Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-18

advancement being a refutation or the
old idea that success Is only attalnable
far from the home fireside and en-
vironment.
Born in Washington on June IS,
1881 MIR. Stetson attended the public
schools. graduated from the old Gen.
trail High School, decided to study law
and entered the George Washington
Law School. He was admitted TO the
bar in 1906, giving him the right to
practice In all the courts IN the DIS
trict of Columbia.
Even before he obtained his two law
degrees Mr.. Stetson had become con-
nected with the trust company. taking
q minor position in the real estate de-
partment in 1903. In q short time he
had demonstrated his banking ability
and was transferred to the trust de-
partment, later made assistant and then
placed in charge of the trust service.
Mr.. Stetson is a member OF the
Metropolitan, Chevy Chase, Burning
Tree and University Clubs; president
Of the Consumers Ignite Co., Texas
corporation; a thirty-second-degr
Mason and treasurer of the Washing
ton City Orphan Asylum. AT various
times he has held several important
corporation directorshipS. He lives IN
Chevy Chase.
Common Stocks or Bonds.
There is no evidence that the cycle
of investment in common stocks has
been completed or that the public has
turned to bonds after the defeat it ex-
perienced in. the speculative markets
last Autumn.
1t is true that there has been de-
cided shift in the character of securi-
ties issued to provide new capital for
corporations. In December, for instance,
says the American Bankers Association
Journal the total par value of new
common stocks, aside from those rep
resenting refunding operations, was
$1o9 900 900, compared with S462 000,
0oo in December, 1928. In January the
stock figures were $122, 000000 and
! S437 900 900, respectively. On the other
hand, corporation bonds issued in jan
uaiy were S485,000 900, against $751;
] 100000 in the same month of 1929.
The ratios as between stocks and
bonds would be increased in favor of
/ the latter if the obligations of munich
palitieS and foreign governments were
to be included. When it comes to the
price changes in junior and senior se-
cuiitieS, however, all of the advantage
is with the former. Since November
IS there has been a recovery Of about
| IS per cent in industrial and public
utility stocks and Of 20 per cent IN rail-
I0ttQ tttG. SliIllIdH DSIIQu tI1C
improvement in bonds amounts to only
4 per cent.
Z per cent, says the American Bankers
journal.
Member Bank Loans Increase.
The Federal Reserve Boards condi-
ton statement Of weekly reporting
member banks in leading cities on
March IL shows increases for the week
of $l3l ,000,0 900 in loans and invest
n1erts, $4,000, 900 IN net demand de-
posts and $61 100000 in time deposits.
and a decrease of $4,000 900 In borrow
ings from Federal Reserve banks
The principal changes in borrowings
from Federal Reserve banks for the
week were decreases of SO, 600, 900 at the
FEDERAL Reserve Bank of Chicago,
100000 at San Francisco and 81, 0OO,-
600 at Kansas City.
Carpet Dividend Voted.
The board Of directors of the Carpet
Corporation declared the regular quar-
terly dividend Of 3715 cents per share
on the stock Of the company, payable
April to stockholders Of record March
90
j. A. w. Iglehart & Co. are members
OF a banking group, headed by P. w.
chapman d Co., Inc, which today
offered new issue of $2,500,00 APP
pslachian Gas Corporation convertible
per cent debentures, dated March l,
1880, and due March J. 1945, et SO and
interest, to yield 6.10 per cent.
Insurance Lectures Planned.
T. Stanley Holland, assistant trust
officer, American Security g. Trust Co.,
and chairman of the life insurance
trust committee, fiduciary section, Dis
trict of Columbia Bankers Association
has announced lectures for the sec
tion's educational course for life under
writer's beginning Tuesday. March IS,
az o'clock in. the afternoon and con-
tinuing for six consecutive Tuesdays
Lectures will be held at the Bank
ers' Association headquarters at 1918 F
street northwest Speakers and their
!. subjects follow: George Francis Will
hams, trust officer, Lincoln National
Bank, THE Descent and Distribution
of Interstate Property in the District
of Columbia; Kenneth F. Brooks as
sistant trust officer, Riggs National
Bank, "Wills-Testate Distribution of
Property; Erskine Gordon, trust Of
tlcer, Federal-American National Bank,
Trusts Voluntary and Testamentary";
Leonard Marbury, assistant trust officer,
Washington Loan g. Trust Co., Life
Insurance Trusts; David Bornet, as
Slstant trust officer, National Savings g.
Trust Co, Taxation; Mr. Holland,
Administration Procedure" and Irving
Zirpel, assistant trust officer. Union
Trust Co., Trust Organization and Ad-
Ininistration."
Southern's Assets Larger.
The Southern Railway Co. has issued
its pamphlet report for year ended
December 81, 1929. Total assets on
December 81, last, were 1893, 208. 908,
comparing with $686,254, 119 at end of
1928. and profit and loss surplus SIG
395,01l against Slll,747 1853 Current
assets totaled $54,017,89 and current
liabilities S2I, 613.255 as compared with
$50, 745, 442 and $21 ,370, 673 respectively,
at close Of previous year.
Income account, which has already
been published, shows net income of
$l8.l28,7S7 after taxes and charges,
dividends, to Sl1.65 a share on 1926. 200
shares Of common stock This COM
pares with $l9267, 1872 or $1253 share
on common in 1923.
Trading Active on Exchange.
Washington Railway g. Electric led
active trading on the Washington Stock
Exchange today. The preferred stock
opened at 957s and advanced to e6A
The days sales totaled 100 shares.
Capital Traction changed hands to
the extent of 20 shares at 70. National
Savings & Trust sold at $50. Mergen-
thaler at 1O7 and Lanston at lie.
Two hundred shares of Carpet Cor
poration changed hands at 2314. There
were many other stock transactions and
! bonds were also in fair demand.