Evening Star Newspaper, May 1, 1931, Page 13

FINANCIAL. CAPITAL TRACTION | NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. I { ARBH N[ I DRUPS __ Note—All stock are sold in one hundred share lots excepting those designated by the letter s (80s) (250s), " which shows those stocks were sold in odd lots. The New York Stock Exchange is mow operating en daylight saving time, ~Prev 1931 Stock and High. Low. Dividend Rate. WESTERN MARYLAND NET DROPS FROM LAST YEAR Spectal Dispatch to'The Star. BALTIMORE, May 1—The Western Maryland Railway Co. reports that its net income for the first quarter of this vear amounted to $348,677 after taxes Wy counted conditions reach warranted levels. Any such extended recov- ical will dmigre IN STUBK UPTURN o 2 H:WV' ery Hornblower & Weeks—We vcontinue Stock and Bales— Prev. 1 phase of this Dividend Rate. Add 00. High. Low. Close. Ciose. Bhaeo > Davison Chemical... 9 14 Drlaware & Hud (9). Del Lacka & Wn (4). Denver & RG W pt.. = Detroit Edison (8 Diamond Match. Dome Mines (1). ~Prev. 1931~ H(zw::a Low. movement will be sharp, but will bs e o T4 chares of 7 por eem faxing wil probabty bring abost & sub- l cumulative first preferred stock. 63,006 Brokers Be"eve na"y wi" Go stantial reaction. This compares with & net of $5i reported in the first quarter of last year which was equivalent to $3.18 per share on the same number of first preferred iReaction Seen as Renewal of Bear Campaign to PRIESE Slight Slump Reported Over £ Further, but Would Await |CHAIN STORE TAXES Sates— Prev. Add 00. High. Low. Close. Ciose. Year Ago—Fifth District . Banking Review. BY EDWARD C. STONE. The Capital Traction Co, reported a emall decrease in net earnings in March compared with the same month last year, in its monthly statement filed to- day with the Public Uilities Commission. Total net income emounted to $43.- 847.15, compared with $45,692.36 in | March, 1930, or a drop of $1,845.21. Operating revenues amgunted to $344.191.91, against $353,562.80 a year 8go, A decrease of $9.371.07. Operating expenses and taxes totaled $270.962.23, in comparison with $279.896.71 a year . a saving this year of $3.507.48. Tihis left an operating income of $73 220.68, against $73,693.27 in March, 1930, a decrease of $463.50 i Deductions from gross called for $30. $15.77, compared with $29.526.67, a dif- ference of $989.10, leaving the above | stated net income for the month. The | traction company carried 4.101.677 reve- | nue passengers during March, against 4,733,977 in March _last vear, a falling off in traffic of 632,300 fa Traction's First Quarter. The Capital Traction's summary for the first quarter of 1931 showed total operating revenues of $1,004.498.59 in comparison with $1,039,906.27 in_the same month in 1930, & decline of $35- 407.68. Operating expenses and taxes claimed $803,557.59, against $837.187.89, or a reduction for the firsi thres months of 1930 of $33,630.30. Operating income totaled $200.941, compared with $202,- 71838, & decrease of $1.777.38. The company reported a non-operat- ing income of $3.917.11, against $4.- 23546 in the like period a year ago Gross revenues for the three months totaled $204,858.11, compared with §206,- 953,84 last vear. The usual other de- ductions amounted to $92.783.79. in comparison_with $90.407.83 in 1930, & difference of $2,375.96. For the first quarter the corporation yeported a total net income of $112- 074.32, against $116.546.01 last year, & falling off in net of the small sum of $4.471.60. It will be seen that the elimp is largely due to a decline in revenue passengers. 