Evening Star Newspaper, July 2, 1931, Page 15

| FINANCIAL/ CURB SHARES SAG - INFINAL TRADING Noon Rally Gives Way as Late Selling Affects Whole List. 58 BY JOHN A. CRONE. Boecial Dispatch to The Star. NEW YORK, July 2—Curb Exchange stocks finished slightly lower today after rallying around noon from their ir- regular opening trends. Reported disagreement of copper producers, along with lowered metal prices, unsettled mine shares. Public utilities, especially such shares as Elec- tric Bond & Share, United Light & Power A and Utilities Power & Light, remained active throughout the session, although all of the early gains were not retained. Sprints in the oils and sugars featured late trading. Crocker- Wheeler Electrical Manufacturing ad- vanced. following a statement that its incoming orders had turned up sharpl While the crowds along Broadwa: cheered Post and Gatty.! traders alre)s ignored Detroit Aircraff, whose Lock- heed division built the plane in which the round-the-world flight was made. Nor was there any quickened demand for Niles-Bement-Pond. which also was intcrested in the flight. Stutz Motor was a weak feature of motor dealings in the forenoon. It fell 635 points during this period after a decline of several points earlier in the week. Around 11 Stutz was down 18 points from its peak earlier in th year, when it monthly reported in- creased sales. General Electric Ltd., though ex- dividend today. bettered. American & Foreign Power warrants proved an ex- ception to the downturn of interna- tional utilities lat> in the first hour, during which International Sup>rpower, International Utilities A and B shares and Italian Superpower fractionally de- clined. LEAF TOBACCO EXPORTS HIGHEST SINCE 1924 Leaf tobacco exports from the United States for the first five months of this year were larger than for any other similar period since 1924 For May exports totalled 48.912,000 | pounds compared with 23,000 ' for | the same month last year, the Com- | merce Department announced. The total for the five months, January through May, was. 232.954.000 pounds compared with 229,970,000 for the same period last year The five-months total also represent- ed an increase of approximately 8 per | cent over the five-year averag: for similar periods { “This gratifying aspect of the coun- | try's export trade is attributd chiefly | to the continued demands for American bright flue-cured tcbacco in China and the United Kingdom.” said B. D. Hi chief of the Commerce Department’ tobacco division. | “Owing to depressed economic con- ditions and increased tax agitation in many countrics of the world, unfavor- able reports in the first part of the year reflected a decreased business for the American tobacco —gxporters. but de- pleted foreign stocks and rumors of tax'| increases coupled with greatly increased | production and accumulation of stocks | in the United States, which factors drove values to the minimum, served to | move a greater volume of tobacco than | that anticipated by even the most op- timistic in th» industry.” Values of all types during May averaged $1256 per 100 pounds, compared with §19.86 for May, 1930. and $21.79 for May. 1929. Prices have been declining steadily since 1924. POTATO MARKET. CHICAGO, July 2 (#) (U. S. Depart- ment of Agriculture).