Evening Star Newspaper, March 31, 1931, Page 14

FINANCIAL. ~ ey A—14 *x%= FINANCIAL. THE EVENING STAR, WASHINGTON, D. TUESDAY, MARCH 31, 1931 BRAZILIAN CREDIT PLAN MAY BE MADE Norman’s Visit Here Declar- ed Possible Move to As- sist Republic. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, March 31.—Montagu C. ‘Norman, governor of the Bank of Eng-| land, is now said to be seeking the co- operation of the Federal Revs_e‘r!lefi_‘nh, as well as other American banks, to assist in bringing about_the financial rehabilitation of Brdsfl. Sir Otto Niemeyer, analyst of the ‘Bank of Engiand, has submitted a plan | to the Bank of England -for the stabili- | zation of Brazil's credit structure and the improvement of its foreign ex- change. Prgstdznt Vargas of Brazil is known to be friendly with the British, and the large stake which the British bankers have in that country lends color to the bellef that the -financial - rehabilitation of the South American republic is cons sidered of major importance. to. Great Britain. Just what the Federal Reserve banks will or can do has not. been announced. | The problem at the moment, o {ar as Brazil is concerned, really involves the relation of the discount and accept- ance rates in New York to the rates on the London and Paris money market. Money rates in London are quoted at 3 per . In the United States the Federal Reserve banks have maintained their bill-buying rates at 1'-‘ per cent, while in Paris the rates are 2 per cent. Gov. Norman undoubtedly will try ‘to secure the co-operation of the officials of the Federal Resérve banks as the co-operation of the officials of the French banks in an effort to main- tain the present level of rates in bills. With this settled then the problem of loaning money to Brazil, to stabilize her exchange, becomes a much simpler one. Australian Bonds. The threatened default on Australian bonds is not only reacting against that country’s credit, but against the credits of other nations in that section of the world. Australia and the various neighboring states owe approximately $5,500,000,000. The Index, published by the New York “Prust Co., says that of this amount ap- proximately half is maturing overseas and slightly less than half maturing in Australia “The per cepita debt of these coun- tries exceeded, as of June 30 last year, 170 pounds—or about-$850 per capita— as compeared with an estimated per canita wealth of $2,710,” says the Index. So Australia has a big job ahead! She can refinance herself in London and New York. but she will find it ex- tremely difficult to do so if she allows any defaults on her public obligations. This much is now well understood .by Australia herself. Governor Norman of the Bank of England is believed also to have tak up with Federal Reserve officials cthers the matter of secu rln{‘mm—qpern tion here for Australia’s maturing obl gations. Foreign Commerce. The New York Chamber of Commerce thirks foreign commerce is so impor- tant that the United States Government sh-uld create a foreign commerce de- partment, the head of which should be & member of the cabinet. The chamber points out that a 10 to 20 per cent reduction in production and consumption means a business depres- sion which the amount of foreign trade should be able to handle, if properly developed. Says the chamber: “We can no longer consider economic isolation possible, owing to the high development of mod- ern communication and elaborate chan- nels of international trade and finance. At the same time, the problems of for- eign trade are intricate and require spe- cialized knowledge and attention. Other nations recognize this and have execu- tives similar to our cabinet members. By thus giving prominence to foreign e e developed Whioh cowld bcome might be devel ‘whic] an mfluenfillnn‘]dement in stabilizing business in o No one wl{\edy that a foreign trade licy is badly needed by American mllnum ‘We do $10,000,000,000 of for- eign trade annually—but we have no policy in regard to it. That’s the weak- ness of the whole structure. Paper Co. Merger Revived. Four of the largest paper-making