Evening Star Newspaper, August 7, 1930, Page 13

- FINANCI - W.REBONDSLEAD s X OND. C. EXCHANGE 'Walson Returns From Vaca- tion—Boat Company Rights Expire. BY EDWARD C. STONE. ‘Washington Railway and Electric 4s ured trading on the Washington tock Exchange today in a quiet August market. There was a $7,000 turnover in these honds, the first three $1,000 sales being made at 89': and two more $1.000 sales and one $3,000 transfer made at stronger _price of 03, The only other bond sale in today's session was $1,000 transaction in’ Washington Gas @s, series A, at 103%. +" In the stock di- yision Washington Railway & Electric ferred changed ohands at 98l same as other recent sales. Fifty shares @f Firemen’s Insurance Co. moved at 34 and 20 shares of Potomac Electric Power 53 per cent preferred sold at 1095, The day's final sale was an odd- t transaction in Mergenthaler Lino- at 97. George O. Walson, president of the exchange, has returned from his va- eation and is again presiding. Mr. Walson is president of the Liberty Na- tional Bank and this is his second year &t the head of the local exchange. “While he has been away at his Sum- George 0. Walson. ‘qmer home on South River, Vice Presi- | dent Edward L. Hillyer has presided at most of the daily sessions. Members of the exchange consider that business has held up very well during the Summer, ‘when financial conditions everywhere are taken into consideration. The first transaction in the newly- Hsted Columbia Medical Bullding Cor- ration stock is still to be recorded, mo bid being 100. The Norfolk & ‘Washington Steamboat rights have been stricken from the list, as they ex- pired yesterday. ‘Warner Meeting Grips Attention. The large mumber of local holders of ‘Warner Bros. motion picture stock are intensely interested the meeting of directors scheduled for 8 o'clock this afternoon in New York. The big issue At stake is whether the present dividend 4 will be continued, be reduced or be Warner, president of Warner Bros. res, Inc., has just returned from week trip to Europe. On his arrival in New York he would give no Rint of what dividend action might be taken at today’s meeting, thus keeping g stockholgders and Wall Street traders the dark. * The stock has jumped around tre- sly during the present year. The Righ for_the year is 80% and the low s. The stock closed yesterday at 383% and the present dividend is $4 a : company owns what were . The erly the Crandall theaters in zuzmumn. that helnf‘nu reason why . much of the stock is held locally. Local Dividends Recently Voted. “The directors of the Washington' Rail- & Electric Co. recently declared the 1 semi-annual 215 per cent dividend the cnmgtny‘l preferred stock. pay- e time and manner 6t payment of the dividend thereon Jrom semi-annually to quarterly will re- ‘teive half of the semi-annual dividend ®n_September 1. The directors have also voted thé reg- mlar 1% per cent dividend on the com- . stock, payable September 1 to _sRareholders of record on August 16. . The regular quarterly dividend of the Potomac Electric Power Co. of’ 113 per cent on the 6 per cent preferred stock Mas been declared. The 1% per cent quarterly dividend on the 5l2 per cent Ermed stock has also been voted. th are R.nble September 1 to stock ‘of record August 14. «The 1% per cent quarterly dividend ‘and the extra % per cent, which were _declared some time ago, are payable JAugust 30 to stockholders of record August 20. " Peoples Drug Sales Improve. Sales of Peoples Drug Stores, Inc., for July were reported today and show improvement over last year. July sales totaled $1,372,170, compared with $1,- 309,202, an ine: of $62,968, which is an increase of 4.8 per cent for the ‘month. Sales for the first seven months ©f the present year amounted to $9.