Evening Star Newspaper, June 12, 1931, Page 14

A—14 ¥¥¥ FIN ANERICAN TARIFF UNION 1S FAVORED Chilean Foreign Minister’s . Proposal May Result in Congressional Action. { i BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, June 12.—Should the United States follow the lead of Ger- many and Austria and form her own customs union with the Latin Ameri- can republics? Senor Antonio Planet, Chilean forcign minister, thinks so, and 2 number of American Congressmen will probably look with favor on the! suggestion. There is a general disposition among all Americans to sympathize with the desire of South American statesmen for better export markets, but many con- tend that this can be brought about mest easily by lowering tariff rates. This splendid South American mar- ket, where the United States made such spect:cular stiides during and after the war, i somewhat antagonistic now. The detérmined efforts of Great Britain and Canada to get a foothold there will make the Pan-American tariff union a lively subject for the next Congress to tackle. Trade Display Planned. Sometimes it looks as though Canada is more alive to her strategic geo- graphical location with respect to world trade than is the much more favor- ably situated United States. Thus, dur- ing the past year, Canadian business leaders have actively considered plans for getting a la share of trade in the Orient, Scuth America and me‘| Caribbean | Greundawol little world's is being prepared for a ir in Vancouver, British Coiumbia, in the near future. Shipping facilities to the Far East from Can-| western seaboard will be empha- | sized. The possibilitics of exchange of | the Dominion’s wheat and timber prod- ucts for the products of China, Japan and other Asiatic ccuntries will be ex- ploited in numerous_exhibits. During the past Winter a group of | Canadian business men toured these oriental nations, drumming up inter- est in Canadian trade. The latest Canadian move concerns | the Caribbcan area. It is proposed to | arrange a series of mutual preference | trade treaties, especially with the Brit-| ish West Indies. This would resemble | soms qat the American reciprocity | agreemcnt with Cuba. A special Cana- da-West Indies conference will be held | in Ottawa this Summer to consider e subjects. h2 well planned compstition of Eu- rope and Canada should force the United States to take similar steps, if | American export leaders expect to hold | their present business with foreign na- tions, Proposed Rate Increase. When the big Eastern railroads de- manded recentiy an increase in freight rates, a cry went up that such action would not solve the probiem of the falling off in railroad revenues, and it i would probably force more freight haul- age by auto truck than cver. ow the National Retail Dry Goods | ciation says that such an increase weuld not go to the heart of the trou- ble at all, that it is unsound and that it would bring greater confusion. “The clement of transportation cost,” the dry goods group contends, “enters into the cost of production, usually from three to seven times in the progress from producer to consumer. Any in-| crease in freight rates will, therefore, refiect m2ny times its initial increase in the uitimate cost of goods o the people of the Uniied States.” Until the interstate auto bus trans- po-.ation is put under the supervision of the Interstate Commerce Commis- | sion, it is doubtful if any increasc in 1ailroad freight rates would be of im- mediate effect. Rediscount Rate Reduction. For the third time in its history and | the first time since 1909, the Bank of | England hs reduced its rediscount rate 19 21, per cent. The lower raie was considered fnevitable in financial cii- cles since the drastic reductions in bili 12t>s and rediscount by the United | £t>t>s Federal Reserve. During 2d of intensive spec- ulation in the New York stosk merket | the Bank of England jacked | James D. Fisher, manager estates de- |departm:nts kecp to their high stznd- ccount rate up to as high cent to stem th> flow of British | inio that whirlpool of specula- | Converscly, the lowering of the fork rate diverted moncy from | cd Statcs to London for more | States in New York City. Although all | banking functions of that return: | If_there is anything the past two years of money history should serve | to bring home to the world, it is that | the monetary system of the world re- | volves on the Federal Reserve pivot. Backed at prescnt with 40 per cent or | more of the carth’s gold, this maxim gains added emphasis | Chicago Bank Closings. In the last 10 days 22 banks in the | g sections of Chicago, with de- | posits approximating $60,000,000, have | sed. The closing of these was largely precipitated by the National Bank taking over the Forcman State Bank, 2 $200,000,000 | in ion, on last Monday morning. | in turn followed by a of the Naticnal Bank of the| Republic and the Central Trust Co., forming a $350,000.000 institution. The outlying banks which closed had | much real te paper. Chicago real cstate bas dropped in value so rapidly since the 1929 crash that many of ~ze banks found their ascets had de- preciated to a point where their capital and surplus wore cither wiped out or impaired. . TLore ara about 200 | bank outlyirg sections of city. of them have kept liquid condition, but ! <o fortunate. The 2borptic the Foreman State by the First National means the ng of the Foreman family from the banking picture of Chicago. Mem- his family have been leaders ; here for half a century. The business W he grand- father of the pre: gene . and | wes widely cxpanded by h The Foremans of today were T a few years ago among the richest men of Chicago. ; “The banking situation in Chicago is up very satisfactorily,” lor, president of the First National Bank, said today. “We are prepared to back up to the very limit any correspondent bank of ours which is in good shape and which nceds our assistance. 1 am surc that every other depository bank in downtown Chicago has agreed to do the same thing for its correspondent ban! Where a bank’s assets are so frozen that there is no hop of it being able to come through. it is far better that its offizers close it in order to conserve for the stockholders what may be left. I feel that the banking si uation—iwhile extremoly distres being handled as efficiently as possible. Tax Situation Confused. The tax situation in Chicago still re- mains in a confused and critical state. With every newspaper in the city urging the citizens to pay their taxes, which were due on May 15, 40 per cent of the xes remain unpaid. 3 hB’ut citizens are bewildered and are not sure of the outcome. The Associa- tion of Real Estate Taxpayers has filed suit im which it contended that the 1929 tax levy is a discriminatory tax, and that it results in taking property with- out due process of law. Already the court has granted an infunction to these in t Some others were 1 pa ANCIATL THE EVENI NG STAR, WASHINGTON, D. C., NEW YORK STOCK EXCHAN (Continued From Page Sales— Add 00, HI 16 1 1 ~rrev. 1931~ High. Low. 12 16% 11 3 Stock and Bividend Rate. Philip Mor & Co (1). Phillips Petroleum. . Pierce Oll. .. Plerce Petroleum. Pillsbury Flour (2) Pittsburgh Coal pf. Pitts & W Va (6). Poor & Co (B)..u..s Am To(2). PR Am Tob B. . Prairie Oil & Gas. Prairie Pipe L (3) Proct & Gamb (2.40) &« Prod & Refiners Prod & Refiners pf. Pub Sv N J (3.40)... Pub Sv N J pf (5) Pub Sv N J pf (7) Pub Sv N J pt (8) Pullman Corp (4).. PureOll. ... Pure Oll pf (3) S 80 86 13% 27 8 20% 26% % 6 16 9614 102% 2 51 B 1 1. 108 20 2 1 Radio Corp Radio Corp B (5). ] Badio-Kelth-Orph A. 228 Raybestos Man 2.60 Reading Ry (4). iteo Motor Reo Motor Republic St fs (40c) Reynolds Metals (2). Reynolds Tob B (3) Richfield O1l. . Rio Grande Oil.... Rossia Insur (2.20) Roy Dtch(m1.3404) Stores (5) St Joseph Lead (1). St Louis & San Fran St L-San Fran pf (§) St L Southwestern. . Savage Arms (2).. Schuite Retall Str aboard Alr Line agrave (60c). Sears Roebuck 32% . Servel Inc. . Sharp & Dobmi hattuck F G (11%). Shell Union O1l. . Shell Un Oil pf (5 Shubert Theaters, Simmons Co. . Simms Petroleum Sinclair Consol Oil, Skelly Ofl...... . South Port Rico Sug. South Cal Ed (2). South Pacific (6).. Southern Rwy (m6). Spalding (A G) (2).. Sparks Withing (1). Spencer Kellog (80c) Spiegel-May-Stern. . Stand Brands (1.20). Stand G& E (3%). Stand G & E pf (4). Stand O11 Cal (h2%) tand OIL N J (12)... tand Ol N Y (1.60). Starrett (LS) (+2%) Ster] Sec cv pf (3).. Stone & Webster (3). Studebaker (1.20) Studebaker Cp pf un Oil pf (6).. Superheater (2%).. nperfor O11 P 174 2 2 12 21 508 1 1n 101 as Corp (2).. 181 The Fair (2.40). 4 Thermoid Co. 51 Third Avenu Eiy Received by Private Wire Direct to The Star Office. ~Prev. 1931~ High. Low. 27 16 18 % 9 4 59 32 3% 1% 18 d 1% 6% 94 2% 45% 28% £ Truscon Ulen & 13) St Prev, Close. Close. 10 10% M 6% % 1% 1% 271 28 b5 50 6% 1% 3n, Third N Thom Tide Wa Low. 10 6% Y 1l 27 55 50 619 ch. 0+ 6% 1 1'% 7 5 0 613 13 Tobacco Trico Pr 9 43% 14 137 8354 20% 4 16% a4an by 8% ki Unit Cor: Unit Ele U S Gy 4 U S Real U S Smel U S Stee, U S Steel Unit Sto Unit Sto 110 42 4 60 31 102 24 47 s Vadasco 1, Vanadiui 81 Vulean | Wibasn Wabas) Waldort Warner Warren West Pa West Pa Western Dividend Rate, Timken Roller (3)... Transamerica (1). Tri-Cont Corp Tri-Cont Corp p! Union Carb & C 2. Un Ol of Cal (2 Un Pacific (10). . Un Pacific pf (4).. Unit Alreraft. Unit Cigar Stor Unit Corp pf (3) Unit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (5) Unit Piece D W (2).. U S & For Sec pf (6). U S Freight..... 984 Va Klec & Pwr pf(§) Western Dairy B. Western Md. . Western Pacitic. . Western Pacific pf... Prev. Close. Close. 19% 19 11 1% 6 6% 35 34w 2 2% 7 ™ 8 8 kN 34 % 13% 10% 49% 19 162% 86% 264 415 22% 48% Sales— Add 00. High. 2 19% 2 11 6% 36% 21 % 8 ok ana Low. 19% 1 % 4% 2" % t Inv(m5be) n Prod 1.20. ter As (80c). Products oducts(2% Stl (g 0) D (75¢) ctric Coal. 3 2 3 2 m (1.60) U S Indus Aleohol (2) U S Leather U S Leath prpf (7).. USPipe & I (2).. 12 Ity & Imp(2) U S Rubber. ... U S Rubber 1st pf. 1t & Ref (1). i (1. < 10f (7) res A res pf (4). Unlv Leaf Tob (3). Univ Leaf T pf (8) Univ Ple 1st pf (8) 1% Univ Pipe & Rad. Univ Pipe & Rad pf..140a 19% Ut PEL A (at2.15). 508 2 129 1 155 208 1808 Sales Corp.. m Corp'n. ... Jet (4). . [T LR (A). Sys (1%4). worth Co. . d Baking B Bros Plct. Warner Bros pf 3.85. Bros ( Wwar Bios cv pf (3) El pf (7). Pow pf (6 Md 2d pf.... Western Union (8).. Westing Westin, AB(2)... E1&Mfg (4) Westvaco Chlor (2). & White M White I W otors (1). ... ock MS 14% Wilson & Co bf.. .. v W thin; zlev 16 1101 1001 31% Ly Th 1y 0% 1% 11 10:30 A.M. . 1:30 P M. 4 Dividend rates as i Woolworth (2.40). gton Pump.. (Wm) (4).. Yellow Truck. 24 Zenith Radio. : Zonite rod Corp (1) Sales of Stocks on New York Exchange. 124 300.000 00 Noon. 1,000.000 2:10 P M. iven in the above table 1 600,000 1200000 pay.ments based on the latest quarterly or hali-yi “Unit of trading le $Payable in ar’ rate. b P; » in_stock. 50¢ In special preferred stock. ‘—no Tegular rate. than 100 shares scrip. “Plus vable in_stock. ® Plus 6% 3 us 4% o in_stock. last year e Payable in cash er stock. in’ stock. h Plus 2% in _stock. k Plis 3% in stock. m Paid n Plus 3% in stock. Speakers Give Data Good Will A } Spacial Dispaten to Thestar. PITTSBURGH, June 12.—Discussion can render added benefits to the Na- tion's varied business tured the second serifes of sessions of the departmental conferences at convention of the American Irstitute of Banking Section of the American Bankers' Association here. In a paper presented at the depart- mental conference on trust functions, partment, trust division, Colorado Na- tional Bank, Denver, said that a strik- ingly favorable feature of the function- ing of trust cdepartment was disclosed by the suspension of the Bank of United institution ceased and all commercial funds on de- posi were tied up by the closing, he said, the trust department, with trust assets aggregating $100,000,000, has con- tinued to function uninterruptedly, and no losses will occur to the beneficiaries of trust funds. From the date of closing, December 11, 1930, the administration of trust and custody accounts has proceeded steadily,” said Mr. Fisher. “The cash on hand, as shown by the trust ledgers, which was kept on deposit with the bank, has, since the closing, been re- leased by the superintendent of banks as a_preferred claim. This is a_tribute ships and gives further assurance to the public that trust funds are prop- erly safeguarded. It shows that the in- creasing confidence evident during re- |cent years in the protection of estates and all mann: | or of trusts is fully justi- fied.” Good Will “Greatest Asset.” Mr. Fisher, whose subject was “The Trust Department as a Bearer of Good Will,” said that while economic utility may properly be termed the primary purpose of the existence of trust de- partments, the humanitarian side of their work is equally prominent and de- serves ever-increasing emphasis. He in- stanced a number of cases where the cxercise of varied services of a trust company or department had been of unquestioned direct benefit and protec- tion to individuals, and had thus been productive of good will toward the in- stitution concerned. He termed good will “the greatest of our assets.” “Opportunities for helpful, humani- tarian service are constantly being pre- isented to our trust departments,” said Mr. Fisher, “and, if successfully met, become builders of good will, not only for the departments themselves but for the banks they represent. For ex- ample, the humanitarian side of the of- fice of guardian of minors, conservator cmployes whose pay is §5,000.000 in ar- rears have bcen offered script, which they refuse to accept. They want cash, i for they cannot szl the script except at | big discounts. - | " Mayor Cermak wants the Legislature to emend the present laws in order to clear up the situation. H> wants to centralize and unify the taxing power. Today it is in the hands of a score or more of taxing bodies. Cook County .demands tax relief. The Legislature apparantly does not seem to care much about it. Of rourse, there is penty of poiliics below the surface. .Cne Chicago newspaper, after saying that Chicago faces its most serious crisis because peopls are not paying taxes, continues: “Taxpayers are refusing to meet their obligations to public service. Collection is restrained by injunction. ~Govern- ment is disintegrating. Profligacy and stupidity, malfeasance and incompe- tence have about done their worst.” Responsible authorities in Chicago say that the Legislature, in the mext few days, “must do something.” If taxpayers, forbidding the authorities to sell the properiy involved in this tax dispute before the final settlement of uus:{:;i teachers and other ;‘Amltlpnl they remain passive, the machinery of government is likely to collapse entire:y. Next wek should tell the story. (Copyright, 1931, by North American News- paper Alliance, Inc.) VALUE OF TRUST DEPARTMENT STRESSED AT A. I B. MEETING Well Directed Institution in Promoting activities fea- | the | to the integrity of corporate trustee-| to Show Influence of| mong Public. ,of mental incompetents, and the like, | has a strong appeal to genecral public | |lingering wita many, of the ‘soulless | corporation.’ “Not, only are communities apprecia- | | tive of humane sorvice but of protec- tive service, such as that rendered by a | trustze und:r a bond issue” he added. | “The investing public knows that when | a bank, with its corps of trained men, so | scrves,” investors are protected.” He | urged that trust companies and trus | ards and continue to give the best possible service to the public. | Bank Advertising. Ralph L. Watters, advertising man- | ager Lincoln Bank & Trust Co. Louis- ville, Ky., told how bank advertising | men in his community adapi-d their | advertising to meet the situation caused by bank closings thers. First came | statements from the various banks em- | phasizing their soundness and liquidity, | said Mr. Watters, whose topic was “Bank Adv<rtising Under Firz.” Now his company is concentrating on the | savings department and results have | been most gratifying, he said, as it is opening 50 per cent more accounts | than at the same tims last year, whil® | accounts that withdrew last November are returning. He noted that the bank- ing disturbances had stirred a spirit of co-operation among bankers in solving problems of mutual conc rn. Service is the stock in trade which every bank has to sell, said G. Fred Berger, treacurer Norristown-Penn Trust Co., Norristown, Pa. He stress-d the importance of educational effort in acquainting a bank staff with all the functions and services it has to offer the pubiic. The Dual Teller. Grier C. Orr, assistant ceshler First National Bank, Pittsburgh, addressing th> conferencz on deposit functions on “The Dual Teller System and Teller Service in General” spoke of the ad- vantages of the dual teller who both pays and rec:ives over scparate paying and receiving tellers, enabling thz cus- tomer to transact his business at one window and become better acquainted. In recent y:ars tellers in general have ceased being automatons, Mr. Orr said, and in progressive banks are chosen not only for ability to hiandle the de- tails of a teller's position, but also for personality and salesmanship. Other subjcts presented at the de- partmental conference included *“Cou- pons and Other Collection Problems,” A. C: Vogt, assistant secretary Guar- anty Trust Co., New York, and “Ob. servations and Experiences at the N-w Business Desk,” by O. U. Dykes, assist- ant cachier Hamilion National Bank, Chattanooga, Tenn. Mr. Vogt said that the first four months this year coupons of bonds coilected through ths New York Cledring House totaled $313,000,- 000, and in the first quarter of th= year approximately 12,500,000 coupons were collected through this agenc MONEY MARKET. NEW YORK, June 12 (#).— Call money renewed at 1'; per cent today and held at that figure in the cfficial markel. The outside market, however, was easier, with funds available at 1 per cent, compared with 1!, per cent yesterday. Bankers' acceptances were more ac- tive, with demand strong for short ma- turities and not many bills being offered. Asking rates were unchanged. Commercial paper was unchanged. METAL MARKET, ° NEW YORK, June 12 (#).—Copper CHICAGO DAIRY MARKET. CHICAGO, June 12 (#).—Butter— 14,238 packages, about steady; creamery specials (92 score), 22a22'5; extra (92 score), 2112 extra firsts (90-91 score), | 2012a203;: firsts (88-89 score), 1912a20; seconds (86-87 score),18a18: ; standards (90 scor> centralized carlots), 213, Eggs—19.245 cases, easy, extra firsts, 15'3: fresh graded firsts, 15; storage packed extras, 1614, New Securities. NEW YORK, June 12 (®).—New sc- curiites offered today include: Portland General Electric Co.. $7.500,- of methods by which banking services |200d will and stamps out the idea, still | 000 4 per cent gold notes, dated July 1, 1931, and due January 1, 1933, by Har- ris, Forbes & Co, INVESTMENT TRUSTS NEW YORK., June 12 (#).—Over-the- counter market: A B C Trust Shrs A B C Trust Shrs Al Am_Investors * Am ‘& cont Co & Gen Sec: & Gen Secur B.. & Gen Secur 33 'pi.. Brit & Cont 6% pf Composite Ty Shrs. Founders § Df... Founders 7 pf ' . 1/70th com Founders Founders conv pf ctf: war Founders i Founders 1/40th "com ... Am Ins Stocks Assec Stand Ol Atl Sce pf... Al Sec war Atl & Pac Int units. Atl & Pac com ww Atl & Pac pf war Bankers Nat Inv Bansicilla Corp Basic _Industry . British Type Invest . . Chain & Gen. Equities. Chain & Gen ‘Equit 6'2' Chain Store Invest... Chain Store Invest pf Chain ‘Store Shr Ownei Chartered Invest Chartered Invest pi Chelsea Exchange A.. Chelsea Exchange B.. . Cumulative Tr Sh.... Corporate Trust .... Crum & Foster 8% bf Crum & Foster: . Crum & Foster ins Grum & Foster Ins... . Deposited Bank Shrs N ¥ Deposited Bank Shrs N ¥ * Diversified Trustee Shrs A. Diversified Trustee Shrs B Diversified Trustee Shrs C.. Eauity Corp com... Equity Corp pf Equity Trust Shrs First_ Amer_Cor., Five Year Fixed Ti Pixed Trust Shares A Fixed Trust Shares B. Fundamental Tr Shrs A Fundamental Tr Shrs B.. General Equity A Granger Trade ... Gude Winmill Trad Incorp Investors ... Incorp Investors Fauif. Independence Tr Shrs.. Int Secur Corp Am A Int Secur Corp Am B Int Secur Corp Am 6 Int Secur Corp Am 612 nf Invest Tr Assoelates. Invest Tr of N, ¥ Coll Investors Trustee Jackson Inv. Assoc. Jackson & Curtis Sec Leaders of Industry A. Leaders of Industry B. Leaders of Industry C. Low Priced Shrs. Major_Corp Shrs. Mass Investors Tr ot | Capital Traction Co.—10 at 34 { Lincoln (12)"" | Prince Georges Bk. Mohawk Invest . Mutual Invest Tru Mutual Manage . Nation Wide Secir. National Indust Shi National Tr_Shrs. Nor & South Am Cor; Nor Am Trust Shrs Northern Secur . Off'Shares units. . Old Colony Invest Tr.. Old Colony Trust Assoc. Petrolevm’ Trad A Power & Rail Trustee. Public Service Tr.. Representative Tr Shrs Secur Corp Gen 6 of .. Second Tnt Secur Corp' A Second Int Secur B. Sec Int 8:cur_Corp Seected Am. Shares Selected Income Shrs. Selected Manage Trusiee. Shawmut Bank .. Spencer Trask Fun Stand Am Trust Sh Stand Collat Trusteed State Street Invest, Super Corp of Am Tr Super Corp of Am Tr Super Corp of Am Tr Super Corp of Am Tr Trast Shes of Amer. . Trustes Stand Invest Trustee Stand Invest Thistes Standard Off rust Fristecd N ¥ °6 man Trusteed Am Bk Sh. 20th Ctll'.fl!l’ Two Year Uhited Pixed quiet; electrolytic, spot and future, 8-8%;. Iron quiet; unchangsd. Tin easier; spot and nearby, 23.20; future, 23.35." Lead steady; spot, New York, 3.75; East St. Louis, 3.60. Zinc firm East St. Louis, spot and future, 3.40. Antimony, 6.0 A hrs. . United Founders 1/70th’ com Shrs FRIDAY, FOREIGN BOND LIST RECEDES FURTHER German Group Agavfi Target!| of Selling—Domestic Is- sues Firm. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, June 12.—Renewed sharp breaks in foreign dollar bonds, while domestic issues held firm or ad- vanced steadily, charactcrized today's bond trading. * The most serious situation existed in the group of German foreign dollar bonds. European sentiment against any conference on reparations at prescnt, the threat to Chancellor Bruening's gov- ernment shown in the general rioting in Germany against the emorgency taxes, and the consequent flight of cap- ital out of Germany combined to cause one of the severest declines that Ger- man bonds have had in months. . The selling started on the European exchanges, especially London, and fore New York opened Young Plan 5 were quoted as low as 63'i. Prices here quickly adjusted themselv.s to that level. The Dawes Reparations 7s dropped to a new low on th> movement, Prussian issues dropp-d 3 and 5 points, German General Electric bonds were off 2 to 3 points, and other German municipals and industrials had like movements. At today's quotations for the Young plan 5'.s, of which $£97,000,000 were put out here at 90 a little more than a year ago, American holders of the bonds have suffered a depreciation of about $25,000,000. Since comparable prices obtain for most other German securi- ties, the indicated depreciation of ap- proximat:ly $1.300.000,000 cf German dollar bonds in this market totals about $325,000,000. This is by far the largest depreciation of any nation’s credit in this market, though the South Ameri- can list, if taken as a whole, shows a heavier loss. Fresh troubles in Peru and murmurs from the radical organizations in Ar- gentina and Brazil brought new liquida- tion into South Americans. The Ar- gentine group was off 3 and 4 points in light trading. Brazilians dropped fractionally after opening stronger. Chilean, Colombian and Uruguayan ob- ligations were heav Washington St&clg é;change SALES. Potomac Electric 5': % pfd.—10 at 110, 10 at 110’5, 10 at 110° 5, Washington Rwy. & -Elec. 502, 10 at 502, Washington Rwy 98':, 5 at 98°:. AFTER CALL. Washington Gas 6s “A"—$400 at 102. Washington Gas 553500 at 106. Washington Rwy. & Elec. pfd—4 at 9812. 1 at 987, com.—4 at & Electric pfd.—10 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. Am. & Tel. 4':s '39.. Tel. & Tel. ctl. tr. 55 Anacostia & Pot. R. R. 5% Ana. & Pot. guar. 55 C & P. Tel. of Va. 55 Capital Traction R, R! y & Suburban 5s. Georgetown Gas 1st 35 Potomac Elec. cons 5 Potomac Electric 6s_195: Wash . Alex. & Mt. Vernon ¢tf Washington Gas 4':s S Washington Gas 5s.... Wash. Gas 65, series A. Wash. Gas 6s. seties B. Wash. Rwy. & Elec. 4s £ MISCELLANEOUS. Barber & Ross. In, Chevy Chase Ciub 3 Columbia_Country D, C. Paper Mfz. 6. W. M. Cold Storase 5 STOCKS. : PUBLIC UTILITY. Amer. Tel. & Tel. (9 Capital Traction Co... Washington Gas Lt. Co, N. & W. Steamboat (12) Pot. Elec. Power 6% pfd.. Pot. Elec. Power 512 pfd Wash Rwy. & EL com. (7} Wash. Rwy. & Ei. pfd. (5) NATIONAL BANK. L R T S S Columbia (12} Commercial (stamped) District (8).. o Fed.-Am. Nail Bk & T Liberty (78)... e 18) 10) @) Metropolitan Riggs (158).. Second (9e) . . Washington ‘(13 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6) Natl. Sav. & Tr, (12:) & Unlon Trust (89)...... Wash. Loan & Trust (14000, SAVINGS BANK. Bank of Bethesda (6%) Com. & Savings (10) .. East Washington (12} Potomac (10) . Sec. Sav & Coi Seventh Street (12). United States (30) . Wash. Mechanics (30} : FIRE INSURANCE. American (12) rcoran (10) iremen’s (8) %70 National Union (15,0100 ] TITLE INSURANCE. Columbia (6h) ... Real Estate (6h). MISCELLANEOUS, Barber & Ross. Inc.. com...... Col. Meaical Bidg. Corp. (6} Col. Sand & Gravel pfd. (7).. Dist. Natl. Sec. pfd. (7) Emer. Bromo-Selz. “A’’ Federal Storage pfd Fed.