Evening Star Newspaper, May 16, 1931, Page 13

FINANCIAL. * A—13 GOLD T0 STABILIZE MEXICAN FINANCES Importation of Metal Expect- ed to Check Disastrous FINANCIAL. DIRECTORS URGED TOSTUDY BANKING Awalt Believes Better Knowl- edge of Finance Would THE EVENING STAR, WASHINGTON. D. C, NEW YORK STOCK EXCHANGE ||STOCKS UNCERTAN, e — | WITHTRADING DULL znl« zuu SATURDAY, MAY 16, 1931 STRONG INVESTMENT MARKET OFFSETS DECLINES IN STOCKS| Stock and Sales— Dividend Rate. Add 00. High. 19% Grt Nor Ore (2)..... 15 21 7% Grt W 1 84 2% Griesh 4 1 8% Hamilton W pt (6).. 10s 101 Harb Walk Ref (2) 2 28 Hartman Corp (B) 1 Havana Electric. 5 F Hawailan Pineap (2) 208 26% Note—All stock are sold In one hundred share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. ~Prev 1931 Stock and Bates— Prev. sh. Dividend Rate. Add 00. High. bav Close. Cloae. Abitibl Pow & Paper 1 K ADbItibI P& P pr (8) Good Position, However, Does Little to Improve Sentiment Among Traders Dealing on Exchange. 11 [y z'« 101 28 “Trend Was Slightly Lower, Interrupted With Occasion- au 3% 1 26% N\ . i " A Halt Failures. BY EDWARD C. STONE. Pewer bank fallures would be record- ed if more bank directors realized their responsibilities and had a better knowl- edge of the banking business, F. G. Awalt, deputy ccntroller of the cur- rency, told members of the New Jersey Bankers' Assoclation at Atlantic City yesterday. In advocating an educational program for bank directors, he said: believe that the American Bankers’ Association and the State associatior could do no better thing to promot sound bank management than to carry out a plan of education of bank direc- tors in their duties and r’sn‘nflbm-l ties.” He said experience of the ron\rnl‘er\\ office has shown conclusively that many | bank directors have little conception of | their duties and that som> directors even ignore thelr dutles when called | 0 to_their attention. { Deputy Awalt's speech at Atlantic| City was much the same as the ad-| dress he made several weeks ago at the Atlantic States Bank Management Conference, held in this city and spon- sored by the District Bankers' Associa- tion, Business Holding Tts Level. | At the close of the great national and international business conferences, busi- | ness sentiment here and abroad seems to have assumed an ultramarine shade of pessimism. This is somewhat sur- prising, for while the outcome of the conferences was disappointing to those who looked for decisive leadership, the surface signs of the business situation have given no ground for added gloom, and a fundamentally favorable force has appeared in the picture in the form of persistent and powerful Federal Re- serve pressure for credit expansion, says th. Business Week, in its report cover- the week ending May 16. business index is holding its level with no indication of impending decline due to more than seasonal changes. For the week ended May 9 it settled at 79.2 per cent of normal, against 78.8 in the preceding week and 96.9 per cent in the corresponding week last year. ‘The seasonal ening of steel activity mms sltghtlv slower, with moderately g prospects of automotive de- uilding rermlt figures reflect nome ' improvemen residential con- struction. Check payments and cur- rency circulation suggest some increase in money turnover. Department store results for April indicate increased re- tail activity. Crop prospects are en- and wheat is surprisingly The full extent and effect of Federal Reserve effort to check chronic credit contraction and overcome commercial bank inertia and conservatism will not be seen for several months, but its acious policy is pointed in the rl: it direction and by every rule of precedent should speed recovery. - creasing stability in stocks and nreni in bonds are already reassuring resul Booker Made Raleigh Director. Y. E. Booker of the investment house bearing that name, has been elected a director in the Raleigh Hotel Corpora- tion. George E. Hamilton is chairman of the board, Frank C. Henry, presi- dent; William L. Miller, vice president; William J. Flather, treasurer, and Ed- ward L. Hillyer, secretary. For