great Westn pf.. Chi Mill St P&Pac. .. Chi Mill St P&Pac pf. Chicago& N W ¢ Chi Pneu Tool, Chi Pneu T pf (334). Chi Yellow Cab(3). . Childs Co (2.40). Chrysler Corp (3),.. City Stores (500).... Equipment (3). \body (5) - - TS TSP Y s S BHaANE®REE - Com Cristex w6 Com Cred pt B (2) Coml Inv Tr (£1.60). Com'l Inv cv pf(a6) .. 11 Com Inv Trst war.. Dividend Rate. Adfloo High. hnnem— @no Prev. l SD Olwl. 60‘4 Low. 321 82% 34% 83% 383% 383 292 292 290 7 7 % 6215 64 63 131% 12% Direct to The Star Office. Stock and Dividend Rate. 45 Congress Cgr it6%). 2 44 Consol Cigar (7 ).q-. 1 Consol Fiim (3) . 11 Consol Film bf (3).e 22 Consol Gas N Y (4).. 170 Consol Gas NY pf () Consol RR Cub of(8) Consol Textile. . Container Cor A 1.20. Container Corp B Contl Baking A. Crown Zellerbach (1) Crucible Steel (k6)., 4 Cuba Cane Products. Cuba Cane Sugar. Cuba Cane Sugar pt. Cuba CO..ocovvvnane 15 Cuban-Am Sug pf...200s Cudahy Packing (4). 5 Curtis Pub Co(t6%). 1 Curtis Publish p£(7). 2 Curtiss Wright Corp 409 Curt Wright Corp A. 35 Cutler-Hammr3%). 7 Cuyamel Fruit (2).. 80s Davison Chem.. Delaware & Hud Denv& RG W pt. Detroit Edison ( Bales— Add 00 High. Low, 51 51 62 652 26% 24% 26% 126% 68 46% 119% 118% 14 19% 8614 100 41% 179% 6% 246% 181% 6 Duluth Superior. . Duluth Sup pf (4) Dunhill Inter (34) Du Pont de N (14.70) Duqu 18t pf (6). Eastman Kodax (13) Eaton Axle &8 (3).. Eitington-Schild Klec Auto Lite (6) ElPwr& Ltpt ('l)—.u Endicott-John (6)..3 Endicott-John pf (7) Eng Pub Serv (31).. Eng Pub Sve ptf (5).. Eng Pub Svo pf (6%) Eng Pub S ctfs (31).. Equitable Bldg (2%) Erle RR ka Cac Cl (4) Evans Auto Ldg 2%. Fairbanks Co. Fairbanks Morse (3) Fairbanks M pf (7).. Fash Park Asso. Fed Lt & Tre (3134). Fed M&Spt (7).... Fed Motor Tr (80c).. Fed Wat 8. A (¢2.40) Fid Pho Fire 1(3.60). Filene’s Sons. Firestone T&R(1.! IO) First Nat Strs (23%). Fisk Rubber 18t pf. . 1008 Fisk Rub 1st pf ev.. 3 Florsheim ShoeA (3). Follansbee Bros (3).. Foster Wheeler (2) e Foundation Co. FourthNatl Inv. Fox Film A (§4) Freeport. Tezas (16) % Gabriel Snub A Gen Bronze (2). Gen Cabl Gen Cable A (4) Gen Cigar (4). Gen Electric (1.60) Gen'l Food Corpn (l) Gen Gas&El A (new) Gen Ital Ed w.i. a2.61 General Mills (3). Gen Motors (13.30).. Gen Motors pf (T )... Gen Out Adv (2) Gen Outd Adv A (4). Gen Printg Ink(2%). Gen Pub Sve (b6) ... 4 Gen Theat Equip vts Glllette Saf Raz(n§). Gimbel Brothers Gimbel Bros pf fl).. Glidden Co (h2) Gotham Silk H (!‘fi Gotham S H pt (7 Graham-Paige. Granby Copper (8). Grand Silver Strs (1, % Grand Union, Grand Union pf (3 Granite City Stl (4 Grant (W T) (1) Grt North pf (5) Grt North pf ct (6. GlNetflgP( IK)- Hall(WF) Prlnt:(z) Hamilton W pt (6).. 30 Hollmd Fur (et2%). Hollander & Son..... Houdaille Her B H'hold Fin pf (tx%). Houston Of Howe Sound Hud&Man Ry (3. Hudson Manh p£(6)~ Hudson Motor (6) Hupp Motor Car (2). Illinots Central (7)., Independ Ol & G (3) Ind Motor Cy« Ingersoll Rand (4).. Inland Steel (4). Inspiration (4). Insurance Shars ¢5c. Interboro Rap Tran, Interlake Iron (1) Intl Agricultural Johns-Manville (8).. Jones & Laugh p£(7) Jordan Motor Car Keith-Albee-O pt (') Kelly-Spring Tire... x.luyflwu(!). - ls Kelvinator 04 1 231% 34 % 108% 814 9474 110% D. C, THURSDAY, APRIL 3, 1930 STOCKS IN RALLY AFTER EARLY DROP Expected Gain in Brokers’ Loans Puts Damper on Advance. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, April 3.