Evening Star Newspaper, October 2, 1929, Page 15

FINANCIAL. * BOMDSSTRINGER | o= BONDS e INAGTVE HARKET Convertibles Feature Trading, With Gains Registered in Several Issues. Epectal Dispatch to The Star. NEW YORK, October 2.—Bonds were slightly stronger today, althor the issues showed more than recoveries from yesterday's closing prices. The more active convertible issues, in which the bulk of the trading place, moved 1rregularly-during the first half session, and then climbed to po- sitfons 2 to 4 points above yesterday's last prices. Prime rail mortgages were off frac- tionally, the most notable drop being in New York Central 3':s, which lost 315 points. Others recording losses were Atchison 414s, Baltimore & Ohio 4s and Southern Pacific 4' ‘The bulk of the gains were in the high-grade public utilities and indus- trials. Standard Oil of New York, Standard of New Jersey, Duquesne Light 4l5s, Philadelphia Co. 5s and New York dison 6!2s were higher. In the junior rail list St. Paul ad- . justments, the Erie issues and Western Maryland 4s were all strong. Canadian National 4',s were frac- tionally higher in response to the an- nouncement of the new issue of $30,- 000,000 5s. Virginia Coal Output. Virginia produced 11,900,933 tons of | soft coal last year, valued at $20,375.000, of which 11,371,792 tons were loaded at the mines for shipment. Local trade consumed 111,853 tons and 39,130 tons were used at the mines for steam and heat. Coal made into coke at the mines totaled 378,158 tons. Average price per UNITED STATES. (Bales Sales. Lib3%s... Lib 1st 4%8 Libdth 4% US3%s43. US3%s47. U S 451944 US4%ss2. FOREIGN. gh. h few of [ A tional | A took | A Canada 5s 1931 Canada 5s 1952 60, 61 Chile 7s 1943..... Chiness Gov Ry 5s. Colombla 6s Jan ‘61 Con Pow Japan 7s. . Copenhagen 41 53 Copenhagen Ss ct. . Czecho 88 1951 Czecho 85 1952. ..., Danish Munic 8s B. Denmark 41 . Denmark 518 '55. . Denmark o Dutch East I 6s 47, ton of the total output was $1.71. Commodity Notes ‘ Special Dispatch to The Star. oil. SEMINOLE, Okla, October 2.—If California can effect some restriction of crude oil production the situation would soon be in hand because re- strictive measures in Oklahoma already are having a marked effect. Production here is down near the 700,000-barrel-a- day level and with the anticipated Earlsboro pool shutdown, the flow could be kept well under 700,000 barrels. Radio. SAN FRANCISCO.—Retail sales of radio receiving sets are active in this district. This trend has been supported by liberal advertising, the opening of the Fall broadcasting season and the advent of new types of receiving sets. Cotton. HOUSTON, Tex.—Cotton growers throughout Texas anticipate an advance i in prices since this State seems likely to make a small crop. Conditions in fcei'tnm counties .are described as “piti- Vegetables. EL CENTRO, Calif.—Indications to plant give evidence that the Winter let- tuce acreage in the Imperial Valley will be larger than that of 1928. Growers are receiving mild warnings against overplanting. Washington Stock Exchange SALES. Capt. Tract 55—$1,000 at 881;, $1,000 at 88!y, $1,000 at 88!y, $500 at 8814 Pot. Elec.'6s 1953—$1,000 at 108. j soncaseRE SO0 LU $500 at Y2 Wash. Gas 6s B—$100 at 10315, Cap. Traction Co.—10 at 88%, 10 at 8814, 10 at 88. Por. Eiec. 5!2% pfd.—1 at 106'3, 10 at 1067%. Pot. Elec. 6% pfd.—5 at 111%, Wash. R. & E pfd.—10 at 96'2. Liberty Natl. Bk.—5 at 235. Fed.-Amer. Co. com.—10 at 4115, Merch. Tir. & Stge. pfd.