Evening Star Newspaper, August 29, 1930, Page 13

FINANCIAL. ., PEPCO NET GAINS INMONTH OF JULY, $71,009 increase Revealed in Report Filed Today—Op- erating Revenue Higher. The Potomac Electric Power Co., whose July report was filed today, showed consistent gains all along the line. Net income rose from $278,659.38 in July, 1929, to $349.668.96 in July, 1030, a gain of $71,009.58, while net income for the year to date increased from $2,531,454.57 in 1920 to $2,687- 228.27 in 1930. Operating Tevenue of the Potomac Electric Power Co. grew from $763,- 708.31 in July, 1929, to $824,776.89 in Jul\ 1930, and for the years to date from $5,732,781.41 for 1020 to lfl 0;“;52 52 for 1930, Deny Company Sale. Ernest H. Danlel, president of the Carry Ice Cream Co. of this city, to- day continued to deny that negotia- tions for the sale or merger of his com- y to the Beatrice Creamery Co. of hicago had been completed. Negotia- tions he admitted were under way, but he insisted that they had not yet been consummated. In Chicago, the Beatrice Co., yester- " jssued & formal announcement, as follows: “Beatrice Creamery Co. announced ac- | uisition of the Carry Ice Cream Co., | & m, D. C., and the Maryland | Créamery Co. of Baltimore, as the sec- | ond step in the company's Eastern ex- n program. “At the same time it was announced that application will be made to the k Stock Exchange to list 57 additional shares of preferred and 58,648 additional common shares in :mnecthm with these and other acqui- tio) “Combined sales of the two com- nies acquired totaled $8,476,000 in and Baltimore cream prodt 3 luwlu its first representation in Hly List Stock Here. Beatrice Creamery preferred Stock Exchange, and there is a possi- bility of the preferred stock being listed ‘Washington Exchange. Net profits of the Beatrice company for six months ended August 31 wiil ate $6 a share on 208868 common stock outstanding, after preferred dividend requirements. This ‘will com) ‘with net profit, after pre- ferred dividends for the same period last year of $5.48 a share, on 195!61 shares of common outstanding. ‘The Beatrice company was recently eharacterized by the Chicago Journal of Commerce as an organization whose scope of operations has grown rapidly !n the last several years. “The com- " said the Journal of Commerce, industry and is becom- ly important producer and distributor of ice cream and milk.” D. C. Stere Sales. Business in Washington’s department stores is much above the average for the country, it was shown De'pcrment store sales of seven in this city showed a falling ofl of only 2 per cent in July as com- red to July last year, and a drop of r 634 stores in IM fi:ll‘ ton stores also reported s deenue lor the seven months of this year, against seven months last year, of only 1 4 cent, as compared to a decrease of 5 per cent for the 634 re- pomnl stores throughout the country. ‘The Federal Reserve district of Rich- mond, which includes Washington, showed a decrease in July of depart- ment store sales of 4 per cent, from 35 reporting stores, and a dmp of 1 cent for the first seven months of year as mwed to the simllar period last ye n-mmu" With eight stores report- . ahows & decrease of 3 per cent In July and 2 cent for the seven months’ per; Inllah‘ Cenvention. bankers are much inter- m in the forthcoming convention of the Ameflcln Bankers' Association in Cleveland, September 29 to October 2, in which John G. Lonsdale of St. Louls, president, declared today three | Subjects of major importance will be discussed. ‘These subjects, Mr. Lonsdale #aid in a letter to members, “may affect for years to come the elmlnn and or- | ganization of your institution.” “Pirst, bank taxation,” he says. “The aasociation will consider proposals to liberalize section 5219, United States Revised Statutes, covering State taxa- tion of national banks, which has long held off efforts to place banks in & | class by themselves for purposes of | taxation. Any proposed changes de- | mmd the fullest flllcu.llwn “Second, branch banking. It will doubtless be necessary for the associa- | tion to review its position in regard to | this subject. Official proposals for | changing the Nation's branch bc.nkln” m\‘“ are now before the country. They | not be Irnore “Third, k earnings. Banking, u‘ never be(m, is confronted with prob- | lems of bank failures and unsatisfactory | earnings, especially for country banks. | The assoclation’s laboratory of banking | has made valuable studies, and recom- | mendations leading to more scientific management and profitable operation | ‘will be presented. | “Cleveland bankers have been untir- ing for months in perfecting arrange- ments for the business meetings and the entertainment of the delegates. We | look forward to one of the most result- ful and enjoyable meetings in the asso- eclation’s history.” | BROKER LOANS DECREASE $26,000,000 IN WEEK @pecial Dispatch to The Btar. NEW YORK, August 29.—The weekly statement of the Federal Reserve on brokers' loans showed a decrease of $26,000,000 to & total of $3,102,000,000, the lowest since July 20, 19 ‘when | the loans stood at $3,058947,000. This week's total compares with $3,128,000,- | 000 eek ago and $6,217,000,000 a | rear ago. . for own account increased | $58,000,000 in the current week, but louu for out-of-town banks decreased | $59,000,000 ahd loans for account of | others were $25,000,000 lower this week. | the total, demand loans made up | uuoooooo against $2,489,000, I)UD‘ last week, and time loans were $630,- | :oooog ,;he same as the week ended | e rediscount rate of the New York Federal Reserve Bank remains at 2!4 per cent. e BANK CLEARINGS. NEW YORK, A"‘““l 29 (Special) Today. Ayear Wew York b-ll ‘clearini $1,862,000,000 ces 170,000,000 Tre * ""..d{ DCES ..oee- lflflM /000 147,000,000 108,000,000 o Gasoline Consumption. 181,000,000 NEW YORK, August 20 (P).—Jul puonm«n?u- 4 N“—All ~Frev.] 1’H E _EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 1980~ Stoek ana hmnllll- exceptiing designated lklfl'filh‘“hhhfllh Sales— hundred-share lots the letter s odd lots only. (80s) Dividend Rate. Add 00. Hiih. Low. Close. 21% Abitibl Pwr & Paper 64% ADIUDIP & P pf (6). 42 Abraham Strauss.., 21% Adams Exp (1. 16% Advance Ruml, % Ahumada Lead % 103% Alr Reduction 95 119% 107 8398, 1007 67% an, 7916 a3 221 52 69% 26% 274% 264% 126 269 129'% 125 124% 1061 20% 4% 16 Alr Way T1 Ap(3%4). 1 Ajax Rubber . 4% Alaska Juneau . 6% Albany Wrap Paper. Allied Ch & Dye(n| 48% Allis-Chalmers (3).. 4% Am Agricu] Chem. .. ‘28 Am Agrienl'Ch of.., 68 Am Bank Note (13). 61 Am Bank Note pf (3) loo- 41% Am Brake Shoe(2.40) 8% Am Brown Bov Elee. 4 108 Am Can (4). 140% Am Can pf (1). 42 AmCar & Fdv (6) 39 Am Chain (3). 86% Am Chicle (13). 9% Am Comm Alcohol 33 Am European 564 Am & Forn Powes 13% Am Hawaitan (110).. 3 Am Hide & Leather.. 174 Am Hide & Lea nf... 55 Am Home Prod( Am Locomotive (4).. 35% Am Mch & Fou 6 Am Mach & Me 28% Am Metal Co (1%).. 9 4 651 431 17% zln 132% 65 Am Nat Gas pf (7)..100s 72 Am Pwr & Lt (21) 99 Am Pwr& Ltpf (8 23% Am Ra&Std San 1%. 48 Am Rolling Mill(n2) 5215 Am Safety Razor(5). 1% Am Ship & Com. 53 AmSm & Ref (4). 38 Am Snuff(13%).. 6% Am Solv & Chem 354 Am Steel Fdy (3)..,. 47 Am Sugar Ref (5)... 9% Am Sumatra Tob.... 2004 Am Tel & Telex (9). 197 Am Tobaeco ($12)... 