Evening Star Newspaper, September 2, 1930, Page 13

FINANCIAL. -« CAPITAL TRACTION STOCK SELLS AT 63 Gaiq in Business Shown on D. C. Exchange as Month Opens. [ By EDWARD C. STONE. Beptember started out on the Wash- ington Stock Exchange with improve- ment in the volume of business, although | the transaction wheels did not turn at any startling speed in y’s market. More members of the exchange are now back in the city and business should improve on the local board during the remainder of the month. Mergenthaler Linotype was active to- day, with & turnover of 75 shares. The stock open¢d at 96%, dropped to lg and closed with 45 shares selling the opening price. ‘Washington Railway & Electric pre- ferred figured in a 30-share transac- tion at 9734, practically the same price that had prevailed for some time. Ten shares of Riggs National Bank stock appeared on the board at 476. Capital Traction led the market with s sipgle transaction of 100 shares, which changed hands at 63. This was one of the largest blacks of stock in this issue that has been recorded for many weeks. Two other sales were recorded, 40 shares of Real Estate Mortgage & Guaranty preferred coming out at 62 and 17 of Federal American Co. com- mon at 30%. Bonds were neglected. High Spots in Bank's Review. In his monthly Teview of business and agricultural conditions in the fifth Fed- eral Reserve district, William M. Hox- ton, chairman and Federal Reserve agent, says that the drought has struck 2 blow at almost every business activity and it is possible that its full effects are yet to be felt. Unless there is & marked change for the better, the larger cotton and to- bacco yields this year will not nearly com| te for the drop in prices since last Fall, and signs of such a change are not yet apparent. Business devclo‘)me'nu during early August were largely seasonal. Member banks in rural sections 8lightly increased their borrowings at the Reserve bank, due chiefly to the opening of tobacco markets in South Carolina and border counties in Nogth Carolina. Between July 9 and August 13 this year, loans of member banks on stocks and bonds decreased $4,681,000, while all other loans increased by $4,144,000. These changes resulted in a net decline in outstanding loans amounting to $537,000, or on_-tenth of 1 per cent, during the month. Loans Compared With Year Ago. Comparison of the August 13, 1930, n'urepol( reporting member banks with those for August 14, 1929, showed rela- tively large changes in nearly all items. Total loans and discounts dropped $46,- 783,000 during the period, loans on stocks and bonds decreased $20,953,000, and all other loans declined $25,830,000. ©On the other hand, agi te deposi in the reporting banks $19,869,000, an unusual occurrence in the face of material reductions in loans. The figures tend to show that re- porting member banks are lending con- siderably less than at the middle of August, last year, but they have in- creased their investments in securitles, their deposits are higher and their re- discounts at the Reserve Bank are much lower this year. Debits mylndlvldull accounts figures showed the influence of lower price Jevels and generally depressed business this year, running about 10 per cent Jower than last year. A decline at this time is seasonal, the report explained, but it is rarely that the seasonal de- cline is shown in every city on the list. Durham, N. C., and Portsmouth, Va., Teported the smallest decreases in the d.lslbfl‘mct. deposits in 56 regularly report- e ing member banks