Evening Star Newspaper, July 23, 1929, Page 10

BILLION IN SAVINGS LOST EVERY YEAR Better. Business Bureau Is Starting Education Drive to Protect Public. BY EDWARD C. STONE. More than a billion dollars in sav- ings are lost annually by the American people because they are ignorant of in- vestment principles and because they . possess the gambling instinet. Such is the message con- ! tained in a bulletin made public by the | National Better Business Bureau. The bulletin out- lines an intensified national program to expose swindling practices and pro- vide the inexperi- ' enced investor with 'some practical in- formation on how he can protect | himself. !! Buying fraudu- slent stock and !dealing with fraud- sulent promoters onstitute, accord- ‘ling to the bulletin, problems which can only be solved through educating the ,public to fraudulent schemes. There \4s, however, always need for sound leg- isiation and able law administration aimed to punish those who perpetrate sfrauds. il The bulletin cites statements made 1by blue sky States. It quotes those made by com- ‘missioners in Arkansas, California, Con- smecticut, Georgia, Idaho, Kentucky, I Mississippi. Nebraska, New Hampshire, orth Dakota, Oregon, Pennsylvania, South Dakota and Wisconsin, to show that the victims of fraud come from both the educated and uneducated ,Classes, education in practical financial !matters being lacking in both. This Edson B. Olds. Stock ana Bates High. Low. Dividend Rate. 547 384 Abitibl Power & Pap 88% 79 ADItibi P& P pf(s).. 750 389 Adams Express (6).. 84% Adams Exp pf (5) 27 Advance Rumley 10% 5315 118% 118 3463 241 284 23% 10% Am Agricul Chem. 73% 40% Am Agricui Ch pf. 148 110 Am Bank Note ni).. 20% 14% Am Beet Sugar.. 73% 40% Am Bosch Magneto. . 621 45 Am Brake Shoe 2.40. 34% 154 Am Brown Bov Elec. 169 1075 Am Can (4). 142 136% Am Canpf (7). 92 AmCar & Fdy (6)... 27% Alleghany Corp. 9913 Alleghany C pf (5%) 100% Alleg’y pf rcts(534).. Allled Ch & Dye (6). Allis-Chalm Mf (7).. 46% Am Chicle (2). 4313 Am Com Alc (k1.¢ 23% Am Encaust Til (2 821 Am European Sec. 75% Am & For Power 88 Am & For Pw 24 pi 24% Am Hawaiian (1)... 64 Am Home Prd (3.60) 38 Amlce (13). Am Internat (§2).... 8% 414 Am La F & Foamite, 136 102% Am Locomotive (8)., 191 147% Am Mch & Fdy (4) 81% 50 Am Metal (3).. 17% 4 Am Piano.. . 157% 81% Am Pow & Lt (11)... 84% 79 Am P&LpfAst(5).. 103 98% Am Pow & Lt pf (6). 5414 40's Am Rad&Std S(1%). 643, 43'4 Am Republics....... 134% 1062 Am Roll Mill (e2). 74% 61 Am Safety Raz (15).. 7 315 Am Ship & Com. 124% 933 Am Sm & Ttef (4) v 56 Am Steel Fdy (3).... 65 Am Stores (2). . T11s Am Sugar Rfg (5)... matra (3). Tel & Tel (9)..vs Am Tobacco (8)..... 121% 115 Am Tobacco pf (6) 188 160'% Am Tobacco B (8)... 155% 136's Am Type Fdry (8). 507 N 1865 160 Jack of education is astounding and \Bives the fraudulent promoter a clear spdvantage over uninformed people who “take chances on promises and repre- sentations that would be immediately recognized as having the suspicious ear- marks of fraud by persons with only a practical elementary knowledge of securities. The plans include: The weekly is- suance of a series of 52 posters de- signed to protect industrial employes from many types of fraud: the pub- !lication of a practical booklet of financial information: the extension of Better Business Bureau work by ex- tending it to communities which can- not finance organizations the size of the present affiliated bureaus; the ex- tension of protective work among cu tomer-owner stockholders, and the in- creasing of co-operation between the National Bureau and other agencies cngaged in the business of exposing and suppressing fraud. Auditor Is Veteran Banker. Edson B. Olds, treasurer of the Union Trust Co., recently appointed chairman of the auditing committee of the District Bankers’ Assoclation, is one of the most experienced bankers in the National Capital. Born in Min- esota. the son of an Episcopal