Evening Star Newspaper, April 30, 1930, Page 15

FINANCIAL —_— TRANSACTIONS ON THE NEW YORK CURB MARKEL CURB TURNS DULL AFTER BRISK START.. Short Covering Lifts List in Early Dealings—Trading Tapers Off. BY JOHN A. CRONE. Poecial Dispatch to The Star. NEW YORK, April 30.—Prices leaped 1 to 4 points at the opening of the curb market today under a heavy volume of buying by professional shorts, but after the first hour trading tapered to an abnormally quiet condi- tion, during which prices sagged from their highs of the day. However, most stocks, with the exception of the min- % es, were higher on the day. bly the feature right from the z:nlnz was the lack of resistance by copper stocks. Paralleling extreme ‘weakness in big board coppers, they dropped off fractionally, led by New- mont and Noranda. The market was full of rumors of another cut in the price of copper. ‘The manner in which trading fell ©Off after the opening burst of covering tended to indicate that the market ‘was a highly professional affair. In point of activity, the public util- ities led the early advance. American Superpower and Electric Bond & Share both opened with big block transactions and ran up rapidly by midday to net advances of nearly 3 points each. Later fluctuations were on both sides of the . Consolidated Gas of Baltimore, reporting increased net for the first quarter, somewhat offset by a slightly Smaller distribution per share owing to increased shares outstanding, was active and nearly 2 points higher. Smaller advances were made by Asso- clated Gas & Electric, American & Forelgn Power Brazilian ‘Traction, Duke Power, Hydro-Electric Securities, Middle West Utllitles and United Light & Power “A.” warrants, BONDS ON THE CURB MARKET. les in ousands. 33 Alabama Pow 55 9 Alabam: 1 Alummum Ted Am Cmwin Fow 65 40 7 Am Cmwih Fw 65 4 For Pow n:":o v DOMESTIC BONDS. msn Low. Glose. +68 10 102 83 % 3 s son = : s rbanks Mor 85 |42 estone C M eatone Tire. 85 43 93 bber 5155 '31. & L s i EEEES Hood Rth 55’ & ‘36 g:: Hood Rubber 75 36, 91 Hous 140 10835 Jntersts Power, 55 57 91% Jnves Co 58 4 47 ww m' 3 15 actien u;"s' 51 941 el d 1 10 Kelvinator 6s ‘3: xw 903, 9 25 R R 58 H wi 1 10 Morris & Co 7%s_'30 100% 8N '57... 100% 1 TEEenTpae 2ol E e waS e muoBanSal wg sharitee - 2 S35 o2 e ) 24 Wash W & Pe' llm 101% Brmal il 3 90 Wes Union Tel 5s '60 103% FOREIGN BONDS. 86 9513 8213 84 903, Chile Mtz Bk 6s Com Pr Bk 5'as Cuban Repub_5s '45 Danish (‘ou 8los High. 62% 34 38% M 2% 182% 28% 28% 54 % 87 3 112% 22 76% 167 109% 81 T 16% 8% 60% 4% “99 624 89% 23% Am Superpwr (1)... 12![ 96% 101 15% 32% 14% 4% 14 147% 51k 6%, 11 K 6056 # 55 141 50% 157'/- 33 15% 44% L% 75 9% 5% 260 4 19% NOTE—The New York Curb Market is now operating daylight saving time. Notice—All stocks are uum.l:g those l-dnlul by th which shows those stocks to be ~Prev 1930.~ Stock ana Dividend Rate. c.(32) Low. 421 Acme Wire 19 Agfa Ansco ) 21% Alnsworth (32%)... 34 Alr Investors v.te... 214 Alr Investors (war). 119% Ala Great Sou (17).. 126 Ala Gt Sou pf (17) 1% Alexander Indust. 4 Allegheny Ga 16 Al Am Gen C: 105% Alu Co of Am pf 108 Aluminum Co, Ltd 5 Am Beverage. 4% Am British & 7% Am Br B fd shai 14 AmCP&L(B)(10%) 23% Am Com P(A) b10%. 3% Am Co'with Pwr war 1 Am Control Oll Fids. 25% Am Cynam B (1.60). 8 Am Dept Stores. 1104 Am DT, NJ ev pf(7) 16% Am Equities. ... 60% Am For Pwr(war) 113% Am Gas & Elec (31). 105% Am Gas&Elec pf(6). 60% Am Hard Rubber(6) 150s 1 4% Am In 10 AmlIn 72 Am Lt&' 45 Am MfgCo (4) 1% Am Maricabo. 7% Am Natural Ga 94% Am Pub Sve pf (7). 55% Am Salamandra (3). 87% Am Superpwr pf (6). 94% Aun Super 15t pf (6). 