rose during the last month to a figure higher than at the corresponding time & year ago, to time deposits on August 13, 1930, amounting to $253,002,000, com with $247,328,000 on July 9 this year and $238,875,000 on August 14, 1929. Investment Bankers’ m1 e:ntm ‘Washington members receive e call today for the nineteenth lnnunl' convention of the Investment Bankers' Association of America, to be held at New Orleans October 12 to 15. The program has been cut: from six to four days, the pre-convention meetings are to be open to all delegates and one ses- sion is to be closed, with no yflnM report to be made later, either for the ress or the members. ¥ Among the speakers will be E. R. “The South—an Silas H. Strawn of Chicago wil other speaker, gn ;:{oble.r'm of Munici- al Credit in the ure.” 2 Another innovation in the ‘procedure of the association’s 1930 convention will be that of the 39 members of its board of governors will convene in New Or- leans two days before the opening to consider the reports to be made to the convention by some 20-odd committees. The 200 members of committees Will arrive with the delegates October 12 and will convene immediately. The asso- ciation maintains especially selected groups, or committees, of e for every important division and problem of investment banking and it is to give the entire membership closer contact with the research work of these groups that cnmmi(‘w‘ne -lnecc!mn this year will be open to all delegates. Mgst of the committee reports will be summarized on the floor of the conven- tion, by the respective chairman, instead of reading an entire report as at pre- vious conventions. Complete copies of the reports will be distributed at the beglning of the sessions. ’?‘l\e 1:30 convention will vote on the election of a president, six vice presi- dents, a treasurer, a secretary and twelve members of the board of gov- ernors. Notes in Financial District. The Monthly Bulletin published by the District Bankers' Association was being distributed today. It covers the quictest time of the year in the local association’s affairs. The only impor- tant meeting this week is that of the council of administration on Thursday afternoon. The officers, Educational and Mem- bership Committees of the American Institute of Banking will meet Thurs- day night to make further &lln! for the op ning of the Fall semester. Roy A. Young, former governor of the Federal Reserve System, was to be- gin his new duties as governor of the Boston Federal Reserve Bank today. He will be much missed by local bankers a5 he had such a wide acquaintance here, It was annnounced today that Thomas J. Groom, cashier of the Bank of Commerce & Savings, who was badly injured in an automobile accident, is showing steady improvement. An X-ray indicated that his skull was not frac- tured and his early recovery is now ex- pected., FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks valug 0 On the first day -of July more than ‘on. billion old, large eize paper currency was still in circulation. Note—All stocks are sold in one designated those stocks to be sold in odd Stock and Sales— Dividend Rate. Add 00, High. Abitibl Pow & Paper, 1 22 Abraham Strauss.... 21% AdamsExp (1.60)... 85% Adams Exp pf (5)... 29% Addressoxr'ph (1%). 8. Advance Rumley. 15% Advance Rumley pf.. i Ahumada Lead. ... 103% Air Reduction (3).... 16 Air Way El1 Ap (2%). 1 Ajax Rubber. ... 61 Albany Wrap Paper.. 1 18 Allegheny Corp. 89 Alleg Cp $40 ww 5% .. 232 Allied Ch & Dy (né)., 48% Allis Chalmers (3). 