—The stock market wavered for a time today under the influence of heavy selling inspired by the increase of nearly a half a bil- lion dollars in Stock Exchange mem- ber loans last month, but trading turned dull on the decline, and by early after- noon prices were headed upward again under the leadership of the amusement shares, ‘Scores of issues, including many of the recent leaders, sold down 2 to 10 points in the momlng reac- tion, but many of these losses had been retrieved, at least in part, by early ntbernoon, when gains of 1 to 8 points were scattered throughout the list. Early selling received considerable impetus from the bearish advices of some of the large commission houses, one large firm urging the sale of all stocks acquired for trading purposes in the last six weeks. Others expressed the opinion that the technical reaction, which started late yesterday, might go much further. Meanwhile, pools strug- gled hard to maintain their advances, being aided in their operations by sev- eral favorable business developments. MARYLAND UTILITIES MERGER SANCTIONED Special Dispatch to The Star. BALTIMORE, April 3.—An order permitting a consolidation of 14 Mary- land utility companies into the Mary- land Light & Power Co. was signed yes- terday by the Public Service Commis- sion, with certain limitations. The re- strictions call for the maintenance of each company as a separate unit so far as its dealings with the electric con- sumers are concerned. The communities now served by the companies, four of which operate in Southern Maryland, will receive ad- vantages through a unity of policy and operation, the commission said, which they cannot receive through the con- tinuance of the individual companies. A reduction in the amount of stock to be issued to carry out the transaction was ordered by the State regulatory body on the ground that the $1,200,000 proposed issue was in excess of the actual physical property values of the utilitles. ‘This figure was reduced to $1,000,000. The companies brought together in the consolidation are the Maryland East Coast Utilities, which represents several small companies on the Eastern Shore; the Betterton Ice & Electric Co., the Home Electric Light Co. of Lonaconing, Antietam Electric Light & Power Co., the Emmitsburg Electric Co., the Mid- land Electric Co., the Cecilton Electric Light & Power Co., the Trappe Electric Light Co, the Love Point Power Co., the Somerset Electric Co. and the Suburban Electric Power Co. FOREIGN EXCHANGES. (Quotaticns furnished by W. B Hibbs & Co.) inai gold Selling checks . to London, pound. CANADIAN FARM POOL. Five life insurance companies of Can- | ge ada have placed 40,000 acres of land in Manitoba, Saskatchewan and Alberta under the management of Frank W. Reinoehl to be operated under the pool system. Mr. Reinoehl for the past three years was president of the North- western Farm Managers' Association. inies tl possible to render P:rm operation pronuble through this wholesale farming plan. Named Vice President. NEW YORK, April 3 (#).—H. T. New- comb, Who has been general counsel for the Delaware & Hudson Co. for several years, has been elected a vice president of the company. Wm. Gordm'l Buchanan Councilor & Buchanan Certified Publie Accountants ‘Tower Building National 6110.6111-6213 (Telephone Directory Omission) TRUSTEED SHARES the IDEAL INVESTMENT for in. vestors who _ demand — SAFETY YIELD and GROWTH of principal. Specially suited to long-term in- vestments ~ for individuals, trust funds and funds of organizations. Sold in_ Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Building. Met. 8783. ——— Reinvest your funds in Bonds yielding above the average with safety of principal and marketa- HE Continental Finance Corporation of N. J. Second National Bank Building 1331 G Street NW. Telephone District 3490 times 1920 earnings—3$2.28 Price at market net. Courtland Nixon, 1518 K St. CIBEENANCEAL, EASTERN UTILITY INVESTING CORP. Class A Commen Stock lling on New York Curb at less than seven per share, €pe clal ‘anaivsis on reauest. Inquiries invited. Recommended. National 1926, Money to Loan on Property in the District of Columbia First Trusts Only Immediate Attention Wm. H. Samders Co., Inc. 1435 K St. N.W. Dist. 1015 With unlimited funds available —capable officials easily acces- sible, courteous force especially trained to carry out all details, we are splendidly cquipped to negotiate