Evening Star Newspaper, August 6, 1930, Page 13

SEEN IN FORECAST Survey Groups Industries With Most Promising Busi- ness Outlook. BY EDWARD C, STONE. The prospects for the principal ln~| dustrics of the country are grouped by | the Standard Statistics Co., in a current | survey, according to the following list: Most promising—Chain _stores, elec- trical equipment, shipbuilding, tobacco, | cigarettes; utilities, electric light and | power; utilities, telephone and gele- | graph. i Good—Cement, chemicals, machinery | and machine equipment, motion pic- tures, oil producing, oil refining and | marketing. railroad. Uncertain — Agricultural machinery, meat packing. Fair—Automobiles, passenger; auto- mobiles, trucks; automobile parts, build- ing, department stores, _fertilizers, leather and shoes, mail order, office equipment, paper, rad:o, railroad equip- ment, steel and iron, sugar refining, w-‘ bacco, cigars. t Poor—Aircralt, apparel, automobile | tires, coal, copper, cotton goods, lead, Jumber, rayon, shipping, silk goods, su- gar producing, utilities, tractions, ete.; ‘woolen goods, zinc. = Agree to Exchange Notes. Stockholders of the Wardman Mort- {:ge & Discount Co., holding notes of he Wardman Corporation valued at approximately $800,000, have ratified a decision of directors of the flnlncel company to exchange the notes for a similar amount of preferred stock of the Wardman Realty & Construc- tion Co. The ratification was voted Monday at Alexandria, the concern being organized under a Virginia charter, at a meeting at which approximately 250 stockhold- ers’ were represented in person or by Proxy. Directors of the discount concern are Harry Wardman, president; Thomas P. Bones, first vice president; J. Floyd Cissel, second vice president and treasurer; Robert N. Taylor; K. Par- rish Wood, jr., secretary, and Daniel ‘Thew Wright, counsel. Class Room Changes Nearly Completed. The changes in partitions for en- Jarged class room space for the Amer- ican Institute of Banking in the head- quarters of the District Bankers' As- sociation are \l‘el‘!i under way and will sooh be completed. Some wasted space has been taken up so that an additional room for classwork has been arranged and some of the rooms already used have been improved. In case some of the classes of junior bankers are excepetionally large when the work begins this Fall, it is the intention to divide them into sections. The growth of the institute in recent years has been almost surprising. Last year'’s enrollment was practically the same as the previous year, both smash- ing all other attendance records. Sev- eral members of the District Bankers' Association Council of Administration believe taht if the institute grows a Jot more this year, it may be best to secure new and much larger quarters for -students two years from now. In this case is it probable that the local institute chapter in the future will be separated from bankers' headquarters. Court Decides Fiduciary Case. West Virginia has fallen in line with Massachusetts in holding that a con- solidated bank does not succeed as & matter of right to the fiduciary ap- pointments of an insgitution which has been merged with it. On June 12, 1930, the. Supreme Court of West Virginia, in the case of Hofheimer vs. Seaboard Citizens' National Bank of Norfolk, so held. In this case the testator nomi- nated as his executors a nephew and the: Citizens' National Bank. The Citizens National Bank of Nor- folk was consolidated with, or merged into, the Seaboard ‘National Bank of Norfolk. The consolidated institution was not named as one of the executors in the will, and such authority as it had came about by reason of the merger with the Citizens Bank. At the date of the consolidation the testator was still alive. In holding that the nephew was entitled to qualify as the sole sur- viving executor, the Supreme Court held that the naming of a bank as ex- ecutor in a will is not a thing which passes as property or an asset when the bank was consolidated. The designation in & will of one as executor does not confer a property right upon the per- son so designated. The court pointed out, comments Trust Companies Magazine, that pos- sibly the testator selected the Citizens Bank because he knew its president or trust officer, and by reason of the spe- cial confidence wished to confer upon that institution the post mortem man- agement of his affairs. Certainly there was some reason for his selection of this institution as his executor, which reason was satisfactory and sufficient to him. So far as the record of the case was concerned he had never heard of the consolidated institution, did not se- lect it and knew nothing of its trust officials. Heard in Financial District. President Victor B. Deyber of the SBecond National Bank leaves Washing- ton for his vacation the latter part of the week. He will take a trip to the Adirondacks. Lanier P. McLachlen, president of the McLachien Bank and of the District Bankers' Association, is planning a trip to Binghampton, N. Y, starting the latter part of this week. ‘Thomas J. Mangan, jr., manager of the Washington office of Hemphill, Noyes & Co.. has returned from Mar- gate. N. J., where he visited his family, established there for the remainder of the Summer. 8. 8. Kresge Co. reports sales during July of $10,882,426, a decrease of $804,- 213, or 6.8 per cent when compared with the same month last year. Sales for the first seven months of 1930 totaled $78,340,038, a decrease of 1.2 per cent from the $79,331,098 for the like period of 1929, McCrory Stores July sales $3.122,217, decrease of 5.4 per cent from July, 1929; seven months $22,532,319, increase of 0.9 per cent The Minneapolis, St. Paul & Sault Ste. Marie Railway has asked Interstate Commerce Commission authority to sell $4106,000 first refunding mortgage bongds, series “B. Bonds will be sold to Dillon, Read & Co., at 96, and the progeeds used for additions and better- mehts, END OF SLUMP IS SEEN BY CORPORATION OFFICIAL By thae Associnted Press. BIRMINGHAM, Ala, August 6— L. M. Klinedinst, vice president of the Timken Roller Bearing Co., said here today that 5,000 men will be re- turned to work in the Canton, Ohio, plant of the company Monday, as an indication of improved business con- ditions, Here for an inspection of the Bir- mingham branches of his company and a tour of the steel district, Mr. Kline- dinst expressed the opinion that busi- |. ness depression has reached its lowest point and is now taking an upward trend. “There can be no question but that major industries all over the country are swinging back toward production,” he said. “Prosperity comes with pro- duction and everything now points toward a renewal of business activity. “As an example of what is being done now, we are returning 5,000 men to work in our Canton plant Monday. 1 believe you will find that plants over the en country will be doing the same g within the next few weeks.” excepting inose. destenated by ‘ther ietter s (658} (2%8) ] which shows those seocks to be sold in odd lots only. —Trev.1930~ High. Low. Dividend Ra 374 21% Adams £xp (1 % 41% 15% Advance Rumley pf.. 1% % Ahumada Lead...... 2 L] " L % 156% 103% Alr Reduction (3).... 6 117 115% 115% 117% 36 16 Alr Way TIAD(24). 4 17% 17 17% 17 2% 1 Ajfx Rubber. S R R R | 94 415 Alaska Junean. 3 5% 5% 5% 6% 35% 18 Allegheny Corp. 23 21% 21k 214 21% 107% 87 Alleg Cp w 830 w 614 9% 95 95 9614 84% Alleg Cp x $30 w 5% . 84% Bi% 84% 343 232 Allled Ch & Dye(n! 266% 266% 270% 68 48 Allls-Chalmers 564 564 BT b55% 27 Am Bosch Magneto.. 3 34% 54% 41% Am Brake Shoe(2.40) 3 37 128 118 AmBrSh&Fpf (7). 21w £% Am Brown Rov Elec. 8% 60' Am Brewn B E pf(7) 156'; 108% Am Can (4).. 317 181% 127% 147 140% Am Canpf(7)...... 2 146% 146 8214 42 AmCar& Fdy (6)... 1 48% 48" AmCar & Fav pf(7). 2 9 < Am Chicle (13).....: 91, Am Comm Alcohoi. .. 33'« Am European Secur. 56% Am & Forn Power .. i 95 Am & For Pwr pf(6). 111% 106% Am & For Pwr pf(1). 33% 14 Am Hawalian (10). 55 Am Home Prod(4.20) 31 Amlce (t4).. 78 Amlcepf (6).... 28% Am Internat] (2) 1t Am La Fr & Foamite 43 Am Locomotive (4).. 90 Am Locomot of (7). 36% Am Mch & Fou Con. 30'% Am Metal Co (1%).. 65 Am Nat Gas of (1 481 Am News (Jt4) 72% AmPwr&Lt(31).. 4 82 99 AmPwr&Ltpf (6). . 3 102% 101% 101% 23% Am Ra&StdSan1%. 56 26% 25% 26% 48 Am Rolling Mill(n2) 13 56% 554 56 52, Am Safety Razor(5). 15 63% 61% 61' T Am Seating 82900 e 1t Am Ship & Com it 1% 5% Am Sm & Ref (4)... 3 68 % 67 4 35'4 Am Steel Fdy (3)... 2 40 40% 40'p 110% Am Steel Fdy of (7). 20s 112! 111% 111% % 47 AmSugar Ref (5)... 11 53l 531 581 274' 200% Am Tel & Teleg ¢9). 128 214% 2104 210% 264% 197 Am Tobacco (112)... 3 248% 247% 247% 12215 120 Am Tobacco (new) 112215 12215 12215 269'; 197 Am Tobacco B (112). 39 2531y 249% 253 125% 118 Am Tobacgo B(new) 18 124 12214 122y 1241 120 Am TobaccoDf (6).. 1 124% 124% 124% 1247 78% Am Water Wks (nl1). 3 881 20% 7' Am Woolen. . 447 19% Am Woolen pt. 50 Am Zine pf (6). 4415 Anaconda Cop (3%). 19% Archer-Dan-M (2) Stock and Sales— Prev. Add 00. Bivh. Low. Close. Close 28 27% 26% 26% 27% 1 22% 22% 22% 28% W, 811 81% 4% Armour of Il (A) 2% Armour of Il (B). 55 Armour of Il of (7). 6 Arnold Constable. 28 AssoDrv G (2%) 85 Asso DG istpf ( ¢ 9 242% 194 Atch To& S Fe (10). 28 219% 214% 215 218% 108 102% Atch To& SFpf (5). 2 105% 105% 105% 105% 175'% 145 Atl Coast Line (t10). 1 150 150 150 151 51% f0% Atl Refining (¢2).... 10 3714 37 37 3§ 101 Atlas Powder pf (6). 10s 102 102 102 102 37 25% Atlas Stores (n1) 8 30% 29% 30% 30% 8% 5 Atlas Tack. 2 5 5 5 54 263% 91 Auburn Auto (§4).... 5 122 121% 121% 1221 7 3% Austin Nichol: , 3R | 5 5 4 21 2% 2. 2% Auto-Strop 6 75 3% 3% 4% AviationCorpof Del 24 6 6 6 38 19% Baldwin Loco (1%). 410 30% 28% 29% 116 104% Baldwin Loco pf (7) 30s 109's 108 109% 122% 98% Balto & Ohlo (7).... 4 104% 104 1044 841; 63 Bang& Aroos (3%). 1 T4 T4 T4 116% 109 Bang & Aroos pf (7)., 10s 112'% 11215 112% R4 20% Barnsdall. A (2).... 101% B'trice Cream of (7). 6% 215 Belding-Hemingway R7% 27% Bendix Aviation (2). 11 2 110% 75% Bethlehem Steel (6). 63 83% 82 K214 134 122% Bethlehem St of (7) 2 127% 127% 127% 9 28% Bohn Al & Brass (3). 3 79 Boston & Maine (4) 26% 13% Briges Mfg Co...... 224 12% Brockway Motor Trk 78% 58% Bklyn-Manhat (4). 15% 10 Brooklyn & Queen: 1 18% 184 178% 115 Bkivp Union Gas (5) 1 124% 124% 124% 119 113% Brown Shoe pf (7)... 10s 118 118 118 30% 134 Bruns-Balk-C 2 164 16% 16% 31% 19% Bueyrus (1).. 4 23% 23 23 16% 7% Budd (EG) (1) 5 9% 9 9% 74 27% Bullard Co (1.60) 34 33% 32% 32% 51% 29% Burr Add Mch (1) 1 33% 33% 33y 4815 29% Bush Termnl (3%) 1 36% 36'% 36% B 10s 1021 102% 10215 80s 117 116% 117 2% 2 2 17% 17% 17% 112% 66% Byers (A M) T7% 60% Calif Packing (4).... 2% 1 Callashan Zine & Ld. 89% 48% Calumet & Aris (2).. 30 17 Campbell Wyant (2). 75% 56 Canada Dry G A (5). 226% 184% Canadian Pacific(10) 52% 45% Can Pacific(new)w.l. 28% 13 Capital Adm (A). s 362% 156% Case (J 1) (6) 151 197% 191% 191% 115 Case (J 1) of (7)..,.100s 125 125 125 79% 54 Caterpil Tr (13%). 21 60% 58% 59 60 9 Celotex Co. . 30 13% 12% 13 30% 28% t Aguirre As 1% 4 23% 23% 23% 65% 43% CerrodePasco(6).. 1 51 51 51 15% 4 Th 6% 6% 241% 171 2 190% 188 188 47% 46% Ches & Ohio (new) 5 4% 47 47 10 4% Chi & Alton. . b 6% 64 6% % 4% Chi & Alton pf. 6 6% 6M 6% 17% 84 ChiGreat Western... 2 11 10% 10% 26% 12% ChiMiIStP&Pas... 3 14 13% 14 46% 20% ChiMilStP&Pacpf. 4 22% 224 224 T4% T4% 16% 16% 98- 98 101 101 110% 105 ChiRI&Pacof (7). 1 107% 107% 107% 32'4 20 Chickasah Cotton Ol 20 Co 3.4 City Ice&Fuel pf 6% 1108 5% City Stores (600..... 2 % 6% srese 176'% 175% 64% 50 Colgate-Pal-P (3%). 8 58 58 101 97 Colg-Palm-P pf (6).. 101 35% 14% Collins & Atkman.... 8 241 211 22 92 73 Collins& Alkpf (7). 1 86% 8614 86% 7 36'% Col Fuel & Iron (3).. 14 524 b51% 52 & B5 63% 62k 62% 1 109% 109% 10915 78 1T% 1T 1% 11 136% 134% 136% 40% 23% Comm Credit (3).... 8 26% 26 26 44% 31% CommCreditA (3).. 3 364 36 36 25% 22% Comm Cred pf (1%). 10s 23% 231 231 55 284 Comm InvTr(gl60) 33 37% 36 364 38 20% Comm Solvents (31). 84 26% 25% 25% 20% 12% Comwlth & Sou(60c) 76 14 135 13% 104% 99 Cmwith & Sou pf (6) 8 101% 101% 101% 19% 10% Congoleum-Nairn... 2 121 121 12 56% 2715 CongressCigars (4). 5 27% 261 261 59% 86 ConsolCigars(6)... 1 38 38 38 80 67 Consol Cgrorpf8%. 108 70 70% 70% 93% 76% Consol Cigar pf (7)., 10s 83 = 83 83 19% 194 204 208 131 108% 1065 106% 103% 99% Consol Gas NY pf(§) 3 102% 1027% 102% 62 49 Con RRCubof (6).. : 5? 8 53 2 o % 22% 4% 14% 14 8y 3% Contaln 5 5 [3 52' 18% Contl Baking (A) 24 245 7 3% Contl Baking (B) 94% 66% Contl Baking pf (8).. 71% 50% Contl Can (3%)..... 37% 164 Contl Diamond (2). 30'; 18% Contl Ofl of Del...... 40% 20 Contl Shares (1).... 111% 87 Corn Prod Ref(t4%) 83 15% Coty, INE..ceceee o 85% 25's Cream of Wht(1234). 314 81% 69% 38 Crown Cork & Beal... 51 514 117 Crucible Steel pf (7). 111 3% 13% 131 14% 6% Curtis: v T T 19% 8% Curt Wright Corp A. 9% 9% 90'; 655 Cutler-Hammer(3%) 13 61% 61% 61% 43% 24% Davison Chemical 2 26% 26% 26% 181 146 Delaware & Hud (). 1 158% 158% 1684 153 110% Del Lack & Wn (17). 3 113% 113% 1134 256% 195% Detroit Edison (8).., 2 218 218 218 237 139 Diamond Match (8).. 3 238% 230 230 9% 6% Dome Mines (1)..... 3 7% % % 87% 67 Drug Corporatn (4). 178 80% 79% 80 43% 15% Dunhill Intl (34).... 1 16 16 16 145% 95% Du Pontde N (14.70) 47 116% 113% 1131 121 114% Dupent deNdbpf($) 1119 119 119 103% 100 Duques Lt 1st of () 1 102% 102% 102% 255% 176% Eastman Kodak (18) 19 212 209% 211% 37% 19% 16 25 24% 24% 114% 65% 9 3% 103% 49% . 100% 100% Elec Pwr&Lt pt 112 105 Bl Pwr& Lt of (1) 1 109% 109% 109% 104% 94% Eng PubSve pf(5%) 1 100% 100% 100% 1 50% 39% Equit Offce Bldg (3), 1. 45% 454 63% 35% ErfeRR.ccceeeceem 5 41% 41 -45%. _4b% . Al% 41% G STAR, WASHINGTON, D. C., WEDNESDAY, AUGUST 6, 1930. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Sales— Dividend Rate. Add 00. Hirh. Low. Eureka Vac Cleaner. 1 Evans Auto Loading.. 9 ‘banks Co pf..... 108 Fairbanks Morse (3) 1 Fed Min & Sm pf (7) 1 Fed Motor Tr 180¢). 2 WatS A (e2.40) 3 t Nat Strs (3%). .3 Fisk Rubber. . < Fisk Rubber 1st pf. . 1208 Foster Wheeler (2).. 51 Foundation Co...... 1 Fourth Natl Invest.. 2 Fox Film (A) (4).... 45 Freeport Tex (t5).. 18 15 Fuller 2d pf(17.40).. 50s Gamewell Co (5).... 1 Am Tnk Car(34) 8§ n Bronze (3)...... 7T Gen Cable (A) (4) 1 Gen Cizar (4). .. 1 Gen Cigar pf (7) 108 Gen Llectric (1.60).. 269 Gen Food Corp (8)... 25 Gen Gas&EL A(e30), Gen Ita! Rds (a2.62). Gen MH1s (3). & Gen Miils pf (6).. Gen Motors (+3.30).. Gen Motors pf (5) Gen Ry Signal (5) Gen Realtv & U, .. Gen RItv&Ut nf (e 4 Gen Refract (+4%).. Gen Theat Eanip vte Glllette Saf Raz(ns) % Gimbel Bros . Glidden Co (2) Glidden pr pf (7). % Gobel (Adolf). . Gold Dust (21%) ... Gold & Stock Tel (6). Goodrich (BF) (4).., Goodyear Tire (5)... Goodyear 1st pf (1), % Graham-Paige...... Granby Con Min (3} Grand Sflver § (m1), Grand Union pf (3). Grt North of (5).... Gr Nor ctfs Ore (a % Gr* West Sug(1.40). Grt West Sug of (7). Grigsby Grunow.... Gulf States Steel (4) Hackensack W (1%) o Houston Ol (b10%) Household Fin pf (4) Howe Sound (143). Hud&Man Ry (3.50) Hudson Motor (5)... Hupp Motor Car (2). Tlinols Centras (7).. Tlinois Cent 1s In(4) Independ O1l & G(2). Ind Motor Cyel ndfan Refining...... Inspiration Cop (2).. Insurance 8h (46e). . Interlake Iron (1)... Intl Agricultural. ... Tnt] Bus Mach (n6).. Intl Carriers, Ltd % . Intl Cement (4)...00 Intl Combustion Intl Comb Eng pf. Intl Harvester (23%). Intl Harvester pf(7). Int] Hydro El A (e2) Tntl Match pf (4). Intl Nick] of Can Totl Print Ink of (6). Intl Salt (pew) Intl Shoe Intl Tel & Teleg (2) Inter Dept Strs (3) Investors Equity(2). Tsland Creek Coal(4) Johns-Manville (3).. Jones & Laugh pf(7) 'stadt (R) (1.03), nn DS (13%). r Jullus (2%).. y-Spring Tire... sey Hayes (2). Kelvinator Corp 4 Kennecott Cop (3) Kinney (GR ) of (8) Kreage(S8)Cor1.60) Kresge Dept Store pf Kreuger & Toll 1.60. Krog Gr & Bak (n1). Lago O] & Tran Leh Port Cem (2 Lehigh Valley Coal Leh Val Coal pf (3). Lehman Corp (3). Lehn & Fink (3).... Lib Owens F G (1), Ligg & Myers B(15). Liquid Carbonio (4) - Loew’s. Inc (3)..... Loew’s pf xw (6%).. Loft. Inc. - Loose-Wiles (12.80).. Lorillard (P) Ce, Louisiana Ofl....... LouG & El(A) (1%) Louis Ofl pf (6%4)... Louis & Nash (1)..e Ludlum Steel (3)...» MeCall Corp (2%) McGraw-Hill (2). Mclntyre Pore M(1). McKeespt T P (15).. McKesson & Rob (2). McKes & Ro pf(3%). Mallison & Co. Mandel Brothe: Man Elev mod g (d5) hat Shirt (1)..., Marine Mid (1.20)..0 rshall Fleld (3%) thieson Alkili (3). Maytag Co (12)..c0n Maytag Co pf (3).... Mengel Co (2).... Mexican Seaboard. .. Michigan Stl (h2%) . Mid-Cont Petm (3).. Middle States Ofl ct., Midland Steel (3).. .. Min Hon'w Reg (14). Minn Moline Pwr. ... M StP & SSM 1sd (4) MoKan & Texas (2).. Mo Kan & Tex pf(7). Missour! Pacifio..... Missouri Pac pf (5) .. Montgom Ward (3).. Morrell & 40) .. Morris&Essex (3% ). Motor Meter G & El.. Mother Lode (20¢)..y Mullins Mg pf (7). Murray (b3 %stk). .. Myer(FE) & Bro(3). Nash Motors (4) h Chat & StL Acme (13). Natl Distillers (2) Natl Pwr & Lt (1)... tl Rys Mex 2d pf.. Natl Steel (2)...0000 Natl Supply (6)....c Natl Supply pf (7). Natl Surety (6)..ove Natl Tea Co (2)..... 4 Nevada Copper (1%) N O Tex & Mex (7).. N Y Alrbrake 13.60).. N ¥ Central (8)..... Chi & StL pf(6). Harlem (6)... - omwo kS na No Ger Lloyad (3.43). 011 Well Supply....e Oliver Farm Equip. . Oliv Fr Eqev pt(3).. Otis Elov. 0(33%)..0e Otis Steel (3%)..... Owens 111 Glass (3) . Racific Gas & 1 (2). Pacifio Lighting (3).. Packard Motor (1).. TS - Sr8lantel -n 12% ISTOCKS ARE LOWER INBEARISH ATTACK Few Issues Move Against Trend—Volume of Trading Remains Small. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, August 6.—The drought appeared to have injured the bull pas- turage in today's stock market, and the midweek business statistics provided no relief. Leading shares sagged 2 to 4 points or more as trading remained apathetic. Some market operators were said to have found the market too sluggish for successtul trading and to have suspend- ed_activity. ‘The market as a whole displayed con- siderabl2 nervousness as to the effects of the extensive crop damage on Au- tumn Business prospects. Trade Reviews. The weekly steel trade reviews were disappointing. Iron Age stated that steel-mill operations had dropped to 54 per cent of capacity, after holding at 56 for four weeks. This was contrary Organized 1879 JOHN JOY EDSON, President Asse veeenss..$5,723,083.61 Sui:lmptnon for the 99th Is: Save Methodically! Small consistent Saving is the best method to the preliminary estimates yesterday, Indicating slight improvement. Iron Age, however, said that United States Steel had increased operations from 63 to 64 per cent of capacity, and that the en- tire industry was between 55 and 60 per mt. Neither publication found much cheer e immediate outlook. Iron Age sald the opinion still prevailed that a seasonal upturn would appear in & month or two. Steel, however, said that | failure of specifications to Tespond to resumption of automotive manufactur- ing, alarm over possible damage to public buying power by the drought and the most drastic curtailment of pig-iron production in recent years “have vitiated much of the hope enter- tained for an improved iron and steel | situation in the early Fall.” Freight-car loadings for the fourth week of July were reported as nearly 19,000 cars under the previous week, and | | again at the lowest level for the pericd | ineight years. F. W. Dodge Corpora- east of the Rockies for July showed a drop of 44 per cent from July, 1929. Some of these statistics were regarded as representing water under the mill, | | and Wall Street believes that it may be | & little early to look for a marked sea- | | sonal upturn in steel operations, but | | the psychological influences _seriously hampered the bull cause. In the mean- time a fair amount of good investment buying continued to flow into the, market on recessions, and banking circles in general did not regard the | outlook as_justifying deep pessimism | Bankers said business has been paying off jts borrowings in large volume, and | | putting itself on sound footing. | | * Such issues as U, . Steel, American | | can, Dupont, Rock Island, Westing- | Equita-operative Bld 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits. . .$1,755,911.57 sue of Stock Being Received We will explain our method gladly! | tion’s report of total building contracts | 2 FINANCIAL. hque Electric and Atchison lost two points or more, Atchison after selling ug 4 in the morning. American Tele- phone, Union Pacific, Eastman, Allied Chemical, American Water American Tobacco B and Case or more. Diamond Match, recently a buoyant feature, tumbled more than 8 There were a few firm spots during the earlier hours of trading, Woolworth rising 2 and Davison Chemical 3 points. Call money renewed at 2'2 per cent for the first time since July 15, but ;L;iel’ money is expected within a few ays. ‘Works, lost 4 CHICAGO DAIRY MARKET. CHICAGO, August 6 (#).—Butter, steady; creamery, extras, 3614a36%; standards, 36s: extra firsts, 351,a36; firsts, 331.a34'y; sec- onds, 30a32!>. Eggs, 7.406 cases; firm: oxtra firsts, 2415a25; fresh, graded 24; fresh, current receipts, “20a current receipts, 7. SAFE EIR'ST ®k2 A_13 REDUCTION IN SHEEP Department of Agriculture Sees Curtailment in Herds. Ty the Assoclated Press. A considerable reduction in the num- ber of sheep in the United States and abroad during the next two or three years was forecast today by the De- partment of Agriculture, which said this decrease would improve the sheep and wool industries. The Western sheep grower was said to be in a ‘“very difficult” position at the present time, partially because of the drought, which had reduced the amount of available feed. Purchasing power of consumers has been “materially reduced” also, the De- partment said, adding that the larger supplies of sheep and lambs for slaughter have been taken at greatly reduced prices. MORTGAGES READY FOR THE Qwver a Third Century Without a you. Loss The UNEXPECTED The investment of your sur- plus funds in our 6% FIRST MORTGAGES will give you the resources to embrace the unexpected oppor- tunity which may arise in the ofee future or ward off a financial reverse which may overtake interest is definitely fixed in amount—and contin- ous throughout the term of the mortgage. May be putchased in amounts from $250 up. B FE National 2100 THERE '_1S ' NO SAUL CO. 925 15th St. N.W._ SUBSTITUTE FOR SAFETY "HUDSON World’s Largest Selling EIGHT is a Proved Eight In France equal first i by the Polis Against 87 cars from every country, Hudson’s Great Eight made a perfect score in the 9-Day Tour de France, most In i’olund Three Hudson Great Eight cars finished n the important annual Inter- national 8-Day Reliability Trial sponsored h Automobile Club—a victory over the largest field ever entered. It gave Hudson the City of Warsaw Trophy, the In California With nearly all makes submitting bids, Hudson’s Great Eight with 100% score overwhelmed all competition in tests con- In a 7-day non-stop motor run in a nation- wide test, 25 stock cars ran a total of 124,750 miles with an average gasoline consumption of 14.585 miles per gallon. The top speed exceeded 80 miles per hour. Trials covered every possible test Come ride in it, even though you have no idea of buying. ‘* Sales Prove It Registrations officially recorded by every state in the Union show that for this year more Hudson Eights have been de- livered to consumers than any other Eight in the world. Thus, by official tests, by tests of individual owners and by public acceptance, Hudson is a proved Eight. The trend is to Eights, and Hudson outsells all other Eights. It has every advantage of a motor car that you seek—in good looks, in performance, in reliability, economy and low cost. celebrated of the annual tests on the European Continent, and was awarded the coveted Ansaldo Cup. Silver Cup, the Bronze Cup, the Automo- bile Club 'Cup and a cup offered by the Vacuum Oil Company—in addition tothree gold badges for outstanding performances in speed, endurance, reliability, accelera- tion, hill-climbing, brakes and economy. ducted in the purchase of cars for the Department of Highway Control for the State of California. And Throughout the United States of speed over measured miles, inter-city running, long distances, reliability and economy. One car in Kansas covered 7,033 miles, one in and near Philadelphia 7,017 —better than 1000 miles a day. Average distance for all cars was 4,990 miles. ‘1050 tor the Coach 1150 for the Sedan Eight other models just as attractively priced. Wide range of colors. All prices f. 0. b. Detroit, Factory. LAMBERT-HUDSON MOTORS CO. DISTRIBUTORS—PHONE WEST 1134 Salesroom and Service Station—24th and M Sts. N.W. METROPOLITAN ‘DEALERS McDevitt Motor Co. 2017 14th 8t. NNW. Tel. Col. 3747 Saunders Motor Co. 326 M St. NW. West 014¢ Associate B. L. Jofte, Bowi o vy Garase, Beallsville Auto_Parts Cory., Winchester Schultze's Motor. Co. 1496 H St, N.E. Dealers Coast-In Garage Tel. Lincoln 6265 Nichols Ave. and § S, S.E. Tel. Line. 3303 Tysen C: R4, n--filru‘. AL Wadd mectorienn " ) Alexandria Hudson-Essex Ce. ‘Alexan: