Evening Star Newspaper, April 25, 1931, Page 12

K12 #% FIN CEMENT INDUSTRY | IN PRICE CUT WAR Overproduction and Depres- sion Held Cause of Present Troubles. BY JOHN F. SINCLAIR. NEW YORK, April 25 (NANA)— The announcement from the rostrum of the stock exchange yesterday that the old firm of Pynchon & Co. had been suspended for insolvency was received with a sigh of relief in Wall Street. ‘This stock exchange house is the first really large house to crash since Prince & Whitely toppled last vear. It had numerous branches both here and abroad, and all were connected by pri- ‘vate wires. For years the street has regarded on & Co. as a landmark, and its fallure therefore becomes important, even though of late rumors of internal dissensions and its connections with the motion picture industry were thought to have impaired its strength. Besides George M. Pynchon himself, ‘who has always been a popular figure in the financial district, there are 21 other partners. All trading facilities of the firm Have been cut off, as the Curb Exchange, Stock Clearing Corporation and exchanges in other cities imme- diately followed the action cf the New York Stock Exchange with suspensions. In spite of this s failure, the stock market gave a good account of itself yesterday in a 2,500,000-share turnover. War_has begun in the cement indus- try! Prices are being slashed all over the country east of the Rockies, and the question’ is being asked what's all the shooting about? Two reasons are iven. flm rod;ltcflonh Durin“g“ t;.l‘le lod of rity, when construction Ras" booming. " this industry expanded by leaps and bounds. There were, and still are, mlny small independent pro- ducers competing with the larger or- ganizations. This condition alone broughb about a mild amount of price- Becond—Deprenlnn, ‘The building trades were among those hardest hit during the decline in business, and the demand for cement rapidly fell. Soon, plants were operating at about 50 per cent or less capacity. The smaller mills, vainly struggling to keep down production costs by keeping up opera- tions, began drastic price reductions to get business. This gave them a share in the mar- ket out of proportion to their size. The larger companies retaliated with heavier cuts. The small mills have tried to meet these new price levels, and now the war is in the open and in full blast. A barrel of rementbnwhlch brought $1.65 a year ago, ings & dollar today. Sometimes less. That the strife is confined east of the Rockies is explained by the fact that 75 per cent of cement consumption lies in that area. Samuel A. McKelvie, wheat member of the Federal Farm Board, asserts that the American wheat surplus is not going to be dumped. He points out that the 17,000,000 bushels already sold abroad has brought & price above the world market. was because of its supericr quality and could not be char- acterized as dumping. cement of the previous announ Farm Board that it would feed its holdings into the outside market, al- discounted as a dumping policy by board, has had repercussions al broad. France will have to cnblevhu.tt.buym i home _consum| nma ol the ua that unl Amer- f.h may depress worl prlm em & better bargain, Fra effect on_ the :enenl l:u- tural situation. In Germany, on the other hand, the prevalent view is happy. Any reduc- tion in world wheat prices will bring relief to the Germans, who are paying a high price for bread. Berlin brokers, however, are uneasy over the dumping consid- its own crop principle, if the United States really means business. - mh ‘whose own huge crop will be a powerful factor in tm- year's grain markets, is sarcastic about the Ameri- can position, but hopes American sales will not hinder its own export pro- gram. And Canada, too, is praying thlt the United States will keep out of | 4 the world market until the Dominion Bu sells its 250,000,000 surplus bushels. veteran economist George E. Roberts, of the National City Bank in New York, | Chain & Ge denounces wage cuts in no uncertain terms. cl “Our leading industrialists have gen- erally taken a position against wage reductions and I think their attitude |c does credit to their sentiment and in- clinations,” says he. “It certainly would be reprehensible for an employer to take advantage of conditions to enforce ‘wage reduction for his own gain.” Crum That about hits the nail on the head. | B If any wage cutting is to be done, it should be done not for gain, but for | D salvation. Tinkering with the wage scale will not do much to solve the present mess. ‘The causes of the depression lie much deeper than that—in faulty dis- tribution. What the country needs now | E is leaders who are willing to dive deep and come up with the announcement that they at least have located the break in the cable. In the meantime, there is a pile of cleaning up to be done right on the surface. Official incom- petency, other leeches cn the national economic body remain largely as they were be- fore the depression began. Are fixed investment trusts guilty of racketeering? - Some of them are, says Richard Whitney, president of the New York Stock Exchange. He says the exchange is considering a plan for edu- cating the general public on the nature and operation of these trusts. ‘The public should invest only in such trusts with their eyes open, knowing all about the management and policy | N of such organizations. The majority |N'Y Ba of such investors have small holdings made on a long-time basis. They are [N entitled to every protection that can be | Ol Go given to them. All trusts should be under State supervision. ‘The word “racketeering” is not used | p carelessly. Instead of the temperate and conservative financial statements formerly issued, many of these docu- ments have taken on a new dress. ‘While they preserve the outward ap- pearance of the old bulletins, untrustworthy. Fraud is rife and if Jegal action could be brought to bear, many members of these bogus invest- ment trusts would be clapped into jail. The action of the Exchange is to be |3 commended (Copyright, ml. by the North American Net wapaper Alilance.) DECLARES OIL. BURNER BUSINESS IMPROVING | Hi5 538 Boecial Dispatch to The Star. Two-¥i DETROIT, April 25.—Walter F. Tant, IJ re-elected president of the American Oil Burner Assoclation, at Philadelphia o convention, ssys that oil-burner manu- facturers with hardly an exception have sensed a quickening of hunneu since the first of the year. This, added to the t-nntg-"t o the industry vlmt:\edu;‘o. self pract ly depressionproo of a satisfactory waste, faulty financing and |p investment +t their | £¢ material is flashy, high pressure and |Selected As ANCIAL, THE EVENING ‘STAR, WASHI ON, 'NEW YORK STOCK EXCHANGE Receivedl by Private Wire Direct to The Star Office. (Continued From Page 11.) ——— — Sales— Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement... 