Evening Star Newspaper, July 22, 1930, Page 13

AN BANK VOTES RECULAR DVDEHD Potomac Joint Stock Institu- tion Also Reports Gain in Half Year’s Earnings. BY EDWARD C. STONE. At a recent meeting of the directors | of the Potomac joint Stock Land Bank the usual semi-annual dividend of 3'p per cent was declared payable to stock- holders of record August 1. This makes the eleverith consecutives dividend since organization in 1923 President George A. Harris reports in- ereazed earnings for the period from January 1 to July 30 The financtal statement shovs capi- tals, surplus rve and undivided Aits in_exce Birces i excess of $6,600,000. Stronger Stock Buying Noted. Values of listed st are now back o the levels of late 1 are back to the levels of the Summer of 1927; the ratio of loans to values is at nearly the five-year low point. What significance is to be attached to the| ta? d'smch appear to have passed again from weak to strong hands, according to the Alexander Hamilton Institute’s bulletin. With values now comparable 1o the low point of last yeas; with the 1oan total under last Wintej's level, and with the loan ratio at close to the low int—the third time it has been inder §oper cent since the beginning of 1926 —it is doubtful if further forced liqui- dation hangs over tHe stock market. ‘While this indication appears clear. it by no means follows that a strong ad- vance is hearalded by the deflated con- dition of loans. But it is strongly sng-| gested that the buying of late has been Dbetter than the selling and that if spec- ulation does \not again break out pre- maturely, the ground is being laid for an advance which will have a sounder basis than desirg to see prices higher, | the institute sqys. Capital Traction Again Advances. Capital Traction again drew special attention on the Washington Stock Ex- change today, gaining about a point during the session, In addition to the advance of 614 points yesterday follow- ing the court tuling granting the 10- cent fare or four tokens for 30 cents. The first transaction found the stock gelling at 67. Five sales were made at this figure and on the neft sale the stock advanced seven-eighths of a point. Only one sale was recorded at 6674, Three 20-share sales and a 10-share gale were then made at 67. The market closed with two 10-share lots changing hands at 674, the high for the day and for many weeks. Today's turnover in traction in- volved 180 shares, practically the same volume of trading as yesterday. Trac- tion bonds figured in one $1.000 s e s of $678.000, and total ; brokers* loans | fieh. 66 878 234 32 1% 1568 24 15% k% 1071y 104 343 126% € 31y 10% 1. TN 12 21% . Ron 156 147 8214 1% | 119% 541 38 16 110 26% 27% v 12415 24214 108 51% 263% 9% 38 116 12:% 8415 8414 116% the 5s changing hands at 83%. Capi- tal Traction stock is coming out only n small blocks, as is shown by the fact that the largest sales today were only 20-share lots. There seems to be a disposition among the large hoiders to keep their stock until it becomes evi- dent what the higher car fares will mean to the company’s net revenue. Last year the traction company car- ried 17,000,000 passengers at 8 cents and 35,000.000 at 6% cents. If any- where near this number is carried in a year under the increased fares the question of higher dividends will be settled. Othér transactions on the Washing- ton Exchange today included a turn- over