Evening Star Newspaper, May 5, 1931, Page 13

THE EVENING STAR, WASHINGTON, TUESDAY, MAY 5, 1931 ANCIAL, mas A 130 ‘ ( BANK STOCK YIELDS NEW Y_Q“Rfi "§1(%£;l§m§§£HANGE ISTUBKS |RREGU|.AR COMPARED WITH 1930 Complete Investment IN LIMITED VOLUME xev e s i puael |~ " 3 Reaction—A t N . y e Brokerage Service ¢ FINANCIA * SLUMP IN BUILDING -~ INFIFTH DISTRICT, Note—All stock are sold in ene hundred share lots ~Prev. 1931 Stock and Sales— excepting those designated by the letter s High. Low. Dividend Rate. Add 00. High. which shows those stocks were sold in ots. 4% 45% Stock and Bates— Low Mark. ~Prev 1931 Reserve Bank Reports Drop in Permits and in Contracts Awarded in March. BY EDWARD C. STONE. Details contained in the printed re- port received today ftom the Federal Reserve Bank of Richmond state that building permits issued in March in 31 fifth district cities provided for much less work than permits issued in March, 1930. In March, 1931, 1,133 permits were issued for new construction, com- pared with 1,275 permits in March last year. Valuation figyres for new con- struction totaled only $6,250,824 in, March, 1031, against’ $12.099.867 for | similar work in March, 1930. Total valuation figures for all classes | of work issued in March were $7.193,- 060, a decrease of $5.927232, or 45.2 per cent, under valuation figures total- ing $13,120,292 in March last year. Only 6 of the 31 reporting citles showed higher valuation figures for the 1931 month, and most of these increases; were due ta very low 1930 figures rather than to. a large volume of work this ear % Contracts awarded for construction work in the fifth Reserve district in March this year totaled $30,615,813, in- cluding both urban and rural construc- tion, compared with $43.220,110 in con- tracts awarded in March, 1930. Of the | March, 1931, contracts, $9.767.128 was for residential structures, compared | with $10.356,810 for residence work in | March last. yesr. Securities Loans Off $62,000,000. | Federal Reserve Board's condition statement of weekly reporting ‘member | banks in ‘leading cities on April 29| shows decreases ?cr the week of $91.- 000,000 in loans and investments, $88.- 000,000 in nct demand deposits and $57.000,000 in Government deposits and increases of $52,000,000 time depos- | its and $17.000,000 in borrowings from Federal Reserve Banks. Loans on securities declined $62.- banks in the New . $16,000,000 in the Chi- cago district, $8,000,000 in the Atlanta district and $86,000,000 at all reporting banks. “All other” loans declined $50.- 600,000 in the New York district and $60.000,000 at all reporting banks. Borrowings of weekly reporting mem- ber banks from Federal Reserve Banks aggregated $38.000,00 on April 29, the principal changes for the week bein Increases of $8,000,000 and $6,000,000, respectively, at the Federal Reserve Banks of San Francisco and Cleveland Bond Club Election Date Set. The annual meeting of the Wash- | n Bond Club for the election of | officers will take place on May 22, the place not yet d ed. Following an afternoon of golf, tennis, horseshoe pitching and other sports, dinner will be served. The committee in charge of the program is made up of James P. Nolan, National City Co.; L. Clark Brown, Harris, Forbes & Co., and Law- rence M. Proctor, Alexander Brown & Sons. The usual Stock Exchange contest will be held in the evening. two ex- change tickets now being held for each member until Thursday noon. The exchange session is expected to cause the usual excitement and intere: The officers of the club now finishing their yzar's duties are: Sidney Thomas, president; Lawrence M. Proctor, vice president, and T. Baker Robinson, sec- retary and treasurer. If the elub fol- lows its established pclicy the vice president will b the next president. . $40,000,000 Issue Authorized. 1t iwas announced today that the In- terstate Commerce Commission has au- thorized the receivers for the Seaboard Air Line Railway Co. to issue $4,000,000 of receivers' certificates. The ocertifi- cates are to be soid at not less than 983, per cent of par and acerued inter- est, the proceeds to be used for addi- tions and betterments and to pay in- stallments on cquipment cbligations and unpaid 1930 tex Capital Traction at 34. Capital Traction figured in small lots sales totaling 100 shares on the Wash- ington Stock Exchange today, 1l made at 34. Ninety shares of Federal-Ameri- can National Bank & Trust Co. stock moved at 50 and 10 shares of National Metropolitan Bank stock appeared on the board at 272. Lanston Monotype sold at 100. In the bond division Washington Gas 6s, serles A, moved at 102%,, Po- tomac Electric Consolidated 5s sold st 104 and Cepital Traction 5s at 80'3. Labor Secretary Sees Upturn. Secretary cf Labor Doak believes that- the bottom of the business de- pression has been " that | an upward movement has % 2 analysis of the business situa- tion,” Mr. Doak said, “is justified by, information gathered by the Labor De- partment, and particularly by increased activity in the Nation's manufacturing | establishments. “The Labor Department statistics show that there was a 2!, per cent in- crease in manufi employment in March compared with January and a 10 per cent increase in pay rolis totals® Other trades, the BSecretary sald, “also show improvement.” Gleaned in Financial District. Robert V. Fleming, president of the Riggs National Bank, is representing the American Bankers' Association at the sessions of the International Cham- ber of Commerce now holding its con- vention here Russell Shelk has been appointed gen- eral agent of the Pacific Mutual Life Insurance Co. in Washingtor succeed- ing the late William B. Daniels. He came to Washington from Indiana in 1918 and served in the Bureau of War Risk Insurance. He went into the in- surance business in 1923 and became connected with the Pacific Mutual in| 1930. James M. Hoyt, senior pertner of the brokerage firm of Prince & Whitely, was indicted by a Pederal grand jury in New York on 14 counts alleging mail | fraud, based on the firm's answer to a | New York Stock Exchange questionnaire dated June 20, 1930. { The indictment charges that the firm's statement on that date listed as collateral owned by Prince & Whitely stock which was owned by customers of firm. The Department of Agriculture ex- pects 1o have a market news service on tobacco in operation in time for the opening of the 1931 marketing season in Georgia and Florid about Au- giet 1, the department 3 The Interstate Commerce Commission | has ret for hearing on Jun= 1 proceed- | ing- in the excess earnings recapture | cage of Norto'k & Western Railway for | n of evidence in support of vtest against these findings. | STEPHENSON TO TALK ON BANK CONDITIONS A banker's viewpoint, on present con- ditions will be broadcast by Rome