Evening Star Newspaper, June 2, 1930, Page 13

riN CAPITAL TRACTION EXCHANGE LEADER Stock Sells at 64 1-2 and 64, but Closes at 65—O0ther Issues Also Active Today. BY EDWARD C. STONE. ¢ Trading started off at a lively pace on the Washington Stock Exchange to- day, following the three-day holiday. Capital Traction was the first stock to appear on the board, 10 shares sell- ing at 64!2. Small-lot sales totaling 45 shares were then registered at 64lc. The next sale was a 40-share block at 64, this transfer being followed by small Iot sales totaling 59 shares at the same sigure Ths market in Capital Traction eiosed with eight shares selling at 65, the high for the day. Poromac Electric Power 515 per cent | preferred came out at 107 and closed | at 10675, while the 6 per cent stock sold at 110%; and 111. District Na- tional Securities preferred.sold at 85. «_ Mergcnthaler figured quite actively in the day's sales, opening at 1013, and closing at the same figure. Five shares of National Metropolitan Bank stock ‘came out at 360. Carpel Corporation sold at 2513, ‘Washington Gas, Raillway & Electric and Capital Traction 5s were quite ac- tive at recent levels. Bank President’s Death Mourned. ‘The local financial district was shock- ed early today to learn of the very sud- den death of Dr. Frederic E. Farring ton, president of the Cievy Chase Sav- ings Bank and of the Chevy Chase Scnool. Dr. Farringion had been at the head of the savings bank since 1925 He was most enthusiastic over the bank's future, and with other able offi- cials had guided its affairs during an unusual period of growth. Dr. Farring- ton was deeply interested in the District Bankers’ Association and always at- tended the annual conventions unless dates conflicted with the gradua- fion at his school. He will be sin- cerely missed by his financial associates. C. & O. Operating Ratio Better. In the face of reduced gross revenues the Chesapeake & Ohio Railway report- ed an increase in net operating income for April, in comparison with the cor- responding month a year ago. The gain was due to improved operating efficienty. Operating ratio was cut to 69.5 per cent, from 71.2 per cent in April last year. Operating _revenues for the month were off only 2.2 per cent from last year. They totaled $9,295536, a de- crease of $207,002. Between 65 and 70 per cent of traffic riginating on the C. & O. lines is coal, loadings of which have been hold- ing up substantially to last year’s levels. Contrasted with the $207,002 decrease & in gross, was a $307.750 reduction in operating expenses. Net operating in- come for the month totaled $2,298,046, an increase of $125,165. Bills Favored by Committee. The House committee on banking and currency recently ordered a favorable report on the bill to amend section 9 of the Federal Reserve act granting the Federal Reserve Board discretionary suthority in the matter of assessments of costs of examlx-nhi::l member banks inst bank exam 5 "’:‘he committee ordered reported a bill to vermit any national banking asso- clation to give security in the form re- quired I:iy Btate htw ln; uim;e %Tn}\:{} u.) ure deposits of pul unds !se‘;" or