Evening Star Newspaper, June 25, 1930, Page 10

A—_10 .**»» BANKERS WATCHING| "NEW HOUSE BILLS Amendments Would Make { Several Changes in Fed- eral Reserve Act. r BY EDWARD C. STONE. Washington bankers are deeply in- Rerested in four bills amending the Ped- eral Reserve act which have recently been adopted by the House, which had previously been passed by the Senate. One of the bills amends section 4 80 as to clarify the of the FINANCIAL. THE - EVENING STAR, WASHINGTON, D. C. ~WEDNES NEW YORK STOCK EXCHANGE which shows those stocks to be sold in odd lots d 41% 1% 156% 36 2 1264 68 “electors in that part 1 the statute providing the method of count- ing the ballots in the election® of class A and class B directors of Fed- eral Reserve bank: A second bill grants the Federal Reserve Board dis- cretionary author: ity in the asse: ment of costs of examining State member banks. Another amendment permits any na- tional banking association to give se- curity in the form required by State Jaw for State banks to secure deposits of public funds of a State or any po- litical subdivision. The last bill passed will enable na- tional banks voluntarily to surrender the right to exercise trust powers and to relieve themselves of the necessity of complying with the laws governing Panks exercising such powers. Endicott New Auditors’ Chairman. Ralph Endicott, who has been elected 5“"“““ of the auditors’ section of the Ralph Endicott. istrict of Columbia Bankers' Associa- on, is assistant treasurer of the Wash- ington Loan & Trust Co., where he has been employed for several years. i" is much interested in civic affairs nd is president of the Michigan Park Citizens’ Association. The new chairman is already busy on the subcommittees | to be appointed for the auditors’ section | for the coming year. As noted in yesterday's Star, John H. Hanna, president of the Capital Trac- tion Co., has just been elected president ©of the American Electric Railway Asso- ciation. His business associates here ex- gressed much pleasure over the distinct onor accorded him. He has attended these conventions for many years and often made addresses before them. Mr. Hanna was born December 9, 1871, Henderson, Ky., and was edu- cated at _Princeton University, receiv- ing the C. E. degree. He has been a| ident of the District and with the pital Traction Co. since 1894. He came its vice president in 1916 and its president in 1926. He had previ- ously served the association as first vice president. Mr. Hanna is a director of the Cap- ftal Traction Co., Union Trust Co., Co- Jumbia Country Club and Merchants and Manufacturers' Association. He is a member and past president of the Washington Society of Engineers, a member of the American Society of Civil Engineers, American Institute of Electrical Engineers, Board of Trade, Chamber of Commerce, Cosmos, City and Columbia Country Clubs, being a past president of the latter. Credit Men Award Certificates. ‘The Washington Chapter of the Na- tional Institute of Credit awarded cer- tificates today to those students who have successfully completed their courses in ts and Collections” and “Anaiysis of Pinancial Statement.” Lister T. Watts, presiaent of the local association, presented the certificates. In his presentation address he urged that all membeérs of the association take an active part in the educational work of the institute. C. Vincent Griffin, credit manager of the Rosslyn Steel & Cement Co., was awarded the junior certificate of the National Institute of Credit for the suc- cessful completion of commercial law, business English. financial statement analysis and credits and collections. ‘Those receiving certificates in “Cred- its and Collections” are: Claude B. Claggett of Fries, Beall & Sharp Co. Norman E. Estes of Hugh Reilly Co., mes R. Horne of Washington Times , Felix M. Moriarty of E. Morrison per Co. and Norman Stockett of Stnck!fl Piske Co. Students recelving certificates in ®Analysis of a Financial Statement” are: Edward G. Diener of J. Carey King, Inc.; C. Vincent Griffin of Ross- lyn Steel & Cement Co., Louis M. Hewlett of Griffith-Consumers’ _Co. Fred McClenahan of J. Carey King. Inc; E. Lerop McIntosh of Frank Hume, Inc.; Robert T. Morris of R. P. Andrews Paper Co., Norman Stockett of Stockett-Fiske Co. and Martin M. Watson of Dulin & Martin. ' Three Banks Declare Dividends. ‘The directors of the Anacostia Bank, at a meeting held this forenoon, de- clared the regular guarterly dividend of 5 per cent. The disbursement is payable June 30 to stockholders of rec- ord on June 25 President Maurice Otterback announces. The directors of the Becurity Savings & Commercial Bank today declared the regular quarterly dividend of 4 per cent, payable June 30 to stockholders of wecord June 25. At the regular meeting held today the board of directors of the National Bank of Washington declared the usual semi-annual dividend’ of 6 per cent upon the capital stock of the bank payable July 2 to shareholders of rec- ord June 30. The Interstate Commerce Commissiort has authorized the Seaboard Air Line Railway Co. to issue $3,510,000 first lien 5 per cent equipment trust certificates, $1.080,000 second lien 515 per cent equipment certificates and t!& 000 sec- ond lien 5 per cent certificates. The first lien certificates will be sold at 96.32 and accrued interest, and the sec- ond lien issues at not less than par. Local Market Lower Today. Quotations were slightly lower on the Washington Stock Exchange today in rather mm trading. Washington Gas Light stock opened with 10 shares selling at 118 and closed with two selling at 115. Capital Traction figured in three 10- share sales at 59, exdividend, a new Jow on the present move. Mergenthaler Linotype changed hands | to the extent of 55 shares at 97, the stock still being exdividend. A single share of Lanston sold at 115. Steamboat rights sold at 164 and | 1615, Potomac Electric 5% per cent | preferred at 106's, and 250 shares of | National Mortgage & Investment pre- ferred at 5. Bond trading was confined to Rail- way & Electric 4s at 85 and $1,000 D. C. Paper 6s at 60. Latest Financial District Notes. ‘Today's announcement of the elec- Sion of Francis G. Addison, jr., as presi- dent of the Security Savings & Com- mercial Bank, will be most enthusias- tically received by his host of friends in the banking district. The action was requested by Julius I. Peyser, who has been made chairman of the board, after 17 years able service in building up the institution, which he organized. Norfolk & Western Railway, in first five months earned $8.26 hare on 1.406,507 common shares, as against 89.81 a share on 1,404,467 shares in like 1929 period. Virginian Railway Co. reports for five months ended May 31, 1930, net income of $1.801,075 after taxes and charges, . equivalent, after dividend requirements on 6 per cent preferred stock, to $3.52 a ghars on 312,715 shares of common stock. This compares with $2,182,592, or $4.74 ¢ share on common stock, in first five iths of 1920, 1 2 1561 147 821, 697 101 511 33 307% 5914 101% 111% 100% 33% 9 347 69% 41% 55% 4 175% 80% 65% 51% 106 37 263% 58% % 110% 134 1% 69 5 90% 50 5 24% 36% 224 8% 15% 6615 178% 308 33% 31% 43 115 16% 14% 1% 74 43 35 100 5 481y 110 118 2:6*. 521 34% 101% 362% 9% 60 3014 315 5% 15% A% 241% 8214 10 10% 17% 528 264 464 £ 1404, 37 125% 10414 | 1108 10! 191% 52 110 370 199 851 Adams Expr's pt (5). 23 Adams Millis (2).... 30% Addressograph (1%) 8 Advance Rumley. ... 15% Advance Rumley pf. % Ahumada Lead. 114 Air Reduction (3).... 16 Alr Way TI Ap(l*). 1 Ajax Rubber.. 4% Alaska Junean 84 Albany Wrap Paper, 18 Allegheny Corp. 87 AllegCp w $30 w 90 Alleg Cpw $40 w514 90 Alliance Realty 133 2331% Allled Ch & Dye(n6) 121 Allled Ch & D pf (7). 4R% Allis-Chalmers (3).. 27'% Alpha Port Cemt (3) 18 Amerada Corp (2)... 4% Am Agricul Chem... 24 _ Am Agrieul Ch of. 613 Am Bank Note pf (l)z70- 6 Am Beet Sugar... 29% Am Bosch Magneto. . 424 Am Brake Shoe(2.40) 8% Am Brown Bov Elec. 60'; Am Brown B E pf(7) 1091c Am Can (4) 140'% Am Can pt Am Car & Fdy % Am Chicle (12%). ... 10 Am Comm Alcohol 15 Am Encaustic (1)... 38% Am European Secur. 5614 Am & Forn Power... 106% Am & For Pwr pf(7). 9214 Am&Forn Pwr 24 pt. 19% Am Hawaitan (110). 4 Am Hide & Leather. . 22 Am Hide & Lea pf... 55% Am Home Prod(4.20) 31 AmIce (14). 28% Am Internatl 1% Am La Fr & Foa 49%% Am Locomotive (4).. 98% Am Locomot pf (7).. 30 Am Metal (3) ' Am Plano. . 75 Am Pwr & Lt ($1)... 100 Am Pwr & Lt pf (6) . 80 Am P&Lt pf A st(5). 23% Am Ra&Std San 1%. 16% Am Republics. ..... 51'% Am Rolling Mill(n2) 52 Am Safety Razor(b). 53 Am Sm & Ref (4) 133% AmSm & Ref pf ( 38 AmSnuff (133%). 7 Am Solv & Chem. 35'5 Am Steel Fdy (3) 110%s Am Steel Fdy pf (7). 42% Am Stores (2)... 48 Am Sugar Ref (5). 104 Am Sugar Ref pf (1) 200% Am Tel & Teleg (9). 197 Am Tobacco (8)..... 197 Am Tobacco B (8).. 120 Am Tobaeco pf (6).. 78% Am Water Wks (n1) 19% Am Woolen pf. 6% AmZinc Ld & 8 50 Am Zinc pf (6). 44y Anlcnndl Cop (1)... 26'% Anaconda W&C (3).. 347 Anchor Cap (2.40)... 18 ~ Andes Copper (3).... 19% Archer-Dan-M (2)... 744 Armour of Del pf(7). 4% Armourof 11l (A)..w 2% Armour of Il (B). .. 55 Armour of Ill of (7). 6% Arnold Constable. 12% Artloom (2).. 24% Art Metal Constr(3). -'x"lz‘a Asso Appl Ind (4). 24 102% Atch To & SF pf ( 156 Atl Coast Line (110). 5 % AtlGulf & W Ind(1). 56 Atl Gulf&W Ipf (5). :0% Atl Refining (12) 62 Atlas Powder (4) 25% Atlas Stores (n1) 91 Auburn Auto (§4).... 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 19% Baldwin boco (1%). 105 Baldwin Loco pt (7) 984 Balto & Ohio (7). 78% Balto & Ohlo pf (4 63 Bang & Arooe (3%). 73 Barker Bros pf (6%) 20t Barnsdall, A (2).... 97 Bayuk Cgr 1st pf(7). 67 Beatrice Cream (4).. 50 Beech-Nut Pkg (3) 80 Belg N Ry pt pf 5.49. 2814 Bendix Aviation (2). 31% Best&Co (2)....... Bethlehem Steei (6). 122% Bethlehem Stl pf (1) 321 Blaw-Knox (1%) 25% Bohn Al & Brass 2 Booth Fisheri, 60% Borden Co (k3) 25 Borg Warner (3) 3 Botany Con M (A)... 131 Briggs Mfg Co. .. 21 Briggs & Strat (2).. 13 Brockway Motor Trk 58% Bklyn-Manhat (4)... 10 Brooklyn & Queens. 53 Bklyn&Queens pf(4) 117 Bklyn Union Gas (5) 13% Bruns-Balk-Col 11 Bruns Ter & Ry 19% Bucyrus (1) 33% Bucyrus ev p 107% Bucyruspf (7). 7% Budd (EG) (1) 81 Budd Wheel (1) 84 2714 Bullard Co (1 60) 26% Bulova Wateh ¢3), 15% Burns Bros (B).. 894 Burns Bros pf (7). 30 Burr Add Mch (1) 29% Bush Termnl (2%) 100% Bush Term deb (7) 201% 2 212 216% 22 § 120% 7814 m 1"6-,. 6 13 1 591 2 118% 4 Buff & Sus pf nnn)lnn- 160s 10215 109% Bush T Bld pf (7)... 10s 114% 2% Butte Cop & Z (50¢). 13% Butterick Co.. 66% Byers (A M). 62 Calif Packing (4).... 1 Callaahan Zine & Ld. 48% Calumet & Ariz (2).. 13 Calumet&Hec(alls). 17 Campbell Wyant (2) 56 Canada Dry G A (5). 186 Canadian Pacific(10) 465 Can Pacific(new)w.1. 20 Cannon Mills (1.60). 96 162 b4 15 Case (J 1) (6). 43% Cerro de Pasco (6 5% Certain-teed Prod 20% Checker Cab (4.20).. 172% Ch Ohio (10) 53' Ches & Ohlo Corp (ll 4% Chi& Alton. . 4's Chl & Alton pf.... 814 Chi Great Western 27 ChiGreat Westn pf.. 13% Chi Mil StP & Pac. .. 20% Chi M1l StP & Pae of 687 Chicago & N W (5).. 136% Chi & N W nt (7).... 11% Chi Pnen Tool. 95% Chi R 1 & Pac ( 98 ChIR I & Pac pf (6). 105 ChiR1& Pacpf (7). 20 Chickasah Cotton Ol 51% Childs Co (2.40)..... 24 Chrysler Corp (3)... 3814 City Ice&F (k3.60). . 89 City Ice&Fuel pf 6% 6% City Stores (50e.... 20% Clark Equipment (3) T4 Clev & Pitts (33%4). .. 30 Cluett-Peabody ¢5).. 91% Cluett-Peabdy pf 7). 133% Cooa~Cola (6). % Coca-Cola A (3). 97 Colg-Palm-P pf (6).. 14% Collin 12% Colon! 361% Col Fuel & Iron 65 Colo & South (3) 68% Colo & Sou 1st pf 584 Col Gas & Bl (2) 104% Col Gy 16% Colum G 108 Columbian Carb 116) 23% Comm Credit ¢ 5 31% Comm Credit A'(3).. 22 Comm Cred pf B (2). 28% Comm Inv Tregl 60) ®0 Com Inv T ev pfie6) 89 Comm Inv Trpf 6%. 20% Comm Solvents (31) 12% Comwith & Sou(60c) 99 Cmwith & Sou pf (8) 10% Congoleum-Nairn... 32 Congress Cigars (4). 37 ' Consol Cigar (1) . 114 Car Clin & O sta (5).180s 101 1814 44 117 1 24 1 108 18 1 3 998 122 22% 341 13 2 101% 2 1 3 32 3 371% Notice—All stocks are sold In one hundred-share lots | —P: pting those designated by the letter s 1454 10315 254 754 43 661 148% 123% 1 5l 116 1 4 100'% 100 165% 175% Received by Private Wire Direct to The Star Office. Consol Cigar 3 Consol Cgr pr pf 6% .140s 15% Consol Film (2). 18 Conml nlm I (2 9915 Conlol G- NY pt(5) 49 Con RR Cub pf (6) % Consol Textile. 11% Contalner(A) (1.30). 3% Contalner(B).. 18% Contl Baking (A). 3% Contl Baking (B).... 674 Contl Baking pf (8) . Contl Can (3%). 1614 Contl Diamond (2) 50l Contl insur (3.40). Contl Motors. . Contl Ol of Del Contl Shares (1 Corn Prod pf (1) Coty. Ine. . Cream of Whi(12%). Crex Carpet Crosley Radlo Crown Zellerh-ehfl) Crucible Steel (k5). . Cruetble Steal of (1)’ 308 uba Co. 4 Cuban.Amer Sugar. . Cuban-amer Sug pf. 1202 i Cudany Packing (4 4 Curtis Publish (163%) Curtiss Wright Corp Curt Wright Corp A. Cutler-Hammer(3%) Davison Chemical. .. Deere & Co pf (1.40 Delaware & Hud (3 ' Del Lack & Wn (17). Denver & RG W pf.. Detroit Edison (8) Devoe&R (A) (2.40). % Devoe & R 1st pt (7). Diamond Match (8). Dom Stores (31.30) % Drug Corporatn (4 Dunhill Intl (34) Duplan Silk (1) Du Pont de N (14.70) Duques Lt 1st pf (5) Sastn Roll Mill(ht2) Kastman Kodak (18) Eaton Axle & 8 (3).. Eitington-Schild pf.. Eleo Auto Lite (8)... Electric Boa El Pwr & Lt ( El Pwr & Lt pf 4 Elec Storage Bat (5). Endicott-John (5)... Endicott-John pf (7) Eng Pub Sve pf(5%) Equit Office Bldg (3) Erfe R R lll pf H) o R R 2d pf (4). Eureka Carp Cl (4) Evans Auto Loading. Fairbanks Co pf. Fed Lt & Tre (11%4). Fed Min & Sm pf (1) Fed Motor Tr (80¢). Fed Wat 8. A (e2.40) Federated Dept Strs, #1d Pho Fire 1(2.60). Fifth Ave Bus (64¢). Firestone T&R(1.60) Firestone T&R pf(§) First Nat Stra (3%). Flsk Rubber. .... Flosheim Shoe A (3). Florsheim Sh pf(6) Follansbee Bros (3). Foster Wheeler (2) .. Foundation Co..... Fourth Natl Invest. Fox Film (A) (4) Freeport. Tex (15). Gabriel Snub(A)new Gen Am Tnk Clr(!l) 137 Gen Aspralt (4). Gen Bronze (1). Gen Cable Gen Cable (A) (4). Gen Cigar (4).. 4 Gen Cigar pf (7). Gen Llectric (1.60) Gen Elec spec (6Uc) Gen Food Corp (3). .1 Gen Gas&EL A (e30). Gen G&El cv p(6). Gen G & Elpf A (1) Gen Mills (3).... Gen Motors (13.30).. Gen Motors pf wi (5) Gen Motors deb (8).. % Gen Motors pf (7). Gent Out Adv (2) Gen PublicSve (b6) 4 Gen Ry Signal (5). Gen Realty & Ouil. .. Gen Refractor(4%) Gen Stee) Cast pf (6) Gen Theat Equip vte, Glllette Saf Raz(nb) Gimbel Bros. .... Gimbél Bros pt (1) Glidden Co (2). Gobel (Adolf). . Gold Dust (2%) Goodrich (BF) (4) Goodyear Tire (5)... Gotham Silk Hosiery Granam-Paige. .... Graham-Paige rets Granby Con Min (3). Grand Silver § (m1). Grand Union. .... Granite City Stl ( Grant (W T) 1) Grt North pf (5). Grt North pf et (). Gr Nor ctfs Ore (a% . Grt West Sug(1.40).. Grt West Sug pf (7). 60s Grigsby Grunow,... 210 Gulf Mobile & North 16 Guif MO&N DL (6).. 1 Gulf States Steel (4) 2 4 Gulf St Stl 1stpt(7).. 40s Hackensack W (1% ) 100s Hackensk pf Au!}. 30s 29 Hall (W F) PrCuu) Hanna pf (new) (7). 4 Hartman (A) (2).... Hartman (B) (1.20). Hayes Body........ Helme (G W) bt (7). 1u Hercules Mot (1.80). Hercules Powder (3) Hershey Choe (). .. Hoe (R) & Co Holland Fur (et2%). Houdaille-H (B)1 Household Fin pf(4 Houston Ol (b10%). Hupp Motor Car (1), Illinois Central (7). Independ Oil & G(3). Indian Refining Indus Ray (b5 % i ingersoli-Rand (15). Ingersoll Rand pf(6) 4 Inland Steel (4). Inspiration Cop (2).. Insurance Sh (4be). . Insur ctfs(Md) (60c) Interboro Rap Tran. " Lnteriake iron (1). Intl Agrieultur: Intl Bus Mach (n6).. Intl Carriers, Ltd % . Intl Cement (4)... Intl Combustion. Intl Comb Eng pf.... Intl Hydro E1 A (e2). Intl Match pf (4).... Intl Mer Marine (1).. Intl Nickl of Can(1). Intl Paper pf (7).. Intl Pap & Pwr (B).. intl Pap & Pwr (C).. Intl Pap&Pwr ptf (7). Int Rys Cen A pf (5) Intl Salt (8)... Iatl Salt (new),, ' Lntl Shos3), tntl Silver (18) intl Tel & Teleg (¢ Inter Dept Stra (3) Inter Dpt S pf xw( Investors Equity(2). Ialand Creek Coal( Jewel Tea (14)...... 3 78 Johns-Manville (3).. 91 18% Jones & Laugh pf(7) 6€0s 1% Jordan Motor Car... 8 08 K CP&L 1stpfB(S 80y 120% 1% 10s 113 32 76 1204 1% 113 (Continued on Page 11) & 102% 15% 1801 ISTOCKS IRREGULAR INLOWER MARKET Bears Continue Attack on List and Pivotal Issues Give 'Way. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK. June 25.—The bear fac- tion seemed bent on destroying the re- sistance points of last November in today's stock market, and while some bankers were of the opinion that spec- ulative pessimism was being carried to extremes unjustified by actual condi- tions, banking interests did not offer any aggressive opposition. A further survey of business condi- tions by Standard Statistics expressed the belief that “an early, sustained strengthening in commodity prices is not probable.” This survey indicated a seasonal upturn in business activity in the Fall, with pronounced recovery in the early months of 1931. Price movements in the pivotal in- dustrials were narrow. U. S. Steel sagged slightly to a new low for the year, under 152, compared to the No- vember low of 150. American Can reached a new low around 109. The rail shares remained the chief weak spot, as the breaking of the price index for this group beneath the November low yesterday brought in considerable nervous liquidation. Wall Street feels, however, that with possibly a few exceptions, rail divi- dends “are secure, and the attractive vield basis at which carrier issues are now seliing is said to be bringing in considerable investment buying. How- ever, such shares as Union Pacific, Norfolk & Western, Atchison and Del- aware & Hudson lost 3 to 5 points North American, Western Union and International Business Machine also lost a few points. Credit remained extraordinarily abundant, with call money renewing at 2 per cent for the first time since March. There is even some vague talk of a 2 per cent rediscount rate. The character of the trading did not change to any great extent in the late afternoon, prices falling when bear pressure was applied and steadying afterward when selling diminished. The list, in general, worked lower with sev- eral of the pivotal industrials hitting new bottoms for the movement before showing any recuperative power. Atchi- son, American Telephone, United States Steel, American Can and Westinghouse Electric rallied from 1 to 3 points above their low figures in the final hour. The close was heavy. Total sales ap- proximated 3,400,000 shares. BANK CLEARINGS. NEW YORK, June 25 (Special).— New York bank clearings—Today, $1.- 291,000,000; a year ago, $1,519,000,000. York Federal Reserve credit bn)nnrefl— Today, $143,000,000; & year ago, $138,- 000,000, Stockholders Approve Merger. NEW YORK, June 25 (#).—Stock- holders of the Sheflield Steel Corpora- tion have approved dissolution of the corporation in connection with consoli- dation with the American Rolling Mill Co. Sheffield common stock will be withdrawn from trading on the Chi- izing in Mortgages on Investment Properties JAMES Y. PENNEBAKER Nat. 5291 1520 K St. N.W. Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Also money for sound 2nd Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. MOTT MOTORS, Inc. “HUPMOBILE!” Better Used Cars 1520 14th St. N.W. DECATUR 4341 3436 14th St. NW. Adams lll. Road Service—Charge Accounts Bring Your Real Estate Loan Problem to Us— We Can Quickly Arrange it for You —to your very great ad- vantage and entire satis- faction. Incidentally, our officials are quite readily accessible and always glad to confer with huilders or prospective borrowers on real estate. 3,50r10 Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates BOSSETELPS Loan Correspondent Jonn Hancock Mutual Life 0. nsurance C 1417 K St. National 9300 NEW: TELEGRAPHESERVICE | 15 weith ‘tasseucricaryinBetat Clmpbell and Dalton, Day charged, ‘sewed up Youngstown” by a contract FOR RAIL PASSENGERS By the Associated Press. ‘The telephone administration has inaugu rated a4 convenient new telegraph serv ice available to s on & number | of fast day trains operating on the| various French railroads. | The American trade commmissioner | at Paris advises the telegrams written | on these trains are collected by rail- | road employes and forwarded from the | nearest station. The cost of each tele- | gram is paid for by means of postage stamps attached to the blank. both blanks and stamps being available on the train. STEEL MERGER PLAN | SCORED BY COUNSEL Suit to Block 'Youngstown-nethle-‘ hem Combine Is Opened. Directors Blamed. By the Associated Press. YOUNGSTOWN, Ohio, June 25.— The negotiation and approval of the Bethlehem-Youngstown steel _merger was “deliberate and intentional fraud” | plaintiff’s counsel charged in opening | statements today in a hearing on a | sult to block the merger. | Luther P. Day of Cleveland, chief of | counsel for the plaintiffs, in his open- ing statement said that negotiations with Bethlehem, were opened and carried on by James A. Campbell, Shect & Tube chairman, and H. G. Dalton of Cleveland. Campbell was disquali- fied to act, said, because he had | been promised “‘a position of dignity” after the merger. Dalton also was not competent to negotiate, the attorney charged, since besides being a director of Sheet & Tube he was a director of Bethlehem, a director of the Guar- anty Trust Co. of New York, which is interested in Bethlehem, and a part- ner in Pickands' Mather & Co., . ore First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. REAL ESTATE LOANS Made at Low Interest R: TYLER & RUTHERFORD Safety of Prmcnpal' The first thing to con- sider when investing is not the size of the re- turn but the “Safety of Your Principal.” Guaranty First Mort- gages are doubly safe because of our $3,800, 000 resource backing. REALESTATE CoRPORATION Capital Resources, $3,500,000 24 JACKSON PLACE The Commeraal National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Com- pare this method with usual method of computa- tion. Call and let us ex- plain. Other Departments are equipped to serve in all banking and fiduciary matters. The Bank of Personal Service 14th & G Sts. N.W. Resources Over $20,000,000 | WADE R. COOPER. President / FINANCIAL. negotiators. Youngstown, which was fixed by te Day said that Youngstown directork which made it impossible for Youngs- had been derelict in their duty. Ip’- town stockholders thereafter to obtain i ations oraPhl_ and | more favorabie terms than the 11-3 | nation of Daiton proving the contract “under the nd Campbell with- | shares of Bethlehem for one share of out adequate information.” Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Amsets .$5,723,083.61 Surplus & Profits. '50th YEAR COMPLETED WALTER §. PRATT, Jr., Secretary $1,755,911.57 Subscription for the 99th Issue of Stock Being Received Over a Thir of a Century Without a Loss B. National 2100 THERE 1S Methodical Savings! Regular methodical savings will result in a substantial accumulation in a sur- prisingly short time! Come in and let us explain! 915 F St. N.W. FIRST MORTGAGES A GOOD EXAMPLE TO FOLLOW is that of the big trust and in- surance companies—who place a liberal share of their funds in First Mortgages because they are safe and offer liberal return. d Our 6% FIRST MORTGAGES are of this class—and possess all the desirable features of and yield. security May be purchased in amounts from $250 up. F. SAUL CO. TAKE THE BURDEN OUT OF HOME OWNING Washington and nearby Maryland an We have assisted hundreds of le in Virginia in the purchase of their homes. The Metropolitan Life Insurance Company, through its correspondents all over the United States, developed a loan plan to meet the needs of the average home buyer. 809 Consult EAVER BR! REA %m 15th St. NW. District 9436 Mortgage Loan Correspondent Metropolitan Life Insurance Company BONDS Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate MMM NEW YQRK CURB EXCHANGE NSPECTION and comparison of a large number of investment lists-—the holdings of particularly shrewd and sue-. cessful investors—show conclusively the importarit part which. bends play in such pertfolio High grade stocks have their place in the majority of the lists examined, but bonds totaled an average of 70% of the p cipal. Present low money rates should fa- vorably affect bond prices. A list of bonds we bohovo to be out standing request. purchases will_be mailed “on 925 15th St. N.W. O SUBSTITUTE FOR SAFETY Mackubin, Goodrich & Co. ESTABLISHED 8¢9 B ANKERS 1508 H STREET WASHINGTON, D. €. REDWOOD & SOUTH T8 SALTIMORE, MD. e el