Evening Star Newspaper, May 2, 1930, Page 13

. - « FINANCIAL. " UNIFORM INTEREST RATES ARE URGED D. C. Bankers Return From Reserve City Meeting. Miss Royce Honored. BY EDWARD C. STONE. Four Washington financiers—Robert | V. Fleming, Wilmer J. Waller, A. M. Nevius and F. G. Awalt—were back in the city today after attending the Re- serve City Bankers’ Association con- vention at Mem- phis, Tenn. All were enthusiastic over the annual session. Interest rates caused the basis of some of the most interesting discus- sions and the re- port of the special committee which has been studying all classes of in- terest during _the past year made a most favorable im- pression. Interest rates which the banks pay on checking accounts vary greatly all over the country, and take xlnsul’]:n'imnlly high percentage of earn- gs. It is the aim of the bankers to make interest rates more uniform and also to place this most important item on » sounder basis. For example, in the case of a $1,000 deposit, the bank has to place 10 per cent of it with the Federal Reserve Bank, another portion of it has to be kept with the bank to cover any checks that may be drawn, 80 that the full amount can never_ be drawing interest for the bank. Yet the bank pays the depositor interest on the full deposit. These facts and many others were brought out at the conven- tion. While not new to bankers, they ‘were presented in a most graphic way. Branch and group banking also re- eeived due attention. One of the longest papers on record was presented on the subject. One of the best ad- dresses of the conference was made by s _minister, Rev. John L. Davis, pastor of the Washington Avenue Methodist Church, New York City. While not down on the program, F. G. Awalt, deputy controller of the currency, pic- tured what is taking place at the hear- ings of the banking and currency com- mittee in Congress. Mr. Awalt has at- tended practically every one of these hearings and his off-hand remarks proved intensely interesting. Chairman McFadden of the House banking and currency committee was unable to take his place on the pro- gram. A great variety of views was expressed on money rates. Some see a long period of easy money, while others believe it will be tighter inside of two months. Miss Royce Club President. At the annual meeting of the Bank ‘Women’s Club of Washington, held re- eently, Mabel V. Royce was elected president of that organization, having served as vice president during the past year. Miss Royce has been connected with the Washington Loan & Trust Co. for a number of years and is now in charge of the insurance department. She is a member of the board of governors and of the woman’s committee of Washing- ton_Chapter of the American Institute of Banking, and is also a graduate of the institute as well as the holder of certificates in two graduate subjects. She is also on the staff of Dollars and Sense. ‘The Bank Women's Club is showing | = gratifying increase in membership and seems to be affording & means of econtact among women bank employes the necessity for which has been felt for a long time. Miss Royce succeeds Mabel V. Royee. THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. on daylight saving time. Stock and Dividend Rate. 421, 22 Abitibi Pwr & Paper. 45 Abraham Strauss 231 Adams Exp (1.60). 85'% Adams Expr's pf (5). 23 Adams Millis (2)... 11'; Advance Rumley. Advance Rumley pf. Ahumada Lead. ... 150% 118 Air Reduction (3) 21 Air Way TI Ap(23% 1% Ajax Rubber 7% Alaska Juneau... 