companies in Canada have been trying to get together. There are still some points of difference to be ironed out. It is expected that negotiations will be renewed this week, and if the diffi- culties are solved, announcement will be made of a new $540,000,000 merger, to include the Abitibi Power & Paper Co., Canadian International Paper Co., Ca- nadian Power & Paper Co., and Minne- sota & Ontario Paper Co. ‘The average paper mill in Canada to- day is running about 45 per cent ca- pacity, but no one is making any money. | ‘The aim of the owners of these va. rious properties is to bring about a bet- ter co-ordination, so that the different units will be enabled to work to the best advantage, especially as it affects the accessibility to pulpwood. ‘The impetus for this latest tie-up has been due lgrgely to the fact that just now the Minnesota & Ontario Paper Co., controlled by the Backus interests, is in receivership. The price interests and the St. Lawrence Corporation are understood not to be involved in the deal. Wheat Acreage Reduction After all the “good news” last week | sbout the big cut in wheat acreage, the Department of iculture announces that taking the inter and Spring wheat acreags together, the total acre- age reduction will be but 3 per cent under 1930. So a wheat crop of 325, 000,000 bushels or more for this year is the prospect. ‘The United States should consume, #s a minimum, 625,000,000 bushels of this crop. Then the United States will be faced with an exportable surplus (if the crop 1s an average one) of 200,000,- 000 bushels, which must b: added to the 250,000,000 bushels now being car- ried over from the 1930 crop by the Farm Board and other agencies. S0 there will be a 450,000,000 surplus to be disposed of in a most highly com- petitive market! Not s0 good! But it's well to face the facts early, 80 as to be prepared for any emergency. The Department of Agriculture estimates that the total Winter and Spring acreage for 1931 will amount to 57.441,000 acres, com- Elured with 59,153,000 acres harvested 1930, If one figures on the basis of 145 bushels an acre—the average for the Jast 25 years throughout the United Biates—the total crop will be 832,894, $00 bushels for 1931. Many factors might enter to change ! institute some sort of concerted control | NEW YORK STOCK EXCHANGE. Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. figh. 182% 227 12 94% 8 217 92% 10% 90% g Dividend "Rate. 107% N Y Central (6). 165 . N Y & Harlem (5) 7% N ¥ Invest (1.20)... 75 NYNHG& Hart (6).. 5% N ¥ Ont & Western... 196 Norf & West (112).. 89% Norf & West pf (4)..10¢ 4% North Am Aviation. 62 Nor Am (b10%, stk) . 47% Northern Paciflo (5). % Norwalk Tire & Rub. 18% Ohlo Of1 (1).... . 3% Oliver Farm Eq new. 3% Omnibus Corp. .- i 50 Otis Elevator (234). . 124% Otis Elev pf (6)..... 59, Otis Steel pr pt (7).. 45% Pacific Gas & El (2). 504 - Pacifie Lighting (3). 1161 Pacific Tel & Tel (7). 11% 8% Pack Mot Car (60c).. 354 . 34 . Pan Am Petroleum. . 4'% .. 2% Panhandle P.& R. £0N 2W 54% 69% 131% 2% 6 16% 46% 39% 64 36% 250 23 Peop Drug Strs (1).. 200% Peop Gas Ch (8).... 6% Petrolm Cp of Am(1 19% Phelps Dodge (2). 7% Phil Read C& 1. 10% Phillips Petroleum. . 1% 'Plerce Petrolm (10c) 26 Plllsbury Flour (2).. 13 Pitts United Corp. .. Port R Am Tob A 33 4% PR Am Tob B...... 12% Prairte Ofl & Gas (2) 17% Prairie Pipe L (3)... 4 Pressed Steel Car. Proct & Gamb (2.40) 214 Prod & Refin 72 PubSv N J (3.40). 95 PubSvNJpf(6).u. 28% PubSvNJ pf (7). 09% PubSv E& G pf (6).. 49 Pullman Corp (4 ~ % Punta Alegre Suga: 8% Pure Ofl........ 38 Purity Bakerles (4. 12 Radio Corp.... 84% Radio Corp B (5).... 15% Radio-Keith-Orph A. 21% Real Silk Hos(b10%) % Rels (Robt) & Co. 13 Remington-Rand.... 7% Reo Motor Car (40¢). 12 Republic Steel.... 29% Republic Steel pf.... 11% Reynolds Metals (2). 70 Reynolds Tob A (3). 40% Reynolds Tob B (3). BolmapRiome TN © 3 poZnRe S8 onmonm Rit Dent Mfg (2%).. 164 Rossia Insur (2 20).. 87 Roy Dtch(m1.3404). 38% Safeway Stores (5).. 86 Safeway pf (6) 98 Safeway Strs pf (7). 22 StJoseph L4 (2).... 35 St Louis & San Fran. 4 Schulte Retail St % Seaboard Air Lin 1 Seab Alr Line pf. 44% Sears Roebuck 32%.. 1% Seneca Copper. 108 208 B 9 7 223 Shattuck F G ( 7% Shell Union Ofl, 4% Shubert Theate: 14% Stmmons Co. 7 Simms Petroleum. 10% Sinclair Con O1l (1).. 2% SniGer Packing...... €9 "Solv Am pr ww 5% 9% South Port Rico Sug. 45% South Cal Ed (2 8% Sparks Withing (1). 10 Spencer Kellog (80c) 2 Stand Invest Corp. .. 434 Stand Of1 Cal (h234). 42% Stand O1I N J (12) 66 1 33 SterlSeccvpf(3)... 2 14% Stewart Warner..... 37% Stone & Webster (3). 20% Studebaker (1.20)... 39% Sun Of) (11). 100% Sun O1l pf (6) 3 42 15 % . 2 104% . —Prev. 1931~ High. 6% 1 Tifnken Trico P Una- Und 1 Unit Al Unit Al Unit B Unit Co Unit Fri aaceaaagaaaa nunnnLRRBNn Univ Pl Univ Py Utll P&] Vulean Warner Warren Westva Wextar! Wilcox Willys- Wilson Yellow Youngs 10:30 A.M 1:3¢ P.M Dividen: Fair (2.40) The Fair pf (7) Tkird Avenue Thompson Prod Thompson Star Tide Water As Tide Wat As pf Timken Det Ax (30¢) Tobacco Prod A t95c. Transamerica (1). Transue & W (1) Tri-Cont Corp. Truscon Stl (1.2 Twin City R T pf (1) 11-Fisch pt (7) Un Carbide (2.60)... Un Oil of Cal (2). Un Pacific (10).. Un Pacific pf ¢4). Un TankCar (1.60) Univ Leaf Tob (3)... Vadasco Sales Corp.. Vanadium Corp (3) Waldorf Sys (1%4).. Walgreen pf (6%).. Ward Baking B. . Warner Bros Pict. West Pa Pow pf (). West Pa Pow pf (7). Western Dairy B.... w Westing E&M pf (4). White Motors (1) White Rock MS t43 . White Sewing Mach. White Sew Mach pf. Willys-Overlan Woolworth (2.40). . Worthington Pump Wrigley (Wm) (4). Zenith Radlo. Sou Cal Ed...Apr20 40 Sales of Stocks on New York Exchange. d paymEiT gotes as given in the above tabl Stock ana Sales— 3 Dividend Rate. Add 00. High, 32 ' Superheater (234)... Superior Steel. i Symington. .31 » 3 6% 59 10% 52 12% 14 13% 10% 37 21% 45 64 120% 122% 63% 64 Roller (3)... ) rod (2% ) » 3 ERITET L FRTCPURIVIRIRRITE-SRIVE: SO P pepororey 1-Fisher (5).. reraft.... reraft pf (3).. Utd Am Bosch. scuit (2). Unit Carbon. Unit Cigar Sto: rp (76¢) Unit Corp pf (3). Unit Electric Coal. ult (4)... Unit G & Im (1.20 Unit Plece D W (2) S Gypsum (1.60) Hoftman. .. Indus Alco (6 Leathar. Leather A Leath pr pt (7) Plpe & F (2). 139% 140 1487 149% 149% % Th TR 37 37% c 18t pf (8) 32 35 pe & Rad. 3 3 L A (e12.15).. 27 1% 665 55 16 31% 284 92 27 Det (4). 6 12% 4% 38% 102% 1031, 110% 111% Quinlan. Bros (3). co Chlor (2). k Radio Strs. Oil & Ga Over pf (7) & Co pf. Truck. . 12! Spring (3).. i3 23 IBON PRICES MOVE | Cox v o BONDS sroce scaan] IN NARROW RANGE : Changes Small as Most Is- sues Show Stronger Trend on Better News. BY F. H. RICHARDSON, Special Dispatch to The Star. w foreign is- sues, were small and irregular, but the list did not show any tendency to follow its decline of Monday. Partly this was attributable to the check in the losses cn the stock market, partly to the Treisus 000,000 of 90-day bills at an average bank discount basis of 1.46 per cent, and partly to the fact that trade news, both domestic and foreign, was a little bet- ter. Money rates were unchanged. ‘The bids for the $100,000,000 of 90- Cay Treasury bills totaled $343,875,000 and the highest bid accepted was 99.695, or 1.22 per cent discount annually, and the lowest 99.621, or 1.52 per cent. The recent statement of banks and trust companies revealed a still active in- crease in their holdings of United States Government securities, the total in the case of one bank rising frcm $26,000,000 to over $140,000,000 in a few months. United States Governments were strong today, as a reflection of these factors, Treasury 4!, gaining 6-32 and other issues smaller amounts. Early strength in stocks, even though many of the gains were later lost, was construed as an indication that the steady liquidation of the past week has dried uf. A few of the wide moving covertibles and junior issues recorded small gains. Among them were United States Rubber 5s, Shell Union Ofl S5s, Seaboard Airline 6s, Frisco 414s, Phil- adelphia & Re Pathe Exchange %, bins 5%s, International Match 5s, Erie 58, Dodge Bros. 6s, American & For- eign Power 5s, American Natural Gas 6%s and Alleghany Corporation 5s. High grade issues held firm or went to new tops on the current movement. American Telephone 51;s went over 110 and the 5s of 1960 and 1965 gained slightly. Atchison General 4s advanced fractionally. Philadelphia Co. 5s and similar issues were strong. fh iR Washington Stock Exchange SALES. Washington Gas 6s “A”—$300 at 10115, Washington Gas 55—$2,000 at 105%. Potomac Electric Cons. 55—$2,000 at 1034, $1,000 at 103%. ‘Washington Rwy. & Elec. 45—$1,000 at | 89%, $1,000 at 89%%, 35,000 at 89%, | $1,000 at 891, Potomac Electric 5'2% pfd.