Evening Star Newspaper, June 27, 1930, Page 13

FINANC HOLDERS OF BONDS WILL RECEIVE §50 Disbursement to Investors in| Railway Firm Securities Is Announced. BY EDWARD C. STONE. ‘The large number of local bondhold- ers in the Washington, Alexandria & Mount Vernon Railway Co. are so0n 10| get 850 on each $1.000 invested, and Pprobably a similar disbursement in 1931 This important announcement comes from the bondholders’ protective com- Mittee, which has been acting for the owners of the first mortgage 5 per cent | bonds ever since 1921. The commitie: consisting of William G. Baker, jr., | and Lewis H. Parsons, has just made | its report. Samuel J. Steele, vice pre: ident of the Pidelity Mutual Life In- | surance Co., the third member of the committee, died very suddenly last | March. These bonds are very widely held in Washington and vicinity. On May 10, 1927, the committee purchased all the | Tights, privileges and properties of the Washington, Alexandria & Mount Ver- | non Railway Co. at public auction in| & recevership suit brought for the pur- pose of foreclosing the above-mentioned mortgage, the bonds deposited with the protective committee being used to make the purchase. The protective committee has represented bondholders to the extent of $2.376,000 out of a total issue of $2.500.000 secured by the mortgage, and it was found necessary by the committee to continue operation of the railway until such time as it could be disposed of. A mew company was formed, known as the Mount Ver- non, Alexandria & Washington Rail- way Co. Could Not Make Road Pay. In its report, just made public, the eommittee states that it was found that the “railway company could not be made a successful or paying operation, owing to the large number of privately owned automobiles constantly used by Wormer patrons of the road, and also owing to bus competition, which has been the cause of the failure of so many interurban railroads during the past decade.” e For several years” the committee continues, “every effort has been made | to dispose of the property as & whole, as the scrapping of the road would not only have been a very expensive and | tedions process, but owing to franchise | requirements calling for removal of rails and restoration of depositing bond- holders would not have received nearly 80 much as they will now receive from ' the sale below set forth: “We have, after long negotiations, s0ld to the United States Government that portion of the railway extending from Alexandria City to Mount Vernon, parts of which will be used in connec- tion with the Memorial Boulevard from ‘Washington to Mount Vernon, and this | sale together with certain Tecoveries from rails, overhead construction, etc., 264% 269'% 141% 124°% 13% 100 46'% 2421 108 803 654 51% 37 814 263% 10% 58% 9 by which shows those stocks to be IAL. THE EVENI NG STAR, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 1930~ i Divide . Low. n 647 AbItibi P& P D 214 Adams Exp (1.60) Adams Millis (2) Addressograph (1%) Advance Rumlev. ... 15% Advance Rumley pf. 114 Alr Reduction (3)... 16 Air Way Tl Ap(23%). 1 Ajax Rubber. . 4% Alaska Juneau...... 8 Albany Wrap Paper. 18 Allegheny Corp..... 232 Allied Ch & Dye(n§) 4814 Alli-Chalmers (3).. 24 Alpha Port Cmt (2). 18 Amerada Corn (2) 4% Am Agricul Chem Am Agrieul Ch of Am Bank Note (3) . Am Bank No Am Bosch Magneto. 2 Am Rrake Shoe(2.40) 118% Am Br'Sh & F pf (7). 3 £% Am Hrown Bov Elee. 1081 Am Can (4)...... 42 AmCar & Fay (6). .. Am Car & Fdv pf(7). 36% Am Chicle (12%)... Am Comm Alcohol. . 56'c Am & Forn Power. .. 106's Am & For Pwr pf(7). ~ Am Hawalian (110). » Am Home Prod(4.20) Am Ice (t4).. : K% Am Internatl (2)..., 48% Am Locomotive (4). 