Evening Star Newspaper, July 30, 1930, Page 10

FINANCIAL. FINANCIAL. b THE EVENING STAR, WASHINGTON, D. €. WEDNESDAY, JULY 30, 1930. NEW YORK STOCK EXCHANGE | STOCKS ARE HEAVY [BANKRUPTOY LAWS |zt ik v - Received by Private Wire Direct to The Star Office. I Three per cent rentes, 89 francs 15| E A-10 GAPITAL TRACTION Specializing in Mortgages on Investment Properties JAMES Y. PENNEBAKER Nat. 5291 1520 K St. N.W. Five per cent loan, 102 francs | 123 fracs 75| Reports for June and First Six Months Reveal Decreases. ~Tres.1930—~ Stock and Dividend Rate. Abitibl Pwr & Paper. 21% Adams Exp (1.60). 23 Adams Millis (2)... 29% Addressograph (1%) 8 Advancg Rumley. Advarfe Rumley pf. s Ahumada Lead. . 103% Afr Reduction (3). BY EDWARD C. STONE. According to the monthly report filed | with the Public Utilities Commission, | the net income of the Capital Traotion | Co., in June amounted to $40,884.32 against $49.079.92 in Junc, 1929, or a decrease of $8,213.60. For the first six months of the present year total net in- come was off over $60,000, compared with the similar pericd tn 1929 June operating revenues.were report- ed to the commission as $340,623.05, against $359,594.28 in June of last year, a falling off of $18971 Operating expenses and taxes required $271,762.47 in comparison with $282478.84 or duction in cperating costs of $10,716.37. This deduction left an operating income of $68,860.58, compared with $77.115.44 & year ago, or a dr Comparisons for tne f are equally interesting Total operating revenuss for the period | amounted to $2.1 as against $2,201,290.18 decrease of penses and t compared with $1,703, ence of $1 Deduction an operating income comparison with $497.810.10 a'y or a falling off of $58.112.40. Af the other usual deducticns, the tr company reported a total net income for the six months amounting to $269,- 091.28, against $330,298.50, or a slump in net so far this year of $61,207.22. The number of revenue passengers carried on the company’s lines in June was 4,371,383, while in Junc, 1929, the transportation lines moved 4,714,627, a difference of 343,244. In the six months under review the company carried 27,- 788,175, compared with 29,172,558 a | fierinio ot slump in traffic of 1,384,- While the June figures reflect the | usual competition from buses and pri- vately owned automobiles, the competi- tion from the 35-cent taxicabs was more severe than in any other month this| year. The officials, however, look for Teal improvement in the July figures as they declare that the taxi competition is not as keen as it has been and the recent increases in carfares will also be noted for the first time, although it will ot cover a whole month's period. Trading on D. C. Exchange. Trading was rather quiet on the| Washington Stock Exchange today. The first stock transaction was in Capital Traction, nine shares selling at 67. Lanston opened at 115 for two shares, followed by 28 shares selling at 112. Peoples Drug_Stores preferred came out at 1037, Merchants Transfor & Storage, preferred, moved at 97, while a very small lot of Mergenthaler Lino- type sold at 97. Commercial National Bank stock came out at 225 and Steam- boat rights again sold at 16, "The Jargest bond sales were in Capi tal Traction 5s at 9413 and in Was ington Gas 6s, series A, at 103%. June Wholesale Trade Smaller. Wholesale trade in the Fifth Federal Reserve District in June was in smaller volume in five reporting lines than either in May of this year or June, last year, according to Federal Reserve Bank of Richmond./ The biggest loss was shown in the| dry goods line, with a decline of 29.8 | per cent over June, 1929. Hardware dropped 11.1 per cent; shoes, 9.8 per cent; groceries, 3.7 per cent, and drugs 2.9 per cent. For the first six months of the year shoe sales are one-tenth of 1 per cent below the volume for the corresponding period of 1929. Groceries made the next best showing, with a decline of but 1.8 per cent. Drugs fell off 3.1 per cent, dry goods 10.7 per cent and hardware 10.9 per cent. Part of the declines, in compazison with June, 1929, were due to price changes, but in most cases th> decreases were more than the average price de- clines during the year. In the total sales for the six-month period che de- clines in groceries and shoes. and_ pos- sibly in diugs, were due chiefly to lower price levels for the year. Stocks on the shelves of reporting firms decreased in all lines except shoes in June and were lower than stocks on the sheltes on June 30, 1929, with the exception of shoes. Collections in_June were slower in every line than in either May this year} or June last year. American Stores Reviewed. An analysis of American Stores Co. stock presented by Standard Statistics, | New York, says: “Sales during initial six months of current year were 1.1 per cent larger than in similar period of 1929, although | bacause of increased number of stores | operated it is believed that average sales per unit were smaller. Profits, however, are understood to have de- clined by about 3 per cent and, should this trend continue during balance of 1930 income is not likely to exceed $4 a share, as compared with $4.25 for 1929. Returns for 1928 equaled $3.32 a share. “Financial condition at end of 1929 was strong, with cash and marketible securities of $8.843,519, comparing with cyrrent liabilities of $4.604.182. Capi- ization consists solely of 1,551 no par common shares, excluding 675 shares purchased in open mar and held in treasury. Cash dividends are paid at annual rate of $2 a share. In addition, an extra of $0.50 has been Paid each of last three Now operates 2.675 stores in Penn- sylvania, New York, Ney Jersey, Dela- ware and District of Columbia. Has added 30 units since first of current vear and will likely continue conserva- tive expansion program during balance of this year.” Gleaned in Financial District. The income balance sheet of the Washinton Rapid Transit Co. for June shows a deficit of $2,500.44, as compared with $508.15 in June, 1929. The report shows a deficit for the six months amounting to $3.728, against a surplus of $12,816 a year ago Hugh Reilly, jr., who was recently elected a director in the National | Metropolitan Bank, to take the seat Jeft vacant by his father, the late Hugh Rellly. was ye: c president | and treasurer of the Hugh Rellly Co. to | succeed his | ot H. Thomson of the Washington Loan & Trust Co. is confined to his Tesidence with a slight s. : The David Pender Grocery Co., which operates many stores in Virginia, has | declared the regular quarterly dividend of 871 cents on the class A stock, pay- able September 1 to stock of record August 20. The Southern Railway estimates earnings of 36 cents per share on the 1,300,000 shares of common stock dur- ing the first six months of this year. Bonbright & Co., Inc, and W. C. langley & Co. are offering an rddi- tional issue of $1,000,000 Birmingham Gas Co. first mortgage gold bonds, & per cent series, due May 1, 1959, and | Driced at 97 and accrued interest, to 2ield about 5.20 per cent. A. T. & T. Stock Sales. NEW YORK, July 30 (#.