Evening Star Newspaper, April 10, 1930, Page 13

FINANCIAL. WELLS T0 ADDRESS * DISTRICT BANKERS - Chairman Slaughter An- nounces Controller Pole Is Also on Program. BY EDWARD C. STONE. ‘When asked today regarding progress made by the District Bankers' Assocla- tion program committee, for the com- ing convention at Asheville, N. C., Chairman Law- rence A. Slaughter, vice president of the Commercial National Bank. announced that Oscar Wells, for« mer president. of the American Bankers' Associa- tion, had been se- cured as one of the tional Birmingham, Ala, and is one of th best-known -bank- ers in lh.! 00“‘:!"{‘- Exra Gould. banker who :i:y enough to head the American Bankers' Association, will be heard with the deepest interest by the local bank- ing fraternity. He will tgrolwl:ly speak on Conditions in the South. ‘Another speaker will be John W. Pole, Contrullper of the Currency. Con- troller Pole will speak on branch bank- ing. one of the most important subjects now before the financial world. The fate of the country bank is bringing it ‘more and more into prominence. Mr. Pole has already discussed the subject freely before congressional committees and has written widely for magazines on the subject. A summary of his views on this contraversal issue wilf mve of great value to the local kers. 1t is customary for one or more local ‘bankers to be included on the program. This year Robert V. Fleming, president of the Riggs National Bank, and presi- dent of the association last year, has agreed to speak. He will discuss “Les- sons to Be Learned from the Stock Market Crash.” It is doubtful if any more timely address than this will pear on the program, as the banks were 80 deeply involved in the situation brought about by the stock decline. Mr. Slaughter and Vice Chairman H. 'H. McKee feel that excellent progress is ‘being made on an unusually good pro- gram, as do General Chairman Vass and President Waller. Gould Again Heads Bank. At the organization meeting of the directors of the Washington Mechanics’ Bavings Bank late yesterday, Ezra Gould was again elected president; Dr. Edward F. Pickford, vice president: A. Scott Offutt, Joseph M. McCarthy, L. W. Davis and W. B. Mehler, assistant cashiers, and Mrs. M. H, Buckingham, secretary. Mr. Mehler is a new officer, while the others were all re-elected. In his annual report Mr. Gould re- ferred to the marked progress in de- posits made during the past 24 years since the bank was organized. A divi- dend of 20 per cent was paid during the past year on the increased stock Rapid progress is being made on the new bank, at 3401 Connecticut avenue, which is to be opened about June 1 ‘This will give the institution four offices. ‘Washington Loan to Expand. ‘The directors of the Washington Loan & Trust Co. yesterday declared the regular quarterly dividend of 3 per cent, payable on May 1 to stockholders of record April 23. It is the 151st quar- terly dividend. It is reported that the Washington Loan & Trust Co. is planning to enlarge its west end office, at Seventeenth and G streets by the inclusion of the adjoin- ing property on G street, which was acquired some time ago for that purpose. This branch office of which Charles H. Doing is manager, was established in 1917 and has been remodeled twice since that time to meet the needs of the great increase in its business. The present edifice was granted a special award by the Fine Arts Commission for buildi~gs of its type. Arthur B. Heaton is the architect. Bank Deposits Come Down. The inadvertent report of one of the Jocal banks of $600,000 more deposits on March 27 than was really the case makes the aggregate deposits for Wash~ ington banks read quite dm:rznuk ‘Washington bankers were pleased wit! s reported gain of over $1,000,000 in Jocal deposits since the call of Decem- ber 31, while New York and many other dustrial NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Notice—All stocks are sold exct trlfll those designated by which shows those stocks to be Sales of Each Stock Com, ~Prev. 1930~ Stock and - Sales— Dividend Rate. Add Abitibi Power & Pap Abitibl P& P pf (§).. i 5 £ 2 vuufE g 8 8 Advance Rumley... Advance Rumley pf. Abumada Lead. Ajax Rubber Alaska Junean Allegheny Corp i Alleg Cp pf ww(51%) Alleg Corppf (5%). Alleg Cp pf (5% )xw. Allegheny Steel Co. . Alltec Ch & Dye(né) Allis-Chalmers (3).. Alpha Port Cemt (3) T nt - CrnareBon-onin Am Agricul Chem. Am Argicul Ch pf Am Bank Note (13). Am Beet Sugar pf. Am Bosch Magne Am Brake Shoe(32.40) Am Brown Bov El Am Car & Fdy (6). Am Car & F pt (7). ) 4 3) : Am Chicle Co (13%) Am Com Aleotn1 60) % Am Encaustie (2). el 2 S SonRnare S men N oROR® Am Hawafian 8 ) Am Hide & Leather Am Hide & Lea pf Am Hnné:Prnfln 20) Am International (3} Am La F & Foamite. Am La Fr & Foam pf120s Am Locomotive (8). 8 o e mmanNe Lt Am P&L pf A st (5) Am Rolling . Am Bafety Razor (§) Am Seating (2) Am Sm & R T ] T e e Tt Am Sumatra Tob. Am Tel & Tel (9) Am Tobaceo (8).... Am Tobaceo (B) (8) Am Type Fdry pf(7) Am Water Wks (n1) A w 2~ 5 P e =T - 1) ® Anaconda W&C (3). Anchor Cap (2.40)... Anchor Cap pf (6%). Andes Copper (3)... Archer-Dan-M (3). Armour Del pt (7). Armour 111 (A) Swnramnn As50 App] Ind (4)... o D %) - - Auburn Auto (34) Austin Nichols. . conRanInnme Aviation Corp Del. Baldwin,Loco (1.76). Baltimore & Ohio (1) Bang & Aroos (3%).. Barnet Leather. . Barnsdall. A (3)... Beacon Ofl...... Beatrice Cream (4). =& e arntiBenten 3 el Blobmingdale Bros. . Bohn Al & Brass (3). Booth Fis British Emp British £m Stl 3d pf. Bklyn&Queens pf ( lots | ~Prev. 1030.~ High. Low. 8! 18 (85s) (2830), only. s 10K 110% 161% 151% 66 69% 8% 49 4 2% 29% 294 114 112% 7% 1134 14% 14w 4Tl 4TH 46 47 114 1114 34 a3y, 26% 6% 64 6 o4 6% 3% 3i 59% 59 10% 10 0% 40 49 50 2370 237 108k 105% 634 63 63 624 49% 50 L 99y 4% 34 68% 591 4% dn % 8 52% b2% M 3% 3% 120 1193 79 8% 6% 6% 31% 31% 2004 204 8bla 86w 63ls 64% [N 54% 65 463 46 106% 1073 130% 130% 24w 24 63% 64 284 182% 61 2 2% 8% 52% ol Stock and Dividend Rate. Consol Film pt (3).. Consol Gas N Y (4). Consol RR Cub pf($) ‘Consol Textil 30zl 96% 684 138% 49 2 62 ng B....o Contl Baking pf (8).. Contl Can (3%) Contl Dia Fibre (3) Contl Insur (3.40)... Continental Motors. Coty. Ine (k3)....00 Cream of Wht(13%) Crosley Radio (1) Crown Co; Crown Zellerbach(1) Crucible Steel (k5).. Cuba Can lug Cudany Packing (¢). Curtis Pub Co(16%). Curtis Publish pf(7) right Corp A. Cutler-Hammr(3%). Davison Chem...... Delaware & Hud (9). Del Lack & W (11).. Denv&RG W pt Detrolt Edison (8).. Devoe & R. A (2.40) . Diamond Match (8). 3 Domi; Elec Storage Bat () 3% Emmerson-Brat A. Endicott-Jobn (8)... Endicott-John pt (1) of ( Auto Ldg3%. 9 Exchange Buf (1%).1080s 25% Fairbinks Morse (3) Fed Lt & Tro (31%). #ed Motor Tr (80e) First Nat Strs (3%). Fisk Rubber... Florsheim ShoeA (3) Follansbee Bros (3 Foster Wheeler (3) Foundation Co. FourthNatl Inv. Fox Film A (§4). Freeport. Texas (16) Gabriel Snup Gamewell Co (§) Gardner Motor. Gen Amer Investors. Gen Am Inv pf (¢ Gen Am Tnk Car(34) Gen Asphalt (4)..ee Gen Bronse (3) Gen Cabl (1) Gen Out Adv (3). Gen Print Ink pf Gen Pub Sve (b8) Gen Rity & Utilities. 152 GenR& U'-lln(lil).. Goodyear 1st pt (7). golh-m Sk H (3%) Grand Silver Strs (1) Grand Stor pf (6%). Grand Unoa...... Grand Union pt (3) Granite City 8tl (4). Grant (W T) (1) Grt North pf (8) GtNctfsOP (a3i) Grt West Sug (3. Grisby Grunow Gulf Mo & N pf (8). Hann Dept Stores. Harb&Walker(12% Hartman Corp B 1.30 Hayes Body. Hollander & Son. . Sales— Add 00 High. Low. 26% 25% Prev. 4:88. Close. 26 27 181% 132 W 62 61 1 % 3 5% 6% 107w STOCK PRICES SOAR Avalanche of Buy- in* Orders. BY STANLEY W. PRENOSIL, Associaled Press Pinancial Editor. NEW YORK, April 10.—The stock market today gave one of the most im- :g“'nrmlve buliish demonstrations of the 8! 4 14 23! 33 1u 944 1 6% 54w year in trading of record-breaking pro- portions. Scores of issues were marked up 1 to 10 points, with’ at least 50 reaching new high ground for the year. A flurry of selling swept through the market at midday, cutting down some of the el;]ly gains and sending a sprinkling issues below yesterday's final quotations. New TS were quickly brought forward, however, and the market was headed upward again by early afternoon. A reduction in the call money rate from 4 to 3’2 per cent, an unexpected increase of 90,905 tons in the March unfilled orders of the United States Steel Corporation and an increase of about 10 cents a barrel in Mid-Conti- nent Crude Oil prices helped to gen- erate bullish enthusiasm. Blocks of 5,000 to 35,000 shares appeared on the tape at frequent intervals. J. Case, first quarter earnings of which have been unofficially estimated as high as $16 a share, jumped 10 points to a new high at 308. Ingresoll Rand climbed more than 9 points to & i new high at 209 and Allied Chemical Wl 7% to a new top at 315, but profit Y2 | taking reduced some of the gains, U. 8. Steel common responded to the publication of the tonnage statement by moving up nearly- 3% points to 1973, or a point below the year's high. Chrys- ler Motors was heavily bought in the early afternoon, crossing 42 to a new high level for the year, despite uncon- firmed reports that Studebaker and some of other smaller companies would probably reduce dividends in the near future, Public utilities were again turned over in large volume. Consolidated Gas of New York, Public Service of New Jer- sey, United Gas Improvement, United Corporation, General Gas & Electric A and Utilities Power & Light all reached new high ground. On the other hand, Peoples Gas fell 7'; points, American Telephone 3% and Brooklyn Union Gas 2 b:!m they met effective buying sup- port. Pools were again active in such stocks as Eastman Kodak, Westinghouse Elec- tric, Houston Oil and Radio Corpora- tion common. BANK CLEARINGS. NEW YORK, April 10 (Special): New York bank clearings, today, $1,- 261,000,000; & year ago, $1,377,000,000. New York bank balances, today, $152,- 000,00; a year ago, $126,000,000. New York Federal Reserve credit bal- ances. today, $152,000,000; a year ago, $112,000,000. PUT ON EXCHANGE. Utilities Hydro & Rails common shares have been listed on the Boston Btock Exchange. 1 I%I 2% % 1% T 0 b% Homes, Apartments and District of Columbia and N INBOILING MARKETI <2 0t 5& Bull Party Engulfs Tape With m“’"’ o ENGLAND’S “HENRY FORD” TO TAKE FIRST DIVIDEND Special Dispatch to The Star. YORK, A 10.—London cables stating that Sir William R. Morris, head n‘flofl: Limited, plans to 1920 Morris commercial p) tion of automobiles witk an output of 357 cars. In 1927 he turned out more than 60,000 cars, or more than one-third of the automobils uced in England that year and stepped ulp rm- duction ever since with the result that his company last year showed a profit of $6,600,000. Heretofore Sir Willlam al- ways has returned his share of profits to the company to be plowed back into ex- tensions for improvements. His inde- g:nneneo of thought—such as a firm lief in the uselessness of a college education — correspondmg close with fl‘gzd'“ ideas, has won him much pub- Y. Money to Loan Wm. Gordo.l'l Buchanan Councilor & Buchanan Certl iblie A National 6110-6111-6213 (Telephone Directory Omission) T TRUST FIR?.OANS Reasonable Rates THOS. E. JARRELL CO. REALTORS 721 10th Street N.W. Nat'l 0765 Money for Refinancing or Construction of Dwellings Prompt Answers BOLESHELPS 1417 K St. N.W. Nat. 9300 " Consult Us Regarding Your Maturing Mortgage. LONG-TERM 'REAL ESTATE LOANS ® WE MAKE FIRST MORTGAGES ON Business Properties in the rby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Company PROPERTY Apartment House MANAGEMENT | MANAGEMENT ourteous Treatment | FINANCIAL. TRUSTEED SHARES Real Estate Loans Made s Co. . : — Sold in Lote—$100.00 Up - Call or Write Standard Collazeral Shares Corporation Mot. 5783, 42% Interest+28% Profit Sharing IN 7 YEARS This_enviable return hond hold- sts of 6% in- terest on the CREDIT SERVICE, Inc.. Profit- Sharing Bonds plus onethird of net earn. ings. A Customer Market is maintained at 100, less 2% brokerage after one year from purchase. BUILDING LOANS or IMPROVED PROPERTY « Coupon brings full information KYNASTON & CO. Investment Bldg. Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Net'l 2100 Met. 5334 ADDRESS .. Dolly Madison —was _gracious hostess, at the White House, when this bank began business, back in 1814, {[Facilities seasoned by over a century of unin- terrupted service are available to customers, little and big. Special Dept. for Ladies 3% on Savings National Metropolitan Bank 1814—Oldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury Now—Another Link has been added to our chain—there are now 61 years in which perfect security has been given by the First Mortgage Notes we offer. The principle on which *his Company was founded in April, 1869— “Prompt and Unfailing Payments to Every Investor”—has stood the test of time with- out a single flaw. No chain—of iron or of finance—is stronger than its weakest link. If in the course of years the chain of investsments on which your financial security depends develops flaws and weaknesses you may find your- self facing disaster—when you can least afford it. Wise investors for just that reason make a security of proven safety the mainstay of their financial structure. That is why 80 mamy of them choose the 6% First Mortgage Notes sold through Swarte zell, Rheem & Hensey Company. Back of these notes is this record: “g1 Years Without a Loss to Any Ine westor.® sereens SWARTZEIL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N-W./ WASHINGTON D.C. Appearance counts for much in the imp- ession vacant apart- ments make on inspecting prose pects. Under our management everything is kept in perfect order—and scrupulously clean. centers were announcing a decrease in their deposits. Deduction of the $600,000 leaves a gain for the 42 or 43 Wash- ington banks of only about $500,000, to be exact, $487,574. Had not some of the local banks had particularly (ooei ine on the March 27 call, the total local bank deposits would have shown & decrease. A. & P. Sales Up 8 Per Cent. ‘The Great Atlantic & Pacific Tea Co. today reports March sales of $83,- 975,552, a gain of $6,263,177, or 8.06 per cent over the same month last year. This increase is particularly sig- nificant in view of the lower price level of commodities and the fact that Easter this year, unlike last, did not come fn March. There has been no appre- clable change in the number of stores in the two periods. Reserve City Bank Sessions. Announcement is made that the As- sociation of Reserve City Bankers will have its annual convention at Mem- is, Tenn., on April 28, 29 and 30. is is a highly important meeting for the limited membership of 400. Among those planning to attend from Wash- ington are Robert V. Fleming, A. M. l‘l:villm. Wilmer J. Waller and F. t. Bkiyn Unton Gas (5) Bruns-Balk-Col, Bruns Ter & Ry Bucyrus Erle (1) Homestake Min(17). Houdaille Her B (3). H'hold Fin pt (183%). Houston Oil..... Howe Sound (t14%). Hud&Man Ry (3.60). Hudson Manh pf(5). Hudson Motor (6)... Hupp Motor Car (3). [llinois Central (1) :::a‘lar;::; 1.1 rl :‘ Illinois Cent pf (6) It takes organized super vision such as we have to ac- complish this. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 Noos Byers (A M). Calif Packing (4).. Callahan Zine & L. Calumet & Aris (6, Calumet&Hec(a4 %) Campbell Wyant (1) % Canada Dry G A (6)s ) Cannon Mills (3. Capital Adm (A). Car Clin & O sta ( Case (J 1) (6) s -1 Intercontinental Rub interlake Iron (1).. 1utl Agrioultural Intl Agri pt (7). o mesto NN - 5 Intl Harvester (3%) Int Hydro Kl A (e3). - @ Gas Leads Local Exchange. One hundred shares of Washington Gas Light stock changed hands ‘on the ‘Washing Stock Exchange today, at 123. This was off from the sale of a single share yesterday at 130. The stock closed with 123 bid and 125 asked. Thirty-five shares of Merchants' Bank & Trust Co. stock changed hands today at 125, same as the last sale. Capital Traction opened with a single share selling at 80 and closed wngx 10 shares gln“ at 79, Ten shares of District Natlonal sold at 215 and 10 _of Continental Trust Co. at 125. Railway and Electric preferred came out at 97% and 32 shares of Lanston Monotype moved at 117. Bonds were in moderate demand at recent levels. ? New Ruling on Trusts. NEW YORK, April 10 (#).—The New ‘York Stock Exchange has promulgated int Nickel of Can (1) Intl Paper pf (7). Intl Pap & P A(3.40). intl Pap & Pwr C. Intl Printing Ink (3) Int Tel & Teleg (3) Inter Dept St (3). Investors Equity(3). Island Creek Coal(4) Jowel Tea (4). . Johns-Manville (3). . Jordan Motor Car. Kan City Sou (8) Karstadt (R) ( Kaufmann)D S (1%) Keith-Albee-Orph. .. Keitn-Albee-O pf ( = comcBecRladorsnnnmnnan [irst Mortgage Funds Loans on residences and business proper- ties in the Distriot of Columbia and nearby Maryland suburbs— Ample funds; lower in- terest, prompt approvals; valuable prepayment privileges . . . . Three= year loans on newer properties without amortization () H. L. Rust Company 1001 Fifteenth Street National 8100 Established 1889 We Are Pleased to Announce —that MR. WILLIAM N. STURTEVANT has been appointed a manager of our Washington Office. Chi Pneu Tool. ChiR 1 & Pac ( Chi R | & Pac pf Chickasha C Ofl (3) Chiids Co (3.40).. Chrysler Corp ¢3)... City lce & F (k3 60). City Stores 160e) Clark Equivment 13) Cluett Peabody (5).. Coca-Cola (8. .. Colgate-Pal-P (3%) Collins & Atkmas. Collins & Alk pf (7). 64 & Fuel & iron (3). Col Gas & El pf B(5) 1% Harriman & Company Kimberly-Clank(13). 2 ' 54 B4 B4 « Trinity Building, 111 Brosdwey, New York Krate Bn b cii). 5" MEMBERS NEW YORK STOCK EXCHANGE v Fae Pradentiar ratt i), for “The Prudential” Kraft Ph Cb pf (634) Kresge(S8)Co(1 60) 8% Kresge Stores. 28% Kreuger: 11.3¢) Kroger Gr&Bak(nl). GASOLINE PRICES ADVANCED. NEW YORK, April 10 (#).-~Followin, the lead established by the Standard Of Co. of New York, Pan-American Petroleum & Transport ‘00.. Bh‘e.l‘ldm- ern_Petroleumn Com Inv Trst war. Com Inv Tr of 16%) Comm Inv ev pt(ed; i Comm Soivents 111 ‘omwlth&soy: 60c ) Comm & Sou pf 18) . Conde Nast Pub (3). Congoleum- Nairn conn-si"l %) Consol 7). it Washington Office 729 15th Street N.W. Telephone, National 1603 “ual. Leh Vai Coal of «3). Lenigh Valley ' t434) Lehman Corporation Liehn & Fink /3) 7 28% 264 11 111w 41% 42 4% 6% 8% T6%