150 Am Mach & Fay (7). 30% Am Metal (3). 4 3 Am Piano pf 2% Am Pwr & Lt (3 76 AmP&LDfA (3%) 80 Am P&Lt pf A 81(5). 23% Am Ra&Std San 13%. « Am Republics 51'x Am Rolling Mill(n2) 15 Am Safety Razor(b) Shipbuilding (5) Am Sm & Ref (4). Am Solv & Chem. ., ‘s Am Steel Fdv (3).., Am Stores (2).. 47 Am Sugar Ref (5)... 104 Am Sugar Ref pf (1) 9% Am Sumatra Tob. ... 200'4 Am Tel & Telex (3). 197 Am Tobaceo (8).. 197 Am Tobaceo B (8) 113 Am Type Fdry (8) TN Am Water Wks (n 9915 Am Wat W 1st pf(6) 19% Am Woolen pf...... 6% AmZinc Ld & Sm. .., 50 Am Zincof (6)...... 44% Anaconda Cop (3%). 2613 Anaconda W&C(17;) 18 Andes Copper (133). 19% Archer-Dan-M (2).. Armour of 111 (B)... Armour of 11l pf (7). 6 Arnold Constabl 90 Artloom pf (7).. 31's Asse Appl Ind (4) 194 Atch To& S Fe (1 102% Atch To & SF pf (5). 49% AtlGulf & W Ind(1). 53 Atl Gulf&W It (5). £0% Atl Refining (12)., 25% Atlas Stores (n1)... 5% Atlas Tack......... 91 Auburn Auto (34)... 4 Autosales. .. . 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del will net approximately $150,000. Second Important Deal. “Since concluding arrangements for the above sale we have been making | an earnest effort to dispose of the| stock of the railway company held by us, or that portion of the railway from Washington to Alexandria, Va. and we have recently sold this stock for $95.000 net, of which $20,000 has been paid in cash and notes extending over a * period of two years given by the pur- chaser for the balance. These notes are secured by all the stock of the mpany. O etween now and October 15 it i the earnest hope and expectation of the committee to make a distribution of $50 on each $1,000 certificate of de- posit, and some time during the year 1931 your committee will make an ap- proximately similar disbursement. The statement is signed by the two | members of the committee which ha. its headquarters at 1422 Walnut stree Philadelphia, Pa. Potomac Power Profits Gain. The Potomac Electric Power Co. re- ported today to the Utllities Commis- #ion that net earnings in May amounted to $340,80541, against $319,359.3¢ last wear, or a gain of $21446.07. Operat- ing revenues for the month amounted to $837,526.34. against $787,095.19 a year 2go, & gain of $49,531.15. Revenue de- cuctions required $450,009.95, com- pared with $407216.38, an increase of $42703.57. Net operating rTevenues totaled $387,516.39, lgell1n:s7t55.3!0.‘l7l.ll a ear ago, & gain of $6,737.58. Y por ihe fve-month period the Poto- mac Power Co. reported operating reve- nues of $4,438959.30, compared with $4.176,071.09, an increase of $262,888.21. Revenue deductions called for $2,193,.- 292.20, compared with $2,098498.28, a difference of $94,793.92. Non-operating Tevenues reached the sum of $2,245.- 667.10, against $2,077,572.81 last year, an increase of $168.094.29. After all other deductions, the company had s net, income for the five months of $1,- $98.930.52, in comparison with $1,760,- 369.69, or a gain of $238,560.84. Rallway & Electric's Net Up. The Washington Railway & Electric Co. reported to the Public Utilities Com- mission today a total net income in May of $393,077.25, against $387,302.95 in May, 1929. Operating revenues amount- ed to $473,466.32, compared with $512,- 69346 in the same néonth last year, operating expenses and taxes requires n%uw%z. in comparison with $416,- 178.56 a year ago, and operating in- come totaled $68,976.70, against $96,- $14.90 a year ago. For the first five months of this year the corporation reported operating reve- nues of $2343295.72, against $2479.- 933.44 a year ago; operating expenses and taxes totaling $1,033,198.19, in com- parison with $2,025,691.50 last year, and an operating income of $410,097.53. against $451.241.94. After all the usual deductions, the company reported a net income for the five months of $951.- 742.30, against $901,985.85 in the same period & year ago. Local Stocks Steady Today. Prices on the Washington Stock Ex- change were about the same as they closed vesterday. Capital Traction opened at 58 ex-dividend and closed at 881, Railway & Electric sold at 98, Lanston at 115, Mergenthaler at 97, | Merchants' Transfer & Storage pre- ferred at 97'¢ ex-dividend, Potomac Electric Power 6 per cent preferred at 111 and the 515 per cent issue at 107%p. Steamboat rights came out at 16%;. | Bonds were entirely neglected. New Director; Other Notes. i Benjamin Ourisman, head of Ihcl ©urisman Chevrolet Co., has been elect- | ed a director in the Seventh Street | ' @avings Bank, according to announce- ment by the newly elected president, John D. Howard. Mr. Ourisman is widely known in automobile circles in | ‘Washington, having been a leading| dealer for many years | At the regular weekly meeting of the board of directors of the National Cap- tal Bank the usual semi-annual div dend of 5 per cent was declared, Presi- dent H. H. McKee announced today. An extra of 1 per cent was also de- elared, both payable June 30 The regular quarterly dividend of $3 per share has been declared by the Columbia National Bank, payable July 1 to stockholders of record on June 30. A. G. Near, controller of the Was ngton Railway & Electric Co. and t Fotomac Electric Power Co. is on a month’s vacation to the Pacific Coast. This week he has been attending the | convention of the American Electric Railway Association In San Francisco. The Southern Railway, in five months ended May 31, 1930, earned 80 cents a common share, against $4.25 a share in like 1929 period. Tobacco Products Corporation has yesumed the dividend payments on !:g‘u ) 237 tlass A, declaring a quarterly of 20 exnts; capital changes approved. 38 116 110% 32% 67% 4 49 % 647k 379 199 14% 19% 111 19% Baldwin Loce (1%). 16 Notice—All stocks are sold In one hundred-share lots excepting those designated letter s (65s) sold in odd lots enly. Sales— . Lew. 95 85 2 104% 1 2 3 105 20% 104'; Baldwin Loeo pf (1) 40s 105 984 Balto & Ohlo (T).... 78' Balto & Ohfo pf (4).. 63 Bang & Aroos (3%4). 14 Barker Bros (2) 20% Barnsdall, A (2).. 97 6714 Beatrice Cream (4). 49% Beech-Nut Pkg (3).. 31 Belding-Hemingway 27% Bendix Aviation (2). 31'% Best&Co (2)....... 75% Bethlehem Steel (8). 17% Bloemingdale Bro 281 Bohn Al & Brass 70 Bon Ami (A) (4) 60% Borden Co (k3). 24" Borg Warner (3). 79 Boston & Malne (4). 13% Brigas Mfg Co. Brockway Motor Bklyn Union Gas (5) Bruns Ter & Ry 8... 19% Bucyrus (I)........ 3314 Bucyrusev pf (2%). % Budd (EG) (1). 814 Budd Wheel 29% Bush Termnl (2%). 2% Butte Superior 13% Butterick Co, 661 Byers (A M) 48% Calumet & Aris (2).. 13 Calumet&Hec(all). 17 Campbell Wyant (2) 56 Canada Dry G A (§). 184% Canadian Pacifie(10) 45% Can Pacific(new)w.l 15615 Case (J 1) (8)...... 54 Caterpillar Trac 131 5 Cavanaugh-Dobbs 138% Celotex Co, . 60 Celotex pf (7). 2313 Cent Aguirre As 1% 230% Cent RR of NJ (112) 43% Cerro de Pasco (6) 5% Certain-teed Prod 20% Checker Cab (4.30. 66 Chicago & N W (5).. 11'% Chi Pneu Tool...... 45 ChiPneuTof (33). ChiR1&Pae()... ChiR 1 & Pacpf (6). Chi R 1& Pac pf (T). Chickasah Cotton Oil Childs Co 2.40).. 24 Chrysler Corp (3) 3815 City lce&F (k3.60 133' Coca-Cola (6). 483 Coca-Co! 50 Colgate-Pal-P (2 Colg-Palm-P pf (§ 4% Collins & Afkman. ., Collins & Ak pf (7). eacon. . 36'% Col Fuel & iron (2). 