116% Alabama&Vicks( R4 Albany Wrap Paper. Allegheny Corp Alleg C pf $30w (54 ) Alleg Cpf $40w 5% ) Alleghany St1($2.05) Allied Ch & Dve(n6), Allled Ch & D pf (7). 49'¢ Allis-Chalmers (3). . 28s Alpha Port Cemt (3) 2% Amal Leather....... Amerada Corp (2). Am Agrienl Chnf... Am Rank Note (+3) Am Bank Note pf (3) Am Bosch Magneto. 46% Am Brake Shoe(2.40) 118% Am BrSh & F pf (7). K% Am Brown Bov Elec. ~Prev. 1930.—~ High. Low. a5 981, B0 | 343 omsy 1264 121 68 1561 117% Am Can (4).. 1455 140% Am Can pf (7). 82, 53 Am Car & Fdv (6). 105 AmCar & Fdy pf(7). 61% Am Chain Co (3).... 5% Am Chain pf (7).... 36% Am Chicle (12%). .. 19 Am Com Alco(n1.60) 23% Am Encaustic (2)... 35 Am European Secur. 82% Am & Forn Power. .. 95 Am&Forn Pwr 24 pf. 19% Am Hawailan S8 (2) % Am Home Prod (4.20) 354 AmIce Co (14)..... 35% Am Internatl (2).... ? Am La Fr & Foamite 70'x Am Locomoaive (8). 104 Am Locomot pf (7). 210 Am Mach & Fdy (7). Am Metal (3).. Am Me! f (6). 105 1181 284% 5 100 Am Pwr & Lt pf (6). 80 Am P&Lt pf A st(5). 30'4 Am Ra&Std San 1%. 20's Am Republies...... 75' Am Rolling Mil (3). 59 Am Safety Razor(5). 17% Am Seating (2). 1% Am Ship & Com 2 68 AmSm & Ref (4). 133's AmSm & Ref pf (1) 43% 41% Am Snuff (13%) 14 4415 Am Ste 1105 Am S 4612 Am Stores (2) 60'4 Am Sugar Ref 6615 697 110 26% 141% 125 Am Type Fdry (8).. 114% 106 Am Type Fdy pf (7). 8814 Am Water Wk (n1) 71 Am Woolen. .. 19% Am Woolen pf. 5 Am Writ Paper etfs. 29% Am Writ Pa pf (4).. 813 AmZinc L4 & Sm. Anchor Cap (2.40). 26'4 Andes Copper (3) B Dan-M (3). 5% Armour of I11 (A) 2% Armour of Ill (B) 64 5T1s Armour of Ill pf (7). 13% 6% Arnold Constable. ... 28% 24% Art Metal Constr(2). 461x 3614 Asso Appl Ind (4) 501 28 AssoDry G (2% 9914 Asso D G 18t pf (8 24215 217% Atch To & S Fe (10). 10615 102% Atch To & SF pf (5). 17512 161% Atl Coast Line (110). Miss Mary J. Winfree, who served the elub most effeciently last year. April Witnessed Business Gains. In its Outline of Business, the Lin- :sln National Bank says in its May ue: “‘Business activity resumed its upward eourse in April following what in the opinion of many observers amounted 40 & secondary recession in March. In- cluded in the April gains are an en- lal automobile output, increase in building, renewed upturn in steel pro- duction and expansion of retail trade, according to the data now at hand. “‘Automobile production rose sharply in the first two weeks of April, par- ticularly among the low-priced makes, according to advance reports from the factories. This followed upon an in- m of approximately 77,000 ma- ™es in the total output for March 8s compared with February. At 401- 400 machines the month's output was the largest since the previous Septem- ber, according to United States Com- merce Department records, but 184,000 units less than the unprecedented March output of 1929. “Steel has proved perhaps the most eonsistently steady of all the primary indicators during the depression of the past months, and its April recovery is new evidence of its basic strength. The increased support of steel in April was drawn principally from the automobile plants and structural operations. Rail- road demand on the other hand, suf- fered curtailment due to reduced earn- ings of the roads.” Facts on Washington Securities. Crane, Parris & Co. has published a new list of Washington securities, in- cluding public utility, insurance and miscellaneous stocks, bank and trust company stocks, as well as public