many years Edward L. Stellwagen, president of the Union Trust Co., was head of the company. The Raleigh Hotel was recently placed under new manage- ment and a large sum voted for ex- tensive alterations and replacements. It is located at Pennsylvania avenue eand Twelfth street. Federal Judgs Alfred C. Coxe, in New York, has directed attorneys for Prince & Whitely to prepare an order of con- firmation of rupt firm's com- position plan, which, he stated, will be signed by him during the next week. His instructions include the insertion of clauses which will adequately protect the rights of special classes of creditors, whose objections to the plan have al- ready been filed with the court. Immediately upon the signing of the order, preparations for distribution of » 25 per cent of the claims of general creditors will be made, cash payments 1o be made through & creditors’ liquidat- ing company. Certificates of indebted- ness will be given creditors for the bal- ance of their claims. Washington creditors of the company, which mantained an office in the Wash- ington Bullding, have been anxiously awaiting the outcome of this court ection. They expect now to get part ayment of their claims in the near | uture, | C. & O. Lets $1,564,500 Contract. Contract has been awarded by the Chesapeake & Ohio Railway Co. to Boxley Brothers Co. Inc. of Orange, Va, for the construction of a new dou- ble' track Becond Creek tunnel and bridge over Greenbrier River on re- vised alignment; also a new single Lrack tunnel paraliel to present Mann's tun- | nel. The estimated cost of this work 15 $1,564,500. | The line revision will extend !rom Rockland station westward approxi- | mately 15 miles to a point about 1.5 | miles east of Fort Springs, and includes & new double track Second Creek tun- nel 2160 feet long, 32 feet wide by 22 feet high above top of rail and a new double track bridge over Greenbrier River, 500 feet long with 14-foot track centers. The tunnel will be lined with conerete and the tracks through the tunnel will be Jaid on ballast supported by concrete floor slab and ballast walls The new bridge will be a ballast deck | steel girder type, consisting l)f five 100-feet spans. ‘The constructic of this line revision, including the nfll tunnel and bridge, will provide a con- tinuous double track line with stand- | ard clearance. The existing line, which | has limiting clearance and is sincle track over the present bridge and through the present tunnel, will be | abandoned. A saving of 1,000 feet 1n distance and 100 degrees of curvature will be effected. The new single track Mann's tunnel will be 1060 feet long, 18 feet wide by 22 feet high. Week’s Local Bank Clearings. Washington bank clearings totaled $25580,000 this week, against $27.560 - 18 3414 384 63 106 2% 48% 100 118% 13% 8% 107 106% 186% 21% 4% 605, 1084 66 29% % Alr Reduction ¢ Air Way Elec Appl.. 3 Alaska Juneau (40c) 308 Alleg Corp. ‘o Allied Ch & D: Allis Chalmbers (2). Amerada Corp (2).. Am Bank Note (13).. Am Br Shoe (2 40). Am Br Sh& F pf (1). Am Brown Bov Elee. Am Br B E pt (1) Am Can (15).... Am Can pf (7). Am Car & Fdry (3) Am Colortype (1.40). Am Comel Alcohol. . Am European Secur. Am & For Power. Am & For Pw pf (8 Am & For Pow 2d p Am International. Am Locomotive (1).. Am Mcb & Fdy 1.40. = Metal Co.... Pl Am Pow & Lt (21).. Am Pow & Lt of (6). Am P& L pf A st (5) Am RagStd San 60¢ Am Roliing Mills Am Seating. Am Sm & Ref (4). sy Am Solv & Chem pf.. 4 s Am Tl & Ter (8 Am Tobacco (16). ... Am Tobacco B (16).. Am Water Wks (3., Am Woolen pf. Am Zine Lead & Sr Anaconda Cop (1 ‘4 Anchor Cap (2 Andes Copy 5 Archer Dantels Mid. Armour of 111 B Asso Apparel (32 Atch To & S Fe (10). Atl Coast Line (10). Atlantic Refining (1) 10 91 Atlas Powder pf (6).1808 lom Auburn Auto (f4)... 62 Aviation Coro af 5 15% Baldwin Loco (1% 6 871 Baldwin Loco pf (7). 108 87% Baito & Ohio (5). . 108 Bang & Aroos pt (7). 10s Barnsdall (A) (1)... 10 Bayuk Cig 15t pf (7). 30s Beatrice Cream (4).. 4 Bel N Ry ptpf 15.51. 1 Bendix Aviation (1). 2 Best & Co (2). . Bethlehem Steel (4). Bohn Alum & Br 1%. Borden Co (K3). . briggs Mfg (11%). 