Evening Star Newspaper, May 4, 1931, Page 15

FINANCIAL.' " CURB OPENS LOWER, “BUT RALLIES SOON Price Tendencies Steady as Trading Progres--- Through Session. L BY JOHN A. CRONE. . Special Dispatch to The YORK, May _4.—Opening slightly lower and then rallying, today’s curb exchange dragged along in the first two hours and showed increased steadiness as the session progressed. The market leader, Electric Bond Share, met further short covering, as did some other leaders such as Cities Service, United Light & Power A and Standard Oil of Indian: Buying gen- erally, however, was said to be of a better character than the selling in the forenoon dealings. Specific stocks responded to week end news developments. American Commonwealths Power A gained as a result of its favorable earning state- ment. Newmont Mining fell to a new low for 1930 as a few small sales of copper were arranged at 9 cents, the lowest price in more than 36 years. Pittsburgh & Lake Erie gained a point on reports that the railroads had petitioned the Interstate Commerce Commission for a general freight rate increase. While this report was not >zarded as quite accurate in rail bank- ing circles, it was conceded that a meet- ing on rates would be held in Chi- cgn next Friday. On Tuesday labor officials and executives plan a wage discussion here. Crowley Milner was one of the first industrials to score a new high mark for the year. Electric Power & Light option warrants ran up more than 2 points on estimates that the com- mon would earn around $2.90 a sharc ’ for the 12 months ended June 30. Nidgara Hudson Power paid little at- tention to reports it would snow 50 cents & share on the common for the same period. American Laundry Machinery sank to a new low in early afternoon trading ‘which moved at a snail's pace. Bab- cock & Wilcox dropped 5 points to its previous low figure. American Meter rose 5 points. Gains of more than a point were scored by American Gas & ic, Central Public Service, Glen lden and Utility & Industrial pre- ferred. Eureka Pipe Line at 25!, was down 215 points and at its smallest quotation in several years. National Fuel Gas ‘was up more than a point, as holders Tealized that the 1930 report did not fully reflect earnings. Oscar Nebel, / Neptune Meter and a few other spe- = cialties like Spiegel May Stern preferred re down 2 ‘wel ts or more. (Copyright, 1931)) LY 1 Beautifying by Machine. ‘The beauty expert, or “cosmetician,” @ as some prefer to be called, advises her patrons to make application of the various preparations which she sells by light blows of a wad of cotton held in ths . This is said to get the ma into the pores in & much more effective manner than by merely rub- bing. So here is where an electric patter comes in to fill a real need, for its two soft rubber “fingers” pat the skin at the rate of 100 pats a second. There is nothing for you to do but sit and hold the little gadget and move it slowly over your face and neck and enjoy the glow which follows in the ‘wake of its use. So gentle is the action of these rubber fingers that the patting sensation is almost imperceptible. rubber tips on the “fingers” are easily for cleaning and are inter- espe- The Anti-Freeze Odor. A returned traveler from South America says that while he was in : lu:‘s? ".rv‘;l' 1 rf" y ki3 s ical, his nose was as- sailed by the odor of the anti-freeze mixture which was evident on all the streets of the town. The éxplanation was that the taxicabs and many of the automobiles made use of a mixture of alcohol and kerosene. The power is derived from the alcohol, but the au- thorities compel the addition of the kero- ::lne‘ ‘t.o prevent the people from drink- g IR SN ¢, CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May 4.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange gk, 14, O = e 835 2,0y Co 3 P 3:3u8a83tE % 53 an & Kaiz. ndix Aviation -Warner o e ene I Bub Ber b 3 Ji A 88 s S S S ) N B SN e » = EE8RELE! T M) FRE o e BRSSE st 523522228 ST - 535 - et & M. Houdaille-Her ‘A nlapd Uil ... nsull Util rop Fireman . ;.flm-m Btove . atz EETO o P t BREIIBLEBE R Tl R Drug ... Ll RNEIEE e 3L ol P ynch Corp ajestic House Ut arborn 5523 dse et EEaNEEs 5 3‘ = '?‘“fla 3, € 3338558 e - e N RaBuBaal $5nenEleaBa T 83 - s oaipes 835535333 sss¥siie oot gt A sales today, ¥ L] o fit NEW YORK CURB MARKE stock ana Note—All excepting W] shows ~Prev. 1931~ w. those stocks were sold in Stock and 8l Dividend Rate. Aero Underwriters. . Affiliated Prod 1.60 Agfa Ansco..... Allied Prod cvA 3%. 2 ‘Aluminum Co of Am 2008 Alum Goods (1.20) Am Capital pr D! Am Cit P&L (A) (a8) % Am Cit P&L B b10% . Am Com P A (b10%) Am Cyanamid B..... Am Dept Store: Am Equities. o BT TN ST P Am Gas & Elec (11). Am Gas & E1 pf (6) .. Am Invest. Inc (B).. Am Laundry Ma (3). 50 Am Lt & Trac (2%). Am Maracaibo. Am Meter (3). Am Superpow ( Appalachian Gas. Arkans Nat Gas A... Assoc El In Ltd 30c. Asso Gas&El A (a2). Asso G & Elct (3 Assoc G & E of (5) Assoc G & El war. Babcock & Wil (7) Bell Tel of Can (8) Bell Tel Pa pf (6%). 258 Beneficial IL (1%).. 7 Jlue Ridge Corp..... 5 Blue Ridge cv of as. 2 Borne-Scrymser Co..1008 Braz Tr & Lt (b8%). Buft N&EP pf (1.60). Butler Bros. .. Canada Marconl. Carib Syndicat Cent Atlantic § Cent Pub Sv Del.. Cent Pub SvcA b10 Cent Stat El (b10%). Chat Ph Aln.v. (1) Childs Co pf (7).....1008 Citles Service (g30c) 105 Cities Serv pf (6)... i Cit Svpt B (60¢)... Clev Tractor (80c) Colon Ofl...euun T S ) 4 3 2 2 2 1 6 5 0 1 1 1 1 Com Wat Sv (b6%).. 3 Comstock Tunnel.... Consol Auto M cu pf. Consol Dairy Prod. .. Consol Gas Ut A 2.20 Cont Shares conv pf. Cont Shares pf (B).. Copeland Pr Inc A... Cord Corp...... Creole Petroleum. Cresson Consol (4¢). Crocker Wheeler..... Crowley Milner (2).. CrCork Int A (1).... Cus! Mex Mining.... % Dayton Alr & Eng... Deere & Co (1.20). De Forest Radio. ... Detroit Afrcraft Cp.. Douglas Alr (11%).. Duke Pow (5)... 1508 Duquesne Gas Corp. . Durant Motors East G & F As pf (6) 258 East St Pow B (1)... 1 Elec Bond & Sh (b6). 150 Elec B & Sh pf (6)..: ElecB& Shcunfb.. Elec Qorp of Colo. Elec Pow Assoc (1). Elec P & Lt op war.. El Sharehold (b6%). Emp Corparation. ... Emp G & F cu pf (8). Empire Pub Sve (A). Emp Steel Corp..... Eureka Pipe L (4)... Europ Elec deb rts. . Evans Wallow Lead. Falirchild Aviation. . Federated Capita Fischman & Son . Florida P& L pf (7). Ford M Can A (1.20) Ford Mot L.td 36 3-5¢ Foremost Dairy Pr, . Foundation For 9. Fox Theater ClA.... Gen Alloys Gen Aviation........ Gen Elec Ltd (p70¢). Gen Empire Cor (1).. 50% Gen G&E cv pf B (6) 7% Gen The Eqcv pf(3). 35 Glen Alden Coal (4).. 7 Globe Underwr(15¢ ). Gold Seal Elec new. . Golden Center...... Goldman Sach T C. GrtA&PTpf (7). Groc Strs Prod vtc. GuifOllof Pa (1%). Happiness Candy... Hecla Mining (40c). Hudson Bay M&S .. Humble Of] (12%)... Imp Ofl of Can (50c). Ind Ter Illu Ofl A... Insull Inv (b6% Intercontinent Petn. Int Hydrocvpf3%.. Int Petroleum (1)... Int Saf Raz B (124). Lakey Foundry..... Lawrence P Cmt (4). 