118 Am Tobaceco (new).. 197 Am Tobacco B (112). 117 Am Tobacco B(new) 120 Am Tobacso pt (8).. 78% Am Water Wks (n1) 99% Am Wat W 15t pf(6) 7% Am Woolen, .. 321 Asso Ofl (3) 194 Atch To& 102% Atch To & 144 Atl Coast Line (¢ 49% Atl Gulf & W Ind(2). 0% At] Refining (12) 101 4 18% 60 n)k fil' 110 378 o1 W Avistion Corp of el 19% Baldwin Loco (1%). 36% Balto & Ohto (1) or 63 Bang & Aroos (3%). B 58% Bklyn-Man! “) 10 Brooklyn & Queens. 29% Burr Add Meh 18% Butterick Co.... 29% Bush Termnl (3% 99 Bush Term l.i " f (7). 60% Byers (A M).. 47% Calumet & Arizona. Calumet&Hee(all%) 2815 Cent Aguirre A 228 Cent RR of NJ (n 434 Cerro de Pasco (6) 5% Certain«teed Prod. 19% Checker Cab (4.30) 44% Ches & Ohlo (2%). 51% Chesapeake Corp (; 3 Chi& Alton. Chickasah Cotton Ofl 48 Childs Co (3.40)..... 24 Chrysler Corp (3). 5% City Stores (508..... 30 Cluett-Peabody (8).. 1334 Coea-Cola (6). 48% Coca-Cola A (3)..... 50 Colgate-Pal-P (3% ). 14% Collins & Atkman. ... 12% Colonial Beacon....i 3614 Col Fue! & Iron (3).. €5 Colo & South (3).... 55 Col Gas & Ei (3). 104% Col Gas & Kl pf A(6) 124 Colum Graph (a3l 108 Columbian Carb (1 % 139 87% 434 1454 26b% 8% 10% 6z Ha% 23% Comm Credit (3). . 10 2 51 40 3 2 lan 2 3 20 20 1 28 B 03 FEumnm BT merocmon » Sa LTS - TR RaFuBhi-ndBR aBesal8 85 22% Comm Cred pf (1) . ‘l:l\n 76% Com Credit 1st 22 Comm Cred pf B (3).100s 1 4 Comm Inv Trust war 20% Comm Solvents (11) 12% Comwlth & Sou(60e) 99 Cmwlith & Sou pf (6) 10% Conroleum-Nairn. .. 67 Consol Cgr pr pf ufi 15% Consol Film (%) .. 18 Consol Fiim pf (3).. 96% Consol Gaa N ¥ (4). % Consol Textile. 11% Container(A 18% Contl Baking (A). 3% Contl Baking (B) .., 66 Contl Baking pf (). 50 ContiCan.(3%)..... 15% Contl Diamond 50 Contl naur (3. 3% Contl Motors 18% Conti Oli of Del. 16% Contl Shares (1). ... 834 Corn Prod Ref(t4%) 15% Coty Ine.. 38 Crown Corl 70% Crucible Steel 2 Cuba Cane Product § CubaCo. 4 Cuban-Ai 32% Cuban-Amer Su 3814 Cudahy Packin 1054 Curtis Publish (1834" 114% Curtis Publiab p2(7) 615 Curtiss Wright Corp 7% Curt Wright Corp A. 56 Cutler-Hammer(3%) 24% Davison Chemieal. .. 110% Del Lack & Wn (7). 45 Denver & RG W pf.. 196% Detrolt Bdison (8).. Diamond Mateb (3). 67 Drug Corporsta (4 15% Dunhill Intl (34). 95% Du Pont de N (14.70) 175% Bastman Kodad (185) 19% Baton 5 Eitingto: na 38 Eitington-Schild B56% Elee Auto Lite ( 143 108 119 83 1184 56 220% 9 2% 1 bw 1 38 81 68% 21% T4 48% 27% Sates— Add 00, lN'A El Aulle!. ot (').. 108 9% ! Pwr & Lt (1), 1 Bles Pwr&Lt pf (¢ €1 Pwr & Lt pf (1) Elec lt;fll‘ Bat Fourth Natl llnl‘. Fox Film (A) (‘l Tex ¢ Fuller pr pt(v'l.u) Gardner Motor-. . oc- Am Tnk Car($4) Asphalt (4 o Bronze (1). Gen Cable pf (7) Gen Electric (1.60) Gen Elec speo (§0¢) .. Gen Food Corp (3 Gan Gas&EL A (e Gen Milla 3) . Gen M Gen Rity&Ut pt Gen Refract (t4 Gen Theatre Equip Gillette Sar Ras(n! Gimbel Bros. ... Gold Dust pf ()., Goodrich (B P, Goodyear Tire (5)... Gotham Silk Hoslery Graham-Paige. Granby Con Min ll). Grand Unfon. . Grand Union pf (l). . Grant (W T) (1) Grt North pf (5) Gr Nor ctfs Ore (a% Grt West Sug pf (7). Grigsby Grunow.... Hackensack W (1%) Hahn Dept Stores. Hamilton Wateh 1. Hanna pf (new) (7). Helme (Geo H) (+7), Hercules Mot (1.80). Hershey Choe pf (15) Holland Fur (et2%). Houdaille-H (B)1.20 Houston O11 (b10%) Howe Sound (14%).. Hud&Man Ry (1.50). Hudson Man pf (5).. Hudson Motor (3)... Hupp Motor Car (2). itnots Centrat (1) Iilinois Cent pf () Independ O1l & G(3). fad l(ol;r Cyelo..ose Indus Ray (b5 % stk) Ingersoli-Rand (1§). Inspiration Cop (2).. Insurance Sh (46e). . Insur ctfs(Md) (60c) So Broilae SSBnweacn Intl Harvester (l“)- Intl Harvester pf(7). Intl Hydro El A (e2) Intl Match pf (4).... Int] Nickl of Can(1). Zoaro e SR e0ro Inter Dpt 8 pf xw (1) 2608 Investors Equity(3). 3 Island Creek Coal(4) l Johna-Manville (3).. Johns-Manv pf (T).. Jordan Motor Car. K CP&L 1st pf B(6 Kaufmann DS (1% Kresge Dept Store pt Kreuger & Toll 1.60.. Krog Gr & Bak Lambert Co (8). LQO Rubber & Tire. h Port Cm f (7). l.nmn Valley Coal.. Lehman Corp (3) Lehn & Fink Ligg & Myer: Lima Locomot Liquid Carbonie (4). Loew’s, Ine (3)..... 1 Loew's, Ino of (634). Loew's pf xw ($%).. Macy (RH)&Co(at3) Madison Sa G (1%). Magma Copper (4).. M14 (1.20). Marmon Motor Car Marshall Fleld (3% Mathieson Alkil) (3). Mathfeson pf ( May Dept Strs Maytag Co (12 Mengel Co (2). Metro-Gold pf(1.89). Mexican Seahoard Miami Copper (1%).. Mid-Cont Petm (3).. Middle States Ofl et. Midland Steel (3)... Minn Moline Pwr.... M StP & SSM..... MoKan & Texas (3).. Mo Kan & Tex pf(7). Mohawk Carpet... Monsanto Ch (g1%). Montgom Ward (3). Moon Motors. 4 Morrell & Ca (4.40) Mother Lode (20c) Motor Products (2).. Motor Wheel (3) Murray (b3 %stk). Myer(FE) & Bro(2). Nash Moters (4) at Aeme (1%). at) Bella Hoss. Natl Bella H pf (7).. Natl Biscuit, n(2.80) Nati Cash Reg.A(14) Natl Dairy (33)..... Natl Dept Stores (3) Natl Distillers (2).. Northwstn Tel (3) 30% Ohlo O#1Cn (2).. High. Low. 109% 109 ll\‘s 111'4 2% 22% 5344 uw- 22 16 42 121 lll 1% 1% um 1 uu I l 30% 16% 16% 34 330 Bl 274 20% 9 45 26Y% 24% (Continued on Fage 100 © D. C., FRIDAY, AUGUST 29," 1930. PEPCONETGANS [~ NEW YORK STOCK EXCHANGE | |STOCKSINADVANCE SIGNS OF BUSNESS | v s s | e 5787 o AS SHORTS COVER Rail and Industrial Issues Are Featured in Light Trading. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, August 20.—Bears who waited until the last day before the three<day week end suspension to close out_their short contracts found stocks could bé bought only at increasingly higher prices in today's stock market. Rafls, which had been heavily sold by the bear crowd, because of the lo' Summer volume of freight traffic, lowest in eight years, made one of '-he most pronounced upturns of the Sum- mer. A long list of important indus- trials, utilities and merchandising shares made moderate headway, Trad- ing was extremely dull, however, as many operators had already left town for the week end. Many Gains Recorded. w important shares failed to gain ll’l:l\ich B:l point. Advances of 3 m 5 or more ;rven‘ may Amert ‘'obacco B, Wes! ‘an Kodak, Coca. Cols,. RGk iauna Southern _ Railway and = Canadian Pacific. - In addition, Atchison, Union Pacific, New Haven, Reduction, American Telep)ume Macy and Real Silk Hosiery gained 2 or more. United States Steel trading ex dividend, gained moer than 2. Transamerica made one of the best gains since its. transfer- ence from the Curb, getting up more than 2; coincident to announcement of expansion abroad. Packard, however, eased under oconsiderable liquidation. The bull leaders probably. .applied some pressure to the bear faction, to give the list a firm tone at the end of the week:. Prominent speculators for the advance have been hoping for & better market after Labor day, but it is acknowledged that the extent of the progress to.be made will depend upon successful restoration of .pul dence in the stock market. The day's corporste news was light and. inclined to be ‘unfavorable, but it involved situations apparently salready discounted. Most conspicuous were an- ncunczmentl- of {)-npkuu“ col;. t&\:‘ 013:\- Farm Equipmen! - ferred dividend and the Celotex pre- ferred dividend. Advance In Rails. e advance in the ralls may have re::heunted more than short covering, for July earnings statements, wnue showing a reduction of about 30 cent from last year, are running a It ue better than June, as compared t0,1929, and more than 60 class 1 carriers have already re| Wall sz';oeec was inclined to place a decidedly favorable interpretation on the brokerage loan figures, showing for the second week a moderate reduction for a period of rising stock prices. If the buying has been entirely of a pro- fessional character, as some of the mo! pessimistic observers have felt, the fig- ures mmc:‘u that professionals were ing cas p‘%’h’ll & reduction of $26,000,000 is moderate, bulls point out that the vol- ume of trading has been small. Call money continued abundant at 2 per cent as eagerness to place funds for the three-day period offset with- drawals to meet holiday currency re- quirements. The Federal Reserve con- dition statement showed a reduction in the volume of credit outstanding for the latest weel The system will be able to offset any oredit tightening which may appear next week. The pinch of month end settlements is usually felt a few days after the 1st. A resumption of the gold movement to France caused no concern in circles. SR PARIS BOURSE PRICES. PARIS, August 20 () —Price changes were irregular on the Bourse today. ‘Three per cent rentes, 88 francs 80 centimes. Pive per cent loan, 101 francs 35 _centimes, Exchange on London, 123 francs 77 centimes. The dollar was quoted at 25 francs 413 centimes. Western Maryland Railway. BALTIMORE, Aul’\llt 29 (Special) — Net income of the Western Maryland Rallway for July was $146,888, as com- pared with $199,065 for July a year ago, a decline of $52,177, or approximately 26 per cent. was approximately $40,000 better than the showing made in June, when net totaled only $106,902. Gross operating revenues for the month amounted to $1455011, as against $1,540,134 for July, 1929, and sy 435,610 for June, 1930. perating expenses, according to -uumem issued today, totaled $940,008, as against $1,063, 175mlnd theurltlo of operating expenses operating. rev. uv‘f“! ‘:‘l:od at 64.60, as against 69.05 for the same period last year. For the seven months net income amounted to $1,130,179, compared with $1,203,502 for the same months last year, uivalent to $6.36 on 177.420 shll'elg} per cent first preferred stock on which no dlvldendl have been paid. In addition to the first preferred, the road has 67,460 shares of second pre- ferred and 526,820 shares of common stock outstanding. DIVIDENDS DECLARED NEW YORK, Aunu'. 20— Pay- Hidrs. of Company. Rate. fiod. me record. m Arch 8¢ Assoc Babvock & Wilson nn Backstay Welt Blumenthal (Sit % 58 BRy 00p 00 £oOOOE000D O DOOODE Gontdas N Gont Sh’cony Bi. 328! 3 H (3 >| ==-‘!a= 83! SLEES PR 2000000000 0OOOOOROOOY! Do_6% bt Nat Pub ser Bt 4 Port Alfred Pulp & Paper 7% Bf....§1.78 Ruberoid Ce 31 St Maurice vn PI.3178 $0c o voi sparis so T4 Bual Pub Be. 8118 Ud_ Publ 5 28 wEsowese, sooes {eflerson Blec .. Yale_&_To! First Deed of Trust 6% Interest SIGNS OF BUSINESS REVIVAL ARE SEEN Industries Are Declared in Good Condition to Supply Increased Trade. BY J. C: ROYLE. Business Lhrou.hour. many portions of this' country is anemic rather than K;‘m 1. t is the way one of the leading bankers of the Middle West outlined the situation today. The situation is xmfi lfihnls l-z‘::wd‘:n( to ‘:c‘l. nuuwrlty. an retdy W res Bl B, ot encel ying activity, own some sections, has acted like blood u—mlulfim and put new life I:l It is reiknbed by both pvernmnhl and private authorities that the drought will not materially delay business re- covery.” That recovery, it is main- tained, is a matter of psychological attitude on the part of the public, and the mental state of the