Evening Star Newspaper, July 20, 1929, Page 10

10- . ‘3PCT. LOCAL GAIN - INNEW INSURANCE Best Showing in This Area Made by West Virginia. ‘Maryland Second. BY EDWARD C. STONE. The District of Columbia reported a | ¥ 3 8 per cent gain in new insurance in June, compared with the corresponding month in 1928. West Virginia made the best showing in the South Atlantic sec- tion with a 13 per cent increase. Maryland followed with a 5 per cent advance. Virginia reported a falling off of 1 per cent from the June, 1928 figures and Georgia had the same decline South Carolina pushed sales up 7 per cent, but North Carolina had no such luck, being 3 r cent behind ast year's tmé\ls Florida reported a drop in insurance of 10 per cent, the same as North Dakota and Tennessee Nebraska's decline of 20 per cent being the only other State in the Union to have such a recession. New Mexico headed the nation with a 39 per cent advance. § The 12-month period ending June 30, 1929, was a good period for life insur- ance. The country as a whole in- creased its production 7 per cent over the preceding 12 months. All the sec- tions, except the South Atlantic, which vecorded a very slight loss, increased their volume during this period. The South Atlantic States as a whole | show a 1 per cent gain in June over June, 1928. For the first half of the Year this section shows an increase in production of 2 per cent over the first six months of 1928. During the 12- month_period ending June 30, 1928, these States fell 1 per cent below the production of the preceding 12 months The Middle Atlantic States fell 2 per cent below the production in June, 1928. For the first half of the year the pro- duction shows a 9 per cent increase over the first six months of 1928. For the past 12 months the production of this section shows & 9 per cent gain| over the preceding 12 months. Quinter Appointed Trust Officer. Ralph D. Quinter has been appointed trust officer of the Commercial Na- tional Bank, according to announcement made by President R. Golden Donald- son. He will assume his office August 1. It is the intention of the bank to broaden the activities of the trust de- partment along lines national banks in the larger cities have found neces- sary in order to afford them the op- portunity of rendering a compiete bank- ing service to their depositors. Mr. Donaldson said Mr. Quinter was selected to take charge of what the bank re- gards as one of its most important units because of his known experience in the administration of estates and his con- nection with the largest estates ad- ministered in the Probate and Equity branches, of the local courts. Mr. Quinter is well known in local legal and financial circles, having been from 1914 to 1929 the referee in bank- ruptey for the District of Columbia. Ralph D. Quinter. He was born and educated in Washing- | ton, graduating from the Georgetown | Law School in 1908 and later serving! as an instructor there. He was secre- | tary to the late Justice L. E. McComas | of the Court of Appeals and the late | Justice Ashley M. Gould of the Supreme | Court of the District of Columbia. Mr. Quinter is a_member of the! American Bar Association, Society of | the Sons of the Revolution, the Metro- | politan Club, the Chevy Chase and Princess Anne Country Clubs and of the Delta Chi Fraternity. Safe Deposit Officers Chosen. H The safe deposit section of the Dis- | trict of Columbia Bankers' Association | organized yesterday for the new ad-| munistrative year. Charles E. Howe, treasurer, American Security & Trust | Co., was re-clected chairman: Frederick H. Cox, cashier, Commercial National Bank, was named vice chairman, and Joseph D. Yerkes, assistant cashier, | Federal-American National Bank, sec- retary. These officers, with Samuel R. Baul- | sir, cashier, Security Savings & Com- | ! mercial Bank, and W. H. Harper of | the safe deposit section of the Wash- | ington Loan & Trust Co., form the council of the section. Wholesale Prices Stronger. A slight reaction from the recent downward trend of wholesale prices is shown by information for June col- lected In representative markets by the Bureau of Labor Statistics of the United States Department of Labor. The Bureau’s weighted index number stands at 96.4 for June, compared with 95.8 for May, an increase of more than 15 of 1 per cent. Compared with June, 8. however, with an index number 6, a_decrease of 1', per cent is shown. Based on these figures the purchasing power of the doliar in June, 1929, was 103.7, compared with 100 in the year 1926. Check Payments Decline. ‘Volume of money turnover during the | week ended July 13, as indicated by check payments, was lower than in either the preceding week or the cor- | responding period of 1928, according to the Department of Commerce. | Cotton prices, showing no change | from the previous week, were lower than previous year. Business failures were more numerous than in the preceding week, but showed a decline from the corresponoding period of 1928. Receipts of cotton during the latest available week showed a gain over the like week of last year. Cattle receipts showed a decline from a year ago, while receipts of hogs showed a gain. Wheat receipts were considerably greater than in the similar week of 1928. Public Utility Developments. | G. M.-P. Murphy & Co,, in a review of public utilities, says: " “The use of electricity by existing domestic customers, judged by the as- sociation’s figures, gives every evidence of still being responsive to reduction in its cost. A steady decline in the aver- age price pald by the domestic con- sumer from 7.39 cenls per kw.h. in 1922 to 6.55 cents in 1928, has been a companied by an increase in average annual consumption from 359 kw.h. in the earlier year to 459 last year. “In these figures it is notable that ~ralle the average gain in the six-year period from 1922 to 1928 was about 4.64 per cent, t @ increase in 1927 over 1926 was about 6.18 per cent and that of 1928 over 1927 about 7 per cent; in other words, the use per consumer ap- Wf.en to be growing at an' increasing rate.” NEW BUILDING. By the Associated Press. New building undertakings in United States territory east of the Rocky Mountains did not bulk so largely last | week as the previous week, but ex- ceeded like totals for the corresponding week last year. Figures 1eieased by the Census Bureau, which follcw, indicate the daily average of new building con- tracts let for last week and comparable pe £ Week ending July 13 eceding week 28,144,000 Preceding wee Bame week last 20, ‘The Midwest Carbide Corporation has been formed by the National Lead Co. d the Shawinigan Products Corpor- ation of New York to carry on the manufacture of caleium carbide hither- to conducted by the United o uubal’dmy of National Lead, at Keo- wa. 677,000 FINANCIAL. ~Prev. 1020 Stock ana Sates— High. Low Dividend Rate. Add 00. High. 54% 38% Abitibl Power& Pap 19 46 159% 101 Abraham & Strau: 11 124% 104% 27 Advance Rumley 291 1% Ahumada Lead 1% 954 Alr Reduction (3), 176% 374 Alr Wal El Ap(234). 4% 412 Ajax Rubber. 4% Alaska Juneau...... 12 Albany P W Paper. 27% Alleghany Corp.....13 3, 99ta Alleghany Cpf (5%) 100% Alleg'y pf rets(5%). 241 _ Allied Ch & Dye (6). _ @5 Amal Leather....... 2214 Amerada Corp (2). 104 Am Agricul Chem 40% Am Agricui Ch pf. 40% Am Bosch Magneto. 45 Am Brake Shoe 2.40 % “15% Am Brown Bov Ele 107% Am Can (+4). 136% Am Can pf (7) § 92 AmCar&Fdv 70% Am Chain pt (7). 46% Am Chicle (2).. 4315 Am Com Alc (k1.60). 23% Am Encaust Til (2). 820 Am European Sec. 5% Am & For Power. 88 Am & For Pw 2d pt 241% Am Hawatian (1)... &4 Am Home Prd (3.60) 38 AniTce (13)........ 5214 Am Internat ($2)... 415 AmLa F & Foamite. 102% Am Locomotive (8) 4 50 Am Metal (3). 4 AmPiano. 8114 Am Pow & 1. 98% Am Pow & Lt pf (6) 79 AmP&L pf A 8t (5). 40 Am Rad&Std S(1%) 4 43% Am Republics. . % 106% Am Roll Mill (e2) 61 Am Safety Raz (15) 31, Am Ship & Com 9313 Am Sm & Ref (4) 130 Am Sm & Ref pf (7). 56 Am Steel Fav (3) 7114 Am Sugar Rfg (). 51 Am Sumatra (3). 4 1931 Am Tel & Tel (9). 160 Am Tobaceo (8)..... 160t Am Tobacco B (8). ... 67 Am Water Wks (c1). 164 Am Woolen. 915 Am Woolen pf. S Am Writ Paper ctfs. 1 Am Zinc LA&Sm . 99 Anaconda Copr (7). 62% Anaconda W&C (3) 44% Andes Copper (3) 29 Archer-Dan-M (2). 85% Armour Del pf (7) 10% Armour I1l (A). 5% Armour 111 (B) 191a Arnold Constable. . 49% Asso Appl Ind (4) 43 AssoDry G (2%) 94 AssoDG2dpf(T). 99 Atch T&SF pf (5).. 169 Atl Coast Line (110). 3214 At1G & W Indles.... 45% AtIG& W Lopf (4). 5315 Atl Refining (11%) 10% Atlas Tack..... 221 Auburn Auto (J4) 2214 Autosales..... 115% Balto & Ohfo (6).... 123% Balto & Ohio full pd. 645 Bang & Aroos (314). 13 3814 Barnsdall (12%).... 39 9813 Bayuk Cgr 1st pf(7). 208 20 BeaconOil.......... 14 Belg NRy ptof (16). 2 Bendix Aviation (2). 953 82is Bethlehem Steel (4). 285 116% Bethlehem St pf (7) 42", Bloomingdale Bros. 110% Bohn Alum&Br(t4) £3'a Borden Co (3)..... 107 Borg Warner (34) 85 Boston & Maine 301 Briggs Mfg. 37's Briggs&st 114% Bristol My 314 British Empire Steel 5% British Em St12d pf. 4213 Brockway M T (3). 59% Bklyn-Manhat (4). 170 Bklyn Union Gas (5 3814 Brown Shoe (23)... 35% Bruns-Balk-Col(3).. 25% Bucyrus Erfe (1).... 38% Bueyrus cvpf (234). 46 Bullard Co (1.60) 93 Burns Bros A (8) 234 Burr Add Meh (15) 54% Bush Term (g2). 4% Butte Copper & Zinc. 28 Butterick Co, = 122% Byers (A M) 33% By-Prod Coke (13) 7 132% 8415 7214 Calif Packing (4)... 1% Callahan Zinc & L, 123 Calumet & Ariz (10) 36% Calumet & Hecla(4). 78 Canada Dry G A (5). 218 Canadian Pac (10).. 228 Canadian Pac 1st pd. « 52 Celotex (3). 5 4015 Cent Alloy Steel (2). 88% Cerro de Pasco (6).. 16% Certain-teed Prod... 195 Ches & Ohio (10).... i 78% Chesapeake Corp (3) 4% Chi& Alton. .. 28 Chi&FEastIll.. 49 Chi&EastIlipf.... 12% ChiGreat Western. . 38 ChiGreat Westn pf. 27% Chi Mil St P&Pac. .. 4614 Chi Mil St P&Pae pf. 80% Chi &N W (4) . 134 Chi&NWpf (7 28% Chi Pneu Tool. . 48% Chi Pneu T pf (3 27 115 Chi RI& Pac (7).. 447% Childs Co (2.40).. 71% Chile Copper (314).. 66 Chrysler Corp (3)... 49 CityIce & F (3.60).. 19'4 City Stores (1)...... 521 Cluett Peabody (5).. 1205% Coca-Cola (4). 46'4 Coca Cola A (3). 48 Collins & Afkman... 56 Colo Fuel & Iron.... 101 Colo & South (3).... 534 Columbia G&E (2).. 1037 Colum G&E pf A (6). 55% Couml Graph (29.1¢) 121% Columb Carbon t4% . 43 Com Credit (2). 131% Com Inv Trust ( 225% Com Solvents (h8). ., 107% Comnwealth Pwr 4. 5914 Conde Nast Pub (2) 19% Congoleum-Nairn... Cong Cigars (t5% 70% Consol Cigar (7).... 25 Consol Film In pf(2) 95% Consol G cienes 96'% Consol Gas pf (5)... 12 Container Corp A. 6 Container Corp B. 47% Contl Baking A. 814 Contl Baking B..... 8815 Contl Baking pf (8) 60 ContlCan (2%)..... 79 Contl Insurance (2). 1315 Contl Motors (80¢).. 20% Contl Oil of Del..... 82 Corn Prod (13%).... 51 Coty Inc (g2).... 83 Crosley Radio (11). 421 Crown Cork & Seal. . 85 Crucible Steel (5) 4 54 54l 163% 163% 98 98 182 554 Denv#RG 40 Dominion Strs(1.20) 105 Drug Corpn (4) 484 Dunhill Inter (34). 6 50 155% Du Pont de N(t4%). 26 188% A 168 Eastman Kod (18). Eaton Axle &S (3). 39% 26% Eitingon-Sch (23%).. 174 126% Elec Auto Lite (6)... 11 Electric Boat..... 03 EIPwr&Ltpf (7)., 66'% Endicott-John (5)... 47 Eng PubServe (1), 90 Eng Pub Sve pf (5).. 92% Eng Pub Sve pf(53%) 31% Fquitable Bldg(2%). 64 ErieRR. .o 195 57 FErife RR 1st pf (4) 44% Eureka Vac Cl (4). 52% Evans Auto L($2%). -F- 40% Falrbanks Morse (3) 2 424 6414 Fash Pk Asso(k23). 13 68 90% Fid PhenF Ins (3).. 20 111% 4 196% 5 62 2 53% % 152% 15214 100 $ 130 THE E Prev. Low. Close. Close. 