9 22 1 4 T 2 4 1 1 2 3 1 2 6 2 1 1 1 O 5 2 3 3 2 7 6 3 SN e 09 k50 B0 RO N TR B9 0 TN DT e N D e N B GO s stocks are sold in one hundred-share lots those designated by the letter s (80s) (2508), les— Add 00. clmen. High. Low, Close. THE EVENING STAR, WASHINGTON, D. €, MONDAY, MAY 4 1%L ~Prev. 1931~ Divi odd lots. 10 20 13 10 19% Louis 13 26 1481 15 Mining Mo Kan Miss Ri Nat Bd bel ( ptun; ew Br g-H Niles-B Nordon Pac We: Parker Peop L Perrymi Pittsbgl Pub Ut} Pyrene Relianc 6% 2% 114 214 2% & St Anth 13 5 64 Saxet Co Schulte Tubize Utility 8% 8 West P e Be A cash 2 cas idend. 1 Plis 6% k. JPlus 2% in stock. nPlus 8% in Lefcourt Real pf (3) Leh Coal & Nav 1.20. Leonard O11. Los Ang G& MacMarr Stores (1). Magdalena Synd.... Margay.....o.oeeee Mavis Bottling (A).. Mead Johnson (14). Mesta Machine (2).. Met & Min Ino (1.20) Mid WSt Ut (1%)..1 Mid West Ut (b8%). % Moss Gold Mines. ... Mountain Prod (1)..; Nat American Co. Nat Aviation... Nat Fuel Gas (1). Nat Inve e 8 T Sec A (350¢) Nat Union Radio. Newberry (JJ) 1.10 New Eng Pow pf (6) Vewmont Min (4)... NY&Hond Ros(11%) Niag-Hud Pow (40c) Niag-Hud Pow Cw.. Nipissing (30¢)..... Nor Am Aviat A war. Nor Europ 0il Corp.. Nor St Pow A (8) Ovington Bros pt pf PacG&E1stpf1%. 4 Pac Pub Svc A(1.30), Pandem O1l. . 4 Pennroad Corp (20¢) Penn Pw & Lt pt (7). Penn Wat & Pow (3) Philip Morris Inc Philip Morris A Phoenix Secur Corp. Phoenix S C pf (3). % Pllot Rad Tube A, Premier Gold (12¢).. Producers Roy Corp. Prudential Invest. .. % Pub Util Hold war. .. Puget Sd P&L pf (5) Reybarn Co. . Rich Rad cum pf.... Rossia Int Corp St Regls Paper (1 Salt Creek Pro(1.40. Secu Corp Gen (40¢c). Seeman Bros (3).... Seg Lock & H (50¢c) Silica Gel otfs. Sisto Finance Corp South Penn Ol (1).. SouthCEApfB1%. South Col Pwr A (2). Stand Oll of Ind (2).. Stand Oll of Ky 1.60.. Stand Oil Nebr (2). Stand Oil, Ohio (6).. Stand Pub Sve (A).. pt Unit Lt &Pwr A (1) . Unit Lt&Pwr(B) (1). Unit Lt& Pwr pf (6). Unit Profit Sharing. . U S Elec Power Unit Verde Ext (2) Utl] PALt(a11.02%). Ut PAL B(at1.02%) . Vacuum (4)... Van Camp Pkg pf. West M; Zonite Products (1).. Dividend rates in dollars based dividend. Received by Private Wire Direct to The Star Office Bales— idend Rate. _ Add 00. Open. 1 20 2 2 22% 22% SR P! ). 50s 1057 105% na Lan & Ex. 1 1 » - o e R L L LT e Ty Corp of Can., PL (b10%). ver pr pf (6). & S Corp (1). ors. Oscar) s o Meter A (2) ad Ofl (28¢) =3 o ud Pow A W.. jem-Pond (2). » Corp Ltd.... Pavarnmn we3 nBoSannala stern O11 Rust Pr (3) o |19 &P A (2.40) an Electric. h&L E(110) e 1 Hold Cp xw S 110 9 1400 14 30 3309 4 3 00 0000 9 1= TNt b et D et e DT TSRO Mfg (80¢) o Int A. ony Gold. 0. . Un 5¢-31 St =22 mnBes Syracuse W Mach B. Technicolor, Inc. Teck Hughes (60c, Tran Con Air Tran. Trans Lux DLP S Cantillon (B) Ungerieider Fin Cp. . Un NatGas,Can 11.45, Unit Corp war...... - 9 Be R vennRoawadios Equities. 19% 6% 18% 56% 103% 12% n st quarterly or semi 1Partly extra. IPlus 4% in s b Payi tock. e AdJustment tock. h Plus . m —no Teguisr rate. 7 8 Co(2%). 2008 'wr Dt (7).... 508 30 r_stock. in stock. tock. stock. lus 10% stock. p Paid Jast y Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., May 4.