Evening Star Newspaper, June 24, 1930, Page 13

FINA NCIAL. - BUSINESS BUREAU " TONME TRUSTEES Banksfs ‘Now Serving on Bo_arg_i Haye Been Asked Continue Work. Wash- eau and are | at the annual ington expected next Fffi noon. District National Bank; Claude H ‘Woodward, pr dent of the Mot Vernon Savings and John D Leonard, vice pre: ident of the Wasl| ington Savir . Hunton Leith. Bank O the part C. Baltz sociatio of Peop r of whom are t. These in- | E. Booker &| ell, president of the Co., and the Wash- Sank; C. H. Pope, vice | st Co. | the Amer- The other is Gerald ington Savin president of the Munsey T E. P. H. Siddons, secre! ican’ Security & Trust new candidate for trustee Grosner. Louis Rothschild, director of the bu- reau, will meke his annual report, which is certain to show an unusually busy | year and valuable service rendered to Washington investors. The nominating | committee, which has drawn up the| official slate for the coming year, in- | ciudes B. B. Burgender, chairman liam G. Galliher, Thomas E. Jarrell Howard Moran, Herbert J. Rich and W. W. Spaid. Phone Improvements Voted Today. Additions and_improvements to tele- phone plant in the District of Columbia authorized by the board of directors of the Chesapeake & Potomac Tele- phene Co.. lve expendi- tures of ngs the total amount authorized fc and betterments to the teleph tem in Washington, so far this year, to $761,- 555 The routine estimate for the third quarter of the vear involving expendi- tures of $425,000 was included in the appropriation made by the directors. Under this project additional under- ground conduit and cable, switchboards and other central office equipment and telephones and associated apparatus will be installed in every section of the District. Leith to Edit Bank Bulletin. Lanier P. McLachlen, president of the District Bankers Association, has ap- pointed T. Hunton Leith, assistant cashier, Security Savings & Commercial Bank and executive councilman of the American_Institute of Banking, editor of The Bulletin, monthly publication of the District of Columbia Bankers' | Association, succeeding _ Aubrey O Dooley, assistant trust officer, Federal- American National Bank, who has just been elected chairman of the institute’s national publicity committee. Mr. Leith was business manager of Dollars and Sense, quarterly publica- tion of Washington Chapter, American Institute of Banking, in 1920, He served the chapter as secretary in 1921 and 1922, became its second vice president in 1924, first vice president in 1925 and president. in 1926. Loan Association Officers. The Kenilworth Building & Loan As- sociation, at the annual meeting held yesterday elected the following officers for the coming year: Charles A. Appleby, president: Sam- uel K. Murphy, vice president: John S. Driggers, treasurer, and Fletcher V. Shipley, secretary. The directors are: George J. Baur, J. J. Miller, I. D. Wise- man, Mrs. Jennie R. Driggers and John 8. Landon. Will Direct A. B. Convention. D. S. Hunter and F. W. Donahoe have been engaged as directors of the annual convention of the American Bankers’ Association convention to be held in Cleveland September 29 to October 3. The directors will co-ordinate the work of the various committees which are making elaborate plans to entertain the 7.000 bankers from all parts of the United States who expect to attend the convention. Mr. Hunter has been in trade associa- tion and convention work, with head- quarters in Cleveland, for 17 years. He has had wide experience in~ planning and organizing Mr. Donahoe wént to Cleveland re- cently from Washington, where he spent several years in charge of work for & number of tradc a: iations and indus- trial groups. Lively Trading on Exchange. Bonds were in particularly good de- mand in & lively day's trading on the ‘Washington Stock Exchange. Capital Traction 5s, Georgetown Gas 5s, Wash- ington Gas issues, Potomac Electric Consolidated 5s and Anacostia & Po- tomac Ralilroad 5s figured in many transactions during the session, recent quotations being well maintained. In the stock division Capital Trac- tion sold in several small lots ex- dividend at 60. The stock appears to h hit bottom around this hgure. Norfolk & Washington Steamboat rights came out at 16%,, while Wash- ington Gas Light stock sold at 122 and 122 Railway & Electric pre- ferred appeared on the board in small lots =ales at 98 National Savings & Trust Co. sold at 530, Columbia Sand & Gravel v ferred moved at 911, and Mergenthaler sold ex-dividend at Merchants ‘Transfer & Storage preferred sold ex- dividend at 97';. The closing stock sales was in Potomac Electric Power 6 per cent preferred at 110%. The extrg dividend list is’ the long- est it has been in many weeks. Mer- chants Bank & Trust and the Lin- coln National are among the latest bank stocks to be so quoted. | Heard in Financial Distriet. ; divider tal stock stock of Maurice Otterback, president of the | Anacostia Bank, has recovered from his | recent illness, whieh*kept him from the bankers' convention after he had his reservations for several weeks. William D. Hoover, president of the National Savings & Trust Co., has been taking a few days’ vacation. John. M. Riordon, executive vice president of the Bank of Commerce & Savings, leaves here the last of the week o see his daughter sail from New York for Europe and to visit a brother in New York Statg, Dwight Scott, Frank D. Roach, John H. Snyder, Joseph W. Gibson, George Ty Howgrdy: Henry . Bell. Ray | Jones, H. Ywrefed Cheate and Lewis | Thomas aff-m*Newark. N. J., this week attending the national agency conven- tion of the Mutual Benefit Life Insur- ance Co. Eight groups vanced. Of the tc and 9 advanced occurred in_grain lined and two ad- items 52 declined The larger declines live stock, cotton, foods other than fats, metals and gaso- line. Advances occurred in fats and hardwood. THE EVENING _STAR. WASHIL NGTON. D. C. TULSDAY, Junsd 24, 1530, FINA NEW YORK STOCK EXCHANGE - Received by Private Wire Direct to The Star Office. Notice—All stocks are sold in eme hundred-share lots excepting those designated by the letter s (65s) which shows those stocks to be sold in odd lots enly, —Frev 1930~ High. Low. ock and Adams MiiMis (2). Advance Rum Advance Rumley pf. Ahumada Lead Alr Reduction (3)., Alr Way TI Ap(2%). Ajax RubDer........ Alagka Juneau...... Allegheny Corp..... Alleg Cp w $30 w 534 Allled Ch & Dyein6). Allls-Chalmers (3),. Amerada Corp (2) Am Agricul Chem. Am Agricul Ch pf, .. Am Bank Note (+3). Am Hank Note pf (3) Am Bosch Magneto, Am Brake Shoet2.40) Am Brown Bov Elec. Am Brewn B E pf(1) Am Can (4), Am Chicle (12%). Am Comm Alcohol Am Encaustie (1)... Am European Secur. Am & Forn Power. .. Am&Forn Pwr 24 pi Am Hawaiian (110). Am Hide & Leather.. Am Ice (14)...... Am Internat] (2).... Am LaFr & Foam pf. Am Locomotive (4).. Am Locomot pf (7). Am Mach & Fay (7). Am Metal (3)....... Am Nat Gas pf (7) Am Pwr & Lt (31).. Am P&Lt pf A 81(5). Am Ra&Std San 1%. Am Republics Am Roiling M 1 Am n2) tety Razor(5). eating Am Ship & Com Am Shipbldg (new). 