Evening Star Newspaper, March 22, 1933, Page 14

TA—14 ez HOWE QLTS ST " S BANK OFFICR American Security & Trust | Treasurer Ends 42-Year, 4 Service. BY EDWARD C. STONE. Charles E. Howe, after 42 years' service with the American Security & Trust Co., has resigned as treasurer, on account of poor health. The board: of directors ac- cepted his resig- nation with deep regret and elected James C. Dulin, jr.. one of the as- sistant _treasurers, to fill the vacancy as_treasurer. At the same meeting of the di- rectors, William E. Schooley was elect- ed an assistant treasurer, in charge of the securities department. Mr. Howe requested to be relieved of his duties on April 1, which means that both the new appointments become ef- fective on that date. Mr. Howe has been associated with and active in many organizations in the city of Washington for a number of years and in April, 1928, was pre- sented with the silver cross of the Order of the Redeemer of the Republic of Greece for services performed dur- ing the World War when he was treas- urer of the Fund for the Relief of the Fatherless Children of Greece. Mr. Howe is a graduate of Princeton Uni- versity, member of the University Club and started his long gnd most success- ful banking career in his old home at Mifflintown, Pa. Mr. Dulin entered the employ of the company in June, 1909, as a runner in the trust department. He was later transferred to the securities department of the banking de- partment and served as teller and tax specialist until he was elect- ed assistant secre- tary on January 1, 1921. On January 1, 1922, he was elected assistant treasurer, at which time he was placed in charge of the securities and for- eign exchange de- partment. He was gradu- ated from George- town University Law School in 1913 with the degree of LL. B. and in the same year admitted to membership in the District of Co- lumbia Bar Association. He has been active in the affairs of the Washington Chapter, American Institute of Bank- g, having served as its president in 1923, and for three years has been in- structor in investments on the staff of the institute. He was elected to mem- bership in the Washington Stock Ex- change in September, 1932. Mr. Schooley went to. the company June 27, 1917, as a file clerk in the banking department. He was later transferred to the securities and tax department, which department he will head after April 1. He completed his course of law at Georgetown _ University, receiving his degree of LL. B. in 1923 and was ad- mitted to the District of Columbia Bar the same year. He is a member of the ‘Washington Board of Trade. Rapid Transit’s February Net. ‘The Washington Rapid Transit Co. has reported to the Public Utilities Commission operating revenues for| February of $29,495, a decrease of $10,- 505 from February, 1932. Operating expenses and taxes were $32,109, or $13203 lower than a year ago, and leaving a deficit of $2,6i4 in operating income for the month. After all other deductions the transit company report- ed a net operating deficit of $2,535 for the month, which was $2,676 smaller than the deficit in February a year ago. After all deductions from gross the net deficit was practically the same figure. For the first two months of 1933, op- erating revenues totaled $62,309, a drop of over $16,000. Operating expenses and taxes required $68,329, a reduction of over $22,000. After all the usual deductions from gross, the Rapid Transit Co. had a loss in net_income for the first two months of 1933 amounting to $11,711, which is a better showing by more than $5,000 in comparison with the figures record- ed in the first two months of 1932, “Gold Rush” Ended in District. Washington bankers reported today that the recent “gold rush” by so- called hoarders to get large sums of gold and gold certificates back into the banks, or into the vaults of the United States Treasury, has apparently come to an end. The rush to take money out of hoarding followed announcement by the Government that the Federal Reserve banks had been asked to obtain the names of all “hoarders” in their ter- ritory and forward the list to the Treas- ury for possible action. Local banks received letters from Gov. George J. Seay of the Federal Reserve Bank of Richmond asking for |the desired information. Copies of the |letters were pcsted beside the tellers’ | windows in many of the banks, in full !view of every depositor. Many depositors, after reading the letters, went directly to their safe de- | posit boxes and got large sums of gold. /In many instances this gold was taken to the Treasury, rather than to the bank tellers’ windows, as the holders did not wish the bank officials to class them as “hoarders.” Last week right after the banks re- opened, the rush was tremendous. In all the banks the amounts brought out into the open were unexpectedly large. ‘The present week has witnessed the turn of the tide. The time for forward- ing_the requested information to the Richmond Reserve Bank has been ex- tended by Gov. Seay, on Treasury in- structions. It looks now, bank officials said to- day, as if there would be very little gold in hoarding by the time any in- formation is_ forwarded to Richmond. Of course the exact amount is not known and people with small amounts of gold in their on are not classed as “hoarders.” Financial District Comment. Fifteen shares of Mergenthaler Lino- type sold at 20 on the Washington Stock Exchange today. Sales were also recorded in Potomac Electric Power 515 per cent preferred at 106 and 105%. Woodward & Lothrop preferred and common stocks are now being quoted ex-dividend following the recent divi- dend declarations on both issues. Arundel Corporation of Baltimore has declared the regular quarterly divi- dend of 50 cents on the common stock, payable April 1 to stock of record March 24. Phelps, Fenn & Co., were awarded $225.000 Cumberland, Md/, 41,% water improvement bonds, dut 1936, on bid of 100,57. Reoffering is being made to yield 4.25%. Empire Trust Co., New York, has de- clared a quarterly dividend of 25 cents, payable April 1 to stock of record March 24. Previously quarterly dividends of 40 cents were paid. American Power & Light Co., has declared a dividend of 37!2 cents on; the $6 cumulative preferred and a divi- | dend of 313, eents on the $5 cumula- tive Ppreferred stocks, both payable Charles E. Howe James C. Dulin, Jr. # TR FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, MARCH 22; 1933. FINANCIAL, TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev. 1033~ High. Low. 5% 15% 10 613 4T% 11% 5% W T0% 118% 4 6 18% % 8 34y 1 2% 62% 491 2 Yesterday's Sales Add 00, High. 26 4% 8 13% 3 1 Stock and Dividend Rate. .Adams Express. . ‘Adams Millis (2). Addressograph. Afr Reduction (3) Alaska Juneau (60c) . Alleghany Steel Allied Chem & D (8).. Allied Chem pf (7). Allis-Chalmers Mfg. Amerada Corp (2) Am Ag Chem (Del). Am Bank Note...... Am Bank Note pt (3) Am Beet Sugar.... Am Beet Sugar pf. Am Brake Sh pf (7) Am Can (4)... Am Can pt (7) Am Chicle (13). Am Comc'l Aleohol. % Am & Foreign Pwr. . Am&Forgn Pw pf(6) Am & For Pw pf (7)., Am & For Pw 2d pf. Am Home Prod 4.20 Am Ice Co. . .. Am Ice pf (6). 