37 o oA Peop Gas Ch (8).... Petrolm Cp ol Amfl) Phila Co pe new (63 Phil Read C & 1. Phillips Petroleum LrunmasmBornncon Of Petrolm (lnc) Pitts Screw (1.40). Pour & Co (B). P R Am Tob 8. Prairie Oll & Ga l) Prairie Pipe L (3)... Pressed Steel C‘r = 3 “Enallanomn Pub Sv NJ (3.40) Pub 8v N J pt «6) Pub Sv N J pf (8) Pullman Corp (4) 9 s o1l Durity Bakeriea ¢ Radio Corp. Radio Corp B Radio-Keith-O: Raybestos Man 2:6 Reading 2d pf (2) Real Stik Hos pt Remington-Rand Reo Motor Car (4! Republic Steel. Republic Steel p Reynolds Metals Reynolds Tob A (3): Reynolds Tob B (3. Richfleid Ofl. Rfo Grande Oil. Rit Dent Mfg «2 Rossia nsur (220) Roy Dtch(m1.3404) ay Stores (5).. St Louis & San Fran. 12% Savage Arms (2).... 4 Schulte Retail Strs. % Seaboard Air Line, 1 Seab Alr Line pf. 6% Seagrave (60c).... 44% Sears Roebuck 32% % Shell Tr (m96 3-5¢).. lfil Shell Union Of) Shubert Theaters. Snider Packing pf. .. Solvay Am pf ww 6% South Port Rico Sug. Sou P Ric Sug pf (8) May- Stand Brands (1.20). Stand G&E (3%)... Stand 011 Cal (h2%) Stand Ofl Exp pf (6). Stand Oil of Kan (1) Stand O1INJ (12)... Stand Ofl N Y (1.60). Sterling Sec A...... Sterl Seccv pf (3)... Stewart Warner..... Stone & Webster (3). Studebaker (1.20) Sun Ofl (11)..... Superheater (2%). Superior Oll. . Superior Steel Symington A. Telautograph (1. 0. Tenne: Corp(£0c) Texas Corp (3)..... 164 3 6% 19 35 2 3% 8 s S P! SP s ] 8 s C:C:CL‘CC: 4% 5 54% 59% 66% 9% 19 69 2% tions. 4% in stock. rate. X ) Dividend Rate. Tex Gulf Sulph (4).. Thompson (J _ Thompson Starrett. . Thomp-Star pf (3%) Tide Water As (60c). Tide Wat Oil pf (5). Timken Roller (3) ‘Tobacco Prod A t95¢ Transamerica (1)... Transue & W (1). Trico Products( Tri-Cont Corp. . Tri-Cont Corp pf (6) Truscon Stl (g1.20).. Ulen & Co (1.60) Un Carbide ¢ Un Ol of Cal (2) Un Pacific (10). U S Express. ... U S & For Secur..... U S Freight.... . S Gypsum (1.60).. lndulAltohollZ) Woolworth (2. Worthington Pumv.. Wrigley (Wm) (4).. Yellow Truck..... Youngs Spring (3) .. Young Sheet&Tu (4). Zenith Radio. Dividend rates as given in the sbove table cash payments based oo the latest quarterly or ball le | b or stock. { ! s 8% in stock. € Flu ' it stoek. " Fil thin pearna s eb Bales— Add 00. High. "l 42% % 13% 10% 12 35 9%, 93% 19 @ » [T % - - Unit Fruit (4).. Unit G & Im (1.2 104% 24% 1 9% 20% 41% 3¢ 7 267 &F 1st (1.20). . Realty & Imp(2) Rubber.... Unit Stores A..... Univ Leaf Tob (3)... Univ Pipe & Rad. . Univ Pipe & R pf (7) 1008 Ul P&L A (e12.15).. 156 Vadasco Sales Corp.. Vanadium Corp'n. Vulcan Det (4)... Waldort Sys (1%) Walworth Co (1). w-m Baking B. Warren Bros (3). n Fdy & P l!). Ofl & Snow (2) Western Union (8).. Westing A B (2).... Westing EI&Mfg (4) 336 Westing E&M pf (4).120s Weston El Instr (1), Wextark Radio Strs. White Motors (1)..., White Rock MS t4%. Wileox Oil & G 3 3 6 10 3 71 ] 1 26 2% the annual rly decla: sUnit of trading less than 100 sha: 1 b A res. fPartly extrs. $Plus TPlus 9% in stock. a Paid last b Payable in stock. d Payable when earned. % in stock. In spectal preferred stock, k Plus Plus 5% in stock. INVESTMENT TRUSTS NEW YORK, April 5, (#)—Over- market: eI Boad §EF Zugo ¥l 3 S5 sapsieR.ta ;2280 w2a! S c. Equities Investors Corp com. Equities_Investors Corp units Eauity Trust Shrs Fundementsl Tr Sh General Equity A Jackson & Curtis Invest Assoc. Jackson & Curtis D pf. Leaders of Industry A Leaders of Industry B [auders of Industry 1 nsoauwae! Naallese as. EFFS FF Faal S SSEE FEES FISESESA ._... = ¥3 2w TH £ Rl 7-32 STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, APRIL 25. STOCKS. lmlltlem I‘o!ll. 166.4 11. 5 pyrisht, 1931, Standard Statistics Co) Washington Ticker BY CHAS. P. SHAEFFER, Associated Press Pinancial Writer. State highway departments will con- tribute approximately $1,000,000,000 to overcome domestic depression this year, to be expended on road construction and maintenance. Facts collected by the American Road Bullders’ Association on estimated ex- | penditures for the year already indicate | N3 Of the commonwealth and state more than $855,000,000 will be spent, while a number of Legislatures still in session have road programs before them. Penmylvnnh leads ail States in high- ment expenditures, followed by chl York and Louisiana. Only a few of the States show decreases. Forty-four State Legislatures met this year and road legislation has been active in most of them. In North Carolina all roads in the State, includ- ing 45,000 miles of county roads, have been placed under the supervision of the State Highway Commission, an innovation in management. Several States have increased the gasoline tax. A number of attempts to divert this levy to purposes other than roads apparently were unsuccessful for the most part. As a result, the motor- ist this year will pay more than $1.- 000,000,000 in special taxes, which will be used almost entirely for highway development. ‘The United States held the lead in foreign capital investments in Poland d\lflnl 1“0 'flh France and Germany ‘The Commru Department reports the total of all financing of this class 85 $1,159,000,000, of which $413,142,000 orkinlud here. Prance was next with $175,000,000, Germany with $136,098,- 000, and England 'lth $105,468,000. The remainder is distributed -m Belgium, Switzerland, Austria, Hol Sweden, Italy and Czechoslovakia. Polish capital invested al amounted to approximately $166,500,000, of which $43,535,000 was in the United States, $30,070,000 in Great Britain and $24,572,000 in Germany. Forty-six per cent of Germany's oll Immhururumtronml’mlm m'.' lhlannh of petroleum totaled /450,000 barrels Vflm at almost 6100. United - States supplying 10,892,000 b"’l’rl’:h hief ite: e cl 'm was gasoline, of whi 5,944,075 barrels, about 49 per u::‘ tclme from Amem;a Next in impor- ance as sources of suppl, - zuela with 5,155,250 pbpll,'rez“eo:{:nle)l the total peu'ohum imports, Russia with 3,162,000 barrels, Mexico with 2,218,500 barrels, Rumania with 1 ,853,000 blrl'!ll and Persia with 13 5,500 barre! ‘The public d!bt of Australia is now three times as large as in 1914. A statement received by the Com- merce Department puts total indebted- governments at £1,119,000,000, as com- pared with £339,000,000 in 1914, Par value of the Australian pound is ap- proximately $4.46. The current quota- tion is about 30 per cent lower. The larger mn of the increase was borrowed in Australia, whereas in 1914 two-thirds represented external debt. Pending conclusion of its investiga- tion as to alleged unfair practice in the sale of Russian asbestos in the United States, on complaint of domestic pm- ducers, the Tariff Commiss! re- quested the Treasury Depart reqm.re the bonding ol future Russian impos Oon lppllcnlon of importers, the com- mission postponed to a date to be an- n);unclt’d later a hearing scheduled for ay 19. The National Fertilizer Association reports employment in the fertilizer in- dustry gained approximately 21 per cent over February, while pay roll totais increased about 15 per cent. Index numbers or employment and pay roll totals showed a large reduction, com- pared with the same month last year. N CHICAGO POTATO MARKET. CHICAGO, April 25 (#).—Potatoes, 93 cars; on track, 245 cars; total United s Drop 0% 5 and Erfe 5s; D. C, SATURDAY, APRIL 25, 1931 FINANCIAL. DECLINE OF RUBBER @BONDSl_mj Private Wire Direct to The Star Offics LEADS BOND SALES Follows Continued Weakness in Commodity and Stock Prices. BY F. H. RICHARDSON. Spectal Dispatch to The Star. NEW YORK, April 25.