Evening Star Newspaper, April 4, 1930, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. FEDERAL RESERVE MEETING IN WEEK Friday, April 11, Is Date Set [ for Annual Session at Richmond. By EDWARD C. STONE. ‘The sixth annual meeting of repre- sentatives of member banks of the Federal reserve district will be held Friday morning, April 11, at the Federal Reserve Bank of Richmond. ‘Waldo Newcomer is president of the Stockholders’ As- soclation of the Federal Reserve Bank of Richmond and George H. Keesee, secretary. As this will be & stockholders’ meet- ing, it is expected that only officials ordirectors of member banks Will waldo Newcomer. attend. The program will include reports from officers of the association, reports by officers of the Federal Reserve Bank, and a discussion of Federal reserve banking problems. Representatives from Virginia, North and South Carolina, West Virginia, Maryland and the District of Columbia will attend the conference here. Many Washington bankers attend this meeting every year and get a great deal of pleasure and information from the sessions. The address of Gov. Seay is always of particular interest and value. Facts About Am. Tel. & Tel Co. Through land and radio extensions any subscriber of the American Tele- phone & Telegraph Co. can reach 86 per cent of the world’s telephones, says a summary of facts about the company presented by Y. E. Booker & Co. ‘There is at present one telephone for every six persons in the United States, compared with one automobile for every fourth person. A large part of the company's ex- pansion has been financed through common stock, valuable subscription rights have been offered every two years for the past 29 years. ‘The company and its predecessor have paid dividends without interrup- tion for 46 years, never less than $7.50 & share. A study of the company’s 1929 re| indicates known earnings and equit! ea of at least $15 per share. Finds Interesting Records. Charles E. Howe, treasurer of the American Security & Trust Co. has Just found three clippings books "filled with columns and columns of news matter that was published in connection with a “bigger and better Washing- ton campaign” that was staged 16 years ago. The records came to light in con- nection with the bank's present build- ing project. Sixteen years ago a shippers’ asso- ciation was established with the idea of getting much more business for the city. The plan was extensively adver- tised and many meetings held. The late Charles J. Bell was chairman of the booster committee, and Mr. Howe assembled much of the material for the n!wspnge A special train was run down through Virginia laden with enthusiastic Washingtonians and any quantity of material about the National Capital and its commercial oppor~ tunities. Later the Washington Shippers’ As- sociation became extinct. It was de- cided that it conflicted with the Board of Trade and Chamber of Commerce and that, too, organizations of the kind were detrimental. But the clippings prove that the association accomplished much in its day in the way of building ‘Washington up commercially. Insurance Club Officers. At a meeting last evening of the | Life Insurance Club of Washington the following named were elected the officers for the coming years: Dan J. Harrison, president; Philip L. Baldwin, vice president, and J. E. McCombs, secretary-treasurer. All three men are widely known in local insurance circles. The club is becoming more and more active and is growing steadily every year. Reeves’ Death Shocks Bankers. Local bankers were shocked today to learn of the death in New York of Owen T. Reeves, for many years one of the local bank examiners and a great favorite among all Washington bank officials. At the time of his death