Evening Star Newspaper, May 15, 1931, Page 14

A—14 ¥x¥ ASSOCIATION RAPS BRANCH BANK PLAN Young and Pole Suggeétion Called Plot to Wreck Pres- ent Dual System. BY JOHN F. SINCLAIR. NEW YORK, N. Y, May 15 (N.A. NA.).—The American Bankers' Asso- clation has just discharged some heavy volleys at the new branch banking plan recommended by Owen D. Young and formulated by J. W. Pole, Federal con- troller of the currency. Assailants of the proposed project charge that it is a plot to wreck the dual banking sys- tem of State and national banks and force all banks into the Federal system. ‘This, they hold, is both unfair and llogical. Banks should have a freedom | of choice as to whether or not they wish to associate with the central sys- tem. Furthermore, State banks, organ- ized under the supervision of the indi- vidual States, should be formed accord- ing to the needs of local territory, of which the State is a better judge than the National Government. | As usual, there is much to be said on both sides. The argument that local needs are better understood by local governments is a sensible one. That banks should have perfect freedom of action as to their connections with the Federal system is more open to doubt. The association spokesmen themselves speak favorably of the idea of branch banking. But how is such a framework to be effectively operated under a dual set-up where both systems are likely to be actuslly, if not formally, at log- gerheads? Recent banking history clearly indi- cates that there is a growing public resentment against lack of, “internal banking control and stability. Branch banking appears inevitable as a normal economic development. The essence of pranch banking s centralizatiori of dp- eration. Public wellare dictates cen- tralization of Government regulation as well. Is it impossible to have a flex- ible plan which would permit mainte- nance of State banks, established to fulfill local requirements, but clearly within a Federal system? Ttaly’s decision to float an internal bond issue of $210,000,000 for conver- sion purposes, instead of placing it in foreign markets, came as something of a surprise. The move may be a result, of improvements in the Italian econom- ic situation. According to reports re- ceived by the United States Department of Commerce on general business trends throughout the world, Italy displays the most heartening signs of picking up. Unemployment and business failures have noticeably decreased, company re- ports for last year continue satisfac- tory, excellent showing was made at the Milan Spring fair, and Italy’s t\‘tdel agreement with Soviet Russia was l‘e-‘ newed. All played l: part in bringing about a happy resul ‘The new bond issue is being offered to aid Rome in meeting about $4,000,- 000,000 in treasury liabilities due next November. It is e Mdulhll h(;ldte‘:s of these' pending bills will accept e new mnfl?m payments as the terms are exceptionally good. A special feature of the issue is the series of prizes, from $50,000 down to a few thousand, which will be open each ywhmlamorm—ne'bonds ‘Thus operation has something of the nlvo\' of a lottery about it. This is ex- pected to speed up its absorption by e ‘public. Ttaly is fully able to meet her No- vemba obligations in cash, but prefers to avoid depleting her cash reserves as much as possible, and so offers these Ireland has managed to show al surplus in her well balanced budget this year despite the havoc wrought by the world depression, but