utility and miscellaneous bonds. The list gives the par value, capital outstanding, dividend rate and date of payments, @ the yield and high and low quotations back as far as 1925. Similar informa- tion is presented on the bonds. folder gives a most interesting picture of Washington's leading investments, including bid and asked quotations up to May 1. Earnings of $14.38 per share on the 80,000 shares of Lanston Monotype stock outstanding, compares with $13.38 a share on 59,499 shares outstanding in the previous year. .The balance sheet as of February 28, 1930, shows total assets of $10,702948, comparing with $10,272,873 on February 28, 1929, and surplus of $4532,592, against $4,137,502, Current assets at close of fiscal year amounted to $5,519,795 and current li- lities $167,556, comparing with $4,- 742,975 and '$185471, respectively, at tlose of previous fiscal year. Trading on D. C. Exchange. Fifty shares of Capital Traction stock sold at 75!, on the Washington Stock | Exchange today. ~Washington Railway & Electric moved at 98}z, Washington loan & Trust at 498, and Security Btorage at 115. Potomac Electric Pow o 51, per cent preferred came out at 814 Bonds _drew considerable attention. Capital Traction 5s sold at 943, Wash- ington Gas 5s at 101 and 100%. Gas 6s, series A, bonds moved at 1022 and the B bonds at 104%. Three thousand dollars Washington Railway & Electric s changed hands at 87%. Heard in Financial Section. C. J. Gockeler, vice president of the District National Bank, has been swamped with visitors asking for ap- # praisals on stamps since he engineered the deal which brought $10,000 for a President Buchanan stamp, together with the envelope and handwriting on it. President Rovert V. Fleming of the ng National Bank will attend the meeti; next week at Old Point Com- fort onf.the American Bankers’ Asso: ciation executive council. He is on sev- eral important committees which will Teport at this meeting. 80% 63 Atl Gulf & W Indi; 51% 361 Atl Refining (12). 106 8114 Atlas Powder (4) 36 814 tor 263% 175'% Auburn Auto (J4) 6% 81 Austin Nichols. 58% 37 Auto-Strop Saf 9% 4% Aviation Corp of Del 38 27 Baldwin Loco (1%). 116 111 Baldwin Loco pf (7). 1225 111% Balto & Ohlo (7). ... 8413 63 Bang & Aroor (3%). 113 109 Bang & Aroos pf (7). 201 Barnsdall, A (2).... Bayuk Cgr 18t p£(7). Beacon Ofl......... 67 Beatrice Cream (4).. 70% 604 Beech-Nut Pkg (3).. 6% 4% Belding-Hemingway 57 32% Bendix Aviation (3). 561 3114 Best &Co (2)....... 110% 92 Bethlehem Steel (6). 184 122% Bethlel 8tl pt (1) 41% 38 Blaw-Knox (1%) 60 47« Bohn Al & Brass Ran 50y 22% . 4 1% British Empire 41 24'% British Em S 1st pf. Brown Shoe (3). 13% Bruns-Balk-Col 141 Bruns Ter & Ry 2214 BucyTus (1)e...us 331 Bucyvrusecvpf (2%). 9% Budd (EG) (1)..eem 814 Budd Wheel (1)....0 297% Bullard Co (1.60).... 26% Bulova Wateh (3)... 991: Burns Bros (A) (3).. 21% Burns Bros (B). 40% Burr Add Mch (1)... 36 Bush Termnl (2%).. 100 Bush Term deb (7). 2 Butte Cop & Z (50¢). 2%, Butte Superior 1615 Butterick Co 801x Byers (A M) 66% Calif Packing (4). 1 Callaahan Zine & Ld 64% Calumet & Aris 18'4 Calumet&Hec(ad ) 19 Campbell Wyant (2) 61% Canada Dry G A (5). 226" 187% Canadian Pacifie(10) 101 96 CarClin & O sta (5). 362% 1921 Case (J I) (6). 79% 64 Caterpillar Trac 123 13% 8% Cavanaugh-Dobb. 60 35'¢ Celotex (3).... 3% Century Rib Mill 52% Cerro de Pasco (6) 914 Certain-teed Prod. 814 65% 36 Chi & Eastern IIl pf. 12% Chi Great Western 34 ChiGreat Westn vf.. 21 Chi M1l StP & Pac. 344 Chl Mil StP & Pae pf. 79's Chicago & N W (5) 7% Chi & N W pt (1) 221 Chi Pnen Tool. 4109 ChiR & Pas (1) 104’ 100% Chi R 1 & Pacpt (8 110% 107 Chi R1& Pac pt (7) 3215 24% Chickasha Cot O (3). 714 Childs Co (2.40). 38% Chrysler Corp (8)... 40% City Ice&F (k3.60).. 140% 1 37 30 Cluett-Peabody (5). . 91% Cluett-Peabdy pf 7 183% Coca-Cola (6). gg'. Colgate-Pal-P 105 187% 642 100 35% 77 86% Col Fuel & Iron (3).. 7% 68% Colo & Sou 1st pf (4! 87 80 Col Gas& Bl (3)y... 104% Col Gas & EI pt A(8. 37% 24% Colum Graph((s87¢) 156 Columbian Carb (16) 23% Comm Credit (3).... 31% Comm Credit A (3).. 364 Comm Inv Tr(g1.60) 11 Comm Inv Trugt war J. Thilman Hendrick, chairman, and H. D. Best, president of the Lanston gnotype Co., sailed today from New 99 Comm Inv Tr pt (7). 27% Comm Solvents 38 1) 20% 12% Comwlith & Sou(80e) 602 Am Brown B E pf(7) 100s D! . Am Nat Gas pf (7)..120s 90 48 1% . 208 103 1 88 2 544 31% 54 9 Honh y g 78 142% 138% 23 32% 318 11 A C AT 108 116 116 11104 10 392 27% 26% 2 100 2 98 NOTICE—The New York Exchange is now operating Notice—All stocks are sold in one hundred-share lots excepting those designated by the letter s (655) which shows those stocks to be sold in 0dd lots only. les~ Add 00. High. Low. 38 (285) Prev. Close. Close. 34% 57 31% 90 30% 8914 20% 18% 36 36% % 1 138% 143 31% 83 2 2 9 116 10 25% 100 7 119% 101 27% 1001 98ty 9B1, 60 60T 3041 3201 4 1231 128% 2 % 10 123 123 12 18% 17 4% 73 498 142% 136% 2 145% 145% 5 B4 52 2 105% 105 5 62 2 10 994 2112 112 20 1 208 4% 4% 98 1064 100% 2 104% 1034 2 87 15 2 194 10 674 65% 1 18% 184% 16 2w 2 14 0% 68% 2189 139 2 414 41% 3 15% 15 2 441 43 508 113% 113% 2 50% 50 2 61% 61y 2 109% 109'% 2 12% 124 267 249% 246 48 250% 245 193 254% 244 4 131% 180 10s 113 113 127 114% 111 3 18K 13% 2 35% 35% s v 2 40% 39 6 10% 10 10 70 674 209 60% B8 2 384 384 5 48% 46n 2 27% 27% 9 23% 234 [ 3 5% 10% 27 35% 2 44% 42% 5 93 93 19 219 316 4 105% 1054 2 165 163 4 63 62 156 43% 41% 6 86 16 10 284 27% 208 113% 111% 16 112 111% 4 T6% T4 208 111% 111 115 28% 27 308 7% 18 61 5% 5% 126 43% 40 14 50 464 21 97% 94% 3 1308 1299 5 384 2 141 8 176 1 208 3 3 41 19 26 26% 41% 124 12% 51% 34 414 107 3 2% 24 9614 2 508 107 2 3% 2 2% 3 25 10 199% 198 20s 101 101 51 336'% 311 27 5% 9 5 110% 109 1 108% 103% 2 108' 108 1 26 60 341 431 11 39% 2 46 46 108 100% 100% 16 180% 176% 3 109% 109% 31 29 939 382% 46 168% 147% 17 34% 82 5 42 4% 11 44% 42% 18 3700 408 105 5 340 31% 29 520 18w 17w 5 108% 1 63 27% a1 /9 6214 40 46% 122% 17 18% T4 A% 1361 141% 145% 145 5215 BAY 105 106 59 68 99 99 44 45 123 100% 110 103% 104% 87 33% 26% 8% 65% 18% 2% 6814 6814 139 1404 41% 41% 15% 154 43 45 113% 113 50 B0 61% 63 109% 1094 12 124 246 248% 248 247 249 246 130 134% 113 113y 111 112% 13% 13% 35% 354 3814 46% 4T 27% 274 23% 23% 6% 6% 3t 3% 57% 584 10% 10 27 27 35% 36y 42% 44% 93 95w 216% 219 105% 1051 1656 168 62 634 41% 434 86 91w 34% 34% 218% 321% 3% 3% 57% b56% 8 8% 275 281 112 113 112 111% 19% 26% 26 41% 96'4 103% 1w 72 1% 14 65 641 19% 184 24 244 6315 63% 198 199% 101 100 815 327 5% 9 4 461% 209% 211% 0% Th T% 43% 14 43% 21% 3414 80 28% 24% 110% 109% 108% 108% 108% 108 260 27 60U 64% 84% 354 43% 17% 184 1L3% 108! ~Prev. 1930.— Stock and High. Low. Dividend Rate. 40% Congress Cgr (16%). 44 Consol Cigar (7).... 2 67 Consol Cgr pr pf 6% . 140s 76% Consol Cigar pf (7).. 108 151 Consol Film (2). 10 1 15 2 41 Contal 27% Contl Baking (A) 4% Contl Baking (B) 7814 Contl Baking pf (8 504 Contl Can (23%). 