Evening Star Newspaper, May 26, 1930, Page 13

TICKER CLUB LIST WILL BE PREPARED Governors of New Broker Or- ganization to Hold Meet- ing Tomorrow. BY EDWARD C. STONE. As the final step in_completing the | organization of the Ticker Club of Washington, the board of governors will | meet tomorrow afternoon and decide what members shall be the official rep- resentatives of the 16 firms now com- posing the club. ‘The different brok- erage houses have indicated to the governors the per- sons they wish to represent them in the club, and these are the names which will be acted upon at tomorrow’s meeting. The in- dications are that the club will start out with about 4C of the leading brokers in the city on the roster as representatives of the different firms. ‘Membership is open to partners, man- agers and assistant managers of the | concerns doing a New York Stock Ex- change business. In some instances as many as three members of the same firm have asked to go_down on the list 88 representatives. The chief aim of the new club is mutual protection, and the interest displayed in the organiza- tion has been almost surprising to those assuming the burden of getting the as- sociation on a solid basis. The officers of the Ticker Club are: QGeorge A. Garrett of F. B. Keech & Co., resident; A. Chester Flather, G. M. P. hy & Co., vice president, and Arthur Foraker, Eastman, Dillon & Co., secretary-treasurer. Purnell Wins Essay Honors. uis E. Purnell, who won second :}: in the institute's essay contest and ts Louls E. Purnell. & trip to the District Bankers’ As- sociation annual convention at Ashe- ville, N. C, is employed as a book- keeper in the Park Road branch of the Riggs National Bank, of which Carl H. nch is manager. Do’rhe essay winner is not quite 21 years of age. He was born in Baltimore and got his early education in Pittsburgh and Cleveland. After coming to Wash- ington he graduated from Eastern High School. He is taking courses in Washington Chapter. American Institute of Bank- ing. and is a favorite among his asso- ciates, this being shown by the fact that he is assistant superintendent of the Ingraham Memorial Sunday School. ‘The young man has been with the Riggs Bank about two years, being transferred several months ago from the North- ‘weat Branch to the Park Road Branch. Ship Contracts Involve $21,000,000. Much local interest is noted in the snnouncement that Paul W. Chapman, president of United States Lines, has signed a contract with New York Ship- building Co., a_subsidiary of American Brown Boveri Electric Corporation, for the construction of two first-class liners of 30,000 gross tons each. These ves- sels, the total cost of which will run over $21,000,000, will be the largest and finest ships ever built in this country. Contract calls for completion of the first ship within 26 months, or July, 1932. and for the second ship within 30 months, or November, 1932. New ships will be similar in exterior design to the Leviathan, except that they will have two funnels, while the Leviathan has three. They will hav length of 705 feet and a beam of 86 feet and will carry first, tourist and third-class passengers to & capacity of sbout 1,300. About 250 Convention Reservations. Claude H. Woodward, chairman of the transportation committee for the annual convention of the District Bankers’ Association, reports that re- uests for accommodations for about 250 people have already been received. This means the largest attendance on record. It is stated that no reservations will be handled after Saturday, May 31. At the present rate the “standing room only” sf will be out before that time. ‘The work of all the committees has been completed and the program turned over to the association president, W. J. Wal- ler, for submission to the printer. ‘The last “call” just sent out notified the delegates and their friends that the two special trains will leave the Union Station on Wednesday evening, June 4, at 6 o'clock. Traction is Market Feature. Capital Traction stock was the fea- ture of the Washington stock market when trading was resumed today. The stock opened with three shares selling at 70. Then followed seven sales in- volving 120 shares at 697:. The market closed with & tiny sale of iwo shares, selling at 694, & new low mark on is move. Federal-American Co. common regis- tered six sales of 10 shares each at 31, Potomac Electric Power 5!, per cent preferred came out at 107 and 20 shares of Carpel Corporation changed hands 8t 26, Washington Railway & Elec- tric preferréd again sold at 98';. Bonds were very quiet. Washington Gas 5s sold at 103!z and Georgetown Gas 5s at 102. The exchange will be closed two di this week, Friday, Me- morial day, and Saturday. Meehan Firm Here One Year. Today marks the first anniversary of the opening of the Washington office of M. J. Meehan & Co. members of the New York Stock Exchange, who, one vear ago. established their local branch on the ground floor of the Wash- ington Hotel. with Frank J. F. Thiel, resident partner, in charge. Mr. Thie! for many years occupied the position of | Assistant Treasurer of the United States. Since opening the Washington Of-[ fice the Meehan firm, which is one of | the largest on the New York exchange, | has opened iwo offices in Detroit and successfully initiat-d the innovation of establishing branch brokerage offices on | transatlantic liners, now operating reg- ular brokerage service on the Leviathan, the B-rengaria and the Bremen. Notes in Financial District. | J. Thilman Hendrick, chairman of | the board of directors of the Lanston | Monotype C=.. has returned 'o Wash- ington after a short business trip to the London office. He was accom- panied by the president, Harvey D. Best. The desk of Robert N. Harper, presi- { der® of the District National Bank, is st' burled with flowers sent him in e tion with nis retiring as head | ° > bank and election as chairman | of - .c board : John E. Parker of G. M. P. Murphy & Co. has returned to the H street cf- fice after several days passed at Vir- ginia Beach. . An increase of 11.1 per cent in total building operations in April, com- | pared with March, is reported by the Department of Labor. The report is based on figures received from 285 cities with a population of more than 25,000 persons. Although some branches of industry and trade have shown slight increase: in activity in the last few weeks, definit signs of business revival are still absent Guaranty Trust Co. of New York say R. W. McNeel, Boston economist, say that “the stock market is grounding oi bottom. The worst of the business de n is over. The definite prospect for improvement in business in the months. STAR WASHINC NEW YORK STOCK EXCHANGE Recelved by Stock and Dividend Rate. Alr Reduction (3)... Alr Way T4 Ap(2%). Ajax Rubber Alaska Juneau Albany Wrap Paper. Allegheny Corp. ... Allex Cpw $30 w34 Alleg Cpx $30 w 5% . Alleg Cpw $40 w51, 2 3214 145% 2574 1% 6% 104 2818 Allied Ch & Dye(n6) :z E Allis-Chalmers (3).. Amerada Corp (2) 2 Am Agricul Chem... 2 Am Agricul Chof... 4 Am Bank Note (#3). 9 Am Hank Note pf (3) 20s Am Beet Sugarpf... ! Am Brake Shoe:2.40) Am Brown Bov Islec. 198 Am Brewn B E pf(7) 880% Am Can (4)... 103 Am Can pt (1) 2 AmCar & Fdy (6)... T Am Car & Fdy pf(1). 