Evening Star Newspaper, May 8, 1930, Page 13

‘'FINANCIA BANKERS' COUNCIL " OPPOSES REMOVAL Headquarters Will Be Re- tained in New York. Young Speaks. BY EDWARD C. STONE. Tt has been decided by the executive | eouncil of the American Bankers’ Asso- ciation not to favor moving the head- quarters from New York to Washington. | The proposal was debated for two| hours at Old Point Comfort vesterday. When the vote was taken, there was not a dissenting ballot against main- taining the national office in or near New York. One of the features of yesterday's session was an address by Gov. Roy A. Young of the Federal Reserve Board, in which he warned bankers of the coun- try that they should be prepared at all times for market uncertainty and peri- ods of depression. Gov. Young sald the Federal Reserve Board had persued for two years a policy of firm money and had exerted its influence against im- proper uses of Federal Reserve facilities. “Banks should remember that the re- sources of the Federal Reserve system are not inexhaustible: that another three weeks like those that occured last Autumn may come at a time when these resources will be more nearly used up, and that absolute :ecurity and con- fidence can be obtained only by so con- ducting the financial affairs of the Na- tion so as to pervent violent expansions and contractions rather than merely to alleviate their consequences.” Bankers and Agriculture. H. Lane Young of Atlanta, Ga., chair- man ot the Agricultural Commission, described its work in promoting banker- farmer economic improvement activ- fties through agricultural committee conferences, key bankers, county agents, bankers’ short agricultural courses and banker-farmer tours. He said that 360 meetings were held in 42 States with a total attendance of 45,000, and that there are now 2,497 key bank- ers, an increase of 340 in a year, while 3,048 farmers and country boys and girls have taken up definite project wark through the influence of bankers, he said. Trust Powers Expanded. Jobn W. Barton of Minneapolis, president of the national bank division, reported that more than 2,400 nnllonsll banks now hold trust powers and the | assets under administration by these banks show an increase of $1,000,000 000 in a year and the division was pro moting a_development among fts mem- | bers in the technique of trust depart- ment management, Referring to the fact that the loss of resources to the | National bank system has been marked | in recent vears, he reported that a special committee on national bank re- search, of which Robert V. Fleming is 8 member, appointed to study the causes, had gathered and analyzed ma- terial, which will be presented with definite recommendations for construc- tive legislative proposals at the con- vention in the Fall. Bankruptcy Methods Startling. R. M. Sturtevant of New York, chair- man of the committee on bankruptcy. declared that this committee was amazed to find out “the great extent that bankruptcy cases throughout the United States, especially in the larger cities, have been handled in an almost | ninal manner. a!"s\}?l{flund." he continued, “that in Tne past 5 years the total losses to creditors In bankruptcy cases have been more than $4,000,000,000 and that re- coveries have been only 8 or 10 per cent, Studies show that 756 per cent of bankruptcy cases are preventable, that is, they should never have been thrown into the Bankruptcy Court. Finds 269 Chain Systems. Rudolph S. Hecht, chairman of the Economic Policy Commission, reported on the following subjects assigned to the commission: “The development of group, chain and branch banking, proposals for dis- tributing a_ larger share of Federal Reserve Bank earnings to member banks and the question of liberalizing the rules governing eligibility of paper for re- discount