—Potatoes, 22 track, 211; total United States ship- ments soft stock trading slow; nearly cars showing moderate all heavy decay; many being sold for less | than the freight; sound car of South : barrels trading slow; sound stock; few sales Norfolk, Va.. and North Carolina Cobblers. showing decay, 2.00; one sound car East Shore Virginia Cobblers, 2. SILVER QUOTATIONS. NEW YORK, July 2 steady and 'i higher at 295, CHICAGO STOCK MARKET By the Associated Press CHICAGO, July 2—Following is the complete official list of transactions in occasional general ern Triumphs, 1.25 stocks on the Chicago Stock Market today: Sales. STOCK! 50'Allied Mot In 10 Am Com P 6' 50 Am Equities 30 Am Pub Ser pf ros” . : 60 Cent Tl Pub Ser pf . 200 Cent Tl Sec . 400 Cent Pub Serv’ A 150 Cent & So West of tobacco exported | steady on (/). —Bar silver NEW YORK Note—All stocks are which shows those stocks were ~Prev. 1931~ Stock and Aigh. Low. Dividend Rate. 2215 111 AMliated Prod 1.60.. 1 1 115 Ala Pow cum pf (1), 50s 11 51 Allied Mills (60¢)... 1 224 Aluminum Co of Am 300s 18 109% AluCoof Ampf (6), 1 10 Aluminum Co Ltd. .. 1 6! Am PBr B fd shars. . 4 Am Cit P&L(A) (a3) Am Cit P&L B b10% . Am Com P A (b10%) 47 Am Com PrB(b10%) _ 6 Am Com Pwr 1st 65 258 Am Corp (f15¢).uuee 2 Am Cyanamid B 12 Am Equities. 6 40 9 1 1 3 4 Am For Pow war. Am Founders....... Am Gas & Elec (11) Am Invest war Am Lt & Trac ( Am Maracaibo. Am Natural Gas. .. Am Superpow (40c). Am Superp 1st (6).. Am Superp pf (6)... Am Util&Gen (B)vte Am Yvette Co (25¢). Appalachian Gas. Arkans Nat Gas A. . (A) (al). 1 pur ris.. Asso G & Elct (8) Atlas Ut COrp.veeen Benefical IL (1%).. 10w- Slue Ridge Corp... Blue Ridge cv pfad.. Braz Tr & Lt (b8%). Bridgep Mach (25¢). Burma rets 127 3-6¢. Canada Marcon ... Celanese 15t pf (7)., Celanese Cp pt (7). Cent Pub SveA b10% Cent Stat El (b10%). Chain Store Devel... Chat Ph Aln.v (1).. Citles Service (£20¢) Citles Serv pt (6)... CitSv T Com Wat Ser g12}¢ Comstock Tunnel. Consol Auto Merch. Consol Dairy Prod. Con Gas Balto (3.60) i Cont Shares conv pf.17. Cord Corp. . : Ccrp Sec Ch (b6%). Creole Petroleum. .. Crocker Wheeler Cusi Mex Mining Dayton Alr & Eng. Deere & Co (1.20). De Forest Radio Detroit Atrcraft Cj Duquesne Gas Corp.. Durant Motors. .. East St Pow B (1). East Util Assoe (2) ler Electric Corp. Bond&Sh (b6 %Y 4 ec Pow Assoc (1). Elec Pow Asso A (1) L 2 mp Corpor Emp G & F cu rop Klec deb rt Fajardo Sugar Federal Baki Fischman & Sons. .. Florida P & L pf (7). 3 KFord M Can A (1.20) Kord Mot Ltd 36 3-5¢ Fox Theater ClA... newell Co pf (6). rlock Pkg (1.20). 2% 42 an | 2 lden Center . | - Seal Elec new. . T man Sach T C.. | 3 a’'phne Ltd cfs Guif Oilof Pa (1%). Hamilton Gas rets. 1 6 Hudson Bavy M & 8 Humble O1) (1234). Huyler Strs of Del.. Hygrade Food Prod. 11l Pow & Lt pf (6).. tmp Oil of Can (50¢c) ind P&L cu pf (6%). ind Ter 11lu Oi1 A Insull Inv (b6% ). ins Co ofNo Am t intercontinent Fet n Int Hydrocv pf 3%. Int Petroleum ( Int Saf Raz B (1214 Int Superp (11 10). Int Utilitles A (3%4). int Utilities B....., Interst Hose Mills. trving Air Chute (1) 4 Italian Suverpow A. Itallan Superp war Kirby Petroleum. . Kleinert(1B) Rubber., « Kolster-Br (Am Sh) s0ld In one hundred-share lota ted by the letter s (80s) (: exoepting those designated by T ate e 3508), 0 Sales— Asd 00 Onen. Hish, THE - EVENING _STAR, CURB MARKET WASHINGTON, Received by Private Wire Direct to The Star Office, Stock and Bales— Dividend Rate. _ Add 00. Open. High. Low. Close. 1 8% 8% .1 17% 1T% . 50s 1061 Bl O . 