- $83,549, in comparison with $8,432,798 in the corresponding period last year. “This is an increase of $1,159,751, or 13.7 per cent. so far in 1930. The local company’s preferred stock is listed on the Washington Stock Exchange and the common on the New York Curb. Bankers Finish Golf Contest. . The finals in the golf tourney con- ducted by Washington Chapter, Ameri- can Institute of Banking, have been ayed off and George P. Grau, jr., of ‘he Central Branch of the American Security & Trust Co. carried off the honors, defeating Thomas J. Davidson Stein Bros, & Boyce. He will be awarded the W. W. Spaid trophy at the open meeting of the institute in Sep- tember. ¢ _ T. Edwin Norris of the Mount Vernon Savings Bank won third honors and ‘W. B. Robinson of the Bank of Bright- wood came in fourth. There three banker-golfers will also be awarded Prizes for their athletic ability. When Recovery Will Arrive. “Recovery from the current depres- sion may be expected to ensue upon the gradual readjustment of inventories through hand-to-mouth buying on the part of distributors and reduced output on the part of producers” says the Guaranty Trust Co. ‘“The progress of this readjustment will be reflected in rising commodity prices. As the evi- dence of impending improvement be- ‘comes clearer, stock prices also will re- spond to the more optimistic expecta- “tions of business men. The revival of activity will be facilitated by low money zates and by any improvement that may by that time have been achieved in the eneral banking situation through the uidation of security loans. “Expansion of industrial output and trade volumes will proceed gradually, with setbacks from time to time as it ‘appears that demand in various lines . has been over estimated. In general, however, the rising trend of business _will result in more employment and Zlarger pay-rolls, with a greater aggre- gate amount of purchasing power avail- _able for the buying of consumers’ goods. |, TThe resulting increase in consumption in turn, further stimulate trade “and industry. “All of this, of course, represents a Lglow and irregular process covering a mr\od of many months. The most re- ble indication of improvement in the ‘Wnderlying situation—namely, a definite upturn in commodity prices—has not t lwmd; but recent declines in in- 3~cnw s of red goods and sdvances in stock prices suggest that such an upturn may reasonably be ex- ‘pected in the not distant future.” ¥ Vice President W. J. Waller of the i National Bank and s p 8" planning & visit at Rehobeth Beach, leaving Jhere for the week end. 7., Richard Hatton, financial editor of the Washington Herald, is taking nual vacation. Mr. Hatton is & vet- ewspa) man and has a very Mummw [ NEW, YOF Note—All stocks excepting those designal which shews those seocks to be ~Trev.1930~ Stoek and Hish. Low. Dividend Ra 66 42 Abraham Stra 37% 21% Adams Exp (1 1% 3% Ahumada Lead.. 156% 1034 Alr Reduction (3). .. 36 16 Alr Way T] Ap(234). 4 Alaska Juneau. Allegheny Co! Alleg Cpw 340 w Allled Ch & Dye(n$) Allis-Chaimers (3).. 3% 2% Amal Leather. 10% 4%, Am Agricul Chem. 97% 68 Am Bank N 66 61 12 5% B4% 41% 128 118 94 854 9% 343 68 48 Am BrSh'& F pf (7). 21% &% Am Brown Bov Elec. 156'5 108% Am Can (4).. 2 Y 42 AmCar& Fdy (6).., Am Car & Fav pf(1). Am & Forn Power. .. Am Hawaitan (+10). Am Home Prod(4.20) Am Locomotive (4).. Am Locomot pf (7). Am Mach & Fav (7). 367 Am Mch & Fou Con 9 Am Mach & Metal 30% Am Metal Co (1% 65 Am Nat Gas of (7). 72% Am Pwr & Lt (31).. “95 Am & For Pwr pf(6). 80 Am P&Lt Df A st(5). 23% Am Ra&Std San 1%. 126% Am Rad & 8 S pf (T). Am Rolling Mill(n2) Am Safety Razor(5). Am Sm & Ref (4). Am Sm & Ref pf (6) Am Snuff (13%).... Am Solv & Chem. Am Sol&Ch ev pf( Am Steel Fdy (3).. Am Sugar Ref (5) Am Sugar Ref pt (1) Am Tel & Telex (9). Am Tobacco (112 ‘Am Tobacco (new). . Am Tobacco B (112). ‘Am Tobacco B (new) Am Tobaceo pf (8).. Am Type Fdry (3).. Am Water Wkas (n1) 715 Am Woolen......... 44'2 Anaconda Cop (3%). 347 Anchor Cap (2.40)... 4% Armour of 1l (A).. 2% Armour of Il (B) 55 Armour of fll of (T). 28 AssoDry G (23)... 242'% 194 Atch To& S Fe (10), 108 102% Atch To & SF pf (5). 175% 145 Atl Coast Line (110). 51% 0% Atl Refining (13). 37 2514 Atlas Stores (nl) Atlas Tack. .. Auburn Auto (34) Autosales.... . Auto-Strop Saf R(3) Aviation Corp of Dal Baldwin Loce (1%). Baldwin Loco pt (1) Balto & Ohlo (1) A 1185 284% 180 9% 145 100% 48 67% 524 79 103 437% 38 2214 6% 33u 18 524 354 69% 47 110 1034% 274% 200% 264% 197 1224 120 269 197 125% 118 124% 120 141% 118 124% 8% 20% 8% & 263% 91 10% 2 81% 37 EL LY 38 19% 116 104' 122% 98% 34 20% 92 671 107 101% T0% 49% 5T% 2% 564 814 B'trice Cream pf (7) Beech-Nut Pkg (3).. Bendix Aviation (2). Best &Co (2).... 1 8 « Stl of (T) Bohn Al & Brass (3). Boden Co (k3). Brigga Mg Co...... 1 Brockway Motor Tr) Brockway Mot pf(7). % Bklyn-Manhat (4). . Bklyn&Queens pf(4) Bklyn Union Gas (5) Bruns-Balk-Col. . Bruns Ter & Ry Bueyrus pf (7). Bullard Co ¢1.60). Burr Add Mch (1) Bush Term deb (7). Butterick Co. .. Byers (A N)... 114 . 108% Byers (AM) pf (T)., 77% 60% Calif Packing (4).... 21 1 Callaahan Zine & L. 89% 48% Calumet & Aris (2).. 33% 13 Calumet&Hec(al%). 75% 56 CanadaDryG A (5). 226% 184% Canadian Pacific(10) 52% 45% Can Pacific(new)w.l 28% 13 Capital Adm (A).... 362% 156% Case (J 1) (8).. 79% 54 Caterpll Tr (13%) 13% 6 Cavanaugh-Dobbas.. 60 9 Celotex Co. . 30% 23% Cent Aguirre As1%. 65% 433 Cerro de Pasco (8).. 15% 67V 241% 171 Ches & Ohle (10).... 47T 46% Ches & Ohlo (new).. 8215 51% Ches & Ohio Corp (3) 10 4% Chi& Alton...... 10% 4% Chi & Alton pf . 53% 33 Chi& Eastern Il pf., 17% 8% Chi Great Western. . 52% 27 ChiGreat West: 26% 121% Chi Mil StP & Pae. 46% 20% Chi Mil StP & Pacvf. 89% 66 Chicago& N W (5).. 37 11% Chi Pneu Tool...... 125% 96 ChIRI&Pas(T)... 32% 20 Chickasah Cotton Ofl 67% 49% Childs Co ¢3.40) 43 49 98% 83 City Jce&F) 13% 5% City Steres ¢50e. . w5 9% CIuan-Pl:-b ' 85% 14% Collt 92 173 Collins & Alk pf 12% Colonial Beacon 3614 Col Fuel & Iron (. 124 Colo Fuel & Ir pf (8) 58% Col Gas & Bl (3).... 104%4 Coi Gas & EI pf ) 15% Colum Graph 108 Columbian Ca 23% Comm Credit (3).... 77% Comm C 1st xw (6% ) 38 20% Comm Solvents ($1) 20% 12% Comawlth & Sou(60¢e) 104% 99 Cmwith & Sou pf (6) ra 62 18% Contl Baking - 7 3% Contl Baking 71% B0 Contl Can (3%) 37% 164 Contl Diamond 3015 18% Contl Ofl of Del 40 20 Cont] Shares (1 111% 7% Corn Prod Ref(14%) 33 15% Coty. ID€. .ocuvee o 35% 254 Cream of Wht(t1%). 59% 88 Crown Cork & Seal.. £ 4% Cuban-Amer Sugar . 19% % CubaCe.. cessees 126% 105% Curtis Publish (16%) 121% 114% Curtis Publish pf(7) 14 6% Curtiss Wright Corp 19% 8% Curt Wright Corp A. 90 56 Cutler-Hammer(3%) 43% 24% Davison Chemical. . 20% Debenham Sec (2.32) 153 1104 Del Lack & Wa (17), 255% 195% Detroit Edfaon (8).. 237 139 Diamond Match (8). 9% 6% Dome Mines (1)..... 87% 67 Drug Corporatn (4). 431 15% Dunhill Intl (34) 145% 95% Du Pont de N (14. 121 114% Dupont deN db pf(6) 2554 175% Eastman Kodak (13) 3T 19% Eaton Axle &8 (3).. 114% 554 Eleo Auto Lite (6).. 9% 34 Electric Boat., 108% 49% EI Pwr &Lt (1), 100% 100% Elec Pwr&Lt pf (8 79% 61% Elec Storage Bat (8). 59% 44 Endicott-John (5 1074 94% Eng Pub Sveof 104% 94% Eng Pub Sve pr(6%) 63% 364 ErleRR. 9% 1% Fairbanks 39% 7 Fairb B50% 344 Fairl Mor: 43 30 Fed Wat8. A (e3.40) 83% 19% Firestone TAR(1 87% 69%.Firestons T&R pf Co. Co BN NSO D nones PYR=T PP 13 whantAR T (g TS THE EVENING STAR, WASHINGTON, D. C., RK STOCK EXCHANGE by Private Wire Direct to The Star Office. lots (2658) Clese. Close. a1 26% LY % 15% 1% 54 21% 0% 2664 GefGAE! cv pf(6) Gen Mills (3) Gen Theat Eguip vte. Gillette Saf Ras(n$) Goodrich (BF) (4).. Goodrich (BF) pf (1) Goodyear Tire (5)... Goodyear 18t pf (1) Gould Coapler. .. Graham-Paige. ... Graham-Paige rots. . Granby Con Min (3). Grand Siiver 8 (m1). Grand Union. Grand Union pf (3) Grant (W T) (1).00e Grt North pf (5).... Gr Nor ctfs Ore (a% . 4 Gré West Sug(1.40). % Grt Wes{ Sug of (7). 10s Grizsby Grunow.... 187 Gulf Mobile & North 1 Gulf States Steel (4) 1 Fackensack W (1% ) 2008 Hahn Dept Stores... 9 Hahn Dept 8 pf(& Hamilton W pf (¢) 0 1 00 00 4 10 03 38 4 10 Ay Helme (G W) pf Hercules Pow. pf (T Hershey Choe (§) Hoe (R) & Co.. Holland Fur (et2%). Houdaille-H (B)1.20 Houston O1l (b10%). Howe Sound (t4%).. Hud&Man Ry ( . Hudson Motor (5)... Hupp Motor Car (3). Illinols Central (7)., Independ O1l & G(3). Intl Harvester (3%). Intl Hydro Ei A (e3) Tntl Mateh pf (4)... Intl Mer Marin Int] Nick! of Can(1). Intl Nick. Can pf(7) Intl Pn'.r ot (h'. 5 Inter Dpt 8 pf xw(7) 40s Island Creek Coal(4) 1 Jewel Tea (14). o 8 Johns-Manville (3).. 21 e 118% Johns-Manv pf (7).. §0s 122 118% Jones & Lauxh pf(7) 10s 1224 Kan City Sou (6).... 1 8% Karstadt (R) (1.03), 1 Kayser Julius (234). Kelly-8Spring Tir Kelsey Hayes (3) Kelvinater Corp. ... Kendall Co pf(16.37) 20s Kennecott Cop (3)... 42 er Redlo. .. 3 Kresge (8S) pf (1).; 108 Kreuger & Toll 1. Krog Gr & Bak (n! Lorillard (P) Louisiana Of} Louis O11 pf ( Lou G & EI(A) 1% Louts & Nash (1)1 Ludlum Steal (2) McKeespt T Pl (15). McKesson & Rob (1) McKes & Ro pf(3%) McLellan Store! Mack Trucks (6). Macy (RH)&Co(nt3) Madison 80 G (1%).. Mallison & Co. Man Elev mod g (d5) Marmon Motor Car.. Marshall Field (23) thieson Alkil) (2). M Miami Copp Mid-Cont Middle Sta Midland 8 Minn Moll Murray (b2%stk) ..o Nash Motors (4). Acm %) Natl Distjllers Natl Pwr & Lt (1 StL p! NYNHG& Hart (6). N YOnt& Western.. 1 N ¥ Steam pf (8)... 1708 Norfolk & Southern. 3 Norf & Western (10) 1 Norfolk & Wn pf (4). 108 North Am Aviation,. 22 North Am(b10%stk) 145 North Amer pf (3)..» 1 Ollv Fr Eqevpt(3).. 1 63 Orpheum Cir pf (8)., 30s 65 Otis Elev. n(3%) » 128 122% ©% 8% 23% 3 30 16% 5 2 2% 16%+ 16% 35 5 184 18% 9% 9% 84 B4k 148% 148% 45 b2u 30 43% 108% 8% 27 16% . 33 162 1056 101% 22% 104 18% 18% 20% 29% 5% 854 63% 65} 554 66 76 76 148 law (Continued on Page 14), STOCK PRCES RP DESPE SUPPORT Market Sags'to Lower Lev- : * els, With Leaders Losing 3 to 4 Points. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, August 7.—The stock market was left to the bears today, while bulls made merry in the com- modity marts. There was some liquidation of stocks by investors who feared the crop crisis may have postponed business recovery, but the major portion of sulling_orders originated with floor traders. Profes- slonals were more aggressive on the short side than of late, hawever, and a long list of important stocks sold off from 1 to 7 ints or more, as the volume of trading increased substan- tially. Unfavorable News. s The day's quota of corporate and in- dustrial news was not of a character to hamper the bears. Passing of the Good- rich dividend, &lyment of the National Family Stores disbursement in stock in- stead of cash and expectations of a re- duction of the Warner Bros. cash pay- ment late in the day were not helpful to the cause of :“Ilhe{h pri:le:‘.’m e A bright n the expreur}gn ol‘p: inion by President Shu- maker of the R. C. A.-Victor Co., that the working people of the country have substntial savings and only need re- assurance as ul:l emplioymex;:'ew n,::t spending normally n, “ are go- 13: to gun our ;‘z‘w capacity until it is proven that we are wrong’ he| said. 5 In the Federal Reserve Board's Au- gust bulletin the financial community found some comforting reading. Mem- ber banks were said to be indebted to Reserve System to only about one-| s the twelfth their egate reserve balances, and to be :l,g'[nl the period when the increased about $150,000,000 in easy position, Wall Street bankers un- derstand the New York Reserve Bank is pre] 10 purchase Government securi to such extent as will offset recent and further losses of gold. Call money renewed again at 2% per cent, but the undertone was easier, giving rise to the expectation that the furn of the month firmness was passing. Cotton joined the upswing in com- modities, while the advance in grains was slowed up by reports of local showers in the Midwest. Estimates from Washington that crop damage may amount to $1,000,000,000 could not be interpreted by Wall Street as hasten- ing business recovery. It was recalled, however, that the severe stock market panic of 1901 was followed by crop failure, but that stocks recovered swiftly within a few months. The present situation, however, is in many Te! dissimilar. If the depression in commodity prices has been definitely ended, nevertheless, bankers believe the longer term implications are decidedly favorable. Decline Ts Broad. Such stocks as U. 8. Steel, Radio, General Electric and General Motors were well supported. The market was inclined to rally at times for a_ period during the middle of the morning and again in the early afternoon. As group, the utilities were hardest hit, but rhe decline was broad. Eastman and Allied Chemical drop- ped about 7 points each, while Case and American Water Works lost 4 or more. Iagsues losing about 2 or 3 in- cluded _ North American, American Power & Light, Air Reduction, Ameri- can Tobacco B, Atchison, American Can, Consolidated Gas, Corn Products, International Harvester, Warner Bros., Allls Chalmers, Erie, Rock Island, Byers and Republic Steel. NEW YORK BANK STOCKS NEW YORK, August 7 (/) —Bid and asked prices on stocks of leading New York national banks and trust com- panies follow: National Banks. Bid. Asked. Ehase "ations. 4 .o 138% & Phenix ... 106 4300 4880 18 REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD THURSDAY, AUGUST 7, 1930. Washington Produce Butter—One-pound prints, ~41a42; tub, 39a40. Eygs—Hennery, 24a25; current re- inferior, prices not ceipts, quality P Guliry—8pring brotlers, large, 308 rs, large, 32; m::fum, 27a28; small, 23a24; Leg- horns, 20a23; fowls, large, 22a23; small, 20a21; Leghorn fowls, 14a15; ducks, 1 lh;gped- , _iced — Bpring rge. 232; small and medium, Leghorns, 22a24; fowls, huv‘. 25; small, medium and Leghorss, 15 Jobbers® prices, home-dreued—sgtn brolers, large, 35a36; medium, 3383 small, 28a30; Leghorns, 27a38; fowls, 26a27; Leghorn fowls, 18a20; ducks, 23 a25; turkeys, 32a35. Meats, fresh killed—Beef, 18a20; veal, 15a16; lamb, 20a33; pork loins, 25a26; fresh hams, 25; fresh shoulders, 18a20: smoked hams, 37; smoked shoulders, 20; bacon, 27; lard, in packages, 12; in bulk, 11. Live stock—Calves, 9; lambs, 9. Fruits—Watermelons, 35t loupes, Ridgeways, 1.50a2.5 1.00a1.50; honeydews, 2.50a3.00; hones balls, 3.25a4.00; Persian melons, 2.2 3.50; apples, 7522.00; box stock, 3.00; oranges, 5.50a8.75; lemons, 10.00810.50: limes, per 100, 2.50a3.00; peaches, 1.0 22.76; m?u “Thompson seedless, 2.75; grapes, Belgium, per pound, 50: plums, 2.00; biackberries, 5.00; huckleberries, 5.5026.00. h Vegetables—Pgtatoes, 3.00; sweet Po- tatoes, 7.50:bcnbb?ge2. 08" bn;\;l‘ i.gg: turnips, per bushe], 2.00; peppers, 1.90: string _beans, 2.50a3. lima beans, 275a3.50; cucumbers, 2.50; corn, five- : ‘tomatoes, primes, 1.75; No. 2, culls, 50; turnips, 1550a2.00; okra, 1.25; eggplant, 1.50a 175; beets, per 100 bunches, 4.00a6.00; carrots, per 100 bunches, 4.0085.00. o AUDIT IN STEEL.SUIT CHALLENGED BY DEFENSE By the Associated Press. YOUNGSTOWN, Ohlo, August 7.— The audit made by Ernst & Ernst for the Cyrus S. Eaton interests ‘which sought to show that Youngstown Sheet compensated in the merger with Beth- lehem Steel was challenged by defense attorneys in Common Pleas Court today. Resuming the cross-examination’ of Hassell Tippit, Ernst & Ernst audifor, and witness for the plaintiffs in the suit to enjoin the merger, F. H. Wood, Bethlehem counsel, hinted that the accounting firm was biased because of connections with Eaton interests. Tippit testified on’ direct examina- tion that the Bethlehem earnings in 1929 were about $17,000,000 less than shown in the audit made by Price, Waterhouse & Co. on which the merger terms were computed. On a basis of comparative enmlng: for 1929, Youngs- town atockholders, he said, should have received 2,148,000 shares of Bethlehem instead of the 1,600,000 allowed them. TREASURY CERTIFICATES. (Reporte o—Ma s Sept. 24-Hour Parki i h o, ALEX. BROWN «* SONS = Underwriters + Distributors INVESTMENT SECURITIES Wasningron Orrica 737 15th Street N. W, Telephone, Notiomal 1093 B —— First Mortgage Loans On improved Real Estate in the trict of Columbia and nearby Maryland and Virginia for 3, 8 or 10 yeoar torpas on your o= D0 e Apply RANDALL H. HHAGNER & COMPANY MORTCGAGE LOAN CORRESFONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. SAFE . . PROFITABLE . . CONVENIENT First Mortgage Notes —secured on conservatively ap praised properties in the District of Columbia and adjacent Mary- land Suburbs . . . Permit us to offer our facil ies for the placing of your investment funds . . .’ Particulars of available notes mailed upon request, - 6%-H. L 1001 15th Street ~ Rust Company Nat'l. 8100 Tube stockholders were not: fairly |- FINANCIAL. GERMANY TO RAISE EMERGENCY REVENUE President Signs Tax Decree to Off- set Deflcit in Current Budget. By the Associated Press. | ‘The President of Germany has signed & new emergency tax decree effective immediately and designed to raise reve- nue sufficient to meet the deficit of | 760,000,000 marks for the current budget year, ending April 1, 1931. Trade advices to the Commerce De- partment advise this deficit was caused | largely by emergency payments for un- employment. r:l’e( nn%‘yucordh\:l! is partially met by #n increase in pay-| ments from workers’ unemploymem.p 1!," surance of 1 per cent of their wages— | namely, 3.5 to 4.5 per cent. It is esti- mated that this increase will yield 269,- 000,000 marks. A governmental assist- ance tax of 2.5 per cent applied to sal-' aries of officials and members of boards of directors and a 5 per cent increase in income tax on persons with an income over 8,000 marks per annum and on un- married persons are expected to yleld 274,000,000 marks. These taxes are to be partly in effest from September 1. In addition 48,000,000 marks are ex- pected from the tobacco tax and 35,.- 000,000 from cutting down last year's budget, leaving 134,000,000 marks to be cut from this year's budget. The government has announced its intention to distribute this.reduction of | expenditures among all ministries and oy 5 Harinie Sepastmment oxpean: ut ental - fures, Offcials whose saiaties ave-velow 2,000 marks yearly sre exempt from the assistance tax; & 20 marks per month exemption is allowed for each depend- | ent child. A government commun} the intention to secure price reductions on public necessities, with an investiga- tion of price fixing by cartels. A pres denualtdeeree auf prevent price fixing, whi r ubllccmem%m‘ hich is contrary action allowing price fixing by administrative ‘decres under mule'n of the constitution became necessary when the Reichstag was unable to agree on program to meet the current any tax deficit and, lunrflw‘ ‘was dissolved. ‘!::rwl i!eeun\u will be held on Septem- ue announces | orizes the cabinet to | TRUSTEED SHARES —the IDEAL INVESTMENT for io- YIELD and’ QROWTR of priccivar @ Tunds “of ome Sold in Lots—-$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bulldl; Met. 3783 | Money to Loan | Beeurea by Arst deed Prevailin torest o048 commiion: Joseph I, Weller . un % & Money on Hand to Loan e First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applica JAMES F. SHEA 643 Louisiana Ave. N.W. FIRST MORTGAGE REAL ESTATE BONDS Firm Bids Obtained INTERNATIONAL BANK Investment Securities T BEC BY 16 Jackion Place National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—OQldest National Bank in marked this relations tomers, tered {riends lifelong dur ranks high “Metropolitan PROPERTY Apartment House MANAGEMENT with created good-will that the District of Columbia—1930 Sincere Desire to Co-operate : —has constantly j bank’s & cus- 1 This policy has fos- hips of 3 a tion— " assets. -‘% 3% on Savings MANAGEMENT CPERHAPS you have ex- perienced some of the innumerable problems arising in connection with the man. agement of your Apartment House. Our service is designed u; lift all incidental responsibility, and with an increase in income. Over a third of a century’s experience equips us to serve you. B. F. SAUL CO. 925 15th St. N.W. - M ORTG A G- Nat’l 2100 E ES0 AN S The One 'Way Street “Aone way, street” '—picture in your mind a street filled with automobiles, trucks and busses, all moving in an or- derly manner in the same direction. . No traffic snarls—no slowing up or turning out for traffic, bein, g recklessly driven— JUST STEADY PROGRESS. That is what safe investme Now picture a stree! rushing along in a fusion. For a time stops, and then goe lessly speeding to m Collision and loss result, nt means. t in which traffic is hodge-podge of con- it proceeds rapidly, s ahead again, care- ake up for lost time. That is the highway of speculation' with its many turns and twists and frequent disasters. Sound investment is a one way street, leading to certain, steady income and un- failing safety of principal—a straight road to financial p: cent First Mortgage Notes, The 6 per offered rogress. through the Swartzell, Rheem & Hensey Company, are investments that travel the one way street of steady income and safety of principal. years, through dep: In more than 61 ression and panics, through financial traffic jams, these Notes have never fluctuated a penny in value and interest has always been sent out by us the day it was due. SWARTZFLL, ' REEEM & HENSEY Co. MORTGAGE BANKERS \nr 15 STREET N.W. WASHINGTON D.C. / i