Evening Star Newspaper, June 25, 1931, Page 13

THE EVENING STAR, WASHINGTON. D. C., THURSDAY, JUNE 25 1931 FINANCIAL. w3 A—13 FINANCIAL, ___—“—__—_——___——____—fi—*__________*_———#_—*———_b—"""———*——— NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. W.R. & E.NET GAINS HEAVILY IN ‘MAY iIncrease of $55,313 Report- [+ ed—Potomac Electric : Income Higher. BY EDWARD C. STONE. Thres reports for May of zpecial local importance were made public today—the montbly statement of the Washington Rallway & Electric Co., similar state- ‘ment of the Potomac Electric Power Co., and the Federal Reserve Board's report on retail trade in Washington and the west of the fifth district. ‘The Washington Rallvay & Electric Co, & net income for May of $448,390.63, against $393,077.25 in May ©f last year, or an increase of $55,313.38. ting revenues totalled $471,- 7124.39, against $473,466.32 in May a year Ago, cge'nung expenses and taxes called for $382,692.99 in comparison with $404,- 490.62 in the same period in 1930; leav- ing an operating income of $89,031.40, against $68,975.70. Non-operating in- come totalled $413,420.49, compared with $580,235.59 in May, 1930. For the first five months of the year ‘Washington Rallway & Electric Co. re- ported operating revenues amounting to $2,313,859.98, against $2,343,295.72. Op- erating expenses and taxes required $1,- 897,979.19, compared with $1,933,198.19 2 year ago. This left the corporation with a net operating income of $415,- 880.79 in comparison with $410,097.53 last year. Non-operating income amounted to $896,453.83, against $828,973.89 in May, 1930. Deductions from gross income reached the sum. of $275,537.50, against $287,329.12, leaving a net income for the five-month period of $1,036,797.12, compared with $951,742.30 in the same period a year ago, or a net profit so far this year of $85,054.82. Potomac Power Net Increases. According to the May report of the Potomac Electric Power Co., filled with the Public Utilities Commission today, the company's operating revenues to- taled $863,714.02, against $837,526.34 ast year, a gain of $426,187.68. Revenue deductions took away $455,- 891.07, compared with $450,009.95, a difference of nearly $6,000. eductions left the corporation ‘with a net operating income of $407,- 822.95, against $387,516.39 a year ago, an increase of over $20,000. After all the other usual deductions the com- pany reported net income for May of $357,458.96, against $340,805.41 in May, éggflésor & gain in net earnings of $16,- For the first five months of the present year the Potomac Electric Power Co. recelved operating revenues of $4,508,345.11, compared with $4,- 438,959.30, a gain in 1931 of $69,385.81. Revenue deductions totaled $2,322,- 860.26, against $2,193,292.00 last year, an increase of $129,568.06. These de- ductions left a net operating revenue of $2,185,484.85, in comparison with $2,245,667.10 in the same period a year ago, a drop of $60,181.25. The power company reported s mis- cellaneous income during the five months amounting to $134,539.87, com- pared with $94,579.73 in the period a year ago, an increase of $39, 960.14. After all deductions the com- fm’ had a net income of $1,951,431.44, n comparison with $1,998,930.53, de- crease of $47,499.09. Trade Here Off 5.4 Per cent. Department store sales in the fifth Reserve district in May were 9.2 per cent less in dollar amount than in May, 1930, but on an actual daily basis the decline was only 5.6 per cent, most of which was