of 100 shares of Washington Rail- way & Electric 513 per cent preferred. the stock opening at 1073 and closing &t 108. Steamboat rights sold at 16 and Merganthaler Linotype at 963 Reserve Bank Loans Larger. The Federal Reserve Board's condi- ton statement of weekly reporting member banks in leading cities on July 16 shows increases for the week of $119,000,000 in loans and investments, $197,000,000 in net demand” deposits $73,000,000 in time deposits, and reases of $13,000,000 in Government deposits and $22,000,000 in borrowings from Federal Reserve banks. 5 Loans on securities, which at all te- porting banks were $57.000,000 above the preceding week's total, increased $17,000.000 in the Philadelphia dis- trict, $15.000,000 in the New York dis- trict, $13,000,000 in the San incisco district and $10,000,000 each in the Cleveland and Kansas City districts. “All other” loans declined $14,000,000 n the Cleveland district, $11,000.000 in the Philadelphia district, $9.000,000 in the San Francisco district, $7,000,000 in the Richmond district and $20,000,000 at all reporting banks, ord increased $21,000,000 in the Chicago dictrict and $12,000,000 in the New York district. C. & O. Earnings. The Chesapeake & Ohio Railway Co. | (ncluding Hocking Valley Raflway Co.) | reports for six months ended June 30, 1930, net income of $14.961,379, after taxes, charges and sinking fund ap- propriations, equivalent, after allowing for dividend requirements on $165.000 @13 per cent preferred stock, to $9.77 a share on 1,530,576 shares of common stock. This compares with net income of $15,237,567 in first six months of 1929, which, based on above number of ghares, is equal to $9.95 a share on the eommon stock. Statement for June and six months, | tneluding Hocking Valley, compares as follows: 1929. $12,249,830 3590,002 2,903,062 | 71.920,774 1930. June gross......$11,351,427 Net op. incom! 3.299.786 *Surplus af. chgs. 2.725.609 6 months’ gross. 68.052.114 Net op. income.. 18,325,534 19,579.612 *Surplus af. chgs. 14,961,379 15,237.567 *After sinking fund appropriations. Gleaned in Financial District. Harold W. Burnside, one of the of- ficers in the Farmers & Mechanics branch of the Riggs National Bank, is spending the month of July with his family at Epping Forrest. John B. Larner, president of the Washington Loan & Trust Co., is tak- ing A& motor trip through the New England_States. John E. Parker of G. M. P. Murphy & Co., stock brokers, leaves here tomor- Tow for a vacation in New England, much of which will be spent in New Hampshire. Albert 8. Gatley, vice president of the Lincoln National Bank and treasurer) of the District of Columbia Bankers Association, 15 recovering at Bibley Hospital from an operation of carbuncle. June production of automobiles in the United States totaled 335,475, compared with 417.406 in May and 5450932 for June. 1929, according to the Department of Commerce. Production during the first six months of 1930 was 2,219,546, compared with 3,224,443 in the cor- responding period of 1929, ‘The personal loan department of the National City Bank of New York at- tained its second anniversary recently ‘with a record of having, lnwhnl time, aided a total of 134294 familles tem- porarily in need of financial assistance ‘To these famiiies a total of $46,797,196 'IJ! lent. i . Howard Jeffries, agency secretary of the Penn Mutual Life Insurance Co., i in w;;mi:mn visiting the local agency e company. He reports normal life insurance sales in tlup!gu- trict and states that the company's mducmn for 1930 is running ahead of year by 58 per cent. The Washing- ton office of the Penn Mutual is !fl charge of T. R. Crowley. Rrice reductions of 7 to 10 per cent on staples and from 7 to 16 per cent tropieals have been made by the imerican Woolen Co. in opening its for men's wear trade for the 1931 season. 