Evening Star Newspaper, August 17, 1928, Page 10

) | Commonwealth Investment Co. Phone Main 2623 } | In Nearby Virginia Prudential Insurance Co. 5%% WE FINANCE ~all classes ot income-producing oroperts Large Loans a Specialty Current tnierest rate and commission Higbie & Rizhardson, Inc. S16 15t St N.W. SECOND TRUST LOANS pans secured by te made on verv Pro W. H. WEST COMPANY 1801 Founded 1519 K Street We Finance Mortgage Loans 5%% and 6% property Ouick Mortgage Loan Department SHANNON & LUCHS, Inc. 1435 K St. N.W. Phone: Main 2345 UNLIMITED FUNDS FOR LOANS On Improved Real Estate In Nearby Marylazd, Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptarce Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 A MERICAN SECURIT‘{ AR TEURY _COMPANY - i the Distr. For Periods of 3.5 or 10 Years Low Interest Rates and Charges BOSS 0 PHE Founded 1907 1417 K St. Lean Correspondent John Hancock Mutual Life Insurance Co. Safe Deposit Boxes Banking Service At Every Banking Office Commercial avings Trust Real Estate Fnrmgn F,xchangc ! Safe Deposit Departments 15th and Penna. Ave. Fivs Banking Ocer Capital, $3.400,000 S $3.400.000 rpl WASHINGTON'S TRUST decisions Virginia and t of Columbia Main 9300 Every COMPANY FINANCTIAL® CAPITAL TRACTION - INGOME INCREASES T | Loans I Abitibl Power4 Abitibi Po pref) Adams Exp (6). Adv Rumley . | Ahumada Lead. | Air Reductni2). Ajax Rubber. Albany Papr(2) Allted Chem. Allis-Chalm (7). [ Amerada (1} m Axricul Chm - | Am Agri Ch pf RY EDWARD C. STONF. | »:::: Bank Nuv The total net income of the Capital! Am Traction Co. for the month of July\™ b was more than §10.000 ahsad of Juns. |, Ay, k. 1 According to the monthly re- Am Brown Bo pf port, filed todsy Am Cang with the Publie - Utilities Commis- ston, the July net income reached £55,191.36. against he' lower figure of 5.246.72° in the corresponding month A vear ago. The report shows otal operating rev- enues for July of 2334, 6% com- pared wita onerat- ing _reven £340,994 29 in July ‘churt for Month of July Shows Net Gain of More Than $10.000. Am s For Pow | Am&kor Pr2d 7 s | Am Ho am deedr Am lew piCH \internatics) LukraFoam Am Linsecd Locomoy (8) Piano Am N Lt Am Radistor Am Republie Amsal By At Seating iy Am Shipbldz(3) A Smelng 5 A st Main 9900 3] 5) ing expenses were much lower this year. and here where the increa plained. $245.524.53 against $258.405.61 Taxcs reouired $25.898.53 during the th, while the item a year ago. F. ). Kaufmann. Jr. Am Am Tel & C rei & Te! the same AmWW& Am Wooen w Am Woolen pf At Zing Am Zine pt Ataconda (4) Arcier Dan rt Atmo Av Ar mont Fower revenue passengers ried m Jul vear than he total number be 5 a total of 4.642.852 ber of revenus pa the company in the of the present vear against the higher fzure of 35 last year Another important com: the report brings out covers the total net income for the seven months of 1978 and 1927. The seven months net < vear was $665.743.68. against $415.- 281.34 for the same period a year ago With Bank Since Organization. Frank J. KI\l](manx‘fl. . \\"\n?;\ rl;’ - jon to the vice presidoncy of the - 4 ternational Exch:‘me Bank has been Austn Nichols. announced by Fernando Cuniberti, the \ g, president. has been with this bank ever | y since it was founded by Joseph Schia- vone, He retains the position of cashier in additi~n to his new duiis 7 Mr. Kaufmann got his first banking experience with the Disirict National in 1918 and 1919. He came to Wnshh\:: ton from New York at the beginning of the World War and has been here ever since, s'a as a Government ac- tant mg“;‘: vice president will bs ono of the youngsst higher-rank officials in the Capital, havinz bcen born in New York, March 23, 1890. Mr. Kauf- mann is a graduate of Cathedral Col- lege, New York, and for 10 years was with the financial department of Huy ler's Candy Corporation. Since here, he has taken special co Wasaington Chapter, America tute of Banking. Lawyer Discusses Sound Invesiments. Over the radio last evening Silas H. Strawn, ratiring president of the Amer can Bar Association, discussed “A La yer's View of Sound Investments.” He siressed two principal sources of danzer for the average person in placing his money. First. speculation, where he plunges without knowledge of what he is doing in the hope of amassing riche quickly. Second. the widespread ten: ency among people of acespting fnan. cizl advice without any knowledge of | who is back of it or what may b2 the |« motive. { Cant petnc1) “Every day we are amazed by the | tall n Zine. | stories of the ways in which poor | Calumet&Ar6 | people have been bunkoed out of ‘their | Calu & Hecla all' by crooked. so-called investment | UdnDryGAle(3) | concerns. While it is true.” said Mr. | Can Pacificc10). trawn. “that laws commonly known ; ‘ase Threshg(§) as blue sky laws have been adopted in | (en' Alloy2). almost every State, designed to protect | C*n Ity NJ (31 the investor against fraudulent and un- | scrupulous methods of dealers, no law | " has vet been devised to make people | 1 honest. or that will protect the careless or inexnerienced investor from their own folly.” On the other hend. Mr. Strawn in- | sisted that the investment field tnda 00 extensive and complicated for the | <) Gy 'west T average man or woman to be able o | opi 'yl oSt b | decide wisely for himself concerning all | Gy njy1 & Stb pf | investments, Therefore. he savs. “in- [ Ch: e Nwnisr . vesiors must devend uvon the advice of | Cii RikPaces). invest; t hankine houses of character | (nickasha 3) and reputation. Aside from the remu- | tation of the house. as a chesk upon its denendablencss for investment ad- | vice, Mr. Strawn nointed out tHe less | common hut verv significant method of | roting what houses dn the finaneing | for high-grade cornorations when they | Col Fuel & lion. are in the market for new mos “No | Col Gas & Eii) cornoration.” savs Mr. Strewn, “can af- | Col Carbon4) ford 1n have jt< securities distributed hv | Com Cr pf B(2) L any but high-class, experienced dealers.” , CominvTri3.60) Som Solvent s Local, Securities Fairly Active. it iy In fajrly broad trading on the Wash- | Conzoleum-Nair Ington Stock Exchange today. the irst | couccyrsirey) transaction was in Union Trust Co. | Consorcerests stock, 10 shares selling, at 322, 2 Potnts | Cyn kiim pf2) . above the Jast sale. 3 Ten shares of Mergenthaler sold at 100 and 30 more at 100%;. District National Securities Co. moved at 1011, Peoples Drug came out at 10814, and ]fi;xnz.—; Grocery preferred registered Lei pi 30, vur, LA, con which Asso Axxo DG 1sts) Asso OilZ). ... Atchiscalo). .. AU Coast L 10 AU Gull & W1 AU GUit ples} Atl Ketiningi4). Atlas Tack 0& UK 5 & Arcily) nk of N Y(18) Baruet Leather., Barusdall A Beacon VIl Best & Cot3). Bethlenem Steel Bloomingdale. . Slmingdle pit ( Biumenthal pt. . Bon Ami Atd). . Booth Kisheries | Booth Fish 1st. ., Borden Milki6). Boston & Mame Lotany Mills(A) Brizks MfgFCo. Brockwy Mot(4) BKiynu Edisn(s) . BElyn-Man4).. Bkiyn-Manpf(§) insti- Brunswick Ter. Buecyrusi1). Bucyrus ey Burns Bros. BurnsBros pf(7) | Burroughsiva) Bush Term(a2) | Bush Ter de(7). Bush Ter pf7). Butte Cop & | Butte & Suptz). Byer & Co.. . I Packg4). LPS er-Cl pf . Ches & Ohiot10 C& O Corpnid). | Chi & Alton | Chi& Alton pf | Chi Great West, Chrysler(3), Cluett-Peab(5) . Coca-Colat§). Ilins & Atkmn ConRRCuba pf 6 Consol Textile. . Containe: A §.20 Container B 6ve. Cont Baking A.. The Potomac Electric Power issues | Cout Baking B. . were firm. the 6 per cent preferred | Cont Bak pf(s), iselling at 111% and the 5 per-cent at | cont Cant). ... 