Evening Star Newspaper, December 6, 1930, Page 22

FINANCIAL BANK MANAGEMENT| -~ CONFERENCE HERE More Than 1,000 Expected to Attend Meeting Feb- ruary 26-27. G _STAR, WASHINGTO NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. D. C., SATURDAY STOCHS ARE LOWER /™% Dot ISSUES INGREASE DURING WEEK: TOTAL $80.290.000 INDRAGGY MARKET s Oil Group Features Down- ward Swing—Rails Also e ¢ Pros. S Gen Elec spec (80c). 13 11% sponding week A year ago new issues |Sue offered was $5.000,000 State of Mis- Chamber - merce and its affliated membership is H Weak. notes reached $164,200.000, | souri 4 per cent road bonds, due from v ek LT oy o foarih Targeat: total Tor 1943 to 1947, These were quickly sold, | seeking to improve the methods of as- Gen G & El cv pr (6 o ® T o i ot $35,000,000 Toled. ‘mgfl;x:g‘ fisto{vegfn&‘no:y L e m—:‘rfe{e‘.e‘ml mm-uou' are ed JGi The offering of 000, oledo | this s v: s eemoern g:: glllll:::’s“ vyl prin !mm';(gi?'}fsh;r-mm,ruzs. Light & Power Co. two-year 5 per cent This Last |partly over the fiscal difficulties and Gen Mills pf (8). .. e i | notes, on @ 535 per cent basis. con-)p ey 143550500 323 sok 000 | PATHY over the community-wide eco- |, Gen Motors (+3.30) NEW YORK, December 6—In thel stitufed the largest single piece of |Eedrral mue Gredit Bic' 13000900 o2 0% nomic 4}l effects to which poor assess- Gen Motors pf (K). dullest trading since August stocks|finsncing this week. The only other |Railroad 14:280.000 ing of real estate may lead. On the Gen Pub Sve b6 % stk. ranged lower in today's week end ses- | Public utility financing was an issue | fate and municipal 140,000 fiscal side, theiv speak of litigation over Gen Ry Signal (5 g 1d S€S=| 5¢ '$8,000,000 Peoples Gas, Light and | [nqnrcial " R alleged inequalities retarding the prep- Gen R & Ut pt (e6) slon. Special pressure against the olls | Coke Co. 4!4s and 4'is, priced to yield aration of assessment rolls, of court Gen Refract (t4%) was the feature, along with sporadic |4.25 to 4.75 per cent. | injunctions restraining the collection of Gen Theatre Equip. . liquidation in the rails. Another issue of $15,000,000 Federal taxes, of budgets being thrown out of lette Saf Raz (4). Prices sagged from the start, but not | Intermediate Credit Bank 3s, due from |eign note or bond issues were mar- ol by changes in assessed valuation nbel Bros. . ¥ all groups were affected alike. Auto- [ June 15 to December 15, ‘1931, was keted, The Dominican Republic and l‘urbota‘t rates had been adopted and Gimbel Bros pf (7) mobile shares resisted well and Auburn, | marketed at prices to yleld 275 to 3| Costa Rica are reported to have made | a rrowing power artificially ex- Glidden Co (1.20) in which theie is supposed to be a per cent. Early in November an issuc | gvertures here for new loans of com-|Panded or restricted by arbitrary in- Gobel (Adolf). short interest and the stock of w SF ST00CIN0 8. D Tvent shuir-r‘i m | paratively small amounts, but it i §Isasea or decrenses of mmsemed Ve Gold Dust (234). is outstanding in the amount of only | ubligations of the bank was offered at not known that the applications wil 3 Goodrich (B F) 173475 shares, advanced against the |Par. | result in public financing. More particularly, however, these or- trend. General Motors was well sup- - CHANGE IN TAXATION METHODS SUGGESTED' Chamber of Commerce Wants to Improve System of Realty Assessment Note—AIl stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. Stock and fares— Dividend Rate. Add 00. High. Low. Abitibl Pow & Paper 2 10 10 Adams Exp (1.60)... 11 19% 18% Advance Rumley.... 8% Advance Rumley pf. 19 Ahumada Lead...... Alr Reduction (t4%) Ajax Rubber..... Alaska Juneau Albany Wrap Pape: Allegheny Corp. Allled Ch & Dye(n6) Allis Chalmers (3) Alpha Port Cmt (2 Amerada Corp (2). Am Bank Note (13).. Am Beet Sug: Am Bosch Magneto. Am Pr Shoe (2.40)... 1 Am BrSh & F pf (1) 808 Am Browr Bov Elec. 3 Am Can (15)..veee: T Am Car & Fdy (6)... Am Chain (3). Am Chicle (13) Am Com Alcohol Am Encaustic (1).... Am European Secur.. Am & For Power. ... Am & For Pw of (6). Am & For Pow 2d pf. Am Home Pr (4.20).. Am Ice (t4). > Am Interna Am Locomotive (2).. Am Locomot pt (7).. Am Ma & Fy (11.65). Am Metals&Min (1). Am Power & Lt (r1). Am Rad&Std San(1). Am Republies. .. Am Roll Mill (n2)... Am Safety Razor (5) ~PTev.1030—~ Stockana * IIC;I Low tend B Sales— . Prev. Dividend Rate. Add 00. High. Low. Olose. Close. Fuller pr of (17.94).. 30s 89 87 87 90 Gardner Motor. 1% 1% 1% 4 Gen Am Investor: big 6 29% 8 Special Dispatch to The Star. NEW YORK, December 6.—A moder-! ate increase in new bond and note | financing cccurred this week, the total [ poo. U 413 per cent equipment trust Teaching $80,200,000. Last week the | cortificates.. = State and municipal new bond issue aggregated $59.474,000, | financing amounted to only $8,040,000 and for the previous week the total and was the smallest since the we;k was $109,230,000, During the corre- |ended on October 3. The principal is- The only plece of railroad financing this week, which was also the first nce mid-November, consisted of an issue of $14,250,000 Canadian Pacific Gen Asphalt (3). 2814 Gen Bronz 8y Gen Cable. ... 11% Gen Cigar (4) 36k Gen Electric (1.60).. 159 467 By the Associated Preas. BY EDWARD C. STONE. At the meeting of the counci] of administration of the District Bankers’ Association late yesterday, it was un- animously voted to entertain the Cea- tral Atlantic Stazes Bank Management Conference in this city on Thursday and Priday, Febru- ary 26 and 27. This 1s one of the mos important _year) conferences held b members of the American Banker Asscciation and will_bring betwecn 1,000 ana 1,500 of 9 01 AT 16'% 1% o 6,000,000 2,977,000 $80,290,000 359,474,000 As was the case last week, no for- Totals . " - - PRETL P S P T T ST e-3-- PRSP o Great Western Sugar Gr West Sug pf (7). Grigsby Grunow. Hahn Dept Stor Hahn Dept 8 pf (614) Hanna pf (new) (7)., 4 Haves Body.. 4 Ilelme (GW) (17). tershey Choc (6) Washington. The conference comes under the bank management commission of the American Bankers' Association and the territory which will be represented here includes New York State, Delaware, Maryland, _Penns New Jersey, | Virginia, ‘West Virginia 'and the Dis- | trict of Columbia. The importance of e e ezl ganizations are desirous of eliminating ported and Chrysler was up at one | lips Petroleum and Standard Oil of New active members of the gioup. It is | e e s it CTIP Graham-Pal, the community-wide consequences of time. Gr North ot (5) NEW YORK, December 6 (F).