—Sub- scriptions to the 2,350 shares of Amert- can Telephone & Telegraph Co. stock, rights to subscribe Yo which expire August 1, totaled more than 150,000 at the close of business July 29, with Te- cepits approximately $90,000,000, Of those received, 78 per cent were fully paid and 22 per cent in instaliments, compared with 83 per cent fully paid and 17 per cent in installments for the 3928 offering. 16 Alr Way T) Ap(2%). 1 Ajax Rubber, .. 4'; Alaska Juneau. : 18 Allegheny Corp... 99% 80 Alleg Cpw $40 w 5% 343 Allled Ch & Dve(né) f 48'¢ Allls-Chalmers (2) 18 Amerada Corp (2), 4% Am Agricul Chem. .. 41% Am Brake Shoe(2.40) 6% Am Rank Note (43). 7 Am Bosch Magneto. . % Am Krown Rov Elec. 0': Am Brewn B E pf(7) ¢« 108% Am Can (4). 42 Am Car & Fay 95 Am Car & Fdv pt(7). L Am Chain (3), . 6% Am Chicle (13).. ... 9% Am Comm Alcohol. 15 Am Encaustic (1)... 23 Am European Secur.. 561, Am & Forn Power 95 Am & For Pwr pf(6). 1061 Am & For Pwr pf(7). 92'¢ Am&Forn Pwr 24 pnf. 14 Am Hawaitan (110) 216 Am Hide & Leather 1714 Am Hide & Len pf. Am Home Prod(4.20) § Ami leepf 6).. 25% Am Internatl (2).. 1% Am La Fr & Foamite 20 Am Locomot nf (7). 1®H Am Mach & F K4 Am Mach & F 9" Am Mach & « Am Pwr & Lt (11). Am Pwr & Lt of (6). AmP&LDf A (3%) Am P&Lt pf A st(5). Am Rolling Mill(n2) ¢ Am Safety Razor(5). 53 Am Sm & Ref (4).... 133'4 AmSm & Ref pf (7) 351« Am Steel Fay (3) 9% Am Sumatra Tob. 200 Am Tel & Telez (9). 197 Am Tobacco (8).. ¢ 197 Am Tobacco B (8). 120 Am Tobacco pf (6) . 106 Am Type Fdy of (7). 7514 Am Water Wks (n1) 9912 Am Wat W 1st pf(6) 7% Am Wonlen. .. . Am Writ Pa pf (4).. AmZinc Ld & Sm. . 50 Am Zine pf (8). 441 Anaconda Cop (3%). 19’4 Archer-Dan-M (2).. G47% Anchor Cap (2.40). 4% Armour of 111 (A) 2% Armour of 11 (R)... 55 Armour of 11l of (7). 6 Arnold Constable. 28 Asso Dry G (24).1. 194 Atch To& S Fe (10) 102% Atch To & SF pf (5). ¢ 145 Atl Coast Line (110). 10% At) Refining (12). Atlas Stores (n1)... 91 Auburn Auto (14)... 19 Austin Nich pr A (3) 4 Autosales.......... 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 19% Baldwin Loco (1%). 814 Balto & Ohlo (7). 784 Balto & Ohlo pf (4) 63 Bang & Aroos (33). 205 Barnsdall. A (2).... 67'% Reatrice Cream (4). 101% B'trice Cream pf (7). 49% Beech-Nut Pkg (3).. % Bendix Aviation (2). 314 Best &Co (2).ueuren 75% Bethlehem Steel (6). 1226 Bethlehem Sti pf (7) 28% Bohn Al & Brass (3) 18 Booth Fish 1st pf.... 601 Borden Co (k3). 23% Borg Warner (3). 79 Boston & Maine (4).. 13% Briges Mfe Co. 21 Briggs & Strat (2)., 121% Brockway Motor Trk 58% Bklyn-Manhat (4).. £4% Bklyn Man Tr of (6). 115 Bklyn Union Gas (5) 13% Bruns-Balk-Col 19'% Bueyrus (1). 83 Bucyrus ev pf (2%). 7% Budd (EG) (1). 814 Budd Wheel (1) 27z Bullard Co (1.60 26% Bulova Watch (3). 29 Burr Add Mch (1), 291 Bush Termnl (2%) 99 Bush Term deb (7) 13% Butterick Co 6614 Byers (A M) 60% Calif Packing (4).... 48% Calumet & Ariz (2).. 13 Calumet&Hec(al%). 17 Campbell Wyant (2) 56 Canada Dry G A (5). 184% Canadian Pacific(10) 13 Capital Adm (A). 1561 Case (J 1) (6)... 54 Caterpillar Trac 13% 5 Cavanaugh-Dobbs. . Celotex Co 43% Cerro de Pas 20 Certain-teed pf. 20% Checker Cab (4.20) % 171 Ches & Ohio (10). . 51% Ches & Ohlo Corp (3) 33 Chi & Eastern Il pf., 814 Chi Great W 27 1214 Chi Mil StP & 20% Chi Mil StP & P: : 66 Chicago & N W (6).. 