Evening Star Newspaper, May 22, 1931, Page 15

FINANCIAL. CURB LEVELS OFF AFTER BAD OPENING Prices Steady as Volume of | Trading Slows—Special- | ties Fluctuate. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, May 22—Opening ir- Tegularly and actively, the Curb Ex- change today slowed and steadied some- what as the session progressed. Public utilities and cils led the mar- ket in point of volume, but specialties the widest fluctuations. Ni- ra Shares quickly moved to a new Jow. Citles rvice, which formed more than a third of total ‘Thursday, opened in a lot of 5300 shares at 107, off 1i, but repeatedly crossed the 11 level on each big block that came out. Electric Bond & Share shuttled back and forth within a half- point range. Specialties sagged from the outset. / Novadel Angine dropped 512 points to a n=w low and Arundel Corporation es- tablished a new minimum record with @ decline of 4!, points. Lerner Stores preferred broke 4 points between sales, selling at 76 for the first time since it was issued. Some of the higher-priced industrials, Such as Aluminum Co. of America and A. O. Smith Corporation, braced. Cop- gra flattened out again. This time even e African shares, such as Roan Ante- lope, recorded new low levels. International Petroleum, subsidiary of Standard Ofl of New Jersey, was the first of the Standard Oils to enter new low territory as an opening transaction of 4,000 shares came cut at 10%. Later Standard Oil of Kentucky behaved simi- larly. Creole Petroleum, which is about o become the holding company for the ‘three Standard Oil companies in Vene- suela, was a shade higher. * Ford Motor of Canada A was quite active around the 16 level and Stutz elung around 23. General Fireproofing, which recently recelved a record-sized order for steel desks, was off almost 2 points. Prudential Investors preferred was cne of the first investment trusts 1o shatter previous low figures. Swift & Co. ved to be the weakest #pot in the g list, as further sell- ing emanat>d from Chicago. Some of the utility preferred shares again re- Iapsed. This group included Citles Serv- dce preferred and Empire Gas & Electric % per cent preferred. . The Curb Exchange today admitted to listing Pacific Finance Corporaticn common and A, C and D preferred shares. (Copyright. 3931.) L) _ Chicago Grain N CHJCAh(:rO, May 22 (M.—:Whul aver- . and corn lower today, with deliveries of corn reaching a new w-price record for the season. The gfi export mh“tme United States new-crop wheat were e today for July shipment and Orleans Cleared some domestic wheat. Greece Was reported to have bought 1,000,000 bushels of Canadian wheat yesterday and today. Stop-loss selling dominated E . ‘Wheat closed lar, % off to % ohts Sinchanged to 5 bighor and e iC] T ant o visions 7 to 17 down. g SwheeT Hig May (>0 1 H:l; (hew, iember . emoer .. ¥ (oid] . . y (new). pteniber ember Shoe Demand Inc}e;:es. NEW YORK May 22 (#).—Steady Te-orders for men's calfskin shoés in black and tan, with the former shade gednmimtlna. continue to reach the lew York markets, but as yet the in- dividual commitments have failed to attain any large size. lers are taking only their immediate needs. . CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, May 22.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: \ s Low . STOCKS. Ciose Allied Mot Ing v 105 ed Prod 2 & BRE.! 3 s - 858RL8EEE 2. R 5885 SoEEF Pub Serv A & Bo West 8 W pl & i ot hic Investors . c Invest pt B wmmne usebold & P s | phone Note—All stocks are ex those ted by the wm.. those stocks were sold ~Prev, 1931~ Stock and Sales— . Low. Dividend Rate. 22% 11% AfMliated Prod 1.60.. 224 113% Alu 105 AluCbof Am pf (6). 26 Aluminum,Ltd Bwa 32 Aluminum,Ltd Cwa 23% 214 321 B 1% 6% 3% 14% 3 2 ) Am Cit PAL B b10%. Am Com P A (b10%) Am Cyanamid B Am Equiti Am For Pow war. Am Founders. Am Gas & Elec (£1). Am Laundry Mach 2.100s Am Lt & Trac (2%). 1 Am Maracaibo. i 2 Am Natural Gas. ... Am Superpow (40c). Am Superp 1st (6). Am Transformer. Am Util&Gen (B) Am Yvette Co (25¢) Appalachian Gas 14 Arkansas Nat Arkans Nat Gas Ark N G cu pf (60c). Arundel Corp (3).. . Asso Gas&El A (a2). Assoc G & Eall ctfs As50 G & El ct (8) Assoc G & E pf (5).. Assoc G & El war. .. Assoc Tel Ut (b8%). Atlas Util Corp. .. ilue Ridge Corp. .. Blue Ridge cv pfad.. Braz Tr & Lt (b8%). Bridgep Mach (25¢).. Br Celanese rcts. ... Bunk Hill & Sul (3). Burco Inc war...... Burma rets 127 3-5¢. Cable Radio T vte... 2 Can Hy EI 1st pf (6) 100 2 604 26 39w [ 214 1 149 2 % Cent Stat El (b10%). Chain Store Devel. .. Chain Stores Stock. . Chat Ph Al n.v. (1).. 1es Service (§30c) Serv pf (6. Clev El Illum (1.60) . Col Ofl & Gasvtc.... & Col Pict vte (f1%).. 1 Colombia Syndicate. 1 Cmwlith Edison (8)..230s Cmwlth & Sou war.. 29 Com Wat Sergl2%c 6 k 1 Contl G&E pr pf (7). 200 Cont Shares conv pf. 42 Cont Shares pt (B)..300s Cord Corp. 46 Cosden Ofl Creole Petroleum. .. Cuneo Press pf (6%) Dayton Air & Eng De Forest Radio. Derby O1l Refining. . etroit Afrcraft Cp. . Dictaphone Corp( 2). 5 i Doehler Die Casting. Douglas Alr (t1%).. Dow Chemical (2) DressS R A (3%) Dresser Mfg B (2).. Dubilier Cond & Rad Duquesne Gas Corp. . Durant Motors. .. East St Pow B (1) East Util Assoc (2). East Util Assoc cv. . Eisler Electric Corp. Elec Bond & Sh (b6) 97 89% ElecB& Shcupfb.. 108% 102% Elec B & Sh pf (6) 2 Elec Pow Asso A (1) El Sharehold (b6% ). Emp Corporation. .. EmpG & E cu ot (7). Engineers Gold. .... Europ Elec deb rts. . Evans Wallow Lead. Fairchild Aviation, . Fansteel Products. . Fedders M{z Co A. .. Ford M Can A (1.20) Ford Mot Can B 1.20. Ford Mot Ltd 36 3-6¢ Foremost Dalry Pr., Foundation For Shs. Fox Theater C1A... Gen Alloys. . Gen Aviation. Gen Fireproof (2). . Gen G&E cv pf B (6) 100 Gen The Eqcv pf(3). Glen Alden Coal (4). Globe Underwr (15( 1 Goldman Sach T C. . Gold Seal Elec new.. Golden State Milk Gorham Inc pf (3).. 2005 Gt At&Pac Tea nv(§) 20s GrtA&PTpf (7).. 10s Groc Strs Prod vic. . Guif Ofl of Pa (1%). Happiness Candy... Hazeltine Corp (2). . Hoilinger Gold(65c) Holt (H) & Co (1.80). Hudson Bav M & S .. Humble O1! (1234) .. Hygrade Food Prod. imp Ofl of Can (50¢) Ind Ter fllu O11 A Insull Inv (b6% ). insurance Sec (10c) . intercontinent Fet n Int Petroleum (1)... InLSuperp (11.10), Int Utiities B...... 4 Interstate Equities. 26% Inter Equ conv pf(3) SeemSanRomar san o 2 O L LI T S 2% 9% 62 1 4 % W 1% Y 122% 117 6% 2% 10% 10% 29% 6 % 10% 20 s0ld In one hundred-share low letter s (803) (3508), in odd lots. Add 00. Open. High. 18% um Co of Am 850s 120% 123 : THE EVENING STAR, WASHINGTON, NEW YORK CURB MARKE Stock ana Dividend Rate. Add 00. Open. % Itallan Superpow A.. Klein (H) pt pf. Kolster-Br (Am Sh Lackawanna Sec (4) . Lerner Stores (2) Lerner Stores pf Lone Star Gas n 88¢c. Long Island Lt (60c) Mavis Bottling (A).. May Rad & Telev(1). Mead Johnson (14). . Memph N G Co (60c) Metal Tex pt pf(314) Mid St Pet vtc B. ..., Mid West Ut (b8%). Mid W St Ut (1%) Mid St Prodn (2). Mo-Kan Pipe L Mo-Kan Pipe L Mohawk Hud 1st (7) Moss Gold Mines. . Mountain Prod (1) Nat American Co. Nat Bd &S Corp (1).. Nat El Pow A (1.80). Nat Family Store tInvestors....... t Pub Sv A (1.60). Rubber Mach. .. 8T Sec A (250¢) Union Radio Neht Corp (60c) New Brad Ol (28¢).. Newmont Min (4)... % N Y Tel pf (6%) N Y Transit (1) Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag-Hud Pow C w.. Niag Sh Md (40¢)... Niles-Bem-Pond (2) . %" Noma Eled Cp(40c). Nordon Corp Ltd.... Nor Am Aviat A war Nor Central Texas t Pow pf (7) Low. 18% 18 W Par! Received by Private Wire Direct to The Star Office Bales— 7 3% & K Temon RNt B s H). ineer (2) Novadel Agene (4) Ohto Copper. ... Ollstocks Ltd A Ohlo Ofl n cu pf (6).. Outboard Motor B... PacG&E1stpf1%. Pac Western O11 Pandem O1l. ount Ca Davis (11.45).. Parker Rust Pr (3)..450s erson Sarg (2).. Pennroad Corp (20¢) Poop L& P A (2.40).. 2 Pet Milk pf ( a Phoenix Secur Corp. Pllot Rad Tube A. Pitney B P n (20c) Pitts Plate Gl (2)... 1 Plymouth Ol (1).... Premier Gold (12c).. Producers Roy Corp. Prudential Invest. .. Prudentiai Inv pf(6) Pub Utl] Hold war.. Pub Util Hold Cp xw Ratlroad Shares(40c) Rainbow Lum PrB.. Reliance Int A. . Rhode Is P S pf (2).. Roan Antelope Min. . St Regis Paper (1).. Salt Creek Pro(1.40). Saxet Co. . Schulte Un 5c-31 St.. Seg Lock & H (50c) . Seiberling Rubber. .. S1,1Ind full pd (5%). Sle Ind prior (53%)... Shenandoah Corp. Shen Corp pf (a3)... Smith (A 0) (2) So Am Goid & Plat : South Penn Ofl (1). . SoCal Ed pf A (1%). South C Edpf C1%.. South Corp 4o 26 i 4 108 11 8 6 3 = B S R ENNON DA MR W Southern) Spleg May Stern pf.. Stand Motors. Stand Ol of Ind ¢ Stand Oil of Ky 1.60. Stand O11 Nebr (2) Starrett Corp pf (3). Stutz Motor Car..... sunray Of1 (b6%)... Swift & Co (2). . Technicolor. Inc. Teck Hugh (60 Thatcher Sec Corp Todd Shipyard (4) 4 Toledo d cu pf (7).. Tran Con Air Tran. Trans Lux DL P 8.. Triplex Safety Glass Tubize Cantillon (B) Tung Sol Lamp (1).. Ungerieider Fin Cp.. Union Am Invest Un Tobacco. Unit Car Fas Unit Corp war Unit Found Unit Gas Corp. Unit Gas war. . Unit Lt &Pwr A (1 U S Elec Power ww.. U S Finishing. ...... U S Foll (B) (50¢) U 8 & Inl Secur. U S Inter Sec 1st pf.. US Linesof (1)..... U 8 & Overseas war. U 8 Playing Card 2% Ut] P&Lt(at1.02% )., Ut P&L Biat1.02%). ¢ Ut & Ind. Utliity Equites. 30% Vacuum Oil (2)..... 6 . Vic Finan Corp(40c) 16% Walgreen Co. . B 5 i3 105 | 20 6% | nual_payment. a Pavable in "cas) dividend. _{Plus 5% stock. *tock. 26% Telegraph Company Sold. PALO ALTO, Calif., May 22 (P).— Leonard F. Fuller, executive vice presi- jdent of the Federal Telegraph Co., to- | day announced the firm hed been sold {to the International Telephone & Tele- graph Corporation. The Federal Co. for several years has been manufactur- ing equipment for International Tele- & Telegraph under contract. Tae consideration was not announced. 150 Lynch Cor 300 McWillia 10 Movroe Chem 90 Monroe Chem pf Musk_Mot Am thwest ect_Circle Winter c Outs . Ko curd Pub'Ser 25¢ ., Gas G a 50 Suer-Maid .07 gzfimnc‘inu i Init Corp of Am 200 Un ‘A Btli A ted Gas 0yl . o 50 2 80 Union S0 West jore 588w B e oo wet SRR amel L2l B¥EESeaEeuEsLsls o ! sales today. §5.000 shares. BONDS. 2 Insull Yl &s ‘40 Y ana Tl & 510 ‘é Il lsop, S5 43, 3 108% Hu LB 1084 % FOREIGN EXCHANGE. shed by W. B. Hibbs & Co) Nominal goid Selling checks today $4.86 17-32 3.1 5-32¢ 139174 2381%5c 5.23 1-32¢ 19.25"2¢ 296%e 26.73%c 2678 c 26.81'zc TREASURY CERTIFICATES. (Reported by J. & W. Bellgman & Co.) i 32 .. | Amer Toread 5 Baitimore & Obio 4 | Batavian Fet Bell Tel. of Ca | Calitornia_Pet | Ganadian Nor. Chicazo Rock 1 Chile Copper Co 55 1% | Denver & Kio Grande 4%:s i938 Gen. Mot. Accep. Corp. s 1937 General Petroleuin Corp. 55 1940 £Cor 4 icm. Northwestern Corp. 85 1947, 1032, . Chi. & St L. 6 Phillips Fetroleum Co. 51us | Pare Ol Corp. 3ius 1937 Ehell Union Oil Co. Bs 154 Sin Cruge oil C> h_or stock iPlus 2% in stock. n Plus 8% in stock. Walker (H) (50¢). Dividend rates in X *Ex di dollars based on Iast quarterly or semi-an- ividend. ~ {Partly extra. IPlus 4% in stock, b Payable in’ stock. e Adjusiment . g Plus 6% tock. h Plus 1% in k Plus 10% Paid in " mPlus 3% tock. in last’ year—no regular rate. |MEXICO 1S PLANNING | CONTROL OF EXCHANGES | _MEXICO CITY, May 22 (Special).— Financial circles here expressed amaze- | ment today at the proposal for govern- | ment control of gn exchanges and the national currency made by three federal ~deputies, Gonzalo Bautista Jorcz Mexuetio and Daniel Olivares. It | has been referred to a committee of the | Chambar of Deputies The plan_provides ment establish e rate of exchange, exclusively selling drafts abroad and | cashing such foreign paper, thus taking exchanges and drafts entirely out of the hands of banks and other private | interests. Sponsors of the proposal argue that, as the government controls | the post office, telegraph lines and the issuance of bank notes, it is logical for it to control domestic and foreign ex- that the govern- | | ! 117%; change, and they point out benefits ac- cruing to the government by making the Banco de Mexico the republic’s sole | institution of issue. (Copyright, 1931.) CHICAGO DAIRY MARKET. CHICAGO, May 22 (). —Butter— Receipts, 12,080 tubs; creamery extras (92 score), 22';; standards (90 score, car lots), extra firsts (90-91 score), 21':a22; firsts (88-89 score), 20a | 18al19. | 20':; seconds (86-87 score), Eggs—Receipts, 23215 cases; weak; extra firsts, 18'; fresh graded firsts, current receipts, 15',a16%.; stor- age packed firsts, 19',; storage packed extras, 19%. Poultry, allve—Weak: receipts, 2 cars, | 21 trucks; fowls, 18a21; broilers, 24a28; roosters. ‘12 turkeys,’ 20a23; Spring ducks, 18a20; old ducks. 16; geese, 9. STOCK AND BOND AVERAGES By the Associated Pr FRIDAY, MAY 22. STOCKS. Today Previous day Week ago. . Month 3go Year ago.. Two years 230 Three years ago High, 1929. Low, 1929. 50 Industrials. 20 20 Rails. Utilities, 75.9 BONDS. 10 Industrials. 84.7 Year 2g0. . Two years ago Three MARKET. 100 r, Roll M 415s ‘33 904 5 Amer*Roll Mill 55 '48 77 1Amer Seating 6s '36. 63! 5 Appalach Gas_6s 45 8 Appalac Gas 6s B '45 23, ss0 903 2A5 G & E 435 ° 8% 68 A550 G & E 4755 49 C 101 Asso Gas & Ei 58 /50 56 Asso Gas & El 55 '68 75 1 Associat Rayon 55 '50 5 7As Tel Uil 51 [ 5 Benefic Ind cv 5 Birmingm El 4 4 Bos & Me 4 1 Buff Gen EI 5s A 'S 3Can Nat Ry 4138 1Cap Adm 55 A 53 ww 4 Carolina P & L 55 '56 1047 9 Caterpillar Tr 55 '35. 90 C: rvi 27 Citles Serv 31 Cit Serv G s 10Cit Ser Gas P 68 32Cit Serv Pow 5.8 § omdr Larabee 65 41 3 Paso N G 612 ire O&R 5':5 al Wat 5.8 '5 > M e Pd 65 A '49 0 Hyerade P4 65 A ‘49, S Fow & Lt 6s A 1631 5143 37 934 5i.s B '54 1033 6s 53 4 Towa Pow & L 1lowa Pub Serv 6 Jers C PAL 5is 3Jer Cen PL 55 B 7 Kansas Pow S5 A’ 24 Kelvinator 6s°'36 xw 1 Kentucky Ut 55 H ' £ ZERRREL! = | g Ty H 5 5 Eng GAE 55 '48. Eng G&E 55 '80 v Eng Pow 5s 43 v Eng Pw 5143 Orleans 4125 N Y P &L 4as 8 Nor 1nd PS8 41as E 70 9 2 No Ohio P&L Bios * 4 Nor Stat Pow 8135 40 103 34 Nor Stat Pow 4155 ' 3No Sta P 6%s 1No Tex Ut 75 '3 11 Ohlo Edison S5 2 Ohlo Pow 4's 70kla Gas & 2 Pac G&E 4! s ‘60 1Texas Gas Ut_6s '45. 5: 15 Texas P & L 55 '56 4 Union E & P 55 B '67 I 32 Union_Gulf s 4Unit P & 22 Van 8werin_6s 21 Vanadium 8s '41..... W E & P 55 A '3 3Va Public Sery 6s '46 8Va Pub Serv 55 B '50 19 Warren Bros 65 ‘41 1 West News Del 65 '44 45 3 West Penn 55 2030, 88% 29 Wes Tex Ut 55 A '57 88 FOREIGN BONDS, 1 Aer Mtg Ban 5123 ‘310 830 A 411015 4 Ercole Marc 645 '53. 83 7 Eur El Cp 6%35 65 xw 1Europ Mtge A 7' 3Finld R M Bk 6s 8 Ger Cons Mun 65 47 1 Hanover City 7s '3 11 Ital Sup Pow 0s A "63 4 Medellin 3 Saxon Pub Wk 85 '3 6 Stinnes 75 ‘36 xw. 12 Stinnes s ' 10 Ternt Scc 6 1 Uit Indust ww—With warran | rants. n--New. wi ts When issued. NEW YORK, at new lows. vance, | steady. Span! commission house buying. steady; trade buying. frost Kansas and better ex) Corn firm; forecast frost nois. ‘Treasury receipts for May $6,760,466.53; expenditures, 797.48; balance, Close. 9974 10843 71 671 61 100tk 100% 105% 9934 6 Appalach_ Pow 55 '56 10374 2 108 xw—Without Markets at a Glance May 22 (®)—Stocks irregular; chemical and mining shares Bonds steady; ralls ad- Curb irregular; Cities Service Foreign exchanges irregular; peseta week. Cotton eary, vorable weather forecast. Sugar steady; Coffee CHICAGO, May 22 (#).~Wheat firm; rt demand. owa. steady to weak and insect damage Illi- Cattle TREASURY STATEMENT. 20 were $10,560,~ $117,283,664.85. Cus- toms receipts. for the month to the close of business May 20 were $18,- D. C, FRIDAY, MAY 22, 193] FINANCIAL. MUTUAL BANKERS CONSIDER - JOINING FEDERAL RESERVE Committee Would Make Priv- ilege Optional With Indi- vidual Houses. Representative McFadden Advises Against Taking Any Such Step. The National Assoclation of Mutulli Savings Banks had before it today a| recommendation favoring the privilege of joining the Federal Reserve system, the bankers feeling that the great strength of the central banking system displayed during the past year has made membership advisable. The recommen- dation was placed before the conven- tion at the Mayflower Hotel by H. H. Newell of Cleveland, the vexing prob- lem having been given a year's study sinca the last convention at Atlantic City. The 600 delegates were expected | to vote on the reccmmendation late lD-i day. The committee report stated that “the | events of the past two years have given every banker many occasions to be thankful for a strong, liquid and efi- cient central banking system in this| country and the conclusion of your com- | mittee” is that mutual savings banks | should, in the best interests of our vast number of depositors, attempt to obtain | the privilege of membership in the Federal Reserve System.” - “It will be utterly useless for your Federal Legislative Committee,” the re- | pert added, “to present and obtain pas- sage in_Washington of an amendment to the Federal Reserve act without the indorsement of their efforts by this as- | sociation.” Advises Against Joining. | The committee report, made this noon, followed quickly after the address | made yesterday by Louis T. McFadden in which he advised the mutual sav- ings banks to maintain their freedom and remain outside the Federal Reserve system. The committee recommenda- tion urges the Legislative Committee to seek passage of an amendment yermu" ting this class of banks to join the Re- | serve system, but at the same time to | make such a move optional with the | banks. Reports came in fast at today's con- vention session. Many of them cov- | ered technical studies in progress for | the past year. The late afternoon pro- | gram also included the election of offi- ' cers for next year, 1 McFadden Sees Slow Recovery, | Chairman Louis T. McFadden of the | House Banking Committee, in_his ad- | dress, predicted that recovery from the depression would be a “long, hard pull” | and expressed the hope that it would not be necessary for Congress to in- | crease taxes, but that it would reduce | Government expenses instead. | The Pennsylvanian urged the bank- | ers to maintain their independence of the Pederal Reserve system, blaming it | and certaln business interests with re- | sponsibility for whas he described as 1nfln}§ed securities values before the 1929 crash. It would be dangerous, he said, to deal with the question of reducing wages at this time because of the psy- chological attitude of the public. He said_surpluses held by big concerns should be distributed to stockholders and to employes in wages as a step toward stimulating business. | “It seems to me,” he continued, “that | as long as price levels continue to fall, | just so long will the business recovery | be held back—until those forces which affect price levels are steadied. There | can be no just settlement of a proper wage scale until price levels are settled permanently. Standards of living de- cide, or should decide, the level of wages. “The maintenance of the present standard of living in the United States is vital to the maintenance of our present form of government, and every force and element to sustain this is | necessary. In times like this there are | always people who cry out against the | fixing of what they term a political wage, but who at the same time strain every nerve to get a political price by tariffs, combines and credit control.” Investment Rate Puzzling. Among the 600 delegates opinion was | divided in yesterday's discussions over | the idea of reduction of interest rates | on thrift accounts, which all agreed was to be considered only as a last resort, but which some bankers were | inclined to regard as inevitable if ores- | | ent_conditions remained much longer unchanged. ‘The rate paid by savings banks, even after such reductions as might become necessary, would, according_to Harry | P. Gifford, president of the Salem Five Cents Savings Bank, Salem, Mass, he higher in all cases than those paid | by commercial banks having thrift ac- counts. Many banks, including “a2il the wise | ones,” Mr. Gifford said, were guarding | against an increase in deposits repre- senting other than actual savings. "It | would be unfair and unwise,” he said, | “to reduce interest rates on the basis | of such deposits, unfair to our real and regular depositors and unwise because such accounts would be withdrawn as | soon as business conditions improve.” | room | tive national movement between edu- | the (opened by Thomas H. Riley, | tion and people are more inclined to de- | LOUIS T. McFADDEN. a matter of fact, the question of funda- mental change in our whole conception of economic instruction and the de- velopment perhaps of a new school of | economic thought. “‘Unfortunately, there has been some confusion of thought now as to what | we mean when we speak of a course of instruction in ' personal economics. Some have confused it with the broad generalities of thrift, and when we have tried to bring it down to the concrete and definite theme of instruc- tion in money management, it has | sometimes been assailed as unwort) of the motives of our educational sys- | tem. Some have confused it with school banking, and please let me em- phasize here that it is not an auxiliary | of school banking. I think weil of | school banking as a practical school- roject. 1 believe it may serve to make some lasting impression upon young people of the importance of sav- ing money. Personal Teaching Needed. “But we are considering here quite & different idea, the idea of a new form of economic instruction and a new subject of education, and which ultimately may serve in a large way to take the place of our present form of economic teaching. It is my personal judgment that if this new conception of economic instruction is not built around the managemént of personal incomes or some other equally concrete and practical theme, #t will not suc- ceed as an educational subject. It will not command the support of business | Paragus. men, or catch the imagination of school students. “Due to the experierce that we have had in the States of Massachusetts and New York, due to the interest that has been displayed by groups of educators and business men in other sections of the country, particularly due to the misfortunes of recent economic events, and, above ali, due to the fact that this subject should stand out in the minds of every thinking man as vital to the success of our economic and social prosperity, I believe that there should be started here in the city of Washing- ton today the beginning of a co-opera- cators and business men, looking to establishment of this subject on a firm educational basis, and that this association of savings banks should recognize this as an opportunity to Join in a progressive movement for the {ld\'lmt of better economic think- ng.” Small Bank Requirements Aired. Much of tod: program was taken up with discussions of a more or less technical nature. The session was . treasurer of the Brunswick Savings In- stitution, Brunswick, Me., who spoke on “The Needs and Requirements of th: Small Savings Bank—Institutions With Assets of Less Than $5,000,000.” His address was followed one on “Book- ing Problems,” by Charles C. Handy, treasurer of the Lynn, Mass,, Five Cent Savings Bank. The Committee on Insurance an-! nounced that “it is apparent from re-| Fair ports that the general public has more | or less abandoned the idea of specula- posit their excess funds with savings banks than with stock brokers.” As the funds and securities on hand in the | banks increase, the committee held that | the banks ought to add to their in- surdnce protection. The Committee on Legislation would have the word “savings” barred from | the title of any bank having Federal | charter and has an_amendment before | Congress to this effect. The mutual savings banks are also anxious to obtain lower taxation. | The Committee on Small Savings, Banks reported that some State legisla- tion has been proposed to fobce all sav- ings bank trustees to be substantial de- 55 A_15 BELL MADE BANK ASSOCIATION HEAD Baltimore Financier Chosen at Annual Convention at Atlantic City. Special Dispatch to The Star. ATLANTIC CITY, May 22.—At the concluding session of the Maryland Bankers' Association Convention held here Webster Bell, head of the Park Bank of Baltimore, was elected presi- dent, succeeding Alexander Armstrong of the First National Bank, Hagerstown. Mr. Bell acted as president during the convention, due to Mr. Armstrong's ill- ness, H. J. Walton, president of the An- napolis Banking & Trust Co, was named vice president ‘Tasker G. Lowndes, J. H. Cunningham. Irvin T. Kepler, Willlam S. Hill, W. B. Copper, Willlam S. Gordy, jr., and L. S. Zim- merman were made members of the Committee on Administration. State members of the American Bankers' Association held an _election. J. T. C. Hopkins, jr., of the Cecil Na- tional Bank, Port Deposit, was elected vice president for Maryland; W. O. Pierson of the Union Trust Co., Balti- | more, was made a member of the Nom- inating Committee and W. B. Spiver of the Bank of Somerset, Princess Anne, was named altegnate Albert D. Graham, chairman of the board of the First National Bank, Bal- timore, was chosen vice president of the national bank division; F. P. Whit- craft of the Eutaw Savings Bank, vice president of the savings bank division, and Warren F. Sterling of the Bank of Crisfleld, vice president of the State bank division. Charles M. C. Mathias’ of the Central Trust Co., Prederick, was elected vice president of the trust com- pany division and Hayward E. Boyce, president of the Maryland Trust Co., Baltimore, a member of the executive council. Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md., May 22 toes, white, 100 pounds, 1.25al. Ppotatoes, barrel, 2.0023.75; sweet pota- toes, barrel, 2.00a4.50; yams, barrel, 3.5024.50; beans, bushel, 125a2.25; ., _per dozen, 50a2.00; beets, 1.50; cabbage, bushel, carrots, bushel, 25a50; caulf erate, 2.0022.25; celery, crate, 3.50: eggplants, crate, 2.00a5.00; kale, bushel, 10230; lettuce, hamper, 50a75; lima beans, 3.50a6.00; peppers, crate, 1.50a5.00; Spring onions, per 100, 50a 1.00; spinach, bushel, 20a30; rhubarb, per 100, 2.0024.00; tomatoes, crate, 50 a3.00; apples, bushel, 75a2.50: per box, 1.75a2.50; grapefruit, box, 1.50a3.00; 2.5024.50; strawberries, crate, Poultry, alive—Chickens, young, 38; old hens, 22a24; Leghorns, 17a! roosters, 14al5; ducks, 15a25; guinea fowls, each, 50a75; pigeons, pair, 25a30. Eggs—Receipts, 1,623 cases; s dozen, 16%; current receipts, 165, Butter—Good to fancy creamery, pound, 22'2a25; ladles, 19a20; rolls, 18 al7; process, 21a32; store packed, 14. Hay and Grain. ‘Wheat—No. 2 red Winter, export, No. 2 red Winter, garlicky, spot, May, 83%. Corn—No. 2 domestic, yellow, 71a72; cob, 3.7524.00. Oats—White, No. 2, 38a38%; No. 3, 3723715, Rye—Nearby, 50a55. Hay—Receipts, 23 tons. While re- ceipts of hay are ample for all require- ments, there is no surplus o}f heavy clover mixed being offered. Such grades will bring a premium of $1 to $3 per ton, depending on the amount of clover. to gcod timothy ranges from $24 to $26 per ton. Straw—Wheat straw, No. 1, per ton, :g lg.W, Oat straw, No. 1, per ton, .00213.00. Live Stock Market. Cattle—Receipts, 25 head; light sup- ply, market very dull. Steers—Choice to prime, none; good to choice, 8.0028.50: medium to 7.0087.50; fair to medium,- 6.25a7.00; - plain to fair, 5.5026.00; common to plain, 5.00a5.50. Bulls—Good to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a6.00; plain to fair, 4.0024.50; common to plain, 3.50a4.00. Cows—Choice to prime, none; good positors. It has been learned that with- out State legislation, 80 per cent of the trustees are already depositors in their | banks. Such legislation is held lln-! necessary. | The problem of how a savings bank should ‘invest its money was the sub- Ject of a most exhaustive report. At one point this report, said: “We fail to see any reason why industrial bonds are | not well worthy of consideration for in- clusion in savings bank lists, It is, of course, recognized that some method of | Discusses Foreign Investments. Grosvenor Jones, chief of the finance and investment division of the Com- | merce Department, told the 600 dele- | gates there was a marked tendency to | ascribe the delay in world economic | recovery to the fact that “this country | is lending and investing in foreign | securities less freely” than before the | 1929 stock market crash. “Our critics forget,” he said, “that | many countries borrowed to the iimit when the borrowing countries as well as this country were prosperous, and foreign issues could be easily placed with the American investing public.” In addition to the war debts and short-term invéstment abroad, he said, Americans had invested more than $15,000,000,000 in foreign securities, “No Economic Santa Claus.” Pederal appropriations for inland waterways and “super highways” were denounced as “doles” granted by the Government to “seifish business inter- ests” at the expense of the American | taxpayer, and accounting in part for the present Treasury deficit by Samuel S. Wyer, consulting engineer, of Columbus, Ohio. “There is no economic Santa Claus,” he said. “In the long run, the moncy comes out of the pockets of the tax- payer, who right now is paying 62 per cent of the highway costs to 38 per cent paid by the users, and 60 per cent |of the cost of the inland waterways to 40 per cent paid by the shippers. Mr. Wyer characterized the appoint- | ment of a Power Commission by Gov. Roosevelt as “zn attempt to put Presi- | dent Hoover in a hole,” and the per-| scnnel of the commission as “men hav- ing no prac:ical experience.” The Gov- ernor, he sald, is “only trying to make the people believe he can give cheap electric power to the people of the State.” Lester Sees New Responsibility. Orrin C. Lester, vice president of the Bowery Savings Bank, New York, sald: “I think we have come to the time when the need of enlightening the American public on their perscnal eco- nol responsibilities has ceased fo be an academic subject. It has become a public duty. And while we are a cen- tury or more late in starting this move- ment, there ce ly never been » time when the need was more press- ing qr the opportunity more favorable. “It should be remcmbered that the uestion before us today is not an or- inary educational question. It goes so deeply into the very essentials of our social life as to stand as a chal- le to every thinking educator and Risiness man. 1 Wmes Jarward, | branch is attended with much less legal ORK, 23 x R A Y exact definition, from an accounting standpoint would be desirable as a pre- | requisite to the legalization of industrial | bonds.” Branch Banking Favored. The committee on promotion of new | savings banks said “it is urged that! the law should be made more liberal | in all savings bank States which un- | duly restrict the establishment of | branches, as being the first step to- | ward providing this savings bank serv- | ice in cities, towns or communities | where it is not now available. Tho establishment and _operaticn of a and practical difficuity than the organ- 1zation of a new bank. “It is apparent that a successful new savings tank cannos be established in | a community tco small to promise a | reasonably quick growth in deposits. It | is difficult to set the minimum size of | such a community, because other con- | siderations than 'population have a| bearing. Probably 5,000 would be the | smallest population capable of support- ing a savings bank, and no doubt many would set the minimum limit at a higher figure than this. | “It is probably unwise to establish | a new mutual savings bank in com- | petition with a commercial bank which | receives savings deposits, unless it is entirely clear that both banks nave an opportunity to prosper. We may, rea- sonably admit that a communfly is entitled to the ‘service rendered by a ! commercial bank before a savings bank is encouraged to enter the fleld. The attitude of competing banks and of the State authorities which have super- | visicn of banks must beycarefully com | sidered.” | . Ko BALTIQIORE STOCKS. Special Dispateh fo The Star. BALTIMORE, May 22.— Sales. STOCKS. 60'Arundel Corporation ... 227 Atlantic Co Decker com S3¢ & r Telephone Balio 63 Commercial Credit pfd. bl -2 %% ted Gas 5% cum Dfd A 105 com . 2 alty @Go.........0 Title Corp com.... 61 New Amsterdam Cas Co... U S Pidelity & Guaraniy. 22 Western Maryland Dairy pid. BONDS. 1000 United Ry & Elec income 4s.... BAR ;El QU0 TONS. silver 3 to choice, 5.00a5.50; medium to good, 4.5025.00; fair to medium, 3.50a4.50: plain to fair, 3.00a3.50; common to plain, 2.00a3.00. Heifers—Choice to prime, none; good to choice, none; medium to good, 6.75a 7.25; fair to medium, 6.00a6.75; plain to fair, 5.25a6.50; common to plain, 4.5025.25. Fresh cows and Springers, 30.00a70.00, Sheep and lambs—Receipts, 200 head; light supply; market lower; sheep, 1.50a 3.50; Spring lambs, 8.00a11.50. Hogs—Receipts, 600 head; light sug- ply, market lower; light, 7.25a7.50; heavies, 6.50a7.30; medium, 5a7.50; Toughs, 4.50a6.65; light pigs, 0a7.25; pigs, 7.25a7.50. Calves—Receipts, 100 head; light sup- ply, market steady; calves, 4.0028.50. NEW YORK COTTON NEW YORK, May 22 (#).—Early ad- vances on relatively steady Liverpool cables, reports of low temperatures in the Scuth and the higher opening of the stock maiket, were followed by rather nervous and irregular fluctua- tions in cotton today. ‘The opening bulge to 9.36 for July seemed to attract some realizing or re- selling which was encouraged by pros- pects for warmer weather in the South- west, and the development of an easier tone follpwing the initlal advance in stocks. July eased off to 9.20 or 8 points net lower with the mid-afternocn market comparatively quiet at net de- clines of 4 to 7 points. * Futures closed steady, 2 to 6 points lower; July, 9.22-9.24; October, 9.58- 9.59; December, 9.79-9.80; Jdnuary, 9.92; March, 10.10. Spot quiet; mid- dling, 9.25. May .. July October " .. December ary . B NEW YORK NEW YORK, May 22 (P). Bawk Stocks. America ...........q ank of U. 8. units rriman ... | Manhattan Co.". National Eeoples aity.. .-, National Trust Companies, | Banca Comm Ital..