3 Am Com Alco(n1.60) 12 Am Encaustie (2)... 11 Am Furopean Secur. 4 Am & Forn Power... 16% Am & For Pwr pf(7). 2 Am Hawaltan SS (2) 2 Am Hide & Leather.. 1 Am Hide & Lea pt 2 Am Ice (i4). > Am internatl (1).... 85 Am La Fr & Foamite 2 Am Locomotive (4 105 Am Locomot pf (1 4 Am Mach & Fy pf(7) 50s “ Am Metal (3)....... 4 Am Nat Gas pf (7).. 308 Am Plano. 99 Am Plano pf .130s Am Pwr & Lt (31) Am Pwr & Lt pf (6). Am P&Lt pf A 8t(5). Am Ra&Std San 13 Am Republics Am Rolling Mill(n2) Am Safety Razor(b). Am Ship & Com. Am S8m & Ref (4). Am Snuff (133%) Am Solv & Che: " —a s @ T L S LT - T T T T T P S e Am Sugar Ref pf Am Tel & Tel: Am Tobacco pf (6).. Am Type Fdy pf (7). Am Water W! Am Wat W 1st pf(8) Am Woolen pt. . Am Writ Paper ctf, AmZinc Ld & Sm Am Zinc pt (6).. Anaconda Cop (7)... Anaconda W&C (3).. Anchor Cap (2.40)... Andes Copper (3), Armour of 111 (A Armour of 111 (B). Armour of 11l pf (7). Asso Appl Ind (4)... Asso Dry G (3%) Atch To& 8 Fe (10). Atch To & SF pt (5). Atl Coast Line (110). Atl Refining (12).... Atlas Stores (n1). Auburn Auto (J4). .. Austin Nich pr A (3) Autosates.......... Auto-Strop Saf R(3) Aviation Corp of Del Baldwin Loco (1%). Baldwin Loeo pt (7) Balto & Ohio (7).... Bang & Aroos (3%). Barnadall, A (3).... Belding-Hemingway Bendix Aviation (3). Best &Co (2)..... Bethlehem Steel (6). Bethlehem 8ti pt (1) Bohn Al & Brass (3). Borden Co (k3) e @S Srooplzl Bklyn Man Tr pf Brooklyn & Queens. . Bklyn Union Gas (5) Brown Shoe (3. Bruns Buceyrus (1)... Budd (EQ) (1)u.eee Budd Wheel (1)..... Buff & Susque pf (4). Buff & Sus pf ctfs(4) Buff & Susque ctfs, Bullard Co (1.60).... Bulova Watch (3)... Burns Bros (A) (8. Burns Bros (B). Burr Add Meh (1 Byers (A M). Calit Packing (4).... Callaahan Zine & Ld. lumet & Ariz (2).. Calumet&Hec(al%). Campbell Wyant (1) Canada Dry G A (5). Canadian Pacifio(10) Can Pacific(new)w.1 Cannon Mills Case (J 1) (6). Cateplllar Trac Celotex (3) Cent RR of Checker Cab (4.20).. Ches & Ohto Corp (3) Chi & Eastern 11l pf.. Chi Great Weste Chi Great Westn pf. . Chi M1l StP & Pae. .. Chi Mil StP & Pae pf. Chicago & N W (5).. Chi Pneu Tool. . Chi Pneu T of (3% Chi R 1 & Pac (1). Chickasha Cot O Childs Co ¢2.40) Chrysler Corp Colg-Palm-P pt (6).. Collins & Atkman. .. % Col Fuel & Iron (2). Col Gas & £1 12).... Col Gas & E1 pf A(6) Colum Graph (a28c). lumbian Carb (16) Comm Credit «2).... Comm Cred pf B (2). 4 Comm Inv Trig1.60) Comm Solvents 131) Comwlth & Sou(60e) Cmwith & Sou pf «6) Congoleum-Nair Congress Cgr (15 Consol Clgar (7). ... Consol Clgar pf (7). Consol ¥ilm «2)... .. Consol Fiim vf (2), Consol Gas N\ ¥ <4 3 Conwol Gas NY pf(§) Consol Textile. ..., ContaineriA) 11.20). : Contl Baking (A). Contl Baking «B Contl Baking pf (8 Conti Can i3%). Contl Dia Fibr. Contl Insur (3 Contl Motors Contl Ofi of Del. Cont! Shares (1).... Corn Prod (13%).,, Corn Prod pf «7).... Cotv Inc ik2) Cream of Whti123{) Crosley Radio (1).., Crown Zellerbach(1) Cructble Steel (k6), . -'uba Co. soomne Cudahy Packing (4). Curtis Publish pt(7) Curtiss Wright Corp Curt Wright Corp A . Cutler-Hammer(33) Del Lack & Wn (17) ‘Jenver & RG W pf. . Devoe& R (A) (2 40) Diamond Mateh 18) Dom Stores .20).. Dome Mines 1)..... Drug Corporatn (4). Dunhill Intl (34).... 36 557 1 134 11 15 104 97 141 12 1 a2y 1% 18 103y 5% 144 Priv-ce Notice—All l:oeh l.r:‘-..ld .I- one hundred-share lote excepting those desigua y h shows those stocks to be sold In odd lots Prev sian. Low. Closs Close | 255 318, 145 letter s (65s) (285) | Mlsh Low only. Wire Direct to The Star Office. —Prev 1930~ Stock and Bales— Dividend Rate. Add 00. 