Evening Star Newspaper, June 19, 1931, Page 14

LOW MONEY RATES HELD BUSINESS AID| U. S. Industry Should Be Stimulated by Easy Credit, Observers Declare. By the Ascoclated Press. Competent Government observers see in the present easy rates in the money market an opportunity seldom presented to the business world. The prevailing low rates, these ob- servers point out, make pnsslhle the Jong-term financing of operations es- sential to business and in construction, offering as it does, a paring of interest charges to an unparalleled minimum, thus enhancing the opportunity of greater profits more readily. Business men, the Government insists, should have a greater incentive for proceeding with larger programs because of these lower costs. That big business is not taking ad- vantage of the present situation is charged by the Government to a pain- ful Jack of confidence. Merchandisers not producig due to the fear that will not be able to sell their goods, accumulating huge inventories, as sed in 1929. Capital is holding back ultra-conservatively, being content with a certain safety of principal in uncertain times, rather than a higher rate under present conditions. Proof of this is seen in present levels of Gov- ernment securities and those of high- class bonds about which there is no question of payment of interest charges. ‘There are at least two other main fa vorable factors to the prisent money level. One is the tendency to stop the abnormal and unhealthy flow of gold to the United States, a sum now twice | the amount held b:fore the World War and which has increased more than; $£125,000,000 for 1931 to date. If inter- st rates in this country are lower than for other nations, this fact will discour- | age the gold movem:nt here from other financial centers of the world. Another effect of low rates means the maintenance of low tax rates due to the ability of the Government to carry on financing operations at minimum costs. It will be enabled to refund bonds carry- ing a higher rate of return on an eas- icr basis, and float its short-term loans at nominal rates. All of this means less money will be needed by the Treas- ury to meet interest payments on its outstanding lndebtedness BROKER LOAN TOTAL AGAIN SHOWS DROP SBpecial Dispatch to The Star. NEW YORK, June 19.—The weekly £tatement of the Federal Reserve on brokers’ loans showed a dscrease of $71,000.000 during the week ended June 17 to a total of $1,419,000,000, the low- est in nearly seven years. This com- pares with a total of $1,490,000,000, the previous low for the movement estab- lished last week, and with $3,787,000,000 on June 18, 1930. Loans for own account were $1,070,- 000.000 compared with $1,135,000,000 a week ago; loans for out-of-town banks wire unchanged at $177,000,000 and loans for account of others amounted to $172,000.000 contrasted with $178,- 000,000. Demand loans constituted $1.060.000,000 of the total against $1,- 128.000.000 a week ago, and time loans were $359,000.000 against $362,000,000. Th2 New York Fed:-ral Reserve Dis- trict rediscount rate remains unchanged at 1'; per cent. . U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business June 16 was $407.855240.86. Customs recelpts 5{;:;4 the month to date were total ordina; = tures, $42,521,663.80. S INVESTMENT TRUSTS NEW YORK, June 19 (#).—Over-the- counter market. A B C Trust Shrs * B C Trust Shrs Bid. Asked. 4% 51 & Gen Secur £3 pf. Brit & Cont 6% pf. Composite Tr Shrs.. Founders 6% pf. Founders 77, Founders 1-70th ' com . Founders conv pf ctfs Founders wa . Founders 1-40th " com Am oy Stoeks Assoc Stand Oil Atl Sec pf. tl Sec_war Atl & Pac Int units Atl & Pac com ww... Atl & Pec pf war..... Bankers Nat Inv Baisi Basic Industry é 4% Tsia Britisn’ Type Invest 4 4% Chain & Gen Equities. ... 113 213 Chain & Gen Eguit 6'2% BI. 51 85 Chain Store Invest...... sGals i Chain Store Invest pi 50 Ghain Store Shrs Owners: 147 artered Invest 12 Charicred Invest 5 80 Chelsea Exchange A ‘ Chelsea Exchange B! i Cumulative Tr Sh. ¢ | Corporate Trust 2 5% | Crum & Foster 8% pi. bl Crum & _Foster 31 Crum & Foster Ins 7% 101 Crum & Foster Ins 31 Deposited Bank _Shrs N’ Y [ Deposited Bank Shrs N Y . 