Evening Star Newspaper, September 3, 1930, Page 10

f wen SEPTEMBER 3, FINANCIA BUSINESS OUTLOOK | 1930. First Mortgage Loans Money to Loan deed of t n: real estate. Secnred by first Lowest Rates of interest and Commission P rm-ni-u tntsredd sl somminien Thomas J. Fisher & Company, Inc.; loseph |, Weller. ‘9.74%% # 7% NEW YORK STOCK EXCHANGE ||STOCKS IRREGULAR Received by Private Wire Direct to The Star Office. —Prev.1930— Prev. in one hundredishare lots Stock and which shows those stocks Lo be sold in odd lots only. Washington Makes the Best Showing Among Cities in Fifth Reserve District. BY EDWARD C. STONE. the detalled report received toda fr::l the Federal Relgg\'e Bank of Rich: mond it is announced that retail trade in Washington in July was 2.3 per cent { lower than in fhe same month a year/ . Retail sales in this city from | January to August 1 were off 1.1 per cent compared with last year. This was the best showing made by any of the 23 cities in the fifth district, Baltimore being the closest rival. Balti- more retail sales in‘July were down 3 per cent and 2.1 per cent on the seven months. The record for the district as & whole revealed a slump of 4.3 per cent while the seven-month period re- ported the slight loss of 1.2 per cent. The remaining cities in the fifth dis- trict not including Washington and Baltimore; reported & July loss in rcan tail sales of over 10 per cent compared | with a year ago and 7.8 per cent in the first seven months of 1930. The reserve bank announced that the drop in sales in Washington and nug- more were probably largeiy due to the! price changes during the year. But the other cities which serve a large Tural ulation were not as fortunate. These cities felt the farm depressiol seriously. Wholesale Trade Also Off. ixty-five wholesalers and jobbers re- ?u:ly on their July business to the ;:derll Reserve Bank of Richmond. In ‘comparison with sales in July last year, | July sales this year were materially les~ in all of the five lines for which figures | are available, dry goods and sl'.we!‘ showing the greatest deciines and drugs the least change. In comparison with; June, 1930 sales, July sales showed easonal increases | fories being the only line which ‘failed | 10 make a gain. As is usually the case at this season, shoes recorded the Jargest increase over the volume of done in June. buét!:‘l:;\:llnve sales since January 1 this ar were lower ;!pvn than sales in the first seven months of 1929, dry goods with a de- cline this year of 12 per cent showing the greatest decrease. Groceries, ;m-: and drugs show exactly the same pel centage decline in 1930 sales, 3.3 per %lmle stocks on the shelves of ! the reporting firms increased uuonl!lyl during July in dry , shoes and hardware, but grocery stocks declined & fraction of 1 per cent. In comparison with stocks carried last year, stocks on July 31, 1930, were larger in shoes, but were smaller in groceries, dry goods and hardware. Collections in July were better in groceries and dry goods than in either | June this year or July last year, but were slower in shoes, hardware and drugs. Local Bankers End Vacations. The opening of September finds many Jocal hfizlnl‘ nastening home from long short vacations. “M'lnl J. Stellwagen, president of the Union Trust Co., has returned from s l'o-mol‘:‘thmmy the Poland Spring in .. wnnbvrt V.- Fleming, president of the Riggs National Bank, was at his_office today after a month passed at Spring Lake, N. J. B ""?%'om ':' e American Security & Trus ., is back in the city after a month's outing, which he spent in New England and CoE™T" Gockeler, vice president of the District National Bank, is home after & montk spent in the vicinity of Atlantic auditor of the is back in ',h: a Atlantic City nn'd other points on the ew Jersey coast. Nchlrlec ’z. ‘Howe, treasurer of the American Security & Trust Co., has re- turned fmn;‘an?;ll)l‘\n' outing at Miffiin- 5 old home. tnwnwa: . Parris, one of the founders of Crane, Parris & Co., and an author- ity on the histor’ of the Wi Stock Exchange, is now in Portland, Me. G. Marx, Harley P. Wilson Improves. Harley P. Wilson, director in the Na- tional Savings & Trust Co,, Washirfgton Railway & Electric and North Ameri- can Cos., who has been confined to & ital for & long time, ha® recovered mth’nfly to return to his fine estate below Alexandria, Va. His health is said to be much better than for sev- eral years. Mr. Wilson was the leader in the move some time ago to force a merger of the Capital Traction, Wash- ington Railway & Electric and ‘Wash- ington Rapid Transit Cos. Robert N. Harper, chairman of the bosrd of the District National Bank, will leave here tomorrow for a| vest at Atlantic City. At the time of his resignation as president of the bank several months ago he stated that he had not had a real vacation in 52 years and had been a national bank president continuously for 27 years. Prank P. Morse, manager of Selig- man & Co., is back in the city after his annual vacation. Local Firm 50 Years OMd. Checks have been mailed to the stock- holders of the Security Finance Cor- poration covering the tenth regular semi-annual dividend upon the pre- ferred stock at the rate of 8 per cent per_annum. The officers and directors of the com- pany are: Claude W. Owen, president; Merritt O. Chance, vice president; James B. Evans, vice president; William Conradis, secretary; A. H. Brewood, treasurer; Gen. John L. Chamberlain, Edwin E. Ellett, Willlam C. Hanson, Harry M. Keyser, Edgar Morris and Frederick W. Quinter. D. C. Exchange More Active. Trading on the Washington Stock Fxchange was much better again today after the August lull. Small lot trad- ing in Peoples Drug Stores preferred was one of the features, 100 shares changing hands in 10 transactions, with the stock closing at 101%. Potomac Electric Power 5'; per cent preferred came out at 108, and 100 shares of Real Estate Mortgage & Guaranty preferred moved at 6z Peoples Drug and Mergenthaler Lino- type is now being quoted exdividend. Bonds were in much better demand. “There were fair sized transactions in Capital Traction 5s, Georgetown Gas 5s, Washington Gas 6s and Washing ton Railway & Electric, prices being | around recent levels. Commodity Prices Sieady. The wholesale price index of the National Fertilizer Association showes 2 decline of only four fractional points for the week ended August 30. The ndex now stands at 85.7 as compared with 861 for the previous week and 97.2 & year ago. Of the 14 groups in the index (hree advanced, five declined and the rema ing six showed no change. ¢ The prices of 23 commodities ad- vanced and 30 declined. FREIGHT LOADINGS. By the Associated Press. Loadings of revenue freight for the week ended August 23 totaled 940,549 cars, representing an increase of 17,726 over the previous week -and a decline of 197,417 below the corresponding week —Prev.1930~ High. 2% 21 Stock snd Dividend Rate Abitibi Pow & Paper Low: 8615 647 Abitibl P& P pf (6) 378 32 4% 156%, 36 15t 3514 | 243 126% 68 31y 108, 398, 97% 15615 11114 100% 388 69%, a1 55% 4 35 105 108%, 141 437 521 6974 110 264 274% 126 in every line reported 26912 197 129% 125 141% 124% 17% 9% 811e 21% Adams Exp (1.60) 23 Adams Millis (2). 29% Addressoer'ph (1 108% Air Reduction (3). .. 16 Alr Way El Ap (2%) 1 Ajax Rubb 415 “Alaska Junean . 3 613 Albany Wrap Paper. 18 Allegheny Corp..... 232 Allled Ch & Dy (nf). 121 Allied Ch& D pf (7). 4R% Allls Chalmers (3).. Am Agricul Ch pf. Am Bank Note (13) Am Bosch Magneto. Am Br Sh & F pf ( 8% Am Brown Bov Elec 108% Am Can (4). 42 AmCar & Fa 39 Am Chain (3) % Am Chain pf (7) 36% Am Chicle (13), 15 Am Encaustie (1). 56% Am & For Power. . Am & For Pw pf (6). 106% Am & For Pw pf (7). 9215 Am & For Pow 24 pf. 13% AmHawalian (110).. 55 Am Home Pr (4.20)., 31 AmTee (t4).. 28% Am Internat) (2 1% Am La Fr & Foami 15 Am Lakr & Foam pf. 28% Am Metal Co (1%)., 72 AmPow & Lt (11).., 75 80 AmP&LDpfAst(5) 99 Am Pow & Lt pf (6). 23% Am R & St San (114) 48 Am Roll Mill (n2)... 1% Am Ship & Com. 53 Am Sm & Ref (4). ... 101 Am Sm & Ref pf (8). 3 1 & Ref pf Am Snuff 1(313). in most lines, gro-| 107% 100t Am s 5% Am s » 47 Am Sugar Ref (5)... 1031% Am Suzar Ref pf(7). 9% Am Suma‘ra Tob 2004 Am Tel & Tel (3) 118 Am Tobaceo (new). . Am Tobaceo B (112), Am Tobaceo B new 120 Am Tobacco pf () 113 Am Type Fdry (8)... 78% Am Water Wks (n1), 65 Am Zinc Lead & Sm.. 50 AmZincpf (6), .... 44% Anaconda Cop (374). 18 Andes Copper (1) 19% Archer-Dan-M (2)... 17 108% Archer-Dan pf (7)... % 4% 65 464 5013 242% 108 263% a8 116 122% 848, 4% Armourof 111 (A). 2% Armour of 111 (B). 55 Armour of 11l pf (7). 5 Arnold Constable. ... 31% Asso App! Ind (4). 28 AssoDryG (21%). 194 Atch To& S Fe (10). 102% Atch To& S Fpf (5). 30% At Refining (12) . 25% Atlas Stores (n1) 91 Auburn Auto (j4 2 Autosales Auto Strap S » 4% Aviation Corp of Del 19% Baldwin Loco (1%). 104% Baldwin Loco pf (7). 96% Balio & Ohio (7). 78% Balto & Ohio pf (1) Sales— Add 00. High. Tow. Close. AmP&L DA (3%). . the letter s (80s) (2508) Prev. Close, 1 22 22 22 75 26% 175 15 a2 123% 124% 1% 1% 1 1 A% 10% 2214 2 274 126 5474 24 A4 10% 221y 274 126 ) 100 6 331 32% 908 121% 121% 1217% 11 186 17% 17% . 217 131% 129 10 52 . 247 20s 98 1 109 2 9% 109 974 14 614 97 131 611 10: 8314 831 1a 8614 2 1037% 103% 108% 23 27% 27 2T 32 54w 524 5204 5 I 1IN 1% 21 69% 69 69 3101 101 101 53 2147 2121 21314 16 125 124% 1241 9 2563 262 252 41 128Y% 126 126 1126 126 126 2127 . 1270 127 15 89 4 2 66 2 7 214 21 14\; 1004 100% 100% 1 3 1 59 7 iRy 29 3614 35% by 9 2208 218 2204 3 7 106% 106% 106% 24 33% 33% 33y 72 33% 31N 1. 59 119% 115% 116% 158 3 3 6 71N 68% 30 6% 6 85 3% 304 301 408 108 107 108 10 102 101% 101% 1 82 821 821 1% 6 110% 106% Bamberger pf (623). 40s 107% 10715 107% 116% 34 92 5% 563 now 108 69 5 90% 501 226% 2% 34% 28% 362% 9% 60 125% 110 32 321 67% 4 98% 13% 191% 52 102% 37% 199 Jast year. The following compaiable figures werc issued by the American Railway Association: Week ended August 23, 949,549; pre- V| week, 922,823; same v\‘??’ last .+ 3,137,966, 21 105 63 Bang & Aroos (313). 109 Bang & Aroos pf (7 20% Barnsdall A (2). . 6715 Beatrice Cream (4).", 101% Beatri ut Pkg (3).. 27% Bendix Aviation (2). 31% Best& Co (2).. 756 Bethlehem Steel (§). 99 Bloomingdale pf (7). 24 Bohn Al & Brass (3). 601 Borden Co (k3) 5 23% Borg Warner (3) 2% Botany Con M (A) 13% Bruns-Balk-Col, 5% Bruns Ter & Ry §. 19% Bueyrus (1).... 33% Bucvruscv pf (2%). 7% Budd (EG) (1)..... 62 Budd Mfg pf (18%). 8% Budd Wheel (1). 20% Bullard Co (1.60) 15% Burns Bros (B), 89% Burns Bros pf (7)... 29% Burr Add Mach (1).. 99 Bush Term deb (7) 18% Butterick Co._ . 604 Byers (A M). % Callahan Zine & 1.d. . 47% Calumet & Arizona. . 13 Calum & Hee (a1%4). 17 Campbell Wyant (2). 56 Canada Dry G A (5). 165% Canadian Pacif (10). 40% Can Pacific new. 20 Cannon Mills (1.6 13 Capital Admin (A) 150 Case (J 1) (6).. 53 Caterpil Tr (13%) 9 Celotex Co 23% Cent Aguirre Ax 1%, 43' Cerro de Pasco (6).. 19% Checker Cab 14.20). . 44% Ches & Ohio (2%) ... 3 Chic & Alton . 2% Chic & Alton pf..... /15 Chic Great Western, 27 Chic Great West pf. . 1213 Chic Mil St P & Pac. . 19% Chic Mil St P& P pf. 11% Chic Pneu Tool 90 Chic R1& Pac 106 Chi R1& Pacpf (7). Chi YellowCah (3). . Chickasha Cotton Ol Childs Co (2.40)., . . Chrysler Corp (3).. City Tce & F pf (6%) 5% City Stores (50¢).... 138% Coca-Cola (6). . 48% Coca-Cola A (3)..... 97 Colg-Palm-P pf (6).. 145 Collins & Aikman, 124 Colonial Beacon. 3613 Col Fuel & Iron (2).. 55 ol Gas & El (2) 1214 Col Graph (a28c) 108 Columbian Carb 23% Comm Credit (2).... 31% Comm Credit A (3) 2814 Com In Tr (£1.60)... 80 Com In T cv pf (e6). 20% Comm Solvents (11). 12% Comwlith & So (60¢). 99 Comwlth &So pf (6) 10% Congolewm-Nairn. .. 23% Congress Cigars (4). 67 15% Consol Film ¢2). 18 Consol Film pf (2).. 96% Consol Gas N Y (4).. 99% Cons Gas N Y pf (5). 49 Cons RR Cub pf (6). % Conzol Textlie...... 11% Comtainer A (1.20).. 3% Container B, 1815 Contl Baking A, 3% Contl Baking B. .. .. 66% Contl BKaking pf (8). 50 Contl Can (2%) 15% Contl Diamond (%) 50 Contl Insur (2.40) 215 Contl Motors 18% Contl Oil of Del . 16% Contl Shares (1).... 831 Corn Pr Ref (14%). 15% Coty Inc. ... osley Itadio wn Cork (f; ble Steel 11475 Curtdx Publish pf (1) 6t: Curtiss Wright Corp T’ Curtiss Wr Corp A.. 55 Cutler-Ham (33%). 24% Davison Chemical. .. Delaware & Hud (9). 110% Del Lack & Wn (7). 9 Dinmond Match (8) 146 '« Dome Mines (1). (8) Duplan Silk pl (8). . 2 97 Consol Ciz pr pf 6% . 1208 S oL . 108 113 3 1108 105 13 781 76% 764 20s 113 113 113 7 22% 22 .22 7 B6% RBY 350 88 R4, 87 80s 100 99 100 17 28% 26 ke 68 791, 4 20% 16% 3% 1 49 13% 4% 64 181% 181% 45 45 21% 22 18% 187 181% 183 55% 55% 12% 13% 24% 24% 42% 43 36 137 3 24%, 24% 254 49% 48% 4By % 3% Ak 3 3w 2% 3w 2 10% 10% 10 2 3T 36% 374 3 16 1% 14% 12 23 22 2215 128,18 36 1100 100 100 1 107% 107% 107% 205 26 261 261, § 9y 37 ihg 7 56% 55% B5% 93 28 271 27y 208 82 82 82 E 7 2 52 2 102% 102% 10214 1 21% 21% 21% 1 14% 14% 14% 8 50% 49 49 66 60% 594 H9% 108 17% 16% 168 13 13714 135 185 2 25% 26% 254 1 38 38 38 15 3 35 35 1021 22% 14% 2 101% 101% 12128 2 26 70% 18 1 20 114 108% 106 107 1104 10 2 54 1 % 3 16% 156 89 48, 13 21 1315 4 401 A8 1 208 24 B Ll a0, 115 114 14 1195 119% 119% 1 6% 6 6% 8 Bu 8% 8 63 61N 61% 10 275 264 26% 3171 170 171 A 116% 116% 116% 240 240 240 2 By 8l L OBIN 81N ¢ 1165 1169 120 2 119 119% 1185 1184 104% 104% 106 High. Low. 103% 100 2561 175% 371 1143 1081, 4 Electric Bo, i ¥1Pow & 101 30 1930 6974 Dividend Rate. Duques Lt 1st pf (5). 1 Fastman Kodak (8). 27 Eaton Axle &S (3).. 1 Elec Auto Lite (6) 12; 121 B Pow & Lt pf (6).. El Pow & Lt pt (7).. ¥l Storage Bat (5). Endicott-Tohn (5) Endicott-Tohn pf (7) Eng Pub Sv pf (5%). Wbl MR o 0., Fureka Vac Cleaner. Exchange Buf (1%). 10s Fairbanks Co pf 108 Fairbanks Morse (3) 1 Fed Wat S A (e2.40). 1 Firest T& R (1.60).. Firest T& R pf (6).. Fisk Rubber. ... Fisk Rubber 1st pf. . Florsheim Sh A (3). Foster Wheeler (2). Fourth Natl Invest. . Fox Film (A) (4)... Freeport Tex (+5) Fuller pr pf (17.94), Fuller 24 pf (17 40).. Gardner Motor. Gen Am Investor: % Gen Am T'k Car (£4) % Gen Asphalt (4) Gen Baking pf (8) n Food Corp (3) .. Gen G & Kl A (e.30) Gen G & ¥l cv pf (6). Gen 1tal Ed (a2.62).. Gen Mills (3). Gen Mills pf (6).. Gen Motors (13.30).. Gen Motors pf (5) Gen Pub Serv (hf) Gen Realty & Util. 9% Gen R & Ut pf (ef) .. t(H4%) lette Saf Raz (n5) bel Rros. . % Glidden Co % Gohel (Adolf) Gold Dust (215). Gold Dust pf (£) Goodrich (RF). .. Goodrich BF pf (7) i Goodyear Tire Goodyear 15t pf ( 4 Gotham Silk Hos Granhy Con Min (3). Grand Silver 8 (m1). Grand Union . Grand Union of (3).. Granite City St1 (4). Grant (W T) (1) Gr North of (5)..... Gr Nor ctf Ore (a%). Gr West Sug (1.40).. % Gr West Sug pf (7). . Grigsby Grunow. ... Gulf States Steel (4) Hackensack W (1%) 90« Hahn Dept Stores. Hahn Dept 8 pf (615) Hamilton Watch 1.80 Hartman Corp (B).. Hav Elee Ry pf (6).. Haves Rody ) 4 Helme (Geo H) (17). Hershey Choe (5)... Holland Fur (e423,). Houdaille-H (B) 1.20 Household Fin pf (4) Houston Ol (b10%), 4 Howe Sound (+4%).. Hud&Man Ry (3.50), Hudson Motors (3).. Hupp Motor Car (2). Tilinofs Central (7)., Tliinols Cent pf (6).. Independ O & G (2).. 30¢ & Tndian Motor Cycle. . o Intl Match pf (4).... & Intl Nick of Can (1). Ind MotorCycle pf Indian Refining. Tnland Steel (4 Insurance Sh ( Tntercont Rubbar. ... Int Agrienl pf (7)., Intl Bus Mach (n6) ., Intl Carriers (25¢) Intl Cement (4)..... Intl Combustion o Tntl Harvester (214), 10 Int Harvesterpf (7). 1 Intl Hydro El A (e2) 15 2 539 Int Niek Canpf (7)., 1 IntiPap&Prf (7)., 1 Tntl Pan & Pow (R).. 4 Int] Pan & Pow (C).. Intl Printing Ink (3) Tnt] Sajt (3). nt Shoe (3). .. Tntl Tel & Tel (2). Inter Dept Strs (2).. Jewel Tea (+4)...... 2 Johns-Manvills (3).. 65 Johns-Many pf (7).. 308 Jones&Lauzh pf (7). 10« Kaufmann DS (1%) 10 Julinw (215), 1 Spring Tire... 27 Soring 8% pf. 808 ey Haves (2). 1 ator Corp ... 52 Kennecott Copner(2) 154 Kimberly-Clark (13). 1 Kolster Radin....... 5 249 12 4 Kresge (S8) Co1680. 5 20% 42 25 Kresge (S5) pf (7). Kreug & Toll (1.60) . Krog Gr & Bak (n1). Tambert Co (8) . 4 T.ehman Corp (3). Lehn & Fink (3). 4 Tib Owens F Gl (1).. Tig & Myers R (15).. Tima Tocomotive. Liquid Carbonic (4). 4 Loew’s Ine (%). T.oew's Tne pf (614). Loew's pf xw (635).. Toft Ine iRl Loose-Wiles (+2.80). & 26 4 Torillard (P) Co 61 T.ouisiana O11. A0 T.onis Oil nf (6%)... 208 TonG&E (A) (1%) 3 T.ouls & Nash (T).... 4 Me MeLellan Stores Mack Trucks (6). ... Macy RH & Co (nt3) 10%®Madison 8 G (1%). 28% Magma Copper (4).. Mallison & Co ... Man Elev mod g (d5) Manhat Shirt (1).... Maracaibo Oll Exp Marine Mid (1.20) Marlin-Rock (157 Marmon Motor Car. . Marshall Field (2%3) Martin Par i Mathieson Alkall (2) May Dept Strs (n2).. Mex Petrolm (132).. Mexican Seaboard . Miami Copper (1%). Mid-Cont Pet (2).... Middle States Oll ct. Midland Steel (3) Minn Moline Pow.... Mo Kan & Texas (2). Mo Kan & Tex pf (7) Missouri Pacific. .. .. Monsanto Ch (R134). ontgom Ward (3).. Morrell & Co (4.40).. Mother Lode (20c) Nash Motors (4).. Nash Chat & St L (5) Nat Acme (113). at Beila Hess t Biscuit n (2.80). t Biscuit pf (7)... upptV (5). iy pf (7). Nat Surety (5). at Tea Co (2). ada Copper (1%) ewton Steel (2) Y Central (8 Y & Ha Y N H & Hart (6),. est (1.20), te Rys pt Y Steam pfi6) . Sales— Add 00. High. 103% 219% . Close. 103% 20% 18 4 115% 115 14% 35% £ 16% 8014 4214 a 14% 37 a8 40%; 26% 50 96 “ 122, 12135 10015 i 26% 0% 703 76% TRN, 1065 1 07 961 97 598 128 120% 1% 11 30% 30% 3114 13% 41 301 7 31 1047, 115 INLATE DEALINGS Market Sells Off Near Close After Firm Tone During Day. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, Scptember 3.—Bears found the stock market ripe for a tech- nical reaction today, but by early aft- ernoon the adjustment appeared to have been completed and bulls once more gained the upper hand. The indecisive action of the market yesterday indicated to the bear crowd that many traders long of stocks were anxious to take profits after the rise of | last week, and the continued lack of | public buying was evidently somewhat | discouraging to operators for the rise. | The selling movement failed to gain | any velocity, however, and few pivotal | shares sold off more than a point, al- though some were depressed 2 to 4. Publication of Iron Age's weekly review of the steel situation apparently helped to_turn the tide in the early afternoon. | Further reductions in the dividend | rates of Kennecott Copper and Nevada Consolidated were not unexpected ow- ing to continned sluggishness of the market for red metal and had been | largely disconnted marketwise. ‘The confinued piling up of dividend redc- tion announcements, howeyer, was not helpful to the cause of higher stock prices. Glidden, Maytag, Bohn Alum- inum and Spencer Kellogg were among firms announcing reductions. Despite the soggy appearance of the | market, bull operators found further | signs of seasonal upturn in business reports.e Tolal freight car loadings and the production of bituminous coal, both recorded wider than seasonal gains in the third week of August, according to statistics coming to hand. That some of the chain store companies are man- aging to increase their earnings over last year was indicated by W. T. Grant's report for the six months ended July 31, showing an increase of 10 per cent in sales over the period of a year ago. The speculative appetite for stocks, whetted by a rise of more than 3 points in Bethlehem Steel and by pool opera- | tions in a few specialties, appeared to | have been satisfied in the final hour | and the list slid downward. United States Steel, American Telephone, Radio, General Electric and American Can returned to around the lower levels of the morning, where they showed moderate net losses. Case, Standard Gas & Electric and Columbian Carbon were soft. Call money rose to 2%, per | cent. The close was heavy. Sales ap- | proximated 1,700,000 shares. COMMODITY EXCHANGE REFERENDUM STARTED A referendum on commodity exchange trading was submitted today by the | Chamber of Commerce of the United States to its more than 1,600 member organizations. The referendum, based on the report of a special committee of the chamber, under the chairmanship of William F. Gephart, vice president of the First National Bank of St. Louis and presi- dent of the Bankers' Association for | Foreign Trade, presents the questions | to be passed upon in the form of four recommendations. These are: 1. That commodity exchange trading | should be supported. | 2. That trading in futures on com- | modity exchanges should be supported. 3. That intelligent and wisely regu- lated speculative buying and selling on commodity exchanges should be sup- ported as a necessary factor in the eco- nomic distribution of agricultural prod- ucts. 4. That commodity exchanges should adopt such changes in their rules ana | regulations as will promote not only the interest of the producer, the merchant and the manufacturer of agricultural | commodities, but also the general wel- | fare of the public. - | RHODES SCHOLAR JOINS COMMERCE COMMISSION | By the Associated Pre: L3 A Rhodes scholar is now a member of the Interstate Commerce Commis- | sion. He is Charles D. Mahaffie, former | finance director of the commission, wh was sworn in vesterday to succeed Thomas F. Woodiock, resigned. Mahaffie, who has been with the | commission since 1922, is a lawyer b; profession. He was born in Olathe, Kans,, in 1884 and was graduated from Kingfisher College, Oklahoma, in 1905 From 1905 to 1908 he was a Rhodes scholar from Oklahoma at Oxford Uni- versity, England. Returning to the United States, he became an instructor of jurisprudence at Princeton Univer sity and later practiced law in Okla homa and Oregon. | In 1916 he entered Government serv- ice as solicitor of the Interior Depart- ment. From 1921 until he Became con- | nected with the commission he was an attorney for the United States railroad STUDIED BY GROUPS Survey Shows Industries Which Should Make Prog- ress in Near Future. . S Special Dispateh to The Star. NEW YORK, September 3.—The' prospects for the principal industries | of the country are grouped by the! Standard Statistics Co. of New York in_a current survey, according to the | following list: Most prom#ing—Chain. stores, elec- trical equipment, shipbuilding, tobacco, cigarettes; utilities, electric iight and power, and utilities, telephone telegraph. Good—Cement, Chemicals, machinery and machine equipment and motion pictures. Uncertain—Agricultural machinery, meat packing, oll producing, oil refining and marketing. ’ Fair—Automobiles, passenger;. auto- mobiles, trucks; automobile ~ parts, building, department stores, fertilizers, mail order, office equipment, paper, radio, railroads, raflroad equipment, shoes; steel and’iron, sugar refining and tobacco, cigars. Poor—Aircraft, apparel, automobile tires, coal, copper, cotton goods, lead, leather, lumber, rayon, shipping, goods, ‘sugar producing, utilities, trac- tions, etc.; wooden goods and zine. The “most promising” group com- prises those industries which are dis- playing relatively the best resistance to the general business recession and which should more nearly approach, if not equal, 1929 earnings results in 1930. While al lof those trades rated 1930. While all of those trades rated ing a contraction of earning power, de- cline in total 1930 profits is expected to be smaller than average. Several industries are listed as “un- | certain” because 1930 results will We largely determined by unpredictable factors. Most of the divisions rated “fair” will experience sizably smaller returns this year than last, although showings should be more satisfactory than those in the “poor” group. several of which probably will operate &t a loss in 1930. RAW SILK FUTURES. NEW YORK, September 3 (Special). —Opening quotations for raw silk futures were 2 to 7 points lower to- day. There were no transferable notices issued. There s not much in the way of news, although the Federal Re- serve Bank in Boston in a survey on business conditions stated that silk operations had been sharply cut during the past month. The Silk Association figures are expected to be published toda: Cables were irregular, with Yokohama 1 to 9 lower and Kobe un- changed to up 3 points. and ' Specializing in Mortgages on Investment Properties JAMES Y, PENNEBAKER Nat. 5291 l?zo K St. N.W. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplieations ed apartment: S ALY ST 6% LOANS. ON HOMES and Other Property Run for 5 Years Without Curtailment Wm. H.'§.a|mders Co,, Inc. unded 1887 District 1016 1519 K Loan Correspondent for the Provident Mutual Life Insurance Company of Philadelphia No matter what the depression may be you can alway: sured, if you have invested REAL ESTATE FIRST MORT- GAGES, that your income sured and your principal pro- tected. administration. Woodlock, a New York financial | writer, was appointed to the commis-| sion by. President Coolidge in 1925. He | resigned to accept another position. MONEY MARKET. § NEW YORK, September 3 (A).—The | redit stringency that normally appears around the first.of the month made it- self felt today when call loans, after | renewing at 2 per cent, were advanced | to 2!, on the New York Stock Ex-| change. The rise followed some loan | calling by banks. Rates on other forms of credit, all of which were In small demand, were | unchanged. Money loaned on income pro- ducing Washington real estate at a nominal rate. We Make First Mortgage Loans! REALESTATE MORTGAGE & GUAR CoRPORATION Capital Resources, $3,800,000 24 JACKSON PLACE Southwest corner Jifteenth and 'H Streeils TNort hwest EDWARDJ.STELLWAGEN PRESIDENT the safety of your important papers and valuables by keeping them in your home or office when you can safeguard them in a private lock-bax in the Union Trust Company’s Safe Deposit Vault, which is of impregnable construction. These boxes are of various sizes and rent for $3.00 and upwards per annum. Inspect our Vault equip- ment NOW. quitale o-operative dg. Ass 27 paid on Checking and 3% on Savings Accounts ustT COMPANY TR cT OF NION 15 e DISTRBIA cO Mackubin, G_dodrich & Co BANKERS Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange 1508 H STREET WASHINGTON. D. C. REDWOOD & SOUTH STS BALTIMORE. MD. 50th YEAR COMPLETED JOHN JOY EDSON, Presilent WALTER S. PRATT, Jr., Secretary Assets ....... +..$5,723,083.61 Surplus & Profits. ..$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Organized 1879 Plan for the Future Now! Let us explain our budget system of saving to you! Start sa\':ng while you are earning a steady income! No obligation! PLANNING FOR THE TOMORROWS o surer way of making sound financial provision for the future will be found than through investment in our 6% FIRST MORTGAGES The interest never varies, but is continuous throughout the life of the mortgage—with am- ple security in the improved real estate back of the loan — and which has had our conservative appraisement. Ozwer a Third of a Century With out a May be purchased in amounts from $250 up. SAUL QGO 925 15th St. N.W, Loss BB, National 2100 THERE IS NO. 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