—10 at 1103, 2 at 1103;. Mergenthaler Linotype—10 at 86, 10 at 86, 10 at 857, 10 at 857, 10 at 85%,. AFTER CALL. ‘Washington Rwy. & Elec. pfd.—19 at 99, 10 at 99, 10 at 99. Capital Traction 55—8$2,000 at 80, $1,000 it 80. at 80. Merlegthller Linotype—10 at 85, 50 at 86. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4tas * Bid. Asked. Tel. 130 o 3% RIGHTS—EXPIRE. 2% 2% 2% 2% atest auurtert 55 then 100 shares s &5, ‘series A Washington Gas s, series Washington Rwy, & Elec. 4 MISCELLANEOUS, rber & Ross, Inc.. Chevy Chase Club $%%s. o Golumbia, Country, Club’ §1ss."! % 10 stock. m Pald this ock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 31.—The follow- ing is & summary of important corpora- tion news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. An increase in daily average produc- tion of crude oil in the country is again reported for the week ended March 28, when a gain of 5,601 barrels daily is| shown. As has been observed before, a prévailing price level considered too low and in view of the efforts that are be- ing made to curtall output, any increase of this nature must be considered un- | favorable, Similarly, reports of more price reductions in California also give a poor cast to oil news. Automobile production last week in- over the week before, continuing a growth that began several weeks ago. It is reported, however, that the gain was less than seasonally normal for the week, and in co uence the adjusted index of output fell for the week to 59.4 from 60.2. Following Government_investigation, the Department of Justice has peti- tioned for the dissolution of the Sugar Institute under the Sherman lnli-lrus!; act, whether this petition is granted by | the courts or rejected, it serves to call | attention again to the interesting con- flict at present between the efforts to over certain industries, admitted in many quarters to be desirable, and the legal conception of unrestrained com- petition. ‘The corporation news of the day con- tains another dividend cut of impor- tance, the reduction of the quarterly common dividend of 75 cents from $1.25 by Goodyear Tire and Rubber. Gil- lette Safety Razor reports 1930 earn- ings somewhat below 1929. Cigar Stores of America is reported w‘ b> considering marking up retail | cigarette prices. The Companies. ! Kolster Radi>—Newark court rejects | | all reorganization plans and orders pub- lc sale of assets; Wolfarth & Ilsley. Ramos group continue to seek subscrip- | tions under reorganization plan. | fhe world’s demands; but as things are now, the outlook is not ularly encouraging to the American wheat farmer for 1931, (Coprright. 1931, by the, North American ewsbaper All:ance.) NEW LUMBER BUSINESS. By the Associated Press. New business at hardwood and soft- wood lumber mills during the week ended March 21 continued in favorable been a comparatively smaller falling | Telation to the cutput because of low producticn. Reports to the National Lumber Manufacturers’ Association from 809 leading mills estimate the week's pro- duction at 213,950,000 feet. Orders re- ceived were 15 per cent more and ship- ments 8 per cent higher. time recently 2,600,000 tons ot “cons were pied a4 mine heads in Belglum. Lorillard (P.) Co. ordered by Su- preme Court to show cause why recent election of board of directors should not be set aside; Scott & Springfellow, brokers, seek proxies it plan to sell common stock to officers and em- ployes at not less than $10 a share. Chicago, Burlington & Quincy Rail- road president denies company has |acquired control of Gulf, Mobile & | Northern Rallroad; adds there has off in March revenues than shown in | February. ‘ Commyreial Investment Trust stock- | holders approve reduction of capital |in amount of $12,929,700 through re- tirement of 119,207 ferred shares and 125,000 common United | gotiations with Rio Grande Ofl drop- ped for time being. Standard Ofl of California reduces crude ofl prices 1 cent to 35 cents a barrel; meeting cut of Union Oil of California. United Oil of California reduces crude ofl prices 1 cent to 35 cents a barrel; meeting cut of Union Ofl of California. United Cigar Stores of America— Talk of mark-up in retall cigarette prices following establishment of high- er prices for other tobacco products. General Asphalt loses appeal in Lon- don in suit against Anglo-Saxon Petro- leum on royalty from Vigas concession; decision reverses previous ruling and dismisses suit. Gillette Safety Razor—Offering of 50,000 preferred shares by bankers fore- cast; 1930 common share earnings $3.62 against $4.94, including Autostrop for full year in years. Pan-American Petroleum & Trans- port, Standard Oil (Indiana) subsidi- ary, to cut Venezuelan imports 23 per production accordingly. Allis-Chalmers Manufacturing first- quarter earnings estimated at 50 cents & common share. American Public Service 1930 net in- come, $1,564,915, against $1,857,874. American States Public Service 1930 class A share earnings, $1.71, against $1.97. Chicago, Indianapolis & Louisville Rallway 1930 deficit, $90,253, against net income $1,308,411, equal to $10.55 common share in 1929; February net operating deficit, $22,082, against net operating income $96,272; two months’ income, $11,068, against income $162,941. Coca Cola Co. first quarter earnings estimated at $2 a common share. Delaware & Hudscn Co. February net operating income off 60.5 per cent; two months off 59 per cent. Federal Motor Truck 1930 common share earnings, 31 cents, against $1. General Foods first quarter earnings | estimated at $1.10 a common share, STOCK AND BOND By the Associated Press. Today. ... Previous day. Week 2go. Month 2go. Year ago. Two years ago. Three years ago. High, 1931 Low, 1931. High, 1930 Low, 1930, High, 1929 Low, 1929. * New 1931 low. Today. . Previous day. Week 2g0. | | Month agoe. Year ago. Two years Three years High, 1931 | Low, 1931 High, 1930 Low, 1930, High, 1929 Low, 1929, .o ® New 1931 low. cent for 60 days, beginning April, lud‘ INVESTMENT TRUSTS NEW YORK, March 31.—Over-the- counter market: S80S e BabEa k! 3, man ros s oot Bebes! asastBe.! er.. . hirs Trustee Stand Inv Shrs D. Two-year Trust Sh. Twentieth Century Fix Tr Shrs United Pixed Shr: s Universal Tr Others unchanged. T. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business | March 28 was $582,866,208.77. Customs | receipts for the month to date were | $29,727,208.33. ‘Total ordinary expendi- tures, $3,671,217.06. Europe now has 15 reigning monarchs and 14 presidents. AVERAGES. (Copyright, 1931, Standard Statisties Co.) Amer. Tel. & Capital T Wash. Light Co. N. & W. Steamboat (13| Potomac Elec. Power 8% Dfd. Pot. Elec. Pow. 51.% pfd.. Wash. Rwy, & Elec. com. (7 Wash. Rwy. & Elec. pfd. (5) NATIONAL BANK. Capital (14) Col Union Trust (8s) Wash. Loan & T: SAVINGS BANK. Bank of Bethesda Commerce & Saving: East Wasnington (12 Potomac ... Security Sav. & Com. Bk. venth Strect (12 Washington Mecha; FIRE INSURANCE. American (12) men's (8). 30 National Union '(15) 224 TITLE INSURANCE. Columbia (6h). 8% Real Estate (6h) Barl M ber & Ross, Inc., com. Col. Medical Bldg. ‘Corp. 8and & Gravel pfd. (1) Natl. Bec, pfd. ( Selz, “A Mergenth Natl, Mige. & Lv. ptd, (&) Peoples Drus’ Stores pid. (6 Real Est. M. & G. pid (8) Security 'Storage (se) rer. Wh. Corp.” (3 The Carpel Corp. (1.50¢). W. Mech. Mtge Woodward & Lothrep tom war Woodward & Lothrop pfd. (7} *Ex dividend. b Books closed, nisc extra. 