Evening Star Newspaper, July 24, 1931, Page 13

THE EVENING WR&ENETGANS| [ NEW YORK STOCK EXCHAN $]8 ]m FUR JUN[l Note—All stocks are sold in one hundred-share lots y : excepting those designated by the letter s (80s) (250s) ~Prev. 1931~ Stock ana sates— Prev. Hizh. Low. Dividend Rate. Add 00 High. Low Close. Close. 144 315 Abitibl Pow & T 4 419 44 231 114 Adams Exvress 9 11% 4 AdvRi 109% 70% Alr Re 2014 7 Alaska Juneau (40c) 12% 44 Allek Corp. .. STAR, WASHINGTO! D. C. FRIDAY, JULY 24, 1931 REAL- ESTATE ' LOANS' ".““L.fi Interest Rates STOCKS AE LONERINSURANCEREGORD [ 22 2 ONLGHTVOLUNE NADE BY DISTRET |55 7th and Indiana Ave. N.W, LOANS' ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY | 66th Serles of Stock Now Open For Subscription James E. Connelly © James F. Shea President Secratary e Prev. Close. Ciose. 108 108 Ll Y 11% 11% 36 3614 a9 Stock ana Dividend Rate. Gen Baking pf (8). Gen Bronz Gen Cable A Gen Cigar (4 Gien Elec (1.60) Gen Flec anec (80c). Gen Focd Cotp (3). . Gen G & I A (e30¢). Gen Miils (3) . Prev. 1931~ Sates— High. Low. Add 00. High.- Low. 11 20s 108 108 3 8 7 114 3678 X St. NW. Na 251 481y 5% Electric Power Company Also| Reports Substantial Earn- 59% 20's Allez Cp $30 w Gen Motors (3) P | < ings Increase. 1820 1094 Allied On & D ) Motora pf (5) A = 18% 8 AlphaPort Cemt (1). “ 1 nPte Ink (235) . 23 15 Amerada Corp (2)... g ot BY EDWARD C. STON bt L Syl Rumored Reduction in U. ‘S.IWashington Leads Nation in Steel Dividend Brings Per Capita Payments of Qut Selling. Death Claims. CAR WASH Progressive Auto Laundry 1z trying W, 25 LOANS Special Dispatch to The Star. ' ‘The National Underwriter announced Hol 2 A4% Am Rank Note (+3). e PybIC Borsic Total net inccme of the Washington | Rallway & Electric Co. for June emounted to $54.203.21, aga‘nst $36.- 094.39 in the same month last year, ot a gain of $18.108.82, according to the monthly stAtement just filed with the Public Utilities Commission. The | Potomac Electric Power Co. also_re- ported very substantial gains in June earnings in its report to the commissiofl. Operating revenues of the Washing- | ton Railway & Electric Co. in totaled $416,002.86, against §412,0: in June, 1930; operating expcnses and | taxes totaled $331,791.12, compared with | $340.027.28, leaving an operating income | of $84211.74 in comparison with the lower figure of $72,027.88 in June al year ago. The company had a non- | operating income in June of $24,149.19, against $19.996.45 & year ago. | For the first six months of the present | year, the street railway company took | in operating revenues emounting to | $2477.975.49, against $2495225.64 in | June, 1930, Operating expenses and | taxes required 51.986,152.87, against | $2,011. in the first six months | of 1930. { Deduction of opeating expenses and | taxes left an operatmg .ncome of | 54 Am Rank Note pf (3) 7 Am Beet Sugarpf... 5% Am Bf Shoe (2 40).. 5% ‘Am Rtown Bov Elee. Am Can (+5) Am Car & Fdry (1).. Am Car & Fdy of (1) Am European Secur. Am & For Power. ... Am & For Pw pf (8). Am & For Paw 2d nf. Am Haw St'ship (1). Am Hide & Leath pf. Am Home Pr (4.20)., 4 Am Tnternational... Am Locomotive (1).. Am Locomot pf (7).. Am Mch & Fdy 1.40. . Am: Metal Co. 4% 102 Am Pow & Lt pf (6 Am Ra&Std San Am Republics Am Rolling Mills.... Am Safety Razor (5) Am Smelt Ref (2)... Am Snuff (43%) ... Am Snuff of (6). 1ta Am Salv & Chem ... 11 Am Stl Foundries(1) 37 Am Stores (t23%)..., 42 Am Suzar Ref (5) . 96 Am Suzar Ref nf (7) 18615 Am Tel & Tel (9). 114 5 24% 214 48% 60 108'% 201% Gen Realty & Ul Gen Refractor!e: Gen Theater Equip. . Gillette Saf Rasor.. 224 Gillette Saf R ot (5). Glidden pr'pf (7).... 20 Gobel (Adolf). 9 Gold Dust (234). Goodrich (R F) Goodyear Tire&R(3) Goodyear 18t pf (7)., Grand 811 Stra (h1),. Grand Union pf (3).. Grant (W T) (1) Great Northn pf(4) Western Sugar Griesby Grunow. Guantanamo Sugi GOiIf States Steel Hanna pt (7). Hartman Corj Hayes Body.,...... Helme (GW) pf (7). 