he was chief national bank examiner in the second district. After being in Washington several years Mr. Reeves was trans- ferred to Chicago and went from there to New York. Mr. Reeves had been ill about three weeks. The Washington office had kept in touch with him through the seeonfl Federal Reserve District and dally ports from his home indicated um. ho was un?mvlng. He was 60 years old and had held his present position six years. Trading Lively on Exchange. ‘There were 10-share lot transactions in Lanston Monotype on the Washing- ton Stock Exchange today, all made at 116. Mergenthaler figured in a 25- share turnover at 1073;, while 27 more shares changed bands at 107% Capital Traction opened at 804 and closed at 80, sales reaching 55 shares. Merchants’ Transfer & Storage common came out at 110, 50 shares of Carpel Corporation at 26%, and 11 shares of Continental Trust Co. at 137, ‘Washington Gas, Railway & Electric, Potomac Electric Power Consolidated 5s and Anacostia & Potomac Railroad 58 lwereu in excellent demand =2t recent evels. Retail Sales Here Compared. Department store sales in Washing- ton in February were 1.7 per cent larger than in the same month a year ago. Baltimore showed an improvement of over 7 per cent, and it was this showing that made the record for the fifth dis- trict as a whole 2.9 per cent ahead of last year. The other cities in the fifth district were off 3 per cent from Feb- ruary, 1929. In total sales this year—January 1 through February 28—the same results were attained, Baltimore and Washing- ton stores exceeding their 1929 sales for the corresponding two months and the other cities’ stores reporting a recession this year. A larger number of stores ported gains in February than the numher that gained in January in com- parison with sales in the mrrupomun mon'.h.l of 1929. ‘The Studebaker ceived an_order for 44 from the Ward the Pittsburgh territory. High. Low. 85! Baking Co., for use in excepting those designated by the leiter s (658) which shows those stocks to be sold in odd lots o Sales of Each Stock Compiled to 12:30 P.M. ~Prev. 1930.~ Stock and Sales— Dividend Rate. Add 00 Ill_’h. Abitibi Power & Pap. Alleg Cp pf ww( Alleg Corp pf (5% Amerada Corp (3). Am Agricul Chem. Am Brown Bov Eles. Am Brown B E pf(7) Am Chain pf (1). .o Am Chicle Co (13%). Am Com Alco(nl.60) Am Encaustic (2). Am European Seo. Am & For Power. .. Am&Forn Pwr pf(1), Am&Forn Pwr 3d pt« Lea p: Am Home Prod(4.20) Am Ice Co (t4).. Am International (3) Am La F' & Foamite.. Am Locomotive (8) . Am Mach & Fay (1) Am Metal (3)......u Am Nat Gas pf (7) Am Piano. Am Power & Lt (31). Am P&L pf A st (5) Am Pow & Lt pf (6). Am Ra&Std San 1% . Am Republics. .. Am Rolling Mill (3). Am Bafety Razor (§) AmSm& n.fbf (M. Am Snuff Co (13%) Am Solvents Chem. . Am Sol Ch ev pt (3). Am Steel Fdy (3) Am Stores (2)eeceeny Am Sugar Rfg (5). Am Sugar Rfg pf(7). Am Tobaceo (B) (8. Am Water Wks (n1), Am Writ'g Pa pf (4). Am Zinc Ld & Sm Anaconda Copr (7). Anaconda W&C (3) Anchor Cap (2.40). Andes Copper (3)..u Archer-Dan-M (3).a Armour Del pf (7).« Ass0 Appl Ind (4). As50Dry G (3%)..a1 As50 D G 18t p£(8) a0 Atch T & 8 Fo (10).. Atch T&SF pt (5). AtlG & W Indies At Gulf & W I pf(8), Atl Refining (13) Atlas Powder (4)..e Atlas Stores (1). Auburn Auto (34). e eoro » E LTI S PSS P TR TP . Auto-St Sat R A (3). Aviation Corp Del. .. Baldwin,Loco (1.76). Baldwin Loco pf (7). Baltimore & Ohio (7) Balto & Ohio pf (4)..4 Bang & Aroos (3%).. Barker Bros(2) Barnet Leather. ... Barnsdall. A (3)... Beacon Ofl...... Beatrice Cream (4) .. B'trice Cream pf (7). Beech-Nut Pkg (3) Belg N Ry pt pt 6. Bendix Aviation (8)« d Bethlehem Steel (6). Bethlehem St pt (1) Bohn Al & Brass (3), Bon AmiA (4)..esea Booth Fisheri, Borden Co (k3)..eees