130c extr ©50c extra. Sotudbond] PAPER EXPORTS DECLINE DURING YEAR OF 19 By the Associated Press. o Export trade of paper and paper manufactures from the United States in 1930, failed to attain the level of the previous year, but closely approached the value of 1923 shipments, and ex- cceded by a considerable margin those of any other year since 1920. ‘The Commerce Department reports a large percentage of the loss in value of last year's shipments was because of & generally lower level of prices for ex- ports. While the 1930 value of 330,- 301,759 m:’a per 5:3:" unde: “:lozo. u: comparison . exclusive wall papers, 'al“.gomn and miscel- laneous products, shows an aggregate loss of only 8 per cent. The cline tendency was fairly evenly distrib- uted through the export list. Printing and wrking papers were among the items to suffer most heavily. Foreign markets for newsprint paper are said to be keenly competitive and | exports fluctuate considerably from year | to year, so that while the 1930 ship- | ments dropped 45 per cent below those | for 1929, they were only 10 per cent !under 1928. The drop in_exports of | surface-coated papers was heavier, but | uncoated book papers made a somewhat | better showing and ite & steady de- |cline since the first the year, 1930 ts were only 15 per cent under those of 1929, and exceeded 1928 by 30 per cent, i Lib 33 2-47, Close. 10124 10223 08 26 39 10115 1019 1019 5 10115 101 15 10115 5 101 26 101 26 10126 2 105 21 105 21 105 21 8 107 28 107 21 107 21 11126 11126 %8 47-62.. 10 112 Saled. High. Low. Close. | 17, 1 7 ;:% AbItIBI P& P 63°53. Am Metal 5%534.. Am N Gas 6%s°42. Am B&R 1st 6847, Am T&T cv 43%8'39 4 Atchison gen 43 Atchiscv 4%s '41 AtCL4%s’64. At Ref deb 5837, Australia 43%s ‘56 Australia 68 '65. Australia 68 ‘57, . Austria 7543, B&O4s"4s. B&O4%s'33 Oconvils 18t 5s 4! L B& B& B& B& B& B& B& o o o o o o Bell Tel Pa 63 B *48 Bell Tel Pa 53 C 60 Bolivia 7s '58. Bolivia 7s '69 Bollvia 8545, Bos & Me 6 Bos & M. Brazil 6%s 26 Brazil 6148 27 Brazil 7s Brazil 8 Bremen 78 '35, Bklyn Elev 61 Bkiyn Man 6s '68. . Bklyn Un 1st 6850, BR& Pitt 4%s '57. Bush Ter con 58 “55. Bush T Bldg 5s '60. Ca 31, Cai 52 Can a ada 5 Ni Can Ni Can Nat 4348 Can Nat 4% s o Can Nat 5s July ‘69 Can Nat 58 Oct ‘69, Can Nor 7s deb ‘40. Can Pac deb Can Pac 4% ‘46 Can Pac 4%s Can Pac 585 Cent of Ga 5% Cent of Ga 55 C 69, Cent Pac 68 '60. Cert-td deb 63 Ches Corp 6s *47 C&Ogendiss 9z C&O4%8A93.., C&O4%sB'95. Chi & Alt 3s R Chi & Eas 11 63 51, +|CB&QTIdv33ss 49 Cht Ind&L gn 55'66. Chi Grt West 48 '69 Ch M&SCP 4% '89. Chi M StP&P 65 ‘75 Chi M & St P ad) bs Chi & NW con 4% Chi Rwys 58 27 Chi RI&Prf4 Chi RI&P gn 4s ‘88, Chi R Iev 43%s 60 Chi RI&Pac 4355 C TH&SE in 53 '60. Clev Term 6s'73. .. Cley Term 5%s ‘72, Colomb 6s Jan Colo & Sou 4345 '80. Col G&E 58 May '3 Com Inves 5358 '49. CC.Md 1st rf 656 ConG N ¥ 6%s ‘45.. Con Pwr Jap 6%s. Con Pow Japan 1 ctt Cuba RR rf 7%s°36 Cuba Nor 51%s '42.. Czecho 8s G Czecho 9s ‘52 Del & Hud rf Del & Hud 5 %8 '37. Denmark 4 % Denmark 5%s ‘65 Denmark 6s ‘42 Det Ed G&R43% 561 Dodge Br ¢l Donner St 7. Dutch East I 63’62, East C Sug 7%s'37. El Salvador 8s 48 1st con 45 "9 Erie 58'76...... Erie Pa clt tr 4s " X war " . 63%8°56. ... Finland 7s ‘50 Gelsenk'chen 6s "34. Gen Cable 5%s ‘47 Gen Motors s ‘37 German 5%s ‘65 German Bk 6s '38. . German 7s rep '49. . Ger Gen E17s ‘45 Goodrich cv Good 1st 6%s 4 Goody'r Rub 63 GrandTr sf db 6s'36 Grand Trunk 7s'40. Grt Nor 4%s°'76 D.. Grt Nor 4%s'77 E.. Hoe & Co 634534 Hud & M adj 68 '57. Hud & M rf &8 57 Humble Oil 58 ‘37 Hum O&R 5%s '62. Hungary T%s"44.. INBT Istpfés A.. 111 Cent ref 4s ‘55 Inland Stl 4%s A'7S Inland Stl 4s' '$1 Int Rap Tr b8 27 —a » o e SeamBeluorpuniSa Huwad » waBunSnoen = o N [ KeaSHeabnIc IR e =S an a Y meBa0 NARSENAE RS NRmANan S en R e am 9 30 22 nSa B I YPIPT -P Y Ty EES4 102% 100 107% 100% 1005 100% 103% 106% 107 12 877% 100% 991 % [ irish Free Bt b 101 109% 2 96% % 102% 6% 4% kil Received by Privats Wire Direct to The Star Ofice ** UNITED STATES. (Bales are in 31,000.) High. Low. 7.. 20 10124 10124 6 102 26 102 ll-:l 82 108 26 108 24 1! 4! Clone. T1% 93 9 88 60% 90% 91% 965 75 65 Int Ry C A 6%s 47, tT&T 4%8'63.. 35 Iat T&T ev 4 %5 '39 188 Int T & T 6»'55. 