5% | Diversified Trustee Shrs A..... 3 Diversified Trustee Shrs B. aisy i Diversified Trustee Snrs C 4% dda | Equity Corp com.. 21" 289 | Equity Corp pf 4 w2 Trust Shrs a4y | Amer_Corp. 6% 1% Flvevem paed i 8 6% Fixed Trust Shares A 1214 Fixed Trust Shares B Fundamental Tr Shrs A... Fundamental Tr Shrs B General Eauity Granger Trai Gude: Winmi Trad: Incorp Investors Incorp Investors Equil Independence Tr Shrs. Jackson & Curtis Sec pf. Leaders of Industry A Leaders of Indusiry B. Leaders of Industry C.. Low Priced Shrs Major Corp Shrs Mass Investors Ti Mohawk _Invest Mutual Invest Trust A Mutual Manage Nation Wide Secuf National Indust Sh National Tr Sh i8] B BanaSaanaSBunan D w mw Representative Tr Secur Corp Gen $§ pf... Second Int Secur Corp A. Second Int Secur Corp B See Int Secur Corp &% 1st Selected Am : Shares. Selected Tncome Shrs.......10 Selected Manage Trusiée.... nd rust i Stand Collat Trusteed: State Street Invest.. Trustee Stand Invest Trustee Standard Oil s Tstee dard, ¢ olll\ann B & ik Trusteed N Y C Bal [ Twentieth Century Pixi 53 United Fixed Shrs FINANCIAL i January 2. ! purchase first mortgags bonds of Cen- | {up 16.7 per .cent. VENING - STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. and Sales— umund “Rate. Asede mn. Hieh, Low, Close. Close. Prev. | 67 Unit Frutt (4) 31 b3k 56 visnd Tate. Add00. Hign. Low. Close. Glose. % Soivay Ampfww % 1 83 83% 834 83k 17% 7% South Port RicoSug. 21 10% 9% 10 112 96% Sou P RicSugpf (8) 20s 98 98 908 98 54% 36 South Cal Ed (3) & 4l% 0% A1% 4% 109% 67% South Pacific 24 78% 764 71 T8 65% 27 Southern Rwy ( 10 32 314 32 32 13% 6 Sparks Wihing(l).. 8 84 8 8 8% 178 8% Spicer Mfg. e e T 5 2013 147% Stand Brands (1. 19 17 16% 16% 16% 1 4" 214 Stand Comel Tob 1 2% 2w 2% o 8 88% Kb\ StandGA&R (3W)... 12 60 59 60 5o% 2 ~09% 101% Stand G & E1 pf (7). 2 Unly Leaf Tob 3.2, 3 40 1% Stand Inv 42 24 UnivPlelstpf (8).. 10s 51% 31% Stand ON s 31191 UHIPSL A (at2.16). 29 1064 99% Stand ON Exppf (5), 2 102 102 102 102 | o 19 8% Stand Ofl of Kans: 170106 D16 206 0K o et el et Oe 5 5216 0% Stand OI N J (12 7% 36% B4% 35 B44| oo ] 26 13 Stand ON N ¥ (1.60). 60 15% 15% 16% 15w | 199, gow Ya e & Phwr pece 344 16w Starrett (LS) (13%) 1 18% 18% 18% 17%| Sne 59 valron G Cpt (6) W% 2% Sterling SecA... )8 s e e L 40 801 SterlSeccvpf(3)... 1 33% 33% 33% a5 | S 19 Wabash RR (A) 54 25% Stone & Webster (3). 28 i 21U 2 Waldorf Sys (1%).4) 26 141 Studebaker (1.20). Ward Baking B...... 1 454 31 SunO#l (11) Warner Bros Pict... 88 1041 94 Sun Oll pf (§) Warren Bros (2 5 1% % Snrerior Ol Webster Biseniohr.! 3 21% 16% Telautograph (1.40). P E(8) . 308 36u 18 Texas Corp (2)...... g N Western Dairy (A).. % 74 Texas Pac Land Tr 22 41 338 Thatcher pf (3.60). 106% 100 The Falr pf (7) 48 sting E1&MEg (4) "3 3 Thompeon Starretis. % 119% T Westing E&M bt (4). 9 4 Tide Water As(80c) 30 6% 5% = W e ) 12 5% Timken-Detrolt Axle 4 6 6 : Ll O et 59 82 Timken Roller (3)... 41 33 821 - i o 3% 1% Tobacco Product 3 oy 2 ke o i T4 - - 10% Tobacco Prod A 1950 i s 18 6% Transamerica (40¢). i b oo o 11% 615 Tri-Cont COrp..... - R Th e e o Shu S i Tt ConpIvL (8) 80%_ 66% Wrizley (Wm) (4) 45% 281 Trico Products(23%). - - 30 21 Yale & Towne (2)... e & 15% 6% Yellow Truck..... 72 43% Union Carb & C 2.60. Sales of Stocks on New York Exchange. 26% 14 UnOll of Cal (2) 10:30 AM..c.0en 200000 12:00 Noon. 2054 137 Un Pacific (10).. 1230 PML.onene 900,000 210 PM...ee.on 264 20 Ln TankCar (1.60) 201 | Dividend rates as given in the above table are the annual cash 20% Unit Alreraft. .. cents based onthe Tatest quarleriy or hativearly declarations. B0 46 Unit Aireract B (35 5 e AL 41% 81 Unit Biscuit (2). 8615 | no reguiar Tate. b Payable fn stock. e Payable in CAsh or ‘stoc AL LA ot SorvEsa). 21% | CEME 8% 10 SOSK: o 8 RN ok % BN s"- Mo stoek. " o atd e it “’-‘ ’h‘;l‘“yu "o ‘Texular Tate. n Fius 5% in Siock e i CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, June 19.—The follow- ing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York, for the Assoclated Press. News Thend. Loans on securities to brokers and dealers for the weck ended June 17 decreased by $71,000,000, making nine consecutive weeks of decline. The total outstanding of $1,419,000,000 represents | the lowest level reached in over -six | years. In keeping with current dull- ness in the security markets, the week's report shows that loans made for the account of non-banking lenders were | off $6,000,000, contrasted with an in- crease of $7,000,000 in the previous week. The remainder of the week's decline was entirely accounted for in loans of reporting member banks for their own account. At New York, the while all others advanced by $25,000, is witnessed on the decrease of $62,- | 000,000 and $46,000,000 in holdings of | spectively. ‘The Companies. Anglo Persian Oil Co. Ltd. common share earnings $1.36, $1.58. 1930 | gainst quarterly common dividends; paid 33’z April 1. & Alton Stockholders’ Committee as- inadequate. shops. City Investing $2.50 dividend on com- mon stock; paid 333 per cent stock | | dividends on February 2 and $5 cash | Connecticut Electric Service gross earnings, 12 months to May 31, off 2.8 per cent; net income up 3 per cent. General Electric asks United States | WALL STREET HEARS REPORTS OF GAINS IN RETAIL BUSINESS New England Proves Chief Center of Im- provement—Lextile Trade Is Brightest Spot in Picture. BY CHARLES F. SPEARE. ‘ Special Dispatch to The Star. blcklng in the Middle West and in the Thn'- this repressive movement | NEW YORK, June 19.—Reports are | againct large scale distributive organi- So of all this in the stock market. Associated Apparel Industries passed |are a number of reasons why:this is so. | In the first place, the market is domi- cents cash and 1% per cent in stock, | nated by a small group of professional | | operators whose only profits in the last | Baltimore & Ohio Rallroad—Chicags | year and half have been | the downside. serts purchase price for that rallway is | be the line of least resistance, and so | far they have been correct. Chicago & Alton work resumed at ond place, there is a dearth of specu-| |Iative media for reflecting retall trade | improvement, unless it be in the chain | store group. | concerned, the Street keeps in mind the | | Supreme Court decision in the Indiana | tax case and the widespread campaign | | against chain stores which appears to| | have such strong political and popular ‘fllterln' into Wall Street of a striking | zations improvement come insistently from New England, but other parts of the country tell the | store serves an economic end which | same story in less degree. Locally, th | department stores have had amazing response to their widety advertised ne-\ rlen of price cuts, and some .observers so far as to compare the consumer Gemand to that ap) time. The brightest spot is | trade, but goods are moving into bu statement of condition revealed a drop | ers’ hands in many other classifications. of $79,000,0000 in loans on securities, Of course, this is done in many in- | stances at sacrifice price: Evidence of further llqmdauon dealer is concerned, but that is beside the point. and,- after the load on the shelves is Government and other securities, re- | lightened, replacements can be effected | at lower prices, and so the benefits ex- | tended all along the line. in retail trads. They | e | ring in holiday the textile | as far as the ‘The sales are being made Dearth of Speculative Media, ! far there has been no reflection | ‘There garnered on They believe that still to | In the sec- As far as the latter are | seems highly improbable. should permanently succeed Because of the lower costs to consumers the chain cannot _be dispensed with except at a |loss. But meanwhile speculators and traders gtand aside. Some success was attained by the National Cotton week movement. The woolen trade is better also. To quote | from a trade report of today's date: “The list of mills sold up for July and August production not only In- cludes worsted mills, but woolen and boys' wear mills as well. The list of woolen mills which are operating full time is impressive and includes many plants which have operated on an aver- age of 50 per cent of single shift ca- pacity for the last five years. Conservative Attitude. ‘The same authority goes on to say that while some believe that the miil activity will continue well into the Fall others are of the opinion that “produc- | tion will stop suddenly early in Sep- tember and that a lapse of several months will follow. It will be remem- bered that November and December of | ¥ | Inst year were the quictest months that, Wa | the A JIndustry has experienced since This brings out another point, name- ly, the conservative attitude of pro- ducers, not alone in woolens, but in all kinds of merchandise. It is the same as that of the retailer who keeps up his hand-to-mouth buying policy, but it makes the case that much stronger. Everybody is going slow and no one is overconfident. Nevertheless, it looks as though a real turn were in sight. (Copyright. 1931.) Supreme Court to rehear Langmuir tube patent case. Illinois Central Railroad work given | to 70 shopmen. International Telephone & Telegraph acquires interest in Ericsson (L. M. | Telephone; Ivar Kreuger and F. W. Allen to join board. 8 Jersey Central Power & Light— Utilities Commission authorized pur- chase of Eastern Jersey Power. Lee Tire & Rubber gets $100,000 orders for belting and vacuum hose; unfilled orders total about $250,000. New Bradford Oil omits quarterly dividend; paid 7 cents April 15. Nor. rebating. Pere Marquette Railway May deficit | [after charges, $158,342, against surplus | POFE %4085 0% et BRll: PORE Oper | day. after charges, $181964; five months’ | deficit, $647,839, against surplus, $874,045, i steel sheets ranging from $1 to $5 a ton. Spalding (A. G.) & Bros. —Bobby ploys more than 1,000 men. Universal Pipe & Radiator agrees to tral Foundry Co. if holders of 75 per | cent of outstanding bonds agree to transfer. ‘Youngstown Sheet & Tub: advances prices on steel sheets ranging from $1 to $5 a ton. American Radiator & Standard Sani- tary—Business of subsidiary, Standard Sanitary Mnnuhcturlnz Tunning 25 per cent below year ag American Rolling Mul first-half defl- cit estimated around $1,000,000; cur- rent operations around 35 per cent of capacity. American Sugar Refining marks up sugar price 10 points to 4.55 cents a pound. American Water Works & Electric May electric output off 8.9 per cent; 5 mtnths off 9.7 per cent. Are~tada Copper Mining subsidiary, American Brass, reduces prices !5 cents |a pound on brass products and ¥ cent on_copper products. subsidiary, Bethlehem Steel Me- Clintic-Marshall, low bidder for super- structure for Gelden Gate Bridge con- tract at $10,494,000. British Columbia Power May gross off 6.1 per cent, net up 9.3 per cent; 11 months gross off 0.8 per cent, net Canadian National Railways passen- ger train. service reduced 14 per cent in current year. Chicago Railways not to pay July 1 interest on Purchase Money 5s; $2,379,- 137 were outstanding .Vlmmry 1 General Motors reaches agreement with Libbey-Owens-Ford Glass; practi- cally all glass requirements for 7 years; Minimum needs estimated at $50,000: 000; Ottawa (Illinois) factories of Na- tional Plate Glass, subsidiary, sold to Libbey-Owens-Ford Glass. General Steel Castings to oflnhy-cruno- )ny net sales $2,- United Founders 126tk " com. B¢ aritheh Tn U3 & Beh B ta s 53 nl U Lt 6% l% Latvia is supplying lumber to its -g) home builders. wy : ooMu uflm 58,778, quarterly di- (Fred T.) Co. omits. vltnd. paid 371, cents Aprl.l 1 lnd % lcenu qunmrl,y theretofore. Copper 25 cents qu-rbefly eon?on dividend; formerly paid cen misses complaint secking to annul I. C. C. order authorizing company to lease properties to Michigan Central and Big Four. National Cash Register first half net | income estimated at $500,000. National price 10 points to 4.55 cents a pound. Pittsburgh Forgings passed quarterly _ggmmon dividend; paild 356 cents April | Standard Oil Co. of Ohio cuts gaso- line and kercsene prices 1 cent a gallon. | Texas Gulf Sulphur accepts tax valu- | ation of $16,041,540 from Wharton | folk & Western Rallway indicated for | County properties. Timken-Detroit Axle expected to re- Union Bag & Paper—President Mc- Republic Steel advances prices on | Millen made chairman, A. Calder, ex- ecutive vice president. Union Metal Mfg. 37% cents quar- Jones to join board. terly common dividend; paid 50 cents Standard Oil of California—Advances | \ previously, with extra dividend of 25 gasoline, ending price war. | cents. Stewart-Warner Corporatior re-em-\ American Commonwealths Power | shareholders take no action on pro- posal testing power to increase or de- crease authorized stock in class B issue. Brazilian Traction, Light & Power 11930 common share earnings, | against $2.67. Kelley Island Lime & Transport 1930 :g::',mon share earnings, $1.67, against Standard of California reported ar- ranging $2,500,000 advance payment of | Mexican taxes. Stutz Motor Car has obtained profit in first fiscal seven months; position strong. Calumet & Hecla Consolidated Coj per operations about 50 per cent of av- | erage 1930 schedule, Gardner Motor Co—R. E. Gardner, Drealdent, appointed receiver for com- pany. Sunset Stores deficit, before depre- | ghtlon. year ended January 31, $468,- Shubert Theater Corporation an- nounces reorganization plan providing for transfer of properties to new com- pany, control of which will be given through voting trust of holders of debenture bonds. Signcde Steel on “nxu(efl!d dividend; paid 62, cents Ap: Wuln-overlmd Co. net working cap- ital reported $11,200,000. BALTIMORE, June 19 (Special).— Banks in group of State Bankers' Association, includln¢ Dorchester, Wicomis Somerset Counties, at a meeting held at Salisbury yuurdny decided to place service = charge main frames for new Pennsylvania eiec- savings umunuhomtw!peremz. Action on the latter rroputllltobe h.kenwll.hl'nwdl’l. is said. m:rgnx. June 19 (A).—New se- curities offered New Jersey lzuom 3% per unt bonds, due July 1, 1942 to 1966, inch New York Central R. R.—Court dis- | sive, priced at | Sugar Refining advances 3 i a loss for first half; plants oper-| $2.52, | current to representatives | teel Strapping defers action et Bank Service Charge. 6 the Maryland co, Worcester and on all accounts !EW SECURITIES. y include: State of Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., June 19.—Pota- toes, white, 100 pounds, 1.00a1.75; new potatoes, barrel, 1.25a2.50; beans, bushel, 1.25a1.50; asparagus, per dozen, 1.50a2.25; beets, per 100, 1.50a2.00; cab- bage, bushel, 1.00a1.50; carrots, per 100, 3.00a4.00; eggplants, crate, 1.5024.00; Kale, bushel, 25a30; lettuce, bushel, 20a 50; lima beans, bushel, 2.5023.00; pep- pers, crate, 1.50a4.50; onions, per 100, 75a1.00; spinach, bushel, 25a30; rhu- barb, per 100, 2.00a4.00; tomatoes, crate, 175a2.00; peas, per crate, 75a1.25; apples, bushel, 75a2.50; per box, 2.00a2. 50; can- taloupes, per crate, 90a3.25; mpefrult box, 1.50a2.50; oranges, box, 2.50a4.75; strawberries, quart, 7a15. Dairy Market. Poultry, alive—Chickens, young, 20a 35; old hens, 18a22; Leghorns, lZIl:. Toosters, 12al4; ducks, 15a22; _ pigeons, pair, 20a25. Eggs—Receipts, 662 cases; receipts, 16 cents dozen. Butter—Good and fancy, creamery, 22a24!5; ladles, 17a18; rolls, 16al7; process, 20a21; store packed, 14al5. Hay and Grain. ‘Wheat—No. 2 red Winter, export, no quotation; No. 2 red Winter, garlicky, spot, nomlm\l Corn—No. 2 domestic, yellow, 70a71; cob, old, 3.25]3,50. Oats—White, No. 2, 37; No. 3, 36. Rye—Nearby, 50a55. Hay—Receipts, none. While receipts of hay are ample for all requirements, there is no surplus of heavy clover mixed being offered. Such grades will bring a premium of $1 to $3 a ton, de- pending on the amount of clover. Fair to gnk?nd timothy ranges from $24 to $26 per ton, current Live Stock Market, Cattle—Receipts, 150 head; light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 7.2528.00; medium to good, 6.50a7.25; fair to medium, 515“ 50; plain to fair, 5.25a5.75; common to Pplain, 4.5085.25. Bulls—Choice to prime, none; -good to choice, 5.00a5.50; medium to good, 4.50a5.00; fair to medium, 4.00a4.50; plain to fair, 3.50a4.00; common to plain, 3 .50. Cows—Choice to prime, none; good to choice, 4.00a5.25; medium to good, 4.0024.50; fair to medium, 2.50a4.00; plain to fair, 2.50a3.50; common to plain, 2.00a2.50. Heifers—Choice to prime, none; good to_choice, none; medium to geod, 6.00a 6.50; fair to medium, 5.50a6.00; plain to fair, 5.6025.50; common to plain, 4.5025.00. Fresh cows and Springers, 30.00a 60.00. Sheep and lambs—Receipts, 100 head; kst lower. Sheep, 100.75 to 101, by J. I. vu——neeelw. 100 head; u:ht sup- ply; market steady. Calves, 4.00a4.85. FRIDAY JUNE 19,. 1931. FINANCIAL BONDS IRREGULAR *| Cox 2w soux BONDS sroox xcausce] by Private Wire Direct to The Star. Office ON LIGHT TURNOVER Highly Selective Trend in Buying Revealed, Prime Issues in Demand. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 19.—The bond market was irregular y. Trading was not as active as on Thursday, and price movements revealed a highly se- lective trend. The {irregularity was a manifestation largely of the seasonal dullness and of the fallure of trade indices to show signs of an upward trend. The result has been the withdrawal from the mar- ket of the speculator who aided secon- dary bonds to advance last week. At the same time, however, there has been no renewal of liquidation except in a few isolated instances. It is probable that until stocks and business show definite improvement the spread be- tween high grade issues and junior in- vestments will widen. Prime seasoned securities were in demand today. This was chiefly shown in active trading in United States Gov- ernment long-term issues at steady prices. While the total of these bonds bought on the exchange averages around $1,000,000 a day, it is an indication of the tremendous volume of trading in them over the counter. High-grade cor- poration issues that improved under & brisk inquiry included American Tele- phcne 5s, American Smelting & Re- fining 5s, American Water Works 5s, Atchison General 4s, Brooklyn-Manh: tan Transit 6s, Consolidated Gas 4} Great Northern 7s, Norfolk & Western Consolidated 4s, Northern Pacific 4s and Standard Oil of New Jersey 5s. Sec'nd-grade rails were about un- changed except for Prisco 415s. West- ern Maryland 4s. Erie 5s, Missouri-Pa- cific 55 and St. Louis Southwestern bonds, which were all lower. While no definite announcement has becn made, the street understood that an agree- ment had been reached for the purchase by Southern Pacific cf St. Louis South- western mincrity stock if the Interstate Commerce Commission approves. This assumes that bonds maturing next year vill be cared for. Amusement issues were firm. The reorganization plan of Shubert Thea- ters Corporation provides for the seg- regation of real estate properties into a new company. The 6 per cent de- benture holders will receive an equal amount of 6 per cent adjustment bonds of the realty company and 10 shares of stock of Shubert Theaters Corporation. In the foreign department prices were generally firm. German 5'%s and Reparations 7s held their ground on the steady improvement in mark ex- change. Demands in Berlin for foreign exchange are declining and dollar bills are selling at the rate of 4.23 to the dollar. Brazilian bonds were firm on reports that both New York and Lon- don bankers had reached satisfactory cgreements with the State of Sao Paulo providing for decbt service. Washmgton Stock Exchange SALES. Georgetown Gas 55—$500 at 10315, Lanston monotype—10 at 90, 10 at 89. AFTER CALL. Commercial National Bank—1'at 215. Potomac Electric 5';% pfd.—1 at 111, 5 at 111, 2 at 111, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4'as ‘39 Am. Tel. & Tel. cil. tr. 58 Anacostia & Pot. R_R. 55 Ana. & s 65, series A.. V'lfih Gas 6s, series B Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. Earber & Ross, Inc, 6zs. » Chevy Chase Club 3!z 100 | Columbia Country Clib 5iss. .. 100% 103 | D. C. Paper Mig._8s... 30 60 | Wash. Mkt. Cold Storase 3¢ W STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. e Capital Traction_Co 364 | Wash. Gas Lt. Co. (i} . 125 N & W. Steambost (12} 201 Pot. Elec. Power 6. pid 114% Pot. Elec. Power 5'a’c pid ...l 11013 11l Wash. Ry. & Ei com. (T) 505 P Wash. Ry. & EI pfd. (5) 987 9914 NATIONAL BANK. Capital (14).. 250 Columbia, (13} b Gommercial (stamied) {6110 218 238 District (8). 200 210 Fed.-Am 50 52 Liberty (18) 210 Lincoln ¢ 40 Metopolitan {i4) 320 Riges (158) 380 Second (9e} 210 Washinston (i3 225 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) 203 310 wmmmm Trust (6),. R Natl, Bav. & Trust (123) 45 Biifce Geflrle\ Bk & T 8 40 Union Trust 3 220 Loan' & Brast a0 o5 30 SAVINGS BANK. Bank of Bethesda (65) 58 65 Com. & Savings (10). 8- i East annzmn as)’ 20, 48 Fotomac (1 & B Sec. Sav 51 500 United Sta : echanics (30) . 50 60 . ' FIRE INSURANCE. American (12). o280 . Corcoran (10) i3 emen's ( : National Union (i n ¥ TITLE INSURANGE. Columbia (6h) . 10% Real Estate (6h). 160 mscl:r.nm:ov . Barber & Ross, Inc.. com. 13 Col. Medical Bldg. com ] e Vel prd: (7) 95 50 it 130 m. 25 Am. Co. pfd. 100 e Manolype (8 95 Mer Tr & Stee. com’ 100 er, Tr. & Btge. pid. 95 Mergenthaler inot % o1 Natl. Mtge. & Inv. pfd, D Na% s Beobtes Brus Stores pid, (614)] 10013 103 Real Es . ptd. (8) 6 ) Woodward & Tothron prd" (1) SEx dividend. 82% extr bBooks closed. ¥212% exi na5c extra. E” 4% extra. 5% extra. ella% extia. Unlisted Department. (These securities not listed under Exchange Tules. BONDS. Bid. Asked. Army-Nayy Club_ 5t 90 . Cosmos Club 4 80 CGommercial Club 1st 80 Metropolitan ~Ci s | National Press Bl Anacostia Ban] Chr. Heuricl District Title Insuranc Franklin Nati Munsey Tru North Capitol !nlnu Bank. 12 Northeast Savings Bank........ 20 ... Park Savings Ban i Enlul'h ‘Hotel 55 Washington Savinigs Bak. 22 Washington Buss Ball Glub, 80 Woodridse-Langdon- Sav. Eank 40 Dividend Reductions. NEW YORK, June 19 (Special).— estimates of the amount of effect of a year and a half of uxmund reductions comes lll(.pll’ on October 1. i 4 e | Belgium 6% | Ches Corp bs * UNITED STATES. les. High. (Bales are 1n $1,000.) 4 4% . High, Low. Close. . 4 % Lib3%s32-47.. 11 10220 102 20 10220 10 921 L1st4%s32-47.114 10313 103 13 10313 | Int Maich 6847 3 874 64 10431 10427 10430 | Int MMcol tr6s*41 1 75 99 10116 10111 101 15 | Int Pap 55 A *47 6 0% 17103 103 103 int Pap 6 1 45 7103 2108 2108 2 |IntT&T4%s'63.. 3 74% 59 103 7103 6103 7 |latT&Tcv4%s39 30 88 9114 114 114 N e o St L 4 106% Sales, High. Low. Closs. | g1y 74751, . 23 9% Ahltlb!?ll’l oM e lmiycrrruTen. 't 94 Gavg | Ltaly PubSv 7852, 31 89% 62 Japan: 7’ 100% | Ja) 6% 108 |Jugosl Bank 7s'57. 6 | Kan CRts&Mas'36 24 91% 59| Kan City Sou 3s'60. ‘5 774 Am IntCp63s°49.,, 1 86 Knngg;::f:“sg 12 o AmMetal5%a30.. 3 76 T4 . T4 |KanGAE ene's0. 13 o9% AmNGasgla-4z.. 10 22 21 22 |cararar e a3 18 B¢ Am B&R 1st b8 7 102 101% 101% [ cr BRGERS H3scos 18 B8 Am Sug Ref 65°37.. 12 104% 104%s 104% AmT&T cv4%8'39 7 130 129% 130 |LacGStLEs'34.., 7 103% Am T&T 55°65..... 50 108% 108% 1081 | Laclede53%sC'53.. 2 1014 A TAT et e 10615 | Laclede 535 D60.. 1 101 108% | Lake Shore 3%s8°97 9 85% 110 | Lautaro Nit 68 '64.. 16 41 1028 | LehV cv 43%82003.. 5 99 104 | L & Myers 5861, 5 108% 71 | Loew's 197 8014 | Long 1 96 80 | Long Isldb6s'37., 8 1021 8Q |LorillardG%s°37.. 72 98% 8014 | La & Ark G369 8 49 M 8014 | L & N uni 4340 3 99y AT & Co 418 39 5% | Lyons 68 °34. .. 2 105% Arm Del 6135 43...115 2% | McKes ' 7 Alchinon gen da'si. 3 ¢ 1005 Sy a0, '8 0 chiscy 4148 41.. 63 1 24 43 AtCList4s'62... 5 97 rre L f AtC Lcol 4s°5 5 &8 3 At Ref deb 5 37... 22 101 6 Australia 4%8 66., 36 561 | Milan 638 62 41 31 59% | M &SL 1st rt q st 61% 61% (Ml E Ry & L 68’61, 3 19 107 106 106 | MSP&SSM 6%878. 6 Austria 7s'B7ctfs. 1 86% 56% 6% | M StP&SSM 6%s.. 2 B&O4s'48 .12 99 98% 99 |MK&T istés'90.. 29 B&O4%s'33..... 17 100% 100% 100 (MK &T4sB'62... 1 B&Oconv4s'60374 sy »9 sy |MK&Taljss'er.. 14 B&OTref68'95.... 9 100% 100% 1001 | MK &TprinbaA, 18 8 &08E D00 i Mo Pac gen 4 3 B ORE e v Mo Pac bs F 77 79 B&O D&W “ Mo Pac b3 G 78. 5 B & U Sway 58 Ban & Aroos 436 Bk of Chile 6% £ Chile 6% v Pt 4145 42 Belgium 6 ‘Belgium 78 ‘55, Belgium 7s '66. L5 1nd Loan Co 65°46 2 Bell Tel 'a b8 548 1 Berlin Cy EI 6s'85. Berlin CYEI 64551 4 Bolivia Ts Bolivia 7s "6y Bolivia 8s ¢ Bos & Me b3 '67 Brazil 634 '26. Brazil 6lps 27, Brazil 1s. Brazil 8s ¢ Bklyn Un & Bkiyn Un Ist 6850, Budapest 65 " Buenos A 6s Buff Gen El 43581 BR&PItLels 57, Canada 4s ‘60 Canada 43 Canada o8 o2 Can Nor 6% db 46 Can Nor 7s deb 40 Can Luc deb 4 Can Pac 4448 Can Pac filcl s Car Clin & O 6562 Cert-td deb ol s 48 : C&O4%sB 9. CB&Qgen 4s 5 CB&Q4las 7T, C B&Q 1strt C B&Q 111 dv 43 49, Chi Grt West 45 '59 29 ChiM&StP4as'sy. 1 Chi M SU'&P bs ‘76 54 Chi M & St P ad) 58 134 C&Nwn 4338 ¢ 2037, 5 Chi& NW con4%s. 4l Ch1& NW 6% Cni Rwys 68 27 Chi RI&P gn 4s Chi I8l & P rf 4834 Chi Un Sta 4%s "63. Chi Un § Chi Un C& W Ind 5%s '62.. Chile 6560 Chile Cop db 58 '47. 26 CCC & St L 58 D '63 Clev Term 4%s 17, Colomb 6s Jan 61.. Colombia 6561 Oct Colun V1l 6s " Colo & Sou 45 35. Col G&X 53 May 52 40 Com Inves5%s 4. 4 CGas NY 415'95wi139 ConG N Y bias 45 Con Pwr Jap 6%s Con Pow Japan Cuba R R 58 '5. Cuba RR rf 7%:'30 Czecho 83 51...... 3 109% 109% 109% Del & Hud rf 4s'43. 20 S6% 961 96% Del& Hud5%s'37. 4 104 104 104 Denmark 443 62.. 19 99% 194 391 [ 3 101 100% 101 Denmark 6s 5 LU6% 1064 106% D& R Grgn 19 91% 91k 9l D&RG W 68’5 3 55 54l 5dk DRG& Wst6s'T8 1 66% 66% 664 Del d G&R41%8'61 82 1041 104 104 Det Edison rf 6s'49 2 107% 107% Deutsche Bk 6: Lodge Br cl 65 ‘40 Duquesne 4148 67 Duteh kast 1 6847, Dutch East 1 68 '62. Erie 1st con 43 Erieconv4sB.. Erie Gen 4 Finland 5%s '68.. Finland 6% s 56 Finiand 7s ‘b Fram I D 7%s"4; French 7s°49. French Gvi 7%s Gelsenk’'chen 6s ‘34 103 German Bk 6s 8.. U Ger Cen Bk 63’60 J 18 69% 68% 69% Gor Cen Bk 65'60 0 26 69% 69 69 man Bank 78’50 9 81 80 80 Gll’mln Tsrep'49.. 43 97% 97 97 GerGen El78'45... 6 88 83 89 Goodrich cv 68 "45. .'!g 634 62 62% 2 GrandTr sf db 18° Grand Trunk 7 12 Grt Nor 4%s 26 6 1 100% 100% 100% . 25 108% 108% 108% Grt Nor gen 78'36.. 88 110 109% 109% Hock Val 4%s'99.. 6 103% 103% 108% 67. 15 78 T8 T8 111 Cent 4s '52. 111 Cent 4s '63. lO&‘ 75% | St P Un Dep 58 72. 3 S84y 118% 125% Mo Pac bs H '80. Mo Pac ref &3 = Mor & Co 1st 4343, Nassau Elec 45’51, Nat Dairy b%s N&T&MGs B 54 NOT&M w.-'u. I - Cent db 4s '34. Cent 4%s 2013. 2013 » 5. NY C&SIL ¢%8 8. NYC&SLLG5%sA NYC&StL6s'32. N Y Edison 63 B 44 N Y Ed 1st 634841, NY ELH&P 4s°49.. NY NH&H 414367 NY NH&H clt 6 NY NH&H cv db NY O&W 1st [y w0 0 *RaCHonBal Suannid aa 93, NY O&W =n 4s°55. N Y Tel 434539, N ¥ Tel 63 41. N Y Tel 63 49. Nia Sh Md 5%s°50 Nord 6% 5 Norf South 68 41. Nor & Wnev 4s 96. Nor Pac 38 2047. Nor 4897..... Nor Pac 414s 2047, Nor Pac 58 D 2047... Nor Pac r 1 6s 2047. Nor St Pw 58 A *41. Nor St Pw 63 B '41. Norway 5s ‘63 Norway 5%s '65... Norway 65 ‘44. Norway 68 '52..... Oreg-Wash 48 '61. . Orient dev 5%s ‘58, Pac G & K1 68"42. .. Pac T&T 1st 5s°37. Pac T&T ref 6s '52. Pan Am Pet 6s 1940 Paramount 6s ‘47 Paris-Ly M 6 L o 1 0 8 8 0 2 BN nonbhas Penna 435 D81 Fenncv 4445 '60. Penn gen 433 '65.. Penn 435 70 Penn 4% 63.. Penn 53 °64 Penn 6%s ‘36 Pere Mar 4155 ‘80, Pere M 1st 55 ‘56 Peru 65 '60. Peru 6s'61. Phila Co 6367 Pnila & Read Phillip Pet 5% Cillsb F M 65°43... PCC&St L5sB. P&WV4lis B 50, d 6340 Poland 7s *47 Poland 8s 50 . Port Gen El 41560 < Porto Alegre §s'61. Pos Tel & C 53 'G: Pressed St C Prussia 6s * Public Serv 4s Pub Sv G 4%s 67 Pub Sv G 4148 ° Pure Ol 5%s '37 Queenland fs 47 Queenland 7s ‘41 Rem Arms 6s A '37. Rem R5%s A ‘47.. Rhinelbe is 46.... Rhine West 68 '52. Rhine West 63 'b3., 2 Rhine West 6s '55. 2 Rhine West 7s'50. . Rich Oll cal €3 "44. . Rio de Jar 6%8 52 R Gr De Sul 63 '68. RIAr&L ¢34s 34, Rome 6148 '52. Roy D 4545 w’ StL IM R&G 4s'33. 33. StLSWS§s ‘62 StP& KCS L 4% ’Sll’l A&APA4s Sao Pauls yi’lo Pauto 8s ° | Saxon Pu W 6%s'51 Saxon 7s'45. Seab A L cv 63 15. Seine 7s "42. Serbs-Cr-S1 7s '62.. Shinyetsu 6%s Sinclair O1l 6% Sinc O 7scv A'3l.. Sinc P L 58 "42 Skelly Ofl 6%s ‘39 Soissons 6s ‘36 Sou Bel T&T 5s 41 Sou Pac ref 4s '56.. Sou Ry gen 4: Sou Ry Sou Ry . St Oil N J 68 46, StOfIN Y 4%s 61, Sug EsOr 7s°42... Sweden 6%s '64. Swissb%s 46, Tenn El P 65 A 47 Third Av 1st Toho El Pow 5%, . 11 " '.I'oklo EILt6s53.. 12 62 Int Cement 58 ‘4. Int & Gr Nor 6s '52. Ulst & De bs ctf "28 l { 1058 116% 10013 94% 105% 113% 541y 11015 103% 10619 101 1031% 1065 103 958 5% 105% 106 . Low, Close. 48 49% 3% T4% 92 92% 87% 87% % 70% 103% 101 101 85% 39% 99 108% 9 1031 101 101 99% 105% Ti% 100% 94% 105% 112% 113% 5415 G4y 4 44| 104% | 106 | 110% 9315 10615 19% 100 995, 10334 101% 100% 94% 1051 1 100% 100% 7% 8% 103 103 108 108 103% 103% 99 99 10 10 106 106% 106% 928 92% | Miller, | measure 2s : cmmendation: CUT IN INTEREST HELD JUSTIFIED Philadelphia Banker Upholdg Action in Address Before D. C. Convention, (Continued From Second Page) denid on this surplus to the owners whe are 4ll depositors, which, plus the ine terest, ylelds a total rate to them of 4 per cent. Splendid Year for Institute. This was a gala day for the Washe ington Chapter, the convention program calling for the annual report of the re= tiring president, Frank M. Perley of the American Security & Trust Co., covering the work done during the year, Mr. Perley's report revealed great ace tivity on the part of the chapter during the past 12 months, the number of banking students having been unusually large and the number of junior bankers failing 1> continue their courses to the end of the year being exceptionally small, Mr. Perley reported that two special courses were added during the year, one, problems in personal efficiency and the other in real estate. The chapter added 5 new members to its faculty, making a total number of 12. Awards totaling $450 in cash were made to students attaining high grades in educational work. The donors of these prizes were D. C. Clearing House Association, Charles J. Bell Trust Pund, W. J. Flather, Robert V. Fleming, John Poole, I J. Roberts, James A. Soper, T. Hunton Leith, W. W. Spaid, George W. White, Lanier P. McLachlen and the Bank Women's Club. Essays Read at Convention. Following the annual report of the president, the winners of the recent es- say contest sponsored by the bankers® association read their papers. Papers written by Bernard I. Boudren of the Riggs National Bank, winner of first prize; Miss Catherine M. Krieg, also of Riggs National, who captured second honors, and Miss Eugenie J. Horak of the Bank of Brightwood, who carried off third honors, were read. The subject this vear was “The Functions of a Modern Bank and the Services It Should Render.” The annual report on the work of the association’s safe deposit section, presented by the chairman, Frederick H. Cox, concluded the morning session. Death Calls Delegates Home. General Convention Chairman Fred- erick P. H. Siddons was called home early today on_ account of the death of his father, Justice Siddons. S. W. Unfon Trust Co. has been called to Washington by the death of his mother. Telegrams regretting the absence of former association guests have been sent to Controller of the Currency John W. Pole, Gov. Roy A. Young of the Boston Federal Rescrve Bank, President Rome C. Stephenson oi the American Bankers' Association and J. W. McIntosh, former controller of the currency. Honors in the first major sports event were captured by Charles T. Claggett, general manager of the Chesapeake & Potomac Telephone Co., who won the “Pop” Fleming golf trophy. The report of the Committee on Law and Legislation by Francis G. Addison { discussed progress of legislation to con- trol the sale of securities in Washing- ton, pointing out the esential differ- ences between the Capper bill and the Blaine bill. The committee objects te the Blaine bill and doubts if the Capper will ever be passed. For these reasons it favors employment of counsel by the District Bankers' Association to make |a search of the laws in force in the various States and prepare a new bill that would give the District of Colum- bia a satisfactory securities law. Discuss Foreclosure Bill. Chairman Addison also discussed the Senate bill relating to the foreclosure of property in the District of Columb the association being opposed to the “ambiguous and fraught with danger to both the borrower and the lender.” The Washington Real Estate Board has employed counsel to digsst the va- rious laws in the country on the subject and draft a law for th= consideration of ‘Washington realtors, which will also be presented to the Bankers' Association | for comments. Pending the time when legislation can bs enacted, the committee recom- | mends that Washington banks and real- tors act together to eliminate certain abuses that have developed. The rec- 1. That title should be ordered for any and all kinds of real property being purchesed. 2. Any property b:ing sold should be with the recommendation by the seller that the purchaser have the tille examined. 3. All real estate loans that are to be offered for sale or hypothecated should be settled through a title com- n; p:‘) All real estate sales should be scttled through a title company. 5. All first trust real estate notes should be certified by title company. 6. Title papers should be required by banks where loans are made or bought with real estate notes as security, even if the real estate notes are junior liens and are left primarily with the bank for collection, and afterward used as & basis for credit. 7. More care should be exercised in the selection of trustees. 8. All lenders on real estate security should perfect a system for a more prompt and effective method of keeping track of delinquent taxes. Sales Reported Improving. NEW YORK, June 19 (Special).— The managements of the various chain store groups are in an excellent posi- tion to obtain the sentiment of the buy- ing public over large areas. Their units are distributed throughout every. State and their managers come in contact with all classes of people. An officer of cne of the largest of the chain store companiss said today that his reports indicated a new attitude toward buving on the part of his customers and that this had developed within the last three weeks. Pecople seem to be spending more freely and to be sctisfled *hat they are now obtaining proper tesgains in the prices of food products and cloth- ing particularly. Sales. Unit Drug cv 5 Il 19 Low Close 101 101 Un St1 W 6365 A 47 Ud StI W 614sA ‘51 Uil Pow 6 %! Vanadium Stl 55’41 32 Vienna 6s ‘6% . 30 Va Ry 4%s 6! va Ry ist 5 Wabash 4%s 78. Wabash 2d 5s 39 Wabash 5s D ‘80 . 10 Wabash 5%8'76... 5 Valworth 6s A *45. 1 Warn Br Pic 21 er-' 78 '58. 2 2 33 5 32 2 5 2 a 1 2 9