Evening Star Newspaper, February 27, 1931, Page 13

D. C., FRIDAY. FEBRUARY 27, 193I. FINANCIAL. #5¥ A_13 ISTOCKS ARE LOWER IN QUIET MARKET Bear Traders Take Ad¥an- tage of Unfavorable News in Business World. FINANCIAL. BANKRUPTCY CURB | NEW YORK STOCK EXCHANGE URGED BY THACHER Sy e oo Solicitor General Calls Atten- tien to Growing List of Insolvencies. THE EVENING STAR, WASHINGTON, Talks to Bankers RENTAL MANAGEMENT We solicit the Rental Management of your propert: whether Apartment, Residence or Bu.lil’;uw o PROMPT REMITTANCES Our organization is complete as to securing tenants, making collections and supervision of repairs. Without obligation to you we would be glad to discuss this with you. 24-hour Telephone Service Randall H. Hagner & Company Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 ~Prev. 1931~ Note—All stocks are sold in one hundred- lots beriastl -share excepting those designated by the letter s (80s) (250s), . which shows those stocks were sold in odd lots. o e Individual sales compiled te noon—complete in 5:30 Editlon. | 7,0 g7.0 ~Prev. 1931~ Stock and Sates— Prev. p3 High. Low. Dividend Rate. Add 00. High. Low. Close. Close. 14% 9 Abitibi Pow & Paper 17 14 12% 12% 134 52 39 ADItibIP&Ppf (6). 10 48 47 4T 4T 34 25 Abraham Strauss... 2 34 33% 381 ¢ 101% 100 Abraham St pf (7).. 3208 100 100 100 23% 16% Adams Exp (1.60)... 32 23% 22 90% 831% Adams Exp pf (5). 231 21% Addressomr Co 1.40 i 5% 2% Advance Rumley... 3 E 07" 201 11% Advance Rumley pf. H With a. complete summary by O. 8 % Ahumada Lead...... 311 Howard Wolfe, cashier of the Philadel- | 109% 921 Air Reduction (+434) 4 phia National Bank, of the highlights| 10% 7% Airway El Ap (60c). developed at the two-day session, the 9% 7 Alaska Juneau (40c) second - Central Stat:s Bank Manage-| 12% 7% Alleg Corp ment Conference adjourned at the Wil- | 59% 39% Allez Cp §: lard Hotel shortly after noon today.| 182% 1531 Allied Ch & Dye (n6) About 1,100 bankers were present at| 124 122 ~Allled Ch & D f (7) the closing session. 42% 32% Allis Chalmers (3). Much more rigid legislation to curb 15 Alpha Port Cmt (2). bankruptcies was urged by Thomas D. 17% Amerada Corp (2). Thacher, Solicitor ~General of the 18~ Amal Leather pf. United States, who told the conference 54% Am Bank Note (13) that the present statutes facilitate rack- 2% Am Beet Sugar. .. lessness, gambling and fraud. In his[ ? 32 Am BrShoe (2 40). address late yesterday, he reported on| 12% 8% Am Brown Bov Elec. the bankruptcy survey undertaken last | 129% 106% Am Can (15) July at President Hoover's suggestion,| 8% 27 ~Am Car & Fdy (6). some of his findings being decidedly | 43% 29% Am Chain (3). L startling. 46% 181 Am Chicle (13). ‘About $1,000,000,000 was lost last year | 20% 14% Am Colortype (1.40). due to bankruptcies. A questionnaire| 14% 9 Am Comel Alcohol. v th 1474 9 Am Encaustic (1) sent out by the American Banke: e o e e 26% Am & For Power. ... 74 Am & For Pw pf (6). stock and Sales— Dividend Rate. Add 00. High. Low. Contl Baking A...... 32 % 28% Contl Baking B..... 1 314 Contl Baking pf (8) 10 % Contl Can (2%).. 3 584 Contl Dia Fibre (1) 15% Contl Insur (2.40) 49% Contl Motors. Contl Oll of Del. Cont Shares. . Corn Prod (133) Corn Prod pf (7). Prev. Close. Close. 28% 146% BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 27.