Borg Warner (4).. Briges Mfg o 1 Briggs&Stratton (3); % British Empire Steel, 4 British Em Stl 2d pfe Brookway M T. Bkiyn-Manhat (4)..3 Bklyn-Man Tr pf Callahan Zino & Calumet & Aris (6).s Calumet&Hec(ad %), Campbell Wyant (3). Canada Dry G A ()6)-: Case (J 1) (§) c-:u-pmr Trao t3% « Cent AgulrTe As 1%, Cent Alloy ctfs (2 Century Rib Mill Cerro de Puco (6).. Certain-teed Prod, - = o - NONNKRORENENAGNANK 9 2 w8eSunnSoandrad Cluett Peabody (5) ce ‘Coca-Col (l) i cosmen Coca-Cola A Colnu-m-P a%, Collins & Alkman Col Fuel & Iron (3) e Colo & South (3. Col Gas & El (3). Col Gas & El pt A(8) Columb Graph (876).1500 Columbian Carb (16) 19 Com Credit (3). 2 % Comm Credit A (3) Com Crd 1st of (6%) ComCristex w63, Com Cred pt B (3, Coml Inv Tr (g1. 85% filfil‘fll‘ o 5% Contl m.u-u ll Hi i, TI% 84% % 81 40% Notice—All stocks are sold in one-hundred share lots | —Prev. ,““fl.\ Stock and Sales— Dividend Rate. ~ Add 00 mm Low. 1 87 85 Contl Baking pf (8).. 60% Contl Can (3%). 28 Contl Dia Fibre (3).. 69 Contl Insur (3.40). .1 5% Continental Motors.. 25% Cream of Wht(13%), 10\( Crosley Radlo (1)... Crown Cork & Seal. . l‘ Crucible Steel (k). . SK Cuba Cane Products. % Cuba Cane Sugar.... 2 Cuba Cane Sugar pl.. 9 CubaCo.. 61 CubaRRDL(6)..... Cuban-Amer Sugar. . Cudahy Packing (4). Curtis Publish pf(7), Curtiss Wright Corp. Curt Wright Corp A.. Cutler-Hammr(3%). oS RIS oy el Lacl w 3 Devoe & R, A (2.40).. 12 Diamond Match (8). 1508 Dominlon Strs (1.20) 54 Drug Corpn (4). Dunhill Inter (3: Duplan Silk (1). Du Pont de N (14.70), Estn Roll Mill(ht2).. Eastman Kodak lvl) Eng Pub 8vo pf (5).. Eng Pub Sve vf (634) Eng Pub 8 ctfs ($1).. Bquitable Bldg (3%) Brie R R. N Erle RR 18t pf (4).u Eureka CacCl (4)..s Evans Auto Ldg3%. 11 Fatrbanks Co. . 3 Fairbanks Morse (3), 15 4 Fed Mining & Smit.., 1 Fed Motor Tr (806).. 1 Fed Wat8, A (3.40), 12 Fia Pho Fire 1(3.60), 8 Fifth Ave Bus (64c).110s Firestone T&R(1.60) 3 Firestone TRR pf(6) 1 First NatStrs (3%). 6 Fisk Rubber...cveees 20 Fisk Rubber 18t pf.. 1008 Fisk Rub 1st pf ev... 6 Follansbee Bros (3) Foster Wheeler (3) e Foundation Co FourthNatl Inv. S LA ANND—E Gen Amer Inve Gen Am Inv pt (8).. Gen Am Tnk Car(34) Gen Asphalt (4) o). Gen'l Food Oorpl 3) 23 Gen Gas&El A(n:.') l20 Gen Motors pf. Gen Out Adv (3). Gen Outd Adv A ( Gen Pub Sve (b6) Gotham Sk H (3%) 4 Gotham S Hpf (T)..: 208 Gould Coupler. Graham-Paige. Graham-Paige Granby Copper ( Grand Silver Strs (1) Grand Union. . Grand Union pf Granite City St (4) Grant (WT) (1)eces 4 Grt North pf (6)...c Grt North ptot (6).. GtNctfsOP (a3%). Grt West Sug (3.80). 12% Grisby Grunow. ® R R VD B 0TS 00NN b O3 83 Gulf Sta Steel (4). Hahn Dept Stores. <« Hall(WF) Printg(2) Hanna (M A) 1st (7) 30s Hanna pt (now) ('l). 1008 Co Homestake Hln("). Houdaille Her B (3). H'hold Fin pf (13%). Hupp Motor Car ( Illinots Central (7)., 3 Illinois Cent pf (6).. Independ O1l & @ (3), 55 1nd Motor Cyele.seas Indian Refining....e 48 Indian Refining ot..s Indus Ray (b5 %stk). Ingersoll Rand (4).« Intercontinental Rub Interlake Iron (1) Intl Agricultural. Intl Agri pt (7) Intl Bus Mach ( Intl Carriers Intl Cement (4 Int Combustion....e Inter Comb Eng pf.« Intl Harvester (3%). Int Hydro Bl A (e3)s 20 Intl Mateh pf o 5 Intl Mer Marine (1)m 1 Int Nickel of Can (1) 613 Intl Pap & P A(’.‘l). 2 Intl Pap & 4 Intl Pap & P'r e. 18 Int Pap & Pwr pf (7 4 Intl Printing Ink (3) 2 Intl Print Ink pt (6). IOI Intl Rys Cnt A ct. Int Salt (6] Wl Intl Silver (18). Inter Intertype Co: (!) & 2 Investors lllulb(l)o 3 Island Creek @ 1 Johns-Manville (l).—- 49 ’10% 68% 30% 30% 72% 3 1 Int Tel & Tl.loc ll).. uo Dept l Johns-Manv pf (1).. 10s 1 Jones & Laugh p£(7) 10; 1 Jordan Motor Car..