Evening Star Newspaper, August 8, 1930, Page 13

WASHINGTON, D. O, FRIDAY, AUGUST 8, 1930. FINANCIAL. e A_13 ISTOCKS ARE LOWER | CORgog;g;ON |CHAIN STORES HAVE fi:‘;ffifi“z: ‘f::':_= il N SELLNG DRVE | P20 16T, Y SLUMP TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. All Groups Hit, by Liquidation Twenty Big Systems Record! on Bearish Trade Almost Same 7-Month THE CHORPENING NAMIED| [ NEW YORK STOCK EXCHANGE DERAL EXAMIN[R piimg noos. deirnate K hlnml-llll' o | o i o ote—, Wigh. Low. Add EE excepting those desigmated by the letter s (85s) (2058) | Wl Lew. . Dwitend Rete, 4dd 08 Bleh Close. Close. % EVENING STAR, FIRST MORTGAGE REAL | ESTATE BONDS Firm Bids Obtained which shows those séocks te be S0l i odd lots 43% 24% Davison Chemieal. ., Slackmiy 24% 20 Deere & Co pf (1.40). 110% Del Laek & Wa (17). 45 W pt.. Delaware & Hud (9). 195% Detroit Edison (8)... Trev.1930~ Bales— Wirh. Low. Divide'd Rate. Add 00 Hivh. 37% 21% Ada Bxp (1. . 4T 26% 23 Adams Millis (3).... 5 264 2 & Advance Rumley.... 2 114 e NEW YORK, August 8—The follow- ing is a summary of important corpora- tion news prepared by the Standard New Reserve Board Official ' Succeeds the Late Ralph W. Byers. BY EDWARD C. STONE. Tra 1. Chorpening was today made chief examiner for the fifth Federal Re- gerve district. which includes Wash- ington, according to announcement this noon by John W. Pole, controller of the currency. Mr. Chorpening s 49 years of age and has bem in the bank examin- ing department of the Treasury for years. _He was born in Towa after three of active banking received an appointment to the office of the controller of the currency for 10 years. He became a na- tional bank ex- aminer in 1921 and was_assigned to the Minneapolis Federal Reserve dis- trict. From there he was transferred to the San Francisco Federal district. from which he is now being transferred here. He succeeds Ralph W: Byers, chief examiner for the fifth district, whose death cccurred very recently. Washington Exchange Quiet. Either the heat, the drought, the usual Summer lull or some other factor hit the Washington Stock Exchange today and made trading the dullest it has been this year. There were but six transactions, which were divided equally between the stock and bond divisions. » Potomac Electric Power 5!; per cent referred changed hands at 109 and Vational Mortgage & Investment pre- ferred came out at 5. In the bond division there was & $1,000 transfer in Potomac Electric Consolidated 55 at 103 and a small sale in Chesapeake & Potomac Telephone of Virginia 5s at 100. The unlisted securities were called off, as is custofary on Friday, and very few changes noted. C. E. Howe Takes Vacation. Charles E. Howe, treasurer of the JAmerican Security Trust Co., is en- joving his annual vacation and spend- ing most of the time at his old home in Mifflintown, Pa., the same place where President John B. Larner of the Wash- ington Loan & Trust Co. has a Summer home. Mr. Howe, who will be away dur- ing much of August, holds an unusual record amcng local bankers of having served the same institution for some 36 years, being treasurer of the bank for about 19 years. Mr. Howe began his banking career in the town which he is now visiting. He started as a general bank messenger. The duties of a country bank messenger in those days included looking after the fire in Winter, acting as paying teller, bookkeeper, note teller and some- times filling in as cashier, both a varied and valuable experience. It may be mentioned in passing that he started in the banking field under the guidance of E. P. Parker, who afterward became & prominent Washington