Evening Star Newspaper, June 3, 1929, Page 14

FIN ANCIATL, THE EVENING STAR, WASHINGTO P, MONDAY, JUNE 3, 1929. TRADING ISLIVELY OND. . XCHANGE Railway Preferred Most Ac- tive Issue—Gas Sells at 115. BY EDWARD C. STONE. Following the four-day recess on the Washington Stock Exchange, trading started off today in a lively manner. although most of the transactions were in_small lots ‘Washington Rail- way & Electric pre- ferred was the most active stock on the list. opeaing at 9515 The stock figured ‘n _ seven different transac- tions, involving 83 shares and closing at 95'>. ‘Washington Gas Light witnessed the transfer of only two five-share lots, yet the stock sold at 115, making a new high on the present move. Potomac E1ectric Power 5%, per cent preferred came out at 1047 and closed at 105. Capital Traction registered one small lot sale at 93, Lanston was prominent with 47 shares #t 130 and Mergenthaler figured in several small sales. The stock opened at 106> and closed an eighth higher. Merchants Transfer & Storage pre came out at 108, the common at 124 and Federal-American Co. preferred at 101. Commercial National Bank stock registered a sale at 260 and Riggs Na- tHonal recorded a small sale at 576. Bonds were considerably slower than they have been for some time. Prices were little changed from recent similar transactions. The utility issue, which was paid off June 1, has freed con- iderauly money for other bond pur- chases. Bank's Drive Brings in $886,610. Depositors in the Security Savings & ~'ommercial Bank have been deeply in- rested in the new business campaign --hich has been carried on for several eceks and closed on June 1. Final fig- :res available today showed that the -ive had brought in $886,610.48, just bout three times the original goal, hich was $300,000. Francis G. Addison, jr., was captain -7 the winning team which secured a 1 of $207,050.72. The captains of veral other teams secured practically e same amounts. Among the cap- ins were President Julius I. Peyser, 51 Herzog, Fred McKee, E. C. Baltz, R. Baulsir, D. S. Birney, T. H. Leith, William Roberts, D. S. Bishop, Os- ald Lehman, W. J. Shipman, J. H. 11, N. T. Stiles and F. Bronson. The contest aroused great rivalry + nong officers, directors and employes. 1ily records were kept and posted in » main office and at the branch. The aployes secured the largest number . new accounts, while the officers ob- ined the largest sums of money. The . rvectors led the stockholders in the ount of new business secured. The . ~ive included savings accounts, check- 7 accounts, certificates of deposit, al estate loans and safe deposit box * ‘ntals. The campaign was conducted in :-uch the same manner as the one re- ~ntly described in the American Bank- Journal. In that drive, however, -emiums were offered. In the local nk’s contest the only expense was for tra stenographic work in keeping so any records. Stephensen Brilliant Banker. TLocal bankers are expressing great -lisfaction that Rome C. Stephenson, ~ond vice president of the American *nkers' Association, is to address the nvention at Montauk. Mr. Stephen- n hails from South Bend, Ind. and ‘s made a brilliant record in banking “the natural course of events he will . president of the American Bankers’ sociation two years hence. For that -ason Washington bankers will be es- - cially glad to meet him at their own nvention and to hear him speak. Reservations were reported today by - yairman Claude H. Woodward as com- 7 in every rapidiy, while Chairman 3rry L. Selby of the hotel committee already studying the layout of the stel closely with a view to making « ‘erybody happy in the room selections. President Robert V. Fleming and & < slegation will go to Montauk Point .= last of this week to make the final ‘rangements for the opening of the nvention on June 20. Long-Pull Outlook Held Good. Optimism over the long-pull outlook conveyed in the weekly review of the 1siness Economic Digest, which says: “During the last week the stock mar- t as a whole reflected a considerable nount of fear on the part of traders 1d short-swing speculators, resulting a general downward tendency in ices. Undoubtedly the uncertainty er advances in_the rediscount rates _ ntributed largely to this unsettled ndition. “The satisfactory progress of general 'siness continues and evidence of <s than normal Summer seasonal let- . »wn in business activity continues to cumulate. We find a more general clination on the part of various finan- a1 advisory organizations to disregard “irrent reactionary tendencies in the “qarket and to confine their discussions +) favorable long-pull outlook. “The bond market remains weak nder the pressure of higher money Ttes and authorities look for no sub- antial strengthening in quotations . uring the immediate future, although \= long-pull outlook of sound bonds is .ewed with favor.” Ready for Institute Convention. Washington's junior bankers are ready 1+ board the special train next Friday nd start for the annual convention of ‘e American Institute of Banking hich opens at Tulsa, Okla., on June 10 ad lasts until June 14. The newly lected president of the local chapter, E. Henze, and T. Hunton Leith, can- ate for a position on the national cecutive council, will leave here two < ays ahead of the rest of the delegation. Delegates on the special will stop over -t Hot Springs, Va., for eight hours on aturday, where they will have a dinner nd dance. They will also stop off at . harlottesville long enough to visit the *niversity of Virginia and Monticello «n a hurried auto_trip. In addition to Henze and Leith, the ~Jashington delegation is composed of ‘G, Whitton, William Winstead, Ray- wond Lewis, Frdnk M. loberts, James A. Soper. Rome C. Stephenson. | saving time. ADItibl pt (8) | Adams Ex pf( | Adv Rumley. | Adv Rumley pt. | Ahumada Lead. Air Redctn (13) Air Way El (2). ! Atax Rubber. | Alaska Juneau. | Albany Wrap P: | Alleghany Corp. Allegheny rts Alleghny pf 5% | Alleg pfrets 53 | Allis-Chalm(7). | Amerada(2).... Am Agricul Chm | Am AgriCh pf.. | Am Bank N(13). Am Roseh...... Am BrSh(h1.60) AmBEShoe pf(7). Am Brown Bov. Am Brown Bo pf Am Can (14). AmCar&Fdy (). |Am C& Fpt(1). | Am Chicle (2). . Am ComAl e1.60 | Am Encaus (2) Am Exp ctfs (6) Am & For Pow.. Am&ForP pf(7) Am&For Pow 2d. Am Hawa SS(1) Am Hide & Lea.. Am Hide & L pf. Am Ice (13).... | Am Internatl 32. | Am LaFr&Foam | Am LaFrance pt |'Am Locomot(8) Am Ma & Fy(4). Am Metais(3). | Am Metals pf(6) [Am P &L (A1), |Am P& LtA@). | AmMP&LDT sta 6. AmRa&Std | Am Ry Bx6)... | Am Republies Am Roll M (¢2). Am Ship & Com. | Am Sm&Ref(4) . Am Stl Fdys(3). Am Stl Fy pf(7) Am Stores (2) Am Sugar (5).. | Am Sumatra(3). Am Tel & Ca(5). Am Tel & Tel(9) AmTel&Tel (rts) Am Tobac B(8).. Am TypeFo(8).. AmW W&EIl(el). Am Woolen. Am Woolen p: Am Writ Pa ctfs Anacond W&C 3. Anehor Cap 2.40. Andes Copr (3). Archer Danls(2) Armour Del pf 7. Armour 111(A).. Armour 11I(B). . Armour Il p£(7) Arnoid Con & Co Artloom (2).... Asso Apparel (4) AssoDIryG(s3%). Atchison(10)... Atchison pf(6).. Atl Coast L(110) At Gulf & W1.. Atl Refg (11%). | AtlasPowder(4) | Auburn Auto J4. Austin-Nichols. Hum Sales. . Bald Loco pf(7). Baito & U(6) B & O (rights).. Balto & O pL(4). Bambgr pL(6%). Bang & Ar(3%). Barnsdall A (3). Bayuk 1st p£(7). Beacon Of Belding-Hemwy Bendix Aviatn.. Best & Co(3). ... Bethlehm Stl(4) Beth Steel( rts). Beth Steel pf(7) Bimingdle pf(7) Blumnthi pf(7). BohnAl&Br t3% Bon Ami (15)... Booth Fisheries. Borden Co (3)... Borg-Warnr(J4) Briggs MIgFCo. Brockwy Mot(4) ) BklynUnGas(5). BrownShoe(2% ) Brunswick B(3) Bucyrus(1)..... Bueyrusev(2i%) Buff&Sus pf(4). Bullard (1.60).. Burns Bros(B).. BurnsBros pt(7) Burroughs (15). Bush Term(g2). Bush Ter de(7). Butte Cop & Zino Calif Packg (4). Calu & Ariz(10). Cal & Hecla(4) Can Dry (t4%). Can Pacific(10). Can Pac(rights) CannonMills2.30 Cnse Threshg (6) Cavanagh-Dobbs Celotex Co (3)... Cen Aguirre(2). ent Alloy 2)... Cen Ry NJ(112). Cerro de Pas (6) Certain-teed Pro Certain-teed pf.. Ches & Oh10 (10 Ches & Ohtorts. C &0 Corpn(3). Ches & O C (rts) Chi & Alton. . Chi Gt West pf.. Chi Mil & St P. Ch1 Mil & StP pf Chi & Nwn (4).. Chicago Pn Tool. ChiP T pt(3%).. ChRiRI&P (T).. CR1&Ppf(7). 0). City Stgres (1).. a pf(7) ). Coca-Cola (3) . Colilas & Alkmn ol Fuel & Iron. Col & Southn(3) .| Col Sou 18t(4).. Col Sou 2d pf(4) 2oyce, R. A. Sisson, J. F. English, G. W. | Col Gas (2)..... ~Zeene, John De Marco and Richard A. Jiorris. Heard in Financial District. The Riggs Bank staff is naturally highiy elated over the fact that all Col G&E pfA(8) Col Graph (35¢). Col Carbon 14% . Com Credit (2).. Com Cristpf 6% Com Cr pf(1%). Am Home P 3.60. Anchor pf (6%). 1 1 1 19% 21 3% High 85 Note—The New York Stock Exchange is now operating on Eastern daylight- Cructble StI(6 Crucible pf(7) CubaCa Low. Close, | Cuba Cane Su 85 %5 | cCuban-Am Su; Cudahy PKE(4 CurtisPub pf( Cushmann pt( Davison Chem 13 | el & Hud(y) . 1001, | Del L & W17 10015 290 | | Detroit Ed(8) Det & Mack pf Dev & Ray (rt Diamond M (8 Lome M1 Drug’Inc(4) Dupant (14%) Du Font deb(6 Eastman (18) Eaton Axle (3 Elec AutoL t4 Electric Boat Elec Stor B (6. snd-John(5). Erie R R. orie 18t pf. Eureka Vac (4 | EvansAu L 32 I irbanks(3). dLt&Tra 31 | Fed L& Trac pt Fed Min pf(7) Fed Mot T(30e. £:sk Rubber. Fleischman t3 Florsheim (A) Foundation Co Fox Film A(4) 112% Freeport T (4 68 80% 38 2215 Gen Am TC($4. 2081 E 3% Gen Asph of(§ 170 144% 11l% 18% 450 91 264 103 19% 67 Gen Cable. ... Gen Cable A(4 Gen Electrie t GenElec sp( Gen Ga: Gen Mills (3) Gen Mot($3.30 Gen Mot pf(7) Gen Out A(4) Gen Ry SIR(5) Gen Refrac 13 Gillette SR (5 Gimbel Bros Gobel (Adolph Goodrich (4) Goodyr 1st pf( Graham-Palg Grand Unon Grand Un pf( iranite City S 297 Grant W T (1) 119% Grt NorO(al% Grt Wn Su pf( Guantanamo St Gulf Sta 1st(7 Hawailan P (2 Hayes Body (b Hershey Corp Hershey pf(4. Houston Ofl. . Howe Sound (. Hud Man(2% ) Hupp Mot(£2) Illinots Cen(7) 111 Cen 183 1§(4 Ind0& Ind Motor Cyc! Indian Refg ct Ingersoll R 15 Inspiration C(: 1D Internat Agri Int Cement(4) Int Comb pf(7 Int Mer Marin: Int Nick.Can 8! Int Papr & Po IntTel&Tel(rts Jonns-Manv(3 Jones&Lau pf Jones Tea. Jordan Motor. Kan City Sou(| Kayser J(6) Keith-Alb Kelly-Spring Kelly Tire 8% Kelsey-Hays( Kelsey Hay rt Kennectt (5) Kinney (G R/ Kresge Dept 8 LagoOfl. .. Lieh Por Cmt 2 Lehigh PC pf( Lehigh Val Co: Sugar. Cuba Company . Curtias Aero(1). Curtis Pub (6). . Cuyamel Frult.. Deere&Co pf(7). 120 i Den RG Wn pf.. » Dunhill Int (34). sastman pr(7). Elec Au L pf(7). FiecPow&Lt(1). Slec P& Lt pf(7) Em Brantgm(A) Eng PubSer(31). Equit Bldg(2%) ashn Pk pf (7). “idelity-Phoenx “irst NatS(1%4) . Florsheim pf(6) Follansbee 121 . Gabriel Snub A Gardner Motor. Gen Bronze (2). Gen Cable pf(7). pf A(T) Glidden Co 11%. Glidden pr pf(7) Gold Dust (new) Goodyr T&R(5) Gotham H (2%). Grhm-Paige cfs. Granby Min (7). Grand F&W (1). Grt North pf(5). Gt Nor pf cf8(5) Grt Wn Sug 2.80 Greene Cana($). Guantanamo pf. Gulf Mo & Nor... Gulf Stat St1(4). Hacknsk W(13%) Hack W pf(1%). Hahn Dept Stor.. Hahn DS pfé%. Hartmn B(1.30). Hershey pr pf(6) HockingVal(10) Hollnd Fu(e2%) 35} Hollander & Son 3 3 3} Houdaile-H 1%. Household(14) Hudson Mot(6). 2). indian Refining. Int Ag Ch pf(7) Intl Bus Ma (). Int Com Eng(2). Int Harv (3%).. (nt Mtch pf 3.20. Int Mer Mar pf.. Int Pa&kPoA2.40. Int Pa&Po pf(7) Int Prtg Ink 2%. Int Tel&Tel new 84 Jewel Tea 16%.. 145% 147% Johns-Man pf(7) 121 Kaufmn DS 1%. Kelvinator Corp Kendall pf (16% Kreuger&T 1.34. Kroger Gro(el). Lambert Co (3). Lee Tire & Rub. Open. High. Low. Close. ). 86% 874 871 .. 109% 109% 107% 2% 2 McKesson&R(2) McKsn pf A 3% McCrory B(2). Mack Truck:(6). Macy Co (e2) Magma Cop (5). baiiison & Co. Mallison pf(7).. Mandel(2%).... Man Elec Suply. Man Shirt(2)... Maracaibo Ofl... Market St prior. Marland Oil Malr-Rock (4) . Marmon Mot(4). Martin-Parry... Mathieson (e2). Muy Dept S4) Maytag (12). Maytag pf (3).. Maytag 1st pf 6. Mengel Co. .. Met Gold pf 1. Mexican Seab Mex Seab O (rts) Miami Cop (4).. Mich Steel(234) . Mid-Cont P(2) Aitddle States Mid States ctfs. AMiler Rubber-. .. Minn & St Louls M St P&SSM pf. Mo Kan & Tex. . Mo K&Tex pf(7) Missouri Pacific. MoPacific pf(5). Mohwk Car 2% Mont Ward 23 Moon Motor . Morrell&Co 3.60. Mors&Esk(3%). Mother L (40c). Motor Meter A. . Motor Prod (7). Motor Whi (2).. Mullins Mfg Munsingwr 3% Murry Corp(k3) of b 7) 7) 45% 48 120 o 195 ). 121% 121% 651y 260 60 260 .. 60 n i ). 143 . 63% 65% 157 160 116% 115% ). hEd ke 106'% 807 9 68 ). 3818 78% 62 %. 6. » Nash Motors(6). Nash & Chat(7). % Nat Biscuit (6). Nat Cash Reg 14 t Dairy ($1%) Nat Dept Stores. Nat Distiliers. atDistirs pt(7) 10014 61 51 B4l 38l 23 ax Nat Ry Mex 2d.. Nat Supply (18). Nat Tea (1%). Nevada Cop (3). Newport A (3).. ewton Stl rts N Y Central(8). N Y C & StL(6). N Y C StL pf(6). N Y & Lack(7).. NYNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn N b 5 ). % % ). NorAm Ed pf(7) No Ger Lld 3.41. ). O11 Well Supply. Oliver conv (3). Oliver pt A (6).. Orpheum pf(8). - Otis Elev (6).... Otis Elev pt(6). Otis Steel....... - . 1 Outlet Co pf(7). . A Owens-111 G1(4) . 7) 8 e Pacific Gas (2) Pac Lightg (3) Pacific Mi: Pac Ol Stubs. Packard Mot 15. Pan-Am Petroim Pan-Amer Pet B Pan-Am Wn B. Panhandle. Paramount-F-k Park & T11(33) Park Utah (80¢). Pathe Ex. Pathe Ex(A) Patino M (3.89).. Penn Dixie Cmt. Penick & Ford.. PennRR (4)... Penna RR (rts] Pere Marq (18).. Pere M prior(6). Pettibone-Mul. . Phelps-Dodg (3) ). 7) u. 54 Y ). 101% 101% ). 8) Phillips-Jon(3). Phil-Jones pf(7) Phillips P (13%). Pierce-Arrow Plerce-Ar pt (6). Plerce Oil....... Plerce Petrolm. Pirelll (A) ) Pitts Coal...... Pitts Ter pf(6). Poor & Co (B).. PortoRIcoTobB. fs %. Inland Stl (3%). 4) conRubber Pub SE&G pf(6) Pullman Co(4).. Pure Ol (1%) Pure O1l pf(8). Purity Baking. . | I 00 Radio Corpn. ... Radio pt (B) Radio-Keith(A) ReadingRy! Real Silk Ho Reis(R)& Co. ... Remingtn-Rand. Reo Mot (11).... Republic Brass. Rep L& S(4).... Rep 1& S pf(7). Reynolds Spng: Reynlds (B)3.40. RhineWE(1.92). Richfield O11 (2) Rio Gr OIl (k2). Ritter Dent 2% . Rossia Ins (n). . Rossfa Ins (rts). Royal Bak P(1). Royal D(a1.336) Rutland pf...... C. 3% 8) 166% 121% 122 27 ).. 164 9., 122 v 27 % 8) »t 2) Safeway (3).... StJos Leaa:13). StL & San Fr(8) StL&SanF pf(§) Sears-Roe(32%) Seneca Copper. . Sharon St H (1). Shattuck FG(2). Shell Un(1.40). Shubert The(5). Simmons Co(3). StmmsPet(1.60) Sinclair O11 12% Sinclair pf(8)... Skelly Of1(2) Snider Pkg pf. .. So Po R Su t2%. ——— 27% 184 14% % 55 7) 109 al 24% Open. 52 58% 98 . 38% 1084 7% T 114% 117 83% 158 6714 | NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Vstudebaker(ss)— Submarine Boat. Sun Ofl (g1).... Supertor Otl. ... Telautogrph(1). Lenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Tex&P C&O (b5) Tex Land Trust. Thatcher MfK. Third Aven: Tidewater AsO! TIdWASOIIDI(§ TidewatrO(80e) Tim Det Ax 1.80. Timken R B (3). -0 PTod (140, Tob Prod A 1.40. Tob Prod cfs(C) Transcont Ofl... Trico Prod(2%) 49% TwinCityRT (4). 43 —_—U— Undwd-El F (4) 11815 118% U'n Carbide 2. u Ol Cali2) Union Pac(10) n Pacific pf(4) inion Tank(5).. 151 Utd Afr & Trans 111 Utd AIr&Tpf(3). 83 Utd Biscult 1.60. titd Cigar 8t(1). United Corpn. .. Utd Corpn pf(3) Utd Dyewood. .. Utd Dyew pf(7). Utd Elec Coal. . Utd Fruit (c4 Utd Paperboard. US Cast Ir P(2). US CIP 1511.20. G S Distributing US EExpr w8 1S Mot an(4). U S Alcohol (6). U'S Leather. ... 16% 19 15% 134 J S Sm pf(3%). U S 1(T)... 1 pf(7) U S Steel new (7) U S Steel (rts).. Uni Leaf Tob(3. Uni Pic 1st pf(8) Untv Pipe & Rad UtahCopper(16) . Ut P&L Ace2). Vadasco pf. Vanadium ( Victor pr pf(7). . Va-Caro Chem. . Va-CarCh 6%pf. Vva-Car Ch pf(7) Va Ir Coal&C pf. v 4 Vule Det pf(7).. 103 —_—— 651 66% 9214 921n Wabash..... Wabasn pf A(6). Waldort(13)... Walgreen pf Walworth(1.20). Ward Baking (A Ward Baking B. rd Bak pf(7). Warner Bros Ple ‘Warner Ple (n). Warner-Qui(z) W Penn EI pt (§) W Penn Kl pf(7) West P Po pf(7) West Vaco (2) Wesr Dairy B. Westn Dairy rts. West Maryland. West Md 2d pf. West Pacific West Pacific pf,. W U Teleg (3) Westhse A B(2). ot(1)... White Rock (3). White SM pt(4). Wilcox O1l & G... Wilcox (A) 2%.. W:lcox Rich B Willys Ov c1.20. Wilson & Co. Wilson Co pf A. Woolworth (8).. 214 Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero. . wr Yellow Truck... 35% 36% Young Spg 12%. 69% 60 59 Youngsin Sh(b). 127% 129 127% Hourly Sales on N. Y. Market. 10:30 am.. 345.000 12 m... 1,134,000 :30 p.m. 2,054,000 2:15 2,337,400 Dividend rates as given In the anove tabic are the annual cash ents based on the | latest quarterly or hal tions * Unit of trading less than 1 Partly extra, 3 Plus 4% in stock. & Plus 53 1n preferred stock. 1 Plus 1/35 In stock 1d this year—no regular rate. b Pay- e in stock. ¢ Plus 5% in stock. d Ps en e e Pasable in_cash Py 10% in stock, P k. I Partly stock. | Plu & P 7130 sh ter! stock. m Payable 1/10 share ai United Cigar Stores common s 1% % in stock. ay- Dle, or in_stoel stock. Washington Ticker By the Assocliated Press. the German reparations controversy, apparently now approaching definite solution, will involve a cautious ap- proach to the international and Amer- of commerclalizifg the accounts now running between the nations and turn- ing them into real money. In rough outline, by the settlement now contemplated, Germany will ac- knowledge indebtedness to the allied powers of a capital sum that, consider- ing present worth, may be placed at between $8,800,000,000 and $9.000,000,- 000. In theory, German securities rep- resenting this total, bearing 5! per cent interest, with an extra half per issued to the allied powers and offered |for sale to the world's investors, the United States being the greatest poten- tial market. Receipts from the trans- action would be turned over to the allled powers for reduction of their own war debts or for other purposes. “It is probable that a preliminary offer of not more than $1,000,000,000 of these securities will be attempied, to feel out the market,” suggested Gros- venor B. Jones, chief of the Commerce Department’s Finance Division. “We can look to see Germany's technical proficiency in industry and the working chief asset on which such a security issue will be based. “If it goes well, it may be followed Next steps in the long evolution l)f' ican money markets, for the purpose | cent for amortization, can shortly be habits of her people advertised as the || STOCKS GOHIGHER INVIGOROUS RALLY Sharp Recovery in. Wheat Prices Has Favorable BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, June 3.—Speculative sentiment had a decidedly bullish tinge in today's stock market, due to the sharp recovery in wheat prices, the relative ease of call money rates and the publication of a series of excellent May earnings and sales reports. Buy- ing orders embraced a fairly wide list of stocks, with the oils and rails in the forefront of the advance and the public utilities rallying briskly after an early period of heaviness. An opening bulge of about 8 cents a bushel in wheat prices, based on Wash- ington_advices that immediate action would be taken to relieve the depressed market, brought a flood of buying orders into the farm implement, mail order and Western railroad stocks, which had been under pressure on the theory that their business would suffer by the reduced purchasing power of the agricultural regions. The rally was stimulated by the announcement that May sales of Montgomery-Ward were about 25 per cent above the same month last. year. Call money renewed unchanged at 6 per cent, indicating that the sharp drop in loans last week had released sufficient credit to ease the expected month end credit stringency. With about a billion | dollars' worth of stock “rights” to be taken up within the next 30 days, bankers are not too sanguine over the continuance of 6 per cent money for the rest of the month. i Opening Is Higher. Prices moved irregularly higher at the opening. General Electric showed an initial gain of 2%. Opening gains of a point or more were recorded by American Can, Johns Manville, Colum- bia Graphophone, Motor Products, Chesapeake & Ohio and St. Paul pre- ferred. United Aircraft dropped 112 points and Radio and Cerro de Pasco each ylelded a point. Further irregularity developed as the session progressed, with trading largely of a professional nature. Uneasiness over the course of money rates this month apparently offset the bullish influence of a sharp drop in brokers’ loans last week. Brooklyn Union Gas ran up nearly 4 points, but most of the other public utilities were heavy, presumably on profit-taking after their recent spirited advance. Commonwealth Power, North American, American Water Works, American Power & Light and American & Foreign Power all recorded early declines of 1 to 2!, points. Atchison quickly fell back 2 points on the statement by President Storey that there is no early prospect of a stock dividend and that the road’s earnings this year probably will fall short of the record year, 1926. New York Central also turned heavy. On the other hand, Norfolk & Western ran up 3 points to a new high at 217 and St. Louis South- western recorded a similar gain. Brisk recoveries were registered in the early trading by such issues as Montgomery-Ward. International Com- | bustion, Westinghouse Electric, Oomj year, Wright Aeronautical and Colum- bia Carbon, which were under pressure last week. Foreign Exchanges Steady. ‘Wide fluctuations took place in West- vaco Chlorine, in which the Chicago Investment Banking firm, which sus- pended Saturday, was reported to have had a large interest. The stock which fell back 3214 points last week to 49%, opened 9% points higher at 59%, slipped back to 52 and rebounded to 57 in_the first half hour of trading. Forglgn _exchanges opened steady, with _ sterling cables unchanged at .8 IRON ORE SHIPMENTS. NEW YORK, June 3 (#).—Iron ore shipments from Lake Erie docks to in- terior furnaces during May totaled 5, 111,007 tons, a new high May record, compared with 1,767,657 tons in April. Shipments from the Lake Superior re- gion last month also set a new record with the movement of 9,549,273 tons | against 2,516,241 tons in April. Crude Rubber Consumption. NEW YORK, June 3 (#).—Consump- tion of crude rubber in American manu- facturing plants during May rose to approximately 50,000 tons, the National Rubber Exchange of New York is ad- vised in reports from Akron and other rubber manufacturing centers. In April the consumption totaled 47,521 tons, while that of May, 1928, amounted to 37,333 tons. We Recommend— .. Spencer Trask Fund, Inc. at the market Circular on Request Irving & Johnston Woodward Bldg. Main 8973 Correspondents Members of Spencer Wash. Stock Trask & Co. Ezchange NEVER A WORRY —of losing ‘a penny when you place your funds in safe and sound— GUARANTY FIRST MORTGAGE NOTES AND BONDS These ouaranteed in ments are secured om in- come producing properties in Washington and its sub- urbs, and backed by our re- PINANCIAL, : Complete Investment and . Broket;age Service Copy of our “Fortnightly Review™ furmished request G. M.-P. MURPHY & CoO. Members of New York Stock Exchange 1508 H Street Connecticut at K WASHINGTON, D. C. Telephone Main 9600 New York Philadelphia Richmeond Private Wires and Telephone to New York Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS - 5%% We Make First Mortgages on Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia RKANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Company, Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President WALTER S. PRATT, Jr., Organized 1879 49th YEAR COMPLETED Assets .$5,513,05! Surplus & Profits...$1,601,704.! Subscription for the 97th Issue of Stock Being Received Save Systematically in the Equitable HE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will eventually lead to financial independence. Start now while you have a steady earning power. Come in and let us explain about our systematic plan. 915 F St. N.W. $2.50 PER SHARE AILING along the open highway . . . up and over the crest of the ridge . .. around tree-lined curves . .. new highways, new scenic beauties are inviting you and your car this summer—are you going to spend your vacation motoring? Perhaps you're worrying about expenses. Or are you ready to get the utmost out of your weeks of pleasure, WITHOUT TOUCH- ING YOUR REGULAR EARNINGS? Hundreds of wise investors each year let the interest on sound securities finance their vacations. Many owners of the First Mort- gage Notes sold through Swartzell, Rheem & Hensey Company take vacation trips they once thought beyond their reach—simply by allowing the regular 6% interest on these notes to give them the necessary funds. If you purchase one of these Notes now— sold in denominations as low as $100—you will form the nucleus of a steadily-growing fund that will guarantee your future vaca- tion pleasure—worry-free and amply financed. by other issues. At the moment the American market does not appear to be in shape to take very large proportions of the loan, but that condition may South Cal Ed (2) sources of $3,400.000. South Dairies A. Com Cr pt B(2). Com Inv Tr(34). Com Solv (h8) Com Power (t4) Cangoleum-Nair Cong Crs (6).. Cons Film pf(2) Cemsol Gas (3).. ConsolGaspf(6). ConRRCuba pt ¢ Consol Textlle. . Container (A) Container (B) Cont Baking A.. Cont Baking B.. Cont Bak pf(8). Cont) Can (2%) Contl Insur (2). Contl Mot (80e) Corn Prod (13). Coty, [ne (g2).. Oressley Ra(i1) Aree winners of the institute's essay rontest were from that bank. Last year he bank furnished two of the winners. his year the bank had a fourth en- rant, but there were only htree awards. Bankers today expressed regret that ‘here were only seyen contestants this aar against nearly 20 last year. It is Dbelieved that the subject may have been considered more difficult than usual rather than the junior bankers are losing interest in a contest of this kind. C. J. Gockeler, vice president of the District National Bank and secretary of the Washington Stock Exchange, nas returned from a four-day visit at Margate City, N. J. Frank E. Ghiselll, vice president of the Merchants' Bank & Trust Co., is at- tonding the annual Shrine convention which is being held this year in Los Angeles. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W./ WASHINGTON D.C. Leh ValC pf(3). 4l Lehn & Fink(3). 51% Lig & Myrs B 16 1./ma Locomtve. Link Belt (2.40). Liquid Car 143% . Liquid Car(rts). 182% 199 204 21% 2% T2% 26% 26% 111% 112% SouRyM&O cfs 4 Spalding (1.60). Spang Chalfnt. . Sparks With(3). SparksWith(wi) Suear & Co. Spicer Mg SpicerMfg pf Spiegel Co (3).. Stand Com T(1). SIG&E (3%) Std O of Cal(13) Std Ofl NJ (12 St4O:INY (1.60 514 Plate Gla StwartWar(3%) Stromberg (3).. Louis GasA 1.76 Louis & Nash(7) 141 Ludlum8ti(2).. 84% —_—M 9l | Mac And(12.85). 374 87% 874 59% | Me Call Corp(4) 104 104 104 80% McKeesptTn Pl 71 71 0% 387 ). ). Denominations from $250 wp Monthly payments It desired change. | Send for booklet, “The France wauld require 52 per cent of | —_— Success Plan” the receipts from any such sales, and transferring the sum back 0 that R E country would present exchani rob- !AI sTlIE e iy B o & B RTGAG ernationt rade. e Germany would be sble to meet the | Mo E&Gmflll' paymen ounded on the expectation that her industrial machine is gear- ‘:"RF ing up to greater effectiveness Yor & - | o ORATION port business, signs of w we have Capital Resour seen. The International Bank, set | el Resources $3,400.000 up for handling the payments, is chief- 24 JACKSON PL/ < Iy valuable in that it replaces all the irking controls over German affairs 68 68 |which have been continued by allied! 98% 103% commissions since the war,” 5 U gt - i