Evening Star Newspaper, April 15, 1930, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TUESDAY, APRIL 15 1930. FINANCIAL. NOTABLES ADDRESS| [ NEW YORK STOCK EXCHANGE | |STOCKS IRREGULAR DISTRICT BANKERS T s et s o o 2| AFIER EARLY DROP shows those stocks to be sold in odd lots only. 99% Consol Gas NY pf(5) 02 12"‘ Sales of Each Stock Complled to 13:30 PM. - Stock and Sales— Prov. 1 Consol Textile.. Dividend Rate. Add 00 High. Low. 8:88. Closs. 28 proved income producers in . . . . Dlnner Hears Plans for Annual Meeting. BY EDWARD C. STONE. Before the largest attendance of local bankers and their guests who have ever @athered at the annual Spring dinner, at the Columbia Country Club last eve- ning, George 5 Vass, general con- vention chairman gictured the com- sessions at Asheville, N. C., so vividly that the financiers e¢x- pressed a desire to start for the Southern resort at once and not wait until June 4. There were 226 bankers and guests, the dinner being the sixth of the kind. Wilmer J. r}l]nllg{sprfsldellt of - oty e trict Bank- sl gl B presided and during the evening intro- duced the following special guests: Roy A. Young, governor of the Fed- eral Reserve Board; Maj. W. O. Woods, Treasurer of the United States; F. G. Awalt, J. L. Proctor and E. H. Gough, deputy comptrollers of the currency: W. P. Folger. chief national bank examiner; Walter Wyatt, general counsel, Federal Reserve Board; J. S. Noell, assistant secretary, Federal Reserve Board; E. M. McClelland, assistant secretary, Federal Reserve Board; E. E. Mountjoy, secre- tary, national bank section, American Bankers' Association, and Herbert T. Shannon, president, Columbia Country Club, and Arthur B. Shelton, secretary of the club. Speakers and Prize Winners, The guest speakers were Senator Pat Harrison of Mississippl and Carter B. Keene, Washington attorney. During the afternoon the bankers indulged in golf, Maj. Erskine Gordon, trust offi- cer of the Federal American National Bank, winning the new Robert V. Fleming trophy. Other prizes were won by Clyde Ash- er, director in the Liberty National Bank; C. H. Pope, vice president of the .Munsey Trust : Gov. Roy A ‘Young of the Fed. eral Reserve Board Charles T. Clag- gett, director in the Federal - American Bank, and Robert S. Stunz, vice president of the Park Savings Bank. Chairman Vass stated that the annual convention will be held at Grove Park Inn, Asheville, June 5 to 8. The party will leave Washington on June 4 at 6 pm. aboard two special trains. The train will be divided this year, as two lighter trains can be handled with so much more comfort to the passengers. Mr. Vass spoke of the attractions af- forded by the hotel, mentioned the iwo splendid golf courses available, and the other opportunities for sports, the many sightseeing motor_trips and novelties to be provided in the way of entertain- ment. Exceptional Program Planned. He also declared that the program will be one of exceptional merit. The local bankers are journeying farther from home than on any previous occa- sion, yet the expense has been held down to former rates. On the return trip the bankers will leave Asheville in time to enjoy two hours of mountain scenery before dark. The speeches were excellent. Gov. Young was prevailed upon to say a few words. He did not give away many secrets about the Federal Reserve Board, but devoted mnst of his remarks to the noble game of golf and the harmony notable among Washington bankers. Senator Pat Harrison spoke both humorously and seriously. His anec- dotes caused screams of laughter and a discussion of the tariff bill was in- tensely interesting. He declares that the tariff must be taken out of politics and politics out of the tariff. Senator Harrison denied that the long discussion on the tariff has hurt business or interfered in any way with business recovery. He insisted that such a charge is false. Bankers’ Greatest Satisfaction. Carter Keene, a native of Maine and 8 Democrat, humorously called Senator Harrison's attention to the ease of be- ing a Democrat in Mississippi, where nomination is equivalent to election, and in Maine, where all a Democratic nominee can do is to criticize the Re- publicans. After many other witty remarks At- torney Keene declared that the great- est joy a banker gets is in helping to clear up the financial troubles of the great mass of people who need just such ald in seeking comfort and inde- pendence. Washington bankers are rendering this service to over 500,000 people, he sald. It is not the record of deposits that give the banker his great- est satisfaction by any means, the at- torney asserted. ‘The arrangements for the' dinner were in the hands of Lanier P. Mc- Lachlen, first vice president of the Dlu- trict Bankers' Association, and C. Pope, secretary of the association. They were accorded a rising vote of thanks for the success of the affair. The en- thusiasm manifested indicates that the convention may also hang up a new record for attendance. The “first call” was sent out today, urging every banker and bank director in the city to attend the sessions “in the land of the sky.” Lanston Leads Local Stocks. Lanston Monotype was the leader on the Washington Stock Exchange today, 10 sales of 10 shares cach being recorded at 127, off 2 points from Mon- C .H. Pope. 4 Am Can pf (7). Abitibi Power & Pap. Abraham Straus Adams Expr (1 Adams Millis (3).... Advance Rumley... Advance Rumley pf. Abumada Lead..... Alr Reduction Alr Way El Ap(3 Ajax Rubber. Alaska Juneau. Allegheny Corp Alleg Corp pf (534). Alleg Cp pf ww(5%) Alleg Cp pf (5% )xw Alleghany St1(12.80) Allfance Realty +314 Allled Ch & Dye(ng) Allled C& D pf (T).. Allis-Chalmers (3) Amerada Corp (3). Am Argioul Ch pf. Am Bank Note (13). Am Bosch Magneto. Am Brake Shoe(2.40) Am Brown Bov Eleo. Am Can (4).. woNN joa s o s EY peBonaseToanadan ”L 038 Am Car & Fdy (6). Am Car & F pf (7). Am Chain Co (3). Am Chain pf (7). Am Chicle Co (t33%) Am Com Aleo(n1 §0) Am Encaustio (2)... - Am&Forn Pwr 3d pf. Am Hawatian 88 (3) Am Home Prod(4.20) Am Toe Co (t4)...... Am International (3) Am La F & Foamite. Am Locomotive (8). 8 Am Loco of (1) Am Metal ¢3). . |’§ Am Metal of (8). Am Nat Gas of (7). 2208 Am Plano. o a8 Am Piano pf. .. 808 Am Power & Lt ($1) 13 AmP&LDIA(3%) 2 Am PAL of A st (5). Am Ra&Std San 1% Am Republies. .. Am Rolling Mill (3). Am Safety Rasor (5) # Am Ship & Com. . Am Sm & Ref (4) Am Snuff Co (#3%).. Am Solvents Chem. . Am Sol Ch ev pf (3). Am Steel Fay (3) Am Stores (3). Am Sugar Rfg (5).. Am Sugar Rfg of(7) Am Sumatra Tob.... Am Tel & Tel (9).... 110 Am Tobacco (8).... 17 2 Am Tobaceo (B) (8) 67 2 Am Type Fdry of(7) 10s Am Water Wks (n1) 52 Am Water W 1st(6). 2 Am Woolen......... 23 Am Woolen pf 4 Am Zino Ld & Sm. 2 Anaconda Copr (7). 1122 Anaconda W&C (3). 2 Anchor Cap (3.40)... 5 i Andes Copper (3) Archer-Dan-M (3).. 10 4 Armour T1l (A) Armour 11 (B) Arnold Constable. 3 Artloom pf (7) .. 808 Art Metal Constr(2). Asso Appl Ind (4). Asso Dry G (2%) 20 Asso O11 (2)... 108 Atch T & S Fe (10) Atch T&SF of (5)... AtIG & W Indles. ... Atl Gulf & W I pf(8) Atl Refining (13)... Atlas Pow Atlas Stores (1). Atlas Tack. Auburn Auto (14 Austin Nichol Autosales. . 2 Auto-StSafRA (3). 2 Aviation Corp Del... 207 Baldwin.Loco (176). 