Evening Star Newspaper, June 10, 1931, Page 14

A—l4 ¥¥¥ RIGGS BANK NAMES ANEW OFFICIALS President Says Changes Were Occasioned by Growth in Business. Robert V. Fleming, president of the Riggs Nationa] Bank, announced this ‘noon that at the regular monthly meet- ing of the board of directors, held Monday, John R. McMullan, a national bank examiner in this district, was elected an assistant vice president. At the same meeting Earle M. Amick and Nelson B. O'Neal, who have been assistant cashiers, were elected assistant vice presidents and Danlel J. Callahan, jr.. was made an assistant cashier. President Fleming stated that these four elections were occasioned by the growth of the business of the bank, the need for additions to the official staff and to give recognition to out- standing services. The head of the ‘bank waited about making the an- nouncements until Mr. McMullan had been given time to present his resigna- tion as a bank examiner to the Treas- ury Department. Mr. McMullan was born in Hertford, N. C., November 24, 1890, and obtained his education in the public and private schools of that State. He started his business career with the Hertford Bak- ing Co. He took a strong liking. to banking and became an assistant bank cxaminer in 1919. Commissioned a mational bank examiner in 1921, he has during recent years had charge of con- ducting the examinations of the larger banks in Washirigton, Richmond and Baltimore. Mr. Fleming said Mr. Mc- Mullan would assume office on July 15. * Mr. Amick entered the employ of the Riggs National Bank on February 9, 1918, and served as auditor and as as- sistant cashier until his election as as- sistant vice president on Monday. Mr. O'Neal entered the employ of ths Riggs National Bank on December 7, 1918, and served as an assistant cash- ier and as manager of th2 branches of the bank. Mr. Callahan entered the employ of the Riggs National Bank on March 8, 1923, and has been in charge of the securities department of the bank for several years, and will continue to have chage of this work in his new official position. Riggs National has been expanding its business rapidly, and work was re- cently started to provide larger ficor space in the main office. It is under- stood that expansion of business at the branches had much to do with the di- rectors deciding to enlarge the present official personnel. .| Baltimore Markets Special Dispatch to The St BALTIMORE, Md., June 10.—Po- tatoes, white, 100 pounds, 1.0031.40;, new potatoes, barrel, 1.50a2.75; beans, ‘bushel, 7581.25; asparagus, per dozen, | 50a2.25; beets, per 100, 2.50a3.50; cab- ‘bage, bushel, 1.40a1.80; carrots, bushel, '25a50; celery, crate, 9.00210.00: egg- plants, crate, 1.50a5.00; kale, bushel, 10a25; lettuce, bushel, 15a40: lima .beans, bushel, 2.50a4.50; peppers, crate, +1.50a5.00; onions, per 100, 75a1.00; peas, large pod, per crate, 1.10a. 35.1 spinach, bushel, 15a30; rhubarb, per 100, 2.0024.00; tomatces, crate, 50a1.75; .apples, bushel, 75a2.50; per box, 2.00a 2.50; cantaloupes, 1.00a3.25; grapefruit, ‘box, 1.50a2.50; oranges, box, 2.50a4.25; -strawberries, quart, 7a13. i Dairy Market. : Poultry, alive—Chickens, young, 20 'a36; old hens, 21a24; Leghorns, 12a18; . roosters, 12al5; ducks, 17a23; guinea fowls, each, 50a75; pigeons, pair, 20a25. + Eggs—Receipts, 1,651 cases; current ‘recelpts, 17%. Butter—Gocd to fancy, creamery, 22 +a25; ladles, 17a18; rolls, 16a17; process, !20a21; store packed, 14al5. Wheat—No. 2 red Winter, export, 79; ‘No. 2 _red Winter, garlicky, spot, 79; “une, 79. + Corn—No. 2 domestic, yellow, 70; ‘cob, new, 3.50. Oats—White, No. 2, 38; No. 3, 37. i Rye—Nearby, 50a55. Hay—Receipts, none. While receipts of hay are ample for all requirements, there is no surplus of heavy clover | Tmixed being offered. Such grades will bring a premium of $1 to $3 per ton, depending on the amount of clover. | ‘Fair to good timothy ranges from $24 ! ‘to $26 per ton. | Live Stock Market. Cattle—Receipts, 50 head; light sup- .ply, market steady. Steers—Choice to prime, nore; good *to choice, 7.25 to 8.00; medium to good, 650 to 17.25; fair to medium, 575 to 6.50; plain to fair, 5.25 to 5.75; com- mon to plain, 4.75 to 5.50. . Bulls—Choice to prime, none; %ond to choice, 5.00 to 5.50; medium fo ecod. ‘4. .00; fair to medium, 4.00 to ,4.50; plain to fair, 3.50 to 4.00; com- ‘mon to plain, 3.00 to 3.50. Cows—Choice to prime, none; good *to ‘choice, 4.50 to 5.25; medium to good, 4.00 to 450; fair to medium. 3.50 to 4.00; plain to fair, 2.50 to 2.75: com- mon to plain, 2.00 to 2.50. Helfers—Choice to prime, none; good to choice, none; medium to good, 6.00a ,650; fair to medium, 5.50a6.00; plain ‘to fair, 5.0025.50; common to plain, 4.50a5.00. Fresh cows and Springers, 30.00a 60.00. Sheep and lambs—Receipts, 850 head; «moderate supply; market lower; sheep, 1.00a3.00; lambs, 6.0029.50. * Hogs—Receipts, 500 head; light sup- ‘ply; market steady; lights, 7.00a7.25; eavies, 6.00a6.80; medium, 7.00a7.25; ; light pigs, 6.75a7.00; e .25. Calve: ceipts, 100 head; light sup- ply; market steady; calves, 4.00a4.85. Washington Produce Butter—One-pound prints, 29; tub, 28, Eggs—Hennery, 19a2l; current re- ceipts, 17a18. * Poultry, alive—Turkeys, 20; hot-house brotlers, large, ‘34a35; medium, 32a33; Leghorn broilers, 22a26; hens, large, 22a 23; small, 18a20; Leghorns, 18; roosters, , 12a14; ducks, 15; keats, young, 70a80; old, 40. Dressed—Hot-house broilers, - large, 38a40; medium, 37a38; Leghorns, : 28a30; hens, large, 25a26; small, 23a24; Leghorns, 20; roosters, 16; keats, young, 70a80; old, 60. * Meats—Becf, 121%4a13%; veal, 13a15; < lamb, Western, 18a20; Spring, 23a25; * pork, loins, 17; fresh hams, 171; fresh , shoulders, 12; ‘smoked hams, 18%; smoked shoulders, 12; strip bacon, 21; lard, in bulk, 10; packages, 11. .+ Live stock—Hogs, heavy, 5.50a6.25; light and medium, 6.50a6.75; pigs, 6.25a 6.75; loughs, 3.00a4.50; calves, 4.00a 8.00; Spring lambs, 6.0029.00. 2 Fruits—Apples, box, 2.50a2.75; peaches, .-1.00a2.00; pears, box, 5.00; cantaloupes, . jumbos, 3.00a3.25; _standards, - 2.75; ponys, 2.50; flats, 1.50; oranges, 4.00a * 450; lemons, 5.0026.00; limes, per 100, 3.00; pineapples, 2.50a2.75; strawber- » ries, 2.00a5.00;" blackberries, 6.00a6.50; . huckleberries, 4.00a5.00; plums, 1.25a 1+2.00; apricots, 1.50; bananas, 1.50a3.00; + grapefruit, 2:50a3.50; rhubarb, per 100 bunches, 4.00; cherries, 32-quart crates, 5.00; fancy box, 2.00a2.50; honeydews, 3.00a4.00. Vegetables—Potatoes, new, per bar- FINANCIAL. NEW YORK STOCK EXCHANGE Mfl"mmm‘hmlflrm (Continued From Page 13.) i’ soronisBetavin i) ~Prev. 1931~ Stock ana High. Low. Dividend Rate. 26 15% Rossia insur (2 20).. 42% _24% Roy Dteh(m1.2404) . G5% 38% Safeway Stores (6). 96 86 Safeway pf (6)..... 14% St Joseph Lead (1).. 9 St Louis & San Fran. 7 St L Southwestern. . % Seaboard Alr Lin 5 Seab Air Line pf..... 447 Sears Roebuck 31234, 146 33 Second Nat Invpf... 1 4% Servel Inc. .. 827 10'% Sharp & Dobm 16% Shattuck F G (t11%) 2 4% Shell Union OIl. . ... 20508 251 Shell Un Ol pf (5%) 1 10% SimmonsCo...,.... 23 6% Sinclair Con Of) (1).. 90 77% Sinclair Ofl pf (8)... 1 81 Solvay Am pf ww 6% 1 7% South Port Rico Sug. 13 36 South Cal Ed (2) 7 67% South Pacific (6) 18 27 SouthRy (8)........ 4 Sparks Withing (1). 21 Spicer Mfg pf (3)... 5258 Splegel-May-Stern. . Stand Brands (1.20) . Stand Comel Tob. StandG&E (3%)... Stand G & E pf (4)... Stand O11 Ca) (h2%) Stand Ofl of Kansas. Stand O N J (12)... §0 Stand Ofl N Y (1.60). 149 Sterling Sec A... 1 Sterl Sec pf (1.20)... 1 Sterl Sec cv pf (3). 9 Stewart Warner..... 12 Stone & Webster (3). 8 5 N 6 24% 5% 14% 2% 5% 56 314 8% 30% 13% 2% 5 30% 8 25% 14% 31 94 30 Studehaker (1.20). Sun Oir (11 Sun Ol pf (6).......160 Superheater (2%)... Superlor Ofl. . Symington 1 Texas Corp ( 16 Texas G Sulphur (3). 6 Texas Pac Land Tr.., 33 Thatcher Mfg (1.60). 1 The Fair (2.40) 6 Third Avenue....... 65 Thompson (J R) (2). 2 Thompson Starrett. . Tide Water As (60c). Tide Wat As pf (6).. Timken Det Ax (80¢) 32 Timken Roller (3)... 1% Tobacco Products. 7 Transamerica (1)... Transue & W (1) 1 5 33 1 36 T 1 6% Tri-Cont Corp....... 6 92% Tri-Cont Corp pf (6). 