Evening Star Newspaper, July 12, 1930, Page 15

Lower Price Trend and Light Volume Mark To- day’s Transactions. BY JOHN A. CRONE. @pecial Dispateh to The Star. NEW YORK, July 12.—Holding com- es and utilities featured toda curb market, which was marked by a lower price trend and light volume of Electric Bond Share opened lower, but quickly regained its initial loss, and then advanced. Cities Service likewise Jowes and then recovered. Standard Oil of Indiana and Pennrcad moved fractionally higher. Transamerica Corporation, which in recent months has been converted from & huge investment trust into the largest pank holding company in the world, was hammered to a new low following the announcemert that the directors will recommend & reduction in the quarterly October dividend from the present 40- sent rate to 25 cents. ‘The abrupt decline in Transamerican, which in the first hour was down 4 points after reacting in recent weeks more than 17 points, unsettled the shares of other financial com- jes, especlally bank and insurance olding concerns. Marine Midland, for instance, opened off 5% points at 30 because of General Bank Holding Co. market conditions, for the company in its semi-annual re- port _today shows & gain in resources of $107,103,390, an increase of $75- 439,840, a gain in surplus of $10,240,000 and a rise in undivided profits of $2.- 463,425 with estimated earnings of $1.65 86% Am Arch Co (3). 5 Am Beverage....... 85% Am Cit PEL(A) (a3 12% Am C P&L(B)(10%) 21% Am Com I'(A) b10%. W Am Control O1l Flds. o pf(25¢ Am Tobac (new) w.i. 111% Am Tob B new (D4). 7% Am U&Gen B vte 400 8% Appal . ®4 Ark Nat Gas (A).... 80% Asso GEE1A) 12.40. 24% Aviation Corp of Am 6% Blue Ridge Cp (40e). 33% Blue Ridge cv pfia3) 11% Bower Roller Bear. 85% Brazil Tract & Lt $2. 84 Butler Bros (30c). .. 28 CentPS (A) (al.75) 19 Cent States Elec t400 17% Chat Ph Al n-v(50¢). 17’ Chem Nat Asso n-v. 244 Cities Service(230c) 88 Cities Srve pf (6)... 434 City Sav B, Ltd(2.79) 8% Col Oil & Gas vic. ... 3% Com’'with & Sou war. 11% Comm Wat Serv b6 % 15 Consol Aircraft 10 Consol Laundri 5 Copeland Prod.In; 6 Cord Corp Se @ share in the first six months Ohio Oil new, which was admitted to the Curb today, was a feAture in the Standard Oil group. Opening at 33, the next sale was at 32 uxi, and further sales ranged fractionally. Vacuum Oil, whose attempts to merge with Standard Oil of New York are now being aired in Pederal courts, opened up 114 points at 873, or just about 10 points under the year’s high and more than 10 points above the low level of several weeks ago. Illinols Pipe Line stock, of which less than 5 per cent remains unchanged for Ohio Oil, opened at 320, up 8 points, and at a record high price. Settlement of the Pacific Coast gasoline price war benefited all petroleum companies, even those which do little or no business in that region. ‘WEEK'S BANK LOANS. By the Associated Press. Bank loans and_discounts during the week ended July 5 slumped slightly as compared with the previous week, at the same time showing a fractional polnt advance over the corresponding week of last year. The following compari- sons were prepared by the Commerce Department, which uses the averages for 1923-25 as representing 100: Week ended July 5, 135.9; previous ‘Week, 136.5; same week last year, 135.4. POTATO MARKET. CHICAGO, July 12 (#) (United States Department of Agricuiture) —Pgtatoes ~—Receipts, 82 cars; on track, 163; total United States shipments, 1434; weak, trading rather slow; Kansas and Mi gouri, sacked, Irish Cobblers, 1.20a1.4 few fancy, 1.45. BONDS ON THE CURB ESTIC BONDS. o v 2 0 s 40 9734 8813 813 8% 1 e a0ts 107 1038 * owse 2 1004 a8 Ry, 58 2027 Cig 8tr Re 5tas A 19 86!, 80 Cities Bervice 53 '50100'4 ice ‘g€, 83 cod ? | mutual adv 55 A ny 7 xw.. T8 Jers C P&L 5'3s A '45 102% Mass Mo Pac L H&P 55 A & Co 1 8110114 7125,'30 1004 1 6N Y P & 4 Niag_Shares 51 Tex UL 78 Elec 5'25 - & Co 6s '39... 1 Manage 55 A5 5 & C 65 '47. n s xet 65 . o3 aw W&P 4i55°A 167 947, '67 9514 1... 