at the Federal Reserve Banks. He said that the commission had gath- ered information indicating there are 269 group or chain systems, comprising 1922 banks and $15,285,000.000 in aggre- gate resources in the United States, pointing out that the failure of several small groups and consolidations among other groups had slightly reduced the number of banks in this field. Business on Local Exchange. Norfolk & Washington Steamboat Co. rights figured in their first sales on the Washington Stock Exchange today. ‘They were listed about 10 days ago. ‘The market opened with 40 rights and 10 rights Selling at 17 and closed with four more selling at 17%. Capital Traction sold in small volume at 75, Columbia Sand & Gravel reg- istered 96, Merchants Transfer & Storage preferred, 100; Mergenthaler, 107z, while Lanston sold at 125 and 124. One hundred shares of National Morigage & Investment preferred moved at 4%, Bonds were in fair demand. $2,000 Potomac Electric Power 6s changing hands at 108%, $1,000 Washington Gas 6s, series B, at 105, and $9,000 Potomac Electric Powers Cons. 5s at 101, Notes in Finaneial District. H.H. Bergmann was re-elected presi- dent of the Washington Permanant Building Association following ter- day’s annual meeting of the stockhold- ers. E J. Sacks was named vice presi- dent, J. C. Bergmann treasurer and H. H. Bergmann secretary. The direc- tors include John Waldman, Christopher Rammling, John H. Clipper, John Hen- derson, C. Chester Caywood, Max Wa 'f?u Joseph N. Saunders and James R. | Vice President William J. Flather | of the Riggs National Bank celebrated | his seventy-third birthday yesterday, re- | ceiving_a host of congratulations and many flowers. On February 4 last he completed his fifty-third year of con- tinuous service with Riggs, the longest period that any one has been connected with the bank with the single excep- tion of Charles C. Glover, sr. Few | bankers in any city in the country have | buch a record. The Federal Reserve Board announces khat the Federal Reserve Bank of Bos- fon has cut its rediscount rate from # to 3!, per cent Bays John D. Lonsdale, president of $he "American Bankers' Association “There are no insuperable difficuit! n the banking field or in the money | market generally and prudent under- | takings are generally assured of bank- ing support. Indications are that if | money becomes much cheaper, it will | mot remain so0 for long, and I expect a @Brm tendency, due to increased demand, Will be manifested within a period of imonths.” EIDUCIARY NOMINATING ; COMMITTEE NAMED ‘The executive council of the fiduci- s section of thr: District of Colum- ia Bankers' Association has appointed the following &s a nominating commit- fee to select 10 nominees for the coun- il for the coming administrative year: F. P. H. Siddons, American Security & Trust Co.; Ralph P. Barnard, District National Bank; Charles D. Ratcliffe, Munsey Trust Co.; George M. McKee, iggs National Bank; Irving Zirpel, nion Trust Co. { TEN-MILLION GROUP. ‘Ten million dollars in group life in- THE EVEN NG STAR, WASHINGTON, D0 THURSDAY, MAY .8 - NEW YORK STOCK EXCHANGE NOTICE—The New York Exchange is now operating | on daylight saving time. Notice—All stocks are sold excepting those designated by which shows those stocks to be sold in odd lots only. Sajes— Add 00. High. ~Prev. 1930.— Stock and Dividend Rate. Abitibl Pwr & Paper. 647X Abitibl P& P pf (6). 23 Adams Exp (1.60). 23 Adams Millis (2) 11% Advance Rumley. 22 Advance Rumley 1nx 5 Ahumada Lead. . 150% 118~ Air Reduction (3).... 6 21 Afr Way TIAp(2%). 1% Ajax Rubber. 61 Alaska Juneau. /1% Albany Wrap Paper.. Allegheny Corp. Alleg C pf $30w (5 9 %) 961: Alleg C pf $40w(514) 8914 Alleg Cp pf xw (513) Alleghany Stl(12.05) % Allled Ch & Dyeinf)., i 121 Allied Ch & Dpf (7). 49 Allis-Chalmers (3) 28'% Alpha Port Cemt (3). 22 Amal Leather. o 18 Amerada Corp (2)... 5% Am Agricul Chem Am Agricul Ch pf Am Rank Note (43). Am Bank Note pf (3) 7 Am Beet Sugar...... 83 Am Brown Bov Elec. 601 Am Brewn B E pf(T) ¢ 117% Am Can (4). 140 Am Canpf (7) 521 Am Car & Fdy (6). 1004 Am Car & Fdy pf(7). % 54 AmChainCo 13). 36% Am Chicle (123%) '1‘4;u Am Com Alco(n1 65 107 95 1ot ) Am European Seeur. Am & Forn Power. . Am & For Pwr pf(7). Am&Forn Pwr 2d pf. Am Hawallan SS (2) Am Hide & Lea pf... % Am Home Prod(4.20) 351 Am lce Co (14).... % Am Internatl (2). Am La Fr & Foamite 66'4 Am Locomotive (8).. ¢ 103 Am Locomot nf (7).. 210 Am Mach & Fdy (7). : 39% Am Metal (3).. 65 Am Nat Gas pt (7). s Am Plano. . AmPwr &Lt (21)... Am Pwr & Lt pf (6).. AmP&LDLA (3%). 80 Am P&Lt pf A 8t(5). 30'% Am Ra&Std San 1%.. 20's Am Republics. ... 70' Am Rolling Mill (2) 59 Am Safety Razor(5). 1% Am Ship & Com. 651 Am Sm & Ref (4). 133% AmSm & Ref pf (7) 12 AmSolv & Chem. 40% Am Steel Fdy (3)... 110% Am Steel Fdy pf (7). 60~ Am Sugar Ref (5) 1214 Am Sumatra Tob. . 216 Am Tel & Teleg (3). 197 Am Tobacco B (8) 120 Am Tobacco pt (6).. #8154 Am Water Wks (n1) 9915 Am Wat W 1st pf(6) T2 Am Woolen. 19% Am Woolen pf... 5 Am Writ Paper ctfs 8 AmZinc Ld & Sm. 5214 Anaconda Cop (1) 35 Anchor Cap (2.40). 21% Andes Copper (3) 221 Archer-Dan-M (2). 7T4% Armour of Del pf(7) 5% Armour of Ill (A).... 2% Armour of Ill (B)..w 55 Armour of Ill pf (7). 6% Arnold Constable. ... 24% Art Metal Constr(2). 34 Asso Appl Ind (4) 28 AssoDry G (2%) 216 Atch To& S Fe (1 102% Atch To & SF pf (5). 1614 Atl Coast Line (110). 604 AtlGulf & W Indies. 26k Atl Refining (12). 31% Atlas Stores (1) 78 Atlas Powder (4). 101 Atlas Powder pt ( 6% Atlas Tack... 17513 Auburn Atto (34) 215 Austin Nichols. .. 6 Aust Nichprpf A 4% Autosales.......... 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 24% Baldwin Loco (1%). 110% Baldwin Loco pf (1) 1 110 Balto & Ohio (7). 78% Balto & Ohlo pf (4) 63 Bang & Aroos (3%). 161 Barker Bros (2) 201; Barnsdall, A (2). 594 Bayuk Cigar (3). 67'2 Beatrice Cream (4) 5814 Beech-Nut Pkg (3).. 4% Belding-Hemingway 80 Belg N Ry pt pf 5.49. 327 Bendix Aviation (2). 31% Best & Co (2).... 91% Bethlehem Steel (6). 122% Bethlehem St pf (7) 23 Bloemingdale Bros. . 477 Bohn Al & Brass (3). 35 Booth Fisheries 60s Borden Co (k3)..... 32% Borg Warner (4 95 Boston & Maine (4 13% Briggs Mfg Co... Brockway Motor Trk Bklyn-Manhat (4)... Bklyn Man Tr pf (6). 13% 10 Brooklyn & Queens. 178% 131 Bklyn Union Gas (5) 13% Bruns-Balk-Col 1414 Bruns Ter & Ry 221 Bucyrus (1)... 33 Bueyrusev pf (2%). 9% Budd (EG) (1) 84 Budd Wheel (1)..... Buff & Susque ctfs. ., 29% Buliard Co (1.60) 261 Bulova Watch (3). 17 Burns Bros (B) a7 Burr Add Mch ( 36 Bush Termnl (2%) 3 Butte Cop & Z (50c). 70 Byers (A M). 65% Calit Packing (4) 1 Callaahan Zinc & 60% Calumet & Ariz (6) 16' Calumet&Hec(ads). 571 Canada Dry G A (5). % Canadian Pacific(10) Cannon Mills (2.80).. 86% Car Clin & Ohlo (4) 192 Case (J 1) (6)... Case (J 1) of (7)., Catrpillar Tra(t3%) Celotex (2).... 71 Celotex pf(1)... 5214 Cerro de Pasco (8).. 9 Certain-teed Prod. 5% Checker Cab (4.20) 201'; Ches & Ohilo (10). 62% Ches & Ohio Corp % Chi& Alton pf...... Chi & Eastern Il pt., 11% Chi Great Western. 34 ChiGreat Westn pf.. 15 Chi Mil StP & Pac. 21% Chi M1l StP & Pac pf. > Chicago & N W (5) 1733 Chi Pneu Tool. . 5% 109 Chi R 1 & Pae (1) « 100% Chi R I & Pac pf (6). 107 Chi R 14& Pacpf (7). * Chickasha Cot O (3). 5% Childs Co (2.40)..... 40 Chrysier Corp (3). 40% City Ice&F (k3.60) 7% City Stores (50c. « 137% Coca-Cola (8)....... 59 Colgate-Pal-P (23). 14% Collins & Alkman. Collins & Atk pf (7). i3 Colonial Beacon. ..., 361 Col Fuel & iron (2).. 69 Col Gas& El (2).. 23% Colum Graph(( 12813 Columbian Carb (16) 23% Comm Credit (3).... 31% Comm Credit A (3).. 76% Com Credit 18t (634) 364 Comm Inv Tr(g1.60) 25% Comm Solvents (21) 12% Comwlth & Sou(60c) 99 Cmwith & Sou pf (8) 13% Congoleum-Nairn.,. 424 Consol Clgar (7). 67 Consol Cgr pr pt 6%. 76% Consol Cigar pt (7).. 16'% Consol Film (2)..... 18 Consol Film pf (2) 96% Consol Gas N Y (4).. 99% Consol Gas NY pf(5) 12 Container(A) (1.20). 4% Container(B)....... 27% Contl Baking (A).,.. 4 Contl Baking (B). 100 851 5% 56 110% 134 29% 69 5 £41 50 12 227% 217% T8 9315 20% 108% 19% b9% 80 rance is arranged for the protection employes of the Inland Steel Co. Chicago and its affiliated companies, 8% Contl Baking pf (8) F0% Contl Can (2%) 23% Contl Dia Fibre b8 Contl Insur (3.4 ) - Recelved by Private Wire Direct to High. Low By an in one hundred-share lots s the letter s (65s) (285) Prev. . Close. Close. 4 32% 3 83 35 & © BeuruBunasionnalnann o n N e ro Sra e o = ) ® pRaBatabafRasinZroniandohSonan s 2 woFanndn = E - & o - T e SudisiecBamavlonuwaanenmanan 98 26 008 6 12 13 2 24 284 10 49 20 1% 38% 98 29% 23% 30% 14 21% 1 T 3 A % 4 34 1008 11% 208 804 14 28 7 91% 479 913 11 33% 3 52% 42% 85% 31 50 164 355 2 19 22 4 42 18 13 ~Prev. 1930.— The Star Office. Stock and Dividend Rate. Contl Motors Contl Oil of Del. . Contl Shares (1). Corn Prod (13%). Corn Prod pf (7) Coty. Inc (k2).. Cream of Wht(12%). Crex Carpet. ... Crosley Radio (1) Crown Cork & Seal. . Crown Zellerbach (1) Crucible Steel (k5). . Crucible Steel pf (7) 4 Cuba Cane Products. Cuba Co. Cuban-Amer Sugar. . Cudahy Packing (4). Curtis Publish pf(7) Curtiss Wright Corp Curt Wright Corp A Cutler-Hammer(3%) % Davison Chemical Deere & Co pf (7)... : Delaware & Hud (9). Del Lack & Wn (17). Denver & RG W pt.. Dlamond Match (8). Drug Corporatn (4). Dunhill Intl (34). Du Pont de N (14.70) : Dupont deN db pf(6) Dugues Lt 18t nf (5) Durham Hos pf(6).. Eastn Roll Mill(h12) Eastman Kodak (18) stman Kod pf (6). ton Axle & S (3).. 6'5 Eitington-Schild. ington pf (6%4). c Auto Lite (6). Electric Boat, E1 Pwr & Lt (1 £l Pwr & Lt pf ( Horn Coal. . 5 Pub Serv ($1). ng Pub Sve of (5).. uitable Bldg (21%4) ErleRR...ccovuinen Eureka Carp Cl (4).. Evans Auto Ldg 2% . change Buf (1% Fairbanks Co pf.... ‘alrbanks Morse (3) Fash Park Asso..... Fed Wat S, A (e2.40) Fid Pho Fire 1(2.60). Firestone T&R(1.60) Firestone T&R pf () First Nat Stras (2%). Fisk Rubber, . Fisk Rubber 18t pf. . Fisk Rub 18t pf cv. .. Flosheim Shoe A (3). Follansbee Bros (3) Foster Wheeler (2) Foundation Co. . Fourth Natl Invest. . 4 Fox Film (A) (4) Freeport, Tex (15).. Gardner Motor Gen Am Investo: Gen Am Inv pf (6). Gen Am Tnk Car(34) Gen Aspbalt (4).... Gen Baking pf (8). Gen Bronze (2). Gen Cable. Gen Cable 42 Gen Cable pf (7).... : Gen Cigar (4). Gen Electric (1.60).. Gen Elec spec (6Uc).. Gen Food Corp (3)... Gen Gas&E (A) new. Gen G&El ev pf(6).. Gen G & E1pf A (7). GenG & Elpf A (8). Gen Ital Eds (a2.62). Gen Mills (3). Gen Mills pf (6)... 4 Gen Motors (13.30). Gen Motors deb (6 4 Gen Motors pf (6) Gen Motors pt (7) Gent Out Adv (2).... Gen Printg Ink(2%). Gen PublicSve (b6) Gen Ry Signal (5) Gen Realty & Util Gen Real & Ut pf( Gen Refrac (14%4)... Gen Theat Equip vte. Gillette Saf Raz(n6). Gimbel Bfothers. Glidden Co (h2) Gobel (Adolf). 4 Gold Dust (234) Goodrich (B F) (4). Goodyear Tire (5) Goodyear 1st pf (7) Gotham Silk H (2%4). 714 Gould Coapler. . Graham-Paig « Granby Copper (8). . Grand Silver Strs(1), Grand Unlon. . Grand Union pf (3) Granite City Stl (4) Grant (W T) (1). Grt North pf (5) Grt North pf et (5). GtNctfsOP (a3%). Grt West Sug (2.80) Grigsby Grunow.... Gulf States Steel (4) Hackensack W (1%) Hanna pf (new) (7). Hanna (M A) 18t(7). Har Wkr Ref (1234). Hartman (B) (1.20). Hayes Body. . . Hercules Powder (3) Hershey Choc (5).. Hershey Choe pf (15 Hocking Val (10) 4 Holland Fur (et2 Hollander Sons. . Homestake Min (17). Houdaille Her B(2) H'hold Fin pf (13%). 4 Houston Oil (b10%). Howe Sound (1434).. Hud&Man Ry (3.50). Hudson Motor (5). Hupp Motor Car (2).. Illinots Central (1).. Independ Oll & G(2). Ind Motor Cycle Indian Refining. Indian Refining rets. Indus Ray(b5% stk) Ingersoll-Rand (15). Inspiration Cop (4).. Interboro Rap Tran. Interlake Iron (1) Intl Agricultural 1ntl Carriers. Intl Cement (4) Intl Combustion Intl Comb Eng pf. . Intl Harvester (2% Int] Hydro E1 A (e2) Intl Match pt (4). Intl Mer Marine (1) Intl Nickl of Can(1). Intl Pap & P (A)2.40. Intl Pap & Pwr (B) Intl Pap & Pwr (C) Intl Pap&Pwr pf (7). 4 Intl Printing Ink (3) Intl Print Ink pf (6). Int Rys Cen A pf (5) Intl Salt (6)..... Intl Silver (18). Intl Tel & Teleg (2). Inter Dept Strs (2) Investors Equity (2 Island Creek Coal(4) Jewel Tea (14) Johns-Manville (3).. Johns-Manv pt (7).. Jones & Laugh pt(7) Jordan Motor Car... Kan City Sou (5). Karstadt (R) (1.02 Kayser Julius (4). Kelly-Spring Tire. .. Kelsey Hayes (2) Kelvinator Corp. Kennecott Cop (5).. Kimberly-Clark(t3). Kinney (G R) (1) Kolster Radio. . Kraft PhCh (1%). Kraft Ph Ch pf(6%4). Kresge(SS)Co(1.60) Kreuger&Toll (1.34) Kroger Gr&Bak(nl), Lago O!] & Trans Lambert Co (8)..... Leh Port Cem (2%) .. Lehigh Valley Coal.. Lehman Corporation Lehn & Fink (3) , Liggett & Myers(15) Ligg & Myers B(15) . Lima Locomotive. . .. Liquid Carbonie (4). Ine (3).. . Ine pf (6%). Loft. Ine. 4 Lorillard (P) Co. 4o #Continued en Page Sales— Add 00. High. Low 18 5 1303 3 83 79 8 608 108 408 24 2608 10s 6 19 106 1 5 1 10s 1 10 1 135 2 201 21 133 14 67 76 10 933 6 50 32 6 908 308 Prev. Close. Close W BY% 26 1001 161 47 2014 194, 957, 130 6115 16 12 79 1004 1025, 460 31% T4 224 547n 1% 66 10314 447, 845 26% 19 15 B0 517 99 71 491051217% 3 386 8 6 10 74 10s 508 96 6315 26 14 85 58 107% 1205 1224 3 73 B4, 30 109% 10614 34 67 8715 loz 6115 23% STOCKS IRREGULAR | IN QUIET MARKET Waves of Selling Sweep Over! List, but Are Well Absorbed. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, May 8.—A sizeable back- wash of selling swept over the stock market today, after the sharp setback iate yesterday, but after several leading shares had been sharply depressed, United States Steel reaching new low ground for the year, the wave of lquidation quickly receded and a rally set in which reached substantial pro- portions by early afternoon. Renewed liquidation appeared on the advance. however, and the market turned dull and irregular. The failure of yesterday's rallies to hold apparently caused considerable disappointment, and uncertainty over the weekly brokerage loan figures to | make their appeaerance after the close was an unsettling factor. The selling was well absorbed, however, and it was said in brokerage circles that important banking interests, both domestic and foreign, were still taking advantage of recessions to accumulate stocks in con- siderable volume. A factor in the afternoon rally was an upturn in the coppers after their persistent penetration of new low levels | for the year or longer. In copper trade | circles it was reported that the latest reduction in the price, taking it to 1 cents a pound, was finally meeting w considerable buying both from domes- tic and European fabricatol This prompted considerable covering by shorts who had maintained their posi- in expectation of further price cutting. There was little inclination to resume any ambitious operations for the advance in this group, however, until dividend reductions, now regarded as inevitable, are out of the way. Steadily increasing brokers’ loans during recent weeks, even when prices have been on the down grade, have been a little disconcerting and Wall Street would be pleased to see a sizeable reduction in the figures to be published late today. United States Steel sagged more than 2 points, touching 16595, as compared to a previous 1930 minimum of 166 and a bottom in November of 150. It soon rallied, however. During the morning many of the more active issues lost 2 to 4 points and some of the high-priced shares more than 10. Amusement shares and selected utilities were well bought. In the coppers such issues as Ana- conda, Kennecott and American Smelt- { store systems of the country for April ing soid up 3 to more than 5 points, but encountered renewed selling at the top. Corporation News NEW YORK, May 8.—The following is today’s summary of important cor- poration news prepared by Standard Sta- tistics Co., Inc., New York, for the As- sociated Press. News Trend. Activity in the Steel industry receded slightly in the past week. Operations in the industry as a whole averaged about 17 per cent of theoretical capacity, com= pared with 78 per cent in the week pre= vious. Prices of steel showed a further decline. The Iron Age composite price for finished steel has fallen to 2.228 cents a pound from 224 cents in the preceding week. ton below a year ago. Pig iron price remains at $17.67 a gross ton, 1 below the 1929 level. ‘The Copper Exporters, Inc., has an- nounced the reduction of export copper to 12.8 cents a pound, from 13.3 cents. This brings the European price into parity with the revised domestic price of 125 cents, which had not been ac- cepted by all producers. April chain stores sales were again prominent in one day’'s corporate news with all companies reporting substantial increases. Favorable dividend declara- tions are made by Hazeltine Corp. and Columbia Pictures. The Companies. American Department Stores April sales up 11.8 per cent; 4 months sales slightly below year ago. Had 17 stores in operation at close of April. American plano reorganization plan declared operative. British ~ controlled _oilfields, Ltd, earned 27 cents on 35-cent preferred stock in fiscal year to July 31, 1929, against 19 cents in previous fiscal year. Celatex Co. application for appoint- ment of receiver filed in Chancery Court at Wilmington by D. Adler, holder of 50 shares of Celatex stock. Charged insolvency, mismanagement and misap- propriation of funds. Childs Co. April sales up 14 per cent; 4 months, up 1.2 per cent over vear ago. Cleveland Cliffs Iron earned $11.15 on ngn}mon stock in 1929, against $8.41 in 1928, Columbia Pictures declares initial quarterly dividend of 37)2 cents and initial semi-annual stock dividend of 2% per cent on common shares, Detroit Gray Iron Foundry earned $1.08 on common stock in 1929, against $1.97 in 1928, Continental Oil advances bulk price of U. S. motor gasoline in tank cars at refineries half a cent a gallon to 9 cents. David Pender Grocery April sales up 2.4 per cent; four months, 4.5 per cent above year ago. Had 423 stores in oper~ ation April 30, 59 with meat markets. Fox Film West Coast Theaters ac- quires Midland Circuit of 60 theaters in Kansas, Missouri and Iowa; price, about $4,000,000. General Electric received $18,000,000 order from New York Edison for two lurl;‘c-gcnerlwu of 215,000-horsepower each. Hazeltine Corporation declares quar- terly dividend of 50 cents on common placing issue on a $2 annual sgainst $1 previously. Ludwig, Bauman & Co. April sales up 6.5 per cent; 10 months’ sales up 7.5 per cent over previous like period. Byron Jackson Co. earned 57 cents on common stock in March quarter, against 86 cents in like 1929 period. Jewel Tea sales for four weeks ended April 19 off 4.7 per cent from year ago; sales 16 weeks to April 19 off 2 per’ cent. Average number of sales routes, 1,223, agalnst 1,155 year ago. Leland Electric earned $2.51 on 40, 0C0 common shares in 1929, against $3.92 on 25,000 shares in 1928. Mavis Candies—Court discharges tem- porary receivers appointed several weeks ago. Melville Shoe April sales of $3,271 142 were 59.6 per cent above year ag four months’ sales up 7 per cent. Fig- ures in both periods include $496,523 sales of recently acquired Traveler chain. Middle West Utilities March quarter net, before depreciation, up 47 per cent over year ago; net 12 months to March 31_up 39 per cent. New York Dock earned 47 cents on common stock in March quarter, against 12 cents in like 1920 period. NEW YORK BANK STOCKS NEW YORK, May 8 (#).—Bid and asked prices on-the stocks of leading New York national banks and trust companies follow: National Banks. Bank of America Bid. Asked. 12 131 Chase National. 187% 138% Nationai City Trust Companies Bankers ... Central Hanover . It is now $3.68 a net | Washington Produce Butter—One-pound prints, 41a42; tub, 391524015, Eggs—Hennery, 26a27; celpts, 23a24 Poultry, _alive—Turkeys, hens, 25; toms, 22a23; Spring broilers, 38a40: Winter chickens, 32a35; Leghorns, 33a 34; old hens, 27a28; 'capons, 32a35; ducks, 15a16; keats, 60a65. Dressed— Turkeys, young, 37a38; old, 30a3: Spring broilers, 46a48; Winter chicken: 27a38; Leghorns, 36a37: fowls, 30; capons, 35a40; ducks, 25a26; keats, 80a 90. Meats, fresh killed—Beef, 20a2 20a22; lamb, 22; pork fresh hams, 24a25; fresh shoulders, 2! smoked hams, 26; smoked shoulder: 20a22; bacon, 26; lard, in packages, 13; in bulk, 12. Live stock—Calves, 8a9%%; lambs, 11al2. APRIL OFFSETS LOSS IN MARCH SALES Gross Sales of Twenty Chain Stores Reflect Result of Late Easter. current re- veal, loins, 25a28; Spring Giross sales of 20 of the leading chain indicate that the loss reported in sales during March was more than offset by the gains reported in April, and, there- fore, total business for the first four months of the year record a moderate gain compared with the previous year, according to figures compiled by George H. Burr & Co. Sales of the 20 leading systems thus far reporting for April aggregate $119,- 299,618, an increase of $13,503,504, co! pared with total sales of $105,796,024 reported for April, 1929, which, ho ever. did not include the Easter busi- ness, which fell in March last year. For March, 1930, sales of the same companies totaled $100,383,129, a de- | crease of $11,048,994, compared with | March, 1929, which, however, included | the Eastern business that year. The gain in sales reported for April, there- fore, more than offsets the loss in sales reported for March. For the four months ended April, 1930, gross sales of the 20 systems ag- | gregated $412,389.662, an increase of | $17.209.217, or 4.3 per cent, compared | with gross sales of $395,180,662 report- | ed by the same systems last year. | REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications invited on high-class apartments and dwellings, and _p: larly on well located busin: for 3.5 ar 10 years, If o 1520K St. N.W. National 0475 MOTT MOTORS, Inc. “HUPMOBILE!” Better Used Cars 1520 14th St. N.W. DECATUR 4341 Underwriters » Distributors INVESTMENT SECURITIES WasringTon Orrica 737 15th Street N. W. Telephone, National 1053 Matx Orrics - Barrinens Guaranteeing The Trade Mark Satisfaction 1886-1930 44 Years of Constant Progress STOCKETTALK NO. 11 This is our Story and we're Going to Stick to It! Sales Service Salesmen are often looked upon as nuisances—their visits some- thing to be endured rather than welcomed. Our Sales Representatives are experts in our business—trained to bring to you the very latest ideas in Office Equipment—con= stantly studying the newest de- vices for Efficient Office Work— Specialists in Modern Office Practice. A call from one of these men will be of real, genuine benefit to you. This is a part of our Service to our customers. Use our Sales Service regularly. STOCKETT- FISKE CO Sorn Exchanse.. Chemicai ... Eawtable Guaranty . Irving Yanciaciurers oW York.... PRODUCING STATIONERS QIDE ST- -Rl*W WASHINGTON'D'C - We Wat ‘Your Business! FINANCIAL. BETTER PROFITS SEEN IN SECOND QUARTER Seasonal Improvement Expected to Cause Higher Rate in In- dustrial Output. Viewing Industry as a whole, a higher level of industrial production and cor- porate profits is to be looked for in the second quarter than fn the first, but| improvement will be of no more thm‘ seasonal proportions and will be in- sufficient to bring returns of most in- dustries within striking distance of | their extraordinarily good showing in the second quarter of last year, says the Standard Statistics Co. of New York, in s rrent survey, a part of which fol- o ‘We See no reason as yet for re- vising our earlier opinion’ that, pro- viding outputs are carefully regulated in the interim, the second half of 1930 will witness a further recovery in gen- eral business. The extent of the re- covery will, in our opinion, be govern- ed largely by the trend of agriculture. If new crops of wheat, cotton, etc., are of a size favorable to higher prices, the chances of marked trade expansion will be excellent. Conversely, if such vields are of sufficient volume to de- press values further (and thus material ly reduce prospective farm income) the general business picture will be less alluring.” . INVESTMENT TRUSTS NEW YORK, May 8 (#).—Over-the- counter market: Bid. Asked 26 ' 28% 211 Colonial Investor xr No A Trust Shares Secona Inc_ Eauities. . Securities Corp Gen Selected Amer Shares ... U S Elec Lt & Pr Shares B National Metr 1814—0ld-st National Bank in 15th St., Opposit: ItIs Money to Loan Secured Aras estate. g L OO X T Joseph I Well r % Real Estate Loans Made TRUSTEED SHARES the IDEAL INVESTMENT ‘Ofi yestors Who demand — BA YIELD and GROWTH of principal Specially suited to long-term_in< vestments ~ for {ndivid rust funds and funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding. Met. 8788 First Mortdage Loan Applications Invited at 55% Construction Loans Glover & Flather 1508 H St. N.W. National 1753 opolitan Bank the District of Columbia—1930 e U. S. Treasury a Tradition —that “Metropoli- tan” custom at all times ers are “taken care of,” whatever the financial tion of the {Responsible condi- times. de- positors value such a banking connec- tion—and so would YOU. Trust Deft. Refinancing at 1% offers the advantages of a longer loan term, and a lower interest rate . . May we prove to Loan Correspondent for “The Prudential” you, in detail, the sub- stantial savings possible through five and one- half per cent financing. Prompt approvals— Valuable prepayment privileges— Three-year loans on newer properties without amortization H. L. Rust 1001 Fifteenth Street ESTABLIS Company National 8100 HED 1889 Sides of Iron G sea-battle of UNS were thundering in a famous the War of 1812, The British warship Guerriere hurled its largest, most powerful missile at the American frigate Constitution. The shot merely touched the side of the ship—then sank into the water. The crew in their joy cried out, ‘‘Her sides are made of iron!’’ From that moment the frigate Con. stitution was known as ‘“Old Irom- sides. The famous ship truly earned her name when she withstood the enemy’s powerful broadsides. On the sea of finance there are at- tacks and bombar: dments similar in fury and destructiveness; and the 6 per cent First Mortgage Notes issued by Swartzell, Rheem and Hensey Com- pany have also in their 61 years of issuance withstood attacks of business depression, panics—all kinds of fi- nancial bombardments. They have always remained exactly at the price paid for them and no holder ever lost a penny in either principal or interest. You may obtain these Notes in de- nominations of $100, $200, $500 and upwards. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 mzun"n.w./ . WASHINGTO D.Co