1 Hevahey Choe (5)... Holland Furn (12%) Hollander Sons. 3 Houdaille Hershey Household Fin pf (4 Houston Otl.u...... Houston O{1 (new) Hudson Motor (1)... Tinn Motors 84 16% ¢ 43| to 16% 58% 41 47 | heen violated and that the msrket was | NEW YORK, July 24—Two periods of selling sent the stock market sub- stantially lower today. The first came | soon after the opening, when the talk was all of the expected reduction in the dividend on United States Steel common at next Tuesday’s meeting and the second in the last hour, when the raflroad shares were under pressure and the way in which they yielded led free offerings of the industrials. The market left off not far from the low of the day, with new lows on the reaction for United States Steel, Amer- jean Can, and losses in the rails of 2 to 3 points. One story was that selling in the railroad stocks came from the other side. It might, however, have been the result of another batch of poor earnings statements, although they did make a better comparative showing with those of a year ago than they did in May +In any event, it looked as though the informal armistice hitherto ob- served by operators for the decline had being tested as to its resisting powers uncer the new conditions. Volume was low all day, but increased toward the | around their lows today that during the year 1930 the District of Columbia had the largest amount of insurance death pay- ments per capita, or $26.62. New York had a per capita payment of $26.50, and Connecticut was third with $26.20. ! New Jersey came fourth with $25.58, followed by Massachusetts with $25.19; Oregon, $23.57; Vermont, ‘$22.58; Rhode Island, $22.° Arizona had the lowest er capita payments with $5.74, fol- owed by Idaho with $7.55 and New Mexico with $7.99. The District of Columbia policyhold- ers and bencficiaries received $13,000,- 000 from life insuranee companies in 1930, an increase of $1,870,000 or 16.8 per cemt over the amount paid in 1929, The District of Columbia ranked thirty- sixth in life insurance payments, while eit is forty-first in population among all the States. The per capita life_insurance payment in the District of Columbia was $26.67 in 1930. The largest individual _insurance death claim paid in the District of Columbia was on the life of a person whose name was not given, for $50,000. Luke C. O'Brien carried the second largest amount of life insurance, with $45000, while other large individual payments were: $40,000, $30,000, $30,~ 000 and $27,434. Maryland Man Gets $1,183,500. Is Your ist. 2nd or 3rd Trust Due? Do You Need Money? MR. FRIEDMAN | 416 5th St. N.W., Room 707 NAT. 519 w! have adequate funds for loans on improved Real Estate in nearby Montgomery- County, Md, and the District of Columbia for periods of 3, 5 or 10 year: s. Prompt deci- sions given applications. 5Y 2‘70‘ INTEREST BOSS and PHELPS Realtors POUNDED 1907 $491.822.62, compeared wiih $483,675.39. To this was added a non-op come of $918,462.07, comp: $845,861.01 a year ago. Alter all other | deductions, the corporation had a total | The market today was influenced al- most SECURED >~ HOMES \ NATIONS CAPITAL 411y 111inols Central“(4) 17« Indian Motor Cycle. 211y Indust Ravon ( 3 4 Ingersoll Rand (4) 95°% Inspiration Copper. . :f 117 K St. N.W, Loan Correspondent John Hancock Mutual Life Insurance Co. sti * Marylend policyholders and bene- Ty e imctiom, | ficlaries received $34400,000 from life The apparently inspired report that the | insurance companies ’: 1930, & de- United States Steel dividend would be | Créase of $500,000 or.1.5 per r}f{?rv{ll;‘;m 9814 Tohacco (16). 