Evening Star Newspaper, December 19, 1930, Page 13

FINANCIAL. Sae. . BANKERS PREPARE FOR PARLEY HERE ‘State Association Gather to Make Plans for Meeting February 26-27. —— BY EDWARD C. STONE. Plans for the Central Atlantic States Bank Management Conference, to be held in Washington on February 26 and 27, took definite shape today when the presidents and secretaries of the Btate associations in this territory met at the Willard with Frank W. Sim- minds, deputy manager of the Amer- ican Bankers' Association. The District Bankers' Association is to be hast to the gathering, the presi- dent, Lanier P. McLachlen, and the secretary, George O. Vass, attending the meeting. Robert V. Fleming, who has been asked by President McLachlen to act as chairman of the local com- mittee, was also present’ taking an active part in the preliminary discus- sions. The State associations, which will be represented in large numbers at the conference, are New York, New Jersey, Delaware, Pennsylvania, Maryland, Virginia and West Virginia. At today's conference details were talked over at gth. The bankers present were agreed that there has never “been a time when the subject of bank man- agement was more important or more interesting than right now. ‘The first meeting of this kind was held in Philadelphia last year and drew some 1200 bankers. This year's attendance is expected to be fully as large or larger. The Program Com- mittee will engage the ablest speakers in the country. Among those present at today’s meet- ing were Mark M. Holmes, president New York State Association, also presi- dent of the Exchange National Bank, Orleans, N. Y.; Clifford F. Post, secre- h{z New York Assoclation; W. Walter , president Pennsylvania Asso- ciation and president First National Bank, Milton, Pa., and William G. Payne of Albany, former president of the New York Association, and E. E. Mountjoy, Washington representative of the American Bankers' Association. The local association was represented by L. P. McLachlen, Robert V. Fleming, Edward J. McQuade, George O. Vass, Joshua Evans, jr.. H. H. McKee, C. H. Pope, John Poole and Francls G. Addison, jr. Controller Pole, Deputy Controller Awalt and Chief Bank Ex- aminer Folger were present at a luncheon following the morning session. Merchants’ Transfer Dividends. At the regular monthly meeting of the board of directors of the Merchants' ‘Transfer & Storage Co., on December 16, the regular quarterly dividend of 81.75 was declared on the npreferred stock to be pald January 2. to stock- holders of record on December 22. A dividend of $2.00 a share was declared on the common stock, payable January ;,ewzglockholflm of record on Decem- T 22, The action taken by the board in voting a $2.00 dividend at this time on its common stock is not to be taken ting the future dividend pol- icy of the company. With a payment of $5.00 per share in July, plus the $2.00 per share d on Tuesday, the company is paying common stockhold- ers $7.00 per share in 1930. ‘The directors feel great pride that during this era of unprecedented de- pression and business disaster the company is able to pay this dividend to its common stockholders entirely from this year's earnings without the use of a single dollar ef ifs' surplus. Officials repoft that the company has shown more than seasonal improvement during the past six months and they also have every reason to believe that the year 1931 will show materially in- creased earnings over 1930. Both the common and preferred shares are listed on the Washington Stock Exchange, the common selling re- cently at 108 and the preferred at 98. Chapin Sacks Market Leader. Sales of 325 shares of Chapin Sacks 8 per cent preferred stock in the un- listed department at 105 featured trad ing on the Washington Stotk Ex- change. The market in the stock opened with 10 shares selling at 104 A single share of Capital Traction sold ex-dividend at 4415, Potomac Elec- tric 514 per cent preferred sold at 107 and Peoples Drug at 98'.. The trad- ing closed with 10 shares of Capital ‘Traction moving at 43'% ex-dividend and 100 shares of Real Estate Mortgage & Guaranty preferred at 6%%. Bonds were in considerable better demand today. Trading was confined to Potomac Electric consolidated 5s, Washington Gas 5s and Washington Rallway & Electric 4s. Quotations ‘were little changed. Carpel Corporation Declares Extra. At a meeting of the board of direc- tors held yesterday, the Carpel Corpora- tion reported substantial progress for the 11 months ended November 30. QGross sales were $1767,244, compared with $1.461,480 for the same pericd of 1929. The net earnings, after depreci- ation and provision for Federal taxes, for the 11 months of 1930 were $90,104, compared with $73013 for the same period of 1920. This is at the yearly rate of $4.26 per share, compared with $3.25 for 1929, an increase of about 31 per cent over last year. ‘The regular quarterly dividend of 37}, cents and an extra dividena of 121, cents per share were declared, payable January 1. 1931, to stockholders of record December 22, 1930, ‘This stock is widely held by local in- wvestors, having been publicly offered by ‘Waggaman, Brawner & Co, Inc, in August, 1929, at $22.50 per share. It s listed on the Washington Stock Ex- change. Columbia Declares Dividend. Directors of the Colymbia National Bank late yesterday declared the usual quarterly dividend of 3 per cent. pay- able January 2. to stockholders of record on December 31. The directors also voted & 6 per cent bonus for all employes of the bank, based on yearly salaries. Directors ot the McLachlen Banking Corporation yesterday declared a 3 per cent dividend payable December 31, and a 5 per cent bonus for employes of the institution. Directors of American Ice Co. have declared the usual quarterly dividends of 115 per cent on the preferred and 75 cents a share on the common, both dividends payable January 26 to stock- holders of record January 9, 1931. TWELVE UNEMPLOYMENT INSURANCE PLANS IN U.S. Special Dispatch to The Star NEW YORK, December 19.—A report issued by the Industrial Relations Coun- sellors, Inc, records 12 unemployment insurance plans working in the United States, out ot 14 which have been es- tablished since 1920. The system of the Note—Al stocks exce| whic! ing those designated THE . EVENING STAR, WASHINGTON, D. C, FRIDAY, DECEMBER 19, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. are sold in one hundred-share lots the letter s (808) (2508) shows those stocks Q:’ln sold in odd lots only. Individual sales compiled to noon—complete in 5:30 Editien. Heads | &tk tow 42% 66 3% 32 23% 41% 242 108% 110% 31% 43 17 16% 1104 35 §1% 484 118 84 315 85% 17% 52% 26% 46y 897 140% 37 557 1254 60 191% 52% General Electric Co., which is described in the report, was put in operation this year. One of the fourteen systems was abandoned use of lack of funds, and the other because