Evening Star Newspaper, July 16, 1930, Page 10

CAPITAL BANKERS TOATTEND SESSION Large Delegation From Here Will Attend A. B. A. Con- vention in Cleveland. BY EDWARD G. STONE. Local bankers are already manifesting | unusual interest in the annual conven- tion of the American Barikers' Associa- tion which takes place in Cleveland September 29-October 2. An exception- ally large delegation of Washington | financiers is expected to attend the| sessions, on account of the short time | required in reaching Cleveland and the light expense of the trip when compared with the meetings which have been held on the Pacific Coast. 2 Changes in the banking situation have taken place with almost bewilder- ing speed since the last A. B. A. con- vention, When the bankers met last year interest rates were higher than at any time since the war, Call money | ras 20 per cent, while it is now around | 2 per cent. The total value of stocks ¢ listed on the New York Stock Exchange a year ago was slightly more than $87- 000,000,000. This list is now valucd at $75.000,000,000. Bonds on the same ex- change have dropped in_ value about $2.000,0000,000 since the last A. B e ount rates and all other money rates are much lowcr. The world has wstched an amazing drop in commodity ! prices. The prices of wheat, corn, Tye. oats, coffee, sugar, lead, copper, zinc, tin, cotton, rubber, hides end silk are & good deal lower than they were last Fall. All these changes must be fol- lowed by bankers who expect to keep s going successfully. ‘h:\‘:\: e panking ficld, the problems of branch, chain, group and unit bank- ing have come. to the front for a new settlement. Those in charge of thel Oleveland program say that all these problems must have their innings. The Speakers will attempt to present an un- usual array of facts. So vital are the matters to come up for discussion at the Fall meeting that many bankers claim it will be the most important con- Vention held by any organization in this country during the present year. Exchange Session Quiet. : ing was quiet on the Washington s&?" ehange. today with very few | price changes. Transactions were con-| fined to Steamboat rights, Federal-| American Co. common, National Mort- | ge & Investment preferred, Potomac | ectric Power 5'5 per cent preferred | and Mergenthaler Linotype. Bond trad- | ing was limited to Washington Gas issues and Washington Railway & Elec- tric 4s. Early C. & O. Stock Split-up Seen. The Chesapeake & Ohio Railway fore- sees little delay in obtaining approval by | the Virginia State Corporation Commis- | sion of its application to reduce the par vaule of its stock to $25 from $100, thus effecting a four-for-one split-up. Appli- cation was made on Friday, and it is| likely that approval will be received a week or two. e directors meet, for dividend action on the common stock the latter part of | August. The dividend declared will be | payable October 1 to stock of record| September 11. By that time, the four- for-one stock split-up probably will have | been effected, so that the next dividend o be paid on the common stock is likely | to be declared and paid on the new §25 | par shares. ‘When the directors decided upon the reduction in par last fall it was thought that an increase in the return to stock- Tholders might be made by placing the | new $25 par stock on a $3 annual basis. This would have been cquivalent to $12 on the $100 par stock, which has been paying $10 annually. The reduced business activi last Fall, however, has changed th. sit- uation to such an extent that, the Wall St.eet Journal believe, the present $10 basis probably will be continued by placing the new stock on a $250 an- nual basis. New Federal Storage Director. Hanson E. Ely, jr, district manager and special Government representative of the talking picture division of the Western Electric Co.. has been elected a director in the Federal Storage Co. He is vice president of Eastern States Gas & Power Co. of New