Evening Star Newspaper, August 1, 1931, Page 9

BUSINESS 15,G00D ON STEAMER LINE Norfolk & Washint;)ton Boals'- Enjoying Heavy Tcavel to Shore Resorts. RY EDWARD C. STONE. Tn spite of the naticnal business depression, business is reported as hold- ing up well on the stgamers of the Norfolk & Washington Steamboat Co. The height of the season is approach- ing at Old Point Comfort, Virginia Beach and the host of other resorts around Norfolk, All these resorts are crowded every week end and well filled the rest of the time. ‘The reconditioned steamers on the river line, the Dis- trict of Columbia and the Southland, are being greatly enjoyed by the patrons. The com- pany's third steam- Francis E. Smith, Jr. er, the Northland. is running out of New York, having been advantageously leased by the N. & W. officials for the Summer sea- son. The third ship is not needed in the regular service except when repairs are being made on one of the other two steamers. The company is looking forward to a very large business in 1932 during the ‘Washington Bicentennial and the anni- versary of the surrender at Yorktown 150 vears ago. This event is expected to bring a throng of visitors to Wash- ington, thousands of whom will be anxious to visit ocean resorts as well as Yorktown and Jamestown. The river line is certain to profit by this influx of tourists, no matter what happens to the “Surrender of Cornwallis” plans in the Yorktown pageant. ‘The company makes a specialty of earrying automobiles on the steamers. This makes it convenient for tourists to take the trip down the Potomac and across Chesapeake Bay and have their machines for sight-seeing at the Nor- folk end of the line. Norfolk & Washington Steamboat stock is now selling on the Washington Stock Exchange between 190 and 200. *rhe low so far this vear was 189 and the high 200. At present levels the stock vields 746 per cent. It is not particularly active, shareholders appear- ing to be perfectly contented to carry it in their safe deposit boxes in the banks. Francis E. Smith, Jr., Promoted. wrancis E. Smith, jr. has been elected a vice president and title officer of the District, Washington, and Law- yers' Title Insurance Cos. and also made a director in the District Title Insurance Co. by the boards of di- rectors of these three companies, which are located on I street. Previous to his advancement he had ‘been employed in various capacities by these companies for the past 18 years. He received his education in the local public schools, is a graduate of the Georgetown Law School and a member of the District of Columbia bar. During the World War Mr. Smith served in the U. S. Marine Corps, mak- ing an excellent record. Loft Reports Sales Expansion. In a recent report by R. G. Dun & Co. on Loft, Inc., attention is called to the fact that the chain candy store firm recently added a Washington subsidiary in Happiness Candy Stores, Inc. Loft now has a total of 75 stores, with plans for eight more, while Hap- piness has 43 jn operation. The report regarding the increased number of stores has important bear- ing on the future of Loft’s business, as greater outlets for its candy business are the aim of the present management. The company's largest candy factory could easily enlarge its output at low expense. The mid-year balance sheet shows favorable comparison® with earnings for the first half of 1930, as well as the Jast, half of the same year. Sales ex- pansion has been particularly marked during the past six months. Finance Convention Dates Set. Tt is announced that the American Association of Personal Finance Com- panies will hold its convention in this city again this Fall, October 20-23. The business sessions will again be held at the United States Chamber of Com- merce auditorium. “Consumer Credit and Personal Fi- mance” will be the main theme of the convention, lines now being out for speaxers of national distinction. Many round table discussions will cover the particular problems which have bobbed up during the past year. Between business sessions sight-seeing trips will include Mount Vernon, Alex- andria. and the leading high spots in the Capital. Several golf courses are also 1o be offered the delegates. ‘Women's Shoes in Best Demand According to the United States De- partment of Commerce, the output of men’s shoes for the first five months of this year was 30,463,000 pairs, a decline of 123 per cent from the same period of 1930; while the output of women's shoes was 50,725,000 pairs, or a decline of only 1 per cent. On the other hand, the production of misses’ and children's &hoes for the five months’ period was 16.226.000 pairs, a gain of nearly 5 per cent, over the same months of last year. “The output for the entire industry was 2 per cent below the same five months’ period of 1930, while New England fac- tories registered an iIncrease of over 4 per cent for the period. Tt is estimated that shoe prices on the average are about 15 per cent below ® year ago. U. 8. TREASURY BALANCE. ‘The United States Treasury balance @nnounced today as of close of business July 30 was $297,473,415.03. Customs Tecelpts for the month to date were $33.417.050.98. ‘Total ordinary ex- Penditures, $11,490,723.48, DIVIDENDS DECLARED NEW YORK, August 1 (P).— Py able Hldrs. of Pe- Company. Rate. riod. record. Note—All stoel excepting those ~Pre ignated by Stock and Dividend Ra Adams Exore. the - ey — i 2 a 8 2091900 38350 -3 b e § 4 Alleg Corp. Allled Ch & Dye (n Amerada Corp (3 Am Agri Chot Del... Am Bank Note (13).. AmCan (+6)........ Am Car & Fdry (1).. Am Car & Fdy of (1) Am Chain pf (T)..... Am European Secur. Am & For Power.... Am Hide & Leath pf. Am Home Pr (4.20 s = - Am Mch & Fdy 1.4 Am Pow & Lt pf 4 Am Ra&Std San Am Roliing Mill Am Shipbuilding (5) 4% Am Smelt Ref (2)... Am Steel Fdy pf (7). 4 Am Tel & Tel (9).... 4 Am Tobacco (18).... Am Tobacco B (16).. Am Water Wks (3).. Am Wat Wka cfs (3) Am Woolen. . . Am Woolen pf. Am Writ Paper ctfs. % Anaconda Cop (1%) Armour of Il A. Armonr of Il B i Associated Appare! Asso Dry G (23%4). Atch To & S Fe (10). At Gulf & W T pf (5) Atlantic Refining (1) Atlas Powiler (4)... Atlas Powder pf (6). Auburn Auto (£4)... ales Faldwin Locomotl Bamberger pf (633) Ralto & Ohlo (5) Barnsdall Corp'n. ... Bayuk Cig 15t pf (1) * Bendix Aviation (1). Rest & Co (2). Bethiehem Steel Bohn Alim & Br 1%. Borden Co (k3). 4 Borg. Warner (1). Botany Con M (A) briges MIg (11%) 11 4 108 Bruns Ter & Ry 8. Budd (E G) Mfg Budd Wheel (1 Rvers (A M). Calumet & Hecla . Camp W&CFy(1)... CanadaDrv G A (3). Canadian Pacific 1% . Cap Admin pf A (3). Cane (J ) (6) Caterplllar Trac (3). Cavanaugh-Dobbs. .. 1 Cent Aguirre As 1% . Century Rib Milis. .. Certain-teed Prod. .. Ches & Ohio (2%)... Chi & Ailton. . . Chi & Altor pf. . Chi Mil St P& P of.. ChiRI& Pac(m2%) Chickasha Cotton Ol § Chrysler Corp (1). City Stores..... . Cluett-Peabody (3).. Coca-Cola (17%).... Colgate-Pal-P (234). Col Gas & El (2).... Columbia Graph 56e. Col Grapho ctfs 5éc. Columb Carbon (5). . Comel Cred pf (13%). 3 Comel Cred 1st (6%) 508 Comel Cred pf B (2).3008 Comm Inv Trust (2). 1 Comm Solvents (1).. T 4 Comwlth&Sou (40c). Cmwlth & Sou pf (6) Congol-Nairn (25¢).. Consol Gas N ¥ (4).. Consol Textile. . Contl Baking A. Cont] Baking B Cont1Can (2%) .00 Contl Motors. ......t Contl Ol of De}. Cont Shares. Corn Product Cuban Dom Sugar. .. Curtiss Wright Corp. Curtiss Wr Corp A Del Lack & Wn (4)... Detroit Edison (8) Diamond Match (1)., Diamond Mtch pf 1% Drug Corp (4) 1% 2% 5 be 34 B5% n 2% 84 3 102 195 23 28 8% 107 124 1071 102 186% 118 Kastman Kodak (1! 21% 9% Eaton Axle (1.60). 74% 343 Elec Auto Lite (8 4% 2 Elec Boat 9% 7% Elec&Mus 60% 3014 Elec Pwr & Lt (1)... 14 Kairbnks Morse Fed Wat Sve A(1.20) First Nat Strs (2%). Fisk Rubber. . Foster Wheeler (2). Fourth Nat Inv m55¢ Fox Film (A) (234).. Freeport-Texas (3).. mewell Co (5).... Gen Am Tank Car(4) Gen Asphalt (3). Gen Baking (2). Gen Cigar (4). Gen Elec (1.60)..... Gen Elec spec (80c) .; Gen Focd Corp (3).. Gen G & El A (e30c). Gen Mills (3) Gen Motors Gen Outdoor Adv. Gen Outdoor Ady( Gen Pig Ink (2%) 45%% 140% 14 24% Lt 1st pf (5 5 NN S N AR DR e 2 TN 0 Gildden pr of (7). Gobel (Adolf). ... Gold Dust (2%). Goodrich (BF). Graham-Paige, Grand Unfon. ......e Grand Union pf (3).. 4 Great Northn pf(4).. Grt Western Sugar. . 4 Grt West Sug pf (7). 20: Grigshy Grunow.... & Hanna pf (1) . 208 Hawaiian Pineap (2) 10s Houdallle Hershey.. 26 Houston Ofl... 3 Howe Sound (2) Hudson Motor (1) Hiop Motors 11linois Central (4).. a - o S Ingersoll Rand (4).. re 80l n one hundred-share lote letter 5, 180s) (2500). igh. Low. Close. Close. STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct fo The Star Office. ~Prev. 1951~ High. uLow. 204 9 ] Sanil Int Pape T 25 18% T int Shoe 17% T% 144 6 107 17 13% 878 Iee 4 24% 10% Kelvinat 45% Lehman 60 v Tull 204 264 Loew's ] Mokee! M 88 ..oi % Mo iKan & Tex vf (7) Missour! Pacific. ...} Mohawk Carps Montgomery Ward Mother Mullins Mfe Murray Corp. . 405 20 NYC & NY NY NY 56% 3015 Stock and Dividend 14 Int Nickel (§0c) 22% Lehn & Fink (3) Liggett & Myer (16). 6014 LI~k & Myers B (+5) 28 I .iquid C: T.orillard (F) Co son & Rob (1) Mack Trucks (3).... Macy(RH) & Co(n3) Magma Copper (1). Man Elevm g 4 Marine Miq (1 Sales— r & Pwr pf. Int Printing Ink. 3).. Tat Tel & Tei (2). . Inter Dept Strs (2). Tuter D St pf xw (7). b7y 364 Jewel Tea (4 80% 40% Johns-Manville (3).. 123%% 11614 _Jones & Lane of (1. 2 108 5 B0s J) &Co (1). Celly-Spr T 6% pf.. Kelly-Spr T 8% pf.. or Corp Kendal! Co pf (6 tt Copper(1) Corp (3 ip Cup (1%) arbonie (3) .+ ne (3). s B AN o N X ort T P 1544 A8d 00 men. Low.' Gisss. s 12 20% 1% 50 26% 1% 62% 40 50% 1174 Prev. 62% 62% 39% 50% 51 117t 117% .| AFTER EARLY DRUP SATURDAY, ‘Al STOCKS IN RALLY By the Associated Press. ‘Wholesale Public Utilities Make Best Showing—Motor List Is Irregular. Pittsburgh Quiet Louisville Cleveland BY GEORGE T. IIUGIII.I. Special Dispatch to The St NEW YORK, August 1-—Public utili- ties made the best showing in today's | dull stock market, which, after opening | irregularly, sold off, but railied at the | end of the first hour. Motors were irregular, with Chrysler | meeting some profit-taking as General | Motors advanced. Timken Roller Bear- ing was up & small fraction after per- sistently making new low leveis in recent sessions. The company meets for divi- dend action August 4 and some revision of the present $3 annual dividend rate may be ordered. 1 Borg-Warner rose a small fraction on | a report that Ford might adopt free- | wheeling. Briggs was firm but inac- tive. From retail trade centers came the news that automotive sccessory buying is on the uptrend. Flectrical equipments were exceeding- | 1y dull, but a shade higher most of the | Kansaa City. Baltimors coal strike still on. Cleveland—Steel under 40 per cent; jections better than retgil. in good condition. Nebraska a menace. and Jobbing Retail o Trade. Louisville—Hand-to-mouth buying in dry goodr: turers have fair volume Fall orders: crops need rzin. Nash Motors (4). t Bella Hess. . t Biscult (250).. 834 Nat Cash Register A, Nat Dairy (2 60). Nat Pow & Lt (1) ntral (6). hicago& St L pt N H & Hart (6)., NH&H of (7). Y Steam 1st pf (7) 20 oranda Mine: orth Am Aviation Nor Am (b10% stk). Northern Pacific (5) - 2020 3 Lod Sruolafuloa man 109% 110 114% 118 2 184 4 21 12 6518 35 Orphewm Cir of (8).. 208 Pacific Lighting (3). Packard Motor (48c) Pan-Am Pet B (40c)., P Penick & Ford (1). Penney Penney Penn Railroad (3)... Phil Read C&1.... Phillips Petroleum. . Pierce-Arrow pf (6). Pierce Oil. . Pierce Petroleum Pittsburgh Coal pt Poor & Co (B). Postal Tel& Trairie Pralrie Pressed Steel Car Pressed St C pf (7) Pub Sv Pub Sv 38% Safeway Story Safeway Strapf (7). St Louis & San Fran. St L-San Fran of (8 98 Savaze eaboard Alr Lin s Roebuck (2% Servel Ine. . Shell Unton Oil. Shell Un Oil pf (§%) Simmons Co..... clalr Consol Ofl nider Packing pf... South Port Rico Sug. South Cal Ed (2). South Pacific (8 Southern Rwy (m6). -May-Stern. . plegel. N Jpf (6) Pub Sve Puilman * (IC) (2.40). (JC) pf A (8) =P UV - PUVE O ST SIS~ P~ TN, JOPY 0il & G Plpe L (3)... N J (3.40) 79 10015 1051 328 1754 374 14ia 6w s 6l 134 50% 1005 1054 324 G&F pf(3) e Arms (1) SRR NN= IR e T~ Stand Brands (1.20 tand G & E (3%). tand OI1 Cal (h2% Stand Oil Exp pf (5). Stand Oil N.J (12) Stand O N Y ( Sterling Sec A Stewart Warner. 363 10215 371g 18 3t 108 60). Stone & Webster (3). Studebaker (1.20). Sun Ol 16% Telautograph (1.40). Texas Corp (2) 2913 Texas G Sulphur (3 Tide Water Asso Of Timken-Detroit Axle ken Roller (3)... 18 of (6).. 1015 1814 1014 1814 2314 338, b, 61i g [ 30 nsamerica (40¢). 454 Union Carb & C 2. 1 n Oil of Cal (2). Unit Corp (76c).. Unit Corp pf (3). U S Tnd W W 30 Wilcox 8 72% 1064 80 151 bl b3 Yellow % U S Rubber. .. U S Smelt & Ref (1). U SSteel (4)...unes. Univ Pic 1st pf (8) 1916 Utll P&L A (82.15). i Willys-Overland.... 54% ‘Woolworth (2.40). 37:4 Worthington Pump.. 66% Wriziey (Wm) (4).. 2% Zenith Radio. RIGHTS. 1 Insur Sh Del. Ang10 17 Unit Dyewood pf (7 U S & For Secur. ust Alcohol Warren Bros (2).. Warren Fdy & P (2). & West Pa Pow pf (6). 10s Western Dairy (A).. 1 Western Datry B tern Union (3) ing EI&MIg (4) Westing E&M pf (4). 108 White Sewing Mach. 1 13 Rich A (2%). 6 19 25 8 2 6 1 Truck Expire. 7% | The heat wave this week adversely affected retail trade, with the exception | day. In the case of General Electric some interest was noted in it after the announcement of an order for trans- | formers approximating $1,000,000. Bank Rate Increase. The day's budget of news included an increase in the Reichsbank rate from 10 to 15 per cent as a prelude to the more complete opening of commercial banks in Germany; President Hoover's proposal to sell surplus cotion and wheat to Germany on long-term credits. and the gianting of a $250,000,000 credit to {he Bank of England by the Bank of France aud the Federal Re- serve system. Domestic trade Teviews emphasized the decrease in retail failures against the rise in wholesalers bankruptcies and the continuance of slow collections. of seasonal lines, but wholesale buying and inquiries for Autumnal lines in- creased. United Gas Tmprovement was up & shade, while United Corporation at one time showed & gain of a point. The former company reported a net of $151 a common share for the 12.months ended June 30, against $1.47 a share in_the previous year. The action of American Telephone suggested it was meeiing resistance on the down side. Jersey. Consolidated Gas and Standard Gas during this period were up from | fractions to a point. Other Changes. Great Northern made a new low for | the year on limited turnover. while other grain carriers were inclined to heaviness as & result of the Interstate Commerce Commission order putting in effect a grain rate slash, despite the plea of the railroads, aproximating $20.000.000. International Nickel was Jower at times on the belief that directors their dividend meeting Monday will order a reduction in the present guar- terly rate of 15 cents a share. J. I Case broke more than 3 points to a new low level for the vear before rallying. ‘The decline reflected a grow- ing belief that the company would have to revise its dividend rate and possibly float & bond issue in view of the out- look for the farm implement industry. Coca Cola was a strong spot in the specialties. (Copyright. 1931.) WAR DEBT PLAN STARTS NEW NATIONALISM BOND Whatever may be the direct or ulti mate outcome of President Hoover's plan for a one-year moratorium on all intergovernmental war debts, including reperations payments. Trust Companies Magazine says, it marks & new national- ism and a new spirit of co-operation | toward the rest of the world on the part of the United States as the leading creditor nation. It is ih truth “the first great constructive move we have made for the world's economic recov- el It serves notice that the United States accepts fellowship and obligation in the common economic problems of the nations, while in no sense implying a departure of traditional policy of de- tachment from the purely political con- cerns of foreign nations. More im- portant than any sacrifices involved by suspension of war debt payments is the factor of restoring confidence at a time of world-wide depression and dis- arrangements of trade and price rela- tionships. By the Associated Press. Business mortalities, as measured by the Commerce Department. ~jumped s In the index that follows the average insolvencies are given for comparabie periods, based on represented 1923-25 levels as 100: Week ended July 25. Previons week. Do Need M. MR. FRIEDMAN NAT. 4519 Public Service of New | ly during the week ended July 25. | Baltimore—Pronounced business lu | demand. | 'MAJORITY OF C | | BY ALVIN RESCH, | Written for the Associated Press. | CHICAGO, August 1.—An analysis of 1,656 banks closed throughout the Na- | tion in the year from July 1, 1930, to | Jufe 30, 1931, reveals that 73 per cent were in towns of losing population or towns whose growth has been below average. Most_of the closed” banks, further. more, were relatively small. Of the total, 1,392 had less than $1,000.000 in deposits, 221 had from $1000.000 to $10,000,000, 12 had from $10,000.000 to 100,000,000, and only one had more than’ $100.000,000. This study comprises part of & “new picture” of banking in the August issue | of the Bankers' Monthly, which goes to press next week. It is written by John Y. Beaty, the magazine’s editor. On the basis of 1930-31 bank closings and a survey of shifts in the Nation's bank resourcés since 1931, he finds not only a tendency toward concentration | of Tesources in large centers of popula- tion, but alto a decided trend of re- sources to Eastern States. Tllinois Heads List. Only 394 of all banks closed in_the last year were found in towns whose population has increased st a rate of 2 per cent a year. Most towns with closed banks, Beaty says, show & “serious” de- cline in population. Tilinois, with 183 banks closed in the year following July 1, 1930, leads the ! | list of States showing the largest total closings. Arkansas had 128: lowa, 114 | Missouri, 102; North Carolina, 92, and |Indiana. 89. Only four States—Dela | ware, New 'Hampshire, Rhode Ilsland and Wyoming—survived the year with M !no_bank closings. | Within the year 198 of the closed | banks reopened, leaving & “het total of 11458 closed June 30. Seventy-two | others were taken over by other in the same town or nearby towns. ‘The study of States losing the most | | banks in growing towns showed that | large percentage of the reopened banks also are in growing towns. Comparison of 1931 bank resources in all States with 1921 figures reveals | that 32 States and the District of Co- lumbia have gained $23,652,850,000 in |10 years, while 16 States have Jlost | $811,759.000. During that decade the | States whose resources gained have lost ‘\—munlly the same number of banks as | the States whose resources dropped. | _Only five States, however, gained in their total bank resources from 1930 to 1931. These were Connecticut. Delaware, Maine, Massachusetts and Rhode Island. All New England and Middle Jantic States are included in the list of States whose bank resources have gained since 1921, with New York leading with an increase of $11,061.- 126,000. Pennsylvania and Massachu- setts follow, while Illinois and California were the only States outside the East | to show gains topping the billion-dollar mark. The greatest loss in bank resourc: the stuay shows. was suffeved by Tows; | The COMMERCIAL susiness Fanvmss. | NATIONAL BANK | 14th and G Streets | Banking in All of Its Phases | Established 1899 | MONEY TO LOAN at §4% and 6% Interest Your Before Placing or Renmewing Ist and 2d Trust WELCH“ Realtor n Consult Lowest Rates of Interest and Commission Thomas J. Fisher & Company, I WHAT TO DO WITH SUR You will *answer in i PLUS FUNDS? find a safe and profitable nvestment in our 69, FIRST MORTGAGES At- | Trade Reports at a ‘Gla.nce NEW YORK, August 1.—Tablold review of wholesale and retail busi- ness conditions, and the stzte of crops, as reported to Bradstreet's this week from the following centers, on the basis of comparisons with con- in the same areas in the corresponding eek last year: actur- and Industry. Quiet, Quiet Quiet. ‘Man 1in| Collec- tlons. COMMENT. Pi"lbllrfh—sml continues around 30 per cent; scrap moderately ective; men’s caps manufac- building lags, but road work is under way. Detroit—July automotive outpit estimated under June; wholesale col- Milwaukee—Coal guiet; new auto sales off;-used car market fair; corn Chicago—Improved sentiment apparent; wholesale business equals last year; steel operfiions lowest of season. St. Louis—Building slightly increased; women’s apparel sales off; men's better; lead mine operations reduced. Minneapolis—Heat hurts trade; crops neéd rain; flour market quiet. St. Paul—Retail inventories smailer; crops need rsin. « Duluth—Tourist trade good; warm wealher heips crops, but rain needed. Omaha—Summer apparel most active recail lize; grassnoppers in Northern Des Moines—Hand-to-mouth buying by retailers;.crops need rain. Kansas City—Wholesale fill-in orders smali; farm conditions fair. Il; seagonable merchandise only in LOSED BANKS ; FOUND IN BACKWARD TOWNS whose decrease totaled $223.339,000. | South Dakota was second greatest ser, | South Carolina, third, and Nebraske, | fourth. i Ten-Year Record. | In the 10 years since 1921 Iowa was | found to have lost the greatest number | of banks—707. Missouri lost 5 nesots, 560; North Dakota, 54 Nebraska, 461. Missouri and Minnesota however, showed an increase in bank reflxrcu despite their heavy loss of 8. Detailed study of the rate of bank | closings throughout the country in the Jast year shows that more than 100 banks closed in each of five months— 263 in November, 350 in December. 182 in January, 108 in rch, and 178 in June, In other months since Jul. 1930, less than 100 banks have closed. Only one State, Nevada, has the same number of banks as it had 10 years ago, and only three States, New Jersev, | Delaware and Connecticut, have more ’Alllgz;;er States have fewer banks than in : Bk ol The More Difficult In the 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.—Day’s Pharmacy. 1135 14th y Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.— Bronaugh’s harmacy. 14th and Buchanan sts.— Hohberger’s Pharmagcy. 14th st. and Colorado ave. —O’Donnell’s Pharmacy. 3209 Mount Pleasant st. Mount Pleasant Cigar and News Shop. 1773 Columbia rd. — The illy Shop. 2162 California st. — Co- lodny Brothers. ‘Wardman Park Pharmacy. 215 N. Y. Ave.— Sanitary Pharmacy. 1st and K sts.—Duncan’s Pharmacy. 7th and K sts.-Golden- berg’s (time eclerk’s desk). 7th and O sts. — Lincoln Drug Store. 7th st. and R. I ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. In the Southwest 10th st. and Va. ave, — Herbert's Pharmacy. 316 414 st. — Harris’ Drug Store. 43% and L sts.—Columbia Pharmacy. In the Northeast RAPID ADVANGES *INSHOE INDUSTRY {Output Peak Probably Hit in July—Work on Fall Or- ders Started. | Attributing the recent improvement 1in the shoe industry largely to the de- {mane for low-priced shoes with style featurcs, tiie Bank of America N. A | reports that while figures, for June | when ‘available may indicate a seasonal decline in production it ix expected that the lead over 1930 monthly out- put will be maintained. In a review {of the recovery, the bank says: | “The rate of production activity n- creased sharply in February and since that month has been well above the level of the corresponding part of 1930. By April monthly output of boots and |shoes had risen to slightly more than 130,000,000 pairs, an increase of about 62 per cent over last December's record low point. May production in response to seasonal influcnces declined a little 'below the April figure and it is be- | lieved that figures for the June output may indicate a further seasonal decline in production. _Aggregate production of hoots end shoes in the past five months fell ahout 3.000.000 pairs below the number produced in the first five months of 1930, but this difference is due to the extremely low production of January. 1931, and will probably have been eliminated before the present | Summer is over. “Ordinarily the early Summer is a comparatively quiet time in the boot. and shoe manufacturing industry and production_begins to increase in July, reaching the peak for the vear im the late Summer or early Autumn. Judg- ing from current reports, this year will in”all probability b: no exception to the general rule. A number of shoe factories are said to have started opera- tions on zn increased production sched- ule, fol the holiday on July 4. Work on Fall orders has. already started. There has been some increase in orders for early delivery, and the emphasis being placed on quick ship- ment, appears to indicate that retailers stocks have been allowed to fall rather low _ “Recent advances in leather prices, it is claimed, have brought about a situation where shoes, at present rates, are below Teplacement cost. It is ques- tioned. however, whether the advances in raw material quotations will be ve- flected in shoe prices to anv impor- tant extent, for the present, The popu- {lar demand for shoes is leaning very { strongly just now toward the less ex- pensive varieties, and with the buyers price is evidently an even more im- portant consideration than is usually the case.” | Mounting rice and raw silk prices brought, cheer in Japan recently. ADVERTISENENT RECEIVED HERE the Want—the More Certain You Are of Locating Someone Who Can Fill it Through A Star Classified Ad —the medium which reaches practically everyone in and around Washington. Classified Section may be left at any one of these authorized Branch Offices—where service dered without fee; only regular rates are charged. Copy for The Star is ren- orthwest 9t and U sts. —M. Hunton's Pharmacy Ga. ave. and Upshur st.— Petworth Pharmacy. 221 Upshur st. — Monck's Pharmacy. 5216 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin's Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy. 4 3rd st. — Stewart’s Pharmacy. 1905 Mass. ave. — Dupont Pharmacy "18th and Fla. ave.—Bern- stein’s Drug Store. Fla. ave. and Ist st.- Reiskin. North Capitol st. and R. I ave. — Parker’'s Phar- macy. 1742 Pa. Krick. 21st and G sts.—Quigley's Pharmacy. 25th st. and Pa. ave. — Herbst's Pharmacy. 3315 Conn. ave. — Joll’s Newsstand. Wisconsin ave. and Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros.’ Pharmacy. Takoma Park, 359 Cedar st. —Mattingly Bros.” Phar- macy. H. ave. — J. Louis In Georgetown 30th and P sts.—Morgan Bros.’ Pharma 30th and M Pharmacy. 3411 M st.—Moskey’s Phar- macy. . 2072 Wisconsin ave.— Haney’s. ® WR Lt )H‘" « 11a% 'y (London] Az Providence Mtge....75¢ Dividepd rates as given in the above table Wisconsin ave. and O st.— payments based on the latest quarterly or half-; Donahue’s Pharmacy. B h Del A - & e e, , - i ooy il The security represented by mort 208 Mass. ave. — Capitol Omitted. Morse Tw Dr & M.50c Q Roovers Bros pf.lTac S 00 Am Inv Sec ($10).. Chemical Pap Mfg Co B8 B8 Due Aus. Due Aus. Aus. 15 Aug. 1 Aug. 1. Aug. 15 15 1 July 30 July 29 Johns Manv Corp...78¢ 118 Nashua Coated Paper. . Nat Pu Ser §7 pf. Do. A. g N Roc Wa 74 Newport Co Northam Warren cony of 35.50 MBS LB RRL S B, BErSNSNEUE , : DOOD DO D POOOD OOHOPPPOLOD © OO B i sfl & Bo | ‘erthan Bag Corp $£7 RS Rposs B . B v e sl o0 00 : - prese; 30 | 'Texas ofl problem lies in curtailment of int Combustion. .. .. int Harvester (23).. Int Hydro El A (e2). Int Mateh pf (4).... % | Iast year—no regular 2214 51% 51% 1Parlly extra. 1Plus 4% In stock. fPlus 9% in stocl rate. bPayable in stock. e Payable in cash or stock. fPlus 8% In stock. hPlus 2% in stock. ) Plus 50 cents in special preferred stock. k Plus 3% in stock. m Pald this year— no reguler rate. n Plus 5% in stock. SINCLAIR URGES CUT IN DRILL OPERATIONS Decries “Misdirected Attempts at Proration” in Testimony Before Committee. By the Associated Press. ! 2 ‘TULSA, Okla., August 1.—] A Sinclair, chairman of the board of the Sinclair Consolidated Oil Corporation, has asserted the solution of the nt , not in, “misdirected attempts at the “Texas Senate’s oil in 3 clining, he sald what wik needed in ‘Texas was noz‘mnre laws, but better ad- lays aDd, more e gregse, straint and better business judgment on the part of those engaged in the oil industry. “The picture,” he went on, “is one of overdevelopment and demoralization. Starting with the battle cry of conser- vation, we have wound up with futile and misdirected attempts at this thing called proration. Has stability been achieved? Has order been established? Has overdevelopment been stopped? Is the producer of the State getting a fair return. The answer to all these ques- tions is ‘No.’” “Slow up the drill,” he said, “and you have solved the problem of overpro- duction. Continue to permit overde- velopment and then seek to dam it up by law and I believe you will meet fail- ure in. your efforts toward conservation. Some application of unit operation con- tains far more promise of success than any effort based upon the fixing of imaginary potentials of production with arbitrary allowables based there.” Employment in Italy continues lohl-i &L b i |AUSTRALIA RESENTS ANGLO-SOVIET TRADE English Purchases From Russia Bring Threats of Reprisals Against British- Goods. CANBERRA (®)—Tarift reprisals against British goods are being freely mentioned in Australia as & result of Russian sales in England. A year ago such st tions would have been regarded mmm. Russian business in England is affect- ing Australian sales there and gage on improved Washington real estate, con makes them safe. Over a Third of a Century Without a interest, de them profit May be from $250 Loss servatively appraised, And the liberal finitely 6% to the end of the term of the mortgage, makes able. purchased in amounts up—and out of income if vou wish—interest beginning on the date of investment—and bought upon our convenient. Partial Payment Plan if you so desire, mvemnmmmmm‘m‘hm , for ment. It is that Soviet Nmfll dairymen. S ‘The world’ smallest, b TMpgest book, ave been placed in the Brit- i London, Adstrata and_the ¢ BE. SANL Cop National 2100 925 15th St. N.W. 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. av F. Bradley. North Capitol and Eye—Ken- ealy’s Phar- macy. 20th and R. 1. ave. — Collins’ Pharmaecey, ‘Woodridge. 3500 12th st. — Brookland .Pharmacy, 35th and O sts.-— Sugar's Drug Store. 5104 Conduit rd. — Modern Drug Store. In the Southeast Srd and Pa. ave.—0'Don- nell’s Drug Store. 8th and Eye sis. —F. P. Weller's Pharmacy. 11th and Pa. ave. — Fealy's Pharmacy. 1907 Nicheols ave., Anacostia —Healy’s Drug Store. 13th and East Capitol sts. — Lincoln FPark Pharmacy. 2204 Minnesota ave. — Sloan’s Drug Store F. S. Boisfeull- let, prop.