Evening Star Newspaper, March 16, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. AMERICAN BUILDING OPENS NEW HOME Many Visit Spacious Quar- ! ters and Praise Initiative of Association. . BY EDWARD C. STONE. Many business men, bankers and Yegular patrons visited the new home of the American Building Assoclation, which was thrown open to the public at ton Pennsylvania avenue southeast for time today. The public is B to Vislt the_new i again tomorrow, officials having planned open house for two days. The new quarters appeared to fine advantage today, a great many favorable comments being received. The bullding is a distinct addition to the business structures in that part of the city and exceptionally ‘well arranged for the conducting of the company's business. Many officers and directors of th assoclation were present today to wels come visitors, the company’s official roster including William A. Hettinger, president; George W. Slater, vice presi- dent; Charles H. Kindle, secretary; Guy M. Neely, treasurer; Francis E. Smith, Charles ‘Kattelman, Julius Egloff, John E. Mergner, Clarence F. Donohoe, Chat- ham M. Towers, Thomas S. Sergeon and Charles A. Rossiter, directors. Insurance Leader Coming Here. Leon Gilbert Simon, president of the New York City Life Underwriters’ Asso- ciation and an agent of the Equitable Life, will address the local Underwriters’ Association next Thursday, noon, at the Hay-Adams House, according to an- nouncement by John H. Snyder, the president. Mr. Simon has written sev- eral text books on insurance, is a large producer himself and is an unusually good speaker. Presidént Snyder btl\eve.l the March meeting will be one of the best of the year and that the head of the New York underwriters’ organ- ization will have a great deal of interest to say to the Washington association. New Credit Agreement Reached. An eement between the National of Credit Men and the Asso- clacion Nacional de Credito of Cuba, whereby all credit information gathered by the Cuban association is m-de avail- able to American firms selling in the Cuban market, was announced today by wumm 8. Swingle, director of the for- ign department of the National Asso- tll'.lon of Credit Men, through the Washington office. Under the agreement, American firms may be admitted to full membership in the Cuban association, a privifege which has hitherto been restricted to firms actually resident in Cuba, B'ln‘le said. “This new development is llnifl- cant one for our trade with Ouhn e said. - “It makes available to the Ame'r- ican exporter detailed credit informa- tion on approximately 32,000 buyers in the Cuban market. The data includes both K experience and antecedent information gathered by the Cuban association during the several years that it has been functioning.” Spring Bank Call Due Soon. The usual Spring bank call issued by the controller of the currency, John W. Pole, is expected to come along on some date dur]tn;mthe latter part of March or very early in April. Much interest is already being mani- fested as what the nll will show re- bank deposits in Washington. caused wide satisfaction among ington bankers, although interest rates have not been quite so pleasing. Payment of inwms taxes will pull down local bank az:-m somewhat, but it 15 believed that it totals will be satisfactory. Reports from New York pesits in there is no to be depended upon as is the case in ‘Washington. Virginian Gets 1. C. C. Permit. The Virginian Rallway has been lumri-dbyunlnu u‘(l:ommer:e‘ Commission to operate over miles Michigan Rallroad, & bridge was recently constructed along with a short rail extension to afford a