1104% 181 69 90% 501y 244 224, 8% 178% 330 1% 16% 43 A% 110 % 5l 112% 7% T5%, 226% 2% 362% 132 9% 75 & 80% 65% 241% 8244 10% 1% 52% 26M 46% 89% 37 125% 104% 110% 67% 43 49 89% 1% 191% TI% 37% 1T R4 301 407 111% 147% 59% 7 4% 108 205 asm a0 24% 181 153 80 1284 37 114% P 108% 12 9% B9 107% 68% 30% 5014 98% 43 89% 98 8% 61% 5l 21 FINANCIAL. Stoek and Tow. 21% Adams Exp (160)... % Advance Rumlev.... 23 Adams Millis (2), % Ahumada Lead. 1034 Air Reduction (3)... 1 Afax Rubber. . R Albany Wrap Paper. 18 Allegheny Corp. .... 87 AllezCpw 830 wbi% 90 Alliance Realty 1314 232 Alied Ch & Dveiné) 121 Allled Ch & D pf (7). 48% Allis-Chalmers (3).. 18~ Amerada Corp (2)... 4% Am Agricul Chem. .. 23 Am Agricn] Ch of. 63 Am Rank Note (13), 55 Am Beet Sugar..... 1 £% Am Rrown Rov Elee. 114 6013 Am Brewn B E of(7)210s 1084 Am Can (6). .. . 481 140% Am Can of (7 4 42 AmCar & Fay 85 Am Car & Fav pf(7). Am Chain (3)... % Am Chain of (7). . Am Chicle (3). 95 Am & For Pwr pf(6).284s 14 Am Hawalbian (1104, Am lce (t4)... 28% Am Internat] «2).... 437 Am Locomotive (). 9. *Am Mach & Metals. . 501a Am Metal (3)....... 2% Am Pwr & Lt (21). 99 Am Pwr & Lt pfer8). 23% Am Ra&Std San 1% 3 6 48 Am Rolling Mill(n2) 53 £2% Am Safety Razor(5) 46% Am Shipbuilding (5) 100s 1% Am Ship & Com. 1 3 Am Sm & Ref (4) . 1034 Am Snear Ref pf (1) 9% Am Sumntra Toh. .. 2 16 Am Tel & Cable (5). 30s 200% Am Tel & Telez (9). 197 Am Tobaéeo (8).... 1 197 Am Tobacgo B (8 120 Am Tobacco pf ( 784 Am Water Wka (nl 6's AmZinc L4 & Sm 50 Am Zinc pf (6)...... 4413 Anaconda Cop (3%). 194 Archer-Dan-M (2) 4% Armour of I} (A). 2% Armour of [l (B). 55 Armour of Nl of (7). 6 Arnold Constable 28 Asso Dry G (2%)... 194 Atch To & § Fe (10). 102% Atch To & SF pf (5). 0% Atl Refining (+2).... 91 Auburn Auto (14). .. 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 10 19% Raldwin Loco (1%). 4 104’5 Baldwin Loco pf (7) 9814 BRalto & Ohlo (7).... 784 Ralto & Ohlo pf (4). 15 63 Bang & Aroos (3%). 1 109 1°% Barker Bros (2). 20'% Barnsdall A (2), 49%; Bayuk Cigar (3). 101% B'trice Cream pf ut Pkg (3) 27% Rendix Aviation (2). 31'4 Rest & Co (2) 5% Bethlehem Steel (6). 280 122% Rethlehem Sti pf (7) 2RY% Rohn Al & Brass (3). 60'% Rorden Co (k3). . 23% Borg Warner (3) 13% Rriges Mfg Co... 12% Brockway Motor Trk 58% Bklyn-Manhat (4).. 115 Bklvn Union Gas (6) 5% Bruns Ter & Ry 8 19'4 Bueyrus (1)... 3314 Buevrus ev pf (2%). % Budd (EG) (1).. f14 Budd Wheel(1)..,. 27'% Bullard Co (1 60) 261 Bulova Warch (3 291 Burr Add Meh (1), 20s Sales— 19% 78% 1277% 1461 3 107% 10% Sy 169 216% 5% 23% 208 1061 2 106 834 73 Bang & Aroos pf (7).100s 111 14% R3% 14 34 Bush Term deb (7).. 70s 102 Cop & 7 (60c) . 1 66 Byers (A M). €0% Calif Packing (4) 56 Canada Dry G A (5). 184% Canadian Paclfie(10) 45% Can Pacific(new)w.l. 2 156% Case (J 1) (6) . 115 Case (J 1) pf (). 54 rpillar Trae t3% 59 Cavanagh-D pf(6%) 9 Celotex Co....uurns 2315 Cent Aguirre As 1%, 434 Cerro de Pasco (6).. 