4 Brown Budd (EG) Mfg. Bullard Co. Burns Bros cum pf. . Burroughs A M t1%. Bush Terminal (2%) Butterick Co 331 Brers (A M). lahan Zinc & Ld umet & Arizona. Calumet & Hecla. Canada Drv G A (3). Canadian Pacific 1% . Car Clin & O sta (5) . Case (J 1) (6). . Case (J 1) pt (7). Caterpillar Trac (3), Cent Aguirre As1%. ntury Rib M1 rro de Pasco(1 Ches & Ohio (23%). .. Chesapeake Corp (3) Chi Mil St P & Pac. .. Chi Mil St P& P pf, Chi Pneu Tool...... Chi R 1& Pacific (5). Chi Yellow Cab (3).. 1 Chrysler Corp (1). ity Store: ca-Cola (17%) ca-Cola A (3). Colg-Palm P pf (6).. Collins & Alkman Col Gas & El (2). Col Gas & El pf A (6) Columbia Graph 56e. Columb Carbon (5) Comel Credit (2). Comm Inv Trust (2). Comcl 1 T cv pf (e6). ‘omm Solvents (1) Comwlth&Sou (40¢ Cmwith & Sou pt ¢ Congoleum-Nairn. Congress Cigars (4). Consol Cigars (5) Consol Gas N ¥ (4).. Con Gasof NY pf(5) Consol Laundries (1) Consol Textil Container Corp (A) Contl Baking A.. Contl Baking B Contl Baking pf ( Contl Can (2% ) Contl Ingur (2.40)... Contl Ol of Del Cont Shares. . a5 = » - TS PO PUTOINT . PO TR - F UL SR IV TP 1SV PRI - A o Cream of Wht (12%4) Cr Cork & Seal 2.40 Cruetble Ste dahy Packing (4). Curtis Publish (4)... Publish pt (1) Wright Corp " s Wr Corp A. . 21 __Cutler Hammer 14’ Liamond Maten &% Dome Mines (1), 614 Drug Corp (4). 77% Dupont de Nem (4) 102 Duques Lt 1st pf (5) 143 Easiman Kodak (18) ltn ton Axle (1.60). 45% Elec Auto Lite (6)... c Boat. . Elec Pwr & Lt (1). 964 Fairbanks M nun ‘ Fed Lt & Tr pf (6). Federal Screw WK, , Fed WatSv A (2.49). 14 Phi Fire In (2.60) &Rpt(6).. Fisk Rubber. Food Machi Foster Wheeler (2) Fourth Nat Iaves Fox Film A (4) 10% 72% 2% 106% 147% 121y 571y R0% b8l Hercules Pow pf (7). 80 115 Hershey Choc (5) . Hersh Choc pt (16) Hollander Sons Houdaflle Hersh. Houston Ofl. .. 814 Houston Of1 (n Howe Sound (3). Hudson Motor (1). Huon Motor: 53% Illinois Central (4) 26 Indust Rayon (4) Ingersoll Rand (4) Inspiration Copper. . Interb Rap Transit Int Agriculture pf Int Bus Mach (n§. 4 ml 16 - Y TOTSTOITVIR] JUTTIVE) R UPI-ASPY ) Int Comb Enfg p?. Int Harvester (2 ).. Int Hydro El A (e2). Int Match pf (4).... Int Mer Marine (1) Int Nickel (§0¢). int Py Int P 1ot Paper & Pow C. Int Pap & P of (1), Int Printing Ink..... Int Rys Cent Am ot.. Int Salt (3).. va Int Shoe (3) . Int Tel & Tel (2).... Tnvestors Equity... 39% Jowel Ty . o 4215 Johns-Manviile (3) 29 Kans Cily Sou (5). 1% Kelly-Spring Tir Kelsey Hayes (2). &% Keivinator Corp. 19% Kennecott Cop (2 25 Kresge (S8) Co 1.6 107 Kresge (SS) pf (1) 20% Kreuger & T (al.60). 32 18 Kroger GrocABak(1) 20 Lambert Co (8, Lane Bryant (1).. Lee Rubber & Tir Leh Valley Coal. Leh Valley (2%) Lehman Corp (3) Lehn & Fink (3). Lib Ow Ford Gi: Liggett & Myer x Wt D m R W Lorillard (F) Co. Loulsiana O11 N McAnd & Forbes (2). McCrory B (2)...... 40s McGraw-H1ll (2).... McKeespt Tin P(15). ian Sto; 5 McLeilan St p 4 Mack Trueks (3).... Macy (RH) & Co(n3) Mandel Brother. Man Elevmg . » 1 110 i b 0010 1 1 S 8 B 0 e 0 all Fleld (2%) Mathieson Alkall (2) May Dept Strs (2%). Maytag Cof (3).... Melville Shoe (2) . Mexican Seaboard., Miami Copper-. . Mid Continent Petm.. Midland Steel (3).... Minn Moline Pow Mo Kan & Texas. Mo Kan & Tex pf 4 Missours Pacifie. Missour! Pac of Monsantse Ch W (1 %) Montgomery Ward. Mother Lode. . .. Motor Meter G & El. Mullins Mfg. M LT} 70 Kash Ch & St L «5) 4% l\n! Acme (80c) . Nat Dist Prod (2). Nat Enam & Stamp. . Nat Lead (5). Nat Lead pf A (7)... 108 Nat Lead pf B (6). Nat Pow & Lt (1) Nat Steel (2).. Nat Supply pf (7). Nat Surety (5). Noranda Mines. North Am Aviation. . Nor Am (b10% stk). Northern Pacifie (§) 8% Ohto OIl 26 Oliver 1-.n 14 37% Otls EI vuur (2%). 1294 124% Otis Elev pf (8). 16% b4 131% 116 1% B0% 2% 2% e 614 Otis Steel 456 Pac) A Pacific Tel & Tll l1\ Packard Motor (40c) 265 Paramount-Pub 2%, 1% Park Utah 1% Pathe Excharge. . 2% Peerless Motor Car Penn Dixie Cement Penn RR (4).... Petrolm Cp of Am(1) Phelps Dodge (2). Phila Rap T pf (334) 50, Phil Read C & 1. Phiilips Petroleum. Plerce-Arrow A (1).. Pierce O11. . Plerce Oll pf. Pierce Petroleum Pillsbury Flour (2).. Pirelli (A) (m3.13) PRAm Tob B. Prairie Oil & Gas Prairie Pipe L (3). Pressed Steel Car Proct & Gamb (2. Proc & Gamb pf (5) Pub Sv N J (3.40) Pub Sv N I pt (5) Pullman Corp (4) T4 54 24 Radio Corp pf A(3%] Radio-Kelth-Orph A. RR Sec IC stk C (4). Reading Ry (4).. Remington-Rand Reo Motor Car (4| 64 3714 116 93% 100 16% 64 374 Ry 19 16! al Rallies. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, May 16 -In trading that was dull, even for a Saturday, stocks moved uncertalnly today-—most of the time slightly Jower, but without any sharp breaks and with occasional ral- lies. Railroad shares were under moderate pressure during the first hour. New lows were recorded by New York Cen- tral, by Canadian Pacific and by Union Pacific. The selling in Canadian Pacific was the most persistent. After the divi- dend was reduced the stock had rallied cn covering, but that influence seemed to have been exhausted today and to have been succeeded by slow liquidation. Practional losses were sustained by Pennsylvania, Great Northern ‘preferred and Southern Pacific. Food stocks weakened also early in the session. National Biscuit and Loose-Wiles went to new lows and were followed by Borden Co. This is a group that had been relatively immune from short selling in recent sessions, but it proved sensitive today. Lambert Co. broke through its old resistance point and Corn Products sold off a pot or_so. The market was weakest just before | Statel Steel and American Can. duplicated its old low and American Can made a new low, but both of them held above par, with the margin in the case of Can only ' of a point. Eastman Kodak sold off sharply at the end. Close attention was paid to the action of United States Steel and American Can because of the advertised objective of the bear party to depress both of these stocks to par. Most of the time today, however, there was enough cover- ing to hold them at or near Priday's close. Commitments for the decline in Gen- eral Motors were retired and that stock rallied along with Auburn, Woolworth and Montgomery Ward. In fact, the !swre stocks was one of the features of the day. J. I. Case made a good show- ing, presumably because of its tech- nieal Ition. ! As far as throwing any light on the future of the market, today’s opera. tions had no significance. In stock: certain amount of evening up over the week end, but bids were easily filled and there was no sign of outside buy- ing. The market was disappointing to fts friends because of the failure of the rally at the close on Friday to carry through. If the short interest is as large as is commonly believed, it at least showed no evidence of concern. An incident of the day was the new high in the low-priced Alaska Juneau, the favorite mining stock with specu- lators for the rise. Oils and coppers Teceded, with Kennecott duplicating its previous low, and yet even here trading was in such small lots that it made no impression on sentiment. In the changed hands. Copyright. Wall Street Briefs By the Associated Press, NEW YORK, May 16 —Consumption of crude rubber by manufacturers in the United States in April was estimated by the Rubber Manufacturers’ Associa- tion at 33,321 long tons, an increase of 1.6 pér cent over March and the high- est for any month since June, 1930. Im- ports in April were 46.648 tons, com- plred with 40,338 in March and 49,927 in April lnt year. Total domestic stocks on ha d in transit overland April 20 were 228,382 tons, an increase of 49 per cent over March and 54 per cent over April last year. meé)rmnunced declines during April resulted in an increase from 7.42 per cent 1o 8.58 per cent in the average yleld on the 348 active cash dividend paying stocks listed on the New York Stock Ex- change, the monthly computation by Moody's shows. The most recent average compared with 9.5 per ('em at the low price of December 17 Jas Earle Baillle, chairman and president of Tri-Continental Corporation, an in- vestment trust, has been elected chair- man of the board of Selected In- dustries, Inc., another trust, for which ‘Tri-Continental is to supply investment advice and service