10214 Am Tchacco B (16), 124'c Am Tobacco pf (8) 40% Am Water Wks (3 | 1288 net revenue for the helf year amount- | ing to $1,082,084.60, against $988,170.59, | or an increase in net so far this year of $93,914.01. Potomac Power's Net Jumps. The Potomac Electric Power Co. re- | ported to the Utilities Commission that operating revenues in June totalled | $874,557.45 compared with $814.816.33, a gain of $50.741.12. Revenue deductions Tequired $449,556.23 against $420481.18, | an increase of $19.075 leaving an operating incoms for June of $42 001,22 pcainst $384,335.15, an increas of $40,666.07 The' corporation reported an increase of $6,407.97 in miscellancous income and a gain of $47.074.04 in gross cor- porate income. Afier a'l otier deduc- tions, the company had a nct income of $373.864.23 egainst $338.625.78, or an increase of $35.235.45 over June, 1930. The company’s report for the frst half year shows a fine net income for the period but not quite up to last year. Opcrating revenues mounted to $5.282,602.56 ecmpared with $3.2 rease of $129,126.93. Re ons required ' $2,772.416.49 compared with $2,623,773.38, a differ- ence of $148,643.11. The power company reported non- operating revenues of $2,610,486,07 com- pared with $2,630,002.25 last Year, a| decrease of over $19.000. Miscellanecus | income for the half vear totaled $161.- 676.30 against $115.308.19 a ye A gain of $46.368.11. After all tions the companv_announcal a net fncome of $2.325.205.67 in_comparison with $2,337.550.31 in the first half of | 1930, & decrease in 1931 of $12,263.64. Miller Control Orders Gain. At a meeting of the board of di-| rectors of the Miller Train Control Cor- poration. held in the company's Wash- | ington office vesterday, H. B. Miller, vice president and general manager, re- ported very satisfactory business in the sales of trafilators. the latest system for | operating and controlling traffic signal lights. Mr. Miller said: | “The increased demand for trafilators | during the past few months has been surprisingly great. Orders have recently been reccived from Washington, Balti- more and Philadelphia. and elso from a | Jarge number of smaller citles and towns. “Arrangements have just been com- leted with a well known signal manu- Pacturing company to put a large force of experienced salesmen to work at once to sell trafilators over a wide section of | the United States and Canada. and this | arrangement has already produced ex- | cellent results. Arrangements are in| progress with a representative on the | Pacific Coast for the sale of trafilators | in that section, particularly in Cali- fornia. z highway department of the | ssachusetts is asking for | r actuated devices. end | will make installations on its own ac- | count and at its own expense. It i believed that this is the first installa- | tion of this character to be made under | State authorization.” The general menager also reported | that the traffic officials of New City have made an exhaustive i tion of the trafilator and are prepar-! ing to make instaliations at an rarly date. Lights will soon be installed & Wisconsin and Massachuse’ts avenue: in Washington. W., B. & A. Survey Completed. It was reported today from Baltimore that holders of Baltimore & Annapolis | Short Line Railroad Co. first 5 per cont | bonds have been informed by a jpro-| tective comwittee that Sanderson & Porter, engineers, had_completed a sur- | vey of Washington. Baltimor> & An-| napolis Electric Railway, now in re-| ceivership. Opinion was expressed that, | with present operation and continuatior ©of present business conditions. revenues | of the electric railway for 1931 should | just about meet operating expenses and | taxes, leaving no margin for deprecia- | tion or return on investment. | The committee disclosed that the Cleveland Trust Co., trustee for the W., B. & A. 5s had filed a petition in the United States District Court for Mary- Jand, clalming that s of the An- napolis & Ch Bay Power Co. came under the mortgage indenture of the W.. B. & A. bonds, dated March 1 1911, to the exciusion of the Short 1.u:j bonds, dated Aucust 6. 1906. Counsel for the Short Line Commil tee is contesting this petition. The court held that the W. B. & A. mort- gage only covered that property used| in connection with operation of the W..| B. & A. Railway, and not all property of every kind, as claimed by the peti- tion. Capital Traction Ends Week at 42. Capital Traction stock wound up the week on the Washington Stock EX- change today with a single sale of 10 shares at 4Z. Potomac Electric Power 5'z per cent preferred came out at 111'¢, 50 shares of Federal-American Co. common changed hands at 217, and a small sale of Lanston Monotype was recorded at| 815, i B8 Zinds were neglected, the only sale being $1.000 Washington Rallway & | Electric 4s at 913;. Washington Loan & Trust Co. stock has been added to the list of local issues now quoted ex- dividend. Considerable interest is being mani- fested among holders of local street | the progress of the how much it will affect street how long it will last and at what figures taxi rates will finally be adjusted. The unlisted stocks were called off on the exchange today. Quotations on | Mayflower Hotel 6s were advanced to| 36 bid and 45 asked. Piices on Na- tional Press Building first 5s were moved up to 57 bid and 61 asked. Sales Are Doubled. NEW YORK, July 24 (&) the Fressed Steel Co. of Gre Ltd, for first half of 1931 deuble thoee of the same perind of 1930, accord:ng to officials of the Edward G. Budd Manufacturing Co., of which the Pressed Steel Co. is an affilate. . Am Wat Wk cfs (3) Am Woolen. e 204 Am Woolen pf...... »“115 Am Writ Paper ctfs, Zinc Lead & Sm. Anaconda Cop (1%). Anaconda W & C (1). Archer Danisls Mid. 10'4 Armourof 11 pf..... 2% Arnold Constabl %, Associated Apparel. 16% Assn Diy G (234). Ateh To & S Fe (10), » Atch To&S Fe pf (5). 11 Atlantie fining (1) 99 R4% Atlas Powder pf (§) 5ia 101's Auburn Auto (f4)... 1 Autosales... 4 2 Aviation Corna 2874 29% 21’ 91a Faldwm Locomotive 104's 70 Raldwin Loco nf (). 87 4315 Palto & Ohlo (5) #515 Balto & Ohio pf (4 7 Banm & Aroos (3% 27 Barker RBro 32% Barker Rros pi 5% Rarnsdall (A) (1) 313 Reatrice Cream (4 1 Belding-Hemingway 147« Rendix Aviation (1) 31'4 Res=t & Co 2) 3815 Bethlehem Steel (4). 96 Rethlehem St pf (). 20% Rohn Alum & Br1%4. 4 Rerden Co (k3). 14’ Porg Warner (1)... 814 briges Mg (11%) 537 Bklvn-Man Tr (4 715 Bklyn & Queen 93 Bklvn Union Gas ( & Bruns-Balk-Col. % Bruns Ter & Ry 8. 11% Rueyrus (1)...... 2014 Ruavrusev pf (2%). 2's Budd (E G) Mfg Tia Budd Wheel (1). Riz Rullard Ce .o . %4 Rulova Watch (1%). 19 Burroughs A M t1%. 17 Bush Terminal (2%) 9514 Bugh T Bldg.pf (1).. 1% Butte Copper & Zinc. 8 Rutterick Co '3 Callf Packl 5 2315 Calumet & Arizona.. 5 Calumet & Hacla. ... Canada Drv G A (3), Canadian Pacific 1% Cannon Mills (1 Capital Admin A Case (1 1) (8) Case € 1) pf (1) Caterpillar Trac Celanere Corp Telotex vte et Celotex Co pf. Cent Aruirre AR 1%. Cerro de Pasce (1).. Certain-teed Pred. Certatn-teed Prod pt Cheeker Cab Mfx Ches & Ohlo (2%4) Chesaneake Corp (3) Chi & Alton, Chi & Altor pf. Chi Gireat Western Chi Grant West of. . Chi M11 St P & Pac. Chi Mil St P& P pf. Chi & Northwert i4) Chi Pneu ool pf Chi R T & Pac(m! *hilds Co 12 40) Chrysler Corp (1)... Citv Stores ... Coca-Cola (17%). Coen-Cola A (3). Collins & Alkman. Col Gan& Fil (2). .. Columbia Granh Gfe. Col Grapho ctfs bée. Columh Carbon (§).. Comel Credit (2).... Comel Credit A (3).. Comm Inv Trust (2). Comm Solvents (1).. Comwlth&Sou (40c) Cmiwith & Sou nf ¢ ol-Nairn (25e). 287 2418 178 Consol Cig prnf 8%, Consolidated Film. .. Conso! Film pf (2) Cons=ol Gas N ¥ (4). Con Gasof NY nf(5) Consol Laundries (1) Consol RR C pf (6).. 4 Conso) Textile. . Contl Raking A Contl Baking B Contl Raking pf (3 Contl Can (2%). Cont] Insur (2 40 Contl Mators Cont) Ol of Del. Cont Siares. .. . Corn Products (+4).. 4 Cotv Inc 2 Croslev Radlo. .. Cr Cark & Seal 240, Cr Wil T st pf (4).. Cuban-Amer Suxar. Cuban Dom Sugar.. . Curtiss Wright Corp 3 Curtiss WrCorn A.. 174 Cutler Hammer . 19% Deera & Copf (1.40). 1071 Delaware & Hud (), 45% Del Lack & Wn (4).. 147s Diamond Match (1) Olamond Mtch of 13§ Nome Mines (1).... Domn Stores (1.20).. Drug Corp (4)...... Dupont Ae Nem (4) . Duanes Tt 18t nf (K} 41 22 157% Flec Boat .. Klec Pwr & Lt (1)... llec Pow & Lt pf (1) ec Stor Bat (5) . John (3) ing Publie Sve (2).. Fairbnks Morse 1.60. Eed Wat Sv A (2 Fid Ph Fire In (2 60) KFirestone T & R (1). rest T & R pf 16).. IPirst Nat Stra (23), Fisk Rubber 1st pf.. Foster Wheeler (2). Fox Film (A) (2%). Freeport-Te: 3) 4z Gamewell Co 827 Gen Am 3% a) 47 15% Gen Asphalt (8).cee. 138 2 2 1 1 1 2 & 3 13 0, 5 10~ 17 40 4 255 2 4 3% " BaaBoceaaaadag w0 SRoBwanan AlvuaBaan wuads [ 151 181 157 105% 15% £6 160 2 3% 13 5% Bam 7 R0% ) Insuranshares Dal A Insur Shrs Md (40c). Interb Rap Transt Interlake Iron. Int Bus Mach (n) . Int Carriers, Ltd 50 Int Cement (4). int Combustion Int Comb Eng pf, Int Harvester (23%). Int Hyaro E1 A int Maich pf (4), int Nickel (60e)... Int Nick Can pf (1) It Paper & Pow C.. Int Rys Cent Amer.. 108 Int Rys Cent Am ct.\ 108 Int s Cen A pf (5) ) IntSalt (3).... 1 int Shoe (3). il Int Tel & Tel (2).... 281 Intertype Corp (1 405 lohnx Manvilie (2) 62 1% kelly ink Tire. .. Tayes Wheel 81x Kelvinator Corp. Kendal! Co pf (6) Kroner Groe&Rak 1) L.amhert Co ($..... TLee Rubber & Tir: Leh Valley Coal. Tehman Corp (3) Lehn & Fink 3 Lib Ow Ford Glass Liggett & Myer (15). Li~e & Myers B (15) Link Belt (2)....... Liquid Carbenie (3 Loew's Inc (3). Loft Inc. . LoosE-Wiles Lorillard «) Co LouG&EA (1% fodlnm Sresl McCall Corp (2%).. McCrory B (2)...... Melntyre Pore M (1 McKeesport T P t5 14 AlcKesson & Rob Mcl.ellan Stores. Mack Trucks (3). Macy (RH) & Co(n; Man Elevm g Marine Mi4 1.20) Marlin-Rockwell (2) Marmon Motor Car. . Marshall Fleld (2%) Mathieson Alkall (2) May Dept Strs (23%) Maytag Co 1st pf (§) Mengel Co pf (7) Mexican Senboard. Mid Continent Petm. Missouri Pacifie. Mohawk Carp « Montzomery Ward. . 136 Morrell (J) & Co (3) Mother Lode. . .. Motor Wheel (1) Mullins Mfe. . 3 Mullins Mfg pf (7).. 1508 64 Murrav Corn «h Register A Nat Dairy (2 60) ... Nat Dist Prod «2) Nat Enam & Stamp. Nat Lead (5) .. Nat Lead nf A (7). Nat Pow & Lt (1) Nat Radiator. Nat Steel (2). Newport Co t1).. Newton Steel N H & Hart (6). Ont & Western. eam pf (6)... 3208 m st pf (7) 50s Noranda Mines. . Norf & West (112). North Am Aviation Nor Am (b10% stk). North Am 14 Northern 7 Ohio Ol 10 35 Orphenm Cir pf (8).. 4 Otis Elevator (2361 30 - Oti= Steel prpf (7) 38 laci Gas & Bi (2). 48% Pacific L 15 Pacific Mills. ....... Packard Motor (40¢) Panhandle P& R .. Paramount-Pub 2% . Parmelee Transpor Fathe Exchar Pathe Exchange Fatino Mines. .. Penick & Ford (1). Penney (J C) (2.40), Penn Dixie Cement. . Penn Railroad (3). Peon Gas Ch ()., . Pere Marg pf (5)....110; Fetrolm Cp of Am(1 Phelps Dodze (1) Uhil Read C & 1. Phillips Petroleum 1808 10 Prairie Ol & Ga Prairie Pipe L (3) Proct & Gamb' (2.4 Pub Sv N J (3.40) Pub Sv N J pf PubSv NJ pf (6).4. Pullman Corp (4) 7 Punta Alegre Sugar. Pure O1l. ... Pure Of1 pf (8] Puritv Rakeries (3). 2 Hadlo Corp ...i. 217 itadio Corp B (5). * Radio-Keith-Oroh A. 4% RR Sec I C stk C (4). 508 Reading Ry (4) " Real Silk Hosfe; hi 1% fry 201 B 14215 °140% 3 3 % 32 2 541y 18% 201y 1 104% 104% 140 24% L) 391 140 156% 160 B4Tn 54T b 10% 18% 100% 99% 100% 100% 117% llzk A17% 117 3 121 1% €12 36 % ™ 85 28% 17% S8% 13% 40 69 | took the story well. | under par { flecting its June statement, which show- { 103.007 in June. 1930. | according to the action of the foreign cut at Tuesday's meeting was the prin- cipal influence on trading. It brought moderate selling into steel in the first hour, and the stock dropped back to a new low on the movement. Up to today there had been a con- siderable volume of opinion to the ef- fect that the Steel directors would maintain the rate on the common shares regardiess of current earnings. Such action on their part could have| been interpreted as an expression of cenfidence in trade revival, or it could ave been regarded as forced in an en- | deavor to stimulate artificial optimism. | | but whatever happened, it would not! have changed the fact that the dis- | bursement would not have been war-| ranted by the income account. | However that may be. the market Prices were lower in the first hour, with American Can but before noon they had hardened, with here and thete an issue showing an advance on the.day. Ol | | stocks weref steady and so were the | motors. The Chrysler statement proved as cheerful reading as that of Gencral | Motors the day before. - Du Pont re- sponded to its earnings report showing the dividend more than covered for the st six months. 1 American Woolen preferred was an | outstanding feature of strength at a| new high on this recovery. Buying was | based on the better demand for woolen | goods as well as on the strong financtal | Position in the company’s balance sheet. | What the first six months’ statement | show in the way of earnings is yet to be seen. Railrond stocks were heavy, with de- in most of the active trading Northern Pacific was weak, re- | ed a net of only $678,789, against $1.- The foreign situation was no worse, market and the movement of the for- 82 | av, 715 3l s | 31ty 20% s | week, with $1,406.000,000 the low for 124 Tia 8% | side sterling was up a quarter of a cent %% BROKER LOAN TOTAL | ported to R. G. Di eign exchanges. At the opening on this German dollar bonds were a point or s0 lower. but the stock market has ceased to be interested in the movement of bonds. The view was repeatedly ex- pressed today that stocks were in an accumulating area, DECLINES FURTHER | Special Dispatch to The Star. NEW YORK. July 24.—The weekly statement of t Federal Reserve on brokers' loans wed a decrease of $14.000,000 duris he week ended July 22 to a total of $1,416,000.000. This com- pares with a total of $1.430.000.000 last the vear on June 24 and with $3,226,- 1000.000 on July 23, 1930. Loans for own account were $1,033 - 000.000, compared with 1,055,000,000 a week ago:; loans for out-of-town banks | totaled " $215.000.000, against $209.- 000,000, and loans for account of others amounted to $168,000,000. contrasted with { $166.000.000. Demand loans constituted $1.001.000,000 of the total, against $1.028,000.000 a week ago. and time Inoans were $415,000,000, against $402- | $1.590.000 in life insurance, which was 000.000. The New York Federal Reserve dis- Itrict rediscount rate remains unchanged at 112 per cent. BANK CLEARINGS NEW YORK, July 24 (F).—Bank clearings show a further marked set- back tMis week, the total for leading cities in the United States of $6,717.- 170,000 being 2¢ per cent below that of last year. At New York City, the amount is $4,472,774,000, or 23.8 per cent under that of a year ago, and th2 aggregate at leading centers outside of New York of $2,244,396,200 is 24.3 per cent smaller. While setilements during the Mid- summer months always sre at their lowest of the year, the total for this week is sharply under the seasonal av erage. While some of the decline can be attributed to the inactivity of busi- ness as a whole, no small part of it is the direct result of Tower commodity prices. Since the first of July the sta- tistical position of some industries has become more favorable, but it still is too early for these gains to appear in clearings totals. Bank clearings for the week, as re- Co., showing de- creases compared with sume period a year ago follow: (Totals in thousands.) a yreemee: | Boston . Philadelphia Baltimore it tsburgh Bu Detroit Clevelan Cincinnats *. TRTRIARANRAREY Louisvilte New Orlea s 282 E5RaoURanaSNsREsEs 5u] S @i LoisamoReiennmeRlTeRDIT Average Daily. .$1.324.527 1,403.807 2y pril First quarter. 57% % T 87 29% ¢ 18 40% 14% 38 704 6% POTATO: MAVKET. CHICAGO, July 24 (#)—(United’ States Department of Agriculture—Po- tatoes—R ceipts, 75 cars; on track, 295 cars; total United States shipments, 566 cars; slightly stronger, trading slow: sacked per hundred weight, Missouri and Kansas -cobblers, 1.10a1.20; few, é.:b; fair to ordinary, i ore Vi 1.50; 2.3522.50; the amount paid in 1929. ranked sixteenth in life insurance pay- ments, while it is twenty-eighth in population among all the States. The per capita life insurance payment in Maryland was $21.10 in 1930 Baltimore led all the cities in Mary- land in 1930, with $19,120,000 in_life insurance payments, compared to $17.- 410,756 in 1929. Pikesville came next with $285.000, compared to $20,000 in 1929, followed by Hagerstown, with $255,000; Cumberland, $216,000: Lu- therville, $190,000; Salisbury, $175.000; | Buxton, $160.000; Chevy Chase, $135, 000; Frederick, $95,500; Catonsville, $65.000. The largest _individual insurance | death claim in Maryland in 1930 was on the life of Harry Busick of Balti- more for $1,183,500. Payments Total $2,642,259,949. Life insurance policyholders and beneficiaries in the United States and | Canada received a tot?l of $2.642,259. 949 in 1930, a per capita payment of | $20. This was an unucual gain of 444,777,375 over 1929, or 20 per cent, compared with the normal 6.75 per | cent gain in 1929. New York was he leader among the | c with $170,121,400, compared to | $158,400.000 in 1929, a gain of $11,721,- | 400. Chicego came second. with $9: 000.500, a aecrease of $18,119.006 from 1920. Philadelphia was again third, | with $48.918,200, a $12,500.000 gain. De- | of $32,218,000 in payments, a gain of over $7.000.000. Cleveland came next, with $31,132,600, with nearly a $1.000, 000 gain. Brooklyn, Wwith $28,276,000, ! was sixth, but showed a $9,000,000 de- crease. Los Angeles showed a $5,00 000 gain, with $26.400,200. Pittsburgh | came next, with $2.000,000 gain and a ' $23.920,000 total. St. Louis mede a $2,000,000 gain, with a $22,078,100 total. New York Leads States. | New York led all the States in life incurance payments in 1930, with a total of $418.000,000, a gain of $43.500,000, or 11.6 per cent over 1929. Pennsylvania came second, with $204,000.000, a gain | of $39,500,000, or 22.6 per cent. In 19 | Ilinois was . second and Pennsylvania third; last year the order was reversed, Illinois having a total of $166.500,000, or a decrease of $22,000,000, or 11.7 per cent. Ohio was again fourth, with $112,200,000, a decrease of $10,300,000, or 84 per cent. Massachusetts came fifth, with $107,200,000, an increase of $7.200,000, or 7.2 per cent. New Jersey, which came sixth, was the only other State in the nine-figure class, with $102.400,000, a gain of $10,500,000, or 11.3 per cent. ‘Wyoming, with $2,600.000, and Ari- zona, with $2,500,000, came at the foot of the list. Largest Insurance Death Claim. ‘The largest life insurance death claim paid in 1930 was to the estate of John T. Dorrance, Camden and Cinnaminson, N. J., ich totaled $4,690.000. Mr. Dorrance was president and founder of the Campbell Soup Co. and left an es- tate of $114,850,733. J. Frank Nutting of New York left the second largest death claim in 1930. Mr. Nutting was vice president of F. W. Woolworth & Co. ‘The third largest death claim paid in 1930 was on the life of V. E. Macy, philanthropist, of New York and