« Kresge SS pf (7. E"-" Dl;vt 8 % Kuppenheimer Kuppenhm pf (7, —_— (Guntinued on Page 14 ‘l'hc dmn er under- STOCKS PUSHEDP = , Tt American_Telephone, which is ex- ted to offer valuable stock subscrip- lon ruhu next month, run up mor: % Market Resumes Advance in|than & points to a new high record above m Afternoon Following Period |Z¥5s, "rdils "vas: cirmed over i > b enormous vomme, crossing 62 for the of Profit Taking. BcrUmuLINEs SHORT- mn' SECURITIES. (Reported by J. & W. Seligman & Co.) 1937 BY STANLEY W. PRENOSIL, Bid.” Aked. 101V Associated Press Financisl Editor. NEW YORK, April 4—The “bull” |Amer Tel & Tel 10m In stocks was resumed with | Balto & OBio 4ias 1 100% i x Batavian Pe:. Co; 4%8 9314 increased vigor today as the demand |Bell Tel of Canada 65 1 1007 broadened to include a number of repre- | Beth Steel Con ) 00, 100 sentative public utility, ofl, motor, elec- trical and steel shares. The rally was | Oh! interrupted for & time by heavy profit- taking in the amusement stocks, but | Edison new leaders were quickly brought for- | G ward and a general recovery took place ye: by early afternoon. 8;7;‘00"1;?:’!1;":“ Trading was again in enormous vol-| Fumble Oil & 101% He ume, total sales crossing the 2,500, ouo- ’?urnltlnnnl /l’umn 400,58 94 K ¢ share mark before midday. The tic] ran more than 20 minutes behind !he Evoples €. p,“. market by early afternoon. Pure Oil Corj Modification o( the bearish advices e V;flc"n sent out by some of the large commis- sion houses yesterday, new merger pro- jects and the recent increase in steel mill and buudjn: ‘activity -pp-unuy more than offset the large roken’mlumflum mu‘p{h of |n mum e cum c and some of the T earn- eeling Stee gs reports made public in the last tev szeufl teci Go. 418 1083. dly: ‘Willys-Overland npormd a of nearly $5,000,000 last y Call money was in plenmul .upply at! Nearly 14,000,000 acres in Argentina the renewal figure of 4 per cent, and have been planted to corn this year. B e e e Charter No. 3625. Reserve District No. 5. i Gogo on Ve REPORT OF CONDITION OF THE \ Columbia National Bank hington, in the District of Columbia, at the close of business on O Mhrch 27, 1930. 3. United States 4. Other bonds, stocks and securities owned. 6. Banking house, $182,569.59; furniture and 8. Reserve with Federal Reserve Bank. Cash and due from banks. Outside checks and other c . Redemption fund with U. Total...ouvirennsnnnencnns ee0..$5,268,421.97 ftal stock paid in $250,000.00 e be 500,000.00 6. Surplus Undivided proflur—net . 104,339.94 Reserves for Inkrut. (uu and ot 33,000.00 . Circulating’ notes outstanding. . . 249,895.00 Due to banks, lnclum.ng ocertified and cashiers' checks & ing 527,002.11 2. Demand deposits . 2,580,642.98 2! Time deposits ... 1,023,441.94 City of Washington, District of Columbia, ss XV MITCHELL, cashier of the above-named bank, do solemnly swear that Lhz above statement is true to the best of my Lnovxleue lnd belief. 'TCHELL, Cashier. Subscribed and sworn to before me this 2nd dhy ol Apru 1930. JOHN W. SCOTT, Notary Public. (Seal.) correct,—mten' HARRY BLAKE, OEORGE M. LEIMBACH, W. CLARINCI DUVALL AMES A. MESSER, L. WHITING .YOHN H. MILLER, C. FENTON PAD!LIY. ALBERT F. PO(;(Y ERNEST C. GUY, DAVID J. KAUFMAN, tesesteienaienoaes...$5,268,421.97 JOHN N. BWAR'IZILL Directors. Charter No. 9545. Reserve District No. 5 REPORT OF CONDITION L OF T District National Bank ton, in the District of Columbia, at the close of business on OfsWaaon March 27, 1930, . Loans and discounts . vees $6,692,636.46 . Overdrafts . PRy 9,062.01 . United Sta V1 3 gt.her bonds, stocks and securities owned . Banking house, furniture and fixtures. . . Real estate owned other than banking house. . Reserve with Federal Reserve Bank. . Cash and due from banks. 10. Outside checks and other cash items. 