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BUSINESS OUTLOOK' - CONTINUES CLOUDY » 'Credit Men’s Manager Says Upturn May Occur in the Fall. , • v BY EDWARD C. STONE. 1 A slight recession after the optimism engendered by the Hoover moratorium -plan, but no marked changes in the business situation are observed by Rt.pnhen I. Miller. John B. Lamer. Btepnen i. iviiiici, .executive manager • of the National As -'aociatlon of Credit •men. In ills month ly business review being sent to the association's 25,000 members today. “Another month has passed with no marked changes in general business,” i the cre d 11 expert states. 'Commod ity prices have strength ened slightly, and the adjusted index of car loadings shows o. fnvnrflhlp trend. a iavoraoie irtmi, but steel and automobile manufacture are stUl at a low ebb, and the Increased cost of petroleum is certainly not a favorable sign, with crude selling at 2V2 cents a barrel.” Commenting on the situation in the security markets. Dr. Miller says that ‘‘after a moderate flurry following the favorable reception of the Hoover mora torium plan for war debt payments, there has been a mild reaction and the bears have resumed the attack. Both stock and bond prices have, however, held fairly well the gains made at the time the Hoover plan was announced. “Business indices will probably con tinue to record slight fluctuations, but there is little prospect of a pronounced upturn before October or November.” , John B. Lamer Has Birthday. President John B. Lamer of the Washington Loan & Trust Co. is observ ing his birthday anniversary at his Bummer home at Mifflintown, Pa., where he has spent much of his time for sev eral weeks. For many years Mr. Lamer has been one of the busiest financiers in Washington, but reference to “Who's Who” shows that he has not confined his activities to banking by any means. He has found time to give his attention to an amazing number of other interests. Mr. Larner has always been a deep student of languages, and years ago gained national prominence by trans lating into English a "Life of Napoleon” written by Alexandre Dumas. This translation is now to be found in all the leading libraries in the United States. Before entering banking. Mr. Lamer graduated from the George Washington Law School, was admitted to the Dis trict of Columbia bar and practiced law here for a long time. In 1921 and 1922 he was president of the District Bankers’ Association. After several years’ service as vice president and gen eral council of the Washington Loan & Trust Co. he became president of the institution in 1917. He is chairman of the board of trustees of George Washington Uni versity, trustee of Princeton Theological Seminary, Washington Public Library, Washington Humane Society, president of the board of trustees of the New York Avenue Presbyterian Church and a trustee or treasurer in several other im portant institutions, such as the Colum bia Historical Society, Red Cross and John Dickson Home. For nearly 10 years he was a member of the Wash ington Bc&rd of Education. Only recently he was given an honorary de gree by George Washington University in recognition of his services to higher education. Local Insurance Men Honored. Word has been received from the American College of Life Underwriters at Pittsburgh that four Washington men have been awarded the C. L. U. certificates after passing the special ex aminations. The examinations were taken by 521 candidates, representing 151 cities and towns in 37 States and the District of Columbia, British Guiana and Cuba. The American College of Life Under- ■ writers, which awards the C. L. U., was established by outstanding leaders in the life insurance vocation for the three-fold purpose of (1) encouraging and fostering training of students in educational institutions for the career of professional life underwriter, (2) co operating with educational Institutions in general life insurance education and <3) recognizing properly qualified life underwriters with a professional designa tion. . The Washington men honored are Carl S. Dow, Northwestern Mutual Life Insurance Go.; Joseph A. Marr. State Mutual Life Insurance Co.; Earle W. Sapp, New England Mutua Life Insur ance Co., and Paul D. Sleeper, Aetna Life Insurance Co. Washingtonians who already hold the C. L. U. certificates are Maynard C. Burrell, James A. DeForce, H. Cochran Fisher, Frank D. Roach, Dwight T. Scott and H. Lawrence Choate. Today’s Trading On Exchange. The Washington Stock Exchange opened the week’s trading with sales in the bond division, SI,OOO Washington Gas 5s changing hands at 1067*. The next sales were in Washington Railway dr Electric 4s at 93. Potomac Electric Power 6 per cent preferred stock sold at 11474 and the corporation's 57i per cent preferred came out at 112 Vse- Merchants’ Transfer dr Storage com mon registered a sale at 95 and 100 shares of National Mortgage Sc Invest ment preferred sold at 4%. Two 10-share sales of Security Sav ings Sc Commercial Bank stock were re corded at 445. After call, seven shares of Mergen thaler Linotype came out on the board at 7774. Washington bank, clearings: $3,575,- 173.46. Gleaned in Financial District. ■» .1 - George O. • Vass, vice president and cashier of the Riggs National Bank, has gone on his vacation, and Hilleary G. Hoskinson, ancther vice president, is back at his desk. Vice President Howard Moran of the American Security & Trust Co., was back at his desk today after a month’s vacation. Secretary F. P. H. Siddons < of the same bank has been back for several days. Richard Hatton, financial editor of the Washington Herald, is taking his * annual vacation, spending the time in * i and around Washington. In addition to - being a first-class newspaper man, Mr. ... Hatton is a graduate of Princeton Uni t versity and has a very wide circle of friends in the financial district. L. W. Todd, manager cf the local of fice of Harriman Sc Cp„ is back from his vacation, which he spent fishing at a resort about 150 miles above Toronto, Canada. Jesse L. Suter, of the same brokerage house, .is .also back from a yachting trip down east. G. M. P. Murphy Sc Co. has this to say about the bank stock market: “The bank stocks gave a good account of themselves during the past week in view of the weakness on the “big board.” While there was little activity and price Suctuations were narrow, leading issues Isplayed an undertone of quiet strength, Closing prices in most in stances were little changed from a week ago.” >. / “V. ■ ' • SILVER QUOTATIONS. ‘ HEW YORK, -August -3 -m —Bar sll r >sr firmer and ft higher at 28, FINANCIAL. 11 NEW YORK STOCK EXCHANGE I Received by Private Wire Direct to The Star OMee. Note—AU stocks are sold In one hundred-share lots excepting those designated by the letter s (80s) (858 s). r-Prsv. 1931-> stock ana sales— Prev. High. Lew. Dividend Rate. Add 00. Hlaa. Low. oioae. woae. 1414 1* Abltlbl PowftPaper. 3 4 4 4 52 14* Abitlbi PwrAPap pf.. 1 1414 1414 r 14% 14% 2SV4 11V4 Adams Express (I).i SO 14* 1414 14* 14 S2H 22* Adame Millie 12).... 6 26* 26 26* 25 109*4 70*4 Air Reduction (t 4%) 1 75* 75* 75* 74* 20* 7 Alaska Juneau C4oc) 47 15* 14* 14*4. 14* 12*4 4* AliegCorp 94 6*4 6% 5*4 6 59* 20* AllegCp S3O ww 6%. 1 23* 23* 2S* 22* 132 H 102* Allied Ch * Dye (B«) 64 110* 108* 108* 107 126 121* Allied Ch AD pf (7). 1 124 124 124 124 29* 11* AmAgrlChof Del... 1 13* IS* IS* 18* 62* 34% Am Bank Note (tl).. S 37 37 37 37* 1774 7 Am Beet Sugar pf... 40a 8* 8* 8* 9 129* 90* Am Can (tSI 296 9?%* 91* 91* 92* 152*145 Am Can pf (7) 2 150 150 150 149* 96 58* Am Car & Fdy pf (7) 120a 60 65 65 61* 48* 88* AmCblel# <tl> 22 45* 48* 44* 48 21* 10 Amer Col’type (80c). 1 10 10 10 12 83* 18* Am European Secur. 1 21 21 21 20* 51* 21* km A For Power.... 117 28* 27* 28 27* 79* 46* Am A For Pow Jd pf. 1 60 50 49 10* 6* Am Haw St’shlp (1). 1 8 8 8 7* 64 45* Am Home Pr <4.20).. 15 68 62* 62* 62* 81* 18* Am ice (3), 1 21 21 21 20* 43* 28 Am Mch A Fdy 1.40.. 7 32 81* 81* 32 SO* 6 Am Nat Oae pf 60e /10 10 10 9* 64* 80* Am Pow *Lt <XI)... 8 '36% 34 35* 84* 102 88 Am Pow ft Lt pf (5)« 2 89 89 89 89 21* 11* Amßa&SidSan «oc.. 12 12* 12* 12* 12* 37* 15* Am Rolling Mills... 11 21* 21 21* 20* 42 27 Am Shipbuilding (6) 200s 28 27* 27* 27 68* 24* Am Smelt Ref (2)... 4 81* 81 31* 31* 138* 117* AmSmft Ref pf (7). 2 127 125* 125* 126* 4* 1 Am Solv ft Chem 10 1* 1* 1* 1* 81* 11* Am Stl Foundries(l) 116 H 16* 16* 15* 48* 37 Am Stores (t2*)... 2 43 42* 42* 41% 60 42 Am Sugar Ref 16)... 1 55 55 65 55 201* 156* Am Tel ft Tel (»).... 119 172* 171 171* 171 128* 98* Am Tobacco (ti).... 10 119*119*119*117* 182* 102* Am Tobacco B <t€).. 36 123 121* 121* 121 132 124* Am Tobacco pf («).. 1130 ISO 130 129* 11* 6* Am Woolen 2 8* 8* 8* 8* 40 20* Am Woolen pf • 8 87* 87 87* 38 43* 18* Anaconda Cop (1%). 84 25* 25 25* 25% 86 19* Anchor Cap (2.40)... 1 20* 20* 20* 21* 2* 1 Armour of 111 8...... 1 1* 1* 1* I*4 47 10* Armour of 111 pf 5 13V* 13 13 13* 9 3H Arnold Constable... • 1 7* 7* 7* 8 20* 13* Art Metal Const <l>. 2 13* 13* 13* 13* 28* 6* Associated Apparel.. 21 8* 8 8* 7* 29* 16* Aaso Dry G (2*).... 1 20 20 20 19 *o3* 132* Atch ToftS Fe (10). 10 165* 162 158* 163 28* 11* Atlantic Refining (1) 1 16 15 16 14* *9s* 101* Auburn Auto(f4)... 84 148* 144 144* 145 28 18* Austin Nichpr A (3) 10a 25* 25* 25* 26* 2* 1 Autoaales 7 2 1* 2 1* 6V4 3 Aviation Corn as Pal 7 3* 3* 3* ' 8* 27* 9* Baldwin Locomotive. 1 12* 12* 12* 12* 104* 70 Baldwin Loco pf (7). 50s 75 75 75 76 87* 43* Balto&Ohlo (6).... 25 60* 48* 49* 48 80* 65* Balto&Ohiopf (4).. 1 69* 69* 69* 70 14* 6* Barnsdall Corp’n... • 7 7* 7* 7* 7* 90 80 Bayuk Cig Ist pf (7) 10a 80 80 80 80 111 106 Bdhtrice Cr pf (7)... 6 110* 110* 110* 110* 4 1* Beldlng-Hemingwajr 1 3* 3* 3* 3* 26* 14* BSndix Aviation (1). 120 21* 21 21 20* 46* 31* Best* Co (2) 4 37* 36* 37* 36* 70* 34* Bethlehem Steel (2). 214 38* 37* 88 37* 123* 96* Bethlehem St pf (7). 1 105 105 105 105* 40* 20* Bohn Alum ft Br 76* 47 Borden Co (k 3) 27 58* 57 67* 57* 30* 14* Borg. Werner (1)... 9 20 19* 19* 19* 3* 1* Botany Con M (A).. 330a 2* 2* 2* 2* 22* 8* Briggs Mfg (t1%)... 41 14* 14* 14* 14* 24* 15 Briggs AStrat (2).. 1 16 16 a 16 16 26 10* Brockway Mot pf.... 10a 11 11 li 12 129* 99 Bklyn Union Gas (6) 1 107* 107* 107* 107* 45* 32* Brown Shoe (3) 1 45* 45* 45* 43* 9* S Bruns Ter *Ry 5... 2 6* 6* 6* 6 20* 11 Bucyrus (1) 83 11* 8% 8* 11* 84* 18* Bucyrus cv pf (2%). 12 18* 17 17 18* 114 104 Bucyrus pf (7) 10s 106 106 106 107 16* 8* Bulova Watch (1*). 1 8* 8* 8* 8* 82* 19* Burroughs A Mtl*. 2 21* 22* 22* 22* 31 17 Bush Terminal (2*) 1 20* 20* 20* 20 113 95* Bush T Bldg pf (7).. 10s 102* 102* M2* 101* 20* 9 Butterick Co 1 12 12 12 11* 69* 23*BveTB<AM) 7 29* 29 29 28* 43* 23* Calumet ft Arizona.. 1 38 38 38 87 11* 5 Calumet A Hecla.... 6 6* 6* 6* 6* 16* 10* Camp WACFy(I)... 2 11* 11* 11* 11* 46 29* Canada Dry O A («).. 2 38 37* 37* *7* 45* 24* Canadian Pacific I*. 26 25* 25 25 25 26 17* Cannon Mills (1.C0).. 2 20* 20* 20* 20* 16 9* Capital Admin A.... 2 13* 13* 13* 14 131* 62* Case (J I) (•) 623 56* 52* 62* 64* 62* 21* Caterpillar Tree ($)« 9 24 23* 24 23* 16 8* Celanese Corp 1 13* 13* 13* 13 26* 17* Cent Agutrre As I*. 1 24 24 24 24* 6* 2* Century Rib Mills... 12 6* 6* 6* 6* 80* 14 Cerro dePasco (1)... 2 16* 16* 16* 16 7* 2* Certain-teed Prod... 6 6* 5* 5* 6 28V* 7 Checker Cab Mfg.... 4 7* 7* 7* 8 46* 27 Che* & Ohio (2*)..• 17 36* 35* 35* 35* 2* * Chi & Alton 126 * * * * 1* * Chi & Alton pf...... ,3 * * * * 7* 4 Chi Great Western.. 6 6* 6 6* 6* 27* 16* Chi Great West pf... 4 25* 25* 25* 26 8* S* Chi Mil St P & Pac. .i 3 5 6 6 6 15* 4* Chi Mil St Pft P Pf.. 9 8* 8* 8* 8* 46* 25 Chi ft Northwevt (4). 4 26* 26* 26* 25 36 16* Chi Pneu Tool pf.... 2 19 18* 19 18* 66* 22* Chi RI ft Pac (m2*) 2 38 36* 38 36 101 50 Chi RI ft Pac pf <7). 1 71 71 71 71* 28 17 Chi Yellow Cab (3).. 20s 18* 18 18 18 S3* 14% Childs Company 6 15* 15* 15* 15 26* 12* Chrysler Corp (1)... 827 25* 24* 24* 24* 37* 30 City Ice&Fuel (3.60) 1 32 32 32 32 90 77* City Ice ft Fps (6*) 10a 82 82 82 80 . 4* 2 City Stores 2 2* 2* 2* 2* 170 183 Coca-Cola (t7*).... 1 145 145 145 144 104* 101* Colg-Palm Ppf (6).. 1 103* 103* 103* 103* 32% 9* Colo Fuel ft 1r0n.... 2 14 14 14 14* 115 76 Colo Fuel ft Ir pf (I) 10# 86 85 85 95 46* 20* Col Gas &El (3).... 22 30* 29* 30% 29% 109* 98 Col Gas ft El pf A (6) 1 105* 105* 105* 105* 16* 6 Columbia Graph SCe. 8 8* 8 8* 8% 11* • Col Grapho ctfs 66e.. 5 8% 8* 8% 8% 111* 55 Columb Carbon (6).. 12 70* 68* 69% 68* 23* IS Cornel Credit (3).... 2. 16% 16 16 16% 25 20 Cornel Cred pf (1*). 10s 25 25 25 25 25* 21* Cornel Cred pf B (2). 10s 22* 22* 22* 25 34 20 Comm Inv Trust «2). 1 24 24 24 23* 104 101% Cornel lnr Tr pf 6*. 80s 101* 101* 101* 101* 21% 10* Comm Solvents (1).. 69 17 16* 16* 16* 12 ®* Comwlth&Sou (40c). 96 8 7* 8 8‘ 100* 90 Cm with A Sou pf (6) 6 96* 96* 96* 96* IS* 6% Congol-Xairn (25c).. 12 13% 13 13% 13% 16 3* Consolidated Film... 10 8 8 8 7* 109* 82* v Consol Gas N Y (4).. 64 98* 92% 92* 92* 107 101* Con Gas of NT pf (5). 1 106 106 106 106* 42* 25 Consol RR Cps ($).. 1 34 34 34 34* 1* % Consol Textile 1111 % 3* 1% Conti Baking B 1 1* 1* 1* 1* 62* 40* Conti Can (2%) 8 48 47* 47* 47 4* 2% Conti Motors 1 2* 2* 2* 2* 12 5 Conti Oil of De1..... 20 8* 8* 8* 8* 12 3* Cont Shares 11 4 3% 4 4 86* 65* Corn Products (t 4). • 5 66 65 65% 64* 18 6% Coty Inc 8 7* 7* 7% 7* 84* - 28* Crown CAS pf (2.70). 3 SO 28 28 28* 63 80* Crucible Steel 1 40 40 40 89 2* * Cuba Cans Prod 2 1* 1* 1* 1* 44 80* Cubaßßpf («) 20s 32 32 32 35 35 16 Cuban Am Sugar pf. 130a 31* 31 31 31% 1* * Cuban Dom Sugar... 23 % * * % 48* 35* Cudahy Packing (4).. 2 40* 40 40 40* 6% 2% Curtlas Wright Com 19 3* 3 3 3% 23 9* Davison Chemical... 4 11 11 11 11 22 19* Deers ft Co pf (1.40). 6 19% 19* 19% 20 157% 107* Delaware ft Htld (9). 6 118* 118 118* 117* 19* 11 Devos & Ray A(6oc). 7 14* 14* 14* 13* 23 14* Diamond Match (1).. 2 18% 18* 18% 18* 28 24* Diamond Mtch pf 1 * 5 27* 27* 27* 27* IS* 8* Dome Mines <1) 6 11* 11* 11* 11% 21% 17% Douglas Air (t1%).. 3 18% 17* 18% 17% 78* 61* Drug Corp (4)..4... 19 75 74* 74* 74* 8% 6 DunhlU internet..... 2 5 5 5 5 107 71 Dupont de Nero < 4).. 57 87% 86* 87 87 107% 102 Duqusa Lt Ist pf (5) 5 106* 106* 106* 106* 186* 118 Eastman Kodak (t»» 35 139* 137* 137* 136* 21% 9% Eaton Axle (1.60)..., 6 14* 14% 14% 14 74* 34* Else Auto Lit* (6)..> 30 41* 40 40% 40% 4* 2 Elea 80at.... » 3 4 3* 4 4 60* 30% ElsoPwrftLt (1)... 158 39* 38* 88* 38 98% 80 Elso Pow ft Lt pf (6) 6 87* 87% 87* 87% 108* 92* Elec Pow ft Lt pf (7) 1 99* 99* 99* 99% 66 49% EleoStor Bat (5).... 2 64* 64% 64* 64 2* * Emerson Brant A.... 1111 * 44 SO Endicott-John ($)..» 1 41* 41* 41* 40 113 102* Endicott-John pf (7) 1110 110 110 107% 91 76 Eng PSpf ww (5* )> 2 79* 78 79* 78 36* 27 Eo Office Bldg <2* >. 1 28* 28* 28* 28% 109* 73% Fairbanks Mpf (7).. 10s 75% 76% 76% 77 30 11% Fed WatSvc A(1.20) 8.15* 15% 16* 16% 66% 36% Fid Ph Firs In (3.60) 2 44* 43* 44* 43 66* 66* Flrsst Tftß pf (6).. 2 62* 62* 62* 62* 69 41 First Nat Strs (2%). 4 57 66* 67 66* * % Fisk Rubber 14 * * * * 3 1 Fisk Rubber Ist pf.. 170a 1% 1* 1* 1* 81* 16 Food Machinery I*. 1 15 15 16 16 64* 21* Foster Wheeler (21 23* 23% 23* 23* 32* 20* Fourth Nat Inv mssc 2 27 27 27 26* 88* 11% Fox Film tA) (2*).. 28 16% 15* 15* 15* 43% 22 Freeport-Texas (3).. 8 27 26* 26* 26 2% * Gardner Motor 1 * * * * 73* 62% Gen Am Tank Car(4) 9 69* 69* 69* 69* 47' >16% Gsh Asphalt (3) 6 21 20* 20* 20% 26% 17* Gan Baking (82 20* 20* 20* 21 9% 6 Gen Bronx# 6 8 7* 7* 8% 48* 21 Gen Cigar (4) 2 36 25* 26 26% 64% 26 GeaEUo U. 60)....„ 124 41% 40% 40% 40% 66 43 Gen Food Corp (2).. 8 49* 49 49* 49 8* 4* Gen GftEl A (elOc). 14 4* 4% 4* 4% 25% 27 Genital Ed El m2.«i. 1 28* 28* 28* 28 100 96 Gen Mills pf <6) 2 97% 97* 97% 97 48 31* Gen Motors (3) 141 38% 37* 37% 37% 103% 95 Gen Motors pf (6)... 1 103* 103* 103* 103 10% 4 Gen Outdoor AdV.... 2 5% 5 6% 6 23 8% Gen Public Service.. 2 12* 12% 12* 12* 9* 2% Gen Realty* Ctil... 4 2% 2* 8* ’B% 74* 30 Gen RftUt pi (#4).. 8 80 29* 20 30 •67% 29- Gen Refractories (l)> • 2 • 24% - 28* * 64% - 63* l 16* .3% Gen Theater Equip.. 3 .2% 8% 21b .Mb - f THE EVENING STAB, 'WASHINGTON, P. C., MONDAY, ’AUGUST 3. 193 J. r-Prev. 1931-. Stock and Sales— . / Prev. High. Low. Dividend Rate. Add 00. High. Low. Cloie. Close. 38% 18% GilletteSaf Rasor... 18 21% 21* 21* 21% 76* 62% Gillette Bas Rps (6). 1 71% 71% 71% 69% 16* 7% Glldden 0> 1 9* 9* 9* 9% 9* 4 Gobal( Adolf) , 2 7* 7* 7* 7* 42* 21 Gold Duat (3%) 17 28 27 27% 27% 117*104 Gold Dust pf (6)... «i 4 112*112*112*112 20* 8* Goodrich (B F) 9 13* 12% 13* 12% 62% 80% Goodyear Tlrsftß(l) 13 40* 39% 40* 89% 6* 8% Graham-Paige 26 3% 3 3 3% 22% 10 Granby Con Min (1). 1 12% 12% 12% 12% 18* 10% Grand Union 18 16% 15% 15% 15 46 36 Grand Union pf (3).. 2 43 43 43 42 69% 41* Great Northn pf(4).. 7 42 41% 41% 41* 22* 17* Grt Nor Ora (2) 1 18* 18* 18* 18* 96* 80* Grt Westßugpf (7). 70s 88 86 26 85* 6% 2% Grigahv Qrunow.... 6 8* 3 8 3* 9% 4* Hann Dept stores... 24 6 5% 6* 5% 94 86 Hanna pf (7) 40a 86 86 86 86 44* 24* Harb Walk Raf (1).. 1 26* 25* 26* 26% 8 2* Hayes Body 1 3 3 3 2% 18 9* Hercules Mot Co 80e. 1 10* 19* 10* 10% 104 93 Herah Choc pf (t 6).. 1 102* 102* 102* 102* 87 26 Holland Furn (t 2%) 2 27* 27* 27* 28 19* 6% Hollander 50n5...... 1 14* 14* 14* 14* 9% 4* Houdallle Harshsy.. 49 6* 6* 6% 6% 66* 27 Houston Oil w 8 41 40 40* 40 26 11 Hudson Motor (1)... 5 12% 13% 13% IS* 11% 5% Hunt. Motora 48 8* 7* 7* 7% “89 41* Illinois Central (4).. 6 46 42% 44 42% 4% 2 Indian Refining 1 2* 2* 2* 2* 86 21* Indus'Rayon (4).... 11 80* 28% 80 28* 12% 10* Insuransharss Del A 1 10* 10* 10* 10% 9% 6% Inaur Sbrs Md(4oc).. S 6% 6% 6% 6* 84 19* In ■ erb Rap Transit.. 4 22* 21* 22 22% 15 5 Interlake Iron 17 77 7 6% 1% Int Agricultural.... 11% 1% 1% * 2 179% 117 Int Bus Mach (n*).. 2 141* 140 140 134* 12% 6% Int Carriers, Ltd 50c. 1 8* 8* 8* 8* 62* 27% IntCsmsnt (4) 2 30* 30* 30* 30% 4 1% Int Combustion 3 1* 1* 1* 1* 60* 37* Int Harvester (>%) M 22 40* 39 39 40 81 16% Int Hydro El A (#2). 12 22* 22% 22* 22% 73* 48* Int Match pf (4).... 8 52 62 62 51* 20* 9* Int Nickel <50e)...., 160 12% 12 12% 12 42 18 IntCaperpf 10s 21* 21% 21% 22% 43* 18* Int Paper ft Pwrpf.. 2 20% 20% 20% 20 42 29% Int Salt (!) 2 34 34 34 S3* 54 46% Int Shoe (3) 10 51* 60% 61* 61 51 24 Int Silver 2 21 21 21 29 90% 58* Int Silver pf 20a 60 60 60 60% 67% 58 Inter DStpf iw (7). 20s 62% 62% 62* 62* 38% 18% Int Tel A Tel (1).... 202 28* 27% 28 27% 9% 3% Investors Equity. ■. 2 6 6* 6 6 57* 36* Jewel Tea (4) 1 40 40 40 40 80% 40% Johns-ManvlU# (8).. 25 61% 61* 61* 61 123* 116% .Tones ft Laug pf (7). 20a 117* 117* 117* 117* 64 40 Kans City Sou pf (4) 3 47% 47 47 48 24% 10% Kayser (J) *Co (1). 7 13% 13% 18* 12% 2* 1% Kelly-Spring Tire... 1 2* 2* 2* 2% 26 9* Kelly-SprTt* pf.. 10s 16 16 16 16 29% 8 Kelsey-Hayes Wheel 19% 9% 9% 9% 16* 8* Kelvinator Corp 152 11* 11% 11% 11* 31* 14% Kennecott Copper(l) 16 18% 18% 18% 18% 55 42 Kress (SH) Co (Jl).. 1 43 43 43 44% 27% 17* Kreuger&ToU (1.61) 63 18* 18* 18* 18* 35* 18 Kroger Orocftßak <ll 21 31* 30* 80* 30* 87* 56 Lambert Co i 5»..... 2 66% 64* 65% 64* 4% 2% Lee Rubber ft Tire... 1 3* 8% 3* 3* 101* 88% Leh Fort Cmt pf (7). 10s 89* 89* 89* 98 69% 45% Lehman Corp (2).... 7 63 62% 63 62% 34% 22% LehnftFlnk («).... 1 26* 26* 26* 26% 91 60 LJggett ft Myer (ti). 4 71 70* 70* 70% 91% 60* Lalvg ft Myera B (t 6). 2 72% 72* 72* 72 26* 23 Lily Tulip Cup (1*) 1 24 24 24 24 63* 36* Loaw*a Ino (>) 91 47% 46* 47 46* 6* 2% Loft Ino 1 6* 6* 6* 6* 21* 11% Lorlliard (P) C 0...., 60 19* 19 19* 19* 102 90* Lorlliard (P) pf (7). 2 102 102 102 100% 19 8* Ludlum Steel 1 11% 11* 11% U* 62% 33* Ludlum Steel pf. ♦.. 1 32 82 22 85 “36 23 McCall Corp (Z*>... 1 31* 31* 81* 31 61% 35 McCrory B (2) 10s 88 38 38 38 103* 71* McKeesport TPt5% 13 75 74% 74* 73% 17 7* McKesson ft Rob (1) 25 10% 9% 10* 9* 43* 21* Mack Trucks (3).... 7 32* 31* 31* 32 106% 66% Macy(RH) ACo(at) 6 79* 78* 79 77% 39 30 ManElevmg 1 31 81 81 31* 10 2 Marram Motor Car.. 8 3% 3* 8* 3* 32% 23* Maraball Field (2%) 11 25% 26 25 25% 31* 17% Mathieson Alkali (2) 3 22* 21% 22* 22 39 28 May Dept Strati*). 1 32* 32* 32* 32 34 22% Melville Shoe (2).... 1 24 24 24 23% 20% 10% Mexican Seaboard... 13 15* 14* 16 15 16% 5% Mid Continent Petm. 2 9* 9% 9* 9* 31* 13% Midland Steel (8).... 6 16% 16% 16% 16* 94' 66% Midland Steel pf (2). 2 67% 67 67 68 7* 2* Minn Moline P0w.... 4 2 1* I*. 2* 48 20 Minne-Mollne P pf.. 2 21 20 21 22 85 39% Mo Ken A Tex pf (7) 4 60 49% 49% 48 42% 14 Missouri Pacific....» 1 22% 22% 22% 21% 21% 10* Mohawk Carpat 6 17 16 17 15 29* 16V. Montgomery Ward.. 356 21% 20* 21* 20% 68 37 Morrell (J) ft Co (I) 2 41 41 41 40 % % Mother Lode 2 * * * * 19* 8% Motor Wheel (1).... 2 9% 9* 9* 9* 36* 8% Mullins Mfg 23 32 30* 31% 30* 72* 36 Mullins Mfg pf (7)..270a 61* 59V. 59* 60 18% 6* Murray Corp 6 8 7% 7% 8 40* 20 Nash Motors (4).... 2 26* 26% 26* 26% 10 8% Nat Bella Hess 10 6 6 6 6 83% 55% Nrt Biscuit (2.80)... 27 68% 68 58 57* 153% 146 Nat Biscuit pf (7)... 1 162 152 152 151% 39% 18% Nat Cash Reglatar A. 13 26% 26% 26% 26 60% 26% Nat Dairy (2.60).... 23 34% 84 34* 34 44% 20% Nat Pow ft Lt (1).4 25* 26 25 24% * % Nat Ry Mex 2d pf...- 6 * * * % 111 70 Nat Supply pf (7)... 39a 76 75 76 75 68 S 3 Nat Steel (2) 9 40 28* 39* 28 24* IS Nat Tea 1 14% 14% 14% 14* 132% 71* NY Central («) 21 76* 73* 74* 72* 94 82 N YChlcagoftSt Lpf 1 85 35 35 62 227 147* NY & Harlem (6)... 10s 155 155 155 155 94* 63 NYN H ft Hart <«).. 6 67* 66 67 64* 119% 104* NYNH AHpf (7).. 1 109% 109% 109% 109* 13* 6% N YOnt ft Western.. 11 12% 11% 12% 11* NY Shipbuilding.... 4 76% 6% 29* 15% Noranda Mines * 6 18% 18 18% 18% 11 4% North Am Ayiatlon.. 6 7* 7% 7% 7% 90% 66% Nor Am (blo% stk). 45 67% 66 67 65% 60* 30* Northern Pacific H) 11 8$ 34 3$ 12% 19* 7 Ohio Oil 3 9V* 9% 9% 10 76 35 Orpheum Clr pf (8)..260a 46% 46% 45% 46* 68* 31* Otla Elevator »2%).. 6 41 40* 40% 40 -29* 124% Otis Elev pf (6) 20a 128% 128% 128% 126 16% 6* OtlsStael 18% 8% 8% 8* 69* 30 Otis Steel prpf (7).. 60s 40* 40 40 42 64* 38 Pacific Gas ft El <BJ. 4 46* 46% 46* 45% 131% 116 Pacific Tel ft Tal (7). 70s 126* 126* 126* 125* U* 5% Packard Motor (49c); 34 7* 6* 6* 7 36* 24 Pan-Am Pet B (40c). 1 26 26 26 26 60% 19% Paramount-Pub 2%.. 72 24% 23% 24 23% 2* 1 Paths Exchange...- 6 1% 1* 1% 1% 8% 3 Paths Exchange A. .> 3 6% 6W» 6% 6% 16* 6 Patino Mines 1 8* 8* 8* 8 4% 2% Peerless Motor Car.. 3 3% 3* 3% 3 46* 28* PenlckftFord <l}..» « 39* 89 39* 39 39% 28* Penney (JC) (2.40).. 70 38* 87* 38 37* 99% 90 Penney (JC) pf A (*> 1 97 97 97 96 64 42* Penn Railroad (8)... 43 45 44% 44% 44* 103 96* Peoples DS pf (6%). 20a 102 102 102 101% 260 182% Peop Gas Ch (»:... 4 196* 194% 196* 195 10* 6 Petroim Cp of Arad) 6 7* 77 7% 26% 11 Phelps Dodge (1>.,.. 3 11* ll* 11% 11* 12* 6% Phil Read Cft 1.... w 4 7* 7* 7* 7 12* 9 Philip Mor ft Co (1).. 2 11* 11* 11* 11* 16% 4% Phillips Petroleum.. 10 7* 77% 7* 37 25 Pillabury Flonr (2).i 1 29* 29* 29* 28* 80 40 Pittsburgh Coal pf. * 1 56 65 66 40 'B7 45 Pittsburgh Steel pf.. 20a 60* 60 60 52 8 2% PRAmTobB 1 3* 3* 8* 3 26* 14% Prairie Pipe L (8) • 6 17% 17* 17* 17* 96* 72 PubSvN J (2.40).18 80* 79 80 79 102* 95 PubSvN Jpf (6)... 2 100* 100% 100* 100* 118% 109% PubSvN Jpf (•)... 1 118% 118* 118* 118% 105% 103% Pub Svc GftE pf(6).< 1 105* 105* 105* 106* 58* 28 Pullman Corp 4 83 38 83 32% 11* 6* Pure Oil 6 8 \ 7% 7% 7% 66% 24% Purity Bakeries (2). 6 27 27 -27 27* 27* 12 KadloCorp. ..i 274 18% 17% 18 17% 65* 46 Radio Corp pf A(8 4b} 1 49* 49* 49* 49* 24* 11% Radlo-Kaith-Orph A. 43 14% 13* 14% 14 29* 17* Raybestos Man 2.so_ 1 19* 19% 19% 19% 47 41 Handing 2dpfd)..« 1 42% 42% 42% 42% 80% 6 Raal Silk Hosiery... 2 6* 6* 6* 6* 19% 6* Remington-Rand.. 10% 6 Reo Motor Car (40c). 2 6% «% 6% 6% 26% 10 Republic Steel » IS* 13% 18% 18% 64 27 RepubltoSteel pf..., 1 30 30 80 29 83* 46 RevereC ABpf (7).. 20a 66 66 66 66 22% 11 Reynols Metis (1.20). 2 14% 14 14% 13% 64* 40% ReynoldsTobßl3). B 6 60* 60% 50% 50% 6% 1 Richfield Oil 11% 1% 1% 1% 42% 24* Royal Dtch(m2.27B9) 9 27 26% 26% 26% 66% 38% Safeway Stores (6). 32 66% 63% 64 63 96 86 Safeway pf (6)..,.. 360a 87 96* 97 94 108 98 SafawnyStrnpf (7). 70s 108 108 108 107* 30% 14* St Joaapb Lead (1). • 6 16* 16* 16* 16* 76 16* St L-Ban Fran pf (6> 1 SO —BO 80 29 20* 12* Savage Arms (1>.... 1 13* IS* 13* 14 11* 4 Schulte Retail Strs.. 1 6* 6* 6% 7 1% % Sesbosrd Air Line... 1 % % % % 2* % Seab Air Line pf...- 3***l 1 U3* Sengrnve (60«).'...., 466 6 6% 63* 44* Sears Roebuck (2%) 35 66% 66* 66%; 55* 1% * Seneca Copper....;. 11 l 1 l 11% 4* Servel IRC. 33 8% . 7% 7% 7% I 61* 60* Sharp Si Do pf (8%). .1 It v .82 62 : .6Q* i 10* 4* Shell Union Oil 12 6% 6* .5* 5* . 78 26% Shell Un Oil pf (6%) 640 40 -40 V7% S% 10% Bimmons Co 20 15* 16 16* 14% * 6* Sinclair Consol Oil. , 39 10% 10* < 10* 10* i it* 3* SknllyOU 14% 4% 4% 5 > 62 19 SteUyOUpt 2 22* 22 22* 23* Socony Vacuum 1.60. 6 18% 18 18* > 17* 7% South Port Rico Bug. 4 18* 13% 13% 13* 64* 86 South Cal Ed (2).... 3 42% 42% 42% 42% 109* 67% Sootk PnoWe (6).... 11 78% 77% 77% 77 i 66* 27 Southern Rwy (tn«). H 28* 27* 28* 28 36 21 Spalding (AG) (2).. 2 22* 22* 22* 94 13% 6 Sparks Withlng (1). 17% 7% 7% 7% • 62 48% Spear ft Co pf (7)..,. 120a 49 ..48* .48* 60 l 17% 8% Spicer Mfg. 498* 8* 9 17% 6% Spiegel-May-Stern.. B* 9 .8% | r- -•*■■ i qmrmm iw »• * i _ m&m _L ziSL-ZSsxi STOCKS GO HIGHER DESPITE SELLING Price Movement Irregular in Some Groups,, but Utilities Score Gains. . BY GEORGE T. HUGHES. Special DUpateh to The Star. NEW YORK, August 3.—Short Bell ing on a rather extensive scale in the final hour today forced Stock Exchange prices down from their beat levela of the day without, however, bringing out increased offerings. The close was at levels slightly above those of the pre ceding session. Trading continued light. Grains had a sinking spell Just previ ous to the selling movement on the Stock Exchange. Foreign exchanges moved narrowly. Call money remained at IVi per cent throughout the day, with supplies abundant. Better retail demand for automobiles and accessories enabled a few in this group, including General Motors, Mul lins Manufacturing and Auburn Auto, to retain most of their gains. Allied Chemical lost about half of its early gain on the late downturn and Ameri can Can was down about a point near the end. General Electric held its earlier ad vance until a few minutes before the finish, but Westlnghouse Electrical yielded rather easily. United States Steel made a small net gain. J, L Case broke to a new low for the year. Inter national Nickel was up fractionally while its directors were in session discussing the quarterly common dividend, The rate was lowered from 15 to 10 cents quarterly. With Steel common still lending at a 3-16 pggmlum many feel that lt har bors a veal short interest, which is not due, as some observers recently sug gested. entirely to foreign selling. Doubtless overseas sales of steel pre ferred a fortnight ago caused lt to lend at a premium, but it is now lending flat. Merchandising shares were com paratively active and higher in the forenoon. The leader in the grocery chains •ww Safeway Stores. Kroger Grocery also gained in the same period, while J. C. Penney came within a point of its 1931 high, reflecting the recent Improvement in profit margins of that company. R. H. Macy St Co. rose al most *2 points. Sears. Roebuck and Montgomery ward moved upward to gether and demand was somewhat heavier than usual for Woolworth. Dairy stocks and food shares, hovyever, were rather listless. While directors of Standard Oil of New Jersey were in session for dividend action, most of the oil shares that sold were higher. Socony-Vacuum, which la the name of the Consolidated Standard Oil of New York and Vacuum Oil. was up % on its first few sales. Others to advance included Houston Oil, Mexican Beaboard. Texas Corporation, Shell Union and Royal Dutch. Standard Oil of New Jersey advanced at midday when directors announced the declara tion of the usual 25-cent common quar terly dividend and 25 cents extra. The railroad shares were dull and irregular, with trading confined to Atchison, Baltimore St Ohio, Union Pa- I citic. Chicago Rock Island, New York J Central and Great Northern preferred. Radjo was in demand In the first few hours as a result of the reception ac corded its new low-priced radio set. American Telephone again stubbornly resisted selling efforts, and Interna tional Telephone pointed upward. Pub lic Service Corporation of New Jersey was up a point in the forenoon, and Electric Power St Light was up 1* points. North American rose about a point. MARYLAND TOBACCO PRICES. BALTIMORE. August 3 (Special).— Both receipts and salek of Maryland leaf tobacco increased last week, the former totaling 2,184 hogsheads, while sales of 1,588 hogsheads were reported, leaving a stock in State tobacco ware houses of 9,724 hogsheads. The demand continued active for all but the commoner grades, with the best hogsheads selling up to 55 cents. Quotations today for Maryland leaf tobacco per 100 pounds; Frosted and inferior, $3.00a56.50; sound to good common, 7.00a520.00; medium to good, $20.00a539.50; good to fine red, 940.00a 54.00; fancy, $54.50a555X)0; seconds. Common to medium, I6.00a30.00; good to fine, $31.00a541.00; upper country hurley, nominal. CHECK TOTAL DECLINES. By the Associated Press. Checks cashed on individual bank ac counts in. 265 leading centers of the Federal Reserve system declined 11 per cent during the week ended July 29. as compared with the previous week. Total debits, as reported by the Reserve Board, follow, for comparable periods; Week ended July 29 $8,148,841,000 Previous week $9,113,174,000 Same week last year $11,690,952,000 ~ loans ~ Is Tsar Ist. tad ar Sri Treat Dae? Do Yaa Need Money? MR. FRIEDMAN «H Bth St. N.W.. Beoas 757 NAT. 4519 We Give Property Management Personal Attention | CUTTING unnecessary expense; improving prop erty; exercising close supervision are features in our service as property managers that result ’ In better returns upon your investment. These things cannot be accomplished hap hazardly. They demand, the training of experience ahd the facilities of thorough organization. You’ll find your apartment house, office building, 1 residential and business properties operating to your | decided advantage under our management. PROMPT remittances , are the . INEVITABLE rule of this office BANDALL . Moknuos Loss CwmatPOOTBT ! yfca/&e>rd> Sty# 1321 Connecticut Are# : REAL ESTATE LOANS ' As Mortgage loan Correspondent of the Metropolitan Life Insurance ij . Company we are prepared to assist you. i I Construction Loans in Any Amount ft ; * r Weaver broc Washington Building Dktiet 9486 Loanx made in Ae District of Columbia M 1 end nmrby tieryiaei and Virginlo • i ■ ■ • • • , jlm r'..J. 1 1 1 . j.i i 1 ii . ""'■'—Sllil • IS • i • - TOBACCO PRICE REPORT MADE BY STATE BUREAU ar tha Associated Press. ATLANTA, Gft, August B—The State Bureau of Markets reported today that 6,756,182 pounds of tobacco were sold In Georgia last week by growers, at an average price of 7.33 cents per pound. This compared with 19,100.442 pounds for the first week of 1930, which brought fcn average price of 10.59 cents per pound. The total money paid to the growers for tobacco last week in Georgia was (495,431.44, as compared with $2,022,- 066.42 for the first week of last year. The Georgia tobacco market opened on July 28, weekly reports of the sales are Issued through the State Bureau of Markets each Monday during the season. The highest average price paid on the Georgia markets last week was 9(18 at Blackshear, as compared with 12.33 for the first week of 1930 at Nashville, Ga. Reports were received from 21 towns In which tobacco markets are open in Georgia this year, as compared with 22 towns last year. The lowest average price last week was 2.96 cents per pound at Bain bridge, which compared with 8.22 per pound at Vldalla for the first week of last year. Copper and Germany. NEW YORK, August 3 (Special).— The proposal that surplus copper stocks be sold to Germany on long term credits was hailed today as a constructive factor in the outlook for the red metal. July copper export sales of 40,009,000 pounds were the smallest In several yean, which makes the trade feel that July statistics, due August 10, will make an unfavorable showing, compared With stocks of blister and refined coppfcr In North and South America at the* end of June, which amounted to 618,272 tons. These figures do not reveal (he true picture of stocks, since about a third never are reported to official,statistical gath erers. Hence the June total was near er 760,000 tons than the figure made public. Germany for the first five months of this year purchased move copper from the United States than in the same 1930 period. McKeesport Tin Plate. NEW YORK, August 3 (Special).— Selling In McKeesport tin plate has been due to the steady price reduction in tin plate, which In turn reflects the lessened demand for that product from can manufacturing companies. With many of the fruit and vegetable packs now in process less’ than those of h year ago, canneries quite naturally hcve reduced their can orders. In the case of peas the pack will be 40 per cent less than In 1930, while the current pack of California peaches will be cut more than 55 per cent. WE 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 years. Prompt deci sions given applications. 5 % % INTEREST BOSS and PHELPS Realtors ROUNDED 1907 1417 K St. N.W. Loan Correipondent John Hancock Mutual Ufa Imuranc* Co. IWEWJI I || Advantageous HI Terms on D. C. Real Eitate I LOANS Open Doily 9 to 8 SoturJaya Until Noon NAtional 1381 ■ NATIONAL! I WgRMSSgNTj E BS^STNINTJ^TTN'SrB ■ unk^upcrvisionoi^^^reasurvH FINANCIAL. POLICY OF STEEL CORPORATION LAUDED Plan to Cat Dividends First and Wages Last Wins Approval. Special Dispatch to The Star. NEW YORK, August 3.—America would soon And itself on the highroad to prosperity if every manufacturer were to adopt the policy tacitly adopted by directors of the United States Steel Corporation when they voted to cut dividends first andj wages last, in the opinion of Douglas S. Keogh, president of the Charles E. Bedaux Co., of New York, Inc,, subsidiary of the internation al organization of “human power” en gineers. Mr. Keogh’s opinion was expressed today in the following statement: “News of the steel corporation’s deci sion may cause an unfavorable reaction in some quarters, but it will certainly win the unqualified approval of labor everywhere and of the management in a great many industrial plants which have struggled to maintain wage scales, even at the cost of reduced stock holders’ dividends and lower executive salaries. “Management in many industries has been fighting the battle of the wage earner, and in doing so has Deen re sisting strong pressure on the part of stockholders. The temptation to weak en and cut wages in order to curry the approval of stockholders has been strong. The action of directors of the steel corporation therefore establishes a precedent in a key industry, which, by reducing dividends first, salaries second and wages last, if at all, lends to the management of smaller industries some much-needed moral support. “If stockholders in all our industries will consent to accept smaller dividends on their Invested capital, and thus make possible the fullest employment of our wage-earning class at the best rates industry can afford to pay, then the depression will be short lived and America will soon find itself on the highroad to prosperity.” August is the harvest season in the Dakotas. Money to Loan SecnreS by tint deed of truit an real estate. Prevailing interest sod commission. Joseph I.Weller tayfe'ttVß! j REAL ESTATE LOANS Mad• at Low /nfercif Rate* TYLER & RUTHERFORD Applications invited on hich-elmss apartments and dwellinvs, and partien larly on well located business properties, for S. 5 or 10 years, if so desired. 1520 K St. N.W. National 0475 ■' L.au j First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher A Company, Inc. I Equitable Co-Operative Bldg. Ass’n I m Organised 1879 51st YEAR COMPLETED || JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary f t| Subscription for the 101st Issue of Stock Being Received j,' | We Are Ready to Loan | p on Real Estate or to 8 | Take Up First Mortgages | Those who desire to borrow money to purchase a g I home, refinance present indebtedness or improve prop- I 1 ertv should see m. Applications will receive prompt | and courteous attention. Loans Repayable Monthly No Brokerage ... No Commieeion* y 915 F ST. N.W. I 4. a- 4%, OLDEST NATIONAL BANK \ % In District of Columbia llwT ' 'QtniGgir \ 15th Street . Opposite U. S. Treasury S? e lv <r* SAFE FIRST MORTGAGES II ' ' 1 . i 6% IS GOOD WAGES FOR ®YOUR SURPLUS FUNDS # —and that is what they will earn when invested in our 6% FIRST MORTGAGES I m They will be emplQyed at this fixed and unvarying return for a definite number of years, which ob- Over a Third v j a t es the necessity of choosing re °f a investment; and the while the Century principal is safely secured by con- Without a . servatively appraised improved Loss Washington real estate. I May be purchased in amounts , from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. THERE IS NO. SUBSTITUTE FOR SAFETY A-13 L J II '■—■l:l.ll ■' Money Available For Mortgage Loans —to be secured on improved properties in the District of Co lumbia or nearby Maryland and Virginia. Prevailing Interest rates and reasonable commis sions. Prompt replies 1 ROBERT W. SAVAGE TIT Union Trust Bids. National S7M ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY (6th Series as Stock Now Opts For Subscription James E. Connelly James F. Shea President Secretary V Lowaut Ratas Jjf Call on Us for a Loan On First Mortgages —For Baying —For Building —For Refinancing completed properties. XJO delays arc encountered in *■ v securing loans on first mortgages at reasonable rates. This is due to the tremendous resources of this company. . Permit us to give you fur ther information without ob ligation on your part. Real Estate Mortgage & Guaranty Corporation 1610 K St. N.W. National 1403