2014 Checker Cab (4.20) 171 Ches & Ohilo (10) 5114 Ches & Ohlo Corp (3) 4% Chi & Alton pf. 815 Chi Great W. 27 Chi Great W 1214 Chi Mil StP & Pa 2015 Chi Mil StP & Pac b 66 Chicago& N W ) 11% Chi Pnen Tool 95 ChiR1& Pac . 98 ChiR1& Pacpf (6). 105 ChiR1& Pacof (7). 4915 Childs Co 12.40)..... 24 Chrysler Corp (3). 38 City lce&F (k3.60).. 83 City Ice&Fuel pf 6% 5% City Stores (50¢ 133% Coca-Cola 5 50 Colgate-Pal-P (234). 14% Collins & Atkman. .. Collins & Alk pf (7).. 65 Colo & South (3). 68% Colo & Sou 1st pf 5814 Col Gas & El (2). 104% Col Gas & El pf A 15% Colum Graph (a2 108 Columbian Carb % Comm Credit (2).. % Comm Cred pf (1%). 281 Comm Inv Trig1.60) 20% Comm Sol 123 Comwith u 99 Cmwith & Son pf (6) 10% Congoleum-Nairn... 12 67 Consol Cgr pr pf 6% 18 Consol Filim pf (2).. 96% Consol Gas N ¥ (4). 9914 Consol Gas NY pf(5) % Consol Textil (A) (1] 181 Contl Baking (A)... 501 Contl Ca cen 16' Contl Diamond (2).. 50 Contl Insur (3.40)... 3% Contl Motors. 18% Contl Ofl of Del... 20 Contl Shares (1) 873% Corn Prod Ref(t4%4) 140 Corn Prod of (7). ... 38 Crown Cork & Seal. . 2 Cuba Cane Products. % CubaCo coserss 58l Cudahy Packing (4). Publish pf(7) 615 Curtiss Wright Corp &% Curt Wright Corp A. 55 Cutler-Hammer(3%) 24% Davison Chemica) 20% Debenham Sec (2.32) 20 Deere & Co pf (1.40). 146 Delaware & Hud (), 110% Del Lack & Wn (17), 45 Denver & RG Wof.. % Devoe&Ray A (1.20) Diamond Match (3). 4 Dome Mines (1), 67 Drug Corporatn (4). 95% Du Pontde N (14.70) 175% Eastman Kodak (18) 30 1207% Eastman Kod pf (). 108 19'% Eaton Axle& S (3).. 10 55% KElee Auto Lite ¢ 4 Electric Boat. 49% E) Pwr & Lt (1), 105 EI Pwr& Ltof (1).. 613 Elec Storage Bat (5) 44 Endicott-John (5). 94% Eng Pub Sve of 35% ErleRR.. 6% Evans Auto 34% Fairbanks Morse (3) 91 Fed Lt & Trae pf ('; aol 1 Filine's pf (6%).... 208 69'% Firestone T&R pf(6) 3 46 FirstNatStrad2%). 7 2% Fisk Rubber, 11 64 Fisk Rubber 1 2% 2u 6% 62% 1 52 67 18 187% 467 279 192 . 1308 129 166 101%, 13 20815 2 12845 69% (65%) THE EVENING STAR, WASHINGTON. D. C., TUESDAY, JULY 22, 1930. NEW YORK STOCK EXCHANGE 5 Received by Privcte Wire Diseet to The Séar Offiee. Notice—All stocks are sold in one hundred-share lots excepting those designated by the letter s which shows those stocks to be sold (n odd lots o ~Frev.1930— (2858) Close. Close. 47 50% 26% 12 1061% 105 817 R 13 @ 1a% 230 101 127 0% 200 1074 102%4 102% 1 147% 24 an 4 1% 1% ~Prev.1930— Hish. Low. 1041 50 55l 123% ®13% 1% 86% 6014 281 16% 37 Stock and Sales— Dividend Rate. Add 00. Hish. ur. Close. Foster Wheeler (2). Fourth Natl nvest. Fox Film (A) (4)... Freeport. Tex (15) Gabriel Snub(A)new Gardner Motor. Gen Am Inv pf (8). Gen Am Tnk Car(34) Gen Asphalt (4)..... Gen Bronze (2) Gen Cable (A) (4 Gen Cigar (4) Gen Electrio ( Gen Elec spec (60¢) Gen Food Corp (3). Gen Gas&EL A(e30 Gen G&EI ev pf(6) Gen Motors (13.30). . Gen Motors pf wi (5) & Gen Motors pf (7). Gen Outdoor Ady Gen PublicSve (b Gen Ry Signal (5). Gen Refractor(t13%) Gen Stee! Cast pf (8) Gen Theat Equip vto Giliette Saf Raz(ns) Gimbel Bros pf (1) Glidden Co (2). Gobel (Adolf) Gold Dust (214 2+ Goodrich (B F) Goodrich (BF) pf (T Goodyear Tire (5)... Goodyear 1st pf (7). Graham-Paige. .. ... Granby Con Min (3). Grand Union. ...... Granite City St (4). Grant (W T) (1). _Grt North of (5). Grigsby Gruno! Hackensack W (1%) Hackensk pf A(1%). Hahn Dept Stores. .. Hall (W F) Pr Co(2) Hanna pf (new) (7). 4 Haruman (B) (1.20). Hayes Body........ Hercules Mot (1.81) Hercules Pow pf (1) Hershey ChocAb). . . Hershey Choe pf (16) Holland Fur (et2%). Houdaille-H (B)1.20 Houston Ofl (b10% ) Hud&Man Ry (3.50). % Hudson Motor (6)... Hupp Motor Car (3). Tlinot3 Centrat (1) Independ Oi1 & G(2 [nd Motor Cycle. .. Indian Refining Ingersoli-Rand (16). Inland Steel (4)... Insurance Sh (45¢) Insur ctfs(Md) (f0c) Interboro Rap Tran. Interlake Iron (1). intl Agrieul nf (7). Intl Rus Mach (n6) Intl Cement (4) fntl Combustion. intl Comb Ene of . Int Combust of ctfs. nt] Harvester (234) ntl Hvaro E1 A (e2) Tntl Mateh nf (4) Tntl Mer Marine (2). Intl Nick! of Cant1). Intl Pap & P (A)2.40 ntl Pan&Pwr of (1) Intl Salt (new) ... 13 Intl Tel & Teleg (2). 16! Inter Dept Strs (2).. 1 Investars Fonity(2). 1 Towa Central. . . 80/ fsland Creek Coal(4) Johns-Manville (8).. 4 Jones & Langh pf(7) 40 Karstadt (R).(1.03) Kayser Julius (2% Rellv.Spring Tire Kelly-Spring 6% pf Kelsey Haves (2) RKelvinater Corp. Kennecott Cop (3 Kinney (GR ) pf (8) 40 Kolster Radlo. . 1 ze(SS)Call Krog Gr & Bak (n1). Lago ON & Trana. .. Lamhert Co (8) Leh Val Coal pf (3) Lehman Corp (3) Lehn & Fink (3). Ligg & Myers B(16)., Liquid Carbonie (4). Loew's. Ine (3) . Loft Inc. e Loose-Wiles (12.80). Lorfllard (P) Co. Louisiana Ofl....... Lou G & F1(A) (1%) Louis & Nash (7)... Ludlum Stee) (2)... 4 McIntyre Pore M(1). Macy (RH)&Co(nt3) Madison Sa G (1%). Magma Copper (4).. Mallison & Co Man Elev mod g (d5) Manati Sugar pf. ... Marmon Mot (h50c). Marshall Field (2%) Mathieson pf (7) 4 May Dept Strs (n2) Maytag Co pf (3) Melville Shoe (2) Mengel Co (2). . Mexican Seabeard. Michigan Stl (h2% Mid-Cont Middle Sta Midland Sreel (3) Midland Steel pf (8). 4 Minn Moline Pwr... Minn & St Louls. ... MoKan & Texas (2). Mo Kan & Tex pfi7). Missouri Pac pf (5). Monsanto Ch-(g1% ). Montgom Ward @).. Motor Meter G & El.. 4 Motor Products (2).. Motor Whee) (3). Mullins Mfg Mullins Mfg of (7) Murray (bz%stk). Nash Motors (4) Nat Acme (1%).. 2 Natl Dairy (32). Natl Distillers (2). Natl Lead pf(A) (7). Natl Tea Co (2). Nevada Copper (134) % N Y Alrbrake (3.60). N ¥ Central'(8)..... N Y Chi & StL pf(§ N Y & Harlem (5. N ¥ N H & Hart (6). Norf & Western (10) Norfolk & Wn pf (4). North Am Aviation. . North Am(b10% North Amer pf (3). .. No Ger Liloyd (3.43). Northern Pacific (5). Norwnlk Tire & Rub. Suppty . Oliver Farm Equip.. .. Ollv Fr Eq ov pt(3).. Omnib! Otls EI Otis K Outlet Co pf (7). Pacific Coast Pacitic Ga Pacifio L1 14 Pacific Mills. 69% 56%° 325 230 2% Pacifio Tel &T: Packard Moter 1)., Pan-Am Petm (B)... Param'nt Publix (¢), Parmeles Trans 1%, Pathe Exchange..... Pathe Exchange (A) Patino Mines. , Penick & Ford (1)... Penney (J C) (3).... Penney(JC) pt A(6). Penna RR (4)...... People’s Gas, Chi (8) (Continued on 87 & 3414 445 43 7 3t 4Ty 45% 81 3 a4 84N 5 0 ] 6 1 08 1 0 o% 83 . 121% 1218 1w Y 2 24% 2% 14 | today’s stock market. having consoli- | months ended June 30, 1930, after de- | ducting cost of operating, maintenance | offices, provision for taxes ADVANGE N STOCK MARKET RESUMED Bull Party Again Takes Up Campaign for Higher Price Levels. BY CLAUDE A. JAGGER, Associsted Press Financial Editor. i NEW YORK, July 22.—Bull forces confidently resumed their advance In | dated their position m.the recession of the past two sessions. * Although the reaction yesterday, wip- ing out the advance of the entire pre- vious week, was a little disconcertini in its severity, it was regarded in brok- erage circles as having represented merely momentary withdrawal of sup- rt rather than important liquidation. fessional traders who had been| awaiting an opportunity’ to get into the market at lower levels replaced those who took their profits and de- serted the cause. | Brokers Optimistie. Public participation in the market | held at a low ebb, but.speculators for the rise expect thal the attracting of a public following again will be a slow process. Commission house opinion re- mained mildly optimistic, but was in- clined to look for further temporary reactions, as the market quicklv be- comes overbotight, with participation as limited as it is, and business news pro- viding little encouragement. The day's Industrial and corporate pews indicated that current operations are coming increasingly under the in- fluence of Midsummier quiet. Steel mill operations In the Chicago district have been cut this week ta botween 55 and | 60 per cent of capacity, against 60 to 65 per cent last week. Second quarter and first half earn- ings statements continued to show notable = exceptions to the downward tendency. Allls Chalmers reported first half net of $1.87 a share, against $1.73: General Foods, $2.01 vs. $1.89, and United States Leather showed a small balance for the quarter against a large feficit last year. Westinghouse Electric's first half net of $3.13 a share, however, was substantially below the $4.93 re- ported for the same period a year ago, and Atlantic Refining's $1.05 for_the first half was only one-third the” net reported a year ago. Oil Output Curtailed. Early estimates: of last week's crude oil output indicated further curtailment, of about 30,000 barrels a day, largely in the mid-continent area, which en- couraged further activity in the oils. Credit conditions were unchanged, with call loans officially at 2 per cent. Further selling appeared at the open- ing, but pivotal stocks were well sup- ported, and before midday bullish ac- tivity became vigorous. There was an- other faltering spell in the early after- noon, when the more active stocks sold off from a fraction to a point from their best level American Can was a leader, rising more than 4 points in active trading. General. Motors was active, but ad- vanced only moderately. Its second- quarter statement will appear in a few days and is expected to show npet of about $1.20 a share, against 98 cents in the first quarter. Such issues U. S. Steel, General Electric, Radio Keith, Radio, Standard of New Jersey, Du Pont, Sears Roebuck, Montgomery Ward, New York Central, Electric Auto Lite and Johns-Manville ; advanced about 2 to 3 points. Among the wider gainers was Auto Strop, which moved up about 5 to a new | top, accompanied by unconfirmed rtu-} mors of a merger deal with Gillette. Eastman and International Business Machines sold up more than 5, and Case jumped 10. U. S. PIPE & FOUNDRY CO. BURLINGTON, N. J., July 22 (Spe- cial).—The United States Pipe & Foun- dry Co. totdl earnings for the six of plants, expenses of sales and general (including Federal income taxes) and doubtful ac- counts, were $1,632,173.15; net profit for six months ended June 30, 1930, was $1,525,931.96. BUSINESS INDICATOR. By the Associated Press. ) ‘Total production of soft coal during the week ended July 12 gained 20.1 per cent over the previous week when working time was curtailed by the In- dependence day holidays. The follow- ing totals designate the output for com- parable periods, calculated by the Bureau of Mines: Week ended July 12, 7,858,000 net tons; previous week, 6,545,000 net tons; same week last year, 9,558,000 net tons. Money to Lo & Secured by first deed on real estate. Prevaill s mmission. " 24-Hour Park ng Basement of Invest 15th Kn ll,ll. Hn! Specially iong-term vestmen individuals, tru and funds of organization: Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Bullding Met. 3783 By Saving $13.00a Month ONE of the many attrac- tive money-building grams guarehteed by the r-::.m ndicate ui J.r Its 36-year-old Plan, used by 175,000 INVESTORS Wirite for free descriptive booklet, *Enjoy Money." Use the coupon. * INVESTORS 'SYNDICATE FOUNDED: 1894 METAL RATE HEARINGS TO BE RESUMED SOON By the Associated Press. Prediction is made by the American Lead Co. of Indianapolis that it will | be two years before the Interstate Com- | merce mission decides the non-fer- | TOUS m rate case under the Hoch- | Smith law providing for a general re- adjustment of freight rates. The case has aiready been pendini for nearly a year, and further hearings are to be held Jate this month at! Denver and Butte, For this reason, and to alize the rates between com- peting plants, the Indianapolis com- Flny asks ‘the commission to separate rom the general metal case the rates on scrap lead and spent battery plates and allow rajlroads to establish at once | rates which will be 25 per cent of the first class on carload shipments and | 3215 per cent of first class on mixed | carioads of these lead products. ! The company declares these new rates will place it on a parity with com- peting plants at St. Louis and New York in sptunn%rsrnp lead in South- ern territory. csent rates are said to favor the 8t Louis plants over the Indianapolis industry. The new rates to Indianapolis would be lower than those of St. Louis, but would give to all consumers of these products the rights incident to their location. While the new rates would mean an increase from New Orleans and Memphis, there wouid be a redugtion from 142" other | <hi ping point: NEW SECURITIES | NEW YORK, July 22 (#).—New secu- rities offered today include: Essex County, N. J., $3.877,000 l’;s r cent bonds, priced to yield from 4.05 per cent, by syndicate headed by International Manhattan Co. Shippers’ Carline: Equipment Trust. $630,000 5 per cent certificates, to yield from 4.25 to 5.30 per cent, by Freeman & Co. and Stroud & Co. 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. Money on Hand 'to Loan on First Deed of Trust 16, Interest Reasonable Commission and | Prompt_Replies to Applications JAMES F. SHEA | 643 Louisiana Ave. N.W. Money to Loan on kcal Estate D;utrict Of Columb;a or ‘Maryland 51% & 6 FINANCIAL. First Mortgage Loans - On improved Real Estate in the District of Columbia' | and rby Maryland and Virginia for 3, 8 er 10 year terms on your 5,9 =, Apply RANDALL H. FIAGNER & COMPANY Apartment MORTGAGE LOAN CORRESPONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 Mackubin, Goodrich & Co; Established .1809 BANKERS Members New York and Baltimore Stock Exchanges eAssocrate Member New York Curb Exchange REDWOOD & SOUTH STS. BALTIMORE, MD. 1508 H STREET 'WASHINGTON D.C. G.M.P. MURPHY & CO.. 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