18 &l 103 103 100 100 95% 95% 96% 96% 106 106 1034 1 98% 78 95% 95% 9T% 69% 65 65 3% 93% 104% 104% 101% 101% 101% 101% 100 100 Italy 7 . Italy Pub Sv 034 98%, 78 95% 95% 9% 69% Kreug & Toll s '6: Lackaw St Lacl Loew’ Lorillard 5s Lorfllard 6%s '37. Lorillard 7s*44. Lou G & EI 5353, L & N uni 4s 40 L &N 4%s 2003 L &N 5s B 2003 Lyons 68 ‘34 McCormack 6s°34. . McKes & R 6% ' Manh Ry 1st 45 '90 Market St 73 40 Mareellle 6s'34. . Midvale Stl 68 °36. . Milan 6%s ‘62 MIIERy & L 55 '61. M StP&SSM con 4: M StP&SSM bs gtd. MSP&SSM 5%s 78, MEK&T 4%s MK&Toprin Mo Pac gen 4s 9% 1% 111% 106 106 9 99 9% 99% 106% 105% 106% 105% 101% 101% 81% 821 63 53 9615 96% 106% 105% 10214 102% 9 84 89 102% 102% 87% 88 91 9 Montevideo 7; Mor & Co 1st 4%s. Nassau Elec 4s ‘51 652 52 52 Nat Dairy 6% 102 101% 101% Nat Rad 6%s '47 15% 15 15 9 N Y Centdb 4s°34.. 10 100% 100% 100% NY Cen rf 414520131095 100% 100 100 NYCreim bs 2013. 1076 107 107 107§ N YCentab6s'35.. 3 107% 106% 1074 YC&StL4s'37.. 7 99% 99 99 NY C&StL 4%878. 30 87% £6% 864% NYC&StLE%sA 7 104% 104% 104% NYC&StL6s'32. 16 101% 101% 101% N Y Edison 6s B'44 20 106 105% 105% NYEdIst6%s’41. 6 114% 114% 114% NY NH&H 3% 80 NYNH&H ab 4 > 74 NYNH&H 4%3'67. 3 93% 93 93y NY NH&H cvdb 6s 26 116% 1161 116% NY O&W gn 4s'55.. 4 36 36 36 59 59 33 106% 106% 106% 10 85% 84 84% « 21 106% 106% 106% 3 104% 104% 104% 8 104 103% 104 3 107% 107% 107% 9700 3 S sbk sen . % 94y Nor Pac 4%52047.. 25 97 96% 961 Nor Pac 53 D 2047.. 25 104 104 104 Nor Pacr16s2047. 11 112% 112% 112% Nor St Pw 5s A *41. 18 104 103 103% Nor 8t Pw 2 108% 106% 106% Norway 55°63. 13 101% 100% 101 Norway 53 13 102% 102% 102% Norway 6s *4; 2 105w 105% 105% 1 105% 105% 105% 6 94% 94% 94% . 52 95 94% 94% 4 100% 100 100% 8 104% 104% 104% 3 107% 107% 107% Pa . 1 95 9 95 Paris-Ly M 7s°'68.. 7 107 106% 107 Paris-Or 5%s ‘68 20 103% 108% 103% Pathe Exch 7s°27,, 23 81% 179% 81% Penna'4%s D’'81., 320 96% 96% 96% Penn cv 445 60 12 106% 106 106 21 101% 101% 101% 32 961 9614 96% 6 100% 100% 100% « 10 106% 105 106% 3 109% 109% 109% 1,.... NY W&B ¢%s"46.. Nord 6%s '50 Nor Am Ed 6867, . Nor Am Ed 51s ‘63 NorOT& L 6s'47. Ortent dev 6%s Orlent dev PacG & K1 6s°42. . Pac T&T ref 5 '52. mount 6 . 9315 28 94% 288, 27% 27% 51 55 15 102% 102% 102y d6s’49 9 TT% TTU TT% Phillip Pet 5% 8°39. 24 75 T4% 76 P CC&StL 43877 PCC&StL5sB. 1 1081 108% 108; Por R T am 65°42.. % Ten 2 4% T4% Taw . 81 Pos Tel & C 63.. 4 69 5““ Gl:: PubSvG 4 67.. 10 103% 108% 103% Pure Ol 6%s'37... 90% 90% 90% Queenland 6s'47... 1 79 79 179 Queenland 78°41... 33 94 89 92 Read gn 4% s A'97. 6 101% 100% 101% Reading 4%s B . 5 101% 101% 101% Read Jer Cen 4s ‘51 2 964 964 Rem Arms 6s A 37, a1y Rem R 538 A *47 84 Rhine West 6 84 Rich Ofl cal 6 56% Rio de Jan 638’52 Rio de Jan 8s "46. R Gr De Sul 61 39, Rio Gr W clt 4849, Rom Roy 5 100 100 7 R1% 80% 80% 50 70% 70 70 StL.&SFin 3 StL&SF 4%s'78. St L&SForinssB. 4 92 91% 29 StL&SFgn6s’'3l. 5 100% 100% 100% StLSWist4s'89. 3 86 86 86 StLSWev4s'az., 41 100 100 100 10% WASHINGTON FIRM 15100 YEARS 0L Potomac Insurance Co. Has Had Interesting and Suc- cessful Career. One of Washington's oldest and most successfu! “nancial institutions—the Poe tomac Insurance Co.—is celebrating its 100th birthday anniversary, a glance st the minutes of the organization reveal- ing some most unusual incidents cone nected with its long career. Very early in its history the come pany insured the property of Col. George Washington Parke Custis at Arlington and about the same time turned down an application to insure a brick house owned by W. W. Corcoran, who at the time was one of the directors. The company was chartered by Con- gress on March 2, 1831, the charter being approved by President Andrew Jackson and also signed by Andrew Stevenson, then Speaker of the House, It “:;Anned out as a n organi- zation. Noted Men Charter Members. The minutes record that there “at early candlelight” in the eou:lc!l‘l chamber of Georgetawn the fol representative cilizens who were charter members and r:presentatives of the company: W. W. Corcoran, Raphael Semmes, R. Read, J. Cruttenden, Wil- liam Hayman, J. Marbury, A. Burnett and John Kurtz, president. The by- laws were promulgated and a fire and life policy adopted. While the company has continued uninterruptedly the fire business to the present day, it was un fortunate in the life class, as it appears that a pc-liclyx of $5,000 was issued and a claim very soon - livery to the lfl'\lr«!"’ 