only at the cost of commodity taxes, which seem some- Some idea of the commodity tax rates may be gained from the 8-cent tax on a gallon of gasoline, and a 2-cent tax on & pound of domestic sugar, in addi- tion to a customs duty for the same amount on imported sugar. Talking films must pay an entertainment tax of 6 cents.a foot! Although the income tax was greater than expected, the liquor revenue was just the opposite. One tax abolition was that on race course betting. The regularity with which income taxes abroad usually come up to es- timates, even in times of stress, may possibly be explained by the fact that a larger proportion of them are drawn from incomes in the higher brackets. Depressions hit the lower and middle classes hardest and reduced their tax payments. Where an income tax is based in a large measure upon these classes, it is bound to be affected as it is in the United States. Evidently the last thing Americans will give up in & pinch is their cigar- ettes! Despite hard times and a large portion of workers floating on the ebb-l tide of unemployment, the tobacco manufacturers are among the few who have not had their profits riddled. Con- sumption of cigarettes, and snuff as, well, increased during the past year. Cigars, however, received a setback. Sinee bankers, politicians, and capital- ists in general, are traditionally asso- ciated with cigars, this may merely indicate another form of capital re- trenchment! The American Tobacco Co., large cigarette makers, chalked up the heaviest profit growth of any such firm in the history of the industry, garner- ing & net income of $13,000,000. Lorillard Co. comes next with a profit of $2,277. 707 in excess of the previous year's yvecord. Liggett & Myers and R. J. Reynolds each netted in the ncighbor- hood of $2.000,000. The 10 leading cigarette organiza- tions earned a total net income of $116,326,666 for 1030. This is a gain of almost $14,000,000 over the year be- fore, or an increase of about 13.5 per cent. While three cigar companies and the American Snuff Co. took less profits, they are still substantially on the black side of the ledger. It was remarked in this column, when commenting on the budget speech of Phillp _Snowden, Britain's doughty chancellor of the exchequer. that’his proposed small-land tax might be an opening Socialist. Sedge In the atcucs ture of capitalism. The recent an- nouncement of Mr. Snowden regarding the tax proves this opinion to have been an accurate one After declaring that land “was given | to us by the Creator, not for the pri- vate use of dukes, but for the equal use of all His children,” the chancellor in- formed Parliament that the new tax was a way of asking the landowners to “render unto Caesar the things that are Caesar’s.” is that land belongs to the people of the whole nation, and that if some in- dividusls wish to enhance their pres- tige with & nominal claim to it during their lifetime, then they must pay for | Goody that privilege. While it is not an outright nation- alization of the land, it is an accept- ance of that principle. The tax only | . needs a proper increase in rate to wipe out all private ownership. In other words, this plece of legislation in Brit- ain, while utterly lacking in color and immediate effect, is the most revolu- tionary act England may witness for a ceptury. True, it is not yet law, but Ifil-uml support assures its tdap k 3 !l rlh American - t FINANCIAL. 2 (Continued From Page ~Prev. 1931~ Stoek a: High. Low. Dividend Rate, 132 103 Nat Lead (5). 141 136 120 116% 44 Sales— Nevada Copper (1).. Newton Steel . N Y Central (6). Harlem (5) N Y Steam 1st pf ( 4 Noranda Mines. v 4 Norfolk & Southern. Norf & West (+12).. Norf & West pf (4).. North Am Aviation. . Nor Am (b10% stk). North Amer pf (3).. 60% 381 Northern Pacifie () 11 13 Norwalk Tire & Rub 191 8% Ohlo Oil..... 5% 2% Oliver Farm Equip.. 615 3% Omnibus Corp. . 5815 37% Otis Elevator (2341 39% 281 Owens 11l Glass (2). 2 S 54% Pacific Gus & El (2). ll 6914 Pacific Lighting (3). 131% fic Tel & Tel (7). 10; un Packard Motor (40c) 54 Pan-Am Petrol B. 1 PanhandleP&R.... 1 Panhandle P& R pf. 308 4 Paramount-Pub 2 rk Utah ... Parmelee Transport. Pathe Excharge. .... Pathe Exchange A 4 Patino Mines. . Peerless Motor Car. . Penick & Ford (1) Penn Dixie Cement. . Penney (J C) ( Penn RR (4). . Peop Drug Strs (1).. Peop Gas Ch (8 Petrolm Cp of Phelps Dodge (2) Phil Read C& 1. Philip Mor & Co Petfoleum. . 83 Pierce Petroleum. Pillsbury Flour (2).. Pittsburgh Coal pf.. Pitts Screw (1.40). 4 Pitts Steel pf (T)... 100 6 Poor&Co (B). Prairie Oil & e Prairie Pipe L (3)... 4 Pressed Steel Car. .. Proct & Gamb (2.40) Proc & Gamb pf (5). Prod & Refiners. Pub Sv N J (3.40). Pub Sv N J pf (6). Pullman Corp (4 11 15 108 1 Pure Ofl pt (8) Purity Bakeries Hadio Corp. . Radio Corp B (5).... Radio-Keith-Orph A. 100 Raybestos Man 2.60. Reading Ry (4) Real Silk Hos(b! % Remington-Rand. ... Rem-Rand 1st pf (7) Reo Motor Car (40¢). Republic Steel Republic Steel .5 Reynolds Metals (2) Reynolds Tob B (3). 4« Richfleld Oil... Rio Grande Of1 . Rossia Insur (2 20).. Roy Dtch(m1.3404). Rutiand of. . 38% Safeway Stores (5). 15% St Joseph Lead (1) St Louis & San Fran. St L-San,Fran pf (6) St L Southwestern Schulte Retall St; Scott Paper (31.40).. 208 Seaboard Alr Line.., 1 Sears Roebuck 32% . 155 Seneca Cooper. Servel Inc. Sharon Steel Shell Un Oll pf Shubert Theate: Stmmons Co. Simms Petroleum. Sinclair Con O1] (1).. Sinclair Ofl pf (8)... Snider Packing..... Solvay Am pf ww 5% South Port Rico Sug. 4 South Cal Ed (2) South Pacific (8) South Ry (8) South Ry pf (5). Sparks Withing Spicer Mfg. ... Stand Brands (1.20 Stand G& E (3%). Stand G & E pf (4) Stand G & El pf (7). Stand Invest Corp... Add 00. Higa. R 104 THE EVENING NEW YORK STOCK EXCHANGE mhmmmsums&m 13) ~Prev: 1531~ Prev. Low. Close. Close. 103 104 103 140% 140% 140 118 118 118 %y 27 28Y% 102% 33% S 17% 17% Starrett Sterling % 3 Sterl Seccv pf (3). 41 31% 95 B55% Stewart % Texas P Thermoi Tide Wa Tobacco % _Truscon Unit Cig 3614 26% 15% 19% | 152% 106 3% | 150 140 86% | T1% 110% | 9% 3 | b2 41% 4 31 6% 19% | 11% 63 108% 26 Waldorf Ward Ba Ward Ba Webster West Pa West Pa Western Western Western Western Western Westing Westing. Weston El Instr (1). Westvaco Chlor (2). Wextark Radio Strs. Wheel & Stock and Low. Dividend Rate. 33 Stand O1l Cal (h2%). Stand Ofl Exp pf (§). 1 d O1l N J ($2)... 174 Stand O1] N ¥ (1.60). Stone & Webster (3). Studebaker (1.20). Superheater (2%)... Superior Steel. Sweets of Am: Telautograph (1.40). ‘Tennessee Corp(50c) Texas Corp (3).. Tex Gulf Sulph (4) Texas Pac Land Tr Thatcher Mfg (1.60). Thatcher pf (3.60). The Fair of (7) Third Avenue. Thompson Prod Thompson Starrett. Tide Water As (60) . 3 ) Timken Det Ax (80c) Timken Roller (3)... Transamerica (1). Tri-Cont Corp. .. Tri-Cont Corp pf (6) Trico Products(2%). Truax Traer Coal Co. Und-Ell-] Union Carb & C 2.60. Un Oil of Cal (2). Un Pacific (10).. Un Pacific pf (4).... Un TankCar (1.60). Unit Afrcraft. . Unit Atreraft pf (3). Unit Carbon. Unit Cigar Stores Unit Corp (76¢) Unit Corp of (3) Unit Dyewood. . 4 Unit Dyewood p: Unit Electric Coal. .. Unit Fruit (4).. . Unit G & Im (1.20). U S Distributing. U S & For Secur. U S Freight. . U S Gypsum (1.60). U S Hoftman. U S Indus Alcohoi () U 8 Leath pr pf (7).. US Plpe & F (2). U S P &F 1st (1.20).. U 8 Rubber. U S Smelt & Ref (1). U S Steel (7)... U S Steel pf (7) g U S Tobacco (4.40) 9 97% | Unit Stores A. Unit Stores pf Univ Leaf Tob (3 Univ Leaf T pf (8).. Univ Pipe & Rad. ... Utl] P&T. A (042.15) . 37% Vanadium Corp'n. .. VaCarChem pf (7). 3 98% Va Elec & Pwr nuu 908 71% 41% Vulean Det (4). 104 10% Wi bunfln........ Walgreen pf (634).. Walworth Co (1), Ward Baking A. Warner Bros Pict... 4 Warner Quinlan Warren Bros (3 3 2! Warren Fdy & P ( ‘ 2 | Wess Oil & Snow (2) Wess O & Sn pf (4).. Prev. Addwmih- Low. Close. Close. 56 36 36% 69 (LS) (t2%) 5 SecA. . Warner. c&on d Co t As pf Prod A t95¢ 10 St (£1.20) . Fisher (5).. 3 468 9 Strs pf (6). 42 230 Sys (1%).. king B. king pf (7). Eisenlohr. 5| i EIpf (7)... 908 Pow pf (7),100s Dairy (A) Dairy B. Ma.... Md 2d pf. Unlon (8).. 22 ABe).... 2f E1&Mfg (4) 718 L Erie pf. STAR, WASHINGTON, IBOND PRICES DROP | | bonds. | government will end the year without % | Amsterdam and Brussels, | Potomac ~ Electric 5% % D. ;. O..;. FRIDAX, IN FORGED SELLING Tiading Moderately Active and Some Resistance Is Found. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 15.—Continued liquidation of stocks today resulted in a modeiately large volume of forced selling of bonds and prices marked dowrl to lower levels in the investment mar- ket. The pace, however,,was not as swift as that of the last hoar on Thurs- y and in a few cases support was encountered. Right from the opening it was appar- ent that the market was once concentrating on the railroad bonds. After a brief period cf short covering % |1in those issues that had wide declines on Thursday, prices broke their previous lows and dropped 1 to 3 points. Vir- tually the entire list of junior rall ob- ligations scld today at levels that showed uncertainty as to interest payments. St. Pauls sold around 59, off a point; Mis- souri-Pacific General 4s around 60, off 2 and International Great Northern ad- Justments at 60, off 15, The declines were u ‘wide in the rest of the railroad group. Conservative is- sues, such as New York Central 4%5s, Pennsylvania 4!4s and Southern Pacific 4%s of 1981, were only off fractionally, but there were 2 and 3 point decllnes in Chicago Great Western 4s, Alle- |ghany 5s of 1944 and 1950, Atchison convertible 4!3s, Chicago & Northwest- ern C 4135, Rock Island 428 of 1952, Missouri Pacific 5s, Prisco 4l2s, Wa- bash 4155 and Western Maryland 5s. Erie issues held well. The forced liquidation was apparent in the small declines in prime bonds, such as Atchison general 4s, American Telephone 5s, Chesapeake Corporation 5¢ and Standard Oil of New Jersey 5s. These losses were made.and canceled many times during tHe day as sizable blocks were absorbed by the active in- bestment demand. United States Gov- ernment issues were again at new highs and up 3/32 to 7/32 on the day. The Treasury's offering of $50,000,000 in 60- day bills and $50,000,000 in 9t-day bills was oversubscribed 4! times, and a total of $100,120,000 was allotted, at 1 per cent, for the 60-day bills and 1.01 per cent for, the 91-day bills. In the municipal market prices were firm. A reappraisal of the recent reassu ing statements from the Argentine to- day resulted in a resumption of heavy liquidation of that country's dollar ‘The assurances that the new a deficit were offset by reports of a raplidly strengthening radical organiza- tion which intends to seize power. Ar- gentine exchange was heavy and the dollar bonds dropped 1), to 2 points. Chilean issues also were weak, notably Chile Mortgage Bank bonds and the government 6s of 1963. Brazillan is- sues dipped on selling attributed to where large blocks of Brazilian utility and indus- trial obligations are held. The cut in the Bank of England rate was a bullish factor for British government bonds, but the rest of the European list was subjected to mod- erate selling, with fractional losses in German. Austrian, Polish and Czech- slovakian issues. Itallan credits re- mained firm. (Copyright. 1931.) SALES. Capital Traction Co.—9 at 34. Potomac Electric 6% pfd.—5 at 112 pfd—10 at 109 Y. nggz National Bank—10 at 375, 10 at Lanston Monotype—10 at 99!, 10 at 99, 10 at 9875, 10 at 985, 10 at 381, 10 at 98, 10 at 98, 8 at 93. White Motors (1) White Rock MS t4 Wilcox Oil & Gas. Willys-Overland. | { s | Wilcox Rich A (23%) 2 | | Wilson & Co Woolworth (2.40) 3 9 Worthington Pump. 8 | Wrizlev 15% 29 5% 13% 18% (Wm) (4). | 8' Yellow Truck....... d . i Younes Sprine (3) .. 79 Zemth Hadio 2% 2 4 | 12% Zonite Prod Corp (1) i 1 21 13 1zn Sales of Stocks on New York Exchange. Dividend 200.000 1.600,000 - 2000000 s as given in the above table are the annual | cash_payments based or the latest quarterly or half yearly declars- tions. s Unit of trading in stock. year—no regular rate 105% b Plus 2% in stock. §Payable in serip e Payable in cash or stock. less than 100 s) tPertly extra. Plus | TPlus 9% in stock. a Pald last | bPayable In stock. d Payable when earned. us J Plus 50c 2% 2% 2% 3% in stock. m Paid this year—no Eggs — Hennery, 17a18; ceipts, 16al7. Poultry, alive—Turkeys, hens, 24a25; toms, 20a22; Spring broilers, 35a3 Leghorns, broflers, 28a33; hens, 22a23; Leghorns, 16; roosters, 12al4; ducks. 15; keats, young,, 75a80; old, 40. Dressed | | —Spring’ broilers, 42a43; hens, 25a26; Leghorns, 18; roosters, 16; keats, young, 70a80; old, 50. Meats—Beef, 121;a14; veal, 12al lamb, 20a22; pork loins, 19; fresh hams, 18: fresh shoulders, 14; smoked hams, | current re- Live stock—Hogs, light and medium, 7.25a7.50; pigs, loughs, 4.00a5.50; calves, 8.00; Spring lambs, 10a12. Fruits — Cantaloupes, California, 5.00; ponys, 5.00a jumbos, 5.50; standards, 4.00; strawberries, 2.5084.50; ples’ 3.5024:00; apples, box stock, 2.50 | 22.75; bushel baskets, 2.50a2.75; oranges, California, 3.50a4.60; Florida, 3.50a4.25. lemons, 5.50; bananas, 1.00a2.50: pears, | per 100, 3.00; honeydews, 3.00a3.50; cherries, 2.2528.50; bananas, 1.75a2.25. Vegetables—Potatoes, new, per barrel, | 4.00a4.50; old, 120-pound sacks, 2.60a 2.75; Idaho bakers, 100-pound sacks, 2.60; sweets, 1.7522.00; cabbage, 1.00a 1.25; peas, 1.50a1.75: string beans, 1.00 a3.00; cabbage, 1.00al.25; beets, per crate, 3.00; carrots, per crate, 3.00; kale, 25; 'spinach, 25, turnip salad, 25; Spring onion per 100 bunches, 2.00; radishes, per 100 bunches, 1.00; pars- nips, 1.50; lettuce, Iceberg, 3.00a3.50; asparagus, per dozen bunches, 1.00a | 3.00; peppers, 2.50a4.50; tomatoes, six pan crates, 1.50a4.00; caulifiower, 2.50a | 3.00; Summer squash, 2.5023.00. SHORT-TERM SECURITIES. (Reported by J. & W Seligman & Co.) Bid. Gfter Allis-Chaimers Co_5s 1937 01 101% American Tel. & Tel 8%5s 1643 no’ 11 American Thresd Sis 1938 Balfimore & Ohio 4153 1933 Batavian Pet, Corp. 41.s 1043 of Canada 5319 Bllirarmia i Corp. 32 18" o3s. Canadian Nor The theory of the tax |Shi. the &l C:Der Coltd ver, & Rlo Grande tt 38 1938 Gen, Mol A 1 Fettolenm Cor. s- 1940 Gene: General Theaters Equip. 65 1040 Gulr umble Ol 8%ss 1032 Internat. Match Corp. 8 idn. ariand Ofl 5 New Voroon: &8 16 is33 Ellllpg Pesroleum Co 6143 1630 Bure "Gl Garp: £l Shell Union 01 Co. Sineisir Grude Ol Cn *sigs ma Standard Ol K. 48 1 Standard ¢ ou N TM8. Ry 8 L Sowihweswern Ry, & Tiitos, Gl Co o Gatly 4 Drue’ Co & i Yestarn Blectsic Co. b whnllnt s Steel co a8 | 8orp: 4138 1953. pineap- | 4 | Oslo, erown Stockholm, CHICAGO LIVE STOCK MARKET CHICAGO, May 15 (#).—Hogs, re- [oelpu, 15,000 head, including 6,000 di- | rect; early trading on lighter weights Butter—One-pound prints, 29; tub, 28. | fairly active; 10820 higher; weighty | kinds strong to 10 higher; later trading ! slow; early top 7.35; bulk 210 pounds down, 7.10a7.30; most 240-300 pounds, | 6.70a7.00; bulk packing sows, 5.65a5.90 | ‘Etrong wzight pigs, 6.85a7.15; light light, ood and choice, 140-160 pounds, 7.20a 5; light weight, 160-200 pounds, 7.15a | 738, xtmti weight, 200-250 pounds, 6.9527.30; hewvy waight, 250-350 pounds, 6.30a7.05; packing sows, medium ang | Bood, 275-500 pounds, 5.6026.10; slaugh- | ter ‘pigs, good and choice, 100-130 | | pounds, 6.75a7.25. Cattle—Receipts, 2,000 head; 1,000; largely steady market; very few | steers here; no choice offerings; bulk | of run being light heifer and mixed | yearlings selling at 17.25a8.00; ruuyl steady: no reliable outlet for plain | quality weighty steers; but comparable | grade light offerings getting fairly good | action at 6.25a7.00; slaughter cattle and vealers, steers, good and choice, 600-900 | pounds, 7.75a9.50; 900-1,100 pounds, | 7.50a9.50; 1.100-1,300 pounds, 7. 506 9.00; 1,300-1,500 pcunds, 7.25a9.00 !common and medium, 600-1,300 pound: 15.7528.00; heifers, good and choice, | | 550-850 pounds, 7.0088.50; common and medium, 5.25a7.00; cows, good and | choice, 5.0086.00; common and medium, | | 4.35a5.00; low cutter and cutter, 3.00a | 435; bulls (yearlings excluded), good | and choice (beef), 4.00a5.25; cutter to medium, 3.25a4. 35. vealers (milk fed), good and choice, 8.00a9.50; m!dlum' 1.00a8.00; cull and common, 5.00a7.00; | stocker and feeder cattle, steers, good |and choiez, 500-1,050 pounds, 7.00a8.25; | common and medium, 5.25a7.00. Sheep—Receipts, 13,000 head; strong; | spots_ higher; good and cholce wooled | 1]ambs, 9 00a9.25, some held higher: de- | | sirable clippers mostly 8.00a8.50; native | lspnngefl 11.00a11.25, a few 11.50: Californias unsold; lambs, 90 pounds calves, | down, good end choice, 8.5029.35: med- | & um, 7.75a28.50; 91-100 pounds, medium to choice, 7.50a9.25; all weights, com- mon, 6.50a7.75; ewes, 0 pounds, | medium to choice, 2.50a3.75; all weights, cull and common, 1. SDIZ 50 FOREIGN EXCKANGE (Quotations furnished by W. B. Hibbs & Co.) ominal g6ld Selling checks o London, pound nc. erovn BAR SILVER QUOTATIONS. BANK OF ENGLAND. LONDONy May 15 (#).—The weekly | statement of the Bank of England shows the following changes in pounds: Total reserve increased 4,611,000, circu- | lation decreased 3,090,000, bullion in- creased 1,521,000, other securities in- creased 547,000, public deposits in- creased 4,325,000, other deposits in- creased 2,081, 000 notss reserve in- creased 4,561,000 &nd government secu- rities increased 1,250,000 The proportion of the bank’s reserve to liability is 53.40 per cent, compared | with 52.21 last we: Rate of discount, 2! 2 per cent. COMMODITY PRICES DROP. ‘Whalesale commodity prices continued to recede last week as their change was calculated by J’ the Commerce Department. In the totals that follow the average is given for comparable periods, based on Tepresenting 1926 prices as 100. In ad- dition, the selling price of a ton of com- posite steel products is given for like periods: All commodmzs Steel. Week ended May 9.... $31.40 Previous week. 3% 13 l 21.49 Same weck last year.... 89.0 33.96 METAL MARKET. NEW YORK, May 15 (#).—Copper qumt elecirolytlc spot and fut!fl'ee 9a9'. Iron quiet, unchanged. Tin | steady; spot and nearby, 23.40; future, 3.55. Lead quiet; spot, New York, 3.75; | East St. Louls, 3.60. Zinc steady: East Louis, spot and future, 3.35a3.40. Anhmon} 6.50. NEW YORK BANK STOCKS NEW YORK, May 15 (#).— Bank Stocks. America . L U S Ui (C))ul, Plienix Eifth Ave. s L Natl N Y im n Manhat Co. People's Natl Trust C Bancs Comm Ital Banker | Manuractirers United States Westchester T TBEASURY CERTIFICATES. orted by J. & W. Seli o gman & Co. Toat 100 £33 NEW YORK, May 15 (#).—Bar silver quiet and 1o lower at 28, ‘Washin:um Gas 6s Mergenthaler Linotype—10 2t 80, 10 at 80, 8 at 80, 10 at 80, 10 at 80. Y AFTER CALL. Capital Traction 35—$500 at 827, $2,000 at 82%. | Capital Traction Co.—19 at 31j, 10 at 3414, 10 at 347, Washington Rwy. & Elec. pfd—7 at 9715, “A"—$100 at 1021 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am-r ‘Tel. & Tel. 4'%s '39 Amn. Tel. & Tel. ctl tr. 5s Anncostll & Pot R. R 58 & Pot. guar. 55 : 2% B, Tei. "of Va. 5. §§§§..§§§- 51 e Wash, Rwy. E MISCELLANEOUS. & Ross, Inc. 6%s.. Chfw Chase Ciub Sizs.... §§= T Wash. ke, Cold Storage b5 Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. & Tel. (9) il Amer. Tel ¥ Rwy. & EL pfd NATIONAL BANK. i 8) Fed-Amer, N-u BK. & Tr. Liberty (78) . Lincoln (12) Metropolitan Risgs e ey 3 Washinston (i3} TRUST COMPANY. er. & Tr. Co. (15) Aoinensal Troor (@) R 11 Natl. Savings & Trust (123).... 415 Prince Georges Bank & Trust.. Union Trust (85) . Loan & Trust (idi! SAVINGS BANK. Bunk of Bethesda (8%). Commerce & Savings (10} East Washington (12)..... Potomac (10) Security Sav. ‘& Com. Bk. (17)) Seventh Street (12).... . DUnited States (30) ” B3 Washington Mechanics (20).... FIRE INSURANCE. American (12) Corcoran (10} Firemen's National ‘Union’ (15} TITLE INSURANCE. Columbia (6h Real Estate (6n) MISCELLANEOUS. Barber & Ross Stge. ptd. (7 Mergenthaler Eihobyp: (6 -u M tge. & Inv, ptd. (8 '6:‘:1. a’mm !acur",y !wr- e e ood 55 cor Woodward & Lothron sa" 2, Dividend Omitted. NEW YORK, May 15 (#).—Selfridge Provincial Stores, Ltd., has omitted the interim common dividend due at this time, according to advices received in Wall Street from London. The com- pany stated the present action was taken to conserve resources, although profits are available for distribution, Washington Stock Exchange| MAY 15, 1931. UNITED STATES. Oitdew are m u.uu Lib 3% 8 32-47. 40 102 l9 102 19 10219 List4%s32-47. 66 103 14 103 11 10311 4th43s 33-38 554 104 28 104 24 104 27 2109 210830109 2 %s47-52. ‘101 llR 14711312 11312 L us us us us us 3 3 3 4103 6108 6103 6 4s 4 s Hish, lev. Cloty AN!IDIPΠ'I! 13 50% 50 50 Allegheny 53 Alleg Corp Am T&T 6% TAmWat Wk 65 '75. . Argentine 53 ‘45. .. Argentine 535 '§2., Argentine May Argentine 6s Ju ‘59, Argentine 6s Oc "59. Arm Del 5% s Atchison adj 4 Atch Ariz 4% u.. At & Danv 4s '48. At& Danv 2d 4348, ALCL 1st 4852, AtGuit 5 59 At Ref deb 5537 Australia 4% . Australia b3 ‘65.... Austraiia 55 57 Austria 7s 43 O Toledo 45 so. Ban & Aroo Bk of Chile 6% 51 Bk of Chile 6% Belgium Belgium Belgium T Belglum 7 Bell Tel I'a Bell Tei I'a b Berlin Cylsi 6 48’51 Beth Siwcel pi o836 Beth St r 5 4 o B R TR E TP S RSP S-S T Brazil s 41 Gremen 7s ‘35 Bk Ed gn A b8 Bklyn Kley Bklyn Man Budapest 6s Buenos A 656 . Buft Gen El 4358’81 Bush T Bldg bs 60. Canada 43 '60 Cauuaa o3 ‘b Can Nor 4% '3, Can Nor 6}a db 46 Car Clin & O 55 '3 | car Clin & 0 Cen. Pac 4, Cent Pac bs '60. , ,iCen Ry NJ g bs°§ Ceri-td uew oty s Ches Corp 65 C&Ogen4ly C&O4HsAI... C&O ks B9 CB&Qgends 55.. 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Goody'r Rub 68 '67. 3 GrandTr sf db 65'36 Grt Nor 4345876 D. Grt Nor 4%s 77 12, Grt Nor 5s'73..... Grt Nor gn 6%s 52, Grt Nor gen 73 '3 Greek 68 °63. Hoe & Co 6%3°34. . 1 Hum O&R 6%s II. MBTIistpt6s 4 111 Cent bs *55. 111 Cent 6%s Int & Gr Nor Int &G Nad 6s°'62. 16 [ wonx BONDS mocceccuna] | JECREASE SHOWN - Private Wire Direct to The Star Ofien FINANCIAL, Int Pap 58 A "47. int Pap Int Ry %! Iat T&T cvd%s 'll ” IntT . T 58765, Italy 2 Italy Pub sv' 7.'".1 Japanese 5348 °65. o Japanese 6% s ‘4. Jugosl Bank 78 '57. Kresge Found 6s 36 Kreug & Toll It w H Leh Valcv 4s XOM.. Lig & Myers 6851, Loew’ rd 5851, Lorfllard 6%s ‘37 Lorillard 7s "4 Mexico 55 A 45 Midvale St] 6a Mo Pac 63 H "30.... Mo Pac ref 63'81. ., Mo Pac 634z cv Mont Pow 58 ‘43 Mont Tr 1st 6s " NChastL Nll Dairy 5% N Eng T 1st 68 '52. N&T&MG5sB 54. 7 1 NYCgniys'er.,. N ¥ Cent db 43 3. NY Cen rf 43452013 NYCreim 6s 201. ) NYC&StL6%s NYC&StL6s'32. NYEdist6%s'41. NY NH&H eclt 6 NY O&W =n 4s°55.. Nor Pac 48°97 Nor Pac 4148 2047. . 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Sou P&Or 41877, Sou Ry gen 485 Sou Ry 6a 34 StOII N Y 4%s 51 Sweden 5% 8 '54.... !wlu‘%l'“. Ter A8 8t L TerAsSt L Tex & Ark 5%s ‘80, Tex Corp ev 68 °4 Tex & Pac 65 C'19. Texas 2ac bs D ‘80 Third Av ref Third Av adj 65 '60. W l% mus Yng StI&T 5 INBROKERS LOANS | Total of $1,671,000,000 is New Record Low Since November 5, 1924. 2 per cent DRY GOODS MARKETS. l“'an mn:'r NEW YORK, May 15 l!ptehl)— Crude rubber, smoked ribbed sheets, ‘Was li hl(her at today's nocn quota- tion of 63. This eomp.ru with 6 & month ago and 14 Sienay i per ten i day: Y2 per cen Y. B Time loans steady: 60 days, lll%' 'Sf;: monuu, 11282; 5-6 months, 12a Pflm commercial paper, 2a2%. Bankers' acceptances un M Gets Big Pipe Onler. ¥ NEW YORK, May 15 (#).—Jones & Laughlin Steel Co. received an or- der for approximately 225000 feet of 10-inch steel pipe from the McArthur Concrete Plle of Cleveland for use on the Cincinnati Terminal project. INVESTMENT TRUSTS 4 NEW YORK, lll! 15 (M—O'!l' counter market: ABC ‘_l"_rgrun Shrs nmu AuCamer Taves Amer & &n £ 8en gecn 558 28282, T ST - 38 & g T Euonabie! ¥ F e v F48%ey - 8! e en2 ¥ W 22 ST T & st Shares t Sh Nomn 4 Soutn Amer ‘Gord B North Amer Trust Sh “Soa obBasaenB8e.w0di G P 5SS WESFREEER FEE macawwaneaad; 23...:’x Sales. High. Low. Close. u 107\ 107 107% 66 66 TA% T4 T 4% g 6214 82% sm slu ms%. 108% 6T %0 53 33 874 BT 104% 104% 105% 105% 6414 0 % UdStI W 6%4sA 'Bl 19 'IG\ Uruguay. 3 64% 6 864 1 103% ww. 18 67% Utll Pow 5%s '47.. 2 75 Vert Sug 1st7s'42. 2- 33 Vienna 3 . 23 88 Va Ry & Pow 5334 2 104% 591 59% 105% 106% 83 93 1064 106w s WEOS5%s37 ww. Wil-Ov 1st 6%8 "33, Wilks B & K 1st bs. Wil & Co 1st 68 '41. Yokohama 6s ‘$1 Yxstn SP&T 5 97w 27 100% 70, 20 100%