loans for builders or holders of real estate with grati- fying promptness. Real Estate Loans Made mkms Co. E ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. Money loaned to membeu oii easy monthly payments - James E. Cnnnelly James F. Shea President Secretary YearLoans. On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates & Charges DEREIGES Founded 1907 Loan Correspondent John Hancock Mutual Life Insurance Co. 1417 K St. National 9300 Worth Having and Worth Keeping! It's always a good plan to watch your topcoat if it's a Rogers Peet Scotch Mist¥*— | TREASURY CEBTIFIEATES. (Reported by J & W. Seligman & Co) Rate—Maturity Offer. 47es June 16, 1930...... 10012-32 3ins September 1. 1350 3155 March 15. 19 902032 3125 September 15, mz D omaea 3125 December 1 193: 100 3133 Decamber 15, n:o 100092 100332 SHORT- TEEM SECURITIES. (Reported by J. & W. Sellgman & Co) d. sked. Allis-Chalmers Co 5s 1937 Amer Tel & Tel 5';5 1943 American Thread 5!;s 1938, Balto & Ohlo 415 193 Bata Co. 425 19! Bel Tl o Canada 55195 Beth Steel Corp 5s 1931 i California Petrol Co_5i2s 1938 Canadian Nor Rwy Co 4;;;‘1935 59 Cudahy _Packin, 519370 96%% Edison EI. 1l. of Bost, 4125 1930 997 Gen. Motors Accep. Co. 63 1937. 103, General Petrol. Corp. 55 1940... 101% Goodyear T. & R. 55 1957 95 Grnndo‘l‘r\mk of Canads 81938 108 teh Co. L. 6s 193 s £15% Coke 4ty 1930 w 55 % Sinclair Crude Oif Co. s- Y iosh ghis Standard Oil'of N. J; ( 103% Standard Oil of N. ¥ {51 fon My &'S: Ry, 35 1931 100% ' Souwestern R! C 4s 1932 99 Swite e B os 100% Union Oil Co. of CIIH 5 United Drug Co. 55 1955, Western Electric Co. 55 1344 2 Wheeling Steel Co. 5'3s 1948... 10212 Wheeling Steel Co. 4las 1953... 91 Consult Us Regarding Your Maturing Mortgage. LONG-TERM for these wetproof topcoats seem to have a universal ap- peal—and it's a particularly smart idea today! And inside our store are | quantities of Scotch Mist* topcoats for Spring, in a be- wildering variety of new col- ors and patterns. But not too bewildering to blind you to their exceptional values! We alone have the exclu- sive sale of Rogers Scotch Mists* here in Wash- ington. Scotch Mist* Topcoats $60 and $65 *Rep. U. S. Pat. Off. Meyer's Shop 1331 F Street Peet’ || ! Members N New York 24 Broad Street We take pleasure in announcing that Mr. Chester W. Lockwood has become associated with us as manager of our Washington office to be located in the Shoreham Building, Fifteenth and H Streets Northwest, on or about May 1, 1930 Maynard, Oakle)’ 8 Lawfeflce Vew York Stock Exchange Schenectady 331 State Street A FIRST 1435 K St. MO RTGCAGE- First Mortgage Notes A First Mortgage Note pays a higher rate of interest than any other SAFE investment. If you are tempted to reach for a higher yield be warned of the corresponding risk in the possible loss of principal. HANNON: & LUCH Nat. 2345 REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and District of Columbi Business Properties in the nd Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Company Found Wanting In all the years that this veteran bank has been serving the publio there has never been a time when “Metropolitan” facilities proved inadequate to the legitimate needs of patrons. {[The value of such a bank- ing conmection is not to be discounted. 3% on Savings National Metropolitan Bank 1814—Oldest National Bank in the District of Columbia—1930 First Mortgage Funds Loans on residences and business proper- ties in the Distriot of 1% GColumbia and nearby Maryland suburbs— Ample funds; lower in- terest, prompt approvals; valuable prepayment Lean Correspondent for “The Prudential” privileges . . Three year on newer properties without amortization. - H. L. Rust Company 1001 Fifteenth Street National 8100 Established 1889 Federatiot &l'uvwoxmu-mnu m 274 Comm Solvents (31). Business and' 1th&Sou( 88e) 4 mu m‘u xroé‘ 1000 ’,'n-. ;e'.’u'é’ s 15th St., Opposite U S. Treasury