Evening Star Newspaper, May 24, 1930, Page 13

FINANCIA STOCK FRAUD FIGHT I3 APPROVED HERE|. -Conference Plans Campaign i+ to Prevent Swindling in Securities Sales. ¢ ¥ BY EDWARD C. STONE. Much favorable comment was heard here today regarding the national con- ference on the prevention of fraudulent transactions in securities, which ended resterday _at the nited States Chamber of Com- merce. Measures for intensifying orts to _check stock swindling, Office Department facilities for super- yision of the mails and the more rapid exchange of infor- mation among fraud - fighting agencies, were put forward yesterday. Paul V. Keyser of this city, Who i8 Bernard A. Smyth. counsel for the In- vestment Bankers' Association, as head of the committee on activities of the Federal Government, declared that the ‘manifestly effective agencies of the Post Office Department should be speeded up 4 intensified by the extension of its :fi!m‘.lfl for investigation and prosecu- ‘The United States Government is supreme in the matter of the malls,” Mr. Keyser sal “The Post Office Depart- ment has of the mails for the purpose There is no intent to criticize present efforts of the Government, but rather to extend its investigating ability.” The m\l s proj that the depart- ’s staff of inspectors be made ade- quate to the demands upon it will be in- corporated in a formal report with spe- cific recommendations for immediate Jaws regarding issuance e securities is hindered only by the tardi- ness of individuals in reporting fraud losses, declared R. C. Clark, commis- sloner of banking and insurance of Ver- mont. “All interested agencies should en- courage the public to report promptly to the State securities departments losses. to Clark said, “in order that it may be possible to get early action and prevent further losses.” ‘The effective marshaling “of all facts concerning promotions and promoters” for the further proiection of the in- vesting public was announced by Ken- neth Barnard of Detroit as the objec: tive of the present study of the com: mittee on co-ordinating exchange of in- formation, of which he is chairman, H. J. Kenner of New York City, of the committee on activities of voluntary agencies, indicated meas- tires under consideration by his grou) for developing further the present worl of the 50 better business bureaus and chambers of commerce. To direct the work of the conference this year, the executive committee was Henry R. Hayes, chairman, Stone & Webster & Blodgett, Inc., New York City; James C. Auchincloss, president, Better Bulh’arell Bllllmu of New York, missioners, Raleigh, N. C.; Willlam H. , committee on quotations and commissions, New York Stock Ex- change; Eugene E. Thompson, Crane, Parris & Co., Washington, and, Oscar Wells, president, First National Bank, Birmingham, 3 N Roberts Well Known Here. George E. Roberts, vice president of the National City Bank, has received word from Geneva of his appointment 88 & member of the gold delegation, & subdivision of the financial committee of the League of Nations. The appoint- ment, authorized by the Council of the League of Nations, is to fill the vacancy created by the resignation of Prof. O. M. W. Sprague, professor of money and banking at Harvard University, who has entered upon an engagement to Jjoin the permanent staff of the Bank of England as successor to Prof. Walter Stewart, formerly head of the research department the Federal Reserve ‘)::rd, who is returning to the United tes, Mr., Roberts, who is & personal friend hington bankers, has cabled his acceptance of the post and will sail from the United States on June 3 to attend the next session of the delegation, scheduled to be held at Geneva on June 10. ‘With practically all countries of the world on a gold basis, the general de- cline of commodity prices here and in Europe has aroused new interest in the rela of gold to prices. As a result of this interest the Council of the League of Nations in 1928 took up the problem of undue fluctuations of the ing power of gold and their ef- ects on the economic life of nations. ‘The financial committee last July re- ported to the Council the advisability of making systematic international investigation and suggested that a spe- cial committee be constituted to make this investigation. Talks of Mergenthaler Affairs. Of interest to the several hundred holders in this city of Mergenthaler Linotype stock is the following state- ment with reference to the omission of the extra 25-cent dividend, made by Jo- seph T. Mackey, executive vice presi- dent of the company: “The policy of the company has been to share its earnings liberally with its stockholders, These distributions must depend, of course, on business volume. “For many months past general busi- ness conditions in the United States have been hesitant. Practically all lines of endeavor have been affected, and it would be extraordinary fer our com- pany to remain immune. In the light thereof, we believe we have done well. The position of our company is sound in every respect,” Mr. Mackey sald. “Since the beginning of the fiscal year many important improvements have been made in its entire line of ma- chines.” Mergenthaler Linotype is at present paying $6 annually on the common stock in regular dividends. In the two preceding quarters, extra dividends of 25 cents were declared. Prior to this time the stock was on a $5 regular divi- dend basis, and extra dividends of 50 cents were declared in four quarters to bring the total annual disbursements to $7 a share. Smyth Son of Late Chief Justice. The most important event of the week on local brokerage circles was the opening of an office in the Washington Building by Prince & Whitely, member of the New York Stock Exchange. The office 18 in charge of Bernard A. Smyth, who has been in the brokerage business in the Capital for several years, always holding important positions. He is the son of the late Chief Justice Constan- tine J. Smyth of the District Court of Appeals. Heard in Financial District. ‘Word has been received by officials of the Washington Loan & Trust Co. that their head bookkeeper, Harry L. Dow- ney, who was motoring to Colorado Springs with his wife and children, were snowed-in 100 miles from their destina- tion. It was also learned that Willlam H. Laughlin and John H. Wild of the same bank, who had taken the southern route, were going to their rescue. The winners of the second annual non-handicap golf tournament of Wash- ington Chapter, American Institute of Banking, June 10 to 12, at Bannockburn Golf Club, will be awarded the cup do- nated by W. W. Spaid of W, B, Hibbs & Co. A sterling silver vase donated by Pearson & Crain, local jewelers, will be affered as a runner-up prize. Stock and Dividend Rate. Lead. . Alr Reduction (3)... Alr Way T1 Ap(3%). Allis-Chalmers (3) Amal Leather pf. Amerada Corp (2). Am Agricul Ch of..o Am Beet Sugar pf... Am Brake S8hoe(2.40) Am Br 8h & F pt (7). Am Brown Bov Elec. Am Can (4).. .. Am Car & Fay (6). Am Chain Co 13 Am Chicle (12%) Am & Forn Power. Am&Forn Pwr 2d pf. Am Tce (14.20). Am Internatl (2) Am Locomotive (4) Am Pwr & Lt (31)... Am Ra&Std San 1%.. Am Rolling Mill(n2) Am Ship & Com..... Am Shipbldg (new). Am Sm & Ref (4)..07 AmSm & Ref pf (1) Am Solv & Ch: Am Steel Fdy (8)...1 4 Am Stores (3). Am Sugar Ref (5). Am Sugar Ref pf (7): Am Sumatra Tob ) Am Tobaeco (8)....» Am Tobacco B (8 Am Tobaceo pf Am Water Wks (n1). Am Woolen pf. Armour of 111 (A) Armour of Ill (B). Armour of Ill pf (7). Atlas Powder pf (§)« Atlas Sto! (01).. .. Auburn Auto (§4) Austin Nichols(new) Aviation Corp of Del Baldwin Loco (1%) . Balto & Ohle (7). Balto & Ohio pf (4) Bang & Aroos (3%) Barnsdall, A (2). Belding-Hemingway Belg N Ry pt of &, Bendix Aviation (3). Best&Co(2).veeeom Bethlehem Steel (6). Blaw-Knox (1%)... Bohn Al & Brass (3). Borden Co (k3).. Borg Warner (3) Briggs Mfg Co. Brockway Motor Trk Brooklyn & Queens. . Bklyn Union Gas (§) Bruns Ter & Ry 8.. Callaghan Zine & Ld. Calumet & Ariz (2).« Calumet&Hec(a1%). Canada Dry G A (). Canadian Pacific(10) Can Pacific(new)w.l. Cannon Mills (2.80) .. Case (J 1) (8). . Catrpillar Tra(t3%), 68% Ches & Ohfo Corp (3! 11% Chi Great Western. .. 34 ChiGreat Westn pf.. 31% Chi M1l StP & Pac pf. 79% Chicago & N W (6).. 33 Clark Equipment (3) 133%, Coea-Cola (6)..... 14% Collins & Afkman. ... 73 Collins & Alk pf (7). th & Sou($0c), 99 Cmwith & Sou pf (8), 13% Congoleum-Nairn. 67 Comsol Cgr prpf 6% . 96% Consol GasN ¥ (4).. 1 Consol Textil 12 Container(A) (: 27% Contl Baking (A)..e 4 Contl Baking (B) 50% Contl Can (3% 235 Contl Dia Fibre (3).s 58 * Contl Insur (3.40)..e Cream of Wht#3i ), Crosley Radio (1)... Cuba Cane Products.. Curt Wright Corp A. Deere pf (new).. Dom Stores (31.20).. Drug Corporatn (4).. Dunhill Intl ($4)...« Du Pont de N (14.70) Eastman chl-l “s) Evans Auto Lag 3%. Fairbanks Co..v.... Fairbanks Morse (3) Fed Lt & Tre ($13%). Fid Pho Fire 1(2.60). Firestone TAR(1.60) Firestone T&R p2(8) % First Nat Strs (2%). 3 Flsk Rubber.... Fisk Rub 1st pf ov. .. % Foster Wheeler (3).. Fox Film (A) (4 Freeport. Tex (15) Gen Am Tnk Car($4) Gen Baking pf (8)... Gen Bronze (3)... Gen Cabl Gen Clec Gen Elec spec (60c).. Gen Food Corp (3). .\ % Gen Gas&El A(e30) Gen Ital Eds (a2.62). Gen Motors (13.30).. % Gen Motors pf (7)... Gent Out Adv (3). Gen PublicSve (b6). Gen Ry Signal (5)... Gen Realty & Util, .. Gen Stee! Cast pf (6) Gen Theat Equip vte. Gillette Saf Ras(nb). 11% Gimbel Bros. . . 66% Gimbel Bros pf (1).. 2815,Glidden Co (2).. .00 95 Glidden prpf (1)..,. 8 Gobel (Adolf)....¥es 39% BOW Bales— mo:. 2 24 3 3 22 100 BENaHReN 110s w5 hen & Nrwnleen3a o 2 R ) T LT S LTI TNV CYPTRI U - PR S-SR wname » mounloeabuemtaSyeran = 30% % 144% 26% 1% 674 27% 95% 306 106% 18 30 22 Bl 1% 5814 281% 229% 263 264% 267% 268% 123% 124% 111% 111 864 38y T 28% 27% 113% 114% 83 83 8 26% A% 85 42 49% 95% 36% 56 88% 36 213% 21% 66 66 208% 206% 82 51 238 2814 2% 61% 105% 105%. 118 118 301 30% 22 21 8214 82% 1% 11% 59 b8% 14 18% 39 39% 524 61 129 128% 14% ING STAR, WASHINGTON, D. C, SATURDAY, MAY 24, 1930 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Offics. ~Prey. 1930.~ High. ana Tow Dividend Rate, 4T% 37% Gold Dust (3%).. 58% 96% 36 62 15 % 8% 9% Natl Bella Hess. Goodrich (BF) (4).. Goodyear Tire (5), Gotham Silk Hoslery Gould Coaple: 9 Gr Nor ctfs Ore (a%. by GrunoW.... Hackensack W (1%) Hackensk pf A(1%).. Hahn Dept Store! Hartman (A) (2) 28 3 mBeno . Hercules Mot (1.80). Hercules Pow pf (1), Hershey Choe (8)... Hershey Choe pf(18) Holland Fur (e13%). HoudAille Her B(3) .. Househld Fipf 3% . Houston O1l1 (b10%). - - 3 Sy Hupp Motor Car (3)« Illinots Central (7).. Independ O1l & G(3)« TR AT - -3 Indian Refining rets. Ingersoll-Rand (15). Inland Steel (4)..... Inspiration Cop (1) . Interboro Rap Tram.. Int Combust pf etfs. Intl Harvester (234). Intl Hydro E1 A (e3), Intl Mateh pt (4).... Intl Nickl of Can(1) s Intl Nick. Can pf(7).. Intl Pap & P (A)2.40, Intl Printing Ink (3). Intl Print Ink pt (6). Intl Salt (8)..ccoevm Intl Tel & Teleg (3)w Johns-Manville (8) s Jones & Laugh p£(1). Jordan Motor Car. Kayser Jullus (). ¢a Kelsey Hayes (3) e e Kelvinator Corp..ees M EECTTLTY Kreuger & Toll 1.60. . Kroger GraBak(n1), Leh Port Cm pf (7).~ Lehman Corporation Libbey Owen: . Lige & Myers B(18! d Carbonie (4] g e MolIntyre Pore M(1). MeK¢ t T P(14%) MeLellan St res. Mack Trueks (6).... Macy (RH)&Co(nt3). Mallison & Man Elec Supply.... Marlin-Rock (14%).. Marmon Motor (h3) . Mathieson Alkil (3). May Dept Strs (n3).. Mengel Co (2) e - Ty P POR-TY TS 1 Miam{ Copper (4). .: Michigan 8tl (m2%). Mid-Cont Petm (2).+ - © e =S RSl nnunnalrnn - M % 1TOT YR8 | Natl Biscuit, n(3.80) Natl Cash Reg.A(14) Natl Dairy (32). Natl Pwr & Lt (1), Natl Radiator. v Natl Radiator pf...e Nat! Supply (5)....0 . - BrrelBeluel ST N Y Invest (1.20)... NYNHA&Hart (§)n NYNH&HDL (1) North Am Aviation, . North Am(b10%stk). Northern Pacifie (§). Oliver Farm Equip. . OUvFrEqPLA (6).. Ollv Fr Eq cv pt(3).. Orpheum Cir pf (8).. Otis Elev, n(2%) Otis Elev pf (6). Outlet Co pt (7. il Owens,Ill Glass(né). Pacific Gas & Kl (3. Pacifio Lighting (3) . Pacific Mills. ... Packard Motor (1) Param’nt Publix (4). Park Utah..ceeecsee Parmelee Trans 1% o Pathe Exchange. ... Peerless Motor Car.. - Penick & Ford (1)... Penney(JC) pt A(S). Penn Dixie Coment. . Penna R R (4) Phelps Dodge (3).... Phila Co 6% pf(2%). Phila Read C&lL.... Phillips Petrm (n2) « Plerce-Arrow (A) Plerce Oll. P aRnee - [STS 1 2% Plerce Petroleum. Pillsbury Flour (3).« Pittsburgh Coal. . Pittaburgh Caal pt, Pitts Steel pf (1). Pittbgh Term C pf. Purity Bakeries (¢). Radio Corp...coveee Radio-Keith-Orph A Raybestos Man 3. Republie 8 Republic & 8t L-San Fran (8) St L SBoutnwestern. Schulte Retall Strs. . Scott Paper (31.40).. Seaboard Afr Line... Seaboard Alr Line pf Sears Roebuck($3%) o - [PYSIRPRPRITTES | PP ©S~ - =5 & B2 anBalBruarranantan ADVANGE IN STOCK 2 (MARKET CONTINUES % List Creeps Forward in Light Trading—Motor Issues Well Bought. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 2¢.—In the dullest trading in nearly two years, stocks crept gradually forward today. The pace was so slow that the large short interest still existing in the market was unalarmed. But it was impressive neverthel less. Price changes at the ‘opening were mixed, with more declines than ad- vances, but all of them so small as to be of no significance. Thereafter, how- ever, the buyers outnumbered the sell- ers and a higher range of quotations prevailed throughout the list. The two groups most favored were the motors .| and motor accessories and the rails. Probably it was the strong support for General Motors which persuaded traders that this section was deserving of attention. General Motors bettered by & fraction its previous high on the movement and there was active demand for Briggs, Electric Auto-Lite and Mur- nincorpontlnn. dicative of this changed attitude toward automotive industry was action of Borg Warner. It was an- nounced overnight that the directors had placed the stock on a $3 annual basis instead >f $4 previously paid. but the stock advanced on the news. The official statemen: sald that earnings had increased stesdily each month so far this year; that the company was in an excellent financinl position, with current ® assets more than four times current liabilities, and that it was en- {oytn[ a larger amoun; of the total ) ess available in this fleld than in Seasoned dividend ryerl led the up- ward movement in the rails. Reading was icuous , up_3 points around _120. g here was by news that tie New York had scquired of into account. Pacific and New York Central pushed ahead. Standard industrials received good suppost without making any great progress. American Telephone & Tele- graph was bought on investment ac- count, while United States Steel, Amer- ican Can, General Electric and West- inghouse Electric ranged around or just above' the preceding close. Spe- clalties like Diamond Match and Worthington Pump were bid up and most of the utilities did better. One weak spot was American Loco- motive, which made a ©iew low for the year under pressure of liquidating sales. NORMAL FOREIGN TRADE SEEN IN LAST QUARTER Special atch to The Star. BALTIMORE, May 24.—American trade with Europe should be back IINDUSTRY NEARER SEASONAL LEVELS Activity Holding Up While General Trade Still Lags, Review States. Special Dispatch to The Bt . NEW YORK, May 24.—While gen- eral trade throughout the Nation lags a little, basic industrial activity is being sustained somewhat above seasonal levels, and is likely to respond quickly along with prices to any increased buy- ing pressure, says the Business Week in its report covering the week ending May 24. The business thermometer continues to climb toward the normal level for the season and the y It rose 1.3 per cent for the week and is now only little more than 2 per cent below gomnl. although still more than 10 per cent under last year's level at this time. The exact reading is 98 per cent, comparing with 96.6 in the preceding week and 108.3 for the same period last year. It may slip a bit from time to time in comin&weekl. and will prob- ably not be able to hold firmly to an average around normal until Fall, but there is little doubt now about the up- ward trend of general business during the | the past two months. ‘The patient is clearly convalescent and should be yelling for something more substantial to eat soon. The vital organs are stronger; only the circula- tion is still somewhat slow and the pocketbook weak. Production and in- ventories have been cut in some lines to & point where retailers are being a bit cramped to meet even current con- sumer demand. Even now, considering the lower level of prices, business vol- ume is higher than it looks. Only in the stock market is business so slack that it has to play solitaire. But no- thinks this rest cure will do it any harm. Disturbed lol!lgx conditions and declining foreign trade are clouds on the quiet Summer CHICAGO LIVE STOCK MARKET CHICAGO, May 2¢ (#).—(United tes ent of Agriculture). — Cattle, 200 head; compared, week ago, fed steers, 25a75 higheer; common and medium offerings showed most advance; largely 50a75 higher; scarcity she stock helped boost low-price steers; - active demand for heavy bullocks al week; medium to good grades scoring sharp advance; yearlings lower than weighty steers; mostly strong to 25 up for week; she stock 50 higher; bulls fully 25a40 up, and vealers strong; extreme top heavy steers, 14.35; few, above 14.00; best long yearlings, 13.75; mixed yearl- ings, 12.25, and heifer yearlings, 11.75; killing quality steers plainer than week earlier; bulk selling at 10.25a12.00, with avel cost around 11.25, about 50 over last week; packers scarce, steady at 9.25a10.50; best, 11.00. Sheep—Receipts, 3,000 head; around 2,900 direct. nominal; for week 81 doubles from feeding stations, 25,500 direct; compared one week ago shorn lambs, 25 to mostly 50 higher; Spring- to 2rs, 50a75 or more up; aged stock strong; normal proportions by the last quarter| late bulk fat shorn lambs, 9.50a10.00; of this year, R. M. Stephenson, chief few, of the European section of the Depart- 1010; top, 10.25: bulk native | Springers, late, 11.50a12.00; extreme top ment of Commerce, told members of to outsiders, 12.50; earlier sales Califor- the Export Managers’ Club at its weekly luncheon. In discussing the European trade sit- | uation Mr. Stephenson pointed out that the depression abroad had affected the American trade, but indications were better for the latter part of 1930 and the following year. He stated that Baltimore’s share of the trade with Europe amounted to approximately $100,000,000 annually, of which 60 per cent was in exports and the remainder in imports. BONDS ARE AWARDED. ‘The Bureau of Insular Affairs has awarded $500,000 worth of bonds of the 9% | Philippine Islands for the improve- ment of the harbor of Cebu and $925,~ 000 worth of bonds for the improve- ment of the harbor of Ilollo to the New York agency of the Philippine National Bank, Manila, P. I, bidding for that bank at a price of $104,205 and accrued interest. These bonds bear interest at the rate of 43; per cent per annum and are due March 15, 1960, but are not callable prior to that maturity date. BIDS ASKED ON BONDS. BALTIMORE, May 24 (Special).— Bids on an issue of $300,000 worth of 4% per cent bonds, bearing the guai antee of Montgomery and Prince % | Georges counties, are to be received by 51 Bl% B1% 100% 100% 100% % 2i 114 3 " BO% T 50 48% 4% 4% 4% 40% 40 51 114% 114% 115% % 70 724 T1 "% 56 9% 21% 84% 83% 1 10% 24 9 51 L) 21% 84 1n 2% 9 51 M the Washington Suburban Sanitary Commission on June 4. The issue will be dated June 1, 1930, maturing in 50 years and redeemable in 30. The bonds will be tax exempt in this State. “EXTRA” DECLARED. NEW YORK, May 24 (Special).—The directors of the Bon Ami Co. have de- clared the regular dividend of $1 on the common “A” stock of the company nia Springers, 10.75a11.50; 5.0085.75. Hogs—6,000 head, including 4,000 di- | rect; fully steady on hogs scaling un- der 240 pounds; heavier weights slow and steady to 10 lower; top, 10.40 paid for around 240 pounds; compared with one week ago prices today are mostly steady; shippers took 1,000; estimated holdovers, 2,000; butchers, medium to choice, 250-300 pounds, 9.75a10.25; 200~ 250 pounds, 9.85a10.40; 160-200 pounds, 9.85a10.40; 130-160 pounds, 9.75a10.35; packing sows, 9.0029.65; pigs, medium to_choice, 90-130 pounds, 9.00a10.10. Mon.ey to Loan Frovartin missi 1o Joseph I. Weller 4555 % § Tt First Mortgage Loans In Arlington County and Alexandria, Commonwealth Investment Co., Inc. 908 15h Bt N.W. Phone Natlenal 2083 Mortgage Loan Correspondent for The dential Insurance Co. of Americ fat ewes, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. FINANCIAL/S |EGG PRICES DECLINE ON HEAVY RECEIPTS Receipts of eggs from nearby Mary- land and Virginia the past few da have been heavy enough to material decrease prices, and dealers anticipate even h'% prices _the week. Prices this week have been approxi- mately 10 cents lower than this time a year ago, according to a dealer, and it was predicted that high prices prob- ably will not prevail in the near future. ‘Wholesalers this morning were pay- };} shippers 21 cents for current re- pts, the w&pm for hennery stock being 23 cents. On the country line at Center Market yesterday retailers disposed of supplies as low as 25 cents a dozen. Yesterday's report of the Bureau of Agricultural Economics told of the day's receipts of eggs in New York as 35,393 cases, while the report from Chicago showed the receipt of 24,678 cases. BUTTER PRICES NOT LIKELY TO INCREASE Present stocks of butter on hand are the highest on record for this time of year, production having picked up in the last two months in spite of poor weather and low conditions of pastures, says the Brookmire Economic Service, Although consumption has been stimu- | the lated somewhat by present low prices, supplies are likely to continue sufficient to prevent price increases at least be- fore the normal seasonal advance in September. — BUILDING GAINS. Building in the region east of the Rocky Mountains enjoyed a slight up- ward trend during the week ended May 17. The t Census Bureau average, however, is still below last year's level. Totals for comparable periods follow: Week ended May 17 $19,933,000 Preceding week .. Same week last year $21,147,000 Over a Third of & Century ' Without a Loss National 2100 THERE Real Estate Loans for the third quarter of the yea an extra dividend of $1 on the and oor Dot Gividkncs. belhs. pegatie on 5'}% EO’ 6% July 31, 1930, t¢ stockholders of record July 15, 1930. ‘The directors also declared the regu- lar dividend of 50 cents on.the common “B” stock for the third quarter of the n extra dividend of 50 cents astock, both dividends bein payable July 1, 1930, to stockholders of record June 19, 1930, 0il Stocks BY GEORGE T. HUGHES, (This is the tr seventh_of a se- ries of brief anal Mr. Hughes of The intent s or sal to course.) Because it is one of the most active trading mediums of its class on the New York Exchange, the stock of Mex- fcan Seaboard Oll deserves inclusion in these analyses. The shares are not in- vestments, since they pay no dividends and since the earnings record is irreg- ular in the extreme, There is, however, & legitimate interest in the corporation and its outlook. Mexican Seaboard has no funded debt and only one class of capital stock, ‘which is of no par value and outstand- ing to the amount of 1,244,383 shares. In 1920 the company reported a net Joss after all charges of $28,851. This, however, was a great improvement on the preceding year, when the deficit was $1,332,006. Meanwhile, financial position has been much strengthened. As of December 31 last, current liabili~ tles of $906.609, consisting of accounts ble of $556,609 and tax reserve of $350,000, compared with labilities of $2,726,766 the previous year, when the total included notes payable of $2,180,~ 000. Agalnst present current liabilities, the cash item alone is $1,829,822. ‘The stock has had a hectic market career, In 1927 it sold at the low of $3 & share, and in 9 it sold at a high of more than $ hare. No dividends have been paid since 1924, and prior to t disbursements ranged from $1 to $5 a share annually, Mexican Sea- board is a holding company, the sub- [ of _which control properties in lu:lueo, California, Texas and in Vene- suela. Obviously the future is bound up with that of the oll industry in general, and it will require control of production and ice improvement of crude to render exican Seaboard stock profitable to its owners. ¢ i Applications invited for Loans on District of Columbia and Maryland Properties. [SHANNOH. & LUCHY) 1435 K 'St. NW. National 2345 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 Service Courteous Attention ‘worn. obtained. upwards. $18,818,000 | ris FIRST NO REGRETS—AND NO DISAPPOINTMENTS When you make an invest- ment in our 6% FIRST MORTGAGES —you know in advance the principal is safe, and the inter- est will not vary —and that you'll receive it with ‘prompt- ness-and regularity. May be purchased in amounts from $250 up. B. F. $AUL: GO, IS NO SUBSTITUTE FOR SAFETY CANADA WATCHING NEW TARIFF MOVE Effort to Divert Trade to Great Britain Stirs Up Great Interest. Special Dispatch to The Star. MONTREAL, May 24.—The extensive revision of the tariff announced by the Canadian minister of finance in his budget speech is being watched with a great deal of interest, according to the latest summary of Bank of Mon- treal. “Time is required,” says the re- view, “to determine the reaction of trade to the new scale of duties de- signed to divert to Great Britain and other empire countries certain classss of imports, to lessen taxation by en- larging the free list, to stimulate coal production in Nova Scotia by means of & bounty and to assist some branches ol! c.mtdehnsll lt:'ricmvfn by the g;:l;e of countervailing es upon a - fled list of products. “The important iron and steel indus- try embraces the larger part of the re- vision, the aim being to place in pre- ferred position in the Canadian mdrket primary products of this industry produced in Great Britain. Abolition of the war tax of 7 cents a pound on tea of British growth was at cnce re- flected in the price of the article to the consumer. The sales tax has received a further cut and is now down to 1 per cent from a maximum of 6 per cent a few years ago. Expectation as well as realization of tariff revision is always more or less disturbing to business, and this year the situation is accentuated by a pending general election, never a helpful influence.” Ralph M. Wolfe, manager of the bonding department of Mackubin-Good- ich & Co., local offices, is spending the week end at Atlantic City. ‘We announce that M. Franck Hystt — Mr. Paul D. Keller have become associated with us in our Washington Office Washington Building ‘Tel: District 2312 PRINCE & WHITELY Members New York Stock Exchange MORTGAGE 925 15th St. N.W. Time Tested Shoes HEN Government chemists wanted to know the wearing qualities of shoes tanned by a certain process, they enlisted the aid of Washington postmen. The men were instructed to keep a record of the length of time a pair of shoes was As postmen are known to be hard on shoes, accurate knowledge of . this particular tanning process was The time test can be used to find out the merits. of investments, too. instance, when First Mortgage Notes have been issued for more than sixty- one years without loss to an investor, there must be a scientific factor that makes such a record possible. ,What makes these First Mortgage Notes se- cure—safe and sound—is that they are used to finance some of the finest properties ih Washington, where the demand for better housing facilities is always on the -increase. Time tested by a record of more than 61 years, these notes yield the unfailing income of 6 per cent an- nually and are now available in de- nominations of $100, $200, $500 and For SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W, / WASHINGTON D.C. Color Rotogravure in Tomorrow’s Star ; :