Evening Star Newspaper, June 4, 1931, Page 13

{ { FINANCIAL THIRTY T0 ATTEND 1.2, SENVENTION District Delegation to Pitts- ¢ burgh Gathering Will Break Recerds. BY EDWARD C. STONE. Washington will send the largest dele- gation of young bankers to the annual convention of the American Institute of Banking in_Pittsburgh next week that this city has ever sent to one of any of these gath- erings, with the e ception of the mee! ing in Philadelphi Washington chay ter has 30 mem- o lated to at- tend the conven- tion The delegation T. Hunton I assistant cash: the Security Sa ings & Commer- cial Bank, memb. ational Council of 1. yanton Leith. the American In- stitute of Banking. The list of dele- gates and the banks with which they are connected follows: Willard G. Barker, Morris Plan Bank; Frank E. Cook, District National: Miss Anne P. Crawford, MeLachlen Banking Corp: "John M. DeMarco, Seventh ings; Aubrey O. Dooley, Fed= rican 'National Bank & Trust Donohue, instructor of in- culty; Joseph R. Fitzpatrick, 1: Joseph J. Fleherty, & Co.: George R. Flemer, Naticnal Metropolitan: R. H. Lacey, Co- lumbia National; T. Hunton Leith, Se- & ‘Commercial; A. J. J. Earle McGeary, W. B. ;" ‘Arthur E. Meade, De- Ellsworth Moyer, : Richard A. Norris, Lincoln Nati .S, Ogilvie, Second National; ¥Frank M. Perley, American Security ‘& Trust Co.; Mrs. Helena D. Reed, Lincoln National; I. J. Roberts, Riggs National: Miss Rose L. Royce and Miss Mabel V. Royce, Wash- ington Loan & Trust Co; W. L. Sanderson, l-‘cdoral-Amcrican National Bank & Trust Co E. Wallace Schrei- ner, First National Bank, Alexandria, Va.: Paul J. Seltzer, American Security & Trust Co.; Robert A. Sisson, Wash- ington 8 ngs: James A. Soper, Lincoln National; Millard S. Yeatman, Federal- American National Bank & Trust Co.; Aubrey D. Carter, supervisor of trust department section, offics of United States controller of currency. Treasury Official on Program. Aubrey D. Carter of the Treasury Department will be one of the speakers and several local bankers are on im- portant committees. Ben Aley retires as president, the vice president step- ping into his shoes. The convention runs from June § to 12. About 200 delegates will visit Wagh- on_their way to the convention unday end be the guests of the al chapter, The delegates are plan- g in behalf of the national organi- un to place a wreath on the grave nown Soldier in Arlington 4:45 Sunday afternoon. ‘At 4 member of the National Coun- cil Mr. Leith will represent President Aley at this ceremecny. Incidentally, Mr. Leith is playing a very important part in two conventions this year, as he is on the District Bankers' Associa- tion Press Committee for the Hot Springs gathering and has been editing the Bankers' Bulletin auring the year. He is a past p! nt_of Washington Chapter, A. I. B, and has been chair- man of the most important commit- tees. He has one more year to serve on the National Council. Insurance Conference Held Here. The Massachusetts Mutual Life In- > Co. is holding a regional edu- ral conference today at its local e in the Evans Building, attended by company representatives from this city, Richmond, Va, and West Vir- ginia. Dr. S. S. Huebner, professor of insur- ance at the Wharton School of Finance and Commerce, University of Pennsyl- vania; dean of the American College of Life Underwriters, who is the educa- tional adviser of the Massachusetts Mutual, discussed in detail at the morn- ing meeting