—10 at 10612, Mergenthaler Linotype—6 at 1033, 10 at 10312, 2 at 103%. Peoples Drug Store—10 at 118%, 5 at 118% . Real Est. M. & Guar. pfd.—300 at 7%. AFTER CALL. Capt. Tract. 55—$3,000 at 83, $1,000 at 38. Fed.-Amer. Co. com.—50 at 40%. Coml. Natl, Co. pfd.—10 at 101%. Firemen's Ins. Co.—1 at 431, UNLISTED DEPARTMENT. Wash. Savings Bk.—100 at 17. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4125 & suar. el. of Vu. 5 Capital’ Traction R. R City & Suburban 5s . Georgetown Gas 1st’ 8% Fotomac Elec. cons. 5. Fotomac Elec. 65 1953 Cagh.. Alex & Arscostia & Pot. C. & P. Tel. of Wasn. Rwy. & MISCELLANEOUS. Barber & Ross. Inc.. 6! Cham.-Vanblt Hotei 61 Amer. Tel & Telgn Capital Traction Co. s, oo 15 Natlonal Bank ‘of Washington. 303 22 TRUST COMPANY. Amerfean Security & Trust Co. Continental Trust Merchants. Sank : National Savings & Trust Union Trust ; 3 Washington Loan & Trusi SAVINGS BANK. Bank of Bethesa; Commerce & Sa East Washington Potomac _.. . Becurity Sav American Corcoran Fireme: Fiat 7s war *46..... Fiat 7s X war ‘46.,,. Finland § Be Hungary 73s. .... Irish Free State 5s. Italy 7s..... Italian Pub §7 Japanese 4s. Jnpanese 61 5. Kreuger&Toll 6s et. Lyons6s. . Marsellle 6s. Ml o = e wiomRaRRInANRARL NSNS Netherlands 6s 72, , New So Wa Norway 631943..., Norway 6s 1944. Norway 6148 195 Orlent dev 5% s 5| Paris-Ly-Med 68 Paris-Ly-Med 7s. Paris Orleans 5% Peru 65 1960. Peru 65 1961, Peru7s.., Poland 6s 40. .., Poland 7s (rets, Poland 8s Porto Alegre 8 Queensland 6s. Queensland 7 Rhine Wat EP 6s'53 Phine Wst E P.6s 6: 2 RhireWst EP 7s 50 Rio de Janerio 6153 Rinde Jan 8s 1546. Rio Gr do Sul 6s 48, Rio Gr Do Sul 8. Rome 6148, Sao Paulo 1950. . Saxon (PW) 7s. Seine 75 42.. Serbs Cr Slav Serbs Crot Slo 8s. .. Shinyetsu 6145 52.., Sulsson; Toho El Pow 7s. Tokio §s. ... Toklo 638 1961. ., Utd Kingm 518 37, Uruguay 6s 1960. .. Vienna 6s'52....., Warsaw 78 5! - 2 9 76 Yokohama 6s L b 9% %9y MISCELLANEOUS. Abrama&sStraus 6%s 10 107% 1075 Alleghany Cp bs 44 23 1064 105 Alleghany 6s 49 wi. 97 106% 105 AmARgriChem 7%s. 3 105 105 Am Chem 5%scv 49 65 114 112% Am Int Cor 5'%s 49. &0 116 AmSmIt& R 1st6s 22 100 : Am Sugar Ref 6s.. 1% 103 102 Am T&T ev4ls 391153 214% 209% AmT&Teltrbs.. 18 102 101% AMT&Tstbs.... 33 101% 101 Am Tel & Tel 5%: 21 105% 105 Am Water Wks b: 1 96Y% Am Wrtg Pap 6s 47. Aromur&Cod 34 =39. Armour Del b% Associated Oil AtlGulf 5859, Atlantic Refin 63 Bell Tel Pa 6s C. Bethlehm Stl pm Beth Steel rf bs Beth Steel 6% Bethlehem Steel 8l 5 1013 101% 4 3w 13 1 100% 100% 1 102% 1024 7 994 99 2 100% 190 6 104% 1045 29 1044 104 5 103 102% 984 8% % 73 2 934 93% 28 97 964 Consumdrs Pow Cuba Canecy 7 Cuba Cane 1102% 1025 Z 55% bk o 12 68 5Bl Det Edison 55 40... 2 102% 102 Det Edison 6 9 107’ 106% Dodge 6s. . 56 98 yelo Donner Steel 7 2102 102 Duquesne 4%4%67.. 6 97 96% East Cuba Sug 7%s 8 &6 8¢ JenCable5%s47.. b Uk 98 Gen Mot Ae Cor 6s. 19 10i% 101% Goodrich 7107 1067 Goodyear 19 884 88 16 99% 994 4 100 99% 6 101% 101% rets. Humble O1l §s. . Humble O & R 5% 111 Bell Tel b 111 Steel ¢ Ind Steel 6 Int) Cement Intl Mateh Int Tel&Tel %8 KanG & E Lackawa St} Lorillard +P) Lou Gas & EI b McCormck ER 6 Mauats Sugar 7 3 100% 100 5 8% sl T 99% 98y 3 4 100% 100% Tl National vsich; TITLE INSURANCE. Real Estats Title & Inv. 1 ‘Wash. Cons. Title ‘bfd - MISCELLANEOUS. Barber & Ross. Jnc . com. Chevy Chase Daiiy pld. Col. 8and & Gravel pfd. Commercial National D, C. Paper Mig pfd Dist. Natl Securitfes pfd. Storage pid. . American Co. merican_pfd Montana Pw deb b3 96% 965 Mor's&Co 18t 4%s. 80 79 96% 96 40 1 40 2 104% 104% 2 110% 110 ‘7 98 93 16 10564 1054 3 110% 110% Nor Ohio TraeL r States Pow A % 97 Pacitic Gas & £l 15 97 7 99x 99 T2 10:% 101, . 18 108% 106 1947. 7 98 97 1 101% 1014 2 10218 67 10814 10613 10613 % | Sug Es Orient 7, 85% 1014 3 100% 102% 99 100 Stand OII N J Walworth 6s '¢5 Walworth 618 War Quinland Warner Sug 78 41 West Elec b Westn Union Westn Union 6348 White Eagle O b Wick-Spen ev 7, Wilson & Co 1st 6 Willys-Ov 6148 33 Win RepeatAr 733, Youngstn S & T bs. Sales Postal Tel & C5%» Pr 2 RevaoRutimant 6 4l . High. 9l 82 % 9 RAILROAD. Atchison aaj 4s. Alchison gen 4s, Atch deb 4748 43. AU & Dan 15t 4s 43, Atlantic C L 1st 48, B & O Gold 48, Bang & Aroos 4s 51. Brooklyn Elev 6148 Bklyn Manhat 6: Buft R & Pitts 43 Can Nat 4%s30.. Can Nat 4138 57 Can Nat 4345 68 Can Nor 64, €an Nor 7s. Canada Sou Can Pac 4348 ¢6. . Can Pac 58 '44 rcts. Car Clin&Ohio 68 62 Cent of Ga 6sC §9. ., Cent Pac 1st 58 90, Ches & O Corpn 8. Ches& O 4%s93A. Ches& Ocv 4% Ches & O gen 4 lys. Cii & Alton 3s. CB&Q4%s77B CB&Qlll3ys CRI&E 11} gn 63 51 Chi Gt West 48 69 Chi MiISP&Pacoais CMSP&Pac adiss03 Chi N W 4148 2037, Chi&NW 455 1987, Chi& NW ref s Chi Rys bs. ChiR1&prf ChiRI&P 44s, ChStPM&O 55 30, ChiTH&SKES Chi Union Sta 6 Chi& W Ind cn 48 C& W 15ihs62.. Clev Term bs. Cuba R R 65 1936 cf Cuba Nor 5338 cts. . EastTenn Va&Ga Erie ist cons 43, Erie conv 4s A. Erle Gen 4s. Erie & Jersey 6s. ... Fla East C 58 7 Gt Nor 44876 Gt Nor b Gt Nor gen Hav EI Ry b Hocking Val 414 Hud & Man aj bs. .. 111 Cent 48 53, 11 Cent 4% s 66. Ll Cent Chi 4 s 111-C-C-StL&NOU b3 Int Rapid N e Rk By aE S mee e ® P - - ommm it e E - —at? KekCaRES ™ Kuxo ECmCam kR mre m e eBRE—GaRD B-AN » 17 rans 68.123 Int Rap Tr 58 stpd. 104 Int Rapid Trans 6s. lat Rapid Trans Int & G Nor 1st Int & G Noradj6s s Int Rys C A 638 rct lowa Cent 1st 53, Kan City Ft 8 Kan City S 3s. Kansas City Kan City Term Lake Shore s L&N 41482003 Louls & Nash 7; Man Ry 13t 48 9| Market St 75 40. Minn & StL ref MK&ToprinbsA Mo Pac 5%s5 49 evt. Nassau El 48 51 N YCenrfbs. 272 = Q 15 2 e & 3 C&StLE%s A, C&Stl.b%s B, C&SILEsSA.. w Haven 3%s 54, w Haven 3% s 56. \ ¥ N H & H 48 b6, NY NH&H db 48 67 NH&H 4. N z 7% < 0 z27% h 22 . = e N Y State Ry 445, . NYState Ry 648 63 NYW&B4%s, Norfolk & W ¢n ¢ Nor Pac 4 Ore Short L rf 4 Ore Short L en Penna gold 7s Pa Ohio & Det 4148, Pere Marg 1st b Port El P L 6 Port R L & P 58 42, Port RL&P 74 N Reading sen 4 %8 A RIATK & L 4% . StL IM&S gn 9 PAEE AR — NN~ AS S S 8 10 1 18 1 14 1 12 3 - o oaman~-SNE - BANKFIGHT IS ON Pole’s Speech Is Signal for Active Discussion at Convention. BY JOHN F. SINCLAIR. Special Dispatch to The Btar. BAN [CISCO, Calif., October 3. —Today the real fight here—if it de- velops—will be out in the open. For months there has been plenty W of talk and discussion to the effect that 0% | cently merged it with the Mercantile. 104% 10415 127 % 127 % 26 * 26 30 30 81 1104 9% 101% when the American bankers meet in San Francisco there would be a knock- down and drag-out fight between those bankers who still cling to the unit banking system and the more aggres- sive ones who see nothing but branch and chain line banking in the future. It looks like a charge of the light brigade—so far as the unit bankers are concerned—vegy light indeed. Every day since the convention opened the opposition to branch and chain bank- ing seems to have been getting weaker and weaker. Opposes Chain Plan. One banker expressed it this way: “Yes, I am, in principle, opposed to the chain and branch idea. Has not America grown great because her re- sources have been developed by men who are not afraid to take a chance? In that picture you will find the pioneer American banker — he loaned his de- posits freely, sometimes without any collateral, oftentimes taking risks that in city banks would have been refused. But he has seen whole communities grow up under his guiding hand. suppose you would not consider it good banking ~ today. But communities — many of them—were built up by such bankers loaning money to newcomers. “I came to this convention expecting to join in making a fight for the reten- tion of unit banking in the United States. But I have, learned since ar- riving here that it a hopeless fight. The movement for branch or chain banking has gone so far nothing can stop it. We are in a new era and must recognize it. That's why I am throw- ing my hands in the air. It may be that I will be back at the convention next year representing a chain group instead of my own individual bank as 1 do today.” Discussion Today. This banker about tells the story. He is in a receptive mood. Hundreds of them are in- the same attitude toward the larger chain and branch movement. How can any one join in a fight under such conditions? Today will be given over to a discus- sion of the merits and demerits of branch banking and chain banking. A champion of the individual bank unit, too, will be on the program. But it is now almost a foregone conclusion that this convention wiil not go on record as it has several times in the past against both chain and branch banking. That day is over. While this is being written negotia- tions are under way for the merger of one of the largest, if not the largest, banking organizations yet organized in the United States. It is expected to be national in scope and to have control of banks in scores of cities throughout the United States. “I think it can be said that the only reason why chain banking has devel- oped is because branch banking is pro- hibited in nearly every State in _the Union,” said one of the leading New York bankers to me today. g islation is enacted granting banks privi Jege of having branches throughout a wide area, in my judgment, most of the chain line banking organizations will convert their system into a branch banking system. It is a perfectly log- ical ste] 1t looks now as though the year 1921, | when the number of individual banking institutions in the United States reach- ed 30,812, will never again be equaled. For during the eight-year period, 1921 | to 1928, 5,004 banks closed their doors. This was equal to 16.6 per cent of the total number of banks in existence in 1920. More than a thousand mergers have occurred during the present year, These | took place in the larger cities. More- over this next year should see an even greater number. “Within five years, banking in the United States will be under the control of less than ten powerful groups,” was the comment of one Chicago banker to me today. At the present rate of development, it shouldn’t take that long. Lonsdale’s Story. The story of John G. Lonsdale, who became president of the ~American Bankers' Association yesterday, is just another one of the had to fight his way to the top. Both his parents were taken from him when he was seven. Yellow fever was the cause. He was raised by a relative, had little schooling, became a | real estate clerk in Hot Springs, Ark., but his mind was an active one. He believed that a railroad between Hot Springs_and Little Rock was needed. So at 20 years of age he raised the; necessary capital and completed it. Another