Evening Star Newspaper, May 9, 1931, Page 13

D. C, SATURDAY, MAY 9, 1931 FINANCIAL. * A—13 & FINANCIAL THE EVENING STAR, WASHINGTON, ~ AMESBRUCENEW || NEW YORK STOCK EXCHAN R e T 652,302,000 BUSHELS : sy el i TO MAKE BUT LITTLE HEADWAY PRESIDENT OF BANK: " stock and Pprev. Dividend R Close. Goodyear Tir an Gotham Silk Hoslery Graham-Paige. . Sates— Kdd 00. High. Low. Close. R(3) 29 41% 40% 40% 13 18w l: 2 Rkt gk o ol B 3 et exce] those designa e [ 4 whle{l“:lfowl those stocks were sold in odd lots. ~Prev 1031~ Stock and Bates— -] ~Prev. 1931~ High. Low. Prev. AHER HlGHSTARI Price Changes Vacillate Until Values : Neither Advance Nor Decline to. Baltimore Trust Co. Recalls Former Official From - Chase National. BY EDWARD C. STONE. It was reported in the local financial district today that James Bruce, vice president of the Chase National Bank of New York, has been elected presi- dent of the Baltimore Trust Co., one of the largest banking institutions in the South. He is well known to many Washington bankers, and succeeds Donald Symington, who becomes chair- man of the governing board, & new Mr. Bruce has been for several years one of the senior vice presidents of the National, the world's largest k. He returns to an institution with which he was formerly connected, also as vice president. He is a son of William Cabell Bruce, former United States Senator from Maryland, and & brother of David K. Este Bruce, who married Miss Alilsa Mellon, daughter of Andrew Mellon, Secretary of the Treasury. A cousin is Howard Bruce, president of the Bartlett- Hayward Co. and a member from Mary- land of the Democratic National Com- mittee. Among his other banking connections gfm to his Chase National post, Mr. ruce numbered vice presidencies of the Atlantic_Trust Co., the Atlantic Ex- change Bank and the Baltimore Trust Co., all of Baltimore; the International Acceptance Bank and the National Park Bank of New York. He is a di- rector of the Commercial ‘Credit Cos. and the Maryland Casualty Co. Bond Club Slate Arranged. Secretary T. Baker Robinson of the ‘Washington Bond Club has sent out the official notices of the annual meeting on Priday, May 32, at the Manor Club. It is proposed to change. a paragraph in the constitution to read: “The an- nual meeting shall be held during May or June, preferably on Friday, notice to each member being given at least 30 viously.” flmmwl:omlnlfln‘ Committee, of which Y. E. Booker is chairman, will propose the following officers for the ensuing o Charles M. Henderson, secretary-treas- urer; for the board of governors, James H. Nolan and James H. Lemon. Mr. Nolan will be nominated to fill the va- cancy left by W. W. Mackall, who has resigned. State Fights Bank Fallures. The lamentable toll of bank failures in the United States, which continued in somewhat diminished volume during the first quarter of the current year, ‘would have been materially reduced but for the ess with which Federal and State banking authorities have vied ‘with each other in inding out new charters. Analysis of bank insolvency causes, says Fruit Companies e, reveals that one of the major weak- nesses has been the lack of rigid control and exercise of ‘sound judgment by banking authorities in bestowing char- ible, incompetent and even unscrupulous men and often with- out any regard whatever as to whether additional banking facilities were needed in the community. The Delaware Bankers Association re- cently adopted a resolution on the sub- ject which may well serve as a model for all other State banking assocfations to impress upon their respective bank supervisors. It reads as follows: “Resolved, That this association place | itself on record as opposing the grant- ing by the Legislature of any hew bank- ing charter, unless its proponents af- firmatively show a clear need for such service in the community in hich it to establish itself, and also show that they are able and ready to organize such institution upon 2 sound and safe financial structure at its start, o as to ide an ample margin of protection for its depositors.” A. B. A. Head Advocates Savings. ving & goodly part of their earn- ings above what the daily requirements of life compel them to spend is the only way the great mass of workers can make permanent and secure for them- selves a part of the fruits of their work and earnings,” sald Rome G. Stephen- son over the.radio. “Sa is not hoarding. Money rightly saved is not idle. It is put to work creating out of the industry of to- day