any political subdivision f. ‘.h;!he: bill to enable national banks vol- «untarily to surrender the right to ex- ercise trust powers and to relieve them- selves of the necessity of complying with the laws governing banks exercis- ing such powers was reported favorably to the House committee on banking and currency. “The committee also reported the bill permitting an officer, director or em- ploye of & mutual savings bank to serve as a class B director of a Federal Re- serve bank. American Ice Business Reviewed. In a recent review of the American Tce Company, which operates in Wash- ington and many other cities, Standard \Statistics says in part: “The American Ice Company is an outstanding manufacturer and whole- sale and retail distributor of ice in North Atlantic territory. Also distrib- tes coal, to offset Winter slackness in ice business, and in order to meet grow- ing competition from oil burners is en- tering upon distribution of fuel oil. ‘Horse-drawn vehicles have been elimi- nated, giving place to motor_equipment as an economic measure. Has 80 ice plants in operation, and three ‘under construction will be opened this year. Competition from mechanical refrigera- tion is being counteracted by cultiva- tion of new customers among the wage and lower salaried classes of people who cannot afford iceless refrigeration. “Net income, reversing downward trend which prevailed from 1925 through 1927, has registered substan- tial expansion in past two years. 4 Amounted to $4.33 per common share in 1929, against $3.92 in previous 12 months. Disappointing results for first quarter of current year, When net be- fore depreciation and Federal taxes to- taled only $230,249, compared With $338,007 a year earlier, are sald to re- flect unfavorable weather conditions and the temporary price cutting around New York. Outlook for the second quarter is good, and there 1s no present Teason to expect a decline, ‘for the year 2s a whole, from last year's results Heard in Financial Dhtr‘k:l..‘ i v . Stellwagen, president of the ‘.‘gg)“n‘f!e(\;’st Co., ?ll entertain the en- tire bank staff over the week end at his Summer home, the Oaks, on West River. There will be about 125 in the % p'n?'mrx F. Finley, director in the Merchants’ Bank & Trust Co., has gone to Asbury Park, N. to attend the an- nual cnn\‘tnl\wi’lno the Sons of the ican Revolution 3 Amt.r.l!c,flgllllu, president of the District Baankers' Association, leaves here for Asheville, N. C., tonight to prepare for ANCIAL THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Notice—All stocks are sold in excepting those designated by which shows those 8615 647 ADItIDIP & 66 45 Abraham Straus 87% 234 Adams E2p 1 1% % Ahumada Lead. 6 % 150% 118 Air Reduction (3)... 165 156% 86 21 Alr Way TI Ap(3%). 31 304 215 1% Ajax Rubber eee 6 1% 9% 6% Alasku Juneau « 3 64 15% 84 Albany Wrap Paper. 2 11 354 23 Allegheny Corp...... 45 26% 107% Alleg Cpw $30 w54 3 100% 99% 95 AllegCpwSi0wbi. 2 96u 843 2554 Allled Ch & Dveiné) 9 318 126% 121 AllledCh& Dpf (T). 3 125% 63 49% Alifs-Chalmers (3).. 25 62 424 284 Alpha Port Cemt (3) 2 29% 18 Amerada Corp ¢2)... 15 10% 54 Am Agricul Chem... 2 #9 26 Am Agricul Chof... 97% 77 Am Rank Note 1#3). 64% 61 Am Hank Note pf 13)100s 54% 4416 Am Brake Shoe(2.40) 2 21% R% Am Hrown Bov Elee. 7 80% 60's Am Brewn B E pf(1)3008 156': 117% Am Can (4) 35 148% 146% 140% Am Can pf ( 2 147 116 99% Am Car & Fdy pft 5 100 69% 54 Am Chain Co 1) 2 36% Am Chicle (12%).... 16% Am Com Alconi 60) 23 Am Encaustic (1)... 35 Am European Secur. 65 Am & Forn Power... 111% 107 Am & For Pwrpf(1). 99% 95 Am&Forn Pwr 2d pf, 33% 19% Am Hawailan 88 (2) €9% 55% Am Home Prod(4.20) 55% 385% Am Internat! «2).... 4 Am La Fr & Foamite 105 601 Am Locomotive (4).. 50 11812 103 Am Locomot nf 1) 2 103 119% 112 Am Mach & Fy pf(7) 40s 115% s 39% Am Metal 13) 140w 110 Am Metal pf (6 2 112% Am Nat Gas pf 4808 YOY 4 Am Plafo. . 12 14 20 109% 2 106 29 32% ” > PR T TP 6315 » Am Pwr & Lt pf (8) 3 30% Am Ra&Std San 1%. 37 20'5 Am Republics...... 26% 100% 7% Am Rolling Mill(n2) 0% 3% 1% Am Ship & Com..... 2 48% 467« Am Shipbldg (new). 52 79% 654 AmSm & Ref (4).... 156 3% 13314 AmSm & Ref pf (7).. 5 139 .2 42% 2214 11% 33'% 24% Am Sol&Ch v pt(3). 28% 5214 40% Am Steel Fay (3)... 43 55% 46% Am Stores (2). 2 49 110 104 Am Sugar Ref pf (7) 2 108% 27% 23 Am Tel & Cable (5).. 108 21% 274% 216 Am Tel & Telex (9).. 38 23215 264% 197 Am Tobacco (8). 12 262 26912 197 Am Tobacco B (8 12 268% 114% 106 Am Ty 10s 118 124% 88% Am Water Wks (n1) 80 118% 106 99 Am Wat W 1st pf(8) 2 106% 44% 19% Am Woolen pt. 5 Am Writ Paper ctf: 17% 8 AmZinc L4 & Sm. 8114 5214 Anaconda Cop (7). 20% 22% Archer-Dan-M (2)., 74% Armour of Del pf(7). 5% Armour of 11l (A). 2% Armour of 11l (B)... Armour of 11l of (7). 50% 242% 216 AtchTo &S 80% 59%4 Atl Gulf & W Ind(1). 51% 6% Atl Refining (12) 106 101 Atlas Powder pf (6). 37 31% Atlas Stores (n1) 263% 150 Auburn Auto (J4) 10% 414 Autosales..... 58% 37 Auto-Strop Saf R(3) 9% 4% AviationCorpofDel 34 7% 38 24% Baldwin Loco (1%). 7 %% 116 109 Baldwin Loco pt (7) 20s 111% 122% 1°0' Balto & Ohio (7).. 11 112% 110% 107 Bamberger pf B50s 108 84% 63 Bang & Arooe (3% o o 34 20% Barnsdall. A (3)... 6 27 6% 4% Belding-Hemingway 17 4% 85% 80 Belg N Ry ptpfb.49, 2 B4u 57% 32% Bendix Aviation (2). 10 43% 56% 31% Best&Co (2)..,.... 95 5d% 110% “91% Bethlehem Steef (6). 37 95% 134 1224 Bethiehem Stipf (1) 3 131 41% 344 Blaw-Knox (1%4)... 5 39% 69 47% Bohn Al & Brass (3). 2 56% 89% 60% Borden Co (k3). . 64 90% 50% 32% Borg Warner (3). 22 3% 24% 13% Briggs Mfg Co. 124 22% 78% 63 Bkiyn-Manhat (4).. 6 70 178% 131 Bklvn Unfon Gas (5) 15 159% 50% 13% Bruns-Balk-Col 7 20% 14% Bruns Ter & Ry 2 21 22'% Bueyrus (1) 5 264 9% Budd (EG) 7 1% 8% Budd Wheel (1)... 10 14 85 Buft & Susque pf (4) 2008 90 29% BullardCo (1.60)... 98 53% 264 Bulova Watch (3).., 4 324 99 Burns Bros (A) (8).. 2 99% 17 Burns Bros (B).. 2 28 37 Burr Add Mch (1)... 6 41% 36 Bush Termnl (2%).. 10 43% 1004 Bush Term deb ()i, 208 105% 109% Bush T Bld pf (1). .. 10s 114% 2% Butte Cop & Z (80¢). 1 2% 1614 Butterick Co. 7 28 70 Byers (A M), e 89 101% 65% Calif Packing {4).... 11 693 50% Calumet & Ariz (3).. 28 64w 164 Calumet&Hec(all 19 Campbell Wyant (2’ 57% Canada Dry G A (5). 51 Can Pacific(new)w.i. 187% Canadian Pacific(10) 6 208% 264 Cannon Mills (2.80).. 23 2614 96 CarClin & O sta (5). 308 10134 192% Case (JI) (6)...... 75 285% 54 Catepillar Trac (3%) 11 76 20 Celotex (3). . 104 35% 60 Celotex pf (7).. . 2 170 51% Cerrode Pasco (8).. 14 Gb4 814 Certain-teed Prod. 36 Checker Cab (4.20).. 201% Ches & Ohlo (10).... 63% Ches & Ohio Corp (3) 6 224% 2 62% 16 44 108 ID:‘A 1735 Chi Pnen Tool. g 109 ChIRI&Pac(7) . 100% ChiR1& Pacpf (6). 2 103 107 ChiR1& Pacpf (7). 2 109 21% Chickasha Cot O (3). 1 21% 58 Childs Co ¢2.40) . 30% Chrvsler Corp (3 40% City lce&F (k3 60), . 95% City Ice & F pray), 7% City Stores (60a. .., T4'% Clev & Pitts (3%). 133% Coca-Cola 18). . 481 Coca-Cola A (3). 59 Colgate-Pal-P (3 7 118% the opening of the annual convention Thursday at 9:30 am. Rufus S. Lusk announces the forma- tion of Rufus 8. Lusk, Inc., & statistical organization specializing in real estate 1n¥:rmatlon. e firm is now working on a survey of Greater Washington for the Board of Trade. “The outlook for our foreign trade over the next few months, although not « brilliant, does not appear to be as dark 8s some observers have intimated,” G. M.-P. Murphy & Co. state in their cur- rent Fortnightly Review, discussing “Tendencies of Foreign Trade.” Swift Declares Dividends. Announcement has been made by Swift & Co. that a dividend of 2 per cent upon the outstanding shares of Swift & Co. capital stock will be paid on July 1, 1930, to stockholders of rec- ord June 10, 1930, as shown on the books of the company, as follows: 50¢ per share to holders of new certificates of $25 par stock. $2 per share to hold- ers of old certificates of $100 par stock. FIFTH DISTRICT LEADS IN TOBACCO INDUSTRY Bpecial Dispatch to The Star. RICHMOND, Va., June 2.—The fifth Federal Reserve district leads by a wide , margin the rest of the Nation in tobacco manufacturing, according to the month- 1y review of credit, business and agricul- tural conditions, issued by William W. Hoxton, _chairman of the Federal Reserve Bank of Richmond. Total taxes collected in the United States on tobacco products in the nine months amounted to $332,078,059, and of this amount the district St paid $245,999,955, or 74 Carolina led with $187,151, inia was second, with 7 per cent of the national 1 and Vir- 20,007, or total, 237 844 2 110 71 28% 1284 Columbian Ca: 8 162% 23% Comm Credit ¢3).... 6 31% 22 Comm Cred pf B (2). 208 25% 56 364 Comm Inv Trigl.60) 5 42% 38 254 Comm Solvents (31) 70 80% 20% 12% Comwlth & Sou¢60e) 102 18 104% 99 Cmwith & Sou pf<6) 10 103% 19% 13% Conzolenm-Nairn... 23 14% 5674 Congress Cigars (1). 8 40% Consol Cigar +1) 2 67 Consol Cgr pr pt 6% . 808 15% Consol Film 12) 2 110 3T% 199 40% 27% “ 1367% 103% 62 2 8% 524 7 4% T1% 87% % 8% 4% Contl Motors. . 30% 19% Contl Ofl of Del...co 40% 27% Contl Shares (1)..ee 111% 87% Corn Prod (13%).... 33 24% Coty. Ine (k2). 23 2% 36% 26% Cream of Wht(13%) - 5 33% 10% Crosley Radio 1)... 6 18% 110 Crucible Steel pf (7) 130s 114% 9 CubaCo... . 21 18% 61 CubaRRpf (6). 11 24 394 132% 2 103% 2 76 82 12 108% right Corp 12% Curt Wright Corp A. 28% Davison Chemieal. .. 30 22 Debenham's (33.33) . 163 121 Del Lack & Wa (1), 255% 106% Detroit Edison (8)..: 6% Dome Mines e hundred-share the letter s (65s) odd lots % % Th 184% 184% 1 % B1% b5in lots (285) only. 31 81 60 314 31n 31y IR 152 156 152% 291 304 20% 1 1% 1% 614 64 64 T T 264 26% 26% 100% 100% 100% 95% 96 95% 314 3i4 316 126% 126% 126% 61% 62 61% 31% 27% 31 8BY% 64% 46% 20% 76% 147% 148 148% 146% 1467 1457 100 100 99% 55% 43% 17% 19% 48 624 631 45% 45% 2% 24 58 581 102 103 103 115% 115% 115% 40% 40% 4L 2% 112% 112 90 90 91 1 1% 1 108 109 108% 106% 106 106% 324 324 33 26 26% 69% 691y 1% 2 51% B1% 2% 724 T2% 139 139 139 42% 42% 42% 1% 11% 12 26 28y 16 43 43 43y 49 49 49 108% 108% 109% 21% 21% 24 282 282 281% 260% 261 260% 266% 267% 266% 113 118 118% 115% 116% 115% 105% 105% 105% 7 38% 6% 9 9 1% 11 604 60% 24% 24% 6% 76 51 51 60 222 224 223% 624 62 62 43% 434 43% ]g‘% 104% 105 TR TH T4 21% 27U 27m 11K 111% 111% 112 112 113% 108 108 108 80 80 ki 2. NN 4% 4% 4% 84 84 84w 42% 42% 43% 58 54 53% 95 95W 95% 181131 131 39% 39% 39% B5% 55% 56M 89 B9% 90 37 37% 36% 22 22% 22% 70 70 70 157% 159% 158 204 204 20 204 21 20 26% 26% 26% 11% 11% 12 14 14 14 89 920 20 51% 51% 524 32 32 32y 99% 99% 100 22% 22% 234 41% 414 42 424 43% 404 105% 106% 105 114% 114% 114 2% 2% 2% 21% 23 20% 99% 100% 100 68in 69% 68 613 64 19% 264 70 51% 202 202 203 25 25 26% 101% 101% 100% 273% 273% 2873 716 6% 334 33 70 70 54% G5% 914 % 21 116% 1161 116 103 103 109 109 21% 66% 35 44 948 94 76t 6214 294 6214 20% 16% 16% 64% 673 7 77 83% 83% 88% 109% 109% 109% 28% 284 28 160% 161 1621 30% 30% 30% 26% 26% 264 4% 42 43 29% 304 301 17% 18 18 103% 108% 108 1% 14m, 39% 42 a2 70% 24 23% 28 1 131% 102% 102% 103 61% 61% 62 % 1% 1K 5% B% 5% 1% 4% 9% 66% 24% 64 2 284 311 50 107% 107% 108% 26% 274 27y 33 38% 32y 18 18% 18 118 114% 114 18 8 ~Prev. 1930.— High. Low. B0% 0 Dom Stores $1.20).. 7 Drug Corporatn (4). 96 27% Dunhill Int) (14 b 97 Duplan Silk pf +8).. 290s 112% Lu Pont de N (14.70) 26 114% Dupont deN db of(6) 46 ¢ 100 Duques Lt 1at pf 3 7% 4415 Durham Hos pf(6). . 1908 176% Eastman Kodak 1+8) 58 120% Eastman Kod pf (6).110s Katon Axle & S 58 Eftington pf (6%). Elec Auto Lite (6). Electric Boat. Bl Pwr & Lt (1) El Pwr & Lt pf (7). Elec Storage Bat (5) Endicott-John (5)... Eng Pub Serv (2.40). Equit Office Bldg (3) Fairbanks Co 5 Fed Wat S A e2.40) Firestone T&R pf(6) First Nat Strs (3%). 4 Fisk Rubber. oy Fisk Rubber 1st pf.. 40s Fisk Rub st pf cv.. 1008 Foster Wheeler (2).. 43 Fourth Natl Invest.. 3 Fox Film (A) (4).... 108 Freeport Tex (16 3 Fuller 2d pf(17.40).. Gabriel Snub(A)new Gardner Motor. Am Investors. Gen Am Tnk Car(34) Gen Aspralt (4)..... Gen Baking pf (8). 2514 Gen Bronze «2). Gen Cable (A) (4) Gen Cixar (4) Gen Cigar pf (7). Gen Llectric (1.60).. Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&EL A(e30). Gen Realty & Util... Gen Refractor(t4%) Steel Cast pf Gen Theat Equip vis Gillette Saf Raz(ns) Gimbel Bros. . Goodrich(BF) pf (7 Goodyear Tire (6)... Goodyear 1st of (7). Gotham Silk Hosiery Gotram S H pf (7). Granam-Paige. s Grand Siiver 8 (m1). Grand Union........ Grand Unlon pf (3).. Granite City St (4). Grant (WT) (1).... Gr Nor ctfs Ore (a% . Grt North pf (6).... « Grt West Sug pf (7). Grt West Sug(1.40). Grigsby Grunow.... Guantanamo Sugar. ‘Guantanamo Sug pf. BHackensack W (1%) Hahn Dept Stores. ... Hahn Dept S pf(6%) Hanna pf (new) (7). 6608 Hartman (A) (2).... Hartman (B) (1.20). Hayes Body. . Helme (Geo H) (17). Hershey Choe (b)... Hershey Choe pf(15) 4 Holland Fur (et2%). Homestake Min (17). 17% Houdalll r B(2) 49 Househld Fipf t3%. 52% Houston Oil (b10%). 26% Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Man pf (5).. Hudson Motor (6)... Hupp Motor Car (3). Illinots Central (1).. Independ O1l & G(2). Ind Motor Cycle, Indian Refining. Indfan Refining rets. Indus Ray (b5% stk) Ingersoll-Rand (16). Ingersoll Rand pf(6) Inspiration Cop (2 Insurance Sh (46 Intl Agricultural Intl Bus Mach (n6). Intl Carriers, Ltd % . Intl Combustion. ... Intl Comb Eng pf.... Intl Harvester (2%4). Intl Harvester pf(7). Int] Hydro El A (e2) Intl Mateh pt (4).... Intl Mer Marine (1).. Intl Nickl of Can(1). Intl Paper pf (7)....100s intl Pap & Pwr (C).. 1 Intl Pap&Pwr ot (7). 5 4 Int] Rys Cent Am ct. 10 Intl Tel & Inter Dept Strs (2).. Intertype Corp (2)... Investors Equity(2). Jewel Tea (14)....0y Johns-Manville (3).. Jones & Laugh pf(7) Jordan Motor Car... K C P&L 1st pf B(6). Kan City Sou (). Kayser Julius (2% y Haves (2 Kendall Co pf(16.87) Kennecott Cop (3)... Kinney (G R) (1)... Kin (GR) pf (8). Kolster Radlo. . . Kraft Ph Cb (1%). . Kresge(SS)Co(1.60) Kreuger & Toll 1.60.. Kroger Gr&Bak(nl). Lambert Co (8). Lee Rubber & Tire. . Leh Port Cem (2%) Leh Port Cm pf (7) Lehigh Valley Coal.. man Corporation £ Ligg & Myers B(16). Liquid Carbonio (4) = Loew's, Ine (3)..... Loew's, Ine pf (834). Loew's pf xw (8%).. Loft, Ine.... - Loose-Wiles (13.70). Lorillard (P) Co.... Lorillard (P) pf (1). Louisiana Ofl. - Lou G & EI(A) (1%) Louts & Nash (7)... Ludlum Stee) (2). McAnd & F (12.85).. McCall Corp (2% ).+ McCrory (A) ¢2). Mclkeespt T P1 (15) McKessun & Kob 12) dcLellan Stor: Mack Trucks (6).... Macy (RH)&Co(nt3) Madison Sq G (1%).. Magma Copper (5).. Mallison & Co. Man Elec Supply.... Manhat Elev gtd (1) Man Elev mod g (45) Man Shirt (2)....... Marmon Mot (h50¢) » Marshall Field (3%) Matnieson Alkili 12). May Dept Strs (n3 Maytag Co pf (3) Metro-Gold pf(1 Mexican Seabc Miami Copper (4) Mid-Cont Petm (2). Middle Sta Midiand 81 Midland St Minn Moline Pwr... M StP & SSM pt Mo Kan & Tex (1) 108 Mo Kan & Tex pf(7). % 70 Missouri Pacifio 18% Mohawk Carpet Stock and Sales— Dividend Rate. Add 00. High. Low. 9 24% s 91 B4y STAR, WASHINGTON. D. C 242% 127% 31 40 92 MONDAY, STOCKS IREEULAR N QUET MARKET Merchandise Shares Strong on Reports of Good Sales. Specialties Gain. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, June 2.—Trading was wearlly resumed in the Stock Market today. Price trends were unconvineing and transactions light. The three-day holiday apparently failed to restore either the courage or the vigor of the p{or:sslanll traders, and the public held aloof. Business surveys and analysis appear- ing over the week end were, on the whole, reassuring, but with little gen- eral improvement in vieey until late Summer or early Fall, speculators re- | mained unenthusiastic. The slashing of the Kennecott Copper annual div- idend rate from $5 to $3 had been ex- pected for some time, but Wall Street expects there will be a few more div- idend cuts, and some unsatisfactory earnings statements to be digested this month. All of which tends to discour- age ambitious stock market activity. Some commission houses are now telling their clients that selected stocks are on the bargain counter and are pointing out that the market usually forecasts business improvement some months in advance. The false start made this Spring, however, appears to be too fresh in the minds of most traders Business news, in addition to nouncement of price reductions by Ford Motor, which, on top of recent reduc- tions by Chrysler and Packard, tended to hold the motor shares in check. Rails continued to sag, for with the unsatisfactory April earnings reports out of the way, indications are that the May reports will show scant improve- ment. President Storey of the Atchison said he saw little prospect of improve- ment in traffic until new grain begins to move late in June. The most pleasing news coming to hand over the week end was the May sales report of Montgomery Ward, showing an unexpectedly large gam. The weekly mercantile reviews had not ::nn I‘.’:‘tnxleul::y ;_r;lcounmnz bdurmz onth. e re %\‘,"‘r&‘““‘d‘ buying D e ard, and Sears Roebucl firm Lo T uck was in BANK OF BOWIE VOTES SEMI-ANNUAL DIVIDEND The board of directors of th of Bowie, Bowle, Md., at the ?ef&'fl'fi monthly meeting held ‘in the bank building last Saturday night, declared the usual semi-annual dividend of 3 n{ec;:t.’?‘n thseo l:gckw(::f the bank, pay- ine s - or%)ux}e"zs.m kholders of rec. e following members of the boar of directors were present: Edwurd‘!d, Perkins, president; Thomas P. Little- m‘.g vhl::e vr‘;“:nfin Willlam Luers, ; Bernard A. - iel B. Lloyd. T w BANK CLEARINGS. NEW YORK, June 2 (Special New York bank clearings 'l)dlpye.c"g 000,000; a year ago, $911,000,000. - Ne: York bank balances today, $141,000,000; & year ago, $152,000,000; New - York Federal Reserve credit balances today, $127,000,000; a year ago, $147,000,000. G i SILVER QUOTATIONS. 36NNEW YORK, June 2 (#).—Bar silver, DIVIDENDS DECLARED NEW YORK, June 2 ().— flhlrlx,,:l“hlnllon. -35¢ Q June 30 American_News 'Go. .80c B Unit Dyewd pfd Do do ... Safey Stores Do 6% pfd % ple June 1 Ju the | Kennecott dividend cut, included an- | into ~ Montgomery FINANCIAL. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications _ tnvited = on hish-class ments and dwellin larly en TRUSTEED SHARES the IDEAL INVESTMENT for in- yestors ‘who demand — SAFETY YIELD and GROWTH of Specially yestments fund principal rm ine L trust nizations Sold in Lots—$100.00 Up Call or Wril Standard Collateral Shares Corporation ‘Wood: d Building. Met. First Mortgage Notes FOR SALE In .Denominations of $250 and Upwards JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. Money loaned to members on easy monthly payments James E. Connelly James F. Shea Presidens Secret: Money to Loan ured by first deed of trust on real estate. ing_interest and commission. Pre! o) Joseph I. Weller 30.7%0% % & Tt Standard American Trust S|'IG res An investment in these shares gives you the ad- ~antage of having your money in twenty-five leading American corpor- ations with .mbu:fi:d earning power. Price at market, about 1034 Complete description upon request STEINBROS.&BoYCE _ Established 1833 ‘WoodwardBldg. Washington, D. C. Main office: Baltimore, Md. ‘Members NEW YORK, Beltmore Loulsville Siock Exchenges ol Asoclate Members New York Curb Exchonge Equitae o-oprativeldg. Ass'n Otganized 1879 JOHN JOY EDSON, President Assets. . veee....$5,723,083.61 50th YEAR COMPLETED WALTER S. PRATT, Jr.,, Secretary Surplus & Profits......$1,755911.57 - Subscription for the 99th Issue of Stock Being Received Save Systematically! Sane, conservative in- vesting eventually makes a nice little estate. Come in and let us explain! 915 F ST. N.W. 3% 1001 Fifteenth Street nearby urbs — Amgle Funds; Tower approvals; payment privileges. Three = year newer properties without First Mortgage Funds Loans on residences and business properties in the District of Columbia and Maryland sub- prompe valuable fro- interest, loans on amortization. H. L. Rust Company National 8100 National Metropolitan Bank 1814—OQldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury . . .‘Big Business’ —is not the only sort that’s appre- ciated at The Met- ropolitan. fWhile our facil- ities are adequate for any and all de- mands, thé ac- counts of those carrying moderate balances are per- fectly welcome. on Savings Metropolitan Life Insurance Company REAL ESTATE LOANS AVAILABLE Long Term Low Interest Rates Consult \WEAVER BR REALTORS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company SAFE I RS T MO RTGAGES e e e R A 5 S At PLAN FOR SOME OBJECTIVE You'll find investment in our 67, FIRST MORTGAGES an excellent means to the achievement of some end and aim you may have, where funds are required. They will furnish a steady and continuous income —fixed in amount and time. ‘Over a Third of a Century Without @ Loss lffiy be purchased in amounts from $250 up. B. F.::SAHL:CO. National 2100 925 15th St. N.W. THERE ‘IS SAFETY NO SUBSTITUTE FOR Throwing Your Money To the Winds O one but a simpleton would do that. Yet that was what miners in Australia used to do—throw their “pay dirt” in the air, then catch the heavier particles of gold while the wind whisked away the earth. [t was a process born of necessity. Water was so scarce, that the “dry- blowing” scheme was originated . . . But promptly abandoned when ar- tesian wells gave water for “panning out” the gold, B We wish we could say the same of investors—but there are still thou- sands every year who simply toss their pay - envelopes into the air, trusting to'the winds of chance to re- turn ‘them gold. Almost invariably these thousands are disappointed— and puzzled, too, when they hear of wise, cautious investors who place their funds in a security which they have investigated, and know to be safe. Such investments are the 6 per cent First Mortgage Notes offered through Swartzell, Rheem & Hensey Company. They are the “gold” of your pay dirt —they will bring you a constant, un- failing return. Let us tell you more about them and how they will suit your ‘investment need. SWARTZELL, RHEEM & HENSEY Co MORTGAGE BANKERS 727 15 STREET ~.w./ WASHINGTON D.Ce