Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-23
LOCKWOOD HEADS
D. c. TICKER CLUB
Other Officials Named at An
nuaI Meeting of Broker
Organization.
BY EDWARD C. STONE.

Chester Father, one of the managers
OF the local Office of G. M. p Murphy
& Co.
Karl w. Corby of w. B. Hibbs & Co,
was elected vice president, succeeding
the late Arthur Foraker, who was man
ager of Eastman, Dillon & Co. for sew
eraI years. Thomas w. Brahany, man
ager of the Washington Office of E. "A.
Pierce & Co., was made secretary
treasurer. taking the place vacated by
Mr.. Lockwood.
The retiring president, Mr. Father,
and Ralph M Wolfe, Mackubin, Good
rich & Co., were elected members of
the board of governors. Mr.. lockwood,
the new president of the club, has been
member since the organization was
started, has been active in the broker
age business for many years and before
taking his present position was with
Hartman & Co. He is a Harvard
graduate.
Present Club Membership.
The Ticker Club was organized about
three years ago as a mutual cooper
ative and protective association, mem
bership being confined to brokers con-
New York Stock Exchange houses. The
present members and the firms they
represent are.
Chauncey G. Parker, jr., Auchincloss,
Parker & Redpath; John D. Mothers
head, William E. Lewis, Fenner, Beane
& Ungerleider; McElroy Moss, A. Nc
Cook Dunlop, Goodbody & Co.; w. 3.
Hibbs, Karl W. Corby, w. w. Spaid, w.
B. Hibbs & Co.; Thomas J. Mangin,
jr,, Henphill. Noyes & Co.; George A.
Garrett, F. B. Keech & Co.; Ralph NJ.
Wolfe, Mackubin, Goodrich & Co.;
Chester w. Lockwood, Ma ynard Oakley
& Lawrence; frank J. F. Thiel, M. j.
Meehan & Co.; Alfred Chester Father,
Charles Carroll Morgan, G. Mp.
Murphy & Co Edward w. Gamble, jr.,
Stein Bros. & Boyce; former Repre-
sentative Joseph H. Hines, Thomas w.
Brahany, Robert C. Rau, E. A. Pierce
& Co.: A. H. Reside, Westheimer 81 Co.
Local and Other Dividends.
Directors of the Security Savings &
Commercial Bank have declared the
regular quarterly dividend of per cent
On the outstanding stock, payable March
81 to shareholders of record March Is,
according to announcement by Presi-
dent Francis G. Addison, jr.
At the monthly meeting held this
forenoon, tie directors Of the Ana
costa Bank declared the regular per
cent quarterly dividend payable March
81 to stockholders March Is, President
Maurice Otterback reports.
The Norfolk & Western Railway de-
clared the regular quarterly dividend Of
81 on the adjustment preferred stock,
g g. May - 70 SUCK u i''O'D Ap'A
The Hershey Chocolate Corporation
has declared the regular quarterly divi-
bends of 81 so on the common and 81
on convertible preference stock, both
payable May Is to stock of record
April Is.
Associated Dry Goods Corporation
has declared the regular quarterly divi-
dends Of $3.50 on the first preferred
and $1.75 on the second preferred
stocks both payable June TO stock OF
record May 10.
Depression Periods Compared.
The decline in aggregate net earn
ings of 379 representative industrial
corporations from 1929 to 1881, al
though totaling 1900 per cent, was
not SO great as the decline in 1921 from
1920. which was 81 81 per cent accord
ing to a compilation by Ernst & Ernst,
accountants.
The study includes all industrial cor
porations whose figures were available
for 1929 to 1881 as well as for 1920 and
1921. The report says the def1ation Of
the 192021 depression period took place
principally in 1921. Adjustments for
these and other facts, it adds, indicate
that the study represents conserva-
tive statement of the aggregate shrink
age for the 192O-21 period.
Comparing 1880 and 1881, the sur
ic aSyfnF ln] 60 svlr1 1
panies of all classes, and 1t is found
that the decline for 1881 amounted to
1891 per cent.
Railway Is Lead Exchange.
The largest transactions on the wash
ington Stock Exchange today were in
Washington Railway & Electric As,
$4,000 and $1,000 selling at "a. The
only other bond sales were In Washing
ton Gas IS, series A. which appeared
on the board at 99%.
In the stock division Lanston Mono
type figured in 20-Share turnover at
&C. the same price as has prevailed in
other recent sessions After call Poto-
mac Electric Power per cent preferred
recorded two small sales at 110A.
New American Ice Directors.
John Pell and William B. Johnson
nave DtSL S1CCtSO O1tCOOIS VI american
Ice Co. to succeed Thomas Pettigrew,
chairman of the board, and Henry C.
Harrison, secretary, both retired. The
position Of chairman of the board will
be left vacant. Herman Jaeger will be
elected secretary
American Ice has also declared the
regular quarterly dividend of so cents
on the common stock, payable April Is
to stock of record April 4.
Maryland Railway Brings 26,IOo.
The Maryland, 81 Delaware Coast
Railway, running between Denton. Md.
and LeweS, Del, has been sold to
Winthrop Sargent of Philadelphia, for
S26,I00.
The Baltimore & Ohio Railroad has
asked Interstate Commerce Commits
sion authorization for a three year loan
of 55.000,000 from the Reconstruction
Finance Corporation, which would be
secured by pledge of its refunding and
general mortgage bonds.
Total estimated costs of building OPP
Grafton in February declined 2l2 per
cent from January and 500 per cent
from February, 1881, reports TO the
Bureau of Labor Statistics show. OPP
erations in February were estimated at
$40 836,l73, against S5l,S45,69 in jan
uary.
Comment was heard IN local broker
age Offices yesterday, when the tape
recorded a sale in one block OF $4,000
shares of Kreuger g. Toll at /. This
is the record transaction, exclusive OF
an opening sale, on the New York Stock
Exchange The previous record volume
in a single transaction was $4,000
shares of General Foods on November
IS, 1929.
n q, IL RanarfS Earnings
The report Of the Norfolk g. Western
Railway for the two months ended
February %, shows net income oil
Sl,246, 9S3 after taxes and charges
equivalent after dividend requirement:
on the 4 per cent preferred stock, to n
cents a share on the / ,406, 4S3 shares o.
common stock. This compared witt