Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-16
CAPITAL TRACTION
STOCK DEPRESSED
Issue Makes New Low at
$60.50 Following Cut
in Dividend.
BY EDWARD c. STONE.


the first heavy trading in the issue since
the announcement that the directors
had reduced the quarterly dividend from
$3.50 to 81 or from the per cent to a
4 per cent annual rate.
The stock opened with 10 shares sell
ing ex-dividend at 81. off 1l2 points
from the last sale. The market then
advanced to 90, but dropped to 6o%4 and
60l2 These opening sales were very
light, however
After call. a block of 80 shares
changed hands ex-dividend at so, while
II more moved at 60l4. The market
closed with a single share selling at
60i2, the lowest price recoroed IN thls
!, stock for many years.
, Mergenthaler was also active, selling
ex-dividend around s9i4 and 99&s on
turnover Of about 100 shares. In the
bank stock division Commercial Ma
tional sold at $50, Washington Loan 81
Trust at 400 and ASS and Riggs Ma
tional at 485.
Sales were recorded in several other
important stocks and there was much
activity in the bond market.
Local Board Rooms Crowded.
There was a rush to the local broker
age houses early this morning at the
opening of the New York Stock Elk
change, both traders and investors be-
ing anxious to see any action that
might take place following President
Hoover's statement that the new tarlh
: bill viii be signed.
The Exchange opening was disap-
pointing. That President Hoover would
sign the tariff bill has been the BELIEF
in New York for several weeks, so that
any sharp advance on this score had
already been discounted. The tape
showed that Wall Street was paying
more attention to commodity prices
than the tariff, and there were no
signs of any runaway market.
Local bankers however, asserted that
the definite statement that the Presl-
dent will sign the bill should sooner or
later have a helpful effect in the stock
market, as well as in steadying general
business.
Bank Publishes Winning Essay.
The essay submitted by Miss Frances
M, Pearce of the Federal Ma
tional Bank, which was awarded first
prize in the annual American Institute
of Banking contest. conducted under
auspices of the District of Columbia
Bankers Association and which was
read by the author at the recent con-
vention of the bankers organization at
.Asheville, has been published in pam
phlet form by the Federal-American
Bank and distributed to bankers and
others interested in banking.
Miss Pearce very cleverly pictured the
personal and educational qualifications
for the making Of a successful banker
and presented many original ideas on
this broad subject. Bankers at the con-
vention were much pleased with the
manner in which she developed the
theme and she received a great many
congratulations.
Other members of the Federal-Ameri-
can staff have also been active in out
side affairs during the past year. PreSi-
dent John Poole is president of the
Community Chest; w. j. Waller has
lust finished the year as president of
the District Bankers Association; A. o.
Dooley edited the bankers Monthly
Bulletin and was first vice president
of the A. I. B.; w. L. Sanderson was
an A. I. B. consul and John C. Fran
Soni won honorable mention in the es-
say contest.
SchivOne Fetes Local Bankers.
Joseph Schivone, former president of
the International Exchange Bank, at
Fifth and H streets northwest, gave q
dinner Saturday evening at the Con-
gressional Country Club in honor of
Robert N. Harper, retiring president Of
the District National Bank, and Joshua
Evans, jr., new head of the same in
stitution. Mr.. Schivone, since retiring
as q bank president, has been engaged
in the tourist ticket business and has
other business interests.
About 20 bankers and associates OF
Messrs. Harper and Evans attended the
dinner. Julius Peyser, president of the
Security Savings & Commercial Bank,
acted as POSTMASTER There were sew
eral speeches, In which the two guests
of honor were praised for their records
In the field of finance.
Insurance Leaders to Speak
The District of Columbia Life I'm
derwriterS' Association will hold its
June meeting Thursday at the Hay
Adams House, with Paul w. Cook of Chi
cago as the guest speaker. Mr.. Cook is in
structor of agents of the Mutual Bene-
lit Life and is an active insurance agent.
He has written a book on how to sell
insurance, known as THE Cook Book :"
The luncheon will start at 1890, and
will be the inaugural meeting for the
newly elected local president, John H.
Snyder. Mr.. Snyder has just sent out q
special appeal to all the association
members asking them to attend every
meeting possible and do everything
they can TO help the chairman of the
various committees during the year.
May Life Insurance Of.
New life insurance purchases last
month we're Al per cent below those of
May, 1929, but the cumulative total
for the first five months of 1880 was
1.3 per cent greater than the purchases
for the 1929 period, according to re-
!. port by Association of Life Insurance
Presidents. The compilation aggregates
the new business records-exclusiVe of
fevivals. increases, and dividend addi-
tlons-of ~ member companies which
have 81 per cent of the total volume
OF lie insurance outstanding in all
United States legal reserve companies.
For May. the total new business of all
classes written by the a companies was
sl,0e7,740,000, against sl,152,026, 900
during May, 1929
Heard in Financial District
William Knowles Cooper, partner in
Crane. Paris g. Co., sailed for England
Saturday for a tWo-month stay in Eu-
rope. He will visit the Passion Play
and also fill several important speaking
engagements.
Richmond reports that the Universal
Leaf Tobacco Co. has declared the reg
ular. quarterly dividend of So per share
en- the preferred stock.
The War Department has awarded
$5,963,4l9 in contracts for 400 air.
planes and 1913 engines and parts. to
the Douglas Co., Boeing Airpiane Co
Thomas-Morse Aircraft CORPORATE ton
Sikorsky Aviation Corporation and
Wright Aeronautical Corporation.
Exports of agricultural implements
from the United States in April amount
ed to sll.340,l74, against Sf2O3 AIT fol
April. 1929.
Robert M. Hutchins, president of the
TIrni,tnrrifr of H,hicn ~ I'm =. 49,,