10% Am U&Gen B vt 40e 17 Amrad Corporation.. 10 Anchor PF (b10%). 15% Anglo Chil Nitrate. 13% Appalachian G: 9% Arcturus Rad Tub % Ariz Globe Coppe! Asso Dyeing & Ptg 5% Asso Elec Ind (30¢). 144% Asso Gas&El ctfs(8) 45% Asso Gas & Elec (n). 86 G&E (A) 12.40. 0 GEE (A) dbrts 1 Asso Laund (320¢).. 89% Asso Rayon pf (6) % AtlanticFruit & Sug. 16% Atlantic Secur Corp.. 2214 Atlas Plywood (2) 6% Autn Music (A) (1).. 9% Auto Vot Ma cv pf pt 24% Aviation Corp of Am 122 46 Bancomit new (1.60) 150% Bell Telof Can (8) 14% Bickford's, Inc (1). . 28 Bickford's.Inc pf2% 6% Blue Ridge Corp. ... 33% Blue Ridge cv pf(a$) 27% Blumenthal (S)..... 63 Bohack (HC) 2%..« 6 Bourjols, Inc........ 36% Brazil Trac & Lt (2). 24% Buft.N&EP pf(1.60). 3 Bure 10% Butler Bros (30¢)..a 4% Bwana M Kubwa.... 3 Cable Radio T v.te.. 1% Cable&Wire (B) rcts 3% Canada Marconl. ... 49% Can Pacific(new)w.1. % Carib Syndicat 28 Celanese Corp. 18% Celluloid Corp. 90% Celluloid 1st pf 1 00 3t Cent Atlantic States. 30 Cent Hud G&E n(80¢ 25% Cent Pub Sve. Del... 4% C I\l P S 1A} (al. 'li) 19 tat 3404 72 Conl sm El nl(l)xw. 4% Centrifug Pipe(60c) . 2% Chain Stores Dev.... 12% Chain Stores Stock. . 21% Chathm Phoe Al n-v. 22% Chem Nat Asso n-v.. 58% Ches & Ohio (new).. 14% Chicago Corp (The, 113%- 106% Childs Copf (7)..... 4% 98% 264 Cities Service($30c) #8 Cities Srve pf (6)... 20 City Mach&Tool(12). 16 Clark (DL) Co (1%) 18 Clev Tractor (1 3% Club Alumn Ut 54 Colon Ol. . 16% Colum Oil&Gas 24 Columbia Pictu 4214 Colum Pictures v.t.c. 4 Columbia Syndicate. Sales— Add 00. Babeox & Wil (19)..225s 129 400s 150 18! THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, hievisn- . Shens lllb. Low. len: 18% Hazeltine Corp (1). . e e (z'."‘)‘ 11% Hecla Mining (1) sold in odd lots enly. 24% Houston Oil of Texn - m'{‘& Lt A 8% Hudson Bay M &S.. 10 Hygrade Food Prod. 22% Imp Ofl. Can (50c. ... 45% Ind Terr filu O] (A). 46% Ind Terr Illu Ol (B) 17 Ind ¥in etfs(b10%).. 64% Insull Ut Inv(b6%) « 69% Ins Co, No Am (13).. 17 Insurance Sec(1.40). 20% Intercoast Trade (1). % Intercontinent Pet n. 25 IntercontPow A (2). 4% Int Holdg&Inv 10c. 17% Intl Petroleum (1 3214 Intl Superpwr($1). 843 Intl Utilities A(33%). 6% Internatl Util (B)... .., -23s. " 00 NN 30 e i O P = P N = T T C L 7 1 10% 10’& 10% 286 2u% 23% 22% 19 26% 27 26% % AVA % 11'6 & 142 20% 81 A% 4% 4% 25- lnu :Illu l}m Zfi ‘flh 08% 661 5 161% 152% 161% 1 107% 107% 107% 80} 80% 80% Irving Air Ch(1.50) ., Itallan Super wa. 9% Italian Superpwr A 1% Kirby Petroleum. 13% Klein(H) pt pf $1. % Kolster-Br (Am Sh). 10% Lake Superior Corp. . 6% Lakey Foundry. 21% Lane Bryant (2). 24 Lang Unt Bak B (2) . 14% Lefcourt Real(11.85) 29 Lefcourt Real pf(3). 1% Leonard Oil. 88% Lerner Stores (2) 17% Lily Tulip Cup 1%. 18% Lion Oil Refin (2) 12% Loew’s, Inc, deb rts. 3% Loew’s, Inc (war) 84% Lone Star Gas (1) 40 Long Isl Light(60s 8 Louisiana Lan & Ex. 18 MacMarr Stores (1). % Magdalena Synd. ... 70 Mangel Strs pf(6%). 22 Mfg Finance v.t.c.... 37 MapesCons (3).. 9% Marc Int M (523%¢).. 82% Marine Mid (1.20) 8% Mass Util Asso. 1 Mavis Bottling. 48 Mayflower Asso (12), 18 McCord Rad(B) (2). 56% Mead Johnson(13%). 10% Memphis Nat G 17% Mer Cha & S (1. 8% Met & Min, Inc(1. !0) 16 Met Chain Stores. 22 Midland Ut(b1%%). 25 Mid W Sta Ut 1%).. 129 1274 48 25% Mid Wst Util(b8%). 1 47T% 47% 4% 8 Mids: tv.te A.. 161 6 5% MidStsPetv.tc. B.. 18% 164 Mid Roylty ev pf(2). 27 Miller & Sons (2).... 1% Min Corp of C (25¢).. 18 Mo Kan P L (b10%). 1% Montecatini deb rts.. 13¢ MonLH &P (2.40).. 38% Moody's 1 S pt pt (3) 474 Morison Elec(31). ... % Mountain&Gulf(8c). ! Mount Prod(1.60)... 99 Mount St Pwr pf (7) 6% Municipal Service 17% Nachman Spring (2). - - o S wr Fro SRorssm~OwemmEN o @ PTS & KHCOAR. KMEas TN ®S - ommarorarreniSrarcBan nfroarirSaBrealoneBuBareSalnm. o0 ay Nat EI Pwr A(L80) 11 16 Natl Fam Strs(1.60). 8 NatlFood (B)(b2%) 25% Natl Fuel Gas (1)... 124 Natl Investors(new) 100% Natl Pwr&Lt pf 46)., 22% Natl Pub Sv A(1.60). 184 Natl Rub Mach (2). 15% Natl Screen Sve(2) 50 Natl Steel x-war(2) 25 Natl Theatre Suppl 3% Natl Trade Journal - o o e e N.a & - EETT T 16% Nehi Corp (1.30).... 26 Nelson (Herman)(2) 60 Nevada Cal Elec. ..., 2% New Brad Oil (50c).. 18K Naw Hay Clock 1% 24 Newport Co (2).. e b 02 664 New Jer Zinc(t4)... 105% Newmont Min (34) 8 N Y Rio&Bu Alres. 14 NYTelpt 6%).. .. 4 21% Niag Hud Pwr(40c). S Nisg Hud Bwr A war 13% Niag Hud Pwr B war 12 mu Shars Md(40c). 27% Niles-Bement-P 123 et 109 % * & 33644 284 Com"lthEdllon(l)l"ol; 20 " us nit El Ber 7s '56 X q", 41, 92 SUm‘tvIvngun P we Wil wecrante. xw—_Without warrants. n-—New Wi—When issued. - Freight Car Inquiry. NEW YORK. April 30 (P)—The n- linols Central Ral the mar- ket for 2200 mght u.n. ta cost proximately 6 35% 3% 26 260 122 5% 166% 29% 3% Com'wlith & Sou war 121 Comm Wat Serv b6% % Consol Auto Merch. . 1% Consol Au Mer cu pt. 5 Consol Copper...... 90% Con Gas, Balto(3.60) 21% Con Gas Util A 2.20.. 10% Con Gas UtiLB v.tc.. 95 Con Retail Strs (1).. 28 Cooper Bessemer (2) 38 Coap.r Bess pf A (3) 5 Copeland Prod.Inc A 114 Cord Corp. 12% Corroon & Rtynbldl. 50 Cosden Oul. 39% Coty,S0 Anon 74 4= 5% Creole Petroleum. 18Y% Crocker Wheeler.... 26 Crowley Milner (2)., & Cuban Cane pr opt w. 1% Curtiss Wright war. Darby Petrolm (1).. Detroit Afreraft.... Dixie Gas&Utilities. Dixon (J) Cruc (8).. Douglas Alr (76¢)... Dres(SR)Mfg A3%. Driver Harris(new). Duke Power (35). Durant Motors. . Eastn G&F Asso.... Eastn Sta Pwr B(1). Eastn Util Inv (A).. Eastn Util Asso ev.. Eisler Eelectric(1%) E] Bond & Sh (b8) El Bond & Sh of (§). Elec House Util(3).. Elec Pwr Asso (1). . Elec Pwr Asso A (1) Eler Pwr & L op war Elec Shareholdg($1) El Sharehold pf (6. Empire Fire Ins. 40 Empire Power (3. 19% Emp Pub Sv A(1.80). Euro Elec debrts. . .. Europ EL Ltd.A 60c. % Evans Wallow Lead. Fabrics Fininshin, Fairchild Aviation. . Fajardo Sugar. Falcon Lead Fandango Col Fiat receipts % Flat Stock . % Financial Inv, N Y.. Firemen's d [ns(5) Fokker Afreraft. ... Foote Br Gr M (1.20) Ford Motor CantA). Fox Theater Cl (A). Garlock Pkg (1.20).. Gen Alloys (80 General g Gen Baking pf ( Gen Capital Corp.... Gen E. Ltd rcta(50¢) Gen G&E ev pf B(6). Gen Indus Alcohol. . Gen Laundry Mach . Gen Tire & Rub (16) Gen W W&R(A) (3). Gerrard (SA) (1%). Glen Alden Coal 8... Globs Underwriters. Gold Con.... Golden Center. Goldfield Consol. 30 1% 20 220% 116% 8 Guardian Inves 181% Gulf Ofl of Pa( 27% Guenther Law (2) Gorham, Inc of (3).. Goth Knitback Maeh Gram'ph'ne réts 2.91 Gr A &P Tea pf (7).. 108 117% 3 5% 5% 2 NoAm Aviat A war. 67 Nor Am L&P (b8%). 170 Nor Sta Pwr A(8)... 78% Ohlo Brass B (5). ¥ Ohlo Copper. 66% Ohio Oil (4) 105 Ohio Power pf. 10% Outbd Mo!(A)(l!fl . 8% Outboard Motor (B). 15% Overseas Secur (1).. 26 Pac Coast Biscuit (1) 26% Pac G&E] ist pf 1%. 274 Pac Pub Sve (1.30).. 121 Pac WesternOll. ... 1 Pandem Oil.. 1% Pantepec Oil... 6% Param’t Cab(b8%) 13 Pennroad Corp. 101 Penra P&L pf (6) 73 Pa Water&Pwr(3 82 Feop L&P, A (a: 6% Perryman Elec. 194 Petrol Corp (1% 5% Petrol Corp war.... 10% Pllot Ra T(A)(1.20). 10 Pitney BP,n (20¢). 111 Pitts & Lake Erte(5) 24 Plymouth Oil (2).... Y Polymet Mfg (11). 14% Power Securities % Premier Gold (24¢) 8l Prince & Whitely 1. 5% Prince & Whit pf(3) 14 Prudential Invest. .. 17% Pub Util Hold w w. . ¥l Pub Uil Hold war. . 15 QRS DeVry. 16 Radio Products 1 5% Railroad Shares. 69 Railway & LtSc15). 8% Rainbow Lu Prod A. 3% Rainbow Lu Prod B. 24 Reiter-Foster(40c). 5% Reynolds Bros. Inc. . 26 Rike Kumbler(2.20). 25% Roan Antelope Min. . 19% Rocklans Li&P(92¢c) 2 Roosevelt Fleld.Inc. “ Ross Stores, Inc. 10 Rossia Intl Corp. ... 55 Roya! Typewr(131%) 14% Russek's 5th Av 1.60 19% St Regis Paper (1).. 120 Safeway S (war 2d).110s 10 SaltCreek Prod (2). 1 2714 Schiff(The) Co (2).. 1 27 Schulte Un be-$1St. 1 58 Scovill Mfg (4). 0s 4 1 8 31 19 5 % 2 4% 4% 4% 2 B B% bl 8 I26’A. 125'/1 175 M 4% 13 & 9% S N KRaBHANNBRPOIN 714 Seaboard Utilitie: 361 Seaman Bros (3)... 64% Sec Corp Gen new (4) 640 Secur Corp Gen (19) 5% Seg Lock & H (50¢). 9 Selberling-Rubber 1% Selected Industri 66 Sel Ind allot cfs 5 4% Sentry Safety Cont.. 6 Shattuck Den Min. 51% Sheaffer Pen (13). ¥l Shenandoah Corp. 33, Shenan Corv pt (a3). 18 Silica Gel Ctfs...... 465 Singer Mfg (126). 137% Smith (A 0) (2). 5 South Coast... 22% So Cal EA pf C(l*) - 4% Southern Corp...... 9 Southland Roy (1).. 7% S W Gas Utilities. .. 1 Spanish & Gen Reg. . 83% Std Cap&S new (2.40) % Standard Motors.... 49% Stand Oil, Ind (2%). 383% Stand Oll Ky, (1.60). 21 81 Stand Ofl. Ohlo(2%). 50s 99% Std Pwr & Lt pf l1l¢ 20 - Starrett Corp. 34 Stai t Corp b Stein Cosmetic: Sterch Br St (1 7% Stinnes (Hugo).. 16 Struthers Wells T 1% Stutz Motor Car 48% Sallivan Mach (4) “£15 Sunrav Ol (40¢).... 30 Swift & Conew (2),. 19 TaggartCorp (1)... 54% Tampa Electrt6 (12) €7% Technicolor, Inc. 308 el eSS s PTT TR+ SEmns 25 26 | 230% 2804« um nml 5 63 162 166! lllh 1664 1 % 28% 28% 28% oun.nm:. Low. cluo. High. _Low. 32 12% 5 26% 25% 8% 114 mock and ividend Rate. % Teck Hughes (6 ~Prev 1030.—~ 6% " 4%’ Thatcher Sec Corp. . Timk Det Axle pf(7) 20: Union Tobaceo. . Utd Car Fastnr(1.20) United Corp (war).. Unitt Dry Dock: Utd Founders(b3.35) United Gas Co. . United Gas Co (new) United Gas (war)... United Gas pf (7).... United Gas Co c.0.d... 4 Utd Lt & Pwr A(1).. Utd Lt & Pwr pf(6)., Unit Milk Products. , 14 CHICAGO STOCK MARKET By the Associated Press. CHICAGO, April 30.—Following is the complete official list of transac- tlons in stocks on the Chicago Stock Exchange: Sales. STOCKS. !h Low. Close. 150'Addressograph, Inter. 38" "3 15% 40 n & 330 Banco. Kentucky 100 Bastian-Blessing & w wn F & Wi 500 Burnham Trad Co.. 300 Burnham Trad of 100 CeCo M 79 Cent 100 Chicago Investors b No Sh & Mil PI 130 Ghilcavo, Yeilow Cnh e. 975 Commonwealth’ 30 Community, Telephone 211, 300 Construct - Material ; 400 Construct Mater D 300 Consumers. 53 Crane Co.... 5200 Electric . Hou 54 2100 Electric Research Lab 600 Fabrics Finishing . 3630 Foote Gear & M Bk za::::._sg.szy 60 Great Lakes Dredse. . 200 ° 45200 Grigsby-Grunow 50 Hart-Carter 650 Houdaille-Hershey B! 10 Illinois_Brick 116 Ind Peu Tool: 400 Ind_ Ol Inv 160 Thaull Ut In Bf 34 Ser 9t 10 1l North Ut rch 24800 Middle \wu Yl hew u 50 Middle W Util A war 2150 Midland United. r 250 Muskegon Mot smc 150 Nat Elec Pow 300 Nat_Standard ... 100 National Terminais . 100 Nat Union Radio. 100 Noblitt-Sparks . 700 Noith Am Caz i Amer Gas & Elec. kosh Qverall ‘bi 10 Pacine P Bery 100 Parker Pen Publ ce. 426 Public Serv n B. 20 Quaker Oats. 950 Railroad Share: 430 Raytheon " vt 50 R 400 Relianre’ 0 Ross G , | proved substantially unanimous APRIL 30, 1930. ~Prev 1030.~ High. Low. 22% )ew Utllity Equities..... Vacuum Ofl (14%).a ‘Van Camp Packing.. Veeder Root (234)..+ Venezuela Petroleum Vick Financial Corp. Waitt&Bond,B(1.20). ‘Walgreen Co. . Walgreen Co (war).y ‘Walker ‘Wenden Coppe! Westn Alr Exp(806)« ‘West Tab & Sta (2).. Wil-Low Cafeteria.. Winter Woodley Petroleum.. “y”oil 21% 23% 1% 1% 21% 1% annugl paym nt. ek dividend. ¥ in cash or stock. STOCK AND BOND AVERAGES By the Assoch From Yesterday's 5:30 Edition. STOCKS. Two years ago. ‘Three years uo, wzelly aver.. High (1930) Low (1930). Today Previous day Week ago Year ago. Two years ago. Three years ago, weekly aver. High (1930) ceeen Low (1930). BRANCH BANKING VIEWS ARE AIRED Lonsdale, Pole and Young Among Speakers at Com- merce Session. Outstanding American bankers, Fed- eral officials of higher responsibilities all joined yesterday afternoon in the round-table discussion of national trends in banking before delegates to the annual meeting of the United States Chamber of Commerce. They in sharing the opinion that modern con- ditions are steadily pushing the muiti- tude of independent unit banks now serving the country into grand scale combinations, by grouping in semi-in- dependence under common manage- ment, or by straight-out adherence to great city banks as branches. John G. Lonsdale, president of the American Bankers’ Association and chairman, said the meeting sought no but did seek exchange of views. John W. Pole, controller of the currency, said that today the “American banking sys- tem is under query,” and suggested that bank merger movements had gained such momentum that reshaping of Federal law might be necessitated and certainly should be considered. Pleads for Unit Banks. Max B. Hahm, director of the Fed- 1eral Reserve Bank of St. Louis and officer of a Bowling Green, Ky., insti- tution, though stating the opinion that “restr.cted branch banking is on its way in this country,” pleaded for re- tention of the unit banking system to the greatest degree possible, because of its traditional suitability to the char- acter of the country and the aids it had given to development. Bank fail- ures in recent years, he declared, af- fected only small-sized and badly lo- cated institutions. He opposed any un- necessary surrender to the concentra- tion trend, on the ground that it would replace in smaller cities “resourceful, individual, bank presidents, with man- -xins clerks.” . P. Jaffrey, who, in addition to be- lng president of the Minneapolis, St Paul & Sault Ste. Marie Railroad, is prominent in the affairs of banking or- ganizations which have grouped 200 local Northwestern banks under com- mon management, declared himself completely in favor of branch banking and of the opinion that the “group sys- tem: was the best thing that had come to the Northwest” after the failures ot local banks during the last decade. Two Southern bank operators, F. H. fes, head ot the Wachovie Bank & Trust Co., at Winston-Salem, N. C,, and Mills B. Lane of the Citizens & Southern Bank of Atlanta, told of experience with branch operation and predicted both success and advance for the system. Views of Gov. Young. Though personally sympathetic to- ward the plight of the unit banker, Roy .A. Young, governor of the Federal Re- y | Serve Bank, declared himself of the "oplnlon that the great development of group and chain institutions in recent * | vears had been an inevitable outgrowth 1300 8 Rawo & rei 600 Utah_ Radio 1590 Dl power ALu 2400 Utility & 450 Utility & Ind pi... 25 Viking pf 1300 Vortex Cup Co 100 Vortex Cup A . 100 Wahl oty csasisnst BREREL2NES! =5 g 4350 Zenith rts % e oany, sdviido shares. BO! 109% 108% 108% - Bond sales today, !16 ,000. NEW YORK BANK STOCKS NEW YORK, April 30 (#).—Over-the- | counter market: America *Bank Bitth Avenue 11l irst National arriman Nulnnll 5 Co | Manhattan Trust Companies, Bankers . 138% 390, 811, 237 255 131% Guaranty 815 Trvin nufacturers 8% Weat Chester i of changing conditions. As a matter of legislative action, he suggested that the enactment of legislation permitting the establishment of branches by national banks was perhaps a sounder move than would be the leaving of the new possi- bilities to organization of groups. In the end the chief purpose of Federal law, he said, should be to maintain the | strength’ of the Federal Reserve sys- i tem, which should be weakened by the withdrawal of great banks from i, be- cause in it their powers of expansion mif ht be l!mlted by present legislation. Sprague of Harvard, l"' suggested that in case ol new le:'gellfinn to_facilitate branch banking limits should be placed upon the extension of such institutions. They should neither be allowed to extend all over the Nation from a single central office, he said, nor allowed to create more branches within a territory than population could be deemed to require. Markets at a Glance NEW YORK, April 30 (#).—Stocks irregular; coppers again at new low. nds firm; investment issues meet hetter inquiry, Curb irregular; Vacuum Oll at new high. Foreign exchanges steady; sterling eases slightly. Cotton higher; light offerings and covering. Sugar easy; lower spot market. Coffee declined; easler Brazilian markets. CHICAGO, April 30 (/).—Wheat lower; forecast large contract deliveries. Corn easy; beneficial showers South- west. Cattle steady. Hogs lower. PR i The rarest cntln land is the Abyssinian, there being 30 of these Stock and Dividend Rate. 19% U S & Overseas war., 18 42% U S Radiator (3) 8% United Stores. Utd Verda Ext United Wall Paper Utility Pwr&Lt(al] Zonite Prod (1.60) RIGHTS. Clev El Ill... Rockl'd L & P., Dividend rates in doiars based on last quarterly or semi- 1 b Bayable A stock. 4 Payable in brefer opyright. 1930, Atandard Statistics Co.) in bank regulation and bank experts.| 37 conclusions and asked no resolutions, | |ings; assistant secretary, Anne Craw- FINANCIA Sales— Add 00. open. !l:u. u-. o & oo mmmn® BenBoana cob - P HHARANDO (H) (1).eeee o (Benj). . & Gau 18% 18 18 Expire. .June 2 May 6§ 19 1% 1% 1% 1% xtrs. tPlus extra in stock. s Favable Press. NEW YORK COTTON NEW YORK, April 30 (Special).— The congestion in old crop deliveries proved the outstanding feature in to- day’s cotton trading, and as a result of active covering of July contracts netllll‘ months advanced 32 I bale and pulled up new crops as July sold above 16% cenu half a cent over yesterday's low figures, end- ing with a gain of about 30 points on May and July, and of about 10 points on new crop positions. July contracts were scarce throughout the day. Spots were advanced 30 points to 16.60. July October, October, December, December, ne January, ’ old January, new STUDENTS IN BANKING FACE EXAMINATIONS Election of Officers Arousing Great Interest Among Local A. 1. B. Members. The educational activities, of the Washington Chapter, American Insti- tute of Banking, will be brought to a close during the next 10 days. Final examinations in negotiable instruments, standard banking and types and analy- ses of financial statements will be held at the chapter rooms Thursday, May 1. Examinations in banking funda- mentals, commercial law and business forecasting will be held Friday, May 9. Approximately 250 students will take these examinations. “onsiderable interest is being mani- fested over the election of officers and members of the board of governors. The election will take place in the chapter rooms on Thursday, May 8, from 4 to 8 pm, and there will be keen competition for places on the offi- cial staff. The following candidates L. FIXED TYPE TRUST RETURNS TOFAVOR But Management Corporas : tions Are Still Important Fac- tor in Investment Field. BY CHARLES F. SPEARE. Special Dispatch to The Sta: NEW YORK, April 30.—The swing back in public favor of the “fixed” type of investment trust after & year in which the “management” form of trust and the trading corporation held first place in the minds of investors and speculators was emphasized yesterday in the offering of a large issue of com= mon stock by & new concern on whose directorate are half a dozen men promi= nent in corporation affairs in this An attempt has been made in this new corvonuon o eombme the arbl- trary features of a “fixed” trust with the :nora eluuc pouclu of a “Wanage~ ment” The afnouncement made With the stock offering states that “tha invest< ment policy of the corporation contem< lal ent tion in those securities which may be selected for investment.” Under the form of a “fixed” trust the securities held in a portfolio are deposited with a trustee, who holds them in trust for the certificate owners. As the term “fixed” indicates, they may not be re- moved or substitutions made after the participating shares have been publicly distributed. Advantage to Investor. ‘The advantage which the investor in these shares is sul of knowing at al 3 stands behind his investment. “management” type of trust authority is given to and sell securities lt will and to make any kind of substitu- tion that seems to be in the interest of the general portfolio, and therefore in that of the investor in the company’s securities. In order to combine the element ol mm stability which the “fixed” trust assumed to have with the Inoldlr powm for taking advantage of market situations, this new corporation permits its directors to effect substitutions when changing conditions make this desir= able. No additions to the list of com~- panies whose shares are owned can be made without unanimous vote of the board of directors. The investment holdings of the new company are di- vided into 34 separate units, of which 20 npresenc industrials, 9 public utili- ties, 3 , 1 a bank and 1 an insurance company. It is estimated thnl at present about $200,000,000 is located in the “fixed” form of investment trust, or four times as much as a year ago. This is still a small proportion of the total capital in- vested in various forms of investment trust and finance companies whose ag- gregate assets are between $3,000,000,000 and $3,500,000.000. ‘The increased popularity of the “fixed” trust represents a distinct change in the investment trend in re- cent months. It indicates that the public which gives over its capital to a group of men for the purpose of de- veloping a diversified form of invest- ment is more disposed now than before | to consider safety of principal and re- turn on this principal than to attempt | to obtain an appreciation through spec- ulative ventures. Mofe Mergers Expected. The “fixed” trusts had their pr tion of depreciation last year in 2 21% 21% 21% 21% | country. el | portfolios, but there were no outstand- ing shrinkages among them comparable to those represented in the “manage- ment” trusts and trading corporation statements at the end of 1929. The largest declines in the stocks of this general group were in those whose direc- tors had r.he full play of their power to buy and sell all forms of securities. This comparison also has been an ele- ment in creating a more favorable atti- tude toward the “fixed” trust