—Whether it was the passage of the bonus bill by the House over the President’s veto, the severe break in grain, the distressing February statements of the railroads or further dividend reductions and un- favorable industrial corporation state- | ments that affected stocks today, the fact was that there was a drying up of bullish enthusiasm and the quietest ] market since the middle of the month. Attempts were made to revive issues that have been notably strong for several days, but the profit taking and vigorous selling for professiona! account, much of which came through house: that have Southern connections, check- ed such operations. The extent of the average advance recently was in itself a logical reason for a quieter and a weaker market. Bonus Action. Inasmuch as the reaction late Thurs- day coincided with the President’s veto of the bonus bill, which indicated the | amount of new financing necessary in |Total Is Now $1,798,000,000 After order to carry out the provisions of the measure, it w sumed that some of | today’s selling was based on the favor- able consideration by Congress of this bill. However, Government issues showed more steadiness after an initial decline. The situation km the grain markets was again looked upon as| 8 : p P serious, with Kansas City banks de-| N , February 27.--The manding margins on May wheat double | weekly statement of the Federal Reserve th;:"prt‘;musguqnowd- " 5 on brokers’ loans showed an increase of roa s ements lor anuary, | ¢o, 4w - SE0Gtas Tt Tnee faeEing Tom 30 G |POSNO0E00 b th week ending SR 70 per cent and additional dividend re- | 8TY 25 to a total of $1.798,000.000. THds duction, jncluding that on Gillette | Compares with a total of $1,772,000,00% Razor, gave material for the bear ele- [ for the week ended February 18, andy ment to. work on. They made some|With the low of $1,716,000,000 reported headway during the morning, but were [on February 4. On February 26, 1930, compelled to abandon their position | the low figure amourited to $3,489,000,- later in the day. 000. The early pressure was mainly against | _Loans for own the public utilities, where a_weak bull | 000,000, against position was supposed to have been |ago: loans for out-of-town banks totaled % | built up during the rise of the last few | $260.000.000. compared with $267,000.000. days. At one time there were losses | and loans for account of others amount- from the high figure of the weck ot 6 |® 000,000, against $276,000.000. points in American & Foreign Power, s W statement marks the third 3 in American Power & Light, 4 in In. | successive increase in brokers' loans. | ternational Telephone and American | Demand loans constituted $1,390,000,000 ¢ Telephone & Telegraph and 2 to 3|O0f the total t $1,364,000000 in points in Consolidated Gas, Public | the preceding <, and time loans were Service of New Jersey and North |$408.000.000 against $407,000,000. ‘American. The New York Federal Reserve redis- While these shares were declining, | count rate remains at 2 per cent. bullish operations were developing in the coppers, based on the indications of another advance in the metal. Anaconda { advanced to a new high for the year, above 43, carrying the rest of the group with_it. There was at the same time decided strength in Columbia Grapho- phone, National Cash Register, Mont- gomery-Ward and Gillette Razor. Gi. lette had lost a point earlier in the day. Prices ranged lower in active liquida- tion, following a firm opening. The turn came after the first quarter hour, and reflected, among other things, the deferring_of the dividend by Gtllette Safety Razor directors. Gillette dropped over a point at the start, though part of the loss was later re- Cream of Wht (+2%) Cr Cork & Seal 2.40. . Crown C&P pf (2.70) Crown Zellerback Cuban-Amer Suga 4 Cuban Am Sugar pf. Cuban Dom Sugar. .. Cudahy Packing (4). Curtis Publish (7). Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A.. Cutler Hammer Davison €hemical. Deere & Co (1.40) Drlaware & Hud (9). Del Lack & Wn (8 Denver & RG W p Diamond Match. . . niamond Mtch pf 115 Dome Mines (1)..... Domn Stores (1.20) Drug Corp (4)...... Dupont de Nem (4 Du P de N deb pf (6) Eastern Roll Mills. .. 4 Kustman Kodak (18) Katon Axle (1.60)... Eitington-Schild pf. Elec Auto Lite (8). Elec Boat......... Elec Pwr & Lt (1)... Elec Pow & Lt pf (6) Elec Stor Bat (5).... merson Brant A. .. ndicott-John (5)... Endicott-John pt (7) Eng Pub Sv (2.40) Eng Pub Sve pf §) 3 § 5 | Eq Office Bldg (23%). . 7 2 Erie RR rie RR 18t pf (4. ureka Vac Cleaner. vans Auto Loading. airbanks Co. . . EIEN 21% 157% ROME (*. STEPHENSON, President of tiw American Bankers’ Association, who addressed the Central States Bank Mamgement Conference here last evening' on new problems facing the banking professi Equitable Co-Operative Bldg. Assn. Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary & o ) o T TN [PE FAPQINOR-FY TIPS -JORIe: P auregey INCREASE IN BROKER LOANS $26,000,000 sociation showed that the years follow 1920 qu the last five years the nui d asset” cases has more than quadrupled. b ol Sk S and the average settiement is only 8 E M . 2 ] : 7 Am Hawailan SS... . e e SolcIB G 101 Am Hide & Leath pf. 47% Am Home Pr (4.20).. Many Bankrupt Wage-Earners. 20 Amlce (). ¥ . . g 74 AmTIcept (6).. “The n ¢t wage-earners in otey sl 1815 Am Internat (2).... bankruptcy has steadily’ tiscn from %A ANt ) e about 28 per cent of the total number e ol of bankrupts in 1910 to nearly one-half 20% Am Locomotive (2).. : : asAages 31 Am Mch & Fdy 1.40.. in the last fiscal year. In thes: wage HP L S earner cases the only real assets are bl * represent>d by the earning power of o . the ‘d-btors, but under the bankruptcy L law the creditors cannot reach earnings e or any property acquired after bank- oy e Tuptey. It s not surprising. therefore, L that in practically a of e Wi 5, 3 - eaner bankruptcies there is_nothing e e e alin Sk b available for creditors. In the cases 26% Am Roll Mill (n2) % 47 FedLe&Tr (G1%).. closed last year in 24 widely assorted 57 Am Safety Razor (5) Fed Mot Truck (10¢) districts, the assets realized in over 96 iyl i O per cent of the wage-earner cases 4034 Ao BT AR LD, L S amounted either to nothing or to less 995 An Sn AT 1AS0E e than $100. Yet in these cases the debts 129 AmSm & Ref pf (7). Fid Ph Fire In (2.60) averaged over $4,400 per case. 3% Am Soly & Chism, - .. e e “In one of the largest districts which o AT RBRBAY), . ~we have recently studied the wage- 110 Am Steel Fay pf ( Rl 2 earner debts per case averaged over 37 AL BIORE IR, e : $11,000, and we have found scattered Ton AL BoEar Ret (5) R throughout the country a number of 8 Am Sumatra Tob. st WO seler (2) cases in which the d:bts—unsecured 18% Am Tel & Cable (57, 1008 e yuiae X debts of wage-earners—ran up into the 176% Am Tel & Tel (9). 29 P e hundreds of thousands with no assets 108 <Ain TobaocOHE). e e realized. 104% Am Tobacco B (16).. 13 EFESTOIL IR (4D “The losses in these cases fall prin- 3501 ‘A th Tobdocottie). . 1 i cipally on retailers—the butcher, the 106 A Typeray e (1): 108 b baker, the dccter, the department store, 83% Am Water Wke (3).. 