Evening Star Newspaper, May 26, 1931, Page 13

ERVE DSTRT |2 RETAL TRADE OFF Rwhmond Bank Declares 14% 3% Abitibi Pow & Paper April Sales 8.2 Per Cent | 35" 33 Atams Exbrtsr. Lower in 35 Stores. ~Prev 1931~ Stock and 11% 5% Adv Rumley (new) % % Ahumada Lea | 109% Alr Reduction (143%) 17% 7 Alaska Juneau (40c) 814 Albany Wrap Paper. BY EDWARD C. STONE. Alleg Corp. According to complete details made public today by the Federal Reserve | Bank of Richmond, retail trade in the fifth Reserve district in April, as re- flected in sales by 35 department stores, was in smaller amount than trade in April, 1930, partly due to the earlier date of Easter this year, which caused a relatively large part of Spring | buying of clothing to be done in March. Sales in the 35 stores last month aver- aged 8.2 per cent less than sales in April, 1930, but a majority of the re- porting stores showed larger declines, the average being reduced by the rela- tively good_ record mude by r!mlng stores in Wash ‘Washi; record during earlier mDnths this y?l!’ also brought up the cumulative sales percentage for the first four months of the year, these sales averaging only 2.7 per cent less than sales in the corre- sponding period of the preceding year. Stocks carried by the 35 reporting de- partment stores increased an average of one-tenth of 1 per cent between the 1st of April and the 1st of May, but at the end of April average stocks were 13.7 per cent smaller in selling value than on April 30, 1930, the decline being due partly to closer buying and partly to lower prices for most lines of merchandise this year. The stores turned their stock .329 times in April and between January 1 and April 30 turned them 1.207 times, a better rec- ord than 1.047 times stock was turned in the first four months of 1830. Collections in April were better than in April last year. In April, 1931, the reporting stores collected 28.8 per cent o( receivables outstanding on April 1, in comparison with 27.2 per cent of out- standing receivables collected in April, 1930. Both Baltimore and Washington Teported better collections last month, hut the other cities reported a decline, chiefly because in 1930 some of the Richmond stores were included in this in Washington ‘were 1/7 per cent below the record for April, 1930, while sales in Richmond ‘were off 14.1 per cent and in Baltimore 11.7 per cent. A p of other cities showed & slump of 9.9 per cent. Wholesale Trade Also Reported. ‘Wholesale trade in April in the fifth rve district exceeded that of March and hardware, shoes and drugs. In April, 1930, sales, those in all five lines for which statistics are available, the declines being due, in part, to lower prices this year. In to- tal sales since January 1 all lines show smaller sales than in the first four mom.ha of last year. carried by the reporting vholemle firms decreased seasonally in| 120 all lines during April, and at the end| 39 of the month were also lower than| &3% stocks a year earlier. 23% Collections in April in wholesale| 131 lines were better in all lines except| 2954 drugs than in March this year, but| 24% three of the five lines reported slower | 64 collections in comparison with those of April, 1930. Dry goods lections in April, 1931, were collections in April, 1930, but groceries, hardware and drugs reported lower per- centages of receivalies collected in April than in same month last year, the Bank of Richmond says. $133,865 Phone q-tl-y Voted. Alleg Steel (12.80). Alllance Realty (3).. Allied Ch & Dye (n6) Allled Ch & D pt (7). Allis Chalmbers (2). Amerada Corp (2). Am & For Pw of (§). Am & For Pw pf (7). Am & For Pow 24 pf. Am Hawaiian S| Am Hide & Leather. . Am Hide & Leath pf. Am Home Pr (4.20).. Am lce (3). Am Locomott Am Locomot pf (7) Am Mch & Fdy 1.40 C 3 Am Pow & Lt (31).. AmP&LtPIA (4).. Am P& L pf A st (5) Am Ra&Std San 60c. Am Rolling Mills Am Safety Razor (5) Am Shipbuilding (5) Am Sm & Ref (4) Am Steel Fdy (3). .. Am Steel Fdy pf (7). Am Stores (12%) Am Wat Wks cfs Am Wat W 1st pf (6) Am Woolen. Am Woolen pt. Am Writ Paper etfs Am Zinc Lead & Sm. Anaconda Cop (1 “ ) . Anaconda W & C (1 Anchor Cap (2.40). Andes Copper Archer Daniel; Armour of Ill A Armour of Il B Armour of 111 pf Arnold Constabl Art Met Const ( Asso Apparel (12). Asso Dry G (2%) Asso D G 1st pf () Asso 011 (2) Atch To & 8 Fe (10). Atch To&S Fe pf (5). Atl Coast Line (7). Atl Gulf & West Ind. Atl Gulf & W 1 pt (5) Atlantic Refining (1) Atlas Stores (1). Auburn Auto (f4) Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). Balto & Ohio (5) Bang & Aroos (3%). Barnsdall (A) (1) Bayuk Cigar (3). Bayuk Cig 15t pf (7). Beatrice Cream (4) Beech-Nut Pkg (3). Bendix Aviation (1). t & Co (2). hiehem St chhhum 8t pf (7 aonn Alum & Br1%. Tors of the Chesapeake & Potomas Tel- Borg, Warmer 11 of the L ephone Co. at its regular monthly brigegs MIg (11%). meeting held here today. Briggs & Strat (2).. This appropriation brlw the uml Brockway Mot Trk. amount authorized for extensions and Brockway Mot pf... | lmprovemenu to the telephone system Bklyn-Man Tr (4) Wi n so far this year to Bklyn Man Tr pf () ll 851,041, according to a statement Bklyn Union Gas (5) made by John A. Remon, general man- Brown Shoe (3) ager. Bank te Pay Hamilton c.-'-u. Holders of first-m l,'?.'o go eentnmmpmbondl ollll& issue, numbered 1 inclusive, of lflll‘ dl#ad Jul iy Budd (E G) M{g p . Budd Wheel (1) Bullard Co... Bulova Watch (1 Bush Terminal (2%) Bush Term deb (7)., Bush T Bldg pf (7) Butterick Co. Byers (A M). Calif Packing (2).. Calumet & Arizona Calumet & Hecla. . Canada Dry G A (3). Canadian Pacific 1% . Cannon Mills (1.60). ‘ap Admin pf A (3). Clin & Ohlo (4) trustee, have been notified by the Am _Security & Trust Co. tblt it vlll Dly s o ‘“ncgr‘fil::n"‘;l 6, due July 8 W LA 930, and their surrender by lawful holders, with interest at 61, per een'. annum, from July 6, 1930, to June rr 1931. After the latter date accrual of interest ol'l" n.ldh ‘oou pons wltumc:x According ublished legal American geeumy & Trust Co. was substituted as trustee by a Dis :I:ru:t. Supreme Court decree on July , 1930. Convention Invitations Out. ‘The usual invitations to the coming convention of the District Bankers’ As- sociation, to be held at Hot Springs, Va., June 18 to 21, have just been sent out to all bank officials, bank di- rectors and other financiers in Wash- Cavanaugh-Dobbs. Celotex vtc ctis. Cent Aguirre As 1% . Cent RR of NJ (112). Cerro de Pasco(1.60) Certain-teed Prod. .. Checker Cab Mfg. ... Ches & Ohlo (2%4) . Chesapeake Corp (3) Chi & Alton Chl & Alton pf. n. me invitations are signed by Lanier P. McLachlen, president of the asso- ciation, and by the secretary, George O. Vass. The invitations include bllnn for making reservations for railroad and hotel, which are to be returned to Prederick H. Cox, cashier of the Com- mercial National Bank, who is chair- man of the Transportation Committee. ‘The invitations are unusually attra tive. The convention is to be held at the Homestead. It is the thirteenth meeting of the kind and an extra effort | is being made this year to increase the | attendance of bank directors Local Bank Stocks Active. Today was one of the busiest days lon record on the Washingion Stock Exchange so far as trading in bank stocks is concerned. The transfers were largely in small Ic Riggs National was the first stock to appear on the board, the first sale being made at 374. The stock closed at 373 after about a dozen 10-share lots had changed hands Second National figured in two sales totalling 42 shares at 170';. The next bank stock was Amerl Security & ‘Trust, which opened at 300 and closed around 297, the dl)‘s turnover being 160 shares. Union Trust Co. opened at 205 and closed at 200, on a 23-share turnover. Several _other stocks also changet hands, Capital Traction opening at 36 and closing at 35%. Norfolk & Wash- ington Steamboat Co. came out at 180, Railway & Electric preferred moved at 97%, ex-dividend, and there was a lot of trading in Carpel Corporation, from 21% down to 19%. Bond trading was confined to Poto- mac Ileclrln Power and Washington Gas Light issues. Financial District Comment. ‘The election at Buffalo yeflfngy of Eugene E. Thompson, of Crane, Parris & Co., for the fourth time as head of the Associated Stock Ex- - Webington. Block Exchange Wi c) e . Mr. Thom, Chi Pneu Tocl. Chi Pneu Tool p Chi R 1 & Pacific (5). Childs Co (2.40) . Chrysler Corp (1). City Ice & F pf (6% ) rk Equipment (2) ca-Cola (17%) Colg-Palm P pf (6).. Iins & Alkman “olo Fuel & Iron (n) Colo Fuel & It pt (8) Col Gas & El (2). Gas & El pf A ) Columb Carbon (5) Comel Cred 18t (6% ) “omm Inv Trust (2). Comel Inv Tr pf (1 somel I T ev pf (e6 Comm Soivents (1).. Comwlth&Sou (40¢). Cmwith & Sou pf (6) Congoleum-Naira Congress Cigars (4). Consol Cig pr pf 6% . nsolidated Film. Consol Film pt (2) nsol Gas N ¥ (4). n Gas of NY pf(5. nsol Laundries (1) 1% Baking 44% Contl Baking pf (8). 44% Contl Can (3% ) &% Contl Dia Fibre (1).. 38% COIIK: Insur (2.40)... Cream of Wht (13%) 4% Crosley Radlo.... 3 Crown Zellerback in the 63 38% Crucible Steel hae 3 wih has 108 90% Crueible Steel pf (' "0! fiB 806 2 Alleg Cp $30 ww 5% . 4 150 1 28 108 6 AOI 15! 20 ! Austin Nich pr A (3) 100- 10 5 70. Bamberger pf (6%). no- : 3 1 . 1008 l(l- 308 18 308 108 3% THE EVENI NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stock are sold in one hundred share lote excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Bates— Add 00. High. Low. Cigpe. Close. 3 Prev. 134 5% 5% 1% 48% 00 118% 5% 102 195 23 26 24 78% 105 107 ~Prev. 1931~ High. Low, 3 2% 3 35% 74 113% 2% 3% 21 52% 160 14% 24% 8% 14 611y 103 74% Stock and Dividend Rate. Cuba Co. Cuban-Amer Sugar. Cuban Dom Sugar. Cudahy Packing (4). Curtis Publish (4)... L 8 Curtis Publish pt (1) Curtiss Wright Corp. Curtiss Wr Corp A.. Cutler Hamm Sales— Add 00. Hign. 3 Detrott Edison (8).. Diamond Match..... Dlamond Mtch pf 1% Dome Mines (1)..... 14 Domn Stores (1.20).. 2 Drug Corp (4)...... 173 Duplan Silk pt (8)... 108 Dupont de 4. 401 185% 135% Eastman Kodak (18) 150 6 21% 10% Eaton Axle ( 11% 808 Bla Eitington-Scl Klec Auto L Elec Boat. Elec Pwr & Lt (1) 197 Klec Pow & Lt pf (8) Elec Stor Bat (5). Eng Pub Sv pf (5) Eng Pub Sv pt (5%). s Eq Office Bldg (Ih). 15% Erie RR. Fed Lt & Tr (31%).. Fed Lt & Tr pf (6).. Federal Screw Wks. . Fed Wat 8v A (2.49). Federated Dept Strs. Fid Ph Fire In (2.60) Firestone T& R (1). Firest T & R pt (6).. First Nat Strs (2%). Fisk Rubber Florsheim S Follansbee Bros Foster Wheele: Foundation Co. Fourth Nat Inv, Fox Film A (4). Freeport-Texas (3 Gardner Motor Gen Am Invest Gen Am Tank Car(4) 11 8 Gen Baking (2). Gen Baking pt (8) Gen Bronze Gen Cabl General Cable pf. Gen Clgar (4). 3 Gen Elec (1.60)...... 547 Gen Elec spec (60c) . Gen Food Corp (3).. Gen G & EL A (e30c). GenG& Elcvpf (). Gen Miils (3). Gen Motors (3). Motors pt (5. Outdoor Adv. Gen Public Service. . Gen Ry Signat (5)... 3 Gen Ry Signal pf (6)210. Gen Healty & Uul. .. Gen R & Ut pt (e6).. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Rasor. . Gillette Baf R pf (5). Gold Dust pf (6) Goodrich (B F). Goodyear Tlr'&fl(l) Goodyear 18t pf (7). Gotham Si1k Hoslery Graham-Paige. . Granby Consol (2).. Grand 811 8trs (b1). Grand Union. . Grt Nor Ore (2). Grt Western Sugar. . Grt West 8ug pf (7).140 Greene Cananea Cop. 108 Grig Ham Watch (11.95). arb Walk Ref (2)., Hartman Corp (A).. Havana Electric....; Hayes Body Hercules Mot (1.20). Hershey Choc (5 Hersh Choe pt (15). . Holland Fura (12%) Homestake Min (17). 4 Houdaille Hershey.. 41% | 123% 118% Jon Household Fin pf Houston Of1. Houston Of1 Howe Sound (3) . Hudson Motor (1)... Hupp Motor lilinois Central (4).. indian Motor Cycle. . Indian Refining. Indust Rayon (4).... Ingersoll Rand (4). . Inland Steel (234)... Inspiration Copper. . Interb Rap Transit. . Interboro RT c.0.d.. Interlake Iron (60c). int Agricultural. ... Int Agriculture pf. .. Int Bus Mach (n§).. Int Carriers, Ltd 50c. Int Cement (4), Int Combustion. Lot Harvester (234). Int Harvester pf (7). Int Hydro E1 A (e2). int Match pf (4) Int Mer Marine (1). Int Niel Int Paper & Pow A.. Int Paper & Pow C.. Int Pap & P pf (7) Int Printing Ink Int Print Ink pf (8) Int Salt (3)... Int Tel & Tel (2), Inter Dept Strs (2). . Inter D St pf xw (1). 108 Investors Equity. 2 Johns-Manville (3 & Laug of (1), Kayser (J) & Co (1). Kelly-Spring Tire. KeXlY-EDl' T 6% D! 80 208 Kimberly Ciagk 25% .. Kresge Dept Stores. . Kresge (SS) Co 1.60. Kreuger & T (a1.60). Kroger Groc&Bak(1) Lambert Co Leh Port Cmt Leh Port Cmt pt (7). h Val Coal pf (3).. man Corp (3).... Lehn & Fink (3).... Lib Ow Ford Gla Lizg & Myers B (15) Lima Locomot (m2). Link Belt (2.40) Liquid Carbonic (). % Loew’s Ine (3). Loose-Wiies (12.80). 4 Lorillard (F) Co.... 254 Lorillard (P) pf (7).1508 LouG&EA (1%).. 6 1-ville & N'ville ¢ McCall Corp (2% ). MecGraw-Hill (2).... Mclntyre Porc M (1) McKeespt Tin P(15). McKesson & Rob /1) McKes&Rob pf(3%) MoLellan Stor McLellan St pf A ) Mack Trucks (3).... Macy (RH) & Co(n3). Mad 8q Garden (60c) Magma Copper (2)..: Man ElevmK .. Manhat Shirt (1). alaracaibo Oil Exp.. Marine Mid (1.20) Market 8t Ry pr pf. . Marmon Motor Car. . + Marshall Field (2%) Mathieson Alkalf (2) May Dept Strs (23). Maytag Co pf (3). Melville S8hoe (2)... Mengel Co. ... Gold Pic pf 1.89. Met. um Mexican Seaboard (Continued op Page 14.) Low. Gloss. Gioew: 3% 3 3% 2‘% 2‘5 87‘4 l'lh 5 76 114% 114% NG STAR, WASHINGTON, D. C., TUESDAY, 2 !! 76 MARKET TURNS UP AFTER WEAK START Industrial Stocks Lead Way i Rally That Marks Afternoon. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 26.—Weak and lower during the early trading, today's stock market rallied briskly in the aft- ernoon. New lows were reached in the first half of the session for many im- portant, stocks among the rails, indus- trials and utilities, but after two hours of business liquidation dried up and the market turned. It was the industrials that led on the recovery. Rails improved moder- ately, but the utilitles lagged, regaining MAY 26, 1931. was_encountered. New lows were der $100 share hel one time Baltimore & Ohio was slightly higher on the day. Southern Pacific held well during the morning trading. (Copyright, 1931, GAIN 1S REPORTED IN BUYING POWER Factory Employes Have Added to Incomes Since First of Year, Survey Shows. Special Dispatch to The Star. CLEVELAND, May 26. — The real purchasing power of factory employes in this country ha$ turned upward since the first of the vear, says the only a part of their loss. There Were | nfigjand Bank, in 7. study of wages and still many weak spots. Ingersoll Rand | breaking almost 10 points and Mack | bear market. General Motors, American Can, West. Truck dipping to the lowest for the | But United States Steel, | cost of living. According to the computation of the