—The feature of investment market trading today was the continued decline of rubber com- pany bonds. This paralleled continued weakness in the commodity price and a decline in rubber company common stocks, ‘The most acute weakness wu in Goodrich 6s, which dropped to 50, or more than 20 ‘Eomu under the price around which bond held for most of the past year. Goodrich 648, Good- year 55 and United States Rubber 5s were other issues affected. Further wide losses on stocks of rubber held by these companies are inescapable unless there is an immediate and radical improve- ment in the commodity market. ‘The rest of the list was heavy also, the prime group again being the only section to run counter to the trend. Utllities Power & Light 5s and 515, which broke sharply on Friday when the suspension of Pynchon & Co. was announced, firmed up slightly, but there was liquidation in other junior issues. Pure Oll 5%s touched a new low under 80, Pan-American Petroleum of Cali- tornia 6s of 1940 were off over a point, International Match 5s and American I. G. Chemical 5155 eased and Texas Cor- Bgntbn 5s dropped a point to a new ttom since issue. The weakness in the oil company bonds mirrored con- tinued liquidation in their companion stocks. Prime bonds such as American Tele- phone 5s, Atchison general 4s, Balti- more & Ohio 4%s, Big Four 4s, Great Northern 7s and Youngstown Sheet & Tube 5s continued firm. United States Governments were 1-32 to 2-32 higher, Liberty fourth 4%s going within 1-32 of their best price of the year. At current evels Treasury issues of a long-term na- ture yield 187 to 3.29 per cent. The demand for securities of this class was exemplified the Treasury announce- ment today it the $50,000,000 of 91- day bills recently cffered was oversub- scribed nearly seven times. The average rate, on an annual bank discount basis, was 1.33 per cent. One bid received was at the rate of 1 per cent and the lowest 2id accepted was at 1.375 per cent. Railroad bonds of a secondary class were generally slightly firmer today, with gains shown in St. Paul 5s and ad- justments, Missouri-Pacific general 4s, Internaticnal Great Northern adjust- ments, Denver & Rio Grande Western (chnllht. 1931.) 3 Washmgton Stock Exchange SALES. “B"—8$1,000 at Potomac Electric Power 51,% pfd—2 at 110%, 25 at 110, 10 at 110. District National Securities pfd.—2 at 68. Mergenthaler Linotype—10 at 80%, 10 at 80, 10 at 80, 10 at 80, 10 at 90%. AFTER CALL. Capital Traction—5 at 34. Powmuuo Electric Power 5'2% pfd.—5 at 110. Columbia Sand & Gravel pfd.—5 at 93. Peoples Drug Stores pfd.—10 at 102, 40 at 102, 17 at 102. Ame;xcln Security & Trust Co.—10 at 33 Capital Traction 55—$1,000 at 80%, $2,000 at 80%,. Bid and Asked Prices. BONDS: PUBLIC UTILITY. Amer. Tel. & Tel. 4! Am, el & Tel. cil. tr. C. & P. Tel. 5 Gapital Traction R. R & Suburban Ss. Potomac Elec. cons, 5% Fotomac Blec 6 1953 Wath: Rwy. % B MISCELLANEOUS, Barber & Ross. Inc. Chevy Chase Club Colyinbia Country Siub iz D, C. Paper Mfg. W, M. cold monn Wash.' Cons. Title 6: PUBLIC UTILITY. Amer. Tel. & Tel. (9) c-mm Traction Co. . Gas Light Co. ( NATXONAL BANK. ital (14). ... | GoRumbia ' 4145 | Gommercial (s Dlllrl ll ubmy i Lincoln (12) Ere (9e) . Washineton (13 TRUST COMPANY. Amer. Security & Tr. Co. (15) Continental Trust 6}, | Naul. Sav & 5 Prince Ge Unioa Tru: Wash. Loan & T BAVINGS BANK. Bank of Bethesda (65) Commetce & Savings East Washington (12)! 