Evening Star Newspaper, August 2, 1930, Page 16

‘DRUP IND. C. BANK - CLEARINGS SHOWN Decrease of 17 Per Cent From 1929 Figures Reveal- ed in Weekly Report. = BY EDWARD C. STONE. "Bank clearings in Washington for the week ended July 31 totaled $20,- 983,000, against $23,146,000 last week and a decrease of 17 per cent from the corresponding week in 1929, Baltimore re- m&d bank clear- of $84,265,000, against $84,294,000 in the previous week and & de- crease of 16.8 per cent over the same week & year ago. Richmond also re- ed a falling off n weekly clesrings, the total for tne week ending Juiy 31 being $38,543- 000, against $39,- 062,000 for the pre- vious week but a deerease of only 3.7 per cent from the same week last | ear. I* Ntianta reported weekly clearings amounting to $34,882,000, against $38,- | 476,000 in the previous week and a de- cline of 30 per cent compared with the ! same weekly period a year ago. For the larger cities of the country Brad- | street’s reports that clearings showed an | increase of 19 per cent over the pre- vious week, but a loss of 27.8 per cent from the like week in 1929. Thus, the average for the country is 10 per cent larger than the figure for Washington when compared with a year ago. Chapter Chairmen Appointed. The complete list of 1930-1931 com- mittee chairmen of Washington Ch_np- ter, American Institute of Banking, have been appointed by the president, Frank M. Perley, as follows: Archives, Miss Winifred Burwell, Na- tional Metropolitan Bank; banquet, I. J. Roberts, Riggs National Bank; audit- ing, John M. De Marco, Seventh Street | Savings Bank: sthletics, J. Earl Mc- Geary, W. B. Hibbs & Co.; educational, Aubrey O. Dooley, Federal-American National Bank, with Richard A. Norris, Lincoln National Bank, vice chairman: Dollars and Sense, H. T. Bisselle, Riggs National Bank, editor; Robret E. Lee, Lincoln National Bank, business man- ager. : l‘romm, A. E. Henze, W. B. Hibbs & Co.; entertainment, Willard Barker, Morris Plan Bank; finance, James "A. Soper, Lincoln National Bank: house, Richard A. Morris, Lincoln National membership, J. Fred English, Com- mercial National Bank; public affairs and education, T. Hunton Leith, Se- curity Savings and Commercial Bank; blicity, Henry F. Kimball, American ty & Trust Co., and women's committee, Mildred C. Woocdcock, Amer- ican Security & Trust Co. Hulbert T. Bisselle will have as asso- ciate editors of Dollars and Sense Miss Mabel V. Royce, Washington Loan & Trust Co.; Miss Bernice Thomas, Fed- eral-American National Bank; William G. Winstead, National Metropolitan Bank, and J. Everett White, American Security & Trust Co. Robert E. Lee of Lincoln National Bank will be busi- ness manager and Willard G. Barker, Morris Plan Bank, and J. Earl McGeary, W. B. Hibbs & Co., associate business managers. ,John M. De Marco will have with him as members, John Franzoni, Federal- American, Natio , and Eugene Marks, Merchants’ Bank & Trust Co. C. J. Gockeler. ‘The Ways and Means Committee, headed last year by Harold W. Burn- side, Riggs National Bank, will in the g;:gbekmwnut.hnmam- Insurance Gain Reported. Richard G. Petty, Washington agent of the Jefferson Standard Life Insur- ance Co., has received word from the semi-annual meeting of the directors, recently held in the home office at Greensboro, N. C., which shows that business is excellent. President Julian réported a gain of $2,067,000 in assets in the six-month period, for a new total of $50,813,000 and new business of $28,- 653,700 for upward of $370,000,000 in- surance in force in 25 States in which company operates. A semi-annual dividend of 5 per cent on the $1,000,000 capital was declared. Angus W. McLean, former Governor of North Carolina, member of the board of directors, joined the officers in fore- casting improved business in the im- mediate future. Savings Banks Refuse Deposits. Mutual savings banks of the State of New York have rejected an offer of deposits of the city funds of Buffalo on the grounds that they do not con- stitute thrift or savings deposits, ac- cording to the secretary of Savings Bank Association of New York. Prank C. Perkins, president of the Common Council of Buffalo, has been complaining for some time over the rates paid by commercial banks and has been agitating for an amendment to the State banking laws to allow mutual savings banks to accept large deposits of city money. Meantime he wrote to savings banks in the north- ern part of the State asking them if they would accept the deposit of the City of Buffalo funds up to $7,500, the present legal limit on individual ac- counts, at a rate of 41> per cent. The offer was declined necessarily, the Bankers' Magazine says, since the law does not let any mutual savings bank guarantee its rate of interest or dividend, but the banks outside Buffalo also declared that ihey would not be Jjustified in accepting deposits from a neighboring city and savings banks in the various group divisions have also gone on record as being opposed to the acceptance of such deposits, even if the question of interest rate and jurisdic- tion were left out, on the grounds that such funds do not represent savings or thrift money and are therefore outside the character of deposits contemplated by mutual savings banks. Gockeler Off for Vacation. C. J. Gockeler, vice president of the District National Bank, left Washing- ton today for a month’s vacation at Ventnor City, near Atlantic City, N. J. Mr. Gockeler was accompanied by his mother. Last year he passed his va tion at Margate City, another resort near Atlantic City, but the demand for cottages this year was unprecedented, none being available for August. The bank official has for years been secre- tary of the Washington Stock Exchange and rarely misses a session. John R. Devereux, jr., has become associated with the Washington office of G. L. Ohrstrom & Co. Mongomery Ward July sales, $18,668,- 623, a decrease of 5.7 per cent from July, 1929; for seven months, $148,- 853,726, an increase of 4.3 per cent. I. A. Fleming left here Thursday afternoon for a three-week visit at At- lantic City. FINANCIAL. NG STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Nou-—:ll stocks ll':d ul.l l:h ."l.d '::ndre(d-lluu lots excepting those designal y the 5 'Nchmwl those seocks te be sold in odd lots only. ~Trev.1930— Stock and Sales— High. Low. Dividen 42% 22 Abitibi Pwr & Paper. 37% 21% Adams Exp (1.60) 34% 29% Addressograph (1 103% Alr Reduction (3) - Alleg Cp w $30 w 514 232 Allled Ch & Dye(né). 121 Allled Ch & D pf (1), 48% Allis-Chalmers (3). . 8% Am Brown Bov Elec. 108% Am Can (4).... 39 Am Chain (3). 36% Am Chicle (13). 9% Am Comm Alcohol. SromwnBonmnndamonn 3 564 Am & Forn Power... Am Hawailan (110) 304 Am Metal Co (1% 72% Am Pwr & Lt (31) 99 AmPwr & Lt pf (6). 23% Am Ra&StdSan1%. 1 48 Am Rolling M111(n2) 53 Am Sm & Ref (4). 35'% Am Steel Fdy (3). 47 Am Sugar Ref (5) 9% Am Sumatra Tob. 0% Am Tel & Teleg (9). 0 Am Tobacco (new).. 197 Am Tobacco B (112). 118 Am Tobacco B(new) 7814 Am Water Wks (n1) 6'¢ AmZine Ld & Sm. ... 4415 Anaconda Cop (3%4). 4% Armourof Ill (A)... 25 Armour of Tl (B)... 3214 AssoOll (2).. . 102% Atch To & SF pf (5). 0'4 Atl Refining (12). 51 Atlas Stores (nl 91 Auburn Auto (J4). 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 19% Baldwin Loco (1%). $ 107 Bamberger pf (6%). 27% Bendix Aviation (2). 3114 Best &C0 (2)....... 75% Bethlehem Steel (6). 122% Bethlehem St pf (7) 281 Bohn Al & Brass (3). 6014 Borden Co (k3). © - S, m Sornanmbrronn S aatne BN E— R - a8 18 11 108 21 58% Bklyn-Manhat (4).. 115 Bklyn Union Gas (5) 5% BrunsTer & Ry S... 331 Bueyruscv pf (234). 7% Budd (EG) (1).. 2614 Bulova Watch (3) 29' Burr Add Mch (1) 13% Butterick Co....... 661 Byers (A M)..ocoees 45% Can Pacific(new)w.1. 156% Case (J 1) (6)...... 54 Caterpillar Trac 13 Celotex Co. 2 &Pacpt (7). 1 Chrysler Corp (3)... 8§ City Ice&Fuel pt 6% 60s 48% Coca-Cola A (3) 2 14% Colltns & Alkman. 1 361 Col Fuel &Iron (2).. 1 58t% Col Gas& El (2)..... 2 104% Col Gas & El pf A(6) 15% Colum Graph (a28c). 23% Comm Credit (3).... 4 77% Comm C 1st xw(6%) 10s 28% Comm Inv Tr g 20% Comm Solvents (31 12% Comwlth & Sou(60c) 10% Congoleum-Nairn 36 Consol Cigars (5 67 Consol Cgr pr pf 96% Consol Gas N Y (4).. 991 Consol Gas NY pf(5) 3% Container(B)... 181 Contl Baking (A).ee 3% Contl Baking (B 20 Contl Shares (1).eew 15% Coty. Ine.... 10% Crosley Radio. 38 CrownCork&Seal.. 1 104 Crucible Steel pf (7) 208 9 Cuba Co. ceeesd 42% Cuban-Amer Sug pf. l(ila 1 6% Curtiss Wright Corp 8% Curt Wright Corp A. 556 Cutler-Hammer(3%) 1 23% DeBeers Min (al.44). 20s Diamond Match (8 20 Drug Corporatn (¢).. 19 95% Du Pontde N (14.70) 52 175% Eastman Kodak (18) 5 19% Eaton Axle &S (3).. 3 ) 1 354 ErfeRR...... 10% Eureka Vac Cleaner. 1 Exchange Buf (1%). 50s 614 Fisk Rubber 1st pf.. 1008 60% Foster Wheeler (2).. 3 16% Fox Film (A) (4)... Freeport. Tex (15).. 184 Gen Am Tnk Car(34) 1 38% Gen Asphalt (4).eee. 13% Gen Cabl o 40% Gen Clgar (4). - 60% Electrio (1.60).. 11% Gen Elec spec (§0c) .. 464 Gep Food Corp (). .3 8 Gen Gas&EL A(e30). 40% Gen Mills (3). - 37% Gen Motors (13.30).. 420 764 Gen Ry Signal (5) 2 11% Gen Realty & Util. .. 65% Gen Refractor(t4%) 58 Gillette Saf Raz(nb). 15% Glidden Co (2) 8% Gobel (Adolf). 34'% Gold Dust (2%). 221, Goodrich (B F) (4). 547 Goodyear Tire (5) 5% Graham-Paige...... 30 Grand Silver 8 (m1). 10 Grand Union... 34% Grand Union pf (3). 29 Grant (WT) (1)...e 71% Grt North pf (5) . 18 Gr NorectfsOre (a% 110% Grt West Sug pf (7). 10s 12% Grigsby Grunow.... 15 Hackensack W (13%) 50: 8 3 3 1 1 2 4 1 [] 1 10% Hartman (B) ( 70 shey Choe 52% Houston Oil (bl 13 Hupp Motor Car (3). 19% Independ Ofl & G(2). 4% Ind Motor Cycle. .... 154% Ingersoll-Rand (16). 68 Inland Steel (4).. 12% Inspiration Cop (2).. 914 Insur ctfs(Md)(60c) 20% Interboro Rap Tran. 41 Intl Agricultural.... 152% Intl Bus Macb (n6). 11 IntlCarriers, Ltd %. 5 Intl Combustion.. 30 Intl Comb Eng f. 50% Int Combust pf ctfs. 76 Intl Harvester (3%). 31% Intl Hydro El A (e3) 65% Intl Match pf (4). 19 Intl Mer Marine ( 21 Intl Nickl of Can(1) 70 Intl Paper pf (7). 35% Intl Printing Ink 36 IntlSalt (new) 40% Intl Tel & Tel 18 Inter Dept Strs (2).. 14 Investors Equity(2). 70 Johns-Manville (3).. 118% Jones & Laugh pf(7) 100s 24 Kayser Jullus (2%). 224 Kelsey Hayes (2)... 148% 123% 41% 38% Bote. Addosmut 121% 1 .28 9 31 s) (2655) euger Krog Gr Lago O11 Mc! Mexican NYNH Ofl Well Ol Well Packard Param'ni Peerless Penna B Pullman 4 Pure O11 Safeway Sh Shell Un Superior T Transue Utd Frul Pipe Vadasco Waldort Western Wrigley 1 2% 12% 10:30 AM....eeee Dividend rates as gl payments based s Unit of trad! in stock. §Pi no 15% 85 121% 24 31 81 5% 1 a sal Dividend Rate. Add Kelvinator Corp. ... Kennecott Cop (3). Kolster Radlo. . Superheater (13%).. Tri~Contl Corp. Union Carbide (3.80. Union Pacific (10)... Union Pacific pt (4). Utd Afreraft.ieeees Utd Carbon (2).eeees Yale&Towne M{g(4) Yellow TTuCK. ceeeee Sales of Stocks on New York Exchan, ref T b Pa A 1 R e n stock. 1os— 00. High. 3 174 26 36 & Toll 1.60 & Bak (nl). & Tran: 6 5 Lambert Co (8) 1 Leh Port Cm pf (7)..100s Leh Val Coal pt (3) 3 Lehman Corp (3) Lehn & Fink (3).... Ligg & Myers B(15). Liquid Carbonie (4) Loew’s, Ino (3 Lorillard (P) McGraw-Hill (2) spt T P1 (15).. McKesson & Rob (3). Macy (RH)&Co(nt3) Magma Copper (4).. Man Elev mod g (d6) Manhat Elev gtd (7) Marine Mid (1.20)... Marshall Field (2% ) Mathieson Alkili (3). Maytag Copf (3). Seaboard Miami Copper (1%) Mid-Cont ketm (3).. Middle States Oll ct. Midiand Steel (3) Montgom Ward (3) Morrell & Co (4.40) Mother Lode (20c) Motor Meter G & Kl.. Murray (b2 %stk) Nash Motors (4). Nat Acme (13%) Natl Belia Hess. ..... Natl Biscult, n(2.80) . Nati Cash Reg,A(14) Natl Dairy (32) Natl Lead (18). Natl Lead pf(A) (7). Natl Pwr & Lt (1)... % Natl Rys Mex 2d pt Nau Supply (5) Nevada Copper N ¥ Alrbrake (3.60). & Hart (6). N Y Steam 1st pt (7). North Am Aviation. . North Am(b10%stk) Supply.... Sup pt (7),.450 % Omnibus Corp. 2 Otis Klev, n(2% t Co pf (7) 1l Glass Pacific Lighting (3). Motor (1).. t Publix (4). Park Utan. .. Parmeles Trans 1% Pathe Exchange. Motor Car. R (4) Petrol Corp (1 Phillips Petrm (nz) Pirelll, ltaly (23.14). Pittsburgh Coal pt. .. P Rican Am To (B).. Prairie Ol & Gas(2) Prairie Pipe L (16).. Proctor & Gamb(2.40 Pub Serv N J bt (6).. Corp (4) (1%) Rem Rand (1.60).... Rem-Rand 1st pf(7). Reo Motor Car (80c). Republic Steel (4), .. Reynolds Tob B (3). Richfield O1l (3) (es). BSavage Arms (. Seaboard Air L Sears loebuck(32%) Second Naul Inv. Servel, Ine.. Union (1.40)... Ol pt (6%) Stmmons Co. . . Stmms Petrm (1.60).. Sinclair Con Ofl (2).. Sinclair Oll pf (8) Selly Ofl (2).. Southern Cal £4 (2). Southern Rwy (8) Spang-Chalfant Sparks Withngt Spicer Mfg... Splegel-May-Stern. Stand Brands (1%) Stand Comm Tob. Stand G & K (3%) Stand O of Cal (2% ). Stand Oll of Kan (2). Stand Oil of N J(12). Stand Ol N ¥ (1.60). Stone & Webster (4). Oflecioenes Telautog’h C (11.35). ‘Tenn Cop & Ch (1).. Texas Corp (3)...... Gulf Sulphur(s) Texas Pac Land Tr.. Thatcher Mg (1.60). Thermoid Co. Tide Water As (60c). ‘Timken Roller (3). Transamer (31.60). Transcontl O1l (300). & W (1)eeeea United Corp pf (3). t(4).. . Utd Gas & Imp(1.20) U S Distributing. U S & For Secur U B Alcohol (17 Leather (A) Li or pr pi &F (2). Util Pwr&Lt A (e2).. Sales Corp.. Vanadium St (14).. Va El & Pwr pf (8 Vulcan Det (4)..... Systm(1%) Ward Baking (A)... 210 Ward Baking pf (7).. Warner Bros Plo (4). 211 Warner-Quinlan (1). 1 West Penn El pt (6). West Penn EI pf (7). 108 308 Dairy (B).. Westinghse 4 B (2). Westinghse E&M (5) Wextark Radlio Strs. White Motors (2) White Rek MS(14 Wilson & Co. . Woolworth (3. Worth PUMD. .e...om 126% 76 40% (Wm) (4).. 104,900 12:00 Noon... ‘ yearly decl tly extra. 3iPlus 4 stock. Pald Iast year— able when earned. e Pay- lus"6% in steck o Plus 1 lfpm tocl X in stock. ‘stock. % 1) tock. 1n stock. " Flis §4 ‘WARNER BROS. PICTURES. NEW YORK, August 2 (Special).— ‘Whether Warner Pictures directors will reduce, pass or pay the regular divi- dend at their meeting pext week is still undetermined. The directors have not come together to discuss the prelim- inary phases of the situation. They know that earnings have been, and are, r. What they cannot decide is the E:nh of the reaction in earnings. It is understood that the dividend policy may be considerably influenced the desire to sustain the position of , bonds, as new financing is likely in the future. the " tion LUMBER PRODUCTION. By the Associated Press. Purther curtailment of lumber pro- duction during the week ended July 26 is indicated by re] from 893 leading hardwood and softwood mills to the Na- tional Lumber Manufacturers’ Associa- tion. Total production of these mills was given as 275,825,000 feet. New busi- ness for the week at these mills was 89 per_cent of production. ‘The relation of ratios established in which production has been steadily de- clining to meet the market. Indication of the extent of this decline is shown in reports from 491 identical softwood mills, showing a cut for the week ended July 26 of 258,640,000 feet, as against 351,188,000 feet for the equivalent week last year. For hardwoods, 215 identical mills report & cut approximately 20 per cent under the week’s production a year ago. AE LA, B room, dance hail, badminton rer mdmlze:%cnnll courts and a swimming E”fl"m:m in & new nurses’ home WRITES $3,000,000 NEW POLICIES EACH YEAR A special prize for the largest vol- ume of business written during the past year by any member of a Nation- wide = insurance organization, was awarded to Dr. C. E. Albright of Mil- waukee, who closed life insurance ap- plications totaling more than $3,000,000. Since Dr. Albright started in the in- surance business in 1905 he has writ- ten more than $52,000,000 of protection and his average for the past 10 years has been close to $3,000,000 annually. D. C, SATURDAY, AUGUST 2, 1930. IREVIEWS OF TRADE Better Wholesale Inquiries and Vacation Purchasing Reported in Week. Special Dispatch to The Star. NEW YORK, August 2.—There has been little change in the last week in business conditions, according to the weekly reviews. While hot weather has stimulated some lines, especially light clothing and vacation needs, other de- artments of trade report the heat as Eavlng discouraged buying. Industrial operations continue at a slow pace, but inquiries show some improvement, al- though where sales have increased it has been due more to aggressive selling methods than to a better demand, it is stated. . Dun’s Review says, in part: “Much of the further recession that has appeared in business is clearly due to the usual Midsummer curtailment. Readjustments have made some addi- tional progress, and generally in the di- rection of partial recovery. There has been an appreciable gain in retail di tribution, partly the result of the e: ceptionally hot weather, also for vac: tion needs and as a result of the ag- gressive sales campaign by merchan- disers. 2 “In industrial lines operations are at a slow pace. The fact is emphasized that production has been limited so rigidly to immediate requirements that any turn for the better will be reflected at once in increased manufacturing ac- tivity. “The tenor of reports this week indi- cates additional inquiry in some of the wholesale markets. In the primary dry goods trade, while some moderate gains in the volume of business are noted, it is by no means very widespread. Im- provement is also noted in the inquiry for raw silk. Production in the woolen goods industry is still limited, but has shown some increase of late. The hides and leather markets continue disturbed by unsteadiness in prices and the usual seasonal condition in shoe production is more accentuated than heretofore. The situation in the steel industry remains dull, with the demand still sharply re- stricted. Statistics Encouraging. “Such indicators of trade movements as building contract, freight car load- ings, automobile output, steel and elec- trical production, bank clearings and commodity price levels have failed to show any improvement as yet. Many of the statistical records, however, relate to condiitons several months back. The heavy loss in railroad earnings reflects in large measure the movement of mer- chandise perhaps purchased as far back as in May or earlier. The loaded car movement, which is more nearly up to date, covering the same period, does not indicate anything like the same ‘decline in traffic, while for the latest week a slight improvement appears.” Bradstreet says in part: “The outstanding feature of the week has been the wide distribution of and the increase in damage reported done to leading crops by the continued hot, dry weather. While there is a dispo- sition to give some credit for larger dis- tribution of light Summer wear to high temperatures, there are fully as many complaints that the intense heat has discouraged buying, added to which are the increased volume of reports that serious damage has been done to the corn crop in most areas, with lesser complaints of injury to cotton, late planted Spring wheat, potatoes and Western tobacco. “Against these reports, however, it was to be noted that while corn prices have reached and passed wheat, the latter with cotton sagged off in price to new lows, in the first instance since July, 1914, ‘and in the latter to the lowest level since once in 1928 and back of that since 1921. From these low levels both of these commodities and the stock market which had also de- clined sharply, rallied on the last day of July, while corn continued its rise to new high ground in. prices. Effect of Shutdowns. “Both wholesale and retail trade and industry seemed quieter, but the indus- trial aspect differed from the commer- clal in that while some lines slowed further, others, as for instance some banches of the steel trade and automo- bile manufacturing, showed more re- silience, while shoe manufacturers made progress in getting their factories started on Fall styles, and there were enough similar variations in some other lines to rob the reports, as a whole, of some of their depressing character. It seems likely, however, that owing partly to vacation shutdowns, July will show a lower ebb in industry as a whele than did June. “In the lumber trade a slightly more cheerful report came as to orders, but against this it was noted that a wide- spread shutdown of productive forces was still in evidence. From the North Pacific Coast comes the report that the Alaska salmon 'k promises to be 1,000,000 cases short, but that, despite heavy catry-over, higher prices are ex- pected. From Western Montana are reports of forest fires, while from Ala- bama dnd Kentucky are reports of crop conditions being less than half normal. Rather conflicting reports come from North and South Texas as to good and the reverse conditions of the cotton crop in the respective areas. “From the large producing corn belt States comes an unofficial estimate of a possible reduction of 300,000,000 bushels in that crop, due to heat and drought at a critical time. The minia- ture golf course as a possible source of considerable employment is stressed in reports from Los Angeles, which city reports immense activity and big out- lays of money to fit up hundreds of these for playing purposes.” . FOREIGN CAR MAKERS STUDY U. S. AUTO CUT American Sales May Be Put on Limited Quota Basis With Gov- ernment Sanction. By the Associated Pri NEW YORK, . dispatch to the New York Times says that representatives of all automobile manufacturing countries of Europe met secretly in the French capital Thurs- day afternoon to discuss a plan for placing American automobile sales to the continent on a limited quote basis, The Times added that adoption of the scheme would cause the American automobile industry to lose millions' of dollars, seriously curtailing its export trade. Beveral years ago, says the dispatch, a similar plan was abandoned because of the lack of governmental support. Since the passage of the new American &ariff measure the attitude of the gov- ernments is said to have changed. MYSTERIOUS. EPIDEMIC CLAIMS LIVES OF MANY Leech Bores Under 8kin, Causing Fatal Blood Poisoning in Labor- ers of Czech Area. By the Associated Press. BRATISLAVA, Czechoslovakia, Au- t 2.—Many Jwrmru have died and 00 are reported ill following a myste- rious epidemic which has broken out among farm laborers living in the vi- cinity of the Polish frontiers. ‘The disease results from blood poison- l&.uundhy-;)pehwmhmanw e skin, SHOW SLIGHT GAIN 'Deposit of $5,000 Jumps to $50,000 In 99 Years’ T . ime nk deposit of $5,000, which has been overlooked in a savings account for 99 years and which is now believed to amount to approximately $50,000, is at stake in a Probate Court suit which will be begun immediately. The ac- count, says the Bankers' Magazine, in- volves the property of Mrs. Lucy Loud, which was recently advertised by the New Haven Savings Bank, New Haven, Conn. Although former advertisements had attracted no attention, the last one brought forward a dozen heirs of Mrs. Loud, who died in 1831. They have announced their intentions of suing for their shares in the estate. PRICE CUTTING HALTS BUSINESS REVIVAL Manufacturers Show Sell Nothing Under Production Costs, Steel Head Sa; Special Dispatch to The Star. CLEVELAND, August 2.—Failure of American manufacturers to study their costs of production and base their prices thereon is & major factor in the slow return of normal business this year, according to E. J. Kulas, president of the Otis Steel Co. Industry is in the throes of a price- cutting war which has carried prices in many lines under production costs, ISTOCKS IRREGULAR FINANCIAL. AT SHORT SESSION Price Changes Mixed—Sell- ing in Utilities Fails to Depress List. BY GEORGE T. HUGHES. Special Dispatch to The Star. | NEW YORK, August 2—In trading, | which was the smallest in volume since the Stock Exchange began the present system of keeping records, stocks fluc- | tuated within a narrow range today. | There were a few cases of weakness, but the majority of the active issues ranged higher. Taking the market as a whole, however, neither side was able to gain any real advantage. The market paid little or no atten- | tion to the news. Announcement of | the proposed reductions in rates by | Consolidated Gas found no reflection | in the price of the stock. Consolidated | Gas has been depressed more or less all | week by selling for short account, but there was no liquidation today. War- | ner Bros. sold down to its previous low | on professed doubts as to the safety of the dividend. The directors are sched- uled to meet on Tuesday and it is per- fectly possible that they may give the professional operators for the decline | a disagreeable surprise. An element in the Street has been | advertising in_bearish attitude of the | utilities as a class and the short inter- Kulas declares. He believes that some| est in this group is large, but selling measure of stability or recovery may shortly be expected. “In the steel industry, and a good many others, buyers are hunting for bargains, and sellers are cutting into or below the profit line to produce them,” says the manufacturer in the current issue of Printers’ Ink. “The special price and the private deal— which is public property a few hours after it is made—are being substituted for published daily quotations and busi- ness in the open. “Stability and confidence naturally give way to fluctuations and distrust, and the orderly flow of commerce that looks always to expansion is halted by a hit-or-miss system in which restric- tion becomes inevitable. “Undoubtedly the desire of the buyer to get low prices is the first link in the chain of events that leads to unprofita- ble business, but there should be a line below which the seller will not go. In order . to establish such a line, however, the vendor must know his costs instead of guessing at them.” INVESTMENT TRUSTS NEW YORK, August 2 (#)—Over- the-counter market: Nation Wide Secur X-M.. U'S Elec Lt Sh A X- U S Elec Lt & Pr Sh B X-Q Others unchanged. NEW YORK BANK STOCKS NEW YORK, August 2 (#).—Over- the-counter market: National Banks. Bid. Asked. 95" 98 Bid 8ia 362 10 Asked. 9 38k 1042 America Bk of U § Broadway Natl Chase ... Chat Phenix " ity .. 24-Hour Parking Basement of Investm: e TR & K sie. Met 2001 Hour, Day or Month. First Mortgnge Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St ‘W. Phone Natlonal 2623 Mortgage Loan_ Correspondent for The Prudential Insurance Co. of America on Your Old Tires 3436 14th St. N.W. A Road Service—Charge Accos «Money to Loan Becured by first deed of trust Prevailing interest and c Wash, L. & Trust & F N.W. Joseph 1. Weller 33 High-Class Business .Property Paying 8% Net Price, $295,000 Trust, $150,000, at 535 % Long-Term Lease to One Tenant ireproof Building ¥ Wm. H. Saunders Co., Inc. 1519 K St. N.W. Dist. 1015 First Mortgage Loans Lowest Rates of interest and Commission Thomas J. Fisher & Company, Inc. FIRST MORTGAGE REAL ESTATE BONDS Firm Bids Obtained §. W. Strauss & Co. Puritan Mtg. Co. Guaranteed Bo; American Bos o INTERNATIONAL BANK Inpestment Securitie: Tel. District 0864 District rict 0865 16 Jackson Place 410 11th St. N.E. 4 Rooms, Kitchen, Bath and Porch, $40 made no progress today. Telephone & Telegraph gained ground and the others were practically sta- | tionary. J. I Case went through its| usual wide swing. Friends of the stock | emphasized reports that the company | had booked a large export order for | Russian account. American | eral Motors ranged around or just above the preceding close. The oil stocks were steady, as they have been all week. More interest was taken in Continental Ofl. The last balance sheet showed an impregnably strong position. Earnings for the June quarter were down from thofe of the same period in 1929, but for the half year they were higher and interests back of the company are optimistic. ‘The only feature in the rails was the new low in Louisville & Nashville, which sold under 120 for the first time this vear. In the past three years Louisvile & Nashville has never sold under $110 a share. Present estimates are that the road will earn between $9 and $9.50 a share in 1930 and there has been no suggestion that the divi- dend is in danger, but market attitude toward the stock has been influenced by the weakness in the shares of other railroads serving the South. OF INVESTMENT TRUSTS Wall Street is inclined to feel that, so far at least as Assistant Attorney Gem- eral Watson Washburn's analysis and investigation of investment trusts are concerned, this type of financial enter- prise has received a fairly clean bill of health, says the New York Times. Only three companies, and these small ones, have been enjoined from doing business. Only 10 companies have admitted mak- ing transactions on the short side of the market. Less than one-third of them reported that they had borrowed money, and these loans were reduced materially in the first quarter of the year. Several bankers said yesterday that they consid« ered the report a fairly conclusive vin- dication of the management of the trusts. . POTATO MARKET. CHICAGO, August 2 (#) (United States Department of Agriculture).— Potatoes—Receipts, 99 cars; on track, 220 cars; total United States shipments; | 466 cars; sacks, weak, trading slow; Standard stocks gave a good account | Kansas and Missouri sacked Irish cab- of themselves considering the extreme | blers, 1.40a1.55; decayed stock, 1.20a dullness. Most of the time United | 1.35; barrels, practically no demand, States Steel, General Electric and Gen- ‘weak. First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Virgi year terms on your i DYpp v Apply RANDALL H. FIAGNER & COMPANY 1321 Connecticut Ave. SAFE FERSE a for 3, 5 or 10 MORTGAGE LOAN CORRESPONDENT NEW YORK LIFE INSURANCE COMPANY MORTGAGES IF YOU DO NOT WANT THE WORRY of anxiously watching the fluc- tuations of the money market, but do want to place your sur- plus funds where they will be absolutely safe, buy our ver a Third of a Century sand Without a 2 6% FIRST MORTGAGES They have appealed to thou- of successful investors, who know from experience that there is no risk of loss—a record we have maintained for over a third of a century. May be purchased in amounts from $250 up. F. SAUL CO. National 2100 THERE 925 15th St. N.'W. IS NO SUBSTITUTE FOR SAFETY The ‘Get-Rich-Quick’ Trap The ‘“easy money” lure attracts many small investors—and large ones, too— to buy and buy risky, speculative securi- ties which hold out the mirage of large and quick returns. But, although it some- times brings profit to some, it has been a great misfortune to countless others— bitterness of regret nation of reckless succeeds the fasci- investing. Today American investors are demanding more and more FACTS about securities— actual proof over a period of years that their investment will yield them an un- failing return. That is why so many wise investors have chosen the 6 per cent First Mort- gage Notes sold through the Swartzell, Rheem & Hensey Company. The owner of these Notes receives the attractive ann_ual income of 6 per cent, assured during the bad years as well as the good—with complete safety of principal. The sound, constant value of these Notes is a matter of record; during more than 61 years of widely varying conditions, these Notes have never fluctuated a penny in value and the interest is sent the investor sc that he will receive it on the day 1t is due. We shall be pleased to send you a booklet explaining in detail why these Notes today are such a safe investment. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS \711 15 STREET N.W, WASHINGTON D.C.