Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-12

ris, president of - -
the concern. The M# ~
other directors of 3
the company are
Robert B. Hall. -
James M john A
stm. Harold NJ -
Marsh Charles p q
Stone, H. Ran
dolph Barbee. D
P. Gaillard, Henry - #
p Irwin, c. Grit
fifth Warfield and -----''-'1
Daniel L. Borden. C. c. Morgan.
Mr.. Morgan is
one OF the YOUNGER financiers in the
street" although he has been active
in the brokerage business for several
wears He was in charge of the bond
department of John L. Edwards & Co.
at the time that firm was acquired oy
G. M P Murphy & Co, becoming af-
filiated with the New York brokerage
house at that time He is former
president OF the Washington Bond
Club, was one of the charter members
and is now on the board Of governors.
Local Sales Up 30 Per Cent in May.
Retail sales in the department stores
in Washington in May were 90 per
cent larger than in the corresponding
month in 1929, according to a report
Board. For the first five months of
the present year they were off 4-10 of
! per cent.
For the Richmond Reserve district as
whole retail sales were up per cent
in May and unchanged from last year
in the first five months of 1880. The
New York Reserve district was the
only one of the II to make better
showing
Details for the fifth district show a
gain of SIS in May sales and 4.3 in five
months Lynchh1rg was up 26 Ter
cent for the month, but down 46 per
cent for the five months. Norfolk
showed an 8 per cent gain in May and
a 2 per cent advance in five months
Winston Salem lost business in May to
the extent of Al per cent and in the
five months 144 per cent
Lessons from Stock Collapse.
Robert V. Fleming told Washington
bankers the other day what lessons he
considered the Wall Street November
break taught the banks. In Boston
Richard Whitney, the new president of
the New York Stock Exchange, summed
up some of the lessons he had drawn
from the same break. The collapse
was not without value, Mr.. Whitney in
dictated. because of the lessons it taught. !
First of all, he explained, the need of
a speedier ticker was driven home, The |
Exchange soon will have installed a
high-Speed mechanism capable of ham |
ding 10000, 000-share markets. A Sec |
ond lesson learned was the safety of
brokers' loans. He. pointed out that the
loan total was debated from S8,500,000,-
600 to barely more than S4,000,000,00
without the loss Of penny to single
lender"
A third item. he went on. was the
Of fol f1iY1
quirements concerning margins, not
only upon security collateral loans. but
also upon brokers' customers accounts.
Lastly" he said, lit is my feeling that |
in the panic last Autumn the Stock |
Exchange again demonstrated the ne
cessity of holding its markets open as
far as this is humanity possible even
in the face of great liquidation"
Acacia Business Improves.
The Acacia Mutual Life Association, |
with home Offices in this city, reports |
that new business during May totaled
!S5.834. 395. as compared with $3.50 ,063 |
in May, 1929. During May new business
exceeded that of April by more than
S5O0,0
In the opinion of Acacia officials, the
records established during April and
May are proof that the business is
syailable and that, despite general con-
go forward if sufficient efforts are put
forth.
With the first five months of the
year witnessing the establishment of
new records, Acacia is confident 1880
will prove unusually satisfactory.
Brighter Bright Young Men.
: The regulations for customers men
gut out by the Stock Exchange as a re-
6,,If # ElapfriPa1 inEpS-
tigation would have been welcome no
matter what the course, it was remarked
in brokerage circles yesterday. 1t was
pointed out, says the New York Times
that in the good old boom days the
practice of making customers men OF
pugilists or other athletes. or college
students who failed of graduation, was
all too common. These men obtained
their positions not from their knoWl-
edge of the markets, but for their per-
sonal followings. While most of them
were well meaning. it was said, their
deficiencies were all too noticeable when
prices began to fall. The new regula-
tons, the Times believes, should make
for higher standards among customers
men.
TOdays Local Market Dull.
Today's local Exchange session was
one of the dullest in many weeks, per-
haps on account of the weakness on the
New York Stock Exchange, possibly be-
cause the interest of investors in the
PREPARATION bond issue, out today. More
likely, however it was because local
brokers were short of orders from their
customers for no particular reason.
Capital Traction sold to the extent
of 10 shares at 65i2. Potomac Electric
Power sig per cent preferred figured
in tiny sale at l07 while the per
cent preferred appeared on the board
at 110l2. Merchants Transfer & Stor-
age preferred sold at 101 and 10 shares
hands, ex-dividend. at 9934.
Cleaned in Financial District.
american Ice Co. May profits esti-
mated to be 10 per cent in excess of
May, 1929 when the company earned
S52l $50, after interest charges, but be-
fore depreciation and taxes.
The David Pender Grocery Co omitted
the regular quarterly dividend of 25
cents on the class B stock due at this
time. In the previous quarter an extra
dividend of 25 cents was declared.
Howell B. Erminger, jr, of Chicago
has asked the Interstate Commerce
Commission for permission TO serve as
a director on the boards of the Chesa-
peske g. Ohio, Hooking Valley, Pere
Marquette and other subsidiary lines OF
these roads.
Dividends have been declared on Di-
versifled Trustee Shares, series c, anc
Public Service Trust Shares, series A
according to announcement of G. w
Pratt & Co, located in the Tower Build
ing. Payment dates are July l and Is
respectively.
Miss Marie IJorbeerbaum of Vienna