under a recently completed contract. Francis F. Ran- dolph, vice ident of Tri-Continen- tal, was made president of Selected In- dultries and John L. Hanes of Charles D. Barney & Co. became chairman of the Executive Committee, George 8. Franklin, Percy H. John- son, Walter E. Hope and Edward G. Wilmer have been elected directors of the St. Louis-San Francisco Railroad Co. They succeed C. W. Michel, E. G. Prank, R. E. Lee Wilson and E. V. R. Thayer. Other directors were re- elected. Notwithstanding the substantial down- ward trend in earmings as a whole, ap- proximately 100 companies of the total number considered registered an in- crease in net income in 1930 over the preceding year, a study by Standard Statistics Co. says. A majority of these companies attained their goal through more efficient_ operation, or because of being situated in industrial groups that lagged behind in the general downward movement. 1931) Reorganization of Burns Bros., wholesale and retail dealers in coal and fuel cil, will be undertaken immediately as a result of the denial of a receiver- ship for the company in Chancery Court in New Jersey, it was said at the offices of the company. No public financing is to be involved in the re- organization. Production of news print by United States and Canadian mills totaled 308,288 tons, & decrease of 29,- 727 tons from the like month last year. The total, however, showed a substantial increase over the 287,595 in April | the close under heavy selling of United | poling through the market in search Steel | of attractive purchases. support for the motors and for the | that had been heavily sold there was a | first hour and a half only 500,000 shares | BY JOHN L. COOLEY. Associated Press Financial Writer. NEW YORK, May 16—Strength in | the investment market relieved the tedium of another decline in stocks | this week, although it could do little | to cheer sentiment in circles where in- | terest is keener in more immediate prospects. The bad break in railroad shares, car- | rying them to the lowest levels in years, | was_disconcerting, for Wall Street re- gards selling of those equities at this stage of the deflation as representing a large degree of real liquidation. Ab- sence of support for stocks of the country's oldest and best-seasoned car- riers has more weight than obviously | professional tactics against pivotal in- dustrials and utilities. Bond Prices Encouraging. Although this weakness is not being overlooked, the advance of bond prices carries an encouraging significance. Many bankers believe that best grade bonds, thanks to increasingly cheap‘ money, are now fast approaching levels | where yields will be o small that buyers will switch to less highly rated issues in their search for better returns on invested capital. Some progress has already been made in this direction, | and experlenced bargain hunters are When_ this | movement becomes more_general the | spread in vields between first and sec- | | ond grade bonds will be reduced and the | next step, if precedent is followed, will be a flow of funds into common stocks. However, bankers do not care to pre- | dict just'how much time will be needed | for this shift. Further impetus was given the move to ease credit by a o/t in bankers’ ac- ceptance rates, led by the New York Federal Reserve. There were also fa- vorable long-term implications in the reduction, in the Bank of England’s | discount rate to 2'; per cent. It is | frequently pointed out that to be broad- | |1y successful an easy money policy | must be international in acope, so that | credit may become abundantly avail- | able in the world markets. Business continues its crablike course, | which is the chief reason for impa- | tience and nervousness in the stock market. Althotgh the latter may rea- sonably be expected to discount a re- | vival, it has been stampeded into| unwarranted optimism too often during | the past year, and at present seems to | prefer erring on the side of excessive | gloom rather than risking further mis- takes of bullishness. Prospects Favorable. Crop prospects, particularly for Win- ter