11, Redemption fund with U. S. Treasurer and due from U.'S. 25,150.00 39,850.00 34,014.40 tetesessasserassiacscessresasssssasscesssnes..$11,235861.52 LIABILITIES, . $1,000,000.00 800,000.00 11. Un vwed proflu—ne o 127 093.30 18. Reserves for dividends, contingencies, etc. ,000.00 FINANCIAL. NEW FARM LAND BUILT BY SILT-LADEN WATER In Arlington Coun Alexandria, V! SAN BmNARDINO. Calif., April 4.— New farm land is being built on the Commonwealth Investment shores of the Selton Sea by utilizing Co., Inc i lssaang ;! llfil el:,dm waste water from the Colorado 806 15:h 8L N.W. T oyos and gulches have been filled (|| Aortgage Loan Correspondent for to a depth of 6 feet in parts of two The Prudential Insurance C! . seasons by diverting the flow from the of America lake to land that is to be reclaimed. First Mortgage Loans Equitable Co-operative Bldg. Ass'n Organized 1879 50th YEAR COMPLETED JOHN JOY EDSON, President WALTER 8. PRATT, Jr, Secretary Assets................55723,083.61 Surplus & Profits......$1,755911.57 Subscription for the 98th Issue of Stock Being Received il X, PER Systematic Saving Accomplishes Most —If you adopt a set plan for sav- ing and stick to it you will find much will be accomplished in a financial way. SHARE Join the Equitable T[W_ 915 F St. N.W. Metropolitan Life Insurance Company REAL ESTATE LOANS AVAILABLE Long Term Low Interest Rates Consult EAVER BROC REALTORS 809 15th St. N.W. District 9486 20. Circulating notes outstanding 192 500.00 21, Due w banks, including certified and cashiers’ c\hecu outstand- ". Demmfl e lh Time depos! 24. United Bhfnl desoll 26. Bills payable an rediscounts 30. Securities borrowed . 1,032,350.26 4,245,421.86 2,722,028.00 264,227.44 450,868.33 39,850.00 31. Other liabilities ... 35,522.33 ‘Total sesessene eeeesessanss..$11,235,861.52 District of Columbia, COunty "of Washington, ss. H. L. OFFUTT, Jr., cashier of the above-named bank, do mlemnly swear [ A that the above statement is true to the dest of my rnowle#; and bel Jr., Cl&mzr. s«h-crlbed and sworn to before me Q.hls :rd du of April, 1930, BENJAMIN N, Notary Public. Ovrl!flo—AtM ROBT. N. HARPER, ICIAE..PH P. BARNARD, H. L. OFFUTT, Ji HORACE B. SMITHY, JOSHUA EVANS, Jr., C. C. ROGERS, Directors. We Solicit the Rental Management of Your Property Whether Apumnt. Residence or Business pt Collections RENTS REMITTED THE DAY RECEIVED Our Rental Department is Most Complete and Efficient. We offer ion at all times in the solution of Ownership Problems, such as refinancing RANDALL H. HAGNER & COMPANY, Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N\W. Phone Decatur 3600 We wish to announce the association with us of John D. Mothershed FENNER & BEANE Members New York Stock Exchange and other principal exchanges 1430 K Street N.W. Telephone National 4933 Mortgage Loan Correspondent Metropolitan Life Insurance Company SAFE EI'R'S'T MORTGAGES FOLLOW THE TREND There is a swing to conserva- tism in investment—to build stably for the future. But con- servatism does not mean a de- crease in the return, as evi- denced by our 6,9 FIRST MORTGAGES More attractive than ever to Over a Third discriminating investors. They of a spell security of principal and promise of liberal return in in- terest, fixed in amount and of Century Without a Lot regular payment. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. NW. THERE IS NO SUBSTITUTE FOR SAFETY We announce with pleasure the association with us of Mr. Kortright Church formerly with Smith, Graham & Rockwell of New York as manager of the Stock Department of our Washington Office Mackubin, Goodrich & Co. | Established 1899 BANKERS Members: New York and Baltimore Stock Exchanges eAssociate Member: New York Curb Exchange REDWOOD & SOUTH STS. BALTIMORE, MD. 1508 H STREET 'WASHINGTON, D.C.