8 (31 Washington Mechatics (20) FIRE INSURANCE. American (1 Corcoran (10) Eiremen's (8) TITLE INSURANCE. Columbia (6h) Real Estate (6i )fl!CILLANIOU& menttos oy The Satpet Coro 1380 Mech. Mige. com Wash, Med, Blde, Corp. ( Woodward & Lothroi Wodward & Lothrop pra m *Ex dividend. b Books closed. c50c extra nise ex 130c extra. §1% extra, Unlisted DepAr!ment. (These securlties not listed under exchanse rul 0 ot Army-Navy Olllb 8s. Cosmos Club. States shipments, 840- cars: weak on ohe Northern, steady on Western stock; trading rather slow; sacked per hundred weight, Wisconsin Round Whites, 1.45a 1.55; Minnesota, 1.30a1.35; Idaho Rus- sets’ No. 1, 1.60a1.70; No. 2, 1.30a1.35; Commercials, 1.40a1.45; Colorado Mc- Clures, 2.15; new stock about steady, stock, Texas only fair, 3.25. : BAR SILVER QUOTATIONS. NEW YORK, April 25 (#)—Bar sllver quiet and unchanged at 28'%. “Journey’s End” is the the new Halg memorial unrrln lTAT!I. (Sales are in $1.000.) Aales. Hi ish. Low. Close. mnu-n-u 18 10127 101 24 10127 9102 27 10227 10227 30 104 2 104 1104 2 . 1 10123 10123 10128 3-47.. 1 10131 10131 10181 54.... 14 107 31 10727 10731 Ks47-52.. 81126 112 4112 4 ADitibi P & P 65°53 Ab& St5%8'43..., Adams Exp 4s ‘48 Am Ag Ch 73841, Am F P 685 2030 Am1G Chb%s"45. Am Metal 5%s5 '34.. Am N Gas 6148 '42.. Am 8&R 1st b8 K108 57 100% 84 NH®0S Argentine 6s Arm & Co 4 ® Austria 7s*43...... “Austria 78°57 ctfs. .| Grt Nor gn 6% Bk of Chile %5 51 Bk of Chile 6 - ‘el B Beth Steel pm 5536 Bolivia 7s Bolivia 78 Bolivia 8s T T T o~ T e e e L b L LT L L LT T LT =rerore Ao BR& Pitt 4 %s 51 Calif Packing 58’ 40 Canada 45 '60 Canada 68 '52. Can Nat 4348 ‘54. Can Nat 43%s 57 e - OO NN RN~ MR HRONNEONEIR aNNBN 60 Car Clin & O 6s '52 Cent of Ga 5s C '59. Cent of Ga 5%8°69. Cent Pac 68 '60. Ches Corp b8 47 9 Chi M StP&P bs 75 Chi M & St P adi 6a Chi&Nwn 4348 2037 '60. . Chi Un Sta 4%s 63. Chi Un Sta %s B'63. - e ErabnorSoaanal Saxanss t rf ConGNY 6% Con Pwr Jap 6%, Con Pow Japan Copenhag IK i Copenba, Cuba 5% Cuba RR rf 73 Czecho 8 Czecho Dutch East 1 6 Erfecon 4s A ‘63 Erie 58°75 Flat7s French Gvt TKI 41 Gelsenk'chen 65 ‘34 Gen Baking 5% '40 Gen Motors 6s NRAS ONHAN MBI AHURHABAD AAANAON Grt Nor 43877 i 2. Grt Nor gen 78 '36. Int Rap Tr bs Int Rap Tr Int Rap Tr 6s'32. Int Match Int M Co b8 ret "41. Int Pap 63 A *47. Int T & T 58 5| Irish Free St & Italy 78 '61 Japanese 63%s ‘54. Jugosl Bank 78 57, name given to m‘ Sales, High. Low. Close. 5 57 !D\t 9% 60% 84% 85% 85% 84% 5% SeorB0 wiwndSuavnmy, Montevideo 7s '52. Nassau Elec 43 '51 Py 8 N Y Ed 15t 634, NY NH&H 3%, NYNH&H b 4 NY NH&H 4%, NY NH&H clt 68 NY NH&H cv db 6s NY O&W 1st 4892, NY 8&W 1st 6837, N'Y Tel 434839, N ¥ Tel 65 °41. NY W&B 4%s8°46.. Nia Sh Md 5%s 50 No Am Co 68 °61. .. o NANBRONNOR MNNEO® 9 Nor Pac 4%8 2047. Nor St Pw bs A "41. Norway 58 '63. Norway 5%s Norway 6s '4 Nnnuy 68 NenBaan d. Or. Wash 48 61.. Pac G & k) 5842 am Or 5% Pathe Exch s '37., Penna 4%s D"l Penn 4%s ‘:n Y - . Phillip Pet 5% s 39 Pillsb F' M 63 43 Plerce Ofl deb 8s. P CC&StL 4%s8°77. PCC&E!LQBIA.. Pressed St C b8 '33. Prussia 65 '52. Public Serv e SHm N NANBR IR SR~ DS AN IANOReNARe So Queenland 6s°47 Read gn 4% 8 A 97, » o SunaBueivma: Rio Gr W 1st R 1A Roy D 4845 ww... StL&SFindsA.. «35 & Sao Pau 78 40 rets. Sao Paulo 8s°89. . Saxon Pu W l‘As‘il T uuu-nun-a—:au—-q-—wa-u Serbs-Cr-S1 83 "62. Shell Un O1l b3 47, Shell Un Ol 58°49. Shinyetsu 638 52, Sinclair O1l 6%4#'38 Sinc O 7scv A 31.. Sou Bel T&T b3 41, SW Bell T6s A Sou Pac ref 48 ‘5. Sou P 4%3°69 ww.. Sou P&OT 4%8"77.. StONNY 4%s61. 15 Tenn E1 P 68 A 47 Col Third Av ad) Un Pac1st ¢8°47... Un Pacrf ¢s !00! Utll Pow 6% 47 Vienna Va Ry & Pow Va Ry 1st b Warn Br Pl INSTITUTE PLABES OFFICERS ON SLATE Nominations for Next Year Made and Convention Delegates Selected. Aubrey O. Dooley, assistant trust of- ficer of the Federal-American National some instances ti candidates be ln. put up, > that the Aubrey 0. Dooley. 