50 % Gamewell Co (5). the grocer and so on. Wage-earner 54% Am Wat Wks cfs (3) 3 il il bankrupts are not by any means con- 101% Am Wat W 1st pf (6) 1 Gen Am T Car (24 fined to a single class such as day 6% Am Woolen. ol e Jaborers. On the contrary the most va- 21 Am Woolen of s Sl Tied kinds of occupation are presented. s AT EinoERE BB 1T Gen Broos Here are a few samples selected at 29% Anaconda Cop (2%). 339 M- o R random from the referee’s reports: 53 Anscondn Wik C (1) STl “A raiiroad switchman, a policeman, 27 Anchor Cap (2.40) . (“ = b 06 a stoneworker, a carpenter, a garage- 13% Andes Copper (1) ... G“‘ 1-:1“ (1.6 260 y man, a fireman, a radio salesman, 8 15'% Archer-Dan-M (2).. cenx-:ecd!éw “°)~ - watchman, the manager of a restau- 60% Armour of Del pf (1) Gen Focd Corp (). 18 rant, & barber, the foreman of a ma- 3 AR o GenG&EI A (e30c). 28 chine plant, a janitor, the principal of 2 RIEFOPTHD . oo, N a school, & highway commissioner, 2 25 Axmionr GEHIDE . -- Gen Bl ( bookkeeper, the mail clerk of a hotel and 3% Arnold Constable. ST RS 50 on. 5 Artloom Corporation 100s e ok e Yoy O, 24% AssoApplInd (4)... 6 GAnBUb SIS * See Us If You Desire a Loan on Real Estate or to Take Up First Mortgage i, Subscription for the 100th Issue of Stock Being Received | | w have money available if you desire to purchase a home, refinance your present indebtedness or im- prive your property. Applications receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F St. N.W Third Successive Gain in Borrowings. - - snvedaanoTom snmane ccount were $1,267,- 229,000,000 a week First Mortgage Notes A form of security which for generations has occupied a primary position in the investment plan of wise financiers. S 8 5 110s (Note the enormous amounts now held by the large insurance companies.) e b il il Retail Radio Sales. NEW YORK, February (). —As of January 1, 15,000,000 American | homes were equipped Wwith radio sets of all types, Radio Retailing reports in its annual survey. Retail sales of radio equipment for home use last year reached a total value of $500,951,000, against an aggregate of $842,548,000 for 1929, the peak year in the industry. i Those which we are now offering to our clients are selected by officers of this Company, are secured on individual properties in and immediately adja- cent to Washington, D. C., and bear an interest rate of 67, per year. . Retirement Income Thru Guaranteed Endowment Annuity Safe, Systematic Savings Available in denominations of $100.00 and upward. 22 AssoDry G (23%). 85 AssoDG1stpf(6).. 2 Gen Ry Signal (5) “Turning to the mercantiie bank- ruptcies, we find in the 24 districts studied that in two-thirds of the cases 178% Atch To & SFe (10). 7 5 102% AtchT & SFepf (5). 1 4 Gen Realty & Utll. .. Gen Ry Signal pf ( 79 Gen Refractories (4) 53 traced. ex- United States Steel, selling dividend, was a fraction higher at the Roger M. Stuart Connecticut Mu‘ual Life Insirance Co. 105 Atl Coast Line (+10). 10 18 Atlantic Refining (1) 29 45' Atlas Powder (4)... 2 308 1 the assets befure deductifg any admin- istration expens:s ran from $1,500 down to nothing. The debts averaged over $26,000 per case. start, but later came down nearly a point from its best price of the day, to show a small net loss. Bethlehem steel, off 1%, and Vanadium, off 1%, showed the trend in the steel shares. Call money renewed unchanged at 11, per cent. During the first half- hour trading amounted to over 400,- 000 shares, compared with 700,000 in the like period on Thursday. How- ever, activity increased tremendously by that time. Gen Theater Equip.. 6 Gillette Saf Raz (4). 174 4« Gillette Saf Rpf (5). 4 Gimbel Bro e Glidden Co . 3 Glidden pr pf (7).... 208 Gobel (AdOM)...oce T Gold Dust (2%) . Goodrich (B F). Goodyear Tire (5) Gotham Silk Hosle: Gould Couple Graham-Paig Granby Consol (2).. Grand 8l Strs (h1). Grand Unfon. .. Grand Union pf (3). Granite City St (3).. Grant (WT) (1). Grt North pt (5) Grt Nor Ore (2). Grt Western Sugar. Grigsby Grunow.... 12 Gulf States Steel. ... 4 Hackensack W (1%) Hahn Dept Stores. .. Hahn Dpt St pf (6%) Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (A).. Hartman Corp (B).. Havana Electric. ... Hawalian Pineap (2) 608 Hayes Body. . s Hercules Mot (1.20). 1 Hercules Pow pf (7). 108 Hershey Choe (6).... 1 Holland Furn (12%) Hollander Sons. Houdaille Hershey. . Household Fin pt (4) Houston Ofl........ Houston Oil (new).. Howe Sound (4).... Hud & Man Ry (3.50) Hudson Man pf (5).. Hudson Motor (1) Hupp Motors. .. Tlinols Central (7) Indian Motor Cycle. Ind Motor Cycle pf. Indian Refining. . Indust Rayon (4) Ingersoll Rand (16). Inland Steel (4)..... Inspiration Copper-. . Insuranshar Del 40c. Insur Shrs Md(40c). Interb Rap Transit. . Interboro RT c.0.d.. Interlake Iron (60c). Int Agricul pf (7)... Int Bus Mach (n6).. Int Carriers (25c) Int Cement (4) Int Combustion. Int Comb Eng pf.... Int Harvester (2%). Int Hydro E1 A (e2). Int Match pf (4).... Int Merc Marine (2). Int Nickel (60c).... Int Paper pf (7).... Int Paper & Pow A.. Int Paper & Pow C.. Int Pap & P pt (7). Int Printing Ink. Int Pring Ink pf (6) Int 8al: (3). int Shoe (3).. Int Stlver. Int Silver p Int Tel & Tel (2). Inter Dept Strs (2). Investors Equity. Jewel Tea (4). . Johns-Manville (3) Johns-Manv pf (7). Kans City Sou (5). Karstadt(R) (a1.03). Kayser Jullus (2%). Kelly-Spring Tire. .. Kelsey Hayes (2).... Estalished 1646 _1126 Woodward Rlde. Phone Nat. 292 REAL ESTATE LOANS Made at Low Mnterest Rates TYLER & RUYHERFORD Applications invited on high - class apartments and dwellinzv. and particu- larly on well located busiaess properties. for 3, 5 or 10 years, if so desire 1520 K St. N.W. Naional 0475 ANNUITIES MAXIMUM SECURITY (Assets Over $600,000.000) INCOME 97 Atlas Powder pf (6). “In the face of the mounting losses 8% Atlas Stores (n1). which I have described one might have 101% Auburn Auto (£4). .. expected to find that discharges in 1 Autosales. bankruptcy would be less readily 2% Autosales pf. . 60s granted, and that debtors who came 3 Aviation Corp of Del 75 into bankruptcy with little or no assets 20% Baldwin Loco (1%). 50 left with large debts would not gen- 881 Baldwin Loco pf (7). 208 erally be permitted to go scot-free. The 6814 Balto & OR1o (1).... 10 contrary is the case. From 1903 to 1908 72% Balto & Ohlo pf (4).. 2 (the only years for which discharge fig- 104% Bamberger pf (6%). 90n ures were available prior to our stud- S8V Bing &-Aroos (3%). 2 jes) over 98 per cent of the bankrupts @ BRTRT RN, ... 208 who applied for a discharge were 54 Barker Bros pf (613) 10s granted this relief. In the two and 11% Barnsdall (A) (1)... 12 one-half years ending March 1, 1929, 65 Beatrice Cream (4).. 3 figures furnished to us by the clerks 167% Bendix Aviation (1). 81 covering the entire country show that 321, Best & CO (2)....... about 99 per cent of all bankrupts who 45% Bethlehem Steel (8). 151 applied were given a discharge.” 114% Bethlehem Stpf (7). 1 Blame for part of these conditions 24 Blaw-Knox (1%).... 7 was placed by the solicitor general upon | 20% Bohn Alum & Br1%. 3 Joose and careless credit systems, in- ©7% Borden Co (k3)..... 173 stallment selling, and “a desire to ex- 20% Borg, Warner (1)... 20 pand sales at any cost.” 1% Botany Con M (A) , Millions Lost to Business. i e o “There is evidence also,” he said, 58% Bkiyn-Man Tr (4) “that at least some installment sellers 85% Bkiyn Man Tr pf (6) . of luxuries stimulate persons to buy be- 8 Bklyn & Queens..... 5 yond their means, and collect ahead of 52 Bklyn&QuTpf (5). 6 other creditors because of superior col- 103 Bklyn Union Gas (5) 20 Jection methods, so that when the buy- 515 Bruns Ter &Ry S... 6 ers end in bankruptcy, they owe debts 14% Bucyrus (1).. for the luxuries of life and have noth- % 4 Budd (EG) Mfg. ing on hand except heavily mortgaged 9 Budd Wheel (1). luxuries.” 11% Bullard Co..... By far the majority of bankrupts, he 11% Bulova Watch (1%). continued, now go scotfree, while losses 5 Purns Bros B running into the billions are absorbed 21% Burroughs A M t1%. by business and professional men, due| 31 23% Bush Terminal (2%) 3 0 a failure of the law to provide thor- | 111% 109 Bush T BIdg pf (7).. 208 ough examination of the affairs of all| 2 1% Butte Copper &Zinc. 2 bankrupts. 1% 1 Butte& Superior. In reply to a question by the chair-| 20% 12% Butterick Co man, Robert V. Fleming, Mr. Thacher | 69% 37% Byers (A M).. stated that the bankruptcy laws are| 53 42% Calif Packing (4). much more lenient in this country than| 114 % Callahan Zinc & Ld.. elsewhere. England remedied defects| 421 36% Calumet & Arizona.. in its bankruptcy laws 50 _years 8 Calumet & Hecla. ... ago, which are now troubling the United States. Stephenson Urges Investment Care. In his address before the convention, enson, president of the ers’ Association. urged greater and greater caution on the part of banks in the selection of in- vestments. Investing is becoming a greater and greater science every year, making more research and study con- stantly ne 1435 K St. N.W. E TR ST MORTGAGES INCREASE REPORTED IN C. & P. PHONE NET January Report Shows Gain of enEeT R:%ESOF $24,770 Over Same Period AGE 65 Last Year. ¥ ¥y Sonihly 1027 duei 937 Annually Annually Annually Send Date of Birth for lustration and Information Regarding CASH REFUND ANNUITIES LE Roy GOFF 1036 Woodward Bldg., Nat'l 0310 Insurance Ezclusively for 20 Years THE SECRET OF MAKING MONEY is in the judgment exercised in making investments—and the selection of our % FIRST MORTGAGES Females Balance net income of the Chesa- peake & Potomac Telephone Co. for January amounted to $136,433, which was an increase of $24,770 over the same month last year, the report of operations, just filed with the Public Utilities Commission of the District of Columbia, shows. Telephone operating revenues in January amounted to $761,229, with ex- penses of $530,021. After deducting taxes and uncollectible, the company’s net operating income amounted o $172,597. Taxes during January amounted to $53796, which was an_increase of $5,971 over the same month last year. Capital expenditures for new plant and equipment added to the company's system in the District of Columbia in January amounted to $172,164. TOSS retirements during the month were AFptisneiiny $106,497, making net additions, $65,667. Net additions to plant for the 12 months ending January 21 amounted to JAMES F. SHEA 643 Louisiana Ave. N.W. Washington was served by 169,348 telephones on January 31, 868 having e — been added to the system during the month. Telephone users made 19,193,- 000 originating calls during the month, which was an increase of 9.3 per cent over those made during the same month of last year. B. & 0. GROSS OPERATING REVENUES SHOW GAIN |\ ,,Jj‘//”’ Under State Supervision is on the safe side. The prin- cipal is secured by conserva- tively appraised improved Washington real estate; and the truly liberal interest is definitely fixed for the entire term of the mortgage. May be purchased amounts from $250 up. . F. Gl GO Natiomal 2100 925 15th St. N.-W. Owver a Third of a Century Money on Hand to Loan on - Without a First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to 23 in 38% Can Pacific (2%). 17% Cannon Mills (1.60 91 Capital Admin A 30 Cap AdminpfA (3). 2 85 Car Clin & Ohlo (4).. 108 1% Case (JI) (6)...... 320 124k 115% 111 Case (J 1) pf (7).... 108 113% 5215 26% Caterpillar Trac (H) 20 48% 3% 2% Cavanaugh-Dobbs. .. 1 5% Celotex Co L] 4% Celotex vic ctfs. .. .. 20 Cent Aguirre As1%. 24 Century Rib Mills. .. 2215 Cer de Pas Cop (2).. 21, Certain-teed Prod. .. 17% Checker Cab (1.80).. 3915 Ches & Ohlo (2%) 40 Chesapeake Corp % Chi & Alton pf... 64 Chi Great Western. . 19% Chi Great West pt 6% Chi M1l St P & Pac. . 9% Chi Mil St P& P pf.. 33 Chi& Northwest (4) 9% Chi Pneu Tool. ..... 23% Chi PneuT pf (3%). 47% ChiR1& Pac (7). 8 ChiRI&Ppt(6)... i 94 ChiRI&Pacpf (7). 2 il lose profits that might just as well come | 23 20% Chi Yellow Cab (3).. 208 23 2 s into their tills and stay there, 1% 11 Chickasha cottonofl 2 3 ahit 39% 254 Childs Co (2.40) 4 Poole Discusses Loan Rates. 521% 26 Chile Copper (2). g2 “The Selling Price of Bank Credit in 15% Chrysler Corp (1)... 286 Relation to Its Quality” was discussed iR es & F of (8%) 7008 35 in & most able manner by John Poole, Frer e o 5% president of the Federal-American Bank Sih Cratt oty Y., 3 16% of this city and a member of the Fed- 142% Cocoa-Cola (11%)... 2 1% eral Reserve Advisory Board. Mr. Poole | '{g.. "47* Collate pal-P (2%). 1 déclared that a friend and profit must| J7s '9 Collins & Alkman. .. be made out of every bank transaction.| 33,0 21% Colo Fuel & Iron (1). The bank cannot get along without| (5° 331 Col Gas & El (2).... BRI ox Without Piolis. 108% 100% Col Gas & EI pf A (6) Mr. Poole advocated a different in- T Oor Grastesn %) terest charge for different borrowers 155 GOl R Tt ‘There are many grades of loans, he said, 18% Comel Credit (2). ... and the borrower should pay accord- 34 Comel Credit A (3). ing to the quality of the loans. “The 20 ORI TR 6-per-cent_rate was established before Bt sbiabiog g you and I were born” he asserted. ‘omm Inv Trust (2). “Higher rates should be charged on 2% Comel Inv Tr war Money to Loan Joans which have a greater risk than 82 Comel 1T cv pf (e6). , others. e e vating o 15% Comcl Solvents (31). 420 Wash. L. & Trusf 1 ®“Character, capacity and capital are § Cuwith &Bou (§0c). Joseph . Weller %0.,700 % & Ww: the cardinal principles of bank credit. - 9;2 gmwltih & S;llupt 6) 3 32% R— NATlONAL in the hands of ‘ongoleum-] ... Lib Ow Ford Glass. . . “But it meeds & good boss. 50 Robert C. Jones & Co. PERMANENT 22 Congress Cigars (4). Liggett & Myer (15). that it can always be used to the best Incorporated i L 71% Conn Ry & Lt pf 4%. Livg & Myers B (15) possible advantage.” 9% Consol Film (2).. Lima Locomot (m2). Tevi H. Morris, president of the New Shorcham Blds. Phone Met. 2022 BUILDING. ASSOCIATION INVESTMENT BANKERS 949 NINTH ST..N UNDER SUPERVISION OF U S TREASURY) 18% Consel Film pt (3 ‘)) Liquid Carbonic (4). s 214 Consol Gas “4). Loew'sInc (3)..... Jersey State Bankers' Association and | 104y 101% Con Gas of NY pf(5) Loew’s pf xw (6%) of the Newton Trust Co. Newton, N. J., % % Consol Textile Loft Inc. “Oomentt on “Payment of Interest on De- 81 614 Container A ( Your Tavesiment Broviemee on Fourteenth Page), = & 8 . 2% Container Busesseoas i Vi THERE | IS 'NO SU Stephenson stressed this ularly vital to banks doing business, He spok: on the w Responsibilities” and n intensely interesting analysis of many other present-day problems which face the banking profession. Much of his address was of a highly technical nature of interest only to financiers, John J. Driscoll, jr. of Philadeiphia presented a splendid paper on “Analy- sis Essential to Profitable Banking.” He went into most careful details regard- ing the s in which banks may make n easily lose money and the different moves which can be made that will save large sums over a period of years. He showed how man Special Dispatch to The Star. BALTIMORE, February 27.—While gross operating revenues of the Balti- more & Ohio Railroad last month showed an increase of $393,758 over December, the total was below that of January, 1930, while the net operating income was the lowest for any month since 1920, when the railroads were turned back from Government opera- tion during the war. Total operating revenues for the month amounted to $14,192,574, a de- crease of $3,227,829, compared with January, 1930, while operating expenses were $11,805,774, in which economies in operation effected a decrease of $2,127,- 933 compared with the same month last year. Net revenues for railroad overations for the month amounted to $2,386,800, which was a decrease of $1,099,896, while the net operating income after deductions for tax accruals, equipment, rents, etc., was $1,229,142, compared with $2,251,253 in January, 1930, a de- crease of $1,022,111. While all classes of revenues showed declines, freight continues to lead, show- ing a decrease of $2,693,836, compared with January, 1930. Passenger traffic was second, with a decrease of $302,864, and express income showed a loss of $112,999. There Is Economy On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. Maryland Personal Bankers, IN 8405 Georgla Ave., Silver Spring, Md. Phones Shepherd 2854-53. —in the Metropolitan Life In- surance Company Real Estate Loan Plan. We invite you to discuss with us your individual problems before financing or refinancing your home. ice President MILLARD T. DIXON Treasurer ROLAND M. BROWN Secretary DIRECTORS JOHN B. GEIER Low Interest Rates Long Term Kennecott Cop (2).. . No Life Insurance Required Kolster Radio. . Kolster Radio ctfs. . Kresge (SS) Co 1.60. Kresge (SS) pt (1).. 108 Kreuger & T (a1.60). 52 Kroger Groc&Bak(1) 209 Lambert Co (8) Leh Port Cmt (1) . Leh Port Cmt pf (7 Leh Valley Coal Leh Valley (3%). Construction Loans in Any Amount WESRB RS Washington Building Mortgage Loan Correspondent Metzopolitan Life Insurance Company "Loans made in District of Columbia and nearby r land and Virginia JOSEPH F. ZEGOW FRANCIS L. NEUBECK ALPHONSE C. HAMMER Open Daily 9 to 5 Saturdays Until Noon NAtional 1381 District 9486 4 18 127 101% 8 102% €3 2% (continued on Page 14),