Evening Star Newspaper, August 29, 1931, Page 13

FINANCIAL, NEW YORK STOCK EXCHANGE Roceived by Private Wire Direct fo The Star Offles. BANKERS PLANNING CONVENTION TRIP ez Local Financiers Expected to Attend Advertisers’ Meeting. A delegation of Washington Bankers | probably will attend the forthcoming i convention o! the Pinancial Advertisers’ | Asociation to be held in Boston, Sep- | { tember 14 to 17 inclusive, according to present. Force In Pinance” Is 0 be keynote of the convention, and the as a whole is designed to & particular appeal to all adver- and business managers interested m development of trust business. This is true, according to reports from thé convention, not only because of the program to be offered, but also because of the exceptional opportunmel for promoting trust service durin period of business depression and wi ,n Boat Trip Planned. Among the Washington bankers who will attend, will probabi be: Eliot Thomson of the Washi n Loan & Trust Co., Robert L. Flather of Amer- ican Becurity & Trust Co., John Poole of Federal-American National Bank & Trust Co. and T. Hunton Leith of Security Savings & Commercial Bank. ‘Tentative plan of the local delegation is to leave Washington by boat on Priday, September 11. ‘The association is composed of active members, consisting of representatives of banks, trust companies and invest- ment banks and #ssociate members from financial agencies who do finen- clal advertising. 'l‘he keynote of the trust-develop- discussions will be given in an Needs for Trust na, & prominent Boston hm and an authority on trust law and practice. This will be n on ‘““Misuses of the Title Trust.” % "h;r:m:" i Baiten, Ber- quoine, vice of n, Bar- ton, Durstine b Olhome who will Donivoint ot Context and. Porm and dpoint of Conkxt and Form and ‘What Plnlcullfl{.:;‘) Avt;ld and “l:l; phasize”; J. E. w, vice presiden American Trust Co. of San Francisco, on “Trust Business That It Is Profita- Ho to %fvom oubenm:tfiphému&n Accepting Small Clean Ac- and Franklin W. Ganse, U., of the John Hancock Mutual Insurance Co. S the 64,602 shares of Safeway mmmuoet and about 56,567 shares of Safeway 7 ‘Washington Cleari h‘my $2,840,778.24. TRUST CONFERENCE PROGRAM OUTLINED Prominent Figures in Banking World Will Address Meeting Next Month. @pecisl Dispatch 1o The Star. GRAND RAPIDS, Mich, August 29. ~Experts in many phases of trust bank- will appear on the program of the seventh midcontinent trust conference to be held under the joint auspices of the National Bank and Trust Co. divisions, American Bankers Association, at the Hotel Pantlind, Grand Rapids, Mich., September 17 and 18, 1931, The speakers and their subjects are an. mounced as foliows Pirst session, Thursday, September 17, 10 am.: Presiding officer, Edmund 8. Wolfe, president. national bank di- vision, American Bankers Association, and president First National Bank & Trust Co., Bridgeport, Conn.: “Ethics of Selling Trust Service” Willlam 8. Mil. ler, vice president Northern Trust Co. Chicago, 1l.; “Advertising That Pays, Pred M. Staker, asistant vice president | Commerce Trust Co., Kansas City, Mo. “The Technique of Personal Solicita: tion,” M. E. Watkins, vice president Ma. comb County Trust Co., Mount Clemens, Mich. Becond session, 17, 2 pm C. Hennings, vice presiden: pany division, American Bankers Asso- ciation, and vice president