York, director | in the Anderson Gas & Utilities Co, G.cenwood Gas & Fuel Co. and the Sumter Gas & Power Co,, all of South Carolina. Mr. Ely is a graduate of the United States Naval Academy, class of 1917, and is a member of the Army & Navy Club. He is a son of Maj. Gen. Han- son E. Ely. U. S. A. The other di- rectors: inciude E. K. Morris, Robert E. Hall, James M. Johnston, Harold N. Marsh, Charles P. Stope, H. Randolph Barbee, D. P. Gaillard, Henry P. Erwin, C. Griffith Warfield, Daniel L. Borden and Carroll Morgan. Earnings Reports Encouraging. Favorable reports of ecarnings by American Telephone, General Electric and National Biscuit have removed much of Wall Street’s fear that the pub- lication of the second quarter state- ments would be used as the basis of a new bear drive against security values. It is conceded by bankers that in gen- eral smaller corporations did not do so well as the great corporations and that some units have been passing through a very lean period. At the same time, says the New York Times, it is felt that enough satisfactory reports will be issued in the next two weeks to remove the| sting of the poor statements. The re- | ports of General Motors and the United | States Steel are expected to compare | favorably with the three which were issued yesterday, considering the state of business in the steel and automobile | industries. Heard in Financial District. John Roche Howland, formerly asso- cited with the Illinois Merchants' Trust Co. of Chicago, has been appointed resident manager of the Washington of- fic. of G. L. Ohrstrom & Co. He comes here from the firm's Philadelphia of- fice. Mr. Howland is a graduate of the United States Naval Academy. The Ohrstrom Co. ceals in investment bonds | and stocks and has been in business | many years. Fernand Petit. who was formerly connected with the Merchants' Bank & | ‘Trust Co. and other Washington banks and later being associated with a mort- | gage financing company. has entered the insurance field, being associated with the Etna and several other com-| panies, according to announcement| made today. | Word received from Corcoran Thom, | president of the American Security & | Trust Co., indicates that he is having a | most celightful visit in Europe. | The subject of a simplified system of | account analysis for large and small banks, including a series of studies and | operating costs on account analysis and service charges, is discussed in a boo let just by the Bank Manage- | ment Commission of the American | Bankers' Association. This is the fifth| in a series of publications on commer- cial bank management | Dr Mark F. Finley. a director of the Merchants’ Bank & Trust Co, and past president of the American Dental As- sociation, leaves tomorrow as a dele- Jate to the association’s annual con- vention at Denver. Hobbs Pool Cutput Cut. ROSWELL, N. Mex., July 16 (P).— ‘The Hobbs Pool of Lea County, N. Mex, will go on a daly marketing of 35,000 barrels of oil at once under the pro-ration agreement reached by 24 operators of the Hobbs area. schedule | The pro-ration agreement will Ziobbs # monthly production of 1,500, field at present has 4 upan give | NEW THE EVENING YORK STOCK EXCHANGE Mossived by Privaic Wire Bisest o The Siar Offee. " Notice—All stocks are sold in one hundred-share excepting those designated by the letter s (65s which shows those stocks to be sold in odd lots only. a 1017, 11 100%; 4 191 1254 110%, 824 67% 43 18% 104% 50 2T% 28% 1367 1037 62 % Div 21% Adams Exp (1 85% Adams Expr's pt (5 23 Adams M1 20% Addr 8 Advance Rumlev... 15% Advance Rumley pf. e Ahumada Lead.... 103% Alr Reduetion (3) 16 Alr Way T) Ap(2%). 1 Ajax Rubber. 4% Alaska Juneau. 18 * Allegheny Corp. ... 8474 Alleg Cp x $30 w 5% 232 Allled Ch & Dye(n§ 4814 Allis-Chalmers (2) 24 Alpha Port Cmt (2). 18 Amerada Corp (2). 4% Am Agricul Chem Am Bank Note (+3). 61 Am Bank Note'nf (3) 1181 Am Br Sh & F pf (7). £% Am Brown Bov Elec. 10814 Am Can (4) 42 Am Car & Fdy (6). 