wheat, appear favorable, although | the weather has delayed corn planting. The grain markets are comparatively dull, with selling pressure less evident than for some time. Cotton, with an eye on the stock market, has been weak. Softness of steel prices, notably scrap, | | makes the situation in that industry confused despite the reduction of the | decline. With automobile output hold- | ing up better than had been expected | and a sustained inquiry for structural | materials, the stagnation in other lines | has been offset and activity is current- iy showing little change. In some quarters an operating ratio of 40 per cent by July is regarded as a prob- ability. {BUSINESS IN woOL GENERALLY SLOW Some Demand Present for Fine, and Half-Blood Fleeces, but Trading Is Slow. By the Associated Press. BOSTON, May 16.—The Commercial of Boston sald today: “Business in wool has been generally |slow at the Eastern seaboard. Some demand is present for fine and haif- blood wools at prices which show little | changes for the week. Medium wools |are rather quiet and sometimes easer. Scoureds have been slow and barely Ths manufacturers are generally well employed on old contracts which | will probably last until about July 1, for the most part. They are well cov- ered against their needs, however. | “In the West, the situation still is | unsettled and buyers are in some sec- | tions lowering their bids. No snap is oted in the movement of the new clip. “Foreign markets are a bit easier. London is figured about 5 per cent un- der the opening level of prices. “The rail and water shipments of wool from Boston from January 1, 1931, to May 14. 1981, inclusive, were 51,076,000 pounds, against 50,708,000 pounds for !he same period last year. ‘The receipts from January 1, 1931, to May 14, 1931, inclusive, were 69,085,500 pounds against 79,803,900 pounds for the same period last year.” The bulletin also published the fol- lowing quotations: Ohio and Pennsylvania fleeces—De- laine unwashed, 25a26 g Michigan and New York fleeces—De- laine unwashed, 23a2 4 blood comb- blood, 22-23: % blood, Missourl and average Indsana and New England blood, 20a21; 33 blood, zun % blood, 20, Sccured basis’ Texas—Fine, 12 months (selected), 59a62; fine short, 12 months, 58a60; fine, eight months, 55a57. California—Northern, 51a52; middle county, 50a51; southern, 50a51. Oregon—Fine and F. M. staple, 60a 62; fine and F. M. Fr. combing, 58a60; fine and F. M. clothing, 54a56; valley No. 1, 52a53. Terrilory—Scoured Dbasis (Montana and similar): Fine staple choice, 63a | 64; 14 blood combing, 57a59; 35 blood combing, 47a50; % blood combing, 43 a45. Pulled—Delaine, 73a75; AA, 70a73; fine A supers, 63a68; A supers, 58a63. Mohair—Domestic, good original bag Texas Spring, 24a27; good original ba; Texas kid, 45a5 Arimnn and New Mexican, 25a26; Oregon, 27a28. Domestic graded—First combing, 32; | grod carding, 23a25; Cape Winter firsts, nominal, 20a21; Summer firsts, | 25; Cape Summer kids, 45a47. ‘Turkey—Fair average, 25 (in bond). mmnmunnmmnmmmmmmmmmmfi Report Operating Loss. BALTIMORE, May 16 (Special).— The Baltimore Tube Co. reports an op- erating loss of $381.73 for the quarter ended March 31. After deduction of | $14,691 for depreciation and $450 for amortization of deferred charges on notes there was a net loss of $15423 for the period. Profit and loss surplus | was reduced from $193,406 to $177,984 | as a result of this loss. ks P Air Merger Planned. NEW YORK, May 16 (#)—A. A Durante of the New York banking | house bearing his name has purchased | the assets of American Eagle Aircraft | Corporation for the purpose cf com- pleting & contemplated merger between ‘American Eagle Aircraft Corporation and Lincoln Aircraft Co. ROOMS and RUMORS Washington Produce Butter—One-pound prints, 29; tub, 28. Eggs — Hennery, 17a18; current re- ceipts, 16a17 Poultry, alive—Turkeys, hens, 24a25; toms, 20a22; Spring brollers, 36a38; Leghorns, broilers, 28a33; hens, 22a23; Leghorns, 16; rooste: 12-14 ducks, 15; keats, young, 75a80; old. 40. Dressed Spring broflers, 42a43; hens, 25a26; Leghorns, 19 Toosters, 16; keats, young, 70a80; old, 50. , 12%:al4; veal, 12al4; lamb, 20a22; pork loins, 19; fresh hams, 19: fresh shoulders, 1 oked hams, ve stocl 0gs, vy, § light and medium, 7.25a7.50; M 700. 7.50; loughs, 4.00a5.50; calves, 5.00a 8.00; Spring lambs, 10a12. Pruits — Cantaloupes, California, jumbos, 5.50; standards, QW p(myn, 4.00; -mwbema 2.50a6. ples. 3.5024.00; lwlfl. h’l mck 2& 22.75; bushel baskets, 2.50a2.7! ranges, Onl“urnil 3.5024.00; Florida, 3."0“75 lemons, 5.50; bananas, 1.00a2.50 per 100, 3.00; honeydews, cherries, 2.25a8.! bananas, 1.7582.25. 40\‘;:;‘?;!)1&1:%00& new, per barrel, old, 120-pound -cll zw. 2.75; Idaho bakers, radishes, per 100 bunches, 1.00 nips, 1.50; lettuce, Iceberg, 300!350 asparagus, per dozen bunches, 1. 3.00; peppers, 2.50a4.50; tomatoes, six ‘pln crates, 15024.00; caulifiower, 2.50a |3 summersqunh 2.5023.00. rown uvnm Gml. BALTIMORE, May 16 (Special).— The Annapolis & Chesapeake Bay Power Co. reported s total operating revenue of $824,508 for the year ended December 31, 1930, compared with | $687,143 for 1929. Fixed charges were earned 1.17 times over in 1930, compared with 1.67 times in 1929. The balance sheet showed current assets of $144.448 against cur- rent liabilities of $115,316, leaving work- ing capital of $28,732. This company’s 39,721 shares of capl- tal stock are all owned by the Wash- ington, Baltimore & Annapolis Electric It was placed in receivership D!lflv Joseph 1. W Fall of Silver Peso. By the Associated Press. MEXICO CITY, May 16.—American gold currency will be imported in large | quantities into Mexico and circulated to check the fall of the silver peso. Representatives of all banks do\nfl business in Mexico at a meett to consider the situation decid.ed that perhaps a partial solution lay in bringing in enough American gold to satisfy the public demnd for gold cur- rency. It was also agreed to form a consor- tium to control foreign exchange and avoid operations of unscruptulous spec- ulators which would cause a further depreciation in silver. Gold Exchange Free. ‘The Treasury rtment announced at the same time that a free exchange of gold between Mexico and other countries would become effective im- | mediately, thus allowing re-exportation to the United States of gold, brought here to improve the exchange, in ex- ceu of the amount which proves neces- 'nm bankers, in a statement after their meeting, said that scarcity of | Mexican gold 'coin as compered with the great public demand for that metal ‘was one of the principal causes of the present trouble and that they expect the importation of American gold to stabilize the situation. The meeting of the bankers was con- voked in view of the continued drop of the exchange rate of the silver peso against the gold peso and against the dollar, The silver puon normal value is 3 per cent under peso and a few oenumerz to the dollar but recently it has !lllm to 32 per cent under gold and 2.76 pesos to the dollar. May Import Millions, While the bankers did not say how much 'old would be lmporud America it was estimated at many nil- lions of domrl Messages urging rellef from the ex- change crisis poured into the govern- ment offices M{ various pro- vineial points, nohby‘hmpino Puehla Chihuahua City. places sald business 'u t.lmwt lb & standstill. Gets Government Contract. NEW YORK, May 16 (#).—Interna- tional Shoe Co. has been awarded a contract by the Government for 61,968 pairs of leather laced boots. com- pany's bid wu $3.99 a pair, were six other bidders. First Trust Money Avallal el Promot Constdersiion ‘ot Foue Sashieation A. C. Houghton & Co., Realtors of trust on real estate red b Preval ||. e STt F irst Mortgnce Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Coll..l-hn and Anlulh- JAMFSFSHEA last January as a result of the receiver- hip of the parent compan: HE successful man or business—requires not perience, but organization every arising condition an office. £ 1321 Connecticut Ave. FIRST YOU to inve 643 Louisiana Ave. N.W. We Give Property Personal Attention agement of property— whether residential, apartment, office building only long and varied ex- and facilities to cope with d contingency. We have made a study of property management—and can of- fer you facilities which will relieve you from all con- cern. PROMPT REMITTANCES are a rule of this RANDALL H.HAGNER & COMPANY MomTGAGE Loan CormEspoNDmeT WL 7Y A—"—— Decatur 3600 —umuummumlmunmu||nlu|llnuummununmuulmmmnmmunmmmumnmuu MORTGAGES DON’'T HAVE TO RUN RISKS st your money at a gen- Republic Steel Reynolds Met Reynolds Tob A (3). Reynolds Tob B (3) erous return—ifor you will get just that in our Frank Simon pf (7). xa8 (3). tons produced in March of this year. Production by the 000 last week, or a decrease of 1.5 from W the corresponding week last year Great Atlantic & Pacific Tea Co. ON’T wait till of _electricity electric light and power industry of | experimenting with the sale of gream in 40 of ita New York stores and | 20 of its New Jersey stores. Federal Reserve Board ;nnmmud that Federal Reserve Bank at Rich- | mond has reduced its bank rate to 3 per cent from 315 ent, | 50 selected | 1210 against $32,643.939 in April, 1930, a decrease of $3,386,729, or 10.3 per cent, acccrd- ing to the Post Office Department At the end of April, money in cir- culation amounted to $4.653.394 640 ac compared with $4,607.913.611 at the end of March, and $4476.066.785 at the end of April, 1930, the Treasury | ment T 3 | per capita circulation at the | end of April was $37.32, as compared with $37 at the end of March, and $37 at the end of April a year a0 | At the special meeting of the Dis- | trict Underwriters’ Association, Mon- day noon in the Board of Trade head- | quarters in The Star Building, three | new directors will be selected from the following_six candidates: Eugene G ‘Adams, David 8. Bethune, Maynard C Burrell, Russell P. Freema Grinnell And Daniel J. Harrison. mewell Co (5) Gen Am Tank Car(4) Gen Asphalt (3). Gen Baking ( Gen Cable pf (7). Gen Cigar (4). .. Gen Klec (1.60) Gen Elec spec (80¢) . Gen Focd Corp (3). Gen G & EI A w.!om Gen Mills (3). . Gen Motors (3) Gen Ry Signal ( Gen Realty & Util Gen Refractories (4) Gen Theater Equip. . Sat Ragor.. Glidden Co. Glidden pr pf (7).... Gobel (Adolf). Gold Dust (23). Goodrich (B F). Goodyear 'nnaml; Graham-Paige. .. .. Granby Consoi (2) Grand 811 8trs (h1). Grand Stores pt (6% Grand Union. . 5 Grt North pt (54, Richfleld Ofl. . . Roy Dtch(m1.34 ay Stores (6) 15% St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf (6) St L South Simmons Co. Sinclatr Con O11 (1) Skelly Oll..... Sloss Sheffleld St oss Shefield St pf. 1% 9% South Port Rico Sug. 42% South Cal Ed (). South Pacifie (§ South Ry (8). Stand Brands (1.30). Stand G&E (3%). Stand G & E pf (4). Stand O Cal (h23%) Stand Oll of Kan (1) !3% Stand OII N J (13) !6 g Sec A 6% !urx loe of (1.2 (Continued on Page 14 the United States for the week ended May 9 showed a decrease of 2.4 per cent from the corresponding week last year, but the decline was less than the 3 per cent drop shown by the pre- vious week. The total for the week was 1,509.939,000 kilowatt hours. The Atlantic Seaboard showed an increase of 2.7 per cent above last year. Four Rooms, Kitchen and Bath Electrical Refrigeration THE ARGONNE 16th and Columbia Road Reasonable Rental Regular Delivery Over 100,000 families read The Star ever day. The great ma- jority have the paper delivered regularly every evening and Sun- day morning at a cost of 134 cents dally and 5 cents Sunday. If you are not taking advan- of this regular servi at low rate, ulephnu Nal om.l 5000 now and service tomorrow. you hear they’re all gone—get one of the 3.room of- fices at $35 that give you this fine address and perfect building service. See ome of these $35 suites today. The . WooDWARD BUILDING Fifteenth at H Street N.W. CARLG.ROSINSKI Realtor Leasing Representative Suite 5 Phone Nat. 8040 Over a Third of a Century Without a 6% FIRST MORTGAGES Safety, for the principal— backed by conservatively gp- praised improved Washington real estate; and certainty of the unchanging rate of interest to maturity. May be purchased in amounts from $250 up. Our Partial Payment Plan is for your con- venience. B. F SAUL CO. 925 15th St. NW,