Evening Star Newspaper, October 20, 1930, Page 15

FINANCIAL. D. C., MONDAY, OCTOBER 20 FARM LOAN BANKS NCIAL.' NING STAR, WASHINGTON, NEW YORK CURB MARKE POWER OF FEDERAL RESERVE cmcg?)‘uffl’fi:m)_ TO AID BUSINESS IS DEFINED | e wheat market was bigher today | under buying influenced by the strong Liverpool and Buenos Aires markets. Received by Private Wire Direct to The Star Office PRIES IRREGULAR ON CURB EXCHANGE Utilities Advance, and Motor Issues React. BY JOHN A. CRO: @pecial Dispatch to The Star. NEW YORK, October 20—Public utility and petroleum shares furnished contrasts in today's moderately active trading on the Curb Exchange, as the former showed strength and the latter ‘weakness. The old market leader, Electric Bond & Share, was bid up early in the day, attracting attention by an initial trans- action of 11,500 shares at 513, up 12 It later advanced to 53 and held around that level. Cities Service, the leader of the oils, opened lower and then ad- vanced 34, but its action was not typical of its division. American Gas & Electric in forenoon dealings was about as much an excep- tion in the utilities as Cities Service was in the ofls, for the former dropped 2% points to a new low before rallying. Meanwhile Imperial Oil of Canada, Standard Ofl of Ohio, Indian Territory Tlluminating A and others sold at new lows for the year. Talk of a new pool being formed in Houston Oil was said to be responsible for the advance of the new shares today. Stutz Motor Car Co. common dipped fractionally following a statement that the company will sell to bankers here 81,974 new shares, proceeds of which wiil be used to redeem outstanding short-term notes and provide additional working capital. Ford\Motor of Canada B was the first of the motor group to enter new low territory for the year. It was followed by American Austin. Durant Motors later equaled its previous low price. The new General Theaters Equipment eommon and preferred retained their position of leadership, in point of vol- ume, in the amusement division, where some slight betterment was noticeable but 0il| Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. . 1930.~ ~Prev. High 13% 20% 2% 132% 1044 115'% 111% 22 T6% 157 109% 161 €75 89% 45 19% 3914 97l 10214 315 15% 14% 145 1% 141 50% 3 Stock and Low. Dividend Rate 5 Aero Supply (B) 15 Affiliated Prod 1.60. 1 Alr Investors (war). 90 AlaGrSou (1T)..... 100 Alabama Pwr pf (6). 111 Ala Pwr cum pt (7). 105% Alu Co of Am pf (6).. 16 Alum Goods (1.20).. 214 Amer Austin Car. 3 Am Beverage. .. 5% Am Br B fd shars. 5 Am Capital (B) 85 AmC P&L (A) (a3 8% AmC P&L B (10%).. 15% Am Com P A (b10%) 30% Am Com P B (10%) 10 Am Cyanamid (B).. 2% Am Dept Store: 915 Am Equities . 21% Am For Pow (war).. 8 AmGas&El (11)... 104 AmGas&Elpf (6).. 5% Am Invest Inc (B).. 49 Am Laund Mach (4). 49% Am Lt& Trac (2%). 1 Am Maricabo. 7% Am Natural Ga 14% Am Superpower. 87% Am Superp pt (6). 94% Am Superpwr 1st( 3 Am Thread pf (25¢). 5 AmU&G B vt 40c 6 Anchor PF (b10%). 6 Appalachian Gas.... 1% Ariz Com Mining. 3 Ariz Globe Copper. .. 714 Arkansas Nat Gas... 714 Ark Nat Gas (A).... 75 Ark N G cu pf (60c). 4% Asso Elec Ind (30¢). 22 Asso Gas & Elec.... 2116 Asso GRE A (at2.40) 812 Asso GREI pur rts 1% Asso Rayon % Atlantic Lobos 11'2 Atlantic Secur 10 Atlas Plywood (2) 5% Atlas Util Corp 2 Atlas Utilities war. . 24% Aviation Cor of Am.. 118f Babcox & Wil (19).. 441 Bancom Corp (1.60). 1315 Bliss (E W) Co (1).. Low. 114 171 91 35, 278 34% I 10% Ta High, 27 . High. Low. Close 6% 6% & 14 115 109% 15% 2 105 1% 20 21% 1 50% 81 1% 103 102 6% [ » 0 3 ~Prev. 1930.