201% 25 48 101 A 2035 xw 107% et GEELEEEN T e, 22909 oy 0n 00490039 00 8 S A A ea etk A T8 92 Westvac Cbl 5'as '37103% FOREIGN BONDS. 1 Agr Mtg Bank 7s '46. 89 4Beriin Cy E 65 '55 wi 85 1 Bogota Mtg Bk s '47 82 10 Brisbane (;’uy_d» '80. 96 Brsonmtd ydney NEW 8’ 194 Corp Sec, 42 CosdenOil...... 514 Creole Petroleum. 35 Cumbeland P L(t18). 134 Curtiss Wright war. 2% Dayton Alr & Eng. 00 0 e 1 RS R 1 O 1O ST O e 0 N RS D 159 N 090 D 0 e O 3 s 3119 D O 8 1 1 e D Driver Harris(new). Dubilier Cond & Rad 1 Durham Hosiery (B) 18% Eastn Sta Pwr B(1). 117% 70% El Bond & Sh (b§) . 109% 103% El Bond & Sh pf (6). 924 El Bond&Sha cu pf(§ 16% Elec Pwr Asso A (1) 19 Elec Pwr Asso (1).. 284 Elec Pwr & L op war 12 Empire Fire ins 17 Emp P Ser A (a1.80). 3% Euro Elecdebrts. ... 2 Fabrics Fininshing. 1% Fagol Motor. .. 161 Federal Screw (3). 13% Fokker Afrcraft. " S - ORI A D 00O A N e R S g e 890 2% Fox Theater Cl (A). 2% General Baking. . 27 Gen Baking pf (3). 21 Gleaner Harv.n (2). 3% Sold Coln (new)..... 2% Golden Center. 18 Goldman Sach T 1% Gold Seal Elec new 166% 1174 Gulf Ol of Pat1%) 21 156 Holt (H) & Co(1.80) 31% 26% Hormel (Geo) (2)... Houston Oil of Texas Hudson Bay M & S. 78 Humble Ofi (2).. 312 303 Ill Pipe Line (20) 30 18% Imp Oll. Can. n (50 60 Indus Fin cv of (1) 63 In 15% Insurance Sec(1.40). 13% Intercoast Trads (1) % Intercontinent Petn “3% Intercont Pwr war . 7% Interstate Eqguiti 84 [talian Superpwr A.. 1% Jonas & Naumburg.. 1% Leonard Ofl 214 Liberty Bak 8434 Lone Star G o " 030 O 0 B b & 194 THE EVENING “ 12 M 20 18% 37w bl 36 16% 224 Mid W Mia d 33 137% 22% 4l % 2t 2 snnual payment *Ex-dividend. cash or stocl 3 38 38 ] Met & Min, Ine(1.30) Met Chain Stores. .., Mid Sts Pet v.te. B.. Miller & Sons (2)..o Mo Kan PL (b10%). MissKPLv.te. Moh H P 1st pf (1). Montecatini Natl Amer Co. Noth Euro Ofl Corp.. . North Ind P 8 pt (7). Param’t Cab(b8% ). . Pennroad Corp (20e) Pa Water&Pwr(3). . Peoples L&P, A a2.40 Philip Morris (A) 4 Polymet Mfg (31) Premier Gold (24e) Prent Hall cv (3). Prince & Whitely 1., Prince & Whit pf(3) Prudential Invest Pub Utl] Hold w w. . Puget Sd P&L pf () Rallway & Lt S(15). RY & Utll Inv (A)... Rainbow Lu Prod B. Reiter-Foster(40¢) .. Reeves(Dan'l) (13%). Reliance Manag Reynolds Inve: 4 Rike Kumbles 4 St Anthony Gold St Regis Paper (1). Salt Creek Con(40¢). Saxet Co.... Seg Lock & H (50e) Selected Industries., Sentry Safety Cont.. Sheaffer Pen (13).... 8'4 Shenandoah Cor| Shenan Coro pf (a3). Smith (A 0) (2).... SoCal Ed pf C (1%). Southern Corp Southland Roy Standard Moto: Stand Oil. Ind Stand Oil, KY (11.80) Stand Oil. Ohto(2%). Strauss Roth....... Swift & Conew (2).. Tampa Electrio (33) Technicolor, Ine.... 3 Thermoid Co pf (7). 1258 Transamer (31.60).. 739 Trans Lux DLPS.. 1 Tran Con Alr Tran.. Tri Utliitien($1.30).. Tri Utilities pt (3).. Unitt Dry Docks. ... Utd Founders(b32.35) United Gas Co (new) United Gas (war)... United Gas pf (7)... Utd Lt & Pwr A1), Utd Lt & Pwr pf(6). Unit Profit Sharing. U S Elec Pwr ww, U 8 Foll (B) (1) U § Lines pf (1) U S & Overseas war. Utility Pwr&Lt(al) Utility & Ind. Utllity Equittes. Vacunm Ol (143 Van Camp Packing. . Vick Financial Corp. Walgreen Co. . Walker (H) (1 Wil-Low Cafeteria, Zonite Produets (1). GHTS. Expire. Intl Nickel w.L., Mo Kan Pipe. 2 vidend rates in dollars besed om last quarterly or semi- Partly extra. tPlus extrs in iPavable In siock. @ Favabie T b STAR, WASHINGTON. “ 0% 1% 3% 13% AT ts Ut (1%).. UtI(b8%). g ) 0D 00000 1 00 1 00 01 03 O e 09 a0 1 000900 0 @ et 00 09 4 09 B8 0 O 1 00 1 1= 1O 00 i 0 oil. .. - E T 0000 @ e e 00t i 0 - 08 bien 85 SN MO i 4% & & W oo k.l June 26 “ Pa; £y s Pasable Washington Ticker BY CHARLES P. SHAEFFER. ‘The results of one phase of a study | of ways and means whereby produce; Sales and distributors of agricultural and hor- ticultural products can co-operate to tage are shown by a report Jjust issued By the United States Cham- ber of Commerce. For the purpose of analysis and ex- ample only, the Florida Citrus Fruit! Growers’ Clearing House Association was thosen, largely because of the com- pleteness of its organization and its| convenient location to chamber