C. Stephenson, president of the American Bankers' Association, in the sixth of a series of talks on current business prob- lems by outstanding leaders of Ameri- can business, industry and finance on the Halsey, Stuart & Co. program Wed- nesday evening, l‘lg 6. Taking as his subject “Saving Your | Puture,” Mr. Stephenson will discuss some angles of the present situation of rlfllcullr interest to the general public, TREASURY STATEMENT. ‘Treasury receipts for May 2 $3.723,170.29. expenditures, $16,938,- 702.63; balance, $305,356,704 61, Cus- Teceipts for the month to the business May 2, §3,135,228.67, High. Low. PUL 36 2314 92 Dividend Rate. Abitibl Pow & Paper Abraham Stra Adams Exp (160)... 12 Adams Exp pf (5)... Adams MIIliS (2).... Adv Rumley (new).. Ahumada Lead...... Afr Reduction (14%) Alr Elec Appl. . Al uneau (40¢) Alleg COrp..ovee..on Alleg Cp $40 ww 5% . Allfed Ch & Dye (n6) Allied Ch & D pf (7). Allis Chalmbers (2). Amerada Corp (2)... Am Agri Ch of Conn. Am Ag Ch of Conn pf Am Bank Note (3). Am BanX Note pf (3) Am Beet Sugar. . Am Beet Sugar pf. Am Br Shoe (2 40). Am Brown Bov Elec. AmCan (15)........ Am Car & Fdry (3) Am Chicle (43). . Am Encaustic (1). Am & For Power Am & For Pw pf Am & For Pw pf (7). Am & For Pow 24 pf. Am Hawalian S8.... Am International. Am Locomotive (2).. Am Mch & Fdy 1.40.. Am: Metal Co.... Am Pow & Lt (11). Am Ra&Std San 60c. Am Rad & S S pf (7). 50O Am Republics. .. 1 Am Toliing Mills. Am Safety Razor (5) Am Sm & Ref (4) Am Sm & R 24 pf Am Solv & Chem Am Solv & Chem pf.. Am Steel Fdy (3).. Am Steel Fay pf (7). Am Tobacco (16) Am Tobacco B (1! Am Tobacco pf Am Type Fdy (8) Am Type Fdv of (7). Am Water Wks (3).. Am Wat Wks cfs (3) Am Wat W 1st pf (6) Am Woolen. Am Woolen pf. 5 Am Zinc Lead & Sm. 4 Anaconda Cop (1% ). Armour of Del pt (7) Arnold Constable...,. Asso Apparel (12)... Asso Dry G (2%) Atch To & S Fe (10). Atch To&S Fe pf (5). At] Gulf & West Ind. Atlantic Refining (1) 11 Atlas Powder pf (6). 20s Auburn Auto (f4)... 208 Aviation Corp of Del 32 Baldwin Loeo (1%). 5§ Baldwin Loco pf (7). 30s Balto & Ohfo (6).... 11 Bang & Aroos (3%). 1 Barker Bros 1008 Barnsdall (A) (1). 11 85% Bayuk Cig 18t pf (7). 50s Beatrice Cream (4).. 2 Beatrice Crpf (7)... 1 Bendix Aviation (1). B8 Best & Co 12).. e 2 Bethlehem Steel (4). 344 Bethlehem St pf (7). 3 Blaw-Knox (1%) 12 Bohn Alum & Br 1 Bon Ami (A) (4). Booth Fisheri Borden Co (k3 Borg. Warner ¢ );rlllll({k.('lK ar Bklyn-Man Tr (4)... Bklyn Man Tr pf (§) Bklyn & Quee: Bklyn Union Gas (5) Brown S1ine (3)..... Bueyrus cv pf (2%). Budd Wheel (1)..... Bulova Watch (1%). Burns Bros cum pt Burroughs A M 11%. Bush Terminal (23) Butte & Superior Butterick Co.... Byeis (A M). Calit Packing (2) Calumet & Arizona Calumet & Hecla Canada Dry G A (3). Can Pacific (3%).... 1 Capital Admin A. ... Car Clin & O sta (5 Case (J 1) (8). Case (J 1) pf (7 Caterplllar Trac Celotex Co. Cent Aguirr ; Cent R Mills pf (7).. Cerro de Pasco(1.50) Ches & Ohlo (2%)... Chi & Alton. . Chi & Altor pf. Chi Mil St P& P pf.. Chi & Northwest (4). Chi & N W pf (T) Chi Pneu Tool. ChiRI&P pf (6). Chi R1& Pac pf (7). Chickatha Cotton Ol Childs Co (2.40)..... Chrysler Corp (1)... City Ice&Fuel (3.60) City Stores. City Stores (A)..... Clark Equipment (2) Cluett-Peabdy pf () Cocoa-Cola (17%)... Coca-Cola A (3)..... Collins & Atkman. .. Collins & Alk pf (7). Colo Fuel & Iron. ... Colo Fuel & Ir pt (3) Col Gas & EI (2) Col Graphoph ( Columb Carbon (§) Comel Credit (2) Comel Credit A (. red pf (1%).2108 Comel Cred pf B (2).100a Comm Inv Trust(z). 