doubtless due to price re- cessions during the year. Aggregate sales in the first five months of 1931 were 4.2 per cent less than total sales in the corresponding period last year. Stocks on the shelves of the report- ing stores on May 31, 1931, totaled 11.6 per cent less at retail selling values than stocks on May 31, 1930, d also showed a decline of 1.3 per cent since April 30 this year. Stocks were turned on an average of 6 times during the month of May, d since January 1 stocks have been turned an average of 1537 times, a considerably higher fig- ure than 1.358 times stocks were turned during the first five months of 1930. Collections in the 35 reporting stores averaged 282 per cent of receivables outstanding on May 1, exactly the same percentage of outstanding receivables collected in May last year, the Federal Reserve Bank of Richmond reported to- day. ’;'he Richmond bank reported that trade in Washington in May was off 5.4 per cent. Retall sales in Richmond were 7.5 per cent lighter than last year and Baltimore reported a drop cf 10.1 T cent. peA group of other cities noted a de- crease of 20.4 per cent against the aver- for the whole fifth reserve district ;fe 9.2 per cent, compared with May, 193 0. Sales for the first five months of the year in Washington were off by 0.8 _per cent, in Richmond, 6.4 per cent; in Bal- timore, 5.9 per cent, and for the district #s a whole 4.2 per cent. Offices Here to Combine. In connection with the recently an- nounced merger of Harris, Forbes & Co. with the Chase Sccurities Corporation, investment affillate of the Chase Na- tional Bank, New York City, the two Jocal offices of these concerns will oper- ate as a single unit after July 3. The new company will be known as Chase, Harris, Corporation, and the local office will be maintained at 922 Fifteenth street northwest, under the joint management of Marshall O. Ex- niclos and L. Clark Brown. Associated with them will be Wilfred L. Goodwin, jr., and J. Sheridan Biays. Local Banks Declare Dividends. At a meeting of the board of directors of the Security Savings & Commercial Bank, held yesterday, the regular quar- terly dividend of 4 per cent was de- clared, payable June 30 to stockholders of record on June 25. ‘The board,of directors of the Ana- costla Bank, yesterday declared the regular quarterly dividend of 5 per cent, payable June 30 to stockholderg of record June 25. Baltimore & Ohio Railroad has de- clared regular quarterly dividends of $1.25 on common stock and $1 on pre- ferred stock, both payable September 1 to _stock of record July 18. B. & O.'s earnings for the year end- ed with April approximately $5.56 a re. Financial District Comment. ‘The Washington Stock Exchange en- Joyed an unusually busy trading session today, Interest being divided about equally between stocks and bonds. Rall- way & Electric preferred was particu- larly active. National Metropolitan Bank stock figured in a small sale at 300. Robert O. Jones & Co., investment Note.—All stocks are sold in one hundred excepting those designated by the letter s (80s) ~Prev. 1031~ High, Low. 1% 69% 53 1 131% 116 52% 16 14% 13% 37% Stock and Dividend Rate. Abitibl Pow & Paper 6 AbItIDI P& P DL (6).. 2 Adams Express (1).. Adams Millis (2).... Addressogr Co 1.40... Adv Rumley (new).. Alr Reduction (t4%) Alaska Juneau (40c) Alleg COTP..aersenee Alleg Cp $30 ww 5% . Alleg Cp 340 ww 6% . Alleg Cp $30 xw 5% .. Allied Ch & Dye (n6) 4 Allled Ch & D of (7). Alleg Steel (12.80).. 20s 30 Allis Chalmbers (2).. 19 Alpha Port Cemt (1). 9 Amerada Corp (2). 6 Am Agri Ch of Del. 311 1 Sales— Add 00. High. 5% 21 1 163 131% 1124 15 Am Bank Note (13) Am Br Shoe (240)... Am Brown Bov Elec. ° Am Br B Epf (7)... 3108 Am Can (18)... 651 11 Am Car & Fdry (1).. 12 Am Car & Fdy pf (1) 1308 AmChain2)....c... 17 Am Chicle (13)...... 10 Amer Col'type (80c). Am Comel Alcohol. 4+ Am Encaustic TiIl'g. ‘Am European Secur. Am & For Power.... Am & For Pw pf (6). % Am & For Pow 2d pf. Am & For Pw pf (7). Am Hide & Leather. . Am Hide & Leath pf. Am Home Pr (4.20).. Am lce (3)... Am Internation: Am Locomotive (1) Am Locomot pf (7).. Am Nch & Fdy 1.40 Am Mach & Metals. . Am Mach & Mbt ctfs, Am Metal Co... Am Nat Gas pf Am News (13%). Am Pow & Lt (31). AmP&Ltpf A (4).. Am Pow & Lt pf (6) . Am P & L pf A st (5) Am Ra&Std San 60c.. 124 Am Republics. .. 1 Am Rolling Mills. Am Safety Razor 14 Am Ship & Com. . Am Shipbuilding Am Smelt Ref (2) Am Snuff (13%). Am Sm & R 2d pf Am Solv & Chem. i Am Solv & Chem pf. Am Stl Foundries(1) Am Stores (12%) Am Sugar Ref (). Am Tel & Tel (9 Am Tobacco (16) Am Tobacco B (t Am W Am Woolen Am Woolen Am Writ Paper Am Zinc Lead & Sm Anaconda Cop (1% Anchor Cap (2.40). Archer Daniels Mid Armour of Del pf (7) 4 Armour of Il1 A Armour of Ill B Armour of 111 p! Assoclated Appar Asso Dry G (2%) Atch To & S Fe (10).. Atch To&S Fe pf (5). Atl Coast Line (7). .. Atl Gulf & West Ind. Atl Gulf & W I pt (5) Atlantic Refining (1) Atlas Stores (1)..... Auburn Auto (£4) Aviation Corp of Dal_ 68 Baldwin Locomotive 14 Baldwin Loco pf (7). 30a Balto & Ohlo (5).... 149 Balto & Ohio pf (4).. 1 Bang & Aroos (3%).. 3 Barker Bros..... 208 Barnsdall (A) (1)... 54 Bayuk Cig 1st pf (7). 20s Beatrice Cream (4).. 21 Beech-Nut Pkg (3).. 1 Belding-Hemingway 2 Belg N Ry pt pf t4.82 1 Bendix Aviatidn (1). 143 Best & Co (2) . Bethlehem Steel (4). 3. Bethlehem St pf (7). Blaw-Knox (1%4).... 1 Bloomingdale Bros.. 1 Borden Co (k3) Borg, Warner ( 4 Lrigi Briges & Strat (2 Brockway Mot Trl 1 Bklyn-Man Tr (4)... Y87 Bklyn Man Trpf (6). 1 Bklyn Union Gas (5) Brown Shoe pf (7) Bruns-Balk-Col Bruns Ter & Ry Bucyrus (1). Bucyrus cv pf Budd (E G) Mfg Budd Wheel (1) Bullard Co... Bulova Watch Burns Bros (B) new. Burroughs A M t1%. Bush Terminal (2%) Bush Term deb (7).. 10 26 116% Bvers (A M Calif Packing (2). . Callahan Zinc & Ld 23% 20t Canada Dry GA (3). 80 Canadian Pacific 1% . 109 Cannon Mills (1.60) Capital Admin A. Case (J I) (6). Case (J ) pf (7). Caterpillar Trac (3 Celanese Corp. Celotex Co. .. Telotex vtc ctfi Celotex Co pt ; Cent Aguirre As 1%. Cent RR of NJ (12). Century Rib Mills. Cent R Mills pf (7). Cerro de Pasco(1.50) Certain-teed Prod. .. Checker Cab Mfg. Ches & Ohfo (2%). Chesapeake Corp (3) Chi & Alton pf.....s Chi Great Wostern. . Chi Great West pf. Chi Ml St P & Pac. Chi Mil St P& P pf.. Chi & Northwest (4) Chi & N W pf (T) Chi Pneu Tocl. Chi Pneu Tool p: 59 95 21% 8% 5% 3% 14 Copper (1% Chrysler Corp (1)...1190 City Ice&Fuel (3.60) 7 F pf (6%) 1008 2 Clev & Pitts ¢ share lots (2508). Prev. »rm.x:au 1~ 29% 30% 80 % 3 2% T 16 36% 69 2% 3 17% 9% Stock and Sales— Dividend Rate, w;:.m A s Crown C&S pf (2.70). Crucible Steel....... Crucible Steel nf (7). Cuba Cane Prod..... Cuba Co. . Cuban-Amer Sugar.. Cubaf Am Sugar pf.. Cudahy Packing (4). Curtis Publish (4)... Curtiss Wright Corp. Curtiss Wr Corp A.. Cutler Hammer. Lavison Chemical Deere & Co pf (1. 19% 167% 107% Drlaware & Hud Del Lacka & Wn Denver & R G W p! Detroit Edison (8) Devoe & Ray A (60 164% 164 56'% Baton Axle (1.60)... 115 Eitington-Schild pf.. 1 Elec Auto Lite (8)... 43: lec BoAt......o000r 3 lec Pwr & Lt (1)... 824 Elec Pow & Ltpf (§) 2 4+ Elec Pow & Lt pf (7) 15% 13 4% 5 22 3 42 Flec Stor Bat (5).... Eng Public Sve (2).. Eq Office Bldg (2%).. Evans Auto Products Fairbnks Morse 1.60. Fashion Park As pf.. Federal Screw Wks. . Fed Mot Truck (40¢); Fed Wat 8v A (2.40). Federated Dept Strs. Fid Ph Fire In (3.60) Firestone T&R (1).. Firest T & R pf (6).. First Nat Stra (3%). Fisk Rubber. . . Fisk Rubber 1st pf. . Florsheim Sh A 1%., Foster Wheeler (3).. Foundation Co...... Fourth Nat Inve: Fox Film (A) (2%).. Freeport-Te Gabriel Co A. Gamewell Co Gen Am Gen Asphalt (3) Gen Baking (2). Gen Bronsge. Gen Cable. General Cal Gen Cigar (4) Gen Outdoor Adv. Gen Ptg Ink (2%) Gen Ptg Ink pf (6 Gen Public Servi 4 Gen Ry Signal (5) 5% 4l 2 3% Gen Realty & Util Gen Theater Equip Gillette Saf Rasor Glidden pr Gobel (Adolf) Gold Dust (3% Goodrich (B F). Goodrich B F pf. Goodyear Tire&R(3) Gotham SH pf (7).. 1 Grand 811 8trs (h1). Grand Union Grand Union 5 Granite City Steel(2) Grant (W T) (1) Great Northn pf Grt Nor Ore (2). Grt Western Su Grigsby Grunow Guantanamo Su; Gulf States St . Gulf St Stl 1st of (1) Hackensack W (1%) Hahn Dept Stores. .. Hall (WF') Pr Co (2) Harb Walk Ref (2).. Hartman Corp (A).. Hartman Corp (B).. Houdaflle Hershey.. Houston Ofl....cavenr Houston Of] (new).. Howe Sound (2).... Hudson Motor (1)... Hupp Motors....... Tliinols Central (4). . Indian Motor Cycle. . Indian Refining..... indust Rayon (4).... Ingersoll Rand (4).. Inland Steel (2%)... Inspiration Copper. . Interb Rap Transit. , Interlake Iron (60c). Int Agriculture pf... Int Bus Mach (n6).. Int Carriers, Ltd 50c. Int Cement (4). Int Combustion, Int Comb Eng pf.... Int Harvester (2%).. Int Hydro E1 A (e2). Int Match pA(4).... Int Nickel (80¢c) Int Paper pf.... . Int Paper & Pow A.. Int Paper & Pow B. . Int Paper & Pow C. . Int Paper & Pwr pf. Int Printing Ink.... Int Print Ink pt (6). Int Salt (3). . Int Shoe (3). Int Sfiver.... Int Tel & Tel (2). Inter Dept St pf (7). Intertype Corp (1).. Investors Bquity. 100 1 57% 36% Jewel Tea (4. Prev. Close. Close. % % % 2 &5 52% 10% 4" 2% STOCK PRICES OF ON PROFIT TAKING Market Reacts in Late Deal- ings as Traders Realize on Advance. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 25.—After hav- ing made new highs on its recovery, the stock market today sold off in the last hour under realizing sales. The | 3% | reaction was not extensive and it was 14 | under not surprising considering the sweep- ing character of the recent advance. At the end of the third hour, compu- tations showed that the averages had gained as much since the close on Fri- day as they had lost during the whole month of May. A readjustment was therefore in order. The late selling was accelerated by & report that the French cabinet would be forced to resign tomorrow when its indorsement of President Hoover's debt moratorium _plan came before the French Pgrliament. The story was promptly denied, but it had an effect. ‘The low prices of the day were made in the last quarter of an hour, when United States Steel was over a point ar and %tlhn 1““” ‘lywcl'; recorded corresponding losses. Up mld-nn]gn.nzm n::.mrm had been ir- regularly advancing. Activity in the Arst half hour was again on a large scale, with a turnover >f 900,000 shares against 1,000,000 shares on Monday and only 500,000 shares in the preceding jon, floor before the opening was that buy- ing orders predominated and the initial trades were generally at higher prices. Then followed a perjod of Jl’nflb—"kln( and irregularity, but by midday the up- ward movement was again under way. During the course of the day new highs on the curren{ recovery were reached by practically ‘all the leaders, including both those in the investment and speculative class. Among the for- mer United States Steel furnished the leadership and in the latter it was J. I. Case and Auburn Auto that starred. Case went ahead for a 6-point gain al- most without interruption and Auburn rushed up nearly 20 points. Of course this was belated short covering, with the recent bears paying a penalty for their urbelief. Motor stocks were prominent, espe- cially General Motors and Chrysler, both at new highs on the move. ment was that once the conviction spread that general business improve- ment was in sight, the backed-up de- mand for new cars would make itself felt. With the motor stocks went some of the accessories and du Pont, which has so large an interest in General Mo- tors, exhibited independent strength. The copper shares were in urgent demand for both accounts. Producers were asking 83 cents for copper metal against the price on Wednesday of 81, cents. Then just before noon the Ana- conda Copper Co. declared the regular quarterly dividend of share on that stock. CO-OPERATIV.E COTTON HANDLING IS DISCUSSED By the Associated Press. Plans for co-operative handling of cotton during the coming year were dis- | cussed today at the annual meeting of the American Cotton Co-operative As- soclation. ‘The question of financing was one of the major problems. The association will decide on the amount to be asked from the Farm Board. Officers and di- rectors are to be elected. The meeting will continue through tomorrow. ‘The Cotton Stabilization Corporation will meet either today or tomorrow. A decision on a sales policy for stabiliza- tion cotton next year may be made. Carl Willlams, cotton member of the Farm Board, will represent the board. RAILROAD EARNINGS. NEW YORK, June 24 (#).—Rallroads 8 reporting today their net operating im- come for May, with comparisons with last year, include: 1931, 1930. Reading $462,949 $1,301,601 Minneapolis & St. Louis....... xDeficit. 41,450x An Englishman living in Yorkshire, Harry Robinson, is said to have a work- ing_knowledge of~21 1 Money on Hand to Loan on First Deed of Trust 6Y% Interest Reasonable. Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. Word from the |1 ‘The argu- | 37 cents a |, 67,300 | ¥ An Abundant Yield for a conservative investment . . . SAFETY because of the security . ..CONVENIENT in the denom- inations of $250 up. 6% First Mortgage Notes SAYS HIGHER RATES WOULD AID BUSINESS Bpectal Dispatch to The Star. CLEVELAND, Ohio, June 25.—Higher freight rates in line with the recent re- quest by the rallroads before the Inter- state Commerce Commission would stimulate general business and help in its recovery, Allard Smith, executive W& of the Union Trust Co., [ d, declared in an address be- fore the Akron Real Estate Bosrd Mon- day. “Practically all of the increase in rail- road revenue, if this rate revision is anted, % ‘Tmmh sed on tnto business el 'orm of equipment b and in ter employment on the roads and fi”mwm'.’."’f’m “Outside of carrying cha and taxes the chief expenditures of the roads are for equipment and labor. They have no authority to reduce wage rates, but they can stop buying equipment and they have stopped buying equip- ment to such an extent that the falling off in railroad demand has contributed in no small extent to the business de- m;;'xmé" ith predicted - Mr. Sm cf a revival of home building use of the fact that costs of b lowest level of last 14 years, “In the face of complaints of bad business,” said Mr. Smith, “the fact is that all the time there has been a per- ceptible improvement in many busi- nesses, and it is an improvement founded upon the new post-depression basis. By that I mean that old high- priced inventories have long been made, a s - ol i £ St el 1 il % Wi uraj Te, of decreased earnings for th‘em;recgdornt; half or the quarter you will find now and then a report of increased earn! and increased volume of busi- ness for the first quarter of this year ll;ld increased bookings for future busi- S8, “In Cleveland, although most are complaining, it is rather mm';:xpr}: to note that pay rolls of some 65 com- panies in May showed an aggregate in- crease of §'2 per cent over April.” U. 8. TREASURY BALANCE. The United States Treasury bals &nnounced today as of close 3 mfi"éifi June 23 was $506,970,599.29, Customs $2100T 031 35, Tot erdiars o ,607,621.85. ordin; o tures, $7,419,143.53, e — DIVIDENDS DECLARED NEW YORK, June 25 Reduced. »— Pay- able. iy 1 uly July 1 Hldrs. of Int Pap 7% Bo; 851> wipap b Do. 6 m Lt & Tr pf.. 370 Am Fhenix Gen Sik. 5o Baer’ Sternber; Balt 'hponm’mt 3125 Bisck &' Decker 7500 Brookline Trust . Calaver % T e Ailors" o6 nt 1llino - Colum_Mills Tnc.. Corp Trust Shrs. .35 Dominguez_Oil Plberiold corp - Do. pf . pi Freeman June 25 June 30 P ! mgbOD DOPOOP wp hey Choc Heliiaer . Sld Tows Pul i June 30 June 15 June 15 June 15 June 27 June 30 Newark C Gas Co.32.50 N J Zinc ... ... 80c Northern Pac' Ry #1.25 Rollins_Hos M1 pf_9( Ilo ooo: DOLLONOOm DO ©O © B PpOOD: Looking for a Safe Investment? Here's one that brings large returns in happy shaves, bathtub ditties and banishes “dishwater blues"- Merion: Automatic Gas Water Heaters $50 to $85 Plus Installation Always Insist on “Schafer Quality’” Materials E. G. Schafer Co. 4100 Georgia Ave. Telephone ADams 0145 | Bt e sk ek ke ke ok ann i s S S R S RS RS R R ) ok AR Ak A AR A AN A A A A A KRR the | split-ups and comparison have dropped to theithe 16 utilities has dropped below the STOCKS COMPARED - WITH 1921 PRICES Survey Shows 140 Higher and 120 Lower Than Low Marks During That Year. Speclal Dispatch to The Star. NEW YORK, June 25.—Allowing for r stock dividends, a of 1921 and 1931 lows of 260 common stocks shows that 140 issues sold lower 10 years ago and that 126 have sold lower this year, according to a survey just published by Frazier Jelke & Co. Ready comparison is com- plicated by changes in share units in the case of 145 stocks, some of which have been altered by two or more split- ups or stock dividends. Of the 35 rails tabulated in the sur- vey 17 have sold lower this year than at any time in 1921, while only one of poorest price of 10 years ago. Fifteen of the 25 mining Issues, 20 of the 25 ofl stocks, 9 of the 17 automotive shares, 7 of the 11 steels and 7 of the 14 retail shares have declined below the lowest prices of 1921, More than half of the 260 stocks tabulated in the survey have been split up. Out of 137 issues 28 have been split 4 for 1; 24, 2 for 1; 16, 3 for 1; 15, 5 for 1, and 7, 8 for 1. One stock has been split 100 for 1; 1, 50 for 1; 2, 40 for 1; 1, 46 for 1, and 1, 25 for 1. “Forty-six of the 137 split-up or re- capitalized issues have shrunk to a price level lower than the 1921 bottoms of the yredecessor stocks, even after allowing| or the change in the size of the owner- ship fraction, but on ‘he whole the split-ups have justified themselves, ex- | cept that a few have proved to be too | radical,” the survey says. “The bear market of 1930-1931, which | really began in September, 1929, started from a more elevated price area than | that of 1920-1921, has been more dras- tic and of longer duration,” says the Jelke amalysis. “It has had to contend with a less electric, but more persistent and more serious, collapse of business activity. “A decade ago economists had much to say about the shortage of capital be- ing a world problem of the first magni- tude. Money, rates were high. For five {elm ;]mgt l:zhge whdnle world had b:el; usy destroying and using up capital without replacing it—going in debt w! itself. Europe was even more impover- ished than it is today, and international debts were just as much of an issue. “In theory, dividend ylelds in this bear market should be much lower than in 1921, and probably would be were | it not for the lack of confidence of in- vestors in the continuity of distribu- tions. Actually, the spread between the | commercial paper rate and the average | dividend yield on good common stocks | has been wider than in 1921 for over | a year. | “Many companies are better off now | than in 1921, and some are much worse | off. A stock may be selling higher, much higher, and still be a pigger bargain, | and the stock which is Iower in pfloei nlug nct be as cheap,” the survey con- | cludes. Money to Loan I Seeured by first deed of trust on real estate Prevailing_inf E Joseph 1. Weller &8 wems i & fras Bldg.. 9th & F N.W. Principal 7 By the World's and Lareest Interest 6 0 Compagies National Bond & Share Corp. First Mortgage Bonds Insurasice Guaranteed Southern Bidg. Met. 1545 BALTIMORE TROLLEY REVENUE DECLINES | Special Dispatch to The Star. BALTIMORE, June 25.—Gross rev- €nues of the United Railways & Electric Co., which controls, the trolldy system of Baltimore, for May show $1,256,333.50, & decline of $200,847.97, or about 13.8 per cent, compared with the same month last year. Net income amounted to $2,205.98, & decrease of $71,008.29. For the first five months of the year revenue was $6,177,667.42, a decline of $985,- 791.14, compared with the corresponding st year. Net income was $9,- 168.35, a decrease of $254,595.22. BOND YIELDS COMPARED DURING PAST TWO YEARS Special Dispatch to The Star. NEW YORK, June 25.—The yield of hign-grade rail, utility and municipal nds shown a decrease over the past two years, measured by the bond yield index of the Standard Statistics Co. The yield of high grade industrials, on the other hand, has moved contrary to the general trend as may be seen in the following table: Per cent prices ot June T, 1929. 1930. Y 431 6 31, 3 D491 4 i 4 Industrials e Municipals Composite COPPER PRICE ADVANCED T0 8 3-4 CENTS A POUND By the Associa.cd Press. NEW YORK, June 25—Copper, at 81 cents a pound, delivered, disap- peared from the domestic market to- day and none was available at less than 83, cents a pound, delivered, in the Connecticut Valley, ‘The foreign price remained un- changed at 8.775 cents, c. i. f., Eu- ropean base ports, and buying contin- © ued in large volume. Export sales this morning amounted to 10,000,000 pounds. General Cable Corporation has ad- vanced the Pflce of bare copper wire a q':lfler of a cent a pound to 10!, cen Authorized Service Wico-Webster R. W. & Simms Magneto Repairs MILLER-DUDLEY CO. 16 14th St. N.W. North 1583-4 First Mortgage Loan Applications Invited at 5/5% Glover & Flather 1508 H St. N.W. National 1753 .Pays 5% Columbia Building Association 716 11th St. N.W. Under Government Supervision Bring This Ad and Receive $1.00 Credit ON OPENING A NEW ACCOUNT Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime Compounded Semi-Annually Travelers’ Interest Paid on Savings LEADERSHIP HE Metropolitan has afforded the best in financial service, for over one hundred and seventeen years—and we look forward to decades of greater usefulness, to those favoring us with their business. 15th STREET, OPPOSITE U. S. TREASURY OLDEST National Bank in the District of Columbia PROPERTY . Apartment House MANAGEMEN’_I‘ MANAGEMENT HOW to keep property rent- able is a very important bankers, are distributing a circular on New York bank stocks, a list of nine prominent institutions being specially mentioned. John W. Pole, controller of the cur- rency, states that unusually easy money | conditions have brought about a definite trend toward reduced interest rates on savings accounts. He views the action of four New York City mutual savings ‘banks in reducing interest from 4 to 312 per cent as & “good and significant sign. "l?hz auditors’ section of the District Bankers’ Assoclation will hold its an- nual m:eting and dinner at Olney Inn late today. Officers for the coming year will be named and the annual re- port read. Ralph Endicott is retiring chairman of the section. Auchincloss, Parker & Redpath, local investment concern and members of the York Stock Exchange, are unong the firms offering the new issue of $450,000 City of Lynchburg 4 per cent public improvement bonds. Other par- ticipating in the offering are th€ First National-Old Colony Corporation and the State Planters Bank & Trust Co. of Richmond. Coca-Cola (17%) Coca-Cola A (3). Colgate-Pal-P (2 Collins & Afkman Collins & Ak pf ( Colo Fuel & Iron. 80% 40% Johns-Manvil . % 123% 116% Jones & Lang pf (7). 70s 118 25 Kansas City Sou (2). 1 104 Kapaer D &Co (10e 1 secured on improved properties 28 Koy Sor T'6% pf.- <108 in the District of Columbia and 2 Kb Hapenneat 31 / adjacent Maryland suburbs. 22“ Kelvinator Corp 217 Kendal: Co pf (6)... 60s 14% Kennecott Copper(1) 422 11 . 23% question—and ' you’ll find our experience valuable in main- taining the standard of your apartment house. At the same time netting you its reasonable income. We know how to protect property and owner’s interest at the same time. Let us demonstrate what we 64 Colum Graph S6e, 324 Col Grapho ctfs 66e. g Columb Carbon (3) Cornel Credit (2) % Comel Credit A (2).. Comel Cred 18t (6% ) 1808 Comm Inv Trust (2). 50 Comel InvTr warsta 1 Comc! L T ev of (e8). Comm Solvents (1) Comwlth&Sou (40¢c Cmwith & Sou pf Congoleum-Nairn, Congress Clgars (4). Consol Cigars (6) . Consol Cigar pf (7) Consol Cig pr nf 6%. 408 Consolfdated Film... 22 8% 8 3 Conso) Fim pf (2) . Liggett & Myer (15). 821 Consol Gas N ¥ (4) Lizg & Myers B (16) 109% 105% 101% Con Gas of NY pf(6) i dokobe vt SN oA 15% 11% Consol Laundi [¢4) (Continued on ME « We will gladly tell you more of the six per cent notes now available. Kresge (S8) Co 1.60. 53 Kreuger&Toll (1.61) . 129 Kroger Groc&Bak (1) 194 Lambert Co (3. '—.“——-- i ; 7 B. F. SAUL CO. 925 15th St. N.W. H. L. Rust Cdmpany 1001 Fifteent: Street National 8100 Nat’l 2100 416 99% 96% 3 105% 105 6 1¢ 13% N