46 46 4d% 124% 124% 127 39% 394 384 1% 1% 1% 1744% 176% 174% 41% 5 6 16 524 30% 3 165% 166% 138 138 7 102% 103% J&2% 85% 85lap 63% 635 WPL 48% 48% 48% 4% 344 24% 90% 9015 89 1274 127% 95% 96 3614 364 36 5% 76 46% 45% TRY 9% 4% 4 134 1348 3% 6414 4 4 4 1637 100 8014 524 100 8015 80% 50% B24 44% 44 130 65 65 3% 31 107% 109% 133% 133% 66 654 2464 246% 178% 178% 17815 180% 15 135% 17 5% 113% 115% 687 508, 3014 86 1% 6% 6874 8215 8215 9515 984 94 1194 119% 118% 120 485 49'% 12515 125% 94y 95 1145 1145 109% 115 cins i 3ua 10214 10314 8174 319 58 58 4 4% 31% 31% 139 139 35% 36 53% 53% 140% 1408, 72 T2 901 6815 226Y% 228% | 0% 0% 25% 25% 70 70 67% 69 25% 256% 146% 148% 8 98 13% 13% 328 8214 1011 108 601 61% 86 861 69 A1 10414 1047 8% 3% 1% 1% 1616 14% 144 w e 97% 53 5414 224% 226 161% 155 6% 75% 45% 454 43k 109% 112% 108% 50 50 50 185% 188% 187% 195% 196% 196 61% 62 614 27% “27% 27% 167% 169 167% 11 11 11% 79 9% 8% 54% 2224 151% k3 110% 111% 110 103 108 107 39 39 39 83% 83% 3% 634 B82% 52% 3% 53% 425 4Th 65 68 64y 110% 111% 186 VENING STAR, WA 574 Follansbee (123%)... 44 Woundation Co.. 80% Fox Film A (4)... 37% Freeport-Texas (4 Gamewell Co (5) Gardner Motor...... Gen Am Tnk Car(34) Gen Asphalt. . Gen Cable. Gen Cable A (4)..... Gen Cigar (4). Gen Electric (16). Gen Elec spec (60c). Gen Gas&FEl A (e1%) Gen Mills (3).. Gen Mills pf (6). Gen Outd Ad vtc (2). Gen Public Serv(b§) Glidden Co (11%)... Gobel (Adolf). 4 Gold Dust (214).... Goodrich BF (4).... Goodyear Tire (5)... Graham-Paige. Graham-Paige ct Granby Consol (7) Grand Stores (1) Grand Unfon. . : Grand Union pf (3).. Granite City Stl (3).. Grt North pf (5)..... Grt North pfet (5).. i Grt NorOre (al1%).. Grt West Sug (2.80). Gulf Mo & North. ... Gulf Mo & N pf (6).. Guif Sta Steel (4) Hahn Dept Store Hartm: Hershey Choe pf (4). #+ Holland Furn (e2%). Houd Hersh B (1%). Househd Fin pf (3).. Household Prd (14). Howe Sound (3%).. Hudson & Man (23). Hudson Motor (§)... Hupp Motor (£2).... I Tllinols Central (7) Illinois Cent pf (§).. Independ O1l & G (2). Indian Refining..... Indian Refining ct... Ingersol Rand (53). 3 Inland Steel (3%) Inspiration (4). Interboro Rap Tran.. Intercontinental Rub Intl Agricultural. ... Intl Business M (5). Intl Comb Eng (2)... Intl Harvester (234). Int Hydro EL A (e2). Intl Match pf (3.20). Intl Mer Marine..... Int Mer Marine ctfs 5 Intl Mer Marine pf... 4 Intl Nickel Can (80c) Intl Pap & P A(2.40). Intl Pap & Pwr B.... Intl Pap & Pwr C.... Intl Pap & Pwr pf(7) Intl Print Ink (2%). Intl Rys Cent Am. .. Intl Tel & Teleg (2). Inter Dept St (2).... Intertype (f11% 1 35 6 38% R, Jewel Tea new (3).. 5 Johns-Manville (3).. Jordan Motor Car-. ... K- Kan City Sou (5). % Kennecott (5). 1y Clrk(2%) (GR) (1)... Kolster Radio. . Kraft PhCh (1%)... Kraft Ph Ch pf (§%) Kresge § S (1.80). Kresge Dept Stores. . Kreuger & Tol(1.34). Kroger Gr&Bak(cl). Lago Oil & Trani Lambert Co (8). Lee Rubber & T1 Leh Port Cem (2%) ., Lenigh Valley (3%) igh Valley Coal.. 4 Liggett & My B (15). Lima Locomotive. Link Belt (2.40)..... Liq Carbonie (t4%). Loew’s In¢ (2) . LoftInC........ Long Bell Lumb A Loose-Wiles (3.60).. Lorillard (P) Co. Louisiana Oil. .. LouG&EIA (1%).. Ludlum Steel (3).... po! McKesson & Rob (2). Mack Trucks (6).... Macy (RH)&Co(et3) Madison Sq G (1%).. 4 Man Elev mod (45 Man Shirt (2). 4 Market St Ry Marmon Motor (4).. Mathieson Alk (e2)., May Dept Strs (4)... Maytag Co (12). Copf (3).... Shoe (1.40). Miami Copper (4). Michigan Stl (234) Mid-Continent P (2). Middle States Ofl.... ddle States Oil ct.. Midland Stlpf 110%. Miller Rubber. Minn Moline Pw: Minn Moline pf 6%.. MStP&SSM . Mo Kan & Texa: 4 Mo Kan & Tex pf(7). Missourt Pacific..... Missour! Pac pf (5).. Mohawk Carpet t2% Mont Ward (2%).... Moon Motors. ... Mother Lode (40¢c) Motion Picture Motor Wheel ¢2) Munsingwear (13%) Murray Corp (ad )fl . Nash Motors (§) Nat Acme (13). Natl Air Tran Natl Bella Hess(31). Natl Biscuit (1634).. Natl Cash Reg (14).. Natl Dairy ($1%)... Natl Distillers...... NatlEnameling (2).. Natl Pwr &Lt (1)... Natl Radiator. Natl Radiator pf Natl Rys Mex 24 pf. . Natl Surety (5)..... da Copper (3).. port Co A (3)... Newton Steel (3).... N Y Air Brake (3 N Y Central (8). N Y Chi &St L (6) NYNH&H (). .. NYNH&HDpL (7).. NYOnt & West..... Norfolk South (2%). Norfolk&Wstn(110). North Am(b10%stk) North Am Ed pf No Ger Lloyd (3.41). Northern Pac (5). Nerth Pac ct (5) Norwalk Tire & Rb. . 011 Well Supply. Oliver Farm Equip. © k3 1 34 4 80 199 ke 108% 6 61 75 2974 53'y 145% 144% 71 708 127% 125% 5 4 4 SHINGTON, D. C. SATURDAY, JULY 20, 1999. Stock and Bales— Dividend Rate. Add 00. High. 53% PacificGas& E (1).. 23 72! Pacific Lighting (3 Pacific Oll stubs. Packard Motor . Pan-Am Petroleum. . b 7 Marquette (13). Pere Marq pf (5).. Pet Milk (1%). Phelps Dodge (3) Phila Co 6% pf (3). Phila& Read C&I. Philip Morris (1) Phillips Pete (1%4).. bury Flour ( 11 Co A (2. Pitts & W Va. Pub Sve NJ (2.60). Pub Sve NJ pt (5). Pub Sve NJ pf (6). Pullman Corp (4) 4 Pure Ofl (1%). Pugity Bakeries (3) Radio Corp. Radio pf A ( Radio pt B (5). Radio-Keith-Orj Reading (4) Real Silk Hoslery. Remington-Rand Reo Motors (11.60) Rep Iron & Stl (4). Richfield 011 (2)..... Rio Grande Oil (k2). Ritter Dental (2% ) Rosaia Ins (2.20) Royal Bak Pwdr(1).. Royal Dutch(a1.336) Savage Arms (2) Schulte Retall Strs Scott Paper (11.40).. Seaboard Air Lin Sears Roebck (32%). Seneca Copper. .. Shattuck F G (2) Shell Union (1.40). Simmons Co (3)... Simms Pet (1.60) SinclairOfl (123%). Sinclair O1l pf (8). Skelly Ol (2) Snider Packing. Snider Packing pf. So Porto R Sug 2% Southern Cal Ed (2 Southern Dairies B Southern Pacific (6 Southern Rwy (8). Southern Ry pf(5). .. 4 Sparks Withgtn (n).. Spencer Kelg(1.60).. Spicer Mfg....... Stand Com Tob (1).. Stand Gas & El (334) Stand G & E pf (4)... Stand Oil Calif (13). Stand OIIN J (12)... Stand Ol N Y (1.60). i Stand Plate Gla: Sterling Sec (A). ... Sterling Sec pf 11.20. Stewart Warnr(3%4) Studebaker (15)..... Sun Ol (g1). . Superior Oil. Superior Stee! 4'3 Symington. Ed 19% 12%‘Symington 175 Close. Close. T0% T1% 96% 95% 1 1 129% 130% 61% 61% 63% 63 9 % 67% 67 7 1 Low. Y T0% 8% 8% 0% 40% 12% 12% 59% 69 12 12 % 98K 974 198% 198% 93% 934 4% 144 22 Wil Yale & Yellow Young Young Zenith 8 139% 13815 6410 B4y 2% T2 | 5T% 57% | “ 40 | 4% 4l e 315 31| o 145 148 % T T 807 | taration. 4% 1n stock. 3| | 8 Paid this year—no 7 |in_stoc] ayable 17 {Blus 10% in stock. 73 Plus 8% In stock. T2, Ta 17%° 174 Stock and Dividend Rate. ‘Timken Roller (3) Tobaceo Pr (1.40). . Tob Prod ctfs(1.40).. ‘Tobacco Pr A (1.40). Tob Prod ctfs A 1.40. Transcontinental. Transue & W (1). 61 Trico Prod (23%). ... Truscon Stl ($1.20). TwinCity Rp T (4). Underw-El-Fish(4) Union Bag & e Union Carbide(2 Union Oil Calif (2) Union Pacific (10) Union Pacific pf (4 Union Tank Car(5) Utd Biscuit (1.60)... Utd Cigar Stores(1). P P! Utd Electric Coal(3) Utd Fruit (c4)..c.00 5 Utd Gas & Imp (1).. 1898 Utd Paperboard..... 2 USCst1Petfs(2).. U S Foreizn Secur 4 U S FornSec pf (7). U S Ind Alco (6) U 8 Leather. . U S Leather A (4) U S Smelt Ref (3%). US Smelt Ref pf 3 U S Steel (1) U S Steel pf (7). U S Tobacco (3) Univ Leaf Tob ( Univ Pipe & Rad. . ULl Pwr & Lt A (e2) 832 Vanadium (14). Vick Chemical (4) Wabash. . Waldorf Systm (1%) Walworth (1.20).... Ward Baking B..... 1 Warner Bros Pic (n) 112 varner-Quinian (2). 2 Western Md 2d pf. Western Pacific. Western Pacif pf. Westngh EI&M (4).. Weston El Instru.... White Eagle Oil (2). White Motor (1).... Wilcox Rich(B)c2 Willys-Over (c1.20). Villys-Over pf (7).. Wilson & Co Worthington A Worthington B... Wright Aero (2) Wrigley Wm (4). RIGHTS EXPIRL | Dividend rates as given in the sbove table are | eash payments based on the latest quarterly or hail y dec- SUDI of trading less than 100 shares. ¢Partly extra. fPlus | s A STOCKS G0 HIGHER Sales— Prev. Add 00. High. Low. Close. Close. 10 18% 17% 18% 18 . 62% 61% 2% U 2'a | 328, | s | Y- Towne (4). Truck & C. SpEW (125 Sheet & T (5 Radio. .. 61 19% | i the annual | $3 in preferred stoc Tegular rate. b P when earned. ¢ Plus 6% in K Plus 3% in $Plus '1-25 in stock able in stock. ¢ Plus 5% 5! stock. EXPANSION OF POWER | SYSTEMS'IS INDICATED Special Dispatch to The Star. | NEW YORK, July 20.—Plans now under consideration indicate that the formation of super-power electrical en- | ergy systems will continue steadily | throughout the country. | Movement to that end has taken on new activity as a result of the merger | by which the Niagara Hudson Power Corporation was formed and which has | just been declared effective. This con- | solidation has established the company | as the largest producer of electric cur- | rent in the United States and there i no doubt expressed in electrical circles | that both Niagara Hudson Power and | the North American Co. the second | largest producer, will continue to add to their holdings. ‘These facts have turned the atten- | tion of financiers and engineers toward the regulation of the so-called superpower systems. Such regulation must rest in the hands of the Inter- state Commerce Commission if the Hnes | transport current from State to Slau‘ or in those of the State utility commis- | sions of they are in intrastate business. Record Steel Tonnage Seen. NEW YORK, July 20.—Iron and steel companies in the Youngstown district maintained production schedules in the | last week which indicate that July| tonnage will establish a record for this month in steel ingots and rolled steel products. GERMAN BONDS AND STOCKS NEW YORK, July 20 (Special).— Bid. Asked Ger Govt Oaving 1000 B M 23.00 ‘doitars per million marks.) 1919 Berlin 4s_pr Hamburg 3s. Hamburg Amer; North German 1921, A Commerz and Privat I G. Farben SHORT-TERM SECURITIES, (Reported by J. & W. Sellsman & Co.) Bid. Ofltxl' Allis-Chalmers Co. bs 1937. num Co. g Bell Tel. of California Pet. Corp. 5! Canadian Nat. Rwy. 47 Rwy. 41 Grand Trunicof ri Gulf Ol of Pa. 55 19 Humble Oll 87z 1833 Internat, Match Corp Oregon Bhort Line 45 19 Bhiliips Pet. Co. 81as 19 Bun Corp. United Drug Co. 5 i95: . 65 1944 .. 101 VR Tl OO, Bas 104, 100 TREASURY CERTIFICATES. (Reported by J & W. Seligman & Co.) Bid. Offer 98 28-32 | tations furnished by W. B. Hibbs & Co.) s %* | correspondingly benefited, but actual Markets at a Glance NEW YORK, July 20 (#).—Stocks | steady; General Motors sags to new 1926 low. Bonds steady; American 1. G. Chemical 5';s again soar. Curb firm; Penn road at new high. Foreign ex- changes irregular; sterling improves. Cotton higher; absence of rain in Texas. Sugar and coffee holiday. CHICAGO, July 20 (®).—Wheat lower; good rains Canada. Corn easy; excellent weather. Cattle irregular. Hogs strong to higher. COTTON PRICES GAIN. NEW YORK, July 20 (Special.— Under the most active trading of any Satuyday this season, cotton prices ad- vanced a quarter of a cent today to highest levels of the week and ended with a gain of about $1 a bale. In spite of acattered week end profit tak- ing, prices ended cent and a half above low levels of the week. Spots were ad- vanced 25 points to 19.45. Cotton range: Close 1946 19.44 13 et 4 .93 LOWER. BBEseeEs SuEeeRs” WHEAT CLOSES CHICAGO, July 20 (Special).— ‘Wheat closed lower again today. In the final hour there was heavy selling cred- ited to Eastern longs, and this dislodged stop loss orders to sell. After a break of 4 cents from the early top, good support developed. The close was 34 to 3% lower, and for the week 3% to 5 higher. July, 1.34; September, 1.373% to 1.38; December, 1.443; to 1.45. Corn closed 11 to 13 lower, and for the week 15; to 3% higher. July, 977% September. 1.01 to 1.01' December, 951 to 95%. Oats closed 7 to 11 lower, and for the week 3 lower to 3 higher. July, 46: September, 47%;; December, 50%% to_503. Provisions held firm. Lard closed 2! ®0ld Selling chec value Berlin, ¥ Rome. lira . Zurich, tranic Athens. drachi wi Tloty.... . Copenhagen. ciown. Oslo, crown ... Stockholm, efow New York Stock and Bond Averages. By the Associated Press. SATURDAY. JULY 20, 1920, STOCKS. 50 in- 20 rail- 20 utili- i roads. ties, 'RAILROAD INVESTMENT |~ STATUS TO BE TESTED Special Dispatch to The Star. E NEW YORK, July 20.—The legal! status of the holding or investment | | companies that have been created by the Van Sweringen interests and by the Pennsylvania Railroad for the purpose of holding stocks of competitive car- | | riers is to be tested by the Interstate | Commerce Commission. It probably will | | not be determined until after a long- | | drown-out fight and a final decision by | the United States Supreme Court. | Depending on the results of this co { test will be the policy of other railroa that desire to purchase control of com | peting or intersecting lines and which | regard the holding company as probablv | the best medium through which to act. | 1So long, however, as the legal standir |of the Alleghany Corporation, partici- | larly, is in doubt, no move will be made | |in this direction. | It nas_been known for some time | | that the Interstate Commerce Commis- | |sion was not in_sympathy with the policy of the Van Sweringens in puttin= | | some of the contested railroad stocl | into their holding company and that at | any time they might indicate this in | {un official order requesting the Allc- ghany Corporation interests to disgorge. | | They intimated to the Pennsylvania Raflroad management that the holding by the Pennsylvania Co. of the Lehigi | Valley and Wabash stocks was not io | their liking. The attitude of the Penn- | sylvania people is that they will resist | any interference with their policy and ‘tcs! their right to such a disposition of | the former Loree stocks by an appeal | to the higher courts. ;fiN'S REVIEW. | NEW YORK, July 20(4).—Dunn's Re- | view says: Several points of special in- terest have featured the economic sit- uation at a time when their absence, | judged by the experience of many pr | ceding years, would not be unusual. Y | trends have changed and the tradi- | tional lassitude of business through the | Summer is less evident now, while | commodity “price movements have at- tained a greater significance. The striking rise of grain markets and the increasing buoyancy in cotton, in each| | case primarily the result of lowered | crop prospects, have drawn attention | still more sharply to the status of agri-| culture in its relation to commercial conditions. Not only has the potential purchasing power of the farming com- | munity been enhanced, and sentiment buying of goods for future use has been cncouraged in some instances. The textile markets reflect this stimulus m more vigorous preparations for Fall | trade, and current distribution of sea- sonable merchandise continues to gain impetus from the prevailing high tem- peratures. Proof of the sustained heavy flow of raw materials and manufactured traffic above the volume of earlier years, while the remarkable progress of the steel industry is being illustrated in various ways. Weekly bank clearings, $12,905473.- 000, an increase of 24.5 per cent over a year ago. Boys Spare Mirror 20 Years. Beckenham, England, boasts that it | has the best-behaved boys in the world. For 20 years the lads have resisted the temptation to throw stomes at a mirror erected for the help of automobile driv- ers at & junction of roads. The mirror has just been removed by the city. Ao ey A Wall Street report says that Stand- {ard Oil Co. of Indiana is expected to | offer soon an exchange of s 0 e ha f stock t | stockholders of Pan-American Petroleum | | & Transport Co. on the basis of 11-5 shares of Standard for each of Pan- American. It is alsd reported that an| | American is to make an offer for the| | stock of the "‘f‘ Oil & Transport Corporation, ly in the ratio of one | for two of | Consolidated Gas. M | points, | off fraction: | products is found in a railroad froight | e AT SHORT SESSION Rails Feature Upward Move- ment—Motor Group Is Under Pressure. BY STANLEY W. PRENOSIL, Assoclated Press Financial Editor. NEW YORK, July 20.—A selectiv: “bull” market developed in today’s brief session of the Stock Exchange in which & number of rail, public utility, steel and merchandising shares were pushed into rew high ground, while heaviness developed in some of the motor issues, Despite the absence of many traders on week end trips, trading was fairly heavy for a Midsummer half holiday i session. Reduction in call money rates this week, with indications that no further stifi- ening is likely before the end of the month, coupled with an unusually large quota of favorable trade and earnings reports, provided the background for the upward movement. Railroad shares were heavily bought in the belief that consolidation plans will be