18 Amerada Corp (2 4% Am Agricul Chem 23 Am Agricul Ch pf. 61 Am Bank Note pt 27 Am Bosch Magneto 41% Am Br Shoe (2.40). 8% Am Brown Bov Elec, 91 18% 6013 Am Brown B E pf (7) 408 75 108% Am Can (4)...... .. 148 132% 42 AmCar &Fdy (6)... 10 55 95 AmCar&Fdypf(7). 1 96% 39 Am Chain (3) e 1 B84 36% Am Chicle (13).... a4% 9% Am Com Alcohol. 33% Am European Secur. 56% Am & For Power. 95 Am & For Pw pf (6). 30s 99 106% Am & For Pw pf (7) 13% AmHawaiian (110) 55 Am Home Pr (4.20) 31 AmIce (14).. Am Jce pf (6). . 1 b 10 126% 17 18% 8 10% 12 23 1 90 29 276 29 56% 8 24u Am Locomotive (4) 90 Am Logomot pf (7) 35% Am Mch & Fdy Con. 6 AmMach & Metals. 28% Am Metal Co (1%)., 656 Am Nat Gas pf (7).. 72 Am Pow & LU ($1)... 99 Am Pow & Lt pf (6). 80 AmP&LpfAst(b) 23% AmR & St San (1%). 48 Am Roll Mill (n2). 52% Am Safety Razor ( T% Am Seating 1% Am Ship & 46% Am Shipbuilding 53 AmSm& Ref (4).. 38 AmSnuff t(3%). 35% Am Steel Fdy (3) 4 38 110% Am Steel Fdy pf (7). 108 113% 42 Am Stores (2).. 1 44 47 Am Sugar Ref (5) 9% Am Sumatra Tob. 16 Am Tel & Cable (5) 200% Am Tel & Tel (9). 118 Am Tobacco (new)., 197 Am Tobacco B (112) 117 Am Tobacco B new 113 Am Type Fdry (8). 3 b4n 6 13 208 2014 93 215% 1 126 4 268 21 129% 2 130 12 92 7 30 cf 50 Am Zinc pf (6), 44% Anaconda Cop (3 18 Andes Copper (1 4% Armour of Ill (A).eu 4% 2% Armour of 111 (B) 13% 5 Arnold Constable. 46% 31% Asso Appl Ind (4) 50% 28 A8S0Dry G (2%)... 24215 194 Atch To & S Fe (10).. 80% 49% AtGulf & W Ind (2). 304 At Refining (12) 62 Atlas Powder (4 251 Atlas Stores (nl). 91 Auburn Auto (j4). ... 37 Auto Strap Saf R(3). 4% Aviation Corp of Del. 19% Baldwin Loco (1%). 122% 96% Balto & Ohio (7). .. 110% 106% Bamberger pf (6% ) 63 Bang & Aroos (3%).. 7 78% 12 Barker Bros (2) 608 1235 2% Barnet Leather. 1 2% 20% Barnsdall A (2) 5 22% 97 Bayuk Cig 1st pf (7). 108 974 67% Beatrice Cream (4).. 15 88 27% Bendix Aviation (2). 15 32y 31% Best&Co (2)....... 26 49% 75 Bethlehem Steel (6). 170 854 24 Bohn Al & Brass (3). 8 27 60% Borden Co (K#)...... 49 79% 23% Borg Warner (3). 6, 297 13% Briggs Mfg Co... 161° 213 1215 Brockway Mot Trk.. 73 19% 62 Brockway Mot pt (7) 50s 65 5€% Bkiyn-ManTr (4).., 11 66% 84% Bklyn-Man Tr pf (8) 115 Bkiyn Union Gas (5). 5% Bruns Ter & Ry 83 119% 18 724 38 64 76 32 21 102'% 208 107% a) . 33% Bucyruscv pf (2%). 3 36% 7% Budd (EG) (1). 88 5 11% 89% Burns Bros pf (7) 29% Burr Add Mach (1). 29% Bush Termnal (2% 99 Bush Term deb (7) 109% Bush T Bldg pf (7). 4 2% Butte Cop & Z (50c) 1% Butte Superior. 3 60% Byers (AM)... b4 6% % Callahan Zinc & La. I8N 47% Calumet & Arizon: 9 49 13 Calum & Hec (all 3 13% 56 CanadaDry GA (5)u 9 64% 166% Canadian Pacif (10). 6 1821 40% Can Pacific new. . 29 46 20 1 2% 11 19 150 50 19315 115 Case (J 1) pf (7). 208 126% 63 Caterpil Tr (13%). 16 57 9 Celotex Co... 5 141 231 Cent Aguiire As1%.. 245 43 Cerro de Pasco (6).. 20 Certain-teed Prod pf 19% Checker Cab 14.20).. Case (J 1) (8) 2% Chic & Alton p. 8% Chic Great Wester: 27 Chic Great West pf. 19% Chic Mil St P & P p! 66 Chicago & N'W (5) 11% Chic Pneu Tool...., 90 ChiStP M & Om pf. 98 Chic RI&P pf (6).. 90 Chic R1& Pac (7). 48 Childs Co (2.40). 24 Chrysler Corp (3) 88 City Ice & F (k3.60)., 83 City Ice & F pf (6% 5% City 2 0 1 100% 1 99 4 69 1 108 ores (50c) 8 12% Colonial Beacon. .. 361 Col Fuel & Iron (2) 55 Col Gas&El (2)..... 91 ColG&EIptB (5).. 12% Col Graph (a28¢).... 1 108 Columbian Carb (16) 23% Comm Credit (2)..., 81% Comm Credit A (3) 6% Comm Cred 15t (6% c 14% 50% 61% 96% 177 5 101% 6 121 2 26 70 gars (4). Consol Cig pr pf 6% .. 108 16% Consol Film (2). 