connection between the Vir- ,lnfln and the New York Central affi- te which opened a Western outlet for a coal originating on the Virginian and conversely, puts the New York Central into tidewater at Norfolk. Railway Common Sells at 425. Washington Railway & Electric com- mon stock lppenred on the local Ex- change board today for the first time in many weeks, when four shares sold at 425 a share. The rest of the trading was confined to nds Capital ’l‘nction 5s moved at 811 and 81. Washington Railway & Electric ds came out at 883, and Washington Gas 6s, Series A, sold at 1013 After call several lddmonll sales in Capital Traction 5s were recorded, the market in these bonds closing at Bl‘/‘ higher than the opening. Heard in Financial District. 1. A. Fleming, “the grand old man of financial journalism,” reached his home in Washington yesterday after passing the Winter in Florida, at Hotel India- lantic, in Melbourne. Mr. Fleming is in good health and will be glad to see his friends again, He was consideranly disappointed in the lack of sunshine in Florida this year, nothing like so much cold weather having been experienced at the Winter resort in many years. ‘The Pittsburgh & West Virginia Rail- way has asked Interstat> Commece Commission’s approval to issue $4,700,- 000 4%, per cent short-term note to be secured by pledging first mortgage 4% per cent series bonds which it was re- cently authorized to issue. Maryland Commercial Bankers, Inc., has declared the regular semi-annual dividend of 35 cents on the preferrcd stock, payable April }5 to stock cf rec- ord March 31. Officials of Sears, Roebuck & Co. de- nied reports printed in Chicago that the company is planning to change the location of its retail stores from the | outlying districts of various cities to their central shopping districts. The Federal Trade Commission has [ set March 31 as the date on which it will hear the representatives of the | petroleum industry who have requested | that their marketing code be not | changed. The Maryland Trust Co. has declared | the regular quarterly dividend of 40 cents, payable March 31 to stock of rec- ord March 20. Walter 8. Marvin, who retired as a partner of Hempbill, Noyes & Co, in 1929 to devote his time to aviation, has | returned to Wall Street and is being | admitted to general partnership in the | firm of Foster, McConnell & Co. ——e. MARYLAND TOBACCO PRICES. BALTIMORE, March 16 (Special) — ‘The Maryland lell bacco market Trece] o 0” and sales of uvm, n *$25.50a835; ground lelven, nominal; upper coun- try Burley, § 28% 9% %" 109% 10% 9% 12% 591 182% 20 129% 38% T30 ADItIHIP&P DL (6) 44% in one hm-lhll' by the letter s (80s) (2508), shows those stocks were sold in odd lots. noon—complete in 5:30 Editlon. Sates— Prev. w. Dividend Rate. - Eh. Low. Close Close. % 9 Abitibi Pow & Paper. 1K e Adams Exp (1.60)... 12 21% 21% 21 21% 21% Addressogr Co1.40.., 1 28 23 22% 5% Adv Rumley (new).. 13 10% . 10% % Ahumada Lead g e % 9234 Alr Reductlon (f4%) 6 103% 102 7 Air Way Elec Appl... 6 T T 7 Alaska Juneau (40c). 12 8% & 7% Alleg Corp. .. w8 9% 39% Alles Cp 330 ww 5% 49% 147% Allied Ch & Dye (n6) Allis Chalmers (3). Amal Leather pf. 106% 27 4% 29% 38% 534 9 19 26% 85% 6714 1% 1015 Am Hide & Leath pf. 47% Am Home Pr (4.20).. 23% AmIce (3).... 18% Am International Am Locomotive (2) Am Mch & Fdy 1.40.. 25 Am Mach & Metals. 1 Am Metal Co..... 3 ‘Am Nat Gas pf (7)..3508 Am Pow & Lt (21)... 