people of most sections already is changing for the better. Stocks Are Small. Some ocbservers anticipate a gradual lmpmvment but the men in close with both wholesale and retail mde declare demand may come with & rush. Stocks in nearly every line are small. Production has been held down 1 oudy to keep it in close touch demand. Any sharp de- Vl-lWlnenl of demand in one of two- score lines would send the factories and mils and distributors scurrying inte sharp activity, ‘FThe demand has alresdy begun to manifest itself in steel, one of the most dependable business barometers. Pro- duction is hovering around & mark which three years ago’ would have been Tegarded s expressive of extreme pros- perity. The profit-earning 'period of the year for the railroads'is spproach- ing, and it finds the carrfers ‘able to transport revenue freight at less cost than at any time in many years. The coal mines are taking on more work- :m and fuel is eommenunl to move The sutomobile busitiess is not brisk either in the production dr distribution end, but the, technical position of the industry is such that the producers can Jjump info immediate sctivity with con- sequent, improvement of profits at ‘a moment’s noti m.am turm!nl little change, but while prices are low there are few distress stocks and most' holders are walting determinedly for higher prices. The development of new uses for these metals, among which is the production nt mem impregnated ‘wood, is expected to ald consumption. Lumber Stocks Low. Lumber is marking time until the Fall buying starts, but stocks are low. Cement production is still proceeding at a high rate of activity. construction is behind the record year of 1929, but it now looks as though the 1930 construction year would run well over $6,000,000,000, which, until the last 12 months, was regarded as a most e = raane xtile trac are picl up, e«pe-:lnlly in fabrics for women wn'; The position of the men’s clothing trade shows @ lesser gain. The cutting down of cotton clnLh production has brought production below sales ~.'h many mills. The dollar volum» cf retail sales is smaller than it v=s a year ago, hut no small part of this drep is attributable to the lower pric=s at which ‘many com- modities hlVl b“eu t.'ll]&w SLOT MACHINE EXPORTS ARE SHOWING INCREASE By the Asmsociated Press. American slot machines are becom- in?ru popular in_foreign countries. x- of ing months of 1930 were valued at $463,- 402 The number exported was 8,257 f:a with 717 for iFe same perlod t year. The United Kingdom provided the best market for classes of coin- operated machines, with Canada second. Norway was. third in purchases of coin-operated ~ scales, Czechslovakia SR iy Troh a er slot machines. g Commodity vending machines oz ported during th- first six months of this year were valued at $192445 mm rre ‘with $187,306 for the same period last year; coln-opented scales $85,783, agains; $102,73: types of m chines, $185,234, -nlrut $173,532. FORMER CO-OPERATIVE AGENCY SHOWS PROFIT By the Assoctated Press. MARSHALL, N. A\l‘ufl 25 —A turnover of $3. H 'Ill mld last year by Madison Farmers, Inc. a local co-operative assocfation composed en- tirely of Madison County farmers, County Agent Earle Brintnall reports. This profit was voted back into the rrnu-uon at the annual mee d last week, and as a mark confidence, all the directors and offi- cers were re-elected for another year. The final report showed that a total of $29385.79 worth of farm supplies 'l',lflubso’ulht mf‘m- the members and worth of ce Brintnall said. PR pOL M Plant Contract Awarded. NEW YORK, August 20 (#).—The Carnegie Steel Co. has been awar the Hoppers Rheolaveur contract the design and instalation of a $3, MO l'):fl cn.ll washing plant at the Clair n & Money to Loan l"‘ I’ first ul “ lun 1 o "l estate. Jmpln L W:llu' First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15tk St, HW, one National 2623 .I'h anup: .m for o g Bids. 9th & FINANCIAL. Wall Street Briefs By the Associated Press. ‘Wall Street reports today said that Colgate-Palmolive-Peet Co. is negotlat- ing for the purchase of Kirkman Soap Co. of Brooklyn, N. Y., and that acquisi- tion would be partly through Colgate- Palmolive-Peet stock and partly thro cash, since the Kirkman Go. m“:g stock outstanding. Confirmation, how- ever, was lacking from Kirkman officials -nds M. Colgate, chairman, was in REAL ESTATE LOANS Made at Low Interest Rates o Men- 1520 K St N.W. National 0478 Speci. s m«mm JAMES Y, PENNEBAKER Nat.5291 1520 K St. N.W. E. L. Phillips, president of the Long Empire Power, United Gas & Electric and other public utility operating and holding companies, has been_elected & member the International Bquities Serporationt | 1 ur[ | 0% Thomas Newhall and Joseph Wayne, Ga-m Agent Island Lighting, jr., were élected of the Baldwin Locomotive worn today to fill vacancies created by the resignation, L. Austin, and the increase in the directorate to 16 members from 15. Mr. Newhall, 8 member of J, P. Morgan & Co. and Drexel & Gl., ‘was elected chair- man of the board. ‘Mr. Wayne is presi- dent of the Phil; National Bank. Mr. Newhall also was elected & director of the Midvale c. the Standdrd Steel Works and. m Southwark Foundry to succeed Thomas S. Gates, who retired to assume the presidency Ly re & Co. and Drexel & c';w i Momn —————pti Petition in Bankruptey. BALTIMORE, Au'ult 29 (Spectal) — John B. Oflu" farmer, Poolesville, Montgomery County. has filed & petition in the United States District Court “1":' to bz ldjudltlhd & bankrupt. loner has $2,000 assets and $12,810 5" lllbfl lities. Orders of adjudi- cation were signed and the case was referred to Arthur D: Willacd, referee. Pimhdde f'a A St thl'umhlcy Business and Profoulolnl Men. Washington Duing July Was a New Eqmtable Co-peatwe Bldg Ass'n JoHN JOY EDSON, President WALTSR s rn'n', x, $5,123,083.61 Surplus & Profifs........$1,7 Snbunpfiol for the 99th Issue of Stock Being Received Leam to Save! No'hmg Come in 'gives one: .a greater “thrill” than to know about that little “nest egg.” and we will tell you about our method ! MAKING MONEY MAKE MONEY is a matter of judicious invest- ment—and one of the soundest, with surety of fixed return, is.in the purchase of our 6% FIRST MORTGAGES Promptly on the interest dates you'll receive your check —always for the same amount. In the meantime the principal is safely invested in improved real estate which we have conserva- tively appraised. Over a Third of a Century Without a Loss May be purchased in amounts from $250 up. G National 2100 SAUL CO. 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY Why Postpone Starting a Bank Account —because you must begin with a modest sum? Big as this bank is, we accept deposits in any amount—pay the same rate of interest on large and small accounts. ndmml Insurance Co. Americs " First Mortgage Loans! Money may be obtained on inonmn-pmdllfllll Dmm at & very nomi nw Ilul Estate First Mortgages Capital Resowrces, $3,500,000 24 JACKSON PLACE fPAYDAY'S again at hand. Let it see you enrolled in our ever-growing family of de- positors. Open Until 1:30 P.M. Sat., Aug. 30th, and Until §:30 P.M. Tues., Sept. 2d OFFICERS: DIRECTORS : WILLIAM B. NOOVE! WOODBURY BLAIR.. National Savings & Trust Co. 64th Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave.