Evening Star Newspaper, July 19, 1930, Page 20

CHECK PAYMENTS - OFF DURING WEEK . Commerce Department Finds | Business Below Same Period Year Ago. BY EDWARD C. STONE. The Department of Commerce reports | # sharp decline in the volume of checks presented for payment for the week ended July 12, such payments being 13 per cent below the corresponding week in 1929, and also below the previous week of this year, indicating a falling off_in the Nation's business The department adds that_steel op- erations for the week ended July 5 fell far below the level of the preceding week and were only 50 per cent of the high mark recorded for the same week last year, Building contracts reported from 37 States were far above the volume of the | preceding week and were some 25 per cent above the 1929 level Wholesale prices, declining but slight- 1y from the preceding weck, were 14 er cent below those of a year ago. ron and steel prices remained un- changed from the preceding week and ‘were 9 per cent below the 1929 level. Rate in Effect Since April 11. The rediscount rate of the Federal Reserve Bank of Richmond, which was cut from 4 to 31> per cent this week, had been unchanged since April 11, prior to which a 41, per cent rate had prevailed since February 7. The lower | 2 Tate went into effect yesterday, * The present rate line-up of the Fed- eral Reserve System finds the New York banks with & 215 per cent rate, the Bos- ton bank with a 3 per cent rate, the Philadelphia, Cleveland, Richmond, At- lanta and Chicage banks with 313 per cent rates, and the remaining five banks, viz, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco, on a 4 per cent basis. American Jce Co. Reviewed. “Following an initial four months' period of depressed earnings, as com- pared with like months in 1929, net in- come in May is understood to have expanded to all time peak levels.| Whereas for five months ended May 31, 1930, net before depreciation and Federal taxes, equaled $1,054,072, against $1,201,120 for the correspond- ing 1920 period, returns in May of the espective years were $603,688 and $521,- “Adverse and unusual competition eaused recession early in the year, but this situation was relieved about the beginning of May, at the opening of the normally busy season. esults to be reported for June should be mod- erately better than a year previously, 80 that in spite of unfavorable condi- tions early in 1930, profits for the first six months likely will not be more than 6 and 8 per cent under 1929, level. “‘Assuming average Summer demand and normal growth of business, chances are good for offsetting the first six . months' decline during final half, thus maintaining earnings on a par with last year’s showing. Profits in 1929 equaled $4.33 per common share, against $3.92 in 1928. Pays dividend of $3 per annum on common, and distributed $1 extra in January, last.” Chesapeake Corp. Reports Net. Chesapeake Corporation reports for the six months ended on June 30 net income of $2,961,189 after expenses, in- terest and other charges, equivalent to earnings of $1.65 a share on the no-par value stock. This compares with net in- come of $1,860.863, or $2.08 a share, on the stock outstanding in the first half of 1929. For the three months ended on June 30 net income was $1.426,202, or 79 cents @ share, compared with $933,- 642, or $1.04 a share in the correspond- ing period of 1929. / Financial District Notes, Harry M. Wheeler, long ‘connected with W. B. Hibbs & Co., is spending a month’s vacation at a New Hampshire |- Summer resort. He has practically re- covered from his recent illness. Jesse L. Suter of the local office of Harriman & Co., is taking his annual ‘vacation, having accompanied G. Bowle Chipman to his Summer home, at Calais, Me,, on Penobscot Bay. C. Louis Eckloff, an assistant cash- fer of the National Metropolitan Bank, will leave Washigton next week for-a| two-week vacat¥on, H. A Hering, connected with