— |Of real estate values and slowing down known that fourth quarter reports will | IN E ABINE'I’ BRlSISEMW- Banks, B, sup, | FiShase 4nd v home, 10 e e Bl ot : | 3 B Robert V. Fleming. independent companies there is much T o doubt about the stability of present dividend rates. Then the action of Pralrie Oil & Gas in discontinuing crude oll purchases made a bad impressicn Granby Con slipshod assessing. On this side of the Seiling in the ofls started with Phil- Great Nor Ore(1214) Jersey and eventually spread to other Over-the-counter market; e ey o e t: devi make & dismal stowing, and among the 1% o b R B Gaviaat 102% | to the loss of some industrial establish- tham Phenix ments and the failure of others to make otherwise desirable extensions of pro- ductive plants—all, they claim, because of either high and unequal assessments Fall of Tardieu Ministry Has B fanhattan ' Co Standard of New Am Sm & Ref (4).... Am Sm&R 2d pf (6). Am Sm & Ref pf (7). Am Solv & Chem Am Steel Fdy (3) Am Sugar Ref (5 Am Sugar Ref pf(7 Am Sumatra Tob Am Tel & Tel (9) Am Tobacco (5). Am Tobacco B (£)... Am Water Wks (n1). Am Woolen. . . Am Woolen pf. Am Writg Paper pf.. Anaconda Cop (234). Anchor Cap (2.40)... Andes Copper (1), Archer-Dan-M (2)... Armour of Del pt (7) Armour of 111 (A). Armour of Il (B Asso Appl Ind (4 Asso Dry G (23%). Atch To & S Fe (10). Atch To& S F pf (5), AU Gulf & W1 (3) At Refining (12). Atlas Powder (4).... Auburn Auto (§4).... Austin Nichols...... Aviation Corp of Del Baldwin Loco (1%) Balto & Ohto (7) Bang & Aroos pf (7). Barker Bros (2)..... 1008 Barker Bros vf (63) 20s Barnsdall A (2). . Beatrice Cream (4).. Beech-Nut Pkg (3).. Belding-Hemingway Bendix Aviation (1). Best & Co (2).. . Bethlerem Steel (6). 11 Blaw-Knox (1%).... Bohn Alum&Br(1%) Borden Co (k3)...... Borg Warner (3) Boston & Maine (4 Briggs Mg Co. Briggs & Strat Bklyn-Man Tr (4)... Bklyn Union Gas (5) Bruns-Balk-Col..... Bucyrus (1).... Bucyrus ev of (23). Budd Wheel (1)...,. Bullard Co.... Bulova Watch (3). Burr Add Mach (1). Bush Termimal (2% Bush T BIdg pf (7). Butterick Co. % Byers (A M). Byers (A M) pf (1). Calif Packing (4). Callahan Zinc & Ld.. Calumet & Arizona.. Calumet & Hecla. ... Campbell Wyant (2). Canada Dry G A (5). Can Pac new (23%) Cannon Mills (1.60). Capital Admin (A).. Capital Adm A pf (3) Case (J 1) (6)....... Caterpillar Trac(14) Celanese Corp. . Celotex Co.......... Celotex voting etfs. . Cent Aguiire As 1% Cerro de Pasco (4) Certain-teed Prod p: the conference is shown by ihe fact that there are 4,350 banks in the above division President Lanier P. McLachlen of the | District Bankers' Association, has ap- pointed Robert V. Fleming, president of the Riggs National Bank, to act as, chairman of the local committee to arrange the conference details. Mr. Fleming will select his assistants. He was president of the local association two years ago and at that time bank management was being given particular | stress. It is felt, however, that presen! conditions make the subject even more important this year. The convention. or conference, Was held in_ Philadelphia last year and at- tended by 1,200 bankers. It is a strict- ly_business affair and no banquet or other entertainment features are plan-, med. It will be the first conference| held here by a national association | group since 1927, when the Eastern Regional Savings Conference convened | in the Capital. Committee Members Named. Julius I Peyser, who was elected} temporery chairman of the Committee of Business and Professional Associa- tions, organized in the Senate Office Building at the call of Oscar Brinkman, secretary to the Senate Committee, 10 consider pending legislation relative to| the District of Columbi: has an- nounced that the organizations have appointed a commiitee to prepare a draft of a bill to regulate foreciosure of mortgages and deeds of trust. C. Clin- ton James, lawyer, representing the Council of Building and Loan Associa- tions, is chairman. Other members of