7 Comel | T ev pf (e6). nSonrnunanhas e Cmwith & Sou pt « Congoleum-Nairn. Congress Cigars (4). Consol Cig pr pf 63.210s Consolidated Film... 1 Consol Film pf (2) 4 Consol Gas N ¥ (4).. 112 Con Gas of NY pf(5) Consol Laundries (1) Consol Textil Container Co: Contl B Contl Cont] Baking pf (8 Cont] Can (2%). Contl Motors. ... Conil 011 of el Cont Shar Corn Prod (+3%). Corn Prod pf (T).... Cream of Wht (123 Crex Carpet.... Crown Zellerback. .. 1 Crucible Steel....... 2 Crucible Steel pf (1) 608 Cuba Cane Prod. B Cudahy Packing Curtis Publish (4)... Curtis Publish pt (1) 2% Curtiss Wright Corp Curtiss r Corp A Davison Chemical. .. Drlaware & Hud (9). Del Lacka & Wn (4). Denver & R G W pf.. Detrolt Kdison «8) Diamond Mateh. .. .. Olamond Mtch of 1% Dome Mines (1). Drug Corp (4). Dunhill Inte; Dupont de N Eastman Kodak (18) Eaton Axle (1 Eftington-Schi s Eftington-Schifi pt.. 150% 104 Elec Pow & Lt pf (8) Elec Pow & Lt pt (1) Elec Stor Bat (5). Emerson Brant A Endicott-John pt (1) Eng Pub Sv pf (5)... Eng Pub Sv pf (5%). Eng Pub Sve pf §) Erie RR. Eureka Vi Evans Auto Product: Fairbnks Morse 1. Federated Dept Str: Filene's pf (6%).... First Nat Strs (2%). Fisk Rubber........ Florsheim Sh pf (6). Foster Wheeler (2).. Fox Film A (4).....0 Freeport-Texas (3).. briel Co A Gamewell Ci Gen Am Tank Car(4) Gen Asphalt (3) Gen Baking (2). Gen Baking pf (8). Gen Cable pf (7). Gen Elec (1.60). Gen Elec spec (60c). Gen Focd Corp (3).. Gen G & FI A (e30¢). GenG & Elcvof (8). Gen Mills pf (8) Gen Motors (3). ‘Gen Motors p! Gon Ptg Ink (2%) Gen R & Ut pf (e6).. Gen Refractories (4) Gen Theater Equip.. Gillette Saf Rasor.. 288 Gillette Saf R pf (5) Gimbel Bros........ Gimbel Bros uf (7). 1 Glidden pr pf (7)....1008 Gobel (Adolf)...... 15 Gold Dust (2%).. Goodrich (BF)..... 22 Goodyear Tire&R(3) 128 Goodyear 1st f (7).5 6 Gotham Silk Hosfer: Grant (WT) (1)... Grt North pf (5).... Grt Nor Ore (2) Grt Western Sugar. Grt West Sug pf (7). 20s Grigsby Grunow.... 5 Gulf States St Hahn Dept Stor Hall (WF) PrCo (1) 3 Ham Watch (11.95). 208 Hamilton W pf (8).. b Harb Walk Ref (2) Hartman Corp (B).. Hayes Body.... Hercules Mot (1.20) Hershey Choc (5) Hersh Choc pf (15) Hollander Sons. Houdaille Hershey. Houston Ofl.... Houston Ofl (new).. Hudson Motor (1) Hupp Motors. .. I1linois Central (4). Tilinois Cent LL (4) Indust Rayon (4) Ingersoll Rand (4). Inland Steel (2%)... Inspiration Copper. . Interiake Iron (80c). Int Agriculture pf... Int Bus Mach (né).. Int Carriers (37%¢). Int Cement (4)...... Int Combustion. ... Int Harvester (2% ). Int Hydro E1 A (e2). Int Match pf (4).... Int Nickel (80¢) Int Paper Int Pap & P pf (7) Int Printing Ink. Int Salt 3)..,.5 Int Tel & Tel (2).... 264 Inter D St'pf xw (7). 108 Intertype Corp (1).. 1 Investors Equity.... 3 Jewel Tea (4). 1 Johns-Manvill 86 Jones & Lang pf (7). 108 Jordan Motor Car <ans City Sou (5} Kayser (J) & Co Kelly-Spring 7 Kelsey Haye! 3 Kelvinator Corp. 20 Kennecott Cop (2).. 62 Kinney (G R) Co 3 Kinney (GR)Copf.. 10s Kresge (S8) Co1.60. 12 Leh Port Cmt (1) Leh Val Coal pf (3) Leh Valley (2%). Lenhman Corp (3). Lieg & Myers B (15) Link Beit (2.40).... Liquid Carbonic (3). Loew’s Inc (3). % Loft Inc. Lorillard Louistana Oil Ludlum Steel. McCrory Stores A(2) Mclntyre Porc M (1) McKeespt Tin P(15). McKesson & Rob ‘1) McKes&Rob pf(3%) Mack Trucks (3).... Macy (RH) & Co(n3) Magma Copper (2). . Manhat Elev gtd (7) Man Elev m g Manhat Shirt (1). aracaibo Ofl Exp. . Marine Mid (1.20) Market St Ry pr pf. Mariin-Rockwell (2) Marmon Motor Car.. Marshall Field (2% ) Mathieson Alkali (2) Martin Parry....... May Dept Strs (2 Mavtag Co Met-Gold Pic pf 1 Mexican Seaboard Mid Continent Petm. Midland Steel pf (8). Minn Moiine Pow... MSP&SEM Isd (4). 10 Mo Kan & Texas. ... Montgomery o Morrell & Co (4.40).. Motor Meter G & El. Mullins Mfg..... Mullins Mfg pf (7). Murray Corp. Nash Motors (4). ash Ch & St L (5). at Acme (80C)..... 22 Bella Hes 3 Nat Biscuit (2.80)... 57 at Cash Register A. 10 8 Na Nat Lead (5). Nat Lead pf A Pow & Lt (1) Ra evada Copper (1).. 8 N O Tex & Mex (7).. 1408 (6). 54 N Y Investors. . . N Y N H& Hart (8) 4 N Y Ont & Western Noranda Mines. Norf & West (112).. Norf & West pf (4). North Am Aviation.. Nor Am (b10% stk). North Amer pf (3).. Northern Pacifie «6) Northwest Tel (3).. Ohto O (1) . Otls Elevator (23 OtisSteel........o0’ Pacinc Gas & El (2). 20 Pacific Lighting (3). 38 Pacific Tel & Tel (1) 508 Packard Motor (40c) 47 (Continued on Page ‘r b » | Were again irregular and the move- i | sargent & Co Do. Price Movement Uncertain on Exchange, but Trad- ing Is Inactive. Special Dispatch to The Star. NEW YORK, May 5—The New York City bank stock market during the past year registered a further reaction, carry- ing the average to & new low for the vear, as indicated by the dollar-index figures compiled by Hoit, Rose & Tros- ter. Based upon May 2 prices, 16 lead- |ing bank and trust company shares | were quoted at 16.7 times known earn- ings, against 17.6 times at the close of the previous week. The yleld now Pressure kept up against the copper e W o m-'r;emcn\f:r:fisc"’yt‘e’xe; stocks, with Anaconda making & DNeW | compares with a yield of 5.563 per cent low. The metal was reported offered | on December 17. 1930, and with 2.326 by customs smelters at 9% cents With | B cent on April 21 last year. On May e Saiary: . Ol tocks and the market times earnings was 27.2. Jost the appearapce of strength they | = = = had exhibited in_recent, sessions. al- PUBLIC SERVICE BOOSTS e et e, e %" GAS-MAKING CAPACITY situation in the trede. | The railroad shaxes gave a very ir-| regular performance. Delaware, Lacka- | Special Dispatch to The Star. e & Western want to a new low | CHICAGO, May 5—Daily gas-mak- for the benr market and St. Louls-San | ing capacity of Central Public Service Francisco duplicated s old low, Bal. | Corporation gaa properties increased were strong 4 g > eef e close of to ter louched par, but otk aold off after_ | 108815,000 cublc feet on December 1, ward, There was active bu ; time in New York Harlem, in which | ~Communities served with gas increased e ot of trading is 10 shares. 'The [from 111 to 158 and the number of e kot ¥ was ot much impressed by |gas plants from 56 to 11, of which ihed plans for & meeting of rail- | number 51 were being Served either e ives in Chicago to consider |natural or mixed gas. The company the interrelations of wape and rate had I gas plants and 9259 miles of redules. | mains in service at S e motor list General \Motors was TR o e ven in good demand during the first hour | at the best of the recovery, \but wenlx-‘ ened afterward. Mack Truchs, report- ing for, tne frst quarter, showed & net || o m':"geij"Y“ TO LOAN oss