28 Contl Dia Fibre 59 Contl Insur (: 5% Contl Motors. 1914 Contl Ol of Del 8714 Corn Prod (13%) 244 Coty, Ine (k2)....... 25% Cream of Wht(12%). 9 Crex Carpet..... 10% Crosley Radio (1). 157 Crown Zellerbach (1) 84 Crucible Steel (k5).. 110 9 50 Cuban-Amer Sug p! 43 Cudahy Packing (4). 113 Curtis Publish (16%) 114% Curtis Publish pf(7) 615 Curtiss Wright Corp 293 13% Curt Wright CorpA. 25 64 Cutler-Hammer(33%4) 3 28% Davison Chemical... 117 Deere & Co pf (7). 1611 Delaware & Hud (3). 123% Del Lack & Wn (17). 195% Detrolt Edison (8) 30% Devoe&R (A) ( 106% Devoe & R 1st p! 139 Diamond Match (8). a). 20 Dom Stores (31.20 77 Drug Corporatn (4). 32 Dunhill Intl (34) 112% Du Pont de N (14.70) 114% Dupont deN db pf(§) 175% Eastman Kodak (18) 271 Baton Axle &S (3).. 81 Elec Auto Lite (6)... 4% Electric Boat 49% El Pwr & Lt (1) 69% Elec Storage Bat (5) 107% Endicott-John pf (7) 39% Eng Pub Serv (31)..: 94% Eng Pub Sve pt (5).. 9415 Eng Pub Sve pr(634) 39% Equitable Bldg (2%) 47% Erie R R. 61% Erfe RR1 22 Eureka CarpCl (4).. 17% Evans Auto Ldg 3%. 15% Falrbanks Co pf..... 3413 Fairbanks Morse (3) 15 Fash Park Asso. 78 Fed Motor Tr (80 3215 Fed Wat8, A 29 Federated Dept Strs. 6514 Fid Pho Fire 1(2.60). 234 Fir 50% First Nat Strs (3%). 3 Fisk Rubber... 18 Fisk Rubber 1st pt. . 12% Fisk Rub istpfev... 108 37 Follansbee Bros (3). 8 6014 Foster Wheeler (2).. 160 16% Foundation Co. 10 42% Fourth Natl Inve: 16% Fox Film (§4)... 38% Freeport, Tex (16 108 . a2 99% Gen Am Tnk Car(34) 86 49% Gen Asphalt (4)..... 57 25's Gen Bronze (2) 72 51 2 60% Gen Electrie (1.60).. 2866 11% Gen Elec speo (60c). 464 Gen Food Corp (3). 13% Gen Gas&E (A) n. 94% Gen G&Elev pI(6 26 GenG &El B (et2) Gen Motors deb (6) 117% Gen Motors pt (7). 15 Gent Out Adv (3) A) 864 Gen Ry Signal (5)... 39 15% Gen Realty & Util. 26 67 Gen Refrac (t4%)... 82 39% Gen Theat Equip vte. 339 80% Gillette Saf Raz(nb). 59 1 Bfoth 3 13~ Gobel (Adolf). 37% Gold Dust (2%). 38% 62 90 Goodyear 1st pf (1).. 18 Gotham Silk H (1%). 7% Gould Coapler. 9% Graham-Paigs 8% Graham-Paige rcts.. 32 Granby Copper (8) 3214 Grand Silver Btra(1). 18% Grand Unfon...... 37 Grand Union pf (3). ) amamaaae o 285 19% GtNctfsOP (a8%). 14 28 Sug (2.30) 13 Sug pf (7).180s 341 4 98'4 Gulf 8t Stl 1stpf(7). 10s 26 Hackensack W (1%) 90s 12% Hahn Dept Btore: . 71% Hahn Dept 8 pf(63) 24 Hall (W F) Pr Co(2) 100% Hanna (M A) 1st(7). 56 Har Wkr Ref (1234). 18% Hartman (B) (1.20). 614 Hayes Body........ 128% Helme (G W) pf (7). 22 Hercules Mot (1.80), 117 Hercules Pow pf (7). 8% Hercules Powder (3) 70 Hershey Choe (6). .. hey Choc pf (+5) 'y Ch pr pf(6). d Fu.r (etd%) Hou, G H’hold Fin pf (13%). 524 Houston Oil (b10%). 30 Howe Sound (143%).. 46% Hud&Man Ry (3.60). 444 Hudson Motor (5)... 19% Hupp Motor Car (1) 127% Tlinols Central (1).. 20% Independ Ol & G(3). 5 Ind Motor Cycle. 17% Indian Refining. 16 Indian Refining r 164% Ingersoll-Rand (15) 14% Intl Carriers, 55% Intl Cement (4). D 31% Intl Hydro E1 A (e2) 101 66' Intl Match pf (4).... 19 25 Intl Mer Marine (1). 11 31% Intl Nickl of Can(1). 557 154 Intl Pap & Pwr (B).. & 12'% Intl Pap & Pwr (C).. 4 93 Intl Print Ink of (6). 108 26% Intl Rys Cent Am ct. 90s 69 IntlSalt (6). Intl 8hoe (3) 62% Intl Tel & Te 2614 Inter Dept 3). 19 Investors Equity(2). 38% [sland Creek Coal(4) Jewel T¢ & Laugh pf(1) 90s Jordan Motor Car... 6 76 Kan City Sou (5). 67% Kan City Sou pf (4 11% Karstadt (R) (1. (GR) ). .. 3 (GR) pt (8). 1% Kolster Radi ke Z 10; 3814 Kraft PhCh (1%).. Sales— Add 00 + 28908 10: 2 b7 High. 43 107% 144 481 8814 268 341 19 15 9% 315 Low. 42 45 ki 90 23% 23% 1225 10214 58 1% 16% 61a 301 4% 827 68% 10 108 143% 46 8215 26 314 19 144 99% 25 97 57% 65 274 21% 37 59 100% 120 —— e STAR, WASHINGTON D. C RIDAY, MAY 2, 1930. Prov. Close. Close. 4% FINANCIAL. %% A_IS STOCKS DEPRESSED |CHAMBER OPPOSES || Washington Produce 10 NEW LOW POINT Afternoon Rally Brings Out Heavy Selling—Pivotal Is- sues Slump Sharply. By the Assoclated Press. NEW YORK, May 2—The stock market receded rapidly today, several privotal shares reaching new low levels for the movement. Efforts to support the list during the afternoon proved fruitless, and prices broke sharply be- fore the close. Reduction in the New York discount rate to a level dupli- cated but once before and President Hoover's optimistic report on business conditions failed to stem the tide of selling. U. 8. Steel, after rallying moderately in the early afternoon, fell below 175, off more than 3 points. Standard of N. J. broke 5 points, a wide movement for that issue. Westinghouse Electric, Radio, Johns Manville and Allied Chemical declined from 6 to more than 10 points. A gain of 8 points in Amer- jcan Tobacco B. made earlier in the day, was completely lost. The volume of 'trading established a new 1930 record. While the lower rediscount rate is a favorable augury for business generally, so far as the long-range view is con- cerned, bankers point out that it is in & measure a reflection of the scant demand for commercial loans, which reflects slow business generally, and there is a feeling in some quarters that bidding up stocks on rediscount rate re- ductions, a traditional procedure in the past, amounts to putting the cart before the horse. If it was the purpose of the Federal Reserve to lower its rate at a time when it would not inspire a new orgy of speculation, it appears to have chosen a proper time. Credit conditions immediately re- sponded to the lower rediscount rate, call money getting down to 3 per cent for the first time in more than a month, Corporate news was varied. American Steel & Wire, a United States Steel subsidiary, cut prices of certain roducts $2 to $3 a ton, as had been forecast. United States Steel was un- der pressure for a time, breaking through yesterday's low level, but soon rallied. Fox Film directors declared the regular cash dividend, indicating the reoganization of the company’s finances has progressed rapidly. The stock sold up substantially. ‘The rail shares, yesterday’s vulnerable group, gave a somewhat better account of themselves, a few issues rallying sub- stantially, although others penetrated further into new low ground for the movement. High-priced industrials, the more erratic specialties and some of the utilities broke sharply for a time. J. I. Case sold up nearly 10 points, then reacted about 15. Such shares as East- man Kodak, Columbian Carbon, Allied Chemical, Westinghouse Electric A, A. M. Byers, Electric Power & Light, Amer- iean Power & Light and International Harvester sold off from 4 to nearly 10 points before the afternoon rally set in. American Tobacco was an isolated buoy- ant feature, rising several points to new high record levels. A wave of fresh selling engulfed the market later as traders closed out their commitments. United States Steel crossed 180 before its headway was checked, but the leaders, although off 1 to 2 points from the best prices of the rally, did not sink as low as in the morning. The close was weak. BSales approximated 4,800,000 shares. 