security for the future. We hear often the cry thess days of ‘Spend more!' Savings, _insurance, invest- ments—all three of these are splendid ways to spend more. “Savings in these forms are as far away from misery hoarding as the North from the South Pole. Miserly hoarding, unnecessary self-denial, do nefther the individual nor the nation any good. Savings do not hurt business but definitely help it. Savings do not reduce spending but guide it along sounder channels. “Above all, savings and investment are powerful 2ids in preserving for the individual his economic equality, liberty and happiness.” Eventual Upturn Much Nearer. April brought little change in the ral busimess situation and equally fttle Teason to revise previous views re- garding the outlook for improvement, according to the monthly review pub- lished by the National City Bank of New York, which expresses the belief that “time alone is & very important element *in business recovery at this juncture and the passage of four months from what it is hoped will gme the bottom of the depression has reught gains not only in mctivity but in correction of maladjustments which carry us that much nearer the eventual upturn.” The review mentions the action of the stock market during April as a re- flection both of dissatisfaction with rw @prporate earnings and of doubt. hgs sPbstantial improvement in those s oan be expected this Summer. but calls attention to the fact that similar situations in the past have af- forded the opportunity for forehanded and far-sighted investors to Jav the foundations for large future gains. ! { Financial District Notes. Fenner & Beane, clearing member of the Rubber Exchange of New York, | Inc., and members of the New York | Stock Exchange an¢ other exchang who maintain a branch officc here, an- nounce the association of Clifford C. Johnston, member of the Rubber ‘Ex- change of New York. as rubber con- sultent, effective immediately. Frank J. Hogan, general counsel for the District Bankers' Association, was among those present at the funeral of 1. A. Fleming. At the last bankers' convention at Asheville, Attorney Ho- gin wrote o charming “ribute to Mr. eming, which was presented to the veteran financial editor during the session. National Dairy Products Corporation has _declared ‘the regular quarterly dividends of 65 cents on the common and $1.75 each on the preferred A and B stocks, all payable July 1 to stock of record June 3. BUSINESS FAILURES FEWER. Business mortalities showed a slack- ening trend last week as their change was measured by the Department of Commerce. In the totals that follow the index is given for comparable based on representing the 1923- 5 level of failures as 100 ‘Births in England and Wales in a re- eent week outnumbered the deaths by 2, the figures being 6,772 and 6,770, High. Low. 4% 2314 11% 109% 15% 12% 157% 102 195 23 - 26 13% 107 124 185% 21% T4 37 60% 108'% 66 3 14 L] Dividend Rate. 14 Abitibl Pow & Paper %% Adams Exp (1.60). 4 Adv Rumley (new).. 77% ‘Alr Reduction (t4%) o 6! 116 14! Alaska Juneau (40c) Alleg COrp. .vavs Allied Ch & Dye (n8) Allis Chalmbers (2).. Amal Ledther. - Am Agri Ch of Del... Am Bank Note (18).. Am Br Shoe (2 40)... Am Brown Bov Elec. Am Can (15). Am Car & Fdr: Am Chain2)... Am Chicle (13) 4 Am Colortyzna ( . Am Comel A.vuhiol. . Am European Secur. Am & For Powe! « Am & For Pow 2d pf. Am Hide & Leather. Am Hide & Leath pf. Am Home Pr (4.20) Am lce (3)... Am International Am Locomotive (2) Am Mch & Fdy 1.40 Am Mach & Metal; Am Metal Co.. Am Metal pf (6)... Am Nat Gas pf.... Am Pow & Lt (31). Am P & L pf A st (5 Am Ra&Std San 60c. Am Rolling Mills. .. Am Safety Razor (5) Am Sm & Ref (4).... Am Sm & R 24 pf (§) Am Steel Fdy (3).".. % % % Add 00. High. Lot 3 % 12 15% 8 8 » 2 T TS T eI JOTPPRIvR. SIS Am Steel Fdy pf (7).36/ Am Sugar Ref (5)... Am Sumatra Tob Am Tel & Tel (9)...0 Am Tobacco (16 Am Tobacco B (16) Am Tobacco pf (6). Am Water Wks (5).. Am Wat Wks cfs (3) Am Woolen pf Anaconda Cop Anaconda W & C (1 Anchor Cap (2.40)... Armour of Del pf (7) Armour of TIl A Atch To & S Fe (10).. Atch To&S Fe pf (5). Atl Gulf & W I pf (5) Atlantic Refining (1) 8% Atlas Stores (1) 1% Auburn Auto (14) Baldwin Loco (1%). Balto & Ohto (5)... Barnsdall (A) (1)... Bendix Aviation (1). Best & Co (2)....... Bethlehem Steel (4). % Bethlehem St of (7). Blaw-Knox (13%). Bloomingdale Bros. Bohn Alum & Br1%. Borden Co (k3)..... Borg, Warner (1) briges Mg (11%). Brockway Mot Trk. Bklyn-Man Tr (4) Bkiyn & Queens Bklyn & Qu T