the local office of the Shaw-Walker Co., has been elected to membership in the | president’s club for his guccess in . salesmanship during the past year. Only six members were added to the rostér from the company's branches all over the country. S. W. Straus & Co! are offering at par and interest a $675,000 issue of the Copeland first mortgage 64 per cent sinking fund gold bonds dated June 15, 1930, and maturing June 15, 1940. The bonds are secured by a direct closed | first mortgage on the land and the eight-story Copeland Apartment Hotel, at Sheridan road and Argyle street, Chicago. BETTER FARM PRICES LIKELY IN AUTUMN| Increased Confidence Expected to Help Situation and Check Further Slump. Bpecial Dispatch to The Star. NEW YORK, July 19.—The agricul- tural outlook remains fundamental in the general development of business. While it is true that only a small re- duction in cotton acreage has been made, and that the crop of wheat bids fair to be about the same as last year, there is considerable warrant for the opinion that present prices have largely discounted the effect of these announ ments, and that the later developments ket will be for the show any deteriora= isting conditions. tly, says Henry Clews & Co., the (m,.rmmm ithorifies are not dis- ther in. the price fixing of wheat and cotton, or {o ihcrease the nt of produce which is being car- rnment funds. This! seems to indicate the probability of a | staple market during the Autumn which is relatively free from public interfer- ence. The outlook is naturally accept- able to the grain and cotton trades, so far as it goes, and they are disposed | to lock for a stronger trend of values than would be possible if the same methods as during the past season should continue to be followed by farm auth Pre Hoover's - support chairman of the Farm latter's refusal to follow manded by political the grain interests who have called for vernment purchase of not less than :, bundred ‘million bushels of wheat of thel Board in the the lines de- representatives of | Stock and Divi 374 21% Adams Kxp (1.60)... 17 8544 Adams Expr's pt (5). 208 8 Advance Rumley.... 2 15% Advance Rumley p! 3 PP FOTTIEs JOY Allegheny Corp, 282 AII(M Ch & Dye(né). % - 243 68 of. Am Bank Note pf (3)170s 41% Am Brake Shoe(2.40) 1 2 £% Am Brown Bov Elec. 18 156 108% Am Can (4).. 6 147 140% Am Can pt (7). % Am Comm Alcohol. .. s Am & Forn Power. .. 95 ' Am & For Pwr pf(8). 308 nm 106 Am & For Pwr pf(7). 33% 18 Am Hawafian (110). 69% 55 Am Home Prod(4.20) 65% 28% Am Internatl (2).... 105 43% Am Locomotive (4).. 284% 1 Am Mach & Fdy (7). 42 384 Am Mach & Fy nw.i. 119% 72% Am Pwr& Lt (31)... Am Pwr & Lt pf (6). 80 Am P&Lt pf A 5t(5). 23% Am Ra&Std San 1%. % AmTRepublies...... 48 Am Rolling Mill(n2) 7% Am Seating 46% Am Shipbullding (5) m. 53 AmSm & Ref (4)..0 6% Am Solv & Chem 18 Am Sol&Ch ev pf(3). 35% Am Steel Fdy (3).... 974 Am Sugar Ref (5)... 26% 9% Am Sumatra Tob.... 274% 200'% Am Tel & Teleg (9).. 2644 197 Am Tobacco (8)....s 197 Am Tobacco B (8)... 7814 Am Water Wks (n1). 65 AmZinc Ld & Sm. . 441 Anaconda Cop (334) - 34% Anchor Cap i2.40)... 4% Armour of 111 (A).eew 6 Arnold Constable. ... 3113 Asso Appl Ind (4 50% 28 AssoDryG (2%).... 2421 194 Atch To &S Fe (10).. 1755 145 Atl Coast Line (110). 51% 201« At Refining (12).... 37 251 Atlas Stores (nl).... 91 Auburn Auto (34). 4 Autosales 9 37 Auto-Strop Saf R(3) 9 4% Aviation Corp of Del 46 19% Baldwin Loco (1%). 2 116 10415 Baldwin Loco pf (7). 20- 122% 98% Balto & Ohlo (7) 201 Barnsdall. A (2).. ’ 96 Car Clin 27% Bendix Aviation (2). 31% Best& Co (2).. 75% Bethlehem Steel (6). 122% Bethlehem Stipf (1) 1 31 Blaw-Knox (1%4).... 2 28% Bohn Al & Brass (3). 3 60 Borden Co (k3) 1: 1 4 1 11 47 1 1 182 2 124% 1% Ry 51% 263% 43 12 2 47 23% Borg Warner (3) 2% Botany Con M (A)... 13% Briggs Mfg Co. 3 58% Bklyn-Manhat (4)... 178% 116 Bklyn Union Gas () 42 37% Brown Shoe (3) 2714 Bullard Co (1.60) 3 26l Bulova Watch (8 51% 29% Burr Add Mch (1) 110 99 Bush Term deb (7 Calumet&Hec(ald). 