Evening Star Newspaper, May 3, 1930, Page 13

FINANCIAL. CHESAPEAKE BEACH Y. REDUGES DEBT Bonded Obligations Cut Down by $400,000—Freight Revenues Gain. BY EDWARD C. STONE. Refunding arrangements entered into by the Che ake Beach Railway Co. y with its bondholders have reduced the bonded indebtedness of the company by more than $400,000 and have placed the company in a better financial position than it has enjoyed for years. ‘This improvement has been further enhanced by the fact that freight revenues have been increasing rapidly, with the result that for the calendar year 1929, for the first time in 20 years, the property ghowed & profit, Net earnings of 4743959 indicate that the corner has been turned. A further increase in freight business has been evident during the present year, freight traffic for March and April having been about four times as large as in the same months last year. The road is under new management, which assumed control last season. George H. Detrick, the president, has had long experience on important Western lines; Eugene Fox is vice presi- dent and Col. Lee H. Landis, general manager. All are veteran railroad men, Col. Landis having managed the Gov- ernment’s Alaskan raflroad properties after holding important executive posi- tlons elsewhere. Capt. John H. Hughes is general passenger and freight agent. Clarence Anrys heads the industrial division, John M. Rector is secretary and treasurer and A. H. Hart, auditor. Tho comprehensive program of im- provement initiated by the new man- sgement has already included the in- troduction of gas-electric motive power for the Winter season, numerous bet- terments in right-of-way and railway stations and the demolition of the old boardwalk at Chesapeake Beach, where a new park is being built. Two new Jocomotives have been added to the roll- ing stock, as well as five new coaches, to accommodate Summer travel. The refunding arrangement on the property’s bonds will facilitate the issue of a proposed first mortgage $750,000 issue if and when the company’s plans to establish a ferry service to the t- ern Shore are approved by the Inter- state Commerce Commission. Under the refunding plan made in connection with the present debt, the total bonded indebtedness of the com- y, in case this issue is made, wowd mx,aso,ooo, covering the railroad and ferry properties. Cowl Manages Branch Office. Guy D. Cowl, one of the youngest bank officers in the city, is manager of the McLachlen Bank's new Southwest Branch, which was thrown open to the Public early this week, Mr. Cowl start- ed his banking career as a runner with the McLachlen Banking Corporation 11 years ago. He advanced rapidly in the main office and four years ago was made assistant treasurer and manager of the Southwest Branch, in its former location. The new bank is across from the Bureau of Engraving and Printing and its nearest competitor is the River Street Branch of the National Bank of ‘Washington, although these banks are quite a distance apart. March Automotive Exports Up. United States exports of automotige ucts in March were valued at $39,- Sru. These ship: were valued at $78,324,870 and $49- S g e "heat quarter of 1930 ehi rst er of 8] - e products. totaled $13,941,352 over Guy D. Cowl. ments of sutomotive $103,915,781, a gain of the exports in the final quarter of last year, However, this total is 45 per cent and 12 per cent, respectively, under the first quarter flxugl for 1929 and 1928. “Supreme Court of Business.” ‘B. M. Baruch of New York, in an ad- dress before the Boston Chamber of Commerce, suggested the erection of a tribunal where “business can practice group self-government.” He pictured world-wide over-production as a pri- mary factor in present economic con- ditions, and characterized attempts to correct these conditions under existing laws as revealing an ‘“amazing m- tacle of complete economic stulti - tion.” As an alternative he outlined a plan for a “Supreme Court of Business” s it had taken form in the minds of students of the workings of the War Industries Board, of which Mr, Baruch ‘was chairman. Trade Board to Issue Booklet. The Washington Board of Trade is apownnc preparation of an informa- ve book on Washington dealing with all phases of local activity, Federal de- grtmenu. points of interest and con- ining short histories of many business houses and banking institutions. ‘The Jeather-bound volume will contain about 300 pages of reading matter and be- tween 200 and 300 illustrations. Between 4,000 and 5,000 copies will be distributed free to large hotels, cham- bers of commerce, libraries, trains de luxe, schools and other strategic me- diums throughout the country by which au.- National Capital can be advertised st. Heard in Financlal District. ‘Washington bank clearings for the ‘week totaled $22,667,000, against $23,905,000 last week. Clearings were 11 ger cent behind the corresponding Week a year ago Harry M. Bedell, prominent manu- facturer, member of the Chamber of Commerce and other organizations, was elected a director in the Bank of Com merce & Savings at yesterday's meet- ing, John M. Riordon, executive vice president, announced today. Fox Film Corporation has declared the regular quarterly dividends of 81 in cash on the class A and class B common stocks, both payable May 20 to stock of record May 12. Previous declarations were $1, payable in scrip on January 15 to stock of record De- cember 31, Charles W. Gold, president of the; American Life Convention and vicc| %uldent of the Jefferson Standard Life | surance Co., Greensboro, N. C., has! been nominated by the National Coun- cil of Chamber of Commerce of the United States to be a director to rep- resent insurance for the ensuing term on_the board of directors. Statement of Loew's, Incorporated. and wholly owned subsidiaries as of 1930, shows total assets of 125, comparing with $124,- 23,624 on August 31, 1929, and surplus of $25,082,414, against $20,725,083. Cur- rent assets on March 14 amounted to $35,736,894 and current liabilities $6,- 096,289, comparing with $39,787,811 and $10,555,753, respectively, on August 31. e o . e sl NEW BUS SERVICE. ‘BALTIMORE, May 3 (Special) —The Interstate Transit Co. of Cincinnati, ©Ohio, will insugurate a passenger bus "ervlce between this city, Philadelphia, dividual morris chairs, writing desks, radio, lavatory, ice water and porter service. All coaches will se equipped with hot- ‘water heat, officials declare, with no NOTICE—The New York Exchange is mow operating sold in one hundred-share lots on daylight saving time. Low. . Dividend Rate. 22 Abitibi Pwr & Paper. 231% Adams Exp (1.60)... Adams Millis (2) 1% 150% 118 Alr Reduction (3). 36 21 Alr Way T Ap(2%). 215 1% Ajax Rubber........ 91 6% Alaska Juneau 16% 8% Albany Wrap Pape: 35% 23 Allegheny Corp... 107% 95% Alleg Cpf $30w(514) 99% 981 Alleg Cpf $40w(534) 60 Alleghany St1(12.05) 255% Allled Ch & Dye(ns). 491 Allis-Chalmers (3).. 2% Amal Leather. 5 8 Amerada Corp (2)... Am Agricul Chem. Am Agricul Ch pf. .. Am Bank Note (13).. Am Beet Sugar.... Am Bosch Magneto. . % Am Brake Shoe(2.40) Am Brown Bov Elec. Am Brown B E pf(7) 15619 117% 52t 61% Am Car & Fdy (6)... Am Chain Co (3) Am Chain pf (7)...u: Am Chicle (123). ... Am Com Aleo(n1.60) Am Encaustic (2). Am European Secur.. 80% Am & Forn Power. 95 Am&Forn Pwr 2d pf. 19% Am Hawailan SS (2) 4% Am Hide & Leather. . 274 Am Hide & Lea pf. 55% Am Home Prod(4.20) 35% Am lce Co (14) . 35% Am Internatl (2).... ? Am La Fr & Foa 69 Am Locomotive (8 1184 104 284% 210 51% 41 2% 19% 7 107 100 75 80 304 201 Am Metal (3) Am Plano Am Pwr & . Am Pwr & Lt pf (6). AmP&Lpf A (3%). Am P&Lt pf A st(5). Am Ra&Std San 1%. Am Republic 4 Am Rolling Mill (2).. ety Razor(5). Am Ship & Com. Am Sm & Ref (4)...1 AmSm & Ref pf (7).. Am Steel Fdy (3). Am Stores (2). Am Sugar Ref (5). 4 Am Sumatra Tob. Am Tel & Teleg ( Am Tobacco (8) Am Tobacco B Sales— Add 00. High. Low. Close. 8 31 3 v 137 183% 17 30% 1% Am Can (4) . A PIorery - R4 =PI Am Type Fdy ot (7). 1 Am Water Wk (n1) Am Woolen Am Woolen pt. Am Writ Pa pf (4) AmZinc Ld & 8m Anaconda Cop (7).. Anaconda W&C (3).. Anchor Cap (2.40)... Andes Copper (3).... Archer-Dan-M (2)... Armour of Del pt(7). Armour of 111 (A). Armour of Il (B).... Armour of Ill pf (7). Arnold Constable Artloom (2). Art Metal Constr(2). 176% Auburn Auto (34). 3% Austin Nichols..... 24 Austin Nichols pf... 4% Autosales Auto-Strop Saf R(3) 4% Aviation Corp of Del 27 Baldwin Loco (1%). 1 win Loco pf (7). 20% Barnsdall, A (2). 7 Bayuk Cgr 1st pf(7). Beacon Ofl. oo Cream (4).. 60% Beech-Nut Pkg (3).. 4% Belding-Hemingwa: 32% Bendix Aviation (2 1% Be Co (2)... Bethlehem Steel (6) . Bethlehem Sti pt (7) Blaw-Knox (13%)..., Bohn Al & Br: Booth Fisherie: Borden Co (k3) Borg Warner ( 22% 4 3 Brockway Motor Trk Bkiyn-Manhat (4) Bklyn Man Tr pf (6). Bkiyn Union Gas (5) Brooklyn & Queens. . Bklyn&Queens pf(4). Bruns. Bruns Bucyrus (1).... Bucyrusev pf (2%) Bueyrus pt (7) Budd (EG) (1). 21% 8% 931 178% Burns Bros (A) (8).. Burns Bros (B) . Burr Add Mch (1)... Bush Termnl (2% Bush Term deb (7) Butte Cop & Z (50c) 4 Butte Superior Calumet & Ariz (6).. Calumet&Hec(a4%). Campbell Wyant (2). i Canada Dry G A (5). Canadian Pacific(10) Cannon Mills (2.80). Case (J 1) (6). Caterpillar Trac 12% Celotex (3) 5 Century Rib Mill; Cerro de Pasco (6) Certain-teed Prod. Checker Cab (4.20) Chos & Ohio (10) Ches & Ohio Cor; Chi & Alton. Chi & Easter: Chi Great Western, . Chi Great Westn pf.. Chi Mil StP & Pac. ... Chi Mil StP & Pac pf. Chicago & N W (5).. Chi Pneu Tool Chi Pneu T pf (3%).. ChiR1& Pac (1), Childs Co (2.40) Chrysler Corp (3)... City Ice&F (k3.60) .. City Stores (506, ... Cluett-Péabody (5). i Cluett-Peabdy pf 7). Coca-Cola (6). Coca-Cola A (3) Colgate-Pal-P (2%). Collins & Atkman. ... Collins & Afk pt (1) Col Fuel & Iron (3). . Colo & Sou 1t pf (4) Colo & Sou 2d pt (4) . Col Gas & Ei (2).... Colum Graph ((a87e) Columbian Carb (16) Comm Credit (3). ... Comm Credit A (3).. Comm Cd 18t pf(%). fi"‘ Comm Inv Trig1,60) 3% Com Inv T av pf(e8) 27% Comm Solvents (31) 12% Comwlth & Sou(60¢) 99 Cmwlith & Sou pf (6) 13% Congoleum-Nairn 67 Consol Cgrprpf8%. 76% Consol Cigar pf (7). 15% Consol Flm (i 18 Consol fMlm 96% Consol Gas N 49 Con RR Cub pt () » AT T L Comm Inv Trust war * 408 22 21 23 = 21% 894 123% 119% 2 b8 58 THE EVENING STAR, WASHINGTON. D. YORK STOCK EXCHANGE | Recelved by Private Wire Direct to The Star Office. Prev. 31 Close. ~Prev. 1930.~ High. Low. 4% 27% 4% Stock and Container(B).. Contl Baking (A). Contl Baking (B).... 4 Contl Baking pf (8).. 4 Contl Can (2%). Contl Dia Fibre (3).. Contl Insur (2.40)... Contl Motors Contl Ofl of Del Contl Shares (1) 114% 18 175% 120% 271% 81 Corn Prod (13%). Coty. I (k2)....... Cream of Wht(12%). Crex Carpet..... Crosley Radio (1). Crown Cork & Seal. . Crown Zellerbach (1) Cructble Steel (k6).. Curt Wright Corp A. Cutler-Hammer(3%) Davison Chemical Deere & Co pf (7). Delaware & Hud (9). Del Lack & Wn (17). Detroit Edison (8) Devoe&R (A) (2.40). Diamond Match (8).. Dome Mines (1)..... Dom Stores ($1.20).. Drug Corporatn (4). Dunhill Intl (34).... Du Pont de N (14.70) Dupont deN db pf(6) Eastn Roll Mll(ht2) Eastman Kodak (t8) Eastman Kod pf (6). Eaton Axle & § (3).. Elec Auto Lite (6)... Elec Storage Bat (5). Emerson Brant (A).. Endicott-John (5)... Eng Pub Serv ($1)... 4 Equitable Bldg (2%) ErieRR. S Erie R R 1st pf (4) Eureka Carp Cl (4).. Evans Auto Ldg 2%. Fairbanks Co Falrbanks Mor: Fash Park Asso. Fed Lt & Trac pf (6) Fed Motor Tr (80¢).. Fed Wat 8, A (e2.40) Federated Dept Strs. Fid Pho Fire 1(2.60). Filine's pf (6%). Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (3%). Fisk Rubber. Fisk Rubber 1st pf. Fisk Rub 1st pfev... Follansbee Bros (3). Sales— Dividend Rate. Add 00. . High. 2 6 64 288 4% 82y, 63 Foster Wheeler (2).. 160 10 Foundation Co. Fourth Natl In Fox Film (§4). Freeport, Tex ( . Gabriel Snub (A).... Gamewell Co (5)...0 Gardner Motor Gen Am Inv pf (6)... Gen Am Tnk Car(34) Gen Aspbalt (4)..... 4 Gen Bronze (2).....e Gen Cable Gen Cable (A) (4). Gen Clectric (1.60) .. 1888 Gen Elec spec (6V¢).. Gen Food Corp (3) % Gen Gas&E (A) new. % Gulf Stat Gen G&EI ev pf(6) Gen Ital Eds (a2.62). Gen Mills (3) Gen Real & Ut pf(6). Gen Refrac (14%)... Gen Theat Equip vte. 3 5 200 225 3 Gillette Saf Raz(nf). 141 . 48 Gimbel Bfother: Gobel (Adolf) . Gold Dust (23). Goodrich (B F) (4. Goodyear Tire (5) . Goodyear 1st pf (7)., Gotham Silk H f23%). Gould Coupler. . Graham-Paig . Graham-Paige rcts. . Granby Copper (8) Grand Silver Strs(1). Grand Unlon. . Grand Union pf (3).. Grant (WT) (1)e.ue Grt North pf (5)...0: Grt North pf ct (5) GtNctfs O P (a3% Grt West Sug (2.80) Grigsby Grunow, Gulf Mobile & No Guif Mo & N pf (6).. Steel (4) 14 Hackensack W (1%) 20s Hahn Dept Stores. .. Hall (W F) Pr Co(2) Hanna pt (new) (7).100s Har Wkr Ref (12%). 4 Hartman (A) (2).... Hartman (B) (1.20). Hayes Body...... Helme (Geo H) (17). Hercules Mot (1.80) . Hercules Pow pf (7). Hershey Choe (5). ) Houdaille Her B(2). H'hold Fin pf (133). Houston Oil (b10%). Howe Sound (14%).. Hud&Man Ry (3.60)., Hudson Man pf (5).. Hudson Motor (5)... Hupp Motor Car (2) . Illinots Central (7)., Independ Ofl & G(2) Ind Motor Cyclt Indian Refining. Indian Refining ri Ingersoll-Rand (15) Inspiration Cop (4) Intl Bus Mach (n6).. Intl Carriers Intl Cement (4). Intl Combustion Intl Harvester pf(7), Intl Hydro E1 A (e3) Intl Match pf (4). Intl Mer Marine (1) % Intl Nickl of Can(1). intl Pap & Pwr (C).. Intl Pap&Pwr pf (7). Intl Printing Ink (3) Intl Salt (6). Intl Tel & Teleg (2). 5 ki Inter Dept Strs (32).. Intertype Corp (2) Investors Equity (: Jewel Tea (14) » Johns-Manvilie (3).. Jordan Motor Car. Kan City Sou (5) Karstadt (R) (1.02) Kaufmann DS (13%). Kayser Julius (4)... Kelly-Spring Tire. .. Kelly-Spring 8% pf. Kelsey Hayes (2). elvinator Corp Kennecott Cop (5 1y-Clark(13) .. (GR) ()., (GR) pt (8). ) Kraft Ph Ch pf(63%). Kresge(85)Co(1.60) Dept Stores. . ) (1). Kreuger&Toll (1.34) Kroger Gr&Bak(nl) .. Lago Ol & Trans.... Lambert Co (8)..... Lee Rubber & Tire. Leh Port Cem (2% Lehigh Valley Con Lehigh Valley(t434) Corporation 27 68 6 12% 3 74 59 8% Prev. Low. Close. Close. 614 STOCKS DEPRESSED INRECORD SALES List Is Forced Down by Steady Stream of Forced Liquidation. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 3.—On a volume of sales which broke all records for a two-hour session on the exchange stocks slumped again today with great violence. The turnover was 4,867,530 shares. Forced liquidation in enormous vol- ame overwhelmed the market. Losses at the opening were not especially large, but transactions were in lots running up to 30,000 shares and throughout the first hour there was steady and relentless pressure against the list and new lows all along the line. The sudden decline which featured the last 15 minutes of trading on Fr day had undermined many margin a counts and the overnight orders were nearly all on the selling side. The buyers waited to size up the situation and took their stand at the last moment. The character of the market can be judged not only from the number of new lows which were registered but from the fact that in the first 30 min- utes of business the turnover Was 1,396,000 shares, which would be for a full five-hour session at the rate of almost 14,000,000 shares. Of course, volume is nearly always larger in the first half hour and at the close. Stocks in which a speculative position had been built up during the past three months were affected the most. Radio is a good example. On April 24 Radio sold at 693, the high for the year. In the first hour today it sold at 49’4, which was a depreciation of approxi- mately 30 per cent in 10 days. This was one of the stocks in which the turnover was largest. United States Steel was freely offered and went to a new low on the move- ment, not & large loss in number of points but one which had a depressing effect on sentiment because of the in- vestment rating of the stock and be- cause of the banking sponsorship it is supposed to enjoy. The utilitles were as weak as any other one group. Electric Power & Light and National Power & Light had wide- open breaks at the close on Priday. These two were helped by short cover- ing today, but the others sold off as easily as the industrials. Perhaps Con- solidated Gas was better supported than the average. The same can be said of the oils. These came into popularity compara- tively recently, but it was plain from today’s market that they, t0o, harbored a weak long account. Standard Oil of New Jersey, the leader, was down today almost 10 points from its high of only a few days ago. The best show of resistance was made by the rails, but there were also new lows in this part of the list. ‘The market closed at approximately the lows. Early in the second hour there was a feeble rally, but it did not hold and stocks were offered right up to the end. Corporation News NEW YORK, May 3.—Following is a summary of corporation news prepared by Standard Statistics Co. for the As- sociated Press: There has been an increase in retail buying. Wholesale and jobbing trade show little change. Confidence in the longer outlook continues, but current restraints and the problems of readjust- ment impede the expected revival. Bank clearings for the week ended May 1 were slightly larger than in the previous week, but below the corre- sponding week of 1929 and 1928. Total of $11,422,911,000 at 23 leading cities were 8.5 per cent below a year ago. New York City's clearings totaled $8,- 106,000,000 or 7.7 per cent lower, while aggregate of $3,316,911,000 for principal points outside New York is 10.2 below 1929 period. Part of the reduction compared with a year ago is because only one day of the large month end settlements is included, whereas last year there were two days. ‘The Companies. Aeronautical Industries 90 per cent of common stock deposited for share exchange with National Aviation, liqui- dating value of stock on April 15, 1930, was approximately $14.48 a share. Ainsworth Manufacturing earned 90 cents on common stock in March quarter against $2 in like 1929 quarter. Barnsdall Corporation board approves building 800-mile gasoline pipe line, Okmulgee, Okla., to Milwaukee, Wis. | Involves expenditure $8,000,000. Buffalo, Niagara & Power sarned $1.01 on common stock in March qullloid.el‘ against $2.47 in like 1929 Butte & Superior Mining had deficit of $87,111 in March quarter against deficit $15,623 in like 1929 quarter, be- fore depletion both periods. California Packing earned $6.16 on common stock in fiscal year to Feb- ruary 28, 1930, against $6.38 in previous fiscal year. Chrysler Corporation earned 4 cents on common stock in March quarter against $2 in like 1929 quarter. Connecticut Electric Service earned $1.05 on common stock in March quarter against $1.04 in like 1929 period. Continental Diamond Fibre earn 37 cents on common stock in March quarter against $1.04 in like 1929 quarter. Deere & Co. have started construc- tion of six new buildings; to cost about $400,000. Federal Bake Shops, Inc., earned 29 4 | cents on common stock in March quar- ter against 20 cents in like 1929 period. Ford Motor, Ltd., tractor production at Cork, Ireland, plant currently at 100 units daily. H. H. Franklin. Manufacturing retail sales, four months, 1930, were 3 per cent. above like 1929 period and a high record. April shipments were 16.3 per cent ahead of March. Great Atlantic & Pacific Tea opens store in Los Angeles, first appearance of company: on Pacific ‘Coast. Household Finance earned $127 on common stock in March quarter against $1.19 in like 1928 period. Libby-Owens Glass to exchange 475,- 000 _shares of common stock for assets o!hl:d'l Ford Plate loll‘lll‘. w%e;;nm this basis approximately ,300,000. Louisiana Ofl offers stock- holders its to sul to_one ad- ditional stock at $11 share for each 10 held. Louisiana Ofl Refining had deficit of $68,798 in March quarter against income (before Federal taxes) of 15 cents common share in 1929 period. Montgomery Ward & Co. sales of homes in first quarter 217 per cent ahead same period 1929. National Bellas Hess April sales off 23.1 per cent from year ago; 4 months sales off 28.6 per cent. National Electric Power first quarter net, before depreciation, up 9 per cent over 1929 o ; net :I months to March 31 up 11 per cent. Nelsner Brothers April sales up 43.8 per cent from year ago; 4 months sales up 225 per cent. New_York, Rio & Buenos Aires car- ried 3,387 passengers in March quarter. Paramount Publix buys Comerford chain of 58 theaters located in Penn- sylvania; price about $20,000,000. Philadelphia & Reading Coal and in like 1920 period; in year 1929 had deficit $795,418, against income 2 1% | cents a share in 1928, Skelly Ofl earned 50 cents on com- mon stock in March quarter, against $1.07 in like 1929 perfod. Standard Oil of New York subsid- cq! Allen Lubricating Oil Co. MAY 3, 1030.° |POPULARITY OF CHAIN STORE STOCKS APPARENTLY WANING | 't ¥ ST R e ) BHRN FRA T ) DR R I One of the most interesting market phenomena of recent years has been the decreasing popularity of chain store stocks which, between 1921 and 1926, were in greater demand than any other important industrial group. Dur- ing 1927 and 1928, however, these issues showed a proportionately smaller ad- vance than the general industrial list, and failed entirely to participate in the major upswing of the first eight months of 1929. The Standard Statistics Co. stock market value index of the chain store group attained its peak in November, 928, and during the following 1 months declined by 43.3 per cent. Since that time only about 12.8 per cent of the ground lost has been regained, while the general run of industrials has regained more than 45 per cent of the distance covered on the last major downswing, as may be seen by the ap- pended chart. This disappointing showing furnishes a striking contrast with the excellent record of the earlier years of the past decade. Between August, 1921, ami January, 1926, the group index ad- vanced by 650 per cent, with no inter- 7 e mediate reaction of more than 6 per cent. All industrials during the cor- responding period advanced by 130 per cent and experienced an intermediate recession of 20.9 per cent between March and July, 1923, From 1926 on, however, between the market action of chain store issues and the general industrial list is much less favorable to the for- mer. The reaction between January and April of that year, which carried the industrial index down by 12.8 per cent, resulted in a break of close to 30 E‘;r cent in the chain store group. hile industrials, measured by the in- dex of 337 issues, increased in value by 142 per cent between April, 1928, and August, 1929, chain store shares