10 Baldwin Loco pf (7) 30s Baltimore & Ohio (1) 19 Bang & Aroos (3%). 2 Barnadall. A (2). 50 Bayuk Cigar (3). 2 Reacon Ofl. ... 8 Beatrice Cream (4).. 2 2 2 i B'trice Cream pf (7). Belding-Heminway. Bendix Aviation (2). 61 Best & Co (2) . 35 Bethlehem Steel (8). 45 Bethlehem St pf (7). 8 Bloomingdale pf (7) 20s Bohn Al & Bre| Borden Co (k3) Borg Warner (4) Botany Con M (A). Briges Mfg. ... Rriggs&Stratton () British Empire Steel Brit Emp Stl 1st pf.. 508 British Em St13dpf. 2 Brockway M T... Bkiyn-Manhat (4). Bklyn-Man Tr f (6! Brooklvn & Q Bikiyn Union Gas (§) Brown Shoe Co (3) Brune-Balk-Col BrunsTer& Ry 8. Bucyrus Erle (1) Bucyrusev of (3%). Bucyrus pf (7) Bullard Co (1.60) Bulova Watch (3). Qluma!‘flnlll“) Campbell Wyant (3) Canada Dry G A (8). Canadian Pae (10)... Cannon Mills (2.80) Capital Adm (A).... Car Clin & O sta (5). Case (J 1) (8) . Caterpilir Trae +3% . Cavanagh-Dobbs. ... A1y, Cent Alloy Bteel (3). Cent Alloy otfs (2).. Century Rib Mills... Cerro de Pasco (8).. 60 40% 40% 59% 3% 1w 204 8% 1% 12 Contatner Cor A l.l. Corp B 4 F1d Pho Fire 1(3.60). Contl Insur (3.40). .- Continental Motors. naltelnudBnnnwans LI Corn Prod of (7). Coty. Ino (k3). Crucible Rteel (k). . Cruetbl i ) 3 = 3 S CuvamAmmer Samares Cuban-Am Sug pf... Curtis Publish pf(7) 3 e NS o= e (8 Cutler-Hammr(3%). Davison Chem. Delaware & Hud (9). Del Lack & W (17) Detroit Edison (! 5 2 Diamond Match (8). !BDI Dome Mines (1)..... Dominion Strs (1.3 Du Pont de N (14.70) Eastman Kodax (+8) Faton Axle & 8 (3).. Flar Ante T.ite (&) El Auto-Lite of (1), Flectrio Boat. Eleo Rtoraxe Bat (§) Elk Horn Coal pf.... ‘Endicott-John (5 Eng Pub Serv (g Bag Pub 8ve pf (§) Eng Pub 8ve of (§4) Eng Pub 8 otfs (21).. Equitable Bldg (2%) ErieRR.. ot Erie R R1ut bf (6)ee Erie R R 2d pf (4) Eureka CacCl (4)... Evans Auto Lag 3%. Fairbanks Co. - weRanamnna Fed Wat 8, A (i Federated Dept 8 Firestone 'I‘ARII.(.} 000000010 it i @ 09 2D Fisk Rub 18t pf eV Florsheim ShoeA ( Florsheim Shoe pf 6. Foster Whesler (3 Fuller 24 pf($7.40).. Gardner Motor. .. Gen Amer Investors. Gen Am Inv pf (8) Gen Am 'n:k Car(24) Gen'l Food Corpn Gen Gas&El A(new) 194 GenG & Elpf A (1), 50s Gen Ital Ed (a2.62).. 8 Genera' Mills (3)., 19 Gen Gen Mo Gen Motor Gen Motors of (1) Gen Out Adv (2).. Gen Outd Adv A “). Gen Printg Ink(2%). Gen Pub Sve (b6). .. Gen Ry 8ignal (5)... Gen Realty & Utll. .. Gon Real & Ut pf(6). Gen Refrao (14%).. Gen Theat Equip vts Gillette Saf Ras(nf). GtNctfsOP (a3y4) Grt West Sug (3.80), 17 Grt t Sug pf (7). 108 Grisby Grunow...... 251 Gulf Mo & North 3 Gulf Mo & N of ( 5 Gulf Sta Steel (4 10 Hahn Dept Stores. .. Gl Hahn Dept 8 pf(6%) Hanna (M A) 18t (7) 20- 25 Harb&Walker(123%) 57708 69 Hartman Corp B 1.30 H'bold Fin pf (13%) Houston 011 Howe Soun: pore M s 0RnSRoanal Hupp Motor Car Iliinots Central (T).. Illinois Cntls In (4). Independ O1l & @ (3) Ind Motor . Inspiration (4) Insurance Shars é8e. | stockholders today that an examination 1 | assuring. General Electric _reported * Cut in Copper Price Unset- tles Market, but Losses Are Reduced. BY the Associated Press. NEW YORK, April 15.—The stock market experienced a nhll’f anlnl lpcll today in which most stocks sagged to new low levlu tor I.ha fl:‘r and then made irregular recovery lponle w & brisk demand for some -grade industrial issues. l:lrly decl(nu ran from 1 to 6 points in the active issues and from 7 to 12 points in a few specialties, but the reaction was checked at midday and prices head- ed upward in the early afternoon. A slash in copper prices from 18 to 14 cents a pound, which has been rumored for several weeks, was the prmclpn di turbing factor. This led to he vg dation for both accounts, but offerings were well absorbed. The unsatisfactory copper situation has been the chief de- terrent to bullish operations, and wnh the cut finally out of way many ol ers inclined to the theory that the ‘mar- ket was in a much butter position to advance. On the announcement of the cut in copper Grandy dropped 3%5; points to 511 ; Amcondn, 3 w GB',; Calumet & Arizona, to 70; Kennecott, 2% 3012 Ama Kmesican: Metals, 205 0 44%, all new low prices for the year. Magma, Calumet & Hecla, Inspiration and Ne- vada also sank to new lows, but the de- cltnes were not as large. Strong buying rt was lq‘h:kly supplied for the eru and brisk recoveries took place, Anu:nndl quickly crossing 70. The cut| in copper is expected to stimulate buy-; ing bi/ large consumers who have been | pursuing a hand-to-mouth policy since | the 18-cent price was put into effect about a year ago. It was pointed out that most of the leading producers were able to make a satisfactory profit at the ll-ugt price, which is likely to be main- ed. Extra dividends were declared dur- the day by Cumberland Pipe Line, Atlantic Coast Line and Jewel Tea. Walter P. Chrysler, head of the auto- mobile company bearing his name, told of the fundamental factors underlying the business situation tends to be re- first quarter net profit of $15,042,521 as contrasted with $14,505,986 in the same period a year ‘,fi equivalent to 80 cents a share on the common this year 28 against 48 cents a share last year on a comparable basis. BANK CLEARINGS. NEW YORK, April 15 (Special).— New York ank clearings, today $1,658,000,000; a year ago, $1,882,000, 000 New York bank balances, today, $192,000,000; a_year ago, $161,000,000 New York Federal Reserve credit balances, today, $179,000,000; a year ago, $148,000,000. Telephone Companies’ Income. NEW YORK, April 15 (A).—The Janu- ary operating income of 101 domestic ulephone companies amounted to $22.- 813,785, compared with $24,887,249 in January, 1929, FOREIGN EXCHANGES. (Quotations turnished by W. B. Hibbs & Co.) ndon, et e Smoe BREELSES - Bolilel ] NRe3aaY! ot 23! e TREASURY CERTIFICATES. (Reported by J & W. Selisman & Co.) te-Maturity, Bld. &:s June 16, 1930 100 1132 857 18 18 30. 99 Jn»'i FIRST TRU T LOANS . Reasonable R-lu Courteous Treatment THOS. E. JARRELL CO. 721 10th Street N.W. _ Nar'l 0765 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. 64th Issue of Stock Now Open for !-hlcflmo:' Money loaned to members on easy monthly payments hn-’" E. Olrnnclb' Jnl- '. First Mortgage Loan Applications Invited at 5)5% Construction Loans Glover & Flather CORPORATE TRUST SHARES Commen stocks of these 38 companies ave deposited wr.der CORPORATE TRUST SHARES (New Jersey) Sund.DilowaYork Stand. Oil of Ind. Stand. Oxlolcd ‘Texas Corporation UTILITIES American Tel. & Tel. Western Union Con. Gas of New York ‘Westinghouse Elec. International Harvester A single investment in CORPORATE TRUST SHARES starts 28 of America’s greatest corporations working for you— producing income for you—more certain income because there are 28 sources instead of one. Providing our every-day necessities, they are the most certain income producers in America. _Your entire investment is handled by The Equitable Trust Company of New York, as Trustee. Twice a year the Trustee dis- tributes to holders of CORPORATE TRUST SHARES the pro rata combined earnings of the group. This distribution includes not only the regular cash dividends on the deposited stocks—but extras, stock dividends and rights as well. Price at Market about $10% per share [ zscriptive Circular on Request GRrRAAAM, PARsoNs & Co. 1422 WALNUT STREET PHILADELPHIA 48 WALL STREET NEW YORK 300 SOUTHERN BUILDING —WASHINGTON READING SCRANTON | PITTSBURGH BALTIMORE BOSTON WASHINGTON TRENTON NEWARK CLEAR VISION ” assures a great future for Indian Tetritory Illuminating Oil Company- wfl&fimmfi:fim trem¢ portan Oklahoma Giey pool. ~ " T T This field is already one of the major oil produci dnmunny. T"ofdummmvdh Indian T anblldlhc Tlluminating 'flmnnlymmmphddndenmththuw Compunymmmofenthm-plmn-nd of large reserves. Clear vision in employing geolo- gists, geophysicists and paleontologists to explore new territories to acquire many favorable leasehclds end royalties which later increased greatly in value. m The Company now holds oil and gas leases on 1,122,000 plumanuo,“ommdwydlymh!mm“ ample production to meet inevitable future demands, under even more fi-mntodlp. IR < nernm 1508 H St. N.W. National 1753 day's close. Capital Traction was stronger today, the stock closing at 77 on a 40-share 1on, turnover. There were four transactions Inter Comb Eny u., in 10-share lots. The final quotation Intl Harvester (3%) was 76 bid and 77}, asked. B4 Hi Bl A (e3). Potomac Electric Power 6 per cent 2 referred sold at 11315, Railway & Elec- Frlc preferred at 981, and Mergenthaler Linotype changed hands at 108. Two bank stocks appeared on the board, Commercial National selling at 237 and American Security & Trust at_425. Potomac Joint Stock Land Bank 5s figured in a $5,000 transaction at 91. ‘Washington Gas 6s series B came out at 105%. Washington Railway & Electric 4s sold at 88, while Capital Traction 55 moved at 96. Heard in Financial District. Following the annual meeting of the Lanston Monotype Co., to be held here on May 1, J. Thilman Hendrick, chair- man of the board of directors, and President Best will sail for London to take up some business matters in con- nection with the company’s London in- terests. It is understood that Lanston has had an unusually fine year. Raymond G. Marx, controller of the P-damn-v-(hNu-Vuh.O-A“dhdh L f—en-:-nd bya fiu:ghed -dfin ”:.: .1...',: Mail the below for “The lu!yqdd-dlfl_ Terri Company.” INDIAN TERRITORY ILLUMINATING OIL COMPANY (A Cities Service Subsidiary) Non-Voting Class A Stock HENRY L. DOHERTY & COMPANY ‘Washington Office, 634 Southern Building Ideal for Investment FIRST MORTGAGE ] NOTES | vielding 7% interes ] A limited number of i &::mbhlfifl 16 these notes are now avail- | = = | Foery o 5% 54 141§ Lhtee - o - - - - ey Unquum vl I m,:.mzc«. L Building, "W , D. repmset g : uthern Building, 'Washington, | ) ] Chi Pneu Tool. Chi Pneu T of (3%). City Storo- A GH).. Clark Ecuipment (3) 3 'Y Colgate-Pal-P 12%) Colg-Palm-P pf (6). Collins & Alkman. .. Col Fuel & Iron (3). K!ll’ llfl-ll 8% pf. Kelsey Hayes (3). Kelvinator Corp. Riggs Nationai Bank, has returned to e et ymld—Convenlem denom« Please send m,.’ 'M obligation, a copy of your booklet inations. *“The Story of Indian Territory Illuminating Oil Company.” his desk from a vacation passed at Vir- Comm Solvents inia Beach and vicinity. While away ‘omwith&Sou(60e) . i3 Coneress Cor ot l Kolater Radle . BRI 502 v e cunnaiintine seosabmste ons sossoeervaet 67 Consol Cgr 3 res cu)c-;l,u) Address...oi.c00 e had a very narrow escape in an Comm & Sou pf «6). automobile accident. Congoleum-Nairn . . H. H. McKee, president of the Na- Congress Cgr -uu; flonll Capital Bank, was congratulated e T S 16 Consal Fike 26% 5 10" K e rig 2 as & 264 Il ¥ smeummn chsiocation of the' Fed- 10 284 24% 264 36M SR AT).s: 10 TN LY 1415 K St N.W. Nal 4750 ‘eral Reserve Bank of Richmond, Kolster Radlo. (052-1-380) R ke I BT