Evening Star Newspaper, May 7, 1930, Page 13

FINANCIAL CAPITAL TRACTION INLARGE TURNOVER Stock Shows Slight Loss on Day—Bond Trading Is Quiet. BY EDWARD C. STONE. ' fThe heaviest trading in Capital T‘rlc~l #6n Stock in many months, bly in | ears, took place on Washington stock xchange today. ‘There was a turnover of 452 shares in 20 different transactions, the market for the stock opening at 76% and clos- ing at 75. The first sale was 10 shares at 76%, | the next was a 50-share block at 76 flat, while the next four sales were re- corded at 75%. The largest sale was a 200-share block which changed hands at 75. The other sales were in 20, 10 6 and 2 share lots. Potomac Electric Power 6 per cent preferred came out at 112': and the 5% per cent issue at 108%. Columbia Sand & Gravel preferred, io]d at 941, and Federal American Co, common moved-at 3115, Bonds were quiet, the most important sales being $1,000 City & Suburban s st 83, and $1,000 Capital Tflcuon bs ot 9412, Banker Addresses Underwriters. Trving Zirpel, assistant trust officer and secretary of the Union Trust Co., gave an address yesterday at bankers' headquarters before local underwriters on “Trust Organization and Adminis- tration).” This was the last of a series of sehen addresses planned by the fiduciaries section of the District Bank- ers’ Association, all of which has been well attended and aroused marked in- gerest. ‘The other speakers were George F. ‘Williams, trust officer, Lincoln National; Kenneth F. Brooks, assistant trust offi- cer, Riggs Natlon: Erskine Gordon, trust officer, Federal-American; Leonard Marbury, sssistant trust officer, Wash- ington Loan & Trust Co.; David Bonet, assistant trust officer, National Savings & Trust Co., and T. Stanley Holland, assistant trust officer, American Security & Trust Co. 29 A. I B. Essays Submitted. Tt was reported today that 29 essays have been submitted by members of ‘Washington Chapter, American Insti- tute of Banking, in connection with the * gontest conducted by the District Bank- ers' Association. Those winning first, second and third horors will be re- warded with trips to the bankers' con- wvention at Asheville, N. C., June 5 to 8. There has been a decided increase in interest in this contest. Last year only seven essays were written, four of the writers were from the same bank, and three of the winners from that same institution. The interest was so low that the senior bankers considered discontinuing the contest. is year, however, the interest is much different and the 29 contestants have put a great deal of hard work into their papers, all hoping to land at the top. The judges are George O, Walson, Francis G. Addison, jr, and Howard Moran. In connection with the coming con- wvention, President W. J. Waller has an- mnounced the fourth leading speaker. He is G. W. Dyer, a professor in Vanderbilt University, Nashville, Tenn., a. man greatly sought as a_ public speaker all over the country. He is an authority on economics and has the art of pre- untlnl a very heavy subject in a most way. pog‘he other speakers are Oscar Wells, former president of the American Bank- ers, Association; Controller ol the Cur- rency John W. Pole, and Robert V. Fleming. Peoples Drug Sales Improve. Sales of les Drug Stores, Inc. for April totaled $1,414,653, against $1,- 171,277 in April, 1929, an increase of $243,376, or 20.2 per cent. Sales for the first four months of the present year amounted to $5.442,183, in com- parison with $4888873 in the corre- sponding perior last year, a gain of $853,310, or 18.6 per cent. The report was the .xnce the preferred stock of the company was listed on the New York chk !:xehnn:e and the common transferred from the Curb to the big board. Schulte-United 5-Cents-to-$1 Bwres, Inc., report sales for April of '1444 298, compared with $990,050 in April, 1929, an increase of 146.89 per cent. The company operated 97 stores in April, compared with 55 in April, 1929. For the qur montha ended April 30 sales were $7,327,000, as compared with $3.323,068 in the corresponding period of 1929, an increase of 120.5 per cent. Great Atlantic & Pacific April sales 86,137,806, increase 11.40 per cent over Jear ago and new high April record. Lonsdale Talks About Trade. cam arison of present figures with or 1928 and earlier years reveals '.hn the general level of business is satisfactory, according to a statement issued yesterday by John G. Lonsdale, president of the American Bankers' As- soclation. Mr. Lonsdale said that com- rison of current conditions with those for the first quarter of 1920 was unfair since a new high level for the general Tun of business and record figures for many of the more important industries had been experienced last year. “The readjustment in 1930 is move- ing forward in an orderly manner, with- out credit stringency,” Mr. Lonsdale said. “Recovery is in progress, slow in some lines and in some sections, faster in others. Progressive adjustment of production to current consumption is Wwell under way. “Our banking position is favorable %o support fully all conservative de- mands for credit. Rates have eased con- siderably and a diffusion of credit into the smaller centers is beginning to be noticeable. Individual bank transac- tions, outside of the larger centers, in- dicate a weekly average only slightly less than a year ago, but larger than in the first quarter of 1928 Other Financial Notes. A group headed by the Lehman Cor- poration and including J. & W. Selig- man & Co. and Wertheim & Co., have purchased a substantial block of the common stock of the J. C. Penney Co. F. Edson White, president of Armour & Co., Chicago, will speak on “Supply- ing the Worl ith Meat Foods,” Sat- wrday evenin ay 10, in the romance of American industry series over the Polumbia Broadcasting System. ! EARNINGS REPORTED NEW YORK, May 7 (#).—The Men- 1 Co., manufacturer of shipping con- iners, earned net profit of $142,922, equal to 26 cents per common share, ln the first quarter, compared with $399,886, or $1.06 a share in the first quarter last year. Unfilled orders April 21 were $1,919,000, compared with $2,- 783,000 on the same date last year. ‘The New York Dock Co. earned in the first quarter net income of $157,- 966, equal to 47 cents a common share, compared with $220214, or $136 a ghare, for the like perlbd in 1929. The National Tea Co. reported for E: first quarter profit of $470,552 be- e Federal taxes, compared with first -mr profit last year of $809,504 after The Winchester ting Arms Co. rted a net loss of $440,306 for the 1 months ended December 31 last. POTATO MARKET. CHICAGO, May 7 (A7) United States Department of Agriculture.