11940612 being carred in the first quarter, against 13.- 915832 in January, February and March, 1930, & decrease of 1,975,220, Fifth District Banking Review. Debits to individual accounts in banks in the reporting cities of the fifth Federal Reserve district during the five weeks ended April 15 showed an in- crease of $66,018,000, or 5.1 per cent over total debits in the preceding five weeks ended March 11, the Bank of Richmond reported today. Chairman Hoxton expressed the opin- fon that the increase was seasonal due, chiefly, to income tax payments on Mareh 15 and quarterly settlements on April 1. He added, however, that the seasonal increase was smaller this year than in most years with income tax payments on 1930 incomes proving con- siderably lower than taxes paid on in- ymes in other recent years. e‘)S!"'ellmen of the 24 cities reported larger totals for the April 15 period, but seven clties falled to show the usual increases. All of the larger centers ex- cept Baltimore and Norfolk reported ‘nigher figures for the later five weeks. Winston-Salem made the greatest per- centage increase, with Charlotte and Wilmington second and third, re- spectivel x Decrease in Debits. A comparison of the debits figures for the five weeks ended April 15 this year, with the figures of the corresponding period ended April 16, 1930, showed a decrease this year of $246,381.000, or 15.3 per cent, the largest decline shown in any period for several years. Every one of '3\'! 24 cities showed lower totals for the 1931 five weeks than for the same od last year. 'flumles and ytheh' total debits for the five weeks ended April 15, 1931, * follow: Asheville, N. C. $14,693.000; Balti- more, $428,304.000; Charleston, 8. C $20.901,000; Charleston, W. Va. $43, 043,000, Charlotte, N. C., $55.193,000; S. C., $28.968,000; Cumber- $9.070.000: Danville. Va., $6.- N. C.. $28,650,000; ville, 8. Md., $10, W. Va. 18.756,000; Lynchburg, Va., $19,320.000; Newport News Va., $12,119,000: Norfolk, Va., $54,290,200; Portsmouth, $4,979,000; Raleigh, N. C.. $23.301,000; Richmond, Va.. $142,501,000; Roancke, Va. $20.- 268.000; Spartanburg. S. C., $11,699.000; Washington, $290,882,000: Wilmington, N. C., $15.200,000, and Winston-Salem, N. C., $52,447,000. Today's Exchange Trading. Trading was moderate on the Wash- tngton Stock Exchange today. Capital Traction held its recent stiength and sold again at 34, Mergenthaler Linotype | moved arourd 80 and 801;, Railway & | Flectric preferred came out at 98'; and | 10 shares of Washington Loan & Trust | Co. stock sold at 432. Bond trading | was very light, being confined to Wash-1 ington Gas Light lssues. The Norfolk & Western Railway Co. 4s paying off its 50-year general mort- gage in the sum of $7.235.000. This| mortgage was a first lien upon the com- ! pany’s main line from Norfolk to Bristol, | Va., about 408 miles, The bonds were taken up out of treasury funds and no| new financing is contemplated. The| Tetirement of these bonds will reduce | the company's fixed charges by $434,100 a year. Joseph A. Broderick, New York State superintendent of banks, has sent a Jetter to all savings banks in New York | State urging them to invest their cur- | rent cash receipts in short-term Govern- ment funds. Mr. Broderick points out that this course is adviseble in view of the possibility of heavy withdrawals ihat ‘may be made upon the savings | banks when a turn comes in business | conditions. Peoples Drug Earnings Gain. Peoples Drug Stores, Inc., net earn- tngs for the first quarter were reported today on the stock ticker as $121,369, after charges and taxes, equal after pay- ment of preferred dividends, to 66 conis & share on 123,743 common shares, com- pared with $92.589, or 40 cents a share on 127,702 common shares in 1930. This advance of 26 cents a share on the common stock is considered excel- Jent, especially in the face of so many unfavorable carnings reports just now | being made public. ! Gleaned in Financial District. The large nwwber of local holders of Packard Motor Car stock were deeply ! interested in the announcement that the company has declared a dividend of 10 cents per share cn common stock, payable June 12 to stock of record May 15. In the two preceding quarters 1 cent declarations were made, prior o which 25 cents was pgid. Directors of McCrory Stores Corpora- gion have declared the regular quarter- 1y @ividend of 50 cents per share on the common and class B common stooks, payable June 1 to stock of rec- ord way 20. : ‘I sharp advance in the New York Btork Market yesterday caused a rush tg the local board rooms today, the pos- alibility of an upswing being received 8 4 Cmwith & Nith intense interest. Caution prevafled 1oday in & mugh more cheerful atmos- phere. —e BAR SILVER QUOTATIONS. Abitibi Pow & Paper 1 Abitibi P& P (8).. 1 Abraham Strauss. ... Adams Exp (1.60)... Addressogr Co 1.40.. Ahumada Lead. ..... Alr Reduction (1414) Air Way Elec Appl. . Alaska Juneau (40¢) % Alleg Corp..... . Alleg Cp $40 ww 5% . “Allied Ch & Dye (n6) Allled Ch & D f (7). Allis Chalmbers (2). Alpha Port Cemt (1), Amal Leather pf. ... Am Bank Note (13) Am Reet Sugar pf... Am Br Shoe (2 40).. Am Rrown Bov Elec. AmBrBEDL (T)..n Am Can (t6) Am Canpf (T)... Am Car & Fdry (3 Am Chicle (13).....) Am Colortype (1.40). Am Comel Aleohol. .. Am European Secur. Am & For Power. ... Am & For Pw pf (8). Am & For Pw pf (7). Am & For Pow 2d pf. Am Hide & Leath pf. Am Home Pr (4.20).. Am International.... 35 Am La Fr & Fe m pf 10s Am Locomotiv. (2).. & Am Pow & Lt pf (6), Am Ra&Std San 60¢. Am Rolling Mills. .. Am Safety Razor (5) Am Seating. . ... ARE Am Shipbuilding (5) 1108 Am Sm & Ref (4). 62 Am Solv & Chem. Am Steel Fdy (3). Am Stores (123%). Am Sugar Ref (5) Am Tel & Tel (9). Am Tobacco (16) . Am Tobacco B (16 Am Water Wks (3). Am Woolen. Am Woolen pf, Am Zinc Lead & Am Zinc & Lead pf. Anaconda Cop (1%) Anchor Cap (2 40) Archer Danfels Mid. Armour of Del pt (1) Arnold Constable. .. Artloom Corporation % Aseo Apparel (12) Asso Dry G (2%). Atch To & S Fe (10). Atlantic Refining (1) Atlas Powder (4). .. Atlas Powder pf (6). Atlas Stores (n1)... Auburn Auto (4)... Austin Nich pr A (3) Aviation Corp of Del Baldwin Loeo (1%).. Baldwin Loco pf (7). Ralto & Ohlo (5).... Balto & Ohio pf (4).. Bang & Aroos pt (7). Rarker Bros........ Barker Bros pf (6%) Barnadall (A) (1)... Bayuk Cigar (3).... Bayuk Cig 1st pf (7) RBeatrice Cream (4) Reech-Nut Pkg (3). 4 Belding-Hemingway 1 Bendix Aviation (1). 94 Rest&Co (2)....... 12 Bethlehem Steel (4).1206 Bethlehem St pf (7). 11 Blaw-Knox (1%)... 5 & Bloomingdale pf (7). 108 Bohn Alum & Br1%. Borden Co (K3)..... Borg, Warner (1). Briges Mg (41%)... Brockway Mot Trk. . Bklyn-Man Tr (4)... Bklyn Man Tr pf (6). RKIyn & Qu T pf (5). Eklyn Union Gas (5) Brown Shoe (1) Bruns-RBalk-Col. Bruns Ter & Ry Bucyrus (1) Bueyrus cv pl Budd (E G) Mfg. Budd Wheel (1) Bullard Co. Bulova Watch (14). Burns Bros B....... Burroughs A M t1%. Bush Terminal (2%) Bush Term deb (7)..130; Dutte Copver & Zinc. Butterick Co. Byers (A M)..... Calif Packing (2).... Calumet & Hecla. ... Canada Dry G A (3). Can Pacific (2%). ... Cannon Mills (1.