Evening Star Newspaper, August 15, 1930, Page 13

FINANCIAL. BANKING INSTTTE OUTIE TOMORRON Forty Expected to Attend Picnic at Galesville, Md. Consuls List Announced. Officials or the Washington Chapter, American Institute of Banking, will hold . their regular monthly meeting tomorrow in the form of a joint meet'ng and outing at the Sum- 1 mer home of Dr. Joseph D. Rogers, District deput coroner, dt Gales- ville, Md., on Chesa~ peake Bay. The group will consist of about 40 persons, including the officers and board of governors and committee chairmen of the chapter, headed by the president, Prank M. Perley, of the American _Security & Trust Co. The work of the chapter in educa- tion for the year has been outlined by Aubrey O. Dooley, first vice president and chairman of education. The list of consuls for the chapter for the year was made public by H. F. Kimball, chairman of the publicity com- mittee of the chapter, as follows: Paul J. Seltzer, main office, American Security & Trust Co.; Henry O'Neill, Central branch, American Security & Trust Co.; Gilbert F. Murphy, South- west branch, American Security & Trust Co.; Paul Vanderbilt, Northeast branch, American Security & Trust Co.; Rob- ert B. Field, the Anacostia Bank; Lewis Dennis, Bank of Commerce & Savings; Garth L. Beaver, Chevy Chase Savings Bank; John M. Castell, Columbia Na- tional Bank; James H. Dodge, Com- mercial National Bank: Ruth’ Libby, the* Departmental Bank; Frank Cook, District National Bank; Richard I. Schaefer, East Washington Savings Bank; B. M, “Brothers, Federal-Ameri- can National Bank; Ralph Norton, Franklin National Bank; J. E. Mc- Geary, W. B. Hibbs & Co.; Ralph Col- lins, hbertg National Bank: George McClellan, Seventeenth and H streets branch, Lincoln National Bank: Robert E. Lee, main office, Lincoln National Bank: Anne P. Crawford, McLachlen Banking Corporation; Eugene Marks, Merchants Bank & Trust Co.; Willard G. Barker, Morris Plan Bank; Wilson R. Stokes, Mopnt Vernon Saving Bank; Allen Norris Humphrey, the Munsey Trust Co.; Edward B. O'Connell, the National Bank of Washington; Charles B. Hagen, National Metropolitan Bauk; D. Morris, National Savings & ‘Trust Co.; P, Henry Coates, North Cap- itol Savings Bank: Lloyd 4 Johnson, Northeast Savings Bank; Collins O. Lamb, Park Savi re main ¢ ), Bank; Lawrence W. Engelman, Dupont Circle branch, Riggs National Bank ‘Kenneth eld; ‘Park road branch, Riggs Nati Bank; Robert M. Wilson, Seventh and L'streets branch, Riggs Na- tional Bank; Norman F. Brown, Eight- eenth street and Columbia road branch, Riggs National Bank, Brown, Farmers & Mechanics branch, Riggs National Bank; Stuart S. Ogllvie Sec- ond National Bank; Frederick A. Daum, Security Sa & Commercial Bank; Kathryn E, Bowers, Seventh Street Savings Bank; Charles J. McDowell, United States Savings Bank; Remick 8. Ferguson; ‘the ington Loan Trust Co.; Willlam T. Matthews, Wash- ington Mechanics Savings Bank; Au- gust R. Terneak, Washington Savings Bank: Valentine W. R. Smith, the Citi- vens Nationial Bank, Alexandria, Va. E. Wallace Schreiner, the First N tional Bank, Alexandria, Va.; Jesse R. Stein, Peoples State Bank, Cherrydale, Va.. A. E. Bryan, jr., Takoma Park Bank, Takoma Park. Md.-D. C. F. L. Waters, jr., Friendship Branch, Riggs National Bank. John Joy Edson. D. C. Exchange. Trading on the Washington Stock Ex- change was-confined today to & few odd l‘ms consisting mostly of public utili- tes. : Prices held generally firm. The only transactions worthy of mention were sales of $5,000 Raflway 4s at 89% and 30 shares of Merchants” Bank & Trust Co. at 125. In the unlisted department 100 shares of Washington Savings Bank stock brought 1215 a share. Bank stock quotations were a little more interesting than they have been. New Treasury Bills. Secretary of the Treasury Mellon an- mounced that the issue of $120.000,000 in Treasury bills had been sold at average price of 99.504, equivalent to an average rate of 1.96 per cent on a bank discount basis. The bills were dated August 18, 1930, and mature November 17, 1930. Appli- cations were received for $397,162,000. During the depression, while statis- tics of most corporations show a de- cilne, there was distinct optimism in the Teport today by the Great Atlantic & Pacific Tea Co., which has many stores in this city and vicinity, that they had greater sales for July, 1930, “than for any other July in the history of the company.” . The increase in dollar sales, the re- e said, was 3.26 per cent over sales or the corresponding period a year ago, and the increase in physical volume was 14.33 per cent. of directors are still active in directing the destinies of the Washington Loan & Trust Co. which today was receiv- ing congratulations on its forty-first birthday. The three are: John B. Larner, now president, who was then general counsel; John Joy Edson, who is now chairman of the board of direc- tors, who was then vice president, and Albert F. Funk, a member of the board. Reserve Credit. The daily average volume of Federal Reserve Bank credit outstanding dur- ing the week ending August 13, as re- ported by the Federal Reserve Banks, ‘was $1,001,000,000, an increase of $13,- 000,000, comparsd with the preceding week, and a decrease of $380,000,000 compared with the corresponding week of 1928. On August 13 total Reserve Bank credit outstanding amounted to $982,- 000,000, an increase of $42,000,000 for the week. This increase corresponds with increases of $36,000,000 in mem- ber bank reserve balances and $5,000,- 000 in unexpended capital funds, etc., and a decrease of $5,000,000 in mone- tary gold stock, offset in part by an increase of $5,000,000 in Treasury cur- yency. Bloomfield H. Howard of this city has been elected a member of the board of directors of the District National PBank. He was formerly a patent at- torney, but recently has given up this practice to give his time to manage- ment of his investments. Western Maryland Railway. BALTIMORE, August 15 (Special).— ‘Earnings of the Western Maryland Rail- way continue to decline, according to estimates for the week ended August 7. Teceipts for the period were estimated at $359,039.97. - This compares with $394,102.18 for the corresponding week last year and is a decline of $35,062.21, ‘The drop is 1 per the decline of the prceding week from the corresponuding week of 1929. Miscellanéous freight and freight from coal and coke continue to account for most of the decrease, but, ger revenue continues to fall off, the percentage of decline for the weel ended A t 7 having been 67 per cent bl nnm'a‘: decline of 58 per cent in cent greater than ‘Washington Loan & Trust. § ‘Three original members of the NIM‘ k\ Note—All stocks are sold in ome hundred-share lof megwll those designated by the letter s (80s) (2505 hich shows those stocks to be sold in odd lots only. 1930~ Sales— 00. Hivh, wl ~Fre 7% 21% Adams Kxp (1 60). 41% 15% Advance Rumlev pf. 156% 1034 Alr Reduetion (3)... 36 16 Alr Way Tl Ap(2%). 214 Afnx Ruhber. ... 15'% 85% 343 68 4814 Allis-Chalmers (3) 4% Am Agricul Chem 23 Am Agricul Ch pf. 68 Am Bank Note (13). 61 Am Bank Note pf (3) 150 41% Am Brake Shoe(2.40) £% Am Brown Bov El 1084 Am Can (4). 42 AmCar & Fa .39 Am Chain (3) . 914 Am Comm Alcohol. ,. 334 Am European Secur. 56% Am & Forn Pow: 95 Am & For Pwr pf(6 14 Am Hawalian (110). 17% Am Hide & Lea pf. 3L Am Ice (14).. 28% Am Internat] (3 1% Am La Fr & Foamite 40 = Am Locomotive (4).. 90 Am Loeomot pf (7). 85% Am Mch & Fou Con. 175 Am Mach & Fay (7). 8 Am Mach & Metal 29 Am Metal Co (1% T2 AmPwr&Lt1),. AmP&Lpf A (3%) Am Rolling Mill(n2) 52% Am Safety Ragor(5). 46% Am Shipbuilding (§) 53 - Am Sm & Ref ¢4). .. 103 Am Sm & Ref pf (6). 133% AmSm & Ref pt (1) 6% Am Solv & Chers.... 18 Am Sol&Ch ov 1f(3). 2514 Am Steel Fdy (3)... 110% Am Steel Fdy of (7). 424 Am Stores (2)...... 9% Am Sumatra Tob. . 200'% Am Tel & Teler (9). 197 Am Tobacco (112). 197 Am Tobacco B (t12). 117 Am Tobacco B(new) 78% Am Water Wka (n1). 99% Am Wat W 1st pf(6) 19% Am Woolen pf...... 4415 Anaconda Cop (3%), 2614 Anaconda W&C(14) 18 Andes Copper (1%). 19% Archer-Dan-M (2). 4% Armour of 11l (A) Atch To & 8 Fe (10) . 145 Atl Coast Line (110). 49% Atl Gulf & W Ind(2), 10% Atl Refining (12).... 101 Atlas Powder pf (8). 251 Atlas Stores (n1) 91 Auburn Auto (§4).... 87 Auto-Strop Saf R(3) 4% Aviation Corp of Dal 19% Baldwin Loco (1%). 984 Balto & Ohio (T).... 107 Bamberger pf (6%), 20% Barnsdall. A €3).... 67'% Beatrice Cream (4) 49% Beech-Nut Pkg (3).. 21 Belding-Hemingway 27% Bendix Aviatior (2). 31% Best & Co (2). 7% hlehem Stee. . 122% Bethlehem Stl pf ¢7) 28% Bohm Al & Brass (3). 60% Borden Co (k3)..... 23% Borg Warner (3). 18% Briggs Mfg Co. 12% Brockway Motor Trk 68 Brockway Mot p£(7). 8% Bilyn-Manhat (4). .. 66% 53 . Bklyn&Queens pf(4) 178% 115 Bklyn Union Gas (5) 817% 19% Bucyrus(1)....eees 43 33% Bueyrusov pf (2%). 80% 13% Bruns-Balk-Col, 83% 5% Bruns Ter & Ry 29% Burr Add Meh (I)..: 99 Bush Term deb (7),. Cop & Z (50¢) . Callaahan Zine & Ld. 48% Calumet & Ariz (2).. 13 Calumet&Hec(all 56 Canada DryG A (6). 165% Canadian Paeific(10) 41% Can Pacific(new)w.L 160 Case (J L) (6)...... 115 Case (J D pf (1), Caterpll Tr (13%). 9 Calotex Co, .. 231 Cent Aguirre As1%. 43% Cerro de Pasco (6).. 54 Certain-teed Prod 19% Checker Cab (4. 44% Chesapeake & Ohio. 51% Ches & Ohto Corp (3) 19% Chi M1l StP & Pac 66 Chicago& N W (5. 90 ChiR1&Pao(7)... 18 Chick 110 104% Col Gas & El pf A(6). 87% 15% Colum Graph (a28c). 199 108 Columbian Carb (16) 40% 23% Comm Credit (3! 44% 31% 55 28% 87 b0 38 20% 204 12% 104% 99 56% 23% 19% 104 1 % 80 67 27% 15% 28% 18 136% 96% 103% 99% 2 13 22% 1% 62% 18 7 3% 4% 66% 1% 50 8T% 15% % 50 30 18% 40% 184 111% 83% 148 140 33 15% 35% 251 22 10% 59% 38 98% T0% 117 104 e 19% 9 65% 40% 2% Y 121% 114% Comm Inv Tr(g! Com Inv T cv pf(eé) Comm Solvents ($1). Comwlth & Sou(60¢c) Cmwith & Sou pf (6) Congress Cigars (4). Consoleum-Nairn... Conley Tinfoll(stpd) Consol Cgr pr pf 6% . Consol Film (2).. Consol Fiim pf (2). Consol Gas N Y (4) Consol Gas NY pf(5) Consol Textile. Container(A) (1.20). Contl Baking (A) Contl Baking (B)... Contl Baking pf (87.. Contl Can (3%).. Contl Diamond (2) Contl Insur (3.40). Contl Ofl of Del....n Cont Shares (1). Corn Prod Ref (14%4) Corn Prod pt (7). Coty, Ine...... Cream of Wht(12%). Crosley Radlo. .. Crown Cork & Seal Cructble Steel (k§ Cuban-Amer Sug pf. Cuban Dom Sugar... Curtis Publish pf(7) 14% 61 Curtiss Wright Corp 19% 7 Curt Wright Corp A. 90% 55 Cutler-Hammer(3%) 34% 24% Davison Chemical. 181 146 Delaware & Hud (9. 163 110% Del Lack & Wn (17 265% 195% Detroit Edison (8] 240 139 Diamond Mateh ¢ 87% 67 Drug Corporatn (4) . 43 15% Dunhill Intl (34) 105 97 Duplan Silk pf (8) 145% 5% Du Pont de N (14.70) 121 114% Dupont deN db pt(6) 266% 175% Eastman Kodak (18) 3T% 19% Eaton Axle &S (3)., 6z 38 Eitington-Schild pf.. 114% 56% Eleo Auto Lite ¢6).,. 110% 106% EI Auto-Lite pt (T, 9% 34 Electric Boat, 108% 49% Kl Pwr & Lt (1). 100% 97% Elec Pwr&Lt pf 112 105 EI Pwr& Lt of (7)., 9% 8 50% 635 62% 48% 30% 614 Evans Auto Loading. 50% 8414 Fatrbanks Morse (3) 111% 102 Fairbanks M of (7).. 98% 91 12% 7% Fed Motor Tr (80¢).. 89%, 1008 146% 2 19% 16 25 X 22 61 117% 2 16% 7 1% 100 9% 33 20% 17 258 4“4 1 n 5% 7 2% 10 101% 308 106% 396 176% 50s 123% 4l 112% 3 119 36 207% Fed Lt & Trae pf (8). 50: THE EVENING STAR, WASHINGTON., D. C., FRIDAY, AUGUST 15, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Prev. Low. Close. Close. 241 25 244 . 21% 109 '; ich, Dividend 4 Fed Wat8 A ¢ 103% ,103% 2%® 2% 1% 2 644 65% 1 1 53% 54w 13% 14 €3 63 166% 170% 40% 42% 164% 176% 123% 128% 58 54 13% 13% 23% 23% 464 614 22% 46% 65 3% 2% 145 39 % % 119 6% 85 68 26% 4 161 114 214% 226 7% 19 105 111% 11y 207% 2214 40 72 8 U 87% '36% 0 108 110 96 95 ° 96w L S Prev.1930~ Stoek Firestone T&R(1.60) Firestone T&R pf(§) First Nat Stre (2%). Fisk Rubber........ Follanshee Bros (2). Foster Wheeler 12).. Fourth Natl [nvest. Fox Film (A) (4). .. Freeport Tex (t5) Fuller pr pf(17.94) Gen Am Tnk Car(24) Gen Asphalt (4)..... Gen Bronze (1)..,,. Gen Cable. Gen Cable A. Gen Cable pf (7).... Gen Cigar (4). . Gen Clectrio (1.60).. Gen Elec spec (60c) Gen Food Corp (3) Gen Gas&El A (e3! n G&EI ev pf(f), Ita! Rds (32.62). Out Adv(A) (4). Gen Realty & Utll... Gen Rity& Ut pf (e6). Gen Refract (t4%). Gen Theat IZquip vte Gillette Sar Raz(nb) Glimbel Bros...oouee Glidden Co (2). Goodrich (BF). 4 Goodyear Tire (5) Goodyear 18t pf (7 Gotham Silk Hosle: Grabam-Paige. , Granby Con Min (3). Grand Silver 8 (m1). Grand Unton. ... Grand Union pf (3). Granite City Stl (4). Grant (W T) (1).s.s Gr Nor ctfs Ore (a% . Gre. West Sug(1.40). Grt West Sug pf (1), Grigsby Grunow.... Hackensack W (1%4) 10s i Hahn Dept Store: 9 Hahn Dept S pf(6%) '1 Hanna pf (new) (7). 1608 Hershey Choe (6).... y Choo pf(16) Hi ey Ch pr pf(6). Holland Fur (e12%). Houdaille-H (B)1.20 Houston O1l (b10%). Howe Sound (1434).. Hud&Ma: (3.60 Hudson Mator (6)... Hupp Motor Car (21« Illinots Central (1) .. Independ Ofl & G(3) - 3 e s » Inspiration Cop Interboro Rap Tran. Interlake Lron (1)... Intl Agricuitural. ... Intl Bus Mach (n6).. Intl Carriers, Ltd %« o Intl Comb Eng of. Int Combust pf ctfs. intl Harvester (3% ). 4 Intl Harvesterepf(7). Intl Hydro El A (e2) Intl Match pf (4). Intl Mer Marine (2 Intl Nickl of Can(1). Intl Nick. Can pf(7) Intl Paper pf (1) Intl Pap & P (A)! Intl Pap & Pwr (B).. Intl Pap & Pwr (C).. Intl Pap&Pwr pf (7). Intl Printing Ink (3) Int Pr Ink pf etf (6), Iatl Salt (new) a wBeriinIuRoorasmunBacs 2).. Island Creek Coal(4. Jewel Tea (14)..u. v 6 Johns-Manville (3).. 74 88% Johns-Manv pf (7)..100s 122% K CP&L 1st pf B(6), 208 1144 Karstadt (R) (1.03), 3 Kayser Julius (23%).. Kelith-Albee-O pf(7). Kelly-Spring Tire. .. Kelly-Spring 8% f. Kelsey Hayes (2).... Kelvinator Corp. % Kennecott Cop (3) Kinney (GR ) of (8). % Kolster Radlo. . Kreuger & Toll 1.60. Krog Gr & Bak (n1). Lehn & Fink (3).... Ligg & Myers B(15). Liquid Carbonie (4) . Louisiana Ofl...... Lou G'& El(A) (1% Louts & Nash (7). Ludlum Steel (2). McKeespt T P1 (15) .. McKesson & Rob (2), Mack Trucks (6).... Macy (RH)&Co (nt3) Magma Copper (4).. Man Elev mod g (d5) Manhat Shirt (1). Marine M1d (1.20) Marlin-Rock (15%) Marmon Motor Car.. Marshall Fleld (3%) hieson Alkil) (2). Dept Strs (n2).. Mengel Co (2) Mexican Seaboal . Miami Copper (1%).. Michigan Stl (hfl;fi Yo « - - B wolbrenasdnaSemumnSea Middle States Ofl et.. Midland Steel (3)... Midland Steel pf (8). M StP & S8M... Minn Moline Pwr. MoKan & Texas (2).. Mo Kan & Tex nf(7). Mohawk Catrpet..... Mansanto Ch (g134). Montgom Ward (3).. Morrell & Co (4.40).. Mother Lode (20e). Motor Meter G & Motor Wheel (3) Mullins Mfg. Munsingwea . Murray (b2%stk)... Nash Chat & StL(5). h Motors (4).... Acme (1%)..... Biscuit, n(2.80). Natl Cash Reg.A(14) Natl Dairy (12) Natl Dept Stor i o rem 23 Steel (2).... Natl Supply pf (7). Natl Surety (6)usese Natl Tea Co (2)..... Nevada Copper (1%) Newport Co (A) (3). N ¥ Atrbrake (3.60).. N Y Central (8). N Y Chi & StL (8) N Y & Harlem (6) NYNHA&Hart (6). North Am(b10 % stk) % North Am Ed pf (6).. Northern Pacifie (6). Ofl Well Bupply. . 011 Well 8up pf (7). Oliver Farm Equip. Owens 111 Glass (3) Pacific Gas & E) (2). Pacific Lighting (3). Pacific Te! &Tel (7). Packard Motor (1).. !lg 6 39 Param’nt Publix arrts W 8% 13% bEM 5% 56 102% 177 101% 8% 2% 116 222 T 98% 104% 70 23 106 17% Bl 53% (Continued on Page 14.), _aiitvasllaun STOCKS FORGED UP | AS BEARS RETREAT Several Shares Gain $5 to $12 in Late Rush to Cover. By the Associated Press. NEW YORK, August 15—The over- grown bear faction clumsily stumbled into a trap in today’s stock market, and was forced to pay fancy prices to get out. . A long list of important shares shot up 5 to 12 points in the final hour of trading, as the bears, after three days of unsuccessful efforts to send prices lower, fell over each other to buy back the shares they had sold short, and found disconcertingly little stock for sale. United States Steel shot up 7 points, one of the sharpest advances in this premier issue in recent years, such issues as American Telephohe, Vanadium, Columbian Carbon Air Reduction, West- inghouse Electric . and American Can gained 5 to 10, while Case mounted 12. Profit taking by traders who bought at lower levels for a turn caused some recessions from the best levels. With some 180 stocks lending “flat,” indicating that the borrowing demand is so great that borrowers are willing to forego interest on the funds deposited with lenders, the bear faction appears to have attracted what is perhaps an un- precedented. following. ~Some brokers estimate that the short interest amounts to between 4,000,000 and 5,000,000 shares. Try for Quick Turn. While many observers - insist that these estimates are too high, the feeling that some unexpected plece of good news might create a sudden demand for some 4,000,000 shares to cover short contracts has definitely impaired bearish courage. Some professional traders have begun to try for a quick turn on the upside, although there has been little or no inclination to organize any new bull campaign. The market sold off about 1 to 5 points in spots during the morning, but important shares held about steady, and before midday most of the losses were regained, while a long list of issues sold up 1 to 3, with a few making wider gains. The tobacco issues were strong, American Tobacco B shooting up more than 8. American Machine & Foundry, which makes tobacco machinery, traded for the first time this week, shooting up more than\20. Shares making advances of about 2 to 3 points included United States Steel, American Can, Eastman Kodak, National Biscuit, Public Service of New Jersey, Dupont, Johns-Manville, Air Reduction and one of yesterday's weak features, Republic Steel common. Extensive rainfall, apparently 'bre ing the drought over some of the m&St seriously affected areas, was one of the most bullish developments of the day. Such developments as unsatisfactory earnings reports and rumors of reduce tions in dividends appeared to have been pretty well discounted marketwise, al- though the coppers sagged somewhat. in response to reports that both Kennecott ;nd Anaconda may make further redue- ons. Late Price Changes. The gnternational Paper & Power issues, . ¥hich were acutely weak yes- terday, firmed up after publication of the statement showing a June quarter deficit of $1,300,000 after dividends. It was learned at the offices of the com- pany that the drought had not affected its hydroelectric properties. Warner Bros. sold off 3'points after announce- ment of the issue of rights, then rallied. Chrysler was steady to firm in response to its June quarter report, showing the dividend practically earned and cash position further strengthened. RECORD MANGANESE IMPORTS REPORTED U. §. Purchases for First Half of 1930 Are Largest in History. By the Associated Press. i United, States imports of manganese ore during the first half of 1930 were larger than for any first half year on record exce&letns the comparable period of 1926, Commerce Department announces. ‘Total incoming cargoes amounted to 370,903 long tons, representing an actual manganese content of 178,389 long tons, as compared with 342,059 long tons, with an actual manganese eontent of 165,602 long fons for the first six months of 1929. In that period, how- ever, consumptive demands of the steel industry, operating near capacity, were considerably higher than now. The cur- rent year's increase in imports in the face of a stagnant world manganese market is believed by the trade to be in fulfillment of contracts made last year. Russia, Brazil, the Gold Coast and India furnished approximately 98 per cent of the total during the period, with the first named holding the largest share of 47 per cent. Shipments from that source showed a gain of more than 20,000 tons over receipts for the same period of 1929. Russia has again reached the position of the world's lead- ing producer and exporter of the ore, and during the fiscal year ended Sep- tember 30, last, set a new post-war production record of 1,256,788 metric s tons. Notwithstanding the Russian compe® tition and internal economic conditions, Brazil's contribution to the United States amounted to 107,700 tons, ap- roximately 30 per cent of the total. is compared with 130,850 tons im- ported from that country during the first half of 1929. For the time being the Gold Coast definitely has replaced India as the third most important source of United States receipts, and indications are that imports from this source will continue to mount as long as a favorable market exists. First half imports from this sec- tion amounted to 51,807, compared with but 5,606 for the same period of last year, . Tripping over a cat while she was preparing dinner, Mrs. Eliza K. Smith, 79, fell, causing fatal injurles, at Pec! ham, England, recently. M})ney to Loan Secured by first deed Frovaliing interest. and” oo 420 W, Joseph I. Weller REAL ESTATE LOANS Made at Low Interest Rates ERFORD 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. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 15.—The fol- lowing {s a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press: News Trend. Of the eight groups of commodities making up the Annalist Weekly com- modity price index, six declined in the week of August 12. The two groups to record increases were food products and fuels. The farm products price average declined about 1 per cent be- { cause of the sharp drop in beef prices and lower cotton quotations, which more than offset the advance in grain quotations. The composite index now stands 18.2 per cent below level of a year ago. Reports from oil industry indicate efforts are being made to curtail crude output further. The Texas. Railroad Commission has issued an order fixing the maximum daily production for that State at 750,000 barrels, This is a reduction of 80,000 barrels from the present daily average. Oklahoma oper- ators will meet next week to vote on continugnee of proration in that State for additional 90 days from Septem- ber 1. Outstanding in corporation news is the announcement of new financing by Warner Bros. Pictures, whereby rights will be offered common stockholders to purchase additional stock at $20. Fa- vorable earnings statements were pub- lished by Apex Electrical Manufactuirng and National Screen Service. Dividen of Parmelee Transportation was re- duced to b cents a month from 12% cents. The Companies. Apex Electrical Manufacturing _first half :lfllfl;lnzs $1.48 common share, against $1.09 year ago. Baldwin Locomotive gets contract for 15 large locomotives from Chicago Great Western Railroad. Driver Harris Co. to build $250,000 addition to Harrison, N. J., plant. Ford Motor St. Paul plant, reopened after two-week -shutdown, has about 1,500 employes. General Fireprool Teceives orders for 4,000 aluminum chairs. Gulf Oil reported negotiating for use of eastern portion of Buckeye Pipe Line system. National Screen Service first half earnings $2.78 common share, against $2.06 year ago. New York, Ontario & Western Rail- way had deficit $484,477 in first half, against deficit $475,074 year ago. Parmelee Transportation reduces monthly dividend to 5 cents; formerly paid 1214 cents monthly. Pennsylvania Power & Light surplus after preferred dividends but before de- preciation, 12 months to June 30, up 5 per_cent. Republic Steel Electric Weld Pipe mill operations placed on 300 tons daily schedule. Sears, Roebuck & Co. rents double store in White Plains, to carry line automobile tires and accessories. Union Natural Gas of Canada, Ltd., acquired control of London City Gas of London, Ontario. United States of America Treasury accepts bid for $120,000,000 three-month bills; average price, 99.504; average rate on bank discount basis 1.96 per cent. United States Steel subsidiary, Elgin, Joliet & Eastern Railway, orders con- struction 300 flat cars and 250 gondola cars in own shops. Warner Bros, Pictures common stogk- holders offered right to subscribe to 755,000 additional common shares at $20 share in ratio one new for each four ;lldgl value rights stock selling 29, about ‘Westinghouse Electric & Manufac- turing introduces portable electric power plant driven by gasoline engine which devel 2 horsepower. Zonite ucts first half earnings, 65 cents common share. DROP OF $59,000,000 IN LOANS IS REPORTED Speclal Dispatch to The Star. NEW YORK, August 15.—The week- ly statement of the Federal Reserve on okers’ loans showed a decrease of $59,000,000 to a total of $3,155,000,000 for the week ended August 13, the low- est since the week ended July 27, 1927, when the loans figure stood at $3,141,- 193,000. This week's total compares with $3,214,000,000 a week ago and $5,- 952,000,000 a year ago at this time. Loans for own account decreased $73,000,00 in the current week, while loans for out-of-town banks increased $11,000,000 and loans for account of others increased $3,000,000. Demand loans made up- $2,513,000,000 of the total, compared with $2,578,000,000 a week ago and time loans were $642,000,- 000, against $635,000,000 last week. ‘The New York Federal Reserve Bank rediscount rate continues to stand at 2% per cent. ‘The Netherland East Indies expects an_early recovery of busin Specializing in Real Estate Investments JAMES Y, PENNEBAKER Nat.5291 1520 K St. N.W. irst Mortgage Loans In Arlington County and Alexapdria, Virginia Commonwealth Investment Co., Inc 806 15th St. N.W. National 2623 Mortgage Loan Correspondent for The lential Insurance Co. of America Money on Hand to Loan o First Deed of Trust 6% Interest Bu-onahmb.lo Coun“:dol: and Abpiicaiions JAMES F. SHEA 643 Louisiana Ave. N.W. How to Be Sure! Always select a thorough- ly reliable and conservative investment and be assured oi the future. Guaranty First Mortgages are just such an investment. We Make First Mortgage Loans! Capital Resources, 33,800,000 24 JACKSON PLACE FINANCIAL. PURCHASING POWER OF DOLLAR IS HIGHER ~24-l!our Parki; el it of llv‘r » 151 q“‘. et. 1601 By the Assoclated Press. i"’ J "‘:"' Gollas pRrchasiag power iase hine e & power last June was arie-tenth higher than in the same | '©' \“_Uf[ INSUR4,~.°® Eu:‘m mfi?n. bludodmon m ':dnm- @S\ 9 4/7 1 0! on comme es, ace " cording to_ their importance. Pittsfield . Mass. Month before last the purchasing G power of the 1026 dollar was $1.152, | A Standard Low Premium Policy 2 X reases have en ace t 2 1L AR RGN of CAROGT pdin ;Bulmel ll‘l_d Professional Men ing from less than .5 per cent' in the | Details on Request case of housefurnishings goods to near F. T. Koons, General Agent ly 14 per cent In the case of farm prod- | _Union Trust Bldg. Nat. 1015 Geo. H. Price & Co. F. Harold Deland, Pres. Geo. H. Price, Vice Pres. Velmah McNab, Asst. Sec’y & Treas. Have moved to their new offices —At— 1427 Eye St. (Chandler Bldg.) Telephones: National 4686 and 4687 Foymerly at 815 15th St. (Smith Bldg.) F. Harold Deland Geo. H. Price Byrne Austin Real Estate Loans Ample funds always available for loans on . improved property in the District of Columbia and nearby Maryland and Virginia, Low Interest Rates Long Term WERRCS 809 15th St. N.W, District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Equitable Co-operative Bldg. Ass'n oo STENE s SR TLRSE Assets. ++..$5,723,083.61 Surplus & Profits. ..$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Wise Saving! Regular consistent saving is the only SURE method and let us explain our plan! 1853 We take pleasure in announcing that MR. MYRON M. PARKER, Jr. has become associated with us in our Washington Office STEIN BROS: & BOYCE Established 1853 Woodward Building . . . Washington, D.C. Main Office: Itimore, Md. NEW YORK, Baltimore and Louisville Stock Exchanges Associate Members New York Curb Exchange MORTGAGE IF YOU COULD LOOK INTO THE STRONG BOXES of men whose financial judg- ment you respect you'd find First Mortgages generously in- cluded among their investments —because of the definite and liberal interest and the depend- able security, Our 6% FIRST MORTGAGES offer all these advantages and safeguards. Over a Third of a Century Without a Loss May be purchased in amounts from $25C up—upon our con- venient Partial Payment Plan, SAUL CO. 925 15th St. N.W, L National 2100 THERE IS NO SUBSTITUTE FOR SAFETY