advanced materially by the re- | ported decision of the Interstate Com- merce Commission to present a revised plan as a basis for a final grouping of the leading carricrs. New peak prices were established by New Y Central, Illinois Central, Erie common, St. Paul common, Southern Pacific, Great 3 ern preferred, Chicago Northwi Colorado & Southern, Lackawanna, Delaware & Hudson and a few others, the gains ranging from fractions to nearly 5 points. One block of 6500 shares of St. Paul common changed hands at Other Changes. Establishment of a new the year by General Motors at 681, off 17« ‘points, aroused some » nZ 85 to the 1929 earnings of the motor com- panies which are becoming increasingly competitive. Auburn dropped n points, Du Pont, Davison Chemical and Consolidated Cigar also were heavy, the last named touching & new low re: ited States Steel sold at a n high close to 210 and most of the so. called independents advanced a poin: or two. Best & Co. and R. H. Macy wer> the leaders of the merchandising group, the former t ing a new high. The closing was strong. Rails In Demand. for railroad shares ow level for initial gain of nearly at 2407, also a new top. Oper of a point or so also were recorded by 3 ntgomery Ward and American Can, Reading and Canadian Pacific yielded 1 and 1%: respectively. Unconiirmed reports that the Inter- state Commerce Commission would soon present a revised plan of railroad consolidations attracted fresh interest to the carrier stocks. New high record the year, or longer, were establi ihe early trading by St. Paul comm Lrie common., Southern Pacific an Delaware & Hudson. New York Cen- tral extended its gain to nearly 5 points by touching a new peak at 244%.. Steel shares, which were in brisk de- mand in the closing par session, again were turne volume. United State moved up to a new h Bethichem crossed ce the “war bride” days. Be irectors meet Thursday. and are ex pected in Wall Street to_declars = extra dividend of $1 the commor and Colorado Steel common h at 2091, and first tim International Telephone resumed fts advence by touching a new high ot 213'. for the present issue. Bendix n, whi‘in is reported to hava d threugh its Gereral Motor af- filiations. rrossed 96 to a new high; ternationzl Harvester, Lambert General Electric also were strong. Motors Under Pressure. Motors were again under selling p e. One block of 10.000 shares cf neral Motors changed hands at &9, Iy, and within a point of the year's Iow. Foreign exchanges opened firm, with sterling cables slightly higher at 4.851-16. Commodity Notes Wheat. NEW ORLEA wheat is beginni for export and th pected to increase space Is ample and sh 3 o ach this por Stel CLEVELAND.—Bolt and nut manu- ts makers look second half yea Business of the Lamson & Session Cc nd the Lake Eric Eolt & Nut Co. orted to be holding up at the sec- ond-quarter rate. iorward to a SAN FRANCISCO.—A new feature of the Pacific Coast radio show will be soundproof demons ion rooms. Th shows, which are held in the Civic Aud: torium, heretofore have been little more then eye displays. This years show will be held neyt month. SUGAR MELT. NEW YORK, July 20 (4).—The suj melt of 15 refineries in the States from January 1 to July taled 2,750,000 long tons, against 2,355~ 000 tons for the corresponding period last year. Deliveries were 0,000 tons, compared with 2,230,000 tons. The special master's sale of Allied Packers, Inc, has been postponed to August 7. The committee representing the security holders of the compans, which has been in the hands of a Federal receiver since January, intend to bid in the property at the sale and turn it over to the Hygrade Food Prod- ucts Corporation. Money to Loan Secured by first deed of t Prevailing interest Joseph I. Weller {0 Weih 1 Robert R. Bennett Investments Metropolitan Bank Bldg. for 22 yea Mortgage Loans STORY & CO. 812 17th St. Met. 4100 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. « In Nearby Virginia Prud 1 Commonwealth investment Co. 017 15th St. N.W. Phone National 2623