Evening Star Newspaper, July 18, 1931, Page 9

FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. " SEASONAL GOODS | INBETTER DEMAND Further Price Cuts Likely to Stimulate Buying Through- out Summer. BY EDWARD C. STONE. Demand for seasonable goods hul been stimulated during the t two | weeks, not only by the advent of warmer weather, but also by the generation of increased public confidence resulting | from alleviation of an acute foreign! situation, says the Standard Statistics | Co. of New York in its current review of retail trade, which continu‘s in part: “Such improvement is not resulting ! in & broad upswing in aggregate trade, | but, if it is continued. it will at least mitigate the dullness usualiy witnessed | in retail distribution during the Sum- | mer months. Moreover, although buy- ing continues to be concentrated mainly on low-priced merchandise, current reports from leading retailers | indicate that consumers now are plac- ing somewhat great:r stress on quality than has been the case for some 8:‘3.‘ Prices have continued to decline, and further recessions likely will be witnessed befor: Fall. The level be- yond which no further marked declines ean be expected is being approached in many individual cases, however, and this condition should prove a construc- tive factor in laying the groundwork for greatly exuana]ea replacement demand g the Fall. g d“'{g:pcm of June sales, which®now are being made public by the leading chain organizations, disclose the most favorable comparisons with 1930 results experienced so far this year. Units op- erating in the 5-and-10-cent and $1 field recorded sizable gains over & year earlier. Exclusive of the three mail- order houses which experienced a drop of nearly 11 per cent in contrast with June, 1930, the 40 systems which have thus far reported show an increase of 1.3 per cent. Leading department stores likewise are believed to have closely ap- ximated results of a year earlier. mefmueu. the comparison of M and June figures in all divisions sho that only a few concerns were able to maintain sales at the May level. “With the prospect, for no marked ex- jon in retail demand before Fall, distributors are confining their requisi- tions on jobbers and manufacturers to immediate needs, and probably will continue this policy during the balance of the current month at least,” the re- view concludes. Evans Better Business Head. i hua Evans, jr. president of the Dlif:lc! National Bank, was re-elected chairman of the Better Business Bu- resu at the annual meeting of the di- rectars held at the National Press Club late yesterday. Francis G.YAdducm‘ jr., president of the Security Savings & Commercial Bank, was again elected treasurer, and M. G. Gibbs, president of Peoples Drug Stores, Inc., was made vice chairman of the board. R. B. H. Lyon is counsel. All three of these officials have served the Better Business Bureau for several years, taking particular interest in its work of protecting the public from fraud. Louis Rothschild is the director. $70,000 Gain in Bank Drive. Checks covering the fourteenth con- secutive dividend of the International Exchange Bank were mailed to stock- holders yesterday afternoon. The divi- dend rate is 6 per cent, and yesterday's disbursement was a semi-annual pay- ment at this rate. A considerable sum was also transferred to lus, accord- to President Joseph Schiavone, who said that $46,095.90 had been paid in dividends since he nized the bank. The International Exchange Bank is now engaged in an intensive campaign which has as its objective $1,000,000 in deposits. President Schiavone an- nounced that deposits have increased about $70,000 since the campaign tarted. B. & O. Gets Alton Rallroad. ‘The Interstate Commerce Commission has authorized the Baltimore & Ohio Railroad to acquire control of the Chi- cago & Alton Railroad system through s new company, the Alton Railroad, which it organized for this purpose. The new company was authorized to assume liability for the payment of dividends on stock of certain lessor companies of the Alton, $45.350.000 3 per cent 50-year bonds issued by the Chicago & Alton, $3,895.400 of out- andi equipment _obligations and .500.000 of receivers' notes. The Alton Railroad was authorized to fssue $£25,000,000 of $100 par common stock. Heard In Financial District. ‘The meeting of directors of the Title & Investment Co. of Maryland, which | was to have been held yesterday to ap- | rove a working agreement between the | istrict, Lawvers' and Washington Tiil Insurance Cos., with a new corporation | taking over title work of the first-| named company, has been postponed | until Monday. Directors of the three last-named compantes approved the| plan Thursday. | Joseph T. Fxnicios, president of the Departmental Bank, announces that his institution is offering a special type of character investment loans. The bank has just put out a circular deseribing the plan in detail. one of the rules be- ing that when a customer gets a loan he must start a savings account and agree to payv a stated sum every mon‘h. | The United States Fidelity & Guar- | anty Co. of Baltimore has declared a | quarterly dividend of 25 cents, payable| August 15 to stock of record July 31| Previously. quarterly dividend of 50| cents had been paid. 1 Richard L. Morris of F. B. Keech & Co. and Darragh A. Park. vice presi- | dent of Manufacturers’ Trust Co. have been elected directors of New York Dock Co. to fill vacancies. RETURN TO HARD WORK URGED AS TRADE CURE! Epecial Dispatch to The Ster. | NEW YORK, July 18.—Preaching the unpopular doctrine that continued de- pression might be a good thing for the country, George Richardson, newly elected president of the National Asso-| elation of Purchasing Agents, "h]rh‘ represents the material buying power| of the Nation, took a sharp rap at the professional optimism and the nostrum specialist in a special message to the; members of the association made public| tod: i e are now in the second vear of a corrective period. which, in the judg-| ment of many of us. is a wholesome and | muck-needed reminder that there are basic economic. as well as moral, laws| , Which do not_change with the seasons and are not affected by mob psychology: | and when flagrant disregard for these | laws attains the proportions witnessed, prior to the clogs of 1820. the measure | of retribution which is meted out to us is in proportion to the extent of their h,” Mr. Richardson declared. H The head of the organization of men who buy hundreds of millions of doi- lars’ worth of materials every vear be- lieved “it might be very beneficial in establishing a sound foundation fer neng recovery to have this period ©of fast gnd abstinence continue for ywhile. @idere is no substitute for in- slilgencs, hard work and close appli- cation to husiness.” Mr. Richardson. & man who thinks eonstantly in terms of buying rather than seiling. finds that “business men peed to have it borne in on them that cannot get and hold something for m:.u * He advocates a “return to hard work and a less extravagant iving” s the only possible antidote to “existing unsound tendencies which are .\wm on every hand.” Note.~—All stocks are sold in onme hi s 101% W R 87 107 10 14% 112 23 102 109 23 24 TRY 6lly 107 Dividend 11% Adams Express (1).. 70% “Air Reduction (143%) 7 Alaska Juneau (40c) Alleg Corp. . S Allied Ch & Dye (né) Allis Chalmbers (2).. Ampl Leather. . Amerada Corp (2) Am Bank Note (13). Am Can (15).. . Am Car & Fdy pf (1) Am Comel Alcohol. . Am & For Power. ... Am Haw St'ship (1). Am Hide & Leath pf. Am Home Pr (4.20) Am International Am Mch & Fdy 1 Am Nat Gas pf. Am Pow & Lt (3. Am Ra&Std San 6 Am Rolling Mill Am Shipbuilding Am Smelt Ref (2)... Am Sm & Ref pf (7). Am Solv & Chem. Am Tel & Tel (9). Am Tobacco (16). Am Tobacco B (16). Am Water Wks (3).. Am Woolen. Am Woolen pf. . Am Zinc Lead & Sm.. Anaconda Cop (1%).. Anchor Cap (2.40) Armour of 111 A. Armourof I B..... Associated Apparel., Atch To & 8 Fe (10). Atlantie Refining (1) Auburn Auto (4)... Aviation Corn af Dl Balto & Oh1o (5). ... Bamberger pf (6% ). 100; Barker Bros. ... 14 149 6 13 4315 101% 2% 5% 53y 1% 14% Beatrice Cream (4 Belding-Hemingway Bendix Aviation (1) Best & Co (2). Bethlehem Ste . Bethlehem 8t pf (7). Bohn Alum & Br1%. Borden Co (k3)..q, e Borg, Warner (1)... briggs Mfg (11%).. Briggs & Strat (2) Bruns Ter & Ry 8... Bucyrus (1).. Bueyrus pf (7). Bullard Co.... Burroughs A M t1%. Bush Term deb (7).. 108 Byers (AM)... 9 iy Callal 28% Calumet & Arizon: 5 Calumet & Hecla. ... 24% Canadian Pacific 1%. 17% Cannon Mills (1.60) 0 (J 1) (8 Case (J 1) pf (T). Cerro de Pasco (1).. Certain-teed Prod 3).. 108 Chrysler Corp (1) 173 City Storet 1 Collins & Atkman... 1 Colo & Sou 1st pf (4) 108 Col Gas & Bl (2).... 16 Col G & El pf B (5). 1 Columbia Graph 66e. 3 Col Grapho ctfs56c.. 4 Columb Carbon (§).. 2 Comm Solvents (1).. 231 Comwlth&Sou (40c). 8 Cmwith & Sou pf (§) 4 Congoleum-Nairn... 23 Consol Cig prpf 6%. 10s Consol Film pf (3). 1 Consol Gas N Y (4).. 29 Con Gas of NY pf(5) Contl Baking A. Contl Baking B. Contl Baking pf (8) Corn Products (t4) Cotv Inc. . Eie Cream of Wht (12%4). Crex Carpet.... Cr Cork & Seal 2.40. Cuba Cane Prod. . Cuban-Amer Sugar Cudahy Packing (4). Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A. Cushman’s f (1) avrson Chemical. Del Lack & Wn (4).. Devoe & R 1st pf (7) 244 3 100 [y 4b% 100 14% 8% 14 Dome Mines (1)..... Domn Stores (1.20).. Drug Corp (4).... Dupont de Nem (4 Bastman Kodi Eaton Axle (1.80) Klec Auto Lite (8). El Auto-Lite pf (7).. Kleo Boat.......... Rlec Pwr & Lt (1). Frie RR Fairbanks M pt (7).. Fed WatSv A (2.40). First Nat Strs (2%). Fisk Rubber........ Foster Wheeler (2).. 4 Fox Film (A) (2%). 17 Freeport-Texas (3).. 1 Fuller pr pf (+7.11).. 808 Gen Baking pf (8)... 108 Gen Bronz 65 Gen Elec ( Gen Elec speo (80c). Gen Focd Corp (3).. Gen G & El A (e30c). Gen Motors (3). Gen Motors pf (5). Gen Ou® Adv A (4). Gen Ptx Ink (2%)... 30 Gen Ptg Ink of (6). Gen Public Service Gen Realty & Util. .. Gan Refractories (4) Gen Theater Equip. . Gillett £ Rasor. ., tiald Dust (2%4). .., Granby Con Min (1). (Grand Union. G o 1 71 Do A 24 108 2 125 1 808 11 1 6 1 s 208 2 1 50 47 1 2 1 Western Su 1 =shv Grino 19 i1t s (1) 108 61y Hacken Watpf A 1% 20s Hann Dept Storea Hercy Hellander Sons. ... Household Fin pf (4) Houston Ofl.... Howe Sound (2). 4113 1ilinof rul (4) 9 Ind Motor Cye 21 Inuust Ravon . 74 Ingersoll Rand (4). int Havvester pf (7) Int Hydro E1 A (e2). int Match pf (4), Int Nickel (60¢). .., Int Tel & Tel (2).... 131 Inter D St pf xw (7). 108 9ty 18% 58 undred share lots those designated by the letter s (80s) (2508). Stock as Saies— Prev. Add 00. Hign. Low. Ciose. viose. 3 15% % T6% 15 . 14 ™ 7 117% 116% 25 93% 92 1064 1061 au 30 n 107 107 % Th 413 6219 THE EVENING STAR, WASHING1ON, D. ~Prev. 1931~ High. Low. 4% 154 e 24 7 24% 17 18 56 Kroger 60% Li=x & 25 2 19% 1% % McKee: Nat N 110 12 5 b4’y 38 691 484 1% S 50% 19%m 2w 1 &% 46 39% 64 10% 25% 124 16% 37 27 264 Tia 14 96l 1024 3 28% 284 424 6 11 64 4% 25 Penick Phelps Prairie Pub 8v Pub Sv 15% Rossia Safew: St Lou 92% 13% 1% Simms 57 101 1814 11% 22 2% 874 14319 15 40 Transa 21% 72 26% | 205 254 38" % 814 524 67% 9is Ulen & 14 401y 11 48% 87 13608 3% 24 MV 6% 8% 1 71% 3814 Vulean 21 an 144 1% 92 10214 West Wi x 4+ Wilson 4% Woolworth (2.40). +u 374 Worthington Pump. i 5% Yellow 6 2 v as n th Fl us special prefarres s 629 regular Stock and Dividend Rate. 9% 3% Tnvestors Equity. .. 57t 36ia Jewel Tem (4) 80% _40% Johns-Manvill 10% Kayser (J) & Co (1)« 1% Kelly-Spring Tire. .. 8 Kelsey-Hayes Wheel 81y iKelvinator Corp. ... 14*f Xennecott Copper (1) Kreuger&Toll (1.61) Lambert Co (8) 45% Lehman Corp (3) 22% Lehn & Fink (3).... 60 Liggett & Myer (15). 20'% Liquid Carbonie (3). 364 Loew'sIne (3).... 2% LoftIne.u....vees 11% Lorillard (F) Co.... 40f 90' Lorillard (P) pf (7). LouG&EA (1%). 8% Ludlum Steal. . McGraw-Hill (2).. Melntyre Porc M (1) McKesson & Rob ¢1) McLellan Stores. ... Macy(RH) & Co(n3) Marshall Field (3% ) 17% Mathieson Alkall (3) May Dept Strs (23). Mexican Seaboard. .. Mid Continent Petm.. Mo Kan & Texas..... Missouri Pac pf ( Mohawk Carpet Montgomery Motor Wheel (1 Mullins Mfg. Myer (FE) & Nash Motors (4) Nat Belia Hess. ... Pt Biscuit (2.80). Nat Dairy (2.60).... Nat Dept Stor: Nat Pow & Lt Northern Pacifie (5) Ohio O1l. . B58% 317 Otis Elevator (23). 160 Outlet Co pf (7)... Facific Coast 15t pf. Pacific Gas & Ei 12). Pacific Lighting (3). Packard Motor (40¢) Paramount-Pub 2%. Fathe Excharg Pathe Exchange A. ., Pennoy (J C) (2.40, Penn Railroad (3)... Fetrolm Cp of Amt1) Phil Read C & 1 Phillips Petroleum. . Pillsbury Flour (2). Porto Ric: Am To(2). Pressed Steel Car. ... Proct & Gamb (2.40) PubSv N J (3.40)... Pub Sve G&E pf(5).. Pullman Corp (4). 514 Pure Oll. Hadio Corp. Radio Corp B (5) Radio-Kelth-Orph A. Remington-Rand.... Republic Steel. Republic Steel pf. Reynolds Tob B (3 247 Royal D Savage Arms (2) Schulte Retail 8 Seaboard Afr Line. .. Sears Rosbuck (2%) Secvel Ine... Shell Union Oft Shubert Theate Sinclair Consol Ol Skelly O1l. . Sloss Shef South Port Rico 8u South Pacific (8) Southern Rwy (m Spang-Chal pf (6) Sparks Withing (1).. Splegel-Ma; Stand Brands (1.20). StandG&E (3%)... Stand Ofl Cal (h2%). Stand OIIN J (12)... Stand OfI N Y (1.60). Sterl Sec pf (1.20)... Sterl Sec cv pf (3)... Stewart Warner..... Stone & Webster (3). Studebaker (1.20). .. Studebaker Cp pf (7)280s Texas Corp (2) Tri-Cont Corp. . Tri-Cont Corp pf (6) Twin Ci Baes— Prev. Add 00. Mgh. Low. Close. Close. 1 4% 4% 4% 4% Groc&Bak(1) Rupwa Myers B (15) port T P 5% PO NBANRND N NS AP OW o REreBuni wmod Y Ont & Western N Y Steam pf (6) Noranda Mines Shren HEmaa s 3 o PPN ST PPN & Ford (1). Lodge (1) - Pipe L (3). 8 PR N RO R IR 00 0n i i 0008 00 1 G e NJIpt(b)esa NJpt(6). - Insur (220).. h (m2.789) Stores (5).. & San Fran. Petroleum. - S o NS wBannBRloalrafnwazeas pes L Third Avenue. B Tide Water Asso Ofl. Tobacco Products. .. merica (40¢).. - Rap Tran Co (1.60). 4315 Union Carb & C 2.60.. Un Oil of Cal (2) Un Pacific (10) Unit Cigar Stores. .. Unit Corp (75¢). Unit Corp pf (3 Unit Fruit (4) Unit G & Im (1. Unit Piece D W (2).. Plpe & F (2). & Imp(1) Rubber 1st pf, S Steel (7).. S Steel pf (7)., nit Stores A. .. co Sales Corp.. 23% Vanadium Corp'n. Va-Car Chem. . Det (4) Waidoif Sys (1%) Warner Bros Pict. Warren Bros (2) Wess 011 & Snow West Pa El pf (6)... 10s West Pa El pf (7)... 40s 1 Rich A (234) Overland. ... &CoA.. 67% 4819 g Ry 4% 4 the annual cash rly dec) tions. 464 Truck. above table are Eiven in the qua ea e latest ock. a Paid e Payable in cash 3 Plus 50 cents able in tock s 2% in stock. in tock "k Plus 3% in stock. m Paid his yeAr— Tate 0 Plus 5% 'in stock " Buying for Profit BY GEORGE T. HUGHES. | Of all the unsatisfactory sources from which to seek advice on investments the 'r0st unsatisfactory is the average trader on margin " stocks. I say average be- cause there are spoculators who can keep separate compartments in their) minds for speculation and for invest- ment. but they are rare specimens. As rule, the in-and-out trader in Wall Street would wreck any investment program if his ideas on securities meant {to be held permanently were followed. | The fact is that the technique of ! speculation is almost the opposite of | that of nvestment. The speculator buys when other speculators are buying. He | follows the market when prices are go- ing up and he follows if 14 en prices | ‘u-e going down. He never “argues with the tape,” or at least he never does if | he is a successful speculator. His de- | liberate policy is to feel the pulse of the market and the one end he seeks is to | profit by fluctuations in prices. Now the successful investor enters the market when he believes that prices are at bargain levels. He buys in small lots and he buys for cash and he is not disturbed by the minor ups and downs. But when you buy a stock on the siug- gestion of an active trader who en- thusiastically acclaims its merits, who tells you that you can “buy it and put it away and forget it” and that some éay it will make you rich, you are apt to meet him next week and. again | bringing up the subject, have him ex claim with an injured accent, “Why have you still got that stock?> I sold mine iact Wednesday." ‘Traders of this type do not intend to mislead and they do not mislead those of their own class. wers of the «tock market for any considerable period learn that they must discount most of what they hear and that when they buy or when they sell they do so “for your account and risk,” as it says on the confirmation slips brokerage houses send out to their customers. So, without passing any adverse judg- | ment ca the speculative fraternity and | without condemning their motives or their practices, it/ is safe to say that their advice on investments should be taken “cum grano salus.” NORTH AMER.ICAN CEMENT SIX MONTHS’ EARNINGS North American Cement Corporation reports for the six months ended June 30, 1931, net loss of $210,997 after de- preciation, interest Ted taxes and other % | ket has staged at least three almost N C., ISTOCKS IRREGULA | IN QUIET TRADING Market Marks Time Pending News on Foreign Credit Crisis. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, July 18—In_trading that was dull even for a Saturday stocks today first reacted, then ral- lied, with the net result ‘that, while advances predominated, none of them was large in amount and few had sig- nificance. Volume was held back by the lack of news from abroad relative to tod: conference between the Germans and the French. There was little new in the domestic- situation on which | found speculative activity. and so the market merely drifted. Tt had, how- ever, one feature, even‘though it was negative. and that was the absence of short selling. . Bears Cautious. In the last six weeks the stock mar~ | spectacular recoveries, and they have cost the bears a good deal of money. As a result operators for the decline are displaying unwonted caution. For instance, today news of the cut in nitrate prices consequent upon the breaking uge'of the European cartel might have been expected to bring pres- sure against Allied Chemical. The stock was a point or so lower, but there was no volume, and the incident went | comparatively = unnoticed. Standard stocks, such as United States Steel, American Can and General Motors, off fractionally at the opening, regained the less before the close. B Railroad - stocks were inactive and ‘The first of the June siate- ments came along, that of Kansas Cit; Southern, showing the usual unfavor- able comparison with a year ago. And yet, rate increase or no rate increase, the time is approaching when traffic figures must make a better relative showing. The question is whether there must not be further important dividend reductions first. Closing of Bourse. No light on the international situa- tion was available from the foreign markets, which were closed for tne! weck end. Berlin reported that the | Bourse would remain closed until further notice. 'Some encouragement | was had from the strength in German | dollar bonds. German marks were | higher, but sterling and francs were off | fractionally. In the commodity mar- kets there was good foreign demand for | copper, the domestic price for which was 8 cents a pound against the recent | low of 73 cents. SATURDAY, JULY 18, 'BUSINESS IMPROVES Specialties at one time or another to show losses on the day included Worth- | ington Pump, J. I Case and Eastman Kodak. On the other hand, there was | buying of American Woolen preferred | around the best of the movement. Corn Products rallied from the low follow- | ing news of the decision against the | company in the litigation with Penick . orillard was a stron in the tobacco list. i B NEW YORK, July 18 (#).—New secu- | rities offered today include: St. Louis County, Mo, $1.500,000 4 per cent | due serially June 1. 1936, to inclusive, priced to yleld from | .75 to 3.95 per cent, by a syndicate headed by the Continental Illinois Co. | DIVIDENDS DECLARED NEW YORK, July 18 (#).— Initials, Pay- able. Hidrs. of Rat Tecord. St S rn as.. . 17 i L G Farben Industric ELRID (An DR CME).$255 .. July 18 July 17 | Reduced. | .25 Q Aug. 1 July 20| e @ i3 gy | Interim Third Scott Northern Inc Ty Ltd Ora Do b e.riod. c Marine Bancorp Oxford "Paper... . July 10 July 10 Omitted. Q Q i z ¢ Thomeon-Gibh Elec Weld pf. Couria Aug. ds Ltd Amer Sustanil DF:DKRPC for 5 pf | Pitzsimons. & Conniell sl Dredge & Dk 50c Aug. 21 65¢ July 15 July 20 July 27} July 15 | June20 | Juy 6| June 24 | July Aug. 20 July | Georgia Home Ins Gen Farts Corp $1.20° pf.. Hazelvood Sav & Trust (Pitts) Jackson & Curtis 30¢ rence) . etropolifan Tndu Allot ctfs 507 ? .50 er Corp A...58%4c Do Trov_& Bennington | Do o 11l 8150 | Smith Auric’ Chems, dgc o t @ pPDOOND pp OO O OOO D D O O O O WO Do D, Utica Gas & Elec 36 pf Wash Gas Lt Wis Tel Co pf. | Rad Corp A o B B 20000OD :: IRy & United_ Corp. IT WILL BE PLEASANT TO CONTEMPLATE that no matter what turn your af- fairs may take you have an invest- ment which nothing can upset. Over a Third of a Century Without a Loss May be B, ¥, National 2100 Immediately you have placed your money in our 6% FIRST MORTGAGES the principal is secured by conserv- atively appraised improved Wash- ington real estate and the 6% return will be received uninterruptedly to the maturity of the mortgage. from $250 up. SAUL CO. 1931. Dr. Max Winkler To Write Finance. News for The Star Dr. Max Winkler, e e on American and mmm lecturer 0se Jects, who hudwrmen widely 'Xf“r magazines and newspapers, become a contributor to gfi:‘flntn- cial news service of The Star and he was vice president and gen- eral manager of the foreign de- partment of Moody's Investors’ Service. He is editor of Winkler's Manual of Foreign Corporations, associate professor of economics and special lecturer on finance at the College of the City of New York and special lecturer before the American Institute of Banking. Dr. Winkler wrote “Investment of United States Capital in Latin America,” published by the World Peace Foundation, and nuremous monographs, including * ca—the World's Banker,’ Ascendancy of the Dollar, Dollar Abroad” and ‘“America’s Btake Abroad.” He has been a frequent contributor to the New York_ Evening Post apd other New York City newspapers. - Dr. Winkler was born in Ru- He spent two years ldt an ork Universities. He is a member of the Order of the Crown of Ru- mania, with the degree of com- mander. IN NEW ENGLAND Power Output Shows Good Ad- vance—Summer Tourist Influx Helps Trade. Special Dispatch to The Star. BOSTON, July 18.—Continued signs of improvement in the general business situation in a number of sections in Maine, New Hampshire and Vermont are reflected in the business reports compiled by the New England Public Service Co. made pubiic today. The comparative power output in this sec- tion, considered a dependable barome- ter, increased over 5 per cent for the first six months. This is further in- creased to 22 per cent if all new power users are considered. Any sluggishness that might be ex- pected at this period is counteracted by the influx of Summer tourist trade, al- ways_an jmportant factor in Northern New England. This appears to be hold- ing its own in most sections. Where actual improvement cannot be detected, there is, however, a pronounced feeling of encouragement which has not been manifest so openly in the past. WISCONSIN CITY URGES CENTRAL BUYING POLICY Special Dispatch to The Star. MANITOWOC, Wis., July 18.—A res- | olution indorsing centralized purchas- ing, with an eve to the extension of the plan to cities throughout the State, was presented to the recent_convention of the League of Wisconsin Municipali- ties by the Common Council of Mani- towoc. The resolution declared that “experi- ence has demonstrated the economy of collsctive purchasing.” and would have directed the Executive Committee of the league to work out a plan for the use of cities in the State. Fstablished 1899 MONEY TO LOAN at 3s% and 6% Inter Betore Flacing or ‘Renexin and 24 Truss Consult WELCH Realtor Loan Specialist 15th and N. ¥, Ave. tional Savings & Trust National 1316 Money to Loa it Jouch : MONEY TO LOAN ON D.C. REAL ESTATE No Commissions or Renewals Before Renewing Your Present Loan Consult Columbia Permanent Building Association 733 Twelfth St. N.W. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc.| | purchased in amounts 925 15th St. N.W. FINANCI EUROPEAN CREDITS T0 GERMANY URGED Wall Street Believes Foreign Nations Should Assist Central Powers. BY CLAUDE A. JAGGER, Ascociated Press Pinancial Editor. NEW YORK, July 18.—Wall Street apparently, has no inclination to be made the goat in the financial crisis} in Central Europe. Important bankers express themselves | as ready to participate in any plan of international co-operation which may meet the approval of all governments concerned, including our own, but there | is a notable disinclination to yank out the wallet while others are merely fumbling with their pockets. ‘Wall Street's leading bankers are not rushing into print with public expres- slons of opinion on the matter. They recognize its delicate diplomatic aspects. But the general feeling can quickly be utiz’wcud by a few informal conversa- ns. That is not to say that there is any unanimity of opinion. There is, never- | theless, a very decided drift of opinion | in higher banking circles. U. S. Investments Large. ‘This drift of opinion is in the direc- tion that the United States, having taken the initiative in the war debt holiday plan, which will save Germany | soms $400,000,000 during the year. can now afford to let Europe do something for herself. | Persons dissenting from this view | point out that American capital has the largest stake in Germany, with invest- ments there estimated between $1.500.- | 000,000 and $2,000.000,000. This is| America’s largest foreign investment in | any country save Canada. Purthermore, it is pointed out that the re ent flight of capital from Germany has amounted to considerably more than the $400.- 000,000 which the war debt moratorium will save. ‘While acknowledging our large !L‘k’\ in Germany, bankers here want assui @he Foening Htar ADVERTISENENTS ReCEIVED HERE * Riwci ore [} Make Your Wants AL. * A9 ance that they will not be throwing good money after bad before increasing it. The heavy withdrawals of funds from Germany, offsetting the benefits from the savings under the war debt moratotium, it is felt heré, might have been avoided by more speedy accept- ance of President Hoover's proposai. If an immediate and substantial credit from Wall Street to Berlin would save the situation, there would probably be little delay in extending it. But well informed bankers assert that there is little use in pumping further funds in Germany, only to have chances of per- manent benefits nullified by European political antagonisms. 0 Short-Term Credits. While American investments in Ger- many probably exceed those of any other country, it has been largely the flow of funds from America to Ger- many that has made her able to pay reparations to the former allies, so it is felt that they might assume some re- sponsibility in the matter. Further- more, it is felt that economic collapse in Central Europe cculd not help but be more serious for other European na- tions than for the United States. A prominent bankeér, one who has been particularly sympathetic toward Germany, feels that the extension of further short-term credits would anly aggravate a situation brought about chiefly by an excess of that sort of credit.” He feels that Germany first of all should be given an opportunity to work off some of“her short-term tn- debtedaess. Office Building Vacancies. By the Associated Press. Forty-three leading cities of the coun- try reported an office building vacancy of 17.27 per cent on May 1, last. This figure is said by the National Associa- tion of Building Owners and Managers, to whom the report was made, to rep- resent an increase in vacancies of 2.58 per_cent since the 1st of January. The association's statistics, which go back to October, 1924, show the present untenanted area is the greatest on rec- ord. and comparing with a minimum vacancy of 7.66 per cent existing on January 1, 1926. ‘To the plaza section of New City goes the doubtful honor of h: the largest untenanted space. Diego was second with a vacancy of 30.49, with Detroit third with 28.52 per cent. Reduced to actual footage, the 42 cities reporting covered 1.882 buildings, having total space of 174,829,019 square feet, of which 30,188,571 was vacant. Known Through a Star Classified Adv. —and you'll get prompt Classified Section is read and around Washington. response, for The Star by almost everybody in There is no other way in which to contact so many people so directly. Copy for The Star Classified Section may be left at any of these Branch O services without fee; charged. Northwest 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.—Day'’s Pharmacy. 1135 14th st. — Marty’s Cigar & Magazine Store. 17th and Que sts.—Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2901 Georgia ave.—Har- vard Drug Store. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.—Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —O’Donnell's Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1773 Columbia rd.—The Billy Shop. 2162 California st.—Co- lodny Brothers. Wardman Park Pharmacy. N. Y, N. J. aves. and M st. —Sanitary Pharmacy. 1st and K sts.—Duncan’s Pharmacy. 7th and K sts.—Golden- berg's (time clerk’s desk). 7th and O sts.—Lincoln Drug Store. 7th st. and R. 1. ave—J. French Simpson. 11th and M sts—L. H. Forster’s Pharmacy. 9th and U sts—M. H. Hunton’s Pharmacy. Ga. ave. and Upshur st.— Petworth Pharmacy. 221 Upshur st.—Monck’s Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin’s Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy. 6224 3rd st.—Stewart’s Pharmacy. 1905 Mass. Pharmacy. 18th and Fla. ave.—Bern- stein’s Drug Store. Fla. ave. and 1st st.—N. Reiskin. North Capitol st. and R. L ave.—Parker’s Phar- macy. 1742 Pa. ave—J. Louis Kri ck. 21st and G sts.—Quigley’s Pharmacy. 25th st. and Pa. ave— Herbst’s Pharmacy. 3315 Conn. ave.— JolI's News- ave.—Dupont —Mattingly Bros” Phar- macy. There's One only regular ffices. They render their rates are Georgetown 30th and P sts.—Morgan Bros’ Pharmacy. 30th and M sts.—Brace’s Pharmacy. 3411 M st.—Moskey’s Phar- macy. 2072 Wisconsin ave.— Haney's. Wisconsin ave. and O st. Donahue's Pharmacy. 35th and O sts.—Sugar’s Drug Store. 5104 Conduit rd.—Modern Drg Store. Northeast 208 Mass. ave.—Capitol Towers Pharmacy. 4th and H sts.—Home Drug Store. 907 H st.—Garren’s Music Store. 12th and Md. ave.—Luck- ett’s Pharmacy. 7th and Md. ave.—Louis F. Bradley. North Capitol and Eye— Kenealy’s Pharmacy. 20th and R. 1. ave.—Col- lins' Pharmacy, Wood- ridge. 3500 12th st.—Brookland Pharmacy, Brookland. 4th and R. I. ave—John G. Biggs’ Pharmacy. Chesapeake Junction—Dr. F. L. Wight, jr. Southwest 10th st. and Va. ave— Herbert’'s Pharmacy. 316 4', st—Harris’ Drug Store. 4% and L sts—Columbia Pharmacy. Southeast 3rd and Pa. ave.—O’Don- nell's Drug Store. 8th and Eye sts—F. Weller’'s Pharmacy. 1ith and Pa. ave. — Fealy’s Pharmacy. 1907 Nichols ave., Anacostia —Healy’s Drug Store. 13th and East Capitol sts.— Lincoln Park Pharmacy. 2204 Minnesota ave. — Sloan’s Drug Store; F. S. Boisfeuil- let, prop. P. Near You