2 12 Truseon Stl (g1.20). 1 THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, JUNE 10, 1931. ~rrey. 19315 High, 2 26% 14 205% 137 87 835 38% 20% 28% 13 1% 16% b2 44% 48% 26% 19% 2 763 21 & 0% 1% 35 13% 11 10:30 A.M. i e PPzl | ; 1Pl tock, 1 Plus s0c ol Unit G & Im (1.20).., Unit G & Im.pt (5).., Rubber 1st pf... Smelt & Ref (1). U S Steel (7)... U S Steel pf (7). . Unit Stores pf (4)... Univ Leaf T pf (8).. Univ Ple 1st pf (8).. Utl] P&L A (0+2.15) . % Vadasco Sales Corp.. 23% Vanadium Corp'a.... 71% 59% Va Car Chem pt (7). 71% 38% Vulean Det (4).... 40 Waldorf Walwort] payments based on the latest quarterly or hal *Unit of trading less than 100 shares. scrip. avable in, stock. in_stock. g Plus in special preferred this year—no regular rate. n Stock and Bales— w. Dividend Rate. Add 00. 43% Union Carb & C 2.60., 102 4 Un'Oilof Cal (3).... Un Paeific (10). ® solnnannavra Sys (1%).. h C 2). 04& Sn pf (4).. Westing A B (2).... Westing EI&MIg (4). 365 4 Westing E&M pf (4). 10 % Wextark Radio Strs. Willys-Overland. » Wilson & Co A. . Woolworth (2.40 Worthington Pum| Wrizley (Wm) (4).. 5% Yellow Truck. .. 3915 Yngstwn Sh&Tu(2). YngSh& Tetf (B1). 1 14% Vounes Sprine (3) 2 Zonite Prod Corp (1) 5 Sales of Stocks on New York Exchange. 92% % 4% 51a 63% 4 7 T 45 39% 19 12 200.000 12:00 Noon. 900.000 2:10 P.M vearly declarations. 1Partly extrs 1Plus 9% in_ stock. % 1n’ stock. stock. k Plus 3% in stock. Plus 5% in stock. JOHN R. McMULLAN, National bank examiner, who has been elected assistant vice president. | UNFILLED U. S. STEEL ORDERS OFF SHARPLY Decrease of 277,277 Tons in May Reported—Operations Also Smaller. By the Associated Press. NEW YORK, June 10.-Unfilled or- ders of the United States Steel Cor- poration decreased 277,277 tons in May to a total of 3,620,452 tons May 31. In April a decreass of 97,601 tons was re- d. ported. ‘The backlog as of April 30 was 3,897~ 729 tons. On March 31 unfilled orders aggregated 3,995,330 tons, against 3,965, 194 tons on February 28. On May 31, 1930, unfilled orders amounted to 4,059,- 227 tons. Unofficial estimates of the decrease rangsd from 250,000 to 300,000 tons. A decline during May is seasonal and in the years back to 1924 the drop for that month has averaged about 350,000 tons. In May, 1930, unfilled orders declined 294,993 tons. The Steel corporation’s operations fell off steadily last month and new buying was down to an even larger extent. Specifications calling for deliveries on previously placed contracts kept the mills working beyond the requirements of incoming business, which is believed to be running light, thus far into June because of the cautiousness of buyers. e G Associated Telephone Utilities. NEW YORK, June 10 (#).—Associated Telephone Utilities Co. and subsidiaries for the March quarter reported profit of $284,687 before depreciation, com- pared with $823,710 for the like period | Fepos of 1930. ‘Thompson-Starrstt Co. and subsidiary for the year ended April 23, reported profits of $1,785,703, before writeoffs and reserves in respect to accounts and notes receivable, mortgages and sundry | I investment charges against surplus. For the year ended April 24, 1930, the com- pany reported net profit of $1,745,597, equal to $2.02 a share on the common | stock. DRIVE FOR BUSINESS. NEW YORK, June 10 (Special).— The drive for business, which - the Jeading department stores are making, with special sales and the most intelli- gent advertising presented in this period of depression, is sho! results in a remarkable increase in the volume of transactions. It has been demon- strated that proper presentation of the facts relative to wholesale and retail prices brings a buyer response. Some ent stores in New York have ‘been dulnj a larger business than for the similar period in 1929. Net profits, however, are not so satisfactory as two years ago. NEW YORK BANK STOCKS NEW YORK, June 10 (#).—Over-the- counter market: rel, 2.50a3.00; old, 100-pound sacks, 2.00; | Ch, sweets, 2.50; corn, 2.00a2.50; string beans, '“75a1.00; limas, 4.50; cabbage, 50a75; “kale, 30a40; spinach, 30a40; beets, per /2100 bunches, bunches, 6.00a7.00; squash, aspéra per dozen bunches, 2.00a [ 2.50; tomatoes, 3-pan crates, 1.00a1.25; 6-pan crates, 2.50; ° cucumbers. 2.00a 250; eggplant, 2.50a3.00; caulifiower, 1.50; lettuce, 40259 ring onions, per 100 bunches, 2.00; Bermudas, 50-pound ‘" sacks, 1.50a1.75; peas, 1.0021.25; cel- cry, per bunch, 1.00. 4.00a5.00; carrots, per 100 08.7. i.5a1.50; | Fub 8888825838 Irvi Manufacturers’ New York .. Special Dispatch to The Star. CHICAGO, June 10.—An intensive investigation of the real estate bond situation, giving suggested plans for working out defaults and for restoring real estate financing to a sound basis, is given to the investment banking busi- ness and the public by the Investment Bankers' Association of America in the latest interim report of the association’s Real Estate Securities Committee. The report was presented at the recent May meeting of the association’s board of governors at White Sulphur Springs, and appears in the June number of the association’s official publication, Invest- ment Bahking, just issued. After giving a brief history of real estate bond financ- ing and of rental and real estate value trends since 1914 the report divides out- | standing real estate bonds into five classes. and says: “The real estate bond situation is one of the blackest spots in our present financial outlook, made so to some ex- tent by general ignorance as to how the situation should be handled. Estimates of the total outstanding volume of real estate bonds vary from 8 to 12 billion dollars. Ten billlon dollars may be & fairly correct estimate. In the city of Chicago $400,000,000 in real estate bont are in actual foreclosure, and similar conditions exist in most of our larger cities. The 10 billion of real estate bonds should be considered in groups, and a classification follows which your com- mittee believes is more or less correct.” Bonds Classified. ‘The classification places, in class 1, $2,000,000,000 of real estate bonds “in good standing with good record.” Class 2, $2,000,000,000 which “appear to he able to work out without foreclosure or loss.” Class 3, $2,500,000,000 “where fore- closure or workout with small loss is probable (losses 10 per cent to 25 per cent).” Class 4, $3,000,000,000 “with losses from 25 per cent to 60 per cent when foreclosure and sale are completed.” Class 5, $500,000,000 “incompleted, {ll conceived and misplaced buildings, in- cluding many leasehold and second mortgage bond issues: in class will run from 60 per cent to 100 per cent and items should often be ep- tirely abandoned.” Bonds in classes 1 and 2 are well secured, the committee believes, and are entitled to a preferred market, and investment houss should endeavor to maintain such a market. In class 3, 4 and 5, the committee advises that each bondholder should be furnished with informatior as to the probable liquidat- ing value, and that when possible some price for these bonds should be main- tained by the originators. Where liqui- dation is necessary o tors should take the leadership in liquidating each issue and should at least absorb their own expenses, to make the burden on the property light as possible. The rt adds: “We do not believe that the investment house need absorb the loss on real estate bonds and m: . ‘We do believe that investment houses which expect to stay in business should help to preserve the integrity of their - estate bond issues as far as pos- sible.” Many Plans Considered. ‘The committee reports that it has re- ceived many plans that propose to work out defaulted bond issues in groups. As a general rule, says the report, these plans of including several different de- faulted issues in a group are not ‘fair to all depositing bondholders, some of the plans are sponsored by individuals who are intent on making a profit from the situation and all the }mmnru furnished. ‘The report then offers a definite n ;me.‘a’“’mgn""”‘ ations "be - erganised b ns be * organ: y substantial interests in leading cities to acquire distress . ‘These corporations should have adequate paid-in capital and holders of defaulted bonds should have a .choice of selling their bonds to the corporation at a 5 it preferred stock, each share of “which 1 of common stock. organize get uutehgadlwco('.hemuwlcny as - . report refers to the conserva- tive type of real estate loans held by insurance companies and conservative heeou:glnhllnfll"l some of their assets are cleared, there will be little rcal estate the report d ne the present. situation has | W CONSTRUCTIVE POLICY URGED IN REAL ESTATE BOND FIELD I. B. A. Report Suggests Stcps Should Be Taken to Prevent Destruction of Values. Recent Decline Reviewed. bond financing done. If the business continues at all the new issues will be more in accord with the standards of safety followed by life insurance com- panies. This means a sharp curtail- ment of new building projects, unless borrowers can be found to supply the required 40 per cent to 50 per cent margin of security.” The curtailment of real estate de- velopment means a partial paralysis of many industries. the report declares, and adds that “we believe that the most important problem is to provide the machinery by which confidence in real estate securities can be re-estab- lished and through which the investing public be willing to make their savings available to finance proper and reason- able real estate undertakings and new construction. “Your committee is of the opinion that a good method to accomplish this result may be through the medium of guaranty companies, specifically orga- nized for the purpose of guaranteeing mortgages. The subject, however, is one of great importance, and without further investigation we make no spe- cific recommendation at this time.” The report was presented by Louls K. Boysen of the First Union Trust ds | & Savings Bank, Chicago, chairman of the committee. Other members of the committee are Thomas W. Banks, Banks, Huntley & Co., Inc., Los An- geles; W. F. Finley, Cleveland Trust Co., Cleveland; R. King ner Malott, Spokane Eastern Co., Spo- kane: John R. Milligan, Ed d B. Smith & Co., New York; rvin O{V!r;‘rllln,e‘:::lt Securities of Inn: , Minneapolis; Otho C. Snider, Prescott, Wright, Snider Co., Kansas City. . MACHINERY MARKETS QUIET DURING WEEK this | SPecial Dispatch to The Star. NEW YORK, June 10.—Machine-tool {FOREIGN BOND LIST | CONTINUES HIGHER Practically All Groups Excépt Germans Share in Price Gains. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 10.—While junior domestic bonds were hesitant today be- cause of the slow movement in stocks, foreign dollar issues continued their improvement of the past two days in every group save that of the Germans. Anxiety over the reparations revision issue sted and had its sequel in fractional declines for Young plan 5%s, Dawes plan 7s, German Central Bank o, | lssues and other Reich credits. The feature of the morning was the continued strength in the Brazilian group. Brazil 6l,s sold above 50 for the first time in weeks, more than 17 points above their low prices of the year. The impressive thing about their | ON:NEW YORK BONDS STOCK EXCHAN! Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Sales. High Low. Close. Lib 3%s32-47.. 30 10220 102 18 102 18 Li1st4!4s32-47. 12 103 13 103 12 10312 4th4%s33-38 67 104 30 104 28 104 29 8%s540-43. 112 103 2102 103 2 3%s41-43.. 25 103 103 103 2%843-47, 20 103 4 103 4 103 4 3%s 46-56. 200 107 13 107 12 107 13 48 44-54... 210 10914 109 12 109 14 US4%847-52,, 1147 8 8 B8 8 s 4114 2114 Low. Close. 4T% AT 100 Sales. ADItIHI P& P6s"53. 1 Ab&St6%s'43.... Allegheny 65 ‘44 11 Allegheny 5: Alleg Corp b 61 101% 103% Am Chain 6s'33 Am F P 58 2030. AmIGCh6Y% . Am IntCp 5%s'49. 5 5 33 15 .9 1 15 10 1 Am T&T 5%s°43... Am W Wks b8 advance was the volume, many blocks | A of 25 and 50 bonds being taken. This was indicative of institutional pur- chases and led to the belief that the official report of Sir Otto Niemeyer of the Bank of England may place Brazil- ian obligations in a better light than has previously been expected. Sao Paulo coffee loan 7s of 1940, on the same type of support, advanced a point, and other descriptions of the Brazilian provinces rose 2 to 3 points. The Argentine group, which has now had a recovery of 15 to 17 points, moved upward narrowly. Uruguayans Wwere sharply higher on the government's re- Jection of the proposal to suspend for- elgn debt payments and the adoption of the 1931-32 budget. Colombian is- sues reflected the continuation of serv- ice on the 7s of the Agricultural Mort- gage Bank of Colombia. Chileans gained a point or more. Australians advanced sharply, but in light trading. The thinness of ‘the market for these bonds was evidence that many holders, convinced of ther long-term soundness, have held their bonds throughout the dip and there are few offerings near the market. Queens- land 7s, for instance, jumped 2 points between sales today. The influence of stocks was marked in the domestic section, especially in the second-grade railroad group. Frisco A 4s, Frisco 4l5s, St. Paul 5s, Erie 5s, Nickel Plate 45s, International Great Northern Adjustments, Alleghany Cor- poration 5s and Denver & Rio Grande Western 5s were weak at the start, rallied sharply after New York Cen- tral announced the maintenance of its dividend rate, slumped again with stocks and then turned irregular. There was an upward tendency in sub- sequent trading. Oil company bonds were inclined to lose their gains of Tuesday, notably Shell Union Oil 5s, Shell Pipe Line 5s and Texas Corporation 5s. But the high-grade oils, like Standard Oil of New York 4!;s and Standard of New Jersey 5s, were firm. Other prime in- dustrials also were firm or a shade higher and utilities continued to show strength.. . CHICAGO DAIRY MARKET CHICAGO, June 10 (#).—Butter, 10,- 771 tubs; easy; creamery specials (93 score), 22a2215; extras (92 score), 21%3; extra firsts (90-91 score), 20':a20%; firsts (88-89 score), 19%,a20; seconds, (86-87 score), 18a18l2; standards (90 score), (eentralized car Icts), 21%. Eggs—16,594 crates; easy: extra firsts, 16; fresh graded firsts, 15),; current receipts 14%; storage packed firsts, 16%; storage packed extras, 17. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) te—Maturity, Bid. Offer. 3 1 Seot. 13 100 9-32 1%s Dec.’ 15/ E 100 20-32 25 Mar. 100 30-32 3%s Dec. 101 19-32 Washington Stock E_xchange SALES. Wash. Gas 65 A—$2,000 at 10315 Wash. Gas 6s B—$200 at 1045 Wash. R. & E. 45—$1,000 at 90! Wash. R. & E. pfd.—25 at 98%. Merch, Tr. & Stge. com.—2 at at 98. AFTER CALL. Pot. Elec. 5%,% pfd.—10 at 11035, Wash. R. & E. pfd.—10 at 98%, 98%, 7 at 98%. Pot. Elec. 6% pfd.—2 at 113. Amer. Sec. & Tr. Co.—4 at 300. . Sand & Gravel pfd—3 at 93, 3 10 at at 93. Capital Traction 55—$1,000 at 83, $1,000 { ¢, at 83, $4,000 at 83. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Tel. 4%s 127 - Am. Tel. & Tel. ctl. ‘Anacostia & Pot. Atchison gen 48 ‘95 Atchiscv 438 '41., (1 Australia 55 '55. Austraifa 6s ‘57, B&O 4848, B&O4%s'33..... 1 B& O conv 4%s 60 B&Oref 5895.... B& O 58 D 2000. B&O 6s 9. B&OP&EWYV 4 Bell Tel Pa b8 B *43 Bell Tel Pa 5 Berlin Cy El 65 Berlin CYEI 6%s'51 Bk Ed gn A 53 Bkiyn Elev 6% Bklyn Man 6s " Bklyn Un 1st 6 Budapest 6s '6. Buenos A 6s°61 . BR& Pitt 4%4s'57. Bush Ter con 5s '55. Bush T Bldg 6s '60. Canada 45 '60. Canada 4%3'36. Canada 58 '62... Can Nat 434s ‘68 Car Clin & O Cent Pac 4s'49 Cent Pac Ches Corp 5s C&O4%SA"Y C&O 43%s B9 Chi Grt West 4s Chi M & St P 45 '89. Chi M StP&P 6575 Chi M & St P adj 6s. Chi&NW g 3348 '87. Chi & NW gn 45'87. C&Nwn 4% ¢ 2037, Chi & NW con 4%s. ChiR1&Prr 4 ChR1cv4%s Chi RI&Pac 4%5'52 C TH&SE in 55 '60 Chi Un St 55 '44. Chi Unt Sta 6% C& W (nd cv 4s°62 C& W Ind 5%s '62.. Chile 63 '60. hile 65 ' e 47, CCC&St L4%sE.. CCC& St L 63 D63 Clev Term 4%s 77. Cologne 6%s ‘50 Colomb 6s Jan 6. Colombia 6s '61 Oct ;| Colon O11 6 and machinery markets continue their | Georseto slow, urfeventful course in the face of unceasing efforts in the trade to effect | War some tangible betterment despite the apathy of general business, American Machinist reports. In several cases improvement has occurred, notably in San PFrancisco, Cincinnati and in Can- ada. Other districts report a decrease in May from April, and expect June to show little ch either way. Prices, however, are holding. Used tools are " 30iy one” sénooy 1t closing rhtbel ly one scl it ;n ; v closing ked ork market. Detroit reports unusually poor business for May, and looks for a further declihe during the Summer unless something develops in automobile model changes. San Francisco, on the other hand, had a slight improvement last month. Currenf there are quiet week in the New | Weah N. & W. Washington Gas ashington Gi Wash. Gas Wash. Gas 65, series Wash. Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross. Inc., 6%as..... Chevy Chase Club § Col. Country Club 5 D. C. Paper Mfs. 6s. . M. Cold Storage S STOCKS. PUBLIC UTILITY. . Tel. & Tel (9 Amer. Tel. & Tel (8 Eo Eu P ec. . Rwy. & El com. (7 Waih 7w & B Sf ©. NATIONAL BANK. bookings chiefly for municipal and school items. | District FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nomtnal 0id Selling checks London, P g 3. IEG d Eatis, "irane. franc. plans are | e ly weak in that no capital is|pr, 1 Gopennisen. o, crown. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) 3 Bid, Offer. Allis-Chalmers Co. American Tel. & 'm“,'! s 1% fair price or-of exchanging bonds for | Baith would carry with it one share | Sci 3332883853 80a008a58 3 3 . & Street (12). States (30) . Mechanics (30). PIRE IN ey 882! Vish American (12) Sorcoran. () Nationd) Union”{i3) . 228 o 1% extra. Col G&E 5s Ma. Com Inves 5148 '49. CC Md 1st rf 55 ‘50 C Gas NY 4%48'95wi ConG N ¥ 638 '45. Con Pwr Jap 6% Con Pow Japan " | Cuba Nor 6 %5742 Czecho 8s 51, 109% 9% 8k Det Edison rf 5s'49 1 1 Deutsche Bk 6s '32.233 Duguesne 4343 '67. Dutch East I Nov.. 1 Dutch East16s°62. 3 EastCSug73%8'37 1 Krie 18t con 48 '96.. Erte Gen . Erlecv 6867 Erie 68'75. Ftat 7s ex war "46. Finland 5%s '5 o Ge:man Bank 7s '50 German 7s rbp *49.. Ger Gen El 78 '45. .. 5 Hum O&R 6% . Hungary T%s '44..; 10 106 105% 5 Int MM col tr 6s°41 Int Pap 53 A * '5i Y% 2 Jugosl Bank 78'57. 1 Kan City Sou 63’50 Kan City Ter 45 60, KanG & E 435 '80. Karstadt 6543, Kreug. Lacledé 6345 C 53 Lake Shore 3%s ‘97 3! Toll 68 ‘69 Lautaro Nit 68 ‘64.. 3 o BN NAN- NNA PSRN EONNRNN NSNS A B RN L& N uni4s'40 . L&N 43452003 L&N1strf5% Lyons 6s ‘3¢ McKes& R 5 Milan 6%s ‘52 Mil ERy & L 6s M StP&SSM con 4s. MSP&SSM 65348 78, M StP&SSM 6%s. . MK&T4sB MK&Toprin Mo Pac gen 487 Mo Pac 55 A '66. Mo Pac bs F *77 Mo Pac 53 G 7 Mo Pac s H '80. . Mo Pac ref b5 81 Mo Pac 53%s cv " Mont Pow 63 43 Montevideo 6s '5! Montevideo 7s '5: NCh&StL4 NY Cenrf 4%s2013 NYCre im 6s 2013. N Y Cent ab NY C&StL ¢ NYC&StLS%sA NYC&StL6s 32 N Y Edison 5s NYEdisté NY NH&H 3%s '56. NY NH&H 4s * NY NH&H 4s NY NH&H 433 ¢’ Nord 6%s '50. Nort South 5s “41.. No Am Co bs°61 Nor Am Ed 58 '57... N A Ed'son §s C '69 Nor Am Ed 56%s 4! Nor Pac 55 D 2047., Nor Pac r 1 68 2047, Nor St Pw 58 - Nor St Pw 6s B "41. Norway 5s ‘63 Norway 5%s "65. . Norway 6s 43 Norway Norway Oreg-Wash 4s "61. Orient dev 5% Orient dev 6: Penn gen 4%s ‘6 Penn 43370, Penna 4%s D Penn 65 64. Penna gen 5s Penn 6%s 36 Penn O&D 4%s 5. Phila Co i Phila & Read Rhine West Rhine West 6s 'b3 Rhine West §s ‘55. Rhine West 75 '50.. Rlo de Jan 618 '53. Rio de Jan 8 Serbs-Cr-S1 Shell Un Of1 Sweden 5% ‘6! Tenn E) P 6s A 47, Ter As St L 43 53, Tex & Ark 5% Tex Corp ov o= 5 " 4 139 15 3 1 ° " RFeSalRark gap NanumanmanB e Seel Bee cnaanne - B M=PEIPS: 13 » ReSnaorwBRu~nas e o Bo wnrdepanmEa » N D e 2 FINANCIAL, Low. Close % =] MOVEMENT 10 TAX BILLBOARDS GROWS . Other States May’Take Up T3% Prggram Started in New York. BY BRADLEY W. TRENT. 86 | Special Dispatch to The Star. 83% 1064 99% 8% 97% 107 NEW YORK, June 10.—A tax drive on the owners of miniature golf courses, hot dog, fruit and vegetable stands and advertising signs along the main high- ways is in prospect throughout, the country, if other States take up the pro- g: gram now ‘being vigorously pushed in 98% 48 90% 100% A% 45 ¥6% 103% 96 90% 96 13 108 99% 9% 104% 101% 103% 106% 106% 102% 95% % | strong; i 72 | them to 5 ided Tty the South, W. and d, told the story The ‘The Americans Mississippi ‘This New York. The move is in line with other ef- forts being undertaken to ease the gen- eral tax burden during atime of de- pression by uncovering tax evaders and spread; the levies over the broadest pn;gllbu 3 e program of the New York Sta Tax Commission was outlined tod.l‘y bt: Daniel R. Spratt, deputy commissioner, at a conference with assessors held at Troy. el Assessments Legal. Pointing qut that the State is millions of dollars annually wploy: struct and maintain highways, Mr. g&rl" said that the roadside commer- 1 structures and billboards either are bullt by the land owners or the land is leased by the promoters, and that it is the duty of the local tax officials to assess their value as real property against the land owners. Warning has been sent out to local assessors all over the State that this must be done in fu- ture and that the practice has already be!: lup}:;ld‘gy the courts. “Already there has sprung up al the highways of the State,” l‘pid z‘l" Spratt, “an elaborate advertising sys- tem, consisting principally of billboards, serial signboards and the like, and an amusement business comprising pee wee 8olf courses, dance halls, golf drilling schools and the various thrillers that usually surround the merry-go-round. Also there is a vast conglomeration of roadside stands, running all the way from small shacks, bullt by the land owners to disposs of their surplus do- mestic, farm and orchard products, to ;-l!har pretentious food and novelty Held Real Property. “All these erections or improvem are real property, and there is no Velnli‘; reason why the assessors should permit 'm to escape taxation. Bear in mind that each thousand dollars of assessed valuation ad to the essessment roll makes everybody’s tax bill a few cents less. It should be the object of the ::::':lor;lggent all the assessable real on roll, the building the broadest possible tax bl:b"; ORIGIN OF “DIXIE” LAID TO $10 BILL BY BANKER ammun t0 The Star. BURGH, June 10.—When th band strikes up “Dixie” and the cmw: Joins in singing the song of the South, something quite different from the thought of money serves as the stimulus for its enthusiasm. Yet money was re- lponxlbl;r e‘le' 'hr’;n;’"hm' of the , . ipson of the First l(erchnnul' N&non-l Bank in Rich- e_young money ex- perts American Institute of Banking convention here today. ‘mony spoke before the departmental confer- ence on business development and ad- ting aer now Dustoems T ook {2 eno;:‘gn e teOC long “Money is the essential commodit; handled by a bank and I'm going 'z tell you a little about money. Mm’:ey ive to the South its pet name of ‘Dixie.’ principal bills issued by a bank in New Orleans before the war between the States were in $10 denominations. They were engraved in English on one side and in French on t'l:rdog:’e;. On the French side, the was very prom! - know, it means 'an RN throughout the Valley who did not kno: embodied in it the e; i S0 often heard: ‘I wish I were mhf)lxl‘eg song was later rewritten by Gen. Albert Pike, who. gave it the battle mpstmt'}mmk” ‘Dixie’ immortal and name ‘Dixie’ So#th." ixie’ upon the ew Orleans money also seems to have been responsible for the expression two bits,” according to Mr. Thompson. For its early currency,” he said, “New gclum and some other sections of country depended upon imported Mexican dollars. To meet the need for fractional change, tbese dollars were cut into bits. And so, today we refer to a quarter of a dollar as * bits.’ " Markets at a Glance NEW YORK. June 10 —Stocks strong; New York Central l;mdl ‘upturn. Bonds Arm: industrials strong. Curb utlut'iles lead afternoon exchanges steady; Spani makes further gain. . Cotton 3 firm cables and trade buying. gar hedge selling. Coffes higher;- firmer Brazilian markets. CHICAGO, June 10 ().—Wheat barel, steady; predictions rain Northwest lng Canada. Corn harely steady; weather and crop reports. Cattle steady SR . Foreign {0 lower. Hogs steady. 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