-Am. Co. com, (1. Fed-Am. Co. pfd.’ (6 Lanston Monotype (8) Mer. Tr. & Stge. com. Mer. Tr. & Stge. pfd. Mergenthaler Linotype (6): Natl. Mtge. & Inv. pfd. (8) Peoples Driss Stores pld. (60 Real Est. M. & G. pfd. (3). Security ‘Storaze i4e). Ter. Ref. & Wh. Corp. The Carpel Corp. (1 W. Mech. Mtge. com. Wash. Med. Bldz. Corp. Woodward & Lothrop com Woodward & Lothrop pfd. {7} *Ex dividend. c11a% extra. bBooks closed. 527 extra. c50¢ extra. n2sc extra, 130c extra, §1% extra! Unlisted _l_):partmen_l. (These sccurities not listed under Exchange B rules.) BONDS. T 5% extra. Bid. Asked. Army-Nayy Club § 35 Cosmos Club 4! Commercial_Club 1si Mayflower Hotel 6s.. Metropolitan Club § National Press Bldg. 1 STOCKS. Anacostin Bank. Chapin-Sacks 8% Connecticut_Pie_ Co. Chr. Heurich Browery..... District Title Insurance Co. Franklin National Bank.. Norih capitol savi jorth Capitol Savi Northeast Savings Bank. Park Savings Bank. Raleigh Totel Co. Washington Savings Bank. Washington Title Insurance Co, Washington Base Ball Club. Woodridge-Langdon Sav. NEW YORK BANK STOCKS NEW YORK, June 12 (/P).—Over the counter market: America . Chase (ex ' 'div). Chat_ Pheaix. merciel - Natl SN N Y Manhat' Go | Col G2 bs May ° JUNE 12, 193Y. " FINANCIAL. v vorx BONDS stocx excinance] 2 Received by Private Wire Direct to The Star Office __Sales. High- Low. Close. UNITED STATES. (Sales are in $1.000.) Sales. Higl Low. Close. Lib3%s32-47.. 13 10220 102 18 10218 Li1st414s32-47. 4 10314 10312 103 14 LA4th4s33-38 21 105 104 30 105 US3%s40-43,. 27 103 6 103 2 103 2 %sd1-44., 3103 4103 103 S43-47. 1103 B8 103 8 103 8 1 107 16 107 16 107 16 s 5 10915 109 15 109 15 %% 47-52. 200 114 '3 114 3114 3 Bales. High. Low. Close Abitibi P & P 6553 48% 48% 48% Ab & St5%s"43.... 9% 99% 99% Allegheny 55 44..., 70 68% ‘69 65 65 63% 66 101% 101% 103% 103% 99 9 %% 77 98 98% 84% 84% 78% T8% 12 18% 102% 102% 104% 104% 130% 130% 108% 108% 106% 106 10814 1084 110% 110% 103 105 72 73 8 us us Us us us Alleg Corp bs ‘50 Allis-Chalm b Am Chain 6533, Am F P 55 2030.... Am1GChb6%n’49. Am IntCp5%s'49, Am Metal 5%s '34. Am N Gas 6%s 42, Am S&R 18t 58°47. Am Sug Ref 6s " Am T&T cv 4% Am T&T 68°65..... Am T&T c tr 65 '46. Am T&T b5 s £'60.. Am T&T %8s 43 Am W Wks 6s°34., AmWat Wk 6s'75 Argentine 515 ‘62, Argentine May '61. Argentine 6s Ju '59. Argentine 6s Oc 59 Argentine 6s A ‘57 Argentine 6s B ‘68 Arm & Co 4%s°3 Arm Del 53543, ., Atchis 45 1505-55. . Atchison gen 45 ‘9§ Atchiscv 415841, , 3: AtCL st 4s 52. AtC Lcol 45'52Z. At Ref deb bs 37 Australia 435 '56., Australia bs 55 Australia 5s ‘57 Austria 1343 Austria B&O4s 48 Bk O4%s°33 ... B& O cony 413560 B & O 1stbs 48 B & Oref bs B& 058D 2000 B &0 6s'95 . B & O Toledo 43 °50. Bk of C K of Chile 63,8 '61 Belgium 6s °5 Belgium 6%s 49 Belgium 73 '65. Belgium 73 '56. Bell Tel I'a bs C '60 B Ind Loan Co 65’46 Berlin Cy Kl 6s Berlin Cykl 6% Beth Steel pin 5536 Beth St rf bs " Bolivia 73’58 Bolivia 7s °6: Bolivia 85 4 Lus & Me 68 '55 Lrazil 6%s ' Brazil 6. Brazil Brazil 8 tremen 753 Bk k5d gn A 5349, , Bkiyn Elev 633, Bklyn Man 6s 68 Bklyn Un ist s Budapest 6s ' . Buenos A 68 '61 Pv. Buff Gen EI 413581 BR&Pitt4les 57, Canada 45 '60 Canada b8 52 . Can Nat4ls 54... Can Nat 4135 68... Can Nat 4% '65. .. Can Nat §s Oct "69. Can Nat 55'70..... Can Nor 448 '35. .. Can Nor 6135 db ‘46 Can Nor 75 deb 40. 107 96 1067% 101 1004 103 106% 106% 102 n Pac 4% Can Pac 43360, Can Pac 5sctfs Can Pac s '54. Cert Pac 4549, Cent Pac 53 '60. Cert-1a deb 63 s 48 Ches Corp 6s "47 C&Ogen 414592, C&O4las A 93, C&O4igs B95. .. CB&Quends 5%, CB&Q4ks'TT C B&Q 111 dv 48 C B&Q Ist 1t b8 Chi & Bas 1l 58’51, 6 Chi Grt West 4359 40 Chi M StI&P bs " Chi M & St P ad) Chi&Nwn 415 Chi & NW con 4% Chi&NW rf bs Chi& NW 6%s 36. Chi R1& Pre4m 34 135 ChiRlcv 4%s8°60. 55 Chi Ri&Pac 473552 10 C TH&SE in 55 6 Chi Un£la 4%s 63, Cni Un St s 44 C& W inu cv'4s " Chile 63 ‘60, Chile 63 6 Chile 6; Shile 78 - Chile Cop db s JCC&SLL 4%s E.. Clev Term 5s°'73. Cologne 6%s ‘50, vlomb 6s Jan 61.. Colombia Gs '61 Oct Colo & Sou 41gs 9 P =T CE-JOP IRy Y e Com Inves 53zs 4y. CC Md 1t rf o5 ‘50 CGas NY 4758wl ConG N Y b4z 45, Con Pow Japan 7s. Copenhag 4%s '53. Copenhag 5s ‘52 Cuba blas 45. Cuba R R bs " Cuba RR rf T3 Cuba Nor 5145 '42. Czecho 8s Czecho 9s '5: Del & Hud rf 4543, Del & Hud cv 55 '35 Del & Hud 5% 37, Denmark 4445 62, . Denmark 5345 ‘65, Denmark 65 42 D& R Gr gn 48 '36. D&RG W 6s°55. .. Det 15d G&I24 % 5'61 Det Edison rf 55 ‘49 Deutsche B 65 '32. 1ddge Br cl 6540, . Dugquesne 415 '67. Dutch East 1 Mar. . Dutch East 1 Nov.. Dutch East 1 65 '62. East C Sug 713 '37 I Salvador 8s ‘43, . lurie 15t con 45 *Y) 101% 107 99%, S6% 100%-100 baly B3% 51 51 73 Erfe cv58°67...... Erie 58°76 Fiat7s war. Finland b%: Fla 15 Coast b . Fram 1D 7%s"43.. Erench 78'4Y...... French Gvi 738 41 23 Gelsenk'chen 63°'34 7 Gen Motors 6s°37.. 17 Gen Th £q 65 '40... 36 German 5%s ‘65. .. 324 man Bk 65 '38.. 22 Ger Cen Bk 6560 J 8414 103% 41 65 8% 69 69% % 95% 90 63 9% 861 108% 113 9% 97 29% 109 111 83 88 44 8% 99 101% 102% 100 106% 8% 97 106% 21 Ger Cen Bk 65'60 O 58 Ge.man Bank 7s '60 4 ‘man 7s rep ‘49,.203 Ger Gen E17s 45... 29 Goodrich cv 63 '45. 124 Good 1st 638 °'47., 17 Goody'r Rub 68 '57. 76 GrandTr sf db 65’36 5 Grand Trunk 7s'40 9 Grt Nor 4%48°'76 D. 5 Grt Nor 4 Grt Nor bs'73. Grt Nor gn 6%s '62. Grt Nor gen 78 '3 Greek 68 '63. . Halt! 6 . Hoo & Co 6%45°34.. Hud & M ad) 68°67. Hud & M rf 58 '57.. Hurble Of] 58 '37... Hum O&R 6 %48 ‘62, Hungary 7% MBTIistpfona 111 Cent 43 111 Cent 53 11} Cent 6% 111 Steel 4345 °40 Inland Stl 43%8 A'78 Inland Stl 4s% B'81 Int Rap Tr 63 '66. .. Int Cement &8s Int & Gr Nor 55 '56. Int& G Nad 6s°'62. Int Hydro El 6544, Int M Co bsret ‘41.. Int Match 6s°47, Int Pap 53 A *47 Int Pap 68’65 Int RysC A 6s'*a., Int T& T 4%s 53 lat T&T cv 4%45'39 Int T&T6s"55..., Irish Free St ts'60. Italy 75 '51 Italy ltaly Pub Sv 78 '52. Japanese 514365, 4 Jugosl Bank 7357, Kan CFtS&M Kan City Sou Kan City Ter 4 KanG & E 4148 Karstadt . Kend 51848 ww Kresge Found 6s 36 Kreug & Toll 68 '59 kacGStL5s'34... Lacled, Laclede 5%s D '60.. Lautaro Nit 6s ‘54 Leh Valcv 4s 2003, Leh Val 6s 2000 Lig & Myers 5 Loew’s 65 ex war... Long sl rf 4s'49. Long Isl db bs 37 Lorillard 63 '51.... Lorillard 6%s ‘37 Lorillard 7s 44. Lou G & El 53 '5; L& Nuni4s’40 ... L&N 4%s2003 L&NI1strf5%s... Lyons6s'34....... McKes & R 6%8 50 Manh Ry 1st 43 '50 Marseille 63 '3 Midvale Stl 6s ‘36 Milan 6%s 6. Mil E Ry & L s '61. M StP&SSM 6% MK &Tailjbs 67.. MK&Tprin Mo Pac gen 4 Mo Pac 55 A "65.. .. Mo Pac b8 F *77. Mo Pac 58 G 7 Mo Pac 6s H '80 Mo Pac ref bs Mo Pac 5% scv 49, 10 Mont Pow 68 *43 Montevideo 65 '59 Montevideo 7s ‘52 Mor & Co 1st 4%3. . Nat Dairy 6% s 48, Netherlands 6s ‘72, N Eng T 1st 53 '52. New S Wales 63 '57 New 8 Wales 63 58 NYCgnits'9r. N Y Cen 4s'98 NY Cenrf 43452013 1 NYCre im bs 2013. NYCLScl 31593, NY C&SIL 4 %48 NYC&StLG63, NYC&StL6s N Y Edison s B N Y Edist6%s 41, NY ELH&P 45 '49. . Y NH&H 3%s '54. H&H 48 55. H&H 45 56 H&H 433 NY NH&H ev db 6 NY O&W 1st 43 '92. NY Rys Inc 65 '65 N ¥ Tel 4%s 39 N ¥ Tel 68 41. N Y Tel 63 49. Nia Sh Md 5348 Nord 643 ‘50 Norf South bs 4 Nor & Wnev 4s No Am Co 55 61 N A Ed'son bsC Nor Am Ed 513 Nor Pac 38 2047. Nor Pae 55 D 2047 Nor Pac r 1 6s 2047, Nor St Pw 6s A 41, Norway 6s°43.... Norway 6s'44.... Norway 6352 Oreg-Wasn 4 Orient dev 53 Orient dev 6s 53. Pac G & K1 bs " Pan Am Pet 6s 1940 Paramount 6s°47. Paris-Or 5145 '68. Pathe Exch 7s 37 Penn4s'48 Sta..... Penn gen 413 '65. Penn 435 ‘70 Penna 4%s D'81... Penn 4% s 63. Penn 5s '64 Penna gen 55 Penn 6% ‘36 Penn O&D 4 Peoples’ Gas ss. . Pere M 1st 4s 6. Pere Mar 41 s ‘80 Pere M 1st 53 '56. Peru 63 60 Peru 6s Peru 7s ‘59 Phila Co 68 °67 . Pnila & Read 6549 Phillip Pet 51 s ‘39 Pillsb F M 6543, Pirelli 7s. .. P CC&SIL 4387 PCC&StLbs P& WV 445Cr60. Poland 6s 40 Poland 7s *47 Poland 8s '50. .. Port Gen El 43, 5'60 Porto Alegre 85 '61. Por RTam 6s'42 Pos Tel & C 55 53 Prague 7% Prussia 65 '5: S Public Serv 4s 71, Pub Sv G 4%s 67 Pub Sv G 41570, Pure Ol 534837 Queenland 6s "47. Rend gh 4%s Rem R5%s A '47.. Rhinelbe 78 ‘4. Rhine West 6s°52.. Rhine West 6 Rhine W o de Jan 6% Rio de Jan R Gr De Sul 6568 R Gr De Sul8s 46 Rio Gr W 1st 45°3 Rome 6%s'52.. Roy D 4845 ww StL&ESFInds A, StL&SF 443’78 St L&SF pr In 6s B, Sao Pau 78 '40 ret: Sao Paulo 8s 36 Sao Paulo 8 Saxon Ts Seab A L rf 4 Seab A L ad)j : Seab A L cv 68 ‘45 Sea All Fla 63 A '35 Selne 7842 Serbs-Cr-S} 7 Serbs-Cr-Sl 83 '62.. Shell Un Olf 65 °47. Shell Un Of] 58°49. Shinyetsu 6%s °52. Sinclair Oll 63438 SincO7scv A Sine Cr 06 Sinc P L 5842, Skelly Oil 6%339.. Soissons 65 ‘36 Sou Bel T&T b swW Sou Pac ref & Sou Pac 4% Sou P 4% 6! So Pacific 4%s 81 Sou P&Or 4%8°77... S{OINJ StOIlN Y Sweden 6 %! Swiss 5148 '46. .. Tenn EI P SgA "47.. ‘101 2 6 25 50 27 4 34 0 2 39 2 2 46 20 63 6 3 2 20 65 81 10 10 36 3L 4 23 26 10 16 30 7 18 8 104 95% 93% 2% 2% 59% 924% 8315 78 4T% 70 92% 88 70 49 67% 79 88% 85 106% 104 94% 92% 1% 1% 59 2 831 3% 47 70 9% 86'% 65 445 67% 5% 86 831 106% 994 964 89% 97 107 78 92 8t 9714 984 481% 51% 1013 89'% 104 4% 92% 1% 12 59% 2% 83" T3% 4% 70 92% 88 70 49 67% 9 8% 85 106% 993 9614 89% | 97% 10714 9% 92 864 9% 98Y 4815 51 1013 891 1035 101 101 437 8Tl 104% 108% | 9314 10615 7% 76 68 6615 93 3014 57 27% 60 66% 56% 76 4 65% 111 95 1% 60 48% 72 1 2% 12 8 107% 9% 88% 0% T1% 9% 854 9274 102% 100% 45 107% 105% 107% 7% 1% 9314 1% 100% 80 103% 103% 985 105% 106% 107 IREDUCED INTEREST DN SAVINGS LOOMS Movement for Readju;fment - of Rates Has Become General. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 12—After July 1 there will be comparatively few mutual jsavings banks in the United States pay- ing over 3!, per cent interest to their depositors. A relatively small number "rf:”l:?:lnrnle.:'chl banks will then be main- thrift ‘accounts. ¢ DT Sent Tate on The savings bank depositor faces a reduction in the earnings on his capital similar to that experienced by those holders of corporation stocks whose div- idends have been cut in the past year. Started in New York. The movement to lower the rate of interest on savings or thrift deposits started in New York City last October, when 11 of the mutual savings banks which had been paying interest for some years at the rate of 4), per cent cut this rate to 4 per cent. Investiga- tion today indicated that most of these same ba;ks will shortly announce that after Jul 1 their rate will again be re- duced, this time to 3!, per cent. A few of the mutual savings banks in the Greater New York district have main- tained the 4'. per cent rate up to the present time. It is understood that they will drop this rate to 4 per cent when the larger number of banks reduce it w\\:/’ Ili‘ 1pvl‘h celnl ithin the lust few days several la country groups of bauks in New m§5§ have authorized a reduction in the in- | terest on their thrift accounts, effective after July 1,10 31, per cent. The move- iment is quite general throughout New York State and in Pennsylvania. In New England savings banks have been paying higher rates than in other parts of the country. In some instances as much as 5 per cent has been allowed. The difficulty in obtaining securities of & type fitted to a savings bank portfolio and yet yielding sufficient to justify ithe former high rates of interest on deposits has led to the general move- ment for an adjustment in interest pay- ments. In other parts of the country there hos been a 1uli 1 per cent cut in the | Interest rate, or from 4 to 3 per cent. The 4 per cent rate has been for a quar- ter of a century the average recognized as reasonable for the savings bank de- positor to expect. It was one that the mutual savings bank could pay an: add to its surplus and on which $he com- mercial bank could realize a fair profit. May Continue Rate. Should there be no strengthening in money rates at the end of the next six months, it is not improbable that savings bank interest may decline from the proposed 3!, per cent level to 3 per cent. The type of securities which banks feel compelled to buy today, in order to obtain the greatest degree of security, still yi-ld less than the new rate of 3!, per cent on thrift accounts. On the other hand, some of the mutual savings banks claim that the average of their earnings, due to the high percent- age of their real estate mortgages, at 5 per cent and 6 per cent, will permit them to continue the 31, per cent rate indefinitely. ‘Within the past month there has been | & decided falling off in the rate of | increase in savings bank deposits in the New York district. Those who have studied this situation have come to the conclusion that the public is again buy- ing securities. There is no evidence of withdrawals of deposits—simply a dry- ing up of the depositing movement, which gained such a momentum last Autumn and added several hundred mil- lion dollars to the resources of the mutual banks here in a six-month period. ‘With the savings bank rate of inter- est reduced to 3'> per cent, it is reason- able to expect that a certain number of depositors will be dissatisfied with the earnings of their capital and seek investments giving them a higher re turn. It would not be difficult to obtain from 4'; to 43, per cent in the highest grade railroad and public utility bonds and in the choicest of the public utility preferred stocks. A movement of funds from the banmks into securities of this type is among the hopeful expectations of the normal reinvestment period be- tween the last week in June and the second week in July. (Copyris CONCERN REPORTS LARGE INCREASE IN CUSTOMERS Special Dispatch to The Star. CHICAGO, June 12.—Continued gains in the number of gas and electric cus- tomers of Central Service Corporation are revealed in figures announced today. For the four months ended April 30, the average number of gas and electric meters in service at the company's operating properties, excluding the Ca- nary Islands, was 600,751, as against an average of 587.836 for the same properties in the corresponding period of 1930. The average number of gas and electric meters in service during the 12 months ended April 30 was 598,543 as against 577,866 for the preceding 12 months’ period. A g it The early Colonial settlers used the iottery for religious purposes, such as building churches and for endowing ed! ional institutions. Bales. High Low. Close. Ter As St L 4s'53.. 95 95 95 Tex & Ark 6%s " 92 ol 92 Tex Corp cv bt 91% 91% Tex & Pac 5s B'77. 93 Tex & Pac 65 C"19. 924 Third Av ref 4s°60 53% 381, 9913 9% 100% 824 95 Toho EI Pow 78 '65. Tokio 5s ‘62 85% 90 101% 9414 97% 102% 100% 1077 63 57 60 57 Un Pac és Un Pacrf Un Pac 435’67 Unit Drug cv 5853 Utd King 6%8°37.. U S Rub 1st 5 7. Un StIW 6%s A 47 Ud StI W 6%sA’51 Utd St W 6328 C'51 Uruguay 6s '60 Uruguay 656 Uruguay 8s "4 Utah P& L 68 44.. Jt1l Pow 58 59 ww. Utll Pow 5%s '47. Vienna 6s 62 Va Ry & Pow b 'a Ry 1stbs Wabash 438 ‘7! Wabash 1st Wabash 68 B ‘7 Wabash 5s D "8 Valworth 6s A "45. Warn Br Pic 65°39. Warn Quin 6s°39 Warner Sug 7s 41, Warsaw 7 West Md 4862 West Md 5% West Pac bs West Un Tel West Unlon 5 West Un T6 % W& LErf ¢%s°66 Wh Sew Mch 65 '40. Wil-Ov 15t 6% Wil & Co 151 6841, Win RA 7%s'41 Yokohama 63 '81 Yrstn SP&T b8 78 Yng SU&T 58 B 70, kN