1508 Am Sm & Ref (4) Am Snuff (13%). Am Steel Fdy (3) Am Sugar Ret (5). Am Sugar Ref pf (1) Am Sumat Am Tel & Te! Am Tobaceo (8). Am Tobacco B (8)... Am Water Wks (ni) Am Wat W 1st pf(6) Am Woolen....... 's AmZinc Ld & Sm.... Am Zinc pf (6),. Anaconda Cop (7). Anaconda W&C (3).. Andes Copper (3) Archer-Dan-M ¢2). Armour of Del pf(7). Armour of 11l (A).... Armour of 111 (B)... Armour of 111 pf (7). Arnold Constable Asso Appl Ind 14), Asso Dry G (2%4) Ateh To'& S Fe 110). Atch To & SF pf (). Atl Coast Line (110). : AU Gulf & W Ind(1). Atl Refining (12) Atlas Powder (4) Atias Powder pf ( : Atlas Stores (n1) Auburn Auto (J4) Autcsales....... Auto-Strop Saf Ri3) Aviation Corp of Del Balawin Loco (1%). 16 15 Baldwin Loco pt (7) 200s Balto & Ohio (7). Balto & Ohlo pf (4) Bamberger pf (6%). Bang & Aroos (33). Barnsdal, A (3). : Beatrice Cream Beech-Nut Pkg (3) Belding-Hemingway Bendix Aviation (3). Best & Co 12). Bethlehem Steel (6). Bethlenem Sti pf (7) + Blocmingdale Bros, Bohn Al & Brass «3). Bon Ami (A) (4).... Borden Co (k3). ..., Borg Warner (3). Boston & Maine (4)., Briggs M1g Co. .. Brockway Motor Trk Bklyn Man Tr pf (6). Brooklyn & Qu Bklyn Union Gas (6) Brown Shoe (3) Bruns-Balk-Col Bruns Ter & Ry 8 Bucyrus (1) Bueyrus ev p. Budd (EG) (1) Budd Wheel (1) 106 2 80s 2 35 10 3 2 31 1% 131 2 8 2 63 15 2 48 9 Buff & Sus pf ctfs(4) 2008 Bullard Co (1.60) Bulova Watch (3). Burns Bros (A) (8).. Burns Bros pf (7)... Burr Add Mch (1)... Bush Termni (3%)., Butte Cop & Z (s0c) . Butte Superior. .., Butterick Co. Byers (A M) Calif Packing (4) Calumet & Arts (2) Calumet&Hec(al%). Canada Dry G A b). Canadian Pacific(10) Can Pacific(new)w.1 Canada South (3). ... Cannon Mills (1.60) . Case (J 1) (6)...... Caterpillar Trae 13% Cent Aguirre As 1%. Cent BRIt of NJ (112), Century Kib Mill Cerro de Pasco (6), Certain-teed Prod. Checker Cab (4.20) Ches & Ohio (10), Ches & Ohio Corp (3) Chi Great Western, Chi Great Weatn pf. Chi Mil StP & Pac Chi Mil StP & P Chicago & N W (b Cht Pneu Tool. . Chi R1& Pac().... Chi R 1 & Pac pf (6). Chickasah Cotton Ofl Childs Co (2.40) Chrysler Corp (3). City Ice&F (k3.60).. Clev & Pitts (3%4). Cluett-Peabody (5., Cluett-Peandy pf 7). Coca-Cola (61,0000 Colgate-Fal-P (3%). Coliins & Atkman Collins & Alk pf (7). Colonial Beacon. Col Fuel & Lron (3).. Col Gas & EI (2).,..., Col Gas & El pt A(6) Colum Graph (a28e), Columblan Carb 41 Comm Credit 42) Comm Inv Tr( Comm Solvents (31) Comwlith & Sou(60¢) Cmwith & Sou pt (6) Congoleum-Nairn, Congress Cigars (4), Consol Cigar pf (7).. Consol Cgt pr pt 6%. Consol 1'1lm ¢Z), . ... Consol Fiim pf (2 Conxo} NY 4., Consol NY pf8) Con RR Cub pf (8, Consol Textile. Container(A) (1. Container(B), . Contl Baking (A),em Contl Baking (B) Contl Can (2% ) Contl Diamond (2) Contl Insur (3.40). Contl Motors. Contl O1l of Del Contl Shares (1).e.e Corn Prod (13%) Coty, Inc S Crueible Steel (k§) Cuban-Amer Sugar., Cudahy Packing (4). Curtis Publisn pf(7) Curtiss Wright Corp Curt Wright Corp A. Cushman's pf (1) Cushman's pf (8) Cutler-Hammer(3%) Davison Chemical. ., Deere & Co pt (1.40). Delaware & Hud (9). Del Lack & Wn {17), Detroit Edison (8)..: 25 Devos&R (A) (3 27 12 3 408 43 11 27 13 Sales— Add 00. Bigh. 24% 281 10 15% [ 123% 194 1% 574 106 59 26 22 168% 113 4 214 2214 891y 17% 2% Bl 3814 117% T 9 110 106 58 25% 22 150 1% 26% 150 112 (285s) 214 214 24 - AT 26% 26 26 i 114% 237 8 308 870 431 1812 145% 121 103% ~Prev.1950~ Lo Diamond Mateh (8) % Ini 4 Kel; ¢ Stock and Sales— Dividend Rate. _ Add 00. Hich. Devoe & R 1st pf (7). 