4 Am International.. % Am Locomotive. . Am Mach&Fdy (80c). Am Metal Co. Am Metal pf. . Am Power & Light. . AmP&LDPLA(1%).. 3 Am Pow & L pf(1% Am Radiator. Am Rolling Mi Am Sm & Ref. . Am Sm & Ref 7% pf. Am Steel Foundry... Am Steel Fy pf (2). Am Stores (12%) Am Sugar (2).... Am Sugar pf (7). Am Sumatra Tob. Am Tel & Tel (9. Am Tobaceo (5)... i Am Tobacco (B) (5). Am Type Founders. . Am Water Works(1) %« Am Wat Wks ctfs(1) 228 2% 5 8y £ 1% L T 34% 597 16 an 12% 31% 5% 93 8% Am Woolen. ‘Am Woolen pf Am Zinc & Lead Anaconda Copper Anchor Cap (60c) Archer-Danfels (1) Armour of T11 (A) Armour of 111 (B) Armour’of Il pt Atchison..... Atchison pt (5).....i ‘Atlantic Coast Line At Gulf&W Ind pf. Atlantic Refining(1). Auburn Auto (2)..... Aviation Corp (Del). Baldwin Locomot pf. Baltimore & Ohio. . Baltimore & Ohio pf. Bamberger pf (6%2)., Barnsdall Corp. . Beatrice Creamery. Beatrice Crm pf (7). Beech-Nut Pkg (3). . 4 Belding-Hemingway. 64 S 81 464 3014 121 % 3 2 2 % % 3015 4015 5% 413 14 5% 164 24% 14% % 3% 1 3 2% 4% 5 % Bendix Aviation. Best&Co........0 Bethlehem Steel. Bethlehem Steel pf. Blaw Knox...... Bohn Alumn & Brass Borden Co (1.60). Borg Warner. Briggs Mfg Co. Briggs & Strat (1). Bklyn Manhat Tran Bklyn Man Tr pf (6). Bklyn Unlon Gas (5). 19 Brown Shoe pf (7)... 2208 Brunswick-Balke. . 12 Bucyrus-Erie pf (2). Budd (EG) Mfg. Budd Wheel Burr Add Mach(80c). Butte Copper & Zinc.. Byers (A M). Byers (A M) p California Packing Calumet & Hecla. Campbell-Wyant Fy, Canada Dry G A (1) Canadian Pacific. Case (JI) Co.... Case (J 1) pf (4). Caterpillar Tractor. Celanese Corp. . . Cent Aguirre (134) Cerro de Pasco. ...« Ehecker Cab Mfg “hes & Ohio (2%). Chesapeake Corp (2), Chi & Eastern 111 pf. Chi Great Westn pf. Chi Mil StP & Pac p Chi & Northwestern.. Chi Pneumatic Tool.. ChiRI&Pac7% pf. Chickasha Cotton Oil Chrysler Corp'n..... City Ice & Fuel (2). City Investing (3. City Stores. ..... 4 Coca-Cola Co (7). Coca-Cola (A) (3). Colgate-Palm-P (1).. Collins & Afkman..., 4 Colo Fuel & Iron. Coiumbia Gas (b1).. Columb Gas pt A(6). Columbia Pict vtc. ... Columb Carbon (2) Commercial Credit. .. Comc’l Credit (A) . Comcl Cred 1st(6%). Comel Inv Trust (2). Comecl Solv (60c). i Comwlth & South Comwlth & Sou pf( Congol-Nairn (60c).. Zonsol Film pf. . Consol Gas N Y (4) Consol Gas NY pf(5), Contl Baking (A) Contl Baking (B) Contl Baking pf (4).. Contl Can (2).. . 4 Contl Insur (1.20). Contl Motors. Contl Oil (Del). % Corn Products (3). Coty Inc Cream o Crown Cork & S 4 Crown C&S pf (2. 1% 2% 4% Cuban-Am Sugar.. “uban-Am Sugar pf., Cudahy Packing 2% . Curtis Publishing pf. Curtiss-Wright. . Curtiss-Wright (A).. Cutler Hammer..... ——— 1 37% 1% 54 17% 12 1015 10% 6% 31 32% 106 102 Davison Chemical Delaware & Hudson., Del Lack & Westn. Detroit Edison (6)..y Diamond Match (1).. Dome Mines (11.30).. Dominion Stores 1.20 Doug Alrcraft (75¢) .. Dresser Mfg (A). Drug Inc (3)... Dupont de Nem 99% Dupont deN db pf( 99% Duquesne Lt 1st (5). —_— 61% b50% Eastman Kodak (3).. 130 120 Eastman Kod pf (6).. 3% Eaton Mfg Co. 11% Elec Auto-Lite. 831% Elec Auto Lite pf 1 1 3% T 10 26 4 8% Fed Lt&Trac (11). 41 15% T 12% 6% 9% 13% 1% 16% 9 2% 42 13% 4% 13 101 1% 21 Electric Boat........ Elec & Musical Instr, Elec Pwr & Lt. .. Elec Pwr&Lt $6 pf... Elec Pwr&Lt $7 pf... Endicott-Johnson (3) ErieRR.. Basw Fed L& Trpf (6).... Fed Water Service A. Fed'd Dep Strs(60c).. Fidelity-Phoen 1.20. Fifth Ave Bus (64c). Firestone T&R (1).. - wlve ShnanRiuTernEn nraa Fourth Nat Inv 1.10.. Fox Film (A) .- Freeport-Texas (2).. - 1 ‘uller Co pr p! 11 Gen Am Investor: Gen Am Inv pf ww Gen Am Tank Car(1) Gen Asphalt. .. Gen Baking (2).. wto o Gen Electric (40) ... Gen Elec spec (600) .. Gen Foods (2).ve. 03 s ... %.Gen Gas & Elec. Net. Low. Close. Chge. M- % 13% y 3 56% % 1% 2 ~ % +1% e —1% +1 - % 7 8% 119% T% 21% % — % -1 ~Prev. High. 1033~ 5% Gen Realty & Util pf. 2% Gen Refractories 12% Gfllette Saf Raz 12 Gold Dust (1.20). 3 Goodrich (BF)... 9% Goodyear Tire&Rub. 27% Goody'r T&R 1st (2). P 5% Great Northern Ore. . 7 Great West Sugar... 72% Great Wn Sug pf(7). % Grigsby Grunow. 5 12 108 8 6% Gulf States Steel T2% Hershey Choc pf(15)’ %169 145 Homestake Min (9).. -1% -1% - % EF F FE EEL FULL LI+ R peryeses & P - % 1 47% 11% 3 1% 10% % 2% 19% 12 2% 1 4u% " T5% 2% 6% ‘- 3% 13% 3 6% 72 215 214 384% 9%, 241 5% 1% 11 Houdaille-Hersh (B). Househd Fin pf 4.20. Hudson & Man (23). Hudson Motor Car. Hupp Motors Illinois Central Indian Motor Cycle. . Industrial Rayon (2) Ingersoll-Rand(1%). Inland Steel......... Insuranshrs Del 15¢. Insuranshares (Md). Int Cement. . Int Combustion. Int Combustion pf... Int Harvester (60c).. 217 Int Hydro-Elec (A).. 27 Int Nickelof Can.... 94 Int Nick Can pt (7).. Int Paper pf. Int Paper & P Int Printg Ink pt (6) Int Silver. Int Silver pf. Int Tele & Teleg. Interstate Dept St... Island Creek Coal(2) 28% 23 Jewel TeaCo (3).... 1 23% 50 1% 130 T 12% 35 6% % 34 30 ™ 1% 51y 92% 27 141 224 5% 8% 3% 14 4% 49% 123% 10% 10% 46 1% 10% 21% 4 9% 13 18 Johns-Manville..... Jones & Laugh pf (1) <ayser (3) & Co. Kelly Spring Tir Kelvinator Corp. Kendall Co pf (6). Kennecott Copper. .. Kresge Dept Stores. . Kresge (SS).. Kresge (SS) pf (7).. Kress (S H) (f1).... Erozer Grocery (1) LambertCo (4)..... Leh Port Cement. Lehigh Valley RR.. Lehman Corp (2.40)... Lehn & Fink (2)..... Libbey Owens Glass. Ligg & Myers B (15). Ligg & Myers pf (7). Liquid Carbonic Loew's Inc (1) Loews Inc pf ( Loft Inc 40 110s ) Lorillard (P) (1.20) Louisville & Nash... Ludlum Steel McAndrew Forbes(1) McCall Corpn (2).... MclIntyre P M(11%). McKeesport T P (4). McKesson & Robbins % McKesson & Rob pf. 13 Marine Midid (80c). . McLellan Stores. . Mack Trucks (1).... Macy (RH) & Co (2). Magma Copper. Manhat Elev mod gtd 27 22 22 1 10 Marlin-Rock (1) 2 Marmon Motor Car. . 2 Mathieson Alk (1%). Melville Shoe (1.20). Mengel Co. Mengel Co pf Met-Gold Pic pf 1.89. Mid Continent Petm. Min-H'well Reg (1). 30508 Minn Moline Pow... 6 Missouri Pacific pf.. Monsanto Chem 1%.. 4 Montgomery Ward. . Mullins Mfg. Mullins Mfg pf M-irray Corp. . t Cash Reg (A) 4 Nat Dairy Prod 1.20.. Nat Distillers. Nat Lead (5) Nat Pwr & Lt Nat Steel (50¢). Nat Surety. . Nat Tea (60¢). N Y Air Brake. N Y Central. 1 N Y Chicago & StL.. NY & Harlem (5). % NY Investors.. % 1% 31 ‘1% % 111% 4 N Y N H & Hartford. NYNHG&Hartpf.. N Y Ont & Western.. N Y Shipb'ldg (10¢) . N Y Shipbldg pf (7). Noranda Min (a1.10). Norfolk Souther: Norfolk & West (8 North Am Aviation. . 31% 17% North Am (b8 %stk). 17% 10% Northern Pacific.... % 3% 8% 2% 4% 4~ 1% 3% 1% 104 % Ohio Ofl.... Oliver Farm Equip. . Oliver FEq prpfA. . Omnibus Corp. . Otis Elevator(60c) Otis Steel... 10%g 2% Otis Steel pr pf. 105 05 Outlet Co pf (7). 45% 31% Owens 11l Glass 2% % 1% 22% 28% 6 % 19% % 13% 49% 4% 4% 4% 27 2% 4% 9% 10% 6% 2% Pacific Coast 1st pf.. Pacific Gas & El (2).. Pacific Lighting (3). Pacific Mills. 508 26 Parmelee Transport Penney (J C) (1.20) Penn Coal & Coke. . Penna RR (h50c).... Peoples Gas Chi (5) Pere Marquette pf. Petrol Corp of Am Phelps Dodge. PhilaCo 6% (3).. Phila&Read C& 1. Phillips Petroleum. Pilisbury Flour(60c) Pitts Steel pf. Plymouth Oil (1).... 2 Port Ric Am Tob(A) 1 T 1% 7% Prairie Pipe Line.... 11258 7% bed 19% 3% 70 Pressed Steel Car.,.. Proctor & Gam(1%).. Public Sve N J(3.20). Public Sve NJ pf (5). 88 112% 104 Public Sve NJ pf (7). 24% 18 Pullman Corp (3).,.. 11% 6% Radio Corp pt (B) 82% 24 Reading Rwv (1), 4% 2% 7% 4 Republic Steel.. 15 21% 17% Royal Dutch.... 42% 28 * Safeway Stores (3)..' 96 80% Safeway Strspf (7). 11% 32 5% 3 2% 1% 6% 28 6% Shattuck(FG) (24c) 4 Purity Bakeries Radio Corp. 8 an Remington-Rand. Reo Motor Car. @ LR Republic Steel pf.. , S e 3 g St Joseph Lead. Scott Paper (1. Shell Union Oil. -3 C00 oxtsionat . 1 % ) Li++11 4+ 1+ £ FFEEFFEEEF Yesterday's Sales 8% Sloss-Sheft Steel pf.. 6% Socony Vacuum 40c. 58 Solv Am pf ww(5%). 15% So Port Ric Sug 1.60. 18% Southern Cal Ed(2).. P 8 SoRyM&Octfs(4). (27 Spalding(AG)1st pf.. 13% Standard Brands (1). 7% Stand Gas & Elec.... 14% Stand Gas&EIl pf (4). 22% Stand OIINJ (1). 20 Sterling Secur cv 24 Studebaker Corp. 12 Studebaker pf. 35 89 2 3 SweetsCoof Am % Symington (A). .o 10% Texas Corp (1)...... 15% Tex Gulf Sulphur(1) 4 Tex Pacific Land Tr. 5 Thatcher Mfg Co. 4% Third Avenue. . - 6% Thompson (J R) (1). 5% Thompson Products. 3% Tide Water Asso Ofl. 27 Tide Water Assoc pf. 1% Timken-Detroit Axle 13% Timken Roller Bg(1) 2% Transamerica Corp. . 2% Tri-Contl Corp...... 1% Twin City RapTran. 7 Twin City Rap Tr pf. 9% Und-Ell-Fisher (50c). 19% Union Carb & C (1).. ~81% Un Ofl of Calif (1). 64'% Unfon Pacific (6). 16%5 Unit Alrcraft. . 94% Unit Biscuit pf (7).. 10% Unit Carbon. . - 5% Unit Corp (40c) 29 Unit Corp pt (3) 23% Unit Fruit (2) . 15% Unit Gas&Im (1.20).. 91 Unit Gas&Im pf (5) 3% U8 & Forn Secur, 18 USGypsum (1) Low. Dt 13% US Ind 24V 5 24 Va Iron Warren Wesson 374 16 39% 4% 6% 13% 5 10:30 A.M. 1:30 P.M. . Dividend rates a: | payments based on t 5 Unit of trading = Bk + % | Payable in scrip. West Pa Elec A (7). West Pa Elec pf (7). West Pa Pwr pf (7). Western Marylend. . Western Union. Westing’se Air B(1). Westinghouse Elec 45 Wheeling Steel. . White Rock M S (2). Wilcox Oil & Gas. Willys-Overland. .. Wilson & Co. .. Wiison & Co (A). 3 Woolworth (2.40)... 9 Worthington Pump. 34% Wrigley (Wm) (3) 2% Yeliow Truck. . 3 4% Young Spr& W (1) 714 Youngstown Sh&Tn. 3% Zonite Products..... Sales of Stocks on New York Exchange. « 140,000 % ; < tock. 1 in spes 2| soek! mPiid 1ast ‘year—no resular rate. 1933~ Stock and Rate. ividend Rate, Alcohol ... 4% U S Leather (A). 13% U S Smtg & Ref (1) 23% U S Steel. 22 Univ Leaf Tob (2). 8 Univ Pipe & Rad. 2% Utll Pwr & Lt (A) 3 Vadsco Sales Corp. 7% Vanadium Corp. . n Raalte 1st pf 3% Va-Car Chem 6% pf. Va Elec&Pw pf (6).. 108 Coal & Coke. 80s 12% Vulcan Detinning. ‘Warn Bros Picture! Bros. ... 5 O & Sn (50¢) 6 508 208 308 374 4% 104 A 12:00 Noon. 620,000 2:10 PM.... given in the above table are the annual cash e latest quarterly or hal less than 100 shares. 1 Partly extra. 1 0 regular rate. 1 Plus 875 It stock. s preferred stock. k Plus 3% in nPlus 5% in stock. SEARNINGS RECORDS SHON P DROP % W -% Reports for 1932 Indicate + +1 -1 % O Veel bbbt d 1) FREREFSEE FEFEFE 1L ++1 -3 et + %! Profits Were 12 Per Cent Yy w of 1929 Figures. 5 % | By the Associated Press. © NEW YORK, March 22—With most B 4 | of the larger companies reported, it now | were close to 12 per cent of the boom- a, | time totals of 1929. 7| A tabulation by Standard Statistics % | Co. shows that net earnings of 612 com- 14| panies, including 36 railroads and 60 1, | miscellzneous utilities, aggregated $354,- 14| 564.000, compared to $1,138,488,000 in 1,| 1931 and $2,995,916,000 in 1929. 1, | Despite large deficits by such lines as 1, | steel and railroads, it appears from the tabulation that business as a whole, in | 1 | 80 far as represented by larger corpora- tions, managed to operate at a profit. Good Showing by Utilities. ‘This was in part due to the rela- tively good showing of the utility group, which showed its earnings reduced only 26 per cent from 1929, but the industrial division, thanks to the comparative sta- bility of such lines as food products, chemicals and tobacco. managed to show a small profit, amounting to $37,201,000 for 512 companies. This, however, was only about 2 per cent of the total for these same companies in 1929. ‘The 36 rallroads showed a deficit of $85,517,000, compared to a profit of $543,609,000 in 1929, but the largest deficit for any group in the tabulation appeared in that traditionally prince- -pauper group. iron and steel. Here 27 com) deficit of $119,385,000, of $321,847,000 in 1929. ‘The group which showed earnings EEaa l,,, actually above 1929 were four cigarette compantes, with net of $62,723,000. This panies showed an aggregate | East! against a profit DIVIDENDS ANNOUNCED NEW YORK, March 22 (P).— Interim. Boot's Pure Drus i AT Reduced. Am Pw & 1 6 pt.37%c Q Apn‘l Do. $5 pf .. 1'%c Q Apr.@gl Citizens Nat Tr & Sav Bk (LA).30c @ apr 1 Empire Trust 25¢ Apr. 1 First Nat Bk Paul .$2 Q Mar. 27 .7%c Q Apr. 1 M Apr. 7 Mar.22 . Minn) & Mg A S Tres) Security Tr (Wilm)'$3 Title Guar: & NY) Gas Securities. .*%a% M .. Omitted. = | Pidelity Union Tr Co ~6% | appears that corporate earnings in 1932 | Newark. N J/ E3 oL .. N Granite Gold M Co_lc .. Hudson Co National Bk (Jersey City) Kelley Isla tor pi 75 Mickelberry's Food Pr. Co $:3.50 pt.. Ki'ac .. Mississippt Val Tr _Co (St L. Mo)....S1.50 .. Marris Plan New York . Schine Chain Inc &3 pf.. Title Guaranty & Co_ (Balt. Md) Un Tr Co of the .. Mar. 1 . Mar. 31 3 Tr Rudh T30 5 Apr. 15 of C (Wash, D C).$2 Deterred. Pirst Nat Bk (Engle- Knapp Mo X napp gl S1 Q Mar. 31 . Tic Q Apr. Regular. Alles & Fisher. Arundel Corp . Bourbon 8tkyds Calaveras Cement Chase B & Corlv Columbia Mills . County Trust . Des Moines Gas Co A 25 Garlock Packing .. Secur 6% pf.".".B0c 3| was a little under their peak year of | Gorat w %11931, when their profits totaled $64.- 970,000, but was well above the 1929 x figure of $56,086,000. % High Earning Capacity. Groups showing a relatively high per- % | centage of 1929 earnings included: Util- | Hicks % | ities, 74 per cent; food products, 56 per cent; cigars and tobacco (exclusive of % | cigarettes), 46 per cent; miscellaneous | drugs and’cosmetics, 64 per cent; mis- cellaneous services, 33 per cent; office %|and business equipment, 33 per cent; * | chemicals (industrial), 32 per cent: " leather shoes, 28 per cent; retail “ trade, 20'; per cent. M — % +,%| TAKOMA PARK BUILDING % UNIT IN U. S. LEAGUE 2 :: Special Dispatch to The Star. Sk |k + +8 TAKOMA PARK, Md., March 22— A new member was added to the United States Buudhgnmd Loan League yes- Northwestern Savings | Loan Association of this suburb was % | admitted to membership. % | In becoming a member of the league the local association will be entitled to send a delegate to the annual conven- tion of the Dr. W. W. Stockberger and Jesse H. Powell. INVESTMENT TRUSTS NEW YORK, March 22 (#).—Over- 3| the-counter market: 1% Quotations as of 12 o'clock. B, s pE SRS ° 2 3 ¥ 2222220% EE:EEEE 3 58, S35 Souy B L %1U. 8. TREASURY CERTIFICATES %| (Reborted by Chas. D. Barney & Co.) 2 -5 ST B FerEERE TRz £ G'{&'y’.'e'flun. %'é-&\ $2 Q@ Apr. Cooper Gress ooner ¥ Q175 g Avr. $1.50 Q Apr. 3 Q Apr. Bank 175 Q Apr. $1.50 Q Apr. 5 _$1.75 Q Apr. mazoo Vegetable archment KanP&L 7% Do. 6% pf B e s (Rich * wyers T Ins A Va) 6% pI.$3 F&R) 5 15¢ 8 Apr. 15 Do. 87 pf.. flefl:lnsfll Am A nts Nati Rty MerA i G W h h it P Do. 5% Penn Conley ER - - T Do, 8% pr lies Rath Packing . Rerdater o B & ReRt Y i 320 @ dor. 1 Roch Tr DEDOCI! (N Y)..$1.25 Q Mar. 31 Safe Dep & Tru: (Baltimore, Md)..$5 Q Mar. 30 Lt Ht .$1.25 Q Apr. 1 . Q A..87%¢ Q Apr. MRS M $34,198,615.95; expenditures, $33,824,- 914.35; balance, $453,542,965.18. Custom duties for 20 days of March, $10,435,- PARIS BOURSE PRICES. PARIS, MARCH 22 (P).—Three per cent rentes, ;z;fl:_rgueenfimu; 4% t rent : % on London, 8737, The dollar was quoted &% 38.42% . ~ee ..|fornia and Kansas, PETROLEUM TRADE CONFERENCE NEARS Governors of Several States| Will Attend Parley Here March 27. By the Associated Press. NEW YORK, March 22.—In spite of | the record of failure in past efforts to | achieve stability, the petroleum indus- | _ | try 1s looking hopefully to the forth- | ccming conference of oil State Gov-| | ernors and the Secretary of the Interior | for a partial or complete solution of its | problems. | |, This meeting, scheduled for March 27, in Washington, will be 2ttended by the | | Governors of Texas, Oklahcma, Cali- | the four leading| petroleum-producing States. Other par- | | ticipants will be representatives of such | producing States as Louisiana, New Mexico. Colorzdo and Wyoming. | Leading interests in the industry, it | is said, are eager that the ccnference | yield a new program, workable and | | effective, to supplant past experiments | with proration. “gentlemen’s agree- ments” and other measures which. in a majority of cases, failed to ameliorate the long-continued ills of the industry. | _ Mocreover, it is hcped that something | will be started at the conference which | will point the way toward more stabil- | ized conditions in the business. This is | perhaps a reflection of the steadily | widening opinion in both oil and bank- ing circles that drastic measures must 5| ultimately be taken if the industry is STOCK PRICES SAG AS MARKET CLOSES .1 Afternoon Rally Fails as Buy- ing Power Is Lacking on Recovery. Special Dispatch toThe Star. BY GEORGE T. HUGHES. NEW YORK, March 22.—The stock market made a valiant effort to rally today and for a time it looked as if it might succeed, but there was no buying power on the recovery and prices sag- ged again in the last hour, leaving off slightly under Tuesday's close. Commodities were also reactionary. Wheat closed 114 to 1% cents a bushel lower. Cotton was steady most of the time, but that was all. The price of lead was cut 15 points. Sugar, cocoa, hogs, silk and other staples declined more or less. The foreign exchanges rallied early in the day, but could not hold all of the gain. In midafternoon sterling was unchanged, Belgian francs were off 2 points, marks off 2, Swiss francs up 1 and guilders up 2 points. German dol- lar bonds weakened here, but there were no fresh disturbing reports from Eu- rope as to the political situation. The market opened lower and con- tinued to sag throughout the first hour. Special pressure was directed against American Telephone, which dropped to a new low on the reaction, 5 points un- der where it opened the first day trad- ing was resumed on the exchange. A number of other important stocks made new lows on the movement, including Union Pacific. Tractions Advance. Ralls as a group were heavy, and the only place where there was any show of strength was in th> local tractions. | Brookiyn-Manhattan Transit advanced, reflecting the relatively good earnings and the authorized reduction of funded debt, with interborough Rapid Transit improving sympathetically. At this point the list hardened, the selling drying up and a little covering taking its place. Consolidated Gas rallied fracticnally after its weakness of the day before.” The food shares did better and among equipments General Railway Signal was higher. There was a better market for du Pont, although General Motors was still heavy. How- ever, neither on the first hour reaction ner on the recovery was there any im- pertant volume and the trend remained uncertain. The adverse influences were the same as vesterday. It was believed that re- duction of rates for many utilities could not be avoided. The prospect of fur- ther investigation bysthe Senate Com- mitte> created concern simply because no one felt sure what might be uncov- ered after the recent revelations. There was doubt about the effectiveness of the proposed farm relief legislation. The only offset was hope that the ad- ministration’s plans for railway relief would be constructive, and the market preferred to wait details before dis- counting them. Power Output Off. Electric power output for the past week was down 10.6 per cent compared with the same week a year ago. The corresponding decline reported last Wednesday was 9.6 per cent. so that showing was unfavorable. The Iron | Age sounded a cheerful note in its re~ port of strength in the pig iron market, tut estimated steel ingot production was down to 14 per cent of capacity. Exchange Seat Higher. NEW YORK. March 22 (#).—Sale of a New York Stock Exchange member- ship at $111,000 was announced today. ’rh: price is $6,000 above the last trans- acticn. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nomiral zold Selling checks Tue 83,4208 Rome." lir Zurich, franc ... Athens. drachmi Madrid, peseta . Vienna. schilfing i Bud: . to be saved frcm worse duorglnimuun,guue, Crown (5.} | and waste of its rescurces. SHORT-TERM SECURITIES. | (Reported by Chas. D. Barney & Co) | frer. | Abtis-Chalmers Co. 55 1937, . ofy American Chain Co. 6is 1933 Amer. Tel & . _Slas 1043 | Am. Wat. Wks. & EI 5s 1934 | Belding Hemingway 6s 1938, | Bethlehem Steel Co. 5s 19: Cinadian Nor. Ry. 4las 1 Ghi. Northwest e. Lor. & Wheel. 5 Colorado & So. Ry. 4'as 1 Commercial Credit 55 19: Delaware & Hudso 4. . nna. R R. Co. las 1936. . Portland Gen. Elec. 5s 1935 Republic Iron’ & Steel 55 1940 Sinclair Cons. 7 Union Oil Co. Virginia Ry. & Power 5s 1 Wabash Rwy. Co. 55 1 NEW YORK BANK STOCKS NEW YORK, March 22 (#).—Over- the-counter market: Quotations 85 of 2 o'clock. Chase Natl (2) . Commercial (8) Fifth Ave (44) . First Natl (100)" . Natl City (1) n_Hanover (*7) Chemical (1.80) . Continental (1.20) Corn Exch (4) EQUALITY BOTH OUR SAVINGS AND BORROWING MEMBERS SHARE ALIKE IN THE PROF- ITS OF THE NATION- AL PERMANENT .. . AN INSTITUTION DEDICATED €O - PLETELY TO SERV- ICE TO WASHINGTON FAMILIES. Member D. C. Building Assn. pYIONG PE‘;MXN EfiT BUILDING ASSOCIATION arsaw, MONEY On District of Columbia Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. N.W. National 0353 First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. - ENTERPRISE SERIAL BULIDING ASSOCIATION 7th and Indiana Ave. N.W. " LOANS. 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