Evening Star Newspaper, May 7, 1931, Page 13

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THURSDAY, MAY 7, 1931. FINANCIA aesesTeL o BANKS MAY REDICE RATES ON DEPOSITS 1Extreme Cheapness of Credit P.C, STOCKS IRREGULAR 2 urday, are likely w & decrease. Although operations were steadily curtailed during the month, stas with a rate above 86 per ‘cent an First Trust Money Promst Comstboration of Foue Koshen tton A;.C.H h-&Co., R-]un' i Authorized Service Wico-Webster R. W. & Simms Magneto Repairs LANSTONEARNINGS || NEW YORK STOCK EXCHANGE | LOWERDURING 1900} S s i exvepting those designated by the letter s (80s) (250s), O which shows those stocks were sold in odd lots. 80 47% Gamewell Co (5) ey Gen Am Investors. .. Btock and Bales— . Y Fiad . Lo i i e - gy 4 Gen Am Tank Car(4) 86 ~Prev 1931~ Low. Dividend Rate. Showing Called Satisfactory at Stockholders Meeting Held in Alexandria Today. BY EDWARD C. STONE. At the annual meeting of the stock- holders of the Lanston Monotype Co., held in Alexandria this noon, President Harvey D. Best reported net earnings for the year, after depreciation and taxes, as $576.- 226.04, a decrease in net profits over the previous year 10 $266,~ on hand amount- ing to $1,738,596.22, an increase for the year of $120,611.04. ‘The Lanston C has no current I bilities, having no lccuu;:;.q payable and no fix- ed 1nde btedness. The report states j Thilman Hendrick, that through the | setiing up depreciation rescrves the | book value of udm“- and plants i3 8760, ll;ibb:" ) inst the original cost f ,271.82. 1 b A pany’s desire to Tates of pay, uction in the | the year, but in April of this year the standard five-day work- ing week was adopted and salary adjust- ments made in mun l-un the re- duced workin .. ploye owner- ship of the -v'nek showed a substantial gain during the year. All Officers Re-elected. J. Thilman Hendrick, chairman of the board, at today’s annual meeting. fMcers were re-elected as fol i Mr, Hendrick, chairman of the : Harvey D. Best, president; T. Prank Morgan, vice president; John A. Perguson, secretary; Allen R. Frets, assistant secretary; Joel G. Clemmer, treasurer, and l'!‘l‘;',‘lq W. Monks, assist- A ertors. re-elected_todsy are Har- vey D, Best, M. C. Bran Karl W. Corby, John W. Drye, jr. J. Thilman Hmflrltk? Adrisn H. Larkin, Royal T, McKenna, W. Usher Parson, and| George W. White. SOrE® idensed balance sheet as of | February 28, 1931, follows: | Assets, = ‘ 3 e elphia eall Ak $1,738,59 i 1816,741.78 120, SN0 gssmaea 13,7384 Investments in_ and oty o ted compani TFixed seets (b l«l‘g?:n‘zn‘ 3,057,936.52 fll\lflvl 70,822.10 Total 2 $2,622.271.92 "r.m{."um.. 1,061,337.37 . $5,270,308.17 ot o8 " coromen 0,653, 720.71 53 Calif Packin, T ) None lone [ stoek (authorized r! value) issued ant outstanding ...... . i in) March & Thao! 2100 s $4,641,100.03 B te.s T ears 3671 443928 Balanee Mareh 1, 1931..,... Total liabilities and eapital In the Jight of it world economic eonditions, the of of the company consider the report as favorable. n tion and is pro held locally and is selling on the Wasi :n‘\oh n Stock Exchange around $100 a are. Suburban Bond Issue Awarded. A $500,000 bond issue by the Wash- ington Suburban Sanitary Commission, recently authorized by the Public Serv. ice Commission, was awarded here yes- terday to Baltimore interests at the rate of $105.131. This amounts to a premium of more than $25000. The bonds were purchased by the improvements Mpn suburban Montgomery and Prince Georgres Counties. New Loan Divector Elected. Willlam H. Harrison, an inspector in the Mec;?olmn Police Department, was elected a director in the Eastern Building and Loan Axsociation at the ‘monthly meeting held last evening. In- spector Harrison has been in the police department for 35 years and has a wide acquaintance among Whshington busi- ness men. He plans to retire from po- lice service July 1. ‘About 400 members of the District of Columbia Life Underwrilers’ Associa- tion and the Baltimore finderwriters’ Association are holding & joint sales conference at the Shorehsm’ Hotel to- , ‘The congress 8t 10 o'clock, John H. Snyder, head of the local , in the chair. e confer- ence is held in Wasl one year and Baltimore the next. The ducuulam‘ High. Low. % b4 28 15 118 109% 10% 15% 125 84 203% 28%° 70% 123% 106% 40% 20% T6% 6% 20% 17% 22% 13% 69% 53% 9% 85% 69% 334 3 % 23 1% 157% 131 102 64% 23 14% 26 24% 78% 61% Abitibl Pow & Paper Adams Exp (1.60)... Adv Rumley (new).. Air Reduction (+4%) Alr Way Elec Appl. . Alaska Juneau (40c) Alleg COrp..ovaeses Alleg Cp 330 ww 5%, Alleg Cp 330 xw 5% .. Alltance Realty (3 Allied Ch & Dye (n8) Ch & Dpt (7). Amerada Corp (3)... Am Bank Note (13) Am Beet Sugar pf Am Br Shoe (240)... Am Brown Bov Elec. Am Br B Ept (7). Am Can (15). Am Can pt (7) Am Car & wary Am Car & Fdy pf (1 Am Chiele (13). Am Comcl Alcoh Am & For Power. Am Home Pr (4.20) Am International Am Locomot pf (1 Am Mch & Fdy 1.40 Am P& L of A st (5) Am Ra&Std San 60c, Am Sm & Ref of ( Am Snuft (13%). Am Steel Fdy (3) Am Steel Fay pf ( Am Sugar Ref (5) . Am Sugar Ref pf (7) g 1 Am Tel & Tel (9) Am Tobacco (1§ Am Type Fdy (8) Am Type Fdy of ( Am Water Wha (3).. Am Wat W 1st pf (8) Am Woolen pf...... Am Zinec Lead & Sm.. Anaconda Cop (1%). Anaconda W & C (1). Anchor Cap (2.40)... Armour of Del pt (7) Asso Apparel (12). Asso Dry G (2%)... AssoD G 1stpf (6).. Asso DG 2d pf (7). Atch To & S Fe (10). Atlantic Refining (1) Atlas Powier (4)... Atlas Powder pf (6 Auburn Auto (f4)... Austrian Cred (3.22) Aviation Corp of Dal 'win Loco (1% ). Baldwin Loco pf (7). Balto & Ohio (5). Balto & Ohio pf (4 Barnsdall (A) (1). Beatrice Cream (4).. y Bklyn Man Tr pf . Bklyn Union Gas (5) Butterick Co. Bvers (A M Calumet & na. Calumet & Hecla.... Canada Dry G A (3). Can Pacific (2%).... 293 Chi & Alton. . Chi & Alton pf. Chi Great West pf... Chi M1 St P & Pac. ., ChiMiI St P&Ppf.. Chi & Northwest (4). Chi R1& Pacpt (7). Childs Co (2.40). Chrysler Corp (1) City Ice&Fuel (3 60). of (6%) UM ~Cola (17%)... Colgate-Pal-P (234). Collins & Alkman. .. Colonial Beacon. Colo Fuel & Iron. Colo Fuel & Ir pf (3) Col Gas & El (2).... Col Gas & K1 pf A (6) Columbia Graph 56c. Columb Carbon (5).. Comel Credit A (3).. Comm Inv Trust (2). Comel 1 T cv pf (e€). Comel Inv Tr pf (1).. Comm Solvents (1).. Comwlth&Sou (40¢). Cmwith & Sou pf (§) Congoleum-Nairn. .. Consol Cig pr pf 6% . Consol Cigar pf (7). Consolidated Film. .. Consol F Conyol Gi Con Gas of NY pf(5) Container B, Contl Baking Contl Baking pf Contl Can (2%) Contl Dia Fibre Corn Prod Coty Ine. Cuban Am Sugar pf Cutan Dom Sugar. v Packing (4). Publish (4)... Curtiss Wright Corp Curtiss WrCorp A.. Cutler Hammer..... avison Chemieal. .. Drlaware & Hud (9), Del Lacka & Wn (4). Diamond Mateh..... Diamond Mtch pf 1% Drug Corp ( 1308 1 gt 2 B% B% B% 119 16 ~ | 22 86 5 b% 147 21 1 1 20% 35 1 10 3 158% 51% 8 53% 24 15 3 08 15 2 17 7 57 39% 80% 43% 128% 118% 24% 3% 20% 15% 60 7618 2% 43% 27 19 914 1% 35 261 20% 103% 7% 17 1w 104 6% y 68% 53 108 a3 274 5 ? 184 ’ 50 G 20 28% 18% 28% 5% 4 10% 7 8 17 68 38 14% 70 18% 15% 36 20% 9% 6% 67% 19% 112% 2T% 3% 40% 36% 15% i 8% 94% 54 60 165 54 mn 8 b% 3 21% 1 176% 3 89 % 62 06 102 36% 24% 60% 43 19% 8% Gen Asphalt (3). Gen Baking (2) Gen Elec (1.60) Gen Elec spec (§0e). Gen Food Corp (3).. Gen G & El A (e30e). GenG & Elevpf (§). Gen Motors (3)...... b7! Gen Moters pf (5). Gen Outdoor Adv Gen Ptg Ink (2%). Gen Ptg Ink pf (§) Gen Ry Signal (5). Glidden pr pf (T) Gobel (Adolf). Gold Dust (23%). Goodrich (B F) Goodyear Tire&R(3) Goodyear 18t of (T).. Gotham Silk Hoslery Graham-Paige . Granby Consol (2). Grand Unlon.... Granite City 8t (8).. Grant (WT) (1) Grt North pf (5). Guantanamo Sug pf. 10s Gulf Mobile & North. 1 Gulf Mobile & Norpf 1 Hacken Watpf A 1% 408 Hahn Dept Stores... 1 Hall (WF) PrCo (2) 33 Harb Walk Ref (2).. Hartman Corp (B) Hayes Body.......o Hercules Powd (3).. Hershey Choc (5) ... Hersh Choe of (16).. Hollander Sons. . Houdaille Hershey Houston Ofl...... Houston Ofl (new) Howe Sound (3) . Hudson Motor (1). Hupn Moto: Tilinois Central (4) Indian Refining. Indust Rayon (4) Tngersoll Rand ( Inland Steel (2%). Interb Rap Transit Intercont Rubber. Interlake Iron (8 int Agricultura Int Agriculture pf... Int Bus Mach (n§).. int Cement (4) Int Combustion. Int Harvester (2%). Int Hydro E1 A (e2). int Match pf (4 (3 RaMeaeanSanENN BuneNSAdaameS 3 araRann3ae Int Nick Int Paper & Pow A Int Paper & Pow B, Int Paper & Pow C. Int Pap & P pf (7). int Salt 3)..... Int Shoe (3 Int Tel & Tel (3) . 469 Inter D St pf xw (7). 10s Investors Equity 4 Island Cr Coa) (4 Jewel Tea (4 Johns-Manville (3).. 237 Jones & Lang of (1). 50s Kayser (J) &Co (1). 8 Keily-Spring Tire. 1 Kelsey Hayes (2)... Kelvinator Corp. Kendal! Co pf (). Kennecott Cop (2) Kinney (GR)Co pf.. 30s Kresge (S8) Co1.60, 18 8 Lampert Co 48" “Leh Valley (2% Loft Ine. Loose-Wiles 11%. Lorillard (F) Co. LouG&EA (1% Tndinm Steel MeCrory B (2) Melntyre Pore M (1) McKeespt Tin P(15). McKesson & Rob (1) MeLellan Stores.... 1 McLellan Stpf A (§) 10s Mack Trucks (3).... 2 Macy(RH) & Co(ni) 5 Mad 8q Garden (80¢)250s Magma Copper (2).. Manhat Elev gtd (7) 20s Market 8t Ry.......1008 Marlin-Rockwell (2) Marshall Fleld (2%) Mathieson Alkall (3) May Dept Strs (3%). Maytag Co.ureneennn Mengel Co. Mexican Seaboard. .. Miami Copper. .. . Mid Continent Petm.. Midland Steel (3). Midland Steel pf (8). Min Hon'w Reg (14). Mo Kan & Texas.... Missour! Pac pf (5). Monsanto Ch- W(1%) Montgomery Ward e £ (1) Munsing, Inc (2).... Murray Corp. Ni Nat Biseult (2.80)... Nat Cash Re er A, Ni Nat Lead (5).....0 Nat Pow & Lt (1). Nat Radlator. Nat Steel (2) Nat Supply (4) Nat Tea (1),. - Neisner Brother: Nevada Copper (1) N Y Central (8)...... NY.Chi&StL (6).. N Y Chi & St L pf (8) N Y & Harlem (5)... 108 NYInvestors....... 4 N YNH& Hart (6)., N Y Ont & Western.. . Noranda Mines 197 Norf & West t+12).. 1 Nort & West pf (4)..120s North Am Aviation., 218 Nor Am (b10% stk). 168 North AmEAdpf (6). 2 Nor Ger Lloyd m2.56 1 Northern Pacifle (6) 7 TS TEPR- P —_— e — Ohto Ofl. ... j after. Prices Higher at Opening, but Changes Become Mixed in Early Trading. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 7.—Irregularity was the rule in today’s stock market. Short covering in one group went along with renewed pressure in other arters, and even among stocks in the same section there was diversity of m«gement. kit F penlnf quotations were slightly higher, with commitments for the de- cline in United States Steel and in other industrial leaders pressed for sale earlier in the week being retired. There was nothing in the news to justify a more favorable attitude toward the market. The reduction in the Canadian Pacific dividend of 50 cent was more than had been expected. The only saving clause was the expectation of a cut in_the rediscount rate of the New York Federal Reserve Bank, and even that could be expected to bonds rather than stocks. One acutely weak stock was Western Union, which broke more than 8 points on small offerings. Under 110, the stock was the lowest since 1924 and suggested bility of a downward revision of the dividend rate. In 1930 Western Union earned $9.03, against the $8 now being paid, and in the first quarter of this year $1.22 a share was reported for the stock, against the $2 require- ment. The directors are scheduled to meet for dividend action next month. Canadian Pacific, reflecting the divi- dend cut on the common stock of that road, broke from 3 to 4 points to a new Jow. Amusement shares were weak, with especially large offerings of Paramount- Publix at the lowest of the year. The Street seemed to feel that depreciation would figure more largely in the in- come accounts of these companies here- Utility stocks weakened after an hour or so, especiaily North American and Columbia Gas. There was, however, no increase in activity on the down side. The other side of the picture was the strength in Woolworth, at the highest of the year, on the report of either a 24| cash extra or a stock dividend at the next meeting. Radio, too, stood up in surprising fashion, and for a time J. I. Case, Johns-Manville, Lambert Drug, Inc., were higher. General Motors was up fractionally. The maintenance of tre regular rate, announced after the close Wednesday, had been well discounted, and the stock was no more than firm. Call money renewed at 1!z per cent, but was in excessive supply in the out- side market at the record low of 1 per cent. The market continued to flounder about in the afternoon. American Smelting & Refining made a new low. Copper metal was reported available at 9 cents, but demand was said to be a 24 | Jittle better, Columbia Gas had a fresh sinking apell on expectation of a poor first-quarter statement. General Amer- jcan Tank sold off easily and Interna- tional Telephone and American Tele- phone ed. weaken On the other hand, Woolworth main- | % tained its leadership on the upside and the rails were steady, the decline in Southern Pacific being an exception. (Copyright, 1931 Buying for Profit BY GEORGE T. HUGHES. In selecting common stocks to pur- chase in times of market and business depression it is the custom to select shares in old established industries with a long record of continuous dividend nts. This is sound investment licy. ~ Certainly such stocks are safer than those representative of new enter- prises. The .one is & seasoned invest- ment and the other is unseasoned. And yet there is & word of warning that needs to be uttered. No corpora- , no matter nitely to pay dividends out of surplus. It may be done for a time, but unless business revives and net income in- creases correspondingly eventually the dividend will be reduced or perhaps omitted altogether. ‘This is & contingency to be taken into account just now when so many small eapitalists are buying stocks, paying for them in full and taking the certificates out of the market. If the selections are wisely made, and if the stocks are held long enough, they are almost certain to show a profit, but the buyer must be in & position to have his income from some of these stocks decreased if industrial recovery is unduly delayed. He must be red in that event also to see tion in the market valuation of his_holdings. Of course, the stronger the company the less chance there is of these unpleas- ant_happenings, but they are always ble, and stocks should not be ht on any other understanding. The purchaser of common stocks as- sumes the risk of the business. = He is entitled to share in the profits if there are :n{ profits, and in good times he shares liberally, but the converse is true, and if operations are conducted at a loss the stockholder goes without re- turn on his investment. The safest course to pursue is to defer commitments until published statements of earnings show an upward trend. That may mean missing the low price, but it will ll-otm-n missing much disappoint- ment. DRY GOODS MARKETS. NEW YORK, May 7 (Special).—Cot- ton goods market were quiet today. Print cloth quotations were unc at 5 for 64x60s and at 5% for 68x72s. Raw silks were quiet and unchanged. DIVIDENDS DECLARED. NEW YORK, May 7 .—Dividends declared: sy 3 Extra. A Com| . Rate. riod. e 8 iy : It e iy H o uSB Redn gan Paciflo . 3e o Juned imal Rovalties A..2¢ @ Mar. 15 Stooks. Producers Roy....2%% Q@ July 15 Omitted. res. 1%% Btk . Atlas Brit for Invest Ltd.S0c & ng to below 50 per cent at the close of the month, new business was not sufficient to offset deliveries, and estimates are that, without allowance for any possible adjustments, the total will show a drop of between 75,000 and 100,000 tons. BROKERS' PLEASED BY MARKET TREND Reaction Following Repeated Bear Attacks Viewed Favorably. By the Associated Press. NEW YORK, May 7.—Action of the market in the face of repeated bear at- tacks against U. 8. Steel and American Can is viewed favorably in brokerage In New York Seen Back of Suggestion. By the Associated Press. NEW YORK, May 7.—The extreme cheapness of credit here, to which re- cent reductions in bankers’ acceptance rates have contributed, led to some dis- ferest rates allowed on arge depostis. rates al on large deposits. Clearing house banks now pay a max- imum of 1 per cent on above g minimums. deposited with them by other commercial banks or by com- mercial customers, while surplus bal- ances of savings banks so deposited are allowed 11 per cent. The strong suj market by reductions in accep rates, it was pointed out, would G:l::f less force other interest returns, in- cluding yields on Government and high- l[:xll: municipal bonds, to still lower Some bankers felt that a cut in de- posit rates would not result in a sub- stantial withdrawal of funds, since large customers would probably find it house circles. Commentators today of- fer few forecasts, but seem to regard the dull irregularity as rather reassuring. Opinions follow: Emanuel & Co.—If the market moves out of the present trading range on the upside, we believe it would be for a technical rally rather than for & major advance. Babcock, Rushton & Co.—Every day that goes by with the market acting as it has this week should be an added assurance that the bear market has burned itself out. We repeat, that bear markets always end in extreme dull- ness, and it often happens that after the general run of stock prices have turned upward, individual issues are still subject to liquidation. Hornblower & Weeks—We continue to expect the market to follow along the January pattern, with gradual ad- vances achieved during days of hesi- tant trading. We expect the industrial news from here out to be more helpful marketwise. . g 5 Jackson Bros., Boesel & Co.—We take the view that accumulation of a select list of stocks is warranted, but that se- Tesenting companies which are entirely in tune with the generally lower price Jevel. A buyers’ market still exists even necessary in making commitments. mended. Shields & Co.—Only intermittent ral- | lles are likely to feature the market an the mear future for while the list re- ments as at present, individual stocks: sustained recovery. Otis & Co.—Yesterday's action of the' et continued to suggest the pos- sibility of & dull trading area as part of :he preliminaries to an intermediate urm. CHICAGO DAIRY MARKET. CHICAGO, May 7 (#)—Butter, 11.- 1115, easy; creamery extras (92 score), 21 st ds (90 score car lots), extra firsts (90-91 score), 20%a21; 208202; seconds easy; - extra firsts, ‘1 firsts, 15%,; current. receipts, 1 packed firsts, H packed extras, 17/, Poultry (alive), fowls, 16%5817%; i ers, 1314 ; turkeys, 20a23; old ducks, Spring ducks, 32; geese, 9. NEW YORK BANK STOCKS NEW YORK, May 7 (#).— Chemical 3 Corn Senanve Qounty . Money to Loan hl;: 1“=lll deed ‘ssh. L. & it T wids.. 9k & F N.W. MONEY TO LOAN On improved real estate. in D. C. or aryland, Also on vacant land or lots. rompt _service. Current rates. Y GADDIS, JR. 28 15th St. Natl. 1277, Stationery and Office Supplies “In Shakespeare’s Day and long before each craft and trade in all of London town had its own GUILD or Broth- erhood to which Past Masters of the trade belonged. The brawny bargemen on the busy Thames, the butchers and lections should be limited to, issues rep- | for the choice 4ssues and no haste is Scale order investment buying is recom- | will comprise a disturbing influence and | selling therein prevent any kind of a | mains as vuinerable to daily develo -i i difficult. to employ a heavy vol c‘%h .;m elsewhere. I e ether or not the New York - eral Reserve Bank cuts its Ndiaeoumnt rate from 2 per cent, it was re, that the official stock exchange renewal rate on call loans would soon be lowered to 1 per cent from 1. For several months that rate has held at the latter figure, but it has been yegarded more or less as a “pegged” figure and brokers cial figure. COMMODITY PRICES DROP, By the Associated Press. ‘Wholesale commodity ices shot a further recession last n'neek as t.::‘l} change was calculated by the Depart- ment of Commerce. In the avi that follow the index is comparable periods, based on senting the 1926 average as 100. the se price of steel products is k ended .Il weel Same week last year cussions today as to whether New York | i port given to the short-term it | have been able to borrow below the offi- | 1321 Connecticut Ave, O MILLER-DUDLEY CO. 1716 144k 4. N. First Moflil(c Lo.n Applications Invited at 5)5% Glover & Flather 1508 H St. N.W. National 1753 OUR BUSINESS IS GOOD It justifies our selecting two ad- and phone number for appoint- Address Box 100-H Star Office Are You Carrying the Right Kinds and Proper Amounts of Insurance? 3 HERE is a type of insurance to meet every phase for protection against loss—fire, bur- ? glary, windstorm, plate glass, employers’ lia- bility, automobile, etc.—at premiums that are small compared with the insurance, Have us go over your insurance needs with X you—and see that you are fully protected. RANDALL H. HAGNER & COMPANY Traveler's Checks tration. Mo PROPERTY Apartment House MANAGEMENT ow Private Wires for Convenience RIVATE wites connect the 37 branch offices . of;mnamn:fw;hzhemimmhymd commodity markets e country. As cleating members of the New York Stock 0 G oy o b b e FENNER & BEANE COMPLETE BROKERAGE SERVICE Washington Ofice 1430 K Street, N.W. . . .Telephone National 7000 J. D. MOTHERSHED, Manager Members: New York Seock Exchange and other principal Ezchanges PRIVATE WIRES TO NEW YORK, NEW ORLEANS, CHICAGO Interest Paid On Savings Great Fortunes —and estates are not the only ones requiring careful adminis- estates mean more to the heirs. 4 Consult OUR_TRUST DEPT. staff before meking Your Will and paming an Executor or Trustee. 15th Street, Opposite U. S. Treasury OLDEST National Bank in the District of Columbia MANAGEMENT management of your t house proper- by insurance leaders have Proved most helptul. 5% 2% Oliver Far! Oliv Farm Eq pr pf.. ator (2%).. ties includes a careful survey of conditions and readjust- ments where our experience tells us they can be made—to the decrease of overhead and the increase of income. We are solving these prob- lems successfully every day. the goldsmiths had their GUILDS, but of them all none were held in more esteem than the GUILD of Master Stationers.” “Guild Products,” made in accordance with rigid Guild specifications, are sold only by members of the Stationers Guild of America. As members we heartily endorse Guild Products. STOCKETT- PASKE 58 RRariNoTON D€ Next 'ta New Pepes Bullding 1 107 77% Dupont de Nem (4) Stephenson Is Optimistic. | 12¢ 118% Du P de N deb of (§) 26 14 Rome C. Stephenson, Sresident oOf | ewmm——————mmrrmmrmrr e re e 58% 374 Otis El the American Bankers' kmml.(lpn. 136% 143% Eastman Kodak (18) 20 4 16W 7% Otis over the radio lsst night 21% 12% Katon Axle (160).., 202 1 e e e the worst of the aepre:m', ?,”;“.fl, (.h,:é 69 35% Eiltington-Schild pf 45 Pacifc Gas & i 111.) H the time is at hand when the Nation | 74% 45% Elec Auto Live (6) 50W Pacifie I.lnn.mlu . e » can really n_to reuild its eco- | "3 2% 5 2 124 PacificT & T of (§) nomie life. Mr. Stephhson-sxti that | 0% Elec Pwr & L 1 74 Packard Motor ( ‘c) he could not conscioufly .F"dm that | 27% Paramount Pub (4).. 9814 Elec Pow & Lt pf ,m?emy I8 actually 1n’ sight, but he | 108% 100 Elec Pow & Lt pf (1) 5% Park & Tilford did feel that the ral situetion had | 66 Elec Stor Eat (5) a turn for better. L8 Eng Pub Sv pf (§ the ! Eng Pub Sv pf (5% | 4o 38 Ea Office Bldg (3% 29% 28 P ey (J C) (2.40). 90 Penney (JC) pf A (6) 0% Penn RR (4).. 9614 Peoples D S pf ar sa by the individual, ex- e Tone Nation e wholt | o i way 20044 Peop Gas Ch (3) economic situstion was eop h 30 Sv A 6% Petrolm Cp of Am(1) 32 the structure of individuals ) ol 1 1 Filene's pf (6%). . Fir &R (1 First Nat Strs (2% Fisk Rubber. B. F. SAUL CO. 925 15th St. N.W. Nar'l 2100 MORRGAGE LOANS | 8% < 181 Fox FHImA"( 27% Freepor Sgis. frg 39 & -t D :00 o p Pop OO POOOLOOOO OO D © O OOOOO ™ & B & 5

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