145% 1124 Du Pont de N (14.70) 49 103 100 DuquesLtistpf(8) 6 176% Kodak (18) 5 80% | 1274, 120% Eastman Kod pf (6). 10s Eaton Axle& S (3).. 29 Elec Auto Lite (6).. 68 Electric Boat. 1 El Pwr & Lt (1) 2909 El Pwr & Lt pf (7). 1 Elec Storage Bat () 15 Eng PubSveof 6).. 1 Eng Pub Sve of(5%) 3 Equit Offce Bldg (3) 1 ErfeRR........... 3 Eureka CarpCl (4).. 1 Exchange Buf (1%). 20s 4 Fairbanks Morse (3) 11 Fairbanks M pf (7).. 108 Fed Min & Sm pf (1) Fed Motor Tr (80¢). Fed Wat 8. A (e2.40) Federated Dept Stra. #1d Pho Fire 1(2.60). Firestone T&R(1.60) Firestone T&R pf(§) First Nat Strs (3%). Fisk Rubber... Fisk Rubber 18t pf. 4 Flsk Rub 1st pf ev. . Follansbee Bros (3). Foster W 2 Fourth Na Fox Film (A) (4) Frank Simon pf (7). Freeport Tex (15).. Gabriel Snub(A)new Gardner Mtor Gen Am Investors Gen Am Tnk Car(34) Gen Asphalt (4)... Gen Bronze (3). Gen Electrio (1.60). Gen Elec spec (60c) Gen Food Corp (3). &« Gen Gas&El A (e30 Gen Miils pf (6) : Gien Motors (13.30). en Motors pf (7). tOut Adv (2)... Gen Out AdV(A) (4). Gen Printg Ink(23%). Gen Real & Ut pf(6). Gen Theat Equip vte. Gillette Saf Raz(n8) Gimbel Bros Glidden Co (2). Glidden pr pt (T Gobel (Adolf) Goodyear Tire (5) Goodyear 1st pf (7). Gotham Silk Hostery Gotham pf xw (7)... 4 Graham- Py Grand Silver § (m1). Grand Unfon. ....... Granite City Stl (4). Grant (W T) «1), Grt North pf (5).... Grt North pf et (8). Gr Nor ctfs Ore Backensack W (1%) Hackensk pf A(1%). EHahn Dept Stores. .. Hamilton W pt (6).. Har Wkr Ref (12%). Hartman (B) (1.30). 11 Hayes Body . Helme (Geo Hercules Mot (1.80). Hershey Choe (8). .. Hershey Choo pf (t6) Holland Fur (et2%). Houdaille Her B(3). Houston Oil (b10%). Howe Sound (1434 Hud&Man Ry (3. Hudson Motor (5)... . 1 Hupp Motor Car (3). Illinots Central (7). Indfan Refining. Indus Ray (b6 % stk) Ingersoll-Rand (15). Inland Steel (4).. Inspiration Cop (2) Insurance 8h (4be). . Interboro Rap Tran. laterlake Iron (1) 4 Intl Bus Mach (né Intl Carriers, Ltd % . Intl Harvester (2% Intl Harvester pf(7). 1 Intl Hydro E1 A (e3) 24 Intl Mateh pt (4). 6 Intl Mer Marine (1). 5 Intl Nickl of Can(1). 805 Intl Pap & P (A)! 3 Intl Pap & Pwr (C! 1 Int] Printing Ink (3) 4 ' [ntl Print Ink pf (6).110s Intl Pap&Pwr pf (7). 1 Intl Salt (8) .es 38 intl Tel & 1), 104 Inter Dept Strs (2).. Intertype Corp (2).. Investors Equity (). Island Creek Coal(4) Jowel Tea (14)..... Johns-Manville (3).. 128'% Jones & Laugh pf(7) 5% Jordan Motor Car... 41% 28 Kayser Jullus (4) 64 8% Kelly-Spring T4 42 lly-Spring 8% pf. 3874 2 Hayes (2) Kendall Co pf(t Kennecott Cop (5). . Kimberly-Clark(13). Kinney (GR ) pf (8). Kolster Radlo. ..... Kraft PhCb (1%).. Kresge(S8)Co(1.60) Kress (SH) (1)..... Kreuger & Toll 1.60. Kroger Gr&Hak(nl). Lago O11 & Tran: Lambert Co (8)..... Lehigh Vailey Coal. Lehigh Val Coal pf.. Lehman Corporation Libbey Owens (1)... Ligg & Myers B(16) . Link Belt (2.60).... % Liquid Carbonie (4). . Ine (3 A Inc pf (6%). Loew's pf Tw (634).. Lott. Inc.. . Loose-Wiles (12.70). Lorillard P) Co.... Lorillard (P) pf (7). Louisiana Ofl....... LouG & El(A) (1%) Louis & Nash (7)... Ludlum Steel (2) Ludlum Stl pf (6%). McGraw-Hill (2)... Mclntyre Pore M(1). McKeespt T IP(Y4%) McKesson & Kob (2) Mack®*Trucks (6). ... Macy (RH)&Co(nt3) Magma Copver (5).. Mallison & Co. Manati Sugar pf Man Elec Supply Man Elev mod Man Shirt (3). Marmon Motor 5 Marshall Field (2%) Mathi May L Maytag Co (12).. Maytag Co pf (3). Meiville Shoe (2). Cop, 5 Michigan 8tl /m23%) Mid-Cont Petm (2). . Mdadle States Oll et. Midiand Steel (3)... Minn Moline Pwr. Minn & St Louts M StP & 88M pt Mo Kan & Tex (1)... Mo Kan & Tex pfi7). Mohawk Carpet. ... Monsanto Ch «g13%4 ) Montgom Ward (3). Moon Motors. Morrell & Co (4.40. . Mother Lode (40c) Motor Merer G & E; Motor Products (2) Motor Whee! « 10334 5 242% 28974 127 —— T (Continued on Page 14.) MAY_26. 