the committee: Stanton C. Peclle, lawyer, representing the Bar Association; Alfred H. Lawson, vice president of the Washington Loan & Trust Co., representing the Real Es- tate Board: Miss Elizabeth C. Harris, lawyer, representing the Women's Bar Francis G. Addiscn, Jl’a.; Bankers' Association of the District of | Columbia; Joseph A. Burkart, lawyer. representing the Board of Trade, and | Thomas E. Lodge, representing the Fed- eration of Citizens’ Associations. The committee, in a few days, will be ready to submit to Mr. Brinkman the first draft of the said bill, $5,392,264 Being Spent Here. In a letter to stockholders, President Prank L. Dame of the North American Co. reports expenditures by subsidiaries totaling $50,398,588. Of this amount, he says, $5,392,264 is being spent on con- struction in the District of Columbia. He continues: “An addftional generating unit of 30,000 kilowatts capacity and auxiliary equipment is now in process of instaila- tion in the Benning steam electric power plant of Potomac Electric Power | Co. at Washington. Upon compl-tion, about the middle of 1931, the plant will have total capacity of 208,000 kilowatts. Construction is ahead of schedule on| the new office building, to be occupied | by Washington Railway & Electric Co. | and Potomac Electric Power Co., and| on the new clectric operating s:rvice | Chic & Alton A building and the now bus gerage. The | - Chic & Alton pf..... office building will be completed about| 5 Ches & Oh10 (23) ... February 1 and will replace the present | Chesspenke Corp (3) structure, which is to b: taken over as| Cnic Great Western. 't of the Federal Government's build- Chicago Great Wn pt g program.” Chic Mil St P & Pac.. Electric odtput of the North American Chic Mil St P& P pf, Co.’s subsidiaries for the 12 months Chi & Northwn (4) ended. September 30, 1930, showed an increase of 3.37 per cent over the out- it for the 12 months ended September g& 1929, and an increase of 16.31 per cent over the output for the 12 months ended September 30, 1928. People’s Drug Stores Outlook. M. H. Gibbs, president of Peoples’ Drug Stores, Inc, reports that the financial position of the company is now stronger than it was a year ago. In a letter to stockholders he adds: ““Although parts of the territory serv- ed by the company have experienced a severe industrial depression, the com- pany as a whole has been able to main- tain and develop its business in an order- 1y and conservative manner and has re- tained its Staff of competent employes without having to resort to reductions in rates of compensation. “At September 30, 1929, pany was operating 111 stores and at September 30, 1930. the number had been increased to 118, a net increase during the 12 months” period of seven retail stores. Although no predictions can or will be made as to the possibili- ties of the future, your officers are lookfng forward to the year 1931 with confidence and optimism." Gleaned in Financial District. Beveral special guests of honor have been invited to attend the joint dinner meeting this evening of the fduciary section of the Dist Bankers' Asso- clation and th District Life Under- writers' Association at the Willard, ‘The council of the District Bankers" Association has adopted a resolution thanking Postmaster Mooney for h:s‘ able assistance in the distribution of the | Christmas savings checks. | Invest in haste and you will have no | leisure, says a banker. So often savings | of a lifetime are invested without the investor taking