5844 Col Gar & EI (2). . 16% Colum Graph (a28c). Columblan Carb (16) 98 105 6's Com Credit 1st (6%) 7t: Comm C 15t xw(63%) 28% Comm Inv Trig1.60) »0 Com Inv T cv pf(e6) 99 Comm Inv Tr pf (7). 1% Comm Solvents (31) 12% Comwith & Sou(60e) 99 Cmwith & Sou pf (6) 10% Congoleum- 3114 Congress Cig: 36'¢ Consol Clgar (7).... 67 Consol Cg1 pr pf 6% 15% Consol Film ¢2)..... 18 Consol Film pf (2).. 96% Consol Gas N Y (4) 99'y Consol Gas NY pf (5. 49 Con RR Cub pf (6).. 11% Container(A) (1.20), 3% Container(B)....... 181 Contl Baking (A)... 3% Contl Baking (B)... 66 Contl Baking pf (8). 50% Contl Can (3%)..... 16 Contl Diamond (2).. 50 Contl Insur (3.40) 3% 18% 20% Contl S| 87% Corn Prod 15% Coty. Ine mer Sug pf. 4 Cudahy Packing (4) Publian pf(1) Wright Corp ht Corp A Cushman's pf (8)... Cutler-Hammer(3%) 24% Davison Chemieal. .. 20 Deere & Co pf (1.40). 146 Delaware & Hud (9), 110% Del Lack & Wn (17 49 Denver & RG W pf 195% Detroft Kdison (8 25 Davoe&R (A) (N4 139 Diamond Match ( 3 w2 1 3 +. 1008 . 21 Bayuk Cgr 1st pf(7). 40s 3 1 10 52% 10 15% 1 353 1054 6 101% 4 1 2 208 105% 8 61 8 27% 4 22 1149 8 117% 7 49 8 23y 10 208% 76% 28% 27% 298 A1 10115 55 1235 105% 58y 26% 21% 149 116 22 147% 1198, 149 116 32 28 3% 205% 205% 207 175% Eastman Kodak (18) 19'% Eaton Axle & 8 (3) 57' Eleec Auto Lite (8) 4 Electric Boat..... 49'% EIPwr& Lt (1)..... 6115 Elec Storage Bat (5) 5% Elk Horn Coal pf.... 94% Eng Pub Sve of ()., 9413 Eng Pub Sve nf(5%) 39% Equit Office Bldg (3) 35% ErfeRR........... 12 Eureka CarpCl (4).. 2 22 Exchange Buf (1) 3608 6% Evans Auto Loading. 34'; Fairbanks Morse (3) 102 Fairbanks M pf (7).. 715 Fed Motor Tr (80¢). 59% Fed Lt & Tre (31%). 30 Fed WatS. A (e2.40) 251 Federated Dept Strs. 56 F14 Pho Fire 1(2.60). 92 Filine's pf (6%).... 46 First Nat Stra (2%). 2% Fisk Rubber...... 613 Fisk Rubber 1st pf 6'3 Fisk Rub 1st pf ev.. 1008 25 * Follansbee Bros (3). 3 6015 Foster Wheeler (3).. 84 11 Foundation Co. 1 285 Fourth Natl Invest. 16% Fox Film (A) (4) A7 Freeport. Tex (16 894 Fuller pr pf(17.94) 5% Gabriel Snub(A)new 214 Gardner Motor. T Gen Am Investors. .. 78% Gen Am Tnk Car(34) 38% Gen Asphalt (4). 16% Gen Bronze (3) 14 Gen Cable. s 3215 Gen Cable (A) (4)... 604 Gen Electrie (1.60) 11% Gen Elec spec (60c). 464 Gen Food Corp (3).. 8 Gen Gas&ELl A(e30). 78 Gen G&EIcv pf(6) 101 GenG&EIDLA (1 3415 Gen Ital Eds (a2.62 40% Gen Mills (3).. 37's Gen Motors (13.30). 925, Gen Motors pf wi (5) 2 1171 Gen Motors pf (7)... 91y Gen Outdoor Adv.... 300 Gen PublicSve (b6).. 7514 Gen Ry Signal (5)... 11% Gen Realty & Util... 98 Gen Steei Cast pf (6) 30 Gen Theat Equip vte. €6's Gillette Saf Raz(n§) 10% Gimbel Bros. - 15l Glidden Co (2).. 814 Gobel (Adolf). 34's Gold Dust (2% 224 Goodrich (B F) ( 57's Goodyear Tire (5)... 8's Gotham Silk Hoslery 6 Gould Coaple: v 14 Ruostonempes o 51 Graham-Paige rcts.. anby Con Min (3). Grand Silver S (m1). Grand Union. . . Grant (W T) (1) 71% Grt North pf (5). Grt North pf et () Gr Nor ctfs Ore (a% 20 Grt West Sug(1.40).. 110% Grt West Sug pf (7). e wo 90 38 26 Hackensk pt A(1%). 125 Hahn Dept Stores. .. 21 Hall (W F) PrCo(2) 52 Har Wkr Ref (13314). 10% Hartman (B) (1.20). 5% Hayes Body........ 123% Helme (G W) pf (7). 70 Hershey Choe (5)... 83'% H 104% H 264 Hol 10% Houdaille-H (B)1.2 25% Howe Sound (T4%4). 49 Household Fin pf(4) 5214 Houston il (b10%). 41 Hud&Man Ry (3.50). 25% Hudson Motor (5)... 13!y Hupp Motor Car (3), 113% Iilinols Centra (7).. P wuwwlS me Bl enachEmnnnme 121 Inspiration Cop (2).. 10% Imsurance Sh (45c). . (Md) (60c) e iron (1). 4% Intl Agricultural 4 1521 éntl Bus Mach (n).. 11 Intl Carriers, Ltd %. 55% Intl Cement (4)..... 5 fntl Combustion, 30 Intl Comb Eng pf.... 76 Intl Harvester (2}4). 31% Intl Hydro E1 A (e2) 66% Intl Mateh pt (4).... Intl Mer Marine (1). Intl Nickl of Can(1), 290 Intl Paper pt (7 108 Intl Pap & P (A)2.40. intl Pap & Pwr (C).. 3 Int] Printing Ink (3) 2 61% Int Rys Cen A of (5) 160s 4% 41% Intl Salt (new) .28 62 \ 531 Intl Shoe (3).. S 1i2% 105 Intl Silver pf (1) 108 77% 40% Intl Tel & Teleg (2). 99 18 Inter Dept Strs 12).. 3 23 Intertype Corp (2).. 1 14 Investors Equity(2). & 32 Island Creek Coal(4) 43 Jewel Tea (14) 76% Johns-Manville (3).. 118% Jones & Laugh pf(7) 100s 1% Jordan Motor Car... 2 108 K CP&L 1st pt B(6). 408 10 Karstadt (R) (1.02). 3 Kelly-Spring Tire.., 4 20% Kelly-Spring 8% pf. 20s 22% Kelsey Hayes (3). 7 74 Kelvinator Corp. B4 76 Kendall Co pf (6.37). 20s 3714 Kennecott Cop (3)... 27 48% Kimberly-Clark (13 20 Kinney (G R) (1). 83 Kinney (GR ) pf ( 1% Kolster Radlo. .. 381, Kraft PhCh (1% 26% K S8)Co(1. 1081 Kre S8S) pf (7 7% Kresge Dept Stor 50 Kress (SH) (1) 23% Kreuger & Toll 1.60. 21 Kroger Gr&Bak(nl). 21% Lago O] & Trans, 76% Lambert Co (8) 4% Lee Rubber & Tir: 74 Lehigh Valley Coal.. 224 Leh Val Coal pf (3).. 5T Lehigh Valley(1434) 66% Lehman Corp (3).... 2214 Lehn & Fink (3). 19'5 Lib Owens F Gl ( 85 Loggett & Myers(y 85 Ligg & Myers B( 523 Liguid Carbonie (4). 424 Loew's. Ine (3) 84 Loew's pf xw (634).. 3 Loft Inc. 50% Loose-Wiles (12.80). Lou G & El(A) (1%) Louis & Nash (7). Ludlum Steel (2). McCall Corp (2%) Mk T Booes 109 Macy(RH)&Co(ni3) 10% Madison Sa G (1%). 28% Magma Copper (§) 6's Mallison & Co. .. 8 Man Elec Supply.... 24% Man Elev mod g (d5) 11 Man Shirt (2)....... 30% Marlin-Rock (15%).. 10 Marmon Mot (h50c). 35% Marshall Field (2%) 323 Mathieson Alkil) 12). 42% May Dept Strs (n2).. 26% Melville Shoe (2). 10 Mengel Co (2).. 28% Metro-Gold pf(1.89). 1644 Mexican Seaboard 15 Miami Copper (4)... 53 Michigan Stl (h2%). 224 Mid-Cont Petm (3).. Middle Stat 1% Minn & St Louls. . 32% Mo Kan & Tex (1). 98% Mo Kan & Tex nf(7). 57 Missouri Pacific. .... 116% Mi; 38 Mon 1 4 43 4 621 3 119% 119 36 119% 1 Ed WASHINGTON, D 61 15% 36% STOCKS GO LOWER INSELLING ATTACK Early Upturn Canceled as Bears Resume Drive on Leading Shares. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK. June 27.—The latest glimmer of speculative optimism in Wall Street was very nearly extinguished by still another bear drive in today's stock market. Prices sagged substan- tially/ but trading was dull. The mar- ket had been permitted to close higher on two successive days for the first time this month, which, in the opinion of professional traders, was about the best that could be expected with specu- lative enthusiasm so close to the van- ishing point. The huge decrease of $371,000,000 in brokers' loans fafled to stimulate any considerable short covering. With brok- erage loans at their present low levels, Wall Street has been more interested in bank loans on securities and these loans have tended to increase. Security loans of New York member banks showed a decrease of about $30,000,000, while their loans to brokers were cuf $96,000,000, possibly indicating further shift of loans from brokerage accounts directly to the banks. Since the American Tobacco extra and split-up announcement, stimulat- Ing business news has been scarce. Further railway net operating income : reports for May were about the only items of interest to stock market cir- cles, and reports by such roads as New York Central and Southern Pacific showing declines of about 40 per cent from the like period of last year were not encouraging. e Tl S R WESTERN MARYLAND RWY. BALTIMORE, June 27" (Special).— Net income of the Western Maryland Railway for the month of May, accord- ing to official statement issued today, was $158,608, as. compared with $178,085 for May last year, a decline of $19,387. Gross operating revenues for the month were $1,525.813, as compared with $1,545,016. Total operating ex- penses were $1,007,610, as against $1,- 086,317, a saving of $78,707. For_the 5-month period of May 31, the official figures, net income at $876,- 389, as compared with $915687 last year. Operating revenues for the pe- riod were $7,580.308, against $7,480,000, an increase of slightly more than $100,000. . Estimated earnings for the week ended June 21 were $350,419.96, com- pared with $369,120.66 last year, a de- cline of $18,700, a decrease of 5 per cent. Revenue from miscellaneous sources in the week were $21,975.40, or 284 per cent ahead of last year. DIVIDENDS DECLARED NEW YORK, June 27 (#).— Pe- Pay- Hidrs. of Company Rate.riod. able. record. A. .80 Aug. Aug. 1 June 30 ... .. .80C Long_Island Light..15¢ Nat Shirt 8h &7 pf 32 N Am Gas & El Reading ~Co Pt .1 TB0c So Shore Bk '(8'1)2°, ko kg Tat L. 1t Do 1% bf.. o DIV invest T ¢t ‘A..80c Do 500 000000000000 (0 POROORD: - X xi & B_(MLV).32.5 Br & Bk & & St CRLTET 222 Do. cl Harnischfegr Do. % pt 3 Heath (be) © pi s linois Bell ‘Tel Il Ut h Do IR R $00000EE0000! Insul Int Tr & B (N'O). Irving Air Chute Joliet' & Chi R Lion Ol Ref... Massey Harris Lid Merc Acc Tr pf..§: A 000000 0DOOOOOOD, > Warner Co... Do. . Wash Titie Dot Westchester Tr Co (Yonkers).....34 Q July Tnitial, Prem Shar Inc.13%% Final Distiller Co Ltd.13'2% Resumed. Tobacco Prod A...20c Q Reduced. Ananocds W&€ 373w Q Aug 11 Atlantic G & E .43dic @ July Gons Royaity Qi 13150 July 2 Eile wills (rall B 31 i b Seabrd Dairy Ored. 3! Juiy i July 15 Aug. 18 July 25 July 1 uj June 30 Carnation Co.... Clorex Chem B.... Omitted. Brandon 7% pI.33.30 SA Due July 1. Monolith Port’ Gem 40c BA Due July 1. SA Due July 1 . pf. 40c Ovington Bros part B SA Due July 1 SILVER QUOTATIONS. NEW YORK, June 27 (®).—Bar sil- July 1 July 30 June 20 July 13 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 builders 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 BOSsEnLpS spondent Loan Ce John Hameock Mutusl Li burancs. Co. _ National 9300 17 K St. FLOW OF CAPITAL | ABROAD ANALYZED Increase in U. S. Investments Shown Over Seven- Year Period. BY CHARLES F. SPEARE. Special Dispatch to The Btar. NEW YORK, June 27.—With Ameri- can bankers lately concerned over so many problems of an immediate char- acter, less than ordinary attention has been given to the analysis of the in- ternational payments by the United | States made by the Department of Commerce and recognized as one of the most important annual contributions to financial records made in this country. This_study has been going on for about 10 years. Each year it gains in thoroughness and in _recognition throughout the world. The attempt made in it is to explain the movements | of foreign capital and of forelgn ex- change and to establish a net balance between the visible and invisible items that figure on the credit side of the American balance sheet and those rep- resenting debits. Obviously, exact con- | clusions cannot be arrived at, since| many of the statistics only approximate | actual movements. Movement of Funds. ‘Through the co-operation of interna- tional bankers a very clear picture, however, can be given of what takes place from year to year in the pur- chase and sale of securities, the pay- ments of interest, the size of foreign bank balances in the United States, the amounts spent by American tour- ists in Eurape and in Canada and by tourists from other parts of the world in this country, the remittances of aliens to their home land and the items of ocean freights, gold exports and im- ports and war debt receipts. The most popular features of the re- port are those dealing with the yearly et increases in American long-term in- vestments abroad, tourist expgnditures and immigrant remittances. Between 1923 and 1928, the net in- crease in American long-term invest- ments abroad was from $258,000,000 in the earller year to $1,318,000,000 in 1928. In 1929 the amount dropped to $808,000,000. For the seven-year period covered, the total net increase in these investments was $5,000,000,000. In a similar term of years the interest on American private funds abroad rose from slightly under $600,000,000 to about $1,000,000,000. The interest on foreign funds in the United States 'n the same perfod creased from $180,- 000,000 in 1923 to' $414,000,000 in 1929 In both 1928 and last year this item was rapidly expanded under the influence of the high call money rates in this coun- try, which attracted short-term funds from all over the world and raised the aggregate of such funds to the largest figure ever known, Seven years ago the so-called tourist expenditures by Americans overseas were $313,000,000. In 1929 they were $517,000,000. For the seven-year period, they aggregated more than $3,000,000,- 000 and have played a prominent part in re-establishing credit conditions in France, Germany and Italy. It is doubtful if they will be as high this vear as in 1929, inasmuch as the num- ber of first-class passengers on outgoing steamers has decreased owing to the ‘Wall Street conditions and general bus- iness affairs, Tourist Expenditures. Between 1923 and the end of 1929, American tourist expenditures in Can- ada and Mexico, mainly the former country, increased from $31,000,000 to $322,000,000. For the seven-year period, they aggregated $1,600,000,000, bring- ing the total of all American tourist ex- penditures for the 1923-290 term of years about $4,500,000,000. In that' same period, immigrant re- mittances held almost constant from vear to year, aggregating for the seven years $1.500,000,000, a sum which, like that for teurist expenditures, helped Eu- Topean countries to get back on their feet. Against the item of tourist ex- penditures was the offset of expendi- tures by foreign tourists in the United States, which increased from $104.000,- 000 in 1923 to $180,000,000 in 1929 and totaled about $1,000,000,000 for the seven years. (Copyright, 1930.) Company Calls ‘Notes. NEW_YORK, June 27 (#).—Adolf | Gobel, Inc, has called its outstanding | 10-year 6 per cent notcs on July 7 at 104 and accrued interest. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Protect Your Savings! It Is a Wise Man Who Protects His Rights Guaranty First Mort- gages not only protect your income but also protect your principal. REALESTATE CoRPORATION Capital Resources, 33,800,000 24 JACKSON PLACE e e——— Public Service Corporation of New Jerse Dividend No. 92 on mon Stock Dividend No. 46 on 8% Cumulative Preferred Stock Dividend No. 30 on 7% Cumulative Preferred Stock Dividend No. 8 on $5.00 Cumulative Preferred Stock The Board of Directors of Public Servics tion of New Jersey has declared divi- fendu ut the rate of 8% per annum on the 8% ulative Stock, being $2.00 share; at the rate of 7% pes annum on the 1% Cumulative Pref k. 1.7 share; at the be- 85 cents per share on on Stack for the quarter une 30, 1930. All dividend: are payable June 30, 1930, to stockholders of record at the @lose of business May 31, 1930. Dividends on 6% Cumulative Preforred sock payable ou ‘ench month. YW Van Siiddicnsertbe } peasurer. Public Service Electric s Compan Dividend No. 24 on 7 Cumulative Preferred Stock Dividend No. 22 on 6 2 Cumulative Preferred The Board of Directors of Public Serviea NEW YORK DEPARTMENT STORES GAIN IN SALES Special Dispatch to The Star. NEW YORK, June 27.—Sales of de- | partment stores reporting for May in the New York Federal reserve district! averaged 5 per cent higher, compared | with the same month last year, the New York Federal Reserve Bank monthly re- view reports. Stocks of merchandise on hand at the end of the month were | slightly smaller than a year ago. May sales of reporting wholesale firms, how- | ever, showed a decrease of 14 per cent from last year. Total sales of chain stores were below those of April, but slightly larger than those of May last year. | Plan Recapitalization. NEW_YORK, June 27 (#).—Directors of the Diamond Match Co. have deter- mined to proceed with the preparation of & plan for reincorporation and re- capitalization of the company, President Fairburn announced. He said it is ex- | pected the plan, which the board is con- vinced will benefit stockholders. will be ubmitted to the stockholders during the latter part of the Summer. Associated Gas and Electric Company | e | Dividend Ne. 22 on Class A Steck The Board of Directors has declared the regular narter! dividend on the Class A Sto eenta per share payable in Class A Stock at the Avguat 1, 1 nt in stock will be made to all iders entitled thereto do on or before July 15, 19! uest e ment {n cash. This does “Tl to tron ) pp who have beretofore filed permunent divi- dend orders. Ton SRR Offices Saul Building 925 15th St. N.W.: Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL Co. Nat. 2100 925 15th St. N.W. to Loan of trust on real estate. and eommission. ““ 420 Wash. L. & Trust Wel Bidg. 5th & ¥ N.W. Money valing ') Joseph 1. Specializing in Real Estate Investments JAMES Y, PENNEBAKER Nat.5291 1520K St.N.W. 1851 R UITE SRy Pittsfigdanss.QFQ A Standard Low Premium Policy for Business and P;ole onal Men Details on Request F. T. Koons, G al Agent Union Trust Bldg. Frank. 6177 First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 506 15th 8t N.W. ational 2028 Mortgage: Loan Correspondent for The Prudential Insurance Co. of America Management Over 30 years’ suc- cessful handling of rents—economical con- sideration for owners. Person attention to details and prompt remittance Also facilities for financing. Moore & Hill, Inc. (Since 1900) 730 17th Street Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets................$5723,083.61 50th YEAR COMPLETED g WALTER 8. PRATT, Jr., Secretary Surplus & Profits. ... .$1,755,911.57 Subscription for the 99th Issue of Stock Being Receive $2.50 Per i Sharet ) BE Neliod Methodical Savings! Regular methodical savings will result in a substantial accumulation in a sur- ingly short time! Come in and let us explain! 915 F St. N.W. . Metropolitan Life Insurance Company REAL ESTATE LOANS Long Term AVAILABLE Low Interest Rates . Consult WEAVER B%OS 809 15th Se. N.W. REALTORS Districe 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Over a Third of a Century Without a Loss FIRET MORTGAGES MAKING MONEY Is a matter of judicious invest- ment—and every consideration and —security return — com- mends our 6% FIRST MORTGAGES —because they can be pur- chased in convenient amounts from $250 up—are backed by improved real estate we have consistently appraised—and the interest is fixed—both as to amount and date of payment. B. F. SAUL CO. National 2100 the 7% and at Company. 30,1930, to the close of NO SUBSTITUTE 925 15th St. N'W. FOR SAFETY