7 Campbell Wyant (2). 75% 56 Canada Dry G A (5). 226% 184% Canadian Pacific(10) 34% 20 Cannon Mills (1.60).. 362% 156'4 Case (J 1) (8) 24 79% 54 Caterpillar Trac 13% 60 9 Celotex Co. 301 2314 Cent Agui: 65% 43% Cerro de Pasco D65 124 Chi MIIBD & Pags oo 46% 20'4 Chi Ml StP & Pae of, 89% 66 Chicago& N W (8).. 125% 95 ChiRI& Pae(7)... 3214 20 Chickasah Cotton Ofl 67% 49% Childs Co (2.40) 43 24 Chrysler Corp (3) 13% 5% City Stores (500, 35% ki 87 37% 36% Col Fuel & Iron (2) 58% Col Gas & Bl (2). 15% Colum Graph (aZ 199 108 Columbian Carb (16) 40% 23% Comm Credit (2) 23% 4 Comm Inv Trust war 38 204 Comm Solvents (1) 20% 12% Comwlth & Sou(60¢) 99 Cmwith & Sou pf (6) 10% Congoleum-Nairn. 67 Consol Cer pr pf 6%. 15% Consol Film (2). 18 Consol Film pf (2) 96% Consol Gas N ¥ (4) .. 11% Container(A) (1.20), 66% Contl Baking pf (8).. 50% Conti Can (3%). 16 Contl Diamond (2) 50 Contl Insur (3.40). 3% Contl Motors. ... 18% Contl Oll of Del 20 Contl Shares (1)... 8734 Corn Prod Ref(t4%) 140 Corn Prod pf (1) 15% Coty. Ine... 10% Crosley Radlo. 13 Crown Zellerbach (1)’ 70% Crucible Steel (k5). . 2 Cuba Cane Products.. 105'% Curtis Publish (1614) 1147 Curtis Publish p£(7) 6% Curtiss Wright Corp 8% Curt Wright Corp A. 55 Cutler-Hammer(3%) 24% Davison Chemical... 139 Diamond Match (8) .. 6% Dome Mines (1)..... 67 Drug Corporatn (4)e 15% Dunhfll Intl (34)...v 95% Du Pont de N (14.10) 114} Dupont deN db pf(6) 175% Eastman Kodak (18) 19% Faton Axle &8 (3)... 5 Eitington-Schild 38 Eitington-Schild bf.. % Eleo Auto Lite (6)... Elec Storage Bat (5). % Eng Pub Serv (2.40). % Equit Office Bldg (3) 10% Jureka Vac Cleaner.. 65 Evans Auto Loading. Fairbanks Co pf. . ‘s Fairbanks Morse (3) 30 Fed Wat8. A (€2.40) 69% Firestons T&R pf(8) 46 First NatStre (2%). 2% Fisk Rubber, . 6% Fisk Rubber 1st pt. 25 Follansbee Bros (3). 60% Foster Wheeler (2) m 11 FoundationCo...... 16% Fox Film (A) (4):. 37 Freeport. Tex (t5)... 814 Fuller prpf(17.94).. 54 Gabriel Snub(A)new 7 Gen Am Investors... 78% Gen Am Tnk Car(34) 285, Gen Asphalt (4) 16% Gen Bronze (2). 32 Gen Cable (A) (4) 40% Gen Cigar (4). 604 Gen Clectrio (1.60). . 104% 28% is taken to show that the Executive has reached the limit of patience with the demands of the stabilizers, and is now disposed to let the market care for it- self within reasonable limits, employing and applying its own means of rectify- ing the condition by which it is con- fronted. CLEARING HOUSE STATEMENT. NEW YORK, July 19 (CPA)-— Bank clearings—New York bank clear- ings, today, $1,055,000,000; a year ago, $1,478,000,000. New York bank bal- ances, today, $158,00,000; a year ago, $174,000,000. New York Federal Re- | serve credit balances, today, $134,000,~ 1 p(m.nyur 8go, $153,000,000. Rl 3 11% Gen Elec spec (60¢).. Food Corp u)n - 106’5 59% b4k tor 131% 117% Gen Motors pf (7)... 4% 24 GenOut Adv(A) (4). 52% 30% Gen PublicSve (b6) 106% 754 Gen Ry Signal (5) 19% 11% Gen Realty & Otil... 90 654 Gen Refractor(t434) 30 Gen Theat Equip vte. 5% Gillette Saf Raz(nb). 10% Gimbel Bros. . . 15% Glidden Co (2) . 8% Gobel (AdOIf) ccssear JN 34% Gold Dust (3% ) csame ll 2 2 114% 11215 1 Rate. moo.lln (i 1193 115% 19% 19 e 1% 981 % 205 41% 87 205 40% 86 2 10214 102% 8513 2015 80 10 50 64% 10% 21% 100 11 % 224" zz’w 154 154 3T 36 28% 106 107 107 241 2414 100% 100% 106 37% 86% 28% 2814 35 A5% 102 102 9% T6% 16 15% a1 21 661 66% 187% 1877% 23 23 8 2017% 193 139% 135% 26% 26 6% 6% 265 2b% 14% 141 101% 1014 13% 12% 70 154 5 61% 15% 75 598 20'% 58 4% 2114 264 96 146 146 20% 20% 14 13 14% 4% 9 79 2% 2% 1154 115% 1184 1184 Th T4 10% 10 634 635 20% 29% 218% 216 116% 116% 214% 280 26% 26% 5% 5 40 40 B0Y T8y % 4 %, 126 125% 26 (2858) exce) 0se s nhem those stocks to u’nld in odd lots only. 58% 2215 mmnu 967 54% Bt b 18 30 10 29 1% 18 19% 124 90 12% 21 85 1014 5% 7% 70 12 9% 524 41 25% 13 113% 19% 415 8% 814 1544 121 10% 152% 5 % 651 19 21 9 36 69 40% 18 31% 0 24 3 2214 Tie 3714 R0 N 264 1081 23% 21 3214 21% 764 214 66% 85 20 52% 42% 50 3 16% 8 33 22 61 109 10% 28% 614 24 17 304 8% 36% 40% 1314 10 16% 15 22% % 21% 12% 32% 1 57 115% i 35 31 kA £ 34 12% 304 10% % % 53 24 114 100 714 8714 1008 66% % 13% 55 45% 7 10 524 12%4 5014 48% 1% 2% 5 17 4% 26 48 69% 130 18% 201 50t 1% 29% 1 2% 27 T 25 9 35% i 814 52% 614 811 62 19% 3214 o8 19 8 347 28 95 84 3% 19 23 3 5% 14% 155 274 49% 93 85 33% 4% 59% 7 1% (% 16% 31k 18 8% Shubert Theatres.... 