—Potatoes, 73 cars; on track, 376; total United States shipments, 618; old stock trad- ing slow, market dull; Wisconsin sacked round whites, mostly 2.65a2.85; few fancy higiler; ordinnry. lower; ldnm sacked Russets, 3.25a3.60; most mew stock trading just hfl' marl €le easier; Tuuuem ‘Trit THE EVEN NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. NOTICE—The New York Exchange is mow operating | on daylight saving time. Notice—All stocks are sold in one hundred-share lots excepting those designated by the letter s (65s) (285) which shows those stocks to be sold In odd lots only. ~Prev. 1930.— tock and Saies— Prev High. Low. Dividend Rate. _Add 00. High. Low. Close. Close. 4214 22 Abitibi Pwr & Paper. 1 31 T 37% 28% Adams Exp (1.60)... zsu. 20% 20% 32 23 Adams Millfs (2). 28% 28% 29 23% 11% Advance Rumley.. low 18% 18% 18% 41% 22 Advance Rumley pf. 34 33 34n 1% 1 Ahumada Lead... & s B o N 150% 118 Afr Reduction 74 142% 138 1385 1392 36 21 Alr Way TI Ap(2% 29 29 9% 6% Alaska Juneau 614 fl"& 7 15% 81 Albany Wrap P: 101 10% 9 35% 23 Allegheny Corp. 26% 261 25% 951 Alleg C pf $30w (5 % 991 991 9814 Alleg C pf $40w (5% ) ¢ 961 9615 98% 255% Allled Ch & Dve(ns). 308 308 121 Allied Ch & D pt (7). 1281 126% 491 Allis-Chalmers (3).. 18 Amerada Corp (2)... 5% Am Agricul Chem. 26 Am Agricul Chpf.... Am Bank Note (13).. 7 Am Beet Sugar...... 4614 Am Brake Shoe(2.40) &% Am Brown Bov Elec. 36 605 Am Brown B E pf(7) 2808 ¢ 117% Am Can (4) ¢ 52 Am Car & Fdy (6). 54 Am Chain Co (3) 36% Am Chicle (12%) 16% Am Com Alco(nl. 23% Am Encaustic (2). 35 Am European Secur.. 65 Am & Forn Power-... 95 Am&Forn Pwr 2d pf. 19% Am Hawalian S8 (3) 55% Am Home Prod(4.20) 35% Am Ice Co (t4) . 83 Amlcept (6).. 35% Am Internatl (2).... 2 Am La Fr & Foamite 30 Am LaFr & Foam pf. 67'% Am Locomotive (8). % 210 Am Mach & Fdy (7). 112 Am Ma & pf ex (1) 3916 Am Metal (3). 65 Am Nat Gas of 80 Am News (b8% ux) % Am Plano. 77 AmPwr &L 100 Am Pwr & Ltof (6).. 75 AmP&LDLA (3%). 80 Am PALt pf A st(5). 30% Am Ra&Std San1%.. 201 Am Republics....... 701 Am Rolling Mill ( 59 Am Safety Razor(5). 1% Am Ship & Com. 65% Am Sm & Ref (4) 1381 AmSm & Ref pf (7).. 41 AmSnuff (13%). 12 Am Solv& Chem. 24% Am Sol&Ch ev pf. 40% Am Steel Fdy (3) 110% Am Steel Fdy pf 4 60 Am Sugar Ref (5). 301 20% 52 101'% 4 104% 1387% “fl'»i 41% 41% 14% 14% 29% 29% 43% 42 113% 113% 61% 131% 244% 245% 2524 252% 121 248'/. 15 2591% 120 262% 208 113% 146 112% Am Tobacco (8). .. Am Tobacco B (8). Am Type Fdy of (7). 88% Am Water Wka (n1). 7% Am Woolen. . 19% Am Woolen pf. 5 Am Writ Paper ctfs.. 29% Am Writ Pa pf (4). 8 AmZinc Ld & Sm. 521 Anaconda Cop (1)... 35 Anaconda W&C (3).. 35 Anchor Cap (2.40)... 21% Andes Copper (3) 22% Archer-Dan-M (3). 74% Armour of Del pf(1). 5% Armour of Il (A)..« 2% Armour of I 6% Arnold Constable 90 Artloom pf (7). 34 Asso App! Ind (4). 28 AssoDry G (2%) 85 AssoDGlstpf (6).. 85 Asso Dry G 2d pf (1) 216 AtchTo &S Fe (10).. 102% Atch To & SF pf (5). 2 1611 Atl Coast Line (110). 113% 1131 106% 106% 12% 12w 225 165% 165% 60% 60% 60% 61 414 41% ¢ 105% 105% 34 34 193 193 3% 34 6 6 5% 5% b4% 54% ™ T 28 29 111% 111% 114% 114% 109% 10914 Atlas Powder pf (| 31% Atlas Stores (1). 175% Auburn Auto (§4).... 3% Austin Nichols...... 6 Aust Nich pr pf 435 Autosales.. 37 Auto-Strop Saf R. 4% Aviation Corp of Del 24% Baldwin Loco (1%). 101 30 110% Baldwin Loco pt (7). 208 111% 110% Balto & Ohio (1) 35 116 107" Bambarger pf (834). 30s 1093 63 Bang& Aroos (3%). 4 105 Dang & Aroon pe (7). 108 111 16% Barker Bros (). 100s 17 73% Barker Bros pf (| 508 82 274 Barnett Leather. 2 4 20% Barnsdall, A (2). %6 21% 67% Beatrice Cream (4).. 85 4% Belding-Hemingw: 80 Belg N Ry pt pf 5.49.. 327 Bendix Aviation (2). 31% Best&Co (2)....... T 91% Bethlehem Steel (6). 103 96 122% Bethlehem Stipf (1) 2 129% 34% Blaw-Knox (1%).... 2 35% 477% Bohn Al & Brass (3). 2 bl% 60%4 Borden Co (k3) 32% Borg Warner (4).... Brockway Motor Trk Bklyn-Manhat (4) 847% Bklyn Man Tr pf 131 Bklyn Union Gas (5 10 Brooklyn & Queens.. 53 Bklyn&Queens pf(4) 40 Brown g:nu ). Buft & Susque. Buff & Susque ctfs Buff & Sus pf ctfs. 29% Bullard Co (1.60)... 26% Bulova Watch (3) 17 Burns Bros (B). 93 Burns Br 8 2!% 84% €8 1% 60% 17 224 57% B9% 198% 198 28 100 310 129% 129% % T4 8 8 20 62 65% Calif Packing (4).... 1 Callaahan Zinc & Ld. 601 Calumet & Ariz (6).. 16% Calumet&Hec(ad%). 19 Campbell Wyant (2). % 607 Canada Dry G A (5). 187% Canadian Pacifie(10) 27 Cannon Mil! 96 Car Clin & G 35% Celotex (3) 52% Cerro de 9 Certain-teed Prod.., 36 Checker Cab (4.20)., 201% Ches & Ohio (10) 63t Ches & Ohio Corp (3) 5% Chi & Alton pf. . 36 Chi & Eastern Ill pf., 11% Chi Great Western, .. 34 Chi Great Westn pf., 18 Chi Mil StP & Pac. .« Chi Mil StP & Pac pf. Chicago & N W (5) Chi Pneu Tool. 4 Chi Pneu T pf ( ChiR1&Pac(7)..,, ChiR I & Pacpf (6). Chi R 1& Pac pt (7). Chickasha Cot O (3). Childs Co (2.40). Chrysler Corp (3). 4 City Ice&F (k3.60) % City Stores (50e..... Clark Equipment (3) Clev & Pitts spec (2) Coca-Cola (6). . Coca-Cola A (3)...., Colgate-Pal-P (23%).. Collins & Afkman. .. Col Fuel & Iron (3. Col Gas & EI (2) Col Gas & El pt A Colum Graph( (a87¢) Columbian Carb (16) Comm Credit 42). ... Comm Credit A (3).. Comm Cred pt B 12). Comm Inv Trig1.60) Com Inv T ev pf« Comm Iny Tr pf 6 29 (72% 12'4 42% 211 o 69 T 44 1314 23% 511 113 1181 102% 102% 108 108 25% 25% 61% 61% 31% 445 9% 39 % 43% 43% 170% 170% 51 61 59% 60 23% 24 58 58 6% 73% T4% 109% 109% 27% 27% 14; 144 39 25 421 824 96 18% 31% 12% com'mltlcufllh) 17% 1% 17% 99 Cmwith & Sou i (6) 103% 103% 103% 13% Congoleum.! 4% 14% 14% 42\6 Consol Cigar ¢ 98% 1 7% :l'l ~Prev. 1030.~ High 114% e 114) Tl 111 44% 59% 54l 12?‘/«: 117% Gen Motors pf (7)... 1141 Grt West Sug pf (7). 26% 136% 32 17 874 28% 27% 239 30% 17% 75% 78 116% 144% b4 92 33 44% 31% | 20 104 Stock and Lo Dividend Rate. 18 Consol Film pf (2).. 96% Consol Gas N Y (0). 9912 Consol Gas NY pf(5)’ 49 Con RR Cub pf (6).. 12 Container(A) (1.20) 4% Container(B). 2713 Contl Baking (. . 4 Contl Baking (B).. 7815 Contl Baking pf (8).. 50% Contl Can (23)..... 237% Contl Dia Fibre (3). 58 Contl Insur (2.40)... 4% Contl Motors. 1916 Contl Ofl of Del. 27% Contl Shares (1) 8715 Corn Prod (13%). 140 Corn Prod pt (1) 2414 Coty. Ine (k2).. 2514 Cream of Wht(13i4). 9 Crex Carpet.... 10% Crosley Radlo (1)... 43 Crown Cork & Seai. . 156 Crown Zellerbach(1) 1 78 Crucible Steel (k§).. 12 110 Crueible Steel pf (7) 1408 9 CubaCo.... 1% Cuban Dom Sug: 42 Cudahy Packing (4). Curtis Publish pf(7) 6% Curtiss Wright Corp sel 13% Curt Wright Corp A . 64 Cutler-Hammer(3%) 5 28% Davison Chemical. .. 117 Deere & Co pf (7)... 120- 161% Delaware & Hud (9). 38 121 Del Lack & Wn (17). 18 60 Denver & RG W pf.. 195% Detroit Edison (8). . % Devoe&R (A) (2.4 139 Diamond Match 20 Dom Stores ($1.20). 77 Drug Corporatn (4) 27% Dunhill Intl ($4).... 97 * Duplan Silk pf (8) 112 Du Pont de N (14.70) Dupont deN db pf(6) 4415 Durham Hosiery pf. 1008 175% Eastman Kodak (t8) 220 24's Eaton Axle &S (3).. 27 614 Eitington-Schild. ... 40 Eitington pf (6%) 81 Elec Auto Lite (6) 106% El Auto-Lite pt (7. 415 Electric Boat, 49% ElPwr &Lt (1). 10615 El Pwr & Lt pt ( 9 23 224 407 126% 122% 5103 102% 6 60 B9 2487 236% 287 27 6% 6% 40'; 40% 207 86 109% 109% 5% 5% 84% 79 110% 110 T 70% 112% 112 5913 69% 1002 100% 101 39% Eng Pub Serv (31)... 94% Eng Pub Sve pf (5).. 941 Eng Pub 8ve pf(5%) 43% Erle R R. Erie RR1stpf (4).. 57t Erie R R 2d pf (4).. 21 Eureka CarpCl (4).. 22 Exchange Buf (1%). 30s 12 Fairbanks Co pf. 7% Fed Motor Tr (lfle). 3214 Fed Wat$, A (2.40) 29 Federated Dept St 65% Fid Pho Fire 1(2.60). 7 Fifth Ave Bus (64e). 92 Filine's pf (6%).... 21% Firestone T&R(1.60) 79% Firestone T&R pf(6) 50% First Nat Strs (2%). 3 Fisk Rubber. 32 60% Foster Wheeler (2).. 88 Fourth Natl Inv 16% Fox Film (A) (4). 38% Freeport, Tex (15) 5% Gabriel Snub (A).... 815 Gardner Motor. .. 99% Gen Am Tnk Car(14) 4914 Gen Asphalt (4) 105 Gen Baking pt (8) 1 22 23 50'% Gen Clgar (4). 60% Gen Electric (1.60).. lG.‘M 11% Gen Elec spec (6Uc). 4 46% Gen Food Corp (3)..; 131 13% Gen Gas&E (A) new. 183 85% Gen G&Elcv pf(6).. 14 GenG&EIDLA (7)., an- 108 107 39% Gen Ital Eds (a2.62) 40% 40 45% Gen Mills (3) 3 484 48% 37'4 Gen Motors (13.. IG).. 505 467 45'% 69 130% 129% 14% 14 43% 43 9% 89% 15% 15 847 3 48 47% 86% 834 16% 16l % 26% 15% 16 89 43% 42% 10s 101% 101% 87 4210 40 13% Gent Out AdV (2).... 32% Gen PublicSve (b6). 85% Gen Ry Signal (5)... 13% Gen Realty & Util. . 67 Gen Refrac (t4%) 39% Gen Theat Equip v! 801 Gillstte Saf Raz(n5). 11% Gimbel Bfothers 254 Glidden Co (h2). 13 Gobel (Adolf). 37% Gold Dust (234). Gold & Stock Tel (). Goodrich (B F) (4).. Goodyear Tire (5)... 33 177% 76 Goodyear 18t pf (7).. 2 101 100% Gotham Silk H (2%) 6 19% 18% Gotham S H pf (7).. 2908 79 Gotham pf xw (7) 76% 7% Gould Couple; 9% 9% 8l4 Graham-Paige rc 5 27 Granby Copper (8).. 324 Grand Silver Strs(1), 13% Grand Unlon........ 37 Granite City Stl (4)w 32% Grant (W T) (1)....: 87 Grt North pt (5).... 19% GtNectfs O P (a3%). 28 Grt West Sug (2.80) 8 27% 39 15% 29 9% 16% 10 31 14 308 12 Grigsby Grunow..., 290 % Guantanamo Sugar.. 9 32 Gulf Mobile & North. 2 26 Hackensack W (1%) 130s 28 Hackensk W p(1%) 110s 12% Hahn Dept Stores... 55 24 Hall (W F) Pr Co(2) 2 99 Hamilton W pf (6).. 208 100t Hanna (M A) 1st(7). 10s 85 Hanna pf (new) (7). 1208 55 Har Wkr Ref (123%). 6 13% Hartman (B) (1.20). 2 54 Hawalian Pineap (2) 183, 251 1047 10435 130 130 95 95 63 57 116 61% 15% ANGE | STOCKSIRRERILIR 25205 2 S ———=| INTRADERMARKET = 23 22 124% 126% 108 102% 60 15% 5% 20% an 818 637% 274 6314 (3] 26 28% 103% 144 26% 31ty 17% 19 15 15 WEDNESDAY. Price Trends Shift Rapidly. Easier Money Rates Aid Market. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, May 7.—Price trends shifted frequently in today's stock mar- ket as trading became more orderly and further readjustments after its recent upheaval were completed. After moderate extension of yuter- day's gains at the opening, the market was subjected to heavy profit taking, encouraging moderate ~resumption of short selling during the morning, but prices stiffened after the realizing was absorbed, and speculation for the rise was resumed with vigor around mid- day, only to run into further profit tak- ing and short selling as trading pro- gressed. Credit Easier, ‘The rally was aided by further cheap- ening of credit, reflecting last week’s re- duction of the New York rediscount rate. Freight car loading, as reported for the week ended April 26, showed an in- 4 | crease of 14,293 cars from the previous B o 2 1261 120 49 238 27 6% 40% 8614 109% 6% 791 110% 1% 112% 5914 100% 101 47 6z - 58% 231 25 16 44% 16 10 38 74 48 847 16% lol'/. 101 40 40 76 1% 101 101 18% 19% 79 5% % . 1% 1% 9% 9% 92 21 28 4 117% 20% 1 104% 104% 130 130 95 95 6114 105& Hercules Pow pt (1). lDl Hershey Choc (5) 7 102 17% Houdaille Her B! 49 H'hold Fin pt ('l“). 1 52% Houston Oll (b10%). 203 26% Howe Sound (14%).. 46% Hud&Man Ry (3.50). 41% Hudson Motor (5) 17% Hupp Motor Car (3).. 127% Illinots Central (7).. 20% Independ Oil & G(2) 5 Ind Motor Cycle 30 1Ind Motor Cyc 16 indian Refining. 15% Indian Refining 154% Ingersoll-Rand (15). 16'% Inspiration Cop (4).. 13% Insurance Sh (450). lz'm 4974 209 214 22 19% 215 4915 19 17% a 206 0 17% 16% 2 14% 14% 4 3% a0% 2 4% 24 Interlake Irom (1) 7 43 Intl Agricultural, 2 54% Intl Agricul pf (7)..: 2 lszv. Intl Bus Mach (n6).. 5 18% Intl Carriers... 55% Intl Cement (4 5 1Intl Combustion 30 Intl Comb Eng pf. 78% Intl Harvester (23%4). 140% Intl Harvester pf(7). 81% Int] Hydro El A (e3) 65% Intl Match pt (4). 24% Intl Mer Marine (1).. 30% Intl Nickl of Can(1). 26 Intl Pap & P (A)2.40. 15% Intl Pap & Pwr (B). 12% Intl Pap & Pwr (C).. 79 Intl Pap&Pwrpf (7). 3 46% Intl Printing Ink (3) 3 931 Intl Print Ink pt (6).120s 28 Intl Rwys Cent Am.. 108 61% Int Rys Cen A pf (5).100s 25 Intl Rys Cent Am ct. 200s 2 234 6 b% 62 177 4 0% 88" 10% 10% 65 631 87 104% 102y 1 142% 1425 46 44y 85 8an 274 26% 331 318 21% 26 13 19 14% 14% 0 79 108% 102% 12214 121% 3 2% Talh Laugh pf(7) Jordan Motor Car, 71% Kan City Sou (5). 67% Kan City Sou pf (4) 68 11% Karstadt (R) (1.02),, 125 18 Kaufmann DS (1%). 19 28% Kayser Julius (4).. % 30 4 4% 2% 118% us!& 100% 102% 102% 4 3l‘m 19% 118% 119% 101% 102% 102% 101 31% 31 9 21% 19% 4% 91 28 49 42 18% 129% 129 4% 14% 30% 323 5 4% 23% 2414 0% 68 104 10 631 63 102% 104% 142% 1421 261 31% 334 27% 103 109 1224 122 week, but were 144,711 under the same week of 1929, and lowest for the period in six years. Speculative sentiment appeared to have improved considerably with the major market reaction apparently com- pleted. Brokers, however, stressed the possibility of a substantial secondary reaction developing during the next few days. Reports to banking institutions generally are said to indicate that May earnings ‘will show some improvement over April, and the second quarter ap- Eelrs to be making fair progress in usiness recovery, but _speculative optimism is somewhat qualified, as sec- ond quarter earnings are likely to be far below the same period of last year. During the midday rally, such shares as Eastman Kodak, Westinghouse Elec- tric, Worthington Pump, Chesapeake & Ohio, Loews, American Water Works, American and United Aircraft sold up 3 to 8 ponits, but these gains generally failed to hold. Losses Recorded. In the steel shares, United States Steel, Colorado Fuel, Vanadium, A. M. Byers and Crucible lost 2 to 4 points, the last named touching a new low for the year. American Tobacco B and J 1. Case, spectacularly buoyant yesterday, lost about 6 and 8 points during the morning. Mack Truck and Canada Dry dropped to new low levels, reflecting un- favorable earnings statements for the first quarter. Electric Auto Lite sagged a few points, despite a favorable review gl t:u company’s position by its presi- ent. NEW IDEAS OF BANKING FUNCTIONS HELD NEEDED In view of the present conditions in the stock market, local bankers yester- day called attention to an editorial in the current issue of Trust Companies under the heading “Federal Reserve and Credit Control,” which said in part: “Complexitics of currency and credit conditions in the United States have reached an involved stage which must soon demand a complete overhauling and revision of ideas regarding Federal Reserve and banking functions. There is something radically wrong with any system that admits of prolonged ‘joy rides’ in speculative credit ex and which permits control of credit and money rates to be exercised by stock exchange operators. The problem is one which must take into account tremen- dous economic changes which have taken place since Congress enacted the Federal Reserve System.” .. TREASURY CERTIFICATES. (Reported by J. & W. Sel; WHIIHN" e e oz of trust an real estate. terest and eommission. Joseph I Weller 5Wss. i 8 2rans Real Estate Loans Made Linkins Co. First Mortgage Money for BUILDING LOANS or IMPROVED PROPERTY . Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100 First Mortgages ‘We have a selected group of safe 612% first mortgages se- cured on improved real estate and backed b! our $3,800,000 re- sources, There is NO loss of principal or curtailment of dividends in these high-ylelding first mort- gages. In denominations as low as $250 Stop in, or Send for Bookle “The Success Plan” May Be Purchased on Monthly Payments Real Esln(‘e Loans REALESTATE MORTGAGE & GUARANTY' CoRPORATION 24 JACKSON PLACE Capital Resources over 83,300,008 MAY 7, 1930 to The Star. N. Y., May 7.—Direc- tors of nu Welch Grape Juice Co. haye declared an extra dividend of $2.25 per lhlre on the common stock in addi- the regular quarterly dividend o{ 25 eenu per share. Both dividends are payable Mly 30 to stockholders of e, nf of the company acquired last November by a Sy‘ndlwe:‘te 'i?e-ded by Paul M. Davis, president of the %mrnun National Bank of Nashville, ‘enn. A memorial plaque to Lord Milner has been unveiled in Westminster Abbey. HIGH RATE OF INCO) WITH GREATEST SECORITY ANNUITIES Cash Refund—Joint—Deferred end_for Information LEROY GOFF INSURANCE—ALL BRANCHES 1036 Woodward Bld Nat. 0340 [ REAL ESTATE LOANS Made at Low Interest Rat TYLER & RUTHERFORD ai and Tiy on well Ionl!d for'3, 5 or 10 v 1520K St. N.W. Fxn! Mortpge Lom Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Real Estate JAMES Y, PENNEBAKER Nat.5201 1520K St.N.W. Investments 1d.. lnlt.' ‘:I‘Mlmmmfil. Courtland Nixon, 1518 K St. NW. Nat, 1926 First Mortgage Notes FOR SALE In Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments James E. Connelly James F. She: President Secretary We Will Sell (All or Any Part) —100 Shares Mt. Vernon Savings Bank at $135.00 per share. Capital City Compan: B9 Wasbingion Buildios Telephone: District 8291 !292 8293 FIWANCIAL. HEVLIGER ' CHURCH & CO. UNUSUAL INVESTMENT ADVANTAGES We have made a careful study of North American Trust Shares and find certificates of this trust embody all the safe- guards of the most conservative. investment trust practice. Consider the desirability of cx:hfingmg your inactive bonds for this issu Price at market about 10 04 & '[ 1383 2nl z 4 H Street Qnd Gompany' Investment Wrige for Circular K-2 Equitable Co-operative Bldg. Ass'n Organized 1879 56th YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Assets. .$5,723,083.61 Surplus & Profits $1,755,911.57 Subscription f‘;r the 98th Issue of Stock Being Received SAVE AS YOU EARN HE Equitable’s plan of systematic sav- ings encourages thrift in a manner that if consis- tently followed will even- tually lead to financial in- dependence, Start now while you have a steady income. Come in and let us explain about our sys- tematic plan. 915 F St. N.W. $2.50 PER SHARE SAFE FIRST DEPENDABILITY— PLUS STABILITY One of the recognized stand- ard investments, which cannot fluctuate in value or vary in re- turn, is our FIRST MORTGAGES TWO things you may be sure of: First, the return of your prin- cipal intact upon maturity of the mortgage. Second, interest paid semi-an- nually during the life of the mortgage. Generous earning is assured without a single element of speculation. May be purchased in amounts from $250 up. Over a third of a century without a loss B. F. SAUL CO. National 2100 925 15th St. N.W. THERE IS I\O SUBSTITUTE FOR SAFETY MORTGAGES 1929 was a Good Yeat--- but 1930 Anodlted System electric output con- fflmwo its advance during x1g30. Such growth at this time is particularly noteworthy, es- pecially since the 1929 increase was approx-. imately equal to that for the two years 127 and 1928 combined. The continuance of new electric output re- «cordsby the Associated System i made possible by a desirable ‘bulencing of residential and commercial with industrial demands. Instead of a concen- tration subject to the ups and downs of business conditions, the Associated System has a fortunate diversity as indica- ted by the sources of revenue. Sesbility of electrie output also is afforded through serv- ing grographicsliypdistribated is Better cities such asRochester, Elmira, Binghamton, Staten Island (New York City), Ithaca, in- New York State; Cambridge, New Bedford, Massachusetts; Reading, Easton, Johnstown, Erie, Pennsylvania; Bowling Green, Ken- tucky; Columbia, South Carolina. There is, furthermore, a stability inherent in the nature of the electrie industry. Producing oaly for an existing demand, the in- dustry has no period of ovess production followed by & period of marking time. This, " plus the advantages enioyed; by the Associated System, through the desirable char acter of the area it serves, con- tributes to continued growth sod to the enhancement of security values, . To make an Associated investment send for folder E-105 Associated Gas and Electric System 61 Broadway New York City > ¥