pf (5). Bklyn Union Gas (5) Burroughs A M Bush T Bldg pt (7 Butterick Co A M) Canadian Pacific 1% . Cannon Mills (1.60). Caterpillar Trac (3). Cent Aguirre As 1%. Cerro de Pasco(1.50) Certain-teed Prod. .. Checker Cab Mfg. Ches & Ohlo (2%) Chesapeake Corp (3) Chi & Alton. Chi M1l St P & Pac. Chi Ml 5t P& P pf. Chi & Northwest (4 Cluett-Peabody 13) .. Collins & Afkman. .. Colgate-Pal-P (2%4). Colo Fuel & Iron. ... Col Gas & El (2).... Columbia Graph 66c. Columb Carbon (5). Comel Credit (2). Comm Solvents (1).. Comwlth&Sou (40c) . Cmwith & Sou pf (6) s N Y (4) Con Gas of NY nf(5) Consol Laundries (1) Consol RR C pf (8) Consol Textile Container Corp (A) Contl Baking A. . Cont) Baking pf (8).) Contl Can (2%) Contl Motors. Contl Oll of Del. Cont Share: % Prod pf (7 Inc Corn 5 Crown C&S pf (2.70). Cuba Cane Prod. . Cuban-Amer Sugar.. Cuban Am Sugar pf. Cudahy-Packing (4). Curtis Publish (4)... Curtiss Wright Corp Curtiss Wr Corp A.. Cushman's pf (T) utler Ham n Chemical. 20'% ¢ 40)., 131 62 162 14% 244 Drlaware & Hud (9). Del Lacka & Wn (43. Detroit Edison (8). Diamond Mateh..... Dlamond Mtch pt 1% % B% 8% 61% 77 118 4 31% 9 " Du P de N deb pf (6 % Eastman Kodak (18) 6 Elec Pow & Lt pf (1) Fllec Stqr Bat (5) Kmerson Brant A. Office Bldg (2% irbnks Mor 71d P’ Fire In (2. Firestone T &R (1), Flrest T & R pf (8).. First Nat Strs (2%). Fisk Rubber. Foster Wheeler (2).. Foundation Co. Fox Film A (4).. Freeport-Tex: weil Co (b) Gen Am Tank Ca Gen Asphalt (3 Gen Elec (1.60) Gen Elec spec (80¢). Gen Focd Corp (3).. Gen G & El A (e30¢c). 82 4 Gen Motors (3) Gen Motors pf (5)... Gen Pub Sv b6% Gen Ry Signal (5)... Gen Realty & Util... Gillette Saf Rasor.. Gillette Saf R pf (5). Glidden C.... Glidden pr pf (7) Gobel (Adolf). . Gold Dust (2%)§ Goodrich (B F)suesn 2 1 1 Fifth Ave Bus (64c).100s 0 2 65 184% 7 121% 2 9 188 252 17 6415 8% 19% 40% 1 4 3 16 60 31% 64 9% 12 26 7 15 110 98% 1 258 1 9 30 7 20s 108 3 284 11 12% 1 204 26 163 14 13% 65 2% 5. 24 93 46% 3103 1 69% 1 7 1 1 1 a3 5% 16% 8 86 18% % 122% 27 Ty, ~15% 3914 29% % w. Close. Ciose. 5% 15% 8 B4 2914 44 26 131 -89 86 182 71 11% 5% 179% 12% 4 3% 604 31 16% 20% 80% 123% 1% 24% 101% 19% % 63 b8% 16% 39% 547 264 11% 4% §0% 4 46 39% 64 103 10% 124 16% 23% 3% 37 39% 20% 1% 16 9814 118 137% 14% 19% 15% 384 B ziu 814 87 3% Granby Consol (2) Grand 811 8trs (h1).. Grand Unfon. . Grant (WT) (1).... Grt North pf (5) Grt Nor Ore (2). Grt Western Sug: 5 Grt West Sug pf (7).1308 Grigsby Grunow 19 Hacken Wat pf A 1% 308 Hann Dept Stores... 1 Ham Watch (11.95). 50s ®0s 13 Hanna pt (1).. Harb Walk Ref (2).. Hawalian Pineap (2) 108 Hayes Body........ Hercules Powd (3) . Hercules Pow pf (77, Hershey Choc (5)..n Howe Sound (3)..... Hudson & Man (3%). Hudson Motor (1)... Hupp Motors. . 53% 11linois Central (4).. Indust Rayon (4). Ingersoll Rand (16). 4 Inland Steel (214). 4 Inspiration Copper. 4 Int Agricultural Int Bus Mach ( % Int Carriers (37%¢). int Combustion. int Match pf (4).... Int Harvester (2%).. Int Hydro El A (e2). Int Mer Marine (1).. Int Nickel (80¢)..... Int Paper & Pow A. . Int Paper & Pow C. Int Pap & P pf (T)..0 Int Salt (3)... . Int Silver pf (7). Int Tel & Tel (2)..00 1214 Inter Dept Strs (2).. 1 58 Inter D Stpfxw (7). 108 43% Johns-Manville (3).. 239 118% Jones & Laug pf (7). 60s 1, Jordan Motor Car... 17 12%4 Kayser (J) &Co (1). 13% 89% Keith-Alb-Orpf (). 1 80 e | 13% e 14% 11% 21% 14 27% 23% 33% 29 19 81% 28 43% 5% 50% 18% 99% 30% 11% 43 42% ° 13% 5% 2 24% 29% 65 18% 46% 120% 120 % % ney (G R) Co... 25 Kresge (SS) Co 1.60.. Kreuger & T (1.60). Kroger Groc&Bak(1) 1 Lehn & Fink (3). 2 Lib Ow Ford Gl 1 Livg & Myers B (16) 6 Liquid Carbonie (3). 11 Loew's Inc (3) 32 Loft Inc. .. Loose-Wiles Lorillard (F) Co. Lorillard (P) pf (7) LouG&EA (1%) Ludlum Steel McCrory Stor McCrory B (2).. McGraw-Hill (2) Mclntyre Porc M McKeespt Tin P(15). McKesson & Rob (1) 26 07 30 S & . MHONAAROONNRE AR o e aw— McLellan Store: Mack Trucks (3) Macy(RH) & Co(n3). Magma Copper (2) Man Elevmg ... Marine Mid (1.20)... Marshall Fleld (2%) May Dept Strs (2%). Melville Shoe (2). Met-Gold Plc pf 1.89. Mexican Seaboard. .. Mid Continent Petm.. Midland Steel (3).... Missour] Pacifl 10% Mohawk Carpet. 181 Monsanto Ch W ( 15% Montgomery Ward 2 Motor Meter G & El. Motor Products (2).. Motor Wheel 1%)... Mullins Mg pf (7).. 108 Murray Cori 4 Nat Datry (2. Nat Dept Store Nat Dist Prod (. 42% 4 27% 29 42 100% 100% % Nevada Copper (1) Newport COA (3).ea N Y Central (6) N Y Chi & St L (8) N Y Investor N Y N H&Hart (6).. NYNH&HDE (D). 1 N Y Railways pf. 21% Noranda Mines 4% North Am Avia 62 Nor Am (b10% stk). 53 North Amer pf (3) 102 North Am Ed pt 60% 421 Northern Pacifio (6) 8% Ohto Oll...... 3 2% Oliver Farm Equip.. 364 Omnibus Corp. .....) 37% Otis Elevator (2%).. 615 Otis Steel 2815 Owens 1il 45 PacincGas&Ei(2). 5 16% Pacific Mills. ... 01 71 Packard Motor (40c) 1% Panhandle P&R.... 2615 Paramount Pub (4).. 2% Peerless Motor Car.. 33 Penick & Ford (1)... 2814 Penney (JC) ( 50% Penn RR (4). 9614 Peoples D S pf (6%). 6% Petrolm Cp of Ami1) 7 Phil Read C& 1 7 Phillips Petrole 9 PlerceOll pf.. 1% Pierce Petroleum. 26 Pillsbury Flour (2)., 81% Pirelll (A) (m3.13).. 65 Pittsburgh Coal pf.. 10% Pitts Screw (1.40)... 22 Pitts Term C pf. 6 Pour &Co (B). 16 Port RAmTobA3% 3% PRAmTobB..... 915 Prairte Oll & G 63 Proct & Gamb (2. 6% Prod & Refiners pf 72 PubSvNJ (3.40)... Pub Sv NJpf (5). 109% Pub Sv N J pf (8 128% Pub SvNJpf (7 86% Pullman Corp (4 5% Pure Ofl...... 67 t (8) keries rp 3414 Radio Corp B (5) 15's Radio-Kelth-Orph A. t Sec 1Catk C (4). bestos Man 2. . 18 1 0) S 101% 1013 117% 117% 136% 136% % 13 6% I 7% Remington-Rand. Republic St 6% Revere Copl 1113 Reynolds Metals (2). 70 Reynolds Tob A (3). 40% Reynolds Tob B (3).. 38% Safeway Stores (5 15% St Joseph Lead (1) 15% St Louis & San Fran. 29 St L-San Fran pf (6) 4 Schulte Retail Strs 447 Sears Roebuck 32% . 4% Bervel InC.....c..oe 21 Shattuck F G (11%). 4% Shell Union Ofl. ... 2514 Shell Un Oll pf (5% ) 11% Simmons Co. . . 5% Simms Petroleum. .. 815 Sinclair Con O1l (1).. 1% Snler Packing...... Solvay Am pf ww 5% 9% South Port Rico Sug. 96, Sou P Ric Sug pf (8) 108 42% South Cal Ed (2) 8 South Pacific (6) South Ry (8) Sparks Withi sl debeninn. St b IBRR R el Y (Continued on Page 14 .. i One or Two Industrial Stocks Break Sharply as Activ- ity Falls Off. BY GEORGE T. HUGHES. Special Dispatch tp The Star. NEW YORK, May 9.—Starting in active and higher, the stock market today ran into realizing end reacted partially. * ¥n one or two industrials there were sharp breaks, but_ectivity fell off-on the decline and weakness in special issues had little effect op the general list. o Overnight orders were predominantly on the buying side, due to the showing the market had made on Friday. Short covering and new commitments for the Tise were responsible for substantial ad- vances in the leaders. After these or- ders had been executed, however, profit- taking brought about a setback. Low-priced stocks Were prominent on the side of advance. Radio was taken in large blocks, 10,000 shares on the first sale, at the best of the recovery. While the movement looked like & pool operation it had the benefit of a report pected progress in its television experi- ments. Standard brands were bought on the announcement that the direc- tors had voted to redeem 50,000 shares of the $7 preferre¢ stock because of “our strong financial position.” ~An- nouncement that American Radiator had received a $1,000,000 order brought buying into that stock. Woolworth was another favorite, reaching a new high, although the rise was checked by realizing. General Motors was well supported most of the time and so was General Electric. The two weak spots were J. I. Case and Johns-Manville, both sold on professed fears of dividend revision. New financ- ing for Case was again mentioned as a reason for the selling which, never- theless, bore all the earmarks of & bear raid. The stock ‘broke almost eight points before support was en- countered. Johns-Manville made a new low for the year. Rallroad shares were irregular. North- ern Pacific duplicated its old low and Lackawanna and Baltimore & Ohio sold off while Atchison, Delaware & Hudson, New York Central and Union Pacific were steady. United States Steel opened a point higher, but could not hold its gain. ‘The unfilled zonnge report was to be made public after fne close and pending that announcement spectators stood aside. American Telephone and Amer- ican Can, like steel, were strong at the start, coming down afterward. (Copyright, 1931 MARKET INFLUENCES that the corporation had made unex-|% { BUSINESS SENTIMENT S But Present Decline Is Regarded Out of Proportion to Gen- eral Improvement. Pointing out that the stock market gyrations influence business sentiment unduly, and that business will undoubt- edly improve, starting probably in July, the Brookmire Economic Service, Inc., in its current bullefin says: “Imme- diate sentiment concerning business appears to be influenced largely by ac- tion of the