Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-27


enues for handling express showed q
decrease Of more than $4,000. Cost OF
GENERATING the railroad was cut Sharply
during the month, being $lOS20, ~
against $l3,93l,182, decrease OF So
102 39l.
The Baltimore s. Ohio also reported
ret railway operating income for tne
first quarter of 1881 as $4,2o6.S 9l
against $6,805,2l8 last year, or decline
in ret of $2.59S,827.
Daylight Saving Starts.
Washington brokerage houses got un-
der way at o'clock this morning as
daylight saving time was inaugurated In
Wall Street. The big markets will now
close at o'clock until Fall, the tickers
Of course, forcing the local Offices to
acopt the same schedule even though
daylight saving Is not general In TINS
city.
The local board rooms were well filled
at the opening in spite of the earlier
trading period. The action Of the New
York Stock Exchange during the past
few days has gTipped unusually close
attention on the part OF both traders
and investors.
Opinion is divided on the near action
of the market. Some local financiers
stocks, while others think the market
may go still lower. Right now corpo-
ration reports are not helping the mar
ket and the action Of Pynchon & Co.
and Otis a. Co. have been disturbing
factors.
Chapman Home From Europe.
q. Bowie Chipman, resident partner
of Hartman g. Co., was back at his
once today after q two months trip to
Europe Mr.. Chapman took Medi-
terranean tour, spending most OF his
time in Italy, visiting Naples. Rome,
Florence, Venice. and taking an extend
ed automobile tour of some OF the
smaller towns in the mountains.
In his opinion Italy is making more
progress In an economic way at present
than is France. He found that France
is having a particularly hard time dur
ing the world depression on account OF
the nations great production OF luxuries,
which in normal times keep the coun-
try prosperous.
Speaking of conditions In this coun-
try. Mr.. Chapman expressed the belief
that when the New York stock market
turns there will be an upward trend
probably for the next two years. He
thinks pessimism is now being overdone
as much as optimism was just before
the 1929 Wall Street break.
Intermedlate Credit Banks Busy.
Two developments are operating to
increase the business Of the Federal In
termediate Credit Banks. The FIRST Is
the growth of the cooperative market
ing movement under the stimulus pro-
vided by the Federal Farm Board. In
termediate Credit Banks make loans to
co-operatives on the security OF ware
house receipts or shipping documents
representing staple agricultural COM
modities. Thus, as the number and size
of co-operatives increase, the demand
for loans from the intermediate Credit
Banks grows.
The second development is the estab-
lishment of agricultural credit corpora
tons and live stock loan companies.
organizations set up to discount their
borrowing members notes with the
intermediate Credit Banks During
1880. and so far In the present year,
the number of such corporations and
their capital has been growing, although
not In every part of the country.
Trading ON d. C. Exchange.
The weeks trading on the Washing
ton Stock Exchange opened with the
sale of six lo-Share lots Of Federal
American National Bank g. Trust Co.
stock selling at so, same as the last
previous sale.
Barber 81 Ross common appeared on
the board today after long silence, SO
shares changing hands at 10iz, one
point under the last sale.
Federal American Co. common opened
at 81 and closed at 20 on 55-share
turnover. Lanston Monotype sold at
102 and Mergenthaler Linotype at 30
Twenty shares Of Merchants Transfer
g. Storage preferred came out at 80.
Bond trading was confined to Po-
tomac Electric Power consolidated So
at 1922 and Capital Traction IS at
S03s and S0lz Capital Traction stock
again showed more firmness, two small
lots moving at 337s.
Loan Insurance Also Urged.
The recent move of Gov. Hunt OF
Arizona. suggesting that when deposits
reach 500 900 the banks should insure
them for $4,000, so the depositor will
will be sure Of his money in case Of q
bank failure, has aroused more than
ordinary interest. In his legislative
message he said
IT hope a plan for the safeguarding
of deposits can be worked out along
new lines that will avoid the fallacies
demonstrated by the operations of de-
positors' guarantee laws enacted in
other States"
II, comments the Bankers Maya
zine. the man who puts his money in
a bank for safekeeping shall be as
Sured that when the time comes to
withdraw it he can do so, il will prob
ably be necessary. at the same time.
10 find sSme means of assuring the
banks that when they grant loans, and
call for their payment the loans will
be paid as required. Could this as
surance be given, the depositor would
experience no difnculty IN getting his
money, except in the rare instance
where there was gross mismanagement
or fraud on the part of the banks
oficials.
Cleaned in Financial District.
William d. Hoover, president Ct the
National Savings d Trust Co. has re-
turned from several days outing al
Virginia Beach.
Charles E. Howe, treasurer OF the
American Security & Trust Co. has
been elected treasurer of the Washing.
ton Federation of Churches.
Francis NJ. Savage, former Wash.
ington banker, now in Japan, writes
that the cherry blossoms there ar,
even more beautiful than they are here
A deep pink color makes them re-
markably beautiful, he writes
At the annual meeting OF the stock
holders of the North American Co. thu
retiring directors were all reelected
AT q meeting of directors Of Path
Exchange, Inc. Joseph p. Kenned.
presented his resignation as Chairman
Of the board and as . director. Stuar
w. webb was elected executive vic
president. Arthur B. Poole, treasurer
and George NJ. ArmSby were electe'
directors to fill existing vacancies.