of $178.737_ after depveciation, v estate. in D. C, or against 8 et proft of o i the || BUZ " Service, Gurrent taten. O 1ot rst_three mon . The LE| Company s statement stressed its strong || ses ey camms. % financial position. The stock ‘reuted} slightly. ndustrial leaders were subjected to moderate pressure, presumably _from operators for the decline. United 5 s | s Steel and American Can were the - . ite sales, but during the morning AHEAD A in both were confined to fractions. §| A —SPACE A Woolworth was the strong issue in «the : merchandising group, although April SPREAD! sales were off 2.2 per cent from Apail, BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 5—Price move- ments on the stock exchange today ment uncertain. Volume of trading continued limfted. | Company. Amer New Co 4 Blue Ridge Corp 6% pf. G13 n Mrge Guar 4125 Centrifulga Pipe 15¢ Chester Water Serv 8830, 1930. As a rule the food stocks gave a I your business 1 More volatile stocks, such as J. T. quarters—but too small to lar reason. Westinghouse Electric ral- e ok tne earnings statement publish- \f | Tentals will -accommodate the price movement had no meaning| s ! 3 space without increasing to be bearish, the only restraining in- (Copyright, 1931.) dividend todsy’ NBUILDING ————— Clear Bpring Wat Berv i Realtor good account of themselves, particulan- ol cnonshio Case and Auburn Auto, were now high-| warrant addiiional expendi- lied and then reacted. Radio did bet- of overnight as favorable. you more economically as far as forecasting business conditions | fluence being the' doubt as to the tach- | | ¥ The PR o STOCKS EX-DIVIDEND. Pas- | Fifteenth at H Street ZN.W. Leasing Representative ly National Biscuit. e be cramped in your present er and now lower without any particu=| tures? Large Vi ter for a time because the Street re- b Trading was purely professional and M| here. Increase your office | was concerned. Sentiment was inclined ||k vour office. cost, in nical position. NEW YORK, May 5 (#).—Stocks ex- Pe. Rate. riod. _abie .1'50¢ "BM May Suite 5. Phone Nat. 8040. (3 Finance C Gen'l' Qutdoor Adv. Penmans. Ltd Penn Water Ser $6 uf. ... Pitts Subur Wat $5.50 pi. §i for Trying Times N times like now, when shrink- b - ing earnings are common, it is More than 100 families are t0 be sent | sty T St Dor from England to Nova Scotia to settle el birg B | How much could earmings ESsiir i available for bond imterest shrink before interest is em- 4 Seaboard Ins. Thatcher Mfg ¢v pi.. Unlon Sugar Co Pf. United Eng & Fdry pf Viek Chemical Corp... fry DOOOODOPDODOODOOD: DOZOOD O OPDE: Movneyfto Loan Secared by first deed of trust on real estate Frevaling Interest and commismtont " | | Joseph I. Weller 5575 § X3! orioss ave third lvges cormings 0f 1953 have a third larger earnings o for interest as compared with bonds JNYESTMENT, SECURITIES | e iconpani. COURITAND T 'NIXO: These bonds enjoy an active 1518 K St. N.W. National 1926 market on the New York Curb - Exchange. A table showing the comparison referred to may be had by tele- phoning BOwling Green 9-3957, or writing for Folder E.?5. . General Utility Securities Incorporated New York We Recommend for Investment Bank Stocks Insurance Stocks Bought—Sold—Quoted Waggaman, Brawner & Co. ||| | 61 Broadway Ine. Me. 3860, 1700 Eye. | 54 CITIES %@ J AL Your \ 44 YOURS! A home clear of debt . . 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