financier. During the 30 years that the late Charles J. Bell was president of the American Sevcurity & Trust Co., Mr. Howe was one of his most active assist- ants. Last year he was chairman of the Safe Deposit Section of the District Bankers' Association, having a great deal to do with getting the new division on a solid footing. He holds a law de- gce fran_George Washington Univer- sity. is a 32d degree Mason, 3 member of the University Club and of the Chevy Chase Club. Trade Recovery Slow Process. The Guaranty Trust Co. says in its current review and outlook: “Trade recovery is a gradual and ir- regular process, with some industries Teporting swift progress, while others remain in a depressed condition for a much longer period. “Business in the future will not be stimulated by the urgent need for post- war rehabilitation that has been such & powerful influence in the last decade. “Although there has been improve- ment in some directions, the tenor of recent reports is by no means unani- mously favorable. “Gold has not moved in sufficient volume to exert any appreciable effect on credit conditions, although a few substantial shipments have been made from this country recently. “It is believed that the limitations jmposed by the London naval treaty will promote international good will #nd result in huge savings to the tax- payers of all countries concerned.” No Dismissals; Same Pay. Accompanying a bonus just given to each of the employes of Bankers' Trust Co. of Philadelphia was a personal let- ter frcm Samuel H. Barker, president, which read as follows “Some of you, new in this business organization, have never before re- ceived the kind of check which I am happy to hand you today. I would like you all to find in it the very much an merely the dollars and carries to you. It is & mes- sage of good will, an expression of re- gard. a recognition, an_appreciation, a he kindly feeling, the helpful which more than ever inspires us. “This company, for which 322 of us are now working, does some things dif- ferently from usual practice, and I be- lieve better. You know that on all #ides many are being laid off, more are working part time and a great number see their pay reduced. Your salaries are going along with your work. There will be more, never less work in Bank- ers Trust Co. while we continue to d Yelop its business and expand fts ac- Charles E. Howe. 104 Concerns. statements re- ve amplified the | aggreg me decline witnessed dur- ing the first half year, says the Stand- ard Statistics Co. in a recent bulletin which continues “Combining the 289 statements now at hand, total earnings show a decrease of 24 per cent from the comparable 1929 aggregate, as compared with the 20 per ie (covering 134 companies) cr. In the face of this howing, however, a sub- r of concerns are still er a year ago, the Better Earnings b; Additional on of present year earnings till leaves much to be desired standpoint of current returns. Aggregate e of the 213 companies for which comparable atements are obtainable amounted to 5.7 per cent. “While further publication of first- half statements will probably result in a still greater aggregate widening of profits decline, it is now apparent that Industry in general during the initial six months of the current year earned gome 70 per cent to 75 per cent as| much as experienced in the highly rofitable first-half of 1929 and almost 5 per cent of the total witnessed in | the like 1928 period. Warner Bros. Pictures, Inc., failed to declare a dividend on the common stock yesterday, at a full meeting of the Doard of directors which declared the regular quarterly dividend of 55 cents per share on preferred July automobile output in United States and Canada estimated at 275,298 cars and trucks by National Automobile Chamber of * Commerce, inst uction of 350,566 in June ai 01 in July, 1829; seven months, {29, against 3,031,105, 15% Advance Rumley pf. 2 103% Air Reduotion (3)... 126 1 16 Alr Way T1 Ap(2%). 18 Allefheny Corp..... 87 Alleg Cp w §30 w34 232 A4 Ch & Dye(ns). 48% Allif-Chalmers (3).. 18 Amarada Corp (3 23 Amégricul Ch of. 68 Am Rank Note (13 27 Am Bosch Ma; u £% Am lirown Rov Hilec. 6015 Am Brown B B pf(T) 108% Am Can (4)... . 651 1 42 AmCar&Fay (6)... 95 AmCar & Fav pf(7). 39 Am Chain (3). o 36% Am Chicle (13) 91 Am Comm Alcohol. .. 231 Am European Secur.. 56 Am & Forn Power. .. 397 95 Am & For Pwr pf(6). 30s 1064 Am & For Pwrpf(1). 31 9214 Am&Forn Pwr 24 of. 14 Am Hawalan (110).. 34 Am Hide & Leather. . Am Home Prod(4.20) 31 AmIce (+4). 28% Am Internat! 43¢ Am Locomotive ( 20 Am Locomot pf (1) 180 Am Mach & Fay (7). 36% Am Mch & Fou Con.. m 4814 Am News (j4) % Am Pwr & Lt (11).. 99 Am Pwr & Lt pf (8). R0 Am P&Lt pf A st(5). 23% Am Ra&Std San 1%. 15% Am Republies. 48 Am Rolling Mill(n2) 524 Am Safety Rasor(5). Am Sm & Ref pf 38 Am Snuff (13%). 42% Am Stores (2). 47 Am Bugar Ref (). 103% Am Sugar Ref pf (7) 9% Am Sumatra Tol 200 Am Tel & Telex (9). 197 Am Tobaeco (112). 120 Am Tobacco (new) 4 197 Am Tobacco B (112). 118 Am Tobacco B(new) 78% Am Water Wks (n1). - s MBR BB O~ R wore 333 5 29% Am Writ Pa pf ¢4). 615 AmZinc L4 & Sm. . 44% Anaconda Cop (3%). 19% Archer-Dan-M (3)... 34% Anchor Cap (3.40). 18 Andes Copper (134). 4% Armour of Ili (A). . 2% Armour of Il (B). 55 Armour of Il of (M)« 6 Arnold Constable. ... 311 Asso Appl Ind (4)..¢ 28 AssoDry G (2%)... 32 AssoOll (2) 4194 Atch To& 8 Fe (10). 102% Atch To & SF pf (5). 4 Atlas Tack. 15 145 Atl Coast Line (+10). 49% Atl Gulf & W Ind(1). 0% Atl Refining (13) 2515 Atlas Stores (n1) 91 Auburn Auto (J4) 2 Autosale 37 Auto-Strop Saf R(3 4% Aviation Corp of Del 19% Baldwin Loco (1%). 10414 Baldwin Loco pf (7) 98% Balto & Ohlo (T).... 63 Bang & Aroos (3%). 109 Bang & Aroos pf (7). 20% Barnsdall. A (3).... 6714 Beatrice Cream (4).. 101% B'trice Cream pf (). 49% Beech-Nut Pkg (3) 27% Bendix Aviation (3 31% Best & Co (2). 75% Bethlehem Stee! 122% Bethlehem Sti pf (1) 2814 Bohn Al & Brass (3 6014 Borden Co (k8).... 23% Borg Warner (3). 13% Briggs Mfg Co. 124 Brockway Motor Trk 68 Brockway Mot pt(7). 58% Bklyn-Manhat (4)... 10 Brooklyn & Queens. . 115 Bklyn Union Gas (5) 13% Bruns-Balk-Col 5% Bruns Ter & Ry 8 19% Bucyrus (1).. 7% Budd (EG) (1) Biflv———— = Be oo~ nBumneis a3 PO 261» Bulova Watch (3). 16% Burns Bros (B)....e 29% Burr Add Meh ( 66% Byers (A M). 60% Calif Packing (4).... 1 Callaahan Zine & Ld. 48% Calumet & Aris (2).. &lec(al¥h). 17 Campbell Wyant (2). 56 Canada Dry G A (5). 184% Canadian Pacifie(10) 45% Can Pacifio(new)w.l. 156% Case (J 1) (8)...... 54 Caterpll Tr (13%)... 9 Celotex Co. . 2315 Cent Aguirre As1% 23015 Cent RR of NJ (112). 51 Cent Rib Mills pf (1) 43% Cerro de Pasco 20% Checker Cab (4.20 46 Ches & Ohio (new).. 511% Ches & Ohto Corp (3) 4 Chi&Alton.. 3% Chi & Alton pf... 33 Chi & Eastern Il pf 815 Chi Great Western. 27 Chi Great Westn pf 124 Chi M1l StP & Pae. .« 20' Chi Mil StP & Pae pf. 66 Chicago& N W 11% Chi Pnen Tool. 94% Chi R1& Pas (1) 98 CbiRI& Pacpf (6). 105 ChiRI& Pacof (7). 20 Chickasah Cotton Ofl 494 Childs Co (2.40). 24 Chrysler Corp (3). 38 City IceaF (k3.60) 5% City Stores (50e..... 30 Clark Equipment (3) 30 Cluett-Peabody (6).. 133% Coca-Cola (6)....... 50 Colzate-Pal-P (2%). 14% Collins & Alkman. .. Collina & Atk pf (7. 1214 Colonial Beacon. . ... 861 Col Fuel & Iron (3).. 65 Colo & South (3). 5814 Col Gas & Bl (2). 1044 Col Gas & El of A 15% Colum Graph (a28e). Columbian Carb (1! 23% Comm Credit 3) 764 Com Credit 1st (6%) 1608 7715 Comm C 1st xw(634) 1308 22 Comm Cred pt B 12).260s 2814 Coinm Inv Trig1.60) 8 4 Comm Inv Trust war = 4 20% Comm Solvents (31) 12% Comwlth & Sou(60e) 320 99 Cmwith & Soupf (6) 5 193, 10% Congoleum-Nairn... 14 567 25 Congress Cigars (4). 59% 36 Consol Cigars (5). 27% 16% Comsol Film «2). 284 18 Consol Film pf (3). 1367 96% Consol Gas N Y (4).. 103% 99's Consol Gas NY pf(5) 62 2 2214 521 1814 Contl Baking (A 7 3% Contl Baking (B) 94% 66% Contl Baking pf (8) .« T1% 50% Contl Can (2%)....e 37% 16% Contl Diamond (2).. 77% 50 Contl Insur (3.40). 8l 304 407 ) 111% &7% Corn Prod Ref(t4%) 14% 147% 140 Corn Prod pf (1) 0 33 16% Coty. Ine... ... 24 59% 38 CrownCork & Seal... 14 18% 13 Crown Zellerbach(1) 1 19 9 0 Cuba Co. “ove % 18% 12614 105% Curtis Publish (163%) 1 110 110 14% 64 Curtiss Wright Corp 180 19% 8% Curt Wright Qgro A. 12 22 14 ~ 26 084 15% 0% s 100% 106 19 50% 10 12 897 +. 1208 148 20 47% 13% 18! T LY 18% 110 7 L] 6% 67 Dunhill Intl (34). Du Pont de N (14.70) Eastman Kodak (18) Eaton Axle & Elec Auto Lite Electrie Boat. ElPwr& Lt (1), El Pwr & Lt pf (7)., Eleo Storage Bat (5). Endicott-John pf (1) Eng Pub Serv (3.40). Eng Pub Sve of (5).. P T T Exchange Buf (1%).110s Fairbanks Co pf..... 30s Fairbanks Morse (3) 5 Fed Lt & Trac pf (6) 40s Federated Dept Strs. 2 48y - 9 Fid Pho Fire 1(2.60). 10 108 10 Firestone T&R pf(6) 4 First Nat Strs (3%). 6 Fisk Rubber........ 10 Fisk Rubber 1st pf.. 208 Follanshee Bros (2). Foster Wheeler (3) .. Fourth Natl Invest. . riel Snub(A)new Gardner Motor Gen Am Investor: Gen Am Tnk Car(34) Gen Asphalt (4). Gen Bronze (1). Gen Rity&Ut pf (e6). Gen Refract (t4%).. Gen Steel Cast pf (6) Gen Theat Equip vte. Gillette Saf Ras(nb). 116 Gimbel Bros. 5 Glidden Co (2) Goodyear 1st pf (7).. Gotham Silk Hoslery Gould Coupler. Graham-Paig: - Granby Con Min (3). Grand Silver 8 (m1). Grand Unlon. . . Granite City Btl (4) Grant (WT) (1)esew Grt North pf (5).... Gr Nor otfs Ore (a% . Gre West Sug(1.40). Grt West 8ug pf (1).110s Grigsby Grunow.... 224 Gulf Mobile & North 2 Gulf States Steel (4) 1 Hackensack W (13%) 20s Hahn Dept Store 20 Hamilton W pf (6).. 50s Hanna pf (new) (7).600s Hartman Corp (B)... 4 6% Hayes Body... 1 Hershey Choe (5)... 20 Hershey Ch prpf(6). 1 Holland Fur (et2%). 2 9%-Houdaille-H (B)1.20. 20 2% Houston Ol (b10%). 203 Howe Bound (t4%).. 1 Hud&Man Ry (3.50). Hudson Motor (5)... Hupp Motor Car (21, Illinois Central (1) .. Independ Ol & G(3). Ind Motor Cy Indian Refini; .- Indus Ray (b5 % stk Ingersoli-Rand (t5)« Inspiration Cop (3. Insurance 8h ( .. Insur ctfs(Md) (60c Interboro Rap Tran.. Interlake Iron (1)... Intl Agricultural. ... Bus Mach S Intl Carrlers, Ltd % . Intl Cement (4)...0s 3 Intl Hydro El1 A (e3). Intl Mateh pf (4).... Intl Mer Marine (2).. Intl Nickl of Can(1). Intl Nick. Can p(7).. Intl Pap & P (A)2.40. Intl Pap & Pwr (B).. Int] Pap & Pwr (C).. Intl Pap&Pwr pf (7). Intl Printing Ink (3) Int Pr Ink pf etf (6). Intl Salt (new) Intl Silver (18) Intl Tel & Tel Inter Dept 8¢ Inter Dpt 8 pf xw(7) Intertype Corp (2). . Investors Equity(2). Jewel Tea (14)....en Johns-Manville (3).« Kan City Sou (5) Kelly-Spring Tire. K H 2 Krog Gr & Bak (n1). Lago Of) & Trans Leh Port Cem (3% ). Lehigh Valley Coal.. Lehman Corp (3). n & Fink (3). Ligg & Myers B(15). Liguid Carbonie (4). Loew's, Ine (3) Loew’s pt xw (6 s (12.80). P) Co. Loutsiana O1l. . 1 Louis Oll pt (6%)... 108 LouG & El(A) (1%) 17 Louts & Nash (1)..0. 4 Ludlum Steel (2)..0s 20 Mac And & F (12.85), 1 Graw-Hill (2).... 1 ) Madison Sa G (1%). Magma Copper (4) Mallison & Co. . Manhat Elev gtd (7) 20 Man Elev mod g (d5) 4 Manhat Shirt (1) 2 2 8 2 1 4 . Maracaibo Ol Exp. Marine Mid (1.20)... Marlin-Rock (15% ). 4 Marmon Motor Car.. 3 Marshall Fleld (2%) 6 n Alkil (2). 6 on pf (T)..ee 10: Mexican Beaboard. Miami Copper (1%). Michigan Stl (h2%).. Mid-Cont Petm (3). tats Midland Steel pf Minn Moline P Minn & 8t Louli . MoKan & Texas (3).. Mo Kan & Tex pf(7). 57 Missouri Pacific..... prassoiathdonscas AR (Continued on Page 14). News. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, August 8-—The long- ** | becalmed stock market was driven far out of the course charted by the bull leaders in a sudden storm of liquida- tion today. Important stocks generally were de- pressed 2 to 8 points or more, as the heaviest selling experienced in several days was loosened by such undermining developments as dividend cuts, slack- ening steel mill output and & sharp break in cotton. Bales during the first two hours ag- gregated 1,378,000 shares, exceeding the average turnover for the past four full five-hour sessions. Rails and utilities were under particularly heavy pressure. Real liquidation of long holdings of stock was said in brokerage circles to be in substantial volume, but profes- sional traders were increasingly active on the short side of the market., Rails Under Pressure. The loaning rates indicated that the rails, in particular, were choice targets of the professional bear element. Prac- 1Lllxcmly every carrier stock was loaning at. The speculative fraternity was still ?renfly confused over the probable ef- lects of the severe drought. The Gov- ernment cotton report as of August 1 laced the crop about 300,000 bales igher than generally expected, which caused immediate declines of $2.50 to $3 a bale in the New York futures market. Although wheat made progress during the early hours of trading, the collapse in cotton brought a moderate reaction, even in that market. It was estimated that United States Steel's mills had slackened from 64 per cent of capacity a few days ago to 61 per cent. The passing of Warner Bros. common dividend, while rumored for several days, provided a shock in.some quarters, for many traders had felt that at worst the cash payment would be reduced, or that it would be sub- stituted for scrip. The rails were liquidated on the theory that reduced crop movement would seriously impair earnings, so that in addition the roads would be asked to reduce grain rates to relieve the agricultural areas. The ucilities have been under almost steady pressure for several days, re- sulting from the tendency toward lower power rates. Owing to heavy fixed charges, only moderate reductions in rates might sharply reduce earnings per share, and the utility shares have still been selling at considerably higher ratios to earnings than other groups. As during all bear movements, unset- tling rumors were circulated, such as reports that investment trusts were liquidating electric power stocks, but confirmation was lacking. ‘The decline carried prices to the low- est levels since the forepart of July, most pivotal stocks breaking through their recent resistance points. Save for the lower levels in June, stocks gen- erally were reduced to new low levels for the year. Leaders Decline. Such stocks as U. S. Steel, Radio and Standard of New Jersey, which have been held fairly steady during recent selling, dropped 3 points or more. Gen- eral Motors and General Electric lost about 2. ‘Warner Brothers dropped about 7 points, going below 38, or about 50 points under the year’s peak. Bullard was also a weak spot, dropping as much, on a poor earnings’ statement, and reaching levels about 50 points from the year's top of 74. American Telephone, Du Pont, Byers, Stone & Webster, North American Corn Products, Eastman, Atlantic Coast Line, American Can and Vanadium lost 4 to 6. Worthington Pump lost more than 8. Losses of 2 to 4 points in the rails were numerous. Call money renewed at 2 per cent again, after two days of renewals at 2. SENTIMENT BETTER; TRADE STILL LAGS Increased Employment in Motor and Textile Center Called Encouraging Sign. Although general trade continues to sag under the strain of depleted pur- chasing power during the past few months, increased employment in au- tomobile and textile centers is encour- aging and will be reflected over retail counters, says the Business Week in its report covering the week ending August 9. Business sentiment is bullish, despite the fact that several statistical indicators continue to fall. The busi- ness thermometer fell to 86.4 per cent this week, as against 90.5 last week and 1145 per cent in the correspond- ing week last year. ‘The heat wave is exerting a strong influence on the business weather. The drought, with the consequent increases in farm commodity prices, may yet turn the wholesale commodity price level upward and stimulate advance buying The Farm Board has been saved from the task of supporting the wheat mar- ket or disposing of the surplus by the situation created in the corn belt. The rapid rise in agricultural prices may somewhat compensate for shrunk- en crops and leave farm purchasing power not too badly hit. Most encouraging is a rise in com- | mercial loans—business men are bor- rowing for Fall activity. Copper and steel markets continue steady, while steel production fell off. Low money rates, coupled with advancing bond prices, continue to encourage business. Gold continues to flow in large quantity from the country. The purchase of Government_securities in large quan- titles will serve to strengthen current credit conditions. Swedish Artist Named. STOCKHOLM, 8weden, August 8 (®). —~8wedish artists and members of the art craft industry today appointed Prof. Carl Miiler_chairman of a committee promoting Sweden's official delegation to the Chicago exposition in 1933. - DIVIDENDS DECLARED NEW YORK, August 8 (#).— Company Am Tel & Cable... Atlas Powder CO Amntworth Mtg, % Amer & G 8 1st pf. Chic So Bh & 8o Statistics Co., Inc., New York, for the Associated Press: News Trend. Automobile production in the United States and Canada in July is estimated at 275208 cars and trucks by the Na- tional Automobile Chamber of Com- merce. This is a decline of 27.2 per {cent from June and 47 per cent below July, 1929. Seven months’ output is placed at 2,605,529 units, compared with 3,931,105 in 1920 period, a decline of 33.6 per cent. Corporation news is again, for most part, unfavorable. Warner Bros. Plc- tures took no action on quarterly com- mon dividend due at this time. Further reductions in prices were announced by Holeproof Hoslery and American Bem- berg. Earnings reports are disappoint- ing, but include three companies which bettered their showing of a year ago. These are American Tobacco, Pullman, Inc., and Western Auto Supply. Rights are offered by Newport Co. The Companies. American_Glue accepts offer of Car- borundum Co. to buy sandpaper and abrasive business for $2,139.920. ‘American Bemberg reduces yarn prices further; sales first haif reported 40 per cent larger than year ago. American Tobacch earned $7.49 com- mon share in five months to May 31. Atchison, Topeka & Santa Fe Rail- way reduction in grain rates will cause loss of about $2,250,000 annually in system's gross and net. Class rate changes also will result in lower rev- enues because of reduced long-haul rates. Baldwin Locomative Works July ship- ments, $2,525,000, against $2,346.00¢ seven months, $20,005,000, against $1 937,000. Unfilled orders August 1 to- taled $12,600,000, against $17,600.000 year ago. ings in current year, $9,700,000, against $23,000,000 in 1929 period. Borden Co. New York milk price ad- vanced 1 cent a quart. Brooklyn-Manhattan Transit repre- sentatives of city and Transit Commis- sion fail to agree on price to be offered for lines for unification with new sub- way: opinions of value vary as much as $80,000,000. Chicago, Rock Island & Pacific Ry. reduction in grain rates to cause loss about $2,000,000 annually in grain reve- n ue. Chain Belt earned $3.44 common share in first half, against $3.69 year ago. Childs Co. July sales off 11.1 per cent, seven months down 1.9 per cent. Chrysler Corporation price for new imgerm eights range from $2495 to $2,895; range former imperial line, $2,- 995 to $3,955 Commonwealth Securities, Inc., liqui- dating value June 30 was $34.23, against $45.14 December 31, 1929. Dexter Co. earned $1.37 common share in first half, against $1.40 year ago. Pord Motor seeks bids for Buffalo assembly plant, to cost $1,700,000, with mncnmer{. General Steel Castings earned 70 cents common share in June quarter. Holeflrool Hosiery reduces prices on men’s hosjery 10 to 25 cents and wom- en’s, 10 cents to $2.50 a dozen. Indian Motor Cycle had deficit $368,793 in first half, against deficit $414,951 year ago. Insurance Oertificates, Inc., liquidat- ing value June 30 was $13.25, against $15.23 February 28, 1930. International Safety Razor earned $1.31 common share in first half, against $1.70 year ago. International Superpower liquidating value June 30 was $43.34, against $40.58 December 31, 1929. Interstate Department Stores earned $1.65 common share in first half, against $1.71 year ago. Kaynee Co. earned $3.85 common share in year to June 30, against $4.49 in previous year. Louisiana Oil Refining installed its own vapor phase system of cracking at Shreveport Refinery. Patents have been applied for equipment developed by company’s engineers. N:flcy Dz‘in' Products New York milk price advanced 1 cent a quart. Newport Co. offers common stockhold- ers rights to subscribe to additional com- mon stock at $20. In ratio one new share for each 40 held. Oppenheim, Collins & Co. sales three months to July 31, off 18.5 per cent; siX months, 169 per cent below year ago. Porto Rican American Tobacco de- clared initial quarterly dividend 87)%2 cents on new no par A stock. Power & Light Securities Trust liqui~ dating value July 28 was $61.28, against $3.24 April 10, 1930. Pullman, Inc., earned $1.37 common share in June quarter, against $1,16; six months, $2.54, against $2.24. Radio Corporation America installa- tion sound picture units in first half totaled 1775, nearly twice previous 18 months’ total. St. Louis, San Francisco Railway re- calls about 1,000 emploves. ‘United States Steel Frick Coke Works shut down. ‘Warner Bros.’ Pictures omits $1 quar~ terly common dividend currently due. Western Auto Supply earned $1.07 common share in first half, against 42 cents year ago. ‘American & Foreign Power June net after taxes up 32 per cent; 12 months, 585 per cent above year ago, American ~ Steel Foundaries earned $1.93 common share in first half, vs. $2.50 year ago. Bon Ami Co. earned $3.25 common share in first half, vs. $3.42 vear ago. Burns Bros. to advance price an- thracite coal 50 cents ton at beginning September: an additional increase same amount will be made in October. Commercial Credit earned $1.10 com- mon share in first half, vs. $2.17 year ago. Consolidated Gas, Electric Light & Power of Baltimore earned $1.26 com- mon share in June quarter, vs. $1.51; six months, $3.93, vs. $3.23 Specializing in Real Estate Investments JAMES Y, PENNEBAKER 5291 1520 K St. NW. 24-Hour Parkin, Base it of Investment B oin & K Sta. Mfl:‘"m‘ 01 Day or Month. How to Be Sure! Always select a thorough- ly reliable and conservative investment and be assured of the future. Guaranty First Mortgages are just such an investment. We Make First Mortgage Loans! s 55 wewBBBEEaaStE SRHHSHE R ;g 220%>00: lecreased 1:009 per cent, compared with the figures Capital Resources, $3.800,000 24 JACKSON PLACE Volume as in 1929, Gross sales of 20 leading chain store systems for the month of July showed & decline of 6.84 per cent, compared with the same period of 1929, whereas for the seven months ended with July sales for the same systems d {gr thle nlx;‘ne period of last year, accord- g to the monthly compilation of George H. Burr & Co. 5 Sales of these twenty store systems aggregated $108,287,253 for July, against $115.996,385 reported for July, 1929, & decrease of 87,709,132, or 6.64 per cent. Losses in sales were reported by Sears, Roebuck & Co., F. W. Woolworth, Montgomery Ward, 8. 8. Kresge, Na. tional Tea Co., McCrory Stores, National Bellas-Hess, F. & W. Grand-Silver and Kline Bros. For the first seven months of 1930 these 20 store systems report gross sales of $805,624,201, compared with $805,- 695,852 reported for the corresponding period of 1929, the decrease being $70,- 561, or .009 per cent. Gains and Losses Shown. Sales of the individual store systems for July and seven months follow: Sears-Roebuck . 995 *14.9 B RRooiwerth 33 008.008 +14 Montsomers Ward National Bellas-ies: J.J. Newberry Co. F. & W. Grand-Slve; Store ot a3 e Lerner Btores.. Schulte-United Tellan St BaRENLE BR BN 8 Sa3ShgINg Rt ahsanans $808,624,201 § U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business August 6 was $162,779,949.90. ‘Total ordinary expenditures, $9,853,802.60. Real Esta INTERNATIONAL BANK Investment Securities e B8 16 Jackson Place tries sl M ] 3 ; (\RE UTE INSLpgp= %% Pimfi:l:i.'Mns:./Q g A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent U Bldg. Nat. 1018 REAL ESTATE LOANS Made at Low Interest Rates YLK & RUTHERFORD First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. #04 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspece tion invited. B. F. SAUL CO0. Nat. 2100 928 15th St. N.W. ) te Loans Ample funds always available for loans on improved property in the District of Columbia and nearby Maryland and Virgini Low Interest Rates Long Term 809 15th St. N.W, ortgage Loan District 9486 Correspondent M Metropolitan Life Insurance Company Equitable o-operative Organized 1879 JOHN JOY EDSON, President Assets +..95,123,083.61 Blg. Ass'n YEAI ‘WALTER S. PRATT, Jr.,, Secretary Surplus & Profits. ..$1,755,911.57 Sni:uriplion for the 99th Issue of Stock Being Received Wise Saving! Regular consistent saving is the only SURE method E Come in and let us explain our plan! XPECTATION BECOMES REALITY when y rou invest in our 6% FIRST MORTGAGES Over a Third of a Century Without a vested Loss * we have —because the stated interest never varies; the pay periods are never interrupted—and the principal is securely safe, in- in improved real estate conservatively ap- praised. May be purchased in amounts from $250 up. B. F. National 2100 SA THERE IS NO UL CO. 925 15th St. N.W. SUBSTITUTE FOR SAFETY