Mercantile- Comm roe Bank & Trust Co. St. Louls, ving Trusts and Their Poasi- huma, Leaman A. Cambrey, vice president and trust officer Pirst Na- lonal Bank & Trust Co. Flint, Mich. ‘Relling Living Trusts,” E. L. Colegrove. second vice president Guaranty Trust | Co., of New York, New York, N. Y.; “Trust Fund Investment Problems,” Ed- gar L. Mattson, vice president Midland National Bank & Trust Co. Minne. lis, Minn; “Co-mingled Trust | nds—An Analysis” Julius C. Peter, vice president Detroit Trust Co., Detroit, Mich | Third session, Friday, September 18, 9:30 am.: Presiding officer, Edmund 8. Wolfe, president national bank division. American Bankers Association, and president Pirst National Bank & Trust Co., Bridgeport, Con: 'rust Depart- ment Responsibilities.” Rome C. Ste- phenson, president American Bankers Association, and vice president St. Jo- seph County Savings Bank, South Bend, Ind usiness Insurance Trusts as Business Producers,” Chariton Alexan- der, vice president Mississippl Valley ‘Trust Co., St. Louls, Mo.; Review of Trust Investment Barney, Angelo National Blnk San Angelo, Tex. Fourth session, Priday, September ll 2 pm.: Presiding officer, Thomas C. Thursday, Beptember | l!'& 1% 109% 10% 204 12% 59's 182% 126 m\ 152% 38% 43% 144 Rate. Adams Miilis (3). Adv Rumley. 'uw Alr Reduction (14%). 8% Alr Way Elec Appl.. 7 Alaska Juneau uoe)w 4% Allegany Corp. 16% Alleg Cp pf 330 ww.. 102% Allied Ch&Dye (n8). 121% Allled Ch&Dye pt(7) 18% Allts Chalmers (2) Amerada Corp (2) Am Can Co (15). Am Can Co pf (T Am Car & Fdry (1) Am Chain Am Comel Am European Secur. Am & For Power. Am & For Pwr pf(1). Am Home Prod 4.20.. Am International. Am La PranceAFor. Am Metal Co Am Natural Gas pf.. Am News (12%) Am Radiator (60c) Am Safety Razor (5) Am Smeit Ref (2)... Am Soly & Chemical, Am Steel Found (1) .. Am Steel Fdry pf(7) Am Stores (12%). Am Sugar Ref (§ 6% Am Sumatra Tob Am Tel & Teleg ( Am Tobaceo (16) Am Tobacco B (1 Am Tobacco pf (§).. Am Water Wks (3)., Am Woolen Co pf..s Anaconda Cop (1%). Archer Daniel Mid Archer-Dan pf (7 Armour of Tl (A) e Armour of TIl (B). Asso Dry G (234) . Atch To&S Fe (10) Atlantic Refining (1) Atlas Stores (1). . Auburn Auto (£4)..« Aviation Corp (Del). Balto & Ohlo (5 4 Barnsdall Corp'n.... Beatrice Crm pf(7).. Bendix Aviation (1)« Tl\i a.mmum 8tl pf (7). Briggs Mfg (11%) Bklyn-Man Tran (4), Bkiyn & Qu: Brunsw-Balks. Bruns Term & Rwy Bucyrns pf (1) Budd (E G) Mfg. Burns Bros (A) Burns Bros (B). 19% Burrough A M(t1 23% Byers (A M) Cy 231 Calumet & Arizona 5 Calumet & Hecla 10% Camp W&C Fdy (1) .. 201 Canadian Pacific 1%, 514 Case (J ) (6). 514 Celotex Co. Cent Aguirr Century Rib Millx Cerro de Pasco (1 Certain-teed Prod. Checker Cab Mrfg. Ches & Ohio (2% Chi Great We: D Chi M1l StP & Pac pf. Chi & Northwest (4). Chi Pneu Tool pt Chi RI& Pac (m2%) Childs Company . Chrysler Corp (1) . City Jee&Fuel (3.60) Columb Graph (l‘c) . Col Graph cfs (58c).. Columb Carbon (5).. Comel Credit (2).. “ome! Cred pt B (2). Comel Inv Trust (2). Comel Solvents (1).. Comwith&Sou (40c Comwlith&Sou pf ( Congolm-Nairn (1).. Consol Cigars (5) . Consol Cgrpr pf 63 Consol Film pf (2) Consol GasN Y (4).. “onsol Laundries(1) Container Corp (A) Contl Baking (A) Contl Baking (B)..e Contl Baking pf (8) u ‘ont] Can (2%) ... “ontl Motors. Contl 011 (Del) Corn Products (+4) .. Corn Prod pf (7) ty Inc. ‘ Crown Zellerback. . . Crucible Steel pf (7) Cuba Cane Products Cuba Co Cuban-Am Sugar. . .. Cuban-Am Sugar pf. Cuban Domn Sugar.. “urtis Publish (4)... 214 Curtiss Wright.. ... 3 Curtis Wright (A) % Davison Chemical 17% Deere & Co pf (1.40). 14% Diamond Match (1).. 874 Dome Mines (1)..... 61% Drug Corp (4). 5 Dunhiil Internatl 71__Dupont de Nem (4).. Bastern 1ol Mills. . Eastman Kodak (18) Faton Axle (1.60 Elec Auto Lite (6 Electric Boat Elec&Musical Instra Elec Pwr & Lt (1). Blec Pwr & Lt pf(6). Eng Pub Sve (1.60).. Equit Office Bidg zu Eris RR. Fria RR 18t pf (4). 3% Evans Auto Prod 10% Fairbanks-Morse 5 Fed Mot Truck (4 11% Fed Wat Sve A(1.2 564 Firewtone T&AR pf(6) 41 First Na 20% Foster Wheeler (1).. 105 Foster Wheeler pf( 20% Fourth Nat Inv mb, 11% FoxFilm (A) (23). port-Tex (3) '00d Corp (3) n Gas&FEl A (e30c) n Mills (3) n Mills pf (6 Gen Motors (3)... Gen Motors pf (5)... n Publie Bervice n R &UL... Gen Refractories (3) Gen Theatre Kquip. Glllette Saf Razor. Irand Sit Strs (hi).. Grant (W T) (1) eat Northn Ore(2) orthn pri4).. ern Sug. . ken Watpf A 1% Hahn Dpt 8t pri6s) Holland Furn (12%) Houdaille Hershey Howe Sound Hudson Motor (1)... Hupp Motor: 36% lilinols Centr: 2 indian Refining 74 Ingersoll Rand (4) 39% Inland Steel (235), 4% Insplration Copp 1% Int Combustion. 36% (nt Harvester (2 18 B BeEBean [ITT TS TSNS PP 1N 4 C 108 +. 2008 4 1 NS 19 Su Sermen ArnuntnBusvesaBume anmmn it - =S=Ban 2o EEC T T T IOPRSTRSEIe-TH » B » PSUSIEIRPATE- JOPNEE T3 1PT T 1 -{UIOP U EPUV R WBIRTE TR TE PN SRR - :9 R N L Bales— Add 00, High. Low. 88 2% 144% 53 13% % 30 108% R THE EVENING STAR, WASHINGTON, D. C, 173% 108 112% 130% 100 1% 1% 19% 137% 17 139 3% 46 149% E 4 89 1 2 4 27 % 68 2% Y 14 16% 19% 124 4% 5 86% 514 144% 13% 0 10% 363 1084 12% 2%, 34 171% 108 1124 130 8% 1% 1w 191 136% 1"\- 138 % 28% 82 38 [ 12% 21% 63% 7 21% 64 15 5 8% 85% 254 T 24 19% 37% 19 22% 30% 12% 1% 584 48% 2 10% 34 65 148% % 3% 84 5 142% 13% 40y | 2% 10% 1034 124 2% 34 o0 ~Prev. 1931 High. Low. and Sales— Prev. Dividend Rate. Add 00. mm m Close. Close. 16 80% 40% Johns-Manville (3).. K'mann Dept Stre(1) 2 Kayser (J) &Co (1), 3 1 3 18 24% 3% 20% 16% 70 29% 27% 351 8Th% 1Y 33 19% ri % B4% 131% | | 15% 24 914 36 109 26 5714 208 401 12 10% 1% 8 84 14% 28% 25 18% 18 [ 30 25 38 Kelly-8pring Tire. .. Kolsey-Hayes Wheel Kelvinator Corp..... Kennecott Copper (1) Kinney (G R) Co pf.. Kresge (S §) (1.60).. Kreuger & T(m1.61). 128 Kroger Grocery (1).. 11 Lambert Co (8)..... Ligg & Myers B (15) Link Belt (2) Liquid Carbonic (3) Loew's Ine (3). Loft Inc. Loose-W i Lorrillard (P) Co Loulsiana Oi1. Lou Gas&El A McCall Corp (215) . McKeespt T P(153% ), McKesson & Rob(1). Macy (RH)& Co(n3). Magma Copper (1). . ManhatElev mod gtd Marshall Field (234) Mathieson Alkill (2) May Dept Strs (2% ). Mid Continent Petm. Midland Steel (3)... Minn Moline P Mo Kan & Te ‘Mo Kan & Tex pf (7) Missouri Pacific. Missouri Pac pf (5).. Monsanto Chem (1% Montgomery Ward.. Mullins Mfg. Motors (4). t Bella Hess. at Biscuit (2.80). at Biscuit pf (7)... at Cash Register A at Dairy (2.60). at Dist Prod (2) Nat Pwr & Lt (1). Nat teel (2)... N Y Central (8) NYNH&HDpt (1) N Y Shipbuilding. . N Y Shipbldg pf(7) N Y Steam 1st pf(7). Noranda Mines Norf & Westn (112) .. North Am Aviation.. Nor Amer(b10 % stk) Northern Pacific (5). Ohlo OMl.... 3% Omntbus Corp Orpheum Cir p 58% 31% Otis Elevator (23).. Pacific Gas & El (2). Pacific Tel&Teleg (7) 1908 Packard Motor (40c) 7 Paramt-P(m1.62%p) Penick & Ford (1) Penney (J C) (2.40) Penn Dixie Penn Rallroad (3)... Peoples Gas(Chi) (5) Petm Corp of Am(1) Phelps Dodge (1).... Phila&Reading C & I Philip Morris&Co(1) Phillips-Jones pf (1) Phillips Petroleum. ., Pillsbury Flour (2) .. Pirelli (A) (m3.13)., Postal Tel&Cable pf. Prair! Proct & Gamb (2.40), Proc &Gamb pf (5).. Public Sv Public Sve NJ pt (5) Pub Svc G&E pf (5).. Puliman Corp (4)... Punta Alegre Sugar.. 515 Pure Ofl. 96 ement. Pipe Line(3) 2 ] RN eSO HRRE HANA AR AR~ B NJ(3.40). 66% Pure Oi1 pf (8). Purity Bakeries (3).. 244 12 31% 1% 30 17% 37 5 % 5% 5 10 27 40% 1 34 98 144 4 » 108 44 214 o 16% i 2% 104 64 1% ™% 36 674 28% 6 14% 55' 31 30% 8 254 14 30 1% 1 5 18 4 Radio COrp........e Radio Corp ®) (K) . Radio-Keith-Orph A. RR Sec I C stk C(4). Raybestos-Man 1.60.., Reading 1st pf (2)... Real Silk Hosfery... Reis (Robt) & C Remington-Rand Reo Motor Car(40¢). Republic Steel. Republic Steel pf. ..y Reynolds Tob B (3).. Richfield Of1 Rio Grande ( 241 Royal Dtch(m2. 38% Safeway Stores (5) L Safeway Stra pf (7). 3 St Joseph Lead (1).. Schulte Retal] Stores Seaboard Air Line Seaboard OIl. . Sears Roebuck (23%). Second Natl Inv Servel Inc.. Shattuck (FG) (113) Shell Union Ofl. Shubert Theater: Simmons Co. <|nrlnlr’nnu\ Bocony-Vacuum 1 lfl South Port Rico Sug. Southn Cal Ed (2) Southn Pacific (6). Southern Rwy (m6) . Bparks Withing (1).. Stand Brands (1.20). Stand Gas&El (3% ). Stand Of1 Cal (h2%). Stand Oil NJ (12) Stewart Warner. . Stone& Web: k'er/mfl\ Superheater (23%) Sweets of Amer (1 Symington. Tennessee (‘(\rp(fiflt) Texas Corp (2) 55% 29% Tex Gulf Sulphur(3) 714 Tex Pacific Land Tr. » T wowm Navna-beatanBoaltavale~e e tudebaker Co(1.20 Tide Water Asso Oflf 1% Tobacco Products. .. 6% Transamerica (40¢). 64 Tri-Contl Corp. ..... 1 T v v b4 45% 284 Trico Products(21 o b4 Tnfon Oil of Cal (2). Tnion Pacific (10). .. v o u b o U len & Co (1.60).... nion Carb & (2.60) n Tank Car (1.60) nit Afreraft....... nit Alreraft pf (3). nit Cigar Stores. .., nit Corp (76¢) nit Corp pt (3) nit Fruit (4) s&TIm pf(5).. orn Becur. .. 78 Gypsum (1.60). 8 Indus Aleohol. Pipe & Fary @ tg & Ref (1). S Steel Corpn (4). S Steel pf (7). nited Stores (A) niv Leaf Tob ( ) T6% 234 Vuwnitre: Corp. 9814 _Va Elec&Pwr pf (6). Wabash ITR. Ward Baking pf (7). Warn Bros Pictures. Warner Bros pf 3.85. Wargen Bros (2 Warren Bros ev pf 3.130s Warren Fd&Pipe(2). West Pa El pf (6) West Pa El pf (1) West Pa Pwr pf (1). 408 vaco Chlor (2) Vhite Motors. White Rock (14%). Willy, verland. Wilson & Co pf. Woolworth (2.40 Pump Youngs Sprm- u) % R 14"0 13% 2 83 108 17% 28t 27% 15% 31% 60 7% 26 24% 50% 5 49% 16% 34 324 30 68 10% 704 45% 7m 52% 14% 14 2 8% 108 1% 281s 28% 16 31% 69 67% 26 50% 5 51% 13 18% 2 84 10% 1% 29 27% 16% STOCKS GO HIGHER AT SHORT-SESSION Quiet Accumulation of Impor- tant Shares Results in Small Gains. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, August 29.— Further ‘moderate improvement was registered in today's week end stock market. There was no_increase in activity, but this was hardly to be e on & Saturday at the end of August. Spec- ulative interest has been at low ebb so long that the market would have furnished a surprise if l} had done fact that a number of important issues, includ- ing among them United States Steel and American Telephone & Telegraph, bettered by fractions their high prices on the movement. Coppers in Demand. One of the most interest! devel- opments of the session was the quiet demand for the copper shares. It may have been short covering or it may have been the belief that a turn is near in the metal market, but what- ever the reason there was evidently buying going on from im ant sources. The price of the metal has been hovering around d Jow of 7% cents a pound, but on Friday offerings at this rate had disappeared and producers were asking 7% cents. Incidentally, buying of lead has been one of the most encouraging things in the non-ferrous metal market. Besides United States Steel and Amer- ican Telephone, more or less strength was shown by Eastman Kodak, Amer- ican Can, Westinghouse Electric and J. 1. Case. Kreuger & Toll, which had been so heavily sold of late for foreign account, rallied because it had accumu- lated & local short interest. The low- priced Adams Millis made & new 1931 high, which was another indication of the fact that stocks pepresentative of e to increase earnings f th! depression once more attract ative buying. Rafl Group. ‘The rails were not as active as the industrials, but they did better. Whether because of the improvement in the raiiroad bond market or because the stocks theniselves have been oversold, the pressure in the share list has been lifted. Pennsylvania, New York Cen- tral and Baltimore & Ohio ranged higher. How much the market was affected by official announcement of the arrange- ment of a $400,000,000 British credit is difficult to sa Tradi slow a pace to mggefl. any stimulus at specu it there was source. Sterling exchange did respond with & rise in the | Bl rate almost to parity. Tung Sen Sheng Min Pao is the name of one of China's leading news- | papers. FITRST was at too | Qahu Sul SATURDAY, AUGUST 29, 1931. VIRGINIA FIRM REPORTS GROWTH IN 6 MONTHS Special Dispateh to The Star., 31, Lewis Payne, vice and general manager, stated that the company had canumud to show steady growth in spite of prevailing economic mfi‘tu.lnunen 30, Mr. Pa; 4 yne stated, “our show that the company serving a total of 61,715 Wfll This compares with & total of l'l l'll at June, 1930, or an increase of 7.4 per cent in 12 months.” ‘The total of 61,715 customers is di- vided among the various classes of cus- tomers as follows: 45.828 residential M home custome X farm 9,204 commercial customers, mmln‘ for the most part of stores, hotels, etc.; 2,072 factories and other industrial cus- tomers; and 79 customers in Mhfl classifications. 'The fact that the Virginia Nbllu Bervice Co. furnishes its service to homes, farms, stores, and factories gives 1t exceptional stability,” Mr. Payne said. “This fact 15 borne out by the figures for sales of zlectrtclty in tha first half year. The total sales at June 30 amounted to 78,683,793 kilowatt hours, an increase of 14.6 per cent over the first half of 1930.” One of the most favorable factors that Mr. Payne mentioned has been the owing use of electricity in the home. 8 customer in the first | store tax per_homs ‘half nf 1011 averaged 379 kilowatt hours, a8 compared with 330 a yur 8go, an increase of 49. This gain re- sults hrnly from the new electrie ranges, ref: tors, and other m}nr app) which have been placed in service in the p-n 12 months. DIVIDENDS DECLARED NEW YORK, August 29 (#).— l«-n- ay- Hidrs. of Faie xseom Bep. A N R Rate noa Bavie S P i A a% & 3 Crowell " Publish & Hud B e B, BEBEEER garg %o Lo & D. Pac Light 36 pr Gold Mines. 3c ity pf..5875¢ & i B 58! cwaned MORTGAGES AN INVESTMENT THAT IS SUBSTANTIAL AND SOUND The security behind our FINANCIAL ICHAIN STORE TAX lllinols Legislator Belleves 2! Proposed Imposts Will Fall on Consumers. Bpecial Dispatch to The Star, NEW YORK, August 39.—There has been too much disregard of the ulti- mate American economic consumer in life, State Senator James O. lfi. lhg tlully without, act [ local merchant. Vfill “Now, if the interests small merchant are so vital fare of the cuunbry a 80 menaced by the Our NATIONAL BANK 142 ané G Streets Banking in All of Its Phases National Organization desires to sublease its spacious quarters in mod- ern, centrally located office bullding. Greatly reduced rental. Address Box 117-J Star Office The more urgent the want, the more reason for taking advamtage of tln quick rn-ln you can expect from a Star Classified Adv. - 69 FIRST MORTGAGES is improved Washington real estate, than which nothing can be more HERE no other way to reach so many 8o directly as you will an advertisement in the people The Star—with Section. Properly worded copy, properly classified, will sup- fundamentally sound; and our con- servative appraisement is an added Over a Third of a assurance. Century that, too, Without a From the earning point of view, is most attractive, because it is not only very liberal, but is fixed at 6%, changeless throughout the life of the mortgage. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE IS NO SUBSTITUTE 925 15th St. N.W. FOR SAFETY National Savings fé Trust Co. Ofdest Savings Institution in the District of Columbia Cor. 15th and New York Ave. Dollars in Bank Are Good Shock Absorbers —Everyone should build such a reserve — and emergencies, illness, un entail less worry on you employment, will and yours. etc.,, QThis strong, old bank is paying interest to more than 55,000 individuals, and invites you to join this army of depositors. Deposits in_any amount invited—Same Rate of Interest Paid on large and small accounts. Open Uniil 5:30 P.M. Aug. 31st and Sept. Ist OFFICERS: President t V. Pres. DIRECTORS: ply most any need you have—because it will be seen bymdcnllycwrybodyinndmwmnmm. Leave copy for classified ads at any of these au- thorized Branch Offices. There are no fees for Branch Office Service; only regular rates are charged. In the Northwest 11th and Park rd.—Arm- s Hunton’s Sth and U sts.—M. H Pharmacy. Ga. ave. and Upshur st— Petworth Pharmacy. 221 Upshur st. — Monck’s Pharmacy. stein’s Drug Store. Fla. ave. and 1st st—N, Reiskin. 1773 CQII-MI rd. — The 2162 c.llhnh st. — Co- lodny Brothers. 'll'd-ll Park lunfl. Y. -n — lllfllry 1st and l sts. — Duncan’s " ste.—Golden- (time elerk’s Store. Drug 7th n.d:nl R. L ave—J. Fren 11th and M m-—l. H. Forster’s Pharmacy. In the Southwest o T armacy. 316 43 st. — Harris’ Drug Store. 4% and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmac, s Ty m and Md. ave.— Louls F. Bradley. lflc:plul and Eye—Ken~ Pharmaey, Brookland. 4th and R. L ave. — John G r- North Cap st. and R. L ave. — s Phare- macy. 1742 Pa. ave. — J. Louls Krick. In Georgetown 30th and P sts.—Morgan Bros.’ 30th Pharmacy. 3411 M st.—Moskey’s Phar- macy. 2072 Wisconsin ave.— M sts—HBrace’s Haney’s.