stock market. But the ac- tion of the market can hardly be said to be based entirely on business devel- opments. Just as the advance in the market early this year was out of all proportion to iness improvement, 50 is the present decline out of all pro- portion to the mild relapse which busi- trial earnings reports covering the first quarter operations and numerous divi- dend reductions have been a much reater market influence than the out- look for business improvement later in the year. “Last week we stated that bad busi- ness news was likely to afford some good investment opportunities at a time when turn in general business and the market is close at hand. Happen- ings within the last week confirm this bellef. Many good common stocks are now reaching favorable investment levels. But with the gloomy sentiment that prevails we deem it inadvisable to rush into the market and use up re- serve buying power now. Unquestion- ably a sharp rebound can be ex- pected to follow a decline of the ex- tent now being witnessed, especially if it ends with an increase in volume of offerings. It is useless for investors to try to catch the exact bottom; it is ;?::h safer to await signs of stabiliza- “Latest weekly figures on carloadings, steel mill operations and on output of electrical energy are encouraging. Ap- parently the relapse from the mild up- ward trend in business, which was evi- dent in February and March, is already slowing up. A resumption of the ad- ness has experienced. The poor indus-| vance may be delayed several weeks, but no serious set-back is expected.” Buying for Profit Forelen bonds are in greater disfavor today than at any time in a decade. The reason is well known. There has been continued and severe market price depreciation in nearly all of the widely distributed obligations of foreign gov- ernments and of forelgn corporations, One South American country has de- faulted on its bonds, another threaten- ed to default and a long list of such se- curities have been selling at a price to indicate fear of default. Revolution after revolution has upset governments in these countries, budgets are unbalanced, and dependent as most of them are on export of raw materials their finances are disorganized. It is not so bad in Europe, but extraordinarily high ylelds are obtainable on bonds of the governments of cetain of the coun- tries in the central and eastern part of the continent. The problem is to decide what to do with holdings of these bonds bought much higher than the market price. Shall they be liquidated and the pro- ceeds reinvested in something more con- servative or shall they be held in hope of recovery? ‘The principle is that in finding the answer 1o this question the amount of the loss that would be sus: tained by selling now is of no impor- tance, & principle easy to state but hard to act upon. Of course, each case must be decided separately on its individual merit, but there is one proposition that applies more or less to all government obliga- tions. This is that complete loss on a government bond, even of a weak debtor, is extremely rare. The one exception that will occur to every one is that of Russia, but if the world is to adopt Rus- sian principles we needn’t worry about investing money anyway. Governments make every effort to avoid default, or if default is forced, every effort to remedy it, because they are constantly in need of new accommodation. Unless they make some agreement with their credi- | = tors they are unable to enter the international market at all, and that is fatal. It does not follow that they will and can pay in full once default is made, but something is almost sure to be recovered, The question then re- solves itself into determining whether the market price fairly takes this prob- ability into account. (Copyright, 1931.) Prince Galeazzo of Thun and Hohen- stem, the grand master of the Sover- eign and Military Order of Malta, died pecently in Rome, aged 80, Very Great chrec. *BY JAMES B. CLEWS, Special Dispatch to The Star. NEW YORK, May 9.—The market as a whole continues tc be a vacillating affalr without making much headway or losing much ground. On the one hand, people who are ordinarily inter- ested in securities are not disposed to make new commitments for the time being until something more definite is known regarding the trade situation. On the other hand, the general run of stocks have been so thoroughly liqui- dated there is no pressure to sell except that coming from the bear element who, of course, are always on the alert look- ing for weak spots, and whan unearthed making the most of their opportunities. Nor is there anything at the moment to change this complexion of affairs, as the powers that be, having acquired practically all the floating supply of tocks, have adopted a waiting attitude, which they can well afford to maintain until business again becomes normal. ‘With respect to this it can be said that in certain branches of trade bright spots are already appearing. Reassuring Opinions. In view of present conditions it is natural that business and political lead- ers have been reviewing the outlook | and uttering their opinions with regard | to it. The Secretary of the Treasury, in a wldelf\; published address, while not minimizing the present state of affairs, foreshadows improvement from the present depression of business at no very distant date. The difficulties, ac- | cording to him, are those of transi from the temporary conditions estab- lished after the war to the older and more permanent basls of trade. As the Secretary rightly says, “No one should be discouraged about the ultimate out- come.” Other expressions of somewhat similar character have been furnished during the course of the week, and several business leaders who have been asking for more or less drastic changes in legislation, including tariff revision, have altered their attitude and are now making it plain that they do not believe in the extreme form of the views which had been attributed to them. Taken as a whole, these expressions have tend- ed to reflect far greater conservatism of utterance than had been expected. Trend of Business. ‘The rather encouraging views thus offered to the public have been g:l’ll- leled by the continuation of the v,ter} prospects in actual business which had | made themselves felt heretofore. A de- | cisive advance has taken place in the output of the shoe industry, for ex- ample, an increase of about 35 per cent over last December’s low point having been reported. The cotton tex- tile trade continues active and appar- ently is getting back to a condition more normal than at any time since the war, while reports from the automobile manufacturing districts are even more hopeful than was true at the opening of April. Indeed, many important lines of business are described in bank analy- ses as enjoying gains; building con- struction is cited as a leader, although others that are less marked in their advance are also mentioned. This is further emphasized in the monthly sur- veys of the Interior Federal Reserve Banks, for the opening of May Teport- ing moderate improvement in their sev- eral districts, there being a decided gain in wholesaling and jobbing lines over the preceding month, accompanied by a slight advance in commercial loans indicating an increase in the demand for funds to be used in business develop- ment. In the midwest, the condition of business is decidedly better than earlier in the year in a considerable number of representative lines, although not as good as was the case at the correspond- ing period of 1930. Boiled down as a whole these reviews are quite hopeful. Commodity Stocks a Problem. It 1s being more and more felt that the continuation of overhanging stocks of commodities on a high level is one of the most serious problems of the situation. The tendency of copper to accumulate further has caused an ad- ditional slight recession in the price of the metal with some sales as low as 9 cents during the past week. Increase in the production of oil here and there is taken as an indication of slackening in the degree of control exerted by the companies through thelr conservation policy, and naturally is disappointing to those who have been hoping for better results. There has been no real prog- ress in the attempt to unload the ex- cess stock of wheat held by the Farm Board, although that organization has lately begun paying actual cash for the wheat which ft had previously pur- chased on future contracts, and is now engaged in taking title to it. Enlarged shipments to Europe are now imminent, the board being apparently determined to follow a policy of selling out at the market price, rather than waiting for any improvement in quotation. The idea of storage and continuous holding seems to meet with less and less ap- | proval; indeed, there is a disposition in most frades to feel that the best way | out of present difficulties will be actu- ally to induce consumers to take the goods off the market at some price that would actually lead to the absorption o products and permit a fresh start to be | made without the handicap of large overstocks or inventories which still exist, It is worth nothing, however, that rotwithstanding the difficulties that are felt as a result of this continued existence of oversupply, the average level of commodity prices shown by commercial indexes during the past week, was for the first time this year stable as compared with the preceding weekly period. Difficulties growing out of commodity overproduction are still severe and likely to continue so for some time, but the worst effects are apparently largely a thing of the past. View of World Future. ‘The meetings of the International Chamber of Commerce in Washington have afforded an interesting and wholly hopeful view of the general world future, According to opinions expressed there, decided progress is being noted in practically all countries with respect to the trade outlook. There is an evi- dent feeling that better control will be exerted next year over production and trade, although it is widely admitted that definite action looking to the improvement of conditlons will be necessary if immediate advance is to take place. The mapping out of defi- nite programs of policy at these meet- iings gives promise that there will be 8 greater degree of uniformity of ac- tion than has been possible at any time in the past, and consequently holds out a hopeful view for the future in that respect. Particularly does this appear to be true as regards the world banking situation and the activity of the inter- national bank which is evidently re- garded as affording a basis for joint " First Trust Money Available at Prevaili Prompt Considerati ¥ A.C. Hw&hton & Co., Realtors 1516 H_St. N. Distriet_7596-7587 Money to Loan ll.l;:l II=".| leed it real Joseph L. We er 3 Trast N.W. Consult WELCIH“le-Ilnr Loan_Specialist 15th & N. Y. Ave, N.W. (Natlomal Sazings & Lenst Co. Plds.) National. #346 action on the part of the financial eom- munity in all countries as well as in the promotion of stability. Market Review and Outlook. As is well known, market moves in the shares of the big steel corporation have great effect on the public at large owing to the company's eminence. Softness in quotations for the steel shares this week, therefore, has created | greater feeling of pessimism than is rranted. As a matter of facf, in going over the list it is seen that prices for the general run of stocks have not been marked down to any extent worth noting. The truth is that there are quite a few shares which have paid little attention to the attack on the steels and in reality have scored gains, which can be accepted as an indication that the market is now getting into a position where it will soon become in- vulnerable to bear any particular advance in the market which will not be subject now and then ly pointed out in these advices, the holdings of the general public are now | so limited there is no likelihood of any liquidation of consequence coming from that source, so that there would ap- pear to be little risk in making pur- | chases when these occur. Washington Produce Butter—One-pound prints, 29; tub, 28. Eggs—Hennery, 17; current receipts, 16. Poultry, alive—Turkeys, hens, 24a25; toms, 20a22; Spring broilers, 36a40; Leghorns, broflers, 30a35; Winter chicl ens, 30a32; hens, 20a22; Leghorns, 18 roosters, 12a14; ducks, 15; keats, young, 75880; old, 40. broil- ers, 45; Winter chickens, 38a40; hens, 25; Leghorns, 22a23; roosters, 16; keats, young, 70a80; old, 50. Meats—Beef, 12%%al4; veal, 12al4; lamb, 20a22; pork loins, 21; fresh hams, 19: fresh shoulders, 14; smoked hams, 20; smoked shoulders, 1273 ; strip bacon, 23; lard, in packages, 1 n bulk, 11. Live stock—Hogs, heavy, 6.50a7.25; medium and light, 7.00a7.60; pigs, 7.00a 7.50; roughs, 4.00a5.50; calves, 5.00a 8.50; Spring lambs, 10.00a12.00. Fruits—Strawberries, 4.00a7.00; ap- Pg::.k b,“s‘r,l‘-:fl 7buketl. 1.50a2.7! box 8 , 2.50a2. pears, 5.00; " Argentina, 3.25a3.50; plnelppl..'r:m 4.00; oranges, California, 3.50a4.00; Florida, 4.00a4.75; lemons, 5.0085.50; lslr;m. per l?o,nl.oozz.lgssmydem. 