Evening Star Newspaper, May 21, 1931, Page 13

RAIL SHARES RALLY - INCLOSING HOURS Late Turn Upward Halts| ' Downward Movement in Earlier Trdding. BY GEORGE T. HUGHES. ¥~ @pecial Dispatch to The Star. NEW YORK. May 21 (C.P.A).—The downward movement on the Stock Ex- rhange was interrupted in the lasi hour of today's session by a spirited rally, led | by railway shares. The market had been week during B hd s 70 ke In shoris, end the buying spre ' from the ralls to the rest cf the list, In many instances erasing all of the early loss and leaving the list irregularly higher on the day. Among the stocks to benefit from the change in sentiment were American Telephone and United States Steel, the last named above par and both of them in demand to retire contracts for the dec'ine. Woolworth was anotner strong issue, General Motors, on which a raid had been staged during the morning. came back over sll the lost ground. The one deduction that it. seemed fair to make was that the bear faction had Jost some of its confidence. Tt was | known that. one prominent operator. up | 1o very recently associated with this party, bad deserted temporarily at Ieast. i Tower prices were the rule at the | opening and stocks picked out for at tack sold steadily lower for two hou During this time selling was directed against. General Motors, probably the most_important. stock that had stood out. conspicuoysly steady during all the | recent depressed markeis: against an assortment of ‘specialties including Vanadium and Worthington Pump. against _ Western Union. American Water Works and Electric Power & Light in the utility group, against Fox and Loew’s in the amusements and against American Can. Every one of the' issues named sold at the lowest of the year. There i= no_doubt that the break in American Telephone & Telegraph Wednesday, following its slump earlier in the week. disturbed many small holders of stocks. Telephone has long been regarded as a premier investment issue and its sensitiveness unsettled ntiment. The weakness in Cities e on the eurb was another sit- nation that plaved a part in the ds " dings. - . Then there was ness news as am offzet was reported as selling nd, the lowest in history. locks of Anaconda were thrown on the market and the price of that stock went to A new low, There were rumors of new financing. but no authoritative statement. Air Reduction, Coca-Cola and Corn Products were other stocks to mmmm‘hw e, n United Stat, it all. however, United States | Steel was consistently supported. It range was very narrow and most of the time it held at or above the preceding e & Telegraph showed a rallying ¥ was no weakness in the rails, although New York Central was lower for a time. One of the most encouraging things about the mnknl no henrteninx ‘busi- Copper metal was the stout resistance put up by the railways shares. It remains to be seen | whether the rails will point the way for | the rest of the market, as they have been doing z0 many times this vear. ‘The market remained an irregular | affair in the afterncon. Allled Chem- ical broke 5 points t0 a new low and General Electric was heavy, reflecting ess over tomorow's dividend. ‘Western Union #o0ld at par and Case. dividend action on which was scheduled for this afternoon alter the close, weak- ened, Raflroad shares held firm. nion Pacific up 2 or 3 points, Pennsylvania up & point. and Atchison up over 3| points furnished a striking contrast to | the heaviness in the industrials. Amer- | fcan Can rallied and Pox Film came back for a gain.on the day. The mar. ket. however, was less active on th: v;cnvcry than it had been on the de- clfne, { (Copyright, 1931.) NEW YORK, May 21 (#).—Stock jr regular; rails stage rally. Bonds w foreign issues break. Curb irregular; | Cities Service securities weak. Foreign | exchanges irregular; sterling steady.| Cotton lower; Southern and local sell- ing. Sugar easy; poor spot demand. | Coftee lower; European selling. | CHICAGO—Wheat, easy: good rains | Bouthwest. Corn easy; bearish Iowa | 2nd Nebraska crop reports. Cattle low- | er. Hogs weak to lower. { NEW PASSENGER SERVICE TO ENGLAND IS PLANNED| pecisl Dispateh to The Star BALTIMORE. May 21.—The Ameri- | can-Hampton Roads Steamship Co., | which has been sending cargo ships out of Baltimore for more than a year, will | give this city a new passenger scrvi tn English ports in the near futur The ships used in the service are to have a part of their accommodations converted into cabins for passengers he Capulin. one of the ships of ~. is now undergoing conversion in | Baltimore. ! She is scheduled to make her first | sailing as a combined freight and pas- | #enger vessel next Tuesd: according | to A. T. Ross, vice president, in charge | of operations of the compan: The ships will operate from Balttmore | and Norfclk to Boston and thence to | London. Hull, Leith and Dundee and ports on the east coast of England TREASURY STATEMENT. Treasury receipts for May w $106.796.784.52. expenditures. $168,339.- | 24277, balance. $124.083.995.80 toms recepits for the month to the of business May 19 were BAR SILVER QUOTATIONS. NEW YORK. May Ei quiet. and steady at 271, Bar silver | unchanged ‘ NEW YORK BANK STOCKS NEW YORK, May 21 i®) — BANK STOC! Americs ¢ of T & unitall Commercial Fiith A Y Nationsl Oity . Peoples Nati.... Publie ....-ooio TRUST COMPANIES nanes comm 1iai BENY &M% Brookiyn Tefminal Bent Hanaver Gt ik 4 oo D o Sounty Pmpire Gusranty Hibernia . it United Sicter Westchester Title & Tr. 4 THE EVENING STAR. WASHINGTC Rercived by Private Wire Direct 1o The Star Offiee. e NEW YORK STOCK EXCHANGE l Note—All stoek sve seld tn ons hundref shave lets excepting those designated by the letter s (80e) (2302), which shows those stocks wevs sold in 084 lotz. 461 11215 1828 108'% 2015, 128% 132% 132 16 13% 2%% 461 Bola 101 10 32 1585 5% 1% 1068 15% 2 Stock znd 3 Dividend Rate. 4 Abitibi Pow & Paper. 8 * Abitibi P & P p! Abraham Strau: Adams Expre: ) - (1).. 16 1 1 20 Adams Exp pf (5)... 10s 1 Adams Millis (2).... Addressogr Co 1.40. .. 2 Alr Reduction (t434) 67 Afr Way Elec Appl. . 6 Alaska Juneau (40c) 528 Alleg Corp Alleg Steel (12.80) .. 408 Allegheny & Wn (6). 20s Allied Ch & Dye (n8) 184 AllisChalml Alpha Port ). 1 emt (1), 5 Amerada Corp (2)... ° Am AgriChofDel... | Vote (1), zarn? A . Amer Col'type (80c). Am Comcl Alcohol, Am & For Power Am & For Pw pf (7 Am & For Pow 2d of. Am Home Pr (4.20).. AmIce (3). . : Am International. Am Locomotive (11.. Am Locomot pf (7).. Am Mch & Fdv 1.40.,, Am Metal Ci Am Pow &1 Am Pow & Lt vf (). AmP&LEDr A (4).. Am Na&Std San 60c Am Tolling Mila. . ‘Am Safety Razor Am Shipbnilding (3 Am Sm & Ref (4).... Am Solv & Chem Am Steel Fdy (3 Am Sugar Ref (i Am Sugzar Ref pf (T) Am Tel & Tel (9).... 3 Am Tobaceo (16).... Am Tobaceo B (16).. Am Tobacco pf (8) Am Water Wk (3).. Am Wat Wksefa (3) Am Woolen . Am Woolen of . Am Zinc Lead & Anaconds Andes Copper . s Archer. Daniels Mid.. Armour of Del of (1) Armourof 111 A, Armour of Tl B. Armour of 111 pf. Arnold Constable Articom Corporation A'sgo Apparel (12). Asso Dry G (2%4). Asso DG 1st pf (6).. Asso DG 2d pf (7 Ateh To & 8 Fe (10) . Atch To&S Fe pf (5 At Coast Line (+10). ANGUItE W Tt (F) 1 Atlantic Refining (1) Atias Powder pf (8). 0 (14). 24 19 RA 50 148y 10214 17 50n 12 nr A () 1308 dit 1 tion Corn af T, Faldwin Loeo (1% Talto & Ohlo (5). Balto & Ohin pf (4).. Ramberger pf (§15). 105 Bang & Aroos pt (1). 20 . Barnsdall (A) (1)... 30 Bapdix Aviation (1). 19 Bethlehem Steel (4). 792 Rlaw-Knoz (13%).... Rohn Ainm & Br 1 Booth Fisheries “Rerden Co (k3). . Borg, Warner (1). Botany Con M (A).. 4908 Briggs Mfg (11%) 37 Brockway Mot Trk BKIyn-Man®r (4). ., Bkiyn Man Tr pf (8). Bkiyn & Qu T of (5). Bklyn Union Gas (5) Bruns-Balk-Col. Rueyrus (1). Bucyrus cv pf (2%)« Budd (F G) Mfg. Budd (F G) Mg of Budd Wheel (1). 235 Bvers (AM)..... . Calif Packing (2) Calumet & Arizopa Calumet & H Camp W&C Fy(1). Canada Drv G A (3).. Canadian Pacific 114 . Cannon Mills (1.60). Caterpiliar Trae (3). Cavanaugh-Dobbs Celanese Corp. Celotex vie etfs. 26 . 808 Cent Aguirre Aml1t. 2 Cent R MIapf (7). 10s Cerro de Pasco(1 rtain-teed Prod ecker Cab M1, Ches & Ohio (2%). .. Chesapeake Corp (3) Chi Great Western, . Chi Great West pf Chi Mil 8t P & Pac Chi MiIStP&Pp 1 & Northwest (4), Chi Pneu Tocl.....u Chi Pneu Tool pf. Chi R 1 & Pacific (5). Chi 1 & Pac pf (7). Chiekasha Cotion Of] Childs Co (2.40) . Chrysler Corp (1)... 327 City Teek City Iee & K pf (8%) 10 olg-Palm P ot (8).. “011ins & Afkman. olonial Beacon . . “0io Fiiel & Iron 0l Gas & Kl (2) Grap Carbon (b).. “omel Credit (2) “omel Cred 18t ( “omim In Trust ¢ 6e. Conkolidated Film 4 Consol Film pf (2) Consol Gas N ¥ (4) Con Gas of Consol Lz Consol 12 Contl Inx Contl Moto: Cont) Ofl o Cont Bhare: “orn Prod (13%). Coty Ime..... . Cream of Wht (1214) 5 sley Radio, .. ... Cr Cork & Senl 2.40. Crown C&8 pf ructble Stesl .o 20 Crucible Steel pf (1) 108 Cuba Cane Prod 9 uba Co. . ba R R p Cuban-Amer Su Cudahy Packing 14), Curtis Publish (4)... Curtiss Wright Corp 30 Curtiss Wr Corp A.. 19 Cutler Hamme 1 3 133 10 10% Lavison Che 20 e Deers & Co pt (1 i Drlaware & Hnd 2 9H. 527 Del Lacka & ‘tfl. 6 L] 7 5 0) L Sates— Add 00, High. 3% Low. Close. C 8% % 4 20% 33 1% 13% | ®% 86% | 107 25% | 124 185% 21% 11ia T4% 37 19 7% 108 %! sen | 104 91 | sy 54151 19 107 [ 87 2 | 104 140, o 6R1s 14 8% 14% 61t % 3 % 118% 137 10% 4 Federated Dept Strs. 4 Koster Wheeler (2) ‘o Grt Weat Bug of (7). 20x oy 50 a5 100 By By 2 % 1 3% 87 9 5in Aw 26 &1 % 33 7 174 a5 6614 15 51 T 42t 11804 s Leh Valley Coal. 2 McKeespt Tin P(15). 4 Ma 2 Mavtag Co. . Sales Prev. te. Add 00, Migh, Low. Close. Close. (). 1182 182 162 18 17% 18 28% Dome Mines (1) Domn Stores (1. Drug Corp (4) Duluth S S & Atl. Dunhill Internat. Dupont de Nem (4) Dy P ds N 25% | 1 19 70% £ 6% TT% 120% Eiec Pwr & Lt (1) Flec Pow & Lt pf (§) £n Office B 10E (2%). Eris RR...... 2 FadleAto (i) . o, Eed laot Lrucs (46c)) . Fei Wat 8v A (2.40). Fid Ph Fire In (2.60) Firestone T & R (1).. . Firest T & R pf (6) Farst Nat Stre (2%) - ¥ink Rubber Florsheim & % ¥ollansbee Bros. . . Fourth Nat Inves! Gardner Motor. Gen Am Invesiof n Am Tank Car(4 Gen Cable. ... Gen Cable pf (7). en Cigar (4) Gen Klee (1.80). .. .n Gen Eilec spec (60c) . n Focd Corp (3).. 193 Gen G & El A (e30c). 7} Gen G&Elevpf (§). | Gen Milis (3) 2 Gen Millx pf ¢ n Ot Ady A (4). 3 n Pub 8v h§% atk. ° Gen Ry Signal (5)... # ien Ry Signal pf (£) 100a nR& LDl (08).. 5 n Refractories (4) 3 n Theater Foulp.. 326 Gilletts Saf Rasor. Gillatte Saf Rpt (5). Gimbal Bro: Giidden C~. Givdden pr pf (7) Gobel (Adolf) . Gold Dust (2% ). Gold Dust pf (#) Gondvear Tire&R(3) Goodyear 1at pf (7). Gotham Eilk Hoslery. aham-Paige. Granby Consol (7). and S118tra (h1) .. Grand Union. ... Grand Union pf (3).. Grant (WT) (1), Grt North pf (5). Grt Nor Ore (2) Grigaby Grunow 12 Hacken Watpf A 1% 40s Hahn Dept Stores... 10 Hahn Dpt 8t pf (84 Hamiiton W pf (8) Hapnapf (1).... Hartman Corp (A Hartmen Corp (B). Havang Electrie. .. Hav Blec Ry pf (6) Hayes Rody. .. Hershey Choe (5). .« Hersh Choe of (15).. Hoe (R) & Co. . Hoilander Son Holland Furn (124 ) Homestake Min (17), Houdallle Hershey Houston Ofl... Houston Of1 (ne: Howe Sound (3)..... Hudson & Man (314). Hudson Man of (5) Hudson Motor (1). Huno Motor Arw— T aRaN—nBLENANNE PR DR 1linois Central (4).. Indian Motor Cycle. Indian Refining. indust Ravon ( Ingerssll Rand <4 Inspiration Copper Jnsur Shrs Md(40c).. Interb Rap Transtt. . Interiake Iron (80c). Int Agricultural. Int Bus Mach (n$) Tnt Carriers, 1.t4 50¢, Int Cement (4) . int Combustion. .. Int Harvester (2%).. Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4).. Int Mer Marine (1).. Int ckel (80¢), Int Paper & Pow Int Paper & Pow C Int Pap & P pf (1), Int Salt (3) Int Shoe (3). ] o= Int Tel &I Intertyps investors Equity T<land Cr Coal (4 Jewel Tea (4) Johns-Manville (3).. 7 Jones & Lanz of (7). 608 &1L 15t pt B (6) 1008 Kans City Sou (5). Kayser (1) & Co (1 Kelly-Spring Tiri Kelsey Hayes (2).... KKelvinator Corp. Kendal: Co pf (6). icennecott Cop (2 Kimberly Clark 2% .. Kinney (G R) Co. Kresze Dept 8 Kresge (S8) Co 1.60. Kreuger & T (21.60). Kroger Groe& Bak (1) bert Lo (8. .. T.eh Val Coal pf (3 Leh Vall %) Lenman Corp (3) Lehn & Fink (3). Lib Ow Ford Gla Liggett & Myer (15). A=g & Myers B (15) I.ima Locomot (m2). J.iquid Carbonie (3). ne (3).. 3 nept (6%). Touisiana Oil. . LouG&EA (1%) Ludlum Stee a MeLrory Stores A(Z) Mclntyre Pore M (1) MeKesson & Rob (1) McKes&Rob pf(3%) Mclellan Stores. .. . McLel)an St pf A (6) Macy (RH) & Co(n3) Magma Copper (2) vmE. Marine Mid (1.20)... in-Rockwell (7) Murmon Motor CAr. . Marshall Field (2% ) Mathieson Alkall (2) Mathleson pf (7).... May Dept Strs (2%) Mauytag Copf (3) Mexican Seaboard. .. Miam{ Copper . . Mid Continent Midland § Mo Kan & Texa v Mo Kan & Tex pt (1) g (conunnei'&r P:le‘i “he said. THURSDAY. MILLS HINTS WAR TAX CUT 700 SOON Mutual Savings Bankers Given Picture of Reasons Behind Deficit of Treasury. ~:(Continued From First Page) shortly after the period of war activity. Subsequently expenditures decline, but not to the pre-war level, owing partly to continuing expenditures due to war activities, such as the service on the public debt, outlays for military estab- lishments on an increased scale and the ns. Also expansion 1': " | sharply to a peak either during cr‘ 2 War Marke Permuenent Cabn se mgnificans lzct to be noced s that cach war marks the beslnninc & permanently higher basis of expendi- tures, even after the. war end early post-war peaks have been passed. “Our present situation raises the question, though it does not do more than raise the question, as ta whether some of the taxes developed in the war period have been repealed or modified perhaps s little too rapldly. Through successive revisions in the income tax laws, personal exemptions and credits have been increased, and the income base, which bears the major direct, bur- den of the individual income taxes, has been greatly narrowed.” Reviewing the four major and one temporary tax reductions since the World War pericd and the removal of numerous miscellaneous taxes as well as the large reduction in the national debt, Mills said that the income tax furnished two-thirds of the Govern- ment’s revenues. Wide Fluctuations Possible. “The fact thai, we rely for two-thirds of our tax revenue on the income tax and that that income tax is so con- structed as to be extremely sensitive,” he continued. ‘‘makes our whole revenue system susceptible to very wide fluctua- tions, following in the main the curve of business peaks and depressions.” Noting that expenditures were ex- ceeding revenues hy A wide margin, Mills said: . “This wouid be 8 matter of very grave concern were it not the fact, that conditions are so al al that they do not furnish any test of the adequacy of a revenue system. On the one hand, expenditures .are swelled by emergency needs, and on the other hand, revenues are depressed way be- low the normal point. é “We should o adjust our #ax system that year in and year out there will be no great variation between receipts and expenditurez, and that a comparatively ‘small deficit one vear will be offset by & compartively small surplus the next,” Twn Steps Needed. ‘The Undersecretary .said the estab- lishment, of such a system ‘“demands in the first place the determination, after eliminating the unusual items $hat now distort. the picture, of what nermal ex- penditurés are likely to be for the next| few vears, allowing, of. course, for the inevitable upward trend. “The second essential step,” he con- ' tinued, “is to ascertain whether our present, tax system, once business con-! ditions have returned to normal, will be adequate to furnish the necessary receipts, The second problem is ob- viously an enormously difficult o under existing conditions, and whil the Treasury Department is endeavor- {ing 1o formulate some reasonable eal isfactory answer, our final conclusion should be based on further trial and ':xzerience. Certainly the present year taken by itself offers a most inadequate criterion by which to judge the ability of the present Federal revenue system |10 meet. the Government’s normal re- quirements. Fducator's Address. Dr. Payson Smith, commissioner of educatipn in Massachusetts, was the second speaker on today's program, the noted educator urging a Nation-wide * campaign among young people on the | handling end meaning of money. Speak- Money to Loan T O v | . mission, Joseph 1. Weller 420 Wask 18 Trem Electric Revenues | R L/ Erecrric revenues will increase 59% by 1940, it is estimated by eompetent authority. During the past decade Associated Electrie Company revenues grew 75%. “The position of this Company as a growing unit in an expanding in- dustry gives strong assurance of continuous earnings for its securi- ties. Associated Electric Company 4:% Gold Bonds, due 1953, are actively traded on the New York Curb Exchange. Telephone BOwling Green 03957 or write for Gircular $:52 General Utility Securities Incorporated | 61 Broadway New York “Fhe Leading Fixed Trust™ A common sense jinvestment, with safety good return marketability growth in value ,\l-lfl *,prfl.wn for rire ing these isatures Knapr & Co. Inc. INVESTMENT SRCURITIES Washingion Ofice Shoreham Building Teephowe Meir, 3 Please send complete informationAbout N.A.T. Shares. * Name, e Address. 1318 W st | of | ing stock of no par MAY 21, 1931. ing on “Education and the Use of Money,” Dr. Smith said in part: “Instruction in the nature of money should begin as soon as children have any occasion to make use of it. Tt is entirely possible for normal children to. gain facility in the use of tools so far 25 thess are spplicable at sny given stege of Asvelopment. This applies tn pennies as much as it does to marbles or tops, or to knives and forks. “An educational progrem of money mansgement must start and center about the principle of thrift in its nar- of savings, but it must ere. It must clarify and en- large the conception or thrift so that the child will develop an ideal and a habit of balanced spending. That a dollar is a servant to be used and not a master is a principle that should be well estab- lished in the mind of the child. “I have the temerity to say that an educational program will net be com- plete unless it provides in some way to meet. the needs of these men and women in early life and, indeed, in middle life, who find themselves none too well equipped io grapple with one of their chief troubles. There are nu- merous rlans which offer education 1n grown people. T should say {hat the Teed for sdull instriction tn saving org - “'The dev. nomie Adu be prougng 200ut hy immediale vaivessal accepi- communities where there is a readine to recognize the need and to nnzmexsn' to meet it. The best that could happen to the movement of education in the use of money would be for a few Ppro- gressive cities, towns and institutions to. enter seriously upon wise experimenta- tion in starting and fostering courses in money management. The idea would rapldly win attention and approval, with. wnfi:emn wider wl‘jdoptiom o letimes catastrophes outside ! control of the individual, affecting n.‘.‘lf merous ons and groups, upset, every calculation of the individual and over- whelm him in a common disaster. Mergerships prematurely throw out of employment, thousands of men and women who have had every reason to believe that their incomes would con- tinue indefinitely. Times of depression to0 speedily exhaust the recerves of those who, out of moderate incomes, have been able to save only moderate amounts. The remedy for these con- ditions cannst bz too eagerly sought nor too speedily applied. Our Nation cannot afford to fail in remedying the defects in an industrial structure whose inefficiency is embittering hiindreds of u:y_g:r;&a ‘:! wort:y men u‘::d ‘women. ere i3 some nnfier 4 banking institutions will' dp little or noflkflin= because of the fear they -will be mis- understood, that it will be charged their motives are selfish.. 1t is clear, however, that the 'pebple have devel- oped great confidence in that business to which they are committing the han- dling of vast sums of money." WL Co-operate More. In his address late yesterday after- noon before the = convention Henry Bruere, president of the Bowery Savings Bank, New York, declared “the dis: illusionments of this period of depres- sion will yield only future profits if we who are the responsible managers of, business have the wisdom to remem- ber that next to bread and shelter and the love of their fellows, men need and want nothing so much as they need Employers will more and more co- operate,” He said, “to enable their em- ployes to buy insurance, to obtain pro- { tection in old age and to have a re- serve for sickness. Thete will be made Joint provision for unavoidable ‘periods of unemployment of some wise plan, based. on the careful consideration of First Trust Money Available at Prevailin, t mpt Consideration of ¥our Awsiieation » A. C. Houghton & Co., Realtor: N, it 3361 Authorized Service United Américan Bosch Magneto Corp. (Robert Bosch & American Bosch) & Splitdorf Magnetos MILLER-DUDLEY CO. 1718 14th S N.W, North 1583-4 NTHALER LINOTYPE CO. Brookiyn, N. Y, May 19, 1931. DIVIDEND NO. 142. rterly dividend of 11.50 upon sach 256.000 shares of present outstand- alue of Mergenthaler Gompany will be paid. on, June 30 the stockholders of record as they t the close of business on June 3, ks will not ba closed. W. WELSH. Becretary. Linotype Coj 1930, o 2ppear a 931, Th: First Mortgage Loan splications Invited at 5)5% Glover & Flather 1508 H St. N.W. National 1753 Giila Office Supplies Ay of |zuce. There must be uae leadership of plea {c The “Gnild” Brand is a warranty of standard and uniform quality. It is a token of integrity, for the Guild+is built on the prin- ciples of the traditional “Guild of Master Sta- tioners” founded in London during the Elizabethan period. Guild products are ob- tainable in Washington only from E EISRETS WA SHINOTON D '..:v-:u‘lxfl‘, Called the ¥ INANCT AT Wmhmm men and their co- operaf R ‘The bank official declared that the depression brought so many persons to the Bowery Savings Bank that the bank has restricted deposits. Within the last two months he said he had refused to accept deposits for more than $2.0 000. Despite this, he s2id, the depocit: Lhmm about $2,000,000 month, vided risk is better both for us and the depositor.’ He attributed to the depression the increasing destre to-save. Others on Program. Rome ©. Stephenson, president of the American Bankers' Association, gave a vivid picture. of the present move by the savings bank division ‘to increase interest, in Hiz ad 1esponsive Laord, drawing most vigorous applause. Mr. Barnes insisted that the United States would not risk its independence of ac- tion under the restrictions which have been worked out. His subject was “General Business and the Savings Bank.” He made a powerful plea for close co-operation be- tween business and industry, but i3 strongly opposed to too much Govern- ment in industry. Mr. Barnes discussed the Russian five-year program of industrial develop: ment, pointing out how far Russia must go along various lines in order to bring her living standards up to the American level, which, he said. is the avowed purpose of the Moacow authori- Mudt Keep Going. “The major problem of industry to- day 13 to keep the machinery going for the 40,000,000 employes who are still working,” said Mr. Barnes. He expressed confidence that “the brains that built America are still active” and in time will find a way out of the pression. The greatest danger he saw in this connection was that the impatience of some elements may force them out of step. “I pledge you,” he said in conclusion, “that the directors of industry ere gravely stu problem and want to find a way out. Nine out of ten of the leaders in industry today rose from the ranks. They do.not fflflt. ‘The forenoon session closed !| able, EXCHANGETOASK. DATA ON BONGSES Recent Suits to Recover ' Such Payments Causé of Proposal. | B the Associated Press. NEW YORK, May 21.—A plan require data on bonuses 0 execu. | tives by companies applying for Msting | privileges on the New York Stock Ex- change is under consideration the L:J::r;‘x::m on Stock List of h't' Ex- | Whils official comment was unsvatl- . was the belief of the observers consideration of the bonus pub- adherence o the World Court | been in still in the courts was filed by stock. holders of P Lorillard, Tobacey, e e efforts to have the stock bonus sale plan of the company adjudged unfair. Although official comment from the with an address on “The Social Values in Training for !eonmn?n i by Dr. George M. Wiley, the Committ spoke special lunehmefm this n':.-u nmn“m: auspices of the Committee Federal Legislation. = The afternoom s - voted 0 golf and aight seetng, ¥ So thin are sheets of that :n.:s.olupucamygn Mh;m. | cover 5,000 square inchy Whatever The Times —the business man who loyal bank has the least 7 The Metropolitan has stands fast by a strong, cause for credit worries. served generations of Washingtonians, and. its policy of helpfulness con- tinues, down through the vears. 15th Street, Opposite U. S. Treasury OLDEST National Bank in the District of Columbia PROPERTY ' A pa;'tm'e'nt House MANAGEMENT MANAGEMENT HEN to spend and where to save money are things which our experience as man- agers of apartment house properties teaches us to do cor- rectly, for the best interests of the property itself and its owner. We are specialists in prop- erty management—especially apartment houses. B. F. SAUL CO. 925 15th, St. N.W. MORTGAGE / Nat’l 2100 LOANS CV E SHOULD like to offer our facilities for the placing of your in- vestment funds . . . For more than forty years the H. L. Rust Company has been making first trust loans on im- proved propertics in the District of Columbia and adjacent Maryland Sub- urbs. Investors have found the notes SAFE in the abundance of the security GONVENIENT in their denomina- tions-*PROFITABLE in the highest interest yield consistent with a conservative investment. FIRST MORTGAGE NOTES 6% . L. Rust Company Nat'l. 8100