Evening Star Newspaper, May 28, 1932, Page 12

MAY 28, 1932. FINANCIAL, FINANCIAL. A.1.B. DELEGATES | STOCKS IRREGULAR Net. —Prev.1933~ Stock and Dividend Rute, 12% U S Pipe&Fy 1st 1.2 Net. Low. Close. Chge. 2 2 ~Prev.1932—~ High. Low. 8tock and Dividend Rate. Net. | ~Prev.1932— Stock and ~Prev.1932~ Stoux and Dividend Rate. d Raf Add 00. “igh. Add 00. High. High. Low. Divident e. ¥ 283 T LEAVE TONIGHT AFTER EARLY DIP Five Members of D. C. Chap- i ter Will Attend Califor- ! nia Meeting. BY EDWARD C. STONE. l Five members of Washington Chap- ter, American Institute of Bankihg, will leave here tonight for Los Angeles, to attend the annual conVention which opens in the Cali- fornia city on June 6 and ends on the delegation will be made up of T. Hunton Leith, as- sistant cashier of the Security Sav- ings & Commercial Bank; I. J. Roberts, assistant cashier of the Riggs National Bank: J. Earle Mc- Geary of W. B. Hibbs & Co., Rich- ard A. N assistant cashier of the Lincoln National Bank and manager of the Seventeenth and H streets branch, and Herbert W. Walker of the Washing- ton Loan & Trust Co. ‘The party joins delegates from Penn- sylvania cities at Harrisburg and at Buf- falo boards a special train with the delegates from the northeastern part of the country. They will make several stops for sightseeing on the way out and on the return. Mr. Leith is just completing his three- year term as a member of the National Executive Council, during which time he has had charge of a large number of chapters along the South Atlantic Sea- iboard. His chapters have made bril- {liant progress, but, according to the rule of the institute, he is not eligible *for re-election. Mr. Roberts is chairman of the con- ‘ vention's departmental conferences, one tof the most important positions in the gift of the convention managers. Mr. Norris has just been elected president of ‘Washington Chapter for the coming year, while Messrs. McGeary and Walk- er are also hard workers in the local chapter and are due to take active parts in the Los Angeles deliberations. The program indicates unusually interesting sessions. Cox Reports Reservation Pick-up. Frederick H. Cox. chairman of the ‘Transportation Committee, which han- dles the requests for reservations for the coming convention of the District Bankers’ Associa- tion, reports there has been a marked increase in the ap- plications received in the past few days. The warm weather and the nearness to the meeting, which takes place at Hot Springs. Va., June 9 to 12, inclusive, are twe factors in the pick-up in res- ervations. As the conven- tion is now less than two weeks distant, the Trans- portation Commit- tee is very anxious to have all the reser- vations in as soon as possible, in order | that they may be turned over to the Hotel Committee and accommodations arranged. The reservations are given preference in the order in which they are received. President C. H. Pope has expressed the opinion that this year's meeting at Hot Springs will be the most important that the association has ever held. He bases his claim on present conditions in the banking and business worlds, which are most unusual, as everybody admits. The other members of the Transporta- ticn Committee include J. Frank White, vice chairman; C. D. Ratcliffe, B. A. Bowles, Robert J. Earnshaw, C, C. Lam- born, John A. Eckert, Frank J. Kauf- man, jr., and Maurice Otterback. Dividend Changes Since 1922, _The annual rate of distribution on high-grade common stocks is 80 per cent more now than at the end of 1922 and more than 1507 higher than at the highs of 1929, according to an 2nalysis of 30 leading issues made by Administrative and Research Corpora- ticn, New York, At the market close December 31, 1932, the average price of the 30 stocks Was 44.87, average distributions for the year being $2.30, or 5.13 per cent. At the highs of 1929 these stocks averaged 172,81 in price and distribution $6.18 during that year, or 3.81 per cent. At the market close May 23 the average price was 2693 and rate of distribution was $2.44, or 9.1 per cent. North American's Assets Grow. Statement of the North American Co. and subsidiaries as of March 31, 1932, shows total assets of $878,346,- 820, comparing with $860,002,202 on March 31, 1931, and total surplus of $152,266.968, against $151,105,603. Cur- rent assets, including $21.426,612 cash and United States Government securi- ties. amounted to $44,821,697 and cur- Tent and accrued liabilities were $37,- 546,798. This compares with cash and United States Government securities of | $26,627,491, current assets of $51,174,- 586 and current and accrued liabilities | of $25,803,063 on March 31, 1931. N. & W. Earns $2.15 Per Share. The Norfolk & Western Railway Co. for four months ended April 30, 1932, T. Hunton Leith. Frederick H. Cox. 5% 4 16% 64 2 Adams Eipress...., 1% Adv Rumley... 4% Affiliated prod 1 84% Afr Reduction(t4%4) 8% Alaska Juneau (50c) % Alleghany Corp . 49 Allied Chemical (6).. 9614 Allied Chem pf (17).. 4% Allis-Chalmers(50¢) 12 Amerada Corp (2)... 6% Am Br Shoe (1.60)... 100 Am Can Co pf (7) 3% Am Car & Foundry. 221% Am Chicle (13). 11 Am Com Alcohol 2% Am & Forgn Pwr.... 6 Am&Forgn Pw(7)pt. 2% Am & For Pwr 24 of.. 3 Am Haw St'ship (1). 28% Am Home Prod ¢.20.. 12 AmlIce (2)... Am International % Am Pwr & Lt (1). 3 Am Pwr & Lt pf AmP & Lt pf A (5) Am Radiator. ‘Am Rolling Mills. . 4 Am Ship & Com Am Smelt & Ref 4 Am Snuff (13%). Am Steel Foundry. Am Stores (1234).... Am Sugar (2) Am Tel & Tele: Am Tobacco (+6). % Am Tobacco B (6 Am Tobacco pf (6). Am Type Founder: Am Water Wks (3).. Am Wat Wks cfs(3). % Am Woolen vtc new.. 45 Am Woolen Co f... % Anaconda Cobper... Anchor Cap (2.40)... Anchor Cap pf (6%). Archer-Danfels (1) Archer-Dan pf (7). 3 Armour of 111 (B) Armonr of Tl nf. Asso Dry Goods. i Atchison (4). Atlantic Refining (1) Auburn Auto (4)... 1% Aviation Corp (Del). 214 Baldwin Locomotive 4% Baltimore & Ohio. 4 Barnsdall Corp. . 1614 Beatrice Cream (4) 30 Beech-Nut Pkg (3) 28 Beldine-Hemingwav. 5814 Belgz NatRy pf m4.81. 4 Bendix Aviation. 6 Best&Co.. 10% Rethlehem Steel. 37 Blaw Knox... 225 Rorden Co (3)... 2% Borg Warner. 4 Rrizes Mfg (1) Rklvn-Man Tran (4). Rklyn Union Gas(5). Rrown Shoe (3). .. Brown Shoe pf (7). 6% Burronghs Add(36c) 17 Bush Termdeb (7). 4 Butte Copper & Zinc. Rvers (A M) 113 Calumet & Hecla . 6% Canada Drv (1.20). 7% Canadian Pacific 13 . T4 Cannon Mills (1.60) .. Capital Admin (A).. Case (1Y Ca....... Caterpillar Trac 50c. Cerro de Pasco Cop.. Certain-teed Prod Checker Cab Mfer. 214 Ches & Ohlo (24) 4 Chesapeake Corp Chi Great Western. .. Chi Mi1 StP & Pac... Chi Mil StP & Pac pf. Chi & Northwestern. ChiR1& Pac 6% pf. 4 Chi R1& Pac 7% pf. 4 Chrvsler Corp (1) Clark Equipment Cluett Peabody €2).. Coca Cola (18). Coca-Cola (A) €3). Colgate-Pal-P (24). Colg-Palm P of (6).. Columbia Gas (b1).. Columbian Carh (3).. Comm Credit (50¢). . Comel Cred pf B (2) . Comcl Tnv Trust (2). Comm Solv (A0c).... Comwith & Sou(30e) Comwlth&Sou pf (6) Conzolm Nairn (1).. 4 Congress Cizar (1).. Consol Cer pr nf 634 Consol Film of (2).. 4« Consol GasN Y (4).. Consol Gas NY pf(§) Consol Taundries(1) Consol Ol Corp..... Container Corp (A) Contl Paking (B) 4 Contl Bakin pf (8) Contl Can (2%) Cent Insur (2 40) Cont1 Oil (Del). Contl Shares Corn Products Corn Prod pf (7). 1% Coty Ine..... 8% Crown C'k & S (1.20) 15% Crucible Steel pf. ... 20 Cudahy Packing (4). 55 Curtis Publish pf(7). 7 Curtiss Wright....., 1'3 Curtis Wright (A).. 315 Cutler Hammer 115 Debenhams Security. 44 Delaware & Hud (9). 10 Delaware Lack & W, 1% Denver & RG W pf.. 70 Detroit Edison (8). 12 Diamond Match (1). Dome Mines (+1.20). 9% Dresser Mfz A (3).. 26'% Drug Corp (4)... . 2513 Dupont de Nem (3).. astman Kodak (5). Eaton Mfg Co (50c) Elec Autn Lite (4). Electric Boat. ...... Elec&Musical Instru 3% Elec Pwr& Lt (1)... 12% Elec Pwr & Lt pf(7), shows net income of $3.332.420 after| 53T 16% Elec Storage Bat (3) taxes and charges, equivalent after dividend requirements on 4 per cent preferred stock, to $2.15 a share on 1,406,483 shares of common stock. This compares with $5,395.065, or $3.61 a §ggrimon share, in first four months of April net income was $966,491 after taxes and charges, against $1,320,792 in April, last . Commercial Credit Dividends. The Commercial Credit Corporation has declared a quarterly dividend of 12!, cents on the common stock, plac- ing the issue on a 50-cent annual basis, against $1 previously. Company| also ' declared the regular quarterly ividends of $1.62'> on the 61> per cent first preferred; 4334 cents on the 7 per cent preferred, 50 cents on the 8 per cent preferred and 75 cents on the $3 class A convertible preferred stock. All dividends are payable June 30 to stock of record June 10. International Business Machines Cor- poration, which has a plant in Wash- ington, has introduced a new electrical recording lock for the doors of stores and other business establishments, which serves as a time clock for em- ployes, provides protection against burglary, records the hourly inspec- tions of a night watchman and cannot be picked by thieves. Heard in Financial District. ‘The board of directors of Virginia Public Service Co., meeting yesterday at Alexandria, declared the regular quarterly dividend of $1.75 upon the 7 per cent cumulative preferred stock of the company and $1.50 on the 6 per cent cumulative preferred stock, bsth payable July 1 to stockholders of record June 10. Continuing_its strong hold on. ex- penses, the managément of the Balti- more & Ohio Railroad, through increased efficiency, was able to reduce its cperating expenses $2,814,517 in April as compared with a year ago. Contracts for' the servicing by ice of air conditioning equipment for the Paul Raisler chain of Long Island theaters have been closed by Knickerbocker Ice Co., subsidiary 6f American Ice Co. ‘The latest offering cf $100,000,000 91-day Treasury bills was oversubscribed 36 51 19 % 28 19 24% Endicott-Johnson(3) 2314 Eng Pub Sve nf (5).. 13% Equit Office Bldg 1% 2% Erfe R R 1st pf. 21 Eureka Vac (a2). 3 Fairbanks-Morse 19% Fairbanks Morse pf. 314 Fed Water Service A 6 Fid Ph Fire In(2.60). 1115 Firestone T& R (1). 47 Firestone T&R pf(6) First Natl Strs (2%) Florsheims pf (€)... Follanshee Bros. Food Machinery Foster-Wheeler. . . % Fourth Nat Inv110. Fox Film (A) .. Freeport-Texas (2). Gamewell Co. Gen Am Tank Car(4) 7 Gen Asphalt (1) 107 Gen Baking (2) 5% Gen Cable pf. 85% Gen Cigar pf (7)... 9 Gen Electric (40c).. * 10% Gen Elec spec (60c) . 2115 Gen Food Corp (3).. % Gen G&E A (b6 %stk) 15 Gen Gas&EI pf A(8). 28 Gen Mills (3). . . 81% Gen Mills pf (6) 915 Gen Motors (1) 5 Gen Outdoor Ad 8% Gen Rwy Signal (1). % Gen Realty & Util... 5% Gen Realty & Utll pf. 10% Gillette Stf Raz(1). 1 Gimbel Bros. 314 GI1dden Co. 2% Gobel (Adolf) 9% Gold Dust (1.60). 2145 Goodrich (BF). 7% Goodrich (B F) pf. 5% Goodyear Tire&Rub. 7% Gotham Silk Hoslery 1 Graham-Paige. 2% Granby Consol Cop. 3% Grand Union..... 9 Granite City Stl (2) 14% Grant (W T) (1).... 5% Great Northern pf(2) 6 Great North Ore(2). 53 Great Wn Sug pf(7). % Grigsby Grunow. ... 19 Hacken Watpf A 1% 8 Hahn Dept Stores pf. £bout three times, Secretary Mills states, 70 34 Hannapf(T.eesese R f 0 wSremne - Suao~molaaanan 19 8o w0 B o SndeleSananan n2nfacnFaFolvuaS nlaiandan o 2 Py o= o s » S nF e sennSanneBontee naFana o EY (AR REA RS FER OF OFEFE ® 10 3% Hawailan Pineapple. 8 814 131 4 24% 30% 1% 5% 18% 26% 36 38% 3915 2315 44% 12% 35 25% 84 £l 9% 51% Helme (GW) (17)... 5% Hercules Mot (80¢c). % . 110 Homestake Min (9). 1 Houdaille Hershey.. 9% Houston Oil. - 10 Hudson & Man (3%). 3 Hudson Motor Car. 1% Hupp Motors. 5% Illinois Central. ... 12 Illinois Central pf... 20% Illinois Cent11 (4).. 10% Indust Ravon (4). i Ingersoll Rand (3).. Inland Steel. . Ins'sharesDel a62lc Interboro Rap T & Int Agricultury = Int Bus Machine(n§) Int Carfers Ltd(40c) 4 Int Cement % Int Harvester (1.80). 4 Int Hydro E1 A (e2). Irt Nickel of Can. 4 Int Salt (1%). Int Shoe (3). 2% Int Tele & Teleg 6 Jewel Tea (T4%4)- 10% Johns-Manv!1l . 39% Jones & Laugh pf(4) 3 Kaufmnn DS (80c). 5% Kayser (J) & Co % Kelly Spring Tire. .. 1 Kelsey-Hayes Wheel 2% Kelvinator Corp..... Kennecott Copper-. ... 12% Kimberly-Clark (1).. 8% Kresge (S S) (1.60). 211; Kress (SH) Co (§1). 103 Kroger Grocery (1).. 30 lLambert Co (8).. 3% Leh Port Cement. 6% Lehigh Valley RR. .. 31% Lehman Corp (2.40). 6 Lehn & Fink Prod(2) 2% Libbey Owens Glass. 2 Liggett § Myers(t5) 35'% Ligg & Myers B (15) 813 Lima Locomotivs 9 Liquid Carbonic 16% Loew's Inc (t4) . 50 Loew'sInc pf (6%4) 2 LoftlInc...... 16'5 Loose-Wiles (13 94 Lorillard (P) (1.30) 7314 Lorillard (P) pf (T). * Louislana Ofl o Lou Gas&El A (1%). 713 Louisville & Nash McCall Corpn (2). Meclntyre Pore M (1) McKeesport T P (4). i McKesson & Robbins i McKesson & Rob's pf Mack Trucks (1). Macy (R H) (n2). Madison Sq Garden Manhat Elev gtd (7). Manhat Elev mod gtd Marine Midld(80c). . Market St Ry prpf.. Marlin-Rockwell (1), Marshall Field & Co. Mathieson Alk (11%5) May Dept Stores 1.80 Melville Shoe (1.60) Mengel Copf. Mesta Machine (1). Miami Copper-. . Mid Continent Petm.. Midland Steel Pred. MSIP&SSMpt. Mo Kan & Texas. Mo Kan & Texas pf Missouri Pacific nf. .. Monsanto Chem 1% Montgomery Ward. Motor Products (2 3 Mullins Mfg 213 Murray Corp Nash Motors (2). at Acme Co. Nat Biscuit (2 Nat Cash Reg (A) 5 Nat Dairy (2.60). 3 Nat Dist Prod (2) 4 Nat Enam & Stamp Nat Lead of A (7) Nat Pwr & Lt (1) atl Steel (1).. 23 Nevada Con Copper Newport Industries. N Y Central........ NYChi&StLpt Y & Harlem (5) Y N H & Hartfor N H& Hpf (T) Y Shipbuilding Y Steam pf (6) oranda Mines. Norf & Westn (12), North Am Aviation or Amer(b10e, stk) orth Amer pf (3).. 514 Northern Pacific. ... 5 Ohio Oil (a20c). 112 Omnibus Corp 10% Otis Elevator (3 90 Otis Elev pf (6) 1% Otis Steel. 183% Owens I11 G1: 19% Pacific Gas & EI (2). 2114 Pacific Lighting (3). Pacific Tel&Telez(7) Packard Motor Car. . Pan-Amer Pet (1.60) Pan-Am Pet B(1.60). Paramount Publix. Parmelee Transport. Pathe Exchange (A) Patino Mines....... Penick & Ford (1) Penney (J C) (2.40). Penna Railroa: : Peoples Gas Chi (8). Pere Marquette. Pere Marquette pr pf Petrol Corp of Am Phelps Dodge Co. Phila Co 6% pf (3).. Phila & Read C&1.. Philip Morris&Co(1) 4 Phillips Petroleum. . Pillsbury Flour (2).. Pitts United pf 4 Port Ric Am Tob(B) Prairfe Pipe Line. ... 3 Proct & Gamb (2.40) Public Sve NJ (3.40) i Pullman Corp (3)... 4 Pure Ofl. 50 Pure Ofl nf (8). 4% Purity Bakeries 2'4 Radio Corp. . 13 RadioCorppfA3%. 5% Radio Corp pf B 13 Radio-Kelth-Orpl 4% Raybestos-Man (6 15 Readine Rwy (1).... 2 Real Silk Hoslery. .. 8 Real Stk Hosiery pf. 1% Remington-Rand. 6 Rem Rand 1st pf.... 75 Rensselaer & Sar (8) 1% Reo Motor Car. 3 Reynolds Spring. ... 65 Revnolds Tob A (3). 27% Revnolds Tob B (3). 1% Rio Grande Ofl. .. 1% Rossia Ins of Amer. 12% Royal Dtch (a81c) 3714 Safeway Stores (5).. 60 Safeway Strspf (6). 5% Safeway Strs pf (7). 5% St Joseph Lead. . % St L-San Francisco.. 1 StL-San Fran pf. 1 Schulte Retall Store: 10 Schulte Rer Stor pf. 21% Scott Paper (1.40)... 6% Seabnard 0! Del 40c 1 SeagraveCorp...... 15 Sears Roebuck (234) 26 Second Nat Inv pf... 1% ServelInc.......... 5% Shattuck (F G) (1). 2% Shell Union Oil. . 19 Shell Union Oil pf. 3% Simmons Co. 3% Simms Petrol 214 Skelly Of 12 Skelly Oil pf ww.... 7 Sccony-Vacuum 80c. 37% Solv Am pf ww(53) 4% South Port Rico Sug. 18% Southn Cal Ed (2)... 2% Southern Dairies(B) 6% Southern Pacific.... 213 Southern Rallway 5 Spalding (A G 1 Sparks-Withing! 8 Spencer Kellog(60c). 1% Spiegel-May-Stern. . 9% Stand Brands (1.20). 8% Stand Gas&E) (3%). 13 Stand Gas&El pf (4). 16% Stand Ofl Calif (2).. 7 Stand Ofl of Kansas. 197% Stand OfI N J (12) % Sterling Secur (A).. _ " = Senare aZavaBean Ruem @ W L BB WaNaPENNT AR~ 16 3 a 5 o aadlinafane®=San B naeR o - B S +h+ AERLLDLN+N " % % % -1% = THI+T L+ + ® +1 4 " 1 Low, Close. Chge. | High. Low. 3% 4 6% 32 15% Sterling Secur cv pf. 1% Stewart Warner..... 5% Stone&Webster (50c) 3 Studebaker Corp. 24% Sun O11 (1) 13% Tax Gul Sulphur (2). 15 Tex Pacific Coal&Oil. 3 Tex Pacific Land Tr.. 51 Tide Wat O1l(a25). 30 Tide Wat O1l pf (5).. 2% Timken-Detroit Axle 12% Timken Roll B1%.. 2% Transamerica Corp.. 1% Tri-Contl Corp. . 42 Tri-Contl Corp pf(6) 1% Twin City RapTran. . 6% Union Bag & Paper.. 16% Un Carbide & C1.20. 35% Un Pacific (6) 4. Union Pacific pf (4). Un Tank Car (1.40).. Unit Aircraft..... Unit Afrcraft pf (3).. 4 Unit Am Bosch Unit Biscuit (2). 4 Un‘t Carbon. Unit Corp (40c Unit Corp pf (3 Unit Electric Co: Unit Fruit (2)...... Unit Gas&Im(1.20).. Unit Pice Dye W(1)., aneBNn vonn~ re - APBTEEJOINS- 1 S - L LT 5% 15% — % Tpoo 2 % 5% + % 2% 2% - W| 19% 26% 52% 1 13 10 | _10% % | T18% +%| 1 -T% 10% 5 4% £ 2% U S Rubber... 11 USSmtg & Ref (1) 26% U S Steel..... 65% U 8 Steel pf (7). 1% Util Pwr & Lt (A) 5% Vanadium Corp. % Va-Car Chemical. 131 Ward Baking pf (4). 1 Warn Bros Pictures.. 2 Warren Bros..... % Webster Eisenlohr. 9% Wesson O11&Sn (1 ‘Wesson O&Sn pf(4).. 91% West Pa Pwr pf (7). . 10: 1% Wi n Dairy (B).. 1% W n Maryland.. 17% Western Unfon (4).. 9% Westing'se Air B(1). 19% Westinghouse (1)... 146 58% Westinghse Ist (3%3) 30s 215 Weston Elec Instru.. 2 2% Wilcox Oll & Gas. . 15 Wilcox Rich A (2%). % Willys-Overland. 25% Woolworth (2.40) 6% Worthington Pump 28% Wrigley (Wm) (4). 7% Yale & Towne (1) 1% Yellow Truc! & Zonite Products(60c) U 8 & Forn Secur. ... U S & Forn Sec pf. U S Gypsum (1.60) S Hoffman. ....... U S Indus Alcohol. .. us 12 Plpe & Fdry (2). 1 1's 33w 138 1% 133 ™% Dividend rates as gi payments based on th 1Partly extra. IPlu: tock. us 2% k Plus 3% ‘in P+ 441+ 8% % b Payable in stock. Pl iven in the above table are the annual cash e latest quarterly or half-yearly declarations. s 4% In stock. a Paid this year—no reguls ePayable in cash or stock. f Plus 8% in stock. ) Plus 31 in special preferred stock m Paid last year—no reguiar rate. in stock. p Plus 2'3% in stock. COMMERGIAL BANK STATUS DISCUSSED Question of Interstate Com- merce and Federal Juris- diction Is Raised. By the Associated Press. Whether commercial banking is a nec- essary instrumentality of interstate commerce and, therefore, comes within the jurisdiction of the Federal Govern- ment whenever it chooses to exercise its authority is an important newly raised question. In a paper submitted to the American Economic Association by Walter E. Spahr of New York University this theory was suggested as a possible cor- rective for present ills in the banking structare. The speaker told the asso- ciation a search through legal records has not revealed any case in which the United States Supreme Court has held that commercial banking is not inter- state commerce. “It would seem, therefore, that if such a question could come before the United States Supreme Court,” he said, “straight reasoning would compel the »!court to rule that commercial banking is interstate commerce. In any event, it appears highly probable that the court could rule quite reasonably that commercial banking 1s a necessary in- strumentality of interstate commerce.” Regardless of the merits of the ques- tion of constitutionality, Spahr said the way of progress does not lie in abstain- ing from undertaking what appears necessary and proper because of some supposed constitutional obstacle. ‘“‘Let the changes be made,” he said, “and the issue be tested in the courts. If the Constitution is vioiated, amend the Constitution. A sound banking struc- ture is of far greater importance to a people than the adherence to a consti- | tutional provision that prevents the making of changes necessary to meet present-day problems.™ Mr. Spahr said an additional argu- ment in favor of nationalizing all com- mercial banks is that it is hardly ra- tional to expect much progress by wait- ing for 48 different legislative bodies to agre2 upon and pass sound and pro- gressive legislation. A fundamental purpose of the Federal Reserve System | was to provide a national policy and system, but he said it cannot be made effective with the present organization of our commercial banking structure, but only through a national law. In this conection he explained that business cycles are national in scope as are the problems of credit control: commerce is interstate and international in nature; the problems of a proper | reserve structure are national and even international in their ramifications, and such questions, therefore, can be dealt with adequately onJy by a governmental body with the proper jurisdictional au- thority. —_— Butter—One-pound prints, 93 score, | 22; 92 score, 21: standurds, 19; tub, 93 sccre, 21; 92 score, 20; standards, 18. Eggs—Hennery, 14; current receipts, 2 Poultry, alive—Turkeys, young hens, 18; toms, 12. old toms, 12: crooked breasts, 12: Spring broilers, colored, 11, to 2 peunds, 20; Plymouth Rocks, 2 to 2!, pounds, 23; Plymouth Rocks, 3 pounds and over, 25; Leghorn broil- ers, 1% pounds, 17; 2 pounds and over. 19; hens, medium, 15a16; large, 15a16; Leghorn hens, 13al4; roosters. 8; keats, young, 40a50; old, 30a40; Winter chickens, 18a20; stags. 12. Poultry, dressed — Turkeys, young 1 | hens, 21; young toms, 18; old toms, 15 crooked - breasts, 15; Spring broilers, colored, 11 to 2 pounds, 23; Plymouth to 21 pounds, 26: Plymouth . 3 pounds and over, 28; Leghorn broilers, 1%; to 2 pounds, 20; 2 pounds and over, 22; hens, large, 18a19; Leghorn hens, roosters, 11; keats, young, 60a70; old, 30a40: wmurd%h!cgn:sl.s 21?23; stags, 13; Island ducks, 15a16. 51\41’5:"1!-—13«1‘ 11a12; lamb, Spring, 15a16; veal, 10all; pork loins, 11a12; fresh hams, 12a13; smoked hams, 12; strip lw;-/fln. 1521 lard, 7; com- und, 6%2. POLive stock—Hogs. light and medium, 350; hecavy. 3.25; pigs, 3.00a3.50; roughs, 1.50a2.50; ~calves, 3.0085.00; lambs, 4.0086.50. Pruits—Watermelons, 35a60: canta- loupes, jumbos, 4.50; standards. 4.00; pony, 3.00; strawberries, 1.00a3.00; cherries, 2.25; apples, bushel baskets, 75a175; fancy oox stock, 1.50a2.25; pears, 3.5024.00; pineapples, 2.5022.75; grapes, Almerias, 3.00; alligator pears, 3.00; oranges, California, 3.00a 350; Florida, 3.50a4.00; lemons, 6.008 6.50; limes, per 100, 2.00; bananas, 1.25a 2.50; honeydews, 3.50a3.75; grapefruit, 3.25a3.50; rhubarb, per dozen bunches. £0a60. Vegetables—Potatoes, new, per barrel, 4.00a4.50; old, 100-pound sacks, 1.25; Idaho bakers, 2.50a2.75; sweets, per bushel, 75a1.00; tomatoes, lugs, 2.5 00; repacks, 3-pan crates, 2.00a2.25; cal squash, _yellow, 1.75; beets, per 100 bunches, 4.0085.00; corn, 4.00; peas, 7581.00; string beans, 1.00a1.25. |[EXCHANGE HEA By the Atsociated Press NEW YORK, May 28 —The New York Stock Exchange is described by Richard Whitney, its president, as “nothing but a market place where purchasers and sellers of securities may meet and | through the law of supply and demand determine market prices of securities.” ‘The 43-year-old exccutive, recently elected for his third successive term. in | those words sought to dispel the web of intricacy that, in the eyes of many per- sons, envelops his organization, the largest market place in the world. It is this web of intricacy that a Senate committee is now attempting to | peer behind to disccver the effects of short selling. | Exchange Rules. | In defense of the exchange, Whitney argues that the ru'es of the organization go very much further than the laws of the State; that an infringement of these rules means expulsicn; thzt the minimum ccmmission charges fixed by the constitution of the exchange are lower than the ccmmission charges of brokers in any other business; that short selling is legal and has been de- clared so by the Supreme Court of th= United States, and that a recent list | of “shorts” included persons from every State in the United States except two, | with many foreign countries repre- sented Whitney is particularly vehement in denying that it profits a broker to have | his clients lose money. | “People overiook the fact that the great depreciation in the value of securi- ties has brought huge lcsses to brokers as well as to the public. In addition the brekers have suffered an enormous decline in the value of their Stock Ex- change memberships. In 1929 membe | ships sold as high as $625.000; recently | they sold for $30,000.” The member- | ship list is restricted to 1,375 seats. | Whitney believes that speculation is | necessary not only to the economic de- | velopment of our country but to every form of business activity as we!l. But | other forms of speculation, he says. have not come within the focus of the public ! market that is not subiec D SEES FAILUR 'OF EFFORT TO CURB SPECULATION Whitney Believes Any Legislative Attempt to Regulate the New York Securities Market Will Be Futile. eye since liquidation of stccks and bonds began late in 1929. 7 “Speculation plays a part in every | business,” he holds. “The merchant | who buys raw materials is specu’ z on the probability that he will get | crders which will ‘allow him to manu- facture the raw materials into products ‘ that the public will want to buy. The farmer also is a speculato: ing not only upcn the quality of fhe | grain that he sows, but also upon the weather and his ability to sell his crop if it ripens and is harvested.” Price Fixing. Discussing po: ouiside legisla- | tion enacted to regulate the New York Stock Exchange, its president says that ,“any restrictions which Famper either | the buyer or scller of securities crezte an_artificial market which ultimately 1s bound to collapse.” Many eflorts have been made in the past to fix prices by regulaiicn, he ex- plains, adding that “without exception they have failed, and in every case have brought about disorganized and disestrous conditions.” Ho cites the example of England which, a few years ago, attempted fix the price of rubber; the efforts Brazil to fix the price of coffee: Cuba to fix the price of suzar, and our own Govern: ¥ wheat and cctton—all proving, he szid. ihat interference with a free market is bound to end in dicaster. “Free market,” he s: “means a to restric- tions which would prevent the law of cupply and demand from determining prices. Whitney believes that neither present econcmic depress'on nor other can be cured by legislation. “A revival in business ty alone can ure our present troubles,” he says, “and business will revive much more rapidly if it is not overburdened by taxes and legislative regulation.” When recovery does set in he expects the stock market not only to reflect this charged condition, but to anticipate better times as soon as there is any indication that business is reviving. the a TIME ON INSURANCE | REPORTS EXTENDED |Stock Firms in Virginia Are Given | Additional Opportunity to Com- plete Their Records. | Special Dispatch to Tke Star. | RICHMOND, Va, May 28.—Time | allowed stock fire insurance companies | 1opemmg in Virginia to keep records | by zones and in each city and county in the State and to make annual re- | | ports of such records to the State | | Corporation Commission, was extended | by the commission from June 30, 1932, | to December 31, 1932. A previous extension from December | | 31, 1931, to June 30, 1932, had bcen allowed. These extensions are due to the fact that appeal of the companies from an order of the commission substantially reducing fire rates in Virginia and re- quiring such records to be kept, is still pending before the State Supreme Court and probably will not be argued until the November term of the court. Investigation of fire rates, which re- sulted in the ordering of a -reduction, grew out of a resolution offered in the Legislature several years ago by Repre- sentative Wilbur C. Hall of Loudoun. If upheld by the appellate court the reduction will mean an annual saving of nearly a million dollars in premiums to policy holders. Application . of Ashby B. Strother, trading as Colonial Beach & Dahlgren Bus Line, fdr authority to operate pas- senger service between Colonial Beach and Dahlgren was dismissed today by the State Corporation Commission. INTEREST RATES. By the Assoclated Press. Time money average rates showed a further recession last week, but call money rates remained unchanged. In the table that follows the average rate for beth classes of money is given, for comparable periods, .as announced by the Department of Commerce: Week ended May 21. Previous week ... Same week last year. NEW YORK BANK STOCKS NEW YORK, May 28 (#).—Over-the- counter market: Baltimore Markets Special Dispatch to The Star BALTIMORE. Md., May 2 potatoes, old, 100 pounds, 75a9: new, barrel 2.00a5.00; sweet potatoes, bush-!, | 50a75; yams barrcl, 1.25a1.50; aspara- gus, dozen, 50a2.25; beans, bushel, 751 1.50; beets, crate, 1.25a2.00; cabbage, hamper, 1.00a1.25; carrots, crate, 2.50a 3.00; cauliflower crate, 1.25a1.50; celer. crate, 1.50a3.00; cucumbers, bushcl, 1.00a1.75; Kkale, bushel, 20a40; lettuce, bushel, 50a1.00; onions, per 100, 40a 75; peas, bushel, 1.00a1.25; peppers, crate, 1.25a3.00; rhubarb, 100, 1.00a 3.00; spinach bushel, 20a40; radishes, 100, 1.00a1.50; squash, bush 1.253 4.00; tomatoes. crate, 3.0024.25: apples. bushel, 75a2.00; grapefruit, box, 3.00a 4.25; oranges box, 3.00a4.75; rtraw- berries, quart, 5al2; cantaloupes, crate, 1.50a4.25. Dairy Markets. Chickens, young. 18a24; Leghorns, 14 al8; old hens, 13al6: Leghorns, old. 12al4: roosters 8al0; ducks, 8al6: guinea fowls, 30a5! pigeons, 20a25. Eggs, receipts, 3.218 cases; receipts, 12a121;. Butter, good and fancy, current creamer store packed, 10. SAFE ETR ST the future, Over a Third of a Century Without a Loss estate. from $250 National 2100 pair, | 18a20'; ladles, 14a15; process, 16al7; | May be purchased Partial Recovery Occurs Fol« lowing Market’s Descent to New Lows. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 28.—Selling in- fluenced by the cut in the General Electric dividend, by the additional dif- ficulties that have arisen in Washing- ton over an agreement on unemploy- ment relief and by the unsatisfactory reports from retail trade carried the { stock market down into new low ground on the opening transactions today, but at this point resistance was encountered, a partial rally ensued and thereafter the price movement was irregular. It was reassuring that, in the face of all the unfavorable news, liquidation should be as small as it was. There were some fairly large blocks changing hands at the start, but in the later | dealings there was no particular pres- sure anywhere and such recessions as o_ccurredlwerc on lots of 200 or 300 | shares. It all testified to a thoroughl liquidated condition. £ The early weakness affected princi- pally the public utilities, which were {n- fluenced perhaps by the Cities Service situation; the electrical stocks, where 2 's news about Gen- | eral Ele as the factor, and the | store stocks. Genera! Electric opened |on a 10,000-share block at 9, off a | point, and at the lowest at which the Ppresent shares have ewer scld. Westing- house Electric made a new low in sym- | pathy. but regained the loss. General Electric rallied fractionally. In the utilities American Telephone dropped below 91 for the first t | was in supply on every raily | were made by Consolidated Gas. Public Service of New Jersey and United Gas Improvement, all of them coming back }mnre or less. Food and tobacco stocks were weak. as they have becn for some time. spell The depressing influence in the mer- | chandising shares was the sales sta- tistics given in the June monthly re- view of business by the Federal Reserve agent at New York. Declines from the same period a ago were reported by all organiza s except the candy stores. ‘The a W lows for Drug, Inc.; S Stores, American Stores and J. C. Penne”, among others. Sears Roebuck dipped under $15 a share for the first time. There were. however, industrials which made surprisingly gcod resistance., nder this head came American Can, Allied Chemical, United States Steel commen and Air Reducticn. Eastman Kodak reccived Oil shares were down fracti not really weak. All things considered, it was a quiet market. The feature in the railway list was a break in Atchison through the 2 5 mark. Prefer as usual, were liquidated less of i 1 number of insta spreads be- tween the bid and offered prices were quoted on the tape before buyers and sellers came together _Exchange r: cigners u dollar, on its deps in sterling by J. for pou strong and guil United Aircraft had a sinking ted that for- biful about the to speculate sunced strength due to buying ests exchanging dollars Capital Stock Change. BALTIMORE. (Special) — Subur Association, 1 Md.. has changed 00.000 shares, par FREIGHT LOADIFGS. By the Ass: Loadin: showed a sh o ciation. The mpara weeks follow, as reported by the association: 517.667 cars 5 33.677 cars I las t yea 037 cars First Mortgage Loans | Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. In Guarantv First Mort. 6 gage Securities. Well se- lected Investments in denominations ) CONVENIENT DEFERRED PAYMENTS Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 With Safety Money on Hand to Loan on First Deed of Trust | 6% Interest Reascnable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. MORTGAGES CAPITALIZE THE FUTURE NOW By making wise investment of your surplus funds in our 6149, FIRST MORTGAGES you are making safe provision for for as long as your money is so invested it will earn this definite interest, and with the principal always protected by conservatively appraised improved Washington real in amounts up. B. F. SAUL CO. 925 15th St. NN'W.