18 Consol F fiag ‘onsol NY (4).. 202 109% sNYpf (5 1 103% ns RIXCubpf (6).. 1 b4 nsol Textiie. .. it g 11% Container A (1.20)... 3 3% ContainerB, ... 184 Contl Baking A 3% Contl Baking B ’ 66% Contl Baking pf (8), 50 Contl Can (2%). 16% Contl Diamond (2) 50 Contl Insur (2.40). 314 Contl Motors. 18% Contl Oil of Del. 161 Contl Shares (1) 83 Corn Pr Ref (14%).. 15% Coty Inc. .. 26% Cr of Wheat ( 10% Crosley Radio. 38 Crown Cork (f2 104 Crucible Steel pf 2 Cuba Cane Prod. 9 CubaCo. 4 Cuban-Ame 3 32% Cuban-Amer Sug pf 16% A% 27% 4 9% 57 17% 1 40% 2 112 38 6% Wr Corp A 9 8 55 Cutler-Ham (3%)... 12 63% 20 Deere & Co pf (1.40). 146 Delaware & Hud (9). 195% Detroit Edison 21% Devoe & R A u% : 248% 139 Diamond Match 1171 1 24% 2 245% by the letter THE EVENING STAR, WASHINGTON, D. C, TUESDAY, SEPTEMBER 2, 1930. . NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (81 Law. 22 49 26% 22 3% 10% 23 L 125 1% 1 104 224 90 272 55% 24 130% 52 96 554 43% 7% 113% 44 541 12% 20 214% 126 257 128 130 905, 281 111% 69 307 101% 107% ki 12% 2% 22% 9T 87 31% 48% 83% 26 8% 204y 19% 187% 65 66 36k 3% 10% 28 9% 2% 1% 74 1 481 18% 64 179% 45 21% 1T 188 125% 561y 135 248 234 18 16 70 100% 99 56% 273 14 50% 60'% 95% 17 10114 107% 103% 54 K 16 14 Al a4 408 112 63 Bly 625 171 24%, 245% hundred-share_lots 5 (80s) (2508) lots only. 104 22% 90 274% 5614 By 130% 52 1 6174 33 81% 37U 130 90% 287 31% 1021 107% ki 12% 2% 22% 9Tl 87 31% 481y B4y, 26 1001 99 56% 14% A% 34 40% 112 6% 8y 62% 4 25% 23 23y 171 2219 219 219 24% 245% 22% 904 271% 73 165% 90 1001 1081, Ha 16% | sl 354 13214 s ~Prev.1930—~ High. Low. 9% 87% 1454 103 2564 130 374 107 1147 1108 9%, 10313 100% 109% 61 95% 1 6114 18% 1061 6% 67 175% 120% 19% 5 55% 1061 3% 491 Sales— Add 00. High. 84 83% 120 103% 228% 1284 Stock and Dividend Rate. Dome Mines (1)..... Drug Corporat (4).., 32 Du Pont de N (14.70) 156 Duques Lt 1st pf (5), 1 Fastman Kodak (8).. 13 Eastman Kod pf (6). 208 Eaton Axle &S (3).. 7 Eitington-Schild. ..o 1 Elec Auto Lite (6) 78 El Auto-Lite pt (7).. 108 Electric Boat. 1 El Pow & Lt (1) El Pow & Lt pf (6). El Storage Bat (5). Emp Capwell (2). Endicott-John (5) Eng Pub Serv (2.40) Eng Pub Sy pf (5) Eng Pub Sv pf (5 Erie RR v Evans Au Exchange Buf ( Fairbanks Co. .. Fairbanks Co pf. 4 Fed Motor Tr (80¢).. Fed Wat S A (2.40) .. Federated Dept Strs. Firest T & R (1.60) s Firest T& R pf (6 First Nat Strs (2%4). Fisk Rubber. . . Fisk Rubber 1st pf.. Florsheim Sh A (3).4 Foster Wheeler (2).+ Fourth Natl Invest.. Fox Film (A) (4). Freeport Tex (5) Gen Am Investors Gen Am T'k Car (} en Asphalt (4) Gen Bronze (1). Gen Cable A. . Gen Cable pf (7) Gen Cigar (4).. Gen Electric (1.60). Gen Elec spec (60c) Gen Food Corp (3). Gen G & El A (e.30) Gen d & El cv pt (6). Gen Mills (3)... Gen Mills pf (6) Gen Motors (13.30 Gen Motors pf Gen Pub Serv (bt Gen Ry Signal ( Gen Realty & U - Gen Refract (t4%). Gen Theatre Equip. . Gillette Saf Raz (n5) Gimbel Bros. .. ... Gimbel Bros pf (7). Glidden Co (2). . Glidden pr pf (7). % Gobel (Adolf). Gold Dust (214) Goodrich (BF). Gopdyear Tire (5) 3 Gotham Silk Hoslery Gotham pf xw (7) Graham-Paige Granby Con M . Grand Silver 8 (m1). Grand Union . Grand Union pf (3).« rant (W T) (1)...0 North pf (5)...... Gr Nor ctf Ore (a%). Gr West Sug (1.40). Gr West Sug pf (7). Grigshy Grunow. ... Gulf Mob & N pf (6). Hackensack W (1%) 4108 Hahn Dept Stores... 40 Hanna pf (new) (7). 10a Hartman Corp (B)... 16 Hayes Body.... Helme (Geo H) (7). Hershey Choc (5)... Hersh Choe pf (15).. Holland Fur (e12%). Houdaille-H (B) 1.20 Houston Ofl (b10% ). Howe Sound (t43%) .. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motor Car (2). Tilinols Central (7)., Independ O & G (2 Indian Motor Cycl Ind MotorCyecle pf Indian Refining. Ingersoll Rand (15 Inspiration Cop (2 Tnterboro Rap Tra Interlake Iron (1) Intl Bus Mach (n6),, Intl Carriers (25¢) . Intl Cement (4) . vevu Intl Combustion..... Intl Harvester (2%)« Intl Hydro E1 A (e2), Intl Mateh pf (4)..4 % Intl Nick of Can (1) 4 Int Shoe (3).. 105 39% 18 13% Intl Paper pf (7). ...2008 IntlPap &P (A) 240 5 Intl Pap & Pow (C).s 2 IntiPap&Ppt (7)., 3 Intl Printing Ink (8) 2 Intl Salt (3)...c000e 22 1 Intl Silver pf (7). Intl Tel & Tel (2).... 144 4 Inter Dept Strs (2).. 17 Investors Equity (2). 1 Jewel Tea (14). 6 Johns-Manville Jones&Laugh pf (7 Kaufmann DS (13%). Kayser Jullus (2%) .+ 108 110 48 9674 10s 121% 18 Kelsey Hayes (2) Kelvinator Corp Kennecott Cop ( Kolster Radio Kresge (S8) Co 1. Kresge Dept Stores Kreug & Toll (1.60).. Krog Gr & Bak (n1).. 40 46 : Lambert Co (8).. Ler Rubber & Tire. Lehigh Valley Coa Lehman Corp (3). Lehn & Fink (3) Lig & Myers B (15) 4 Liquid Carbonic (4) Loew's Inc (3). Loew's Inc pt (6 Loew's pf xw (6%) LoftInc.... Toose-Wiles ( Lorillard (P) Co. Toulsiana Oil. Lou G & 13 (A) (1%), Louls & sh (7 Ludlum Steel Mac And & F (12,85 McKeesp T PI (15) . McKesson & Rob (1 Macy 3 Madison 8q G (1%) .. Magma Copper (1) . 6'2 Mallison & Co s Marine Mid (1 Man Elev mod g (d5) Manhat Shirt (1).... 0) . <o Marmon Motor € Marshall Field ( Matnieson Alkali Mathieson pf (7). May Dept Strs (n2) Maytag Co ( Mengel Co (2 Mexican Seaboard . Miami Copper (13%) Mid-Cont Pet (2). Midland Steel (3) Minn Moline Pow. Minn & St Louis MStP&SSM, Mo Kan & Texas (2) . Mo Kan & Tex pf (7). Missouri Pacifie. . Missourl Pac pf (5) Mohawk Carpe Monsanto Ch Montgom W 2 24 10 40 18 608 Munsingw Murray (B) (2% stk) Myer (FE) & Br (2).. Nash Motors (4) Nat Acme (13%) Nat Bella Hes: Nat Bella H pt (7). Nat Biscuit n (2.80)., \at Cash Reg A (14) Dairy (12).... Nat Dépt Stores (2)., vat Distillers (2). ... at Lead pf (A) (7). Nat Pow & Lt (1) Nat Ry Mex 1st pf. Nat Steel (2)... Nat Supply pf (7) Nat Surety (5). Nat Tea Co (2).... Nevada Copper (1% Newton Steel (2) 0% 181 484 30% 13% 113% 25 23 11% 19915 131 68%, 19 ™ 7 84 9614 9914 334 8% L 2914 48% 3015 13% 113% 2274 NEW STOCK TICKER SERVICE STARTED High-Speed Machines Equip- ped for High Volume of Trading. B BY PRESTON S. KRECKER. * | Special Dispateh to The Star. WALL STREET, New York, Septem- ber 2—When trading was resumed on the Stock Exchange today the stock quotation service for the first time was geared up to the pace of the new high- speed tickers installed by the exchange for the service of its members and their customers. The new tickers have a capacity of 500 characters a minute, against 300 for the old-fashioned glass-domed in- strument which for so long has been the accepted symbol of speculation. They have been set up in more than 9,000 of- fices throughout the United States and Canada, and 33,000 miles of wire are required to transmit the quotations. By a strange irony of fate the high- speed ticker has been installed just a year too late to serve the immediate purpose of its designers. As long ago as 1925 the governors of the Stock Ex- change visualized a future when the market would boil over in an orgy of speculation and a faster quotation serv- ice would be required to report the quo- tations. Perhaps they did not realize how soon that day was to come, or pos- sibly they failled to use all possible ex- edition in having engineers devise and stall & faster instrument. Tmportance of Ticker. At all events, when the hour of need arrived the ticker quotation service was found wanting. On one memorable Gay last Autumn it was four hours behind the market. B Brokers then and since have con- tended that, had the ticker been faster, the force of the cataclysmic crash in the market would have been softened and the public would have saved millions of dollars. There is no reason to doubt that there would have been less conges- tion in the quotation service, less delay and therefore less demoralization had the fast ticker been operating. When nervous speculators are unable to ascer- tain what the market for their stocks is they are apt to lose their heads and give market orders to sell at any price and thereby intensify the confusion of a panicky market. However, even the new high-speed ticker, with a 9,000,000-share capacity, would have been unable to cope with the torrent of selling on a 16,000,000~ share day, such as climaxed the break last Fall. The new guotation service, indeed, represents a turnover of less| than 1 per cent of the total number of shares listed on the New York Stock Exchange, which aggregate approxi- mately 1,300,000,000. Nevertheless, it represents a great step forward in quo- tation service. Other Devices. The new high-speed ticked is only one of the new devices now in use to re- duce the element of time to a minimum in giving quotations. With the depar- ture of the old-fashioned glass-domed emblem of speculation there also has disappeared another symbol, the chalk blackboard. More than 150 brokerage offices in New York have substtiuted for that antiquated mechanism the new teleregister board, which automatically posts quotations as rapidly as the high- speed ticker clicks them eut. ‘The Stock Exchange has tuned its service up to higher tempo at a time when traditionally the market quickens its pace and business generally enjoys expansion. Labor day marks the official end of the vacation season.. Wall Street this year has looked forward to the date as marking the turning point not only of the season, but possible also in the depression which has beset business. This week by many is expected to prove a test period which, if safely passed, will augur better times both in the markets and in trade. Returning finan- clers got right down to business today. Directors of more than 50 different cor- porations were scheduled to hold board meetings. (Copyright. 1930.) POTATO MARKET. CHICAGO, September 2 (#) (United States Department of Agriculture) — Potatoes, 152 cars; on track, 318; total U. 8. shipments, Saturday, 709; Sunday, 59;, Monday, 131. Market stronger; trading good. Wisconsin sacked Irish Cobblers, best, mostly 2.00; fair to good quality, 1.75a1.90; Minnesota sacked Irish Cobblers, 1.75a1.85; sacked Early Ohios, 1.65a1.70; Kansas sacked Irish Cobblers, 1.65a1.85; Idaho sacked Rus- sets, 2.50a2.55. DIVIDENDS DECLARED NEW YORK, September 2 (#).— Pe- Pay- Hldrs. of Company. Rate. riod. able. Pritish Amer OIl..20¢ Qct. 1 Sept. Borg Warner Corp_.75¢ .15 DECs.: o BITD 15 Brockway ' Motor Truck pf...$1.75 Swift & Co..... ... 50c Utah Pow & Lighi, pi. .31.75 Secured by first deed of trust on real estate. Prevailing_ interest and commission. Joseph I. Weller 3.7k & & an Offices Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec tion invited. B. F. SAUL CO Nat. 2100 925 15th St. N.W. Money on Hand to Loan on First Deed of Trust 69 Interest Reasonable Commission and Prompt lies to Applications 6% LOANS ON HOMES and Other Property Run for 5 Years Without Curtailment | W, H. Saunders Co., Inc. Founded 1887 District 1016 Loan Correspondent for the Provident Mutual Life Insurance Company of Philadelphia STOCKS IRREGULAR IN UPWARD TREND Trading Continues Quiet, but| List Displays a Firm Undertone. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, September 2.—The stock | market appeared to be a little uncer- tain of itself as trading was resumed today after the three-day shutdown, | but after absorption of some profit | taking during the morning the list was | turned upward by resumption of pro- fessional operations for the advance in selected issues, embracing several of the merchandising shares. Trading showed few signs of acceler- | ation, despite inauguration of the high- speed ticker system, and the advance appeared to be attracting little follow- ing, but a slightly more optimistic tenor in the mercantile and trade reports ap- pearing over the week end gave the bulls some encouragement. Neverthe- less, upward progress was not easy, for active traders were apparently willing to take small profits, Leaders Move Narrowly. Such shares as United States Steel, General Electric, Radio and American Can moved very narrowly. Several | shares made substantial gains, however, Sears Roebuck, Associated Dry Goods, | Worthington Pump, Auburn Auto, | Allied Chemical, American Tobacco B, International Business Machines, North American, Union Pacific, Missouri | Pacific and American Car & Foundry gained 3 to 5. Shares selling up 2 or more included Bethlehem Steel, A. M. Byers, J. C. Penney, Atlas Stores, Macy, Underwood Elliott, National Cash Reg- ister and Warner Brothers. Mack Truck gained about 2 on declaration of the regular dividend, and Independent Oll gained as much in response to the merger with Phillips Petroleum. Gillette and Texas and Pacific were heavy. Conservative weekly advices by several of the economic services may have tended to restrict public participa- tion in the market, but syndicate man- agers proceeded to bring forward sev- eral of their favorites. In addition to the merchandising issues, office equip- ment shares and manufacturing spe- cialties were pushed forward. ‘The Harvard Economic Society modi- fled the optimistic stand taken several weeks ago. Statistics for August prob- ably mean, the soclety stated, “that Au- tumn business will not be as good as we have expected, but it does not mean that recovery will be much longer de- layed.” Seasonal Upturn Seen. Trade and business surveys coming to | hand over the week end stressed the signs of seasonal upturn in retail trade. Several of the chain store issues ap- peared to be enjoying more aggressive market sponsorship. Republic Steel Corporation reported a better demand from the automotive trade, but manu- facturing activity in the automobile centers held at conservative levels. Rails and railway equipments main- tained the upward trend which ap- peared late last week. Better buying in the rails appears to be based on more optimistic attitude toward maintenance of dividend rates, influenced by reports showing that several carriers were suc- cessfully reducing operating costs. Some of the rail equipments also turned up- ward, perhaps on short covering. STEEL OPERATIONS. NEW YORK, September 2 (/) —Oper- ations of steel plants in the Youn town district, with the éxception of the usual Labor day shutdown, remain un- changed this week at 57 per cent of capacity, with the Youngstown Sheet & ‘Tube Co. at' 55 per cent, Carnegle at 55 per cent and Republic at 65 per cent, Dow, Jones & Co, reports. FINANCIAL. F. B. KEECH & COMPANY Members of ¥t Exch: w York Stock ante Net N oS Extnange Chics Verpool Cotton Assoclation, Lt New York Cotton ew, York uce . Y. Coffes an w ‘York Cocos Exchange. ber of ’.DM csice Cg".