1 Am Pow & Lt pf (6) .. AmP &L pf A st (5) Am Rad & St San (1) Am Republies. ...... Am Rolling Mills. Am Safety Razor (5) Am Sm & Ref (4).... Am Sm & R 24 pf (6) Am Snuff (13%).... Am Steel Fdy (3).. Am Stores (12%) Am Sugar Ref (5)... Am Sugar Ref pf (7) Am Water Wks (3).. Am Wat Wks cfs (3) Am Wat W 1st pf (6) Am Woole: Am Woolen pf... Am Writ Paper etf: Anaconda Cop (2%). Anaconda W& C (1). Anchor Cap pf (6%). Archer-Dan-M (2). Armour of Il A Armour of Ill B Armour of Il pf Atch To & 8 Fe (10). Atl Gulf & W I pf (5) Atlantic Refining (1) Atlas Stores (nl)... 217% 101% Auburn Auto (£4)... 238 21 % 27% 04 8% m 103 Bklyn Union Gas (5) 1k-Col 10&% 100% Col Gas & E1 pf A (! Austin Nich pr A (3) Aviation Corp of Del Baldwin Loco (1%).. Baldwin Loco pf (7). Balto & Ohio (T).... Balto & Ohio pf (4).. Beatrice Cream (4) Beatrice Cr pf (7)... Bel N Ry pt pf 16.51.. Bendix Aviation (1). Best & Co (2).....00 Bethlehem Steel (6). Blaw-Knox (13%).... Bohn Alum & Br1%. Bon Ami (A) (4). lm Borden Co (k3). 20% Borg, Warner (1).... 16% Briggs Mf (11.62%). uvg Briggs & Strat (2)... Brockway MotJrk. su Bklyn-Man Tr (4)... 14% Bucyrus (1). 25 Buecyruscvpf (24)« 4 Budd (EG) Mfg. 9 Budd Wheel (1) H 1000010 1t bt 1 1 » 37% Byers (A M), 99% Byers (A M) p! 1) = s - % ‘tai; 12 Checker Cab Mfg. 39% Ches & Ohlo (2% 40 Chesapeake Corp (3 % Chi & Alton. . 6% Chi Great Western. 19% Chi Great West pf. 5% Chi M1l St P & Pac. .) 9% Chi M1 St P& P pf.. 33 Chi & Northwest (4). 914 Chi Pneu Tool..... 47% Chi R 1& Pacific (5). 26% Childs Co (2.40). 15% Chrysler Corp (1. 35% City Ice&Fuel (3.60). 7% City Ice & F pf (l’h) 2% City Stores.. 50% Coca-Cola A (3). 47 Colgate-Pal-P (2%). 9 Collins & Atkman. .. 217% Colo Fuel & Iron (1), 33% Col Gas & El (2). - o = IR - 7% Col Graphoph (a 73% Columbian Carb (16) 18% Comel Credit (2 34 Comel Credit A 76% Comcl Cred 1st (63) 25 Comm Inv Trust (2). 82 Comcl IT cv pf (e6). o =g EXS- TN T - PSR- P TRIRITTS PYST TN P2 TP » S 108% 108% Comel Inv Tr pf (7)., 108 bl 104% 2% 1% 8% 3 30 3% 1% B9 B1% 154 Comm Solvents (1) 8 Cmwith & Sou (60¢! 91% Cmwlith & Sou pf (6) 6% Congoleum-Nairn. 26 Consol Cigars (6) 9% Consolidated Film. 15% Consol Film pf (2). 82 Consol Gas N ¥ (4).. 101% Con Gas of NY pf(5). 34% Consol RR C pt (6) % Consol Textile. 5 Container Corp (A) 2 Container B... 17% Contl Baking A 23 Contl Baking B. . 67% Contl Baking pf (3) 47 Contl Can (2%). Contl Insur (3.40). 2% Contl Motors 9% Contl Of) of Del &i5 Cont Shares. ., 76 Corn Prod (1314) 1467 Corn Prod pf (1) 8% Coty Inec... 27 Cream of Wht (12%) 81 CrCork & Seal 2.40.. 4 Crown Zellerback. 1 103 Crucible Steel pf (1) 200 8 Cuban-Amer Sugar. % Cuban Dom Sugar. 35 CubaRRDf(6). 41 Cudahy Packing 89% Curtis Publish (17).. Wright Corp 26 3 Drlaware & Hud Del Lack & Wn ( 14% Diamond Matel 24% ODlamond Mtch pf 1% 61% Drug Corp (4). 83% Dupont de Nem 118% Du P de N deb pf (l) 143% Eastman Kodak (18) 50% Elec Stor Bat (5) 1 Emerson Brant A. 30 Endicott-John (5)... 38 @ng Pub8v (2.40)... 93 Eng Pub Sve pf 6) was % Jordan Motor Car... m“l 30% Eq Ofllca Bld: (Hfi). 1 Evans Auto Loading. Fairbanks M pf (7).. 208 Fed Lt & Tr pf (6).. 20s Fed Wat Sv A (2.40). Federated Dept Strs. Fid Ph Fire In (2.60) Firestone T&R (1).. First Nat Strs (2% ). Fisk Rubbe Fisk Rubber 1st pf.. Florsheim Sh A (3).. Foster Wheeler (2).. Fourth Nat Invest. % Fox Film A (4). Freeport, Tex (4).... Gabriel Co A.. Gen Am Tank Car(4) Gen Asphalt (3).. 4 Gen Bronze. Gen Cable. Gen Cable pf (1) Gen Cigar (4). Gen Cigar pf (7) Gen Elec (1.60). Gen Food Corp (3).. " Gen G & El1 A (oloe). Gen Motors (3). Gen Motors pt (5) Gen Outdoor Adv. Gen Out Adv A (4) Gen Ptg Ink (23%4) Gen Pub Sv b6% stk. Gen Ry Signal (5)... Gen Realty & Utll. .. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Raxor... S T U Graham-Paige Granby Consol Grant (W T) Grt Nor Ore (2). Grt Western Sug: Grigsby Grunow. Hackensack W ( Hahn Dept Store: Hanna pf (7).... Hartman Corp (B).. Hayes Body...... Hercules Mot (1.20). Hershey Choe (5)... Hersh Choc pf (5).. Holland Furn (12%) Hollander Sons...... Houdallle He: lhey. . Household Fin pt (4) Houston Ofl....e0uus Houston Oil (new).. Howe Sound (4).. Hud & Man Ry (3. 50) Hudson Man pf (5).. Hudson Motor (1)... Hupp Motors. .. Illinots Central (7).. Indian Motor Cyel Indian Refining. Indust Rayon (4 Ingersoll Rand (16). Inspiration Copper.. Insuranshar Del 40c. Insur Shrs Md(40¢c).. Interb Rap Transit.. Interboro R T c.od... Int Bus Mach (né) Int Carriers (25¢)..« Int Cement (4)... Int Combustion. Int Combust pf ctfs.. Int Harvester (2% ).. Int Hydro El A (e2), Int Match pf (4).... Int Merc Marine (2) . Int Nickel (80¢)....: Int Pap & P pf (1)... Int Salt (3)... Int Tel & Tel (2) Intertype Corp (2) Jewel Tea (4).. Johns-Manvilie 3. Jones & Laug pf (7). » 8 S R O N ORI NN BN D BN BN A AN TN BTN R i TR0 AN » S - = - s Kayser Jullus (2%). Kelly-Spring Tire. Kelly-SpiT 6% pf Kelly-Spr T 8% pf. Kelsey Hayes (2). Kelvinator Corp. Kennecott Cop (2) Kinney (G R) pf (8). Kolster Radlo. . Kresge (SS) Co Kreuger & T (a1.80). Kroger Groc&Bak(1) Lambert Co (8). Leh Valley Coal Leh Val Coal pf Leh Valley (2%) Lehman Corp (3). Lehn & Fink (3) Lib Ow Ford Gla: Liggett & Myer ('5). Lizg & Myers B (15). Lima Locomot (m2). Liquid Carbonic (4). Loew'sIne (3)...... Loew's pf xw (6%).. Loft In Loose-Wiles (12.70) Lorillard (F) Co...s Louis & Nash (7).... Ludlum Steel. - McCrory A (2).eeees McCrory B (2)....00 McGraw-Hill (2).... Melntyre Porc M (1) McKeespt Tin P(15). McKesson & Rob (1) McKes&Rob pf(3%). McLellan Stores. Mack Trucks (3) Man Elev mod g (ll) Manhat Shirt (1).... Marine Mid (1.20)... Marshall Fleld (2%) Mathieson Alkall (2) May Dept Strs (234). Mexican Seaboard. .. 1% Miami Copper....... Mid-Cont Pet (2).... Midland Steel (3).... Midlanad Steel pf (8). Mo Kan & Tex (a3).. Mo Kan & Tex vt (7) Missouri Pacific. ..., Missour! Pac pf (5). Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward. . Mother Lode. . . Motor Products (2).. Motor Wheel 1% ) Mullins Mfg. . Mullins Mfg pf (7).. Murray Corp..c.eeese Nash Motors (4) Nat Acme (80c). Nat Bella Hess. ... Nat Biscult (2.80) Nat Cash Reg A (3). ¢ Pow & Lt (1)eew Radiator. Nevada Copper (1).. Newton Steel....... N Y Chi & St L pf (6) N ¥ Invest (1.20). @ Northern Pacifie (6) Ohlo Ofl (1).. E 8 FTT TR LT P T CIITEI Outlet Co (... Owens 111 Glass Pacific Gas & El (2 Pacific Lighting (3 6 Pacific Tel & Tel ('l) 130s Pack Mot Car (60c). 95 Pan-Am Petrol B. Panhandle P & R Paramount Pub (4 Park Utah Parmelee Tr: (Continued on Page 00. High. 81% 31 3 4d% 1007 80 168% 9% 8% 8% 30% 20% 170 11% 5% 1% 52% 75 100’4 8% 24 29% 20% 5 168% 8% 8% 20% 29% 168 11 52 30 17% 52% 72% 121% 121% 1 K3 49% 15 P 28% 33% 49% 1% 27T% 265% 32w 924 % 1044 104% 200% 199 9 £6% 36% b | “n 2 3% 8% 83% 653 16% 661 54 b 634 55 87 52% 64% 9% 34% 3 43% 2 3% 14, STOCKS GO HIGHER volatile INDRAGGY MARKET £ *|Rails Prove Exception to Trend—Gains Are Very Small. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, March 16.—Except for the railway shares, the price movement in today's stock market session was toward higher levels, but the gains were small in amount and not uniformly dis- tributed. Railway stocks were dull and frregular, with traders awaiting divi- dend developments. Public utilities were the leaders dur- ing the morning session, as they had been last week. In the present purely professional market operators working on the side of the advance confined their attention to two groups, the elec- tric light and power st and the lower priced industrials, The former have the advantage of a favorable earn- ing background and dividend rates about whose maintenance there is no doubt. The low-priced stocks are con- sidered to be thoroughly deflated and speculation in them is attended by little risk and is unhampered by short selling. Market Features. Consolidated Gas, Public Service of New Jersey and Brooklyn Union Gas made the largest gains during the morning hours. Better prices were seen for American Water Works, American Power & Light and Standard Gas & Electric, although the activity in none &fsu'.hele ‘was c!;'rlnpi.rlble to that in the les representing the proposed East- ern Seaboard power hook-up. The lower priced stocks which were prominent on the tape today included Columbia Grlphophone bought on mer- ger reports; Radio and some of the amusement shares. Fox and Loew's were in demand at intervals. Westvaco g:llm'l“n? vtlhlch :xld advanced almost 7 nts last week, made an Pigh toaey other new The standard industrials of the in- vestment type moved over a very nar- row range. The report of U. 8. Steel showing about 89 for the common stock for last year was without market effect, as the figures were already known. Any publication, however, that emphasizes the phenominal financial strength of this leader in Amerlcu: bysiness ought to be encouraging :hn"ed :l‘lalnglmdk:’ok farther t.hnn the imm clouded situatio steel trade. o American Can_and General Motors were steady, while shorts in the more these, however, was in such small vol- ume as to deprive quotations of any great significance. Early Market Higher. ‘The market early today was generally higher in dull trading. The gains were small, and here and there weak spots made their appearance. ‘These last reflected the market's over 2 points to & new low under 79. Norfolk & Western was fractionally lower. Baltimore & Ohlo, however, opened higher and held the gain, Other rails were mostly a little higher, includ- ing ipeake & Ohio, New Haven, Sonr.her:‘ Rallway and Great Northern preferre United States Steel was a fraction higher at 1443, as were Bethlehem Ludlum, United States Cast Iron Pipe and Vanadium. During the first half hour trading amounted w 300,000 shares, the same as on Saturday. Active industrials that were firm in- cluded: Air Reduction, Allied Chemical, American Can, Columbian Carbon, J.I. Case, Eastman Kodak, Fox Film, Gen- eral Electric, Westinghouse and Mont- | gomery Ward. Radio was especially active, advanc- ing to a net gain after opening weak- ness. The motors were also a shade better, with the only wide gain being in Auburn, up over 2 points at 190%. In the utility list American Telephone was nearly a point better and there were smaller gains in American & Foreign Power, Brooklyn Union Gas, International Telephone and North American. Olls were inactive and little changed. Inland Waterways Corporation. By the Associated Press. The Inland Waterways Corporation, controlling the vast activities of the Government-operated river transporta- tion system, produced & net profit for 1930 nearly as large as its loss during the preceding year. Despite decreased river levels due to the drought and general businm de- pression, Maj. Gen. Thomas Q. Asl burn, chairman of the corporation, wfll report to Secretary Hurley a net in- come of $65,177.09 for 1930, as com- pared with a loss of 372.798408 in 1929. stmuluneou.qy will advise the Secreta the wrponmn now has $7,000, 000 on hand for further expan- sion of its 2,500-mile transportation to | system. The next expansion, Ashburn said last night, will open the Iilinois River for navigation as far as Peoria, 1., July 