Evening Star Newspaper, September 11, 1929, Page 10

Tt RETAIL SALES GAIN | INEIFTH DISTRICT = - August Business Better Than Year Ago—New Building Association Formed. BY EDWARD C. STONE. Department store sales for Augush were 5 per cent larger than in the correspondlng month a year ago, accord- ing to preliminary reports made to the Federal Reserve System by 446 stores. Increases in total sales were reported by 288 store and decreases by 158 stores. The change in sales varied con- siderably for dif- ferent parts of the country, ranging from an increase of 9 per cent in the Boston Federal Re- serve district to a decrease_of 8 per cent in the Minne- apolis district. Sales in g“ terri: tory in the m;x}"xd Reserve di.strlct gained 5.4 per cent. Percentage changes in total sales be- tween August, 1928, and August, 1929, are given by districts in the following table: Corcoran Thom, «Percentase of Tncrease or decrease in ‘Aug. come . No. of stores Teporting: t 1938, Tncrease Decrease. United Stales +4.7 288 158 Boston ...... New York.... Philadelphia. Cleveland Richmond ... Sy b4 |4 14 w © "'.“”.‘"!“’.’“.’"9‘.‘"."‘!" Wi D 0D b0 - San Fr: ‘The month had the same number of business days (27) this year and last year. In and Out of the Local Banks. Corcoran Thom, president of the American Security & Trust Co., has returned to his desk after & six-week vacation, spent in a trip abroad. He Teports a most enjoyable tour. Francis G. Addison, jr. vice presi- dent of the Security Savings & Com- mercial Bank, was observing a birth- day anniversary today, receiving con- gratulations. Mr. Addison is one of the city’s most active younger bankers, is a former president of the District Bankers' Association and has held his present position in the bank for sev- eral years. He's just 42 today. The officers and directors of the Franklin National Bank have sent out invitations to the opensng of their new bank building on_ Connecticut avenue, near L street. This is the home of the bank's branch, the quarters hav- ing been greatly enlarged in recent months. The opening takes place on next Monday, September 16, when the hank will be open from_ 9 am. to secretary of Commerce Lamont finds a continuance in general upward trend in business this year, as compared with the corresponding periods of previous years, and a decided steadiness from month to month. New Building Association Formed. ‘The Chevy Chase Building & Loan Association has just been organized, & charter having been granted by the State of Maryland.” Such an institu- tion has been under discussion in Chevy Chase for several years and its estab- lishment is considered an important financial step in that territory. The president of the new organization is Edward H. Jones, former president of the Chevy Chase Savings Bank. . As the association is a Maryland cor- poration it must maintain its principal office in Maryland. Quarters have been-| secured at 5506 Wisconsin avenue. The officers state that the new organization aims to furnish a safe plan for the purchase of homes in Chevy Chase and also to provide a savings plan for the members. In addition to the president, Mr. Jones, the officers are Frederick A. Schmidt, vice president, and J. Horace Smithey, secretary-treasurer. ‘The directers include the above offi- cers and Sidney C. Cousins, R. W. Eisinger, Diller F. Groff, M. Rea