0Oil Stocks BY GEORGE T. HUGHES. (This is the eighteenth of a series of brief analyses by Mr. Hughes of the principal oil stocks. The intent is not to recommend the purchase or sale of any particular stock, but to give the investor such information as may enable him intelligently to chart his own course.) In its income statement for 1929, published a few weeks ago, the Stand- ard Oll Co. of Ohio reported the largest net earnings since 1922. Income rose from $3,896,549 in 1928 to $4,202,384 in 1929 and compared with the record of $5,804,837 in 1922, ‘This result, accomplished in a year of depreasion in the oil industry, empha- sizes the extraordinary strength of the company. There is no funded debt, but there are two classes of stock, a pre- ferred of $100 par outstanding to the amount of $7,000,000 and a common of $25 par outstanding to the amount of $14,000,000. On a per share basis the 1929 profit was equivalent to $6.62 a share for the common, against $6.08 a share in the preceding year. ‘The preferred stock, which is, of course, an investment of the highest grade, sells well above the price of 115, at which it is redeemable partly in rec- ognition of the safety of the dividend, and partly because it is tax exempt in Ohlo. The market capitalizes earnings on the common at a high rate even for a Standard Oil stock, but there is al- ways the possibility of a stock dividend or some other disbursement to the ad- vantage of shareholders. ‘The history of the company is the foundation for belief that something of this kind will come sooner or later. In 1916 a stock dividend of 100 per cent was paid, and in 1922 another stock dividend of 100 per cent. Three years ago the par value was reduced from $100 to the present $25, four shares of new being given for one share of old. The probabilities are that nothing will be done in the stock.dividend line at present. The annual report says that “the company has been undercapitalized for the ex) ion of its business, but it has seemed to the management more ad- visable so far as possible to utilize its quick assets rather than to obtain new capital. There is no intention, how- ever, of doing this at the expense of dividends.” If, then, additional capital is raised the operation is not likely to have any unfavorable effect on the market price of the stock, certainly not on its value and in the long run share- holders are sure to benefit. For this reasonable certainty of future profits t must, however, content themselves with cash dividends at a modest rate, the present disbursement being $3.50 annually. STEEL ORDERS GAIN. NEW YORK, May 2 (#).—Otis Steel reports improvement in orders from im- portant automobile producers, and has put all of its eight open-hearth furnaces at the Riverside thc in operation. Present plans call for full operation of this department for several weeks. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co, Bs 1937. American Tel. & Tel. 538’943 hread 51,8 1938 Gray guit Ol of B lumble O1l § Internat, Makc 128 1 tan 1°N gersey 85 Standard Oi! N. York 4! t. L, Ir Mt & 8o. Ry. t. L' Southwestern Ry 1933 o Wester: Vheeling FEDERAL FARM AGT Use of U. S. Funds to Develop Co-operatives Scored in Resolutions. BY JOHN F. SINCLAIR. The United States Chamber of Com- merce by a series of resolutions before adjourning last night condemned the present Federal farm act. After two days of acrimonious debate the delegates reaffirmed their belief in