11% Chi Pneu Tool. 5 95 ChiRI& Pac (1) 98 ChiR1& Pacpf (6). 105 Chi R1& Pacpf (7). 20 Chickasah Cotton Ol 4915 Childs Co (2.40)..... 24 Chrysler Corp (3) 20 27% 3 Bl 89 118% 2 184 i 100 1 35 18 2 . 863 208 981 1108 95 14% 3% 21 21 245% 21 108 112 45 95% 1104% 2 9 3 39 148 3 853 24% 1 23 14 16% 13 66% 2 91% 1131 2 16 2 23% 37 9% 11% 36 281 23 334 364 208 102% 2 17% 146 T5% 1 63 55 16% 20 3 66% T2 186% 1 16% 289 193% 11 63 1 2 1 1 13 14% 2 100% 1107 > 12 250 City Ice&Fuel pf 6% 140s % City Stores (60e. ... Clark Equipment (3) Cluett-Peabody (5). . 91% Cluett-Peabdy pf 7). 331 Coea-Cola (6) . 481 Coca-Cola A (3)..... 50 Colgate-Pal-P (234). 14% Collins & Alkman. 12% Colonial Beacon..... 3614 Col Fuel & Iron (2).. 5814 Col Gas & El (2).... 15% Colum Graph (a28c). 108 Columban Carb (16) 23% Comm Credit (2) . ... % Comm Credit A (3).. Comm Cred pf (1%). 2814 Comm Inv Tr(g1.60) 20% Comm Solvents (31) %s Comwlth & Sou(60e) ) Cmwith & Sou pf (6) 3815 Conde Nast Pub (2). 10% Congolenm-Nairn. .. 2 2 1 108 100 38 181% 1 50% 10 59 10 24% 1 14% 53 53% 161 65% 108 18% 40 142 23 28% 1 36% 108 23% 10 36% 111 27% 36 14% 2 101 1 40 12 12% 67 Consol Cgr pr pf 6%.100s 70 15% Consol F1lm (2)..... 18 Consol Film pf (2).. 96% Consol Gas N ¥ (4). 9912 Consol Gas NY pf(6) 7 Consol Textil 11% Container(A) (1. 3% Contaner(B)......s 151 Conti Baking (A)eem 3% Contl Baking (B).... 6614 Contl Baking pf (8).. 5014 Contl Can (23%)..... 16% Contl Dlamond (2). 50 Contl Insur (2.40) 3% Contl Motors. 18% Contl Ofl of Del..... 20 Contl Shares (1).... 87% Corn Prod Ref(t41%) 15% Coty. Ine. ... 10% Crosiey Radio. 38 Crown Cork & Seal. . 104 Crucible Steel pf (1) 38'4 Cudahy Packing (4). 114% Curtis Publish pf(7) 6% Curtiss Wright Corp 8% Curt Wright Corp A. 55 Cutler-Hammer(3%) 110% Del Lack & Wn (17). 21% Devoe&Ray A (1.20) 139 Diamond Match (8) 18 Dom Stores (31.20. 67 Drug Corporatn (¢)« 15% Dunhill Intl (34). 95% Du Pont de N (14.70) 100 Duques Lt 1st f (5) 175% Eastman Kodak (18) 19% Eaton Axle & S (3).. 56 Eleo Auto Lite (§)... 11 1201 273 112% 5 e S R 2 114% 12 25 4 219 2 20% 34 1% 2 19% 107 117% 1 102% 85 213% 12 27% 8 77 excepting those designated by the letter s (65s) which shows those scocks to be sold in odd lots only. 57 21 24% 92 21% 13 51% 111 39% 118% ™ 9 60% 114 25 215 201 5% 19 112 102% 205% 234 T4% 9% 1031 100% 12 66 63% 67% 6214 43% 29% 5015 80 4 49% 100% 105 39% 35% 53% 50 10% 7 344 49 91 30 7 46 6% 64 40 6014 2814 16% 37 8% 131 32 40% 60'% 11% 464 8 Electric*Boat. 8 El Pwr & Lt (1)..... 50% Elec Pwr&Lt pf (6). 1 El Pwr & Lt pf (7).. Eng Pub Serv (2.40). ErieRR2dpf (4)... Eureka Vac Cleaner. Fairbanks Co pf..... 10s Fairbanks Morse (3) 1 Fash Pk Asso pf (7).100s Fed Lt & Trac pf (6) 108 Fed Wat8 A (e2.40) 5 Fifth Ave Bus (64c). 108 First Nat Strs (2%). 40" Fisk Rubber. o 1R Fisk Rubber 1st pf.. 220s Fisk Rub.1st pf cv.. 1408 Flosheim Shoe A (3) 6 Foster Wheeler (2).. 46 Fourth Natl Invest. 6 Fox Film (A) (4). Freeport. Tex (15) Gen Am Tnk Car($4) Gen Cabl Gen Cab) Gen Cigar (4) Gen Clectrio (1.60).. Gen Elec spec (60c).. Gen Food Corp (3). .: Gen Gas&El A (e30). Gen G&EIl cv pf (f) Gen Out Adv(A) (4). Gen Mills (3)....... 1 Gen Motors (+3.30). 1141 Gen Motors pf wi (5) 24 Gen PublicSve (b6). . Gen Ry Signal (5)... Gen Realty & Ut11. .. Gen Refractor(t4%) Gen Stee Cast pf (6) Gen Theat Eauip vte Gillette Saf Raz(ns) Gimbel Bros Glidden Co (2). Glidden pr pf (7) Gobel (Adolf). Gold Dust (234)..... Gold & Stock Tel (6). Goodrich (B F) (4).. Goodyear Tire (5).. Goodyear 1st pf (7).." Graham-Paige.....« Granby Con Min (3). Grand Stlver § (m1). Grand Unton. Grant (W T) ( Grigsby Grunow.... Gulf Mobile & North Hackensack W (134) 710s Hahn Dapt Stores, 31 Hartman (A) (2) 2 Hartman (13) (1.20). Hayes Body... Hershey Choe (5). Hoe (R) & Co. . Holland Fur (et2%). Houdaille-H (B)1.20 Houston Oil (b10%) Howe Sound (t434), Hud&Man Ry (3.50). Hudson Motor (5)... Hupp Motor Car (2. Tlitnots Central (7)., Illinois Cent pf (6).. Independ Of1 & G(2). ndian Refining. .. Ingersoll-Nand (15). Insurance Sh (45¢). . Interboro Rap Tran. Interlake lron (1)... Intl Agricultural. ... Int] Bus Mach (n6).. Intl Carriers, Ltd %. Intl Comb Eng pf. Int Combust pf ctfs. Intl Harve: Intl Hydro Intl'Nick! of Can(1). Intl Pap & P (A)2.40. Int Rys Cen A of (5) Int] Salt (new) ... Intl Tel & Telez (2). Inter Dept Strs (2).. Intertype Corp (2).. Investors Equity(2). Johns-Manville (3).. Jordan Motor Car... Kayser Jullus (234). Keith-Albee-O pt(7). Kelly-Spring Tire Kelsey Hayes (2). Kelvinator Corp. Kennecott Cop (3 Kimberly-Clark(t3). Kolster Kresge(SS)Co(1.60) Kreuger & Toll 1.60. . Krog Gr & Bak (n1). Lambert Co (8)..... Lehigh Valley Coal.. Leh Val Coal pf (3). Lehman Corp (3). Lehn & Fink (3).... Lib Owens F G1 (1), . Liggett & Myers(15) Ligg & Myers B(16). Lima Locomotive. .. % Liquid Carbonic (4). Loew's. Ino (3) . Loft. Inc. . Loose-Wiles (12.80). Lorillard (P) Co. ... Lorillard (P) f (7). Louisiana Ofl....... Lou G & EI(A) (1%) Louis & Nash (7).... Ludlum Steel (2). McGraw-Hil (2). McKeespt T Pl (15) McKesson & Rob (2) McLellan Stores. ... Mack Trucks (6). ... Macy (RH)&Co(nt3) Mallison & Co. % Man Shirt (2). 3 Man Elev mod & (d5) Marmon Mot (h50¢). Marshall Field (23%) Mathleson Alkil (2), May Dept Strg (n2).. Maytag Co pf (3). Mengel Co (2). Mexican Seahoa Miami Copper (1% Michigan Stl (h234).. Mid-Cont Petm (2).. Middle States Ol et. Midland Steel (3). ... Midland Steel pf (8). Min Hon'w Reg (14). Minn Moline Pwr . . MoKan & Texas (2) Mo Kan & Tex pf(7). Missourl Pac pf (5).. Monsanto Ch (g1%). Montgom Ward (3).. Motor Products (2).. Motor Wheel (3).... Mullins Mfg pf (7).. 10s " MR EBanEa RN a0 Tman S " o prelranSosnBanea 9 4 Murray (b2%stk)... 21 NY NY “« NYN NY Nash Chat & StL(5).110s Nash Motors (4).... 11 Nat Acme (1%). 1 1 3 .80). 18 tl Cash Reg.A(14) 53 Natl Dairy (32)..... 116 Natl Distillers (2).. 1 Natl Lead pf(A) (7). 20s Natl Lead f(B) (6). 10s Natl Pwr & Lt (1)... 504 Natl Rys Mex 2d pf 2 Natl Steel (2). Natl Supply (5). Natl Tea Co (2)..... Nevada Copper (1%) Newport Co (A) (3). Newton Steel (2).... N ¥ Central (8)..... N Y Chi & StL pf(6). Chi & StL (6) 9 EL LT r T P H & Hart (6)., NH&HDf (1) N Y Steam pf (6).... Norfolk & Southern.. North Am Aviation. . North Am(b10%stk) North Amer pf (3). North Am Ed pf (6).. No Ger Lloyd (3.43). Northern Pacific (5). Norwalk Tire & Rub. 011 Well Supply 0il Well Sup pt Oliver Farm Equip.. "4 Otis Elev, n(2%). 9 PacificGas & El (3). 2 Pacific Lizhting (3). 15 Pacific Tel &Tel (7). 1108 Packard Motor (1).. 102 Pan-Am Petrolm, 1 Panhandle P & R. 2 Panhandle P& Rpf... 1 Param’'nt Publix (4). 98 Park & Tilford (33),. 2 9 6 1 s & I~ = % Sor - Park Utah....cveune Pathe Exchange, . Pathe Exchange . Patino Mines 1 4 5% 83 140% 15% 58% % 72 60% 18 2 414 9% 17% (Continued on Page 11.) ON' PROFIT-TAKING Early Advance Followed by Declines in Leaders. Shorts Are Active. BY CLAUDE A. JAGGER, Associated Press Financial Edftor. NEW YORK, July 30.—The bulls a peared to have struck out in today's stock market, and the bears had their inning, for after yesterday's perform- ance it was apparent that the bulls had failed for the third time to break through the resistance points establish- ed at the end of the technical rally on July 18. Although there wis a_momentary up- turn in the morning, the market soon turned emphatically downward, with even General Motors, strongly defended bull outposts during yesterday's bear at- tacks, losing ground substantially. Weakness in Commodities. Renewed weakness in the commodity markets appeared to have unnerved speculators for the rise. With wheat going under 85 cents a bushel and corn and cotton under pronounced pressure, there seemed little room for bullishness in_stocks. The statement cf the finance com- mittee of United States Steel, indicating that the recession in that industry had reached bottom, an _extraordinarily bullish pronouncement to come from 0 conservative and reticent a quarter, failed to cause more than a brief up- turn in that leading issue. Bears made capital cut of the fact that only the regular dividend had been declared, al- though early rumors of an extra had not been taken very seriousl On the whole, the day's business news was a little more favorable than it had been for a few days, although it continued of an indecisive charac- ter. Car loadings turned up about 12,000 cars during the latest week, and gasoline stocks were sharply reduced, while crude production was curtailed substantially last week. Furthermore, there was moderate working off of re- fined copper stocks as reported for June. Building contracts, as reported for the week ended July 25, however, were somewhat disappointing. Trade Reviews. The steel trade reviews pointed to weakness of pig iron as a sore spot, Iron Age's composite price dropping 13 cents to $16.96 a ton, the lowest in 15 years. Steel quotations held steady, however, and Steel pointed out that developments “lend moderate encour- agement to the expecttaion that with the end of July is passing the worst of the present lull. 1Iron Age, however, felt that the stimulus from increased industrial operations may not be felt by the steel companies until the middle or end of August. Despite the fact that most leading corporations have repouted fairly satis- factory earnings for the' first quarter, bears were able to seek out the weak spots with considerable success. Safe- way Stores was again depressed to new lows, and it was learned that the first half report will show net of only about $2 a share, against $4.31 in the like period of last year. The possibility of new financing, or a stock rather than cash dividend, for Warner Bros. brought further selling into that issue, and Southern Railway continued to drop. In brokerage circles frequented by the bull crowd it was said that the de- cline represented a 'mere temporary suspension of aggressive operations for the rise pending a better situation in the commodity markets. Losses, how- ever, reached substantial proportions. Such issues as U. S. Steel, General Mo- tors, American Can, Warner Bros, North American, American Telephone, General Electric, Safeway Stores, Air Reduction and du Pont dropped 2 to 4, and shares losing 5 to 10 included such shares as Vanadium, Standard Gas, Western Union, Eastman, Byers, U. S. Industrial Alcohol, Allied Chemical, Worthington and Case, Money was a little firmer, reflecting month end requirements, although call loans held officially at 2 per cent. Shorts Cover Near Close. Short_covering was instrumental in halting the downward turn in the final hour. Gillette Safety Razor showed exceptional strength, selling more than 3 points above yesterday’s final figures. Recoveries of a point or so from the day's lowest were common, with trading diminishing on the rally. The closing was heavy. Sales approximated 2,350,- 000 shares WATER RESOURCES INQUIRY. By the Associated Press, The War Department announces its engineering branch will need three years to complete a study of the water resources of the country under a recent act of Congress, at a cost of $7,322,400. Purpose of the study is to formulate plans for improving the Nation's streams for navigation, power develop- ment, flood control and irrigation. Re- ports already have been made to Con- gress on 13 waterways, including the ‘Tennessee, St. Francis, Jowa and Wis- consin Rivers, and field work has been completed on 50 others. The reports will give the cost of developing each river for the purposes indicated. Money to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. Joseph I. Weller “3.v4sh & & ¥4 24-Hour Parking Basement of Investment Bids. th & K Met. 3601 Hour. Day or Month. First Mortgage Loans Lowest Rates of interest and Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan on First Deed of Trust 69, Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Property Management Over 30 years’ suc- cessful handling of rents—economical con- sideration for owners. Personal attention to details and prompt remittances. Also facilities for financing. Moore & Hill, Inc. (Since 1900) 730 17th Street breaking to new lows, the July option | Department of Justice Begins. Investigation With View | to Changes. The Department of Justice is con- | ducting an investigation which may result ‘in thoroughgoing and funda- mental changes in bankruptcy law and practice. | As an oufgrowth of the recent in- ‘qmry into the adminfstration of the bankruptcy laws in New York, which | i was followed by a wholesale disbar- { ment of attorneys and the Institution of a major reform by the-courts, the | Justice Department has undertaken a | | mipute study of the whole fleld of conduct in bankruptcy cases. In charge of the present investiga- tion is Solicitor General Thomas D. Thacher, who played a prominent part in the New York inquiry. If condi- tions similar to those disclosed in New | York are shown to be prevalent | throughout the country. he says, dra: tic changes in the present statutes may | be_expected. The investigation was announced by President Hoover yesterday in a_state- ment saying present losses through bankruptcies had amounted to $3,000,- 000,000 in the lact five years and at present were aggregating $750.000,000 | annually. Its general purpose, he add- ed, would be the formulation ‘and rec- ommendation to Congress of legislation to amend the present code in such a fashion as to ¢liminate the evils which now prevail. | Late in the day Judge Thacher de- | seribed the reasons for the investigation | and outlined the manner in which it will be conducted. Regular Department of Justice inves- tigators who are experienced in bank- ruptey cases will carry on the investi- gation. Several cities of varying sizes | which are considered representative | financial centers will be chosen as the | scene of their activities. | The Department of Commerce, which | has recently made inquiry into the causes of bankruptcy in various lines of trade, will co-operate with the Justice Department in the investigation. “A man is ‘under the influence of drink’ within 10 minutes of taking any alcohol,” declared a medical authority in giving evidence before the English | Licensing Commission recently. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications _invited on high - elass apariments and dwellings, and particu: Tarly on well located business properties. for 3. 5 or 10 years, if so desired. 1520 K St. N.W. National 0475 BEN HUNDLEY{ TIRES Liberal Allowance on, Your Old Tires 3436 14th St. N.W. Adams 8100 Road Service—Charge Accounts Invited OPPORTUNITY Wanted State Distributors for a new and fascinating game just being placed on the mar- ket by a National Publishing centimes. | 5 centimes. | centimes. The dollar was quoted at 25 | I francs 4114 centimes. Company. estment re- quired for merchandise from $2,000.00 to $5,000.00 for exclu- sive territos Applicant must be energetic and able to han- dle salesmen and solicitors. Address Box 364-C Star Office Enjoy Life! The only way to enjoy life is to accumulate an estate and the only way to accumulate an estate is to invest w Choose Guaranty Mortgages hey protect your- prin- cipal as well as your in- terest. We Make First Mortgage Loans! Capital Resources, $3,800,000 24 JACKSON PLACE * Paid on Savings Capital, Surplus & Undivided Profits Over $2,300,000.00 15th Street, Opposite U. S. Treasury Equitable Co-operative Bldg. Ass'n Organized 18 JOHN JOY EDSON, President Assets ©ev...$5,123,083.61 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits .$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Save Consistently! Regular Saving is the way to accumulate tate! FIR ST N Come in and let us explain our plan! MORTGAGES WHAT CONSTITUTES A SAFE INVESTMENT? The answer is a simple one— First Mortgages, such as our 'er a Third of a Century Without a Loss 6% FIRST MORTGAGES are backed by conservatively ap- praised real estate and which pay this liberal interest regu- larly and changelessly through- out the life of the mortgage. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 925 15th St. N.W. IS NO SUBSTITUTE . FOR SAFETY DEPARTMENTS: Commercial Savings Trust Real Estate Safe Deposit Foreign Exchange Central— 7th and Mass. Ave. Northeast— 8th and H Sts. N.B. The American Security : Through Five Convenient Offices —offers distinctive service in all depart- ments, and invites the business of the people of Washington who de- sire a banking relation- ship that is cordial and commensurate with present and future ¥ 15th and Penna. Ave. BRANCHES: Southwest— 7th and E Sts. S.W. Northwest— 1140 15th St. N.W. Capital and Surplus, $6,800,000 New Business Friends Find Ready Welcome —at this veteran bank. We've been serving depositors, large and small, ever since 1814, - and will be glad to have you utilize the un- surpassed facilities provided by our— COMMERCIAL DEPARTMENT SAVINGS DEPARTMENT TRUST DEPARTMENT SAFE DEPOSIT and INVESTMENT DEPARTMENTS For Inquiries, Telephone Quick Response to Your ational 1308 One dollar or more is all that's needed to become a SAVINGS DEPT. patron National Metropolitan Bank Open Until 5:30 P.M. July 3ist and Aug. 1st for Payday Depositors’ Convenience