head- quarters. The report is neither an en- | dorsement nor a criticism. of the clear- | ing-house principle or the particular or- | ganization chosen as an uiustration of that principle. ! It is pointed out in the report that the unco-ordinated activities of the Florida fruit shippers often resulted in glutted markets and demoralized prices before the clearing house was set up, not as an active marketing agency but a co-ordinated agency for already estab- | lished marketing agencies either pri- vately or co-operatively owned. This procedure permitted the grower mem- bers of the association to market their fruit through firms already operating who had signed contracts with the clearing house giving it control over cer- tain of their marketing practices and policies. Efforts have been directed toward im~ proving and widening the distribution of Florida citrus fruits, so as to stabil- ize prices on as high a level as is con- sistent with fundamental supply and demand _conditions. The Florida clearing house, during periods of heavy marketing, set a limit on the total number of cars which members could ship during the week to prevent “oversupplying of markets and prorated this allotment among member shippers. In the principal auction mar- kets of Northern cities it has set up prorating committees of auction recefv- ers to stabilize auction offerings from day to day. Banking institutions in Italy are rep- resented in trade advices to the Com- merce Department as being reluctant to make advances, and funds are tighter than heretofore, despite reduced rates The communication declares the de-| flationist policy of the Banca d’ Italia keeps the institution itself in excellent ehape, but at the cost of keeping busi- ness cramped for funds and credits. The heavy weight of taxation has been in- creased during the last few days by the advance in turnover taxes and mer- chandise sales taxes of all kinds from one-half of 1 per cent to 1!5 per cent. The 700,000.000 lire estimated in- creased annual yield will be allotted as follows: 500,000,000 lire to national de- fense and 200,000,000 lire to public works. This tax increase is expected to retard business further and will act as an inereased customs duty, since it is first collected at the port on imported goods. It is believed that it will also partially offset .he recently begun down- ward trend in retail prices. Féderal taxation will have an im- portant in the deliberations of the United tes Chamber of Commerce during the current year, especially in view of the fact that it will fall to the Iot of Congress at its mext session to decide whether the reduction in the corporation income tax rate is to be continued. The chamber announces this work will be under the direction of the new- ly reorganized Committee on Federal it ndust s 4T ! 3 A warrsnte. Taxation, presided over by Fred W. Sar. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 12.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: ng!h. Low. Close. 1 1350 Chic Corp ... 100 Chic Corp i . 100 Chgo Rys ser 2, 100 Chic Yell Cab 1200 Citles Service . 50 Comwith Edison . 50 Consumers 1300 Corp Sec ... " 950 Elec Household . 350 Gleaner ...... 300 Gt Lakes Aircrafi 400 Gt Lakes Dredge 3700 Grigsts -Grunow . 200 3300 Majestic House ‘Ut. t Dearborn 200 Merch & MIT 13500 Mid West Ut S0Mid W Ut “A" Wi 50 Mid W Ut “B” w 300 Midland Nat Gas 200 Midland United . 350 Midland Unit' pf Midland Unit war Mid Ut 6. A pf Mid Ut 67 ‘pl 50 Miss Val Util pf 750 Mo-Kan « M 50 Polymet 200 Railroad Sh 100 Ryerson & So 13 Saxet e 200 Seaboard Uil 5080 Colo Pow A 38 8o West G & Eiec pt 200 Steinite Radio d pt 36 Viking Pump' pi 200 Vortex Cup i % 8%, HE , % Brusiag sy W e RATES ON BAR SILVER. LONDON, July 12 (#)—Bar silver, 15 15/16d per ounce; money, 1% per cent. Discount rates—Short bills, 2% per cent; three months, 2% per cent. of 5 cents per imperial line imperts, dusp:a an t, president of the Chieago & North- Srestern Ratiway Co. ; mhmha*ldw the customs 01% 101% 101% | G Markets at a Glance NEW YORK, July 12 (#).—Stocks strong; Radio rallies more than 2 points. Bonds firm; high grade ralls strong. Curb firm; Transamerica weak on pro- posed dividend cut. Foreign exchanges steady; Brazilian documents up 23 points. Cotton steady; week end cov- @ing. Sugar holiday. Coffee holiday. COMMODITY SHRINKAGE GIVEN SPECIAL NOTICE Special Dispatch to The Star. NEW YORK, July 12—It is years since traders in stocks gave such close attention to the commodity price trend as at present. In a weekly review, J. 8. Bache & Co. computes the shrinkage in value in a year's time for 18 different commodities. Coffee shows the largest loss, from 55.7 per cent for Rio De- cember to 50 per cent for Santos De- cember. Cottonseed oil has the lowest decline, 14 per cent for the December option. Other large losses are 43.4 per cent for silk, 41 per cent for rubber, 45 per cent for rye and 40 per cent for wool. “In view of the drastic lhrlnk:f this house says, “we feel that th ation is worthy of the serious consid- eration of investors and of those spec- ulatively inclined.” INVESTMENT TRUSTS NEW YORK, July 12 (#).—Over the counter market: Bid. Asked. British Type Invest.... 17 Diversified Trustee Sha Do C First Amer Fixed Trust 8 Do Wi, Investment ‘Trust of N ¥ Leaders of Industry Nation-Wide Secur Spencer Trask Pund. Stand Amer Trust Shares Super Corp of Am Tr Shrs A BALTIMORE STOCKS. BALTIMORE, July 12 (Special) - Bales. La: 20 Arundel Corpn... 00 Appalachian Corpn C & lephon: 95 Consolidates 28 Emerson Brom ew Ams 19 Unian T T United Railway 1000 United Ralway & ieetric 1ot 4s. 53% SHORT-TERM SECURITIES. (Reported by J. & W. Seligmag & Co Allis-Chals i s American Tt &orel America imo; re #CL Tel, of Canad Batavian Californ C S3SIIEIS Se¥s A ‘éi"wz".*mi . & So. Ry. £ Southwesters RY. 4 1983 & Co. 55 1932, SESVERE FEER 2555355 5rzs n.- g, NEW SHIPPING ERA ~ PREDICTED HERE Formation of Baltimore Firm Also Held Important to Railroads and Banks. BY J. C. ROYLE. Formation of the Baltimore Mail Steamship Co. to operate a mail cargo, passenger service between Baltimore and Hampton Roads and Hamburg, Bremen and possibly Prench and British Chan- ports, expected to make a new era in American shipping and in rail- road policles as well. The company will bring together with the Roosevelt Steamship Co., in com- mon interest in the outlet for Amer- ican freight and passengers, the Penn- sylvania Railroad and the Baltimore & Ohlo, -two strongly competitive lines, each of which has outlets at the port % |of New York. The new company is headed by Don- ald Symington, head of the Baltimore Trust Co., and among its directors are George M. Shriver, senior vice president of the Baltimore & Ohio, and A. J. County, vice president of the Pennsyl- vania. John M. Franklin of the Roose- velt line, is executive vice president. Pive oil-burning ps of about 12,000 tons each and a of 16 knots make up the fleet, which is expected to begin operations June 1, 1931. Shipping Board Permits Loans. The new company filed with the United States Shipping Board appli- cations for loans for the rebuilding and reconditioning of these vessels, which were recently purchased from the board by the Roosevelt Line, and these were approved by the full board Friday. The board agreed to loans aggrey ing $6,540,000 following a report of the board’s Committee on Construction Loans, which found that the citizen- ship of the new corporation had been satisfactorily shown that the recondi- tioning will be done in an American ship yard and that the Navy Depart. ment will approve the plans and speci- fications with reference to conversion of the ships into Navy vessels in event of war. It is also felt that the opera- SATURDAY, JULY 12, 1930. STOCK AND FINANCIAL BOND " AVERAGES By the Associated Press. SATURDAY, JULY 12. Today. Previous Week ago Month ago. Year ago. Twb years ago. Low (1930) . High (1829) Low (1929) COTTON PRICES GAIN IN SHORT SESSION Hot, Dry Weather Over Belt Makes Market Steady in Clos- ing Trading. Special Dispaich to The Star. NEW YORK, July 12.