the investment service of life insurance, a subject of current in- terest to life underwriters and to the public. At will discuss to Meet Them,” including the risk and life risk. Dr. Huebner's con- tribution to the understanding of the economic value of human lif2, a thought which he was among the first to de- velop, has caused him to be in great demand as a speaker 2t business and life_insurance conventions. The ashington agency, through John F. Cremen, general agent, reports new business for 1931 practically on a par with that of 1930. Savings Bank Trustees Elected. At the annual meeting of the stock- holders of East Washington Savings Bank h-ld late yesterday, the following 13 stees W elected to serve for ing year 3 L Beall, T. Earle Bourne, A y, J’\mc» A. Donoho: nental Feankin a’ Morris E. Marloy jr., Henry H. McKee, William N. Payne, Jr., Samuel H. Walker and John C. Yost. Officers will be clected at the first meoting of the new board, Tuesday, June 9! Lively Trading on Exchange, The Washington Stock Exchange aught the sp New York Ex- bus s more_active ton Railway & Electric in a tyrnover of nearly 21l sales being in small lots, at 98'; and closing at 9814 can Sceurity & Trust Co. stock d 4 10-share-lot more shares. 2ll at 208, Potomac Electric Power 512 per cent preferred came out at 11015, Washing- ton Gas Light registered a sale at 115 and Columbia Medical Building Corpo- ration moved at 91. Il Capital Traction appeared rd for the first time in sev- turnover ed at 35%, : remaining firm since its recent It closed 35% bid and Mergenthaler Linotype has been added to the ks now being quoted Peoples Drug Stores pre- 2 being so quoted. Heard in Financial District. Cuter of Harriman & Co. rned frem a shert tfip to Parls, he Tle de France. rts that business in Paris and the rest of France is quite satisfac- tor t this time, but considerable ! manifested as to how v tourist trafic will his Summer. “The Pennsylvania Railroad reports that vecation travel to Atlantic City and other New Jersey rescrts and also t> the New England resorts, including I1.owport and Bar Harbor, promises to be very heavy this Summer. ‘The road 5 ing plans to handle extra Washington bankers are go- ot Springs ahead of the open- the annual convention, June 13 t> 21, in order to have the entire week at the famous Virginia resort. “esterday’s late rally in the stock m-iizet brought a large attendance to the local brokers’ offices today. Local brokers are much more optimistic than they were a week ago. The Chase National Bank has de- elared regular quarterly dividends ag- gregating $1.00, payzble July 1 to stock of record June 12. sales and 5 THE EVENING STAR, WASHINGTON D. C, THURSDL\Y JUNE 4 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stock are sold In ome hundred share lofs excepting those designated by the letter s (80s) (250s), which shows those stocks were ull in odd lots. ~Prev 1931~ Low. High, 3! Stock and Dividend Rate. 15 Abitibi Pow & Paper. 22 Abitibl P& P I (6).. 3 Adams Express (1) 83 Addressogr Co 1.40 Adv Rumley (new) i Ahumada Lead...... Alr Reduction (t4%) Alaska Juneau (40c) Albany Wrap Paper. 4 Alleg COTD. .veueenen Alleg Cp $30 ww 5% . Alleg Cp $40 ww 6% Alleg Steel (12.80 Allled Ch & Dye (n6) Allls Chalmbers (2).. Amerada Corp (2)... Am Agri Ch of Del... Am Bank Note (+3) Am Br Shoe (2 . < Am Brown Bov Elec. 10 Am Br B Ept (7)... 1|0|| i Am Can (15)... Am Car & Fdry (1).. A i Am Car & Fdy.pf (1) 1 Am Chicle (13) A Am Comel Alcohol... 1 Am European Secur. 5 Am & For Power... Am & For Pow 2d pf. Am Hide & Leather. . Am Hide & Leath pf. Am Home Pr (4.20).. 4 AmIce (3).... Am International. Am La Fr & Foamiis Am Locomotive (1).. Am Locomot pf (7) Am Mch & Fdy 1.40 Am M -l Co Am > Am Pow % Lo Am Pow & Lt pf (6).. AmP&LtpLA (4).. Am P & L pf A st (5) Am Ra&Std San 60c., Am Republics. s Am Roliing Mills. ... Am Safety Razor (5) Am Ship & Com. . Am Sm & Ref (4) 4 1 15 714 Am Sm & Ref pf (7).250s 1 Am Snuff (13%). Am Steel Fdy (3).... Am Steel Fdy pt (7). 308 Am Stores (12%)..., 1 Am Sugar Ref (5). Am Sugar Ref pf (7) Am Tel & Tel (9) Am Tobacco (16) Am Tobacco B (11 Am Type Fdy (8) Am Type Fdy pf % Am Water Wks () Am Woolen. . Am Woolen pt. Am Zinc & Lead pf. Anaconda Cop (1%).. 360 Anaconda W & C (1). Archer Danlels Mid. Armour of Del pf (7) 4 Armourof Ill A...ue Armour of Il B...... Armour of 111 pf..... Arnold Constable. ... Asso Apparel (32)... Asso Dry G (2%) Asso D G 1st pf (6).. 4 Atch To & S Fe (10), Atch To&S Fe pt (5). Atl Coast Line (7). Atl Gulf & West Ind. Atlantic Refining (1) Atlas Powder (4) Atlas Powder pf ( Atlas Stores (1)..... Auburn Auto (f4). Autosales. Autosales pf. Aviation Corp af Dal 9% Baldwin Locomotive 14 2 10% 53% 51% 99 40% Baldwin Loco pf (7).100s Balto & Ohio (5). Balto & Ohio pf ( Barnsdall (A) (1). Beatrice Cream (4).. Beatrice Cr pf (7). 4 Beech-Nut PKg (3) Bendix Aviation (1). Best & Co (2) .o Bethlehem Steel (4). 413 Bethlehem St pf (7). 26 Blaw-Knox (1%).... 2 Bohn Alum & Br 1%. Borden Co (k3).. 134 Borg. Warner (1) Boston & Maine R R. briggs MIg (11%)... Brockway Mot Trk. Brockway Mot pf Bklyn-Man Tr (4). % Bklyn & Queens... Bkiyn & Qu T pf (5). Bklyn Union Gas (5) Bruns-Balk-Col Bugyrus (1) Bucyrus cv p! Budd (E G) Mfg. Budd (E G) Mfg p! 4 Budd Wheel (1). Bullard Co..... Bulova Watch (1%). Burroughs A M t1%. Bush Terminal (23%) Bush T Bldg pf (1) 4 Butte & Superior Butterick Co. 5 Bvers (A M Calif Packing Calumet & Arizona. Calumet & Hecla. Camp W&C Ky (1)... Canada Dry G A (3). Canadian Pacific 1% . Cannon Mills (1.60). Case (J ) (6)... Case (J 1) pf (1) Caterpillar Trac (3).. Celotex vtc ctfs. ... Cent Aguirre As 1% . Cerro de Pasco(1.50) Certain-teed Prod Checker Cab Mfg Ches & Ohio (23). Chesapeake Corp (3) Chl & AItOR Dfuveess Chi Great Western. 4 Chi Great West pf. Chi M1l St P & Pac Chi M1l St P & P pf. Chi & Northwest (4) Chi &N W pf (1) 4 Chi Pneu Tocl : Chicazo R1& Pac(4) ChiRI1&P DL i6)... Chi R 1& Pac pf (7). hickasha Cotton Of) 4 Childs Co (2.40). Chrysler Corp (1) City Ice&Fuel (3.60). City Ice & F ot (6%) City Stores. ... City Stores (A). Cluett-Peabody (3). Cluett-Peabdy pf (7) Coca-Cola (17%) Coca-Cola A (3). Colgate-Pal-P (234). Colg-Palm P pf (6) Collins & Atkman. . . Collins & Afk pf (7). Colo Fuel & Iron. Col Gas & El (2).... Col Gas & El pf A (6) Columbia Graph 56c. Col Grapho ctfs 56c. Columb Carbon (§).. Comcl Credit (2).... Comecl Credit A (3).. Comm Inv Trust (2). Comm Solvents (1).. Comwlth&Sou (40c). Cmwlth & Sou pf (6) Congoleum-Nairn. Consol Cigars (5)... 6 Consol Cig pr pf 6% .240s Consolldated Film. .. z Consol Film pf (2).. Consol Gas N ¥ (4). us Con Gas of NY of(5) Consol Laundries (1) Consol RR C pf (6) Consol Textile. . . Container Corp (. Container B. Contl Baking A. Cont] Baking B. Contl Baking pf (8) Contl Can (2%) Contl Dia Fibre (1).. P T I 34 Contl Insur (3.40) 2% Contl Motori 5 Contl Oll of Del 3% 55% 6% 2613 18% 2 30 81 Cont Shares..... Corn Prod (13%) Cotv Inc....... Cream of Wht (12 Cr Cork & Seal 2.40. Crown Zellerback. % Crucible Steel Crucible Steel % Cuba Cane Prod 3% 153-, 1024 109% 108 814 3% 16% 13% 18% 6 Prev. de 00 High. Low. Close. Close. 3% 15 12% 18% 4% % 76% 100 118% % 8% 9% Stock ana Bales— Dividend Rate. A4 8. Hign. 113% Curtis Publish pf (7) 2% Curtiss Wright Corp. 3 Curtiss Wr Corp A 9% Lsvison Chemical. .. 19% Deere & Co pf (1.40). 107% lll 527% Drlaware & Hud (9). Del Lacka & Wn (4). Denver & RG W pf., Devoe & Ray (1.20) Diamond Match Diamond Mtch of Duplan Silk (1). Dupont de Nem (. Eastman Kodak (18) :nx Eaton Axle (1.60)..., Auto Lite (6] 21 Elec Boat. . Elec Pwr & Lt (1)... 23! Elec Pow & Lt pf (8) Elec Pow & Lt pf (7) Elec Stor Bat (5) Endicott-John (5 Eng Public Sve (2 Fed Mot Truck (400). Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) 12 Firestone T&R (1).. Firest T& Rpf (6).. First Nat Strs (2%). 12 Fisk Rubbe: 15 Fisk Rubl Food Machinery 1% Foster Wheeler (2) Foundation Co. Fourth Nat Inve Fox Film A (4) Freeport-Texa: Gabriel CoA. Gamewell Co (6) Gardner Motor Gen Am Investors. .. Gen Am Tank Cart4) Gen Asphalt 43). Gen Baking (2) Gen Bronze Gen Cable A. Gen Cigar (4). Gen Elec (1.60) Gen Elec spec (60c) Food Corp (3) 4 Gen G & El A (e30c). Gen G & El cv pf (6). ien Gas & Elec B €30 Miils (3)... Gen Mills pf (6). Gen Motors (3) Gen Refractortes (4) 4 Gen Theater Equip. . 142 % Granite City 8t (3).. 4 5% Gillette Saf Rasor, Gaobel (Adolfd. Gold Dust (2%). Gold Dust pf (6) Goodrich (B F). Goodyear Tire&R(3) Gotham Silk Hostery Graham-Pal Granby Consol (2) . Grand 81l Strs (b1).. Grand Union. . - Grand Union pf (3).. 7 0 3 5 4 2 40 Grant (WT) (1).... Grt North pf (6) 17 Grt Nor Ore (2)..... 20 Grt Western Sugar.. 2 Grigsby Grunow. ... Guantanamo Sugar.. 2 «_Guif States Steel 5 Hann Dept Store: 10 Hahn Dpt Stpf (6%) 1 Hall (WF) PrCo (2) 1 Ham Watch (11.95). 30s Hamiiton W pf (6).. 208 Hanna pf (1)... 90 Harb Walk Ref (2).. Hartman Corp (B) Hayes Body... Hercules Mot Co §0c. Hercules Powd (3) Hershey Gnoe (5). Hersh Choc pf (15) Holland Furn (12%) Hollander Sons Homestake Min Houdallle Hershey.. Houston Oil..... Houston Oi1 (new) Howe Sound (3). Hudson & Man (33%). " Hudson Motor (1)... Hupp Motors. ... Tilinois Central (4).. Indust Rayon (4)... Ingersoll Rand (4) Inland Steel (2%). Inspiration Copp Insur'share of Del % Insur Shrs Md(40c. Interb Rap Traneit. . Interboro R T c.0.d. Interlake Iron (60c). Int Bus Mach (n6).. Int Carriers, Ltd 50c. Int Cement (4)...uus Int Combustion 26 Int Comb Eng pf. 2 Ipt Harvester (234).. 84 Int Harvester pf (7). 1 Int Hydro ELA (e2). 29 int Match pf (4). 16 Int Mer Marine (1).. 4 Int Nickel (80¢)..... 365 Int Nick Can pf (7).. 1 Iat Paper & Pow C... 8§ IntPap &P pf (7)... 6 Int Salt (3) 2 Int Shoe (3). Int Tel & Tel Inter Dept Strs ( Intertype Corp (1) Investors Equity —_— 57% 80% 123% 36% 40% 118 Jewel Tea (4). Johns-Manville (3).. Jones & Laug of (7). 4 326 208 45 64 18 24% 3% 25 40 12% 10% 1% 8 Kans City Sou (6)... B Kans City Soupf (4) 1 K'mann Dept Strs (1) 15 Kayser (J) &Co (1). 4 Kelly-Spriug Tire 1 Kelsey-Hayes Wheel 8 Kelvinator Corp..... 44 Kendall Co pt (6)... 50s Kennecott Copper(1) 124 Kinney (GR)Co pf.. 508 Kresge (S8) Co 1.60. 3 Kresge (SS) pf (7).. 108 Kress (SH) Co (J1).. 1 Kreuger & T (a1.60). 108 Kroger Groc&Bak(1) 94 Lambert Co (8... Leh Port Cmt (1). Leh Port Cmt pf (1). 60: Lehn & Fink (3).... Lib Ow Ford Glass Liggett & Myer (16). 4 Li7g & Myers B (15) Lima Locomaqt (m32). Link Belt (2.40). 1 Liquid Carbonic ('). Loew's Inc (3).. 174 Lo Incpf (6%). Loft Inc. Loul w 3 208 157 20 16 s 15t (‘l). Lorllllrd (F) Co. LouG&EA (1% Liville & N'ville (5. Ludlum Steel MeCall Corp (2%)... Mclintyre Pore M (1) McKeesport TP 1514 McKesson & Rob ‘1) McKes&Rob pf(3%) McLellan Store: Mack Trucks (3). Macy (RH) & Co(n3) Magma Copper (2) Manati Sugar. Man Elevmg - Marine Mid (1.20) Market 8t Ry pr pf. . Marlin-Rockwell (2) Marmon Motor Car.. M 1 Fleld (2% ) Mathieson Alkall (2) May Dept Strs (2%). Mengel Co..... Mexican Seaboard. Miami COpper....... Mid Continent Patm.. Midland Steel (3) 35% 35% mnl. 100 50 10% 16 62 105 | again. !as prominent, » ADVANCE IN STOCK PRIGES RESUMES Market Scores Further Gains After Early Period of Irregularity. BY GEORGE T. HUGHES. Speclal Dispatch to The Star. NEW YORK, June 4—Testifying to the complete reversal of sentiment in ‘Wall Street, today’s stock market scored additional substantial gains all along the line. The market’s action was all the more impressive because of the extraordinary Provzment it had registered the day before. Something of a setback wauld not have been surprising today, after 50, rapid an advance, but while there was realizing at intervals it was ab- sorbed and the leaders forged steadily ahead to close around the best, Commodity markets advanced today along with stocks. Grains shook off the weakness resulting from the Gov- ernment withdrawal of support from wheat Wednesday and cotton ran up $1 a bale. Bonds and bank stocks were strong also. In the stock market the railroad shares made the best showing, with advances going to 5 and 6 points in the higher-priced members of the group. Opening quotations were irregular, vealizing after Monday’s violent recov- ery bringing prices down in individual instances and further short-covering advancing them elsewhere. During the morning hours the professional bear faction tested out the market by offer- ing stocks. The list sold off a point or S0, but there was no renewal of the panicky liquidation that had pressed down so severely on the list during the past three weeks. Instead, resist- ance was encountered on the decline, and by noon quotations were rising Early Advances. It was a market without particular feature. Stocks moved more with re- gard to the technical position than on news affecting their individual status. It was evident that all the short covering had not been accom- plished Wednesday. For example, Na- tional Lead, a stock with a small float- ing supply, but one which had been recklessly sold short, jumped 9 points on insignificant volume. = Eastman Kodak opened nearly 6 points higher, although reacting somewhat afterward. The chairman of the company was quoted as saying that he anticipated no change in dividend policy this year and that sales were approximating these of 1928. ‘The most_encouraging sign, however, was the rally in the railroad stocks. Here New York Central was the leader, closely followed by Atchison and Penn- sylvania. Reports that the St. Louis- San Francisco refinancing _problem was on the way to solution helped centiment. Great Northern preferred ran up nearly 3 points, Delaware & Hudson made a similar gain, and in the lower-priced issues St. Louis-San Francisco and St. Louis Southwestern | gained. Baltimore & Ohio crossed 50, up 7 points frém the recent low. Support for Steel. Strong support was in evidence for U. S. Steel. Naturally, the large gain of the preceding session brought some selling early today, but it was well ab- | sorbed, and the stock; approaching 90, | made a new high on the recovery. Thc‘ feeling in steel circles was that con- | sumer demand could not be much! longer delayed. Motor stocks were not but advices from the trade were optimistic. General Motors held firmly, but made little further progress. Following the announcement of the banks on Wednesday of a reduction in margin requirements on collateral loans, many brokerage houses reduced their requirements to customers—all indicative of confidence in the exist- ing price ley MARGINS REDUCED. NEW YORK, June 4 (®) —Several New York Stock Exchange brokers today took advantage of the reduced margin requirements of banks on call loans to make corresponding reductions in_their margins from their customers. W. E. Hutton & Co., J. H. Brooks & Co. and Eastman, Dillon & Co. cut| their margins from 25 to 20 per cent, | which was. the reduction made by leading banks yesterday. Hornblower & Weeks reduced their margin require- ments to 20 per cent of the selling price on stocks quoted at more than 525 a share, below which the margin will be $5 a share. Any stock selling for more than $5 will be carried on margin, the firm announced.. A Big Ben, the famous clock in the British House of Parliament tower, has | been checked 228 times in a year, and | was only a half-second off 100 times and about one_second wrong 28 times. OLDEST NATIONAL BANK in the District of Columbia Wil Your Life Insurance Do s Full Duty? NO danger of the pro- ceeds of your In- surance Policies being dissipated, when you create a Life Insurance Trust with The Metro- policén Bank. { Such a step means se- cumy of principal, regular income for your benefi- ciaries, interested man= agement. 1 You'll find Our Trust Officer ready to talk this matter over with you, in detail. National Metropolitan BANK 15th St., opp. U. S. Treasury - Organized 1814 1931 NEW YORK BANKS EARNING DIVIDENDS By the Assoclated Press. NEW YORK, June 4.—Dividends of the leading New York City banks in the aggregate will bs earned in the second quarter of 1931 hy a substantial mnrs:‘ according to John F. Barry, president of New York Depositor Cor- poration. Mr Barry expressed the nmlon that the sharp drop in earn- ings, due to the falling off in interest received on loans and discounts, been offset by the reduction in interest rates allowed on deposits, APPLE ADVERTISING CAMPAIGN PLANNED Virginia Growers Expected to Join in Effort to Promote Sales, Special Dispatch to The Star. WINCHESTER, Va. June 4—Pro- ducers of approximately 1,000,000 hll’-] rels of apples in Virginia will sign agreements to finance an American and foreign advertising campaign on the basis of 2 cents per barrel by the open- ing of the 1931 season, it was indicatcd today by Harry F. Byrd, president of the Virginia State Horticultural Society. Mr. Byrd recently launched the foreign jand domestic advertsing plan at a meet- ing of the Stat: society and followed it up & week or two ago at a directors’ meeting in Staunton. Since then he has received pledges for 600,000 barrels, and he said today he was confidnt the 1,000,000 mark would be reached and probably passed by the time the ship- ping season begins in the carly Fall. The campaign is to extend over a two- year period. Mr. Byrd said that, in addition to the American and foreign advertising cam- paign, the State socicty would also send representativcs into Southern markets for the purpose of reclaiming them as natural territory to Virginia growers. In late years apples from the Pacific Northiwest have made inroads in the South, and the Virginians now plan to “go after” the Southern trade on the ground that it rightfully belongs to them. : It was also announced that Gov. Pol- lard has indicated his readinsss to ap- point as foreign representative the per- son so chosen by the State soclety. Offi- cial appointment by th: Governor, it was stated, will give the foreign agent standing in the European markets. The salary and other expensss of the foreign representative will, how- ever, be borne by the growers contrib- uting to the fund. POWER OUTPUT OFF. NEW YORK, June 4 (#).—Production of electricity by the electric light and power industry of the United States for the week ended May 30 showed a de- cline from the previous week, but the drop from the like week of 1930 was smaller than that shown by thé pre- ceding week. The total of 1,564} 518 000 kilowatt hours was 3.8 per cent below the corresponding eek last year, com- pared with a drop of 4.4 per cent shown | by the preceding week from the like period of 1933, Authorized Service Delco, Remy, Klaxon, * Northeast & Sparton Horns MILLER-DUDLEY CO. 1716 14th St. N. W. North 1583-4 ] SPECIAL OFFER To get you acquainted with the value of The Financial World as an autho: tative and unbiased source of invest- ment data and analyses of all kinds, | we offer you the next 8 issues (regular price 25 cents each) for only §$1.00. You will also receive “Ten Cardinal Don’ts for Investors” and "Ten At- | tractive Low Priced Stocks”. Simply return this “ad” with your addms | and $1.00. TFINANCIAL WORLD America’s Investment and Business Weekly 53-FM Park Place New York First Mortgage Loan Applications Invited at 5% Glover & Flather 1508 H St. N.W. National 1753 The Trade Mark Guaranteeing Satisfaction A NEW SIGNAL FOR Card Records, Visible Equipment, and Loose Leaf systems. FLEXI-FLASH Adhesive Signals No moistening required! Will go through all typewriting or book- keeping machines. Will not “bulk” your card fils or loose leaf binder. The most efficient, yet the lowest priced signal sold. 1 Remove one of the sig- nals from the backer, atart- ing it carefully with the thumb nail. It is easily detached. Now crease it in the middle and place it over the edge of the card or sheet with the thumb and forefinger, 3 Press the ends down and your sig- ‘nl is in place. t will not move until you re- FINANCIAL |0IL PRICE DECLINES ON PRODUCTION GAIN Quotations in Midcontinent Field Near Lowest in History. By the Associated Press. OKLAHOMA CITY, June 4.—Prices for Midcontinent crude oil were near the lowest level in the history of the area today as a result of reductions operators attributed to overproduction in _the new East Texas fleld. Not since July 21, 1909, has the !'- erage price been as low as the 25 to 37 cents a barrel schedule that the %finno}md Crude Oil Purchasing Co., e of the affiliated companies of the Standard Oil of Indiana group, posted yesterday. Records of the Dally Oklahoman show the drop in top gravity crude, now quoted at 37 cents a barrel, is from prices of $2.61 to $3.57 per barrel of five years ago. « J. Steve Anderson of the Anderson- Prichard Oil Corporation said in the Cushing Fleld of Oklahoma fell to 25 cents a barrel when that pool was flush and flowing 300,000 barrels a day about 19 years ago, but that the sl!unuon soon adjusted itself. S. Ellison, president of the Stnno\lnd Co, said in a statement the current reduction was to meet com- petition from East Texas, where “high- gravity crude is being offered freely at less than 20 cents a barrel.” Other purchasers lollowed Shnnllnd'a lead. Pra!lletlon Gains. TULSA, Okla., June 2 (#).—Dally average crude oil production in the United States increased 24,967 barrels last week, totaling 2,464,197 barrels, the Oil and Gas Journal reports. Another big increase was registered in the new Eastern Texas area, where production was 350,900 barrels, or 47,- 138 barrels more than the preceding week's average. Oklahoma production dropped 14,515 | barrels to 527,435 barrels. | The total for the Midcontinent area, | which includes Eastern Texas and | Oklahoma, was 1,480,178 barrels, an in- | crease of 38,115 barrels. Kansas pro- | duction was 106,710 barrels, up 440 barrels. The Eastern output was 111,000 bar- rels, an increase of 500 els. An increase of 2214 barrels was shown in the Rocky Mountain area at 100,419 barrels. California had an crease of 1,250 barrels at 538,750 bar- Tels. Declines in the Gulf Coest and Southwest Texas areas partly offset the gains in other fields. ¥ A3 Money to Loan frst, deed of trast on real estate, Joscph - Welor S5vil s SECOND TRUST! MONEY AVAILABLE| For purchase of notes 1004 Vt. Ave. desirably secured on owner occupied prop- erty in District of Co- lumbia and nearby Maryland. Prompt Attention Given Applications. Nat’l Mortg. & Inv. Corp. Corner Automobile Showroom and Garage 14ih St. Wery Reasonable to Immediate Purchaser This is one of the most desirable properties of kind in Washingon. 75 ft. on 14th St, 105 ft. deep. Three floors, with large first floor showroom. « rage space for approxi- mately 200 cars. Owner anxious 1o sell at once. Reasonable terme. This is an outstanding opportunity. For Particulars Call H. L. RUST COMPANY 1001 15th St. Natienal 5100 of our bras 1430 K Street, N.V Private Wires for Convenience RIVATE wires connect the 37 branch offices of FENNER & BEANE with the major security and commodity markets of the country. As clearing members of the New York Stock Exchange, we offer a brokerage service which is complete. For thess who travel we base prepared a DIRECTORY b offices—a copy may be bad on requess. FENNER & BEANE COMPLETE BROKERAGE SERVICE Washington Office .Telephone Natjonal 7000 J. D. Mothershed, Manager Members: New York Stock Bxchange and other principal Exchanges PRIVATE WIRES TO NBW YORK, NEW ORLEANS, CHICAGO PROPERTY MANAGEMENT Apartment House MANAGEMENT OU’LL probably be sur- prised at the simple reason responsible maybe for the va- cancies in apartment houses which you own. Let us go over your proper- ties—point out the weak spots, and assume the details of man- agment. You'll feel the result in increased income and in bet- T Sreesrememm—- ter conditioned property. B. E 925 15th St. N.W. MO R T -G AGE at SAUL CO. Nat’l 2100 LiQuA NS We invite applications for First Mortgage Loans 3% on residences and business buildirgs in the District of Columbia and nearby Mary- land suburbs ... Lower Costs, Long Term (if de- sired), Valuable prepayment privileges,Three yearsloans on newer properties with- out amortization. o H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 Loan Correspondent for “The Prudential™ Nat. 5833