and to permit a wider distribution of their shares through active selling campaigns. It is expected there will be further mergers of investment trusts this year, as, in spite of the recovery in the stocks represented in trust portfolios, & considerable number still show that cost prices are well above market prices. The difficulty of securing competent management has compelled & number of the smaller corporations to sell out. Others are in a mood to listen to offers that may come from the larger and well managed concerns in this field. (Copyright, 1930.) have been nominated for these offices: President, Frank M. Perley, Ameri- can Security & Trust Co.; first vice president, Aubrey O. Dooley, Federal- American National: second vice presi- dent, J. Fred English, Commercial Na- tional, and Richard A. Norris, Lincoln National; secretary, Rose L. Royce, ‘Washington Loan & Trust Co.; treas- urer, George Dagenais, Riggs National, and Robert A. Sisson, Washington Sav- ford, McLachlen Banking Corporation, and Constance Fogle, Riggs National; chief consul, S. Earle McGeary, W. Hibbs Co., and Walton L. Sanderson, Federal-American National; board of governors, S. Winifred Burwell, Na- tional Metropolitan; Wilbur C. Deiter, Union Trust Co.; Gerald Keene, Second National; Robert H. Lacey, Columbia National; T. Hunton Leith, Security Savings & Commercial; Leonard Mar- bury, Washington Loan & Trust Co.; Willam Mehler, Washington Mechan- ics’ SBavings Bank, and Robert G. Whit- ton, First National, Alexandria. There will be four vacancies on the board of governors to be filled. * GRAIN MARKET CHICAGO, April 30 (#).—Expecta- tions that deliveries of wheat tomorrow on May contracts here will total fully 5,000,000 bushels had a depressing in- fluence on wheat prices late today. ‘Traders were inclined to look for first- of-the-month deliveries of liberal size also at Kansas City and Minneapolis. The bulk of the grain thus delivered, however, was expected to pass into the hands of Farm Board allies, and the market was given some support, too, by the fact that North American wheat ex- port business today amounted to about 1,000,000 bushels. After breaking the season's low-price record for the May delivery, the wheat market closed un.semed at_nearly the day’'s bottom level, % to 133 a bushel lower than yesterday's nnls Corn closed irregular, 5 off to % up, oats ¥ to % down and ‘provisions un- changed to a setback of 5. MONEY MARKET. NEW YORK, April 30 (#).—Call money held steady at the 4" per cent renewal rate today in reflection of the demand for funds for month-end re- quirements. There was a small amount of money ‘available in the “outside mar- ket” at 315 per cent. > m‘e money rates and the asking rates for bankers' acceptances were un- changed. POTATO MARKET. CHICAGO, April 30 (United States Deplru'nmt of Agriculture) —Potatoes, cars; on track, 392; total United sum shipments, 592 cars; old stock trading slow, market dull; Wisconsin, sacked, round whites, 2.90a3.10; Minne- sota, sacked, round whites, 3.85a2.95; Idaho, sacked, Russets, 3.50a3.75: new stock trading fair, market firm; Texas, sacked, Bliss Thiumphs, 4.75a4.90. Nearly 1,300 American motion-pic- ture films were shown in Brazil last year, Money to Loan Secured DTuOTsh, dued of trast en rast estate. ailing int an Iou ph I Wellar Real Estate Loans Made lom.. Anlvnn.l..tnn Bids.. Stb & ¥ N.W. Property in the District of Columbia Immediate Attention Wm. H. Saunders Co.. Inc. 1433 K St. N.W. Dist. 1015 Mortgage Money for BUILDING LOANS or IMPROVED PROPERTY . Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100