Evening Star Newspaper, June 20, 1930, Page 13

FINANCIAL. - HOWARD ELECTED + SAVINGS BANK HEAD THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. FRIDAY, JUNE 20, 1930. STOCKS IRREGULAR [CYCLES INDICATE it e o FOLLOWING UPTURN| BUSINESS UPTURN Consol Film pf (2).. 6 21% 20% 20% FINANCIAL., LOANS. TO BROKERS | IN SHARP DECLINE/ Drop of $211,000,000 Occurs l)m'--i #3858 A—13 __'P'd'l'""" in Real % tate Investments JAMES Y, PENNEBAKER Nat. 5291 1520 K St. N.W. Notice—All stocks are sold In ene hundred-share lots | —Prov.1930— [ excepting those designated by the letter s (655) (285s) | Witk Low. which shows those stocks to be sold in odd lots onl HY Stock and e Sales— Divi te. Add 00. High. 4~ politan Bank have declaxed an extra } ~Trev.1930~ New President Succeeds ¢ August H. Plugge, Who Has Retired. BY EDWARD C. STONE. 5 John D. Howard, vice president and I cashier of the Seventh Strect Savings | Bank, was advanced to the presidency { at a meeting of the directors late § yesterday, succeed- fing August H. Plugge, who retired at his own request and became chair- : man of the board. ! This office was created at the meeting and the { change bezomes ef- | fective July 1 Mr. Howard has forged head rapidly since enter- ing the banking field. He was born in Washington in 1884 and educated in the public . Schools and the Ruymend G. Marx. National Law School. He was in the real estate business for a short time with B. F. Saul & Co. and then turned to bank, ‘ starting as a runner in the former ‘Home Savings Bank, which is now the central branch of the American Security & Trust Co. Leaving this institution, he bacame associated with the Traders National , Bank as a bookkeeper and later was promoted to the management of its i savings department. The Traders Na- tional Bank was absorbed by the Merchants & Mechanics Bank, which ¢ afterward became the United States { Trust Co. When the latter institution f opened a branch at Twentieth street * and Pennsylvania avenue Mr. How ard became its manager. He remained ‘ there until July 8, 1912, when he was elected cashier of the Seventh Street Savings Bank, being promoted to the vice presidency of that bank in 1928 Mr. Plugge, also a native Washing- tonian, was a well known merchant ‘when he became an organizer and vice resident of the Seventh Street Savings glnk on its inception in 1912. He wi elected president in 1925, on the deatn of Somerset R. Waters. Dividend Also Declared. In addition to Mr. Plugge and Mr. Howard the other officers of the bank include Harry Kaufman, vice president: John R. Wright, vice president; John M. DeMarco, assistant cashier, and Charles S. Shreve, counsel. The present directors follow W. Elmer Bacon, Henry G. Bergling, ‘Willoughby 8. Chesley, Isadore Freund, John 5 Howard, Harry Kaufman, John J. Kolb, Michael O'Hanlon, Roger O'Hanlon, Isaac Ottenberg, Alexander H. Plitt, August H. Plugge, Henry J Ruppert. John A. Schaefer, Thomas S Sergeon, Charles S. Shreve, Patrick Shugrue, Joseph B. Thomas, John F Weyrich and John R. Wright. At yesterday's meeting the directors also declared the regular semi-annual dividend of 6 per cent, payable on June 30 to stockholders of record June 27. Endicott New Auditors’ Head. At the annual meeting of the audi- tors' section of the District of Colum- bia Bankers' Association, held last night at Olney Inn. Ralph Endicott, auditor of the Washington Loan & Trust Co., was elected chairman of the executive council, succeeding Raymond G. Marx, controlier of Riggs. Arthur J. Linn of the Federal-Ameri- can was elceted vice chairman and William M. Harris of the Lincoln National took his place as secretary- treasurer. Two other members were elected to the council, Raymond G. Marx of Riggs and A. J. Bitterly of the Munsey Trust Co. As chairman during the past year Mr Marx made a full report on the work accomplished and the subjects discussed. One of the most important studies related to unprofitable accounts. Mr, Endicott, the new chairman, has taken great interest in the section ever since it was established. Metropolitan Declares Extra. ‘The directors of the National Metro- dividend of 2 per cent usually voted at this time. It is payable on July 1 and the books will be closed from June 21 to June 30, inclusive. ‘The Arundel Corporation has declared the regular quarterly dividend of 75 cents per share on the common stock, payable July 1 to stock of record June 23. This stock is listed on the Balti- more Exchange and quite a little of it is held in Washington. ‘The American Ice Co. through its New York and Brooklyn subsidiary, the Knickerbocker Ice Co. has purchased the manufacturing facilities and busi- mess of B. M. C. Ice Co. of Glencove, L. I, serving Glencove, Roslyn and nearby points. The business will be merged with the Knickerbocker com- pany’s Long Island operations. Ameri- can Ice and subsidiaries now operates & chain of 84 plants along the Atlantic seaboard, including one in Washington. Quiet Day on D. C. Exchange. ‘Three bank stocks changed hands during light trading on the Washington 8tock Exchange today. The first sale was 10 shares of Continental Trust at 125. This was followed by a three- share sale In Federal-American Ni tional at 265, while five shares of Riggs National sold at 470. Norfolk & Washington Steamboat rights moved at 16, 25 shares of Mer- ¥mhller came out at 973, ex-dividend. he ex-dividend list of bank stocks was High. 42% 66 37T 32 23 23% 8 41% 16 156% 118 36 18 2% 1 91 45 18 99% 90 343 o4 €8 316 18 9T% 68 12 6 551 540 118y BO0%, 45 10 101%, 33% 7 4 34 22 4 f 35 24% 105 500 11815 284% 190 S1ts 2%\ 75 80 23 10 38 7 21 36 16 2644 197 2691, 197 1244 120 1413 113 114% 106 12. 61 55 242% 206 107 51, 106 106 37 263% 100 10% 4 8% 37 62 101 38 116 105 8414 110% 107 B4 63 20% 4 68 92 0% 50 6% 85% 80 110% 134 5014 26 244 68 15% 10 664 53 178% 122 42 1 71 75 20 114 109 1% 64 2w 1 89 33% 13 expanded today until it includes the | Columbia, Commercial, District, Fed- | eral-American, Merchants' Bank & | Trust, Bank of Commerce & Savings and the East Washington Sayings 1n the bond division s $1,000 sale in Capital Traction 5s }! recorded at 91',, $1,000 D. C. Pager 6s moved at ! 70 and $1.000 Waspingion Gas B regi- | tered 1051, Sewbral $400 and $300 sales in Washinafon Gas series A bonds were made gt 1011, | The pnisted securities were given | ett weekly attention and called off y President Walson. The bid on Park Savings stock was raised from 60 to 68. | The bid on Washington Base Ball stock went from 60 to 65 and the asked rice was lowered from 85 to 80. A gher bid of 12!, is now being offered on Washington Savings Bank stock. FOREIGN TRADE EXPERTS ARE GUESTS OF CLUB Bpecial Dispatch to The Star. | BALTIMORE, June 20-—Experts in foreign trade were guests at the first| annual dinner of the Baltimore Export Managers' Club last night at the South- *rn_Hotel | The guests included A. S. Hillyer, thief of the commercial intelligence di- vision of the Department of Commerce; | R. M. Stephenson, chief of the Euro- | Pean section; George J. Eder, chief of | the Latin American section; W. . Mitchell, Department of Commerce rep- Zesentative at Norfolk, and Edwin B. George, in charg of Government for- @ign trade activities at Philadelphia. Poreign consuls stationed in Balti- more and representatives of local for- eign trade, communication and over- seas financing concerns also attended the dinner. ‘The speakers were Mr. Hillver, Mayor Broening and James G. Whiteley, presi- ¢ dent of the Baltimore Society of Con- suls. G. H. Pouder, secretary of the club and director of the export and 5% 56 60 56 226% 187 52 46! 34% 20 28% 13 362% 166 9% b4 60 15 30% 23} 316 240 Low. iy 48% Allis-Chalmers (3).. 23 Amal Leather. ... 441 A 26% Anaconda W&C (3).. 34% Anchor Cap (3.40).., 102% Atch To & SF pf (6). 175'% 15615 Atl Coast Line (110). 80% 53% AtlGulf& W Ind(1). :0% Atl Refining (13) 4% Aviation Corp of Del 4 19% Baldwin Loco (1%). 12 22 122% 00% Balto & Ohio (7).... 78% 58% Bklyn-Manhat (4).. 37% Brown Shoe (3) 18'% Bruns-Balk-Col 5 2% But 112% 68 Byers (A M). Sales— Rate. Add 00. High. Abitibl Pwr & Paper. 5 26 Abraham Straus; Adams Millis (2) Advance Rumley, Advance Rumley Alr Reduction (3 Alr Way TI Ap(23%). Ajax Rubber.. of. Dou 4% Alaska Juneau 814 Albamy Wrap Paper. Allegheny Corp 93% Alleg Cp w $30 w 514 Alleg Cpw 40 w5l 2 Allled Ch & Dye(n6) 42 266 46 Amerada Corp (2) 4% Am Agricul Chem 25'% Am Agriecul Ch pf. Am Bank Note (13 Am Beet Sugar.., 29% Am Bosch Magneto. . 42's Am Brake Shoe(2.40) « Am BrSh & Fpf (1). 1 8% Am iirown Rov Elec. 60ty Am Brown B E pf(7) b 156's 113% Am C 8 44’4 Am Car & Fdy ). Am Chain Co 13) 75% Am Chain pf (7) 36% Am Chicle (12%). Am Comm Alcohol 33% Am European Secur. 56\ Am & Forn Power... 3 111% 106% Am & For Pwr pf(7) 19% Am Hawaiian (110) Am Hide & Leather., Am Hide & Lea pf. .. 55% Am Home Prod(4.20) Am Ice (14) % Am Internatl (2) Am La Fr & Foamite % Am LaFr & F pt. % Am Locomotive (4).. % Am Locomot pf (7). Am Mach & Fdy (7). 30% Am Metal (3) : Am Plano. .. v Am Pwr & Lt (31)., Am P&Lt of A 81(5). s Am Ra&Std San 1%. 15% Am Republic: 57% Am Rolling Mill 2 521 Am Safety Razor(5). Am Seating. . 1% Am Ship & Com. . 554 Am Sm & Ref (4) Am Snuff (13%). Am Solv & Chem. Am Sol&Ch ev pt(3). Am Steel Fdy (3) 42% Am Stores (2). 504 Am Sugar Ref (6)... 9% Am Sumatra Tob Am Tel & Cable (5).. 274l 201% Am Tel & T Am Tobacco (8§ Am Tobacco B . Am Tobacco pt (6) Am Type Fdry (¥) Fdy of (7). Wka (n1) Bleee o 29% Am Writ Pa pf (4) % AmZinc Ld & Sm onda Cop (7). Andes Copper (3). 4% Armour of 11l (A). 2% Armour of 11l (B). Armour of Il pf (7 24% Art Metal Constr(2 Asso Dry G 2d pt (7) Atch To& 8 Fe (10). 191 3 93 21 216 2 106% 1186 1 53% . 106 35% Atlas Powder (4) 8 Atlas Powder pf (6). 10 20% Atlas Stores (nl1) Auburn Auto 134) Autosales Auto-Strop Saf 2 6 Baldwin Loco pf (7) 2508 1083 25 106 784 Balto & Ohlopf (4).. 1 Bamberger pf (634). 82% 20s 108 Bang & Aroos (334). 1 70 14% Barker Bros (2).... 2014 Barnsdall, A (2), 49'; Bayuk Cigar (3). 67'5 Beatrice Cream (4) Beech-Nut Pkg (3).. 31, Belding-Hemingway Belg N Ry pt pf 6.49 57% 284 Bendix Aviation (3). (6). 122% Bethlehem Sti pf (1) 90% 60' Borden Co (k3) Borg Warner (3) 1313 Briggs Mfg C Briggs & Strat (2).. Brockway Motor Trk Brockway Mot pf(7). 20s 11 66% Brooklyn & Queens 5 13w Bklyn&Queens pf (4 3 6 Bklyn Union Gas (§) 18 13 2 3 Bruns Ter & Ry 19% Bucyrus (1),.. 33' Bueyrusev pf (2%). 107% Bucyrus pt (7). 7% Budd (EG) (1) 8s Budd Wheel (1)... Buft & Susque....... 2 Buft & Susque pf (4) 300s 27% Bullard Co (1.60). .. 26% Bulova Wateh (3). Burns Bros (A) (8). 5% Burns Bros (B) 32% Burr Add Mch (1), 2914 Bush Termnl (23%) Term deb (7) T 8ld pf (T)... Cop & 7 (50¢) . uperior. 131 10s 112 65% 1 Byers (AM) pf (7). Calif Packing (4) Callaahan Zine & Ld. 48% Calumet & Ariz (2) Calumet&Hec(all Canada Dry G A 16). Canada South (3), .. « Canadian Pacific(10) 4 Can Pacific(new)w.i. nnon Mills (1.60). Capital Adm (A). Came (J 1) (6) ... Caterpiliar Trac t3% CEITERCO, .\ . . oo 4 Cent Aguirre As 1%, ent RR of NJ (112), 65% 43% Cerro de Pasco (6 16% 67% 221 5% Certain-teed Prod. % Checker Cab (4.20) 241% 172% Ches & Ohio (10) 82': 51% Ches & Ohto Corp (3) 5 = 13 Chi & Alton pf 4 Chi Great W 3 « Chi Great Westn pf. Chi M1l StP & Pac. .. 20% Chi Ml StP & Pae of 714 Chicago & N W (§) 37 11 1254 103% 1041 98 110% 105 32 25 20 4 Chi Pnen Tool. “ ChiR1& P ChiR1& pLis). ChiR1& Pacpf (1), Chi Yellow Cab (3).. Chickasah Cotton Of1 514 Childs Co 12.40). 2. 381 . 741 48! 3 97 Chrysler Corp (3). 4 CIty 1ce&F (k3 601 ity Tee&Fuel pt 6% « Ity Stores B n Clev & Pitts (3%). .. « Coca Cola 6) + Coca-Cola A (3). » Colgat Col. 14% Collin 73 12¥ Colli % Colonial Beacon. 364 Col Fuel & Iron (3).. 59% Col Gas & EI (3). 2 104% Col Gas & El pf A(6) 16% Colum Graph (a28, 115% Columbian Carb (1 31% Comm Cr 22 Comm Cred pf B (2). 76% Com Credit 1st (6% ) 28% Comm Inv Trigl 60) 89 20 Comm Inv Tr pf 6% . ' Comm Solvents ¢21) 12% Comwlth & Sou:60e) import, bureau, was toastmaster. The club, established in 1926, is rec- ognized in this eountry and abroad as one of the most efl\cimm enernlvill: areign organ! in Urilted States. 99 a9 101 Cmwlith & Sou pf 16) Conde Nast Pub (2). % Congolenm- n Consol Cgr pr pf 2 50% - 21% Adams EXp (1.60) %4 80 . 4% 1367 103% Conso! Gas N ¥ (4). 669 111% 106k 106% Consol Gas NY' of(§) 4 b 2 ng (A).... 33 B).... 14 Contl Can (3%). Contl Diamond Contl Lnsur « Contl Motors Contl Otl of Del. Contl Share: Corn Prod (13 Coty, Inec. . Cream of Wht (12 Crex Carpet. Crosley Radlo. Cuba Cane Products. Cuba Cou.urn.ns Cuban-Amer Sugar. Cuban-Amer Sug p: Cudahy Packing (4). Curtis Publish (16% . Curtis Publish pf(7) Curtiss Wright Corp Curt Wright Corp A. Cutler-Hammer(3%) Davison Chemical. Debenham' .33 Deere & Co pf (1.40). Delaware & Hud (¥). Del Lack & Wn (17), Detroit Edison (8) Devoe&R (A) (2.40), Diamond Match (8).. Drug Corporatn (4). Dunhill tntl (34).... Duplan Silk (1). Du Pont de N (14.70) Dupont deN db of (6) Duques Lt 18t pt (5) 107% 118y % Eastman Kodak (18) - GenG& EIpTA (7). 2) 4 Gen Res Eaton Axle& 8 (3)., Elee Storage Bat (5). Elk Horn Coal. Elk Horn Coal pf, Endicott-John (5)..." 2 Eng Pub Serv (2.40). 8 Equit Office Bldg (3) 14 .76 2 Kureka Carp Cl (4) 8 E Auto Loading. 14 5 ] Fash Pk Asso pf (7).120s Fed Lt & Trac pf (6) 208 Fed Wat 8, A tez.40) 11 Fedurated Dept Stri 1 Firestone T&R(1.60) Elrestone T&R pf(6) First Nat Stra (3% Fisk Rubber, it Fox Film (A) (4)... Freeport, Tex (15).. Gabriel Snub(A)new Gardner Motol 244 74 Gen Elec spec (6ve) . Gen Food Corp (3). . Gen Gas&ElL A(e30), 112 Gen G&Elev pf(6),. 2 508 Gen Ital Kds (a: Gen Mills (3), . Gen Mators (13.30 Gen Motors pf wi ( Gen Motors deb (6) Gen Motors pt (7) Gent Out Adv (2) Gen Out Adv(A) Gen PublicSve (b8). Gen Ry Signal (5)... Ity & Ul Gen RI Gen Refractor(t4%) Gen Theat Equip vte. Glllette Saf Ras(nb. Gimbel Bros. Glidden Co . Glidden pr pf (1).... 6 (6). Goodrich (B F) (4).. Goodrich (BF) pt (1) Goodyear Tire (6).., Goodyear 18t pf (7). Gotham Silk Hoslery Graham-Palge rets Granby Con Min (3). Grand Silver 8 (m1). Grand Unlon. Grand Union p! Granite City 8t (4). (W T) (1), North pf (6). Grt North pf et (8) Gr Nor ctfs Ore (a % . Grt West Sug(1.40). Grt West Sug pf (7). Grigsby Grunow.... Gulf Mobile & North Gulf States Steel (4) Hackensack W (1%) Hahn Dept Stores. . Hahn Dept S pf(614) Hall (W F) Pr Co(2) Hanna ptf (new) (1).120s Har Wkr Ref (1234), 5 Hartman (B) (1.20). Hayes Body........ Helme (G W) pf (7). Hercules Pow pf (1), Hershey Choe (b). .. Hershey Choe pf(16) Holland Fur (e12%). Houdallle-H (B)1.20 Household Fin pf(4) Houston O11 (b10%) Howe Sound (1434), Hud&Man Ry (3.60) Hudson Motor (5). Hupp Motor Car (3). Illinols Central (7)., Illinois Cent pt (6)., Independ 01l & G(3). Ind Motor Cycle Ingersoll-Rand (15). Inland Steel (4) Inspiration Cop insurance Sh (45e) Insuanshares efs Interboro Rap T' Interiake Iron (1) Intl Agricultural Int] Bus Mach (n§).. Intl Carr Ltd %. Intl Cement (4) Intl Combustion.... Intl Harvester (3%). 4 Intl Harvester pf(17). ™% Intl Hydro E1 A (e2) Intl Mateh pt (4).... Intl Mer Marine (1). Intl Nickl of Can(1). Intl Paper pf (7). otl Pap & P (A)2.4 Intl Pap & Pwr (B) intl Pap & Pwr (C) Intl Pap&Pwr pf (7 Intl Salt (8). .. Iatl Salt (new) Intl Shoe (3). er p. tors Equity (3 Island Creek Coal(4) Jewel Tea (t4)..... 2 Johns-Manville (8).. 56 Johns-Manv pf (1).. 108 Jones & Laugh pf(7) 1308 Kan City Sou (5).... 16 Karstadt (R) 11.02)., 2 Kayser Julius (2%4). 16 Kaufmann D8 (1%). Keith-Alby 50 . 8314 121 120% 621 et e e (Continued on Page 14.) 49 89 120 120 65 11 25 17 107 34 | retire the co) 27! 16 Profit Taking as Loans Decrease. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW ‘- YORK, June 20.—The swift upturn in share prices proved too good to be true and was largely wiped out in & new selling wave in today's mar- ket. The violence of the rebound yes- terday only attracted renewed bear sell- ing and a more favorable opportunity for nervous traders still anxious to lighten their holdings. i The reduction from 3 to 22 per cent in the New York rediscount rate immediately enlivened the demand for gilt-edged bonds, but had only a pass- ing influence on stocks. The stock market opened with another abrupt upturn, perhaps more in response to the $21,000,000 drop in brokers' ‘loans than to the lower rate, but early gains were soon canceled and prices dropped swiftly under aggressive selling around midday. Soon after 1 o'clock, however trading slackened and support ap- peared. Margin Readjustment. ‘There was a growing feeling in brok- erage circles that prices would be un- likely to go much lower—at least would not, on the whole, break through the levels of November 13; but commission house advices still remained cautious, and there was no inclination to pre- dict a rising market. Reassuring was the action of one large wire house in reducing its m?flmnl requirements to approximately 25 per cent of market value. Furthermore, it was learned some investment trusts were active in buying stocks. Wall Street did not see how the lower rediscount rate would have much im- mediate influence, as banks are largely out of debt and do not feel the need of borrowing at the Federal reserve, but it was on the whole favorably regarded in its lonfl;er term implications. Call money held officially at 21, per cent and short-term time money was reduced to 2!5 to 4. It was rumored that the Fed- eral reserve had reduced its buying rate for shorter term acceptances to 2 per cent. The Reichsbank cut its rate from 4'3 to 4 per cent. Some of the high-priced stocks fluc- tuated erratically. Case moved up 7 points in the early trading, dropped 20 from the top, then rallied. Important shares generally gained 1 to 4 points at the opening, lost thelr gains and sold off 1 to 7, theu rallied a point or 2 from the bottom. Late Price Changes, Such shares as Consolidated Gas, American Can, Westinghouse Electric, Eastman Kodak, Coca Cola, Byers, ™| Western Union, Johns Manville, Loews, Standard Gas and Bethlehem Steel lost 3 to 7 points around midday. U. 8. Steel sold off more than 3, then rallied substantially. 3 ‘The low prices of the day for many utilities and other popular shares were reached in the last hour, when the bears started a decline that erased much of the midafternoon 1 to 4 point rallies. Some of the reactions from the forenoon highs were pronounced. J. I. Case top- pled from 192 to 171, Eastman Kodak from 20873 to 192, Westinghouse from 14215 to 133, Vanadium Steel from 84, to 73!z, American Can from 124 to 115 and American Telephone from 211 to below 205. The closing was weak. Total sales approximated 3,800,000 shares. that tairly Corporation NEW YORK, June 20.—The follow- ing is today's summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. Securities prices recovered briskly on the stock market yesterday. As meas- ured by our 90-stock index advance equaled 7.3 points, more than offsetting the loss of the _rrecedin. day, which amounted to 5.7 points. Compared with Saturday's average our index at close yesterday had declined 4.7 per cent. Commodity markets were firmer. July wheat closed one-eighth higher and cotton gained 23 to 30 points over ‘Wednesday's close. Copper quotations were generally at 12 cents. Although some custom smelters made sales at 1115, Raw sugar fell to a new low, 126 & pound, but recovered, closing at 1.28. The outstanding development in finance was the reduction of New York Federal Reserve Bank rediscount rate o 2!, per cent from 2 per cent. ‘This is the lowest rate ever charged in the history of the reserve system. While the reduction was not generally ex- | pected at this time, it is reported action b as been under consideration for sev- ;| eral weeks because of the low rate for bankers’ acceptances and other paper, Favorable dividend announcements were made by Gray Telephone Pay Sta- tion of Hartford, Cleveland, Cincinnati, Chicago & St. Louis Railroad and Michigan Central Rallrcad. Reduction in quarterly rate was announced by Magma Copper. The Companies. American Water Works® & Electric May electric_output off 2 per cent; five months, 3 per cent above year ago. Chicago & Alton Railroad May deficit after charges, $535,150, against deficit of $300,478 year ago; five months’ deficit $1.847,904, against deficit of $728,401. Cleveland, Cincinnati, Chicago & St. Louis Rallroad increases annual divi- derid rate to $10 from $8. Federal Light & Traction earned $3.64 on average outstanding shares in | 12 months to March 31. Ford Motor to spend $30,000,000 on expansion in current year. Gamewell Co. earned $8.56 on com- mon stock in fiscal year to May 31, 1930. Gray Telephone Pay Station of Hart- ford declared extra dividend of 50 cents and quarterly disbursement of 50 cents on_common stock. Great Lakes Dredge & Dock gets $500,000 contract from Ford Motor for Buffalo plant. Magma Copper declared quarterly common dividend of $1 on common stock; formerly paid $1.25 a quarter. Manhattan ~ Shirt common earned 68 cents on common stock in six months to May 31, against $1.71 in 1929 period. Michigan Steel Rallroad increases an- nual dividend rate to $50 from $40. Montgomery Ward & Co. officials | stores in suburbs of New York. Will . awalt results from operations of Ja- maica, Long Island, units. Moon Motor Car—Chancery Court holds eight new directors elected at special meeting April 7 were legally chosen and are entitled to hold office. Pittsburgh & West Virginia Railway | Connellsville extension about 75 per | cent complete; expected to be in opera- tion by January 1, 1931, General Laundry Machinery. | NEW YORK, June 20 (#).—General Laundry Machinery Corporation an- ‘neunced negotiations have been com- pleted for the sale of its laundry ma- chinery division to the American Laun- Early Gains Wiped Out by Economist Says Improve- ment Is Due in August, but May Come in December. Special Dispatch to The Star. CHICAGO, June 20.—Business is scheduled for an upturn in August. after the dull month of July, but the improvement may be delayed until De- cember, Alvan T. Simonds, economist and president of Simonds’' Saw & Steel Co., predicted before the annual con- vention of National Association of Pur- chasing Agents. Decreasing money rates since last November indicate, with other factors, the beginning of another three-year cycle of advance in all lines, Mr. Simonds said, and a long cycle of ad- vance over a 10-year period, with brief setbacks at the end of each three years. ‘These “swings” he normal orbits of busines Schools of business and economics in various American universities were praised by Mr. Simonds as furnishing the future security of business through training in fundamentals of capital, credit and money. Lauds Finance Schools. “Schools of business administration are training the business executives of tomorrow,” Mr. Simonds said. “Until we have a sufficient leavening of this kind of training, we cannot hope to solve the major problems that are fac- ing_American business today. “For instance, the most common tools used by every business are capital, credit and money—three entirely dif- ferent entities. When I spoke to many business men in 1920 about the short- age of credit, I was met by the reply that there was plenty of money in the banks. There was plenty of money in the banks of Germany when the mark became worth next to zero. “There was plenty of money in the banks of the United States in Novem- ber, 1929, but, unfortunately, even our most successful wealth accumulators understood almost nothing about the general principles and theory of money and credit, and it is quite impossible to teach them algebra if they have not had a previous course in arithmetic. Hunch Forecasting Rapped. “Then we have still another large group of the ignorant who say that times have changed, and that Adam Smith and his teachings, because they are 125 years old, are all out of date, “What we need now to insure better business is training in economics and the theory of business, together with a | knowledge that the days of hunch and |bunk in forecasting business are about over. I “The business executive of today must I be trained to think and to realize that \the successful enterprises are going to | be those that are based on the appl tion of the right theory.” SALES OF ANNUIT|E§ | installing sheeting and piling for ne\r{ stock | state no serlous consideration has been | given to establishment of other retail | INCREASE DURING MAY Special Dispatch to The Star. BALTIMORE June 20.—The Fidelity Investment Association, said to be the largest_institution in the country de- voted exclusively to the sale of annui- ties, reports its sales for the month of May established a new monthly rec- ord with $3946,000 This amount is . .apared with $3,- 074.000 in Mo, 1929, an increase of $872,000. Sale: ior the first flve months of the year were re| 872,000, against $13,760, ret ding period last year. ources of the association were to- taled at more than $22,000,000. The first capita)ization, in 1912, was $62,93¢. The firm_operates 26 offices, having opened offices in Atlanta, Richmond, Saginaw, Mich.,, and Youngstown, Ohio, this year. The association’s board of directors Includes the following Maryland and Washington men: Emory L. Coblenz, president of the Central Trust Co. of Maryland, Frederick; Robert V..Flem- ing, president of the Riggs National B Washington; Howard Suther- land, vice president of Hambleton & Co., Baltimore, and Charles H. March of Washington. — FOREIGN COPPER SALES. NEW YORK, June 20 (#)—Foreign sales of copper totaled 10,000,000 pounds Thursday at 12.30 cents, cif. Ham- burg, Havre and London, and consti- tuted the largest day's sales since the middle of M: y. Money to Loan "c‘v by flnll d 2 1 Welle REAL ESTATE LOANS Made at Low Interest Rates T‘YLER & RUTHERFORD Saul Building 925 15th St. N.W. Several desirable rcoms at very reasonable rents. Inspec- tion invited. B B. F. SAUL CO0. Nat. 2100 925 15th St. N.W. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Insure Your “Savings”’ Place your savings in Guaranty First Mortgages because they doubly insure your money. They are secured on income producing Washington property and backed by our $3,800,000 resources. Denominations as low as $250 Send for Booklet, “The Success Plan” REAL ESTATE | dry Machinery Co. The acquisition is | for an outright cash consideration, re- % | ported 10 be well in excess of $1,000,000, part of which is expected to be used to ration’s 6 per cent ' ' notes. A special meeting of stockholders % has been called for June 27 to approve the sale and to vote on changing the name to the Tollhurst Corporation. Capital Resources $3,800,000 24 JACKSON PLACE ing Week—Rediscount Rate Is Reduced. Special Dispatch to The Sta: NEW YORK, June 20.—The total of brokers’ loans, as announced Thursdey by the Federal Reserve Bank of New York, was $3,787,000,000, s drop of $211,000,000 from 'the preceding week and the smallest volume since the week of March 19. This week a year ago brokers’ loans aggregated $5,420,000,000. The loans are composed of $3,175,- 000,000 demand and $612,000,000 time loans, which compares with $3,383 000,000 and $615,000,000, respectively, a week ago and $5,069,000,000 and $351,- 000,000, respectively, & year ago. for own account amounted to $1,850.000,000, as against $1,799,000,000 a week ago and $883,000,000 a year ago, Loans for out-of-town banks totaled $906,000,000, against $1,053,000,000 a | week ago and $1,592,000,000 a year ago. | Loans for account of others wers 031,000,000, as against $1,146,000, and $2,945,000,000, respectively, a week | ago and a year ago. The New York Federal Reserve Bank reduced its rediscount rate from 3 to 215 per cent, the lowest rate in its 16 years of existence. RETAIL PRICES ADJUSTED TO NEW LOWER LEVELS Special Dispatch to The Star, NEW YORK, June 20.—Material re- ductions in the base prices of a wide varlety of articles have resulted in a general repricing of these items by our 1,450 stores, with the new levels rep- resenting a substantial increase in the | customer's buying power, according to Earl C. Sams, president of J. C. Pen- ney Co. “Commodity prices, particularly in staple lines, have been declining for some time past.” Mr. Sams states, “and orders now being delivered to our stores are on a lower basis, enabling us to pass on the consequent savings to cus- tomets, PARIS BOURSE PRICES. PARIS, June 20 (#).—Prices were firm on the Bourse today. Three per_cent rentes, 87 framcs 15 centimes. Five per cent loan, 101 francs 10 centimes. Exchange on London, 123 francs 7515 centimes. The dollar was quoted at Ji francs 46 centimes. Organized 1879 JOHN JOY EDSON, President Assets ...............$5723,083.61 Long Term 809 15th St. N.Ww. You Over a Third of a g Century Without a Loss ments. May National 2100 ‘"THERE AVOID WORRY —in the placing of your funds by investing in our— 6% FIRST MORTGAGES —and can count with assurance upon both regular payment of the specified interest; and safe- ty of principal. A standard among invest- from $250 up. B. F. SAUL CO. IS NO SUBSTITUTE FOR SAFETY 7% Eterest Properly secured by Deed of Trust. Interest remitted day due, Harry A. Oliker Co. National 7137 1420 K St. N.W. First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15tk St. NN\W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America 1851 B— I;)O 8 UITE ISty Pittsfi:l:‘l ,_Mass,[[(b A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent Union Trust Bldg. Frank. 6177 Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Also money for nd 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. Equitable Co-operative Bidg. Assn 50th YEAR COMPLETED WALTER S. PRATT, Jr,, Secretary Surplus & Profits. . 1,755,011.57 Subscription for the 99th Issue of Stock Being Received > Systematic Investing! Small, Regular, Constant investing will bring you nearer your goal than larger sums haphazardly saved, 915 F St. NW Metropolitan Life Insurance Company REAL ESTATE LOANS AVAILABLE Low Interest Rates Consult WERERRR°S District 9486 Mortgage Loan Correspondens Metropolitan Life Insurance Company = will be saved all concern be purchased in amounts 925 15th St. N.W.