Evening Star Newspaper, August 5, 1930, Page 13

SECURITIES LOANS REGISTER INCREASE New Issue of Steamboat Co. 'Stock Will Be Delivered Tomorrow. BY EDWARD C. STONE. i The Federal Reserve Board's condi- > tion statement of weekly reporting mem- ber banks in leading cities on July 30 ghows increases for the wezk of $140,- 000.000 in loans and irivestment and $106.000:000 in net demand deposits, and decreases of $48.000.000 in time deposits and $11.- 000,000 in Govern- ment deposits. Loans on securi= ties, which at all reporting banks were $18.000,000 above the previous week's total, in- creased $46,000.00) in the New York district and de- clined $9.000,000 the Chicago trict and $7,00 000,000 in the San Prancisco district. “All other” Joans increased $44,000.- 000 in the New York district, $10,000,- 000 in the Boston district, $6,000,000 in the Richmond district and $75,000,000 &t all reporting banks. Steamboat Stock Out Tomorrow. The 1000 additional shares of Nor- folk & Washington Steamboat Co. stock will be issued tomorrow, the date set for the delivery of this issue by the di- rectors. The par value of the stock is $100 per share, and the stock is being issued in the ratio of one share of new nenry W. Offutt. stock for each nine shares held, the offer being made to shareholders of rec- ord on May 28, 1930. The company has $1,000,000 author- ized capital stock, all of which will now be outstanding. The stock has been listed for many years on the Washing- ton Exchange and the rights have re- cently been in lively demand on the local board. Trading in these ,rights has been extensive for several weeks; In both large and small amounts. Some of the smaller sales have been for the purpose of giving the holders an even number of shares of the new stock. In such cases they had to buy a few rights or sell a few. The stock last sold on the Washington Exchange at 265. It pays $12 a year in quarterly disbursements. In spite of the depression, the steamboat line 18 said to be doing an excellent Sum- mer’s business and rendering highly satisfactory service to the patrons. Clarence F. Norment, jr. is president of the company, and J. Allen Riordan, general manager. Sayings Gains Called Remarkable. Officials of the National Association | of Mutual Savings Banks point to the , high surplus ratios to deposits as proof positive of the savings banks’ sound po- sition. That deposits capital and sur- plus ratio should increase at such s time was held to be a somewhat re- markable achievement in the field of banking, as. the savings institutions ‘were the first source of funds for hun- dreds of thousands of depositors affer the market went down, and have aiso helped the public materially during the Y!rmd of unemployment. Between July . 1929, at the peak of the market, and the same date this year, depositors in- creased by 293683, or almost 300,000 new savers in the worst economic period of years. All mutual savings bank de- positors number 12,272,956, about 1 person in 10, under the new census. Bank President on Vacation. Henry W. Offutt, president of the Potomac Savings Bank, has gone to Cape May for a two or three week va- cation. Mr. Offutt does not take 2ll his vacation in the Summer as he is very fond of going South in Midwinter. He has been at the head of the Po- tomac Savings Bank for several yea: Lewis M. Thayer, a director of the Merchants’ Bank & Trust Co., is spend- ing his vacation trolling for shelifish in the Gulf Stream, with headquarters at Miamia, Fla. Vice President and Treasurer Charles R. Grant, Washington Loan & Trust Co., is back from a vacation at At- lantic City. Clarence F. Norment, sr., chairman of the board ef directors of the National | 241% 171 Bank of Washington. expects to re- tnn; from Atlantic City in about a week. Commedities Slightly Lower. A decline of three-tenths of 1 per cent is shown by the wholesale price index of the National Fertilizer Associa- tion for the week ended August 2, an- nounced here today. Five groups showed small declines and five advanced slightly. Of the 476 items, 37 declined and 25 advanced. The larger declines occurred in cotton, silk, flour, beans, wheat, rye, lambs and pig jron. Slight advances occurred in the prices of butter, eggs, cheese, hay, corn, zinc, middlings’ and coal. Based on 1926-1928 as 100 and on 476 quotations, the index stood at 85.1 for the last week and 85.4 for the preceding week and 984 for the corresponding week of 1929. Trading on D. C. Exchange. Four $1,000 transactions in Capital Traction 58 opened trading on the Washingtor Stock Exchange today, the first sale being made at 94 and the last at 937. Later a $500 sale was made at 933, Washington Railway & Elec- tric 4s moved at 89 and Washington Gas series A baby bonds sold at 102. Potomac Electric Power 513 per cent preferred stock sold at 109, Railway & Electric preferred at. 98 and 98'a, American Security & Trust Co. stock at 400, and Lanston at 118'%. Thirty shares of Mergentbaler Linotype moved at 97's and Norfolk & Washington Steamboat rights registered 16 and 16',. Federal American Co. common sold at 99 The bid on the newly listed Columbia Medical Building Corp. stock was ad- vanced to 100 with none offered at that price. Other Financial Notes. ‘The American Stores Co. reports for #ix months ended June 30, 1930, net income of $2,667,189 after depreciation, Federal taxes, etc., equivalent to $1.75 a share on 1,516,717 no-par shares of stock. This compares with $3017,362, or $181 a share on 1,661,761 shares in first half of 1929. F. and W. Grand-Silver Stores, Inc., Teport gross sales of $2,266,659 for July, against $2,284,153 for July, 1929, & decrease ot $17,494, or 0.7 per cent. For the seven months ‘ended July 30 sales totaled $15932498, against $14,509,053 for the same period last year, an in- grease of $1,333.445, or 9.1 per cent. Door Opens Automatically. SCHENECTADY, N. Y. ().~An au- tomatic door-opener for hotel waiters has been devised by the General Elec- tric Co. ‘The waiter, passing thro & beam of light from the dno'r. th!r‘;{)’ causes an_electric motor to swing the door for him. FOREIGN EXCHANGES, fQuotations furnished by ¥ jbbs & Co. Nowminal ‘5’* ing CMCI: value (or par). S¥§EETE Ce Alrcrown. o C5%nolm, erows..i. =55 S BT E ~Frev.1930—~ Hish. 66 3% 32 3 68 26% 8274 i A% 65 4614 954 2424 8 175% (3N 7 263% 10% g% i 38 122% 110% 110% 34 92 6% 5% 56% 110% 134 69 8 90% 50% 12 26% 8% 94 178% T5% 226% 52% 362% 9% 5 60 8% 67 46% 82% 10 10% 1% b2% 26% 464 89% 37 126% 110% 32% 7% 43 8% NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Note—All stocks are sold In ove hundred-share lots Low. Dividen 42 Abraham Strau: 21% Ada 23 Adami Aliegheny Corp 84% Alleg Cpx $30 w 6% 232 Allled Ch & Dyen§). 4814 Allis-Chalmers (3).. 20 Amal Leather pt.... 18 Amerada Corp 2) 23 Am Agrieul Ch o, 27 Am Bosch Magneto. . 118 AmBrSh& Fpf (7). &% Am Krown Bov Elee. 60's Am Brown B E pf(1) 108% Am Can (4). 140% Am Can pt ( 36' Am Chicle (13). 564 Am & Forn Power 95 Am & For Pwr pf( 106% Am & ¥or Pwr pf11). 55 Am Home Prod(4.20) 31 Amlce( 28% Am Internatl (2). 1% Am La Fr & Foamite 4314 Am Locomotive (4).. %0 Am Locomot pf (7).. 180 Am Mach & Fay (7).. 36% Am Mach & Fy n w.i. 304 Am Metal Co (1%).. 65 Am NatGaspf (i).. 2% Am Pwr & Lt (31)... 80 Am P&Lt pf A st(5), 23% Am Ra&Std San 13%.. 15% Am Republic: 48 Am Rolling b2 Am Safety Razor(5). 58 AmSm & Ref (4)... Am Sm & Ref pf (6). 35' Am Steei Fdy (3)... Am Stores (2).. 47 4m Sugar Ref (6) 9% Xm Sumatra Tob. 16 Am Tel & Cable (5).. 200% Am Tel & Telex 197 Am Tobacco (11 120 Am Tobacco (new). 197 Am Tobacco B (112). 118 Am Tobaéco B(new) Am Tobacco pt (6). 78% Am Water Wks (nl1) 7% Am Woolen. 6's AmZinc Ld & 34% Anchor Cap (3.40)... 18 Andes Copper (1%). 19% Archer-Dan-M (2)... 74% Armour of Del pf(7). 4% Armour of 11l (A) 2% Armour of 1l (B)..a 65 Armour of 1l pf (T). 31% Asso Appl ind (4)... 85 Asso DG 1stpf (6). 194 Atch To& S Fe (10). 102% Atch To & SF pf (). 146 Atl Coast Line (110) 40% Atl Refining (12) Austin Nich pr A ( 2% Autosale: cese 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 19% Baldwin Loco (1%). 98% Balto & Oh10 (T).... 107 Bamberger pf (63%). 109 Bang & Aroos pf (7). 2014 Barnsdail, A (2) 67'% Beatrice Cream 3% Belding-Hemingway dix Aviation (2). 28% Bohn Al & Br 3 70 Bon Ami (A) (15) 6014 Borden Co (k3)....c 23% Borg Warner (3). 58% Bklyn-Manhat (4) 84% Bklyn Man Tr of (6). 115 Bklyn Union Gas (5) 13% Bruns-Balk-Col 19% Buey! )eee Tee 66% Byers (A M).. 48% Calumet & Aris (2).. 56 Canada Dry 184% Canadian Pacific(10) 45% Can Pacific(new)w.l 166% Case (J 1) (8). 54 Caterpil Tr (13%) 59 Cavanagh-D pf(6%) 1 9 Celotex Co.. 3% Century RIb Mills. .. 20% Checker Cab (4.20)., Ches & Ohlo (10).... 46% Ches & Ohlo (new).. 51% Ches & Ohlo Corp (3) 4% Chi & Alton, 4% Chi & Alton pf.... 2 12'% Chi M1l S8tP & Pas. . 20% Chi Mil StP & Pue pf. 66 Chicago & N W (5) 11% Chi Pneu Tool. 95 ChiRI&Pag(7)... 106 ChiRI& Pacpf (7). 20 Chickasah Cotton Ofl 49% Childs Co (2.40). 24 Chrysler Corp (3)... 83 City Ice&Fuel pf 6% 5% City Stores (50e..... 104% Col Ga: 16% Colum Graph llllc)). « 20% Comm Solvents 12% Comwlith h.:“((h % Consol Text! . 11% Container(A) (1.30). 3% Container(B). . 3% Contl Baking (B).... 66% Contl Baking of (3) = 50% Contl Can (2%) s, 18% Contl O1l of 20 Contl Shares (1).... 87% Corn Prod Ret(t4%) 9 Cuba Co. 38% Cudahy Packing (4). 114% Curtis Publish pf(7). 614 Curtiss Wright Corp, 8% Curt Wright Corp A. 24% Davison Chemical 146 Delaware & Hud (3). 110% Del Lack & Wa (7). 195% Detroit Edison (8)..: Diamond Match (8) « Drug Corporatn 15% Dunhill Intl (34). 95% Du Pont de N (14.! 1141 Dupont deN db p£(6) 176% Eastman Kodak (18) 19% Eaton Axle &S (3).. 55' Eles Auto Lite (§). 3% Electric Boat. 49% B Pwr & Lt (1) 100% Elec Pwr&Lt pf (6) 105 EIPwra&Ltpfit)... 61% Kles Storage Bat (§), 44 Endicott-John (§). 10% Eureka Vao Cleaner 6/ Evans Auto Loading., 7 FatrbanksCo pt 7% Fed Motor Tr « T&R(1. 69% Firestone T&R pf(8). 46 First Nat Strs (3%). 1% Fisk Rubber... 6% Fisk Rubber 1st pt, 6% Fisk Rul ot ev. 40 Flosheim Shos A (3). 25 Follansbee Bros (3). 60% Foster Wheeler (3) .. 11 dation 28% Natl 16% Fox Film (A) (4): 8a Rate. Add (858) lots enly. les— o0, 5 5% Bish, Low. 1 41 47 5% 59 224 214 5 85 7 270% 13 5T 30s 121 14 1% 108 70% 232 133% 146 P 125 308 20 108 100 21 22 221% 1 108'% 2 151 38 48 29% 11 106 10s 108% 608 1121 57 244 10 83 20 4 20 33% 10s 108 11 17% - 68 73% 1 55 3 15 00s 60 26 117% 1119 27 214% 370, 2008 4 2 130 1 2 [ 8 26! 5 1 4% 9 616 a1 Close. C a1 (2658) Tove. ~Prev.1930—~ Stock and Bish. Low. Dividend Rate. A 55% 37 Freeport Texz (15).. Gen Am Tnk Car(34) Gen Asphalt (4).eeee Gen Bronze (3)....c Gen Cigar of (7). Gen Electrie (1.60) Gen Elec spee ($0c. Gen Food Corp (3). . Gen Gas&EL A (030, Gen Cable pf (7 Gen Mills 3). . Gen Motors (+3.30). Gen Motors pf (5)... Gen Outdoor Adv. ... Gen Out Adv(A) (4). Gen Ry Signal (5)... Gen Ity & Otfl. Gen Refractor(t4%) Gen Theat Equip vie. Gillette Saf Ras(nb). Gimbel Bros. Glidden Co (2). Gobel (Adolf). Tes— 4 90, ik 111% 714 Goodrich(BF) pf (T) Goodyear Tire (6)... Gotham Silk Hoslery Gould Coupl Graham-Paig: .o Granby Con Min (3). Grand Siiver 8 (m1). Grand Unlon. ... Grt North pf (5) Gr Nor ctfs Ore (a% . Gre West Sug(1.40).. Grizsby Grun: .o Gulf States Steel (4 Hackensack W (1%) 150s Hahn Dept Stores... 24 Hahn Dept S pf(6%) 4 Hall (W F) Pr Co(2) 4 Hartman (A) (2)...e 1 Hartman (B) (1.20). 19 Hayes Body..... 1 Helme (Geo H) (17). Hercules Pow pf (7). Hershey Choe (6). ... Holland Fur (et2%). Houdaille-H (B)1.20 Household Fin pf(4). Houston Oil (b10%). Hudson Motor (5)... Hupp Motor Car (2). Illinols Central (1).. Independ O11 & G(3). Ind Motor Cye! Indian Refining Ingersoll-Rand (16). Inspiration Cop (2).e Insurance Sh (45e). . % Insur ctfs(Md) (60c) Interboro Rap Tran.. Interlake Irom (1). Intl Agricuitural Intl Bus Mach (nf).. Intl Carri Ltd % . % Intl Cement (4) 5 Intl Combustion. M 2 s % erSuprmnanSoan oS RemT - - Tnt] Mateh pf (4).... Intl Mer Marine (2) . Intl Nickl of Can(1). Intl Paper pf (7).... Intl Printing Ink (3) Intl Salt (new) ., Int] Tel & Teleg (3).: Inter Dept Strs (3).. Investors Equity(2). Island Creek Coal(4) Johns-Manville (3).. Johns-Manv pf (1) Jones & Laugh pf(7) Kan City Sou (§).... Kelsey Hayes (2).... Kelvinator Corp.... Kendall Co pf (16.37) Kennecott Cop (3)... 1181 58% 22% ) Kreuger & Toll 1.60.. Krog Gr & Bak (i Lambert Co . Lee Rubber & T1. y Lehigh Valley Coal.e Lehman Corp (3)..e0 Lehn & Fink (3)...0 LibOwens F 61 (1), Ligg & Myers B(16). Link Belt (2.60)..... Liquid Carbonie (4). . Loew’s. Ine (3) . Loew's pf % Louis & Nash (T).... Ludlum Steel (2).... Mac And & F (12.85). McKeespt T P1 (16).. McKesson & Rob (2). McKes & Ro pf(3%). Mack Trueks (6).... Macy (RH)&Co(nt3) Man Elev mod g Man Shirt (2)... M bo O11 Exp. Marine Mid (1.20) ... Marlin-Rock (16%) .« Marmon Mot (h60¢) . Marshall Fleld (2%4) May Dept Strs (n2).. Maytag Co (12). Maytag Co 1st pf (6). Meiville Shoe (2) Mengel Co (2). Mexican Seaboard. .. Miami Copper (1%) . Mid-Cont Petm (3).. Missouri Pac pf (5) e Monsanto Ch (g1%). Montgom Ward (3).4 Morrell & Co (4.40).. Mother Lode (20¢). . Munsingwear (14) Murray (b3%8tk) ..« Nash Motors (4) ...« Natl Biscuit, n(2.80). Natl Cash Reg,A(14) Natl Dairy (32)....0 Dept Stores (2) Natl Distillers Natl Lead pf(A) (1), Lead pf(B) (6) Chi & StL pf(6) . Invest (1.20)..w N H & Hart (8).y NH&HDI (1) Steam pf (6)... 1508 N Y Steam 1st pf (7). 40s Norfolk & Southern. 19 North Am Aviation. . North Am(b10%stk) North Am Ed pf (6) .. Northern Pacifle (6). Norfolk & Wn pf (4). Nunnally Co.. o 1 Supply. Oliver Farm Equ! Oliv Fr Eq:v pr(3 Pacifio Gas & El (1) a Pacifio Lighting (3)« a3 P T DT T PSSP Param'nt Publix (4). Phrk & Tilford (33).. Pathe Exchange. . Pathe Exchange (A). o Petrol Corp (1 Phila Read C& I Phillips-Jones pf Phillips Petrm (3) . Plerce Oil pf. Pierce Petroleu Pilisbury Flour (3).. Pirelll, Italy (a3.14). Pitts Steel pf (1).... PRAm TobA (3%). P Rican Am To (B). ——ee— ‘ (Continued on Page 14), _ 25 2 2 1% 116 86 46 19 728 1% 9y 88 46% 46% 9N 1% Prev. Close. Close. 457 44% 87 | the merchandising shares were bid up IADVANCE IN STOCK MARKET CONTINUES Bull Favorites Bid Up, but| Operators Fail to Attract Following. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, August 5—The bull| troupe continued to perform rather wearily to an all but empty house in tod: stock market, but failed to show any signs of discouragement. United States Steel was bid up mod- erately to new high ground for the current recovery above 170, and a few otner pool favorites were turned over rather actively. Bulls still failed to develop any notable following, however, and while floor transactions reflected some stimulation, commission houses were all but idle. Damage to Crops. The severe drought damage to crops in the Cerntral West tended to accent- uate * speculative uncertainty, particu- larly on reports of heavy rains over certain areas, causing a substantial set- back in the cotton market. On sober second thought, Wall street could not interpret any major domestic crop catastrophe very bullishly, although it might end the depression in grain prices. A little .more bullish attitude was taken toward the wheat market, however, particularlv since indicationss of a short crop in France Business news coming to hand was mildly favorable, In addition to the better tone in the grain markets, non- ferrbus metals _are a little firmer, notably lead. Bradstreet’s commodity price index, as announced for August 1, showed & decline of only 1 per cent from July 1, but was the lowest since November 1, 1925. Chrysler reported July sales only about 20 per cent be- low July of 1929, relatively the best showing so far this year, Passing the Marmon_dividend _occasioned no sur- prise. Standard Brands came nearer to earning its 37’;-cent quarterly divi- dend in the second quarter, with net equal to 31 cents a share, as increased from 26 cents in the first quarter, ‘The full effects of the August 1 set- tlements, delayed-a little by the fact that the week end intervened immedi- ately after the first, resulted in mark- ing up the call loan rate from 2 to 2 per cent, but the long term credit out- look remained favorable, as was at- tested by an Easter tone in time money. The stock exchange monthly collajeral loan statement, showing a decrease of about 1 per cent, was favorable in view of the fact that stocks generally show- ed a substantial het gain for the month. Gold continued to flow to France, and movement to London appeared to be imminent. Trade Pick-up Expected. Although wholesale buyers, with only a month left to Labor day, have not been very active in the New York mar- kets of late, some pickup in retail trade is viewed as a seasonal certainty, and more actively than for some time. Macy gained more than 3 points, and Wool- worth, Kresge, Sears-Roebuck and Sim- mons made moderate gains. Operations for the advance were again pressed forward in Standards of New Jersey and California. Radio, the American ~Tobacco . shares, Eastman Kodak, John Manville, Electric Power and Light, Mack Truck, Hudson, and Loew's were among the issues riging 1 to more points. COAL PRODUCTION. By the Associated Press. Production of bituminous coal during the week ended July 26 increased 71,000 tons, or 0.9 per cent as compared with the previous week. The present level, however, is appreciably under that of last year as shawn by the following com- parison, prepared by the Mines Bureau: tons. Preceding week, 7,922,000 net tons. Same week last year, 9,607,000 net tons. Beatrice Creamery Co. NEW YORK, August 5 (#).—Stock- holders of Beatrice Creamery Co. will meet August 8 to vote on a proposed increase in preferred stock to 125,000 shares from 80,000 and in common to 150,000 from 500,000 shares. Twenty-Four- 'Hour-a-Day Protection TOCK certificates, Bonds, Insurance policies, and other valuable papers will have twen- ty-four-hour-a-day _protection when placed in Our Safe Deposit Vault. fWhy keep such possessions at home, when a nominal sum will rent a Saie Deposit Box, for a whole year? Travelers’ Checks National Savings 64th + Year | tions for electric service, | utility companies are fortified by a series | Boards of various States attempted to Week ‘ended July 26, 7,993,000 net | 800 UGHTAND PONER FRNS SHOM GANS Reduction in Rates Has Not/ Affected Earnings of Best Companies. BY PRESTON S. KRECKER. Special Dispatch to The Star. g NEW YORK, August 5.—Rate reduc- Heic service, announced in| two large cities in the last few days and impending in others, have been| followed by pessimistic predictions re garding the earnings of utility compa- nies and possibly adverse effects upon | the industry as a whole. The history of public utility corpora- tions, however, tends to allay such alarms. As a matter of fact, yate re- ductions have not been uncommon oc- currences during the last decade and yet the period has been one of pros- perity for all well-managed companies. | The tremendous vogue public utility securities have enjoyed in_the last few years, especially during the boom last year, shows how fallacious is the theory that' rate cuts injure the prospects of utility securities. b Investors should bear in mind that of court decisions, including some by the United States Supreme Cuourt, which protect them permanently from confis- catory rates such as Public Service put into effect a few years ago. Those decisions, coupled with the very evident fact that the public utility ~industr® was going ahead rapidly in expansion and earnings, were the main factors which swung popular favor to the util- | ity stocks. It may be recalled that, scarcely more than 10 vears ago the public showed little interest as inves- tors in utility stocks and that their market was, generally speaking, a poor one. Nor are public utility executives averse to granting rate reductions, pro- vided they are within reason. Their experience has been that, while earnings may be temporarily lowered, reduced rates in the long run stimulate con- sumption of electricity to such effect that additional use offsets the lower rate of return. It is the old story of quantity production, the same principle that enabled automobile manufacturers to reduce the prices of cars. They found that while the profit per car was less, the increased’sale of automobiles more than compensated them. ‘The use of electrical service is far from the saturation point. In fact, the use of it is limited only by the amount available and the rates charged. (Copyright, 1930.) SWISS FAIR SCORES NEW RECORD FOR ATTENDANCE The Legation of Switzerland.—The management of the Swiss Industries Fair has just issued its report regarde ing the Fourteenth Annual Fair, held in Basel April 26 to May 6, 1930. The results surpassed those of the preceding year in spite of the present general trade conjuncture in Europe. ‘The number of exhibitors, as well as the number of foreign buyers and of visitors, largely increased and more than 6,000 buyers’' cards in excess of last year were delivered. Mostly all exhibitors, who belong to the most varied branches of industry and trade, have registered better re- sulte than ever before. This proves that the economic advantages and fa- cilities offered by the organization of the fair are more and more recognized and utilized, especially by foreign buy- ers in search of new and high-grade all-Swiss products. SWIFT SUBSIDIARY SOLD. NEW YORK, August 5 (#).—Swift & Co. has sold the patents, patterns and d will of its packing house sub- sidiary, Mechanical Manufacturing Co., to Allbright Nell Co., for about $2,000,000. Curb Seat Brings $150,000. NEW YORK, August 5 (#).—Ar- rangements have been made for the le of a New York Curb Exchange membership at $150,000, an increase of $13,000 over the last previous sale. The identities of the principals were not Capital & Surplus $3,500,000.00 FINANCIAL Special Dispatch to The Star. ‘ CHICAGO, August 5.—Increased op- timism as to the outlook for the Na- tion's securities markets is indicated in reports from leading investment deal- ers compiled in the monthly review of Lawrence Stern Co., investment bankers, “The majority of fina tions,” said the review, “in their re- plies to our monthly Qquestionnaire, foresee a good bond market in the coming months, and & slight but defi- nite improvement in the outlook for general business conditions. “This distinct feeling of increased optimism reflected in July reports is in_direct contrast to the unanimous pessimism expressed in June. Many dealers indicated a normal bond busi- mess in July, and in a few instances m?u distribution has been above nor- mal.” ‘The review stated that gradual rising prices for both stocks and bonds—and a small volume of new offerings in July—had “combined to create a healthy situation, which placed the se- curity markets in an excellent position to benefit by any turn for the better in general business conditions.” ial institu- | *» AL_13 FIRST MORTGAGE REAL ESTATE BONDS | Firm Bids Obtained l S"“ II" -nc.‘. Ce. | || INTERNATIONAL BANK Investment Securit el Dttt %6 16 Jackson Place District 0866 Austria is discussing s proposed new tarift bill 4-Hour Parkinfi Basement of Investment Bidg. 1 ot ‘Das “or "Manth: | TRUSTEED SHARES —the IDEAL INVESTMENT yestors who demand — YIELD and GROWTH of Specially suited to lonj vestments for individua funds and funds of ori Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woui'rl Building Met, 3783 for n- BAFETY. Money on Hand to Loan on First Deed of Trust 69, Interest Reasonable Commission and lies to JAMES F. SHEA 643 Louisiana Ave. N.W. 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, On improved Real Estate Home Apartment MORTGAGE LOAN 1321 Connecticut Ave. PROPERTY Apartment House & Trust Co. The Oldest !'lvlnn Institution in the District of Columbia Cor. 15th and New York Ave. of sir. DEPARTMENTS: Commercial Savings Trust Real Estate Safe Deposit Foreign Exchange Pr Central— 7th and Ma North &h Ave 88— H Sts. NB. The American Security Through Five Convenient Offices —offers distinctive service in all depart- ments, and invites the business of the ‘people ship that is cordial and commensurate needs. 15th and Penna. Ave. BRANCHES: Capital and Surplus, $6,800,000 Wls}lington who de- 925 15th St. N.W. 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Nat’l 2100 E L O ASNSS e a banking relation- with esent and future Southwest— 7th and E Sts. S.W. Northwest— 1140 15th St. N.W. FENNER & BEANE NEW YORK - - and other Leading Cities WASHINGTON, D. C., OFFICE, 1430 K ST., N.W. Phone National 7000 Members NEW YORK STOCK EXCHANGE — NEW YORK COTTON EXCHANGE—NEW ORLEANS COTTON EXCHANGE and other principal Exchanges PRIVATE WIRES THROUGHOUT THE SOUTH John W. Childress, Jr. is now associated with our Wash- ington Office, which offers complete stock and commodity brokerage facilities. - NEW ORLEANS