Evening Star Newspaper, August 1, 1928, Page 14

FINANCTALL FINANCIAL. | PLANS STOCK INCREASE. | DOVER, Del., August 1 (). —A char- First Mortgage Loans Money Available for FIRST DEED OF TRUST LOANS OQ Completed Properties and for Construction Use Reasonable Interest and Commission Rat JAMESF. SHEA 643 Louisiana Ave. N.W. WHEN YOU HAVE MONEY TO INVEST in FIRST MORTGAGES Consult The Federal-American Company at 1352 G Street N.W. t"""b,;“fl:‘“%‘fl“‘lln W. 1. GALLINER. . JOBN POULE, Chairma Prestdent. ALL"TREADS LEAMAN'S TIRE SHOP 12th & K NW, Main 1430 Investors who buy, {bonds can eliminate | ;guesswork in the se- lection of their invest- ments by making use {of THE EQUITABLE INVESTMENT MEMORANDUM Starting from the facts which you send us in the Memoran- dum we will cheerfully make a ! careful study of the Values of | Current Bond Issues and submit those which will be suited to your requirements. Send for a copy | THE EQUITABLE SECURITIES COMPANY INC. 4 sabsidiery o! The Equitable Trust Company of New York 917 Fifteenth Street, N. W. { WASHINGTON. D. C. —————— e LOANS | On Improved Property in Maryland and Districe of Columbia 6% Interest No Commission Charges WEAERERS REAL , 809 15th Street NW. ! Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company J REAL ESTATE LOANS 5% & 5‘/2%) Apartm a ess Properties In District of Columbia and Nearby Maryland-Virginia 3.5.-10-Year Terms Prompt Replies Randall H. Hagner & C07 (Incorporated) Decatur 3600 1321 Connecticut Avenue| Mortgage Loan Correspondent New York Life Insurance Co. Transcontinental 0il Company First Mortgage Ten-Year 6.7 Sinking Fund Gold Bonds Due July 1, 1938 With Detachable Stock Purchase Warrants Price 100 and Interest Descriptive Circular Upon Request STEIN BROS. & BOYCE Established 1653 Woodward Building Washington, . € Main OMce. BALTIMORE. MDD ||| other Government bonds. Abitibi Power:4 Abitibi Po pt(6) Adv Rumley.... i Adv Rumley pf. | Ahumada Lead. | Air Reduetn(: Ajax Rubber. Alaska Junea. .. ¢+ Albany Paprt2) Allied Chem. Allis-Chalm « Amal Leath — - Ameradat \ ;- 9 b | &m Agrieul Chm BY EDWARD C. STONE. Am AgriCh .4 The Federal Reserve Fank of Rich- | Am Bank N¢ri). |mond today reported an unseasonably | Am Beet Sugur. marked Increase in the demand for Re- | Am Reet Sug pf. serve Bank credit betwen June 15 and | Am Bosch July 15. The vol- Am Brown Bov ume of rediscounts Am Brown Bo pf | for member banks | Am Cane2) {held by the Federal | Am Can pfe3 Reserve Bank rose | AmCar&Fay (8 from $44.696.000 at 1AM C & B pfei). |the middle of June Am Chicletd). ., to $36.678.000 by | Am Drugsoe) .. the midd'e of July, Am kixpress(§) an increase of $11,- Am & For Pow. . 982,000, 0~ 26.8 per Am&ForP pf(7) |cent, the monthly | Am :inms Pre3) | ness v 5 L Am leerrzy) ’?flmcs’ TORASH | Am Internati(2) “on’ Am LaFr On July 15 the | total earning assets e {of the Richmond Am Metals(3).. jbank amounted to Am Piano.... $67,301,000, com - P, | Am Plano pf | pared wtih $58.- Am P & L) 630,000 a month Am Po&L pf(6). earlier, the increase being composed | Am Radfator( entirely of member bank paper dis- | Am Republic. counted. Am Seating (i) . | The volume of Federal Reserve notes | Am Smelting in actual circulation continued to de- | Am Sl Fdys | cline batween June 15 and July 15, fall- | : ing from $54.933.000 to $33.626.000 Member bank reserve deposits dropped from $67.055.000 to $64.871.000 during the same period. The several changes enumerated, with others of less impor- | tance, lowered the cash resorves of the Federal Reserve Bank of Richmond from $74.644,000 on June 15 to $60.058.- | 000 on July 15. and reduced the ratio of cash reserves to note and deposits liabilities combined from 60.82 per cent to 50.49 per cent. The Richmond bank | raised the discount rate on all classes of paper from 4', per cent to 5 per eent, >fective July 13, i Credit Demand Much Larger. | | A large increase in the demand for | | reserve bank credit this year is shown | | by the comparison of the figures in the | |‘Rlchm:\nd Reserve Bank's statement | Richmond Reserve Reports || Unseasonably Big Increase in Rediscounts. Howard Moran. Am TypeFo(8). AmWW&RI(el). Am Woolen. Am Woolen p Am Zine. . Am Zine pf. Anaconda (4). Archer-Dan(3 ArmourDel pft7 Armour, H1tA). Armour, I1(B). Armour. 1 pf(7) Arnold Con & Co Art Metalil¥g). Asso Dry Gy Asso DG 2d(7). Asso O1l(2) Atchisoni10) . Atchison pf(5). At] Coast LieT10) At Gult pf(3).. Atl Kefining4) . Atlas Pow pf Austin-Niehols. Autostrap A(3) Balto & O(6) Bung & Ar pf(7) Barker Bros Barker pf (612). Burnsdall A, Beacon LIl Beachnut(3). Belding Bros. Bel N pf a5.98 Best & Co(3). Bethlehem S Bon Ami At4). . Booth Fisheries. | Booth ¥ish 1st.. Borden Milki6). Briggs MfzFCo. Brockywy Mot(4) Brockway pf(7) BKIyn Edisn(s) Bkiyn Edisn cfs. 2 BKiyn. Mant4) .. Bkiyn-Manpf(§) for July 15, 1928, with those reported for July 15, 1927. Rediscounts total- |ing $56.678.000 on July 15 this year | | show an increase of 142.1 per cent over | the total of $23.411,000 in discounted { paper held on July 15 last year, and | total earning assets amounting to $67,- | 301,000 this year are 38.6 per cent above | $48.554.000 held at the middle of July { l1ast year, in spits of a reduction of ap- | proximately $15.000.000 in the> bank's | holdings of Government securities and { bankers’ aceeptances. On the other hand. the circulation of Federal reserve notes this year is less than a year ago, $53.626.000 outstand- |Ing on July 15. 1928. comparing with { $60.176,000 in circulation on July 15, 1927. Member bank reserve deposits also declined during the vear, falling from $69.266.000 at the middle of July, 1927, to $64,871.000 on July 15, 1928, Educational Committee Named. A. E. Henze of W. B. Hibbs & Co.. chairman of the educational committee of Washington Chapter, American In- | stitute of Banking, has appointed the Itonnwlnal members to serve with him during the coming year: | Frank M. Perley. American Security | & Trust Co.. vice chairman: Miss Rose 1 Royce, Washington Loan & Trust Co., | sscreiary: Miss Mildred C. Woodcock. | American Security & Trust Co.. H. W. Burnside, Farmers & Mechanics' | National: A O. Dooley, Commercial National: R. H. Lacey, Columbia Na tional: R. E. Lee. Lincoln National; | T. Hunton Leith. Security Savings: R. {A. Norris, Lincoln National: 1. J. Reb- erts. Riggs National: E. C. Steffe, Fed- ! eral-American National, and R. G. | Whitton, First National of Alexandria. | Commiittee to Study Taxation. | Howard Moran, recently appointed chairman of the District Bankers' Asso- ciation committee on taxation, has been ass to one of President Fleming's most important assignments. One of Can Di the most vital issues before any of the | Can Pacifie(10). association’s committees in years is now | Case Threshg(§) o | Cent Atloye2).. & . ntury Rih M. . |received from ‘ax-exemnt Liberty and |Century It pf(7) ‘While the | Uerro de Pas(5) association’s counsel is attending to the i | court action in the case. considerable Bucyruseveziy) | Buff R&P pf(6). | Burns Bros(B). BurnsBros pf(7) Burroughs(v4). Bush Ter pf(7). Bush Ter de«7). Butte Cop & 7. . Butte & Sup(2). Rutterick Co Byer & Co. .. Caltf Packg4). Calumet&Ar6). Calu & Heclas2) GAle(3) || extra work must naturally fall upon | Chandler-Cipf. the taxation committee. Ches & Ohfo(10) Mr. Moran, as a former president of C & O Corpn(3). | the District Bankers' Association, is|Chi& Aiton pf.. particularly well fitted to carry the re- | Chi& Eastlil. .. | sponsibilities as committee chairman. | Chi Gt West pt. | Associated with him are H. H. McKee, | Chi Mil & S b. . P. G. Addison, ir.: Joshua Evans, jr.; | Ch! Mil & StP pf | Harry V. Haynes and W. W. Spaid. & Nwnid).. Lively Trading on Exchange. "}m';.ilg:mlz ', 3 | The “tape” moved fast on the!Chickusha (3) | Washington Stock Exchange 1t0day, | Chiids:2.40) with the bank stocks among the leaders. | Chile Co(21;). | During the session 97 shares. of Fed- | Chryser(3) | eral-American National changed hands| City St B5% stk at 337. East Washington Savings Bank Cluett-Peabi(5). sold to the | Coca-Cola(6). 5. shares of Security Savings clal sold again at 480, holding the re- | markable rise scored in the past yeer. | " Potomac Electric 5'4 per cent pre-|C ferred sold at 107, Chestnut Farms|Com Credei). | Dary preferred moved at 104 and | Com Crpf B(2). | Columbia Sand & Gravel at 95. Com- | Uom Solventx(3) | mereial National Co. preferred closed at | Com Powr(vi).. 104!, and 35 shares of Federal- | Congoleum-Nair American Co. common came out at 40.| CongCgrs(t415) | Mergenthaler closed at 10075, Peoples | Consol Cgra(7). | Drug at 108, and Sanitary Grocery | ConCizpryf(63;) | preferred at 117 Con KFiim pfe2). Washington Gas closed &t 977 | Consol Gas(5). . Bonds were active and strong, recent|ConsolGaspf(5) ‘pmu being well maintained v"""" ‘uba pf 6 | Banks to Purchase Liberty Bonds. E:;;:’:M:l‘":-o | The Pederal Reserve banks have been | cone Buking A . | authorized by the Treasury to purchase | cont Bk pf(8). | Third Liberty Loan 4'5 per cent bonds | cony Cunis). ... | for account of the sinking fund. 8uch | Cone Can pf(7). ‘purchun will be made at 100 1-32 10| Cont Insure$).. August 15. and thereafter at par With | Cont Mout (80¢) accrued interest to the date of such |cor, optional purchase. Coupon bonds pre- sented for such purchase must have the September 15 eoupons attached and the | registered bonds must be assigned to “Becretary of the Treasury for These bonds are due Sep- and Interest ceases after preT) Coty Ine(gb). .. Crucible §t1 (5). CubaCaneSugar Cuba Cane 8u pf Cuba Company . Cuban Am 8¢1). Cubian Dom Bug. Cudany Pkg(4). Curtise Aero(1) Cushmann pf(§) the purchase.” | tember 15, that date. Gleaned in Financial District. | Charles E. Howe. treasurer of the | American Security & Trust Co., leaves { here tomorrow for his old home in Miffintown, Pa.. where he will spend 4 month's vacation J. Gales Moore, connected with the | ieere&Co pf(7) National Metropoiitan Bank for more | Dol L& W(i7).. than six decades, has retired as the ac- | Den RG Wn pf. . tive auditor of the bank. His remark_| Devoe&f CIA 13 able banking career is not ended. how= | Diamond M%) ever, as he will still keep in touch with | odke BrosA. . affairs at the bank Dodge Brgs pf 7 Prancis M. Bavage, formerly president | P0d=e Brow cifx. of the Central SBavings Bank. is ,|uw"'"""~';;”'="-- visiting in Venice. which he declares 0mme Minas(l). 10 he more fascinating than ever. Swit- | )UK Lo ""” . zerland and the Itallan lakes are next | il 8 S & Atin on_his itinerary Dunhiliotte)ss Frank W. Btone, vice president of the [ SUGRELL IS0 National Bavings & Trust Co., has re- | PU Pont debié). turned to hsi desk from a two-week va- | astmant1¥). .. tion baton AxlecZ) .. Joshua Evans, Ir. vice president of | Klec Auto Li4). the District Notional Bank, is another | Klectrio Boat . .. | Anancler who 1s back at work after a | lecPowdli(1) short vacation. lee Stor Bat(h) George E. Plather, assistant treas- ruon B pf. urer of the Union Trust Co. has re- wurned to the bank following a recent Uiness. The Chesapeake & Potomac Telephone directors, yesterday voted an outlay of $100,000 on improvements in Washing- ton The Interstate Commerce Commi son hes authorized the Pennsylvania | wed Mot t80e) | Railroad 1o fseue $17.500.000 new stock | widaiity-Phoenx at 850 par to be offered to ocers and ' First NatSe1) Fisk RUbOAE. ..o 113% Davison Chem . . b2 Debenhms(2.18) 4% 183 884 T 11 irim 24 pt., Fairbanka(4). .. Fealight(hi 40) employes. . Low. 103 167 3 4 45 o 1061 110 284 Close. Fisk 1st pfeve?) Fleischmann(3) Fox Fim At4).. Freeport (161%). Gabriel Snub A. dner Motor. . Gen Am Tnk4) | Gen Asphait.... Gen Asph pf(5). Gen Cable .. Gen Cable A (4). Gen Cigars(4) Gen Elect75). .. GenBlec sp(6ic) Gen GusA (ol ') Gen lee Crm (3) . Gen Motors 7) Gan Outdr Ad(4) enOutdrAd on Ry Sig(5 on Hefrac(3 letie Raz(h). Gimbel Bros Glidden Co. . Glidden pr pf(7) Gold DusLi3) . Goodrich(4) Goodyeur Tire Goodyr 18t pf( *|Gotham(121y). . Gould Coupler A Graham-Paize Grunby Min(4). Grand Stores(1) Grand Union. .. Grt North pfi3) Gt Nor pf ofs(5) Grt Nor O(114). Grt Wn Sug 2.80 Greene Cana4). Guantanamo Su. Hacknsk W(113) Hartmn B(1.20) Hershey pft4) Hye & Co AL Housholdt4). ow ol Howe Sound Hudson Mot (7). + | Hupy Mot (2) | thinois Cent Indep Q110 1) | tndtan Motc113) Indian Refning. Indian Refg ctfs | Ind Ref pf(7) {inland S(kv630). Inspiration Cop. InterboroRapTr Intercon Rubber Internat Agri. .. Int Ag Thpf (7). Int Bus Ma(s) Int Cement4) 1t Com knz2) Int Comb pfei). It Harvess) . .. Int Hary pf(7). 1 Int Mtch pf 3.20 | Int Mer Marine. Int Mer Mar pf. Int Nickel(). Int Paper(240). Int Paper pf(7) Int Paper ctfs. . Intl Saltes). ... Int Tel & Tel(§) 1s1and Creeki ) 907 112 Jowel Tea(4) Johns-Manv (i) Jordun Motor. .. Kan City South. | Kayserds).... y [ Keith-A1 pre7) elly-Spring Is Hayes Kelvinator Corp Kennecott C(5). Kinney pfes)... Kolster Radio Kraftgliz). Kresge(11.60). Kresge Dept S.. | Kroger Grotel). Lago 0Nl ...... Lambert Co (18) Les Tire & Rub. | Lehn & Fink(3). Lite Savi1.60) Lig & Myrs B 75 Lima Locomtve. Lia Carb(3.60). Loew'stv3).. Loew's pf(6' Lorillard of(7). Louisiana OF ! Louistasa(1 75 Ludlum Sti(2).. 1 Corpid). y KD i 2061, ; 334 | Mackay(?)..... 43 | Mucy (R H)(cs) 12 | Mad Sq Gar (2). 80 | Magma Cop(3). 7615 | Mallison & Co... 44% | Mallison pf(7).. Manati Sugar. Man El Suptb) Man Kl m2g(ds) Man Shirt(2). .. Maracaibo Oil. Market Street. Martin-Parry. Mathiesgn(6). May Dept 814) Maytag(v3).. Maytag pf (3). Muytag Istpf(6) Mengel Co. . Mexican Seab. .. Miami Copt1).. Mid-Continent. . Middle Stutes Mid s ct Midland pf(r Miller Rubbe; Minn & St Louls | Minn StP&SSM . MSLPESSM 1i(4) Mo Kan & Tex.. Mo K&Tex pf(7) Migsour Pacific Missourt Puc of . Montgmry W15 Moon Motor. ... Mother Lo(3ve). Motor Meter A Motor Prod (). Motor Whi(2), Mullins Mf3. Murray Corp. Nagh & Chat(7), Nush Motrstv6) tAcme (sta). Nut Helius Hess Natl Bisc(16'3). Nat Biso pf(7). NavCush R A(3) Nat Dairy(3) Nat Dis Nat Enamel & § Nut Leud pfA(7) Nat Pow&Lt(1) Nat Rudiutor. .. Nat Supply(16), 2) Nat Surety(10): Nut Teat4) Nevada Cl 1% N Y Air Brid).. N Y Central8). N Y Cent (riw).. NYC&Sthib), In Pap pfcfs(7) Y NYNH&H() N Y NH&H pf (7 N Y St pfe8).. NorAm hi0% »th NorAwm Ed pf(7) North Pre ()., r Pae efs(h), Norwalk Tir 01 Well 8 pf Omiibus. .. N N Otis 8l pr pf(7) Outlet Cotd) Puckard Mo(v4). Pun-Am Petrolr Pan-Amer Pot B Panhandle, .. .. Parmi-Fmib), . Park & T1 (13). Park Utih Pathe Fix. Pathe Bx(A). . Pa DIz CEpfet). rann RR(315), Pora Narar¥) & Hurtm(h) 2 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Low. Clve. ! 89 69 % 8l 59'y Sales Phila Copf (3).. 52 Phila RT pt 3 Phila & R C& | Phil Morrist1y.. PhillipsPet( ) 1) Plerce-Arrow, .. 50 28' Prer s Plerce Ol pf. ... Pleice Petrolm. Pilisbury (1 60) Pillsbry pf(613) Pitts Coal Sin | PitsELw pei ). 351 | PItts St pf(7). 7 [PIUS&WVa(6). . Postal T&C pf 7 o | Postum new (3. 31| Produ & Refinra Pub Serv N. ) Pub Serv pf(f). Pub 8§ N1 pfe8) Pub SE&G pf(§) Puliman Cocd). Pura Ol (30e) . Pure O pfi&) . Purity Bak(3). Rudio Corp. . Real $ilk Hos Real Stlk ofi7). Rets (R) & Co. . Ltemingtn- Rand Mot 11.20). 101% L .. ! and Sears-Roebuck. The former, after Righfield O1l(2). . Rossia Ins(). .. Royal D(a3.222) St Jos Lead(13). StL & SanF(18) SUL&ESF 2d pd () Suvage Arms(n) Schulte (33%) .. Seub Air Line. .. Seaxravete Sears Roe(: Seneca Coppe Shattuck FC Shell Un i 40 Shubert Thedh). Simmons Co(3). Simms Pete . Sinclair Oil elly O11(2)... Sa Por Rie $(12) South Calif B South Dairies A. South Dairies B. South Pae(§) | South Ry(8) .. South Ry pf(5). SouRy M&trcrs 4 Spang: Chalfnt. . Spicer Mfg..... Std Com Toh(3). SUG&B(31). Std G & Epfid). Std Millg pf(6). StdOUNY (1.60). Stan Stewart-War(6) Steom Car(2) ... | Studebaker(5).. Submarine Boat. Sun Qi) ... Superior Oil. Sweats of Amer. Telautogh80c) . Pet bperil). “Taxas Corpni3) Téxas Gulf Sul(+ Tex Pac C & Uil Tex Ld Trinew) Thatcher Mfg. Thied A v Thomp . Lidewater AxOil | Tid WAsOIpr8) Tidewatar Ol 80 Timken(13).... { Tubac Prod(m). i ranscont Oil. ... Trico Prod(23;) Udwd 11 Fid) .. Union Carb(6).. Un 01l Cali2) Union Pacc10) .., | Union Tank(3) lUl\lCKlSHL'lm‘) Uid Cgr St pf(6) Utd Paperboard. USCIPprd) U S Distributing U 8 Distribpf(7) U 8 Hofimunt4) U S Alcohol(3). US Leather.... US Leather A.. | US Realty(4) .. ' U 8 Rubber.. | 8 Kub Ist pr. U S Smeit (ilg). U S 'Steel?).... Uni Leaf Toh(3) Univ Pipe & Rad ULl P&L Ave:). * | Vanadium(14).. | Viek Chem4). . Victor Tatkgi4) Victor pr pf(7). Va-CaroChem. . Va-Car Ch pf(3) Vivaudou Co. . Vulcan Detin, .. Vulcan Detin(A) | Wabash | Wabash pf A(5) Waidorfiilg). . Walworth(1.20) ward Baking B. w PicA... w. Warren Bros(4) Warren F&Pipe. W Pann K1 pri6) West I Po pf(7) West DaliyA(4) West Dairy B. .. 3 . West Marylund. 219% West Union$). Westhse A K(2) tinghsed) 4| Weston Klectrio White Euxlei2) | White Motorst 1 White Sew Mach White SM pfid) Willys Ov(1.20) Willys-Ovd pf 7 Wilson Co pf A Woolworthid). . Worthn Bump. . Worth Pumpia) Worth Pump(H) Wright Aerot2) Yellow Truck. .. Younkstn Shii) Hourly Sales Mann 434,300 1 pm.. 1.366.300 a8 given In the above tabie sunual cusn pasments bused on the Istest quarterly or hajl-yearly declarations Unit of an Shares 1 Partly extra us n stock. ¢ Plus 19 I, preferced stock % Puua 1,35 i viock this vear—no resular rate b Pay. in stock ¢ Plus 8% in stock d when earned ¢ Payuble (n cash of ! s 10% \n stock w Plus 8o n stock h Partly stock ' Plus 300 m stock. &k Plus 1/130 share auarterly in Moekl m Payable 1110 share auarierls in nited Clga 14% TN 49 1094 45 1601, i 8Oy 4% In’ stoel P FOREIGN EXCHANGE. (Quotations furniahed oy W K Hibbs & Co.) | Nonunai gold Selling cliecks value (Or DAty today London, pound 1 4881y ranl, dollwt : B la mark [liry trane dracome e X 4 Sloknoimn "crowis an NEW YORK, August 1 () exchanges mixed; quotations (in cents): ?.n:: Britain, demand, 485 5-16; cables, 5! France, demand, 3.01'4; cables, 3. Italy, demand, 5.32%: cables, De lum, - 1391 23, H , 3 Crecl 9814: Jugoslavia, 1.76; Aus- tria, 14.08° Rumania, 615, Argentine, 42,20 Brazil, hal, 65%; Montreal, 09.90', . PRODUCE EXCHANGE. NEW YORK, August 1 (# eapy, No. 2 Western, 1.11 [ 0. b York and 1.00'y e. | f. export. articles unchanged. Rye New Other Pay. | r Stores common stock. n Plus | | SPECILTIES LEAD = ADVANE N STORKS | expected to restrain it. | on the day bafore. | durin; | In each group for attention. | highes Rise in Chosen Issues Strong| and Confident—Atlantic | Refining Oils Feature. BY GEORGE T. HUGHES, Special Dispatch to The Btar t NEW YORK, August 1.—With Indus- trial specialties assuming the leadership today’s stock market bid defiance to the credit eonditions which might have bsen The advance in the chosen lssues was robust, confident and consistent The market had given a demonstra- | tion of indifference to call money strain That display gained | for it new adherents. The ult was | a performance as remarkable as any- | thing seen since liquidation dried up after the break of a month or so ago. Mail Order Shares Rise. One or two stocks were singled out In the mail order list it was Montgomery Ward closing yesterday at 184%;. advanced to 192, which was not only the highest at which the stock has ever sold, but which represented a rise of over 14 points in two business sessions. Sears-Roebiuck made a smaller gain and still sold higher than the present shares have | ever reached. Among the oils the star was Atlantic | Refining. At 153 this stock was up almost 6 points and at the highest | since the 900 per cent stock dividend | pald December 20. 1922. Another fea- ture wes Jewel T:a. another was Johns Manville and still others were Kroger Grocery, International Harvester. Vie- tor Talking Machine and International Nickel. All of these were strong and all had a large following inspired by their action on the tape. It will be noticed that the foregoing list does not include such represent- | ative stocks as General Motors, United States Steel or any of the rails. Motors ! was fractionally lower in the forenoon trading while the specialties were be- ing bid up so rapidly and Steel varied only a shade from the preceding close. The Steel Income statement was not a factor in the market for the stock General Electric was higher at times, | but did not compete with other indus- trials for the limelight. * Short Covering Contributes. Doubtless short covering contributed | to the rise, but except in a few stocks. such as International Nickel, it could not have been an important influence, The short interest' has been reducea | substantially and by that very fact the technical condition has been’ impaired. Money renewed at 7'; per cent, the renewal rate since July 13. Funds were in supply. however, at this level and the speculative element paid 10 attenifon to the credit situation. Money Goes Lower. Money went to 7 per cent in the fourth hour, as had been foreshadowed. Buying of the oil stocks was a feature | at this stage. A long list of represent. tive issues was in brisk demand. cluding Texas Corporation. Standard | Oil of California, Sinclair, Phillips and | Houston. The last-named gained near- points. Iy |~ The Bureau of Mines at Washington announced that stocks of oil. crude and ! refined, had declined 536,000 barrels June, while siocks of gasoline | fell off 150,000 barrels. Corn Products and the can sfocks were strong in the afternoon. Mer- | chandising #nd mail order shares col tinued in favor. Woolworth rose over ! 4 points. There was a further recovery | in Collins & Aikman. While all this| was going on’Steel and General Motors | ked time and the rafls were dull m | and neglected. | | exported from Ceylon and Malaya | W. B, Forshay interests, has RUBBE;fiXPORT PERCENTAGE LONDON. August 1 ().—It was offi- clally announced last night that th> percentage of rubber permitted to be ot the quarter commencing August 1 will ramain unchanged at 60. | TWO0 LARGEST WELLS. NEW YORK. August 1 (#).—The No. | 7 and No. 8 wells on the Hendrick Iease of Skelly Oil Co., producing 25,032 and 28,704 barrels a day in the official run while being tested for the field um- pire today. were pronounced the two biggest producers in the United States at present. : e | BUYS POWER COMPANY. | | | NEW YORK, August 1 (#).—Public | Utilities California Corporation, subsid- isry of Public Utilities Consolidated | Corporation, holding company for the | uired | ths Smith River Power Co. Cl‘lfiomu. SHORT-TERM SECURITIES. (Reported by J & W Seligman & Co.) Aluminum C. of Amer. | Americar ead | Canadian Nat Ry. | Shell Onton O | Sou_ Pac % Co. | Standard Oil N Jer | Swirt | Ger Gen | Dusseldort 4s pi Commers and Privat 1L G Parben | Hevden Chem Forelgn | Austrian A E G (Gen Elsc) | : 60-day bills on banks, 481%. | , 11.08; Toklo, 45'4: Shang- | an | Canadian Nor. = Chesa & Ohio Ry Co. 4' Co'vmbia Gas & Elec s 1952 Cudahy Packing Co. 8'.s 1937 Ih“I‘uuun;, lillllhlml 4 7 son K lum. Bos 4'»s 1930 Co. : en. Mot, Accen. Corp. s 1937 5% 1940 eneial Bet Cor RN vk o1 Banags so 10 ank ‘o : antrol"af'pe’ Shade 60 1018 H o185 o3 a 1011 Orezon Short Line 4s Pure OIl Corp 313s 1037 Co Ss 1947 ; ‘; Ifl"gfllfl o Ir. Mt. & 80. Ry, 4 L hion Oll Co.”of Calit. 178" smeitine o slia Jpans> 107 85 1944, .. 10 13 4 10! Western Electric Co Westinghouse El & n Wheeling Steel Corp. 3'as 19 GERMAN BONDS AND STOCKS. Spceial Disbatch o The Star. NEW YORK, August 1.— Ger Gt Red Loan with s wie per 100 RN 4" G Gt ed Lown deaw ctts per :l.:ko 1 40.00 4100 uoted i doliars N gk 2, oer_million marks) | (Quoted i dollars ver thousan ger Gien Elee S1aa mrecwar 250031 o0 | 1o b it Ly without Blec 4" Berini ds pre-war Humbure 35, 38 & 4 pre-w Humbure American Line 41\ jorth German Lloyd 4!as Krupp s 1921 23323 wisrsn Bl o wl Frankfort a-\ Milicly 4" i \Quioted - dal A B G'(Ger Ge Riec) | "0 AEG (Ger Gy Blee) 333 8333833238 & Discunto Gellsohaft Berliner Handels rexdner Bank Deutsche Bank Bank -3 3258223Ec8 333333332 833333333333 Mereur Hank Vienna North German _Lloyd azaz 2233 DIVIDENDS, Pe. Corporation riod. Rate. Do i 'gil Phillin“Joies Cor, L w e ra;nfi Garv. g lie 0" "Wlen Cord ¥l Co Do nf..... ter for an increase in jts capital siock | Lowest Rates of Interest and Commission from Calif. and 5,000,000 shares same par value BUYS OXYGEN COMPANY NEW YORK, August 1 (#.—Alr Re- duction Co. has acquired | of the Ohin $60,000,000 to $135,000,000 | filed at the State departmsnt yesterday | by the Richfield Ofl Co. of Los Angeles, | Authority was given for the is- sufince of 400,000 shares of preferred’ stock with a par value of 825 a share J. A. Talbot is presi- dent of the company. Thomas J. Fisher & Company, Inc. MONEY TO LOAN At 5, and 6% Interest Before Placing or Renewing Your - ist or 2d Trust Consult WELCH, Realtor Loan Spectalist 15th and & ¥ Ave. of common of the | Main 4348 the assets gen Co. BUSINESS PROPERTY UR LE ASE DEPARTMY has FOR number of desirable busine RENT a buildings in hoth the first and second com- mercial business, for immediate occupancy. zones suitable for various lines of including light manufacturing, and available For iurther particulars, lo- cations, etc., phone Real Estate Loans Insurance Main 5027 023NewYork, Ave. and 1237 Wisconsin Ave. REALTOR APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacen* Suburbs of Montgomery and Prince Georges Counties, 1 Per &nds > Cent Md. 3 Years or Longer L. RUST COMPANY 1001 15 % Street NW. Main 8100 “Equitable Co-0peri’ltive Building Ass'n. JOHN JOY EDSON Organized 18 Assels .. President 449,244.49 WALTER S. PRATT, Jr., Secretary 48th YEAR COMPLETED Surplus & Profits.. ... $1.578.070.05 Subscriptions for the 95th Issue of Stock Being Received Pl Lay your now for financial n- dependence by ing an account Equitable. now, today. ,l | | Bu For 3 Wm. S Funds In the Equitable Systematically plans No matter what you are saving for—a home. your children's educatton — you'll find the Equitable’s - tematic plan a helping accumulate open- m the tart Share S 915 7 7 St and to money. T — Sy end and Small Amounts on Residences ess Property Apartment Houses or 5 Years Without Curtailment H. Saunders Co., Inc. Loan Correspondent Provident Mutual Life Insurance Co. R 1433 K Street Main 1016 rittury Loss B. Main 2100 Over a Third Without a THERE 1S NO SUBRSTITUTE FOR SARETY MORTGAG SIMPLE ARITHMETIC \ §1,000 specnlation, with a of high return, may find vou at the end of a vear possessed of onlv the few dollars of principal that vou can salvage. In con trast, in the case of invest ment in our ¥ 6% FIRST MORTGAGES vour principal will he held fully intact, and meanwhile vour money will have earned a good rate of interest, pail ably on the days when “promise” Avi of $250 and F. SAUL CO. 023 15th'SK N W lable in Amounts Upward