Evening Star Newspaper, September 21, 1930, Page 72

FINANCIAL, FORAYS CONTINUE ON WESTERN BANKS Two Bandits Are Captured in Illinois—Cashier Disarms Another in Kansas. By the Associated Press. CHICAGO), September 20.—The bank- | Tobbing business, an epidemic of which | has swept the Middle West dvring Sep- | tember, went on uninterruptedly yester- | day, but struck & number of snags. The chief setback was at Pennfield, 11, where two men of three who held | up ‘the bank had an audience and were | caught. Sheriff Grimes, who had been | tipped off on the hold-up, had men watching from a nearby grain elevator. Cashier Disarms Bandit. No attempt to molest the two men was made until they scooped up $312 and looked out of the bank window to see if escape was clear. They gave their nemes as Gene Cole and Byron Dickin- son, both of Danville. Their companion, who had driven with them into the town in an automobile, escaped. A_ocourageous bank cashier, E. B. Merfil of the Purley State Bank at Fur- ley, Kans., was more than a _match for | s would-be hold-up man. Merril en-| gaged him in & fist fight and took his pistol away from him. The robber re- gained the weapon in the si:uggle, but was forced to flee without any loot. He took three shots at the cashier as he #ped away, but missed each time. Kansas Bank Robbed. Other bank robbers were more suc- cessful. At Ripley, Kans., two young men robbed the First State Bank of Ripley of $2.000 and escaped after Jock- ing the cashier and his assistant in & vault. A lone robber got $3,000 from s bank at Elgin, Ill, while the bank at Braidwood, Iil, lost $2,500 to three bandits. Police at Lincoln, Nebr, reported progress in their search for bandits who stole $75,000 in cash and securities from the Lineoln National Bank last Wed- nesday. Two officers who were ordered from the scene of the robbery by an outside guard, armed with a machine , tentatively identified the man as p:d Burke, Chicago gynman, who is sought in connection with the Slaying of seven gangsters here on St. Valen- tine's day in 1929, NEW YORK, September 20 (#).— following is today’s summary of t corporation news_ prepared Standard Statistics Co. Inc., New for the Associated Press, News Trend. The week closed with reactionary tendencies in evidence on the P ncipal eecurity and commodity markets. Stock on Priday suffered their sharpest reaction since early August. Unsettle- ment was said to have been caused by ynconfirmed rumors, together with bearish professional operations. De- elines in leading shares ran as high 3 8 points with the price index losin; 18 per cent. The principal cultural commodities were also sub- THE SUNDAY BSTAR, WASHINGTON, BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. 109.4 106 100 95 99% 9% 94l Baty 108 1024 9 92 100% - 94 101% 107T% 6214 102 118.14 109.24 U S 438 1947-52. .. b 991 US3 106.17 108. 6 US3SYn1946-56 U S 48 1944-64 FOREIGN. Argentine 5s June ‘59 Argentt: A ST Austral $ Austria 7s 43, Bank of Chile 6% s Bank of Chile 6% s 1961 Belgium 5 Belgium 1 Bolivia Ts ct 69, Bordeaux 6s '34. 112:27 112 97% 981y 86% 105% 721 Brazil 6% 1926-57. .., 94 Brazil 8s%41. 102% Canada 6862 88 Chile Republic 6s 21 Chinese Govt Ry b8 ‘51, 67% Colombia 65 1961 Jan, 95% Copenhagen 6s '52 109% Czechoslovakia 8s 51, . 991 Denmark 5%s 1965 103% Denmark 6s 42, 101% Dutch Rast Indies 101% Duteh E: 90 FiatTs’ 97% Finland 1121 French Ts '4 118 French TH#s 41, 81% Ger Gov 5145 '65 wi 84% German Bank 6s 1 104% German 7 81 Greek 651968, 96 Irish Free State s '60 94% Italy 78’61, 1013 Japanese 638 °64.. ... 92 Kreug&Toll 68 ct wi’b 10% Mexico ¢s 1904-54. 85 Milan 6% '52. 103 Netherlands 6s 72 80 New South W 100% Norway b%s..... 86% Orfent Dev 6%s '6T. 102 Paris-Lyaps-Med 6 991 Paris Orleans 5%s 1968, . 61% Peru 65’60 &3 Peru? 100 Pireil 92 Poland 8550 954 Queensland 6 102% Queensiand 7s '41. 1017% 106% 1081 1084% Seine Dept of % Serbs.Croats&Siav Serbs Croats Slov Swiss 5% . Toho Elee Pwr ¥8°55. .. Utd Kingdom 618 '37., Uruguay 6s 1960 8214 Vienna 6s 1952 0% 95 Yokohama 6s°61..... MISCELLANEOUS. Abram & Straus 5% s'¢3 5544 7 97 102% Am Internation 5% Am Natural G 6 Am Writ Pap 6, A Armour & Co 4%s'39. Armour of Del 5 43 to heavy liquidation on reports of ess in Winnipeg and Liverpool, rm in latter market was ascribed '.geuun by Russian interests. The 's_commodity price movements on the whole were disappointing. Of 51 in Dun’s it of wholesale quotal 31 were downward whereas last week 38 of 66 changes were up- ward. Insolvencles during the week numbered 497, compared with 463 in the preceding week and 360 in the 1929 period. Bank clearings showed some expansion over preceding week, a usual development at this time, but reduction Soain large, Aggegste. cxchanges at 3 regate exchanges a! leading centers were 339 per cent smaller with New York City’s total off 874 per cent and cities outside New ¥ork down 25.5 per cent. Purther announcements of dividend reductions are included in corporation news. Magma Copper reduced quarterly rate to 75 cents from $1, Corporation cut dividend to 40 cents from 60 ‘cents. An extra dividend, $1, was declared by Diversified Invest- ments, Inc. The Industries. Confectionery—Cocoa sold at new low rnc. yesterday; September touched 30 cents pound, closing at 5.34 cents. Copper—Foreign sales, Friday, follow- ing reduction export price to 10.8 cents increased substantialy, totaling 4,500,000 zvunda against 1,000,000 pounds Thurs- 8. A Mining and smelting—Nickel and aluminum markets are semi-arbitrarily controlled, and prices have not followed d oll more vfil:.mo ecmmodmam less, supp! e apparently ample and increasing, especlally in terms of current déemand. Long-term consumption = will undoubtedly follow trend, but relatively high quo- will increasingly invite greater tition by competing metals. there is insufficlent evidence to Justify predictions of immediately lower Prices, it is believed long-term supply ind demand conditions will eventually ictate & trend toward lower levels, Ofl—Detroit independent gasoline dealers file suit In eral Court against Standard Oil of Indiana, White Star Refining, Sinoclair Refining, Shell Pe- troleum and Sun Oll; charging violation Bherman anti-trust laws, Clayton act and Michigan statutes. Suit is outcome of recent gasoline price reductions of 2% and 3 cents gallon, Crude and re- fined oil stocks, August 31, in Pacific Coast territory here, 181,223700 bar- rels, decreased 10325 barrels during month.* Crude output during month was 18,700,446 barrels on daily average of 605,460 barrels, against 606,517 barrels dally in July d 878,495 in August, 1929. Zinc—August world output slab zinc totaled 93,185 tons agalnst 92,771 tons in July and 96,303 tons in June, ac- cording to American Bureau metal sta- tistics. The Companies. Aluminum, Ltd., to offer stockholders rights to buy 72,000 additional common shares at $30 each, in ratio one for each eight shares held. American Telephone & Telegraph to purchase Telet; Corporation by exchange 150,000 res common stock of the two companies share for share; will be operated as subsidiary Western Electric. [/ American Water Works & Electric August electric output off 8 per cent: eight months 0.6 per cent below year 0. Chrysler Corporation subsidiary, Dodge Brothers, added 47 new dealers during August. Diversified Investments, Inc., de- clared extra dividend $1 and regular quarterly ::ufldefld $1 on participating res. Dunbhill International earned 47 cents common share in first half vs. $2.38 80 100 102% 9% Atlantic Ref deb 37 " 60 98B% 83 80U 42 Colon Oil 6s'38 Columb G & E del Comm Invest %8s Comm Invest d¢ Con Coal (Md) Detroit Edison ref Dodge 68°40. ... Dugquesne 4 %8 1967. East Cuba Sug T%s 37, General Cable 538 1947 Gen Motors 7. Goodrich (B F) 614, Goodyear Rub bs 1967. Humble O & R 5%s '32 Inland Steel 4%s 1978 Inter Cement 68 "48 Inter Mateh bs '47, Inter Mer Marine 6s Inter Paper 68 A '4 Int Tel&Tel cv 4% Kan Gas & Elec 4%s 80t .. Kendall 534848 (war). .. Lackawanna Steel 68 '50. Laclede5%s D '60. X Liggett & Myers § Loew's Inc 65 1.0ew's Inc 65 ex war'4l Lorillard 6%s 87, Manat! Sugs f 7% le Steel 68 36 106% 914 96% 52 96% 100% New England Tel 58 '52. N Y Edison 614841, North Amer E4 68 '67, Northern States Pow 1., Sinclair Crude Of1 6% 941 Sinclair Pipe Line 58 '42. . Sugar Est Orlen 97% Tenn Copper 97 Transcon Oil 92% United Drug 58 '53. 106% 94% 87% 2% 98% Low. Close. 101, 101. 1025 102.7 103.3 103.4 101.20 101.22 1021 102.1 1965 106.5 108.8 108.10 2 11228 951¢ o 87 104% 104% 93 95 961 97 1064 105% 10815 10814 65 661 106% 106'% 3 T8% 95% 96 105% 105% 8914 £ SI;-“'.}“S 99% 100 110% 110% 101 101% 105% 101 10234 102 1024 102 90 90 99% 99% e 119% 120% 125 125% 813 82% 864 BT 104% 104% 86 87 100 100 97N 98 105% 105% 9T 9% 15% 16% 88 88 104 104% 83% 84 102% 102% 0215 924 104 104% 3 s 100% 100% 103% 104 95% 95% 87 2" RereErrrres 1)) +me]t iy » 9214 108 8414 964 96'% 106 106% 100% 100% 105% 106% 931 04% 86% 8% % 7% 984% 98% 108 841 Wittt e+l EFLFFEERE 101 101 9915 99% 104 104 63 63 10215 10214 106% 106% 9% 99% T6% T8 102 108 103% 104 158% 160 106% 107 0% TN 93 93y 81 811 102% 103 107 107% 102% 102% 45% 467 96% 96% 66 66 102% 108% % 97 100 Fi 4410+ FEREEFL L4++ 11 FELPER + 3 “xe 100% AT 4% 107 107% 9415 - 94% i 103 108 54 54 +44gaid xEe I F 100% 87% 915 1203 90 9614 911 98% 1027% 101% 101% 1081 91 100% 84 96 3 941 93% 9214 U 8 Rubber 18t & ref ds. . Utah Power & Light 6 Utilities P& L 6 Walworth 6s *45. Western Union T Wilson & Co 1st 6 Youngstown St Ateh T & S Fe ad) Atch T & § F gen Atlantic C L 18t 48 '52. Atl Coast Line 414864 B & O gold 4s'48.. B&Ocv4ks'sld Balto & Ohio 5s 48 B&Oref 5s'95... B & O ref §s D 2000 Balto & Ohio 6s *95 102% 96% 101% . 10T 104% 1045 B&OS W Div 58 Bangor & Aroo Boston & Mat - Broadwy & 7th Av 68 "43. Brookiyn Manh 1st 6s A. Canada Natlonal 43864, Canadian Can Nat July 58 '69. Canadiar: Pacific Centra: Pacific Central Pacifie 58 1960 Chesapeake Corp bs 47, Ches & Oh gen 4148 *92 Ches & Ohlo 4%8'93 A ChiB&Q4%s B'T7. 100% 100 99% 105% 4 Chi B & O ref 6571 Ch & Iaxt [11 gen 6 Chi Great West 4 9. ChiMStP &P 68’15 4 Chi M St P & P adj 58 4 Great North gen 78'36 Chi& N W 6%s '3 Chicago Rys bs "27. ChiR 1 & Paeret Chi Union Etation ¢'4s Chi Union Station 6%s. Chi & West Ind con 4s. .. Chi & West Ind 5%s 62, CCC&StLr{4%sE"T7. Cleveland Term b8 B '73. . Cleveland Terminal 5%s Colo & Sou ref 4%8'36.,. Cuba R R bs 62 Cuba North 5%8°42. 116% 92% 105% 100% 107 109% 100% 6914 50% 105 96% Detroit United 4148’32 Erie1st con 4s ‘906, Frie gen lien 45’9 7 Fonda J & G 4%s ‘52 Grand Trunk a f deb 68 Grand Trunk 7s "¢0 Great North 4% 76 Great Nor gen %8 ‘62 1% 47 83% 100% 931 % 101 2% 78 57 Havana Elec Ry 6% 5 Hud & Man ref 68 '67 Illinois Cent ref 4s '55. .. I1linos Central 4% s '66. . Inter Rapid Tran bs '66, Inter Rap Tr 6s sta "66. Inter Rapid Tran 6s'32 Inter Rapld Tran cv 7s. Inter Gt Nor adj *65 Inter Ry Cent Am 6 Kan City South 35 1950 Kan City South bs ‘50. Kan City Ter 15t 48 '60 Lake Shore 4s ‘31 Lehigh Val cn 4s 2003, Louis & Nash uni 4 Market St Ry 7a A *40 MBtP&SSMéEY Mo Kan & Tex 1st 4s Mo Kan & Tex adf 6s "6’ Mo Kan & Tex prIn 6sA Mo Pacific gen 4875 Mo Pacific 5s A *65. Mo Pacific 55 Mo Pacific 58 G. Mobile & Ohio 4 Nassau Elec 48 °61. N Y Centdeb 4s5'34 N Y Cen ref imp N Y Cent deb 35....40 NYCh& SLrefS%sA. NYCh&SLref§%sB.. NY¥Chi&StL6s'31., 0. T 1400444+ +1 1444 A4hhd L L I T T e sseed ¥z ++t40+ 1 D. C, SEPTEMBER 21, 1930—PART SIX. + ¥ V4141 4444144 14+ 4+ 4414141 4+ 4+ - #F x seress = EEFFEEF ER PEEF Y EF FFEF FF FRIEEF F¥r ¥ e - FEE FERE I¥EF - New Haven deb 48 '57. . NYNHG&Hartd%s NYNH& Hcv deb 6s. A 7 NYNH 96% 97 103' 103% 105% 106 9% 92% 102% 102% 97% 98% 100% 100% 100% 101 1013 101% 821 831 105 106% NYW 4 2 =¥ L4 - 105% 110% 102'% 90 101 102 100 927 see g 108% 104 108% 104 105% 105% 117 1Y 100% 100% 96y 96% 45 45 101% 102% 103% 104 1004 100% 108% 109 1144 114% 101% 102% 107 107% 104 104% 103% 108% 4 102% 103% 106% 107 104 104% 102% Reading S R R * Sout! P41+ dtdtlmd +hdd 104% 104% 102 102% 102 102% 105% 106 103% 104% 9% 99% 28 28 101% 102 100% 109% 99% 100% + 4| Wabash +11 F FFE ;*F#‘ *t*f‘v*f FEFS 1 NY Ry 63 66. Penn gen 4% Penn 4% s '63 Penn gen bs Penn 63 1964 Penn 6%s ‘36 Rio Grand West col 43. RIATk& L 4%8°34..... St L Iron Mt gen 6831, .. SLIMASR&G4s'33.. A 49 Bouth Pacific ref 4s "55. South Pacific 4348 68 Southern Ry gen 48" Southern Ry 1st bs ‘04 rn Ry South Ry d Third Ave 1st ref 48 Third Ave adj 58 6 Union Pacific 1 Union Pacific 4 Un Pacific ret 4s 200 virginia Ry 1st 68’62, Va Ry & Power 68 '34. & H clt 654, 5 & Bo ++ o+ A4 25 28 ¥ =2 St 104% 109% 101% 891 100 100% 99 91% 4%8°97, ++ = - PFE FEERPIE FTLIV L4414 BEEEEE REEFER RES 4%81978, R R e in first 8 months, against $4.19 | year ago. | Pines Winterfront wins patent suit against Chrysler Latter allowed until October 15 tinue sale automobiles automatic radiator shutters as broadly covered by Furber patent. Pitney-Bowes Postage Meter effeots agreement with E‘rmco—‘x‘yge-uueu- schaft of Berlin through which patents, mechanical and technical developments, etc, will be exchanged. Radio Corporation of America, sub- sidiary R. C. A. Victor, increases force at Camden plant from 4,000 to 22,000. Sinclair Consolidated Oil president denles report company plans entry into German ofl producing field. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., September 20.— The live pountry market rules generally easy, with values a shade lower on practically all lines and only large, fat stock attracts attention. Too many small, poor and thin foul are noted in the daily as_well as bare- back springers, all of which are hard year ago. (Correction) reduced quarterly common dividend to 25 cents; previously $1 cnsh and 1 per cent stock. Durant Motors reported orders re- @stved for 15,000 American Mathis cars: fNenticipate production 50,000 first year. F. & W. Grand-sSilver nego- tisting for acquisition Canadian units of Metropolitan Chain. Fashion Park associates August sales off 8.1 per eent. Ford Motor relations with Soviet not affected by reported cancellation tractor contract. Introduces new de luxe deliv- er— car, list price $545. wowas Cly Souinern Railway Aue t net after taxes off 3.3 per cent. ht months, 12 per cent below year 280, Magma Copper reduces quartely com- -idlvt&ngb'llun": paid $1 in previous quarter, Beglech Circle' exrned $2.47° common to place even at lower values quoted. Mixed colored Spring chickens, 2 pounds and over, are 22 to 26 cents a pound, and , 20 and 21, but Leghorns will not bring 18 to 23 and all poor springers as well as rebacks are ted at 15 to 17. Old hens in liberal receipts and with the demand for the Jewish holidays over the market shows a decline of 2 cents a pound at 24 to 26 for stock weigh- ing 31¢ pounds and over, but Leghorns will not bring over 15 and 16, while all poor light fowl is neglected at 13 and 14, id rosters in ample supply 1ur‘t:\: dg:nd. 'hllih‘l.l “m“:de-k: :: and 15. y large, fat young du t.ga white variety attract attention at 16 to 18 for stock weighing 4 udmmnn-n‘ufl‘mm to and at 80w m&r for both young and old of Egg Prices. ‘The egg market rules generally easy | in sympathy with other markets in | the East, but values are holding fairly steady and show no change from last week. Receipts from native and nearby points are running more liberal but con- siderable of the offerings continue to | show more or less loss under the candle, and this class of stock will not bring top values, the trade preferring West- ern refrigerated eggs. Hennery whites must have the size to grade first, other- wises they have to be sold ns pullet at a discount. The market closed | my at 35 cents a dozen for hennery | white firsts, 30 for fiirsts and 27 for | current receipts. White potatoes in light receipt, es- pecially well graded No, 1 stock, and the market has unsettled tone and | values a shade lower from last week | at 200 to 215 per 100 pounds, but | ungraded stock will not bring over 1.75 to 1.90, while Eastern Shore barrel | potatoes will bring mostly 2.25 to 3.25, | as 10 quality and size. Sweet potatoes in more liberal receipt and with de- mand only fair the market is easier | and lower at 2.50 to 3.00 a barrel and 1.00 to 1.40 a bushel. Vegetable Market. Native and nearby garden truck is in fairly liberal receipts, but under a good demand prices are holding steady at the following quotations: String beans, 90 to 1.30 a bushel; beets, 2.00 to 5.00 100; carrots, 2.00 to 4.00 100; sugar corn, 10 to 30 dozen; cucumbers, 40 to | 60 hamper: cggphm.l. 50 to 75 hamper; lima beans, 50 to 75 hamper; onions, 20 the 140 to 1.50 per 100 pounds; Deppers.‘be e) 26 to 50 hamper; squash, 50 to 65 hamper; tomatoes, 40 to 1.10 hamper and 40 to 756 per bushel for packing stock, Live Stock Prices. The live cattle market holds generally steady under light receipts on ‘wharves, and mostly of common to ordinary cattle, which move slow at Demand fairly good for tle, first quality, nd, 7 to 8; com- mon to medium, to 6. Bulls, as to quality, 4 to 6. Cows, choice to fancy, 5 to 6; common to fair, 3 to 4. en, as to quality, 4 to 6. Calves, veal, choice, 11 to 113; large, fat, 9 to 10; large, rough, 7 to 8; common, thin, 5 to 6. Sheep, 2 to 4; old bucks, 2 ot 3. Spring_lambs, fancy, 8 to 8%; choice, 3 to _’;.wllions. -'.rll‘ght. iwum 10% OWS, . Stags, 4 ta 5. ve 12 to 15. Shoats, 10 to 12, o GRAIN MARKET CHICAGO, September 20 (#).—En- larged selling pressure during the final hour of trading carried wheat and rye down today to the lowest price level reached yet this season. The new bot- tom-record quotations were reached by March and May deliveries of wheat and by December a May deliveries. of rye. Temporarily all deliveries of wheat went below yesterday’s finish, but the market rallied again just before the close. 'The sole apparent fresh develop. ment to account for late weakness of whéat values was a possible bearish construction of a reminder from Presi- dent Bunnell of the Board of Trade in a telegram to Secretary of Agricul- ture Hyde that the board is a recog- nized world market and that hedges pmucunr{ grain in all positions are customarily placed here. ‘Wheat closed nervous at the same as yesterday's finish to 4 cent lower. Corn closed unchanged to % off. oats %al up, and _yravhmns unchanged to @ setback of 7 cents. Hiy Low 803, Oats the | geprember NEW YORK STOCK EXCHANGE (Continued From Second Page. . Steck and dividend. Timken Roller Bg (3).. Tobacco Products Tobac Prod(A)(80¢). ... Transamerica Corp (1). Transue & Willlams (1). Tri-Continentl Corp. Tri-Con Corp pf (6). Trico Products (2%) Truax-Tra Coal (1.60 Truseon Stl (g1.20) . Twin City Rap Tr (§4 Glen & Co (1.60)....... Underwood- Ell-Fish(6). Union Bag & Paper. .... Union Carb & C (2.60). Union Ofl of Cal (32) Union Pacifie (10), Union Paelfic of (4). Union Tank Car (1,60 United Afreraft. . United Aircraft pf (3) 0) United Cigar of, United Corp (50¢) . United Corp pf (3). United Dyewood. ... United Dyewood pf (7).. United Elec Coal. . United Fruft (4). Utd Gas & Improv (1.20) United Gas Imp pf (5).. United Paperboard. Utd Piece Dye Wks United Stores A. . . Untted Stores pf (2 U 8 Distributing. oc U S & For Sec pt (8) 8 Freight 3),.... 8 Hoftman Mch (2), 8 Indus Alcohol (17).. 8 Leather. ... . Leather, A. Leather pr pf (7) Pipe & Fdy (2) Pipe&Fy st pf 1. Realty & Imp (5). Ruhber. Rubber 1st . ] 8 Smelting & Re 8 US Smelt & Ref pf(3%) U 8 Steel (7)...... U 8 Steel Corp pf (7) U S Tobaceo (4)...... Unjversal Leat Tob (3).. Univ Pipe & Rad. . Utll Pwr&Lt A (e2)..... 1% 49% aq qeaqeagaca BBENRD g Lew. Close. 65% 654 t+1rni FEELIIL g, 2550l Stosk and dividend. Virginia-Caro Chem. Va-Caro Chem 6% pf... Va Elec & Pwer pf(§) n Va Iron Coal & Coke. ... Vulcan Detinning (4) Wabash. . . Waldorf System (1%).. Walworth Co (2). A) Ward Baking B. Wara Baking pf (7) 2 2 rren Bros (3)... en Brosev pf (3)... Warren Fdy & Pipe (2). Webster-Eisenlobr..... Wesson Oil & Snow (2). Weason O1l & Sn ptf (4). 26 106% 32 82 324 FINANCIAL. BONDS ARE STEAD DESPITE SELLING German List Again Subjected to Pressure—Domestic Group Firm. i 7% BY DONALD C. BOLLES, Associated Press Financial Writer. | NEW YORK, September 20.—Bonds 4 | of the German republic firmed today, in | & reversal of trend from yesterday's ses- | sion, but selling continued in some other (RS EE 2] 88% Weston CEIFLI LI E L+ 00 Worthin £V ELTE RS Youngst (REEE ] Dividen: es as en's based on ividend. 1 Par | 3% 1n stock. k 6). Penn Power pf(7). Westingrouse i & M(5) Westinghse E&M pf (5) West Vaco Chilor} White Motors (2) Woelworth Worthngton Pump A (7 Worthngton Pump B(§) Wrigley Wm (4). Yale & Towne (2).. . Yellow Truck & Coach, Young Spring (3).. Young Sh&Tu(B)sta(6). 130 Zenith Radlo,......... RIGHTS—EXPIRE. - tne | tly sie, TV, e R0 R TR A 111% 112% 110 110w 116 116% 34 354 10 104 21% 22 »f PV L+ +4++ 0 14+ 141 14214 140% 140% 31% B81% 381 3814 84 9 2% 32% 4AT4 x4The - 184 13% - 1 % -10% =11% — o 1% 1% 1% Elec Inst (1)... % | issues. While German 7s and the International 5'%8 showed moderate strength, German Central Agricwnturet Bank 6s of July, 1960, and Rhine West- phalian 6s of 1952 lost more than & | point, the former registering a new 1930 low and the Bank 6s of October, 1960, | also were depressed. | Prices in the domestic section were | steady to firm, narrow price movements | being the rule. Erie 5s of 1967, New | York Central 5s and International Tele- phone 55 were among the bonds that advanced. Stock privilege issues moved | uncertainly. Trading in United States Governments | centered in ’l‘reuur{ 4s, which were very active and slightly lower. - New Rainmaker in Africa. 46% 46k 63 643 113% 118% 99 99 & (3.40),.. gton Pump..... 8% 89T 72% x78 49 39 19% 20% 381 x38% 106 105 180 130 % 6% b 89% 7% kN 40 1% 22 40 on Sheet & T (5) 110 % 1 . A 1 table are the snnual eash bail &' above Paid flll NEW ERA FORECAST FOR TRADE BODIES J. J. 0’Connor Tells Mortgage Bankers Ways to Stop Friction .in Business. DETROIT, September 20.—“The 8,000 trade associations in the Uinted States | are on the threshold of a new era of development which will be characterized increasingly by efforts to reduce waste and moderate the frictions of competi- tion,” said John J. Q'Connor, manager, finance department, Chamber of Com- merce of the United States before the Mortgage Bankers Association Conven- tion here. “True, the basis of profit will always be the correctness of the individual's de- cision to buy or sell at a given time, ed efforts fo restrain the toa-ardent or incapable or reckless profit seeker who endangers not alone himself but the whole business community. ““The convietion will be established generally among business men that those things that are not in the public interest are not in the interest of busi- ness, and that any of our business which heedlessly pursue practices conducive to ‘wide-spread unemployment, great waste and periodic distress are the oper concern of business as a whole, f serious paternalistic and economic ad- ventures are to be avoided. Such busi- ness today is infinitely closer knit than ever before, and such union does make for strength.” . Hoover Conference Praised. Mr. O'Connor traded the accomplish- ments of the national business survey | conference called by President Hoover last Fall, pointing 6ut particularly the | truce between capital and labor, in-| creases in capital expenditures, ad- vancement of construction work and other developments contributing greater confidence. He stated that “the whole movement has been characterized by sane, deliberate effort to assist con- structively without dependence upon unsconom! ic m‘e'l:ur: “Volumes might written uj the elements of weakness and sf o di duction in many important lines fluc- tuates at times rather widely, we are coming to recognize the fact that con- sumption of those same lines goes on at a more uniform rate than produc- tion. Business is coming to realize the importance of attempting an approxi- mation of practical stable limits of eon- sumption. There is much that organized business has yet to learn about our old acquaintance, the law of supply and demand.” Mortgage Still Favored. “The mortgage is still the favored in- strument of finance,” said Mr. O'Con- nor. “If our agencies of realty finance continue to perform their functions in a way to merit the approval of sound builders and investors, without suc- cumbing to the ever-present temptation to seek immediate and temporary prof- its, and if they develop only contracts upon whHich full performance may rea- sonably be expected, & public service of cial benefit at this time will be ren- red. The mortgage banker is today faced with a hard set of conditions in order to find the proper balance be- tween safe stimulation of desirable con- struction and overstimulation of build- ing that would further unsettle values in homes and properties and the obligations based upon them. In one of our largest cities & study of home finance recently revealed that fore- closures had increased steadily in the past 10 years. Closer Co-operation Needed. “The interest of the first mortgage house cannot be isolated from that of the home buyer. Greater discrimination with respect to market problems and supply problems is indicated for gen- eral betterment of all interests. A bil- lion and a half dollars of' first mortgages and first mortgage bonds upon city g;npenlex sold to the investing public mortgage bankers annually have an enc!lx;mous influence upon business gen- erally. “Co-operation between such agencies of realty finance as mort; bankers, building and loan associations and mu- tual savings banks with associations of real estate men, contractors, material | Bosto: manufacturers, insurance companies and architects, together with the friendly | P | interest of governmental and general | business agencies, must be further d veloped if real progress toward stabili- ration in the construction industry is to be made. last to be on the way.” HEAVILY INSURED. Of the estate of $500,000 left at his death by Lon Chaney, the miracle man of the screen, $275,000 was life Insur- ance money. | and builders are willing to pay high i This support seems at| Sunioli Gimah BUILDING ACTIVITY SHOWS SHARP GAIN Increase Began About Middle of August—Home Con- struction Lags. BY J. 0. ROYLE. ‘There has been a sharp increase in building construction since the middle of August. This has not been entirely confined to public works and commer cial and lustrial projects. But it is evident that it m be some little time before len| construction e ome-bullding Thdustr s paving me-] is pa; for individuality, and this is a super- charge, according to bankers and econ- Commaodity Price Drop. Prices of buil materials have re- ceded, and it should be an advan - ous time to build, market viewpoint. selling at Jow figures, although Yogging C‘?d mill operations in the South and in e Pacific Northwest are low. Cement Emducuon is curtailed, but mill capacity 50 far shead of demand that the industry is not particularly perous, and prices are low. Many forms of structural steel are at low figures. Labor costs are not high compared with recent years, although they have not receded as have commodity prices. This is due to the fact that is a big element in commercial construction prices and overtime for speed, figu xna that rentals during the time saved wil more than pay for the extra expense. Despite this it is difficult to convince prospective home owners and housing constructors that they should build now. Much of the advantage instanced above is lost through demand for “individ- uality.” Homes are not subject as yet to mass production methods of buil 3 Commercial structures are ‘made units which have a small cube or, as Yy thicknesses and weights of material are can be cut and purchased in out loss due to cuf . This allows myununmymd low cost of skille Home 3 Homes embodying the individual ideas of architects or even of the owners themselves do not lend themselves to | these savings in construction. Conse- | quently construction costs are h and | in times of business depression it is difi- | cult to induce home owners to build, or | bankers to loan the money to finance | such construction. This is not the case | with apartment houses, but the re- quirements for dwellings of this charac- ter have been well filled for some time m’com‘m bl n view of these facts, many contrac- tors feel that home bufl&ln.’wfll con- | tinue to lag somewhat.behind commer- | cial construction even after the pres-| ent bullding industry depression is past. (Copyright, 1930.) WEEKLY CLEARINGS. Bank clearings for the third week of September show some | over the reports for :‘l;n the month, as is e. with the unusually heavy m last year, however, continues quite as large 85 in the earlier returns, while there is a considerable decline from the fig- ures of two years ago, as well. The total for this week at leading cities in the United States, as reported to Dun’s Review, of $9,224,654,000 is 33.9 per cent below the amount of last xur At New York City, clearings of $6,206,- 000,000 are 37.4 per cent under last year's, while the aggregate at leading centers outside of New York of $3.- 018,654,000 is 256.5 per cent less. At most of the larger cities in the East, as well as in the West and the South, the declines now are particularly heavy. c‘lelrmg“!ur the week, as reported to R. G. Dun & Co., and average daily bank clearings for the last three months, are compared herewith: 55' H 37 ety FEERRERERY: £8¥ oPe B! Louisyille New Orleany =i foet Seattln wew o | T . = e | Total AN CHICAGO LIVE STOCK MARKET CHICAGO, September 20 (#)— (United States Department of Agricul- ture) —Onttle—Receipts, 500 head; com- pared week ago fed steers and yearlings, 50a1.25 lower; in between grade yearl- ings off meost, alt! h bottom fell out of market on most heavy steers; fat, she stock showed comparable down- turn; demand very thin for grass-fed cows and grass heifers; better .grade fed steers and yearlings predominated; medium light steers held up fair- ly well in sympathy with active and 25-50 higher market on stockers and feeders; about 7,000 head Western grassers here; killer kinds 25 lower, but stockers and feeders 25-50 higher; bulls mostly 50 lower and vealers steady; ex- treme top yearlings, 13.10; closing top, 12.35; best heavies, 12.75; extreme W?. late, 12.00; stockers up to 9.65 and half- fat, 1,000-pound feeders to 10.00; most ‘Western-bred stock steers selling at 1.50a8.75, with choice kinds, 9.00a9.50; only common kinds :oln: at 5.50a6.50. Sheep—Receipts, 3,000 head; today's market nominal; for week 241 doubles from feeding stations, 25,000 head di- rect; compared week ago fat lambs 75a 1.25 lower; spots off more considering heavier sorts; shee) to 25 and ity, D weak more lower; feeding lambs, 25-50 lower; choice kinds comparatively scarce, late and off the least; top dropped to 8.50 from last Priday's 9.65 peak; closing bulk range lambs, 8.50; good and choice, native ewe and wether lambs, 8.00a8.25; Tests of a new device for making | imitation rain are now being made in N: Central Africa, in Egypt, and in the West Indies. The machine is a huge | d distributes water in such | vay that it falls from a projection iheflzht of 200 feet in the form of & fine | mist. Money to Loan Secured first deed of trus Prevailing rest an: First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. | #06 15th St. N.W, Phone Natlonal 2023 e Loan Correspondent for , The Prudential Insurance Co. of America ICES ill Building 17th & I Streets Several single offices and suites available at most rea- sonable rentals. Apply te Representative, Room 300. Moore & Hill, Inc. 730 17th St. N.W., DENVER STOCK MARKET NEWS —sgives facts sbout mining. ofl and in dustrial companies whose securitie quoted on the DENVER STOCK ANGE, of which we are members. Statistical department will supply data, auotations. etc. on any Wesiern com- pany. PREE trial subscription on reauest, W.R.GIVEN & CO., Ine. (Est.1913) Interstate Tr. Blds. Denver, Colorado. First Mortdage Loan few, 8.50; bucks, 7.00a7.2! lambs, 6.50a7.50. X throwouts, | 5.00a5.75; fat ewes, 3.00a4.00; feeding Applications Hogs—Receipts, 6,000 head including 5,000 head direct; slow; unevenly steady to 15 lower; top, 10.75; bulk, 170-200 pounds, 10.35a10.75; packing sows, 8.00 00; compared one week ago, mostly 25 lower; shippers took 200; esti- mated holdovers, 1,000; light u:hu. good and choice, 140-160 pounds, 9.35a 10.35; lightweights, 160-200 pounds 10.00 #10.75; medium weights, 200-250 pounds, 10.60a10.90; nominal; heavyweights, 250-350 pounds, 10.15a10.90; nominal; king sows, medium and good, 275- % pounds, 7.75a9.35; slaughter pigs, good and choice, 100-130 poun 8.25n9.35. SILVER QUOTATIONS. NEW YORK, September 20 (#).— Bar silver 36%. Invited at 575% Construction Loans Glover & Flather 1508 H St. N.W. National 1753 Buy a BALLARD O and IL BURNER Get CONTINUOUS FREE SERVICE by Using BALLARD H EATING OIL INVESTIGATE ARTHUR H. BALLARD, Inc. 1015 15th NAtional 6131 FIRST St. N.W, Factory Branch MORTGAGES INVESTING NEEDN'T BE A PROBLEM —for there is a channel that is definitely charted — secured principal — specified interest paid without variation during the ful Over a Third 6% of & Century Without a Loss about nothing to .worry about. | term of our FIRST MORTGAGES There is nothing speculative them—and consequently It's 6% regularly. May be purchased in amounts from $250 up. 8. FE. National 2100 SAUL CO. 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY ‘