min- “ster, he came to Washington when he was only 8 years old. His banking career started as a run- ner in those days when runners cov- cred a great deal more territory be- tween the different banks than they rin now. He worked up rapidly through hookkeeping positions to places as note {=ller and paying teller, afterward being resistant cashier of the old Citizens’ t7ational Bank for 25 years. He helped organize and became as- nt cashier of the American Na- tional bank, in which the late William '~. Galliher was so deeply interested. :1» remained with the bank throughout 203 and in 1904 went to the Union rust Co, which means that he has cen with that institution for the past 5_years. In addition to a particularly busy life a banker, Mr. Olds found time sev- irral years ago to write a book on the Olds family which had a very wide cir- c:ilation. He _has always been espe- ially fond of genealogy and is an au- “hority on the subject. As he cares lit- le for clubs, his real hobbies are two— ‘anking and the study of family his- tory. Rapid Transit Cuts Deficit. ‘The Washington Rapid Transit Co. < the first to file its monthly statement «i operations with the Public Utilities “ommission for June. Its income bal- “nce for the month showed a deficit of |©308.15, but this was $585.24 less than i1ts deficit in June a year ago. In the previous month this year, the : ~ompany showed $6,109.68 income bal- snce out of the red k. For the first x months of the present year the in- come balance of the company shows 12.816.20 on the right side of the books -2ainst a deficit of $3,037. for the first half of 1928. Commodity Prices Higher. Prices of commodities'during the past ~eek continued the advance of recent eks, with an advance of 0.8 per cent er the previous week and a total of per cent since June 1, according to 12 wholesale price index of the Na- onal Fertilizer Association. For the week ended July 20 the index stood at 73.7 per cent of the three-year base, 926-1928, and was at the highest point nece October 6, 1928. The number of ~dvances was 35 and that of declines 14, Six groups showed advances and <nly three declines. . The largest advances occurred in ~rains, feeds, fats, other foods and ! otton. The largest declines occurred 1 petroleum, gasoline and ammonium- ulphate-nitrate.” Trading Quiet on Exchange. ; Capital Traction sold at 95';, Poto- imac Electric Power 6 per cent preferred »t 11!, and the 5!, per cent issue at '108', “and Wnshlnzwn Railway & "lectrlc preferred at 98 on the Wash- ngton Stock Exchange today in a quiet session. ‘l'hixty-flve of Riggs National moved 2t 572. Sand & Gravel came out at and Peoples’ Drug Stores pre- rred sold higher at 122%. Twenty !shares of Federal-American Co. pre- erred moved at 10113, 40 shares of Na- iional Mortgage & Investment preferred Js0ld at 4% and 50 of Real Estate Mort- izage & Guarantee preferred at 73%. ! In_the bond division $2,000 Washing- !ton Railway & Electric 4s sold at 86. Heard in Financial Distriet. | Corcoran Thom, president of the American Security & Trust Co., pluns w i leave for Europe in in August to pass h i vacation. Mr. Thom ts to vl.w . many places off the beaten tourist patn ' which he has not seen on previous trips , abroad. ’ ene T. Thompson, head of Crane, Fn% & Co., has recovered sufficientiy !'Irom his recent illness to visit the office !for a time each day. | william H. H. Allen, the oldest di- i roctor in the Franklin National Bank, 15 | spending the Summer at his cabin on 11 1 PoRRBAR~N 1 15 1 68 80 74 5 83 1 41 2 72 7 1 837 26 11 4; 25 13 12 2 307 11 5 2 6714 Am Water Wks (c1). .m 394 Am Woolen pf. 9 Am Writ Paper ctf: 2214 Am Zinc Ld&Sm. 99 Anaconda Copr (7) 43 Anchor Cap (2.40)... 44% Andes Copper (3). 29 Archer-Dan-M (2) 85% Armour Del pf (7 10% Armour 111 (A) 5% Armour Ill (B) 191 Arnold Constabl 26% Art Metal (1%). 49% Asso Appl Ind (4). Atl Coast Line (110). 67h 32% AtlG & W Indies.... 