The Los Angeles Times from Los Angeles, California • 12

I 12 TUESDAY MORNING. JULY 3, 1928. tPART 1.1 i GROUP ACQUIRES FINANCIAL INDEX BUILDING -LOAN SHARP DECLINE MARKS TRADING Advance in Call Rate Halts Bull Movement SEABOARD BANK BRANCHING OUT New Expansion Program Set in Motion by Board Fidelity Savings Control in HARBOR MAY RANK SECOND Matson Expects Los Angeles lo Retain Honors in Total Water Commerce; New York First BY EARLE E. CROWE Although figures for other American ports will not be available for some time, Clarence Matson, manager of the trade extension department of the Chamber of Commerce, la willing to predict that the harbor of Los Angeles will again rank second In the United States in total water commerce for the fiscal year ended June 30, last. New Hands The following index will be found convenient for quickly locating Information In this issue of The Times: Page Bank clearings 14 Bond quotations 17 Business News It Cltms fruits 19 Cotton 13 Coffee 13 Ergs, poultry (butter and IS Flaxseed 19 BROKER LOAN MINIMUM SET New York University Economist Takes Decisive Stand for Further Sharp Reduction BY PAIL VTLLARD GARRETT Copyright.

1021. Tork Evanlna- Post. Inal NEW YORK, July 2. Anything much' less than an $800,000,000 further reduction in brokers' loans would satisfy "neither the loglo of the bank portfolio nor the desires of the Federal Reserve Board" and would be Inadequate. This bald statement by Dr.

Lewis Haney, director of the New York University bureau of business research, deserves attention at this time when the whole financial district Is grouping for an answer to the question: How must brokers' loans be reduced? Most financial prophets nowadays weeks and a 17-polnt decline in the Sales Volume Moderate as Credit Tightens Institution Ranks Largest in California Personnel of Company Will Foreign exchange (money) 14 Grain 14 Live stock 15 be Maintained Metals 19 Money Hits 10 Per Cent in New York stock averages have not brought For several years this harbor has held second position, ranking Just behind the port, of New York. There is some difference of opinion among the competitive porta on the method of calculating total water commerce, but Mr. Matson contends that the challengers of his position artifi Naval stores IS Oil Field News 19 Control of the Fidelity Savings and Loan Society has been acquired by a irroup of Los Angeles bunlness cially swell total figures by the in clusion or traffic not strictly belonging to the port in Question. Some Produre, I -on Angeles 13 The Investor IS STOCKS Boston 14 Bay City Curb 14 1'hlrago 17 I-os Angeles 14 New York Stock Exchange 16 New Vork Curb 18 New York Times average 14 Salt Lake San FranrUco 14 Standard Oils 17 of the competitive ports, for illustration, include all river traffic and others, as in the case of San Francisco, Include all bay commerce. INCREASE SMALL In the fiscal year just ended, the total water commerce in and out of Los Angeles Harbor totaled tons, a slight Increase over Richfield Oil the 23,448.000 tons handled in the previous fiscal year.

Including bunk men headed by George H. woodruff, member of the law firm of Woodruff. Music. Plnney Hartke, and George L. Eastman, president of the Los Angeles Chamber of Commerce, according to an announcement made yesterday by Mr.

Woodruff. The transfer of the majority of the stock will Involve no Immediate changes In the personnel or the officers of the association, but the board of directors, now numbering nine, will be enlarged to fifteen through the election of representatives of the new group. Mr. Woodruff stated. The duties of C.

H. Wadleigh, president of the Institution, will be lightened and later it Is expected that George L. Eastman will succeed Mr. Wadleigh as president. Officers and directors at the present time Include Mr.

Wadleigh, president: L. J. Christopher, vice-president; R. W. Davis, vice-president and manager; Clarence H.

Lee, secretary; D. K. Edwards, D. C. Plxley, John Flnlay, E.