1. The general predicted com- merce would be moving to Kansas City, Mo., on the Missouri River by 1932. Experienced Property Management Rental Remittances Made Without Delay. It is a feature of our property management service that rental remittances are made IMMEDIATELY upon their collection. This same atteative efficnem:y keeps your property desirably tenanted; and your investment a profitable one. Consultation without obligation, RANDALL H. HAGNER & COMPANY MORTGAGE LOAN New York Life Insurance Company 1321 Connecticut Ave. Eqmtable Co-Operatwe Bldg. Assn. Organized 1 JOHN JOY !D!ON. Pruldent Subscription for the 100th Issue of Stock Being Received We Make a Loan on Real Estate CORRESFONDENT Decatur 3600 51st YEAR COMPLETED ‘WALTER 8. PRATT, Jr., Secretary or to Take Up First Mortgage REME\(BER we have desire to purchase a home, present indebtedness or improve your money available if you refinance your property, Applications receive prompt and courteous attention. Loans Repayable Monlhly No Brokerage . 915 F ST. N.W. Safe suburbs. offer our 1001 Fifteeth St. No Commissions Profitable Convenient Secured on homes and revenue producing properties in the Dis- trict of Columbia and adjacent Maryland the placing of your in- vestment funds . . . May we tell you more of our present offer- H. L. Rust Company ESTABLISHED 1889 FIRST MORTGAGE NOTES Permit us to facilities for National 8100 FINANCIAL, ¥ A_13 Single Premium Life Annuities 67 to-10% ASSURED INCOME | Roger M. Stuart Connecticut Mutual l.l“ Ins. Co. iz MAXIMUM SECURITY (Assets Over $600,000.000) PLUS HIGHEST RAAGTE OF INCOME 1"6'6% Monihly Qllm Annually Females REAL ESTATE LOANS trs ‘l.l ing Made at Low Interest Rates CASH REFUND ANNUITIES | TYLER&RUTHERFORD LE Roy GoOFF oo Xiy Bldg., Natl 0340 1520 K St. N.W. 1086 Woodward Insurance Ezclusively for 20 Years National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—Oldest National Bank in the District of Columbia—1931 For Your Convenience Our Payday bank- ing hours are ex- tended for the specialconven- ience of our many departmental pa- trons and others. Open Until 5:30 P.M. Today THE PORT OF NEW YORK AUTHORITY 4% % Gold Bonds Due March 1, 1941, to 1960, inelusive Tax free in New York, New Jersey and the District of Columbia. Exempt from all Federal Income Taxes. Legal investments by Statutes of the States of New York and New Jersey for savings banks and trustees in these states. Price 10014 and interest Complete details on application ALEX.BROWN & SONS “Established in Baltimore in 1800" Washington Office; 737 15th St. N.W. ‘The above information, although not guaranteed, is believed to be accurate. FIRST MORTGAGES DON’T DEPEND ON HOPE—KNOW That’s the difference between speculation and investment. In the former there is a margin of risk. In the latter—such an in- vestment as our 6% FIRST MORTGAGES there is definite KNOWLEDGE of exactly what the return is going to be—with absolute con- fidence for the principal, which is secured in conservatively ap- praised improved Washington real estate. Keep on the safe side. May be purchased in amounts from $250 up—and upon our Partial Payment Plan if you wish. B. F. SAUL. GCGQO. National 2100 925 15th St. N.W., Over a Third of a Century Without a Loss THERE IS NO SUBSTITUTE FOR SAFETY We Invite You to consider the attractive fea- tures of the Mctropo“tan Life Insurance Company Real Estate Loan Plan. Loans are made— —For Fifteen Years —At Low Interest Rates ~—On Reasonable Terms No Life Insurance Required -{ Construction Loans in Any Amount EAVER n‘:Xi.’r_so%.R Washington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company District 9486