~ Stock and Dividend Rate. Libby McNel & L. .. Lily Tulip Cup (1%) Lion Ofl Ref (2)..... Loew’s Inc war).... Lone Star Gasn (1). Long Isld Lt (55¢).. Loulsiana Lan & Ex. MacMarr Stores (1), Marconi [ Mar (38¢). Mavis Bottling. Memphis Nat Gas. . Mer Ch & S (1.60) Met & Min Inc (1.20), Mid W St Ut (1%)... Mid West Ut (b8%). Mid West Ut A war.. Aidvale Co (4). .. Mining Corp of Can.. Mo Kan P L (b10%). Mo Kan P L vtc..... Miss Riv Pow pf (6). Moh HP 2d pf (7). Mount Prod (1.60) Nat American Co. Nat Aviation. Yat Baking Co. B & Sh cp 50C. . o1 Fam St b2% % ., o Nat Fuel Gas (1). Nat Investors. . at Mfgs & Stores. . Pow & Lt pf (6).150 PubSv A (1.60). at Rubber Mach(1) atl S T Sec A f50¢.. » ez & - 8 an I N SR R S T D A S 0D 0 D e a1 N0 B 1% Y Hamburg (2%). N Y Merchandise (1) N Y Pet Royalty. N Y Tel pt (612). Niag-Hud Pow (40c) iag-Hud Pow A w. jag-Hud Pow B w.. fag-Hud Pow C w. tagara Sh, Md(40¢) Niles-Bem-Pnd 12%. Nipissing (30¢)..... Noranda Mines (2). No Am Aviat A war.. rop O1] Corp 12 S 2 Sales— Add 00. Open. High. Low. TR 19 8 8 ~100% 234 1 14% 1% 1% LEND §335,1%.31 More Than 650 Financing In- stitutions Granted Credits by Federal Agency. 114 14% 1% | The 12 Federal Intermediate Credit 217% Banks have been in operation a little 5, and during that 31, this year, they discounted farmers' notes amounting to $335,195,351 for more than 650 fin- ancing institutions and renewed loans aggregating $165,639,874, making a totai of $500,835, ‘These banks also have loaned to more than 90 co-oper- ative marketing associations, incluging Tenewals, approximately $548,376,267. These figures are cited in a new pam- phlet just issued by the Intermediate 3215 | Credit” Banks, showing, in part, - the 64 | service which these institutions have 25% | been to agriculture to date. The out- 75, | standing loans at this time amount to 8 |$123,000,000. 100t%| The new pamphlet will be used in 201 | answering the many inquiries which the 54 | Federal Intermediate Credit Banks and 154 | Federal Farm Loan Board receive con- 14% | cerning the functions of these Federal 1¢ [banks. Although the pamphlet covers 2 |only 12 pages, it discusses the organi- 90'4 | zation of live stock loan companies and 495 agricultural credit corporations, tells 2% | how they may discount paper with the Federal Intermediate Credit Banks, dis- icusses the relation between local com- mercial banks and Intermediate Credit Banks when the former wish to dis- count paper with the latter, details step by step what the farmer has to do to get a loan and also details the facilities offered to farmers’ co-op- erative marketing associations wishing to obtain loans on their warehouse staple agricultural commodities. “Agricultural Paper.” “The note of the individual farmer, offcred by local institutions for dis- count to the Intermediate Credit Banks, must be what is known as ‘agricultural 20% 5'a 15% 1% 1% Blue Ridge Cp (40¢) North W cv pt (3) 30 paper’; that is, the proceeds must be at intervals in Fox Theaters A and Co- lumbia Pictures. Anglo-Chilean Nitrate, despite cables from Chile telling of election of govern- ment representatives of the nitrate car- tel, reacted fractionally to a new low quotation for 1930. Copper shares lagged, but bids were at a slightly higher level. Steel and allied industrial shares were quiet. A fractional decline in Babcox & Wilcox, manufacturers of steam boilers, sent the stock to a new low for the year. Empire Steel failed to respond to the announcement by the Pickands, Mather group that it had increased its holdings of Empire, which probably forecast this development last week by rising 1lj points. DISTRIBUTION CENSUS IS ANALYZED IN BOOK Special Dispatch to The Star. ST. LOUIS, Mo., October 20.—Antici- pating the economic value of statistics to be available in the United States for the first time when the Government's 1930 census of distribution is made pub- lic, George C. Smith director of the industrial bureau of the Industrial Club of St. Louis, has completed a book, “An 4% 9 21 54% 6% 19% 1087% 1% 8% 25 184% 1 335'; 234 321 Blue Ridge cv pf a3. 20% Brazil Tr&Lt(b8% 8 Butler Bros (30c). 1 Cable & Wire B reti 25 Canada Marconl..... % Carib Syndicate..... 12 Celluloid Corp. 19% Cent HG & E n 80 19 Cent PubSvc AaLT75 12 Cent St El (K40¢). ... 21 Chain Store Devel. .. 15% Chat Ph Al nv (50¢). 19% Cheesbor Mfg (15%) 22% Citles Serv (g30c) 5 Cit Sv pf B (60c) 88 Cities Serv pf (6). 8414 Cit Sv P & L pf (6) 7% Clev Tractor (1.60).. 2% Colon Oil. vo 5% Col Oil & Gas vtc 2714 Col Pict vte (£1%) Com Edison (8). 215 Com & Sou wa §14 Com Wat Sv (b8%). 101% Cont G & E pr pf (7). % Consol Auto Merch 2 Consol Copper. 90% Cons Gas Balt (3.60)., 10 Consol Laundries(1) 3714 Cooper Bess pf A (3) [ 414 Cord Corp 81 Cr Cork Int A (1) % Crown Cent Petrol 2 s 5 116% 76 o @ = - PR OB h B AN HOB DS e i F 00T A 01 231300 23 3 B 1t 2 & 3 1 1 Ohto B Tel cu pf (7). Ohio Brass (B) (16). Ohio Copper, - ©Ohio Ofl n cu p: 4 Pac G&E 1st pf (1%) Pac Pub Sv (1.30)..., Pac Western Oil Pandem Oil. Pantepec Oil Paramount Cab Mfg. Parke Davis (11.65). Pennroad Cp (20c) .. Penn Mex Fuel (2).. Penn Wat & Pow (3) 4 Pepperell Mfg (8) Pie Bak of Am A ( Pitney B P n (20¢).. Plymouth Oll (2).... Prince & Whit (25¢). Prince & Whit pf (3) Prod Royalty (f1).. Prudence Co pf (7).. Prudential Invest. .. Pub Ut Hold (50c).. Public Util Hold war Puget S P & Lt p£(6) Pure Ofl pf (6). Reliance Int (A). Reeves (Dan'l) (1 teliance Manag. Repetti Candy Reybarn Co. .. Rice-Stix DG (1%). 4 136 9714 30 135% used for an agricultural purpose, or the 974 % 105% raising, breeding, fattening or market- ing of livestock,” says the pamphblet. “The law does not permit Federal In- termediate Credit Banks to make loans or advances to individuals or to dis- count paper for individuals directly. Any farmer or livestock producer who desires to avail himself of the credit facilitles of a Federal Intermediate Credit Bank should apply to an agricul- tural credit corporation, a live stock loan company, or a banking institution doing business in his locality which has the privilege of discounting paper with or obtaining loans from the Federal Intermediate Credit Bank. A State or national bank, trust company, savings bank, or similar institution handling eligible agricultural paper may pro- Vide agricultural credit for its com- munity by submitting such paper to the Federal Intermediate Credit Bank which serves the district in which such financial institution operates. In local- ities where existing credit facilities are inadequate, agricultural credit corpor- ations and live stock loan companies may be formed. When properly organ- ized with adequate paid up capital and managed by competent personnel such corporations may be granted the privil- ege of discounting with or obtaining loans from the Federal Intermediate Credit Bank serving the district in which they are located. 108 105% 66 108 106% 66 % % 105% 28% 25% 125 % - 28% 25% 1213 4 294 81 181 597 BY J. C. ROYLE. Expectation that some extraordinary action by the Federal Reserve Board or the Federal Reserve banks will patch up the business fabric and ob- literate the depression is unwarranted. This is the opinion expressed by indi- vidual financiers who have conferred here with Reserve Board members and by Government officials. Dr. Ralph A. Young of the finance and investment division of the Depart- ment of Commerce said today that a central banking system, even though it has_abundant reserves, is often quite unable in times of depression to exer- cise any influence in increasing the amount of currency and credit in use or in bringing up the prices of com- modities. - “All a central bank can do,” he said, “is to lower its discount rate for the benefit of the business community. If at that lowey rate more currency and credit are not called for by the com- mercial banks, and through them by business concerns whose financial con- dition warrants the extension of credit, there is no apparent way of injecting more currency into circulation or of in- creasing bank credits.” Excess Bank Reserves. Dr. Young maintains, and many financiers agree with him, that the ac- tual use of currency or bank credit does not increase by virture of the fact that central bank holdings are large, but he points out that excess bank reserves remain for the use of business after business has picked up. In other words, business can get plenty of money when business is good. “The typical business depression,” he continued, “naturally brings with it a reduced demand on the part of manu- rather than expanding, their operations, of money and credit required to conduct facturers and merchants for currency and bank credit. They are curtailing, and if prices have fallen, the amount a given operation is less than before Under these circumstances, interest rates, so far as they apply to loans considered safe by bankers and other lenders, naturally decline. Such a r duction in interest rates, however, ul mately reacts favorably in encouraging borrowing, while at the same time low prices tend ultimately to bring about a revival of demand, both on the part of consumers of finished products and of manufacturers and others who use raw materials.” Reserve Ratio Higher. As Dr. Young outlines the situation, | the rato of gold reserve of the central banks of the United States and other countries to their liabilities is higher | than it was a year ago. He adds that, while the increase in the ratio of gold | and other reserves to the amount of | paper, credits and currency outstanding represents in a sense a :trengthening of the position of the cental banks, it does not indicate good business condi tions. Such a position, he says, is| brought about on the one hand by a| lack of demand for currency and bank | credits and on the other hand by a lack of confidence on the part of the | banks in the ability of would-be bor- | rowers to repay their loans. | Business, therefore, seems likely to | have to work out its own salvation. without any spectacular assistance from the Federal Reserve system, no matte: how anxious the members of that sys: tem may be to bring about a return | of prosperity. | (Copyright. 1930.) | Special Dispatch to The Star. NEW YORK, October 20.—There have been intimations recently that the so-called “four-party plan,” designated to consolidate railroads in the Eastern trunk line territory, might be revived and that there is better prospect now for co-ordinating the ideas of the dif- ferent managements than at any time since this proposal was abandoned. 1t originated in 1924 and, after many months of conferences between the Pennsylvania,_the New York Central, Baltimore & Ohio and the Nickel Plate interests, it was rejected. Concessions that were necessary in one direction in order to bring about the proposed mergers were refused, and eventually the situation was complicated by the poposal for a_fifth system, of which the Wabash Railroad was to be the keystone. I)tsti.s understood that six months ago | Prot. Ripley of Harvard, the author of | the proposed tentative consolidation plan, promulgated by the Interstate Commerce Commission, made a_strong effort to bring the conflicting Eastern railroad interests together, and that he nearly succeeded. The fact that Prof. Ripley discusced the rallroad outlook with President Hoover last Friday is taken to mean that he is again active in the matter of establishing a better relationship between the Eastern lines, and feels that the change in conditions that have been brought about by the slump in business and in railroad se- curities may make it easier to effect the original four-perty plan than when business was booming and securitles were rising during 1928 and 1929. ‘FOUR-PARTY RAILROAD MERGER PLAN MAY BE CONSUMMATED : rendered less probable by the new align- | {ir! ment between the old Gould roads west of the Mississippi River and the Van Sweringens. There are also certain con- | ditions that have arisen in the affairs | P December, old, opened 7773a78%; new, 78!2; March, old, 82a813;; new, 82; May, old, 84'5a84'(: new, 84%a843,, After the first half hour December, old, 78; new, 78%; March, old, 82%; new, 82%; May, old, 84's: new, 84%. Corn was easier under scattered iquidation. December, old, opened 77! ; March, old, old, 81%; 5 were easier with corn. Decem- old, opened. 36°%a36;: new, 363: h, old, 38';; May, old 39!3; new, After the first half hour Decem- , old and_ new, March, old, . May, old, 39! , 39%. Provisions were unchanged, e, NEW YORK COTTON NEW YORK, October 20 (Special).— Cotton prices were 8 to 13 points higher at the opening today under an accumu- lation of buying orders, chiefly from the trade and overseas houses. There was some speculative purchasing in distant positions. Opening prices were: October, old, 10.28, up 11: October, new, 10.22, up December, old, 10.40, new, 1040, up 8: Janua up 11; March, 10.80, up 12; May, 11. up 13, and July, 11.20, up 13. NEW YGRK BANK STOCKS NEW YORK, October 20 (#).—Over- the-counter market: Banks. Bid. Asked. 80 83 30 13% 90 123 2600 a0 111500 a 953, Peopl ational 5 350 Trust Companies. ers s tal Hanover of some of the other roads allocated to| Efeis the Wabash that do not make for the | Chemic same sort of extension of this system | & as was originally proposed. orn Among | &0 them are the purchase of the controlling | Irving interest of the Pittsburgh & West Vir-|M ginia by the Pennsylvania and the seri- ous decline that has occurred in the securities of the Seaboard Air Line. (Copyright, 1930.) POTATO MARKET CHICAGO, October 20 () (United States Department of Agriculture).— Potatoes, 267 carloads; on track, 474 carloads; total United States shipments Saturday, 1,056 carloads: Sunday, 31 carloads; _slightly stronger; trading good on Russets, fair on other stock; Wisconsin sacked Irish Cobblers, 1.70a 2.00, mostly 1.90a2.00; Minnesota, North | Dakota sacked Red River Ohios, 1.85a 2.00; Minnesota sacked round whites, 1.65a1.80; Colorado sacked McClures, 2.00a2.15; Idaho sacked Russets, 2.20a 2:35; few fancy higher. CHICAGO DAIRY MARKET CHICAGO, October 20 (#).—Butter | 8,374 tubs; firm; creamery, extras, 39; standards, 3612; extra firsts, 361423713 firsts, 32a34; seconds, 29a30!. Eggs. 8,517 cases; steady; extra firsts, 291, fresh graded firsts, 28; fresh current nited & | Westche Money on Hand to Loan First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. NW. Outline for Market Surveys,” to be pub- lished by the Industrial Club within the next few weeks. The outline will set forth in a com- prehensive manner the information contained in the new census of Distri- bution and material available from other authoritative sources. It will ex- plain for the first time how the manu- facturer, community or distributor may use this information in ascertaining market areas, the extent of wholesale and retail trade and other character- istics of the market. One portion of the outline constitutes the first com- plete presentation to the public of the entire group of classifications in the census of distribution. ‘The Government's 1930 distribution census is characterized as one of the most important contributions ever made to American business and communities by LeWade Childress, president of the Industrial Club, who has written the foreword to the book. “It includes for the first time,” he writes, “comprehen- sive statistics concerning the volume of wholesale and retail trade and the prin- cipal materials utilized by leading in- dustries and makes available a source for reliable data relating to distribution. Heretofore little accurate information has been available on the subject. Mr. Smith's outline is the first exhaustive statement of just what the distribution census will show.” STEEL DEMAND BETTER. NEW_YORK, October 20 (#)—Re- public Steel Corporation officials state t the current demand and sales of stainless and other alloy steels are showing definite improvement. The corporation has booked a large order for stainless steel for export to Prance for the manufacture of automobile lamp shields in that country. DOMESTIC BONDS. High. Low. Noon 99ty 99%s 2 B 5610074 10014 100%% '53 9111 9031 903 9 C 797 55 A mpire O&R 5' ederal _Wat 55 lorida P & LU o tern Sec Am, oppers G & Y Wabash 5s ... 83 Wes Tex Ut 5s A '57 95% FOREIGN BONDS. BN 95% 95% 9% weonm 3 1 i a4 1 61 7% '.I‘llh 3% 85% 5 Curtiss Wright war. 2% Dayton Alr & Eng. 531 Deere & Co (m1.20).. 2% De Forest Radlo. ... 2% Detroit Afrcraft..... 14 Diamond Match new. 24% Dia Match cu pf (n). Doehler Die Castinj Dow Chemieal (2). Dress SR (A) (3% Dubilier Cond & Rad Duke Power (§15). . . 125: Duquesne Gas Cp wi. 1% Durant Motors. 44 18% East St Pow B (1). 5 18% 4 EastUtilInv(A).... 1 1 9 East Util Assocv.... 2; 5% Eisler Electric Corp. 12 117% b51% EI Bond & Sh (b6). .. 90! 98% 91% El Bond & Sh cu pf 109% 103% FI Bond & Sh pf (6 15% Elec Pow Asso (1)... 15 Elec Pow Asso A (1 25% El Pow & Lt op war.. 12 Elec Sharehold (31).. 82 El Sharehold pf (a6) 99 Emp G&F cupf (8).. 8% Europ E Ltd A (60c) 1% Evans Wallow Lead. 3 Fabrics Finishin, 13 Fandango Corp 14% Fanny Farmer C 4% Fansteel Products. .. 11} Federat Metals t1%. 11 Fiatrets (1.25)..... 18% Ford Mot Can A t1% 30 Ford Mot Can B t1%; 10% Ford Mot Ltd 37%e. 414 Foremost Fabrics. 2 Foundation For Sh: 7 9 4 7 2 2 1 8 6 1 2 1 2 7 ¥ 0 2 2 8 1 2 2 1 s 1 6 20 16% Garlock Pkg (1.20) 8% General Aviation 2 General Baking.. 27 Gen Baking pf (3). 9% Gen E Ltd ret (50¢). bert (AC)pf(213). Glen Alden Coal (8). Globe Underwriter! % Golden Center. .. 9: Goldman Sach TC .. 14 Gold Seal Elec new. . 30 Gorham Inc pf (3)... 6% Groc Strs Prod v.t.e. 85% Gulf Ofl of Fa (1% % Happiness Candy.... 1 Hartman Tobacco. .. 14 Hazeitine Corp (2).. 8% Hecla Mining (1).... 2415 Hires (CE) (A) (2).. 5 Hollinger Gold (60c) 35 Horn & Hard (2%).. 107 Houston Oil of Tex 5 Hudson Bay M &S 73 Humble Of} 12) 255 Hydro Elec Sec (2 4% Imp Chem Ind (25c). 15% Imp Ol of Can (60¢) 24% Ind Ter I11u Ol (A).. 24% Ind Ter Illu O] (B).. 10 Ind Fin ctfs (b10%). 43% ‘Insull Ut (tb10% %) 82 Insull U Iprpf 54 InsCoN Am i13) 7' Insurance Sec (1.40) 10 Intercoast Trade (1) Intercontinent Pet 137 int Petroleum (1). .. 9 Int Saf Raz B ( 25% Internat Super (fl). ' Internat Util (B) 2% Int Util war (new 51 Interstate Equith 3315 Interst Eq cv pf ( 915 Irving Alr Chute (1) 4 Italian Superp (A) 1% ftallan Superp war. . 11 Johnson Motor. . % Kerr Lake 10% Kleinert Co . 95 Koppers G&C pf (6). 258 35% Lackawanna Sec (4) 58 L’Afr Liquide (1. 11 Lefcourt Real 11.85. 25% Leh C& N n (1.40) 1 Leonard Ofl. 254 50% an Rock Lt & P (30¢)... Roosevelt Field Inc.. Rossia Int Corp. Rubberold Co (4). St Reg!s Paper (1).. 10 St Regis Pap pt (7)..1508 Salt Creek Prod (2 1 Schulte Un 5c-$1 St. hulte 5e-$1 St pt. .. Seaboard Util (50¢). Seg Lock & H (50c). Selected Industrie Sel Ind all ctfs(4%). Select Ind pr (5%).. Sentry Safety Cont. % Shenandoah Corp. ... % So Cal Ed pf C (1%) % Standard Motors. Shenandoah Cp (a3). Silica Gel ctfs...... Silver (Isaac) pf (7) 150 Sou Penn Oil (123%). Southern Corp...... So Pipe Line (12). 1 SouthldRoyalty (60¢) 10 1% 8 W Gas Utilities. % Spleg M St pf (6% Stahl-Myer (1.20) Stand Holding Corp 4 s B Stand O1] Ind (234).. 66 Stand 011 Ky. (1180) 23 Stand Oil, Neb(t3%) 1 Stand O11 Ohio (2%) 450s Stand O Ohlo of (7). 250s Stand Ofl of Ohlo(5). Stand P & L B (2) 4 Starrett Corp. .. Starrett Corp pf (3). Strauss Roth. Stutz Motor Car. Sunray Oil (40c Swift Intl (1314 Swift & Co new (2). Syracuse Wash Ma Tampa Electric (32). Technicolor Ine. . Teck Hughes (60c). Thatcher Sec Corp. . Thermotd Co pf (7). 4 Todd Shipyard (4).. Tran Con Afr Tran.. Trans Lux DL P 8., Tubize Chatel (B). .. Twin St NG A pt (1), Ungerleider F Corp.. 4 Un N G of Can 11.60. 10% % 10 101% 81y 47 15 9% % 1 21% Dividend paymen ca 5% 29, in stoc 8% in stock. ¢ * Ex dividend. 1P 4 e £ Un Oil Asso (32).... Unien Tobacco. Utd Car Fast (60¢c).. “arbon pt (7).. e SRR Utd Found b2-35 sh. 214 Utd Gas Co (new) Utd Gas (war). Utd Gas pf (T)...... Utd Lt & Pow A (1). Utd Lt & Pow B (1). Utd Lt & Pow pf (6). Utd Profit Sharing. U'S Dairy (A) (5) U S Elec Pow ww. U S Foll (B) (1).. U S & Int Sec 1st (5). U S Lines pf (1).... U 8 & Overseas war. U S & Overseas ctfs. Utd Stores. . Univ Ins (3%) . Utll Pow & Lt (al).. :'UI P&L B ctfs (al) t & Ind pf (1%)." Utiiity Equities. . Vacuum O1l (4). Venezuela Petrol. Walker (H) (1). Watson (J W) Co. .. West V Coal & Coke. West Auto S A (3)... Wil-Low Cafeterims. . Woodley Petroleum. “Y™ OM&Oun. s ie %% Zonite Products (1). 8y rates in dollars based on last quarterly or sem!-annual tly extra IPlus 4% 1In stoc! n 7 i 'en i iek n Bl Plus 10% 'in ‘stock. 'm Pius 3% o stotk o Plus 34 3 NEW SECURITIES NEW YORK, October 20 (#).—New securities offered today include: American Rolling Mill Co. $15,000,000 3-year 4!, per cent gold notes, priced at 993, and accrued interest, by dicate headed by the Guaranty New York. e TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) ‘uu~ aturity id. %fl.‘ 335 Sept. 15, 1931 32 i e syn- Co. of | % FOREIGN EXCHANGE. ibbs Ling checks toda: Nominal valu IQuotations furnished by W. B. B o 4 et London, poun Fars, irape o Brussels, Berlin, Rome, £ ] e 8% zlot, y! nhagen, Gfo" crown, CrovR: Stockholm, crow: oS, S %as sRRpzaSeRE s If you need work, read the lumns of The Star, want col- U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business October 17, was $205,115,043.36. Cus- toms receipts for the month to date were $20,337,043.21. Total ordinary ex- penditures, $25,185,796.24. O emminin STEEL FURNACE TO START NEW YORK, October 20 (#).—The t Youngstown Sheet & Tube Co. expects shortly to place an additional blast furnace in operation at its Hubbard & Co) “Persons interested in the formation of an agrictultural credit corporation or live stock loan company should first make a preliminary survey of the terri- tory in which the proposed corporation is to function and estimate the amount of acceptable agricultural or live stock peper which the corporation is likely to be called to handle, so as to de- termine the probable extent of its oper- ations and the amount of capital essary for that purpose. In order that such an institution may operate safely and economically it must have adequate capital and competent, experienced per- sonnel, and its territory should be lim- ited to an extent that enables it to in- spect and supervise its loans properly and collect them without undue ex- pense. The amount of paper which may be discounted varies from three to eight times the paid-in and unimpaired capi- tal of the discounting institutions. Loans to Co-operatives. “In addition to discounting agricul- tural paper for, or making loans se- cured by such paper to, State or Na- tional banks, agricultural credit cor- porations and similar financing institu- tions, the Federal Intermediate Credit Banks make loans to co-operative as- sociations composed of persons engaged in producing. or producing and mar- keting, staple agricultural products. The notes of such co-operative associa~ tions must be secured by warehouse re- ceipts or shipping documents covering staple agricultural commodities. The amount which a bank will lend in any Some of the developments that have occurred in recent months also lend weight to the suggestion that conditions are ripe for taking up the Eastern con- solidation movement at the point where it was dropped several years ago. For one thing, it is felt that, although the Interstate Commerce Commission’s merger plan of last December provided for a fifth system, this has since been TE case depends upon the character of the commodity offered as collateral, the management and financial condition of the association, the marketability of the product and other factors. In no event may the banks lend to such asso- ciations more than 75 per cent of the market value of the products pledged as_collalteral. The following agricultural commodi- ties have been approved by the Federal Farm Loan Board as a basis for loans or advances to co-operative marketing associations: Rice, flaxseed, wheat, corn and other grains; hay, cotton, wool and mohair, tobacco, peanuts and other nuts, brookcorn, beans, alfalfa, red top jand sweet clover seed, cheese, canned fruits and vegetables, including cold- pack_fruits; raisins, prunes and_other dried fruits; olive oil, extracted honey, powdered and evaporated skim milk, sugar (raw and refined), maple sirup. The Federal Intermediate Credit Banks have ample funds to meet the demands made upon them by local lend- ing institutions and farmers’ co-operat- ing marketing associations as they have a capital of $60,000,000 and can_sell debentures to secure additional funds to loan to the extent of 10 times their unimpaired_capital. 25% Should Be Invested in BONDS The first quarter of every or- ganized investment program, authorities agree, should be founded ongood bonds. Backed by a high degree of safety, theyprovide a regular income. Gold Debenture Bonds of Associated Gas and Electric Company, due 1968, are in- come-producing sccurities with earnings 2.22 times re- quirements. At the present market they yield over 5%%. Actively traded on the New York Curb Exchange e 1 Public Utility Investing Corp. Y - 61Broadway, New York City ! write for Circular P-532. recelpts, 22a24; ceipts, 19a21. NEW YORK, October 20 (#)—The | Pennsylvania State Water Corporation, | subsidiary of the Community Water | Service Co., has acquired the Glendale ‘Water Co. of Glendale, W. Va. 4 ordinary current re- | Several singl suites available sonable ren! Avply to Representative. Evom 300. Moore & Hill, Inc. 730 17th St. N.W. and e offices at most rea- FIRM EXPANDS. ADFAST through the 1921 SWARTZELL RHEEM aAND HENSEY CO. MORTGAGE BANKERS 727 I5™ STREET N.W. WASHINGTON.D.C. Deflation HE World War sent prices sky high, the value of money was depreciated, everything was inflated . . . then the Armis- tice and reaction set in. In 1921 the defla- tion reached bottom with the stoppage of sales and the calling of bank credits . . . many institutions failed. Speculation in stocks which had been accelerated by low interest rates throughout 1919 again proved a mirage to “easy money” investors. During this black period of deflation, STEADFAST were ihe First Mortgage Notes issued through Swartzell, Rheem & Hensey Company. The owners of these notes found that they possessed a security which was entirely safe, always worth one hundred cents on the dollar and unfailing in interest payment. Through more than 61 years of National aqd International change and upheaval, these First Mortgage Notes have come through without a single loss to any in- vestor. These Notes not only are considered one of the soundest investments available but bring one of the highest assured ine terest returns of any security sought by the careful-and conservative investor.