3uum certain be inf ;nzmbtrs of the board of governors, fol= lows: For president—Aubrey O. Donlcy. Federal-American National Bank Trust Co. First vice president—Richard A. Nore ris, Lincoln National Bank. Second vice president—Robert H. e e B w cretary—I ce, Washe ington Loan & Thut " counsel—Kenn; Birgfe] }un. National B-nk md J. Earle lll:: Geary, W. B. Hibbs Lachlen Banking Corpo: Jobnson, Normme‘m Savings Delegates to Convention. t the same meeting of W Chjplel' the following delegat elected to represent the omnhl'-m at the annual cunvcnuun Pittsburgh, Royce, Mabel V. Royce, m - Endicott, wu%fian:u:‘n & Trust Co.; Willard G. Barker, Morris Plan. " Robert A. W % | ings Bay E. of Commerce and Savings. “ WHEAT EXPORT GAIN ENCOURAGES CANADA “ | Early Opening of Navigation Also Aids by Relieving Unem- ployment. Special Dispatch to The Star. MO April 25.—Numbered amcng the encouraging factors in the Canadian trade situation, as noted in the monthly business summary of the Bank of Montreal, is the fact that ex- ports of wheat for some time past have exceeded those of last year, and that 14,000,000 bushels are bocked for early shipmerl;, from the Port of Montreal. The early opening of navigation, it is pointed out, is giving employment to those engaged in lake and river traffic and unemployment generally is being 09w, | relieved by resumption of outdoor work 9% Ygstn Sh&T 6s°78. 51 101 101 101 Wall Street Brie o NEW YORK, April 25—E, Howard Roth, partner in the firm of Glenny, Moty 4" Boolitile of Buffaio, has becn elected a_member of the Board of Di- in many flelds of labor. Outstanding facts in Canadian busi- nus.uletmrthmuuamku Montreal summary, The expected urlfl changes and an increase in the sales tax are calculated to have an important bearing cn busi- ness. atly nehive, ‘gving s orber Suvpes st y active, a larger month than in February, whlhm?u“fiomn- bile factories are turning out more cars than for several months past and textile mills are well employed. rectors of Appalachian Gas Corpora- |2l tion. ‘The American Smelting & Refining Co. has reduced the price of lead to 4.25 cents a pound, New York, com- pared with 4.35 cents the previous day. ‘The quotation is the lowest since 1921. The Board of Directors of the New York Telephone Co. has authorized the expenditure of $1,895,845 for new con- struction throughout the State. This brought total The most_serious slump has been forest products. ! “Ja“fifii""“w’ iy Tor escoeditg the ront caj or In the first first_quarter market. Canadian mills produced 534,280 tons, compared with ,559 tons last year and with 618,893 tons in 1929. Building construction is pick up with the cor first four mon this yea 145, of which $17,377,145 has been pro- vided for the extension of facilities in g:: metropolitan area of New York y. -utemene issued ddu.-wr! margin remaining. ‘The statement said the dividend checks will be mailed in time to reach com- mon stockholders May 1. The record fi',,”.-’u lgr the first-quarter dividend was %mmtmmr— s Co., said net resulf ming of Spring and the |2 ‘t:‘dm of moderate lcuvlty is antici- £5%5032%8 in Maroh, the largest il ’_rch. mmy REICHBANK s'u‘rxmr ADHI —The Relchs- report as of Awfl 23, shows the tollowtngehanu- Reichmarks: Gold ’ ’ W!.mm;m in m}gx of M 5.607,000; siver and oUher eoina increased 19,172,000; notes on other banks increased e 2,322, creased ll.m'm: investments de- cle.led 000- OM M W uvu-d wr.nlm mfig .l- lln ma-d Note ‘Total fllnl'm 0 Y