3.00a Y grapefruit, 2. .00; cherries, 2.25a3.00. Vegetables—Potatoes, new, per barrel, 5.5026.00; old, 120-pound sacks, 2.60a 2.7 Idaho bakers, 100-pound sacks, . sweets, 1.75a2.00; cabbage, 75a 1.25; kale, 25a50; spinach, 25850; cress, 1.25; tomatoes, Mexico, 5.50a6.50; Sum- mer squash, 2.50a2.75; peas, 1.75a2.25; string beans, 2.00a2.50; caulifiower, 2.50 a3. cucumbers, 4.50 tes, 2.50; carrots, crates, 2.50; mushrooms, mostly 1.00; asparagus, 1.50a4.50; cel- ery, 3.00a4.00; lettuce, Iceberg, 4.50; South Carolina, 1.25a1.50; radishes, per 100 bunches, 2.00a2.50; Spring onions, per 100 bunches, 2.00a2.50. FINANCIAL NOTES. ‘The Jaeger Machine Co. reports gross sales for April amounting to $302,116, as compared with $363,000 for April, 1930, an increase of 8 per cent. E. H. Rollins & Sons are offering $150,000 Upper Darby Township, Dela- ware County, Pennsylvania, 4%, per cent bonds at prices to yleld from 3.40 per cent to 3.70 per cent, according to maturity. The American Oriental Finance Cor- poration, with headquarters in Shang- hai, China, has been appointed dis- tributing agent for Fundamental Trust Shares, a fixed investment trust - sored by E. A. Plerce & Co., m of the New York Stock Exchange. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. We Give Property cessful management our care. very nominal charge. VR MR gmmmu FIRST Over a Third of 6 Century Without a Loss Not B. National 2100 THERE attacks. In the|ohio present, state of mind it is idle to ex- | In pect, however, that there is going to be | to moderate setbacks: but, as frequent- | & Department of Agriculture Makes Survey of Crop Out- ook as of May 1. By the Associsted Press. ‘The indicated production of Winter ‘wheat this year by important producing States and the condition of the crop May 1, from which the estimate of | today by the Department of Agriculture. ‘The report supplements that of day, 'hll!h'xl;ced the indicated m"“::: tion for country at 652,902,000 Dishels indicated s month age $04337 monf . 604,337, o o ago, 604,337, & year ago and 547,427,000 bushels, the 1925-29 average. 'melom:lum' 1::“ percentage of a normal ane icat production bushels by States follows: 73 Condi- Indicated tion. production. 7 000 zsuusd ssendan INSURANCE FIRMS PAY DIVIDENDS 57 YEARS Special Dispatch to The Star. NEW YORK, May 9.—Paine, Webber & Co. have prepared a comprehensive analysis of stocks of 23 leading fire insurance companies of the country which discloses, among other interest- ing facts, that these companies have an average unbroken dividend record of 57 years. Average total assets to $1 of capital at market is stated to be $140. In the six-year period from 1925 to 1930, inclusive, average earnings m $1 of capital at the market, of was ST per”cent, ot Including awie: .47 per cen Including mobile insurance. s REICHSBANK STATEMENT. BERLIN, May 9 (#).—The Reichs- bank report as of May 7, shows {:a foliowing changes in reichsmarks. Oru.eflg ll’;d }mll:fln increased 1,464,000; ve in foreign currenci 12,031,000; blugn of exc:lnmc"m checks decreased 153,026,000; silver and other coins increased 7,285,000; notes on other banks increased 9,693,000; ad- ,V;e:o':‘ ’decrened xéco.vss.oon: invest- Increased ,000; other assets decreased 34,424.000; notes in circul tion decreased 263,431,000; other matus fl:fie obligations decreased 22,729,000 other liabilities decreased 11,542,000, Tota1 goid heidima 3 s0n i &ol . 2,369,868,000. Rate of discount, ?per cent. OVERHEAD A A A COMES DOWN F it’s overhead that’s keeping you down, put back in your business what you save by a 3-room ar- rangement at $40 here. The best office location, finest type of tenants— see what $40 will do for you monthly in The WOODWARD BUILDING Fifteenth and H Streets N.W, CARLG.ROSINSKI Realtor « Leasing Representative Suite 5 Phone Nat. 8040 L e T T Personal Attention of property that it will pay mHERE are so many important angles to the suc- ~ .you to place your apartment house, office building, business and residential properties under Our organization is trained to the point of highest efficiency—and its services are at your service—for a PROMPT REMITTANCE is one of the rules of the office. RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT Nk 55 Soiaramce Gomlomy 1321 Connecticut Ave. Decatur 3600 MORTGAGES ACCURATE RECKON- ING OF INTEREST Attends every investment made in our 6% FIRST MORTGAGES There is none of the variation so common to many ments—and while the interest is generously liberal—the in- vestment itself is one of the most conservative in character —for your principal is secured by carefully appraised im- proved Washington real estate, invest- only safety—but ecere tainty—are features of investe ment in our 6% First Mort« gages. 1 May be purchased In'amounts from $250 up. F. SAUL CO, 925 15th St. N'W,