Os- sining, who carried $1,307,949. Thomas B. Slick, independent oil operator of Yonkers, N. Y., and Okla- homa City, left the next largest amount of life insurance, $1,306.000, followed by Harry Busick of Baltimore, with $1,183,- 000. Mr. Busick was president of a large Baltimore hotel company and was drowned while fishing. Steel Statistics. NEW YORK, July 24 (Special) — United States Steel in 1921 earned $55,- 000.000 net available for bond interest and dividends, of which interest took $19,000,000 and preferred and common payments about $25,000,000 each. There- fore, the management paid out $2.75 & share more on the common than was earned. Thus far in 1931 only a few cents have been earned on the common shares. Preferred dividends require payment of $25,000,000 and maintenance of the $7 common dividend would require $61,- 000,000, In other words, dividend pay- ments this year at tne regular rate would require $86,000,000 out of $188,- 000.000 cash and securities, compared with payments in 1921 of $50,000.000 out of $248,000,000 cash and securities. Money to Loan Secured .i first deed of trust on real estate. Prevailing interest and eo lon. Joseph I Weller a0, w7, 8 Tript A Very Satisfying Investment North American Trust Shares, the leading fixed toust, offer Regularity of Income, Safety, Marketability « . . and satisfactor. probabilities: d&mx n Value, KNAPP & Co., INC. INVESTMENT SECURITIES A, - Washington Office Shoreham Building Phome Metropolitan'1523 THIS INSTITUTION OFFERS LOW TERM LOANS FOR RE- FINANCING D. C. REAL E 6% INTEREST No Commis No R Open Daily 9 to § Saturdays Until Noon NAtional 1381 BUILDING ASSOCIATION | 949 NINTH ST, NW. UNDER SUPERVISION OF U.S ' TREASURY ————— e troit ranked fourth in 1930, with a total | il RO TS Money Available for Mortgage Loans mAKE your application to us for a First Trust as prom We entertain applications for loans on apart- ment houses, office buildings, residence and business nearby 5%% RANDALL H. HAGNER & COMPANY properti Maryland and Virginia. may be and the 1321 Connecticut Ave. e e Equita JOHN JOY Those borrow present i Over a Third of a- Century Without Loss National 2100 THERE Organized 1879 money chase .a home, refinance improve property, should see us. Applications will receive prompt and zour- teous attention. SAVINGS STATE— work. earning a “libe sions Charged > Brer m enewals! e of wise i ot our i steady, liberal incom M send acilities and €. rety Your Idle Money Can Be Safely Invested in Guaranty First Mortgage Securities Yielding a Steady Income of 6% our gurplus funds to 1 n of 6% ndreds i taking advantage building up & How about yous Denominations as low as $100 onthly Payments if Desired for Booklet, “The Success Plan” REAL ESTATE MORTGAGE & GUARANTY pt report as possible. located in Washington, The term for 3, 5 or 10-year periods— rate will be es, or MORTGAGE LOAN CORRESPONDENT CORPORATION 1610 K St. N.W, National 1403 Loan—criginal or for refinancing—and be sure we will give it every consideration, with Decatur 3600 v LR AT ble Co-Operative Bldg. Assn' EDSON, President who desire to to pur- ndebtedness or Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. PFIRST A MONEY-MAKING PROPOSITION or to Take Up a First Mortgage’ 51st YEAR COMPLETED WALTER S. PRATT, Jr., Secretary ‘ Subscription for the 101st lIssue of Stock Being Received Do You Wish A Loan on Real Estate | B 4 — one that is devoid of all risk and attended by generous and liberal return, characterizes investment in o They are ur 6% FIRST MORTGAGES secured . by improved Washington real estate which we have conservatively appraised. This 6% continues changelessly throughout the term of the mort- @ oage, and can be definitely counted upon. May be purchased in amounts -from $250 ‘up. F. SAUL. CD. 925 15th St. N\W. IS NO SUBSTITUTE . ‘FOR - SAFETY