The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-03-06
GAINS IN STEEL
CONTINUE
BY RICHARD HATTON


In spite Of the statement that
business is the Fifth Federal Re
serve district in January was small
err than in the same month last
year, made in the monthly review
Of the Federal Reserve Bank Of
Richmond, business trends are up
ward.
The fact that there il at the alo'
nent an unquestioned advance in
price and production OF steel is
barometer which may not be disre'
garded. Other industries win fol
low the expansion already noted in
thee steel industry with the prac-
tical assurance that the quarter
ending the last day Of March will
register better business generally
than that recorded for the quarter
ending December 81, 1927.
While there Is not yet any de-
cided apurt in local retail trade
there are indications that the dull
period of the past few months Is
coming to an end and that from
now until the advent Of the summer
season the turnover will be more
rapid and voluninoua.
Regular Dividend
The r. III. Smith Company, IN
vestment bankers, whose main Of.
fices il in washington, announced
that the regular semiannual divi-
dend of 1915 per share on its out
standing IA per cent cumulative
preferred stock. and of $3.50 per
share on its outstanding z per cent
cumulative preferred stock, is pay.
able March Is to stockholders OF
record March 10. Stock transfer
hooks viii be closed as or the close
Of business March 10 and will be re-
opened at the start OF business
March 16.
The capital of the company is
in excess of SIS, 900, 900 and divi-
dends on preferred stock have been
regularly paid, The institution was
founded in 1873 and has been IN
business SIS years.
The officers and directors OF the
company are G. Bryan Pitts. chair
man Of the board; Samuel y.
Henry, president: Daniel r. Girls
singer. chairman executive commit
tee: C. Ebert Anadale, vice preal-
dent and secretary, and John =.
Edwards, jr.. treasurer. FREDERICK
N. Zihlman il q director.
Another decline OF Id per cent IN
the market value Of 100 STOCKS
during February was announced
today by Frazier Jelke & Co. mem
bera of the New York Stock Elk
change
These stocks had a market value
on March of S22, sos ,29S,00O, rep
resentating q decline of $29S,641 600
from the closing prices January 81,
Al net decline Of s5ss.7s4,oOO was
made by the same stocks since the
beginning of this year. The high
value reached December 81, 1927,
was $23, 04S, 0S2. 900.
steel shares showed the most
decided loss in February. receding
SIS per cent added to a decline OF
/ per cent in January. The six
utility stocks have recorded a
steady gain since January /. The
IL motor shares recovered partly
from recessions during January,
while the chemical group also adj
yanced in February.
Rubbers and Foods
Equipments, rubbers, foods and
miscellaneous industrial stocks in
cIuded in the list OF 100, lost ground
last month which had been gained
during January. Further declines
were made by the 80 rails, and the
10 oils.
The spring meeting of the board
NJ governors of the Investment
Bankers Association of America viii
again be held at White Sulphur
Springs during the week of May
Is. The sessions of the board will
start on Monday, May IA, and will
continue through Thursday, May IT.
The place Of convention commit
tee Of which William ]. Wardall,
Bonbright and Company, Chicago, is
chairman, presented to the board the
recommendation of the committee
that the next convention Nbe held
during the week Of October IA, in
Atlantic City.
The District OF Columbia Con-
ference OF Auditors and Comptrollers
will meet Thursday at a luncheon
at which future plans for the new
organization will be outlined.
1t 10 reported that the total re.
sources of the banks and trust COM
panies located in the New York
metropolitan district amount to more
than S16,2OO, 100000.
According to a report by the
Treasury Department, railroad obli-
cations to the Government have
been reduced to $7S.S00,O 900, from
an original total of about $780,
100000.