of technological changes in the industry. During the period from 1920 to 1928 @ total of $473,250, or 7 per cent of the pay rolls of the companies in- volved, was contributed to the benefit . The annual cash benefits paid to 1aid-off workers during the same period averaged 5 per cent of the combined pay rolls, running as high as 1.6 and 2.2 cent’ during the 1920-21 depression, t ranging from .2 to 4 per cent. in years T'1* benefits ranged from a minimum of $C a week to full wages for ‘:‘nm-l and dcncn unemployment compensa for, but it such a8 those due B Shciory of the iaasizy, wers ot Stock and Dividend Rate. 814 Abitibl Pow & Pa, 21% Abraham Strs 14% Adams Exp ( % Ahumada Lead 87% Alr Reduction ) 7% Alrway El Ap (60c). % Alax Rubber.. ..... 43 Alaska Juneau(40c). 5% Allegheny Corp 1704 Allied Ch & Dye(n8). 81% Allls Chalmers (3).. 11% Alpha Port Cmt (2).. 16% Amerada Corp (2)... 1% Am Agri Chem ctf 18% Am Agrioul Ch of. 8 Am Beet Sugar pf. 82 Am Br8hoe (3.40) 6% Am Brown Bov Elec. 104% Am Can (15).... 254 Am Car & Fdy (6)... 75. Am Car & Fdy of (1) 27 Am Chain (3). 35 Am Chicle (13)... . 15% Am Colortype (2.40). 9 Am Com Alcohol 8 Am Encaustio (1). 25 Awn & For Power. . 90 Am & For Pw pf (7). 63% Am & For Pow 24 pf. 1% Am Hide & Leather. 11 Am Hide & Leath pf. 46% Am Home Pr (4.20) 26% Am Ice (t4)... 16 Am Internatl (2) % Am La Fr & Foamite 19% Am Locomotive (2). 29% Am Ma : Fy (11.65). 132 Am Metals&Min (1) 36% Am Power & Lt (r1). 90 Am Pow & Lt pf (6). 78 AmP &L pf A st (5) 15% Am Rad&Std San(1) 5% Am Republics. .... 20 Am Roll Mill (n2). % Am Ship& Com..... 35 Am Bhipbullding (6) 39% Am Sm & Ref (6)... 2314 Am Steel Fdy (3) 36% Am Stores (12%)..u 40 Am Sugar Ref (5). 99% Am Tobacco B (5). 47% Am Water Wks (3) 98 Am Wat W 1st pf (8) 19 Am Writg Paper pt. 3% Am Zinc Lead & Sm. 25 Anaconda Cop (2%) 20 Anaconda W & C (1) 2715 Anchor Cap (2.40)... 10% Andes Copper (1) 13% Archer-Dan-M (32).. 61 Armour of Del pf (7) 2% Armour of Il (A)... 1% Armourof Il (B)... 25% Armour of Ill pf (7). 314 Arnold Constab] 20 Asso Appl Ind (4). 85 Ass0 DG 1st pf (6) 168 Atch To & 8 Fe (10). 100 Atch To& 8 F pf (5). 97 Atl Coast Line (+10) 16% At Refining (12) 97 Atlas Pow 8 Atlas Stores (n1) 28 16% 160 17 188% 7 88% P00 58 1 w2 00 1t s 0000 R TV BODD ki 8 - s il . T248 5 108 19 3 N - 104 180 177 farer— Add 00. High. Low. Olose. i ) 9 9 26 16 2% 3% 13 % 98 8 % o ™ 184 B4 14% 18 1% 18 9 40% 26 3% 45 % 6 104% 108 13 1 21 07% 54% 99% 104% 53% 90U 29 181% 176 1102 5 107% 102% 1 20508 18% pf(6). 108 98 9 60% Auburn Auto (§¢)... 122 114 15 Austin N 13% Autosal 4 Autosales pf. 2% Aviation Corp of Del 19% Baldwin Loco (1%). 55% Balto & Ohfo (7). 72% Balto & Ohlo pf (4) 52 ° Bang & Aroos (3%). 8 Barker Bros (2). 8% Barnsdall A (2) 23 Bayuk Cigar (3). 62 Beatrice Cream (4). 46% Beech-Nut Pkg (3).. 214 Belding-Hemingway 76% Bel N Ry pt pf 15.51. 14% Bendix Aviation (1), 30% Best&Co (2).. . 404 Bethlehem Steel (§). 112% Bethlehem 8t pf (7). 23 Blaw-Knox (1%)... 15% Bohn Alum&Br(1%) 60% Borden Co (k3).. Borg, Warner (1) Bos! 124 Brig, & Co. . 15% Briges & Strat (2).. 24 Brockway Mot Trk.. 18 Brockway Mot pf 57 Bklyn-Man Tr (4). 6% Bklyn & Queens 984 Bkiyn Union Gas (§) 83% Brown Shoe (3) 10 Bruns-Balk-Col. 11% Bucyrus (1).... .« 21 Bucyr v pf (2%4). 107% Bucvrus pf (7).. 3% Budd (EG) Mfg. 6% Budd Wh 9% Bullard Co 814 Bulova W 25'% Burns Bros (A) (8).. 3 Burns Bros (B)..... 18% Burr Add Mach (1).. 213 Bush Terminal (2%) 108 Bush T Bldg pf (7).. 