—With con- tinued hot dry weather over the major portion of the cotton belt and with the only moisture overnight confined to the extreme Eastern section, cotton prices steadied today and closed with a gain of 5 to 10 points, Predictions of showers in Oklahoma and Arkansas had a quieting effect on trading and the list closed at about best prices of the day. Spots were advanced 10 points to 13.20. ober: 4 by December, old. tion of these vessels will tend to aid | the development of the American mer- chant marine and increase foreign traffic. New Combination Welcomed. Many shipping men take the view that the board welcomes a combina- tion which brings together banks, rail- roads and steamship lines. The loans requested represent about three-fourths of the total amount which will be spent for reconditioning, The Roosevelt line has already ob- tained a mail contract from the Post Office Department which pays $1,243,320 annually and under which the company is obligated to build two new 18-kno vessels of 12,000 tons to cost ‘7,000,0d each within five years. The five reconditioned ships will each have passenger accommodations for 100. Pier reconstruction in Baltimore is ex- pected to cost at least $5,000,000. The site was purchased in 1929 by the Pennroad Corporation, closely allied in lntedre«!tl with the Pennsylvania Rail- road. Development of the Southeast and the Southwest undoubtedly has played a part in bringing about the new project and its sponsors believe that the opening of this new foreign traffic lane will react favorably in the interest of those geographical sections. (Copyright, 1930.) There are many well authenticated instances of men with the extraordinary height of 8 feet 6 inches. CES OFF IN FINAL TRADING Better Weather Forecasts Send Quotations to New Record Lows. By the Associated Press. CHICAGO, July 12.—Wheat prices dropped to new record low levels again today under the influence of favorable weather forecasts for the Northwest. September and December deliveries of -5 wheat each fell !4 cent a bushel below the previous low marks and July, at 8575, equaled the minimum established yesterday. The close, unchanged to % higher than yesterday, was at 8615 for July, 891,a89% for September and 9512a95% for December contracts. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity 3las Sept. 18, 1f Dec . Final .| Prench Line B...38 fr. BANK HEAD FAVORS CUT IN DIVIDEND Transamerica Corporation Chair- man Would Reduce Payment From 40 to 25 Cents. By the Associated Press. SAN FRANCISCO, July 12.—Elisha Walker, chairman of the board of Transamerica - Corporation, announced last night a cut of from 40 to 25 cents, with no stock dividend, in the corpo- ration’s quarterly dividend will be rec- ommended to the board of directors. Furious gelling of Transamerica* broke out yesterday immediately after the close of trading on the New York curb. The stock, which opened at 26, was quickly hammered down to 22, an all- time low mark. It recovered to close at 237%, off . slump was taken to indicate a 7 | professional attack on the stock, with the San Francisco Exchange picked .as the battleground on account of the stronger support recently provided for Transamerica on the New York curb, where offerings have been considerably smaller than on'the West Coast. Walker's announcement said a con- servative dividend policy in the inter- ests of the company was the reason for the recommended cut. He gave .the net worth of the organization as’ $638,- 000,000. The annual dividends on the stock have been $1.10. DIVIDENDS DECLARED NEW YORK, July. 13 () — Company. Rate. riod. able. Regular. " B $1.5 3 Soptt "Hieis § Se f se Hldrs. of record. July 31 July 3 Aug. nE 1 July 1 Aswo G & B . 36.50 pf B3 i st pf.. Rad Co of Ragmond Gon’ Pile. 3 Do 33 pf... o8 Reliance ZRISE 000p00 1 O OO, Foier i3 pi 75 U 8 & Br Int Ltd pf. 7t West Pr 7% n(.v.n,ll.B'lcS Initial Research Inv Tr Ltd..33 SA July 15 Jure 30 g B T Reduced. Noma Electrie.......30¢ Q@ Aug. 1 July31 Omitted, Arizons Com! Min.28c SA Dus July 31. PRICE CUTS AFFECT CHAIN STORE SALES Four Saturdays Against Five in June, 1929, Also Factor in Lower Figures. Sgecial Dispatch to The NEW YORK, July 12.—According to a tabulation by Merrill, Lynch & Co. 47 chain store companies reported ag- gregate gross sales for June amounting to $235424,558, compared with $242.- 008,758 for June, 1929. This is the second time this year that aggregate sales of such a large number of com- panies have shown a decrease over the corresponding month of the previous year. In the first place the decrease reflects a curtailment of business in the retail trade in general. On the other hand, there were only four Saturdays in June of this year as compared with five Sat- urdays in June of 1929. While April of this year had four Saturdays com- pared with an equal number in 1929, the 47 chain store companies reporting results in April showed an increase of 10.78 per cent over results for April, 1929. This increase was due principally to the fact that Easter came in April this year while in 1929 it fell in March. Dollar Volume Declines. Retail merchandise and commodity prices have shown declines ranging from 5 per cent to 30 per cent in im- portant items, The result is that while the dollar volume shows a decline in many of the chain stores, this decline is 80 small in comparison with the decline in commodity prices that there is mo- doubt that most chain stores show sub~ stantial increases in units of sales. An official of J. C. Penney Co, in commenting on the decline of 7.46 per cent in the sales of his company for< June said that this decline was due to* extensive price readjustments made in June, which affected many of the heaviest selling liries of his company, and with readjustments amounted {'n some instances to as much as 30 per cent. While the prices of apparel and’ foodstuffs and other objects which not sold on a fixed price basis can reduced to reflect the drop in modity prices, merchandise sold in five-and-ten-cent chain stores have & fixed price and cannot be reduced in the same fashion. Rather, the five-and- tens have been able to pass alon, economies to the consumer in of a better quality for the same fixed' price. Fewer New Stores Opened. s Owing to the conditions under which many chain stores have operated during the past six months there has been a curtailment in the opening of new Tmanagements bl bec tn p St en as put 'rat effictencies into effect nt.huofimwg strive for increased volume. In many cases there has been a curtailment or discontinuance of loss leaders which added to volume but cut down profits. A greater effort is being made to show rmflu at least comparable to those of last yea 3| owing to eficiencies and ‘savings pu¢ " into effect durin, oy . According 10§ e past six moni tabulation com by Merrill, Lynch & Co. 47 chain ?lg.ls companies reported aggregate gross sals for the first six months of sfm.eu Z::io::?mm.“ uggn.a{u.w: for the cor- period of 1929, crease of 3.04 per cent. S A combined bank and hat manufac«' turing company in Brazil failed :e_ cently with liabilities totaling $1,000,000, Let the Buyer Beware “Caveat Emptor” is the old phrase. And that is the cry of the high-pressure promoter, the questionable salesman of worthless stocks, the operators 6f the bucket shop and others of that ilk, when their victim complains. “The stock will be listed very shortly,” glibly lies the salesman who attempts to sell a high-sounding security to an intended “sucker.” Recently one of these men sold a cer- tain stock to an individual for over twenty dollars a share. That same stock can be bought in New York for less than two dollars a share. If you want to be protected against these schemes, which almost always result in serious financial loss, you must beware, you must be cautious, you must demand the facts before parting with your money. The Better Business Bureau sounds the keynote for investment protection and safety when it says— Before You Invest—Investigate The publication of this an- nouncement in these columns is evidence that this newspaper co- operates with and supports the Better Business Bureau for your protection. of Washington 337 Evening Star Building