showed an appreciation of only 91.7 per cent. Shifting of investor interest from chain store securities to other groups can readily be explained on the basis of developments in this field during the past few years. A steadily growing ter- ritory has been opened up to chain store exploitation, competition has be- come increasingly keen and sales have been expanded in many instances with steadily declining profit margins. POTATO PRICES FIRM THUS FAR IN MAY Daily Shipments Average About 600 Carloads—Spinach Sup- plies Are Liberal. Potato markets continued in firm position early in May, owing to the moderate current output both of new and old crops, says the Bureau of Agricultural Economics. Total dally shipments, early and late, were averag- ing scarcely 600 carloads which included from 100 to 150 from Florida and Texas. Prices were holding fairly well at nearly all Northern shipping points. The range of sacked stock in New York and in producing sections of Wisconsin and Maine held near $2.75 per 100 pounds but supplies were light at shipping points and trade rather dull. Sales as high as $2.87 were reported in Western Michigan producing sections but haulings were extremely light and demand slow. Lowest prices were in Northern Maine, around $2.50, with de- mand moderate and prices reported steady. Supplies of spinach continued very liberal in Northern markets in early May. Sales of Virginia stock ranged mostly 50 to 75 cents per bushel in Boston, Pittsburgh, Chicago and Cin- cinnati. Texas Savoy spinach followed a similar range of prices in Midwestern mlsnmii ¢ asparagus, most of it upplies of _as| 3 Xrnmp‘t’he Carolinas, were abundant in Northern markets in early May and demand fairly active. = Prices were fully maintained in most Eastern cities but a slightly weaker tone developed in the Middle West. Supplies were somewhat reduced and delayed by cool weather in producing sections. —Sales of South Carolina stock reached tops of $6 per dozen in various Eastern markets and extra large sizes topped at $6.50 in New York. Shipments from all sources averaged about 40 cars dally around the, first,of the month. . STOCK—S_ OVERDISCOUNT TRADE IMPROVEMENT The stock market has apparently overdiscounted improvement in indus- try and the present period of hesitancy represents uncertalnty concerning the future course of business, in the opinion of the Brookmire Economic Service. On the favorable side of the picture it is pointed out that car loadings in the first part of April have shown im- provement. after allowance for seasonal variation; that steel operations have been maintained at a level equal to the larch average, an( b:e‘?mm- is the expectation that the tomobile production is likely to ‘make a seasonal expansion in the curTent th. mo(;‘nhthe other hand, Brookmire points tinet drop in building con- :r“ltct:. df}:!e renewal of the decline in commodity prices after a short lod of stability in February, and the de- cline in the market for copper, tin, zinc and steel. — ————— RECORD CRAB CATCH SEEN. TIMORE, May 3 (Special)— Mn!r;lt;nd abs should make their ap- Narance on the market Monday, ac- D ding to reports received by the State conservation department. The crabbing season opened Thurs- y, except in Worcester. County, where ‘has been ‘The reslderlm to cfi:pe in coun Vg e erab catch is predicted this year by Swepson Earle, State conserva- tion commissioner. Last year's output o s per cent greater than the year before. e Real Esn!: Loans Made s Co. Money to Loan e e S sommislon: Joseph I Weller £5745 53T First Mortgage Loans In Arlington County end Alexandris, i Commonwealth < Investment Co., Inc. 50 15th St N.W. Phonoe National 2623 Mortgage Lvan Correspond The Prudential Insurance CONDITIONS FAVORABLE TO GRADUAL RECOVERY Special Dispatch to The Star. NEW YORK, May 3.—The Guaranty Survey says: “Aside from the usual seasonal ex- Fmflon in some branches of industry, ittle tangible progress in business re- covery has thus far been reported. The general level of industrial and trade activity is still far below that of a year ago. The unemployment situation is reported as less acute in some cities, though it is not yet clear that a genuine | nation-wide improvement has been ef- |fected. The most encouraging de- velopments are the increase in con- struction contracts, the greater strength of commodity prices and the continued ease of money rates. “These conditions, favorable as.they are, are not alone sufficient to warrant the expectation' of a return to high levels of business activity in the im- mediate future. Easy money will, in alleprobability, last for some time; but the influence of this factor is mainly negative. An abundance of funds for business purposes will stimulate trade recovery when the time is ripe for such a development; but it cannot, by itself, go very far toward converting depres- sion into expansion.” a comparison | ., _Convertible Idmdl over 8%. Courtland Nixon, 1518 K St. N.W. Nat. 1926 First Mortgage Notes 3 FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. A Few Charter Shares Available Montgomery County Building Ass’n 6972 Wisc. Ave., Bethesda, Md. Authorized Capital, $5,000,000 An Jdeal Investment, Embodying Safety, Availability, Increasing Value and Earnings Full Particulars Upon Request MARYLAND LOANS SOLICITED New York Title and Mortgage Company With Capital Funds Over $63,000,000. issues owners” and mortgagees’ policies of title “insurance on real property in the District and nearby counties of Mary- land and Virginia and underwrites certificates of title issued by Capitol Title and Guarantee Company Chandler Building Washington, D. C. Prompt Servic Courteous Attention SAFE FIRST HEIRS every dollar is At the same from $250 up. Over a T National 2100 PROTECT YOUR When your will is presented for probate what your estate is worth depends upon the market value of your investments, The money placed in our FIRST MORTGAGES will be listed at face value, for proved Washington real estate that is “good” for its obligations. lated interest never varies. May be purchased in amounts Century Without a Loss B. F. SAUL CO. THERE IS NO SUBSTITUTE FOR SAFETY MORTGAGES secured by im- time the stipu- hird of a 925 15th St. N.W. vators unearthed arched doorways, on Capitoline Hill Patricians—today ment housing is a keep up with the capital, as usual, of America First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, lnc. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Issue of Stock Now Open for Subseription Money loaned to members on easy;monthly payments F. James E. ‘g:‘-nny Jn.-‘:'mnn through Swartzell, Capitoline Apartments IGGING deep in the ruins of the Capitoline Hill in Rome, exca- a building that showed traces of{ having once been five or more stories in height—the forerunner of the modern apartment house. And the street floor, with its appears to have been occupied by merchants— All very much like the apartments of today. In ancient Rome the house was a luxury of up-to-date apart- necessity. A con- stant flow of capital is needed to demand for im- proved housing facilities. And this will come from those wise investors who appreciate stability—such stability as has been proven over a period of 61 years by the 6% First Mortgage Notes sold Rheem & Hensey Co., and used to finance the finest type of apartment ington, These Notes are house in Wash- being purchased now, as'they have been for the past 61 years, by investors who consider the safety of their FIRST. investment ‘SWARTZELL, RHEEM & HENSEY Co. MORTGAGE BANKERS 727 15 STREE N.W, TON D