5 Am Car & Fdy pf(7). Am Chain €6 (3), ... 6% Am Chicle (+3).. ... 4 Am Comm Alcohol. .. ~ Am European Secur. 56'i Am & Forn Power. .. 106' Am & For Pwr pf(7). 4 Am&Forn Pwr 24 pf. 19% Am Hawaitan (110). 316 Am Hide & Leather. . 55 Am Home Prod(4.20) 51 Am Ice (14) 28% Am Internat 3 1% Am La Fr & Foamite 44 Am Locomotive (4).. 180 Am Mach & Fdy (7). 38% Am Mach & Fy n w.1. Am Nat Gas of (7). Am News (§#4)..... W Am Pwr & Lt 131).. 75 AmP&LDL A (3%) 9 Am Pwr & Lt pf (6). '« Am Ra&Std San 1%. + Am Republics. . Am Rolling M ) 467 Am Shipbunilding (5) 1% Am Ship & Com 53 AmSm & Ref (4) 6% Am Solv & Chem. 18 Am Sol&Ch cv pf(3). % Am Steel Fdy (3)... 47 Am Sugar Ref (5) 9% Am Sumatra Tob. 481 16 Am Tel & Cable (5).. & 2001 Am Tel & Teleg (9).. 197 Am Tobacco B (8)... 120 Am Tobacco pf (6). 113 Am Type Fdry (8). .. 7814 Am Water Wks (n1). 9915 Am Wat W 1st pf(6) 715 Am Woolen. 19% Am Woolen p 61 AmZinc LA & Sm. 4413 Anaconda Cop (3%). 261 Anaconda W&C(113) 34% Anchor Cap (2.40)... 102 Anchor Cap pf (8%). 74% Armour of Del pf(7). Armour of Il (A). .. ~ Armour of 11l (B). .. Armour of 11l pf (7). 10 Artloom (1)........ 28 AssoDrvG (2%)... 8 Asso DG 1stpf (6).. Atch To & S Fe (10). 102% Atch To & SF pf (5) i 0% Atl Refining (2) 62 Atlas Powder (4).... 254 Atlas Stores (n1)... 91 Auburn Auto (j4)... 3% Austin Nichols. 37 Apto-Strop Saf R(3) 4% Ayiation Corp of Del Baldwin Loco (1%). Balto & Ohfo (1).... Bamberger pf (6%). 20, 2% Barnett Leather. 20 Barnsdall. A (2) 67% Beatrice Cream (4).. ut Pkg (3).. 3% Belding-Hemingway 27% Bendix Aviation (2). 81 Best & Co (2). 28% Bohn Al & Bra: 2 Booth Fisheries. 60% Borden Co (k3). 23% Borg Warner (3). 1312 Briggs Mfg Co.. 121 Brockway Motor Trk 58% Bklyn-Manhat (4).. 115 Bklyn Union Gas (5) 5% Bruns Ter & Ry S... 19% Bucyrus (1), 7% Budd (EG) (1). 62 Budd Mfg pf (181). 8 Budd Wheel (1) 27% Bullard Co (1.60)... 26'% Bulova Watch (3) 49 Bush Term deb (7). . 15t 2 Butte Superior . 13% Butterick Co.. 661 Byers (A M) 62 Calif Packing (4). 1 Callaahan Zirc & Ld 485% Calumet & Ariz (2). 13 Calumet&Hec(al%). 17 Campbell Wyant (3) 56 Canada Dry G A (5). 184% dian Pacific(10) 45% Can Pacificinew)w.1. 20 Cannon Mills (1.60). 156% Case (J 1) (6)...... 54 Caterpillar Trac t3% 18% Celanese Corp. 9 Celotex Co. . . % Cent Aguirre As 13. 51 Cent Rib Mills pf (7) & Cerro de Pasco (6).. % Certain-teed Prod 20 Certain-teed pf. 20% Checker Cab (4. 171 Ches & Ohio (10).... 51% Ches & Ohto Corp (3) 4% Chi& Alton. 20% Chi Mil StP & Pac ps. 66 Chicago & N W (6).. Chi R f & Pac (7). Chi R 1 & Pac pf (7). Chickasah Cotton Ofl 494 Childs Co 12.40) 24 Chrysler Corp ( 5% City Stor 33 Pal-P (2%4). 14% Collins & Alkman. ... 6% Col Fuel & Iron (2). Eix Col Gas & El (2).... 104% Col Gas & El pf A (6) 15% Colum Graph (az8c). 108 Columbian Carb (16) % Comm Credit 12). ... 4+ Comm Solvents (1) » Comwlth & Sou(60c) % Cmwith & Sou pf (8) 60 Colo & Sou 2d pf (4). 10% Congoleum-Nairn. .. 0% Congress 67 Consol Cgr pr pf 6%. 15% Consol ¥ilm (2) 18 Consol Film pf (2).. 96% Conso! Gas N ¥ (4). 9's Consol Gas NY pf(5) Con RR Cub pf (6).. % Consol Textile . 11% Container(A) (1.20). 3% Container(B), . Contt Baking (A).. « Contl Baking (B).. 66l Contl Baking pf (8) 50's Conti Can (2% ) 163 Contl Diamond (2 0 Contl Insur (2.40) « Contl Motors. 18% Contl Ofi of Del 20 Contl Shares (1). 8714 d Ref(14%) 1 oty Ine . 251 Cream of Whi(123%). 10 Crosley Radlo. .. 2 Cuba Cane Product 4 5 Cuban Amer Sugar. Cuban Dorn Sugar. .. &lx Cudahy Packing (4). 1147% Curtis Publish pf(7) 612 Curtiss Wright Corp & Curt Wright Corp A. 5 Cutler-Hammer(3%) 24% Davison Chemical. .. 20 Deere & Co pt (1.40). 11014 Del Lack & Wn (17). 146 Delaware & Hud (9). 45 Denver & RG W pf 139 Diamond Match (8). 67 Drug Corporatn (4). 14% Daplan Si1k (1).... 7 Duplan Sik pf (8). 5% Du Pont de N (14.70) PR o S e mrBeanone 3l re e a TEGS s 1 20 0s 1 BevrmraBournremagan =~ Qs e eabimonnmacnisa e 100'% 56 3% 138 28l x5 107 9414 18% 28 115% 4 61% 5% 2414 106% 108 634 281 284 114% 158 61 211% 5% 15 102 110% 211 26 fots ) (2858) . 26% ~Prev.1930— Hich. Low. 6z 38 114% 55% 110% 106% 9 4 10312 49% 112 105 9% 61% 26 44 39% STAR, WASHINGTON, D. C, 8 nd Sales— Dividend Rate. Add 00 I!;l. Eitington-Schild pf.. Elec Auto Lite (6).. El Auto-Lite pf (1). Electric Boat. . El Pwr & Lt (1). €1 Pwr & Lt pf (1).. Elec Storage Bat (5). Emerson Brant (A) Endicott-John (5). .. Eng Pub Serv (2.4 % Eng Pub Sve of (5).. 5 Eng Pub Sve pf(5%) Equit Office Bldg (3) Erfe R R. seeeenen Eureka Vac Cleaner. Evans Auto Loading. Fairbanks Co pt. & Fairbanks Morse (3) Fairbanks M of (7). Fash Park Asso...... 10 10s h Pk Asso pf (7). 108 Fed Lt & Trac pf (6) 4 Fed Motor Tr (80c) . 'ed Wat 8. A (e2.40) F'1d Pho Fire 1(2.60). Fill f(6%).. % Firestone T&R(1.60) 6019 2814 16%% 37 5% 781 385 16% 131 40% 1121% L 60T 11% 46'% R 401 37% 9614 925 131% 117% 21% 8% 41% 59% hdl Firestone T&R pf(6) First Nat Strs (2%). Fisk Rubber. ....... 308 2 8 Fisk Rubber 1st pf.. 1108 Fisk Rub 1st pf ev.. Follansbee Bros (3). Foster Wheeler (2).. Fourth Natl Invi Fox Film (A) (4)... Freeport. Tex (15).. Gabriel Snub(A)new Gen Am Investors. .. Gen Am Tnk Car(34) Gen Asphalt (4) Gen Bronze (3). Gen Cable... Gen Cigar (4). Gen Cigar pf (7).... 208 9 215 Gen Clectric (1.60).. ¢ Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&Fl A(e30). Gen Milis (3). Gen Outdoor Adv. Gen Out AdV(A) (4) 4 Gen PublicSvo (b6) Gen Ry Siznal (5) Gen Realtv & UUI. .. Gen RIty&Ut pt (e6). Gen Refractor (1434 ) Gen Theat Equip vte. Glilette Saf Raz(nb) e Gold Dust pf (6). Goodrich (BF) (4).. Goodrich(BF) pf (7) Goodyear Tire (5)... Goodyear 1 Graham-Paige. Graham-Paige ret: Granby Con Min (2). Grand Silver § (m1). Grand Unlon. ... Grand Union pf (3). Grant (W T) (1). % Grt North pf (5) Grt North pf et (5 Grt West Sug(1.40 Griesby Grunow. 4 Guantanamo Sugar. . Gulf Mobile & North Gulf Mo & N pf (6).. Gulf States Steel (4) Hackensack W (1%) Hahn Dept Stores. .. Hahn Dept S pf(614) Hamilton Watch 1.80 Hanna pf (new) (7). Hartman (B) (1.20). Hercules Mot (1.80), Hershey Choe (6). .. ¢ Hershev Choc of (15) 1134 19% 4% B% 8% 3 Houdaille-H (B)1.20 Houston Ol1 (b10%) Howe Sound (t43). Hudson Motor (5)... Hupp Motor Car (2). Tliinots Central (7).. Independ Ol & G(32). Tnd Motor Cycle. . ndian Refinin Inspiration Cop (2).. Insurance Sh (46e). . Insur ctfs(Md) (R0c) Interboro Rap Tran. Intercontl Rubber. Intl Agricultural. .. Int] Bus Mach (n6).. Intl Carriers. Ltd %. [nt] Cement (4)..... Intl Combustion. ... Intl Comb Eng pf. Int]l Harvester (2%). Int]l Harvester pf(7). Intl Hydro E1 A (e2) 4 Intl Mateh pf (4). ntl Mer Marine (1). Intl Nickl of Can(1). Intl Paper pf (7).... Intl Pap & P (A)2.40. Intl Pap & Pwr (C).. Intl Pap&Pwr pf (7). Int Rys Cen A of (5) Intl Salt (new) Intl Silver (+8). 014 Int) Tel & Teleg (2). 0 123% 11814 5% 1w 115 108 85% Intertype Corp (2).. Investors Equity(2). Jowel Tea (t4)... hns-Manville (3).. Jones & Laugh of(7) Jordan Motor Car... K C P&L 1st pf B(6). Kan City Sou (5).... Kayser Jullus (23 Keith-Albee-O pf(7) % Kolster Radlo...... 4 Kresge(SS)Co(1 60) 4% 22 89% 61 37T 18% 884 464 159% 109 15% 10% 524\ 28% 40% 24 11% 4% 8% 30% 260 12% 58 30% 182 100 Kreuger & Toll 1.60. Kroger Groc & B(p1) Lago Of) & Tran Lambert Co (8). Lee Rubber & T} Lehigh Valley Coal.. Lehman Corp (3). Lehn & Fink % Liggett & Myers(15) Ligg & Myers B(15). Ligg & Myers pf (7). Liquid Carboniec (4). Loe! Ino (3) . Loew's. Inc pf (6%). Loft. Inc.... e Loose-Wiles (12.80). Lorillard (P) Co.... Louisiana Ofl....... Lou G & E1(A) (1%) Louts & Nash (7).... Ludlum Stee) (2)... Mack Trucks (6).... Macy (RH)&Co(nt3) Madison Sa G (1%). Magma Copper (4). . Man Elev mod g (d6) Man Shirt (2)....... Maracaibo Ofl Exp. . Marmon Mot (hb0c). Marlin-Rack (5% ) Marshall Field (2% Mathleson Alkil ¢2), Dept Strs (n2).. Maytag Co (12). Mengel Co (2). Mengel Co pf (7).... ro-Gold pf(1.89). Mexican Seaboard . Miami Copper (1%). Michigan Stl (h2%). Mid-Cont Petn ()., Middle States O1l ct. Midiand'Steel (3)... Minn Moline Pwr. M StP & SSM. Mohawk Carpe! Mo Kan & Tex (1) & Tex pf( of (5) Montgom Ward (3) Motor Whee) (3). Murray (b2 %stk) Nash Motors (4). 10% PN * | The steel trade reviews showed no una- | per, although this was not unexpected 5 in an intensive study of the silver sit- | WEI NESDAY, JULY 16. 1930. STOCKS SHOW RISE/RECOVERY IS SEEN | AFTERUNEASY HOUR Bulls Pilot Market Cautiously, With Renewed Public Interest Seen. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, July 16—The bull leadership_ which recently has endeav- ored to pilot the stock market hove to for & brief spell of nasty weather today, but the storm of selling was not par- ticularly violent and by early afternoon the voyage was resuiied. On the whole, the speculative com- munity was inclined to regard the cautious attitude of the bull forces as highly salubrious. for the market had had a substantial advance without benefit of any notable change in busi- ness, and too rapid an advance might invite large-scale bear selling. Commission _houses reported some pick-up in public participation in the market, but it was scarcely sufficient to gratify’ the bull leadership. The fact that the upturn has been so obviously provisional has inspired considerable hesitancy, although it is argued that the breaking of an impasse such as the market had reached w few days ago is usually a professional job. The day’s industrial news was mixed. nimity of opinion. Both Iron Age and Steel reported declines in prices. Steel's. composite price sagged 14 cents to $33.18, the lowest since March 22, 1922, Further weakness cropped out in cop- and therefore not an important mar- ket factor. Some custom smelters cut the price from 11'2 to 11!4 cents, and buyers are said to be holding off for 11 cents. On the other hand, the weekly petroleum statistics were decidedly fa- vorable. Crude production was &n, more than 50,000 barrels daily to The lowest of the year and gasoline stocks were reduced by 1,242,000 barrels. Call money renewed at 2 per cent for the first time in 10 days. Oils were active features of the early afternoon upturn. Standard of New Jersey rose more than a point and’ Mexican Seaboard and Sinclair rose moderately. General Motors also advanced a little in heavy trading. Radio and Radio- Keith were also actively turned over, although showing little change. Columbian Carbon, American Rolling Mills, Byers, Penick & Ford; Auburn and Northern Pacific showed afternoon advances of about 2 to'4 points. U. 8. Steel regained an early loss of 115, and du Pont converted an early loss into a moderate gain. Such issues as Amer- ican .Can, General Electric, Westing- house; Allied Chemical, American Tele- phone rallied after sagging 2 to 4 points. Rallying tendencies became more pro- nounced in the final hour. General Motors was particularly active around 45, where it was up 1% on the day. Standard Oil of New Jersey extended its gain to 2 points and Auburn Auto showed an advance of more than 10. United States Steel got moderately above its previous -close. Atchison, which had been off 4%, virtually re- covered. The close was firm. Sales approximated 2,400,000 shares. Washington Ticker BY CHARLES P. SHAEFFER. | By the Associated Press. INSTEEL INDUSTRY Iron Trade at Low Ebb, but Signs Point to Renewal Within Next Month. NEW YORK, July 16.—Industrial activity, influenced both by business depression and by seasonal reaction, 1 | at a low ebb, but the iron and steel | trade sees signs of recovery, Iron of the steel industry. | “Automobile makers,” the review states, “as well as other important man- ufacturers, have shut down for a fort- night or more. Yet most of these sus- pensions are taking place this month and resumption in August will of neces- sity result in renewed requirements in materials. - “Even now the mills are commenting to feel the effect of this rebound in de- mand. The Ford Motor Co., which has shut down until July 28, has placed or- ders for a considerable tonnage of sheets, enabling certain producers to in- crease operations. The Ford schedule for the first 10 days of August is 6,500 cars daily, compared with a recent out- put of 8,300 cars. Serap Improvement Seen. “Other straws pointing to improve- ment in business are found in the scrap and pig iron markets. While there con- tinues to be scattered declines in old material prices, with heavy melting grade down 25 cents a ton at Cleveland, the situation as a whole shows that lack of definite trend which frequently pre- cedes a turn. It is possibly significant that a purchase of 30,000 tons of heavy melting grade at Pittsburgh failed to bring out a further break in prices and that scrap brokers, notably in the Chi- cago district, are beginning to accumu- late material in anticipation of a higher market. “Activity in pig iron centers in Chi- cago, where sales are the largest in three months. Evidently convinced that prices are scraping bottom, Western tonnage buyers have covered their re- quirements for the third quarter and in some instances for the entire half year. Demands remain light in other markets, particularly where price readjustment is still under way. Eastern Pennsylvania foundry ‘iron is off 50 cents a ton at Philadelphia. and the Alabama product has declined an equal amount for de- livery in the St. Louis and Cincinnati districts. 56 Per Cent of Capacity. “The transitional character of busi- ness is reflected in steel plant opera- tions. Slight increases by some pro- ducers have been offset by further cur-1 tailment by others, and steel ingot pro- | duction at large continues to average 56 per cent of capacity. “Construction work stands out as the chief sustaining influence during the July suspensions among manufacturing users of iron and steel. The building of great pipe line systems for natural gas, ofl and gasoline is a major transpor- tation development reminiscent of the period when our railroad network was being created. Plants making line pipe are fully committed for three to four months and, althought they are reluctant to take further business at present market levels, and buyers, in turn, hesitate to place tonnage that might not be avail- | able this year, large projects continue to be planned. The latest to be an- nounced, a 1,400-mile gasoline line from The United States Government will take a hand in the exigency existing in the silver industry. This became known here today when | Senator Tasker L. Oddie made public & | the largest of any week this year, pass- letter from Secretary of Commerce La- | ing the previous high mark of 53,000 mont_advising additional estimates of | tons in the last week of January. - $50,000 for silver research will be in- | cluded in the department’s 1932 appro- priation~ bill. This action follows closely a recent ( communication from Senator Oddie to Mr. Lamont recommending $100,000 be set up to aid the industry, one-half of which to be expended by the Bureau of Foreign and Domestic Commerce uation in India and China, with the remainder to be divided equally be- tween the Bureau of Mines and the Bureau of Standards. Mr. Lamont, in his reply, said the Foreign Bureau was | already in possession of essential facts in regard to the situation abroad, but that the remaining two bureaus could use the suggested appropriation to good advantage. Coincidentally there has developed a | strong possibility that a national silver conference will be held here in Novem- ber, undér the auspices of thé Depart- ment of Commerce. This has been rec- ommended to the department, and in view of its earnest efforts thus far to co-operate, it is considered likely such a conference will be held. It is felt such a conference, participated in by producers and manufacturers and by American_economists and currency au- thorities, would contribute materially to the Situation, at the same time enabling the department to ge the best service out of its new appropriations, A suggested international conference would undoubtedly bring up the ever- impending question of the League of Nations, since the economic branch of the league is now investigating silver, which would make it difficult for the United States to take an active part without a further stand on this delicate and highly controversial subject. | Francis H. Brownell, head of the American Smelting & Refining Co., says the uitimate solution of the problem is s0_closely allied to the sufficiency of gold to do the work of the entire world, if on a gold basis, that it seems prob- able it must await further experience and the development 6f time. In a report to the Commisison on Conservation and Administration of the Public Domain, the Geological Survey states that use of the surface of public lands need not interfere with the min- | eral value of the land. “Full utilization | of the surface and the mineral estates | does not conflict,” the report says. i Oklahoma to Des Mo nes, Omaha, Chi- {cago and Minneapolis, will require 75,000 tons of steel.” Awards of fabricated structural steel last week were in excess of 58,000 tons, The Iron Age composite prices have made new lows for the year. That for pig iron is now $17.09 a gross ton, com- pard with $17.25 last week, and that for finished steel, 2.171 cents a pound, aga'nst 2.185 cents a week ago. Wall Street Briefs NEW YORK, July 16 (#)—New con- struction of all types in' the 37 States cast of the Rocky Mountains during the period from July 1 to July 11, totaled $127,907,200, F. W. Dodge Corporation reports. For the year to July 11, new construction undertaken in this terri- tory amounted. to $2,765.920,500, com- pared with $3,268,662,300 in the cor- responding period last year. The daily rate during the first period in July, was $14,211,900 per business day, com- pared with a daily rate of $25,093,700, for the like period last year. Sales of the Shaw-Walker Co., manu- facturers of office furniture and filing equipment, for the, fiscal year ended June 30, showed a’ slight increase in volume over sales of the preceding year, which was previously the, best year in the company’s history, L. O. Walker, president, announced today. Among the company's branches making _the best comparative showings were Bos- ton, with an increase of 51.7 per cen Indianapolis, with a gain of 21 pe! cent, and Minneapolis, with an incgease of 10 per cent. Sales to dealers in- creased 8 per cent. The statement said that in the increase sales volume, Mr. Walker saw promising signs of busi- ness recovery. | ‘The American Bureau of Metal sts_§ tistics reports world output of cop) in_June at 145,556 short tons, againat 148,788 tons in May, and 174,586 tons | in June last year. STOCKS EX-DIVIDEND. ge | will say tomorrow in its weckly review | Secured by first deed of trust on real estate. Prev: t and isslon. Jou"ph L W"ell"e'; e ek & § Tt Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. | 643 Louisiana Ave. N.W. K MORTGAGE & GUARANT { Chaiter' No. . Reserve Disttict.No. 5. e RErORT 9", R . FRANKLIN NATIONAL BANK Of Washington, in the District of Columbia, at the clase of business on June.30, 1930, - URCES. Loans and discounts. Money to Loan $3.363.473.25 3.80891 500,766.10 717.078.92 Bring Your Real Estate Loan Problem to Us— We Can Quickly Arrange it for You 3,50r10. Year Loans On Improved Real Estate IN Nenrby Momgamcry County and the District of Columbia = Lowest Interest Ratee furniture and fixtus 61733 263,613.95 3.985.33 254.401.44 $11,505.11 11.588.03 Real estate owned gtier’ than banking house..o. . .. . Reserve with Federal it Bank e from ba and other 7.830.00 e, 35.4T.046.04 LIABILITIES. . Capital stock paid in... $225.000.00 BUIBIE " o iidiie. s fan 125.000.00 Undivided ' profits-—ret. . 19.013.77 Reserves for diidends.’ con< gencies, ete. §.... . 180.63€.55 . Reserves for iterest. taxes and other expenses accrued and unpaid.. ... . Circulating notes outstanding 21. Dye to bauks, including cer- tified and cashiers’ checks outstanding . 227.018.14 Demand deposit: 1.634.973.22 deposits 31, Other liabilitie 20.600.00 225.000.00 LRI 3 Sz mis 1o Washington. " District " of 1. JOHN 'B. COCHRAN. { the above-named bank. do solemuly swear that | the wbove statement is true o the best of my knowledge and belie HN B. COCHRAN, President and sworn Lo before me this July, ;. JOHN H. SHREVE. Notary Pubiic. Loan Correspondent John" Hancock Mutual Life Insurance Co. 1417 K St National 9300 Suhscribed th_day of (Seal.) orrect—Attest: c Herbert Guggenheim, Thos. P. Hickman. Chas. M. Schneider. Directors. Specializing in Mortgages on Investment Properties JAMES Y. PENNEBAKER Nat.5291 1520 K St. N.W. Money on Hand to Loan” on First Deed of Trust 69, Interest Reasonable Commission and - Prompt_Replies to Applications JAMES F. SHEA First Mortgage Loans | { | | Substantially Secured : \ Pl B Bt Property Management only on improved Washing- ton Real Estate, but are backed by our resources of $3,800,000. Over 30 years’ suc- cessful handling of In denominations as low as 3 rents—economical con- sideration for owners. Personal attention $250. May be purchased on low to details and prompt remittance Monthly Terms. Also facilities REALESTATE financing. Moore & Hill, Inc. (Since 1900) 730 17th Street for " CORPORATION | Capital Rescurces over $3,800,000 § | 24 JACKSON PLACE ‘ | Equitable Co-operative Bldg. Ass’n 50th YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Assets. . $5,723,083.61 Surplus & Profits. ... .$§1,755911.57 Subscription for the 99th Issue of Stock Being Received - Organized 1879 Cultivate Thrift! Come in and let us explain cur plan of systematic saving! A week gone by without something put away is a week _ wasted. We are pleased ta announce that Mr. John Roche Howland has become associated with us as manager of our Washington office G. L. OHRSTROM & CO. INCORPORATED York SHOREHAM BLDG. o Washington, D. C. Eailadelvi Phone District 3241 Chicago Los Angeles NEW YORK, July 16 (#).—Stock ex. ; dividend toda: Company Ani Hawailan S8 Co Castle (A M) & Co It is estimated that the range land could produce the annual meat require- ments for a population of 4,000,000 with- | & out interfering with prospecting and de- ! veloping the mineral resources. | Exports of rubber footwear from all countries of “the world reached unpar- alled heights during 1929 with the United States maintaining its position as leader by a wide margin, i This country continued as the world's chief source of supplies with a new rec- | ord total of 13,094,861 pairs as compared with 9,642,087 the previous year, or an increase of 36 per cent. Canada was in the runner-up position, exporting 11,- 609,834 pairs as against 9422541 in 1928, | Ong of the most significant features of the year was the large increase in | Japan’s export trade, totaling 7,000,000 pairs as compared with but 2.679.000 pairs in 1928. This Nation now occu- pies third place, the position formerly held by Great Britain, FOREIGN EXCHANGES. (Quotations furnished by W 8 Hibbs & Co.) Nominal gold Sel| Nominal goid Selling checks Qslo, crown Stockholm, cf TREASURY CERTIFICATES. (Reported by J. ) pa SRl by 0. & W. Selegan & cp 3las Sept. 30 100 7-33 338 Dee 100 17-32 1ae June 100 18-32 pt. 15, 20! Sencr Bartieit.’ 0 Corp pf. 1.75 tordam Gasaiis. 300 M cerdam Casiaiis Soc 'y _(J J) Realty pL A 200 20020 203, oz Each ward of the new annex to a Londen hospital is to have a bed for patients over 6 feet 4-H, Parki REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD ns i bu: 3436 14th St. N.W. Adams 8100 Road Scrviee—Charge Ae SAFE FER'S T MORTGAGES PROVIDE FOR THAT RAINY DAY If you set aside a pértion of your income and invest it in our 6% FIRST MORTGAGES —vyou will build up a strong Ower a Third of a Century defense against the time when yvou have extraordinary need for money. Without & e o s These 6% First Mortgages Loss 3 may be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY