Evening Star Newspaper, June 16, 1931, Page 13

BROKERAGE HOUSE HAS HOTEL BRANCH B. F. Keech Co. Takes Over|=, Offices in Mayflower. Fridiey in Charge. BY EDWARD C. STONE. Another important move in Washf fon brokerage circles is mealcd in announcement that B. F. Keech & Co. has opened a branch ‘office in the Mayflower Hotel, the New York Stock Exchange house having taken over the offices formerly occupied by Shields & Co., ..nd pnvlou.s to a n‘ This action m the Keeclt stree t-floor facilities in the big howl the offices g: ipped wth s e board room and broker- ge wire service. m latest SteD Georse M Garrett, Tett, resident partner in the fl.m. which has membership in many different exchanges, has been in busi- ness in Washington for several years. TM main office, which is now located in the Metropolitan Club Building at H and Seventeenth.streets, first had its local office at 1510 H street. ‘The firm moved into its present elaborate qmrters about. two years ago in order to provide for expansion and also have offices on the nd floor. For some years the brokerage firm 'maintained a branch office in the Cll’l- ton. As lln-dy notéd, is in charge of Lhe o!lce nynower Security Loans Off $76,000,000. ‘The Federal Reserve Board's condi- tion statement of weekly reporting ‘member banks in leading cities on June 10, made public here today, shows de- creases for the week of $85,000,000 in loans and investments, -$53,000,000 in net demand deposits and $22,000,000 in time deposits, and an increase of $14,- 000,000 in borrowings from Federal Reserve banks. Loans on securities declined $44,000,- 000 at reporting member banks in the New York district, $23,000,000 in the %& and $76,000,000 at all reporting E “All other” loans increased $10,000,~ 000 in the Boston district and declined $15,000,000 in the Chicago district and $13,000,000 at all reporting Local Dividends Declaredh 'l'he hdenl-Amencnn National Bank Co. has declared the refi:&' qunml dividend of 50 cents per share Lmlu stock, payable July 1 to neckholden of record June 26. The Federal-American company has de- clared its regular quarterly dividend of $1.50 a share on its preferred and 30 cents a share on its common stock. 'This is payable July 1 to stockholders of record June 18. Directors of the National Mortgage & Investment Co. have declared a 2 per cent dividend, payable July 10 to lwckhulderl of record on’ July 30, ac- to announcement by James P. Bchlck, the president. The directors xpressed much pleasure over the fact mn they were able to vote a dividend at this time, considering the action an encouraging business sign. Directors of G. C. Murphy Co. & 10 Cent Stores, declared the roxulm' lquarterly dividend of $2 per share on the 8 per cent preferred: stock, payable july 2 to stockholders of record American Stores Adds Units. ‘Tonnage sales of American Stores Cc. which has more than 20 stores in uhlnzmn. for the first 21 weeks of 1031 were ahead of the corresponding [period of 1930, although dollar sales [were somewhat less owing to the lower prices for commodities. The company continuing its policy of intensive rather than extensive development, and is devoting its efforts this year to build- ing up furtner the Johnstown, Pa., and upper New Jersey territories’ which it entered some time ago and the new territory around Syracuse, N. Y., which is entered for the first ume this ye ese efforts have produced . satis. actory results so far and should be re- flected in a favorable way in income counts for the current year. American Stores had in operation on December 31, 1930, a total of 2,728 tores, representing an increase of 4 stores during the year. The increase st year took place to some extent in new " territories. which now are being developed, including 30 stores which [were acquired in the Syracuse territory. Washington Exchange Active. On the Washington Stock Exchange oday Capital Traction opened ex divi- dend at 34% for 10 shares, but ad- lgoed to close at 35. 