—Pota- toes, white, 100 pounds, 2.25a2.00; new potatoes, barrel, 3.75a6.00; sweet pota- toes, barrel, 2.00a4.00; yams, barrel, 3.25a4.00; beans, bushel, 1.75a3.25; beets, crate, 2.25a2.50; cabbage, bushel, 1.00a1.75; carrots, bushel, 60a75; cauli- flower, crate, 2.25a2.50; celery crate, 1.50a3.50; eggplants, crate, 2.00a5.00; kale, bushel, 20a30; lettuce, hammper, 50a1.75; lima beans, 6.00a7.00; peppers, crate, 2.0024.50; spinach, bushel, 35a60; tomatoes, crate, 1.00a5.00; apples, bush- el, 75a2.50; per box, 175a2.50; grape- | fruit, box, 1.50a3.00; oranges, box, 2.50 ' 24.50; strawberries, quart, 20a30. 1 Dairy Market. | Poultry, alive—Chickens, young, 34a40; | old hens, 21a24: leghorns, 19a20; roost- ers, 14al5; ducks, 18a26: guinea fowl, each, 50a75; pigeons, pair, 30a35. | Eggs—Receipts, 1.325 ca nearby | fln‘lu‘ dozen, 16%al7; current receipts, | 16Y;. Butter—Good to fancy creamery, pound, 24a26; ladles, 20a21; rolls, 16a 18; process, 22a23; store packed, 14al15. Hay and Grain, Wheat—No. 2 red Winter, export, | ; No. 2 red Winter, garlicky, spot, May, 82': Corn 0. 2 domestic, yellow, 71a72; cob, 3.75a4.00. | Oats—White, No. 2 37a38; No. 3, 36a37. | Rye—Nearby, 55a60. | Hay—Receipts, 13 tons. While re- ceipts of hay are ample {-r all require- ments there is no surplus of heavy clover mixed being offered. Such grades | will bring a premium of $1 to $3 per | ton, depending on ghe amount of clover. | Fair to good timothy ranges from $24 to $26 per ton. | Straw—Wheat straw, No, 1, per ton, | 12.00a13.00. Oat straw, No. 1, per ton, 12.00a13.00. Cattle—Receipts, 350 hes supply; market steady. Bteers—Choice to prime, none; good to choice, 8.00a8.50; medium to goud, 7.00a7.75; fair to medium, 6.25a7.00; plain t> fair, 5.5026.00; common to plain, 5.00a5.50. Bulls—Choice to ime, none; good to choice, none; medium:to good, 5.00a 550; fair to medium, 4.5085.00; plain to fair, 4.00a4.50; common to plain, 3.50n4.00. Cows—Cholce to prime, ncne; good to choice, none; medium to good, 4.50a | 5.00; feir to medium, 4.00a4.50; plain to_choice, none: medium to good, 6.75a 7.25; fair to medium, 6.00a6.75; plain to fair, 5.26a6.00; common to plain, 4.50a5.25. Presh cows and springers, 39.00a70.00. Sheep and lambs—Receipts, 600 head; light supply; market stronger. Sheep, 1.5024.00; lambs, 9.00a13.00. Hogs—Receipts, 2,700 head; moderate supply; market lower. Lights, 7.90a 15.00; heavies, 7.00a7.80; medium, 7.75a 8.10; roughs, 5.00a6.40; light pigs, 7.75a 8.00; pigs, 7.90a8.15. Calves—Receipts, 60 iead; moderate supply, piarket steady. Calves, 4.0029.00. CHICAGO DAIRY MARKET. CHICAGO, May 4 (#)—Butter, 14,- 564 tubs, easier. Creamery, extras (92 score), 22%; standards (90 score car lots), 22%%; extra firsts (90-91 score), 21158213%; firsts (88-89 score), 20%4a21; seconds, (86-87 score), 20. Eggs, 45517 crates, easier; extra firsts, 16%; fresh graded firsts, 15%; current receipts, 14'2a15; storage packed firsts, 11%; storage packed ex- tras, 1734, Poultry, alive, 3 cars, 12 trucks, fowls, 17a18; brotlers, 32a36; , 14; turkeys, 20a23; heavy old 1 heavy Spring ducks, 22; STOCKS EX-DIVIDEND. NEW YORK, May 4 (#).—Stocks ex- dividend today: Company. Bankers & Enppers Ins nt R R of N J Federal Water Serv A n anaged Invest Inc J Bioux City Gas & Elec pf Btruth Wells-Titusville p{ nited Png & Fdry....... nited Fng & Fd; Veeder Root Inc/ WEW YORK BANK STOCKS NEW YORK, May 4 (P).— $1.75 3175 4 34c 0c. 5% | taneous translation by wi i Ave fillll Natl N Y. arrim Manhat oo, eoples Natl anca Comm Ital pokers i N Y & Tr Cent Hanover em Bk & Ti rn Exchange e rvi to fair, 3.00a4.00; commen to plain, | 2.0083.00. Helfers—Choice to primé# none; giod ¢ g h factul United: Biates Westchester T Wall Street Briefs By the Associated Press. NEW YORK, May 4.—Holders of do- mestic corporate bonds, United States Governments and foreign dollar bonds will recelve $181,775,532 in interest in May, according to a 'compilation by Standard Statistics Co. The amount to be received during the month from calls, redemptions and maturities of these same classes of securities will amount to $240,226,683, April sales of Nelsner Bros. Stores increased 1 per cent to $1,412,354 from $1,397,049 for the like r‘nm:)x’or 1930. Sales for the first four months this year increased 10.4 per cent to $4,534,- 626, compared with $4,106,469 for the corresponding period last year. A contract for a refinery distilling unit with a capacity of 75,000 barrels a month has been awarded by the Ken- dall Refining Co. to Alco Products, Inc., a division of the American Locomotive Co. The unit is to be erected at the Kendall Renne?v at Bradford, Pa., and ;lllrllbeb: ready for occupation in Sep- Graham-Paige Motors Corporation has acquired a modern manufacturing building at Walkerville, Ontario, and will bulld passenger cars there as soon as machinery and equipment can be installed. The building has more than 61,000 square feet of floor space. W. B. Storey, president of the Atchi- son, Topeka & Santa Fe Railroad, said | that th> Toad's gross earnings in April | showed the same drop from 1930 as was shown in March, judging from the month's carloadings. He added that the road was able to reduce expenses in April from last year, International Business Machine Cor- poration has acquired the exclusive world rights to the Fliene.) ® lator, a system of multiple simul- es may be made at international conven- tions and conferences in a number of different languages at the same time. MONEY MARKET. NEW YORK, May 4 (#).—Oall money was steady at 115 per cent today. There were no funds avallable in the outside market at less than the official rate. Bankers' acceptances were fairly active, with a good supply of bills being offered and an adequate demand. Rates were steady and unchanged. Commer- cial paper was quiet and unchani was dull and time money changed. and un- i BONDS ON THE CURB MARKET. DOMESTIC BO) Py 4 a 5 Sales in thousands. 555 seszgensEEsagiae mm pezpanzaaay 38055003 PyREE 9t 8 22 > maNans anE-B8%, T e 1 Empire 3 11 Fairbanks Mor 55 deral Viat 815 54 1Gen Bronze 6: 5 Gen Refractors 5 7 Gulf O 2 Gulr St Util 55 A 2 Hood Rubber 7 ST L& 415D 78 07 1 Houst 104% Soanes 2 & % at at P 8 ational 222 o BroBoronon-tmarins S B! Zazzzaaz 2, 3 e 2 22 3 Okls, Gaz L2 55 30 1 BECE SE iy 8 3 c 3 Eacifc G&E 8 G 1521 Peoples L & P 53 1Phita ' $E05e8 Sam 31 5 Pub ki aad 9 68' 67 2107 "47 951, 25, /4710230 8 N T 5555 . 104 14125 F B S T T I PP O —THY. JOTOYOP |- JETON - JeTores CBRBR DD CE IR R S Stand - 1003 Standard P&L 8s '57. 973, 8 ‘39 100 un Ofl 5igs '39. Bun Pipe Line 5s 40 9091, Yas 8wift Co 5s Tenn Elec Pow Texas Elec 5s 4 5 84756 103 v : 4 501n 55 A ‘57 8812 3 Westvac_Chl 5'as '37102% 8 Wiscon P&L 58 E 36 102% 1Wiscon P&L 5s F '58 102% FOREIGN BONDS, 3 Baden Con Mn,7s 131 CRTHEL T m Ttal Sup Pow 05 A 163 aranhao Braz 7s '58 ibpon EI B 618 ! i 2 g 3 e B nt Stinnes 78 Stinnes_ 78 = 288238303 n—New. wi—When issued. A New Insulation Method. ‘The electrical industry of the coun- try will be saved a great deal of money by making use of a new process for insulating the wires. A varnish which has no known solvent has ben made, and it is applied to the wires under ure while heated, when the ma- forial seems to enter into the pores of the metal as well a8 upon its surface. ‘The insulation is said to be complete, and the costing withstands wear and weather, METAL MARKET. NEW YORK, May 4 (#).—Copper unsettled; electrolytic, spot and future, 989%. Iron quiet; No. 2 f. o. b. Eastern Pennsylvania, 16.00a17.00; Buffalo, 15.00 216.00; Alabama, 11.00a13.00. TiA eas; spot_and nearby, 22.87; future, 33.12. Lead steady; spot, New York, 4.00; East 8t. Louis, 3.80. Zinc steady; East Ste| Louts, spot and future, 3.35. Antimony, 6.75. Quicksilver, 102.00, RUBBER MARKETS. NEW YORK, May 4 (Special) Orude rubber, smoked ribbed sheets, was '3 lower at today's noon quotation of 8%. compares with 6% » month ago and 14Y; a year ago, ¢ | sales. STOCKS. 385 Baltimore _Trust Co. 25 Black & Deck CHICAGO GRAIN MARKET. By the Associated Press. CHICAGO, May 4—Wheat advanced today to about 5 cents per bushel above Jast week's bottom level, but reacted on account of profit-taking. made six successive days on which advances have been scored. A decrease of 807,000 bushels was shown in the United States wheat visible supply and Canadian re- told of high winds and soil drift- 8. ‘Wheat closed nervous. 4 to 3 higher; corn zq to 1% up, oats 1; to 7% ad- vancedd and provisions unchanged to 10 off. Close. 817 May (new). TR September December OAT:! July ... September Dacember RYE— May (old) May (new July ... September ! December . NEW YORK COTTON. NEW YORK, May 4 (#)—The action of cotton today reflected a stronger technical position after the sharp de- clines of last week, and prices were generally higher on covering, combined with a moderate trade and some scat- tering commission house demand. Relatively steady Liverpool cables and reports of a steadier tone in the stock market contributed to reactionary sentiment in cotton. July contracts sold up to 9.86, or about 22 to 25 points net higher, and the market was within 2 or 3 points of thé best around 2 o'clock. Futures closed very steady, 28 to 32 points higher. May, 9.70; July, 9.92a 9.94; October, 10.28a10.29; December, 10.51a10.52; January, 10.62210.64; March, 10.83a10.85. Spot steady; mid- dling, 9.70. ah 0 4 Hi . 9.9 0.3: 05: 0.6: 0.8 Close. 9. 1 3 4 6 Buying for Profit BY GEORGE T, HUGHES, One of the phrases constantly used in the talk about the brokerage offices in Wall Street is “good buying.” Some- times they reverse it and say there is “good selling” in this or that stock. ‘What they mean is that the buyers or the sellers, as the case may b2, are people of large means and well informed. e small fry are supposed to do well if they follow this good buying or this good selling. No assumption could be more dangerous. Sometimes when a small investor is asked to buy a stock he is shown the list of directors, con- taiging names of prominence, represent- ative of great wealth. This is supposed to be a sure indication of safety. It is nothing of the kind. - As & matter of fact, the big fellows make as many mis- tal as the small ones do. They lose more money. The only difference is that when a rich man loses money, it is not a disaster. In support of this thesis may be evi- denced the portfolios of the investment trusts, which were organized with so much assurance back in ths now almost forgotten days of the bull market. These investment trusts, as well as certain financial organizations, normally large buyers of common stocks, loat up with equities, not perhaps at the high- est prices, but at levels which look ab- surdly high nowadays. Sometimes they sold out at a loss and sometimes they held on at a larger loss, but one as yet not accepted. e ha ‘These trusts were understood to have, and did have, the benefit of the best advice that the financial world could offer. ‘There is only one of two con- clusions possible—either that they did not act on the advice given, or that the advice was bad. Of course it will all work out eventually. . The stronger of these organizations have large resources and can afford to hold on untii the re- turn of normal times in business and in the security markets. The point is that the small capitalist who took his cue from what he could learn about the commitments of the ]nxfl:lplfllflt made a mistake more se! to him than were the errors of these more important people. There is only one yardstick to use in me the value of securities and that is merit. (Copyright, 1931.) Calendar Reform Consideration. Calendar reform proportiens wiil be considered by an international en- tion to be held in October next. Through the League of Nations, several hundred plans introduced for construc~ tion of a new calendar have been nar- rowed down to two groups of proposals for a fixed perpetual calendar. One group consists of those plans providing for division of the year into 13 months, each with four weeks. The other is made up of the so-called equal quarters schemes, which retain the present num- ber of months, merely changing the days in some of them so0 as to equalize the quarters of the year.. In the United States it 1s believed the 13-month pro- posal would be better. —_—————— BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, May 4.— Last sale. 5 st er com ants & 53 New Amsterdam Cas Co. 478 U 8 Fidelity & Guaraniy. 5 Western Maryland Dairy pid. BONDS. 2000 United Ry & Elec income 4s 2 Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prom, OANS ON C. PROPERTY ONLY—6% ‘Those contemplating borrow- oniey for the Du ing m purpose of buliding or buyine, or for, xe- 81 roperty in the Dis- ot of Columbis d HpL D. Ventase "We ti plain 1o detail to you. Open Daily, 9 to § Saturdays Until Noon NAtional 1381 3UILDING ASSOCIATION L2 NNTHST: | 872 for 1930. FINANCIAL, COMMERCIAL CREDIT CO. SHOWS DECREASE IN NET | Special Dispatch to The Star. BALTIMORE, May 4.— Consolidated report. of Commercial Credit Co. and subsidiaries for, the first quarter (us- ually the poorest of the year) ended March 31, 1931, shows net operating in- come of $1,767,660 available for interest and discount charges of $899,211. This compares with $2,831,940 available for interest and ‘discount ‘charges of $1,604,- Consolidated net income available for dividends, after reserves for Federal taxes, was $865,752 for the first. quarter of 1931, as compared with $1,087,398 for 1930, After providing for minority interest and dividends on all issues of preferred and ference stocks, including those of sul aries, consolidated net income on the averagé common stock outstand- ing ewas 3312 cents per share for the first quarter of 1931, the greater portion of which was earned during the month ©of March, when all dividend require- ments were covered by a substantial margin. This compares with 50 cents per share for the first quarter of 1930. Interest and discount charges were earned 1.96 times for the first quarter of 1931, which compares with 1.76 times for 1930. Dividends on the company’s first preferred , 615 per cent and 7 per cent, were earned 4.02 times for the first quarter of 