1% Butte Cop & Z (50c). 10 ButterickCo .. 33% Byers (AM)... 431 Calif Packing (4) % Callahan Zinc & Ld 28% Calumet & Arizona 7% Calumet & Hecla Carital Admin (A).. 29% Capital Adm A pf (3) 83% Case (JI) (6)...... 22 Caterpillar Trae(t4) 24 Cavanaug 9% Celanese Corp. 8 Celotex voting etfs. . 17% Celotex Co pf. ch pr A (3) 1108 1 30 137 1 2 4 108 2 3 -Dobbs pf 1108 13¢ 189% Cent RR of NJ (112) 21 Cerro de Pasco (4) 2 Certain-teed Prod. 14% Checker Cab (1.80) 32% Ches & Ohio (2%)... 82% Chesapeake Corp ( % Chic & Alton 13 Chic & Alton 4% Chic Great W 12 Chicago Great 4% Chic Ml Bt P & Pac. 7% Chic M11 St P& P pf 30% Chi & Northwn (4) 102% Chi & N W pf (T) 7% Chic Pneu Tool 21'% Chi YellowCab (3) 12 Chickasha Cotton 23% Childs Co (2.40) 1414 Chrysier Corp ( & F (k3. Ciuett Peabody (3).. 1334 ola (6). ¢ 48% Coca-Cola A (3)..... 44 Colgate Pal-P (2)4). 12 Collins & Alkman. . 8% Colonial Beacon. . ... 18% Col Fuel & Iron (1).. 30% Col Gas & El (2) 99 Co!Gas& El pf A (6) 74 Colum Graph (a% 65% Columblan Carb (+6) 16% Comm Credit (2) .. 30% Comm Credit A (3) 308 ¥ 2 2 19 1 6 80k 3% 17% 26 102 17% 98 9 104% 5 28 147% 145 2 504 50% 2 4Th 46 12 12 20% Comm Credit pf B(2)100s 14 Comm Sof Tiy ¥Comwith o (60¢) 861 Comwlth & So pf +6) 76% Comm Cred 18t (6%) 6% “ongoleum- 4 ngress Ci, Consol Cf nts (11) ars 6) . 1 Consol Cig pr pf 8% . loo; Cons RR Cub pf (8. Consol Textile Contl Baking A. Contl Baking B. Contl Baking pf ontl Can (2%) Contl Dia Fibre (1).. Contl fosur 12 40). Contl Motors. Contl Ofl of Del. 42 182 5 108 12% ~Pre High. 35% v.1030- Low. % Johns-Manville ( Stock and Dividend Rate. Cream of Wht(t2%) Crosley Radio. . ..... Crown Cork (£3.40) Cuba Cane Prod. Cuban Dom Sugar. Cubs Co..cveueusons Cuban-Amer Sugar. . Cudahy Packing (4). Curtiss Wright Corp. Curtiss Wr Corp A. Cushman's pf (1) Cutler-Ham (3%). Davison Chemical. Debenhams (70c) Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17). Denver & R G W pf.. Detroit Edison (8).. Devoe & Ray (1.20).. Bales— €% Dome Mines (1).... Dom Stores (31.30).. Drug Corporat (4). . Du Pont de N (14.70) Dugues Lt 18t of (6). Bastern'Roll Mills. . Bastman Kodak (18) Eaton Axle &8 (3).. Eitington-Schild.... Blec Auto Lite (8).. Electric Boat. El1Pow & Lt (1). Bl Pow & Lt pf (8! El Pow & Lt pf (7).. E] Storage Bat (5).. Elk Horn Coal.. ... Emerson Brant (A)..- Endicott-John (5)... Eng Pub Serv (3.40). qugu Blag (2%).. o £ri . - Erie RR 1st pf (4)... Semwnn - 6% Eureka Vac Cleaner. Evans Auto Loading. Fashion Park Asso.. Fashion ParkAs pf. . Fed Lt & Trac pt (6) Fed Wat Sve A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) Firestone T& R (1) Firest T & R pf (6).. First Nat Strs (33%). Fisk Rubber. Fox Film (A) (4) Frank Stmon pf (7). Freeport Tex (15)... Gabriel Co (A). 8 “en Am T'k Car (34) 5 6 Gen Asphalt (3).... Gen Baking pf (8). Gen Bronze, Gen Cable. . Add 00. High. -3 = 58y o aw 28 5 s 8 0% o 4 24% 1008 99% 2 6% w6 32 ).. 174 45% Gen Elec spec (80c), 7 1 Gen Food Corp (3). . Gen Gas&E] A(e30¢c) Gen G & El cv pf (8). GenG&EIpf A (1), Gen Ital Ed (a ) Gen Mills (3) Gen Motors pf (5). Gen Outdoor Ady... Gen Out Adv (A) (4) Gen Print Ink pf (8). 50s Gen Pub Svo b8 % stk Gen Ry Signal (5). 8 6 Gen Ry Signal pf (6) 80s 11 Gen Realty & U Gen R & Ut pf (e6).. Gen Refract (t4%).. Gen Theatre Equip. . Gillette Saf Ras (4). Gillette Saf R pf (5). Gimbel Bros.. .... Gimbel Bros pf (1) Glidden Company Glidden pr pf (7). Gobel (Adolf). . Goodyear Tire (5). .. Goodyear 1st pf (1), Gotham Sflk Hostery 64 Gotnam pt zw (7). .. 8508 o rc Granby Consol (2).. Grand Silv Strs(h1). Grand Unfon....... Grand Union of (3) Granite City St (3). Great Western Sugar Gr West Sug vf (7). Grigsby Grunow.... Guif Mobfle & North. Gulf Mob & N of (6). Gulf States Steel.... Hacken pf A (1%).. Hahn Dept Stores. .. Hahn Dept S pf (6%) 38 Hall (WF) Pr Co (2) .ll 8 408 Hamilton Wateh 1.80 Har Wk Ref (12%).. Hawailan Pineap (2) 208 Hayes Body........ Helme (GW) pf (7). Household Fin pf (4) Houston Oll (b10%). Houston Oil (new).. Howe Sound (t4%). Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motors. . [llinots Central (7) Indian Motor Cycle. Indlan Refining. Indian Refining reti Indus Rayon (4). Ingersoll Rand (16). Inland Steel (4)..... Inspiration Copper. . Insurance Bh (46¢c).. Ins ctfs (Md) (80c).. Interlake Iron (1). [nt Agricultural.... Iatl Bus Mach (n6) Intl Carriers (26¢).. Intl Cement (4).. Intl Combustlion. .. 8 Int Comb Eng pf. . Intl Harvester (2%4). Int Harvester pf (7). Intl Hydro El A (e2) intl Mateh pf (4).... 6 Intl Mer Marine (3), 2 Intl Nick of Can (1), 204 Intl Paper & Pwr A. 8 Intl Pap & Pow (C).. 21 Intl Pap & P of (1) 3 Int Rys Cen A pf (5). 108 Int1 Salt (3)...00uv. 4 Int Shoe (8). 1 Intl Tel & Tel (2)... 84 Inter Dept Stra (2).. 8 Int Dpt St pf xw (7). 9508 Investors Equity (2) 9 Island Cr Coal (4). Jowel T 16) - P L L Jordan Motor Car. Kans City Sou (5)... Kans City Sou pf (4) Kaufmann DS (1%) Kayser Jullus (2%). Kelly-Spring Tire. .. -Spring 8% vf. 5 Kelsey Hayes (2)...118s KelvinatorCorp .. 4 Kend Co pf (16.37).. 50s Kennecott Copper(2) 126 Kinney (GR) of (8). 108 Kolster Radfo...... 11 (88) Co 1.60. 4 1 1 13 1 1 3 1 2 2 3 Kreug & Toll 11.60). Krok Gr & Bak (n1). Lambert Co (8) onerEEuSanncannnnon By Loew's. Inc (14). Lofygne....... P 10s 138 4 1 1% 7 0 5 34 Ve 5% 86 1% % 2 Prev. Low. Close. Close. 104% 104% 7 7 150% 153% 13% % 3% 51 2% 88% 85% 4% 1% 44% 22 27 80 80 80 WI30% 3% 3% B4w baw 1% 9% 8 524 504 1% 1 21% 21% 22 50% 49% 1138 6 224 135 22 56% 16 STOCKS IRREGULAR ONLIGHT TURNOVER Buying Side Still Seems Stronger, but Prices Move Narrowly. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. YORK, December 19.—Prices fluctuated irregularly through a narrow range In today's stock market. No large scale liquidation, however, was at any time in evidence and most of u:e“t\me the buying side had the better of it. Short covering was again a feature in the early trading, although the results were not s spectacular as they had been on Wednesday and Thurs- day. Auburn Auto had a setback in the first hour, but made up_the loss before noon. The shorts in J. I. Case paid 8 or 4 points higher to cover their commitments than they could have done at the preceding close. Worthington Pump and Vanadium, each with a large short interest outstanding, advanced moderately for stocks as volatile as they are. Rail Group Improves. ‘The better tone in the market was evident in the raflway list. November earnings statements are due early next | g, week. Ordinarily a few of them should have been published by this time. Gains in the carrier shares could hardly have been attributed to ex- pectation of a better showing in the income accounts inasmuch as there has been no improvement in car load- ings. Nevertheless the rails were stron as a group under the leadership o Atchison, touching 180 again against Wednesday'’s final of 168, and New York Central. Texas & Pacific, of which the floating supply is meager, jumped 5 pointa. timore & Ohio gained 2 or 8 points, up over 12 from the low of earlier. in the week. Standard industrials and utllities were firm. United States Steel swung back and forth during the morning within a 2-point range and never much under Thursday's final. American Can and Westinghouse Electric made small gains, while in the utility list American Telephone, selling “ex” the $2.25 quarterly dividend, was practically unchanged. Merchandising stocks were well supported.and so were the food shares. Reports from the copper metal mar- ket were encouraging and the statistics showing a cut ip world production dur- ing November were favorable, but cop- per shares were heavy, with Anaconda and Kennecott not much above their extreme lows. The ofls did little one way or the other. Aside from the er- :tlc kAli,blum. tg; m‘t;mr1 5hu|:s were 'markably steady, reflecting the belief that no industry was in bstter shape :: rlnpond immediately to business re- val. A Dbetter demand for bank stocks was reported. Early Market Dull, The chief feature of early trading was general dullness. Prices, after mov- ing down fractionally at the opening, remained approximately in that posi- tion. There were a few recoveries, but these were small and not quit equal to the initidl Trading in the first half hdur amounted 210,000 shares against Thursday’s total for the same period of 516,100 ‘shares. Money .renewed un- changed at 2 per cent. United States Steel opened off a point and then worked slowly back to its pre- vious closing level. Much the same course was taken by other active market TS Brokers’ Comment NEW *YORK, December 19.—Com- mission house letters today found the pace of the stock market’s rally too fast to continue and looked for a sec- ond: reaction, although it was gen- eraly believed that Wednesday's lows would hold for the rest of the year. Comments include: Babcock, Rushton & Co.: “The next few days will prove pretty definitely whether weak spots of the situation have finaly been fully provided for Jackson Bros., Boesel & Co.: “The recovery in the stock market during the last two days has assumed a pace which certainly cannot be maintained without intermediate reactions. Senti- ment is affected adversely by sharp advances which represent artificial stimulation. A second: correction, we believe, will shortly be in order, owing to an elimination of such a percentage of thie short interest. ‘There is still much tax selling to be accomplished before the end of the year. The business outlook, moreover, is so uncertain as to warrant further frregularity.” Redmond & Co.: “We do not antici- pate & testing out of the recent lows until early next year, and then only if the trend of Spring business falls short of general expectations. The changed complexion of the stock market has not been accompanied by a change in fundamental business con- ditions, so that a conservative trading nndbltnvemnenc policy still seems ad- Visable.” Hornblower & Weeks: “The market will need the rest of the week to con- 1 | solidate its advances. The flurry in cer- tain specialties yesterday was too ex- treme for the technical good of the market, and for this reason we feel tha. at least a sideways movement is necessary at this time.” Shields & Co.: “Bear markets do not turn overnight, nor does a technical recovery bring a bull market. The mar- ket itself will give ample evidence of when & real turn is coming by holding to & very narrow trading range for quite a lengthy period, during which actual investment accumulation will lay a true foundation for a sustained ad- vance.” BANK CLEARINGS. NEW_ YORK, December 19 (Spe- cial.)—New York bank clearings, today, $1,154,000,000; & year ago, $1,127,000,~ 000. New York bank balances, today, $111,000,000; a year ago, $172,000,000. New York Federal Reserve Bank credits, wglnyno $89,000,000; a year ago, $156,~ 000,000. Organized 1879 JOY EDSON, President JOHN Assets .. +..$5,001,122.48 915 F St. N.W, FARM BOARD HALTS| DECLINE IN WHEAT Prices Pegged at Chicago és, World Markets Recede Rapidly. BY OWEN L. SCOTT. Special Dispatch to The Star. CHICAGO, December 19.—Further millions of bushels have been added this week to the huge holdings acquired by agencics of the Federal Farm Board in the{r effort to peg artificially the price of wheat. As a direct result, the wheat market has weathered another severe world-wide speculative storm which swept foreign exchanges down to record-breaking lows. Now with 115,000,000 to 120,000,000 bushels of wheat on its hands, the Farm Board feels that its policies have been justified because American prices are from 15 to 24 conts above the world basis. This country's 42-cent tariff on wheat consequently is declared to be approximately 50 per cent effective. hile the price of May wheat has held stationary at 81 and 81l cents for the old and the new type of future delivery contracts, the July delivery has umped as low as 67! cents—a new bottom for any time since 1901, when it touched 6317 cents. But this future is unprotected %y the Government because 1t represents the new Winter wheat crop now undeggoing the viclssitudes of a Winter. It is figured that anything may happen before the crop is harvested. Until the Government withdraws from the market, according to traders, there will be little occasion for regula- tory action, because in wheat, they say, the éxchange now is ".fi? by the Farm Board. Knowled&e at prices will be held regardless of private trade has tended to dry up speculation. (Copyright, 1930.) FOOD PRICE DECREASE SHOWN IN U. S. REPORT By the Associated Press. Pork chops were 13 per cent cheaper November 15 than on October 15, and the average of all foods showed a de- FINANCIAL. Are You Satisfied - —with the present plan you have of financing your home? . If not, we invite you to consider the Real Estate Loan Plan of the Metropolitan Life Insurance Company. Long Term Reasonable Rates Construetion Loans in Any Amount EAVER WEERERS Washington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company Leans Made in the District of Columbia and Nearby Maryland and Virginia District 9436 SAFF FIRS | T MIORT AN INVITING INVESTMENT When you come to consider investment in our 6% FIRST MORTGAGES crease of about 2 per cent. The monthly report of the Bureau of Labor statistics showed a drop of 11% per cent in prices reported from 51 rep- resentative cities as compared with No- vember 15, 1929. Presh eggs, sugar and canned red salmon were the only reported items showing increases. Oranges dropped 24 per cent during the month, navy beans, 10 per cent; onions, 7 per cent; potatoes, cabbage and prunes, 6 per cent: butter, 5 per cent; sirloin and round steak and chuck roast, 3 per cent, and other foods ranged from 4 to 1 per €ent lower. Detroit and Washington showed the greatest decrease in the average cost with a drop of 4 per cent. PARIS BOURSE PRICES. PARIS, December 19 (#).—Prices moved irregularly on the Bourse today. ‘Three per cent rentes, 85 francs 45 centimes. Five per cent loan, 101 francs 5 centimes. Exchange on London, 123 francs 61 centimes, The dollar was quoted at 25 francs 44% centimes. REAL ESTATE LOANS' Made at Low Interest Rates TYLEIL& RUTHERFORD ~ Money to Loan ST re deed of trust on Tngh | First Mortgage Loa: In Arjington County and Alexandria, Virginia Commonwealth Investment Co., Inc., | 806 15th s, N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Money on Hand to Loan om First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. IN requesting loans, specify the amount needed, together with a brief outline of the properties and their approximate valuation. ‘We purchase 2nd trust . notes secured by improved real estate. REAL ESTATE Capital Resources, $3,800,000 Aoiiss 1610K St. N.W. Equitable Co-Operative Bldg. Ass'n WALTER S. PRATT, Jr,, Secref Surplus & Profits Subscription for the 100th lssue of Stock Being Received 51st YEAR COMPLETED . +..+.$1,818,655.92 SYSTEMATIC SAVING That is the sure way to get ahead financially and the way to prepare for any emergency. We will carefully—you’ll find there is absolutely no risk; and there- fore they are offered as one of the - soundest, and also one of the most profitable investments. At regular intervals through- out the term of the mortgage this liberal interest is paid— while the principal is amply secured by improved real es- tate, that has bheen conserva- tively appraised. May be purchased in amounts from $250 up. B. Fi SAUL. CO. National 2100 925 15th St. N.W. IS NO 'SUBSTITUTE FOR SAFETY Over a Third of ¢ Century Without & Loss THERE District of Columdia and s made v within 24 hours. 20-mile rad: No Endorser = Up to $300 Under State Supervision This Holiday Season Naturally Brings a Host of Bills It is not necessary to begin the New Year burdened with financial cares . . . for we can consolidate your debts into one, and allow you to repay us in small monthly payments . . . arranged to conform with your income e without tlh? emgarrassm‘enttgf :fcurltn' endfir&ers. ve special and prom| attention to aj cants delh'gz money for Chflstmu‘.’ o Our Servicg is Personal and Confidential, and itional Information will be cheerfully given. People’s Personal Bankers, Bethesda Personal Bankers, Inc. Inc. 2308 Rhode Istand Ave. Mt Rainfer, Md. Phones: Hyattaville 17761771 Public Small Loan Co., Inc. Rosslyn, Va. 405 . . ' N B0 et Shennura sabi s The Above Concerns Operate Under the Uniform Small Loan Law as Sponsored by the Russell Sage Foundation and as Super- vised by State Banking Department Bethesda, Md. Phone Wisconsin 4374 Maryland Personal Bankers, . Inc. We Recommend— UNITED FOUNDERS CORP. COMMON A holding company which controls American Founders Corporation and has extensive and diversified investments in important public utility and other fields of about $300,000,000. On November 8 had 90,026 registered stockholders. Currently selling at about 744, < Actively traded in on N. Y. Curb Mkt. WAseaMAN, BRAWNER & Co. INCoRPORATED Investment Bankers 1700 Eye St. NW. ME. 3860 e e e e e e e e e e e e e e e e e Dear 8irs: Please send without obligation detailed information regard- ing United Founders Corporation, Common, to me. gladly explain our sys- tematic saving plan. Lo TR . RO AR S - s Experienced A NertisersPrefer] heSgar