Evening Star Newspaper, October 24, 1930, Page 13

FINANCIAL. RAILWAY EARNINGS GAININ SEPTEMBER Net ‘Income Increases De- spite Decrease in Traffic for Month. BY EDWARD C. STONE. According to the September statement of the Washington Railway & Electric Co., filed with the Public Utilities Com- mission today, traffic declined du:ing the month, while earnings increased. The corporation reported a gain of about $1,000 over the net income in September, 1929. This is the same gen- eral situation that prevailed with the Capital Traction Co. during the same month and its importance lies in the change in earnings trend which the higher car fares have brought about. Onerating revenues in September amounted to $445,245.48, compared with $447,151.47 a year ago in the same month. Operating expenses and taxes totaled $382,769.28, against $386,754.17 in September, 1929, leaving an operating income of $62,476.20 in comparison with $60,307.30 a year ago. The company had a non-operating income for the month of $22,750.89, against $27,312.41, giving the corpora- tion a gross revenue, less operating expenses and taxes, amounting to $85,236.09, compared with $87,709.71 last year. Deductions from gross required $55,501.42, against $58,839.50 a year ago. left a total net income for Sep- ber, 1930, of $29,734.67, compared ‘with $28,870.: \80. Further study of the report indicates that the ratio of losses which had pre- vafled for several months previous to the raise in car fares has been reduced on an average of about $100 a day since the change in the price of car tokens from six for 40 cents to four for 3¢ cents. For the fl?rfe?':"fle months of the present year way company Te- ported operating revenues of $4,001,- 416.28, against $4,312,211.13 & year ago. ting expenses required $3,496, compared wl’l‘h 33,62;.4:54“ Jeaving an operaing income of R 488.23, compared with '$689,776.97 last G corporation had a non-operat- ing income of $1,275,508.48, in compari- son with $1,200,018.55 in the same period a year ago. After all the usual deductions the Washington Railway & Electric Co. has a net income for the nine months amounting to $1,359,757.59, ‘against $1,337,824.76, or a gain of $21,- 932.83. Power Company Boosts Earnings. According to the September state- ments of the Potomac Electric Power the Public l;:fllfiu ings over September, net income this year am 514.29, against $307,639.99 a year ago, or a gain of $35,874.29. ting ~revenues umounted to $826,371.08, compared with $773902.93 a year ago, an increase of $52,568.15. Revenue deductions totaled ,616.09, con?ared with $406,728.29, an increase of $34,887.80. Non-ope $367,074.64 in September, 1929, a dif- ference of $17,680.35. Miscellaneous income totaled $26,867.13, against $23.- 220.96 last year, an increase of $3,646.17. The report covering the first nine months of 1930 shows operating ex- penses amounting to $7,714,435.99, com- pared with $7,247,606, an advance in operating earnings of $466,829.62. Rev- enue deductions required $3,955,543.95, egainst $3,795,877.32, the added ex- penses amounting o $195,666.63. Net operating revenues totaled $3,758,- 892104, compared! with $3,487.720.05 a year ago, & gain of $271.162.99. Mis- cellaneous income _totaled ' $207,851.42, compared with $150,419.16, or an crease of $57,431.46. After all deductions the Potomac Power’s net income for the nine months reached the sum of $3,357,346.29, against $2,926,433.16 in 1929, or an in- crease of £4,309,913.13. © | Investments Show Gain. The Pederal Reserve Board reported today . that security loans of reporting banks in leading cities increased in the latter part of September, but declined rapidly early in October, the decline a large volume of liquidation in loans to brokers and dealers in secu- rities. Commercial loans, which up to the last week in September had not o on 300 n e folow- $150,000, e ‘The banks’ holdings to the seasonal demand outstanding volume of credit showed an \nctmae October 18. Money rates in the open market con- tinued at low levels. The yield on high- grade bonds declined further until early in October, when bond prices declined and there was & rise in yields. Today's Trading on Exchange. Trading was quiet on the Washington Stock Exchange again today. Interest centered in small-lot transactions in Capital Traction stock, which recorded another new low mark. with 10 shares sell- at 50%. Then followed sales of four 10-share and one 5-share lot at 50%. The turnover of 75 share closed the day's trldln{'g, the nmle&umuon being 5014 bid 50% ask ‘Washington Railway & Electric came out at 98% and Potomac Electric Power 51 per cen!ofputmed sold at 108%. ‘Ten shares Mergenthaler Linot changed hands at 90, off fractionally from the last sale. In the unlisted department Cosmos Club 45s figured in a $1,000 sale at 82. Financial District Notes. The auditors' section of the District Bankers' Assoclation had & most inter- esting dinner meeting at the National Press Club last night. General discus- sion of several important problems now before the section proved of much wvalue. The Clincbfield Coal Corporation de- clared T quarterly dividend of $1.15 on preferred stock, payaple No- vember 1 to stock of record October 25. Plans are in progress for starting the Senate inquiry into the Federal Reserve and national banking systems as soon as Congress meets. A Senate commit- tee of five, headed by Senator Glass, will conduct the inquiry, which will be designed to bring about legislation for more effective operation of the Federal Reserve and national banking systems. SHORT-TERM SECURITIES. Gteported by J. & W. Beligman, Allis-Chalmers Co, Amériean Tel. & Tel: Szs American Th s 1038 Co.) id. - Offer. 102 Chile pe! (:Ilfllh‘y’° ICAk"lI Ccé.fll‘:l" 93¢ meral Bt rolenin Corp. General Theaters S e NEW YORK STOCK EXCHANGE Received by Private Wire Direct to dred-share lots s (80s) (2508) odd lots only. Indivilual sales compiled to 12:00—complete in 5:30 Edition. 424 37% 9% 32 1% 1% 156% 215 9% 16% 35% 343 1 68 84 15615 1 821y 116 6974 5l% 22 33 5915 101% 101 105 8% 19% 85% 21 15% Ya 96% 13 4% 6% 10% 991 394 21 18 21% 60 22% 3614 8% 5874 08Y% 35 Stock and tales— Dividend Rate. Add 00. High. Low i Pow & Paper 1 9% 9% Adams Exp (1.60). 207 Adams E: 874 Adams Millis (2) 21% Advance Rumley pf. 15 Ahumada Lead...... % Air Reduction (14% 1021 Ajax Rubber S0 S 5 Alaska Juneau Albany Wrap Pape; Allegheny Corp. Allled Ch & Dy « Allis Chalmers ( Alpha Port Cmt (2 Amerada Corp Am Agricul Ch ptf. Am Bank Note (13). Am Bosch Magueto. . Am Br Shoe (2.40).., Am Brown Rov Elec. 7 Am Brown B E pf (7) 20s 58% Am Can (15)...i... 274 1204 AmCar& Fly «6).., 2 36 AmCar&Fiypf (1) 1 75 Am Chain (3). . 2 40% Am Chicle (13) . Am Colortype (2.40). Prev. Close Close 8% 4 Am Com Aicohol. ... 4 Am & For Pw pt (6).750s Am European Secur. Am & For Power. . 25 Am & For Pw pf (7). Am Hawallan (a10). Am Hide & Leath pf. Am Home Pr (4.20).. Am Ice (14)..... Am Internatl (2) Am LaFr & Foam Am Locomotive (4). Am Ma & Fy (11.65). AmMach & Metals. .. Am Metal Co (1%).. Am Pow & Lt (31)... Am Pow & L1 pf (6). AmP&LpfA (3%). Am P& L pf A st (5) Am R & St San (1%) 4 Am Republics. .. Am Roll Mill (n2)... Am Safety Razor (5) Am Seating.......eo Am Sm & Ref (4)..e. Am Snuff (13%) Am Solv & Chem Am Solv & Chem pf., Am Steel Fdy (3).... ‘Am Stores (2% Am Sugar Ref (5 ‘Am Tobacco. Am Tobacco ( Am Type Fdry (8) Am Water Wks (nl). A Woolen. . Am Woolen pf. Am Zine Lead & Sm.. ‘Anaconda Cop (2%). Anaconda W & C (1), ‘Anchor Cap (2.40)... ‘Andes Copper (1)... Archer-Dan-M (2)... Armour of Del pf (7) Armour of Il (A)..o Asso Ol (2). Atch To & S Fe (1 AtchTo& SFpf (5). AtGulf & W Ind (2). AtGulf & WIpt (5). At Refining (12). 13 2 pf (6).270s 100% Atlas Stores (n1).... 5 12% Atlas Tack... . Auburn Auto (34). Austin Nichol % Autosales 191% 133% 52! Auto Strap Saf R(3). Aviation Corp of Del Baldwin Loco (1%). Bayuk Cig 1st pf (7). Beatrice Cream (4).. Beatrice Cr pf (7). Beech-Nut Pkg (3) Belding-Hemingway. Bendix Aviation (2). Best & Co (2).. Bethlebem Steel (6). Bethlehem St pf (7). Blaw-Knox (1%).... Bohn Alum&Br(1%) Bon Ami (A) (15).... Bklyn Unfon Gas Bruns-Balk-Col.,... " S Bucvrus pf (1) Budd (E G) Mfg.. Budd Wheel (1). Bulova Watch (3 Burns Bros (A) (8).. Burr Add Mach (1).. Bush Termmal (2%) Bush T Bldg pf (7).. Butte Superior - - - waSnSnnaefaamnmton Calif Packing (4). Callahan Zinc & Ld.. Calumet & Arizona.. Calumet & Hecla. Canada Dry G A (5). Can Pacific n Cannon Mills (1.60).. Capital Admin (A).. Capital Adm A pf (3) Case (J 1) (6)... Caterpil Tr (13%) Celanese Corp. Celotex Co. .. Celotex voting ctfs Cent Aguirre As 1%. Cerro de Pasco (4).. Ches & Chesapeake Corp ( Chic & Alton, Chic & Alton Chic Great W. X Chic Great West pf.. Chie Mil St P& Pac. . Chic M1l St P & P pf. Chicago & N W (5) Chic Pneu Tool ChicR 1 & Pac (T)... Chic R1&Ppf (6).. Chickasha Cotton O11 Chrysler Corp (3)... City Ice & F (k3.60). City Ice & F pt (6%) City Stores (50¢). ... Clark Equipment (3) Cluett Peabody (3).. Cluett-Peabdy pf (7). Coca-Cola (6). . Coca-Cola A (3} . Colgate-Pal-P (234). Colg-Palm-P pf (6).. Collins & Atkman. Col Fuel & lron (2 Colo & South (3) ... Col Gas & El (2).... Col El pf A (6) Colum Graph (a%).. Columbian Carb (16) Comm Credit (2). Comm Credit A (3 Comm Cred 1st (6%) 30a SN e BN~ > ® s namsuBan @ g H ETT Rl Comm Inv Tr pf 6% Com In T ev pf (e6).. Com Inv Tr war sta.. Comm Solvents (11) Comwith & 8o (60c) . Comwith & 8o pf (6) Conde Nast Pub (2).. Congoleum-Nairn. .. Congress Cigars (4). Consol Cigars (5) .. Consol Cig prof 6% . Consol Film (2)..... Consol Film pf (2).. Consol Gas N Y (4).. 14 Cons Gas N Y of (5). Contl Insur (2.40) Contl Motors. —Prev.1930—~ Low. The Star Office. Sales— Add 00. High. 1 12% 2 29 3 387% 2 32% 1 65 08 109 16 Stock and Dividend R: Coty Inc. ... o Crof Wheat (123). Crown Cork (£2.40). Crown C&S pf(2.70). Crucible Steel (k5). . Crucible Steel pf (7) 25! Cuba Cane Prod Cudahy Packing (4). Curtis Publish (17). Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A Cutler-Ham (3% ) Davison Chemical. .. Debenhams (70c). ... Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (7). Denver & RG W pf.. Detroit Edison (8).. Devoe & Ray (1.20).. Piamond Match (8). Dia Match ctfs (8).. Dome Mines (1) Dom Stores (11.20). % Drue Corporat (4).. i Eitington Schild. ... Dunhill Int (1)..... Du Pont de N (14 70) Durham Hosiery pf. . East Roll M1l (ht2). Eastman Kodak (18) aton Axle & S (3).. 123 20s 20 5 3 24 159 Elec Auto Lite (6).. El Pow & Lt (1).. E) Pow & Lt pf (6).. El Pow & Lt pf (7). El Storage Bat (5).. Endicott-John (6)... Endicott-John pf (7) Eng Pub Sv pf (5)... Eng Pub Svpf (5%). Equit Office P1dg (3) Evans Auto Loading. Fairbanks Co pf.... Morse (3) s M pf (7)., Fashion Park Asso. . Federal Screw (3) Fed Wat S A (e2.40). Fid Ph Fire In (2.60) 7 Fifth Ave Bus (64c).2508 Firest T& Rpf (6).. 2 First Nat Strs (2%). 11 Fisk Rubber. .. . Fisk Rubber 1st pf.. 508 Follanshe Bros (1).. 5 Foster Wheeler (2).. 22 Foster Wheel pf (7). Fourth Natl Inve Fox Film (A) (4 Freeport Tex (| Fuller pr pf (17.94). Gen Am Investors. .. Gen Am T'k Car (14) Gen Asphalt (4) . Gen Cable. Gen Cable A 4« Gen Cable pf (7). Gen Clgar (4). Gen Electrie ( Gen Elec spec (60¢) Gen Food Corp (3). . Gen Gas&E] A(e30c) GenG & El ev pf ¢ GenG & Elpf A (1), GenG & EIpt A (8). Gen Ital Ed (a2.62) Gen Mills (3). Gen Mills pf (6) Gen Motors (13.30) Gen Motors pf (5) Gen Outdoor Adv.... Gen Pub Serv (b8).. Gen Ry Signal (5)... Gen Realty & Util Gen R & Ut nf (e6).. Gen Refract (14%).. Gen Steel Cast pf (§) Gen Theatre Equip. . Gillette Saf Raz (4). Gimbel Bros.. .. Glidden Co (1.20 Gobel (Adolf) Gold Dust (2% Goodrich (B F). Goodrich BF pf (7). Goodyear Tire (5). .. Goodyear 1st nf (7). Gotham Silk Hoslery Gbuld Copper. Granby Consol (2).. Grand Silver S (m1). Grand Union........ Grand Unlon pf (3) Granite City St (4) Grant (W T) (1). Gr North pf (5) Gr Nor ctf Ore (a%). Gr West Sug (1.40).. Gr West Sug pf (7) Grigsby Grunow. Guantanamo Suga: Gulf Mobile & Nort! Gulf States Steel. ... Hackensack W(1%).360s Hahn Dept Stores... 17 Hahn Dept 8 pf (6%) 3 Hall (WF) Pr Co (2) Hanna pf (new) (7)., Hartman Corp (B). Hayes Body......... Helme (Geo H) (17). aos i onne g wenizaanste % Helme (GW) pf (7) Hershey Choe (5) Hersh Choe pf (#5' Holland Fur (et2% Homestake Min (1§ Houdaille Hershe: Housenold Fin pt Houston Ofl (b10%). Houston Oil (new) Howe Sound (t4%) Hudson Man pf (5)... Hudson Motors (3) Hupp Motor: Illinots Central (7) Independ O & G (2).. Indian Motor Cycle Ind MotorCycle pf. Indian Refining Ind Ray (h5% s Ingersoll Rand (16 Inspiration Copper Insurance Sh (45¢) Ins ctfs (Md) (60c) Interboro Rap Tran.. Intercont Rubber Interlake Iron (1). Int Agricultural Intl Bus Mach (n6) Intl Carriers (25c). Intl Cement (4) Intl Combustion. Int Comb Eng pf. Intl Harvester (2%). Intl Hydro El A (e2) Intl Match pf (4).. Intl Mer Marine (2) Intl Nick of Can (1). Intl Paper & Pwr A.. Intl Pap & Pow (B) Intl Pap & Pow (C).. Intl Printg Ink (2%) Int] Salt (3)... Intl Tel & Tel (2) Inter Dept Strs (2) Jewel Tea (14).. Johns-Manville (3) Jordan Motor Car.... KC P&L 1st pf B (6). Kans City Sou (5). Karstadt (R) (1.03).. Kaufmann DS (1%) Kayser Jullus (2%). Kelly-Spring Tire Kelly-Spring 8% pf.. » o - » sfanperSrakSeaaBonssnmumban o 19% 43 T4% " 114% g sand omm % Kelsey Hayes (2)... Kelvinator Corp ... Kennecott Copper (2) Kolster Radlo . Kresge (SS) C¢ . Kreug & Toll (1.60).. Krog Gr & Bak (nl).. Lambert Co (8).. Lane Bryant (2)..... Leh Port Cem pf (7). Lehigh Valley Coal. . Lehigh Val (t4%). Lehman Corp (2).... Lehn & Fink (3). Lib Owens F GI (1).+ Liggett & Myer (15). Lig & Myers B (16).. Lima Locomotive. ... Link Belt (2.60)..... Liquid Carbonio (4).. Loew’s Inc (3). T e Loose-Wiles (12.90). Lorillard (P) Co.... Louisiana Oil. . LouG&E (A) (1%) h (T)eees SnBonnancann~ po McCall Corp (2%). .. Mclntyre Pore M (1) McKeespt T P(15%) McKesson & Rob (1) McKes& R pf (3%). @ anSap sanad Low. Close. 12% 124 2816 28 3714 3Th 65 108 1% 6 4% 39% 118 4y —_— ——— (Continuéd on Page 4. Prev Close. 121 28% 364 IN STRONG MARKET Leading Issues Advance on Steadr EWyigg—Industrial List Featured. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 24.—The stock market today was stimulated by the improvement in pivotal issues that marked early dealings. The betterment registered by the rails, especially the Van Sweringen group, after their ir- regular opehing, and the continued ad- vance of leading industrial shares spread to other sections of the list as trading progressed. Steel shares, under the leadership of United States Steel, moved higher fol- lowing the moderately optimistic state- ments of the leaders of the industry at the opening session of the American Iron and Steel Institute. Steel at times in the forenoon showed a gain of 3 points, while the steel list averaged an advance of more than a point. General Electric and Westinghouse Electric, which at intervals in forenoon dealings were up about 3 and 4 points, respectively, led the manufacturing se- curities. Other industrial shares, such as American Can, Allied Chemical, J. 1. Case and Johns-Manville, scored gains ranging from 1 to 7 points by midday. Gains in Early Trading. Prices worked higher in early trad- ing. The railroad group, after-a weak opening, turned around with the rest of the market and most of the stocks of Van Sweringen roads, which were ssed in Thursday's session, nall recove! Erie came up a nt from its low. Chesapeake & Ohio recovered 2 points and Alleghany Corporation, after equal- ing its previous low, advanced to a net gain of 3. Other rails to make re- coveries were Atchison and New Haven United States Steel extended its open- ing gain to 23; points., Westinghouse was 11; points better. General Elec- tric rose 2. United Aircraft climbed 174. - Another market feature was Gen- eral Railroad Signal, up 3 points. Util- ities, motors, oils and mine shares were higher. Cerro de Pasco, after opening weak, recovered to a net gain of 1 point. Allied Chemical was 6 points | higher. | In the first half hour sales totaled 366,800, against 298,800 in the same period on Thursday. | newed at 2 per cent Trade News Varied, Overnight news that greeted the open- ing of the market was of diverse character. The $139,000,000 decline of brokers’ . loans brought: the total of $2,613,000,000 to the lowest figure since November 24, 1926, and only $204,000,- 000 above the record low of May 19, 1926, The record peak of broke:s’ loans stood at $6,804,000,000 on October 2, 1929. Although the shrinkage of brokers’ loans indicated that recent buying has been better than recent selling, less optimism was generated by the weekly Federal Reserve statement, which showed a decline in circulation of $50,000,000, which contrasted with ‘a gain of $64,- 000,000 that required a period: of three weeks. Trade items were equally diverse. Censtruction statistics, both weekly and monthly, showed increases, but gasoline demand decreased. Unfavorable earn- ings reports offset those indicating maintained or increased net incomes. The lowered price of copper was fol- lowed by reports of a conference of leading producers to be held here to discuss trade regulation. The extent of the early decline in the rail division may be gleaned from, the fact that eight fairly active issues— Lehigh Valley, St. Paul common, Dela- | ware & Hudson, Delaware, Lackawanna & Western; Erle, Missouyi Pacific, New York, Chicago & St. is and Texas Pacific—hit new low prices for the year. Later some of these securities, especial- ly those of the so-called Van Sweringen group, staged a robust rally. Food Shares Advance. Food shares, on favorable earning statements, such as that of General Foods Corporation, met a moderate de- mand at advancing levels. Amusements also rallied, with the greatest activity in some of the lower-priced issues like Radio-Keith-Orpheum. The copper division, despite the cut in red metal and its products, made some recovery around midday as a re- sult of the report of the producers’ conference, which caused some cover- ing of shorts. While this movement was in progress Calumet & Arizona opened up 2!;, Anaconda rose fraction- ally and Cerro de Pasco got up more than a point. Public utilities, under the marshal- ship of American Water Works and American & Foreign Power, were strong. STOCK PRICES DUE FOR SLOW UPTURN Recovery Should Be Not Later Than Early Summer, Institute Review Says. : | Special Dispatch to The Star. 42% 72 % 114% NEW YORK, October 24.—Anal with |the stock acket " sesersion o 1920-1 indicates that recovery of stock prices should not be later than the early Summer of 1931, says the Alexander Hamilton Institute’s current Investment Bulletin. In the post-war period, busi- ness readjustment lagged behind the be- ginning of deflation in stock prices and commenced to show recovery some months before the stock market defi- nitely turned upward. Since the com- parison ‘with the post-war market is favorable, both with regard to credit conditions and corporate _inventories, there is at least colorable reason to expect that the duration of depression will be less, rather than greater, than | that of 10 vears ago. | stock market has lasted longer than the | decline after the 1908-9 market and has equaled the recession which started late in 1916 and ended in December of the following year. It is within two months of _equaling the decline of 1923-4. It has run eight months less than the bear market of 1920-1 and nine months less than the 1906-7 market. Its duration has been nearly a year less than that of the 1912-1914 market, a period complicated by the outbreak of the European war. VIRGINIA BANKS MERGE RICHMOND, October 24 (Special).— Stockholders of Farmers & Merchants Bank & Trust Co. of Kilmarnock, Va., have ratified directors’ proposal that Bank of Lancaster, soon to be charter- ed, be permitted to take over the and assume the deposits of the present organization. The new bank will be organized by and have as its president John F. Gouldman, jr., of Fredericks: burg, Va., who is vice president of Farmers & Merchants State Bank of that city. B. H. B. Hubbard of White Stone, Va., s president of the present Kilmarnock bank, which about 20 years ago absorbed the old L. E. Mumford Banking Co. pioneer bank of the town. Consolidation of Virginia National Bank of Norfolk, Va., with Virginia Bank & Trust Co. has been approved by stockholders of both institutions, and United States | Call money re- | In point of time, the recession in the | Fol THE EVENING STAR, WASHINGTON, D. C, FRIDAY, OCTOBER 24, 1930. STOCK PRICES GAIN | [Washington Produce] BETTER BUSINESS Butter — One-pound ts; 44245; tub, 42243, e Lo 40a4l1; current re- Eggs—Hennery, ceipts, 32. Poultry, alive—Turkeys, young, 33; old, 30; Spring chickens, large, 24a25; medium, 22a23; small, 24a25; fowls, large, 21a22; small, 18; Leghorns, l4a 15; roosters, 14al5;- ducks, 15: keats, large, 50a60; small. 25a30. Dressed— Turkeys, young, 38a40: old, 33a35; Spring chickens, large, 32a33; medium, 27a28; small, 27a28; fowls, large, 27a 28; medium, 25a26; Leghorns, 18al9; ducks, 23a25; roosters, 19a20. Meats—Fresh killed—Beef, 18a23; veal, 18a23; lambs, 20a23; pork loius, 29; fresh hams, 24; fresh shoulders, 20. Smoked meats—Hams, 25; shoulders, 18; con, 27. Lard, in bulk, 14; in packages, 1515, Live stock — Calves, 5al2; lambs, California, * pér 8a8ls. Fruit—Watermelons, crate, 75a1.00; honeydews, 2.00; honey- balls, 2.50a3.00; oranges, California, 9.50 210.00; Florida, 5.75a6.50; lemons, 5.50; limes, per 100, 1.75; grapefruit, 3.50a 4.00; grapes, Thompson scedless, 2.00; Malagas, 1.75; Tokays, 1.75; apples, bushel baskets, 1.50a2.00; box stock, 3.25; pears, Bartletts, per bushel, 2.00a 2.50; fancy, box stock, 2.50a2.75; Seck- iels, 1.75a2.25; cranberries, 3.25a3.50. Vegetables — Potatoes, 150-pound ks, 3.25; Idaho, bakers, 100 pounds, l sweet potatoes, per barrel, 2.50a 13.00; California, 30-pound crates, 2.00a2.25; 2-peck baskets, 1.50; spinach, 75a90; kale, lima beans, 1.00; string beans, 1.50a2.00; caulifiower, 1.50a1.75; carrots, per 100 bunches, 3.00 a5.00; beets, per 100 bunches, 3.00a5.00; peas, 3.00; broccoli, 3.50; mushrooms, 1.25a1.50; okra, 2.50; peppers, 75a1.50; squash, 2.00; parsnips, 1.50; turnips, 1.25. CHANGE IN BANKING LAWS 1S EXPECTED Movement for Branch Sys- tems May Be Perfected in Legislation. By the Assoclated Press. Nineteen thirty-one will in all proba- bility witness certain amendments to the national bank act, particularly with respect to branch banking. Banking opinion is agreed that some 'modification or revision o the present regulations .is necessary. The profession {of banking is following in.the wake of the trend of businéss generally toward Iarger operating units with greater cap- ital structure and more experienced and highly trained heads. The natural result has been that banking organiza- tions of great stability, with the capac- ity to render a better and more diver- sified type of service, are being cen- tralized in the principal cities of the country. The House Committee on Banking and Currency is expected to resume hearings, shortly -after Congress con- venes in December and from this body is expected to emerge sound Sugges- tions gained from a cansensus of the best banking minds of the Nation at hearings which have already consumed many weeks. These hearings thus far have resulted overwhelmingly in favor of various forms of branch banking, but in a few instances the negative H‘de has been taken by leading finan- clers. Among those arrayed on the side fa- voring branch banking is none other than J. W. Pole, comtroller of the cur- rency, whose opinions are respected thyoughout the Nation’s banking struc- ture. Mr. Pole believes national banks should be permitted to establish branches within the trade area of the cities in which such banks are situ- ated, with the approval of the con- troller of the currency. Mr. Pole is not decided as to definite limitations of these trade areas, but feels they may in some cases he co-extensfve with Fed- eral Reserve district lines. In other cases they may be of a more limited extent, but should not extend beyond Federal Reserve district boundaries, except to take care of a few excep- tional cases where a trade area may extend from one Federal Reserve dis- trict into another. . Furthermore, he believes no bank should be permitted to establish a branch in another city in which there is a Federal Reserve bank or a branch thereof. CONSTRUCTION PROPOSALS. NEW YORK, October 24 (#).—En- gineering construction proposals an- nounced in the United States during the past week showed gains for schools, hespitals and -unclassified projects, but total volume declined from the previous week's level and the same week last year, Construction Daily reports. All classes except highways aggregated $46,184,000, compared - with $60,035,000 in the previous week and $68,751,000 in the corresponding week last year. DIVIDENDS DECLARED NEW YORK, October 24 (#).— Regular. Pe- Pay- Rate. riod. able. Hldrs. of record. . 28 . 31 . 3L Nov. Do cla: Hecla Cl & Coke. #1.50 Hillman Coal & Coke T% Pt . 31 Hudson & M Kodel EI & Mg Lindsay Nunn Pul Bt ... Mutual Loan N: Paper Mills pf Stouffer Corp A. Do Stuyvesan Sun Glow Indus.,. 50¢c United Stores pf..83%c Veeder Root Inc o ‘Wedgewood Inves Corp_ 6% pf.....$150 ‘White 8S Dent Mfg..30c Extra. Boston Cham_ of Com Realty Tr 1st pf Sixth Nt Bk (Phila) Adjustment. Auto Bt 8 Raz A..2%c — Special. Apex Elec Mfg....T5c — Nov.15 Stock. Pitzsimmons & Connell Drds & Dock..1-40sh — Dec. 1 Nov.30. Omitted. - ane EEd Cl el 3 0D DpoOOOD WOR B o om p OIOO Opo 0o PERRE OED £O OOEPOO LOO O Qct. Oct. Nov. 8 Oct. 31 application for approval of the move | made to the Controller of the Currency. ‘The consolidation will become effective #s soon as this approval is recel FINANCIAL. »3 A_13 Money to Loan Secured by first deed of on estat Joseph 1. Weller ‘Sir-ihn's § AW REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD PROSPECT IS SEEN “Dawes Bank” Believes the Current Pessimism Is Not Justified. 1520 K St. N.W. First ortg-e Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc., #06 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America BY WALTER BROWN. Written for the Associated Press, CHICAGO, October 24—The Central Trust Co., in a digest of trade condi- tions, sees “the most hopeful indica- tion ‘of the immediate betterment in business conditions generally is found in the reduction of inventories.” The “Dawes Bank” thinks it is “hard to find justification for the current pes- simism, Which has a real foundation only )in a reduction of not more than 5 per cent in the total income of the people.” The Central Trust is referred to as the “Dawes Bank” because Charles G. Dawes, former Vice President and pres- ent Ambassador to Great Britain, is chairman of the board. Pessimism Not Justified. The digest says: “Home larders are not so well stocked; retailers’ shelves are developing vacant | spaces: available . warehouse spaces show a reduction in wholesale stocks; finished merchandise in factory warchouses is belo wlast year's volume, and stocks of raw materials at consum- ing manufacturing plants are well below the level at this date of any post-war year.” Summing up its reasons that pessim- ism is not justified, the bank lists more gold n’ the country needs, credit than can be utilized, more divi- dend and interest payments than ever before enjoyed, more crops than can be | consumed and average prices well be- low the level of average wages for the | first time since the World War. The survey contends that the de- crease in buying power has not h:en so great as the decrease in buying. Con: tinuing,. it said: “The income of factory workers has been most sericusly affected, with em- ployment down 25 per cent and pay rolls down 20 per cent. The drop in pay rolls is due largely to part-time employment, and in a small measure to wage reductions, which have been few.” Buying Power. Indicating that buying power exists, citations are made of reductions in out- standing installment credits, larger is- | sue of life insurance, increasing sale of bonds to investors and a gain of nearly $1,000,000,000 in saving accounts. While railroad revenue is'down, ex- penditures for the first half of this year by class 1 roads totaled $468,000,000, & gain of $118,000,000 over the first half of 1929. Money in circulation at the beginning of October totaled u‘boz.nnq.m d tline for the month and a s 7 per cent for the year. ‘The survcy said that a “real handi- cap in building is developing in the in- ability of dealers to make prompt deliv- ery of materials.” 4 BANK CLEARINGS. NEW_ YORK, October 24 (Special).— New York bank clearings, today, £1,066,000,000; a year ago, $2,322,000,000. N:w York ‘bank balances, today, $156,- Money on Hand to Loan om First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Several - single ' offices and suites avatlable at most rea- sonable rentals. Avoly o Representative. vom 300, Moore & Hill, Inc. 730 17th St. N.W. on your own signature and security No Endorsers Required Strict Privacy Assured MARYLAND PERSONAL BANKERS, Inc. . 8405 Georgia Ave. Silver Spring, Md. Phone Shepherd 2854 Under State Supervision 000,000; a year ago, $319,000,000. New York Federal Reserve Bank credits, today, $139,000,000; a year ago, 000.000. ? » Year Loans On Improved Real Estate w Nearby Montgomery County and the District of Columbia Lowest Interest Rates BOSSEMELPS Founded 1907 Loan Correspondent John Hancock Mutual Life Insurance Co. 1417 K St. National 9300 Loans may be secured on desir- able, income-predfticing Washing- ton real estate at a minimum cost. A SAFE INVESTMENT ...will be found in our real estate mortgage bonds! . Capital Resources, $3,800,000 24 JACKSON PLACE Equitable Co-operative Bldg. Assn Organized 1879 50th YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary Asse! ..8$5,723,083.61 Surplus & Profits.. v ..$1,755,911.57 Subscription for the 99th Issue of Stock Being Received IS YOUR FUTURE ONSIDERED ? We will gladly explain our plan for saving! Come in today! —are you saving to- wards a com- fortable old age? If not, start syste- matic saving NOW ! 915 F St. N.W. FIRST MORTGAGES A THRIFT THOUGHT If you invest your surplus funds in our 6% FIRST MORTGAGES —you will be doing two things —acquiring a liberal return; with unquestioned security. Just as regular as the due date rolls around the interest check will be sent you, and always for this definite amount, Over a Third of a Century Without a Loss Meanwhile conservatively ap- praised improved Washington real estate is your security. May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. IS NO SUBSTITUTE ' FOR SAEETY .- B, % National 2100 THERE