208 10 (1) (11.2 Drug Corporatn (4). Dunhill Intl (24). Duplan Silk (1 Du Pont de N (14.70) Dupont deN db nf(6) Dugques Lt 18t of (5) : Durham Hos pf(6).. Eastman Kodak (18) Eaton Axle & S (3).. Eitington-Schild pf Elec Auto Lite (6).. Electric Boat . El Pwr & Lt (1). El Pwr & Lt pf (7).. Elec Storage Bat (5) Elk Horn Coal pf. Endicott-John (5) Endicott-John pf (7) Equit Office B1dg (3) BriSRR...vecooes Erie R R Ist pf (4).. Srie R R 2d pf (4)... vans Auto Loading. Fairbanks Morse (3) Fash Park Asso..... Fed Lt & Tre (31%4). Fed Lt & Trac pf (6) Fed Wat S. A (€2.40) £1d Pho Fire 1(2.60). Filine’s pt (614).... Eirestone T&R(1.60) £irestone T&R pf(6) First Nat Strs (2%). Fisk Rubber. Follansbee Bros (3). Foster Wheeler (2).. Foucth Natl [nvest. Fox Film (A) (4)... Freeport Tex (15).. Fuller 2d pf(17.40) 4« Gabriel Snub(A)rew amewell Co (5) ardner Motor Gen Am Investor: Gen Am Tnk Car(34) Gen Aspralt (4).. Gen Bronze (2) Gen Cable. .. Gen Cab Gen Cigar (4). . Gen Clectric (1.60).. Gen Elec spec (60c) Gen Food Corp (3) 1149 * Gen Gas&EL A(e3 Gen G&El cv pf(6).. Gen G & El pf A (7). Gen Mills (3).. . Gen Motors (13.30).. Gen Motors pf wi (5) Gen Motors deb (6). Gen Motors pf (6). .. = Gen Motors pf (1) Gent Out Adv (2). Gen Out Adv(A) (4). Gen PublicSve (b6). Gen Ry Signal (5)... Gen Realty & Otl. Gen RIty&Ut pf (e6). Gen Refractor(t4%) Gen Steei Cast pf (6) Gen Theat Equip vte Glllette Saf Raz(ns) Gimbel Bros : Glidden Co (2 Gobel (Adolf). Gold Dust (2%). Gold Dust pf (6) 4 Goodrich (B F) (4).. Goodrich (BF) pf (1) Goodyear Tire (5). .. Gotham Silk Hoslery ¥ Con Min (3). Grand Silver § (m1). Grand Union..,..... Granite City Stl (4) . t (W T) (1) Grt North pf (6) Grt North pf ct (5 Gr Nor ctfs Ore (a% . Grt West Sug(1.40). Grt West Sug pf (7).110s Grigsby Grunow.... 105 Gulf Mobile & North 5 Gulf Mo& Npf (6).. 3 Gulf States Steel (4) 1 Hackensack W (1%) 40s Hahn Dept Storen... 18 Hahn Dept S pf(6%) 1 Hall (W F) PrCo(2) bk Hanna pf (new) (7). b Har Wkr Ref (12%). 3 Hartman (B) (1.20). Hayes Body. . Hercules Mot ¢.30). Hercules Powder (3) 3 Hercules Pow pf @). M Hersh Hershey Choe pf (18) Hershey Cb pr pf( Hoe (R) & Co . Holland Fur (et2%). Hollander Sons. .. Houdaille-H (B)1.2: Household Fin pf(4) Houston O11 (b10% ) Howe Sound (t43%).. Hud&Man Ry ( ). Hudson Motor (5)... Hupp Motor Car (31, Illinots Central (7).. Independ Lll & G(3). Ind Motor Cyel Indian Refining. Indian Refining rets. Indus Ray (b6 % stk) Ingersoli-Rand (16). Inland Steel (4)..... Inspiration Cop (2). Insurance Sh (45¢). . Insur ctfs(Md) (60c) Interboro Rap Tran. Intl Carriers. Ltd %. Intercontl Rubber lake Iron (1)... Intl Agricuitural, ... Intl Agricul pf (7) Intl Bus Mach (n6).. Intl Cement (4)..... intl Combustion. Intl Comb Eng pf. Intl Harvester (234). Intl Hydro El A (e2) Intl Match pt (4).... Intl Nickl of Can(1), Intl Nick. Can p£(7). Intl Paper pf (7).... Intl Pap & P (A)2.40. Intl Pap & Pwr (B).. intl Pap & Pwr (C).. Intl Printing Ink (3) Int Rys Cen A pf (5). Intl Salt (8). Latl Salt (new) 1ntl Shoe (3). Intl Stlver (18) 2 Intl Silver pf (7 . 108 Intl Tel & Teleg (2). 183 Inter Dept Strs (2).. 6 Inter Dpt S pf xw(7) 70s Investors Equity(2). 1 Island Creek Coal(4) 6 Jewel Tea (14).....v 6 Johns-Manville (3).. &5 Johns-Manv pt (7)..100s s Jones & Laugh pf(7) 108 Jordan Motor Car... 3 Kaufmann DS (1%). 3 Kelly-Spring Tire... 5 y Hayes (2).... 20 Kelvinator Corp. Kennecott Cop (3) Kinney (G R) (1). Kinney (GR ) pf (8) Kolster Redlo.... Kraft Ph Ch (1%) Kresge(SS)Co(1.60) Kress (SH) (1)..... Kreuger & Toll 1.60. Kroger Gra&Hakinl). Kuppenheimer (2) Lago O1] & Tran: Lambert Co (8). Lehigh Valley Coal.. Lehigh Valley(t43%) Lehman Corp (8).... Lehn & Fink (3).... LibOwens F Gl (1), Liggett & Myers(15) Ligg & Myers B(15). Lima Locomot! - Liquid Carbonis (4) « Loew's, Ino (3).. Loew's pf xw (6%).. LouG & 4 Louls & Ludlum Steel (2) Mac And & F (12.85). McCali Corp (234). . McKeespt T P (15).. McKesson & Hob (3) McKes & Ro pf(3%) McLellan Stores. Mack Trucks (6).... Macy (RH) & Co(n3) gma Copper (5) 1ison & Co 1124 1 111 31 » —— (Continued on P|R 14, Prev. Close. Close. 1125 1123 193 1838 81y 8 138 704 19% 15 104% 17% 1024 52 5 190 21% 10 62 4 2 63% 1067x 61t 9 814 60% 1 28 19% 87 864 25% 604 62 9244 3% 544 17% 814 34 130 238% 29 40 71 20 35 1214 50% 111 114 a1 1% ? * ] @ ISTOCKS IRREGULAR | | N QUET HARKET List Sells Off as Bears Re- sume Drive—Rails Are Hard Hit. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, June 24—The stock market was left to the devices of the professional trading element today. which found stocks more easily de- pressed than rallled. The bear faction lacked conviction, however, and occa- sional flurries of short covering caused | | temporary upturns. | Wall Street was more impressed with | a sharp falling off in the volume of trading than in the rather meaningle: price movements. While yesterday | rally failed to carry over into today's | trading, the renewed dullness of the market was interpreted in brokerage circles as indicating that the liquidating ‘movement under way for the past three weeks had largely spent itself. While some commission houses looked | for m substantial technical rally, there was a general feeling that the market would turn duli and stay dull for a while. A few pool operatcrs are itching to get into action again, but with un- impressive earnings statements, slacken- ing industrial activity, and more divi- dend reductions -expected to featurs business news during the next several weeks prospects for resumption of a bull market during the near future are regarded as anything but bright Rather discouraging today was the condition statement of weekly reporting Federal Reserve member banks, showing an increase of '$51,000,000 in loans on securities, as contrasted to a drop of $211,000,000 in brokers’ loans during the same period. Loans against security collateral are now $1.233,000,000 above last year at this time. “All other” loans, including commercial, and borrowings at the Federal Reserve, however, are off $648,000,000 and $630,000,000, respec- tively from last year at this time. An encouraging development was a gain of $111,000,000 in “all other” loans, perhaps indicating increasing business activity In some lines. Rather heavy selling of the rails cropped out after midday, evidently re- flecting bear pressure based on poor| operating income reports nNow apiNar- ing for May. Southern Railway sold at the lowest level in five years, Frisco the lowest in four, Rock Island the lowest in three and Great Northern preferred the lowest in two. PLAN COFFEE PARLEY IN CENTRAL AMERICA Special Dispatch to The Star. GUATEMALA CITY, June 24.—The drop in coffee prices has proved the need of fundamental changes in the entire structure of coffee culture, and with this thought in mind recommenda- tions to the different Central American countries were prepared at a meeting recently heid in the city of Guatemala. A special report of the ministry of foreign affairs of Guatemala sum- marizes the resolutions as follows: Reduction of import duties by con- suming countries in return for similar reductions on goods from these coun- tries, unification of land and marine freight rates, construction of ware- houses for storing coffee 50 as to equal- ize distribution. It was further pro- posed that negotiations be inaugurated for reducing marine rates and that Central American countries organize abroad propaganda designed to increase consumption of Central American cof- fee. A bureau of information was pro- vided which would keep in clese touch with coffee developments throughout the world, and standard types of coffee for the different countries were urged. The convention stipulated that the word “coffee” should not be used except for the genuine commodity, and that the country of origin should be men- tioned in sales of the product. Other resolutions had to do with arbitration of trade disputes, establishment of cof- fee houses and the afternoon coffee- hour, construction of a chemical labora- tory to examine coffee by-products, adoption of the Taylor system in cof- fee plantations, free entry of fertilizers and scientific methods for eradicting pests which attack the coffee tree. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks vale (or par). London, pound 4.8 Paris, franc Brussels, belga Berlin, mark. Rome. ' lira ... Zurich, franc. Athens. drachmi Madrid, peset Vienna,' schiilin Budapest, pengo. '’ Prague, crown (nom.) Warsaw, zloty. Copenhagen, crow Oslo, crown..... Stockholm, crown DIVIDENDS DECLARED NEW YORK, June 24 (P).— Pe- Pay- Company. Rate. riod. ahle. Ae Cor Am 7% pf.87';c’ Q July Cradd Terry 1st pf..33 S-A June 30 Do. 2nd pf. Do. pt C.... A June 30 Fixed Tru Oil Sh; sosovs Juiy 1 July Hidrs. of record June 15 June 17 June 17 | June 17 June 30 Goody Textile pf. June 20 Lawy Westch M (White Plains) Nigg Sha C of M, June 18 June 25 June 21 July 10 50c July 21 Southern Weaving.§3.50 . Do. pf.. . 3350 Un_ Bk ‘& Fed Tr (Richmond) .....50c Yosemite Hold pf..871zc Extra. Southern Weaving.$1.50 Initial. Burke Grocery A....25c .. July 15 Randall Co B 8¢ @ July 1 Zetland Gar Ltd pf A.52 An ... “Payable in cash or stock July 1 June 35 June 15 July 1 June 35 FINANCIAL COUNSEL Impartial and experi- enced counsel about ip- vestments is available to you at any time by con- sultation with our Mr. Rohrbaugh, who is charge of our in Investment Department The Washington Loan l Corporation News l NEW YORK. June 24.—The following is today's summary of important corpo- ration news prepared by Standard Sta- tistics Co., Inc., New York, for the Asso- clated Press: 'ws Trend. Corporation news is of a mixed na- ture. Announcements of ation shut- downs were made by Baltimore & Ohio Railroad and Oakland division of Gen- eral Motors. The former plans to close its shops for three weeks, while the Oakland subsidiary will close both its offices and plants for two weeks. As a provision for future expansion North American Co. has requested stockhold- ers to vote on authorizing the amend- ment of its charter to extend and re- new its corporate existence for 50 | years from 1940 and increasing author- ized common stock to 50.000,000 shares and preferred stock to 5,000,000 shares. Further large airplane engine orders were placed by the Government. _In the pas. day contracts for 876 engifies, ag- gregating $5.336.559, were placed with Pratt & Whitney Afrcraft and Curtis Aeroplane & Motor. The Companies, American Smelting & Refining has reduced price of lead 15 points to 5.25 cents a pound. Almar Stores sales, January 1 to May 31, up 4 per cent. American Tobacco May sales Lucky Strike cigarettes were 558,000,000 greater than year ago and brought five months gain to 2,384,000,000 over the 1929 period. Baltimore & Ohio Railroad shops to be closed from July 1 to 21; affects 5,300 men. Canadian Car & Foundry current orders sufficient to keep plants at high rate to end of September. Consolidated Mining & Smelting of | Canada average value per ton of Sulli- van mine ore currently $22.60 a ton. Curtis - Wright Corporation receives $1,533,796 Government order for 192 engine Exchange Buffet " earned $2.20 on common_stock in year to April 30, against $2.06 in previous year. General Motors Oakland works to close for two weeks ending August 4. In previous years vacations were on staggered schedule. General Motors—Court vacates tem- porary injunction granted Yellow Cab barring Terminal Cab, General Motors subsidiary, from taking over PFurness- Bermuda Line concession. Held argu- ment had not shown unlawful means were used. - Great Northern - Northern Pacific merger opposed by State of Minnesota. Contend unification is against public interes Havana Electric Railway total re- celpts period January 1 to June 15 off 6.1 per cent. Lion Oil Refining new asphalt plant in Eldorado, Ark., completed and pro- ducing 6,500 barrels daily. Loblaw Groceterias, Limited, earned $1.40 on common stock in year to May 31 against $1.01 in previous year. Loe Inc., subsidiary., Metro-Gold- wyn-Mayer, to produce 50 feature pic- tures, 60 short comedies and novelties and 104 Metrotone News in ensuing ear. ’ Marmon Car announced reductions ranging from $45 to $180 on Marmon- Roosevelt models, Noranda Mines, Limited, May output of copper was 600 tons over April. North American stockholders to vote on_increasing authorized common stock Offices Saul Building 925 15th St. N.W. Several desirable rcoms at very reasonable rents. Inspec- tion invited. B. F. SAUL CO. Nat. 2100 925 15th St. N.W. Money on Hand to Loan om First Deed of Trust 6%, Interest Reasonable Commissten and Prompt Replies o Applicasiens JAMES F. SHEA 643 Louisiana Ave. N.W. Money to . Loan on Real Estate District of Columbia or Maryland 51 & o) Promgt Decision on AN Applications 1435 K St. N.W. National 2345 An Income FOI' PIQGSUI’GI Small Savings Assure It SEE how modest monthly savings build you a per- manent income to enjoy— * Send for folder, "Bullding Yo Second Income,” which shows 10 tested Investors Syndicate Plans. For grester iness — use the coupon’ 175,000 INVESTORS Send folder, “Building Yow Second Income," to — Nome.. e —y Adren 113301 % cemess s sae e srtaeny INVESTORS SYNDICATE FOUNDED 1894 - BARR BUILDING and Trust Company F St. at 9th 17th St. at G JOHN B. LARNER, President 'WASHINGTON, D. €. * Telephene: Metropeliten 1879 OFFICES IN 81 PRINGIPAL CiTIRg to 50.000.000 no-par shares from 10 000,000; increasing 1,393,322 shares au thorized but unissued 6 per cent cumu- lative preferred $50 par into same num ber serial preferred shares of no pai without so changing the 606,678 shares now outstanding, and increasing serial | preferred authorized to 5,000,000 from | 1,393,322 shares. | St. Louis-San Prancisco (system) | May surplus off 30 per cent; five | months, 31 per cent below a year ago. | St. Louis-San Prancisco Railway re- Emzd merger negotiations with Rock land halted because of Cauzens' reso- Island halted because of Couzens reso- ing possible legislation affecting rail- roads. | Seneca Copper Mining current out- put about 950 tons daily. Stutz Motor Car of America creditors | on open book accounts agree to accept 35 cents on dollar in settlement of claims for materials, | Underwood-Elliott-Fisher Co. joins | with Banca Commerciale Italiana in formation of company for distribution of products in Italy. United Alrcraft & ‘Transport sub- sidiary awarded War Department order for 684 engines valued at $3.802,763. van Raalte. Inc., reduces prices on all hosiery lines and on great many leading styles in underwear. CLEARING HOUSE CUTS INTEREST ON DEPOSITS By the Assoclated Press. NEW YORK, June 24.—Reflecting current credit conditions and the recent reduction to 25 per cent in the redis- count rate of the New York Federal Reserve Bark, the New York Clearing House today reduced the maximum in- terest rates payable on deposits by member banks. The rate on deposits payable within 30 days and on credit balances payable on demand to banks, trust companies and private bankers, excluding mutual savings banks, was reduced from 2 to 1'; per cent. This rate also applies to deposits of non-banking institutions. The rates on time deposits and deposits of mutual savirgs banks were cut 1 per csn: each, making the new rates 2 per cent. . In the opinion of many bankers, ac- tion of the clearing house was overdue and became imperative. They pointed out that since the old rates went into effect March 26 last there have been two reductions in the rediscount rate of th Federal Reserve Bank of New York, carrying that rate down from 31, per cent to 2}, per cent, the lowest rate in | the New York Federal Reserve Bank's 16 years of existence. Money to Loan} Secured b Prevailine 420 Wash. L. Joseph 1. Weller 4, | | fthe IDEAL INVESTMENT yestors o _ demand YIELD and GROWTH of Specially suited to lon for tndividu fundas of o Sold in Lots—$100.00 Up Call or Write ''1129 Standard Collateral Shares Corporation Woodward Building. Met. 883 Real Estate Loans Lowest interest and commission. Large and small loans negotiated. | Also money for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. ‘ First Mortgage Loan | Applications Invited at } Construction Loans Glover & Flather 1508 H St. N.W, s National 1753 A5 Home Apartment MORTGAGE LOAN 1321 Connecticut Ave. F. B. KEECH Mem New York Stock Exchan Washington Stock Exch New York Curb Exchange First Mortgage Loans On improved Real Estate in the District of Columbia nd nearby Maryland and Virginia for 3, 5 or 10 ' year terms on your 51,0 ow Apply RANDALL H. FIAGNER & COMPANY CORRESFONDENT NEW YORK LIFE INSURANCE COMPANY Decatur 3600 & COMPANY bers of Chicago Stock Exchange Chicago Board of Trade Liverpool Cetton Association, Ltd. New York Cotton Exchange Bremen Cotton Exchange (Assoe. Members) N. Y. Coffee & S, New York Cocon Miancapolis Chamber of Exchange, Inc. , Inc. New Orleans Cotton Exchange Winnipeg Grain Exchange Rubber Exchange of N, Y., Inc, New York Hide Exchange, Inc, National Metal Exchange, Inc. DIRECT PRIVATE WIRES H CORNER 17TH ST.,N. W., WASHINGTON NATIONAL 0245 SEASONAL BRANCH OFFICES PALMBEACH MIAMT SARATOGA SPRINGS BAR HARBOR BRITTON WOODS G.M.-.P. MURPHY & CO. New York Richmond WASHINGTON Philadelphia London MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Cooy o our “Fortnightly Review” on Request 1510 H Street Connecticut at K National 9600 PROPERTY MANAGEMENT Apartment House MANAGEMENT EEPING apartments rented; with the details of management running smoothly, are two of our service responsible for maximum income. Our charges are notably modest. B. F. SAUL CO. 925 15th St. N.W. M ORTG A G Nat’l 2100 B L. O .A NS