Shafer, Clyde E. Culp, John R. Clark, Willilam L.lCrem, jr, and A. H. Fergusen, coun- sel. Peoples Drug Earnings Advance. Sales of Peoples Drug Stores, Inc., for August totaled $1,357,584, in comparison with sales of $933,447 in the same moleh in 1928, or a gain of 45.4 per cent. For the first eight months of the present year Peoples Drug _sales amounted to $9,792,084, against $7,062,- 891 in the corresponding period last year. This is an increase of 38.6 per cent. The company's preferred stock is now selling on the Washington Stock Ex- change around 117, ex-dividend. * Local Dividends Declared. At the regular meeting of ‘the board of directors of the Continental Trust Co. held today, the regular quarterly dividend of 1!, per cent was declared, Elyflble September 30, 1929, to share- olders of record September 24. At a meeting of the board of direc- tors held yesterday, the regular quarter- ly dividend of $2.00 a share on the pre- ferred stock of the Federal Storage Co. was_declared payable October 15 to stockholders of record at the close of business September 30. Riggs Again Features Market. Riggs National Bank stock again fur- nished the feature on the Washington Stock Exchange today, when the price Jumped 71 points from yesterday, one share of the stock selling at 617%2. The stock closed last week at 590. It opened Monday with a sale at 597% changed hands yesterday at 610 and closed today at 617'%. The regular semi-annual 72 per cent dividend, coupled with the extra 2'; per cent dividend declared late Monday, have no doubt figured in this week's ad- vances. It closed today with 612 bid and 620 asked. Other local stock sold today arcund recent levels, ~Somebody wanted a single share of Capital Traction and paid 94 for it. Mergenthaler was 10415, ex dividend. Woodward & Lothrop pre- ferred came out at 108 and Rlnw-v & Electric preferred sold at 977 More interest was mlnllfited in the bond division today than for several sessions. The gas issues took the lead in this trading. Automobile Exports Up. Exports of all almunotlve products in .Yuly. 1929. totalled $49,385,999 com- pared with $46, 520 MD for July. 1928, 2,832,550 according to De: Seur and 836,244,444 In 107 r "..luly production showed a seasonal tput 59 per ‘cent and trucks 19 per cent. s llh ?:;aever, :!m::d big nin:lcover Tnciéasing 26 per cent, and 'trucks 31 per cent. Issue Ovemblofia —Prev. 18- - BSV- Abitibi Power & Pap 6 36 AIrWalElAp(2% 4 Ajax Rubber, 4%’ Alaska Junea 27% Alleghany Corp 42% Am Com Ale (k1.60). 47% 23% Am Encaust Til (2).. 9814 82% Am European Sec... 173% 75% Am & For Power. . 108% 104 Am & For Pw pf (7). 103 88 Am & For Pw 24 pf.. 24% Am Hawallan (1). 6 Am Hide & Leathe 30% Am Hide & Lea pf. 64 Am Home Prd (3.60). 102% Am Locomotive ll). . 147% Am Mach & Fdy(15). 98% Am Pow & Lt f (6). 55% 40% Am Ra&Std San1%. 64% 31 Am Republics. .. 144% 106% Am Roll Mill (e2). % 31 Am Seating (3). Am Steel Fdy (3) Am Stores (2)... 67% Am Water Wks (el). 15 Am Woolen.. . 36% Am Woolen pf. 9 Am Writ Paper ctfs. 22% Am Zinc LA&Sm...n 90% Am Zine pf. .. 2 99 Anaconda Conr (’I).. 1000 62% Anaconda W&C (3).. 8 43 Anchor Cap (2.40)... 75 102% Anchor Cap pf (6%). 44% Andes Copper (3) 29 Archer-Dan-M (2)... 84% Armour Del pf (7)... ey 45% At1G& W Lpf (4).. 631 Atl Refining (12) 90 Atlas Powder (4) 221 Auburn Auto (34) 5% Austin Nichol , 22 Autosales.. 361 Autosales pf (3). 15% Aviation Corp. Del 60 Baldwin Loco (new). 59 115% Balto & Ohio (6). 540 4 123% Balto & Ohiofp (6).. 75 Balto & Ohio pf (4).. 6415 Bang & Aroos (3% 33% Barnsdall (12%) 20 BeaconOfl...... 93% Beatrice Cream (4) 73 Beech-Nut Pack (3).. 9 Belding-Heminway.. 81 Belg NRy pt pf (16). 78 Bendix Aviation (2). 75% Best &C0 (3)..... .0 8214 Bethlehem Steel (6). 116% Bethlehem St pf (7). 424 Bloomingdale Bros. . 110% Bohn Alum&Br(t4) 831 Borden Co (3)... 77% Borg Warner (4) 35% Briggs&Stratton(2). 39% Brockway M T (3). 57% Bklyn-Manhat (4). Bklyn-Man pf (6) 3814 Bucyruscv pf (2%4).. 44 Bullard Co (12)..... 62% Burr Add Mach(80¢c) 9% 3% Butteé Copper & Zinc. 192% 120% Byers (A M. 37% 31% By-Prod Col ——Ce 84% 172% Calif Packing (4)... 19 82% 4 1 Callahan Zinc& L... 18 2% 136% 123 Calumet & Ariz (10). 16 128% 61% 36% Calumet & Hecla(4). 49% 43 Campbell Wyant (2). 98% 178 CanadaDryGA (5). 265% 218 Canadian Pac (10).. 48% 35 Cannon Mills (2.80) 440 308 Csse (JI)ctfs(6)... 36 56% 40% Cent Alloy Steel (2). 8l'l 79% 52 Celotex (3)..... Cent RR of NJ ('12). 18c0 (6). . 16% Certain-teed Prod... 279% 195 Ches & Ohio (10).... 79 Chesapeake Corp (l) 46% Chi Mil St P&Pac Dl’. 80% Chi&NW (4). e 1 28% Chi Pneu Tool......: 48% Chi Pneu T pf (3%). 143“& 115 ChiRI&Pac (7).... 102% 98% Chi RI& Pacpf (6). 108% 105% Chi RI & Pac pf (7). 75% 44% Childs Co (2.40). 185 66 Chrysler Corp (3). - - 99%, 109 103% Colum G&E pf A(C). 88% b55% Columb Graph(87c). 70% 61 Col Graph ctfs(87c). 228% 121% Columb Carbon t4%. 62% 43 Com Credit (2)..... 50% 50 Comm CreditA (3) 212% 131% Coml Inv Trust (34) 69% 27% Com Inv Trst war. BM 225% Com Solvents (h8) Cong Cigars (15%)... 60% Consol Cigar (7). 22 Consol Film (2). 50 Consol RR Cub pf(§) 2% Consol Textjle. . 12 Contaliner Corp A. 84% Curt Wright Corp A. 58% Cutler-Ham (3%). .. 42% Davison Chem 33% Debenhams (a 8915 881 12 614 and d Rate. M‘W-!ln. Low. 0;1-*.0_- 84% 84y il 101% 102% 14% 14% 34 32% 116% 111% '54% 52% 30 30 98% 98% 20%, 21% 114 118% 112% 112% 1 1 4 136% Greene Can Cop (8).. Stock and Dividend Rate. _Add 00. High, Low. Du Pontde N(143%). 185 218 214 e e Pl Eastman Kodak(18). 14 205 3 59 ElPwr & Lt of (1), Emmerson-Brat A, | Endicott-John (5) Eng Pub Serv (f1).. Eng Pub 8ve nf (5% ) Euulubl. Buupfl EMoRRo.corsstoar Erle R R T8t pf (4) .0 Evans Auto L(32%). Fairbanks Morse (3) Fash Pk Asso(k2%). Fed Motor Tr (80¢).. Fid Phen F Ins (2).. First Nat Stores 1%. Fisk Rubber. Fleischmann (14) Flelachmann ctfa 14 Florsheim Shoe A Follansbee (12%)... Foster Wheeler (1).. Fost Wheeler pf (7). Foundation Co. Fox Film A (4)..... Freeport-Texas (4) Fuller pr pf (8.68) Gabriel Snub Gamewsll Co Gen Asphalt. 104% “Gen Asphalt 87% Gen Cable Gen Cigar (4) 219 Gen Electric (16)... 11 Gen Elec spec (60c). 62% Gen'l Food Corpn (3) 70 Gen Gas&El A (e1%) 112 67% Gen Mills (13%6).... 1 664 Gen Motors (13.30).. 649 1 ' 107%s Gen Motorsdeb (6).. 122'% Gen Motors pf (7)... 12 27% Gen Outd Ad vte (2). 12 10 1 Gen Refrac (14). Glllette Safety R (5). 29% Gimbel Brother: 36% Glidden Co (m32). 28% Gobel (Adolf).. Goodrich BF (4). Goodyear Tire (5) % 101 Goodyear 1st pf (7).. 83% Gotham Silk H (2%) 7 Gould Coupler. 22% Graham-Paige 624 Granby Consol ('l). - 77% Grand Stores (1). Grand Union pf (4). 43% Granite City Stl (3).. 114% Grant W T (1). - 101 Grt North pf (6).... 100 Grt North pfet (5).. 25% Grt Nor Ore (al1%).. 32% Grt West Sug (2.80). - 55% Grisgby Grunow @o.. 32% Gulf Mo & North.... 55% Gulf Sta Steel (4)... N ~SesSalnosnaa 45% 1 66% 304 Hahn Dept Stores... 28 31% 90 Hahn Dept S pf(6%). 1 23% HartmanA (2)...... 3 20% Hartman B (1.20)... 25 60 Hawailan Pine (2).., 28 Hayes Body b8 % stk 97% Helme (G W) (17)... 64 Hershey Chocolate. . 80 Hershey Choe pf (4). 104 Hershey Ch prpf(6). 15 Hoe (R) & Co.. 34% Holland Furn (e3%), 13'% Hollander & Son..... 37% Houd Hersh B (1%). 45 Househd Fin pf (3).. 62 Household Pra (t4)., 681 Houston Ofl.... 5614 Howe Sound (94%).. 34% Hudson & Man (234). 75% Hudson Motor (5)... 38% Hupp Motor (£2).... 132% Illinois Central (7).. 29% Independ O11 & G (2). 13 Indian Motor Cycle.. 19% Interboro Rap Tran.. 814 Intercontinental Rub 6l Intl Agricultural.... 149% Intl Business M (5).. 67% IntlCement (4)...cs 54% Intl Comb Eng (2)... 92 Intl Harvester (23). 47% Int Hydro El A (e2). 200 €6% Intl Match pf (3.20). 19 26% Int Mer Marine etfs.. 13 40% Int Nickel of Can(1). 25 Intl Pap & P A(2.40). 14% Intl Pap & Pwr B. 10% Intl Pap & Pwr C, Intl Pap & Pwr pt(7) 43% Intl Print Ink (23).. 78 Int Tel & Teleg (2).. 554 Inter Dept St (2).... 64 Investors Equity(2). "19 6 49% Island Creek Coal(4) 4 61 ———— 68% Jewel Tea (3).. 152% Johns-Manvilie (3). 5% Jordan Motor Car. 78 Kan City Sou (5). Kayser Julius (4) 94% Keith-Albee-O pf 9% Kelly-Spring Tire, 40% - Kelsey Hayes (2) 66% Ludlum Steel (2) 98% Ludlum St pf (6 4 62% lMcKeesport T P (4).. 10 3% gfi% McKesson & Rob (2) McKes & Rb pf(3%). Inu(RH)&co(ufl) 17 241 3 18 16 Mlndel Brothers. 24% Man Elec Supply. 81% Man Elev mod (d5). 25% Man Shirt ‘O’I,l" 11% Miller Rubber. .. Minn Moline Pwr. Motor Meter G & B. . Motor Products (17). Motor Wheel (4).. Mullins Mfg. Murray Corp (a3). Myer(FE)& Bro (2).. Nash Motors (6).... Nat Acme (1% ).aeee Natl Air Tran Natl Bella Hess(31). Natl Biscuit (16%).. Natl Cash Reg A (16) Natl Dairy(c1%).... Natl Dept Stores. ... Natl Distiller: Natl Lead (5). Natl Pwr & Lt (1)... Natl Radiator... Natl Radlator pf Natl Rys Mex 2d pf.. Natl Supply (18) Natl Surety (5). Natl Tea (1 Nevada CODD.I' (l) Newport Co A (3). 4 N Y Central (8). Norfolk South (!li )- Norfolk&Wstn(t10). North Am(b10 %stk) North Am pf (3) ) North Am Ed pf (6).. Nor Ger Lloyd(3.41). Northern Pac (5). North Pac ct (5) 011 Well Supply. Oliver Farm Equip. Olivr Fr Eq pf A(6). Olivr Fr Ep ev pt(3). Omnibus Corp. . ..... Otis Elevator (6). Otis Steel. ... Otis Steel pr pf (7) 11 Owens 111 Glass (4).. 16 'I“ P— Pacific Gas & B (2).. :l 89% Pacific Lighting (3) Pacific Ofl stubs....s Packard Motor (15). 4 Packard Mot (mew).. Pan-Am Petroleum. . Pan-Am Pete B.....: Panhandle P & Ra, .. Paramount-F-L (3).. Park & Tilford (33).. Park Utah (80c) ! Pathe Exchange. Pathe Exchange A... Patino Mines (3.89).. Peerless Motor Car.. Penick & Ford...... Penn Dixle Cement. . Penn Dixie Cm pf(7) Pennsylvania RR(4) People’s Gas Chi (8), Pere Marquette (18)., Pere Marq pf (5) Phillips Pete (13%4) . Phoenix Hoslery. Plerce-Arrow A. Plerce Ofl..... Plerce Of1 pf. Pillsbury F1 (12%). Pirelli Co A (2.88) Pittsbgh Screw 1.40.. % Prairie 0 &G (2%).. Prairie Pipe L t434.. Pressed Steel Car..., Pressed Stl C of (7). Proctor&Gamble(2) Prod & Refiner; Pub Sve NJ (2.60). Pub Sve NJ pf (5) Pub Sve NJ pf (6). Pub Sve NJ pf (7) Pub Sve E&G pf(6). Pullman Corp (4). % Punta Alegre Sugar. Pure Oil (1%).. Purity Bakeries (. Radlo Corp..... Radio pf A (334) Radio pt B (5).. Radio-Keith-Orph A 131 Railway & Exp (2).. Reading (4)...... Reading 2d pf (2)... Real Silk (5)..0v0vus Reis (R) & Co.. Reis (R)&Co 15t(7).. Remington-Rand. Reming-Rnd 1st (7). Reo Motors (11.60).. Rep Brass pf (7).... Rep Iron & Stl (4) Reynolds Spring. . Reynolds Tb B(2.40). Richfield Ol (2)..... Rio Grande Oil (k2). Ritter Dental (23%).. Rosaia Ins (2.20).... Royal Bak Pwdr(1).. Roy Bak Pow ctfs(1) Royal Dutch (a3.20). ess Rutland pt..... Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (6) St L Southwestern. . Savage Arms (2). Schulte Retafl Str: Seaboard Alr Line. .. Seaboard Afr Line pt Seagrave (e1.20).... Sears Roebck (32%4). Seneca Copper...... Servel INC..o.covevent Sharon Steel H (2).. Sharp & Do pf (3%). Shattuck (F G) (1).. Shell Union (1.40)... Shubert Theater (5). % 1 Snider Packing. Snider Packing nl. . Solvay Am In pf 5%. Southern Cal Ed (2). Southern Dairies B. . T et Mlmn Low. ctoss S 167% lzl Southern Pacific (6). 20 150% 149% 149% 150 45 34 So P"WR'""“. 4% 34w 34% 34% “2!& 138 | Southern Rwy (3 llg'b I:D l::t 15’% 624 524 52\‘ 65% “96 40 56% s 8% 70 lnhnl-ll-y-l& (l) o, Bo 80 88% Standard Brands....2570 44% 42% 42% 80% Stand Gas & El1 (l") l‘ll 200'4 l’l% l!‘l 193% Stand G & E pf (4, 63% 64! Stand Inv Corp... 4 l‘% AT% Stand Ofl Calif (13). 22’ 1% Stand Oi1 N J (12)...2905 80% Stand OII N Y (1.60).. uw Sterling Sec (A). Sterling Sec pf 11.: 35 Stewart Warn(j3%). 67% Stone & Webster.... 2! ISB"A mx T8% 1% 72% Superior Oll 16% Superior Ste > 3% 20 ‘Tenn Cop & Ch (1). 194% Texas Corp (3). 673 ‘Tex Gulf Sul (4). Texas & Pac (5)..... ‘Texas P C & Oil (b6). Texas Pac Land Tr.. Thatcher Mfg. ‘Thatcher pf (; The Fair (2.40). ‘Third Avenue ‘Thompson J R (3.( ‘0) ‘Tide Wi As ‘Tide Wat Asso Dl(') 85~ - o S REm el omen ‘Tide Water Oil pf(5) Timkn Det Axle 180c e Timken Roller (3) ll)fl‘lfi no% ‘Tobacco Prod 1.40 5 12 13% ‘fob Prod ctfs 1.40 3 Tobacco Pr A (1. Tob F'rod ctfs A 1.4 6 * ' 17% 13% 521 19% V——— Underw-El-Fish(4).. 13 155 155% Union Bag & Paper.. 7 31 82w Union Carbide(3.60). 132% 1854 Union Ofl Calif (2). . 50% 52% Union Pacifie (10)... Union Pacifie pf (4).. Utd Cigar Store: Utd Cgr Stor cl(lll) Utd Cigar St pf(6).. t bs Utd Gas & Imp Utd Paperboard Utd Piece Dye U S Distributing. U S Distrib pf (7) 89 91 109% 114% 32 32 200 206% 2" 23 33% 33% Pipe & Fdry (2). 35 304 31 Pipe 1st pf (1.20) 16% 16% Pipe 2d pf (1.20) 19% 19% Reaity (5). 931 93% Rubber. 50 51 75 5% 52% 524 2381% 240% 143% 143% 85 85 8% 57 e Walgreen pf (6%) g-l-urm (1.20) Warners Bros P 13 * Warn Br P p£(2.20) - 35% - ERNNNNRB N e » o 37 220 224 2224 Westngh Air Brk(2). 591; 61% 61 Westngh E1&M (4) % 260% 265% 260%.| Weston El Instru.... 52% 53% b54% Westvaco Chlor (2). 22 3 79 White Eagle Oll (2). 35 White Motor (1).... * 45 White Rock M S (3). 4 52 5214 White Sewing llua. 18 Wilcox Rich B (¢2).. Willys-Over (c1.20). Willys-Over pf (7).. Wilson & Co. Worthington Pump.. l 18% 1 17% Worth Pump B (6).. Wrigley Wm “..i“ y % Yale & Towne (4) Yellow Truck & C. Young Sp&W (12%). 113 59% 5814 58% Young Sheet & T (5) T 142% 141 142% lll —_—— Zenith Radio (2).... 33 46% 44 4 % 45% 4% AmTobB .. 12% 1% 11% 124% LT R TR b3 Y % % 5% b% 5% % 1 % 1 1 Mathieson Alk (rts). 