Evening Star Newspaper, July 29, 1929, Page 14

LOCAL MEN GONG | T0A.B.A. MEETING San Francisco Bankers’ Con- ventil)n to Draw Several D. C. Financiers. BY EDWARD C. STONI An outline of the program for the annual convention of the American Bankers' Association, to be held in San | | Francisco, from September 30 to Octo- ! ber 3, has just been | issued and the meetings of com- mittees, commis- sions, sections, di- visions, as well as the general scs sions, indicate tha? all phases of bani ing have been cart ! fully covered. W ashin gton bankers are al- ! ready making plans to attend the cor , vention. Amon! those going will bt Hilleary G. Hoskin® son, vice presidep* A i of the Riggs Na- prank P. Harmon, Jr. tional Bank; Fran- cis G. Addison, vice president of the Security Savings & Commercial Bank, and Lanier P. McLachlen, president | of the McLachlen Banking Corporation, | and the first vice president of the Dis- trict Bankers' Association. Mr. Addison will attend the sessions ! as a member of the executive council of the American Bankers' Association vepresenting the local association. He was elected to the office for a three- year term at the last annual meeting of the local organization. It is expect- | ed that several other Washington bankers will also attend the San Fran- cisco secsion: At a mesting in Los Angeles two or three years ago, about | 171, 44 3 o dozen local financiers were present. | The A. B. A. today annonuced a large number of special tours, which will have the convention city as their objective. The leading railroads of the 148% 110 Am Bank Note (13). Stock ana gh. Low Dividend Rate 4% 38% Abitib] Power & Pap Abitibi P& P pf(6).. Abraham & Straus.. 27% Adams Millis (2)... 27 Advance Rumley. 404 Advance Rumley pf. 1% Ahumada Lead...... 95% Air Reduction (3)... 374 Alr Wal El Ap(23%) 4': Ajax Rubber.. 41 Alaska Juneau. 12 = Albany P W Paper. . 27% Alleghany Corp..... 99t Alleghany Cpf (534) 100% Allex’y pf rets(5%)., 4 241 Allled Ch & Dye (6) 2215 Amerada Corp (2) 10'% Am Agricul Chem 40% Am Agricui Chpf.., 14% Am Beet Sugar. .. 46 Am Beet Sugar pf... 40% Am Bosch Magneto. 45 Am Brake Shoe 2.40. 15% Am Brown Bov Elec. 10% Am Can (14).. . 136' Am Canpf (7)....., 92 Am Car & Fdy (6) 46% Am Chicle (2). 5 4313 Am Com Ale (K1.60). 23% Am Encaust Til 825 Am European Sec 75% Am & For Power. ... 104 - Am & For Pw pf (7). 24% Am Hawaiian (1). 614 Am Hide & Leathe 38 Am Ice (13). 5214 Am Internat (12). 4V Am La F & Foamite. 1025 Am Locomotive (8).. 113 Am Loco pf (7)..... 147% Am Mch &¥dy (4).. 50 Am Metal (3). e 113% Am Metal pf (8) #Mix Am Pow & Lt (f1)... 98% Am Pow & Lt pf (6). 401 Am Rad&Std S(1%). 43 Am Republics. ... 106% Am Roll Mill (c2 61 Am Safety Raz (15). 3214 Am Seating (3)..... 313 Am Ship & Com..... 12 Am Sm & Ref (4). Am Snuff (n) Am Steel Fdy 65 Am Stores (2) 71'3 Am Sugar RIg (5)... Am Sugar Rig pf(7). a ® ] Ranwade e e =18} e 85 943 60 el & Tel (9). 1 obacco (8). 1604 Am Tobacco B (8) country will run_special trains and | 38, 0t AT N WKa el there are alzo to be combined rail and water tours by way of the Panama | Canal. Harmon Has Advanced Rapidly. One of the younger Washington | bankers who has climbed the financial ladder with extra rapidity is Frank P. Harmon, jr., vice president of the Mer- chants Bank & Trust Co. It was in January, 1913, that Mr. Harmon de-| cided to enter the field of finance, and | Joined the staff of the Commercial as al Tunner; a position which has furnished the stepping-stones for some of the most noted bankers in the country. Mr, Harmon advanced rapidly through various positions until January, | 1920, when he went to the old Mer-|{ chants Bank as cashier. He was elected | treasurer of the present Merchants Bank & Trust Co. in 1922, and on April 1. 1923, was advanced to a vice presi- | dency. In April of this year, when | Peter A. Drury vacated the presidency to become chairman of the board ani Rolfe E. Bolling was elected president, | Mr. Harmon was made first vic president. At 36 vears of age he has one of the most responsible positions in the bank. He aiready has an enviable reputa- tion as a fisherman. Assisted by E. Jackson Emrich of Harris & Voss, he hauled in a shark from the waters off Montauk Point during the recent bank- | ers' convention. At the same conven- tion he was vice chairman of the hotel | 19 committee. | Insurance Firm Coming Here. H It is announced’ today that the | Premier Insurance Corporation of Amer- ica is to move from Baltimore to Wash- ington to take offices in the new Shore- ham Building. The president is Herbert | C. Stoddart, who has been an insurance | 1 organizer for several years. Others connected with the company | include Frank L. Stoner, who is presi- | dent of the Farmers & Mechanics’ Na- | tional Bank of Frederick, Md.: Charles G. Holzshu, vice president of the Liberty Trust Co., Cumberland, Md., and presi- | dent of a real cstate mortgage company and of a lumber company in the same city: Henry Holzapfel, president of the | Mechanics’ Loan & Savings Bank and of the Washington County Building & Loan Association in Hagerstown; John | W. Lowe, president of the Manhattan Laundry Co. in this city; William C. Bond, prominent lumber dealer in Mary- land, West Virginia and Kentucky: E. Dale Adkins of Salisbury, Md., who is a director in the Eastern Shore Trust Co.; Addison E. Mullikin, Baltimore lawyer, and J. Thomas Lyon, Baltimore financier. The firm will come here as soon as the new office building is completed. Gas Sales in This Territory. The American Gas Association nas{ just reported gas sales for the first five | months of the year. The report says the | Middle and South Atlantic regions con- tinue to show relatively smaller 1in- creases than other sections of the coun- try, the gain in these two regions amounung to less than 2 per cent for the five-month period. The South At- Jantic terntory includes Delaware, Dis- trict of Columbia, Florida, Maryland and Virginia. For the country as a whole there was an increase 1n sales in May of 11 per cent over May, 1928, according to re- | ports from 96 companics. At the end of | May the customers of these companies showed an increase of 2.5 per cent over the same time a year ago. Capital Traction Leads Market. The sale of 85 shares of Capital Traction stock was the feature of heat- ed trading on the local Stock Exchange today, the price paid being 95. Mer- chants' Transfer & Storage common came out at 115's, Mergenthaler at 105 and 1047;, and District National Bank stock at 232. 1 [ One hundred shares of National Mortgage & Investment preferred sold at and 90 shares of Real Etate Mortgage & Guarantee preferred moved at 7%. Ten shares of Potomac Electric Power 5! per cent preferred came out at 10812 and 15 of the 6 per cent issue at 112, One hundred shares of Wash- ington Savings Bank stock, in the un- listed department, changed hands at 14. Bonds were quiet, $1,000 Gas B ‘bonds selling at 10573, two Gas A's at 10233 and Railway & Electric 4s at 86';. The bid on - Railway common remained at 850 today although local market observers say it is likely to go considerably higher, one reason being the recent exceptional strength being shown in North American stock in New York. Washington Gas, quoted ex- dividend, closed with 125 bid and 130} asked. Bankers’ Bulletin OQut Today. The Monthly Bulletin of-the District Bankers’ Association appeared in the 101 17 1245 Bethlehem Steel (§) morning mail. The size has been in- creued‘m ecight pages. On the first page President W. J. Waller expresses confidence that with the pledges of co-operation already received, much will be accomplished during the coming year. The publication gives an excel- ient resume of recent association ac- tivities. FORMS WEST SUBSIDIARY. NEW_ YORK, July 29 (#).—Radio- Keith-Orpheum has formed a Western subsidiary to be known as the Radio- Keith Orpheum San Prancisco Co., to take over and operate theaters now being acquired on the Pacific Coast. e SR BUTTER STEADY: CHICAGO, July 29 (/).—Butter un- changed; receipts, 10,959 tubs; cream- ery extras, standards, 42; e: S, 40'5a41Y,; firsts, 39a39%; seconds, 3723812, Eggs higher; receipts, 14,509 cases; extra firsts, 3215a33%; firsts, 32; crdinary firsts, 20a3l, A 16'x Am Woolen. s Am Woolen pf. Am Zinc Ld&Sm 's Am Zine LA&Sm pf.. Anaconda Copr (7).. 621, Anaconda W&C (3) 43 Anchor Cap (2.40)... 10214 Anchor Cap pf (6%). 44% Andes Copper (3). 29 Archer-Dan-M (2 85'4 Armour Del pf (7) 103 Armour 111 (A) 5% Armour 111 (E) Tl Armour 11 pf (7)., 19'x Arnold Constable.... 26% Art Metal (1%3)..... 49% Asso Appl Ind (4). 43 AssoDry G (2%). 195% Atch T & S Fe (10) Atch T&SF pf (5). Atl Coast Line (110). AUG « A1LG & W L pt (4) 53'2 Atl Refining (11% 90 Atlas Powder (4) 10% Atlas Tack.... 221 Auburn Auto ( 5 Austin Nichols. 225 Autosales. .. Autosales pf (3) 'e Auto-Strop Raz (3 o ma aekdzawenilot o 7115 210 Baldwin Loco (7). % 115% Balto & Ohio (6) Balto & Ohio pf ( 6413 Bang & Aroos (3% 362 Barnsdall (12%) 86 Bayuk Cigar 20 Beacon Oil. 9513 95 RBeatrice Cream ( Belding-Heminwa 1043 Bendix Aviation (2). &5 G B E s TR Bethlehem St pf (7). 4 11014 Bohin Alum&Br(f4).. 6 Booth Fisherics..... 8314 Borden Co (3)... 107 Borg Warner (j4)... 85 Boston & Maine..... 813 Botany Con M (A) 304 Briggs Mfg 37> Briggs&str 2 1147 Bristol Myers(t433) 404 Brockway M T (3) 59% Bklyn-Manhat (4)... 113 Bklyn-Man pf (6)... 170 BkiYn Union Gas (5) 3814 Brown Shoe (2%)... 341y Eruns-Balk-Col(3).. 18 Bruns Ter & Ry S. 254 Bucyrus Erie (1)...: <& Burr Add Mch (15).. 54% Bush Term (82)..... 4% Butte Copper & Zinc. 6!4 Butte & Superlor (2) 1223 Byers (A M).... 323 By-Prod Coke (13) 72%4 Calif Packing (4). 13 Callahan Zinc & L... 123 Calumet & Ariz (10). 36% Calumet & Hecla(4). 463 Campbell Wyant (2 78 Canada Dry G A (5). 5% 218 Canadian Pac (10).. 35 Cannon Mills (2.80).. 120 Case Th Mch pf (7).. 851 Celotex pf(7) 30 Cent Azuirre 40% Cent Alloy Steel 8% Cerro de Pasco (6) 16l% Certain-teed Prod... 4715 Certain-teed' pf...... 195 Ches & Ohio (10).... 7814 Chesapeake Corp (3) 43 Chi & Alton. .. . 6% Chi& Alton pf...... 12% Chi Great Western. . 38 ChiGreat Westn pf.. 27% Chi Mil St P&Pac... 46% Chi Mil St P&Pac pf. 80% Chi &N W (4). 28% Chi Pneu Tool. J 48% Chi Pneu T pf (3%).. 115 ChiR1&Pac(7).... 105% Chi RI& Pac ot (7 36 Chickasha COil (3 44% Childs Co (2.40). 66 Chrysler Corp (3). 49 City Ice & I (3.60).. 19 City Stares (1) . 248 CCC&StL(8)..... 43'% Cluett Peabody (5).. 120% Coca-Cola (4). . 47% Collins & Afkman. 56 Colo Fuel & lron 531 Columbia G&E (2).. 55% Couml Graph (29.1c) 63% Col Graph f pd rets. . 121% Columb Carbon t4% . 43 Com Credit (2)...... 131% Com Inv Trust (14) 225% Com Solvents (h8).., 59% Conde Nast Pub (2). 19% Congoleum-Nairn... 1 69 Cong Cigars (5% 63 Consol Cigar (7) 25 Consol Film In p! 95% Consol Gas (3). 96'2 Consol Gas pf (5)... 215 Consol Textile, . 12 Container Corp A. 6 Container Corp B. 47% Contl Baking A..... 8% Contl Baking B..... 8814 Contl Baking pf (8).. 59% Cont'l Bank of N. Y. 60 Contl Can (2%). 100% 79 Contl Insurance (2). 28% 13 Contl Motors (80c).. 30t Contl Oil of Del..... 82 Corn Prod (13%). 51 Coty Inc (g2)... 83 Crosley Radio (11 42% Crown Cork & Seal. . 85 Crucible Steel (5) 1% Cuba Cane Sug: /129 117 Curtis Publishing(6) 118 113% Curtis Publish pf(7) 173% 135% Curtiss Aero (1).... 101% 68% Cutler-Ham (3%) 69% 42% Davison Chem.. 46% % Debenhams (a1.59) 226 182 Delaware & Hud (9 160% 120% Del Lack & W (17). PRa-+ Stock and Dividend Rate. W pf Detroit Edison (8). .. Dbme Mines (1)..... Dominjon Strs(1.20) Drug Corpn (4) Dunhill Inter (£4).. Duplan Silk pf (8). . Du Pont de N(t4%). ” Eastman Kod (18) Katon Axle & S (3) Eitingon-Sch (23%) Emmerson-Brnt Emp Capwell (2) ' Kndicott-John (5)... Eng Pub Serve (11), pnz Pub Svepf (5).. quitable BIAg(2%). 14 ErieRR...... Falrbanks Morse (3) Fed Lt & Tre (113%4). Fed Motor Tr (80c).. Fid Phen F Ins (2).. First Nat Stores 1% . Fisk Rubber, Fleischmann Fleischmann ctfs. Florsheim Shoe A, Follansbee (123%). .. Foundation.Co. 4 Fox Film A (4) Kreeport-Tex Gabriel Snub A. . Gamewell Co (5)..., Gardner Motor...... Gen Am Tnk Car(34) Gen Asphalt. Gen Asphalt pt (5) Gen Cable Geri Cable Gen Cigar (4) Gen Electric (16) . n Elec spee (60c). Gen'l Food Corpn (3) Gen Gas&El A (el'3) Gen Mills (3)..... Gen Mills pf (6)..... Gen Alotors (+3.30) .. n Motors pf (7). .. n Outd Ad vic n Public Serv (b6) Gen Ry Signal (5)... Gen Refrac (133%). Gillette Safety R (5) mhbel Brothers. Gimbel Bros pf (7) Glidden Co (11%) bel (Adolf). Gold'Dust (214)..... Goodrich B F (4) Gondyear Tire (5). Gotham Silk H (2%) Graham-Paige...... + Granby Consol (7). Grand Union.. . Grand Union of (3).. Granite City Stl (3).. Grt North pf Grt North pf ct (5) ) 54 Grt Nor Ore.(all Grt West Sug (2.80)., Greene Can Cop (8).. 4 Guantanamo Sugar.. Gulf Mo & N pf (6) Guif Sta Steel (4). Hahn Dept Stores Hartman B (1.20). Hayes Bdy (b8 %stk Hercules Powdr (3). Hershey Chocolate. .. Hershey Choe pf (4). Hershey Ch pr pf(6). Hoe (R) & Co. Holland Furn (e2%). Hollander & Son. ... Homestake Min (7). Houd Hersh B (1%). Household Prd (14). Houston O} Howe Sound (141;). . Hudson & Man (23), Hudson Motor (5)... Hupp Motor (£2)... ———] Independ Oil & G (2) Indian Refining. . Indian Refining ct. Industrial Rayon Ingersol Rand (5 Inland Steel (3% ). Inspiration (4) Interboro Rap Tran.. Intl Agricultural Intl Agriprpf (7)... Intl Business M (5).. Intl Cement (4) Intl Comb Eng 6 325 13 10% 1 45% 11112 2 50 2 92 23 187 172 204% 2 ns 3 108% 2 102 3 39 7 83 58 10 2 314 3 )... 1 Intl Cmb Eng pf (7). Inti Harvester (233). Intl Harv pf (7)..... Int Hydro El A (e2). Intl Match pf (3.20). Int Mer Marine ctfs.. Intl Nickel Can (80c) Intl Pap & P A(2.40). Intl Pap & Pwr B Intl Pap & PwrC.... Intl Pap & Pwr pf(7) Intl Print Ink (23).. Intl Silver (18) Intl Tel & Teleg Inter Dept St 1sland Creek Co 3. Jewel Tea new (3).. Johns-Manville (3).. Jordan Motor Car.. .. Kan City Sou (5).... Kan City Sou pf (4)., Kayser J&Co (5)... Keith-Albee-O pt (7) Kelly-Spring Tir i Kelsey Hayes (2). Kelvinator Corp. 7% Kennecott (5). 4 Kimberly Clrk( Kinney (G R) (1). Kresge Dept Stores.. Kreuger & Tol(1.34) . Kroger Gr&Bak(c1) 1.ago Oil & Trans.... i LehPort Cem (2% ). Lehigh Valley (3%). Lehigh Valley Coal. . i Leh Val Coal pf (3).. Lehn & Fink (3). . i Liggett & My B (15). Loew's Inc (2) Loft Inc. . Long Bell Loose-Wiles (2.60) Lorillard (P) Co.. » Louislana Oll... LouG&EIA (1%).. Louis & Nash (7) 4 Ludlum Steel (2) M- Mac A & Forb(t2.85) McKesson & Rob (2) McKes & Rb pf(3%). Mack Trucks (6).7.. Macy (RH)&Co(ct3) M M: Man Shirt (2). Maracaibo Oil Exp... Marlin-Rockw (4).. Marmon Motor (4) % 'Martin-Parry. . - Mathieson Alk (e2). May Dept Strs (4) ... Maytag Co (12)..... Maytag Co pf (§)...s Mengel Co. .. . Metro Gold pf (1.89). Mexican Seaboard. .. Miami Copner (4). Michigan St) (2%) Mid-Continent P (2 Midd!e States OI1 Midd oil Miller Rubber. Minn Moline Pwr. Mo Kan & Texas. Mo Kan & Tex pf(7). Missouri Pacific..... Missouri Pac pf (5).. Mohawk Carpet t2% . Mon® Ward (2%).... 26% Motor Meter G& E. 39 Motor Wheel 12) unsingwear (1 3 681 56 5 38% 21 5i% 14 60% 96 ~Prev. 1920 Stock and High. Low. Dividend Rats 41% 28% Nat Acme (1%) Natl Air Tra at] Bella Hess(11). 4 Natl Biscuit (16%).. 22 Natl Biscuitpf (7).. 1 R Natl Dairy (11%) Natl Dept Stores. Natl Distillers. 4 Natl Distillers pf(7). NatlEnameling (2). Natl Lead (5).. Natl Pwr & Lt (1) Natl Radiator pf. atl Surety (5). atl Supply (18 Natl Tea (1%). Nevada Copper ( Newport Co A (3) Newton Steel (3). 4 N Y Air Brake (3) 4 N Y Central (8) NYChi&StL (6). N Y Dock pf (5)... orth Am (b10% stk) i North Am pf (3).... No Ger Liovd (3.41). Northern Fae (5) North Pac et (5). Nunnally Co Of1 Well Supply. Oliver Farm Equip. . Olivr Fr Eq % Olivr Fr Ep cv pt(3)., Omnibus Corp. . Otis Elevator (6). Otis Steel. ... Owens 111 Glass (4) a3 Pacific Coast. 73% 53% Pacific Gas& B 1113 Pacific Lighting (3) 1% Pacific Oil stubs. 153% 116'%5 Packard Motor 63 * 40l Pan-Am Petroleum 66% 40'% Pan-Am Pete B. 15% 813 Panhandle P& R.... 5 72 Paramount-F-L (3).. 144 Park & Tilfard (13). Park Utah (80c). Pathe Exchange. ... Pathe Fxchange A. Patino Mines (3.89).. Peerless Motor Car. . Penick & Ford...... Penn Dixie Cement. . Pennsylvania RR(4) 1 People's Gas Chi (%), Pere Marquette (18), Pere Marq pf (5). Phelps Dodge (3) Phila Co (17).. Phila Co 6% pf (3).. Phila& Read C&I.. Philip Morris (1). Phillips Pete (13). Pierce-Arrow A.... Pierce Ofl. . Pierce Oil pf Pierce Petroleum Pillsbury Flour (2) Pirelli Co A (288). Pittsburgh Coal Poor & Co (12). P Rican Am To (B) Prairfe Oil & Gas. ... Prairie Pipe L (14 Pressed Steel Car. Pullman Corp (4) Punta Alegre Sugar. Pure Oil (13). Purity Bakerles ( Radio Corp. 3 Radio pf A (3%5).... Radtopf B (5). . Radio-Keith-Orph A. Reading (4).. Reading 1st pf (%), Real Silk Hostery. . Reis (R) & Co.. Remington-Ran Reming-Rnd 1st (7). Reo Motors (11.60) TRep Brass Corp Rep Iron & Stl (4). Reynolds Spring. Reynolds Th B(2.40). Rhine Wedt (1.92). Richfield Oil (2). Rio Grande Ol (k2). Rossia Ins (2 20) Royal Bak Pwdr(1) Royal Bak P pf (6).. Royal Dutch(al.336) afeway Stores (3) t Joseph Lead (13 St L-San Fran (8). St L-San Fran pf (6) St L Southwestern St L Southwn pf ( 4 Savage Arms (2). Schulte Retail Strs Scott Paper (11.40).. Seaboard Air Line Sears Roebck (32%). Seneca C Sharon Shattuck F G (2 Shell Union (1.40). Shubert Theater (5). Simmons Co (3). Simms Pet (1.60) SinclairOil (12%). Skelly O11 (2).. Sloss Sheffield steel Snider Packing. . Snider Packing pf. So Porto R Sug 2% Southern Cal Ed (2 Southern Dairies A Southern Dairies B 150 Southern Pacific (6 160% 138 Southern Rwy (8). 99 93 Southetn Ry pf(5). 1407 104 Sou Ry M & Oct (4). Stock ana Whee Wheelir White Eagle Oil White Motor (1) Sales— Dividend Rate. Add 00. High. Spang-Chalfant..... Sparks Withgtn (n).. Spencer Kelg(1.60).. Spicer Mfg....... Stand Com Tob (1).. Stand Gag & El (3%3) Stand G . Stana 011 Calif (13).. Stand OII N J (12)... 14 Stand OII N Y (1.60). 14’ Sterling See (A) 2! Sterling Sec pf 11.20. Stewart Warnr(3%) Studebal E pf (4) . T Superior Steel. 42a 4 Sweets of Amer (1).. 13% -T- Telautograph (1).... Tenn Cop & Ch (1).. ‘Texas & Pac (5)..... Texas Corp (3) 12. Tex Gulf Sul (4) Texas P C & Oil (bb) 4 Texas Pac Land Tr.. Thatcher Mfg Thatcher pf (3. The Fair (2.40). Tide Water Asso. ... Tide Water Qil(80c). 5 Tide Water Oil pf(5) E 9015 Timken Det Ax(80e) . 3 23 Timken Roller (3)... 4 9 95% 100 1 Tobacco Pr (1.40)... 31 13% Tob Prod ctfs(1.40).. 23 13 3 3 14 Tobacco I'r A (1.40). 6 . 17 Transcontinental. 2 A 11% Trico Prod (2% ) 547, 55 Truax Traer (1.60).. % 21% Truscon Stl (11.20).., 52 51 Twin City Rp T (4).. 40 -U- Underw-El-Fish(4).. Union Bag & Paper. . Unlon Carbide(2.60)., Union Oil Calif (2).. Jnion Pacific (10)... Union Tank Car(5).. Utd Aircraft&Trans. Utd Alrcraft&T pf 3. Utd Biscuit (1.60)... United Carbon . Utd Cigar Stores(1). 2 Utd Cizar St pf(6) Ttd Cer Stofe ctfs. Utd Corp pf (3). Utd Electric Coa Utd Fruit (c4).. Utd Gas & Imp (1) Utd Paperboard. Cst I Petfs(2 P t pf efs 1.20 pf efs 1.20 S Ind Alco (6) Leather. eather S Realty (5) S Rubber. U S Rubber 1st pf... U S Smelt Ref (333). U S Smelt Ref pf 313 U S Steel (7) 108 U S Steel pf (7). Univ Pipe & Rad Utl Pwr& Lt A (e2) 473 — Vadsco Sales Vanadium (1 Vick Chemical (4 Virginia-Car Chem. Virginia-Car 6% pf. Virginia-Car pf (7) k 2" 91 [} Wahash. 90t Wabash p Walworth (1.20) , i Ward Baking B..... 11k Warner Bros Fic (n) Warner-Quinian (2). Warren Bros (15)... Webster-Eisenlohr. . Wess O & Snpf(4).. B Westn Dairy A (4).. - 3 4¢ 98, 4912 Western Maryland. . 1 Western Pacif pf.... Vestern Union (8).. Westngh EI&M (4).. W eston El Instru Wess Oil & Snow ( Westvaco Chlo: White Rock M S (3). White Sewing Mach. Wilcox Oil & Gas. Wilcox Rich(B)e2 Willys-Over (c1.20). Wilson & Co A Woolworth Co,..... Worthington Pump. Worthington B. Wright Aero (2 Wrigley Wm (4).. Yellow Truck & C. Young Sp&W (123). Young Sheet & T (5) Zenith Radio RIGHTS EXPIRE 4 Col Gas&El..Aug15 144 - 6% (53 Mont Ward..Aug 26 70 18% 17% 185 ;b Dividend rates as cash payments based iaration. stock. 4 4 M TR 1T ugls 296 6 b4 b5 6 on New York Exchange. 12:00 Noon. given in the ve tatle are the annual on the latest quarterly @r hsif vearly dec- sUNIt of trading less than 100 shares. $Plus 83 i preterred stock, SR o = X 1-25 1n X 414 KEACTION SWEEPS STOCK LIST DOWN Storm of Selling Orders at Midday Carries Issues 0ff 2 to 12 Points. BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK. July 29.—A ‘swee reaction in stock prices took pmfh}fi today's market after several ineffectual ;z;ex:lu "h:d bbcm m::: to rally the e st by mari up specs stocks. While intermittent seing had been going on throughout the morning, the liquidating movement did not gather full force until around midday, when a storm of selling orders suddenly ap- peared, and carried scores of issues 2 to 12 points below last week's final quotations. Wall Street was inclined to blame the credit stringency for the selling movement. Call money renewed today at 9 per cent, with only a moderate supply of funds available, and a firmer undertone was reported in the time money market. With heavy month end demands, for funds at hand, coupled with the' expiration of stock “righ little_hope of easier credit condition was foreseen for some time. Good News Is Out. “Bear” traders sold stocks rather heavily on the theory that most of the “good news” which the market had been discounting was out and that there was little left on which bullish enthusiasm could be generated. Most, of the commission houses and several of the so-called “investment servicez” had been advising their customers to reduce long commitments on the theory that the market was “overbought. The apparent inability of pool npAr- ators to attract an outside following also encouraged short selling, Reactionary price tendencies again predominated at the opening of today's mariet. Westinghouse Electric dropped 3 points, United Carbide 2 and Balti- more & Ohio, Electric Auto Light and several other popular industrials yielded fractionally. Chesapeake & Ohio and Radio each opened about a point higher. Motors, which have been under rather steady selling prescure for several weeks, developed strong rallying tendencies, with Studebaker and Chrysler in the vanguard of the advance. Frank G. Shattuck jumped nearly 4 points, East- man Kodak 3 and R. H. Macv and Michigan Steel recorded early gains of a point each. (F{;rflg‘n r’(;]hangr'; r;]nf*ned firm, with | sterling _cables slightly high $4.857-16 ey i U. S. Steel was in demand during | the morning on hopes of special divi- dend action at tomorrow’s meeting. the stock rallying to 2067, up 3;5. Recov- | eries also were staged by American Can, General Electric and other industrial {leaders. Call money renewed at 9 per ! cent. STEEL PLA.NT ACTIVE. | Bethlchem's Baltimore Mills Oper- ate at Low Cost. | Spectal Dispateh to The BALTIMORE. July 29.—Operating at | approximately capacity. the Baltimore {plant of the Bethichem Steel Corpor- | ation is doing its full share in swelling the earnings of the big steel company. The Baltimore plant is one of the lowest-cost plants owned by Bethlehem, { and is one of the most modern in the United States. Bethlchem has more | than $100.000,000 invested in plants in s district, and the cxpansion pro- gram is not finished vet. It produces nearly everv description of finished steel, and shipments are ! made to every part of the world. For | several years the management has en- couraged employes to invest their sur- :iplm funds in the stock of the com- pany, and many of the approximately 7., | 11.000 men and women on the pay rolls “/of the local plant are stockholders. PROEIT INCREASES. NEW YORK. July 29 (.—Ths < | American Locomotive Co. for the first onths reports a net profit of 75939, equal to $224 a share on 770.000 common shares, compared with $1.502.702, or 20 cents a share during the corresponding period last year. 4 — o STEEL MILLS ACTIVE. NEW YORK. July 29 () —Forty-ci of the fifty-one independent open hearth furnaces in the Youngstown steel dis- trict are reported melting. Tin milly are operating at near capacity. and | 113 of the 120 sheet mills are under power. Independent strip mills are operating above 90 per cent of rated | capacity and bar mills at 80 per cent. S FAB;!ELL Is OPTIMiSTIC. NEW YORK., July 29 (£).—James A. Farrell, president of the United States Steel Corporation, before sailing for a five-week vacation abroad. said that the demand for steel “continues ex- cellent.” and that he looked “for no lon during the remainder of the Wall Street Briefs By the Associated Press. NEW YORK, July 20.—Atlantic Re- fining Co. and subsidiaries earned profit of $8,862,000 for the first half year, equal to $3.67 a share on the common. In the first six months of 1928 earnings totaled $5,690,000, or $2.50 a share. United States Shares Corporation, which already manages eight invest- ment trusts c:.(mthen:l:flud mllmgemgt type, is entering general manage- ment field with the offering of 400,000 shares of United States Shares Finan- cial Corporation, business of which will be managed by the first-named cor- poration. Directors of American Solvents & Chemical ‘Corporation plan to submit to the stockholders a proposal for in- creasing the authorized capitalization to 500,000 shares of convertible prefer- red from 360,000, and to 1,250,000 com- mon shares from 320,000. The increase will provide for an expansion program. Lester Noble, former president of the Pederal Radio Corporation, which has been acquired by Acoustic Products Co., has been appointed general sales man- ager of the Sonora Radio division of Acoustic, A $2,000,000 offering of Tarrant County, Tex., water control and im- provement district (Fort Worth) 5 per cent bonds, due serially March 15, 1933-99, is being made today at par. The current issue of Guaranty Sur- vey, published by the Guaranty Trust Co. of New York, says that business has passed into the Midsummer season 14 | With slight evidence of the recession" in indusf that usually comes at this time of year. The review sees “little apparent ion to cut down op- erating schedules.” The Chicago, Rock Island & Pacific Railway's $9,450,000 issue of 41; per cent equipment trust certificates, series P, are to be offered publicly to yield from 6 to 5.15 per cent, Leach Corporation is being organized by a Chicago group as & financial and investment company. George T. h, vice filflfl of A. B. Leach & will ‘The company will start Fum $6,000,000. CHICAGO LIVE STOCK MARKET CHICAGO, July 29 (P).—United States Department of Agriculture— Hogs—Receipts, 52.000 head, including 22,000 direct; slow, mostly 15 to 25 cents lower with Friday's average: top, 12.10: bulk of good to choice. 150~ 1220 pounds weight, 11.75 to 12.05; 260 to 300 pound weight, 11.00a11.35; pack ing sows, 9.50a10.25; butchers, medium to choice, 250 to 300 pounds, m.ssaua capacity of at least 2,000 batteries a 11.60; 200 to 250 pounds, 11.20a12.10: 160 to 200 pounds, 11.50a12.10; 130 to 160 pounds, 11.25a12.10; packing sows, 9.35210.25; pigs, medium to choice, 90 to 130 pounds, 10.75a11.85. Cattle—Receipts, 20,000 head; calves, receipts, 3,000 head; most killing classes weak to unevenly lower; medium to good steers off most: strictly choice kinds slow but nearly steady; bulls and she stock tending lower; carly top; 16.15; few loads held above 16.50; slaughter _classes, steers, good and choice, 1,300 to 1,500 pounds, 16.7: 1,100 to 1,300 pounds, 16.75; 950 to 1,100 pounds, 13.25216.50; common and medium, 850 pounds up, 9.00a13.25; fed yearlings, good and choice, 7.50 to 950 pounds, 13.25a16.00; heifers, good and choice, 850 pounds down, 13.00215.25; common and me- dium, 8.00a13.00; cows, good and choice, 8.50a12.00; common and medium, 7.25a 8.50; low cutter and cutter, 5.75a7.25; bulls, good and choice (beef), 9.75a 11.75; cutter to medium, 7.5029.75; vealers (milk fed), good and choice, 14.00a16.50; medium, 12.50a14.00; culi and common, 8.00a12.50; stocker and feeder steers, good and choice, all weights, 11.75a13.50; common and me- dium, 9.00a12. Sheep—Receipts, 14,000 head: slow: opening 25 lower; good to choice Idaho lambs, 13.50; natives mostly 13.00; fat ewes, 5.50a8.50; feeding lambs quotable 25 lower. Lambs—Good and choice, 92 pounds down, 12.75a13.75; medium, 1100a12.75; cull and common, 8.25a nds down, 4.75a6.50; cul = mm 2.5025.00. Feeder lambs, good and choice, 12.50a13.75. - SR, WARNER SUGAR BONDS. NEW YORK, July 29 (#)—Holders of Warner Sugar Corporation first and refunding mo age 15-year 7 per cent sf fund ds, series A, dated January, 1924, have been asked waive sinking fund payments which amount to about "'W cent of the total amount of the ds, or $238,000 semi-annually. Approval of more than 60 per cent of the principal amount of the bonds is necessary. Commodity Notes CLEVELAND, July 29 (Special).— The Willard Storage Battery Co., through its president, R. C. Norberg, nnounces that it will erect a plant in Los Angeles to cost $1,000,000, and have day. Mr. Norberg says that further an- nouncements of Willard activities on the West Coast, which will revolution- ize the battery situation in that part of the country, wiil be made soon. MONROE, La.—The Brown Paper Co. announces plans for the doubling of ite paper making plant at West Monroe. About $5.000,000 will be spent in en- largirg the plant. The capacity will he increased from 175 tons of craft paper a day to 400. The plant, when enlarged, will represent an investment of $11,000.- 000, and will be the largest in the South. It will have an annual pay roll of $2,000,000. ENID, Okla.—Wheat crops in this vicinity are thrashing out less than half a normal crop, which at most yields not over 10 bushels to the acre. Usual heavy yields in the vicinity of Cherokee have declined to 8 bushels. Many farm- ers will make money, however, at the new price levels despite low yields. PORTLAND, O hat is believed to be a record for early Gravenstein apples was made here Friday, when a shipment came in from Yakima, Wash. These apples, wrapped and packed, range in size from 160s to larger. These were fully three weeks earlier thaa usual. According to reports from the apple districts of the Pacific Northwest the crop this season will be but slightly ‘more than 50 per cent of last year. " CHESTER, Pa—It was ‘announced here today that hereafter Ford plants on the Pacific Coast will be supplied with parts from Detroit via Chester and the Panama Canal. The first Ford ship for this purpose will be loaded with 6,000 knocked down cars this week. SACRAMENTO, Calif.—The rice growers of this State are watching Russian difficulty, as an_a ?roh:lgley ‘would create a strong demand or rice. closely the developments in the Chinese- £ y lop! American commercial airplanes are being used in Chile. ; o et s o PRICES ON PARIS BOURSE. PARIS, July 20 (P).—Trading was s _were steady on the . Three per cent rentes, 74 francs 80 centimes: 5 per cent {loan, 102 francs 60 centimes; exchange on London, 123 frances 75 centimes. | The dollar was quoted at 25 francs 1491, centimes. PROFIT IS LARGER. NEW YORK, July 20 (P.—A net profit of $730.298 for the first six months is reported by Spiegel, May Stern & Co. Inc, compared $577.114 during the same period Jast yeg - Held on Wife's Charge. By a Stafl Correspondent of The Star. ARLINGTON COUNTY COURT HOUSE, July 29.—Following a hearing in Police Court this morning. Judge Harry R. Thomas held Leo Simonton of Washington under a $3,000 bond on a charge of common law assault. The complainant was Mrs. Nellie E. Simon= ton, his wife, who told the court that her husband had threatened her with a pistol. Robbed of Watch and Cash. SOUTH WASHINGTON. Va. July 29 (Special). —Raymond W. Smith of 312 North Royal street, Alexandria, was robbed of $3 in cash and a watch valued at $50 by an unidentified white man while making his rounds as night watchman at the West Bros. Brick Co. early this morning. Hurt on Motor Cycle. HERNDON, Va., July 29 (Special) — Alfred Stowe, 19, of Chantilly, who was seriously injured last week when his motor cycle was in collision with an- other vehicle, is slightly improved. Stowe was brought to Leesburg Hospi- tal following the crash, which occurred on the Forest road necar McNair's. Chamber Directors to Meet. - FAIRFAX, Va., July 29 (Special).— An 'important meeting of the directors of the Fairfax County Chamber of Commerce has been called by President E. H. Allen for Wednesday night, July 31, in the office of Thomas R. Keith at Fairfax. The committee appointed to investigate office sites and candidates for . the of - 15 lor e ry planning to gfi?fl _rasulg of its meeting last y afternoon.