Evening Star Newspaper, September 24, 1930, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. €, WEDNESDAY, SEPTEMBER 24, 1930. FINANCIAL. indinind DOLE AS DIRECTOR by the Bush Terminal Co., has con- Thomas J. Fisher & Company, Inc. ~- . . New Head of Association De- 41 157 Advance Rumleypf. 2 25 25 Cutler-Ham (3%). 229 119% 108% 113 | cluded negotiations to bring 26 long- !subushed European distributing com« vlnle« under American control of the fines Policies for. Promot- 156% 1034 Air Reduction (14%) Davison Chemical. 24 141 12% 12% Bush Service Corporation. The acquisi- tion will give Bysh Service more than i i 36 14% Air Way El Ap (1%) Deere & Co pf (1.40). ing Bank BUSINGSS. :: 1 Ajax Rubber, » 1 1 Delaware & Hud (9). ¥ 400 European offices, together with 900 Market Beset With Unset- | additional appointed agents, and covers A ‘:‘x A:‘!IHA Jun 16 L3 5 Del Lack & Wn (t7). 5' Al heny 0 % e De Edison v BY EDWARD C. STONE. 1071 st et et Detroit Edison (8) every country in Europe except Russia. tling Rumors as Grain 87 Alleg Cp ww $30 2 9% 3% Diamond Match (8), F. R. Kerman, vice president Trans- | Prices Decline. 72" 49 Allegheny BH(1258) 2 B0 B0 Dom Stores (11.20).. | 343 232 Allied Ch & Dv (n6). 34 2623 251% Drue Cornorat (4).. america Corporation at San Francisco, | 48% Allis Chalmers (3). 107 Dunhill Int (1).. was elected president of the Financial | 18 Amerada Corp (2).". Duplan Silk pf (8) ¢ : 5 3% Am Agricul Crem. Du Pont de N (14 70) Ald‘:”mxrsh A.:nclav!)inn at the con 23" ‘A AEHoUI Ch L. Du P de N deb pf (6). €lusion of the Louisville convention. 68 Am Bank Note (13).. Fastman Kodak (18) John Poole, president of the Federal- ${ BAL L ARD | Undivided Responnlnlny and o Permanem Invemn«n Note—All stocks are in hundred:share fots | _Prev 1630, Stock and exceptiing those lnlmu‘ by ll' letter s (80s) (250s) | Hixh. Low. Dividend Rate. which shows those stocks to be sold in odd lots only. léw 1'4 Cuba Cane Prod. 9 Sales Add 00. ~Prev.1930, Stock and & Prey Cuba Co Hizh. Low Dividend Rate. Add 00, High, Low. Close. Close. Cuban-Amer Sugar 4214 21 Abitibl Pow & Paper, 2 20 20 20 21 Cudahy Packing (4). 37% 217 Adams Exp (1.60)... 72 25% 241 25 254 Curtls Publish (17)., 32 23 Adams Millls (2) 1 251 25% 25% 25% urtiss Wright Corp. 234 & Advance Ruml T e e e Curtiss Wr Corp A.. 25 REAL ESTATE LOANS Made at Low Interest Rates X Xy Fa. If 80 desired: lsa K SL N W. National 0475 QOil Burning Equipment SEE 25 117y 148 1 ARTHUR H. BALLARD, Inc. 1015 15th St. N.W. | @ NAtional 6131 Factory Branch 00000000000 Money to Loan ‘IQIM‘ .’ lnl deed of trust real nlll. erest ission. Joseph 1. Weller 778 & ¢ 3 BY CLAUDE A. JAGGER, Associated Press Financial Editor. | NEW YORK, September 24.—Stock Market bears demonstrated forcefully today that their claws were still snnrp | Money on Hand to Lo on . - iy na? B T b E‘I"ltflble CO-OPerfltwe Bldg Ass'n First Deed of Trust st ftex noon whon peices. Wete worke | Organized 1879 50th YEAR COMPLETED g MOMIs Rgniand 't fexpOMNEto S 1| 0 llltel'“t JOMN JO¥ EDSON. President WALTER S. PRATT, Jr., Secretary provement in steel production figures «++.$5,723,083.61 Surplus & Profits. ..$1,755,911.57 carried quotations down swiftly untii | s st Subscription for the 99th Issue of Stock Being Received 255 2118 Ington-Sch Ington-Schil 6 Auto Lite (6). tlectric Boat. .. £l Pow & Lt (1), Pow & Lt pf (£) 1 Storage Bat (5). & Pub Sv nt (5 N,) aquit Office I'ldg (3) rie RR. ... ureka Vac Claaner. ns Auto Loading. xchange Buf (1%). Fairbanks Co pf. Fairbanks Morse Fashion Park Asso. Fed Wat S A (e2 Filene's pf (6% Firestone T& R (1). Firest T & R pf (6).. First Nat Strs (234) . % Fisk Rubber. . Fisk Rubber 1st pf, Foster Wheeler (2) Foundation Ca. .. Fourth Natl Invest Fox Film (A) (4) Freeport Tex (t5). Gardner Motor. ... Gen Am T'k Car (3() Gen Asphalt (4) Gen Bronze (1). Gen Cable. 1 Gen Cable A E 3 34 Gen Cigar (4) 2 431 Gen Electric (1.60)..1280 660 Gen Elec spec (60c). 3 11% Gen Food Corp (3). bdly Gen Gas&E| Ale.’\flr) By Gen Ital Ed (a2.62).. 364 Gen Mills (3),...... 4T Gen Motors (3.30) 4 4214 Gen Motors pf (5) 1001 100% Gen Outdoor Adv. 5 8 A Gen Pub Serv (h6).. 3 321 4 Gen Ry Signal (5 79 yesterday's gains had been more than | Prompt_Replies to lost and several leaders, including | Applications United States Steel, had broken to ncw{ J AMES F SHEA . lows for the reaction. 643 Louisiana Ave. N.W. ‘The selling came unexpectedly. It coincided with renewed weakns in Hill Building wheat and with publication of a state- | ment that there was no prospect of an | 17th & I Streets Several single offices and increased dividend or an extra on | American Can. Circulation of a rumor that such a move was likely started | suites available at most rea- sonable rentals. ive. Avly o Representative short covering in the last hour yester- day. but the withdrawal of this prop | Moore & Hill, Inc. 730 17th St. N.W. Conscientious Saving! Regular pay-day sav- ings is the only sure method to pave the way for a sound fyture, Come in and Jet us explain our plan! Start Saving this Pay Day! apparently led professional shorts to re- consider their position. Loan Liquidation Rumored. ‘There were reports that banks, espe- cially country banks, were liquidating collateral on security loans in response to pressure from high scources. The total of these loans stands at about $8,000,000,000 and is around $700,000,- 000 above the total a year ago. Spectacular_declines cccurred in sev- eral stocks. Vanadium broke about 15 points and Air Reduction and Foster- Wheeler 9 and 10. Westinghouse and Auburn Auto dropped 7. United States Steel, American Can, du Pont, North American, American Telephone, Inter- national Harvester, Radio, Eastman Kodak, American Water Works, Ameri- can & Foreign Power, Anaconda and Atchison lost 3 to 4. American Smelt- ing, Johns-Manville, Worthington Pump, Case and Houston Ol broke 6 or more. A 3 per cent rise in the Iron Age steel production ratio, bringing it to 61 per cent of theoretical capacity, at-| tracted attention, especially in quarters | which had been seeking relief from the | dismal rumors and news of the week. Gain in Steel Trade. 6% 9 /9 1061 1055 24% 25% 141% 141% 1410 142 161 134 13w 15 ARN 45 4T 63% 63 63 1% 1% 1% 6274 56ly HRIL 1027 1027 102% 1027% 4115 40 407 41% 11% 111% 111% 112 -9 7 ¥ 6% 87 36 a7 4T 46% 50 48 11% 10 211% 2071 9 120 1151 121% 1184% 126% 1261 1061 1061 251 24 COULD YOUR INVESTMENT BE SAFER THAN THESE? Real Estate First Mortgages are secured on income-producing Washington real estate and are further backed by our resources of $3,800,000. WE MAKE FIRST MORTGAGE LOANS! EER'S T MORTGAGES 364 4718 50% 12% 209 2114 117 118 120% 120 126% 127 95 95y 107 108% A PRODUCTIVE INVESTMENT 25‘ Am Bosch Magneto. . American National Bank of this city, 8% Am Brown Bov Eiso. e 2 was elected one of the directors. Other | Jqore 1qove Am can . ol o officers elected for the year included: 42 Am Car & Fdy (6). 45 First vice president, C. H. McMahon, 94 Am Car & Fdy of (7). 984 E 36% Am Chicle (13) 3 vice president First National Bank, De- 9k v Coh BIcohol troit: second vice president, H. A. Lyon, B8 AT B ores Ba advertising_ manager 861 Am & For Pawer Co., New York: third president, 95 i W or Ltk Alva G. Maxwell, Citizens & Southern | 1311, 1061 Am & For bw of (1), National Bank, Atlan‘a: treasurer.E.A.| 1061, 9214 Am & For Pow 24 pf. Hintz, cashier Peoples’ Truct & SavINgs | ‘aas. 121, Am Hasalinn (a10) . Bank, Chicago. S 31 Am lce (14).. Mr. Kerman, the new president, has 28% Am Internat! been active in advertising work for 39 Am Locomotive (4) many years and has been a leader in 90 Am Locomot pf (7)., activities in the association. 35% Am Mch & Fdy Con. At the final session Chester L. Price, € AmMach & Metals. in charge of the business extension 2714 Am Metal Co (1%). activities of the National Republic 105% Am Metal pf (6) . Bancorporation of Chicago, declared 65 Am Nat Gaspf (7). that newspaper advertising, to be ef-{ 1108, 72 Am Pow & Lt 31, fective, should be consistent and per-| 8770 75 AmP&TLpfA (3%4), sistent, both as to continuity of inser- | sau, 80 Am P& L pf A &t (5) tion and the centinuity of a dignified, | 107 99 Am Pow & Lt pf (6). distinctive style. Very little can be| 395 23w Am R & St San (115) 181 gained, he seid, through the ‘p“mndn“ 145 126 Am Rad & 8 S pf (7).1008 insertions of advertisements in the| a7 14% Am Republics. . 3 papers. It is only by being constantly { 100% 45' Am Roll Mill (n2)... B4 before the public that a bank can hope | 67% 52! Am Safety Razor [ to obtain a position of dominance.” « 1 Am Ship&Com..... 2 79'2 53 Am Sm& Ref (4).... 229 Assciation Bembrs A. K. Purrle. | 103 101 Am Bro & Reff (6). At a special meeting of the District| 437 38 Am Snuft $(3%).... Bankers' Association resolutions paying| 112 = 1004 Am Snuff pf (6) gpecial tribute to the memory of Albion | 2215 6% Am Solv & Chem K. Parris were unanimously adopted.| 52 354 Am Steel Fdy (3 The resolutions will be placed upon the| 551, 42 Am Stores records and also forwarded to the rela-| 697 47 Am Sugar tives. 26 9% Am Sumatra Tob. Following the death of Mr. Parris,| 274% 200% Am Tel & Tel (9). the Washington Stock Exchange also| 127 115% Am Tobacco. . paid special tribute to the veteran| 130% 117 Am Tobacco (B). fnancier who was one of the founders| 127 120 Am Tobacco pf (6).. of the Exchange. The Exchange was| 1247 78 Am Water Wks (n1), Tepresented at his funeral by Eugene E.| 10612 9913 Am Wat W 1st pt (6) In the matter of estates where ‘Thompson. Thomas W. Bral rollkGlo\er E. L. Hiliyer er. American Ice Earnings hany, Car-| and Y. E. Gain. Net earnings of American Ice Com- pany and subsidiaries for August after interest. but before Federal deprectation, were $1,008,717 taxes and This com- | pares with ' $920217 for Augast last year, a gain of 9.5 per cent. Loew's, Inc, reports for 40 week: ended June 6, 1930, net profit of $11,- 781924 afier taxes, charges, ation, etc., equivalent after subsidiery preferred dividen depreci- est:mating ds and al- lowing for dividénd requirements on 146,763 shares of $6.50 preferred stock, to $7.64 a share on 141435 no-par common stock. Thi: 1 shares of s compares with net profit in corresponding period of previous fiscal year, of $8,215,034, ‘which computed on ‘above basis is equal 10 $5.12 a share on the common stock. Commodity Prices Lo ‘The wholesale National Fertilizer Association for the wer. piice index of the ‘week ended September 20 showed a de- crease of eight fractional po! ints, bring- ing the index number to 845, a new low for the present year. La: st week the index stood at 85.3 and a year ago it ‘was 97.6. The group of fats and oils was the only one showing an increase for the last week. Seven groups declined and the remaining six showed no change. Prices of 40 commodities declined while only 13 advanced. Lively Trading on Exchange. | ‘Trading was more active than usual on the Washington Stock Exchange to- day. Gas series A bonds selling It opened with $1,000 Washington at 103%. Capital Traction 5s moved at 93% and Electric _ consol lidated 5s came out at 103, and good-sized sales were made in Washington 1043, and 104%. Gas 55 at; Capital Traction stock figured in a 80-share turnover at 60, ex dividend. Potomac Electric 5% per cent preferred changed hands at 108'4, while the 6 per eent issue moved at 111%;. ‘Three bank stocks came out. Ten shares of District National sold at 211, 4 shares*of Washington Loan & Trust at 475 and 10 shares of Bank & Trust Co. at 11215, Stockholders Get Merger Merchants' Notices. ‘The stockholders of the Federal- American National Bank and of the Merchants’ Bank & Trust Co. have been of the date, October 20, on are to vote on ratification. . notified of the merger negotiations and which they The notices announce that the detailed terms of the proposed merger can be seen by the stockholders at the. respective banks. ‘The terms, as already announced, cover the proposed nmew name, the plan of exchanging six shares of Merchants for four of Federal-American and the inten- tion to reduce the par value from $100 a share to $20 a of the stock share. It is expected that the merger will become effective on November 1. Gleaned in Financial District. ‘William E. Johnson, assistant to the resident of the Federal-American Na- ional Bank, is taking his annual vaca- tion. He is spending & part at _the Blue Ridge Club. of the time Vice President Charles B. Lyddane ©f the same bank is attending the open golf champlonship tournament at Ard- more, Pa. He is bert MacKenzie, James E. Hugh Faum. Norfolk & Western Ra months net $14.31 a share o common shares, against $17 on 1,404,637 shares in like accompanied by Al- Baines and iway eight on 1,406,507 76 a share 1929 period. Production of small cigarettes during Augusttotaled Ppared with 10,930,628,890 du 10,577.437,606 as com- ring August a year ago, Bureau of Internal Rev- ende figures show. NEW SECURIT NEW New securities offered tod: Tarrant County, Tex., per cent bonds to yield 3.50 cent, by Ames, Emerich & Summit_County, Ohio, $ per cent YORK, September 24 IES () — ay include: $900,000 413 t0 4.20 per Co. 493,807 4% bonds to yield from 3.50 to 4.10 per cent, h) M. H. Freeman & Co. }‘ULL TIME SC}{EDULE NEW YORK, September-24 (#).—The Kincaid Mills in Georgia are to be put on a full-time basis this week, employ- ing 600 persons on a full schedule of 55 hours a week. NEW YORK BANK STOCKS NEW YORK, September 24 Over the counter market: Bank Stocks, America Bi hem Bk Sm. Ercnante. Menuts Tithed sme* Wastchester Title & Tr. P)— B x T 811y 531 518 291 R1a A% 46 501y 9514 24213 51% 106 87 263% 30 81% 9% 38 116 122% 84 20% T 34 68 92 109% 6% 85 57% 564 110% 134 69 90% 501e 25% . 22% 85 8% 94 15% 6615 178% 42 30% 338 31% 17 43 16% 68 14% 74 43 K% 19% Am Woolen pf 5 Am Writ Paper ctfs. 6!s Am Zinc Lead & Sm. 40% Anaconda Cop (3%). 24% Anacon W & C (134). 34% Anchor Cap (2.40) 19% Archer-Dan-M (2) 4% Armour of 111 (A) 2% Armour of Il (B) 30 Asso App! Ind (4) 28 AssoDry G (2%)... 85 Asso DG 1stpf (6).. 194 Atch To & 8 Fe (10). 3014 At Refining (12) 62 Atlas Powder (4). 255 Atlas Stores (n1)... 91 Auburn Auto (j4)... 19 Austin Nich pr A (3) 1 87 Auto Strap Saf R(3) 4% Aviation Corp of Del 19% Baldwin Loeo (1%). 10413 Baldwin Loco pt . 9614 Balto & Ohio (7). 784 Balto & Onfo pf (4).. 12's Barker Bros (2).. 214 Barnet Leather. ..., 2015 Barnsdall A (2).., 48% Bayuk Cigar (3) 715 Beatrice Cream (4). 101% Beatrice Cr pf (7)... 215 Belding-Hemingway, 78 Bel Nat Rys pf 15.51. 27% Bendix Aviation (2). 3114 Best & Co (2).. 75 Be 122% By em St pf (7). 24 Bohn Alum&Br(1%) 60% Borden Co (k3). 23% Borg Warner (3). 13% Briges Mfg Co. . 121 Brockway Mot Trk. . 60 Brockway Mot pf (1) 58% Bklyn-Man Tr (4)... 847 Bklyn-Man Tr pt (6) 10 Bkiyn & Queens. . 53 Bklyn &Qu Tr pf(5). 115 Bklyn Union Gas (5) 3715 Brown Shoe (3). 18% Bruns-Baik-Col. 5% Bruns Ter & Ry 1914 Bueyrus (1). 107% Bueyrus pf ( 334 Bucyruscv pf (134). 7% Budd (EG) (1)..... 54 Budd (EG) pf (1) 814 Budd Wheel (1) 20% Bullard C 2614 Bulova Watch (3) 20% Burr Add Mach (1).. 291 Bush Terminal (234) 109% Bush T Bldg pf (7).. 226% b2y 341 28% 362% 7% 13% 60 814 L85% 15% 677 51% 8213 10 10% 53 17% 52% 69 26% 46% R97% 37 ll'l 104 § Crucible Iull)ta . lfll HI 2 Butte Cop & Z (50¢) 4 Butte Superior. 18'; Butterick Co % Callahan Zinc & 1d4. 47% Calumet & Arizon: 12 Calumet & Hecla. 17 Campbell Wyant (2). 56 Canada Dry G A (5). 165% Canadian Pacif (10). 40% Can Pacifionew..... 20 Cannon Mills 0).. 13 Capital Admin (A).. 150 Case (J 1) (6) 53 Caterpil Tr ( 5 Cavanaugh-Dobbs 9 Celotex Co..... 3% Century Rib Mills. .. 40 Cerro de Pasco (6).. 5 Certain-teed Prod 19% Checker Cab (4.20), 44’5 Ches & Ohlo (2%)... 61!z Chesapeake Corp (3) 2% Chic & Alton . 2% Chic & Alton pf. 32 Chl& Eastern Ill p 84 Chic Great W 27 Chic Great West pf. 65% Chi Ind & Lou pf u) 121; Chie Mi1 St P & Pac. . 19% Chie M1 St P & P pf. 621 Chicago & N W (5).. 11% Chic Pneu Tool. ..., 90 ChieRI& Pac (7). 26 Chi YellowCab (3). 48 Childs Co (2.40).. 24 Chrysler Corp 13).. 38 (‘Hy lcQAF (k3. 0) 50 Colgate-Pal-P ( 145 Collins & Alkman. Col G & EIpt B (5).. 12% Colum Graph (a% 108 Columbian Carb (1) 23% Comm Credit (2).... 317 Comm Credit A (3) 764 Comm Cred 18t (6%) 28% Com In Tr (£1.60)... 89 Comm Inv Trpf 6%. 20'% Comm Solvents (31) 12% Comwlth & So (60c). 99 Comwlth & So pf (6) 10'% Congoleum-Nairn 2374 Congress Ci + Conley Tinfoll 6 Consol Cigars (5) 7 Consol Cig pr pf 6% 76% Congol Cigar pf (1) 15% Consol Fllm (2)... 18 Consol Film pf (2 96% Consol Gas N Y (4) 99% Cons Gas N Y of (5). 48 Cons RR Cub pf (6).. 11% Container A (1.20)... 3% ContalnerB, ... 1815 Contl Baking A. 3% Contl Baking 66% Contl Baking pf 50 Contl Can (234) 12% Contl Dia Fibre 50 Contl Insur (2.40 31 Contl Motory 17% Contl Oll of A%) 140 Cornprnapu'l) . 3 93 2161 213% 3214 30% 70 70 29 284 113 104% 23% 2214 T8 T2 LL I 1Y 32 284 1104 110% 9RY, 97 824 R2u 008 43 18 352 308 6 21% 21% 115‘4 1158 84' 3.8 s T Ty M 10 25% 27 324 34 ao- nnls llfi'q 3 2% l‘& 15% 630 62 28 1 4% 11% 18 8 1 8 1821 181 451 45 2 21 20% 4 19% 18 289 160% 150% 15 53% 52 5 5 u% 1 % 4y 40 30 ¥ 108 17 30 13 1 167 260 7 874 o 108 149% 149% 517 18 4 305 30% l 10\,. 9ty 2614 214 0% 70 2815 10814 22 7% 5% 29% 110"1 128% 27 2! 122% 38 16% 9 21% 115% 3415 R 60 10 25% 27 321 35 115% 2 1% 15% 66 62 28 1 47% 11% 18 613 181% 45% 208 184 154 149% 16 301 N- g 26 216'¢ 8214 70 20% 1121 28 T4% 5ly 32 110% 98% 81% 1314 24 e 129% 28 6% 121 38 15% 914 20% 1154 M ll';‘fi l‘& 16 62 35 1 182‘4 A45m 20% 19% 160 53 1021 10% 248 “ 151 15" am:"l 10 714 69 uz llz ek 1 1 967% 021 287 18% 10% 597 20% 43 02 26% 341y 28 9Bl 80 Gen Realty & Util... Gen R & Ut pt (e6).. Gen Refract (14%). Gen Theatre Equi Gillette Saf Raz (n) Gimbel Bres., ... Glidden Co (1.20) Gobel (Adolf) Gold Dust (2%) Gold Dust pf (). Goodrich (BF)..... Goodrich BF pf (7) Goodyear Tire (5) Goodyear 1st pf Gotham Silk Ho:lery Graham-Paige. . Graham-Paige rets. Granby Consol (2).. Grand Union. Grant (W T) (1).... Gr North pf (5)..... Gr Nor ctf Ore (a%) Gr West Sug (1.40).. Grigsby Grunow. Gulf Mob & N pf (6). Gulf States Steel. ... Hackensack W (1%) Hahn Dept Store Hanna pf (new) (7) Hahn Dept S pf (6%) Hall (WF) Pr Co (2). Hamilton Watch 1.80 Har Wk Ref (1214)., Hartman Corp (B).. Hayes Body. . . Heime (Geo H) (1), Hercules Powd (3) Mershey Choe (5) Hersh Choe pf (15). Holland Fur (et2% Homestake Min (17). Houdaille Hershey. . Household Fin pf (4) Houston O11 (b10%), Howe Sound (t414).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motor Car (2). Illinofs Central (7) % Independ O & G (2 Indian Motor Cyel Indian Refining. ... Ingersoll Rand (16) . Inland Steel (4). . Inspiration Cop (2) Ingurance Sh (45¢). Interboro Rap Tran Int Agricultural. . Intl Bus Mach (n6), Int] Carriers (25c). Intl Cement (4). Intl Combustion. , Int Comb Eng pf. Int Combust pf cifs.. Intl Harvester (23). Int Harvester pf (7). Intl Hydro El A (e2) Intl Match pf (4).... Intl Mer Martne (2).. Intl Nick of Can (1). Intl Pap & P (A) 2.40 Intl Paper pf (7). .. & Intl Pap & Pow (C).. Intl Pap & P pt (7). Intl Rys Cent Amer.’ Int Rys Cen A pf (5). Intl Salt (3).. Intl Tel & Tel (2). Inter Dept Strs (2)., IntertypeCorp (2) Investors Equity (2) Jewel Tea (14) . Johns-Manville (3). Johns-Manv pf (7).. Jones&Laugh pt (7).120s Jordan Motor Car.... 1 KC P&L 1st pt B (6). 108 Kans City Sou pf (4) 1 Karstadt (R) (1.03)., 1 Kaufmann DS (1%) 8 Kayser Jullus (2%). 4 Kelly-Spring Tire... 10 Kelsey Hayes (2)... 10 Kelvinator Corp 2 Kennecott Capper(2) 1 Kimberly-Clark (13). 1 Kinney (GR) pf (8). 10s Kolster Radio. .24 Kresge (SS) Co 1.60. 34 Kreug & Toll (1.60).. 47 Krog Gr & Bak (n1). 198 Lambert Co (8).. % Lehman Corp (3). Lehn & Fink (3) Lib Owens F GI (1). Lig & Myers B (15).. 39 Ligg & Myers pf (7). 10 Lima Locomotive.... 1 Link Belt (2.60). 1 Liquid Carbonic . & . 176 o B0 Loose-Wiles (12.80). 26 Lorillard (P) Co.... 106 Lorillard (P) pf (7). Loulsiana Ofl. Lou G & E (A) (1%) Louls & Nash (7) 20% Ludlum Stee 37 MeCall Corp (2%). 3 MecCrory (A) (2).... 108 Mclintyre Pore M (1) 10 McKeespt T P(1514). % McKesson & Rob (1) McKes & R pf (3%). McLellan Stores. Mack Trucks (6). Macy RH & Co (nt3) Madison Sq Gar (1) Magma Copper (3).. Mallison & Co Mallison pf (7 Manati Sugar pf. .. Manhat Elev gtd (7). 2 Man Elev mod g (45) Maracaibo Ol Exp Marine Mid (1.20) Market St RY. Market St Ry Marlin-Rock (15 % Marmon Motor Car. Marshall Fleld (23%) Mathieson Alkall (2) Maytag Co (1). ... Melville Shos (2). Mengel Co (2) 4 Mexican Seaboard Miami Copper (1% 14% 88 The trade paper said that improve- | ment in iron and steel demand was sus- tained and that prices had stiffened, commitments werc | more largely responsible for the gain | than were orders for current shipment. continued the “and probably also in August, raw steel production was a step ahead of finishing requirements. With this disparity removed, further increases in business should find quicker reflection in- steel. furpace oper- .and’ _automobile manufacturers continue to make scant although future “Earlier in the month,” Review, finished steel ations. Railroads inquiry. REAL TEST OF MARKET | IS EXPECTED SHORTLY | Special Dispatch to T r. NEW YORK, September real test of the present stock market trend will come within the next few days when the secondary selling wave The manner in. which this sets in. situation is met will afford a prediction over the next few weeks, If -the averages on this secondary selling wave fail to go below the June low levels it will clearly indicate that this market is of the “creeping bull” This because the June lows were above last November's and the August lows were above those of June despite the semblance of raggedness of the list as | 8 whole due to the marked weakness of some stocks. SILVER QUOTATIONS. NEW YORK, September 24 (#).—Bar silver, 36%. 24.—The basis for variety, Come in and see us if you need money! Capital Resources, $3.800,000 24 JACKSON PLACE %9 milh -u-m- i suécysson T com 1418 Eye St. N.W. Will Be Pleased to Receive Applications An Ideal Investment Corporate Trust Shares Ask us for information about high dividend return and spe- cial inheritance features. G. L. Ohrstrom & Co. Incorporated New York Telephone District 3241 Shoreham Bldg. Wlahington. D.C Railroads Ateh. Tob. & [0 mpany ew York Shar Standard O Company New York Amer ean Radlater & st @ Rantiary Corp. Utilities American Tel. & Tel. Co. s Co. of N. Y. fon Tel. Co. WASHINGTON Whi CAN *h of These Do You Consider the Most Attractive tocks Investment? Do you consider yourself equipped to predict which one or more of these issues will have shown the greatest return five years hence? Do you realize that it is possible for investors of all classes to secure an undivided interest in this group of investment common stocks listed on the New York Stock Exchange through one medium? That medium is NORTH AMERI- TRUST SHARES -~ the largest fixed trust. Through this investor acquires a diversified in- terest in American industry. ngle investment the Further details on request. W. W. LANAHAN & Co. BANKERS OFFIC! HILL BUILDING EDWIN D. FLATH 'R, MANAGER PHONE NATIONAL 6997 Mcmbc s New York & Baltimore Stock Exchan ate Member New York Curb Excha income is not only an important consideration, but the ability to know exactly what that income. will be—both points commend our RS 8% FIRST MORTGAGES of a Century Without a That 6% is changeless throughout the term of the mortgage—and with no rein- vestment problems to be solved. May be purchased in amounts from $250 up. B.: ¥ sSAUL. €O National 2100 925 15th St. N.\V.. THERE 1S: NO - SUBSTITUTE FOR SAFETY An actual sketch of a typical office suite. The Shoreham Building —is planned for greatest efficiency with luxurious surroundings The Shoreham isn't “just another Office Building,” but one that has' been definitely designed to put into the equip- ment of its tenants those refinements of facility and service which are recognized factors in efficiency—placing business in an environment of supreme comfort and luxury. Naturally such distinctive features create an atmmphere appealing to the highest type of clients—both individuals and organizations —and to whom the psychological advantages of the location of the Shoreham Bml(lm;, are instantly apparent. Your inspection of single units or suites of any size is solicited—with the assurance that your requirements can be supplied in every detail, MSKEEVER £ GOSS 7. Representative of the Owners SHOREHAM INVESTMENT COMPANY Rental Office Room 520 National Fifteenth at H 5643 Center of Commercial and Professional W ashington