2 1% 2 1% Murray Corp...Oct 1 124 12% 12% 12% Nat Dairy 2% 2% 2% 2% % Warner Pic of' Stocks 10:30 AM., 1:30 P.M., . Dividend s e S LR e i sUnit of trading less than 100 shares. ¢Part! 418 stock: TPe s in Draterred” stoek. Jes 1T T sront bt (et SR M ".'.Jfll.,,,",.,.; oy Special Dispatch to The Star. BALTIMORE, Md., September 11.— Potatoes—White, barrel, 1.50a4.50; 100 pounds, uo-;.no, veet potatoes, bar- Tel, 1.50a425; 3.2583.50, bedts, 100 poands, 3.0084.00; bushel, 90a1.20;- cai ‘hampe nds, 2.0084.00; c 90; carrots, 100 ery, crate, 1.25a2.25; corn, dozen, 15a 75a1.00; egg- lectuu. crate, , 60a1.00; squash, hamper, F3ads; tomatoes. per, 30a50, canners’ stock, bushel, 7 it "aas: samiaoupes: hith ef 7 loupes, 50a1.00; mleberflu, quart, 208 per, 751100' pears, ['7. Po:‘lh'; uve—sprl emclum — , &l Ing 3 2583: orns, 23a28 18a20; ol hem 25a31; Leghorns, 24; old roosters, 18a20; ducks, 20a32; Guinea fowls, each, 40a65; pigeons, new, 56a56%; No. 3, whlu, domestic, ety Sim i “sioek. stock. K'Plus 3 xpot. new, 55a55%%. yh urw. 1.00a1.10. JPlus 8% In ‘Wall Street Briefs L—Rece pts, none. Season for old = about over.. A little new crop { By the Associated Press. lrrlvlnl but hardly enough upon ction which to establish quotations’by grades. | jargest m:onl;wlhe emll:;‘t.l;5 .o;o‘t’:; Where in good order. new hay sells at | 5 gecided slump during August from the from 1!.00 to 15.00 per ton, according | the same month last year. The figures as &lc': quality and gnn-}:tnm receipts {’,’ reported by S. W. Straus & Co., were: Straw—Little demand for straw. Re- | 3100.083.416" Fivc of the. anpe ceipts generally ample. Wheat straw, No. 1, per ton, 10.00; oat straw, No. 1, per ton, 9.00a10.00. . Live Stock Market., — Cattle—Receipts, 50 head; ll.ht su] market steady. Steers, choice, 12.75 1 ’J’M 11.75a12.50; Five additional members have hn m’“’"’" elected to the board of directors of the estern: Electric ‘They 423 | gold STOCK PRICES GAIN AS CREDIT EASES Bull Party Resumes Opera- tions on Large Scale. Market Firmer. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, September 11.—Bullish enthusiasm was at fever pitch again in today’s stock market. Lowering of the call money rate from 9 to 8 per cent, coupled with the announcement of the formation of several new large invest- ment trusts, which Wall Street regard- ed as an expression of confidence by the bankers in the general outlook, formed the background for the advance, which ran from 1 to 8 points in most of the active issues, and 10 to 20 points in a sprinkling of high-priced special- tes. Pool operators resumed buying on & large scale on the theory that the re- cent reaction had sufficiently corrected the top-heavy speculative position of the market. More activity also was apparent on the part of small traders, much of the buying from this source coming over the brokerage wires from the Middle and Far West. Oll shares attracted the bulk of the purchasing orders in the late afternoon. Standard of New Jersey reached 80%%, a pew high, and up almost 6 points. One block of 12,000 shares changed hands at 80. Royal Dutch also was marked up to a new peak at 61ls. Gains of 10 or 11 points were recorded by Simmons, Auburn Auto and National Lead, while American & Foreign Power and Standard Gas & Elect lc were up 7 points each. The rate call loans dropped to 7 per cent in lhe afternoon. The market closed strong. Trading Favorites. One of the interesting developments of the day was the heavy buying of Standard Oil of New Jersey, which was marked up 3!2 points to a new high at 78 on buym¢ believed to be for the account of investment trusts. General Asphalt rallied 3 points in sympathy with the gains in other oils of more moderate proportion. Stocks which have a so-called “scarc- ity value” were marked up in rather im- pressive fashion. American Machine & Foundry, J. 1. Case. Commercial Solv- ents, Johns Manville and Anchor Cap common and preferred were whirled up 10 to 20 points, several of them fo new high prices. Foster-Wheeler, Simmons, Jersey Central, General Electric and Columbian Carbon sold 7 to 812 points higher. A few soft spots cropped up here and there, but except for a few minutes at the opening there was little evidence of any concerted selling pres- sure. ‘Weekly steel trade reviews stressed the revival of railroad buying, but ex- plained that consumers were in no ap- parent rush to place fourth quarter contracts. Two of the leading building statistics organizations have reported a falling off in new construction. Oil output continues in excessive volume. Common stock of the Standard Brands Co., the new food products combine re- cently organized by the J. P. Morgan interests, was placed on an annual divi- dend basis of $1.50; Air Reduction di- rectors declared an extra dividend of $1.50, and Union Carbide stockholders were offered the right to subscribe to new stock at $80 a share on the basis of one new share for each 12!2 held. Opening Irregularly Higher. Strong buying support came into the market overnight, and opening prices were -irregularly higher. United Ab craft, General American Tank, West- inghouse Electric and Consolidated Gas showed initial gains of 2 to 3'5 points. General Electric, Atlas Powder and Radio advanced a point or so, and Union Tank Car moved into new high ground. Reading and Simmons Co. % | each fell back about a point. Prices were somewhat confused in the early trading, although the ad- vantage rested on the side of operators 4| for the advance. The run-up from 8 jto 10 per cent in call money yesterday |lnd the further withdrawal of British New York bankers have caused some uneasiness, as reflected in the cautionary advices of several of { the leading commission houses. 1 Pool operations were again resumed in some of the high priced specialties. American Machine & Foundry, which was one of the few issues to show a large gain in yesterday's session, ran up 5 points to another new high at 240. Johns-Mlnvma was marked up 4 points, American Bank Note 3 and General Electric quickly extended its opening gain to more than 2 points. Buying operations also were resumed in the public utility group, with Public of New Jersey, Standard Gas & Electric, American & Foreign Power and International ‘Telephone the early leaders. United States Steel moved up mho.re :dhan a point T opening un- cl FIRST TRUST NOTES A %ure and fair return with safety gnd security for your savings. Cal for partic Thos. E. Jarrell Co. Realtors 721 10th Street N.W. National 0765 First Mortgages For Sale JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James E. Connelly James F. Shea President Secretary Complete Investment Service GiLLeT & Co. BANKERS - INVESTMENT ¥~ .1 DING WASHING UN, D.C.