108 108 1931~ Low. 6k 144 100% ~Prev, High. 12% 25 107 Lone Star Gas n Long Is cu pf B (6). Louisiana Lan & Ex. Ludlow Mf Assoc 10 MacMarr ftores (1). Mapes Con Mfg 13.75 May Rad & Telev(1). Melville Shoe pf ww. Merritt Chap & Scott. Mid WSt Ut (1%)..) Mid West Ut (b3%). Mid St Prod n (2). Mo-Kan Pipe L (A Mo-Kan Pipe L (B). Mountain Prod (1)..) Nat AVIAtion. ..oo.ee 9% 5 5 9% 0% 5 6% 3% 8 115 5 140 100% 65 6% 33% 8% 13% 22% 75 4% Service Co. . t Sh T Sec A $60c i NatTransit (1)..... ewberry (JJ) 1.10. New Eng Pow pf (6) 10s New Jers Zine (13).. 4 ewmont Mining. 1 « NYP&LtpL (7)... N Y Steam n (2.60).. . g-Hud Pow (40¢) g-Hud Pow A w, ipissing. . Nor Am Aviat A war. Nor Europ Oil Cor} Ohto Copper. PacG&EpL137%.. PacG&E1stpf1%. Pac Pub Sve A(1.30. Pan Am Airways. Pandem Ol Pantepec Of Paramount Pennroad Corp (40¢). Penn Pw & Lt of (7). Philip Morris Ine. Phoenix Secur Corp. Phoenix S C pt (3) Pilot Rad Tube A. Plymouth Of1 (1).... Premier Gold «12¢).. Producers Roy Corp. Pub Util Hold war Pure Oil pt (6).. Nainbow Lum Pr B.. Reiter-Foster. 508 1 Republic Reynolds Invest. . Roch Gas&E pf D(6) Rossia Intl Cp (10¢). Rubberoid Co (4). Ryan Consolidated. . St Anthony Gold. ... St Regis Paper (60c) Salt Creek Pro(1.40). Schulte Un 5c-$1 St. Seaboard Pub Ser pf. 25s Segal L & H (as0e).. 6 Sentry Safety Cont.. Singer Mfg (115)... Smith (A 0) (2) ony Vae Corp new 4 SoCal Ed pt A (1%). South CEd pf B1%. SW Bell Tel pf (1) SWG&EPL(T). tahl-Mver (1.20)... Stand Oil of Ind (2) Stand Oil of Ky 1.60.. Stand Ofl, Ohio (2%) Stein (A)&Co pf 614 Stutz Motor ¢ Stutz Motor (war). Sunray Ofl (b5% ). .. Swift & Co (2)...... Swift Internat (3). Toledo Ed cu pf (7) Tran Con Air Tran. Trans Lux DLPS.. Tri-Utilities. . Ungerieider Fin Cp. U/n Nat Gas Can (1) Union Oil Assoe (2). Unit Corp war. Unit Lt &Pwr A (1).. U S Elec Power ww.. U S & Inl Secur... S Lines pf. . S & Overseas war Unit Stor I'nit Verde Exten (1) Utah Apex Utll PALt 1.0234). Ut P&L B(at1.02%). Util & Ind. . Util & Ind pf (1%4).. Utility Eaquitte: Vacuum 0l (2).. Venezue! Petrolm.. Walgreen Co... Wenden Copper. . Wil-low Cafe p Wilson (4). Jones (134).. Wilworth (FW) Ltd. 386 B 1 Dividend rat | payment. a Payable in dividend. fPlus 5% stock. j Plus 2% in stock. n Plus 8% in au | 1| 6 T Woolworth Ltd pf “Y" Oil & Gas. 10 dollars based on Iast quarteriy or semi *Ex dividend. sh_or stock. 1 16 1Partly exira. IPlus 4% in stock. bPayable in stock. e Adjustment € Plus 6% in stock. h Plus 1% in k Plus 10% tock. m Plus 3% 1n D Paid last year—no reguiar ra in stock. stock: stock. CORPORATION REPORTS DS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK. July 2—The following is a summary of portant corporation news prepared by the Standard Statis- tics Co., Inc., New York, for the Asso- ciated Press. News Trend. Elcctricity production for the week ended June 27 as reported by the Na- tional Electric Light Association was . 11,592,501,000 kilowatt hours, compared 130 Elec - Househo 3y 18% 50 Emp G & F 6’ 3 P 10 Gardner-Des 50 Godehaux B 930 Gt Lakes Atrcrati 100 Gt Lakes ‘Dredge. . 2 2 1300 Grigsby-Grunow .. 3 3 330 Hall Pring 0. 510 131 it £0 Husiman i 21300 Insuil_Uti 4 0 ) 1 4 t i} H 1 oI, Pl 200 Nat Family Str' 100 Nat Leather 100 Nut Secur Inv 50 Nat-Standard 500 Noblitt-Sparks 800 Nor Am L & Pow st 70 Nox Bancorp edg pf L Natl Stock Yds & Co.... . 26 hell pf 230 Waukesha Mot 120 West P L & » 600 Wis Bankshrs 5 Btock sales today. 8.000 shares. BONDS. 00 Insull Util 65 1940 . 86% 86 nd sales today, §3,000, g 4 | ings of . | distributed this year. | with 1.6 20,000 kilowatt hours in the lik> 1930 week, a decline of 3.9 per cent. This is a better showing than was made | |last week, when production declined t from a year zgo. There ss failures in June, Dun & Co., com- 2ar ago, labilities were ! according to R. {pared with 2.026 a | totaling $51,655.648, compared $63,130,762. Although June registered an_improvement, failures for the first half year were heavier than any previ- |ous lika pericd. numbering 15,107, an increase of 1.336 over the first six months of 1930. The Companies. Armour & Co. (IlL) expected to re- port deficit after guaranteed preferred ! dividends for fiscal year to November /1 because of large inventory losses: | shipments for first eight months at {levels of like period previous year; cur~ rent asset ratio about 6 to 1. Associeted Gas & Electric gross earn- Vs , 12 months ended May 31, up 6.2 per cent; net earnings off {1.3 per cent. Manufacturing common share year ended May 81, $1.64 against $3.62. | Eastman Kodak (M. J.) distributes 181,008,545 wage dividend to employes, |making total dividends of $2,583,914 International Paper & Power to omit_preferred dividends on 6 per cent jand 7 per cent preferred stocks, usually paid July 15; paid $1.50 and $1.75, re- spectively, April 15. Neisner Bros. June sales up 8.1 per cent: six months up 6.1 per cent. ‘Wilcox-Rich Corporation 25 cents div- idend on class B stock; last payment 50 cents, made September 31, 1930. American Chicle Economies reported to have offset 10 per cent drop in dol- lar volume of sales. American Waterworks & Electric May gross off 8.3 per cent, net after taxes off 5.5 per cent; 12 months gross off 4.3 per cent, net off 7 per cent. Auburn Automobile shipped 3,205 Au- burn and Cord units in June against 6,717 in May and 950 year ago. Denver & Rio Grande Western Rail- oad may not buy minority ‘nnck of | with | Denver & Salt Lake; control would re- main in_ voting trust of which G. Hughes, L. Phipps, jr., and W. Freeman | constitutes majority. | Godchaux Sugars advanced refined | sugar price 10 points to 4.65 cents a pound. | Holeproof Hoslery passes dividend on cumulative preferred stocl | paid $1.75 April 10, had deficit in first | ive months net working capital May ‘31. $2,662,000. | Julian & Kokenge deficit, si~ months to April 30, 367,725, against n(< income $36,264, equal to 19 cents comuon | share in 1930. | Midland Steel Products—June quar- | ter shipments off 10 per cent. | " National Sugar Refining increases | price refined sugar by 10 points to 4.65 cents a pound. United Fruit, subsidiary Revere Sugar Refinery, advances price of refined sugar 10 points to 4.65 cents a pound. Raymond Concrete Pile passed com- mon devidend; paid 50 cents May 1. United Gas Improvement pays $l.- 1000,000 disputed taxes to Pennsylvania, includes capital stock tax for 1928 anc | 1929. | United States Steel plants operating | between 331, per cent and 34 per cent | against 35 per cent a week ago, 39 per cent two weeks ago, 69 per cent in 1930 week and 97 per cent in 1929 period. Virginia Electric & Power May gross off 2.2 per cent, net operating revenue up 3.3 per cent: 12 months gross off 0.6 per cent, net off 0.7 per cent. Amerjcan Zinc, Lead & Smelting June | quarter net estimated around $3 a pre- ferred share. McKesson & Robbins forms eight new subsidiaries to take over operations of existing controlled concerns; will be under direct supervision of parent com- pany. Memphis Natural Gas sales for 12 months to May 31 up 16.6 per cent. | Nash Motors June shipments totaled { 6,815 units apainst 1,186 in May, when new model was being introduced; had | unfilled orde:s for 1,939 units July 1. Cst, rll.au}fi;Snn Francisco Railway— rop handlings for year ex reach reccrd levels. i Tldeiwsbrr Asxl'!dcl ted Oil passed semi- annual common idend; Pcl\;ruag" l}: paid 30 cents our ational Investors liquidati value June 30, 1931, 331.allqccmm‘gg share, against $37.36 December 31, 1930, and $45.39 June 30, 1930. International Telephone & ‘Tele~ graph—Kolster Radio factories re- opened by Mackay Radio & Telegraph, affiliate; to place new receiver on mar- ket in August. New York Central Railroad seeks to put 40 per cent commutation fare in- orease in effect August 1. Second National Investors liquidat- ing value June 30, 1931, $79.82 pre- ferred share, against $79.49 December 31, 1930, and $98.06 June 30, 1930. o fct‘:n;l:rd Ofl!l (r;r New Jersey—Price of served for employes’ purchase in final half fixed at 8§1 yl !hlpl"‘c. North American Co. electric output quarterly | | of subsidiaries off 4, per cent for 12 month ended June, but 0.5 per cent | ebove output in year ended June 30, 1929. Third National Investors liquidating value June 30, 1931, $32.06 common share, against $31.88 December 31, 1930, and $39.42 June 30, 1930. Chain Store development _d<ficit, period April 1 to December 31, 1920, $127,706, had net income of $1226 in 51, months to March 31, 1930. | 'National Bellas Hess June cash re- ceipts up 4.6 per cent: six months off 3.6 per cent; mail order in June 31 per | cent above year ago; abandon mailing | of July sales book. Radio Corporation has been negotiat- ing with Government on a proposal to | create patent pool through which radio | and allied patents would be available to | public' on “reasonable terms. | - New Banking Partner. BALTIMORE, July 2 (Special).— | Admissicn of George D, List to partner- ship in the investment banking firm of Robert Garrett & Sons was announced yesterday. He has been associated with the bankers for 15 years and had pre- viously held the firm's power of at- |torney, 1t was stated. Mr. List's admission to the firm coin- cided with the retirement yesterday of James C. Fenhagen, who had been a | partner since 1911. TREAEURY CERTIFICATES. & Co.) by S . 15, 1932 . 100 28- 15, 1931-32... 101 11-32 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.\ Bid. Offer. Allis-Chalmers Co. Ss 1937..... 101'a 10112 Gras 1980 8 el Batavian Pet, Corp. 4'ss 1942 Bell Tel. of Canada 5s 1957 California Pet. Corp 5135 19 Canadian Nor. Rwy. 4%ss Chi. Northwestern k Island . Accep. Cor) o A, o | 1 Public Service ; iyear T, 19t SO o ul of Humble Ofl D. .C. THURSDAY, New York Cotton Special Dispateh to The Star, NEW YORK, July 2—Predictions of reater ponion of {he eotion bejt cuuzed ter of cot cat a setback of about $1 a bale in prices today. After opening about unchanged, the market met realizing and closed around low figures of the session with & loss of 17 to 21 points on the Aay. For the first time this season exports are now ahead of the corresponding date last year, after being about 500,000 bales behind at one time during the Winter. Spots were reduced 15 points to 10 cents. REPORTED IN BULLETIN By the Assoclated Press. The United States imported more coffee and raw silk in the first three months of this year than in any sim- flar period, as set forth in a bulletin, “Qur World Trade” issued by the foreign commerce department of the Chamber of Commerce of the United States. “Por the first time in history.” a statement, by the chamber reads, “cof~ fee became our leading import item in the first quarter, displacing raw_silk from its usual first-place position. Dur- JULY 2, | ing the quarter we imported more | than half a billion pounds of coffee bean, 12 per cent more than last year and 21 per cent larger than the five- year average receipts. OWing to the decline in the ave from 14 to 10.8 cents a pound, the value of coffee imports, amounting to $53,972,000, was the value for the first quarter of 1930 14 per cent below | Lo o tor small lots of goods, mostly. 1931. D ' BO FINANCIAL. AVERAGES By the Associated Press. THURSDAY, JULY 2. STOCKS. Two years ago . High (1929) Low (1929) Today . Previous day .. Ve Week ago .. Month ago . Year ago . Two years ago Three years ago . High (1931) Low (1531) High (1930) Low (1930) . High (1929) Low (1929) Business Notes By the Associated Pres NEW YORK, Ju proach of July 4, retailers are placing commitments more cautiou: sult of which reorders received by resi- | dent buyers in New York the first of import price | and 33 per cent below the five-year | average value. “Notwithstanding its displacement, s our chief import, raw silk set a rec- ord in quantity, with imports of 21.- 000,000 pounds, a figure 22 per cent greater than last year and 21 per cent larger than the five-year average re- ceipts. The drop in the price of silk was sharper than that of coffee—the decline being from $4.51 to $2.50 per pound—and the total value of the rec- ‘ ord imports amounted to only $52.- 687,000, 32 per cent lower than in 1930 and 42 per cent below the average value.” Natives of French Morocco prefer movies of the Wild West type. the week were confined to requests for Midsummer merchandise for fill-in pur- ses. ‘The volume of. such purchases fairly large, but individual orders Fall lines of enamcled kitchenware will be priced approximately 5 per cent under Spring quotations, according to reports in the Nev market. The lower prices, sales agents said, are being made by manufacturers in the hope of booking a good volume of early busi- ness. Producers are now assembling their lines and will offer them to buy- ers toward the close of next month. Expecting a substantial improvement in business by Fall, executives of whole- sale import ~ distributing houses this week are changing their Fall 50 Industrials, 113.7 buying | Men's shakers, 20 Rails. 79.9 20 Utilities, 1711 80.5 133.1 tify heavier commitments on all types of Imported merchandise for Fall retail | trade, it was said. The satisfactory reception accorded copper and copper-and-pewter hollow prompted manufacturers to include the new products as featured items in their Fall lines. The Fall merchandise will be offered buyers in August and will be priced to retail at from $2.50 to $7.50. | Major shoe iines for Fall are expected {to open definitely on Monday and throughout the remainder of the week. | reports in the trade in New York ind no indications as to what prices the coming season will be, but it is the consensus of opinion that no changes in lists will be made, or at the most very minor downward re- visions. for it 1 Orders for Fall sweaters have begun to reach the New York market in fair- sized volume from both jobbers and { some of the chains, according to trade | reports, and the bulk of buying is ex- | pected "to develop starting next week baby shakers, ribbed | programs, trade circles report. Strength |sport coats and pullovers all have re- shown by commodity markets last week, along with other indications of return- ing business activity, is believed to jus- | ceived attention, with the low-priced ! numbers, such as the $18.50 range in shakers, in greatest demand. et in the STUDEBAKER Band Wagon! NE YEAR AGO Studebaker introduced Free Wheeling. Nine (9) makes have now adopted it. 4132-34 Connecticut Avenue Columbia 5050 Others are about to adopt it. All must come to it. cated. So far manufacturers have given | | Vienpa | Budapest. | oslo. »¥¥ A—15"' Grain Market CHICAGO, July 2 (#).—Later re- ports that Canada this season would narvest but 200,000,000 bushels, com- pared with 374,000,000 last year, gave strength to wheat prices today. The market was afected also by intimations of liberal export business in United States new crop Winter wheat. At the Gulf of Mexico the export hasis was J4-% cent higher than yesterday. Wheat closed unsettled, la-1 higher; corn, 33 off to 'z up; 1, advance, and provisions, 3 cents down. July 3 | September Decexber RYE s September | December 4330 laang | BALTIMORE PORT ARRIVALS. BALTIMORE, July 2 (Special)— The Maritime Exchange reports arrivals at Baltimore for June were 217 steam- | ers and 1 British schooner. Th~ arrivals were 1 less than for May and 51 less .than in June, 1930. The United States led with 141, fol- lowed by Great Britain with 27. | _For the first six months in 1931 there were 381 arrivals, or 237 less than for the same period in 1930, 431 2—With the ap- | ware offered to consumers recently has | BOND ISSUE’ AWARDED. | BALTIMORE. July 2 (Special).— Nelson, Cook & Co. Baker, Watts & Co. and Townsend Scott & Son, of Baltimore, wer: awarded an issue of $50,000 Rockville, Md., bonds yesterday. The issue, which' consists cf water and sewer 4l,s, was later offered to the public on & 4.20 per cent basis. FOREIGN EXCHANGE. (Quotations fu P. Hibts & Co.) Londo: Pa B Athens, Madrid, peseta schiling pengo Prague. crowr varsaw, zloty 4 Copenhagen. crown.. crown Stockholm, crown.... 26.8¢ Smart dressers of Japan have a pate ent leather shoe vogue. 2677 268113 During the past twelve months Studeb.ake.r Free Wheeling has been approved enthusiasti- [~ cally in every state, in every season, and under all conditions. v In a Studebaker you get Free Wheeling in its finest form—with positive gear control—and engineered as an integral part of the chassis. And ONLY in a Studebaker can you secure these other fruits of Studebaker engineering genius: World Champion Perform- ance. More official records than all other makes combined. Safety insured by steel bodies, two-finger steering, etc. Silence of engine, body and chassis. Comfort, typical of Stude- baker’s traditional coachcraft plus such ultra-modern fea- tures as ball-bearing spring shackles. Thrift, officially proven under supervision of the American Automobile Association. 28 models—5 wheelbases—70 to 122 horsepower One-Profit prices—$845 to $2550 at the factory S wire wheels without extra charge (Opposite the Mayflower Hotel) COLLEGE PARK AUTO PLACE, Collsie Parl 0., Alexandria. BROSIVS BROE. & GORMLEY. ThE WOODSON MOTOR CO., 8 S Rockville, M pring, Md. ASSOCIATE DEALERS TOM'S AUTO KE! 37 N St. N.W. NDRICK & SHREYE 1712 Connecticut Ave. N.W. (4 SERVICE, INC. W, PARIS AUTO_SERVICE. 'E_RIDGE MOTOR SALES. PBLULEVERN MOTOR CO. Annapolis, Md. Traded Car Depart- ment and Service Station 2155 Champlain St, Above V near Eighteenth) Indian PARRAN, ead reellville, Va. TUDEBAKER Builder of Champions . . . Pioneer of Free Wheeling