21 18 20 28% 894 95% 52% 104 17 3% 84% SHINGTON, end Goodrich (B F) (4) Goodrich (BF) pf (T. Goodyear T Graham-Palj Graham-Paige rets Granby Con Min (3). Grand Stlver 8 (m1). Grand Unfon...... Grant (WT) (1). Grt North pf (5)... Gr Nor ctfs Ore (a% . Grt West Sug(1.40) Grigsby Grunow. Guif Mo & N pf (6 Hahn Dept Stores. Hall (W F) Pr Co(2) Hanna pf (new) (7). Hartman (B) (1.20). Hayes Body..... Helme (Geo H) (!7)- Hershey Choe (6) Hoe (R) &Co.... Houdaille-H (B)1.20. Houston Ol (b10%) . Hud&Man Ry (3.60). Hudson Motor (6). .. Hupp Motor Car (1. Tllinois Central (1) Independ Ol & G(2). Ind Motor Cyele. Indfan Refining Indian Refining ret Ingersoll-Rand (t6). Inspiration Cop (2).. Insurance Sh (46e).. Intl Bus Mach (n6) Intl Combustion. ... Intl Harvester (2%). Tntl Match pf (4).. Intl Mer Marine (2). Intl Nickl of Can(1). Int] Pap & Pwr (C) Tn‘lSalt (new), Intl Silver (+8) Intl Tel & Teleg (2 Inter Dept Strs (2). . Island Creek Coal(4) Johns-Manville (3).. Kayser Julius (2%). Keily-Spring Tire Kelsey Hayes (2) Kelvinator Corp. Kenneeott Cop (3). Kinney (GR ) of (8). Rresge(SS)Co(1.60) Kresge (SS) pf (7)., Kreuger & Toll 1.60. Krog Gr & Bak (n1). Kuppenheimer (2).. Lago Of1 & Tran Lambert Co (8) Lehigh Valley Coal TLeh Val Coal pf (3) Lehman Corp (3). Ligg & Myers B(15). Lima Locomotive. ... Liguid Carbonie (4). Loew's. Inc (2)..... Loose-Wiles (12.80) . Loft. Ine.... Lorillara (P) ‘Co. Louisiana Ofl. . Lou G &EI(A)‘::“) 2 2 sy A SN NA A BE SR AR A ARR N BB NN TN aa @ e OIS JO. S8 | - Baan MoKeespt T P1 (15).. Macy (RH)&Co(nt3) Madison Sa G (1%).. Magma Copper (4). Mallison & Co. ... Man Elev mod & (45) Market St Ry pr pf.. Marlin-Rock (154 ) Marmon Mot (h50¢).. Marshall Field (2%) May Dept Strs (n2).. Maytag Co (12). wmee Mengel Co (2) - Mexican Seaboard. .. Miami Copper (1%).. Mid-Cont Petm (2). Middle States Ofl et.. Midland St (3) Minn Moline Pwr. MoKan & Texas (2).. Missour! Paeific. ...« Missouri Pae pf (5).. Monsanto Ch (x134). Montgom Ward (3).. Moon Motors Motor Meter G & Iln Motor Products (2).. Murray (b2 %stk) Nash Motors (4) Nat Acme (1%) Y Natl Rys Mex 2d pf. Natl Steel (2). N-u Tea Co (2) N Y Rafiways pf. N Y Steam pf (8).. North Am Aviation, North Am(b10%stk) North Am Ed pf (8) .. Northern Paeific (5). Ofl Well Supply..... Oliver Farm Baquip. . Otis Elev. n(2%)... Owens 111 Glass (3) Pacific Coast. Pacific Coast 24 pf. Pacific Gas & E] (l). Packard Motor (1), Pan-Am Petm (B)... . Param’nt Publix (4). Park Utah. . Pathe Exchange..... Pathe Exchange (A). Patino Minés. Peerless Motor Car Penick & Ford (1)... Penney (J C) (3). Penna RR (4). Pere Marquette (18). Petrol Corp (1%) Phelps Dodge (3) Phila Co 6% pf (3. Phila Read C&1I... Phillips Petrm (nl)-. Pierce Of Pierce Petroleum Pilisbury Flour (3) Pittsbgh Trml Coal. . PRAmMTob A (3%). P Rican Am To (B).. Prairie Ol & Gas(2). Prairfe Pipe L (15) Preased Steel Car Proctor & Gamb(2.40 Prod & Refiners. Pub Serv.N J (3.40) Pullman Corp (4) Pure Oil (13%) Purity Baker! Radlo Corp.... Radio Corp (B) (5).. Radjo-Kelth-Orph Raybestos Man 2. Real Silk (5. Rerh Rand (1.60 Rem-Rand 2d pf(8) Reo Motor Car (80¢). Republic Steel (4) . Revere Copper & Bi Reynolds Metls 3.40. Reynolds Spri Reynolds Tob B Richfleld O11 (i) . Rio Grande O1l (2) Rossia lnlnr I’ ID) . Royal Dutch(3.2165) Safeway pf (6. St L Soutwn pf (5) 8t Joseph Lead (13). Schulte Retall Strs. . Sears Roebuck(32%) Second Nau Inv, Seneca Copper. Servel. Ine. Sharp & Dohme. .. Shattuck(FG)(1134) Shell Union (1.40)... @ Fobu-S-cDeendunaSoq ) Simmons Co. Simms Petrm (1.60). Sinclair Con Ofl (3) Skelly Ofl (2) 8 y 011 pf( Solvay Am pf(5 Southern Cal E4 (2). Benomells ~§._ -2 13 Splegel-May-Stern Stand Branas (13%).. Stand Comm Tob Stand G& B (3%). 