'otomac Electric Power 51, per cent preferred figured in several sfiu lot les at 110% and 110%. Washington Railway & Electric preferred was one of the most active ocks in today's market. It ofpemd at 895, and closed at 89',, sales tof 20 shares. Lanston Monotype figured in nine les, transferring 70 shares, the typ= ock opening at 90% and cloflng at 90. Peoples Drug Stores preferred was ore lively than usual, ning with a -share sale at 10033, followed by other 1 lot sales at the same figure. Bonds were neglected, only one sale ng recorded. Heard in Financial District. Local bankers regrettéd to hear that Valter E. Eddy had resigned as secre- of Federal Reserve Board on ceount of ill health. Mr. Eddy had been with the board since the inception the Reserve system. It is expected at E. M. McLelland, acting secretary, 11 fill the vacancy. It is announced thn the meeting of directors of the Baltimore & Ohio mm scheduled for tomorrow, has gostponed until June 24, because of lack of a quorum. James B. Edmunds, general passen- agent for the Chesapeake & Ohio, nd C. E. Bowen, city passenger agent, be in charge of the “Bankers’ Spe- cial” which leaves Washington for Hot Springs, Va., tomorrow evening. “The board of governors has approved recommendation of the Convention Committee that the Twentieth Annual Convention of the Investment g:nkm’ [November 7 ember 1 to 5, as previously -nmunced e change was considered desirable because of a conflict of the first-chosen dates with election d NEW SECURITIES NEW YORK, June 16 YP—New se- | curit fered 2y lu s&?c hlanl a, $15000,000 A Ms mnn. lny f'iune S e 3.60 to 4.40 per cent, by lyn Harris, Forbes & Co. m New Haven & Hartford R Co., u.usooo ll/. pcr cent. 'fl? 16, peiced to mm b, !15 ::nt. ‘by Pirst National Bank an mnn Bros. & n‘ulgr. U. 5. TREASURY BALANCE;:- The United States Treasury balance of close of business e e o454 50. . Customs for the month to date were 143.83. ‘Total ordinary expendi- ,327,716.86. _FINANCIAL, NEW YORK STOCK EXCHANGE mwmummumluo.-. excepting those designated by the letter s (80s) (250s), Mflm“dfihm-fllhc‘lbfi rrw 1981~ . Stock an fow> “‘Dividend Rate. Ada 00, High. u- m&u—. 3% Abitibl Pow & Paper. 15 Abitibl P& P pt (6) 11% Q 2% Corp. . 4 :m.flchum llll) 3 Allts Chaimbers () a6y Am Chicle (13). Am & For Power. Am lce (3). Am International v, Am La Fr & Foamite Am La Fr & Foam pf 40s Am Locomotivé (1).. 1 Am Mch & Fdy 1.4 Am Pow & Lt pf u). Am Ra&Std San §0c. Am Safety Razor (5) Am Ship & Com Am Wat Wks cfs (3) Am Woolen. . Am Zinc & Lead pf. . Anaconda Cop (1%).. Archer Danfels Mid, ‘Armour of Del pf (1) Armour of 111 A Armour of I11 pf. Art Met Const ( Asso Apparel (! Asso Dry G (3%). Atch To & 8 Fe (1 ‘Atch To&S Fe pf (). Atl Coast Line (7) Atlantic Refining (1) Atlas Powder pf (8). Auburn Auto (£4)... Aviation Corp af Dal 9% Baldwin Locomotive 76 Baldwin Loco pt (7). Balto & Ohfo (§). Bang & Aroos pt (' Barnet Leather. Barnsdall (A) ( Bayuk Cig 1st pf (1) Belg N Ry pt pf t4.82 Bendix Aviation (1). Best & Co (2) Bethlehem Steel (0) . Blaw-Knox (1%).... Bohn Alum & Br 1%, Booth Fish 1st pf... Borden Co (k8)...e0 Borg, Warner (1) Boston & Maine R briggs MIg (11%) Briggs & Strat (2 Bklyn-Man Tr (4) Bklyn Man Tr pf Bkilyn & Qu T pt (5) Bklyn Union Gas (5) Bruns Ter & Ry 8... Bucyrus (1). Bucyrus pf (7)...es. Budd (E G) Mfy Bulova Watch (1%). Burns Bros cum pf. Burroughs A M t1%. . Geunie §a~_s.,,.-._ IOIK % 181% 116 2% 88 14 Celotex Co pf. 14 Cerrode Pasco(1.] ll) 27 Ches&Ohlo (3%)... 27% Chesapeake Corp (3) 4 ChiGreat W 15% Chi Great W 3% Chi M1l St P & Pac 4% .Chi MII St P& P pf.. 25 Chi & Northwest (4). IS TSP TR T 151 PR I [ 4 8 g < o 2 3 S o~ 188 Coca-Cola(17%). 50% Coca-Cola A (3) 40 Colgate-Pal-P (2 Kl . 9 ' Collins & Alkman. 20% Col Gas & El (2). 98 Col Gas & El pf A (6) 6 Columbia Graph 56e. §5 Columb Carbon (5). 13 Comel Credit (2).... 21% Comel Cred pf B (2). 22 Comm Iny Trust (2) 10% Comm Solvents (1). 6% Comwlth&Sou (40c). 90 « Cmwith & Sou pf (8) 6% Congoleum-Nairn 10% Consol Film pf (3).. 82% Consol Gas N ¥ (4. 1 101% Con Gas of NY pf(5) 23 9% Lavison Chemieal... 22 19% Deere & Co pf (1.40). 157% 107% Drlaware & Hud (9) 45% Del Lacka & Wn (4) 24% Diamond Mtch 8% Dome Mines (1) 14% Domn Stores (1.: 5 107 7L Dupontde Nem (4).. 119 124 118% DuPde Ndebof (&) 1 185% 118 Ellunul\l{ofllk('l) ;l 1 16 1 Lt ) louu 2% lllol’owhl.l t (1) 49 - 28% Eng Public 8vé (2).. 91 84 EngPubSvpt (5%). lfl 13% Erie RR. 5% lwfll Vac Cleaner. Auto Products 2 rm- lnh-nn Buf (1%). 50s 6% 3% Fashion Park Asso. 15% Wks. 104 “ k] 3 ll% 8!» lfl f (6% ) Firestone T & R (1) 41 ° First NatStrs (3% Rubber. @ORHE nAmaw 21% Foster Wheeler (2) 20% Fourth Nat Invest, 11% Fox Film 1A) (IV.) 22 Freepori - 2% 3% 47 25% 16% Gen Asphalt (3).... 17% Gen Baking (2)..... 88 Qe Baking Bt (8).:. 208 s! G Bt (108) dos s Gen Elec spec 5% 20 Dpf (). 11 - BuinSonmn = 19 19 19 19% 104% 104% 104% 103 39% 38w 39 38% 11% 11% 11% 11% ATH 0% AT 4% Sa=s i T . i i §=!;"a'§="z i 70 Grand Stores pf (8% 36 Unton pt (3).. 268 Grant (W T) (1).eas 43% Grt North pt (5) 174 Grt Nor Ore (). Grt Westerna S % mnyonm.. 1% !t Guantanamo Sugar. 9% % Habn Dept Stores... IM ll M(")hfifl) o L N L L L e : 26 13% M( Hupp Motors Glh Illinols Central ( Inland Steel (2%). Inspiration Copper. Insuranshares Del - Int Hydro El A (e3). Int Match pf' Int Mer Marine (1),. Niek Intertype Corp (l) Investors Equity 57% 36% Jewel Tea (4, 10% K:ynr 11) & Co (1). 1% Keily-Spring 8- Kelsey-Hayes Wheel 8% Kelvinator Corp.... 14% Kenn m(tGflDW(l) 8°’ 25 1T% Kreuger (M 1.61 18 Kroger GrocaBak Lambert Co (8)....¢ Leh Port Cmt (1). Leh Port Cmt pf (' Leh Valley Coal. % Livg & Myers B (15) Lig & Myer pf (7)... Lima Locomot (m2). Liquid Carbonie (8). Loew’s Ine (3) . Loew’s Ino pf (83%). - Ludinm Stesl. MeCall Corp (2%)... Meclntyre Pore M (1) McKeesport T P 15.% McKegson & Rob ¢1) McKes&Rob pf(3%) Stores. aBRe ~ans ey muBonnlBen Marsball Field (23%) Mathleson Alkall (3) May Dept Strs (2%). lo Melviile Shoe (3)... Mexican Petrlm (12) m- Mexican Seaboatd... 30 Miaml Copper....ee Midland Steel (l). . & T Mo Kan & 'l‘.x ot (T) Missguri Pagifie. Missouri Pac pf (6). !&!fi Honuomory Ward 16% Munsing, lnb [t 6% Murray Corp. Newport Co (1)..ave Newton Steel. HK NY ‘IIK NY NYNHG& Hart (8).. “i N Y Ont & Western. . _3o%_ 38y Swana il Giaws G 54% 388 Pacific Gas & i (). 69% 48% Paeific Lighting (3). 181% 116 'Paclfic Tel & Tel.(7) 200s 11% 6% Packard l(otork“c) I " 39% 28% .Penney (J C).(2.40). Penney (JC) pf A (6) 10 * Penn Dixie Cmt vl. . 8.4 3 - JETER - (V0L JUPRV 124 6% Phil Read 1 16% 4% Phiilips Petrol = 12 ' #adio Cor 31% Radio Corp B (5). :;.;;Lé:#.;; DS s MWII-\JC“). Stores (5). » oiluast . StLouis& San Fran. 3 Strs pf (7).280s 105 8 % 3% % bY% . 89 11% Radio-Keith-Orph A. 32 18% ‘Raybestos Man 2.60.. 11 20 Bi% 1% 104% 104 18% 1T, 18% ™ 3% » 8% ON VAL TRADING Bear Faction Retires When Attempt_to Depress Prices Fails. 4 | e ‘. BY GEORGE T. HUGHES, Ml%rm Star. | NEW June 16.— The bear forces, recently quiescent, emerged from retirement today and tested tho, resist- ance of tife stock market, Th: ' offered | stocks freely during the morning and prices reacted rather uniformly, but the selling up in the afternoon and in the last hour the list rallied, leaving oflhlchetonthed:y. It was & rather dcn-mtlon of the fun- unnn in the uchnlnl po- sition dunn; the last two weeks. Raflway shares led the movement in both directions. lower during % | been meobmotmorebumh v | ada. advice stock on the list, except p“lbly ‘J‘nlM States Steel, recovered as easily as it had declined, closing at was difficult to connect the downs mdmdinmeeulyuldluwlm anything in the news. German situation was better, the Bemn Bourse was strong and the resignation of the Bruening Cabinet was believed to have been averted. The stock market, how- ever, left, it to the bond market to re- flect this improvement. Some umehlemht ity have been caused by the damage to the crops from drought in the Northwest And in Can-* ‘That may have, been one of the causes of weakness in Canadion Pacific, which sold down approximately to the lowest of the year. road’s dividend '-lcunnmlnlllylnduu hly improbable that there will be H mmwmmmn 31 1% 28 26% 41 874 5% 46% 000 6% | by forel 18% ing when it should normally upward trend. Nevertheless the stock was freely offered. Doubt about success of a rate increase in the United States may have de- pressed the rest of the rails, as it prob- ably did the rallway bonds. The re- action, however, was more lkely due to ne efforts of. the bear faction to test resisting power of the market now g ed to have tor shares generally ‘held wel U.S. GOI.D-’S'UPPLIES AT RECORD LEVELS e ' By the Associated Press. NEW YORK, June 16.—The United States horde of monetary gold has risen further to record levels. The New York Federal Reserve Bank reported the release of $41,680,000 in the 'yellow .metal; which had been held for foreign account; ‘which means that this country’s gold.stock was increased by that much. The latest Federal Reserve statement on’ total gold stocks in the United States showed $4,803,000,000, as of June 10. Late Jast week $23,434,000 worth ©of the yellow metal which had been “earmarked” for foreign account was released, u.ooo.m was imported from Can addition to other minor gold movemenu Therefore, more than $60,000,000 has been ‘added to Uncle Sam’s gold horde, bringing the total.close to 84, 000,000, ‘This is close to half of the worid sup- ply of monetary gold, which is esti- mated at around $10,000,000,000. No official explanations of the large releases of metal earmarked for for- t have béen available, but traders Germany to sup- port ‘the German .. which has recently Iud a8 lm decline. exchange. circles also suggest of it may hnve reprnenud use o( Canadian gold to support Canadian ex- change, alnce the Cmadhn dollar nu recently been under pressure. An_important factor, also, was pre- sumably fu:t that nearly smooo- d the United States today nations as their sem!-u- nual jerits ‘on” war debts. CHICAGO DAIRY MARKET. cmCAGO -Y\an 16 (IP)-oBuWer—R!- tra firsts (90-91 score), l“-&fi score), 1815a19; seconds (86-87 wore) 17a18; standards (90 score), carlots, 20%. I:n:—-Reclpu, 30,339 cases; easy; ex- tra firsts, 1634; fresh trld!d firsts, 15; current receipts,. 14; mcked firsts, 16%; Iwnle mked exfi-u. 16%. FOEEIGN EXCHANGE. « tati Tl by W. B Hil Sesaton fermgiot e, J 8031 We Recommend. for Investment— . National City Bnnk wmb o, Requést)’ ", BANK STOCKS - .ugM—-!oll—-Q-flv‘ 2 'nuunl,hm&&.,h:. 1700 Eye. N.W. Me, 3460 Listed Stocks and Bonds Manthly. Paymt Loaus on Auto- | mobiles, Furniture and other D_ C. Rea.l Estate pnumu inferest rate l"loyd E. Davis’ ‘Company 733 12th St. N.W, National . .PROPERTY Price and Location’ The entire- fourth floor of the fireproof bu at 1415 H Street Nwfihm nll able. - Containing o *’square het of “dlyll(llt" nom' than $1.00 per foot. Brokers and Investment Bankers ¢ Bullt with your requirements { in mind and available now, ‘ery high ‘ceiling excellent light—Very low rent and ideal location. Complete information- and blue-prints MOODY'S RATINGS Your Blpltlu Yardstick of Investment Merit ' Our, booklet, *"The Investor's Key to Sofety” explains Mbody’s Ratings. 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