§0).. Capital Admin A.... Case (J 1) (8) .. 861 Caterpillar Trac (3). 107 Celanese Corp 1 Celotex Co. . Cerro de Pasco(1.50) Certain-teed Prod Checker Cab Mfg. i Ches & Ohlo (2%) Chesapeake Corp Chi Great Western. Chi Great West pf Chi M1l St P & Pac. ., Chi M{1 St P& P pf.. Chi & Northwest (4). Chi &N W pf (T).... Chi Pneu Tool. . hi Pneu Tool pf.... Chi R 1 & Pacific (5). ChiR1& P pf(6)... Chi R 1& Pac pf (7). Childs Co (2.40) Chrysler Corp (1) City Ice&Fuel (3.60) City Jee & F pf (6%) 80s City Stores. .. . 3 City Stores (A)..... T08 Cluett-Peabdy pf (1) 50s Cocoa-Cola (17%) Colonial Beacon Colo Fuel & Iron. Col Gas & El (2) 1 # Col Gas & El pf A (8) Col Graphoph (a%). 82 Columb Carbon (5 39 Comel Credit (2). 4 % Comcl Credit A (3).. = 3 Comecl Cred pf (1%).100s Comcl Cred 1st (6%) 308 Comm Inv Trust (2}, 11/ 1 Comel InyTr war ate Comm Solvents (1).. 82 Comwlith&Sou (40c), 194 ou pt (6) 9 Congole:m' Nairn... 7 Consol Cigars (5). ... Cwnsol Cigar pty7).. 108 Consol Cigpr pi 6% . 14¢ Consol Film pf 9'1" Consol Gas N Y Con Gasof NY,pf (5) @onsol Laundriss (17 Contl Baking A. Contl Haking B..... Cont] Baking pt (8).) Contl Can (23).. Contl Dia Fibre (1) Contl Insur (2.40) Contl O\l of Dal. r Cudahy Packing (4). NEW YORK, May 1 (P) ~—Bar_silver Curtis Publish (4)... Curtis Publish pt (7) * 12 1 6y 6% 20 20 31 18 128 2814 124 15 a1y 10% 28% 6% 2 109% 1127 151% 15214 201 {21 178% 181% 118 123 121% 125% % B56% 814 324 A% 30 2015 % 2214 174 15% *35 7 20% 169 109% 106% 20 54 108% 1 35 85 A% 100% 146 52 43 102% 11 " 94y 1041 104 14% 50 % 50 P4u B 10% 10% 411 410 2% 2% T TH W 5% 6% 5% 641 B4k 674 151% 151% 1514 9% 9% 9% 32 32" 31% 4414 45\ 3 23 844 114 % BT% 15% U 75 i (] 31% 09 % 26% 85 42% 107 21% 29% 5% 1 % 4% Domn Stores (1.20) Drug Corp (4). Duplan Stik pt Nem ¢ deb pf (6 Duques Lt 1st pf (5) Fastern Roll Mills. . Eastman Kodak (18) Faton Axle (160)... Eitington-Schild pf.. Flec Auto Lite (6). Elec Pwr & Lt (1)... Flec Pow & Lt pf (8) Flec Stor Bat (5) Frie RR 1st i Fureka Vac Clean Evans Auto Products Fed Lt & Trpf (6). . Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) Filene’'s pf (6%).... Firestone T&R (1).. 4 Firest T& Rpf (8).. 4 Gen Cable A. Fisk Rubber. ... 4 Fisk Rubber 1st pf..100s First Nat Strs (21), 2 Florsheim ShA115.. 6 Florsheim Sh pf (6). 80s Follansbes Bros. . 2 Fostar Wheeler (2).. 71 Foundation Co. 4 Fourth Nat Inv N Fox Film A (4)...... 218 Freeport-Texas (3).. 41 Gamewell Co (5).... 208 Gardner Motor. g Gen Am Tank Car(4) 13 Gen Asphalt (3) . 40 General Baking Ce... 48 Gen Bronze. ... 1 1 Gen Cable pf 108 Gen Cigar (4) v 28 Gen Elec (1.8 385 Gen Elec spec (60¢)s R Gen Foed Corp (3).. 55 Gen G & E1 A (e30c). 153 Gen Ital Ed (a2.62).. 2 Gen Miils (3) 2 Gen Motors (3) Gen Motors pf (6)... Gen Outdoor Adv.... Gen Pub 8v b6% stk. Gen Ry Signal (5)... & Gen Ry Signal pf (6) 100s Gen Realty & Util... 18 Gen Refractories (4) 10 Gen Theater Equip.. 221 Gillette Saf Razor Gillette Saf R pf ( Gimbel Bros. Glidden Co. Gold Dust pf (6) Goodrich (B F). Goodrich BF pf (7). Goodyear Tire&R(3) b1 Goodyear 18t pf (7).. 5 Gould Couple: Graham-Paig % Granby Consol (2) Grand Sil Strs (h1).. Grand Union.......e Grand Union pf (3).. Grant (W T) (1)eeae Grt North pf (5) Grt Nor Ore (2)..... Grt Western Sugar.. Grt West 8ug pf (7). Grigsby Grunow. . Guantanamo Sugar. Gulif Mobfle & North Gulf States Ste . Hacken Wat pf A 1% Hahn Dept Stores. .. Hamilton W pf (6).. Hanna pf (1) ... .ue. Hartman Corp (B) Hayes Body..... Hercules Mot (1.20). Hercules Powd (3).. Hershey Choc (5). Choc pf (5) Homestake Min (7) Houdaille Hershey. . Household Fin pf (4) Houston Ofl..cceosas Houston Of] (new) Howe Sound (3)..... Hudson Man pf (5).. Hudson Motor (1)... Hupp Motors. ... 