bank, the index of purchasing power advanced from a low point of 79.1 in January to approximately 85 in April. inghouse, General Electric and Wool- | The figure was 101 one year before. worth - turned sharply upward as the | Industrial production also has climbed pressure lifted. American Telephone & | from an index of 82 in January to 89 Telegraph came back under short cov- | in A ering. four corporations was partly respon sible for the improvement. New Haven declared the regular dividends on both issues of stock and Chesapeake Corpora- | tion ordered the usual rate on its capi- tal shares. International Business Ma- chines declared the regular rate and | Pavorable dividend action by three or McKeesport Tin Plate the usual 50 cents extre as well as the quarterly dis- bursement of $1 a share. vorable item was the report, unofficial but widespread, that car loadings would show a substantial increase in the next weekly report. at the opening, stimulated- by the dis- heartening exhibition the market had given on Monday. The result was new lows for a long list of leading stocks. U. 8. Steel opened on a 5,000-share | block at 93!, the lowest since 1923. General Motors sold at a new low for the year, and so did General Electric, although the losses in these two were only fractional. Allled Chemical started in higher, but soon lost the gain, and into new low ground. lumped 3 points, like- Selling came into the utilities because « |of the drop in the averages for that | group to a new low for the bear mar- ket in the preceding session. The util- ities up to very recently had held out far better than industrials or rails, so that when they gave way it deepened the already widespread pessimism. North American was in large supply, declining over 3 points before support | North American | "Trust Shares “Fhe Leading FixediTrust® oA commonisense; [investment, with N safety 5 good retwrn Another fa- | Iy J lin inte) .Jouphi WQller “" L& Discouraged liquidation predominated ! marketability | growth in value [2spss] Knarp &1Co. Inc. INVESTMENT! SECURITIEY Washingion Ofice ——=y Shoreham Building | declared the regul pril. “The two principal elements in real purchasing power are (1) the amount | of wages being received, and (2) the | cost of living." says the Burvey. BAR SILVER QUOTATIORS NEW YORK, May 26 (#).—Bar silver q;xlel and steady at 26%, an advance of 'Mon.ey to Loan Secured b ed of trust on reat esta IS imission. INVESTMENT SECURITIES Listed Bonds and Stocks. aise Excellent cOY lmm NIXO! Notlonar 1920 Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Conhlon and Prompt_Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. Public Service Corporation of New Jersey Dividend No. 96 on_ Com- mon Stock Dividend No. 50. on 8% Cumulative Preferred Stock Dividend No. 34 on 7% Cumulative Preferred Stock Dividend No. 12 on §5.00 Cumulative Preferred The Board ot Directors of Publie Bervice Corporation of New Jersey hll declared dividends at the r per ghare; at the rate of $5.00 per an- num on the non par value Cumulative Preferred Stock, beiug $L.25 per share, and 85 cents per_share on the non par value Common stock for the quarter nding “June. 30, 1 dividends are payable June ‘“{ 1631, to stockhold- 5" of reco]rd at the close of mne-. une 1 nth. = W. Van Middlesworth, Treagurer. —_— Public Service Electric and * Gas Company Dividend No. 28 on ‘7% Dividend No. 26 on 6% Chtpbtve ot Wt The Board of Directors of Publie Service Electric aad Gas Company nas on'the 1% and §% Ereferred Stook of that Company. 'Dividends are payable June 30, 1931, to stockholders of record at the ciose Gf business, June 1, 1931, . 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