10 = . Continued on Page 53, , ¢ * I 15% 1% 23% B 13% 1314 STOCKS END WEEK WITH LIGHT SELLING No Weakness in Evidence at Close Despite Slightly Lower Prices. BY GEORGE T. HUGHES. NEW YORK, July 19 (C.P.A.).—Ri acting under realizing sales, todays stock market closed slightly lower. The selling was in small volume, and there ‘was no real weakness and no change in the longer term outlook. Copper stocks lost a good part of Friday's gain, the oils sold off, includ- ing Standard of New Jersey, which had been the leader on the upturn, and Johns-Manville weakened after the six months’ statement had been published. With one or two exceptions, the turn- over was lower than on any previous Saturday this year. While the improvement in the grain market helped sentiment somewhat, the commodity situation in general was still discouraging. Copper at 11 cents was the lowest since 1902. In 1914 the low was 11.10 cents. In 24 of the past 50 years copper has sold at 17 cents or higher. Whether the present quotation will stimulate buying or not was a question on which opinion was divided. Copper stocks were slightly lower to- day, but up on the week, The specu- lative element put the most favorable construction on the situation. The same could be said of conditions in the steel trade, The expected increase in demand has not yet made its appearance, but United States Steel in the first hour today sold at new high on the movement, just under 169, reacting thereafter. Stocks which reacted under moderate pressure included American_Telephone and Telegraph, Standard Oil of New Jersey and Vanadium, all of which, however, had enjoyed good advances since last Saturday. American Can was down from its high and the vola- tile J. I. Case lost ground with the de- crease in the short interest. Air Re- duction was affected the same way. Ralls were steady, but quiet. More interest was taken in Hudson and Man- hattan, which, selling to yield nearly ; per cent and earning the dividend by a satisfactory margin, attracted in- vestment support. The June statement of Kansas City Southern revealed decreases in both gross and net from the same month a year ago. In June this year gross was $1,668,631 and net was $419.501 com- pared with gross of $1,766,180 and nef of $440,444 in Juhe, 1929. The Johns- Manville semi-annual statement also made an unfavorable comparison the same period of 1929. Net profit for the six months this year was $1,740.160 against $3,039,096 in 1929. The June quarter was better than the first three months, however. (Copyright, 1930.) treet Briefs NEW YORK, July 19.—Following the recent period of price cutting and cur- talled production in the radio industry, set manufacturers are now in & sounder position than at any time in the past 12 months, a current survey by Stand- ard Statistics says. The survey adds that the outlook for 1931 indicates a re- sumption of the rapid growth witnessed immediately to the current recession in general business. Demand in the market for electrical equipment and apparatus took a slight turn for the better in principal buying centers during the past week, Electrical World reports. According to sectional reports there has been a noticeable pickup in the call for various items, with railway electrification materials occupying & prominent place in imme- diate business. ‘Twenty-one steamers will dock at ‘West Coast ports with cargoes of raw silk for delivery in August, the Silk As- sociation of America announced. Operations of the Yrmngswwn Sheet & Tube Co. in the Youngstown district will remain unchangéd at 60 per cent of rated capacity next week. Operations for Sharon Steel Hoop also will be un- changed at 65 per cent, with ingot pro- duction at 50 per cent, strip production at 80 per cent and sheet production at 80 per cent. Truscon Steel's plant will continue at capacity, with General Fire- proofing Co. output holding at 78 per cent, approximately 10 per cent below operations a year ago. Carncgie Steel will operate at 55 per cent next week, as against 58 per cent this week. Of the 118,857 shares of capital stock which Sears, Roebuck & Co. has ap- plied to the New York Stock Exchange for listing, more than 93,000 shares Ifll be used for payment of the quarterly stock dividends of 1 per cent each, pay- able August 1 and November 1. The ma- Jority of the balance, of about 23,500 shares, will be issued in connection with the acquisition of the Beibleman Storcs in New Orleans and Shrevepore, La. BANK CLEABINGS Bank clearings this week at leading cities in the United States, as report- ed to Dun’s Review, amounted to $10,- 096,157,000 and show a decline of 20.4 per cent from those of a year ago. The Joss continues very largely at New York City, where clearings for the week of $6,687,000,000 are 249 per cent under those of last year, while the total at leading centers outside of New York of $3,409,157,000 is 10 per cent less. At Chicago, clearings this week show a small gain, and there also s an in- crease at Richmond. Losses, however, predominate, and are quite heavy at some of the Western and Southern centers. Clearings for the week, as reported to R. G. Dun & Co., and everage daily | bank 'clearings for the past three months, are compared herewnh July 1A Foso, 1497.000.000 527,000,000 109.405.000 191,135,000 51, De Per cent. Miera racarans Minneapol. Richmond . Atlanta ... Louisville . 111100 New orleans . Dalla; 8 s S Frencisco ... Portland Seattle ... Total . New York Total all. D5 BB RN B EEERE S e Sehmasirssoneneascueg § ggee £ 8 HE $10,096,157,000 o INVESTMENT TRUSTS NEW YORK. July 19 (#).—Over the counter market: Basic Tadustry Share: Big;, Askeg. British Type Invest First Amer. Corp Pived Trust Shares A . Fixed Trust Snares B lt lIl of lnfl!lil or e 'rrumenux;ngkoal‘n Shares 8. - 5 gaiieg S o shii i S Blec Lt & Pow Sharcs B U Suers tinchansed RATES ON SILVER. 'LONDON. July 19 (#).—Bar silver, 15%d ouhce. Money, 1 M ice. 'y, 134 per cent. hort bills, cent; fluuwuu 27-16 per r.:tw . RUBBER MARKET. FINANCE MARKETS * were very small. NIW YORK, July 19 (#).—Rubber futur B?enad bar new _con Reptember, 10.86; Decernber, 11 i GAIN IN STABILITY, General Business Fails to Show Improvement, but Security Prices Advance. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, July 19.—The financial markets have become increasingly stable this week, despite the absence of im- provement in general business condi- tions. Bullish activity in stocks has reached proportions not seen since Spring and has been strengthened by the market's resistance to selling for both accounts. Bonds are moving more quietly, doubt- less because of a fear that money rates will tighten with seasonal demands, but leading banking circles are confident that credit will remain indefinitely easy until industrial recovery becomes a fact. ‘Wheat, corn and cotton are moving more in line with the weather news. Sentiment in the wheat market im- proved measurably on word from Wash- ington that the Farm Board planned to stop buying until the surplus had been cut by reduction of acreage. Pools Score Advances. Since June 24, when the low point of the recent break was attained, stocks have advanced on 13 days and receded on 6. One or two of the recessions Pools selected a dozen or so shares that normally attract a following and scored some sharp ad- vances, although it was generally ac- knowledged that the public following was practically negligible. On all de- clines, whether in the form of profit- taking or short selling, the market has lapsed into dullness, thereby presum- ably serving notice of its inclination to work