11linois Central (4).. Illineis Cent nf (6).. Tllinois Cent LL (4 Indian Motor Cycle. . Ind Motor Cycle pf.. Indian Refining. . Indust Ravon (4)... Ingersoll Rand (4).. Ingersoll Ran pf (6). Inland Steel (215)... Inspiration Copper. . Insuranshar Del 40c. Interb Rap Transit.. int Agricultural. ... Int Agricul pf (T)... Int Bus Mach (n6) Int Carriers (37%c). Int Cement (4) 5 Int Combustion. Int Harvester (23%).. Int Harvester pf (7). Int Hydro E1A (e2). Int Match pf (4) Int Merc Marine (2). Int Nickel (§0¢)..... 1 Int Paper & Pow A Int Paper & Pow B Int Paper & Pow C... Int Pap & P pf (7)... Int Salt (3).. Int Shoe (3). Int Silver pf (7). Int Tel & Tel (2).... Inter Dept Strs (2).. Jewel Tea (4)....... Johns-Manville (3).. Jones & Laug of (7). Jordan Motor Car... Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelsey Hayes (2). i Kelvinator Corp. 05 10 Kennecott Cop (2) Kinney (G R) Co... Kinney (GR)Co pf. .3 Kresge (S8)Co 1.60. 36 Kreuger & T (a1.60). 57 Kroger Groc&Bak(1) 117 Lambert Co (8. 10 Lane Bryant (1) 1 §Aen Port Cmt (1. 'eh Port Cmt pt ( Laa Valley Coal. Leh Val Coal pf ( comot (m2). 4 Liqu ,a\rbonlc(l)u 4 Loew's Ine (3) i 5018 7 1 18% 2340 18% Loft Inc. a +- & Loose-Wilew (12.80). Lorillard (%) Co. LouG & E Af41%) Louls & Na: Ludlum Steel, McGraw-Hill (2} Mclintyre Porc M\(1) 19 pt Tin P(6). 124 som & Rob €4). 3 e Macy (RH) & Co(n3), Magma Copper (2) Manati SURAT...... Man Elev mod & (45) Manhat Elev gtd (1). 808 Manhat Shirt (1) . 5 aracaibo Oil Exp 2 Marine Mid (1.20)... 18 Marlin-Rockwell (2) 8 Marshall Fleld (23%) 2 Mathieson Alkall (2) 12 May Dept Strs (2%). 2 Met-Gold Pie pt 1.89, 1 4 Mexican Seaboard. .. 150 70 10% 15% ¥ 2 Mid Continent Pe¥m. 11 Midland Steel (3)... 6 M1l El R & Ltf (6). 20s i Mo Kan & Texas Mo Kan & Tex pf Missouri Pacifie. Missour! Pac pf ( Mohawk Carpet. Montgomery War Mother Lodo. ... Motor Meter G & El. Motor Products (2).. AUl Sec pf... t | Gumulative Ti Test Recovery. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK. May 1.—Hea in the last hour turned tod: market about and left it lower at the close. Prices had ruled higher during the morning, became somewhat unset- tled in the late afternoon and then turned downward. The late feaction was plainly & re- newal of the bear campaign put on with a view of testing the genuineness of vesterday's recovery. The attack was centered on United States Steel, the price of which was forced down below 1ts previous low. Railroad stocks were depressed; but on small volume. The ofls weakened, and numerous industrial specialties sold off sharply. The Bethlechem Steel dividend dec- laration was construed favorably by the Street, which would not have been surprised at a larger reduction, and the stock rallied. United States Steel at 121 was at the high of this movement American Can sold off in the first hour and then came back easily. Other stocks to rise because they had bren oversold included Air ~_Reduction, Worthington Pump and Johns-Man- ville The market was not without its weak | spots. One of them was Texas Guif | Sulphur, which made a_new low, and | another was California_Packing, which sold off afterthe earnings statement was released showing only 9 cents a share in the year ending February 28, egainst $6.16 a share in the previous year. Anaconda was lower for a time and Union Carbide seemed to be in | supply on the way up. On the other hand, Standard Oil of New Jersey, on which the regular 25-cent dividend and the regular 25-cent extra were de- clared today, advanced, with good sup- rt for most of the other oils Raflroad stocks were inactive, but firm. Their action was closely watched for & clue~to the course of the rest of the list, inasmuch as the rails have been forecasting the general market movement for some time past. ‘Public utilities were in good demand at slightly higher levels, the features being International Telephone & Tele- graph. North American Co. and Con- solidated Gas | The afternoon market was unsettled by sclling in Pullman on the earning | statement for the first quarter, which | showed only 15 cents a share, against | $1.16 a share in the first three months of 1930. The stock went to & new year's | low. United States Steel came down a point from its morning high. but met good support around the 120 level. The market was very inactive and neither side was anxious to take a_position. Considering the extent of Thursday's itself. (Copyrizht, 1931.) . NEW YORK BANK STOCKS NEW YORK, May 1 (A.— BANK STOCKS. | Bid. Asked. America .48 51 Bk of U8 1 83" 88 63 ° 68 Manhat Co Peoples Natl TRUST COMPANIES ool tal 32 Comm TIta . Bk Cent Hanover Ghem Bk & Tr.. Gorn Exchange ving Manufacturers : United States *:1°1000 Westchester Title & Tr INVESTMENT TRUSTS NEW YORK, May 1 (A).—Over-the- counter market: All Am_Tnvestors, Shrs A Asked i, A28, lied Gen m & Cont C Corp 33 cv pf. A “orp A B'C Tr Shis series o DI Founders 1-70th ct Foundets conv pf Founders war Am Pounders 1-40ih com .. Ams Ins Stocks......... Assoc Stand Ol Bhares Bec war » Bansicilla Corp Basic Industry S| British Type Invest ed-div. & Gen Eaquities & Gen Equit 67 Store Invest. Store Invest Df. Chain Store Shr ,Ownei Chartered Invest”. Chartered Invest Di Chelsea Exchange Chelsea Exchange BEEZ P ana b u T 8n Corporate Trust Shares. advance, it gave a good ,account of.| - shares and to 35 cents on 76,280 shares of second preferred. The decrense from the first quarter of 1930 was $215.229, or 38 per cent. Operating revenue for the first quar- ter was $3.935.040, as compared with $4,503,679, while total operating ex- penses wefe only $2,351,075, as_com- pared with. $3.026,888 in the quarter a year ago. indicating a substantial im- provement in_control over the cost of operations. The operating ratio for the | quarter stood at 64.81, as against 65.89 | for the 1930° period. INVESTMENT TRUST DEAL ANNOUNCED Tricontinental Corp. Seeking Stock Interest Control in Selected I.dustries, Ino. By the Assaciated Press. NEW YORK, May 1--Plans con- templating the = acquisiton by ‘Tri- continental Corporation, an. investment trust, of a substantial stock interest in Selected Industries, Inc., another| trust, were announced here today. The present management of Selected Industries, Inc., plans to retire at the annual meeting of the stockholder, May 11, but the banking interests which | have sponsored the trust will continue | active in iis affairs, 5 The board of Selected Industries will| recommend to the stockholders at the annual meeting May 11 approval of a contract making available to that trust the statistical and advisory facilities of Tricontinental. It is contemplated that_Tricontinental will acquire a large block of Selected Industries outstanding common and convertible preferred stocks, although. this interest will not constitute control. A further agreement, between the two companies would give Tricontinental an option to purchase up to 200,000 additional Selected Indutries common shares. Frank P. Morse, manager of the Washington office of Seligman & C said today that some of the most im- portant investment bankers in Walll Street will be connected with the en- larged organization. Earle Baille, presi- dent of Tricontinental, and Francis P. Randolph, vice president, are expected to become chairman and presidenty respectively, of Selected Industries, Inc. Both are members of the banking firm of J. & W. Seligman of New York, sponsors of Tricontinental. “Bank Stocks” (in New York and other Cities) Bought—Sold—Quoted Robert C. Jones & Co., Inc. Shoreham Bldg. Met, 2922 ~ _ Money to Loan by first deed of trust on real estate Tting interest and commission, Weller 420 Wash. L. & Trast REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications __invited on 5 or 10 vears, if so 1520 K'St. N.W. National 0475 BUILDING ASSOCIATION 7th and Indiana Ave. N.W, LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subscription James E. Connelly James F. Shea President Secretary TNTEREST SAVINGS LOANS ON D. C. REAL ESTATE 69 INTEREST Loans are obtainable at the National Permanent on most satisfactory terms—no col Crum & Foster Ins B.. m & Foster-Ins pf Fixed Trust Shares B Fundamental Tr Share: Pundamental Tr Shares B. General Equity A Granger Trade . Gude Winmill Trad: ! Incorporated Investors Incorporated Investors Equit Independence Tr Shrs.......... Insur Shrs & Gen Mani Int Secur Corp Am A Int Secur Corp Am Int Secur Corp Am 6% 'Pi.. Int Secur Corp Am 6'a‘r 'Di Investment Trust Assoc Investment Tr of N ¥ Investors Trustee Shates £ Jnckson & Curtis Invest Assoc. & Curtis Sec Corl Leaders of Industry A Leaders of Industry B. Lenders of Indusiry C s Mohawk Invest . Mutual Invest Tr Mutual _Menage. Nation-Wide Secir Natlonal Indust Sh Public Service Tr Sh. Representative Trust Shrs. Research Inv Corp ..... Eesearch Iny Corp iits S e Spencer Trask ¥ Stend Am Trust Sh Siand Collat Trustee State Street Invest Cox) Super Corp of Am Tr Shrs A Super Corp of Am Tr Shrs B Super Corp of Am Tr Shrs C. Super Coip of Am Tr Shrs D. “Frazt Bhrs of Amer., sustee Biand Invest Shrs ‘Trustee Etand Invest Shrs Trustee Standard Ol Shrs Trustee Standard Oil Shrs B Trusteed Am Bk 8h.. ustee N ¥ C oo Flec Lt & ersul 41 missions, o renewals. features are of distinct a vantage to those contemplat- {08 purchasing or refinancing Ten We invite your ‘inaueri Open Daily, 9 to 5§ Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT BUILDING ASSOCIATION 949 NINTH ST, NW. UNDER SUPERVISION OF U.S.TREASUR) Made Promptly —For Buying. —For Building. —For Refinancing ¢ o m- pleted properties. *THE resources of this company make it possible to ebtain loans on first mertgages promptly and at reasonable rates. Permit us to give you further information without obligation on your part. Added Tests. By the Associated Press. NEW YORK, May 1.—Today's stock | letters believed the technical rally would | go further, but most commentators ad- vised caution until the market has been tested by profit-taking and secondary selling from the highs of the recovery. | Comments include: - I Redmond & Co.—There is still suf-! ficlent uncertainty about the trend of | business to suggest the possibility that | we have not yet seen the bottom prices of May stocks, although some of the ! recent lows may hold for a few weeks | until a better picture of second quarter | results may be obtained. If the second uatter shows no improvement over the rst, further dividend cuts and omais- sions are inevitable and the market | could again sag to another new low in | discounting such action. Babcock, Rushton & Co.—Regardless | of how far this rally might carry in ex- tent, or in the time consumed, we are | inclined to the bellef that possibly the | bear market, which has lasted ever since September, 1920, has finally burnt itself out. | Otis & Co—We feel that in general the conservative policy is to defer new commitments until the market has had | an opportunity to show how well it can absorb secondary selling. Shields & Co.—While there is belief | that a fairly good technical comeback is in the making, the best thing for the | market would be for it to quiet down | and stay dull while the several higher- priced issues that have not fully dis- ERTT T T OU’LL find our Fi AT Trust loans. dential, business, office ton or nearby in Maryla AT Organized 1879 JOHN JOY EDSON, President courteous attention. 915 F | house properties, in Washing- Virginia—3, 5 and 10 year pe- riods, at the uniform rate of.. UPHELD BY COURT Virginia Justices Rule That Levy on Distributing Houses Is Not Discriminatory. By the Associated Press., RICHMOND, Va., May 1.—The Vir- ginla law which places a tax on dis- tributing houses for chain stores similar to that imposed upon wholesale houses is not discriminatory or in viclatign of the fourteenth amendment, to the United States Constitution, a Federal statutory court ruled here yesterday. Decision was given in an opini submitted in dismissing an uppuglug: of the Great Atlantic & Pacific Tea Co. for an injunction restraining the State of Virginia from collecting taxes levied under the law. At the same time a temporary restraining order granted the company several months ago by District Judge D. Lawrence Groner was vacated. Circuit._Judges Elliott Northcutt and John J. Parker wrote the opinion. Dis- trict Judge Morris Soper of Baltimore dissented. D.H. McKnew & Co. 1200 15th St. N.W., Deecatur 5560-1-2 Investment Securities T AT R AR Money Available for Mortgage Loans nancing facilities com- petent to meet any requirement for First Applications considered for res building or apartment LYY nd and RANDALL H. HAGNER & GCOMPANY N ks S Fodumice Gy 1321 Connecticut Ave. Decatur 3600 AL T Equitbe Co-pative lg. s’n 51st YEAR COMPLETED 'WALTER S. PRATT, Jr., Secretary Subscription for the 100th Issue of Stock Being Received Do You Desire a Loan —on Real Estate or to Take Up First Mortgage? THOSE desiring money to purchase a home, res finance present indebtedness or improve property should consult us. Applications will receive prompt and Loans Repayable Monthly ‘No Brokerage . .. No. Commissions ST. N.W. for periods of 3, BOSS and Reall FOUNDI 1417 K S E have plenty funds for loans on improved Real Es- tate in nearby Montgomery County, Md., and the District of Columbia Prompt decisions given applications. Loan_Correspondent Johm Hancock Mutual Eife In 5 or 10 years, PHELPS TS, 1907 w. ife Insurance Co. in our In ¢ Over a Third of a Century Without a Loss return, ffluctua’ upon REALESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. NW. National 2100 s THERE IS NO SUBSTITUTE FOR SAFETY is more than a slogan—it is a proven truism for investment 6% FIRST MORTGAGES hem vou can feel that your money is earning the best coupled with safety of the principal—and it doesn’t te. It'll be 6% through- out the .entire term of the mortgage. May be purchased iwn amounts from $250 up—and our convenient Partial Payment Plan if you so desire, RO SATE G 925 15th"St. N.W, Brnier And Yo 2% Curtiss Wright Corp. 42 19% ggh Motor Wh Tigher at 28%4. Dealers demand with offerings 3% Curtiss Wr Corp A, 13 reporied a dnuteds . 4. .21 _ Cutler Hammes, e National 1403