1931, which com- pares with 5.18 times for 1930. ‘Where Father Is Supreme. The fields of Bulgaria are dotted at all times of the year with workers. ‘When the planting is done getting ready when the harvest is in, they are work- ing in the vineyards. The people seem almost to life in the fields. There is no confusion in’those armies of men and women strewn over the plains. All is directed by the grandfather or the father. In each house and upon each field he is master. From his direc- tions there is no dissent. When he en- ters the house all the others rise. When the table is set, none takes his place until the patriarch is seated. When his children go on a journey or return they are for the harvest and |Gen M from a visit they show esteem and love | an -outburst of affection, would dare | do more. . R by kissing his hand. No wife, even in | Columbia Builssociation 716 11th St. N.W. Under Government Supervision Pays 5% Let Us Refinance Your Maturing Real Estate Loan _ No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime Markets at a Glance, |’ NEW YORK, May 4 (#).—8tocks firm; coppers and isolated stock: soft.. Bonds firm; rails and industrial§ im- prove. Curb firm; utilities lead nar- row advance. Foreign exchanges ir- regular; sterling easier. Cotton higher: trade buying and local covering. Sugh: easy; lower spot market. Coffee lower; disappointing foreign markets. CHICAGO, M . bullish weather and crop reports; corn firm; unfavorable weather forecast., Cattle steady. Hogs lower, H BANKS’' DEBITS DROP. Checks cashed on individual bank ac- counts in leading cities of the Fed- eral system recorded a nominal decrease of 2 per_cent during the week ended April 29. In the totals that fol- low the aggregate debits are shown for comparable periods, as calculated by | the Pederal Reserve Board. Week ended April 29, $11,469,135,000. Previous week, $11,694,054,000. Same week last year, $15,343,767,000. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman, & Co) Allis-Chalmers Co. 5s 1937. American Tel. & T American Thread 5! Baltimore & Ohio 4'as 1933 tavian Pet. Corp. 4is 1942 1l Tel. of Canada 5s 1957 X St K 883, 100t 1033 10212 lew York, Chi. & 8t. Ehillips Petroleum Co. Pure Ofl . Sies 1 Shell Union Oil Co. &s nclair Crude Ofl 5 8t. L. 8. Ry. R. & 8t. Southwestern Ry. 4s Titon Ol Go.. of Calll. 85 Unifed Drug Co. 381 S. Rubber 5s 1947 ... Western' Electric Co. s 1044 . 10 Whealing Steel Corp. 8143 19i1 ‘Wheeling Steel Corp. 4%s 1953. 8413 STOCK AND BOND AVERAGES B the Associated . MONDAY, MAY 4. Press. sk bminnormpE ==_=~m—- 2 s o We Give Property Personad Artention HOSE problems which are continually arising in connection with the manage- ment of property—apartment house, resi- dential, office building and . business—we are equipped to solve to your advantage— relieving you of the worries and insuring to you the maximum of net income. PROMPT REMITTANCE is the invariable rule here. RANDALL H. HAGNER & COMPANY Compounded Semi-Annually Ower a Third of a Century Without a Loss B. F. National 2100 THERE IS NO THAT COMFORTABLE FEELING OF SECURITY accompanies every investment made in our ° 6% FIRST MORTGAGES because there are none of the uncertainties of speculation in connection with them. The security is vested in con- servatively appraised improved Washington real estate—largely new home properties—and the amount of interest remains the same—never changing. May be purchased in amounts from $250 up. SAUL. CO.} 925 15th St. NN\W. .|