1930. STOCKS IRREGULAR AFTER EARLY GAIN Advance in Morning Brings Out Profit Taking in Late Dealings. By the Assoclated Press. NEW YORK, May 26.—The new up- turn in the stock market petered out late in today's trading, early gains of 1 to 3 points in pivotal shares were erased and a handful of shares sold off 3 to 6 points. ‘The market moved briskly forward during the early hours of trading, as bulls were encouraged by the firmer tone developed late last week, but turn- ed extremely dull on the rise, and bears, who had been on the sidelines since last Wednesday, began a new drive, April railway operating income re- ports continued to appear and the latest reports detract somewhat from the improvement indicated in the first handful appearing last week. Net for the first 14 carriers to report shows a decline of nearly 27 per cent, as against an indicated decline of 20 per cent last week. A few of the carriers have failed to earn dividend requirements during the first four months of the year. But with strong cash positions and heavier traffic fairly confidently forecast for the last half of the year reductions in disbursements are not expected. Presidents Donnelly of the Northern Pacific and Williamson of the Burling- ton reported fairly good crop conditions in their territories, but few signs of business improvement. The Philadel- phia Federal Reserve Bank reported an increase of about 2 per cent in employ- ment in the anthracite coal fields in April over March, but a drop of 18 per cent from April, 1929. The Guar- anty Trust Co., in its monthly survey of business, found conditions practically unchanged and pointed to unsettled commodity prices and a high level of business failures as deterrents to im- provement. It stated, however, that the Summer seasonal contraction may be com ively mod since the sm]nl expansion was disappointingly small. On the whole, however, Wall Street remained fairly confident of the ap- pearance of decisive signs of improve- ment by late Summer or early Autumn and some commentators pointed to the history of the past business recessions to back up these expectations. Bullisk operations, nevertheless, were held in checks by the fact that trading will b suspended for the remainder of th: week at the end of Thursday's session over the Memorial day week end Furthermore, the market was still re. garded in conservative circles as work- ing within a comparatively narrov trading area. A few of the more volatile issues made wide gains. Allied Chemical anc People’s Gas sold up about 10 points and among issues gaining 4 points o more were Macy, Case, Autumn, Myers and Johns-Manville. North American Loew's, Eastman Kodak, United Statec Steel, American Can, Westinghouse Elec- mlc and Montgomery Ward rose 2 or : points. CHECK PAYMENTS. By the Associated Press. Check payments, as gauged by re- ports from leading centers of the Fed- eral Reserve system, declined 2 per cent for the week ended May 21 as compared with the previous week. The wtnrm 23 per cent less than for the corre- sponding week of 1929. Total for the comparable periods follow: Week ended May 21....8$14,335.000.000 Previous week ... + 14,546,000,000 Same week last year.... 14,530,000,000 - NEW SECURITIES NEW YORK, May 26 (#).—New se- curities offered today include: Brooklyn Union Gas Co., $18,000,000 5 per cent debentures, offered at 10215 and interest to yield 4.80 per cent, by National City Co. and Guaranty Co. BANK CLEARINGS. NN‘{EV; \‘:OII%K. May ':“B (Bpecial). g Onk clear- " Todaz, T A yesr a0 134,000,000 123,000,000 Women Sing at Execution. ‘When Samuel Cushman was executed at Belfast, Ireland, recently, for the murder of James McCann, & postman, & crowd of women sang hymns outside the prison. The prisoner’s mother, who was in the throng, fell i the hour of execution arri 108,000,000 108,000,000 x es. credit FIR'S'T Over a Third of a Century Without a Loss National 2100 THERE benefits of participation in the prosperity of America throug e ————————————————————————————————————————— REAPING THE FRUITS RELIEVED OF RESPONSIBILITY Here is one investment you won't have to watch for a drop in yield. Our 6% FIRST MORTGAGES continue 6% with positive certainty that the principal will be returned intact at the expiration of the term of the mortgage. May ‘rom $250 up. B. F. SAUL CO. IS NO SUBSTITUTE FOR SAFETY MORTGAGES throughout—and be purchascd in amounts 925 15th St. N.W. 459,000,000 | Fifteen Years to Pay THE Real Estate Loan Plan of the Metropolitan Life Insurance Com- pany is developed to enable the home buyer to pay small installments over a number of years. It takes the bur- den out of home owning. Let us explain the many advan- tages of this widely accepted plan. Consult WEAVER BROS REALTORS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company We invite applications for First Mortgage Loans on re‘iJence‘ -n(l LI“;- ness properties in the Distriet of Columbia and nearby Maryland .ulmrlu. o aner costs, Long Term ¢ if desired), Valuable Prepayment Privileges . . . . Three- year loann on newer 3% properties without amortization H. L. Rust Company : 1001 Fifteenth Street National 8100 ESTABLISHED 1889 ANNOUNCING the offering of STANUARD AMERICAN TRUST SHARES These shares provide a single medium whereby investors qu enjoy. the diversified investment in twenty-five leading corporations. The portfolio of the trust THE NATIONAL RepusLic COMPANY - consists of the following common stocks, all of which are listed and actively traded on the New York Stock Exchange: RAILROADS Axtchison, Topeka & Santa Fe Ry. Co. Canadien Pacific Ry. Co. New York Central R. R, Co. Union Pacific R. R. Co. UTILITIES Anmerican Telephone & Telegraph Co. Columbia Gas & Electric Corp. Consolidated Gas Co. of N. Y. North American Co Pacific Gas & Electric Co. United Gas Improvement Co. No stocks other than these m. INDUSTRIALS Allied Chemical & Dye Corp. American Can Co. American Smelting & Refining Co. American Tobacco Co. “Class B” Borden Company E. |. du Pont de Nemours & Co. Eastman Kodak Co. (of N. J.) General Electric Co. International Harvester Co. National Biscuit Co. Standard Qil Co. (N. J.) Texas Corporation Union Carbide & Carbon Corp. United States Steel Corp. Westinghouse Elec. & Mfg. Co. y be held in the Trust except in the event of re-capitalization, merger, consolidation, sales of assets, or re-organization by exchenge of stock. Standard American Trust Shares represent equel undivided interests in o trust of the fixed or non-discretionary type created pursuant to an agreement between Chicago Trust Company, as Trustee, and Standard American Cor- poration, as Depositor. The na nal distribution of these shares is sponsored by Lawrence Ster and Corgrany, the National Republic Company, investment affil e of The tional Bank of the Republic of Chicago, Stein Bros. & Boyce, and other banking institutions throughout the country. Descriptive circuler upon request, Chicago LAWRENCE STERN AND COMPANY * Chice STEIN BROS. & Bovyce , Woodward Bldg. - Washingten