proper precautions, and he wakes up to find his money gone. Then instead of & life of leisure, as he had hoped for, he must start all over again and spend the rest of his days at work with nothing but regrets to pay for his failure to follow the advice: “Before you invest, investigate.” WILL RETIRE STOCK. MACON, Ga. December 6 (#)—W. D. Anderson, ident of the Bibb Manufacturing Co., announced after a directors’ meeting yesterday the body bad voted to retire on January 1, 1931, the issue of $5.000,000 in preferred stock $he company has outstanding. ‘The par value of the stock is $100 and has been paying dividends at the rate of 6 per cent, Mr. Anderson said. The stock will be retired by paying stock- holders $103 a share, plus a dividend of $3 per share heretofore declared. — i . V. S. TREASURY BALANCE. First Nat Bero (335, 1 Fisk Rubber, % Fisk Rubber 1st pf. . 300 Foster Wheeler (2).. Fourth Natl Invest. ., Fox Film (A) (4). 66% 29% Freeport Tex (15 o [P TOTRIUTTTOTITTTON - 10+ TV P QoS I3 e 43l 106% - s L L L T~ P T S T O P R -T2 ey ors @ o City Stores (50¢) Clark Equipment Coca-Cola (8). Colg: al-P (2%). Collins & Alkman. ., Col Fuel & Iron (1).. Colontal Beacon. Col Gas & El (2 Colum Graph (a%).. Columbian Carb (+6) Comm Credit A (3), Com In Tr (g1 60). Com In T cv pf (e6). Comm Solvents (31) 21508 Comwlith & 8o (60c). 76 Congoleum-Natrn... 10 Consol Clgars (6) . 1 Consol Cig pr pf 6% . 6908 Con Cig pr pf xw 61 . 608 Consol Cigar pt (1)..100s Consol Film pf (2) 2 Consol Gas N Y (4).. 109 105% Cons Gas N Y of (5). 2 Conzol Textiie. ..... Contalner A (1. Contl Baking A Contl Can (214).. ... Contl Dia Fibre (1).. Contl 1nsur (2.40)... - [ --%82 the coms 22% 521 Tl 378 Contl Shares (1) % Corn Pr Ref (14%).. Crown C&S pt(2.70). Crucible Steel (k6). . Crucible Steel pt (7). Cuba Cane Prod. Cuba Co Cuban-A Cuban Dom Sugar. Cudahy Packing (4). Curtiss Wright Corp Curtiss Wr Corp A.. Cutler-Ham (3% )... Davison Chemical. .. Delaware & Hud (9). Del Lack & Wn (7). Devoe & Ray (1.20).. Dia Match ctfs (8) Dome Mines (1)..... Dom Stores (11.20).. Drue Corporat (4). . Du Pont de N (14.70) Eastern Roll Mills. . . Eastman Kodak (18) Eaton Axle &S (3).. Elec Auto Lite (8)... El Pow & Lt (1 El Pow & Lt pf 1 Storage Bat (6) PO RR. .crvene.. o Erie RR 2d pf (4)... Evans Auto Loading. Fairbanks Co pf. Fairbnks Morse 1.60. h.on Purk Asso.. Y Fed Motor Tr (80¢ toms receipts for the month to dats ‘were $9,407,085.92. Total ordinary ex- penditures, $12,302,532.10, 7 Intl Combustion..... 2 Hersh Choe pt (5 Hoe (R) & Co.. Hollnd Furnace Hollander Sons. Houdaille Hershey Houston O1l (b10%). Houston Of1 (new). . Hud&Man Ry (3.60). Hudson Motors (3).. Hupp Motors. ....... Illinots Central (7) Illinois Cent pf (6) Indian Motor Cyel Indian Refining Indian Refining . Ingersoll Rand (16). Inspiration Copper. Ins ctfs (Md) (60c).. Intercont Rubber Interlake Iron (1). Int Agricultural, Intl Carriers (25¢ Intl Cement (4) o o pmeaBanosnlnme PAcHamaTmANN » Intl Harvester (2%) 186! Intl Hydro E1 A (e2) Intl Match pf (4). ... Intl Mer Marine (2).. I[ntl Nick of Can (1) Intl Paper & Pwr A.. Intl Pap & Pow (B).. Intl Pap & Pow (C).. Int Rys Cen A pf (5). 20s Intl Salt (3)... 1 Intl Stlver pf (7) Intl Tel & Tel (2) Inter Dept Strs (2).. Int Dpt St pf xw (7). 208 Investors Equity (2) 5 Johns-Manville (3)., 7 Johns-Manv pf (1).. 108 Jordan Motor Car. 2 Kans City Sou pf (4) 2 Kelsey Hayes (2)... 2 Kelvinator Corp ... 15 Kend Co pf (16.37).. 1108 Kennecott Copper(2) 45 Kinney (GR) pf (8). 10s. Kolster Radfo....... 