108 and 1077,. Rallway & Electric | Cont Insur(6) preferred moved at 99'.. There was a | Cont Mont (80¢) turnover of 120 shares of National Mort- { CornlixBank (20} gage & Investment preferred at 4. Ten shares of Washington Gas ap- peared @@ the board at 104. While | there w°€ no trading in Capital Trac- | tion today, the bid and asked prices were & bil stronger. Bonds were neg lected, the only important transaction | beinz a $1.000 Gas 6, Series A, selling at 104, Calling of the unlisted securi- ties showed an advance of one-cighth | in the asked price for Miller Train | Control ty Inceg). ucible SU (5), ba Company . dany PKg(4). rtiss Aeroil) Ur-Ham by ) Davison Chem. . Davison rts el & Hud(9). .. Del L& W(17).. Den RG Wn pf. . { Devoeat CIA 13 Diamond M(19). Dodge Bros A. . Dodge Bros pf 1 Notes in Financial Distriet. ‘The monthly bulletin of the District Bankers' Association reports that al-| most every member bank has mage pro- Lest 1o paying a tax on interest received | ;o9 Minest1). from non-taxable Government bonds.| jr.® o s It is hoped that this matter, started by | juys 5 & At pf. the Riggs National, and now in the | uuoniiris.b0) courts, will be settled this year, SaVing | yug L 1st(5). » considerable sums for the local banks 5 The District of Columbia Life Under- )00 writers' Assoclation is having its Sum- | Kutun Axled2),. mer outing today at the Manor Club mi: A, Maryland. A dinner this evening is one | bive Au L v« of the featur | teets e A complete report of the ":‘ ;::.‘\ “Alll‘nlll‘.'.'l at the last annual convention ‘)‘I )-‘"“ District Bankers' Associalion, at Mon- | Blk Horn - s t Point, is now being printed. and srantgmiA) copies will be availabie for all members J ..‘,'l 'V::ms a few days Tomorrow ning has been nated “insurance nigh!” at the coun 1y home of the City Club, at which | Mr. znd Mrs, John F. Cremen will act | as host and hostess The sudden change lo easy money | | conditions during the present week has not been due to any change in policy by the Federal Reserve Board, accord- ing to reports at the Treasury. This week's meetings of the board have been largely routine, it is stated Tie Great Atlantic & Pacific Tea Co. of America has declared a quarterly dividend of $1 on common, placing | stock on $4 annual basis, against §3 | | previously paid, and regular quarterly dividend of 8175 on preferred, hoth { payable Beptember 1 to stock of record August 16, Hantmal proceedis of the | 1 desig- | 1 | ¥ R Erie 1st pf ureka Vi1lz). Fairbanksid). .. Ked Mot Fidelity-Phoenx Virst NatS(1 %) #isk Rubber ... Wik 15t pfe7). . isehmsnn i) Poundation C ¥ox Ilim A ank-8 pf(7) Freeport (16% ). Gabriel Snuh A, | Garaner Motor, Gen Am Tnk(4), Asphait, LARGEST 7 Onen. 8915 10 120 50 .10 oy 11ty 14 9214 104 (TN 4 NN fy (i 1074 ETIN THE EVENING 'STAR. WASHINGTON. NEW YORK STOCK EXCHANGE D. €. FRIDAY. AUGUST 17. 1928. e Received by Private Wire Direct to The Star Office. Hiz 42t 899, 1004 alte iy 34 2 195 6 bt Close. Ally RO% | Gen Cabl, 295 4 1y Gen Mot pf(7).. 40 13 50 1015 FTEN 1y 920 100, 7 43 98 | tnspirati Close. 118 ke Low 116 60 158 L 54l Thu TH 1844 1850y 12415 1241, 34 34 96l 9614 BTN 1004 101 53 Open. Hizh | Gen Asph nf(5). 116 116 Ava). 13 T 158% 11 Bty | GenElec sp(6ie) | Goun GusAtol 1) | Gen lee Crm(3). | Gen Motors(7). GenOutdrad(2). Gen Ry Sig(h). Gen Refrac(3). Gillette Raz(3). Gimhel Bros. Glidden Co. ! Gold Dusti3 Goodrichi4) . Goodyear Tire. . ioodyr 1stpf(7) otham1213).. Gotham ni12ls) Gould Coupler A ham-Paige. . rhm-Patge cfs Granby Mincd) { Grand Stores(1) Grand Union Grand Un pf (3) | Grt North pf(5) tNor pf efsis), NorOi115). 1 Wn Sug 280 reene Cana4). Gulf Mo & Nor.. Gulf States Stl. Hartmn Bl Hershey Corp. . H hey plod) .. Hershey prpf(§) [ Hoe& Co A.. Houston Uil ... Howe Sound(4), | Hud Man(21g Hudson Mot Hupp Mot «f2)., 1tlinots Cen«17). 97 05 21 331 1001, 470 Blin 12 53 7 100 211y 1384 1001, 470y j Indep VIL(1) . Indian Mot(115) Indian Refin Indian Refy ctfs Inland S(k76% ) op. nterboroRapTr Intercon Rubber Internat Agri. .. Int Ag Chopf ¢ tnt a Int Cement (4 Int Com Eng [0t Harveig) . .. Int Mtch pf 320 flut Mer Marine. | It Mer Mar p. Int Nickel(2)... Int Paper(240). Int Paper pfe7) IntPap efs(2 40) Int Ry Cent Am. Ini Tel & Tel(f) tertype (1113) Istand Creek14) Jewel Tead) Juhns-Manv (3) Jordan Motor. .. Kan City South. KayserJ ). Keith-Albee. . Keith- Al pf Kelly-Sprinz. .. Kels Hayes(2).. Kelvinator Corp Kennecott (§).. | Kmoey peoxy. Kolsier Radio. . hresge Dept 8. . Kresge DS pf. . Kroger Groiel) lLambert Co (16) ! lee Tire & Rub Lehigh PC pf(7) Lehn & Fink(3). Lite Savil.60). ., Lig Myersi5). | LIg & Myrs B 75 i Lima Locomtve. Liq Carbt3.60). Lorillard Co. ... Louistana uil. .. LouistasAcl 75 Ludlum $tic2)., McCal) Corpt3). MeCrory A(2).. McKeespt Tin P) Mack Truck(6). Macy (R H)icd) AMad Sq Gar . 4| Magma Cop(3). T 1181, W 1% 660 52 1887n % 24% 18% | 74 1073 1901 1 Mallison & Co Man El Sup(s Man Kl m2gds) Man Shirtt Marland O1l Mar-Rock Martin-Party athieson May Dept 8(4).. Maytag(i3) ... Maytag pt(3).. Maytaz ist pf(6) Mengzel Co...... Mexican Seab. Miami Copel)., Mid Continent.. Middle State: | Midiand previz) Milier Rubber. . Milwauki 6) Minn & St Louis Minn StP&SSM. | Mo Kan & Tex. . Missour: Pacifie Missouri Pac pf. vkMillsIne ryWiis Moon Motor. . .. Mother Lo(30e). Motor Meter A Motor Prod (2), | Motor Whiiz). Mullins Mfe..., Murray Corp... Nasn Motrs(16) Nat Acmne (sta). | Nat Belias Hess Natl Bisct1615). Nat Cash R A«3) Nut Daieyid). .. Nat Distillers Vat Enamel & § at Pow&Lt(1) Nat Rudlator Nat Ry Mex 2d. | at Suppiyivs), At Surety(1v). Nat Teatd), Nevadu Co1i4). INOTex & M(7) N Y Centrai8). Y Cent (11m). Y C& Suli6). Y CStL pf(6) T INTNH&H() | N Y NH&H pf7 | N Y Ont&Westn H Y Sum pfi8) NorAm bi0% North Am pfii) NorAm d pf(7) North Pae (b),. | Nor Pac ets Norwalk Tire 011 Well Suppl Ol Well 8 pt. N iN N N N Oppmc s Klevi17).. Otis Steel.,.... Owens Bot(cid) Packird Mot 14) Il Stubs, .. Pan-Am Petrolm Pan-Amer Pet B Pan-Am Wn B, Panhandle. ... Parmt-FmiR), . i Park & Tl (13). Park Utuh(80c) . 'athe KBx I Pathe Bx Pating M(282). Peerinss Moto Penick & Kord ., Penick&¥F pf(7). Penn Dix Cin(2) i R (314), People's Gus(8)., ooria & Kant ., Pere Marq(18)., 1 Phila Co pf (3).. Phila& RC& 1. Phil Morris(1).. Phillips-don(3). PuillipaPecl14) Phoenix Hoslery Plerce-Arrow. .. ierce-Arrow pf Pierca 01l Onen Low 42t 4y 481 47 . 143 14 Closs. Plligbury (1 60) Pitis Coal. . . Pitis& WVach) PortoRieoToh ! Postal T&C pf Postum (1) Produ & Refinrs Pub Serv N «2) Puliman Co(4).. Punta Alez Sug. Pure 01l (ae) ., Pure Oil pf(2).. j Purity Bakedy Purity Ba pf(6) Radio Corp. ... Reading 1ty (4). Reading 2d 2 teal Silk Hos . .. Real Silk pfe7) Remingin- Rand Reo Mot 1 20). Rep | & Sc4y .., Reynolds Spngs KeynldsTobBea) 132 Richfield Oflc2 ELEN tossia Insih) 1681, | Royal Diag. 222 ISt Jos Lendcra) YIREY) onthwes ze Arme2) chulte (2314). . Seab Air Line. eab Air L pf eaxraversl 20) Sears Roe(121;) Seneca Cop; Shattuck FG(2) Shell Unt 1 40) Shubert The(s). Simmons Co(3). Simms Pete, Sinclair 011 Skelly Ol 2 loss-Shef (§) . . loss-Shf pf(7) Snider Packs Co Pkg pf o Por Rie § hCalif Kd. . h Dairies A ith Dairies B outh 'acth). .. outh Ry (8).... outh Ry pfis) Soutty M&Oels 4 Spaulding pfi3 Spane Chalfnt Spear&Co plii). Spicer Mfg. .. Std Com Tob(3) . | St G 315, td G & Epfid), Std Milling (5) .. { Std Milig pri6). Std 0 ¢ SWOIIN. SOUNY (1 60). StdSanPro(1 65) | Stanley Co | Stewart-War Studebaker(s) un Oflin). uperior OIl. . lelautozh(80e). Tenn Copper (1), | Texas Corpnii). exas Gulf Sui(s exus & Pacts). ex Pac C & 01l ex LdTrinew) | Thaccher M(x. Thatcher pf 3.6 he Fair(240). | Third Avenue. Tidewiter 1) 86 T WASOIpT6) I'idewater Asuil Tide W Ol pfia) Cinkentio) . Tobac Prodim). & | Tobac Prod A7) 11 | Lranscont Oil.. Trico Prodt { Udwa B1 #4)., Un BugaPaper. . Jniot Carb(6) Un 01l Cale Unniou Pac(10) Un Pacific pfid) Utd Biscuit 1 9. UtdCRrstCane) Ut Fruitiia ig) Utd Paperbour U'S Distcibuting U'S Hoftmun 1) U S Aleovholia) . U'S Leather. US Leather A US Realtyi4). U'S Lubber | U'S KRub 1stp! U S Smeit (3%). U S Siveli7) ah Copper(h) Uul PaL Aves). vanadiumeid).. Van Raalte pf.. Vick Chemicd) .. Victor Talkas) Victor prpfei). Va-Car Ch pf(3) Vivaudou Co. Vulcan Letin | Wabash, .. Ward ClA(8). | Wara Baking B. Ward Bak piti) Warner Pic A QU Warren Brosit) Warrenlst pi(s) Web & Heil. W Penn ki pf(8) W Penn kI A7) West Daiy B. . West Maryfund. West Md 2d pf. . West Pacific pf. West Uionis ) Wesihse A b Westinghseid). Westhse Ist(4) Weston Electrie Wilite Eaxied2) White Motor s White Sew Mach Willys OviL2u) Wilson & Co. ... Wiison Co pf A Wilson & Co pf. Woolworthia). Worthn Pump. . Worth Pumpia) Worth Pump() Wright Avroy) Wrigleyrb! 100 124 116 0% § 195 ey 1260 155 40! 49 1asty 1ol 2 Ui b U 694 Yale&Twnei15) | Yellow Truck EERSEE N Youngsin Shis) 91 LN Hourly Sales on N. Y. Maiket. 1 am, 100 12 noon Lt 100 Lom. 1911400 2pm oL, | Dividend cutes s wiven 1n the anove taoie Are the aunumi cash meits busea on fatest auurteriy ‘or hail-vearly decinra * Uni® of treding than 100 shaie |1 Partly extra t Pl N ostock 8 Plus 53 1 preferred stock ¥ Plus 1/35 in stock A faid this vear—no reguiar rate b Paye Able In stock ¢ Plus 4% 10 stoek d Pay able when earned o Pavable 0 Astock £ Plus _10% in slock in“stock b Partly Stock b stock k Plus 17130 share n stock m Pavable 1/10 share auarierly in United Cigar Stores common stock. n Plus | T in stoex: [ B Baty 681, 681 auarterly | Commonwealth Power Report. NEW YORK, August 17 (4).—Com- monwealth Power Corporation earned $5.18 a share on the common in thi vear ended July 31, ‘mgainst $4.07 share the year before. Surplus after preferred dividends was §7.754,387 against $6.080,547. N. Y. BANK CLEARINGS. NEW YORK. August 17 (Special) New York bank clearings, $1.029,000,000, New York bank balances, $105.000,000,; New York Federal Reserve balances | $95,000,000 SILVER QUOTATIONS. NEW YORK, August 17 (P Bar | sllver, 59'y: Mexican dollars, 443, | FEDERAL LAND BANK BONDS. ecial Dispateh 1o The Star NEW YORK. August 17.— | Land nk ds May 10 Fand Bank & oy 10 i nk 41es Jan 19 Fan 0k 4 ay (94731 nd Bank 4146 July 1066-36 fang Bank 41an May 1043onis nd Bank 4108 Jan 10430p33 and Bank 4'.n J.&) 19830p33 4158 W&, 10880nh . k 415 1936-34 4708 J&I 19830033 ank 4048 Jan. 19840n34 ank 474 July 1084ond s 'Nov topd} e B Ay BesH ) ‘STOCKS LOSE GAIN (w‘ ) ,|In any event. speculative Wall Street I LATE TRADIG i Causcs Recessions After Lively Mernino, BY GEORGE T. HUGHES. Special Dizpateh fo The Star | NEW YORK, Augnust 17.—A robust | | advanece in the stock market, carried on 5 “|on a broad scale in the forenoon, was, ings if they are to wind up 19 checked in the second half of today on by an advance in call mon~ from the renewal rate of 5 per cent first to 5' then to 6 and to 6',, and| finally to 7 per cent Realizing _carried tantiall prices down sub- . bui many stocks held out| against the trend. among them Inter- national Nickel, Columbia Gas. We: | inghous= Electric and General Electiie. | | The motors were lower. Steel, which had been a feature in ths carly trading. lost part of ils gain. Opening prices | ! were " higher all around The market had a basis on which to work, a reduction in brok loans an- nounced overnight, th> size of which | was surprismgly large: a substantial | | improvement in’the Federal reserve po- sition, as shown in the weekly state ment, and a 5 per cent call money newal rate. the lowest since July ! Time money was easier, especially for ! the longer dates. Moreover, th> opinion |was gaining ground that the next | | change in the rediscount rate would be downward. Perhaps this idea was | founded on_the showing made by the tape. It is hard to distinguish between | cause and effect in matters like these. entire satisfaction with the credit_outlook. i | While stocks of all kinds participatad |in today's advance. the real leaders {were the steels. United States Steel opned on a block of 10,000 shares of {148 in contrast to the preceding clos> |0f 1465, From the initial price it ros above 143, which was not only the high of the movement but less than 5 points below the record for the vear. There was aggressive buying of Bethlehem Steel at an advance of some 2 to 3 | points, a rapid upturn in Republic Iron & Steel, and higher prices for Cruci- ble, Vanadium, Youngstown Sheet & | Tube and others. No fresh explanation was offered for | | the strength in steel stocks. None was needed. With operations not showing | the normal seasonal decline, and with | much firmer prices for the output. the | | prospact of the steel industry is brigit. |" Elsewhere among the industrials | American Smelting & Refining stood | out at the highest in the history of the ompany when the stock sold at 215, up | over 5 points. Another feature was Al- | lied Chemical, also at a record high | above 185, an advance of over 4 points. | | American Can bottered by a fraction its | | previous top and so did Sears-Roebuck. Shorts in any of (th>se were severely punished. At iniervals the rails came in for !their share of attention. The lower | priced stocks were the more active, but | the seasoned dividend payers went higher also. Missouri Pacific jumped a polnt at the start and Western Mary- | land advanced 2 points. Erie was in| demand for a time. New York Central stood out in its class and Atchison, Ca- | nadian Pacific, Southern Railway and | Southern Pacific did better. U. S. BUSINESS GAIN SHOWN BY REPORTS | Pomestic and Foreign Trade In-' creases Indicated in Figures “ + 1 of United States. | Bpercial Dispatch to The Sta: 1 NEW YORK, August 17.—From two sources today the business of the coun- try in July, both domestic and foreign, | was shown to have been materiaily | greater than a year ago. This fact| was demonsirated in the monthly re- | port of the Department of Commerce, giving the figures of exports and im- ports, and in a survey of the building | Industry showing the volume of build- ing permits last month (hroughout the United States. Following the fiscal year ending June | 30. in Which the excess of merchand CXPOrts over imports was nearly $730,- | 000.000, the new year starts out with A _surplus of exports over imports of | 566,000.000. These exports were «36,000,- | | 000 greater than last year, while im-| ports decreased $3,376,000. { July exports of gold showed the waning movement of the vellow metal | | from this country to forcign parts. | Compared with nearly $100,000,000 in | June, the total of exports last moath | was §74,190.000. This brought the total outgo for the seven months of the | calendar year to approximately $530.- 000.000. against which there vere tm- ports of $94,507,000. This movement professed 1. {15 mainly responsible for the change in | credit conditions that have come about | since last February and 1s the chief fact in the argument of the high money advocates There was an 8 per cent increase in July in bullding permits over July, | 1927. This gain was due to the ex- pansion in building activity in such largs centers as New York City, Chi- cago, Philadelphia, St. Louts, Washing- ton, D. C. Boston, Cincinnati, Minne- apolis, Indianapolis, Seattle and Bir- mingham. It was offsst somewhat by | decreases in Detroft, Los Angeles, Cleve- land. Baltimore, San_Francisco, Mil- waukee, Newark and Pittsburgh. CHICAGO LIVE STOCK MARKET | CHICAGO, August 17 (# (United | States Department of Agriculture).— | ’Hn Receipts, 14,000 head: market 10 | {10 25 lower on hogs scaling below 270 | pounds, heavier weights weak to 10| [lower: top, 12.85, paid for 180-210 butchers, medium to choice, pounds. 11.85a1 200-250 | pounds, 11.75012.85; 160- pounds, 11'50a12.85: 130-160 pounds, 11.00a 270 packing sows, 10.30a11.65; pigs, | medium to choice, 90-130 pounds, 10.50a | | 12.00 Caitle-Receipts, 2.000; calves, 1,000 {run mostly of plain quality: market uneven but mostly steady: few steers | to sell above 13.00; liberal supply of ' low-grade cows, bulk all cutters, 6.75a | | 7.65. most vealers, 17.00a18.00; slaughter | | tlasses, steers, good and choice, 1,300- 1500 pounds, 14.15a16.60; 1.100-1,300 pounds. 14.25a16.75: 950-1,100 pounds. 14.50a1640; common and medium, 850 | pounds up, 9.00a14.50; fed yearlings. | good and cholce, 750-930 pounds, 14.65a {1685, heifers, good and choice. -850 | pounds down, 14.10a16.65; common and | medium, 850a1435; cows, good and | choice, 9.50a13.00: common and me- | | dium, 7.75a8.50; low cutter and eutter, | 6.2507.75; bulls, good and cholce (beef), | 9.35811.00: cutter to medium. 7.2509 75 Vealers (milk fed), good and choice, 16.50a18.50; medium. 13.50a16.50 and common, 800a13.50: stocker and feeder steers, good and choice (all welghts), 11.75a13.73; common and| medium, 9.50a11.75, Sheep—Receipts, 10,000 head; fat lambs active: about steady. quality con- sidered: natives and Westerns selling close together; sheep about steady; comparatively little change on feed- ing lambs except a tendency toward week end slowness on kinds under 14 00; lambs, good and choice (92 pounds down), 13.85a15.00; medium, 12.00a 1385. cull and common, & 28a1200 down), 4.50n750; 175550 fandas cholce, 13.65014.25, cull and lambs, conmon, | good | oil-country {and, while the hauls of this product |and out-going freight of the automo- | vinced | Amer | Texquie 8nlphy | Goadyear I |8 i i, | 3788 & ! cull | § \‘ | Lou aon, Montea! Paris. riin, ome. | durich | Athens Madrid, e ta Vien ewes, medium to cholce (130 pounds and Gopenhagen Stackholm, FINANC Money to Loan | | | by tirst deed ot tro; CALROADS EXPEY .2 BETTER BUSHESS Mortgage Money Loaned At Low Interest Rates ‘Carriers Hope to Overcome Tyler & Rutherford Representing My e in: 520 K Street Main 4 “We elose at 430 o.m. antil Sept Beneft Foor Showing Madz Thus Far This Ycar. the o FIRST TRUST LOANS 335 App Ptompt attentien W. H. WEST COMPANY Founded 1801 1519 K Street BY J. C. ROY Spectal Dispateh to The Ster NEW YORK. August 17—The time of vear is now approachinz when the railroads must make their bost Mones o D. ions © real a record comparable to that of 1927 invited So far the car loadings of the class 1 roads have not equaled those for the rresponding period of last and are well below those for 1925. Rail- road earnings. however. have stood up remarkably. for th> roads have seldom if ever, been in such fine phvsical con- dition, or o adequately and econom- icallv managed With ordinary good fortune during the remainder of the Summer and Fall the record for the vear should ho ey couraging. ‘The wheat and fruit ero now are moving at full volime. What the corn crop will yield in the way of freight revenues remains to be soen. ! That iz in the hands of the weather man. So, 2 is the cotton movement from the South and Southwest Fruit and Potato Crops. The movement of oil. both by pipe line and by tank cars, is improving in response to the better range in prices. and trains going back to the oil dis- trics are carrying additional loads of supplies. Both the fruit and will b huge. but it is their full volume will bo Main 99990 Buck & Company BROKERS Established 1916 Stocks Bonds Grain Cotton Write or call for weekly market No oblig BUCK AND COMPANY Evans Bids. New York Ave. Franklin 7300 1124 potato er doubtful if moved at all The coal carriers have suffered all vear from the depression which has held the coal industry in its grip, The huge stocks of fuel piled up in back months have not vet been exhausted. and shipments have been curtailed. At no distant date, however, this condi- tion can be counted on to right itself. | |! Shipments of lumber. building mate- rials, ores and metals have improved and give evidence of stability | The volume of manufactured prod- nets seems likely to be of extraordinary proportions. Textile hipments show no "likelihood of immediate increase. but the silk trains from the West Coast to the Atlantic will be as rushed as usual. Let us have your apy “LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of itself Percy H. Russell Co. 71?2_31 K St. NW. ca Raw Materials Movement. L — The volume of cement used this Fall, especially on the streets and high- | ways, will account for millions of bags, | Mocrtzages Investments JAMES Y. PENNEBAKER Main 5328 1520K St. N.W. are not long, they are profitable. Raw materials are moving fast into | the industrial centers. The in-going bile producing districts growi Shipments of agricuzural machine: seem sure to continue in large volume, for the farmers are fairly well con- | that their prosperity in the ! future depends on the introduction of improved machinery. It should not be forgotten. however, | that this is a presidential year. Finan- clers. manufacturers and other business men declare they fear no upheaval of business no matter who is elected. but e political situation is alwa: likely to be used as an excuse on the slighte: provocation. The loss of an expected Commission Rates order in a presidential year is likely | to send a buyer scurrying to cover be- hind the uncertainty of “politics” when ‘ JAMES F SHEA his own orders are solicited. 1 643 Louisiana Ave. N.W. Building Outlook. After all. the building volums pretty sore to keep up, and ths industries can be counted on to supp! sufficient employment at h nullify any hint of depr: is 3. Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and REAL ESTATE LOANS 5% & 5% Homes, Apartments and FEDERATED METALS GAIN. NEW YORK. A ated Metals Corporation and substd aries had profit of $288.853 for - months ended May 31. equal after do- ! duction of estimated Federal taxes to| $1.03 a share. In the previous corre- sponding period profit was only $10 or 4 cents a share. Business Propertics In District of Columbia and Nearby Maryland-Virginia 3-5-10-Year Terms Prompt Renlics Randall H. Hasner & Co. (Ineorporated Decatur 3529 1321 Connecticut Avenue STOCK ISSUE SOLD. NEW YORK. August 17 (A).—An is- | e of 22.000 shares of Cantral &'ates | Power & Light Co. $7 dividend pr ferred stock has been seld. DIVIDENDS. Pe-. Pav. Do . Seati Ar D § o Amer Works Do Chesebrough " Mifs.. Mortzagze Loan Correspondent Do New York Life Inznrance Co. Do. p! Do pf. B B... s gy < DR DUpies Bhs ] HP2C2L0T *71‘*"‘=‘<7-§ Eduiiable Omce Bids ,5' Tailors to successful men (v since Pennsylvania Avenue became the Nation Do Citles Serv s1.00 new) Do, pt First Nat ot & Ex. Tni Co Harvesier Haves Wil ie G&E C1 8 i Rl Pict § .00 Tmo, Intl Kelsex A e Mitier 1 (1.} 500 D p e Natl Transi No Pennv R. R Seaal Lock & Hdw Dyl Speeialized Do. C! & Sons i The National Mortgaze and Investment Corporation res to purchase good secured by second trusts on improved rea! estate in the Di of Columbia. e Q Thampsan Produets a. A SHORT-TERM SECURITIES (Reported by J. & W. Se Aluminum Co. of Am American Rad Amer. Tel & Te Anaconda Copp: Ralto. & Ohio Ba avian Pet of Canada 5 California Pet. Corp, Canadian Nat. Ry Canadian Nor. Ry, &.¢ 1935 Chesape 1930 Golumbia Gas & 55 19352 notes 41 iaid trict g TR strie Co.4tas 1030 Promnt Attention Applications to Co s 1830 Mot. Accep. Corp. 6s 103 Peirolsum Corp. 5s 1940 & R 5s 1957 Grand Trunk of Can_6s 198 Guit Ol of Pa. 55 1037 Humble Ol 3t.s 163 Mass._Gas Lae 1046, New York Tel s 1011 Oreson Short Line 45 Pure Ofl Corp. 3':x 198 Shell Union O1l Ca. - Southern Pac. R R Oil of New Jerser St L. Ir Mt & So Rv Swift ‘& o 3¢ 1032 Co. ot Calif & lux 193 35194 house FI & M( 5 Steel Corp & Gen. Gen National Mortgage & Investment Corporatisn 1004 V. Ave. NW. M. 5833 1046 4s 1900 On Centrally Locate B\‘S“"C.’,‘ pruperl_\‘ 3% Interest TRFASURY CERTIFICATES portea by & W Maturit Selgman & Co Rate Rid 3148 Dec. 13 1093 i S 10 3 3 1999 s Y 0 1a-2 99 2. " 3405 Sept 3138 Dec. FOREIGN EXCHANGE. (QUOLALIONs turlIshed ox W B Hibb Nomnai soia Selly value (or bar) Ay S18605 848 100 ooy | 192 138 ™ 2383 2383 19 e 1934 a1 103 1887 Consult EAVER BROQ ¥ REALTORS \. 809 15th Street N.W. Main 9486 pound dollar franc siels. beiga mark ra franc drachma Hr 13 103 140 (528) sehilhing st pengn erown (nom | st crown " iy 191 R 83 erawa coun S