co-operative marketing “along sound economic lines” and declared that the operation of the present act contra- vened the resolutions in favor of co- operation which had been passed from time to time by the United States Cham- ber of Commerce. The whole fight against the act cen- tered around the use of Government funds to develop co-operative organiza- tions, “thereby discriminating against private enterprise in using new credit facilities and not ones already estab- lished.” The resolutions also declared that the anticipated benefits to the farmers have not been realized. So the delegates asked that the act be amended to_withdraw the authority given to the Federal Farm Board to use Government funds in its efforts to expand co-operative enterprises and for stabilization purposes. They also sug- gested that a conference be called im- mediately, in which farmers’ organiza- tions would be represented, to again survey the fleld of agriculture with a view to formulating a new policy “along sound economic lines.” This is the United States Chamber point of view. It has, therefore, taken its stand against the Federal farm act as now interpreted. It is not expected that the Farm Board will change its policy in any way so long as the present act gives authority to carry on. Plenty doing in world finance yester- day! When the Bank of England an- nounced a cut in its discount rate to 3 per cent, the lowest in eight years, the New York Federal Reserve Bank followed suit. & few hours later by cut- ting its rediscount rate to 3 per cent, too, the lowest in five years. But this was not all. While the world’s two money centers—London and New York—were making credit cheaper, France was not asleep to the situation. France is ambitious to make Paris a world money center—one of the “big three.” Service in credit just now means “cheap money.” So the Bank of France cut its rate to 23 per cent, the lowest rate in 32 years. And the reason for all this cutting? Perhaps the answer lies in the fact that while these credit cuts were taking place the banking representatives of the United States, England, France, Belgium, Italy, Holland, the Netherlands and Germany met in Brussels to com- plete the plans for the issue of the first $300,000,000 of the $4,000,000,000 of Ger- man reparation bonds soon to be offered to the bond-buying public of these vari- ous nations. Coincident with this important gath- ering, and a cut in discount rates in t} three leading money centers, the stock market suffered the worst decline of the with stocks dropping 2 to 24 points. Again why? Is it all a part of the same picture? Is it a demonstration that good bonds are still the only safe investment? Will investors forsake the stock market and turn to bonds instead? In a word, is there a well conceived plan to make stocks look unattractive and bonds more attractive than ever, in order to create a real demand for the new reparation bonds—soon be offered in the United States? Such an interpretation of the moves on the world's financial checker board is not an unreasonable one. (Copyright, 1930, by North American News- paper Alliance. Hazel Atlas Glass earned 55 cents on common stock in March quarter, against $1.17 in like 1929 period. Real Elh" Loans Made Linkins Co. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD st years, if so desire 20 K St. N.W. Mortgage Money for BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. 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