5 ‘e‘mwmmplny«. only having about $15,000 capital at that time, was so di by this mzxxfi;r{y “:h' :‘; Providence that it m re! from the life - s e was custom at that time 2 policy of insurance was needm make & formal written application to the company and the board of directors immediately met and considered the merits and rate of the risk,. W. W. Corcoran was among the first to sent an application on a brick bullding, but the board of rejected the same; such a proceeding “nowadays would be rare and unusual. W. W. Corcoran, it appears, was also elected to present a statement, or as we define it, a schedule giving in his Jud(:gnmt. certain adequate rates for erent risks. In those days there were no rates or rate-making organizations and all insurable risks were presented to the board of directors and a rate fixed in keeping with what the board deemed reuomllfl];’ ‘The me'eyunp of the board were cal lor “early candlelight,” and it appears that an absent o to render a mighty good excuse for not being present. This is only an evidence of the interest and zeal mani- fested in an infant organization (with $15,000 capital and surph earned; Arlington Property Insured. As an evidence of the conservative ideas of the directorate we find a reso- lution adopted appropriating 50 cents for the purchase of a penknife to be used for “office pi N u!tan of mate- urposes. There also appears an rial interest showing imposed in so small a company at this %me—fihe application of Col. George Arlington, who desired a policy “of slz.ooofiuunmnndmwm— proved the application and a was unmmmmmmm stances where risks were ‘written Western Maryland, in the vicinity of protected a dozen appropri- ‘Georgeto? family fc wn for un. usual efforts in helping to a gy, | nearby fire. Through the u’;fi% and generosity of a descendant of family, the Potomac Insurance Co. is e hich 1t h:ldloxwlzl?et.h:‘w spoons, wi] esteem and interest. The present officers of this company & Moore: iee, presont sl manater: e re, vice 'nt and m: ] Alexander K. Phillips, .ecnhn;' J. W. 7 103% 108% 1085 | C Hood, Charles E. Howe, O. H. P. John son, Thomas C. Moore, F. Norfe-Miller, S. Norie-Miller, C. F. R. Ogllby, Alex- ander K. Phillips, Richardson and George W. White. ‘The company has extended its scope of underwriting, which now includes all branches of fire, tornado, automobile andl inhndd marine umx nce and f:d ac- ively and conservatively represented in 4305 uurch 3, 1 the n Ma , 1837, the company's charter was amended, again being signed by President Jackson, and this time by James K. Polk, as speaker of the House. The charter was again amended in 1870, being: by President Grant and G. Blaine. When another change made in 1900, President McKinley fixed his signature of approval as did Speaker D. B. Henderson. o NEW YORK BANK STOCKS NEW YORK, March 31 (#).—Over- the-counter market: was af- w B 8w BT 1 110% 110% 1 95% 95% 95% 81 82 88y 70 70 90% 90% 10% 11% 6 92 73 92% 945% 9814 98% 98%, 10 1024 102 102% .o 12 99% 991 9914 .16 961% 961 96% 4 106 105% 105% 10 106% 106% 106% Sou Pac col 43 21 95% 95 95+ Sou Pac ref 11 96% 96% 96% Sou Pac 4%s 68 1 967% 96% 96% SouP4%s'6d ww.. 78 96% 96% 96% Sou P&Or4%s’77.. 756 99% 99 99 Sou Ry gen 43 °'56..- gg 81% 81 Sinc O 7scv A '37 Sine Cr O 5%= 38 S| Sou Bel T&T 5 SW Bell T bs % 98% 4 105% 105% 105% 18 106 106 106 .. 26 92 92 92 6 107% 107% 107% 3 93% 93% 93% 9 105 105 105 35 97 96% 96% 1 9 95 4 95% 94 Tex & Ark 5%s'50. Tex Corp cv 68 *44. Tex & Pac 68 B'77. Tex & Pac 53 C'19. ‘kihx sPac5sD'80. 10 94 !Third Av 1st 5837, Toho EI Pow 6i Toho E! Pow 7. Tokigsiia i TS Pac 4568 6 824 82W 824 11 95% 95% 95% 98% 98% Yokohama e e W e Seuhfalads E;fis!s: * & & - W A 4 75 814 81% 87% 87% 106% 106% Wabash 1st b; 103 103 Wabash 2d 6s '39. Wabash 5 %s ‘75, Warn Br Pic 63°39. 15 WarnQuin6s'39... 5 Warner Sug 7s "41 West El deb 55 '44.. West Md 4s 'u_.” West Pac 6. West Un Tel West Union 10 1 1 00 *78. 36 101%