“n Cotton - xehan Exchant ‘hange d Susar Exchange, Ine. Stock Exch Board of Trade New_ Orieans Cotton inn: ubber Exchange of ange (Asso, Members) There exist active and liquid markets for trading of future contracts in ‘Wheat Corn Oats Rye Cotton We are prepared to handle orders in these and other commodities H CORNER 17TH ST,, N. W., WASHINGTON NATIONAL 0248 encaso mLADELPHIA SEASONAL BRANCH OFFICES PALM BEACR SARATOGA SPRINGS BAR HARBOR BRETTON WOODS MIAMI BEACH A Good Friend —often turns out to be a. poor_executor. Better name a Corporate Executor or Trustee, such as this bank, to carry out YOUR Will. fThis institution has continuous life and financial responsibility —is supervised by the Govern- ment—brings to the settlement of fiduciary problems, the ex- perience and judgment of spe- clalists, A Talk it over with our Trust National Savi YORK HARBOR SHAWNEE-ON-THE-DELAWARE Capital & Surplus $3,500,000.00 OPEN UNTIL 5:30 P.M. TODAY s & Trust Co. The Oldest Savings Institution in the District of Columbia 64th Year Cor. 15th and New York Ave. PROPERTY MANAGEM.ENT Apartment House MANAGEMENT UR management includes a complete survey of over- head and income; of op- erating efficiency; of physical conditions—and our recom- mendations will be such as will raise property values and in. crease your net income. B. E. SAUL CO: ‘925 15th St. N.W. M ORTG A GE Nat’l 2100 L O AN S THE THIRD DISCOVERY OF GAS As began to displace candles and whale-oil for LIGHTING in this country about 1815. Then, as gas lights were themselves being displaced by elec- tric bulbs in the 90's, a new use for gas became popular—COOKING. The third discovery of gas did not take place until the past decade. Gas was found Gasis aclean the house. to be superior for HEATING. This new demand helped to make the production of gas during the last ten years greater than the total produced during all the previous 110 years of the industry. Gas for House Heating House heating by gas holds an especially bright fature. It banishes from winter months the burden of shoveling fuel, handling ashes, building new fires, regulating heat. Lighted in the fall, a gas furnace auto- matically maintains a constant tempera- ture indoors all winter. Burning of gas helps in conservation of fuel. A ton of coal, burned in the average houschold furnace, gives only half as many heat units as the gas produced from a ton of coal in a gas manufacturing plant. fuel; it does not soil cur- tains, hangings, or walls. With gas heat the cellar becomes a habitable part of Associated Increase 33% a Year ‘Two facts emphasize possibilities of house heating by gas. It is estimated that of about 13 million domestic customers in this country, only about 75,000 use gas for house heating. While the average customer uses only 30,000 cubic feet of gas a year, the consumer using it for house ‘heating burns 300,000 cubic feet 2 year. Although less than one-halfof1%of the Associated System'’s gas customers use gas for house heating, yet their consumption was7%of total salesin 1929. Homes heated & by gas supplied by the Associated System are increasing at the rate of 33% a year. To invest or for information, write to Associated Gas and Electric System