77% 53'a Atl Refining (11%).. 115 90 Atlas Powder (4) . 17% 10% Atla= Tack.... 405 221 Auburn Auto (jl)... 10 5% Austin Nichols. . . 35% 22's Autosales. . 437 364 Autosale net 50 42% Auto-Strop Raz ( . 22R —B 185% 115% Balto & Ohlo (6).... 8013 75 Balto & Ohio pf (4).. 134% 123'% Balto & Ohio full pd. 6415 Bang & Aroos (3%).. 7 Barnet Leather. . 36% Barnsdall (12%).... 86 Bayuk Cigar (2).. 20 BeaconOfl... 11 Belding-Hemigway.. 78 Bendix Aviation (2). 75% Best& Co (3)......0 120% 82% Bethlehem Steel (4). 123 @ 116% Bethlehem St pf (7 136% 110% Bohn Alum&Br(t4 11% 6 Booth Fisheries. 1001 83% Borden Co (3). 143% 107 Borg Warner (J 118% 85 Boston & Maine. 63% 30 Briggs Mfg. 42% 37% Briggs&Stratton(2). 31 British Empire Steel 5% British Em Stl 2d pf. 81% 59% Bklyn-Manhat (4)... 227 170 Bklyn Union Gas (5) 49 38% Brown Shoe (2%)... b55% 36% Bruns-Balk-Col(3).. 44'% 18 BrunsTer& RyS... 42% 25% BucyrusErie (1).... 50 38% Bucyruicvpf(2%).. 54% 46 Bullard Co (1.60).... 127 96 Burns Bros A(8).... 329% 234 Burr Add Mch (1 89 54% Bush Term (g2). 915 4% Butte Copper & Zi 41 Butterick Co. 192% 122% Byers (A M) 37% 33% By-Prod Col 82% 172% Calif Packing (4). 3 1% Callahan Zinc& L. .. 5 123 Calumet & Ariz (10). 1% 36% Calumet & Hecla(4). Canada Dry G A (5). Canadian Pac (10)... Canadian Pac 1st pd. Cannon Mills (2.80).. Csse (T 1) ctfs (6) Cavanagh-Dobbs Celotex (3). 354% 305 Cent RR of NJ (112). 160 88% Cerro de Pasco (8) 28% 16% Certain-teed Prod. 81% 47% Certain-teed pf..... 275 195 Ches & Ohio (10) 110% 78% Chesapeake Corp (3). 19% 4% Chi & Alton.. 6% Chl& Alton pf... Chi & East Il1 pf. . 237 12% Chi Great Western 63% 38 43 27% Chi Mil St P&Pac. 142% 115 Chi RI&Pac (7). 98% Chi RI& Pacpf (6). 37 Chickasha C Oil (x). 44% Childs Co (2.40). 66 49 City Ice & F (3.60) 19 City Stores (1).. 50 Cluett Peabody (5).+ llfl'& 120% Coca-Cola (4). 46 Coca Cola A (3). 72% 48 Collins & Atkman. 103% 93 Collins & Aik pf (7). 56 Colo Fuel & Iron. ... 5314 Columbla G&E (2).. 55% Couml Graph (29.1c). 121% Columb Carbon t4%. 43 Com Credit (2)... 131% Com Inv Trust (t4). 225% Com Solvents (h8) 59% Conde Nast Pub (2 19% Congoleum-Nairn. 66% Consol Cigar (7) 25 Consol Film 1n 95% Consol Gas (3) 9615 Consol Gas pf (5)... 215 Consol Textile 12 Container Corp A. 6 Container Corp B. Contl Insurance (2).‘ 13 Contl Motors (80c).. 20% Contl Oil of Del..... 82 Corn Prod (13%). 51 Coty Inc (E2)....... 83 Crosley Radio (11). 42% Crown Cork & Seal. . 184 Crown Zellerbach (1) mw. 85 Crucible Steel (5) | Lake Hancock, in Maine. Mr. Allen is 1 86 _years old and in good health ! Edward J. McQuade, vice president of | the Liberty National Bank, is acting secretary of the District Bankers’ As- i sociation, while Secretary C. H. Pope is ! ; on his vlc;tlon A. R. manager of the Cook | bureau in the Wulll.nan Loan & Trust !} Co., has been ordered to Los Angeles ! for three months’ temiporary service. ; Laurence F. Greenebaum has been \ elected_vice president of S. W. Straus & Co. Mr. Greenebaum was formerly \+ hotel management counsel for the | Ambassador Hotels Corporation. | Sales of United Cigar Stores Co. of + America and subsidiaries for the first ' -14 days of July amounted to $3,094,000, compared with $2,903,000 in the cor- responding period of July, 19: in- € erease of $191,000, or 6.5 per 24 , 11% Cuba Co.... 8 5% Cuba Cane Sugar p Cuban-Amer Sugar. 118% Curtis Publish pt('l), 173% 135% Curtiss Aero (1), 101% 68% Cutler-Ham (3%) 69% 42% Davison Chem...... 46% 33% Debenhams (ai.59).. 226 182 Delaware & Hud (9). 160% 120% Del Lack & W (17).. 778 55% Denv& R G W pf. 330 224 Detrolt Edison (8 547 43% Devne & Ray A (13). 10% 8% Dome Mines (1).... Pominion Strs(1.20) Drug Corpn (4 . 0: Duplan Silk pt (8). . 202 155% Du Pontde N(14%). 312 136% 2 15 14 135 4 83 1 124 1 1% 798 135% 35% 9% 1% 17 127% 12 407 22 94 43 23974 2 233% 1 .'lfi% 17 4 Chi Great Westn pf.. 12 176 25 128 15 40 6 35% 20 221 10" 158 5! 926 95 190% 133 134 824 9 364 105 291 11% 97tk 117% Add 00, Bigh. Low. Close. cm 45% 45'% ~Prev. 1929~ Low. 13! G _STAR, WASHINGTON, D. C., TUESDAY, JULY 2 Stock and Dividend te. hdd 00, Bish. Dupontd N deb (6).. 6 114% Entmnn Kod (13) 8 194% El Pwr & Lt pf ( c Stor Bat (5) Endicott-John (5). 1 684 “ng Pub Serve (11). 125 70% Eng Pub Sve pf (5).. 110 112 Eng Pub Sve pf(5%) Equitable Bldg(2%). ErieRR. Frie R R 15t pf (4) Eureka Vac Cl (4). Evans Auto L($2%). Fairbanks Morse (3) Fash Pk Asso(k2%). Fed Lt & Tre (11%). Fed Motor Tr (80c).. First Nat Stores 1 Fisk Rubber, Flelschmann . 248 Follansbee (12%). Foundation Co. 8 Fox Film A (4) Freeport-T Gabriel Snub A. 4 Gardner Motor. b4 Gen Am Tnk Car(34) Gen Asphalt........ 13 Gen Asphalt pf (5) Gen Bronze (2).... Gen Cable A (4) Gen Cigar (4) Gen Electric (16) Gen Elec spec (60c). Gen Gas&El A (e1%) 23 Gen Mills (3).. 19 Gen Mills pf (6) . *» Gen Motors (13.30 0% Gotham Silk H (2%) 4 Illinols Central (7).. 79 ' Johns-Manville (3).. 6 % KaufmannDS8 (1%). 19 7 » Louls & N Gen Motors pf (7). Gen Outd Adv A (4). Gen Outd Ad vie (2) Gen Public Serv( v Signal (5). Glidden Co (11%). Gobel (Adolf). Gold Dust (234). Goodrich B F (4) Goodyear Tire (5). Goodyear 1st pf (7).. 66% T5'% 117% 1015 G 4l Gould Coupler. 10 Graham-Pai, 25% 76% 85% Grant W T (1). Grt North pf (5). Grt North pf ct (5) Grt Nor Ore (a1%).. Grt West Sug (2.80). Greene Can Cop (8) Gulf Mo & North. Gulf Sta Steel (4) -H- Hahn Dept Stores Hahn Dept S pf(6%): Hartman B (1.20). Hayes Bdy (b8%stk) Hershey Chocolate. .. Holland Furn Hollander & Son. Houd Hersh B (134). Househd Fin pf (3).. Household Prd (14). Houston Oil......... $owe Sound (t4%4).. Hudson & Man (2%). Hudson Motor (5)... 15: Hupp Motor (£2). 5 150% 1 1484 14915 1430 32% Illinois Cent pf (6).. Independ O1l & G (2). 30 331 Indian Refining...... 249 44l 4044 Indian Refining 8 38% Industrial Rayon 85 Ingersol Rand (6 162 Inland Steel (3%) 94 Inspiration (4 Interboro Rap Tran.. Intercontinental Rub Intl Agricultural. ... Intl Business M (5).. Intl Cement (4).. 5 Intl Comb Eng (2)... 496 Intl Cmb Eng pf (T).. 6 Intl Harvester (234). 15 s« Intl Harv pt (7). Int Hydro El A (e2), fifl Intl Match pf (3.20)., 17 Int Mer Marine ctfs.. 7 Intl Nickel Can (30c) 153 Intl Paper pf (7).... Intl Pap & P A(2.40). Intl Pap & Pwr B Intl Pap & Pwr C Intl Pap & Pwr pf(7) Intl Print Ink (23%)., Intl Rys Cent Am. .. Intl Tel & Teleg (2).. Inter Dept St (2) Intertype (ft1%) Island Creek Coal(4) Jewel Tea new (3).. 9 77% 57 194% Jordan Motor Car.... 93 7% K- Kan City Sou (5).. 495 8 105% 2919 5174 12 45% . 113 1074 Kennecott (5). .14 Kimberly Clrk(23%).. Kinney (G R) (1).... Kolster Radio......s Kraft PhCh (1%)... Kresge S S (1.60).... Kresge Dept Stores. . KressSH (1). Kreuger & Tol( Kroger Gr&Bak(c1) Lago Oll & Trans Lambert Co (3). Lee Rubber & Tir: Leh Port Cem (2%)., Lehigh Valley (33%).. Lehigh Valley Coal. . Leh Val Coal pf (3),. Lehn & Fink (3).. Liggett & My (16) Lorillard (P) pf (7) Louisiana Oil... Lou G & El A(X*).. 80" (T)eee Ludlum Steel (2) McCall Corp (4). McGraw-Hill (2) McKeesport T P (4) McKesson & Rob (2) McKes & Rb pf(3%) Mack Trucks (6).... Macy (RH)&Co (et Magma Copper (5) Mallinson & Co.. Mandel Bros (234 .. Man Elev mod (d5).. Marmon Motor (4)..: Martin-Parry. Mathieson Alk (e2).. May Dept Strs (4)... Maytag Co (12). Maytag Co pf (3). Maytag Co 15t pf(6). Meiville Shoe (1.40). Mengel Co. . Mexican Se: Miami Coprer (4). Michigan Stl (23%) Mid-Continent P ¢ Middle States Oll. Middle States Oil ct.. Midland Stlpf t10%. Miller Rubber. Mo Kan & Tex nffl). Missour] Pacific. Missourl Pac pf (5 Mohawk Carpet 12% Mont Ward (2%).... 2 Moon Motors. Motor Products Motor Wheel (2) Munstagwear (13%). 125% 4 5% 3. 524 ~Prev. 1920 High. Low. 100% 62 118% 81% 39% 284 42 357 71 42 216% 166% 148% 96 6214 28% 33 Stock and Murray Corp (a3)... 190 Nash Motors (§). Nat Acme (1%) Natl Biscuit (16% Natl Cash Reg (14 Natl Dairy (11%) Natl Dept Stor Natl Distiller: 671 Natl Distillers pf(7). 132 Natl Lead (5).. 42% Natl Pwr & Lt (1) Natl Radlator.... % Natl Rys Mex 24 pf. Natl Supply (18). Natl Surety (5). Natl Tea (1%). NYOnt&West..... N Y Railways pf. Norfolk&Wstn(+10). North Am(b10%stk) 119 North Am Ed pf (6).. 1 No Ger Lloyd (3.41) Northern Fae (5). North Pac ct (5). Norwalk Tire & R Oliver Farm Equip. . Olivr Fr Eq pf A(6). Olivr Fr Ep cv pt(3). Omnibus Corp. .. . Oppenhelm Col (5)". Otis Steel. Owens 111 Gllll “) % Pacific Gas & E (2) Pacific Lighting (3). Pacific Ol stubs. ..., 4 Packard Motor (15). P'an-Am Petroleum. . 2 Pan-Am Pete B..... anhandle P & 1. . handle P & R pf.. Paramount-F-L (3).. “Park & Tilford (33). 4 Park Utah (80c)..... Pathe Exchange. ... Patne Exchange A. Patino Mines (5.89) rless Motor ick & Ford. Penn Dixie Ce Penn Dixie Cm pf (7 Pennsylvania RR(4) Pere Marquette (18). Tere Marq pf (5). Pet Milk (1%4). Phelps Dodge (3) Phila Co (17).... Thila Co 6% pf (3). Phila & Read C&I.. Philip Morris (1).. Phillips Pete (1%4). Pierce-Arrow A. Pierce Oil.... Plerce Ol pf . Plerce Petroleum. .., Pilisbury Flour (2).. Pirelll Co A (2.88). Poor & Co (12). P Rican Am To (A) P Rican Am To (B).. Postal Tei & C pt(7). Postum Co (3)..... Prairle Oil & Gas. Prairie Pipe L (14) Tressed Steel Car Pressed St1 C pf (7). Prod & Refiners. Pub Sve Tub Sve NJ pf (6). % Pub Svc E&G pf(6) Pullman Corp (4) Punta Alegre Sugar. Pure Oil (1%) Purity Bakeri 4 Radlo Corp... Radiopf A (3%4) ... Radio pt B (5)... Radio-Keith-Orph A. 4 Reading (4).. Real Silk Hosfery. .. Remington-Rand. , Reming-Rnd 1st (7). Reming-Rnd 2d (8).. Reo Motors (11.60) Rep Brass Corp. . Rep Iron & St (4). Rep Ir & St pf (7)... Reynolds Spring. Reynolds Tb B( Rhine West (1.92). Richfleld Oil (2). Rio Grande Oil (k2). Ritter Dental (2%).. Rossia Ins (2.20).... Royal Bak Pwdr(1).. Royal Dutch(a1.336) St L-San Fran pt St L Southwestern. St L Southwn pf (5). Savage Arms (2) Schulte Retall Strs. Scott Paper (31.40)., Seaboard Air Line. .. Sears Roebck (32%). Seneca Copper... Sharon Steel H (2) Shattuck F G (2) Shell Union (1.40)... Shubert Theater (5). Simmons Co (3). 4 Stmms Pet (1.60) StnclairOil (12%). Sinclair Oil pt (8). ™ o aandarmenk w® oa B3] So Porto R Sug 234 Southern Cal Ed (2). Southern Dairies B.. Southern Pacific (6). Southern Rwy (8)... Sou Ry M & Oct (4). Diviend Rate. 443 00. n’un Prov. Low. Olose. Close. 88 90 88% 82% 86% ~Prev. 1929~ High: Tow, 52% 687 59% 43 Spang- Sparks 208% 205% 122% 123% 8 288 Sterlin, Sterlin Texas 165% 43 128 5413 276 845, United U S Cs USCIP USCIP 4 US For Virgin Wabas| Westn ite 4 White Willys. Wil Yale & Young Young Zenith RIGH' Sales of 10:30 A.M. 1:30 P.M. Iaration. 4% 1n stock. SPlus 2%ald chi Ock. 110 eins 1o% Stock and Sales— Dividend Rate. Add 00. High. Low. 3 39% Spencer Kelg(1. Spicer Mfg. Splegel-Mav-St (3).. Stand Com Tob (1).. Stand Gas & El (3%) s Stand G & Epf (4)... Stand O11 Calif (13). Stand OII N J (12)... Stand Ol N Y (1.60). 4 Stand Plate Glass Stewart Warnr(3%) Studebaker (15) Superior Oil. Superior Steel. 4 Sweets of Amer ( Symington. . Symington A Tenn Cop & Ch (1). Texas Corp (3). Tex Gulf Sul (4) Texas & Pac (5) 4 Texas Pac Land Tr.. Thatcher Mfg. The Fair (2.40. Third Aveni Tide Water A: Tide Wat Asso Df( ) Tide Water Oil pf(5) Timken Det Ax(80c) . Timken Roller (3)... Tobacco Pr (1.40)... Tob Prod ctfs(1.40).. Tobacco Pr A (1.40). Transcontinental. Transue & W (1). Trico Prod (2%). Twin City Rp T (4).. Underw-EI-Fish(4) .. Union Bag & Paper.. 2 5' Union Carbide(2.60). 231 Union OI1 Calif (2).. 18 Union Pacific (10) Union Pacific pf (4 Union Tank Car(5).. 2 Utd Afrcraft&Trans, 31 Utd Afrcraft&T pf 3. Utd Biscuit (1.60) 1td Cgr Store ctfs Utd Corporation. Utd Corp pf (3). Utd Electric Coal(3) Utd Fruit (c4).. Utd Gas & Imp (1), 1071 Utd Gas & Imp pf(5). 4 Utd Paperboard. . U S Distributihg. ... U S Foreign Secur. U S Ind Alco (6) U S Leather. . U S Leather A (4) U S Realty (5)... U S Rubber. U S Rubber 1stpf... 8 U S Smelt Ref (3%). 3 U S Steel (7). USSteel pf (7)..... 4 Univ Leaf Tob (3). 3 Univ Pipe & Rad. ... 1 Util Pwr & Lt A (e2) 1439 Vadsco Sales. Vahadium (14 Van Raalte. Vick Chem! Virginia- ldorf Systm (l‘fi) Walworth (1.20).... Ward Baking B..... Ward Baking pf (7). % Warner Bros Fic (n) Warner-Quinian (2). Warren Bros (15) Warren Fdry & P} Wess Oil & Snow (2) Wess O & Sn pf (4) Westvaco Chlor ( Western Maryland. . Western Pacific Western Pacif pf. Western Union (8).. Westngh Air Brk(2). Westngh EI&M (4).. 2 Weston El Instru.... ¢ White Eagle Oil (2) W ite Sewing Mach. Wilcox Oil & Gas. ... ‘Wilcox Rich(A)2% Wilcox Rich(B)c2... Wilson & Co. Wilson & Co Wilson & Co pf Woolworth Co Worthington Pump. ‘Worthington A. Worthington B. Wrizht Aero (2), Wrigley Wm (4 Yellow Truck & C. Col Gas&El. Mont Ward..Aug 26 Stand Gasrts Aug.31 468 Transcont Oil rts. td Corp.. Dividend rates as given a cash Paymenis Dased on’ the. Iatest aunrierls oit He Loapsnua sUnit of trading less than 100 shares. +Partly e teiu 0 ock. §EME 327 n” stoe: FINANCIATL. Prey. Close. Close. Chalfant. on. Withgtn (n).. 38% 611 384 52 8% g Sec (A) g Sec pf f P C& Oil (b5). 50 « 1528 3214 1208 arbon LIPetts(Z). . 1st pf ofs 1.20 2d pf efs 1.20 rnSec pf (1 . 1180 Car Chem. . ia-Car 6% pf.. W h. Dairy (B). Motor (1).... Sw Mch pf(4). -Over (c1.20) -Over pf (7). 130% 6% Towne (4) 8214 | 368 | Sp&W (12%). s s ao Sheet & T (5) 3 157% Radio. .. 4 TS EXPIRE <Aug 15 61 8% | 946 Aug 347 Stocks on New York Exelnnn. 438.400 12:00 Noon . 2,872,800 the annual 33 in preterred stoci elerred stock. 1Plus 1-25 Fhea, Flus " Pus 2% 1 POSITION OF FRENCH BANK STRENGTENED BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, July 23.—As a borrower in the United States for the past sev- eral years, France has been the most provident of the large European na- tions. To some exten this was com- pelled by the situation developing out of her failure to ratify the Mellon- Berenger agreement, which has now been ratified by the French Chamber of Deputies by a small margin. Under normal conditions this would place France in a position to go ahead and ask for American capital. From a political standpoint, the doors would be open for financial negotiations be- tween the two countries. The debt agreement, however, has been reached at a time when the United States is short of capital to lend abroad and when France, the exercise of a strict national economy, has lifted her- self to a position of first rank ams the moneyed countries of the wofld. It is doubtful whether France will soon come to the American market for new capital. Her banking position is regarded as stronger than it has been at any time in the past 25 years. France is more likely to be a lender than a bor- rower and to resume in time the credit status which she had a quarter of a century ago when she was able to finance Russia, Mexico, Turkey and many % | other of the ‘smaller political divisions France today dominates the money markets of Europe and is in & position to influence the American money mar- ket decisively if she should wish at any time to convert her present holdings of loreu-n exchange into gold. It is esti- ted by Dr. Benjamin M. Anderson, jr that the Bank of France today had over $1,000,000,000 in gold exchange. Miss Mabel Russell, who sat as & member of the last English Parliament, has forsaken politics in real life for politics on the stage. She will play the p«rlm:lpcl part, that of a confidential to & politician, in John Gals- comedy, “Exiled.” BUSINESS NOTES. By the Assoclated Press. NEW YORK, July 23.—The Bureau of Rallway Economics reports that the railroads of the United States are mov- ing freight traffic with the greatest speed they have ever attained. The average speed of freight trains in May was 13.3 miles per hour, the highest monthly average on record. A new $1,000,000 issue of Western Refrigerator Line equipment trust 6 per cent gold certificates is soon to be offered. Consolidated Automatic Merchandis- ing Corporation (CAMCO) announces that orders for its talking robots and change makers have been received from the Great Atlantic & Pacific Tea Co. for use in stores in Detroit, Pontiac and Dearborn, Mich. The Sperry & Hutchinson Co. have purchased the Legal Stamp Co. of Bos- ton and the United Shm Stamp Co. of Toledo, thereby adding 3,200 mer- chant cusotmers for trade discount stamps to the Sperry & Hutchinson list. The St. Louis Theater has been sold to the Radio-Keith-Orpheum circuit for $2,000,000. New Securities By the Assoclated Press. NEW YORK, July 23.—New security offerings today include: Erie Rallroad 414 per cent equlpmnet trust gold certificates, lnwun $8,370,- 000, due semi-annualiy from 1, l.w, to August 1, 1944, offered to yieldsmeentwnspereent Syndicate headed by First National tion of Boston. undred Fifth Avenue, Inc., first mo ge leasehold 6'; per cent sinking fund _20-year gold bonds, amount $7,000,000, at .00 and interest. De Paul University Bullding (Chi- cago) 10-year general mortgage lease- hold collateral trust 6%, per cent gold bonds, at 99%%. Lo nd Cattle breeders of Africa recently presented an Africander bull and two cows to the King of England. U. S. GRAIN EXPORTS. By the Associated Press. Grain exports from the United States last week were 2,134,000 bushels, com- pared with 1,711,000 bushels for the previous week, and 1,386,000 for the corresponding week last year. The Department of Commerce figures show the amount of wheat exported last week was 1,551,000 bushels, com- pared with 839,000 bushels for the pre- vious week; barley, 276,000 against 707,000; corn, 261,000 against 136,000, and oats, 46,000 against 29,000. No rye was exported either week. Canadian grains cleated from United States Atlantic ports amounted to 1,032,000 bushels compared with 3,028, 000 bushels for the previous week, while exports of North American wheat flour bw:re 203,000 barrels against 264,000 rrels. IABYI.AND PEACH CROP. BALTIMORE, July 23 (Special).— The peach crop in Maryland this year | Bethiehem Steel. | Green Cananea Copper sagged 1 to 2} STOCKS RISE AGAIN AFTER EARLY DROP Market Points Upward id Later Dealings—Many Issues Participate, BY STANLEY W. PRENOSIL. Assoclated Press Financial Editer. NEW YORK, July 23—Reversinf their trends of yestreday, stock pri moved higher today, while grain DE declined. The rally in stocks, w came after an opening period of irreguf larity, carried nearly a score of issut including several public utilities, to ne high records. Gains in the active issus ran from 1 to 6 points, and were 4| tributed over a fairly broad list. Call money renewed unchanged at per cent, with indications that the raf might be maintained, but time mon was perceptibly firmer, with all matu; ties again quoted at 8 per cent, against 7% to 8 yesterday. Calling loans was only moderate. Bullish operations continued vigory ously during the last hour, with th( steels making notable headway. Beth: lehem and Central Allov reached new peaks, and United States Steel vanced more than 4 points. Some the rails made good progress, Alleghe: rising 1o its previous peak as gever: blocks of 7,500 to 10,000 shares changed hands. Baltimore & Ohio advance( more than 3 points to a record level Radio, Borg Warner., American Tele: phone and Bendix Aviation were amony issues selling up 4 or 5 points. North American_was a soft spot, losing { points, The close was SLrong. Opening Is Irregular. Uneven price movements character ized the opening, which was feature by the renewed demand for the railro shares. Initial gains of a point or were re~rded by Erie common, New York CA¥ral, International Harvester Columbls_<3as and Western Union General Riectric, which reached ney high ground yesterday, and Americal Telephone each yielded more than point on opening " transactions With many of the large houses urging a lightening of m mitments on the theory that a correct tive reaction was overdue, the mark was called upon to absorb a fairly heavy volume of selling in the early trading Yesterday's reaction, measured by th leading indices, was the worst sinc May 27, although a sprinkling ol stocks were pushed into new high ground. Uncertainty over the Federal Reserw credit policy also was a disturbing faci tor. Ordinarily, the Federal Reserw mcreases the supply of credit in thj late Summer by purchasing bills and Government securities in order to facilt itate the harvesting and movement of | crops, but with brokers’ lcans at & ney high level, it is felt in some quarterj that special efforts will be made % prevent the stock market from absorl ing credit intended for agricultural ane strictly commercial purposes. Publication of a _record-breaking semi-annual earnings by the Chrysle Corporation browsht fresh buying int that stock, which advanced 11, points but renewed wealness cmpped out 1y General Motors Which tcuched anothe new low at 667 Allied Chemical and American Banl Notz recorded early gains of 8 ant points, respectively, and Unite( tes Steel common, American & For gn Power, Electric Power & Ligh and American Brown Boveri advance( point or so. Several popular indus | trials such as American Can, Sears buck, Montgomery Ward, Dupont Johns Manville an{ points in the early trading. Forelgn _exchanges opened _steady with Sterling Cables slightly firmer o $4.85 7-16. Wall Street Briefs By the Associated Press. The first cracking unit of the new refineries being built by Pan-Americagy Petroleum & Transport Co. on tl Island of Aruba off the Venezuelan coas! started operations July 15. The plant taking the daily output, approximately 115,000 barrels, of Lago Oil & Tmn:- port Corporation, and by September ] will be operating to its capacity of 1254 000 barrels a day. It is reported in Wall Street that mi: nority stockholders of the Sikorsky Aviation Corporation, which is being acquired by United Aircraft & Tran: port, will be offered 5-13ths of & share of United for each Sikorsky. The Canadian National Rallway' grain report says that in Manitoba wheat is from 75 per cent to 90 per cenf headed and is short in straw. The hot weather has caused several districts ta plow under stubble crops. The consens sus is that crops in the province will 50 to 60 per cent of the average yied ea A Complete | Investment' Service GrLLeT &°CO,; BANKERS INVESTMENT IUILDYNG ‘WASHINGTON. D.C. Telephone. National 2460 will lmmln', w 583,000 bushels, com- pared with 465,000 bushels and an aver- age production of 505,000 bushels for the preeedm; four years, according to 8. R. Newell, Federal agricultural statis- ticlan for Maryland. ‘The condition of apples on July 1 points to a total production of 2,266,000 bushels this year, as com red with 2,190,000 bushels harvested 928, cording to the report. ‘The preliminary estimate of the arca of potatoes for harvest in 1929 is 40,000 acres, as compared with 47,000 acres in 1928. Acreage of urly potatoes rm the Eastern Shore n reduced proximately 20 per eem zhl.l year, bu: the reduction in acreage from 1928 has not been nearly as marked in other sec- tions of the State. The reported con- dition of potatoes at 81 per cent of normal on July 1 points to a production of 3,953,000 bulhel.l this year. New Auto hpply Company. NEW YORK, July 23 (#).—The West- <rn_Auto Supply Co. has been formed in Delaware to exchange its shares for stock of Western Auto Supply Agency of Los Angeles, Western Auto Parts Co. ax;wme,a Auto Supply Co. of Kansas CONFIDENCE IN OUR FIRST * 69 MORTGAGE' NOTES DENOMINATIONS OF §250 AND UPWARDS RDI%JTED by careful appraisement of irain- ed men. < * SECURED, on carefully selected and dme proved real estate in Wulxtnv!fi and its mflm’“@' INSURED against loss by fire by 'laMad insuranee companies. INTEREST RECET R DAY TI ARE DUE BOSSEPHELPS 1417 K St. National 9300 Parking space in rear of office for our clients - BY