Evening Star Newspaper, September 11, 1930, Page 13

. LOAN IS MARKETED Secretary Mellon’s Report Shows Certificates Were Heavily Oversubscribed. BY EDWARD C. STONE. Secretary Mellon announced today that subecriptions for the $325,000,000 totaled $1,237,000,000. Sub- seriptions’ in - ment for which Treasury _certifi- cates and Treasury bills maturing Sep- tember 15, 1830, were treated the same as cash sub- gcriptions. i All subseriptions in amounts not exceeding $1,000 for any one sub- scriber were allot- ted in full; sub- scriptions in amounts over $1,000 but not exceeding $50,000 were allotted 70 per cent, but not less than $1,000 on any one sub- scription; subscriptions in amounts over $50,000 but not exceeding $100,000 were allotted 60 per cent, but not less than $35.000 on any one subscription; sub- scriptions in amounts over $100,000 but not exceeding $500,000 were allotted 40 per cent, but not less than $60,000 on any one subscription: and subscriptions in amounts over $500,000 but not ex- ceeding $1.000,000 were allotted 30 per cent, but not less than $200.000 on any one subscription; subscriptions in Richard W. Hill mounts over 1,000,000 were allotted 15 ;fl’ cent, but not less than $300,000 on any one subscription. Hill to Address Bankers. ‘The st is set for the annual din- ner to b@ul.'ltld at the Raleigh tonight by the officers, faculty and consuls of Washington Chapter, American Insti- tute of Banking, at which Aubrey O. Dooley will preside and Richard W. Hill, national secretary, make the lead- ing address. Frank M. Perley and sev- eral members of the faculty will also make brief talks. This year's chapter officers include Frank M. Perley. presi- dent; Aubrey O. Dooley and Richard A. Norris, vice presidents; Rose L. Royce, secretary; Robert R. Sisson, treasurer; Anne P. Crawford, assistant secretary, and Walton L. Sanderson, chief consul. The faculty is made up of Eliot H. ‘Thomson, J. Joseph Donohue, James C. Doolin, jr.; Dr. George Farnham, Bolitha J. Laws, Raymond B. Dickey, Edward J. McQuade, James D. Cush. man, William Gordon Buchanan, Theo- dore Cogswell and Ann Tillery Renshaw. ‘The consuls who will attend the meet- ing are: Paul J. Seltzer, Henry O'Neill, Gil- bert F. Murphy, Paul Vanderbilt, Rob- ert B. Field, Lewis Dennis, Garth L. Beaver, John M. Castell, James H. . Ruth Jesse R. Stein, A. E. Bryan, ir.; Brothers, Ralph Horton, J. N. Mec- Geary, Ralph Collins, George McClellan, Robert E. Lee. Anne P. Crawford. Eu- e Marks, Willard C. Barker, Wilson gnstoku‘ Allen N. Humphrey, Edward P. (l)"cmnell. Charles B. Haga D. Engleman, Ken- Robert M. Wilson, Nor- Ogilvie, Pree E. Bowers, FINANCIAL., NEW .5, TREASURY © ' THE EVENING STAR, WASHINGTON, D. C, THURSDAY, SEPTEMBER 11, 19%0. Note—All stocks are sold in one hundred-share fots exceptiing those designated by the which shows those stocks to be sold in odd lots only. ~Prev.1930— High. Low. Dividend Rate 42% 21 Abitibi Pow & Paper, 2 37% 21% AdamsExp (1.60)... 24 4% 20% Addressogr'ph (1%). 1 4134 15% Advance Rumleypt. 1% 3 Ahumada Lead 108% Air R ) 16 Air Way El Ap (23%) 4% Alaska Juneau. ... 64 Albany Wrap Paper. 18 Allegheny Corp 232 Allied Ch & Dy (n6). 484 Allis Chalmers (3).. 18 Amerada Corp (2). 4% Am Agricul Chem 23 Am Agrieul Chpf. 8% Am Brown Bov Elec. 95 6015 Am Brown B E pf (7) 308 1084 Am Can (4). oo/26] 140% Am Canpf (7)... 42 Am Car & Fdy (6) 95 Am Car & Fdy pf (7) 39 Am Chain (3)..,. 36% .Am Chicle (13), 9% Am Com Alcohol. ... 33 Am European Secur. 564 Am & For Power. ... 95 Am & For Pw pf (8). 131 AmHawafian (110). 213 Am Hide & Leather, 55 Am Home Pr (4.20). 78 AmJTeepf (6). 28% Am Internat] (2). 39 Am Locomotive (4). 90 Am Locomot pf (7)., 85% Am Mch & Fdy Con. 6 AmMach & Metals. .. 28% Am Metal Co (13).. 6 Am Nat Gaspf (7).. Am Pow & Lt (31)... Am Pow & Lt pf (8). AmP&LDLA (3%). Am P &L pf A st (5) 23% Am R & St San (13) 48 Am Roll Mill (n2)... 521 Am Safety Razor (5) 7% Am Seating 467 Am Shipbullding (5) s 53 AmSm& Ref (4)... 23 101 AmSm& Refpf (6). 4 13316 Am Sm & Ref pf (7). 1 38 Am Snuff t(3%) 1 6% Am Solv & Chem, ... 1 42 Am Stores (2).. 4 47 Am Sugar Ref (5)... 8 16 Am Tel & Cable (5).. 208 & 200% Am Tel & Tel (9).... 45 118 Am Tobacco (new).. 4 117 Am Tobacco Bnew.. 35 106 Am Type Fdy pf (7). 108 8% Am Wi 38 Sales. Add. 00. Stock and 4 85 16 14 2 44 7 18 5 44% Anaconda Cop (3%). 18 Andes Copper (1%). 19% Archer-Dan-M (2) 1 4% Armour of Ill (A). 5 2% Armourof Il (B).., 6 5 Arnold Constable.... 1 31% Asso Appl Ind (4)... 1 28 AssoDry G (2%). 40 194 AtchTo&SFe (10). 1 30% At Refining (12). . 29 101 Atlas Powder pf (6), 208 25% Atlas Stores (n1). 2 91 Auburn Auto (§4). 21 Austin Nichols...... 37 Auto Strap Saf R(3). 14 4% Aviation Corpof Del 7 19% Baldwin Loco (1%). 46 10415 Baldwin Loco pf (7). 20s 964 Balio & Ohlo (7). 17 1215 Barker Bros (2).....5008 2015 Barnsdall A (2). 26 674 Beatrice Cream (4).. 5 21; Belding-Hemingway. 1 79% Bel Nat Rys pf 15.51. 2 27% Bendix Aviation (2). b8 314 Best & Co (2).. 28 75 Bethletem Steel (6). 21 17% Bloomingdale Bros.. 2 601 Borden Co (k3)..... 25 23% Borg Warner (3).... 9 13% Briges Mfg Co. . 4 121 Brockway Mot Trk 6 58% Bkiyn-Man Tr (4)... 10 Bkiyn & Queens..... 53 BKiyn & Queens pf 4. 115 Bklyn Union Gas (5) 37% Brown Shoe (3) 3% Bruns-Balk-Col 5% Bruns Ter & Ry 39 B letter s (80s) _ Prev. . High. Low. Close. Close. 22% 228 22% 22% 28y 27% 28 28% 32 32 32 32 26 24 26 24 ~ % 5 bl 128% 126 127% 1274 1% 17 1T% 18% 6 % 5% 6 9% 9% 9% 9 28 22% 22% 28% 279'% 276 276 2801 B5% b5 55 55w 231 23% 231% 23% A% B's B4 6 36 36 36 3% 19% 19 19% 18% ke b5 4 77 7612 134% 133% 138% 134 148% 1487 148% 148 52 524 9674 60% T34 85% 1061 106 5 88 28% 5315 65 9 85% 106% 106 85 844 87 29 102 1 421 T4 47 521% 50% 50w e 218% 217% 218 219 1261 126 126% 126% 129% 128% 128% 129% 113 213 118 - M3 978 95% 96 97% 28% 284 29 4T% 4B 48N 21% 21% 22% 21% 21% 21% 214 5% b bu % 3 3% 3w 3% ™ TN TR TR 3315 331 331 34 387% 3T 3T 378 2211 22115 2211 223% 34% 33% 34 34 101% 101% 101% 10214 334 32 32 32 1301 128% 12915 131 4 34 4 3% 1% 70% 5% 5% 34 33 3% 39% 107% 106 106 106 100% 100% 100% 1007 131 13% 1315 18% 234 224 23 22y 86 85% 85N 86 4% 4% Ak Au 83 824 B2l 824 34 33u 38% 334 51% 50% 51% 5l R85 88l RBY RRY, 2615 26w 2615 25 80 8% 79 80 30 20% 30 30 20% 20 20 204 19% 188 19% 19% 68 68 68y 13%. 13% 13% 62 60 132 1344 38U 3B 38Y 16 16w 16% 914 42 % 47 % % 70% 5% % 26% 39% 98Y 185 12% 25% 43 898, 61% = 1930 gh. Low. (2508) 0% 6! NEW YORK STOCK EXCHANGE Received by Private Wire Direct fo The Star Office. Stock and Sales— Dividend Rate. Add 00. High. Low. Evans Auto Loading, 2 14 Exchange Buf (1%). 108 24 Fairbanks Copf.... 1108 15 Fed Lt & Trac pf (6). 20s 97 Fed Min & Smelt...., 4 126 Fed Motor Tr (80¢) .. 814 Federal Screw (3). .. Fed Wat S A (2.40). Fid Ph Fire In (2.60) 4 Firest T& R (1.60)., First Nat Strs (23%). Fisk Rubber........ Fisk Rubber 1st pf. . Foster Wheeler (2).. Foundation Co N 5 Fourth Natl In E Fox Film (A) (4). 43 Frank Simon pf (7). 108 Freeport Tex (15)... 82 4 Gabriel Snub (A)n.. 1 Gen Am Investors... 1 Gen Am T’k Car (14) 84 Gen Asphalt (4)..... 8 i Gen Bronze (1). Gen Cable A... Gen Cable of (7) Gen Electric (1.60). . Gen Elec spee (60c). Gen Food Corp (3).. 89 Gen Gns&F1 A(e300) 6 2 Gen Ital Ed (a2.62).. 1 Gen Mills (3)... 43 Gen Motors (+3.30)., 788 Gen Motors pf (5)... 12 Gen Outdoor Adv.... 1 Gen Out Adv (A) () 1 Gen Pub Serv (b§).. 2 i Gen Ry Slgnal (5)... 5 4 Gen Ry Signal pf (§) 208 4 Gen Realty & Util... Gen Refract (14%).. Gen Theatre Equip. . 3 Gillette Saf Raz (n5) 294 Gimbel Bros.. ..... 4 4 Gimbel Bros pf (7)., 1 % Glidden Co (1.20). 7 Gliaden pr pf (T) Gohel (Adolf). 4 Gold Dust (2%), 14 & Stock Tel(6 odrich (B F) % 4 g 408 318 7 4 Gotham STk Hosiery Gotham 8 H pf (7) * Gotham pf xw (7). Graham-Paige. . Granby Con Min (3). Grand Silver § (m1). Grand Unfon........ Grand Union pf (3).+ Granite Clty 81 (4).. Grant (W T) (1) Gr North nf (5) Gr Nor ctf Ore (a%). Gr West Sug (1.40).. Grigshy Grunow. Gulf Mob & N pf (6 Gulf States Steel % Hahn Dept Stores. Hahn Dept 8 pf (614) Hamilton W pf (6).. Hanna pf (new) (7). Hartman Corp (B).. Hercules Pow pf (7). Hershey Choe (5). i Hersh Choe pf (15) Homestake Min (17 Houdaille Hershey Houston Ofl (b10% Hud&Man Ry (3.50). Hudson Man pf (5) Hudson Motors (3).. Hupp Motor Car (2). Tllinols Central (7)., Independ O & G (2).. Indian Motor Cycle. . Ind MotorCycle pf. Indian Refining Ind Ray (»5% & Inspiration Cop (2).. Tnsurance Sh (45¢).. Ins ctfs (Md) (60c).. Interboro Rap Tran. Intercont Rubber. ... Intl Bus Mach (n6). . Int] Carriers (25¢) Intl Cement (4). Intl Combustion. Int Comb Eng pf. Int Combust pf etfs.. InttHarvester (23%). Int Harvester pf (7). Intl Hydro El A (e2) o =31 33 =2 . Prev. Close. Close. 814 24 126% i 264 34% 36% 821 115 1% 5% 3514 6674 1215 70 8 25 ISTOCKS IRREGULAR IN TRADER MARKET List Becomes Unsettled, Al- though Specialties Are in Brisk Demand. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, September 11.—The still convalescent stock market required a breathing spell today, after the strenuous bullish efforts of the first half of the week had finally lifted the neral level of prices over the rough Hlaces which wrecked the bull move- ment of July. Although the market closed yester- day only a fraction above the peak of July 28, as measured by the index of 90 issues, much liquidation had to be absorbed on the way, and pool oper- before further ambitious undertakings. Trading slumped and_prices generally | eased, although sporadic bidding up of specialties gave the market a spotty ap- pearance. Such stocks as United States Steel, American_Can, American Telephone, General, Electric, New York Central, Air Reduction and Johns-Manville lost a point or more. Shares losing 2 to more than 3 included American Water Works, Pacific Lighting, Stone & Web- ster, Gulf States Steel, United States Industrial Alcohol and Allied Chemical. Case dropped more than 5. On the other hand, Vanadium, Foster Wheeler, Gilette, National Steel, Coco Cola, Safeway and Shattuck rose 2 to 3. The decline was probably influenced in part by the sag in the grain markets, tember 1 crop estimates. The corn crop estimate placed the crop at the owest in years, but was about 50,000,000 bushels higher than several private esti- mates had indicated. The further slight rise in the estimate of wheat production sent most positions to around the lowest prices of the season. Selling of grains, nevertheless, was not in large volume, and as it failed to gain headway stocks manifested better tone. Bears in stocks appeared none too sure of them- selves. Corporate news was, on the whole, mixed and inconclusive. Southern Rallway, after showing a heavy tone for a while, rallied briskly on decla- ration of the regular dividend. No reduction in the dividend was expected in informed quarters at this time, how- ever, as it has been the road’s practice to provide for dividends one year ahead, so the real uncertainty is over payment of dividends next year. Calumet & Hecla decided to forego its quarterly payment altogether after the recent reductions. ‘The money market indicated an in- creasing supply of funds, Call money renewed at 2'; per cent, but was soon available in the outside market at 2. Wall Street has been intensely inter- ested of late over possible changes in the program of the Federal Reserve sys- tem under the recently appointed chair- man, Eugene Meyer, jr. While noth- ing new in the way of official comment has been available, some observers in Wall Street are expecting efforts to improve the market for real estate {noruues in the hope of reviving build- ng the business situation. FARME;S MAY OREANIZE Special Dispatch to The Star. BALTIMORE, September 1 ators were anxious to get their bearings | in response to the Government's Sep- | ctivity, still a decided sore spot in AS RESULT OF DROUGHT, EMERSON SELTZER CO. EARNINGS ARE REPORTED Special Dispatch to The Star. BALTIMORE, September 11.—Net earnings of the Emerson Bromo Seltzer, Inc., holding corporation for the Emer- son Drug Co. and the Maryland Glass Corporation, for the first six months of 1930 equaled $1,523 per share on out- standing class A and class B stock, it is re] by officials of the company. This compares with $1,396 shown by the combined earnings of the Emerson Drug Co. and the Maryland Glass Cor- poration for the first six months of 1929, and which would have accrued to the holding company had it been operat- ing at the time. Emerson Bromo Seltzer, Inc., was formed last October. According to the company’s books, there are 555021 shares of class A non-voting stock outstanding and 625,- 0041, shares of class B voting stock, which participate equally in dividends, :hl‘ch are now paid on a $2 annual asis. PUBLIC SERVICE CONCERN REPORTS LARGER OUTPUT Subsidiaries of the Seaboard Public Service Co., operating in seven southern States, including Virginia, showed an increase of 13.5 per cent in kilowatt- hour output for the month of July and an 11.8 per cent increase for the first seven months of the year. The total output for July, 1930, was 30,618.258 kilowatt-hours, as against 26,971,976 in July a year ago, a gain of 3,646,282, For the first seven months of the year, the Seaboard Public Service Co. group showed a total output of 202,284~ 693 kilowatt-hours, compared to 180,- 919,155 for the first seven months of 1929, an increase of 21,365538, or 118 per cent. During the seven months’ period, energy generated in the company’s own plants was 186,305,396 kilowatt-hours, an increase of 13.5 per cent, while energy purchased from outside sources was 15,079,297 kilowatt-hours, or a de- crease of 4.9 per cent over the 1929 total kilowatt-hours. NEW SECURITIES NEW YORK, September 11 (#)—New securities offered today include: Electric Power & Light Corporation, $15,000,000 5 per cent gold debentures, due in 2030, priced at 927, and accrued interest to yleld 5.40 per cent, by Bon- bright & Co. Chicago & Northwestern Railway, $12,000,000 4!, per cent first and re- funding mortgage series “C” gold bonds, due May 1, 2037, priced at 993, and ac- crued interest, by Kuhn, Loeb & Co. and National City Co. Central Maine Power Co. $5,000.000 413 per cent bonds, due December 1, 1957, priced at 99'; and interest, to yield about 4.53 per cent, by a syndi- cate headed by Harris, Forbes & Co. Cumberland County (Maine) Power & Light Co., $2,400,000 4!> per cent first mortgage gold bonds, due in 1956, priced at 9512 and interest, to yield over 4.80 per cent, by a syndicate headed by Harris, Forbes & Co. Sierra Pacific Power Co., $1,400,000 5 per cent first mortgage and refunding gold bonds, series “A,” due September 1, 1960, priced at 95 and accrued inter- est, to yleld 5.34 per cent, by Stone & W:bster. Plerce, Fair & Co. and Blod- get. 1800 ALEX. 1930 PINANCI YEAR’S NEW PLANES TO BE ABOUT 3,000 Engine Situation Considered More Favorable Because of Lighter Competition. Sales of aircraft during 1930 are not expected to exceed 3,000 machines, at maximum, and may well fall appreciably below this figure, says a current survey of the Standard Statistics Co. of New York. The survey continues, in part: “For the. first half year production aggregated 1,504 planes. Manufacturers still have on hand sizable inventories which were carried over from last year, when plants were operated far in excess of the trade's requirements. As a result, the aeronautical industry is in the throes of depression and no near term improvement is in prospect, as much time will have to elapse before surplus product can be ~bsorbed. “Engine manufacturers are more favorably situated because of a sub- stantial replacement demand. Moreover, since the major part of the business is handled by a few leading companies, the ruinous competition evidenced among plane producers has not spread to the aero engine fleld. “There has been a steady and satis- factory growth in airmail business, while concerted efforts are being made to stimulate air passenger travel. The former is supplying a healthy backlog for the industry (that is, as far as the dominant manufacturing units are con- cerned), v'hereas heavier passenger traffic will augment demand for craft. Of necessity, however, the advancement to be recorded in this phase of the situa- lflonti'fll be slow for months to come, at it ki . . GENERAL TIRE DECLARES REGULAR $1.50 DIVIDEND, Special Dispatch to The Star. | NEW YORK, September 11.—Direc-| tors of the General Tire & Rubber Co. | have just declared a regular quarterly dividend of $1.50 a share on the com- pany's preferred stock, payable on Sep- tember 30 to stockholders of record as of September 20. W. O'Neil, president of the company, recently announced that the riet profit made by the General vmrml?:'flzl :hl first six ;nmflu of the year assured the ent of all dividends on both cllue'l’.z;nthe company’s stock for the entire fiscal year. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applieations clase ocated business propertios. 10 years. if so desired. 1520 K St. N.W. National 0475 A L L A-13 Money to Loan e revaliing. taterest” sad sommpmion s Joseph L Weller ‘m25h % # 5" First Mortgage Loan Applications 1508 H St. N.W. National 1753 Publishing Corporation $3 Cumulative Convertible Preference Stock Comvertible into Common Stock shave for share Corporation occupies prominent position in publishing field. Its periodicals are outstanding examples of specialized trade papers. Earnings for first half of 1930 ore than 334 times Preference k dividend requirements. in on Traded New York Curb Exchange To yield over 7% % Purther details upen request Spencer Trask & Co. 28 Broad Street, New York ALBANY BOSTON CHICAGO PROVIDENCE PHTLADELPHIA NEWARK LONDON Members New York Stock Exchange Washgton Correspondent James M. Johnston & Co. Shoreham Bldg., Washingtes, D. C. FINANCING AT LOW COSY L[] First Mortgage Funds (Three Years or Lenger) §. Perguson. Willlam T. Matthews August R. Terneak, Valentine W. R. Smith, E. Wallace Schreiner, Jesse R. Stein,' A. E. Bryan, jr.; fr.; Gnaries J. Sincell iter. s 107% Bueyrus pf (7) . 334 Bucyruscv pf (2%). 84 Budd Wheel (1). 20% Bullard Co. ... 27 28% 26% 90 Burns Bros (A) (8).. 2 99 99% 99% 100 29% Burr Add Mach (1) 1 35% 35w 35% 35% 60% Byers (AM)........ 24 78% 77% 78 18 47% Calumet& Arizona.. 1 51 51 51 hou Calum & Hee (al1%). 9 13% 13% 13% 143 Canada Dry G A (5). 13 664 65% 65% 66l 5% Canadian Pacif (10). 8 18714 186% 186%, 187% 40% Can Pacific new. 13 47T 46% 46% 47 20 Cannon Mills (1.60). 2 23 223 23 23 13 Capital Admin (A) 2 20 20 204 204 150 Case (J 1) (8). . 257 187. 180% 182 181 115 Case (3 1) pf (1) 308 1244 1244 124% 124 53 Caterpil Tr (13%).. 574 574 B8 9 Celotex Co...... : 13% 2315 Cent Aguirre As1%. 241 3% Century Rib Mills. 54 401 Cerro de Pasco (6) 46 a7 20 Certain-teed Prod p: 214 214 21 19% Checker Cab (4.20). . 31 31w 39k 4415 Ches & Ohio (23). .. 50 50w Bl 51% Chesapeake Corp (3) 6915 6915 694 2% Chic & Alton 2% 3 o, 2% Chic & Alton pf 3 2% 81 Chic Great Western. 10% 10 27 Chic Great West pf.. 37% 31 a7e 124 Chic M1l St P & Pac. . 154 15% 15% 19's Chic Mil St P & P pf. 231 231 24 66 Chicago& N W (5).. 11% Chic Paeu Tool. . 90 ChicRI& Pac (7)... 98 ChicRI&Ppf (8).. 17 Chickasha Cotton 011 48 Childs Co (2.40).. . 24 Chrysler Corp (3). 38 Citylce & F (k3.60) . 82 City Ice & F pf (835) 50n 5% City Stores (50c) . 5 3 Cluett Peahody (3 . 1 9114 Cluctt-Peabdy pf (T) 908 1005 10015 10015 100 331 Coca-Cola (6)....... 40 1861 18414 18515 184 481 Coca-Cola A (3)..... 1 52u b2W b5 521 50 Colgate-Pal-P (24). 2 -61% 61% 6I% g174 97 Colg-Palm-Ppf (6).. 1102 102 102 1021y 14% Colliins & Atkman. 3 20 2% 22 oo, 12 Colonial Beacon..... 2 14% 14w 14 141t 3614 Col Fuel & Iron (3).. 6 508 B0y 50 8% Colo & Sou 1st pt (4) 1008 7735 7714 55 ColGas& El(2).... 132 65% 644 654 64 104% Col Gas& EIpf A (6) 5 109% 109% 1094, 1001 1234 Col Graph (a28e).... 252 187 17% 18ty 174 108 Columbian Carb (16) 1130 139 139 1401 23% Comm Credit (2).... 4 25% 26 7 317 Comm Credit A (3) 1 37% 374 761 Comm Cred 18t (64)110s 951 921 284 Com InTr (£1.60)... 4 37 36 8 CommInvTrpf6%%. 1100 100 204 Comm Solvents (11). 96 27% 26% 267 125 Comwith& o (80c)] 117 4% 10 1an ig, 99 Comwith&Sopf (6) 3 102 101% 101% 101, sociation. 10% © 7 124 12 12 lr,”, r M. P. Calnan, cashier of the Liberty 15% 26 21% 20% 20% 20 National Bank, Is another local banker 18 Bl g go0 B o expects toattend the big Cleveland 88 1126 111 111 1iom nvention. P The District of Columbia Life Under- 3 daen writers held its first Fall luncheon_at 23 30 204 209 20 the Hay-Adams House this noon, Ed- Hi S i S 5914 Intl Match pf (4).... Intl Mer Marine (2).. Intl Nick of Can (1). Intl Paper pf (7) .. % Intl Pap & P (A) 2.40 Intl Pap & Pow (B).. Intl Pap & P pf (7) Intl Printing Ink (3) Intl Salt (3).. . Int] Tel & Tel (2). Inter Dept Strs (2).. Investors Equity (2) 115% 361 10 11% Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . . . Ample funds, lower interest, prompt ap- provals, valuable prepayment privileges. Three-year loans on newer properties without drought is a “blessing is disguise,’ cause it will force farmers in this State to organize co-operative marketing or- ganizations, I. W. Heaps, secretary of the Maryland State Dairymen’s Association, declared at a meeting of the Executive Committee of the Maryland State Drought Commission. Heaps' remarks followed a resolution adopted by the commission asking Gov. Ritchie to anticipate the 1931 State road building program in order to pro- vide work for farmers and farm laborers who otherwise might be faced with des- titution by the failure of crops. The dairymen's organization head stated that, while farmers may have nothing to sell this y co-opera~ tive, in order to survive, must look out for its members’ credit.” “Such an organization,” Heaps said, “would buy feed, seed and fertilizer and would take the member’s notes, with his future crops as security. Then there amortization would not be all this trouble in getting Waszinaron Orrica money for farmers who borrowed to 3% the limit and for others who have no 737 15th Street N. W, Lo 5 Tdephon, Naconal 1013 ‘ H. L. Rust Company T. S. TREASURY BALANCE. ESTABLISHED 1889 The United States Treasury balance 1001 Fifteenth Street Nationai 8100 announced today as of close of business . Prudential’’ September 9 was $43,380,904.85. Cus- Loan Correspondent for *‘The toms receipts for the month to date were $10,005,105.31. Total ordinary ex- penditures, $25,255,177.07. BRANRDRB DA BROWN «* SONS A Underuriters - Distributors INVESTMENT SECURITIES oy 33 3 Trend of Bank Stock Shown. The following tabulation shows .the trend of important bank stocks in vari- ous citles as revealed by the bid price on July 3 compared with the bids Dni September 6. While most bank stocks are far below the prices prevailing a year ago at this time, they have in recent months shown a better tone. Compared with midsummer, them are higher. The table: Julr3. Sept. 6. 140, 122% 1228 9% 915 25% 25% 314 26 362% 132 79% 60 30% Rl 655 45 675 51% 821 most of 4 Kelly-Spring 8% pf. 1008 Kelsey Hayes (2). Kelvinator Corp ... Kennecott Copper(2) 4 Kimberly-Clark (13). Kinney (GR) pf (8). Kolster Radfo. ...... {resge (SS) Co 1.60.. 12 Kresge Dept Stores.. 1 Kreug & Toll (1.60).. 124 Krog Gr & Bak (n1).. 4 Lambert Co (8). Leh Port Cem (2%). Teh Port Cem pt (7). Lehigh Valley Coal. . Lehigh Val (141%). Lehman Corp (3) Lehn & Fink (3). . Lib Owens F Gl (1).. Lig & Myers B (15).. Ligg & Myers pf (7). Link Belt (2.60)..... Liquid Carbonic (4). Loew's Inc (3)...... Loew's Inc pf (6%4). Loew's pf xw (6%4).. Loft Inc e Loose-Wiles (12.80). Lorillard (P) Co. Loulisiana Ofl. . LouG & E (A) (1%) Ludlum Steel MeCall Corp (23%)... MclIntyre Porc M (1) McKeespt T P(15%). McKesson & Rob (1) McKes & R pf (3%). McLellan Stores. McLellan S pf A (8).. Mack Trucks (6).... Macy RH & Co (nt3) Madison Sq G (1%). Mallison & Co Man Elev mod g (d6) Marine Mid (1.20)... Chase National 208 R Trust 5t A Corn Exchange Bank Trusi. % 101 Cleveland Trust. ... rst National, 8t. Lo . Average New York banks. Trading on D. C. Exchange. Trading was in narrow range on the Washington Stock Exchange today, following the recent excellent business. ‘There was another sale of 25 shares of Prince Georges Bank & Trust Co. stock at 35, the second transaction in this issue since it was listed early this Matm Orrics - Barrim D R GO ¥ First Mortgage Loans On improved Real Estate in the District of Columbia d nearby Maryland and Virginia for 3, 5 or 10 year terms on your 5% o Apply RANDALL H. HHAGNER & COMPANY 102 17% 3714 | T0% 364 year. Further transactions in Carpel Cor- ation were recorded, one at 241 and another at 24%;. Capital Trac- tion figured in several tiny sales, open- ing at 6115 and closing at 61. Potomac Electric Power 5!z per cent preferred registered 108. Only one bond sale was recorded, $3,000 Washington Railway & Electric 4s, selling at 897%. In and Out of the Local Banks. Robert N. Harper, chairman of the board of the District National Bank, has returned from a visit to Atlantic City. President Joshua Evans, jr., is laying plans to attend the annuai con- vention of the American Bankers' As. Putting the Shaft Before the Elevator ITHIN a round elevator shaft, a square elevator moves sedately up and down in the famous old building of Cooper Union, engineering and art school of New York city. In 1859 Peter Cooper, inventor and philan- thropist, built this structure—and years before the invention of the elevator, he foresaw it coming and left a shaft for it . . . round, for he believed the yet-to-be- born elevator would require a round shaft. Home Apartment = 100 » MORTGAGE LOAN CORRESFONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 in-Rock (15%). shall Fleld (2%) on Alkall (2) May Dept Strs (n2).. i Mexican Seaboard. .. Mich Steel (h215). Mid-Cont Pet (2).... Middle States Oll ct. Midland Steel (3) . Minn Moline Pow. .. M StP & SSM1sd (4). Mo Kan & Texas (2). Mo Kan & Tex pf (7) Mohawk Carpet A Monsanto Ch (g1%). Montgom Ward (3).. Moon Motors. ... Mother Lode (20¢) Murray (B) (2% stk) N Consol Film pf (2).. 965, Consol Gas N Y (4).. 9915 Cons Gas N Y f (5). % Consol Textile . 1815 Contl Baking A. 3% Contl Baking B, 50 Contl Can (2%)..... 15% Contl Dia Fibre (1) 50 Contl Insur (2.40) 314 Contl Motors. 18%, Contl Oil of Del. . 16% Contl Shares (1) £3% Corn Pr Ref (1414) 140 Corn Prod pf (7). 15% Coty Inc. 3 261 Crof Wheat (12%4). 10% Crosley Radio. . . 38 Crown Cork (£2.40). 70's Crucible Steel (k5).. 104 Crucible Steel pf (7). 80s 113 9 CubaCo.. i 318 4 Cuban-AmerSugar.. 2 4 32% Cuban-Amer Sug pf. 20s 34 38 Cudahy Packing (4). 1 42 1147 Curtis Publish pf (7) 1 120 612 Curtiss Wright Corp 28 6% 7' Curtiss Wr CorpA.. 6 9 55 Cutler-Ham (3%)... 6 65% 64 20 Deere& Copf (1.40). 6 24 231 1105 Del Lack & Wn (17). 2 117% 117 45 Denver & RG W pf.. 59% 189 Diamond Match (8). 243, 6% Dome Mines (1)..... % 9 18 Dom Stores ($1.20).. 67 Drug Corporat (4).. 15% Dunhill Intl (34).... 95% Du Pont de N (14.70) 114 Du P de N deb pf () 175% Eastman Kodak (18) 19% Eaton Axle & 8 (3) 55% Elec Auto Lite (6). 31 Electric Boat. . 494 El Pow & Lt (1). 97% El Pow & Lt pf (8 £l Pow & Lt pf (7). T Emerson Brant (A) | 1047, Eng Pub Sv of (534). 50% 39% Equit Office Bldg (3) 68% 36 ErfeRR......00 o 43% 5% Eureka Vac Cleaner,, - o Iy ward M. Johnston, Syracuse, N. Y., be- 60% ing the guest speaker. 161 American Btores Co. sales, four weeks | # ended August 30, $10.477,495, increase ! of 1.3 per cent over like 1929 period; | for 35 weeks, $94,400,473, increase of .1 ©of 1 per cent. The Treasury Department announces that on August 31, 1030, there were $4,534471,449 in circulation in the United States as compared with $4,426,- 493,631 on July 31, and $4,839,858913 on_August 31, 1929. Per capita circulation was given as $36.72, against $35.90 at the end of July and $40.32 a _year ago. Bir Arthur Yapp of London has writ- ten to Willlam Knowles Cooper that, while the business depression is still extremely serious, there are evidences of the “golden lining of one of the darkest clouds that has ever hung over us.” Sir Arthur was food administrator | o4 in Great Britain during the World | 154 War. %0 Insurance Gains Reported. 254% Earl D. Krewson, head of the local | 10% office of the New York Life Insurance | 30% Co., says that business in his office for the first eight months of 1930 showed A gain of practically 25 per cent over the same period last year—a total of | $5514,861 being paid for. Mr. Krew- son believes this figure proves that there is plenty of money available in Washington. fact he is so enthusi- astic that he calls the present depres- sion here “98 per cent mental.” PROPERTY MANAGEMENT Peter Cooper would find many a man after his own heart in Washington to- day—men who are building for the fu- ture, in finance as well as in engineering . .. men who are choosing firm foun- dations for future incomes, building steadily, with the aid of sound, non- fluctuating securities—securities such the 6% First Mortgage Notes sold through the Swartzell, Rheem & Hensev Company. s Apartment House MANAGEMENT e B BR-Bovn Sxndivmasnero~RanleniruZanne-Sans 1615 49% @ 13 13 4 34 421 120 6% 87 E KEEP watch over the little incidentals of man- agement, with the same care we exercise over the larger matters—to the end that your < Nat Supply pe.(T i 07 | g property will be kept in first- s Nelsner Bros (1.60)." 36 U | dl:l“ shape—and be run profit- > i ably. 34 421 120 » Nat Distillers (2) Nat Lead (18). t Pow & Lt (1). t Ry Mex 2d pf. For more than 61 years these Notes have built for thousands of investors a stead- ily growing fund for future independ- ence . . . and in that time no investor has ever suffered a penny’s loss. They can do the same for you. 243, 247 o o 208, N N Ni N N 2014 &2 B e e % 20 241 89 125 120 1213 150" 3 1204 1204 120 120y 22219 216 216 219 16 26 24% 2415 25y i 23 66% 64% 6bu Goa AR 4 A% Ay 4 gy H & Hart (8). 208 8% 73 6 74 | 20 102 101 102 l(ll':‘ 11105 110% 110% 11014 | T 0 3 e 1102% 102% 1024, 101 1 4B% 45% 4B% 45 Al Al au 1y 1 10% 10% 10% aen Newton Ste N Y Central NYCh&StLpf ). ). SWARTZELL, RHEFEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W, / WA.J:IING‘I'QI*DJ& B. F. SAUL CO. 925 15th St. N.W. Invest (1.20). Y Steam pf(6) . N Y Steam 1st pf (7) 7% North Am Aviation., 75 8714 Nor Am (b10%stk).. 39 (Continued on Page 14.). Nat’l 2100 LOANS 108 1154 8y 107% SILVER QUOTATIONS. NEW. YORK, September 13 () —Bar saver, 36, A