J. Nolan and A. F. Morlan. The Fidelity Savings and Loan Association, the largest institution of its kind on the Coast, has total assets of mere than $28,000,000.

Industrial List Leads Drop on Stock Exchange NEW YORK. July 2. A Ten per cent call money, making its first appearance in Wall street today since November 10, 1920, caused a sharp reaction in stock prices. Standard Industrials and rails dropped 1 to 5 points, while ft number of specialties sold 6 to 15 points lower. Trading was only moderate in volume, the day's sales runnl.ig below 1.750,000 shares.

Call money renewed at 74 per cent, advanced to 8 by midday, thence to 9 and finally to 10, as banks called $75,000,000 in loans. Unusually large midyear settlements, together with the semlweek-ly strengthening of bank reserves and the heavy holiday demand for currencyy, brought aaout the temporary credit stringency. Owing to the heavy European midyear settlements, the high rates failed to at tract the usual inflow of funds rem European capitals, in most of which, interest rates are lower than they are here. Stock prices started Irregularly higher, but selling pressure soon made its appearance in the motors and specialties, and then spreal to other sections of the list. Bear traders sold stocks freely on the theory that the technical position of the market had been weakened by the recent rapid recovery, but they failed to dislodge any considerable volume of long holdings.

NEWS FAVORABLE The day's business news fwas largely favorable. Sears Roebuck and Montgomery Ward both reported record-breaking June earnings. The National Biscuit Company announced that negotiations practl- (Continued on Page 16, Column 1) er oil, the 1928 fiscal tonnage was approximately 26,000,000 tons. Mr. Matson believes that this margin will be sufficient to retain second-place honors.

content themselves with general remarks on the loan position without indicating any definite normal level to which the total must fall to restore a sound condition. What Dr. Haney does is to indicate specifically that brokers' loans will not be normal until they fall to about $3,100,000,000. This reduction would restore loaas roughly to their volume of a year ago. In contending for so sharp a decline any prophet must expect strong opposition from the bulls In the market.

Certainly very good arguments can be advanced in support of this interesting claim, but some very good reasons likewise can be given why so drastic a cut seems unlikely. Here is how Dr. Haney arrives at his conclusion. He assumes that brokers' loans should not much exceed 20 per cent of the net demand deposits of member banks. A year ago they were 23 per cent; now they are over 30 per cent Brokers' loans should not represent more than 20 per cent of the total loans and discounts.

A year ago they were 21 per cent; now they are 28 per cent. Brokers' loans should not exceed the investments of the member banks in other stocks and bonds. A year ago they were less than 6uch investments; now they are $600,000,000 more. If the market accepts Dr. Haney's analysis of loans, it is for vastly more liquidation than a majority of the authorities In Wall street anticipate.

Nobody will deny that violent measures will be required to restore a position in credit as strong as that which prevailed when the rapid expansion In loans began. Even a $400,000,000 reduction in brokers' loans during the last three any perceptible ease in money. Rightly or wrongly, the financial district expects cheap money in July and In anticipation of this balm la beginning to buy stocks again. It remains to be whether the recent relaxation in speculation Is a temporary development or a preparation for further extended liquidation. That basic conditions would be Improved through further liquidation in loans, must, be plain.

Whether it will come is the question. Bay City Mart Sets New High SAN FRANCISCO. July 2. MV-All previous records for market value of securities traded in within a single month on the San Francisco stock exchange were broken during June. Official figures announced by the exchange today showed the money value of security transactions last month amounted to $276,470,896.

That figure eclipses the previous monthly record of $261,683,932 established In May this year by nearly $15,000,000. Security transactions in June. 1928, were greater in market value than during the entire first eight months of 1927. Shares traded in during June totaled 3.473,817, making the second largest month in number of shares. The record month for volume of share turnover was May, 1928, when 3,823,130 shares were bought and sold.

Because of a decline in the prices of several commodities, the value of the 1928 tonnage fell off, dropping from $906,924,137 to $881,578,763. Lower prices for petroleum products was the principal reason for the de creased valuation. Government figures for the fiscal NEW YORK, July 2. Call money this afternoon Jumped to 10 per cent on the stock exchange as banks continued to make large withdrawals from the loan market. Renewals of call funds this morning were at 7 '4 per cent and at noon raised to 8 per cent, later going to 9 and 10.

The 10 per cent rate is the highest since November 10, 1920. National Biscuit Plans to Absorb Christie Brown NEW YORK. July 2. (IP) National Biscuit Company announced today that negotiations for a controlling Interest in Christie Brown it virtually had been completed. The transaction will be on the basis of one share of National Biscuit common stock for two shares of Christie Brown common.

All shareholders will have the opportunity to exchange their stock on the same basis. No changes ire contemplated In the management, directorate or personnel of Christie Brown Co. The company was organized in April, 1925, under the company's act of the Dominion of Canada, succeeding a business established about 75 years ago. It manufactures and sells biscuits, cakes and puddings, and It Is the largest of its kind In Canada. It markets about 400 varieties of products.

Its plant capacity is about 2,500.000 pounds of biscuits, cakes and puddings. month. Sales branches are ntained in Montreal, Quebec, John and Halifax, and a distributing warehouse in Montreal. Authorized common stock consists of 150,000 shares, of which shares are outstanding, and are listed on the New York Stock Exchange. New Investment House in Field year ended June 30, 1927, will not be published until December 1, next.

Mr. Matson states, however, that the ranking of New York and Los Angeles in the first two places is assured, but there is some question about third place. Baltimore and Philadelphia were the two leading candidates. Gain in resources during the last May Increase Common Stock In confirmation of reports from New York yesterday relating the filing of an application with the New York Stock Exchange, an official of the Richfield Oil Company stated that the directors wUl meet on Thursday to authorize an Increase In common stock capitalization from 2.000,000 to 5,000,000 shares at $25 par value. Nearly all the existing authorized capitalization is already committed under the terms of bond and note conversions, It is understood.

As of May 31, last, there were shares of common outstanding. The purpose of the proposed Increase in capitalization, according to current supposition. Is to provide sufficient stock for an exchange of with the holders of Pan American Western Petroleum Control of this company was recently acquired by Rich-Acid. Stockholders of Richfield 111 probably meet around the 16th to ratify the increase in capitalization. In the absence of J.

A. Talbot, president, the Richfield management declined to comment wie rumor that stockholders will be given the right to purchase a portion of the contemplated increased Los Angeles Harbor dronned back in exports for the 1926-27 fiscal year, giving way to Baltimore and New i I i I port News, the harbors benefiting Capital Increase and Stock Split-up Proposed Adoption to Give Institution $2,600,000 Total As the first steps In ft new program of expansion, George L. Browning, president of the Seaboarl National Bank, yesterday announced plans for the increase of capitalization from $1,000,000 to $2,000,000, and the reduction of par value from $100 to $25 a slurs. Stockholders will meet on September 11 to ratify the proposals. Surplus funds, Mr.

Browning said, will be Increased from $100,000 to $600,000, giving the bank a total working capital of $2,600,000. Through the reduction of par value, the number of outstanding shares, after giving effect to the doubling of capitalization, will be increased from 10,000 to 80,000. More than two-thirds of the stockholders have already approved the proposals of the directors, according to Mr. Browning, and none of the new shares will be offered to the public. Application will be made to list the stock of the bank on the Los Angeles Stock Exchange.

"The Seaboard National Bank was four years old yesterday," Mr. Browning said, in commenting on his program of expansion. "We have followed an extremely conservative course, restricting expansion, overhead expenses and those things necessitating large volume until we could have time to build credit files and machinery to han-ole a large volume without undue risk. We believe that time has arrived, and our stockholders are now paying additional capital that we may better handle our rapidly growing business. "Through the active work of our executive and discount committees of the board of directors, the Seaboard has been able to make an unusual record in having loaned, since organization, $59,473,516.28 vith losses, because of bad loans, of only $1202.50.

All of our present assets are of an extremely sound and liquid nature." Further expansion announcements relating to the organization of an affiliated Investment banking corporation will be made in a few days, Mr. Browning added. The new company will give the Seaboard group a combined working capital of $5,000,000. New Offering of Hotel Bonds on Mart Today New financing scheduled for distribution to Pacific Coast investors today includes $1,850,000 first mortgage gold notes of the Beach Hotel Company, due July 1, 1931, priced at 100 and accrued interest to yield 6 per cent, to be offered by A. G.

Becker Co. The notes will be secured by a direct closed first mortgage on approximately 418.000 square feet of Chicago real estate owned by the Beach Hotel Company Otis Hemphill, Noyes Co. and Peabody, Smith Sc are offering $1,500,000 Bowman-BUt-more Hotels Corporation three-year 6 per cent gold notes, due July 1, 1931, priced at 100 and accrued interest to yield 6 per cent Proceeds of this Issue will be used to retire current indebtedness and to provide for additional working capital. the most from the abnormal flow of coal abroad as the result of the coal strike. New York was in first place in exports and Los Angeles in fourth.

twelve months totaled while the gain In the last thirty day aggregated approximately $700,000. Cash on hand as of June 15. amounted to $664,712 with Invested in bonds. Members of the syndicate which acquired control of the association. In addition to Mr.

Woodruff and Eastman, include A. Schleicher, president of the Samson Tire Company; W. C. McDuffle, general production manager of the Shell Oil Company; David P. Ho wells, president of the Western Costume Company; Ralph F.

Huntsberger, real estate: A. E. Grow, president of the Equitable Building and Loan Association of Pasadena; Frank E. Eck-hart, president of the Y.M.C.A.; C. W.

Lefflngwell, F. A. HartwelL real estate; and W. S. Wltmer, real estate.

i I i i I OIL BOOSTS TONNAGE Petroleum commerce has been the chief influence behind the rise of Los Angeles Harbor among the leading exporting porta in the United States. The indications are, according to the Chamber of Commerce figures, that this harbor will again rank first as an exporter of capitalization. i petroleum and its products, although the rivalry is close with New York and New Orleans. Cotton is the second largest item of export in point of value, but in this commod- itv T.A Anpplps Tforhnr ranlra tvpll DIVIDEND DECLARED BY ARIZONA PACKING i down in the list of American ports! PHOENIX, July 2. (Exclusive) Building-Loan Associations in New Control Controlling interest in the San Pedro Building Loan Association and the Bell Guaranty Building II i i Announcement is made that the Arizona Packing Company, operating near Phoenix, has declared Its first dividend of $1 a share to 135 stockholders.

Profits 6ince organization in 1919 have gone into development, with present assets of about $3,000,000. Last year's sales approximated $4,000,000. In the shipment of sardines abroad, first Los Angeles Harbor and then Monterey take national precedence. The question of world leadership has never been definitely settled, because of the difficulty of getting accurate figures from some of the Norwegian ports. Los Angeles Harbor easily takes the world leadership in the export of citrus fruit, and also in honey.

Most of the Los Angeles honey is consigned to Germany. The shipment of oil-well machinery is also Loan Association has bee nacqulred by the Angelus Building Loan Association of Los Angeles, officials of the company announced yesterday. Opening of the Los Angeles office of John Nickerson St Co. today marks the advent of this company into the retail Investment banking field on the Pacific Coast. The Pacific Coast operatloas of this company are under the direction of G.

W. Swinburne, and Robert H. Huff has been appointed resident manager for Southern California. John Nickerson Co. is one of the pioneers in the sale of public-utility securities.

The first preferred stock of the Pacific Gas and Electric Company was marketed through this organization, which marked one 6f the first distributions of a public-utility preferred stock to the utility's own The newly acquired institutions were consolidated yesterday with the 1 i one of the largest items from here. For first-place position in this article of commerce, Los Angeles and Check Your, Requirements for July funds with our Angelus raising the resources 01 tne latter more than $200,000 to approximately $2,000,000. The Angelus in turn is controlled by the Atlas Holding Corporation. No change will be made in ths New 'York harbors are the chiel competitors. list of recommended in Title Company Stock on Curb personnel of the two companies and they will continue in their present locations as branches of the Angelus which has also a branch in Glendale.

The Atlas Holding Company operates a number of associations in the State and has about twenty branch offices. Filter Company Stock Floated Pickwick Buys vestments. Utility, corporation, industrial and first mortgage bonds. Also sound investment stocks. Copy en Ttquttl.

Phone, Call, Write. Reward jfi.Ralh (cmpanj f.t.Ki.l,. 1910 Investment Securities til Pacific MutuiJ Bids to Angela jhm TRinity 1164 4 New Stage Line Purchase eit the Auto Transit For July Investment WITH offices in the principal American cities, BLYTH, WITTER CO. are assisting thou- sands of banks, institutions and conservative individuals in the sound investment of July funds. The broad experience and exceptional facilities of this organization are at your disposal to aid you person-' ally in selecting from every market those securities which are best adapted to your individual requirements.

For your consideration, we offer FOREIGN BONDS Commonwealth of Australia, 4 ...1956 5.20 City of Copenhagen, 4 V-i ....1953 5.25 Brandenburg Electric Power 1st 6" 195" 6.50 Republic of Peru, 6 .........1960 6.55 German Central Bank of Agriculture, 6 1938 6.62 Province of Upper Austria, Ext. Sec. 6 1930 6.75 Department of Antioquia, 7 1957 7.29 European Mtge. Inv. Series 7 1967 7.30 PUBLIC UTILITY BONDS Pacific Gas Electric 1957 4.60 San Joaquin Lt.

Pr. 1st Ref. 5. .1957 4.87 Midland Counties Pub. Serv.

1st Mtg. 5 1957 4.95 Southern Counties Gas 1st Mtg. iy2 1968 4.95 Associated Gas Electric 5 ...1968 5.00 Illinois Commercial Telephone 5 1948 5.00 Nevada-California Electric 1st Lien 5.. 1956 5.37 Associated Telephone Utilities 5........1942 5.50 Western Power 512 1957 5.50 Oklahoma Natural Gas, 5. 1948 5.50 Illinois Power Light 1957 5.60 Dixie Gulf Gas 1st 6V2 .1937 6.55 CORPORATION BONDS Pacific Investing 5.:.

.1948 5.05 American, British Continental 5 1943 5.30 New York Dock 5 1938 5.40 Susquehanna Silk Mills, .1938 5.50 Emporium Capwell Conv. SVz 1942 5.75 Hawley Pulp Paper 6 1946 5.77 Marblehead Land 1st 6 1948 6.00 Southwestern University Realty 1st 6 1942 6.00 McCord Radiator Mfg. 6 1943 6.05 Grays Harbor Pulp 1st 6 .1943 6.10 Garden Foundation, 1st Mtg. 6V4 1937- 6.15 Professional Building, 1st 1943 6.50 American Silica 6V2 1943 6.50 PREFERRED STOCKS Massachusetts Utility Investment Trust 5.... 5.26 Abitibi Power Paper 6 5.88 Illinois Power Light 6 6.00 Cement 6.....

6.00 Illinois Commercial Telephone 6.06 North American Car 6. 6.19 The. Maytag Company, Cum. 1st 6.... 6.19 American British Continental 6....

6.25 Pacific Investing 67o 6.32 Oklahoma Natural Gas 6 6.50 Hawley Pulp Paper 7 7.00 Accrued Interest to be added. Subject to Prior Sale and Change In Price. Circulars descriptive of any of these Issue will be gladly mailed you on request, without obligation. Common stock of the Title Insurance and Trust Company has been admitted to trading on the Los Angeles Curb Exchange, officials of the company announced yesterday. The company is capitalized at $3,000,000 and has outstanding shares of common stock of a par value of $100 each.

Capital and surplus is reported at $9,000,000. Dividends have been maintained at the rate of 20 per cent per annum for the past two years. STAIR ADVANCED TO HEAD OF AZUSA BANK London Daily Radio Company, operating between Snn BY ABTHUB W. KIDDY Franctsco, Santa Cruz, watsonviue and Monterey, was announced yes-fprrfnv hv the Plnkwick Corpora Announcement was made yesterday by E. H.

Rollins Sons and Crocker Securities Company that the and stock of the recent merger of the Oliver Continuous Filter Company and the United Filters Corporation into the Oliver United Filters Incorporated has been oversubscribed. The offering price of the stock was $29.75 per share, which is preferred as to assets and dividends and the price of the stock was $23 per share. It is expected that these stocks will bo listed on the San Francisco Stock Exchange. In the interim they will be traded on the San Francisco Curb Exchange on a "when, as and if issued basis." tion. Consolidation of the new company with the Pickwick Stages Sys tem, a subsidiary 01 tne fickwick Corporation, la planned.

This new acquisition adds to tne wimnanv'i network of lines In the State and does not conflict with the lines operating from San Francisco to San Jose which is along a differ Copjrljht, 192K, New York Efentnf Pot. Ins. LONDON, July 2. (By wireless) The markets here today had not recovered fully from the money squeeze at the end of the month and the adjustmenC of speculative positions. Prices were unsteady, es-Pbcially in the investment market.

Industrial and speculative descriptions were quiet Government stocks were steady except the war loan, which was easier on Saturday's money tightness. Railways weakened further on trade union views expressed at the labor conference. Rubbers were very idle. RIGHTS STATUS SET ent route, according to tne fickwick management. OIL FINANCING AIM San Diego Bond to New Bond and Share Concern Specialize in Line Issue Awarded STOCKS A syndicate consisting of R.

H. Moult on Security Company and Harris Trust and Savings Bank Banks. Huntley Co. Mamktn Im Aitfda Stock Euhanjt 1212 Stock Exchange Eldg. PHONB TRlNITT 9161 AZUSA, July 2.

(Exclusive) For thirty years president of the First National Bank of Azusa, W. R. Powell was succeeded by Joseph B. Stair at the annual directors' meeting Saturday. Mr.

Stair automatically becomes president of the Azusa Valley Savings Bank, which is owned by the First National. Oher changes in the directorate included the election of E. H. Phil-leo, as vice-president of the savings bank, succeeding Mr. Stair.

The Azusa Valley Bank was merged with the First National in 1906 and was organized with an invested capital of $15,000. CHAIN STORE SYSTEM DECLARES DIVIDEND NEW YORK, July 2. UP Dires-tors of F. W. Grand Stores Company declared an initial quarterly clvldend of 25 cents on the common stock today, putting the cn all basis.

It is payable ths 20th Inst to stockholders of record the 14th Inst. The regular quarterly dividend of $1-62 payable August 1 to stockholders of record the J4th was declared on the interred. It was announced that expansion in California was initiated with the opening of a store In San Francisco June 29. MAIL ORDER HOUSE SET NEW HIGH CHICAGO, July 3. Of) Montgomery Ward Co.

enjoyed the greatest June sales in its history, the June statement today showing total sales were $19,179,246 compared with $16,697,933 in June 1927, an increase of 14.86 per cent. Sales for the first six months of this year were $96,567,915 as compared with $92,236,614 a year ago, an advance of 4.70 pw cent. was the successful bidder- for $1,315,000 San Diego city school district 4l per cent bonds due serially 1928 to 1948 and $998,000 San Diego high school district 4'4's due the same date, it was announced yesterday. The syndicate paid for a part at 4V4 per cent and for the balance at 4 per cent of the city school district bonds, and for the high school district bonds, $785,000 at 4 per cent and at 4 per cent. Other bidders were Merchants' National Company, R.

E. Campbell American National Company and the Detroit Company. ADVERTISING OFFICIAL GOES TO CONVENTION A. M. Clifford Investment Counteloi mud Financial Analy! "No Securities to SeW Organization of the Petroleum Bond and Share Corporation.

Incorporated under the laws of Delaware, with an authorized capitalization of $2,000,000, consisting of 20,000 shares $7 cumulative preferred stook and 30,000 shares of common stock, both without par value. Is announced. The new corporation will be engaged in investing in and facilitating the financing of companies engaged In or affiliated with the oil Industry. John M. Lovejoy, formerly vice-president and maneger of the Amerada Petroleum Corporation, has been elected president of the new company.

The directors are Mathew C. Brush, president, American International Corporation; W. A. Har-rlman. chairman of board.

W. A. Harriman John M. Lovejoy. president; Judge Morgan J.

O'Brien of O'Brien. Boardman, Fox, Memhard Early; Joseph F. Ulhlein, chairman of board. Second Ward Savings Bank, Milwaukee, and G. H.

Walker, president, W. A. Harriman Ss and Cornelius F. Kelley, president. Anaconda Copper Mining Company.

BANK CLEARINGS UAIN Bank clearings for the Huntington Park district for the first six months of the current year amounted to $15,325,791. according to a report issued yesterday. This compares with $13,367,958 reported for the previous six months, and with $12,285,133 reported for the corresponding period last year. Bay City Curb Fixes Trading Basis of Italo OU Security Governors of the San- Francisco Curb Exchange have ruled that the Italo Petroleum Corporation rights would be traded on the exchange on the basis of three and one-third rights as requirement for purchase of one unit of the company's stock, consisting of one share of 7 per cent preferred and one share of common. At the closing quotation of 30 as of June 29, when the ruling was made, It would take three and one-third rights, or $1, to acquire a warrant to purchase one unit A.

G. Wilkes, vice-president and general manager of Italo, stated that this ruling affected only those rights offered on the exchange, and that the company would recognize the warrants issued to stockholders prior to June 1 on the basis of one warrant as requirement for the purchase of one unit of stock. These warrants were issued at the rate of three warrants for every ten shares held by stockholders prior to June 1. VISIBLE GRAIN NEW YORK. July 2.

The visible supply of American grain shows the following changes in bushels: Wheat decreased 2.143.000; corn decreased 2377.000: oats decreased 1.056,000; rye decreased barley decreased 233.000. Blyth, Witter. Co. Fifth Floor, Pacific-Southweit Bank Bldg. 215 W.

Sixth Street Lo Angele Phone MUtua' 7171 PASAPEN'A 101 Pacfflc-PmithwMt Bank Bids. VOKQ BRACH f04 Puclrtc-BoxjthwMt Bank Bids. SANTA ANA 417 Flmt Nation! Bank Bid. BAN' rJEGO lfll-l John T. Spreckela Bldf.

SANTA BARBARA I S45 San Marcoi Bldf. Advifl with clients upon Bond and Stock Specialize In periodic review of clienti' invtttroents a mott dviiable measure. Conducts special investigations and analytical research work. Booklet upon request. Stick Eidtip WMi Herman A.

Nater, president-elect' of the Advertising Club of Los Angeles, left yesterday afternoon to attend the International Advertising Clubs of the World convention to be held In Detroit from the 8th to the 12th Inst. Mr. Nater Is assistant vice-president of the Bank of Italy, and has just returned from Honolulu, where he was a delegate to the convention of the Pacific Coast Advertising Clubs. At the latter convention he was awarded a cup for the best three-minute Impromptu speech. SEATTLE PORTLAND PISTON ATLANTA XKW YORK LONDON AS FRANfTSCO CHICAGO 1 i 1..