higher. Observers who felt that a technical reaction was due by Thursday or Fri- day failed to see their expectations reals ized as the market pushed through the resistance points of previous rallies. With the short interest impaired, the possibility of a rather sharp reaction seemed to be theoretically nearer and many commission houses warned their clients to be prepared for such a de- velopment. Conservative observers of the mar- ket’s action seemed to feel that the ad- | vance was largely technical, a rebound | from the recent depths of pessimism which prevailed up to the Fourth-of- July holiday. The lack of favorable news from business, with the exception of improvement in construction figures which may or may not be temporary, was_brought forward in these circles | as an argument against much of an upturn in prices. Commodities Still Soft. ‘There seemed to be less fear that FINANCIAL KRESGE EARNS 70 CENTS ON COMMON IN QUARTER 8. S. Kresge Co. reports for quarter | ended June 30, 1930, net income of $3, 886,380 after r,hnrgs and Federal ta: equivalent, after dividend req'ul.remvnu4 on 7 per cent preferred stock, to 70 cents a share (par $10) on 5,517,929 shares of common stock. This com- pares with $2,759,000, or 49 ccnts a share, in preceding quarter and $3,835,- 475, or 69 cents a share, in June quar- ter of previous year. Net profit for six months ended June 30 amounted to $6,645380 after above charges, equal to $1.19 a share on com- mon, against $7,013,456, or $1.26 a com- | mon share, in first half of previous year. WESTERN CANADIAN CROPS IN DANGER Critical Period Continues, Wifl:;} Weather Beneficial Only to Mixed Farm Area. By the Associated Press. OTTAWA, July 19.—In Western Can- ada crops are in a critical period, and the weather has been beneficial only in the mixed farming districts of Mani- toba, Northern Saskatchewan and Al- berta, says a crop report issued by the Dominion bureau of statistics. Extreme heat and drought have con- siderably lowered crop prospects in the wheat triangle of Saskatchewan and Alberta. British Columbia crops have progressed with the hot weather. but moluture is limiting growth in the in- terior. In the maritime provinces, Quebec and Ontario, crop conditions have im- proved since the last report, because of generous rainfall and moderate tem- peratures. The quality of hay has been lowered by rain and weatherings, but it will be an average size crop. Small grains, fodder crops and pastures are in fine condition, and the fruit pros- pects have improved. 24-Hom- Par hu-fit l' Il"r!fl m| First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. First Mortgage Loans In Arlington County and Alexandria, Vinginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phone National 2628 Mortgage Loan Corvespondent for The Prudential Imsurance Co. of America Property Management Over 30 years’ suc- cessful handling of rents—economical con- sideration for owners. Personal attention to details and prompt remittances. 3 Also facilities financing. Moore & Hill, Inc. . (Since 1900) 730 17th Street for First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and ginia for 3, § or 10 year terms on your Home Apartment V2% Office Building Business Property Apply RANDALL H. FIAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT the bulls would overplay their hand, as they did in March and April, for it was generally conceded that the pring rush to buy, with the subseqiiens break, had demonstrated the folly and the serious consequences of such maneuvers. On the other hand, it was pointed out that the country was several months nearer the exit from the depression and that fundamental conditions, especially in credit, probably did not warrant ex- cessive gloom. The routine reports from various fields showed that the business decline had hardly been arrested. Commodity prices continued soft, freight car load- ings made a poor showing and steel operations further emphasized the slump. The oil situation, however, im- proved. Gasoline stocks decreased by a satisfactory future and daily average output of crude reached the lowest point of the year. In addition, Texas producers fell into line with the curtail- ment program aiready effective in Oklahoma and California. Time money occasionally gave evi- dence of seasonal stiffening, but the higher rates were only temporary, and the return to the familiar 10w levels was marked by & recovery in bond prices late in the week. Call funds ranged from 2 to 2!; per cent, reflecting, in part, an increase of $88,000,000 in de- posits of New York City banks. Cecurity loans of these institutions increased by the nominal amount of $20,000,000, brokers loans gnlned $40,000,000. ADMITTED TO EXCHANGE. NEW YORK, July 19 (#).—The fol- lowing securities have been admitted to trading on the New York Stock Exchange: Checker Cab Mnnuffll"tul’lnge poration, permanent certificates for common stock. McCrory Stores Corporation, perma- nent certificates for preferred stock. Republic Steel Corporation, perma- nent certificates for common and pre- ferred stock. Westvaco Chlorine Products Corpora- tion, permanent certificates for com- mon stock. Austrian Credit-Anstalt, permanent certificates for American shares. ‘The following are to be stricken from the list July 25, 1930: Checker Cab Manufacturing Cor- poration, temporary certificates for common stock. McCrory Stores Corporation, tempo- rary certificates for preferred stock. Republic Steel Corporation, tempo- rary certificates for common and pre- ferred stocks. Westvaco Chlorine Products Corpora- Mnnk temporary certificates for common stock. Austrian Credit-Anstalt, temporary certificates for American shares. ‘The bull forces are still meeting con- siderable opposition from large opers- tors who remain bearish. MONEY TO LOAN Losns not exceeding 3300.00, pay- able in twelve monthly paymehts. government employes, Army and Navy 0 to_employed home own- ers in” Maryland suburbs to Washington, Loans on approved collateral— stocks. bonds or mortgage notes. uthern nuuam.. Vashis M“ l‘fi St. N.W. 8 e s A Y Real Estate Loans 51 & 6 Applications invited for Loans on District of Columbia and Maryland Properties. ! SHANRON. & LUCKHY) 1435 K St. N.W. National 2345 NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 FIRST Ower a Third of a Century Without & Loss National 2100 THERE THINK OF THE TOMORROWS In making investments one should keep the future in mind, the time you will want your principal returned. Many things can happen in many lines of in- vestment, but our : 69, FIRST MORTGAGES are loss-proof. ered by improved real estate that is good for its obligations. May be purchased in amounts from $250 up. B. F. SAUL CO. IS NO' SUBSTITUTE FOR SAFETY MORTGAGES They are cov- 925 15th St. N'W. Re-Investment Yardstick . . To Those Whose Investments Mature in July: OW will you measure the worth of a new security? By potential earnings, plus undeveloped holdings, plus estimated total market, minus consumer inertia, minus danger of mechanical development—all divided by 3.1416—or any other formula financial gamblers have evolved to help them guess at the value of speculative Wall Street Stocks .« Or will you measure your re-investment choice by the old, time-tested yard stick which has never failed any man— PROVEN SAFETY of interest and principal? The 6% First Mortgage Notes on improved Washington property sold through the Swartzell, Rheem & Hensey Company have never fluctuated a penny in value—they are always exactly at par. varying conditions they have During 61 years of widely always paid every investor a regular, unfaulmg return—each payment made exactly on the day it is due. First Mortgages now pay the highest return of any safe invéstment, and now is the time for you to take advantage SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET n.w./ WASHINGTON D.C» of it.