17 Kolster Radio ctfs Kresga (SS) Co 1.60.. Kress (SH) Co (p1). Kreug & Toll (1.60). Krog Gr & Bak (nl).. Lambert Co (3) Lee Rubber & Tir Lehigh val (t43). Lehman Corp (2) Libbey O Ford Glass. Lig & Myers B (16) Lima Locomotive. ... Liquid Carbonfe (4) .. Loew's, Inc (t4). Loftinc..... Long Bell Lumb (A). Loose-Wiles (12.90). Lorillard (P) Co. Louisiana Ofl. . Louts & Nash (7).... Ludlum Steel McCrory pf (6) Mcintyre Pore M (1) McKeespt Tin P1(16) McKesson & Rob (1) McLellan Store: Mack Trucks (4). Macy & Co (nt3). Magma Cogper (3) Mallison & Co ..., Marine Mid (1.20). Market St Ry MarHn-Rock (t Marmon Motor Car. Marshall Fleld (2% Mathieson Alkall (2) May Dept Str: 2).. Mexican Seaboard. .. Michigan Stl (h2%). Mid-Cont Pet (2).... Midland Steel (2) ., Mo Kan & Tex (3). Missour! Pacific. .. Misaour! Pac pf (5) Montgomery Ward s © oorBnmns Murray (B)(2% & Nash Motors (4). Nat Acme (1% ) Nat Biscuit (13.30) t Cash Reg A (14) Natl Dairy (2.60).. Nat Dept St 1st (1) NatDist Products(2) Nat Lead (18)....... Nat Lead pf (A} (7). Nat Pow & Lt (1) Nat Radfator. Nat Ry Mex 2 Nat Steel (2). Nat Surety (5 Natl T vada Copper (1) O Tex & Mex (7).. Y Afrbrake (3.60). Central (3).. H&Hopt (1., nt & Western. . Norfolk&West (112) N N N N N N N N N Y Y Y ¥ Y % Northern Pacific (5). Ohio O1l Co (2 Oliver Farm E Oliv Farm Oliver Farm Omnibus Corp, Ouls Elev n (2%) Otis Steel. Pacific Gas & EI (2). Pacific Mills. Pac Tel & Tel p! J Packard Motor (60c) Pan-Am Petrol (B), Panhandle P& R.... Param’'nt Publix (4) Park Utah Pathe Exchan, P Patino Mines. ... Peerless Motor Car % Penn Dixie Cement, Penna KR (4)... Peop Drug Strs (1) Petrol Corp (1% ) Phelps Dodge (2 Phila Co 6% pf (3) Phila ReadT & 1. Philiips Petrol (n2). lerce O11 Pierce Ol pf. Pittsburgh Coal pf... P RAmTob (B).... Prairle Oll & Gas (2) Prairte Pipe L (15).., Proct & Gamb (2.40). Prod & Refine: Prod & Refiners pf. Pub Sv N J (340) Pub 8v N J pt (5) Pullman Corp (4) Punta AlegreSugar Purity Bakeries (4).. Radio Corp 14| Augusts & Sa; Interiype Corp 1 "Do. "8 pld . | Invest Fund of prd .. [ Manufactur. Jersey cut the piice of bulk gas, which was another un- favorable development. The ralls were not as active as on Friday, but they displayed little or no rallying power. St. San Fran- cisco made another new low, the mar- ket forecasting a cut in the dividend rate on the common stock. Erie com- mon was in supply and drifted down to the lowest of the year. Other rail- road shares were affected more or less, with Chesapeake & Ohlo making bet- | ter resistance than the average. Standard industrials moved irregularly with, however, more losses than gains. United States Steel, American Can, General Electric and Westinghouse were off fractions to a point. Crucible Steel reacted, reflecting expectation of lower net in the last three months of the vear and the possibility of & re- duction in the dividend. That there was no more activity ac- companying these declines and the gen- eral atmosphere of gloom testified to the thorough liquidation the market has already experienced. The downward movement brought out no great amount of stock. The other side of the case is the aimost complete absence of out- side buying interest. CHAIN STORE ADOPTS NEW COMMISSION SCALE | Stores which are planning to revise their sales quotas or commission sys- tems for the coming year will be par- ticularly interested in the plan receatly | put into effect by a large chain of men's clothing stores in New York City where- by salesmen in the clothing sections re- celve 4 per cent on sales under $60,000 a year and 8 per cent on everything above that figure, as reported in the current Retail Trade Bulletin of the Alexander Hamilton Institute. Sales- men in the men’s furnishings depart- ments receive 6 per cent on sales under a total of $35,000 and 8 per cent after that figure has been passed. Formerly the rates were 4 and 6 per cent, respectively, without any drawing account, commissions being figured up to the close of business on Wednesdays and paid on Saturdays. Under the new plan, the rates change to 8 per cent when the quota is reached and the ex- tra_commission may, if the salesman wishes, be set aside and paid in bulk at the end of the year. BA_W SILK FUTURES. NEW YORK, December 6 (Special). —Reflecting disappointing cables, with Yokohama off 7 to up 1 and Kobe 3 higher to 15 lower, raw silk futures to- day were unchanged to 7 points lower. Buyers and sellers were from 5 to 10 cents apart. Houses with uptown con- nections, the trade and commission houses offered, with the bidding rather scattered and mostly for dealer in- terests. Domestic news lacked feature | and the trade seemed to feel that the market would go lower. PARIS BOURSE PRICES. PARIS, December 6 (#).—Prices were weak on the Bourse today. ‘Three per cent rentes, 86 francs 95 centimes. Five per cent loan, 101 francs | 7 centimes. { Exchange on London 123 francs 61 | centimes. The dollar was quoted at; 25 francs 45! centimes. Foreign Minister Resigns. BUDAPEST, Hungary, December 6 ().—Dr. Louis Walko, foreign minister, yesterday obtained leave from Premier Bethlen to retire and will be succeeded by Count Julius Karolyi. DIVIDENDS.DECLARED NEW YORK, December 6 (#).— Regular, Pe- Pay- Hold Company. Rate. riod. able. ~rec Allied Tel Ut $1.75 pt 43340 Q J De AlumGoods Gt Am & For . 6% D! Am Yveite ptd v R'R 52 Brew Co Can, Ltd pf 62! Canad_Fairb 'Mor pf § Chi Flexible Shaft ... N Sh&MRR pr in’ §1. Circle Thea Corp . Cit Bk & Tr, Savanna ity Bi & T Hart Cmwih_ Util D Do. pfd B IO -, AN S R O B E R RS R me S P S mbagile, Geil e Am “Dep Rec bearer shares 9.3 Con M & S of Can Det Ma) Prod pt Dominion Textile Fam Players Can . Fanny Parm Candy s Great ‘Lukés “Towins: durd Hin Do. pfd o o Parbioed My i Jamaica Pub 8 pfd Kaynee Co i 55 e S SE eSS s Ras e e SannEEErEse e A3 eI U B3t et BresRSEEY Augusta & Sav R R Comwih Uil el A. . Class B len’ Cove 'Tr | aypee Co - arlin Rockwell . ielson Baker & GO | governor of the Bank of Ini Acadia Sugar Ref pfd Increase Cent Tr, Cambridge Resumed. Mt Royal Hotel 8% pf..52. Omif t Invest 8%% ptd $2.75 BA BT AT B0 S Little Effect on Securi- ties List. BY CHARLES F. SPEARE. Epectal Dispatch to The Star. NEW YORK, December 6.—The fall of the Tardieu government in France has had slight effect on French doll securities listed in the New York ma ket. Aside from a fractional decline in the government 71, per cent loan, French issues held up with the same steadiness that they had exhibited dur- ing each one of the political and bank- ing crises that have occurred in France during the year. At the time of the outbreak of bank- ing failures in France last month, there was some feeling in investment circles here that French dollar loans might be sensitive to these developments, but they went their normal way with less than a point decline in the entire group. The slight reaction that occurred in them gave the French government fur- ther opportunity to retire its external debt, which is now at the lowest point since the war. Weakness in Sterling. Of more interest to American bank- ers than the political upset in France is the condition reflected in the weak: ness in sterling exchange. Assoclated with this is the steady increase in the Bank of France goid holdings at_the expense of the Bank of England. Dur- ing November about $30,000,000 was shifted from London to Pars. Unl the situation in the exchange market | is corrected, there will be further | drafts on_the English bank by the Bank of France this month, | A significant_item in the Bank of | France statement this week is the in- | crease of 200,000,000 francs in its sight | balances abroad. This suggests that | French bankers have been buying ster- | ling in order to support that market. Sterling bills in Paris this week have been at the lowest for a long time, | Cables today from the French capital indicated that Montague Norman, England, will confer this week end with Gov. Moret of the Bank of France, pre- sumably on the matter of exchange and gold movements. Banker Conferences. ‘This question was one that occupied | a considerable part of the time which Gov. Harrison of the New York Fed- | eral Reserve Bank gave during his re- | cent trip abroad to international money conditions. The fact that both | Owen D. Young and J. P. Morgan at- | tended Thursday’s meeting of Federal | Reserve directors in New York gave | added importance to reports that some | plan of procedure, by which the French and English’ situation may_be assisted, is being worked out here. Mr. Harrison also was in_conference with | both Mr. Ycung and Mr. Morgan dur- ing his visit to London ahd Paris. | A strong effort is being made to force France into the field of interna- tional investments and to make use of some part of her huge stock of un- employed gold. The fact that France | | has had more serious banking troubles | lately than other European countries, | in spite of her extremely low discount rate and -steady accretions to her gold holdings, has been a surprise to bank- ers elsewhere and seems to confirm the | opinfon that national politics have been mixed in too closely with banking | flairs, 5 (Copyright, 1930.) DIVIDEND FROM SURPLUS. ,TIMORE, December 6 (Special). e Postal Telograph & Cable Cor- poration, which was formed under the laws of Maryland in May, 1928, by the International Telephone & Telegraph | Co. to bring into one organization the various Mackay companies, in declaring the last quarterly installment on the 7| per cent non-cumulative preferred stock, | announced that this payment has been | met out of paid-in surplus. Future divi- | dends, the directors said, will have to depend on earnings. For the first nine months of 1030 net income, after providing for bond interest, available for dividends on- the 305,295 shares of preferred stock out- standing amounted only to $219,063, whereas dividend requirements for’ the period were $1502798. Earnings for the nine months were at the rate of 72| cents a share on the preferred, com- pared with $5.80 reported in the same | period last year. 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SHINGTON D.C. or because of uncertainty concerning agencies emphasize that they are not seeking preferential ssment status for business and in- that they are not desirous of obtaining illogical tax exemptions for xisting or prospective business enter- Quite to the contrary, they say nt only sound and equitable as- sessment systems and are desirous of such systems may be ob- Office Building Property