need immediately presented itself. The Hot Springs visitors, being largely people of wealth, were not able to keep in touch with the financial world because there was no telegraph line direct to New York. He opened one. It was a success from the start. In fact, he moved ahead so rapidly that Logan and Bryan of New York, him to become a New York partner. By the time he was 35 his earnings were re- ported to have been considerably over $200,000 a year. But New York did no tappeal to him. The presidency of the National Bank of Commerce of St. Louis was offered to him. He accepted, built it up and re- Now he is president of the Mercantile Commerce Bank & Trust Co., one of the largest in the Middle West. A survey of the men, who have been given the highest honor, which the American banking world can bestow, the presidency of the American Bankers' Association, reveals the fact that every one of the last eight presi- dents began life as a poor boy—most of them had little schooling. None of them ever expressed himself as dis- satisfled because he had to go to work early. Several of them were left orphans at an early age. 9, by North American News- (Copyrishts 108087 Allince) — STEEL OUTPUT SMALLER. NEW YORK, October 2 (#)—The output of the Inland Steel Co. of Chicago, one of the leading independent companies, was r?omd today to be between 80 and 85 per cent of rated capacity, which is somewhat under the rate of activity in the third ‘fl\.mur. The Tllinols Steel Co., a subsidiary of the United States Steel Corporation, s operating at between 85 and 90 per cent of rated capacity. o Germany_ is shipping each month nearly $4,000,000 worth of textile ma- chinery to other- parts of the world. Low. Close. 35 35 9% ‘Third Ave adj poor boy who has By the Associated Pre: NEW YORK, October 2.—New securi- ties offered today include: Italian-American Fire & Marine In- surance Co., 100,000 shares $10 per- value common stock at $33.50 a share. Offered by the National City Bank of New York, the Bank of America N. A., Liberty National Bank & Trust Co. and the Banca Commerciale Italiana Trust Co. of New York, ‘The Canadian National Railways Co., 430,000,000 40-year gedper cent guaran- teed gold bonds, pri at 981 and in- terest. Bonds are dated October 1 1929, to mature October 1, 19 Of- fered a syndicate including Bancam erica-Blair Corporation, Chase Securi- ties Co Continental Illinof Co., I‘Btl:ll- $3,000,000 first mortgage 6 per cent con: vertible sinking fund gold bonds, con. vertible into common stock of the Met- ropolitan Chain Stores, Inc.; dated No- vember 15, 1928; due, November 15, 1948. Priced on application, Offered by Peabody, Smith & Co., Inc.; George H. Burr & Co. and Greenshields & Co. Mesta Machine 12,000 shares common stock priced at $260 a share. Ofle‘red by Keane, Higbie & Co. of Dc- VERETABLESUPPLY REDUCEDBY RAN Farmers Unable to Gather and Transport Crops to Market. First echo of the Florida storm came from Naranja this morning in the form of & telegram suggesting to & commis- sion merchant the holding back of & consignment of alligator pears, explain- ing that his growing crop of the fruit had been ruined by the storm. It was about 30 minutes after the consignment was received that the message telling of the effects of the storm came. Most of the fruit received this morning was so ripe, however, that dealers felt they were unable to comply with the shipper's suggestion, and it was offered around $5 a box. Farmers, who had welcomed the rain Sunday night and Monday, this morn- ing admitted they had had enough and some to spare. Muddy condition of the land yesterday had prevented the gathering of crops to any great extent, resulting in the farmers line along B street being practically deserted this morning. Supplies Small. Inability to gather crops resulted in shortage of supplies of farm products, and higher prices ruled. Tomatoes sold as high as $2 for two-peck baskets this morning, spinach sold at from $1.50 to $2, while kale prices jumped to $1 and $1.25 a bushel. String beans, carrots, beets and numerous other vegetables, including Long Island caulifiower, most of th~ supplies being shipped-in stock, were fairly plentiful. Prices were not much in advance of prices quoted yesterday. Commission merchants continucd to have attractive displays of fruits of all varieties to offer the retail trade, se eral varieties being especially interest- ing to housewives who plan preserving nd canning. A continued firm condition of the egg market was reported this morning, fresh eggs from nearby being reported scarce. There were plenty Western eggs on the market, however, and & good demand for them was reported. Dealers reported a slightly weakened condition of the butter market, prices taking a slight drop, Business along all lines this morning was camparatively dull, retailers not being out during the early morning hours in large numbers. BRANCH AND CHAIN | [_ v securiies ” ] Quiet business as reported partly due to weather conditions. Today's Wholesale Prices—Jobbers’ Prices Slightly Lower. Butter—One-pound prints, 4715a481%; tub, 46',a47'2; store packed, 30a32. Eggs—Hennery, 48a50; fresh selected, 47a48; current receipts, 42a44. alive—Turkeys, broilers, 30: Leghorns, 25a26; fowls, Leghorn fowls, 22a23; roosters, ducks, 15a20; keats, young, 60a70: old, 35a40. Dressed—Turkeys, 38a40; Spring chickens, large, 38; medium, 36; ers, 38; Leghorns, 34a35; roosters, 26; ducks, 28a30; keats, 80a1.00. Meats—Beef, 22!5a25; veal, 26a32; lamb, 25a27: rk lois 33a35; fresh hams, 28; fresl s, 22; smoked 3 , 15, Live stock—Calves, 1515; lambs, 12a13 Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market News Service, Bureau of Agricultural Economics) says: Apples—Supplies moderate; demand light, market steady; bushel baskets, Virginia, U. S. No. 1, 21 inches up, Grimes, 1.50a2.00; few 2.25; Delicious, 2.5023.00; few 3.25; Yorks, 1.75a2.00; U. 8. No. 1, 3 inches up, 2.25; U. 8. No. , 215 inches up, Staymans, 1.7582.00; 3 inches up, 2.25; unclasified, various varieties, 213 inches up, 1.25a1.50. Cabbage—Supplies moderate; demand moderate, market slightly stronger; ed | New York, 90--100-pound sacks, Danish type, 1.75a2.00. Celery—Supplies light; demand light, market steady; New York, two-third crates, best, mostly around 2.25; fair quality and’ condition, 2.00. Grapes—Supplies of Eastern stock light; demand slow, market weak; New York, 12-quart climax baskets, Con- cords, U. S. No. 1, 60; Michigan, 12- quart climax baskets, Concords, U. 8. No. 1, 55. Lettuce—Supplies of Western stock light; demand light, market steady; Colorado and_ California crates, Ice- berg type, 4-5 dozen, 4.75a5.00; falr quality, 4.50. Onions—Supplies moderate; demand medium to large size; New York, 100- pound sacks, yellows, 2.00a2.25; Indiana and Ohio, 100-pound sacks, yellows, mostly around 2.25. = Pears, Eastern stock—Supplies light; demand moderate, market steady; New York, el baskets, Seckels, fancy, 3.50a4.50. Potatoes—Supplies liberal; demand light, market about steady; maine, 150- pound sacks, er, U. S. No. 1, mostly around 4.50; 120-pound sacks, Cobblers, U. . No. 1, 3.50. Sweet potatoes—Supplies light; de- mand light, market steady; Eastern Shore Vi la, cloth top barrels, yel- lows, No. 1, 3.00a3.25; North Carolina, cloth-top barrels, yellows, No, 1, 3.00; Eastern Shore _Maryland, bushel hampers, yellows, No. 1, 1.00a1.25. String beans—Supplies light; demand moderate, market slightly stronger; Norfolk section Virginia, bushel hampers, green, 1.75a2.00. T flflpudu'l.‘ll";n; sl ly stronger; % bushel ham- light, market steady; all U. 8. No. l'i market land, Pipe Order Planned. NEW YORK, October 2 (#)—The Newark, N. J., Water Department, it was reported today, will soon enter the market for 12,000 tons of 54-inch steel ipe to be laid between Newark and lizabeth, - 9% % 91 95% 4% Sorap Steel Price Cut., mm YORK, Ombl.r. 2 W)ua—mfl scrap steel w in the Chicago market n“tgon su.:‘ &llnmnmufllufl broil- | CRUDE 0IL PRODUCTION. NEW YORK, October 2 (#).—The daily average gross crude ofl produc- tion in the United States decreased 2,900,400 barrels, says the weekly- sum- mary of the American Petroleum Insti- tute. The dally average production east of California was 2,022,700 barrels, a decrease of 11,300 barrels. Refineries representing 94.4 per cent of the estimated daily potential refin- ing capac operating at 84.8 per cent of their capacity, reported daily average Tun of crude oil to stills as 2,725,200 barrels. Daily average the previous week was 2,746,700 barrels for refineries, representing 94 per cent of potential capacity operating at 85.8 per cent of their capacity. PARIS BOURSE PRICES. PARIS, October 2 (#).—Price changes were irregular on the Bourse today. K| Three per cent rentes, 80 francs 80 centimes; 5 per cent loan, 105 francs 75_centimes. Exchange on London, 123 cs 88% centimes. The dollar was qu at 25 francs 48 centimes. Sells $2,000,000 in Gold. NEW YORK, October 2 (/’).—London advices to Wall Street said that the Bank of England had sold $2,000,000 in gold today, most of which was taken for !hlgmenl’, to_Paris. First Mortgage Loans Lowest Rates of Inferest and Commission Thom. & Company, Inc. I Am Seeking An Opportunity To connect with an organi- zation requiring the services of a capable executive. Have had fifteen years diversified executive experience in manu- facturing, building, sales and investments, A university graduate, good talker and able correspondent. I am willing to accept a moderate compensation to start and am primarily interested in becoming connected with a firm which is thoroughly sound and reliable and where there is opportunity for advance- ment as merited. Address Box 107-X Star Office "Money to Loan Seeu! first deed L revailing_interest and .lonp .Wellcr g:," PROPERTY MANAGEMENT For nearly thirty yvears we have maintained a thor- oughly equipped rental de- partment and we actually retain some of the original accounts. Extracts from a letter of a property owner recently received—“1 certainly do thank you for the excel- lent and prompt manner you manage my rent busi- ness, even in trifling de- tails, y o u r viligance, courtesy and sympathy are unparalleled, etc.” Try this service. Moore & Hill, Inc. (Since 1900) 730 17th Street N. We have made an enviable reputation for integrity and ac- complishment—never deviating from the principle which prompts our slogan—Safety First for the Principal.” YOU CAN INVEST WITH CONFIDENCE IN OUR FIRST 6% MORTGAGE NOTES > NTEREST CHECKS RECEIVED BY N ESTORS. THE DAY THEY ARE DUE PO MiELps Founpen 1907 S AL O Safe Principal and Certain Income in Guaranty First Mortgage Notes and Bonds | The investor who_cannot o strike a _respons For these entirely curities are backed by our 3,400,000 Tesources and se- cured’ on paying properties in Washington and its urbs. Every dollar you place in_these .notes and bon earns 67. Denomina from $250 Let us show you how you can biild up & liberal ‘in- | come through consisten savings, without the hazard of risk or speculation. Send_for Booklet, “The Success Plan.” REALESTATE MORTGAGE & GUARANTY CoRPORATIOR Capital Resources §3,400,000 2¢ JACKSON PLACE FINANCIAEL. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages ident to direet “Tevresentation 1520 K St. N.W. National 047. Real Estate Investments JAMES Y. PENNEBAKER Nat.5291 1520K St. N.W. REAL ESTATE I.O o Large and small First Trust loa ns negotiated promptly at lowest rates FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. N.W. National 2431 More than a third of a century’s ezperience of Clients —who have employed our property management serv- ice for many years—finding is especially true of apart- ment house property. B. F. SAUL CO Nat’l 2100 925 15th St. N.W. My company is transferring me to another city, and will sell my - 1929 Buick 4-door sedan very reasonably. A wonderful buy for some one if taken at once. Address Box 139-X 5 Star Office We Recommend Mutual Investment Trust Class A Certificates at the market Analytical review sent on request. Kynaston & Company Inyestment Bldg. Met. 5334 Buy Bonds at Present Prices for 6% Returnand Possibiiity of Profit MO.\'THS of high money rates have forced bond prices to levels where it is now possible to select a well diversified list, on which the yield averages over 6%. Our current lists of bond and short term note investment sug- gestions include 90 issues om which the average return i over 6%. Send for copies THE EQUITABLE SECURITIES COMPANY ING- A subsidiery of The Equitable Trust Company of New York STANLY CARR, Representative 922 Fifteenth Street, N. W, WASHINGTON, D. C. ? First Mortgage Loans Consult Us Regarding Your Maturing Mortgage or Any Real Estate Financing Problent. We make 3, 5 and 10 year loans on houses, apartments and business property. Located in Washington, nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue N. Decatur 3600 Mortgage Loam Correspondent New York Life_Insurance Co. Equitable Co-operative Bldg. Assn 915 F WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits......$1,695894,08 Issue of Stock Being Received SAVE AS YOU EARN 'HE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will even- tually lead to financial inde- pendence. Start now while vou have a steady income. Come in and let us explain about our systematic plan. St. N.W. For a Safe Investment REAL ESTATE NOTES Secured by High-Class Improved Properties Competent Appraisals 6% Interest Consult WEA\E.B_B;RO REALTORS 809 15th St. N.W. District 9486 Business HEN you ness this go out after bigger busi- Fall an important fac- tor in your selling campaign will be the appearance of Davis desks are ness_ offices. mediately with They impress you your’ office. Stowe & seen in the biggest busi- im- their elegance and rich finish, representing the very latest ex- pression in modern furniture design. We represent Stowe & Davis desks ex- clusively in Washington. Arrange to inspect our new Fall display of these modern desks. "BUSINESS FURNITURE AND EQUIPMENT 5 Decorators of 1018 15th ial (nteriors Shomtont 1506 L Street AA A A AAAAAAAAA NS A