Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-12

tic City. Simeon d. Tess.
Senator Tess
said that it happened that bushes
often paused when tariff. problems wer
before Congress because revisions wer
general and usually downward. Thl
lime, he continued, comparativel
few changes in the tariff schedule
would be made and the general dlrec
ton of these changes would be up
ward.
Mr.. Tess called attention to the grea
difficulties in connection with farm re
lief and expressed the opinion that tn
remedy rested in improved marketin
conditions. The proposal to have IN
United States subSidize farm product
and guarantee profits was declared b
the Senator to be uneconomic.
Washington Market Quiet.
Trading on the washington Stoc
Exchange today was draggy, the tren
being toward fractionally lower levels
The market opened with Capital Trac
ton selling at 1882 for 10 shares. Fou
shares of Federal-American Natlona
Sank stock moved at 343 and this sal
was followed by two small sales In Co
lumbia Sand &, Gravel preferred a
g33. this stock closing at 93;s.
Lanston opened at 1879 and close'
at 1870 on a transfer of four 1O-shar
lots. Federal-American Co. common
moved at So. Five shares of Railwa.
&, Electric preferred changed hands a
e3Ia. In the bond division 81 900 Wash
ington Gas Light SIS sold at l0l "a
washington Gas IS, series b. oao.
bonds. sold at 1882 and the same small
denominations in the A bond came on
at 1925. Georgetown Gas IS brougn
I0il4. The bond market closed WIZ
Chestnut Farm Dairy 6l2s moving a
LOT.
Investment Trust Formed.
Fenner & Beane, stock and cottor
brokers. who have an Office in the VIII
lard Hotel and 81 other branch OFFICES
announce the formation under the law.
IF Delaware of an investment trust tf
h. known as the Southern Natlona
Corporation.
The corporation will have an au'
ti1orjzed Capitalization consisting OF
SIS 900 600 of per cent 15-year golc
e,ebentures. which will carry stock pur.
chase warrants. and 100000 shares OF
common stock of no par value.
The Fiscal Management Corporation
r,1ade I'D of members of the Fenner &
rSeane organization, has also beer
formed and will manage the portfolio
IF the new investment trust. This or.
rsnization has acquired for cash the
initial issue of 100000 shares of the
common stock of Southern National
A. c. Beane states that only a portion
Of the authorized debentureS will b.
scld at the outset.
Fifth District Building Review.
After making an excellent record dur.
ing the closing months of 1928. says
the Federal Reserve Bank of Richmond
building permits issued in the leading
cities of the fifth district fell off in jan
;,ary in both number and estimated val.
ration. Thirty-one cities for which fig-
nres for both 1929 and 1928 are avail.
role issued LOAF permits for new con-
-truction in January this year. with es-
timated valuation of 5000, 1874. com.
pared with 1874 permits and estimated
valuation of S20,750.642 In January
1923. Total valuation figures for al
classes of work were $9,437, 955 in jan
nary, 1929, decrease of $13,153,4 72, OF
$50 per cent, under the total valuation
of S22 ,591 .427 for January. 1928.
The record of January, 1929. was
rot as bad as the comparison indicates
however. the figures for January last
rear having been swelled far above
average January figures by permits
totaling nearly S5,000,000 in both Bal
tir1nore and Washington. and remark
shle permit for approximately $1,000, 00(
issued in Durham for construction worl
ct Duke University. Among the SO re.
rorting cities. 10 reported higher figure!
FIR January. 1929, than for January
1923. Greensboro with permits for new
work aggregating s9S3,278 making the
hest showing for the month in proper
ton to population.
Building contracts awarded in the
fifth district in January totaled S28,.
1875, including both urban and rura
construction. compared with $37 SOC. 83l
awarded in January, 1928. OF the Jan.
uary, 1929, total, SO, 463 ,265 represented
contracts for residential types of con.
struction, according to statistics col
leeted by the F. w. Dodge Corporation
Riggs Bank Declares Dividend.
AT a meeting of the board of direc
tors of the Riggs National Bank lat
Yesterday a dividend of per cen
was declared, covering the period from
December Is to April Is, according t
the announcement by President Rober
V. Fleming. The last previous DIVIDEND
was $3.50 per share, declared in con
nection with adjusting the merger ar
rangements with the Farmers q Me
cilanics' National Bank of Georgetown
end its Friendship branch. The dis
bursement voted yesterday keeps tn
hank on the Is per cent annual basis
and is payable to shareholders OF rec
ord on March 80.
President Fleming announced tina
the policy of semi-annual payment
would be resumed now that all merge
adjustments have been accomplished.
Insurance Committees Named.
The directors of the District Life I'm
derwriters' Association have appointed
the following committees to assist tn
Baltimore Association in planning TO
the sales congress to be held in tina
city on May 3:
Associate chairman. Fl. r. Bryarly
speakers, Thomas r. Crowley, Gu!
Withers and Carl S. Dow; music, Free
man N. Strickland; lunch. Miss Marjori
Daniels and Miss Mary MinniX; regis
tration, John L. McElfresh, p. L. Rogers
Roger M. Mccullough and Kenneth H
Hunter; publicity, J. E. McCombs
George w. Quick and John Lynch
finance, H. Cochran Fisher. and trans
portation, Frank Strunk and George e
Farquhar.
Financial District Gleanings.
r. B. Keech g. CO., of which Georg
A. Garrett is resident partner, will NOV
from 1910 H street at the end of tn
present week and open their new broker
age office in the Metropolitan Gu
Building at Seventeenth and H street
northwest next Monday, March IS.
Secretary Mellon announces that h
does not intend to interfere with an
policy Of the Federal Reserve Board Q
seeking to restrict speculative credit.
Total authorized capital stock of ma
tional banks March /. was $1,670,2
e48, according to the controller of tn
currency. This compares with ST 500
865,948 month previous, and 81 SAP
207,6l5 a year ago.
Subscriptions to the new issue OF a.
Per cent Treasury certificates of indebt
So