Evening Star Newspaper, July 22, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. MARILANDLEADS INNEW INSURANCE District Stands Second in + Amount of Business for June. LY EDWARD C. STONE. Marvland and the District of Colum- bia shared honors in the amount of new insurance written during June, Maryland leading every one of the 48! States in new business, compared with a year ago, and Washington coming second in the list. According to reports from Hartford, Conn., today, Maryland made a gain of 6 per cent over last year, and Washing- ton scored A 4 per cent’increase. The average for the country, as a whole, re- vealed a loss of 11 per cent Maine came just after the District of Columbia in_the list, Rhode Island was fourth and Georgia fifth with a gain of 2 per cent over une, 1930. Massa- chusetts and New Yor: made gains of 1 per cent for the month: New Hamp- ghire and Vermont did ju the same amount of business they did a vear 2go, and all the other States reported a de- cline in new insurance written during the month. North Carolina was off 2 per cent, | Florida 9 per cent. South Carolina 10 per cent and Virginia 1i per cent. West Virginia was down 30 per cent from a year ago- s situation being partially due to the distressing conditions exist- ing in the mining districts. Business was the worst in North Dakota of any State in the Union, being 43 per cent under what it was in June, 1930. June insurance sales in Washington amounted to $6.189.000, and in Mary- Jand amounted to $11,546,000. Half Year's Business Reviewed. Reviewing the first half of 1931, life nsurance, as almost every otRer in- dustry, shows a loss in sales when com- ared to a year ago. This comparison, owever, is somewhat different than for other industries. At the close of the first six months a year ago the sales of most commodities showed a steady downward trend. Life insurance, on the other hand, gained 3 per cent in the first half of 1930. g The economic depression, which was Guickly felt in most industries, was not veflected in life insurance sales until May, 1930. When the volume of life insurance sold in the first half of 1931 i3 compared to 1930, the comparison 15 being made to inflated sales, while in other industries a year ago the depres- sion was already sirongly felt. Sales showed a steady increase for the first six months in the past 10 years, with the peak reached in 1930. In the first six months of 1930 the vol- ume purchased was over $2.500.000.000 ore than in the same period in 1921. Although the incomes of all classes have been greatly reduced, the volume of insurance purchased by the people of the United States in the first six months of 1931 is greater than the average sales during the same period of the last 10 years In the first six months of 1931 the volume of insurance paid for in the United States was half again as large as in the same period of 1921. Also, the volume paid for in the past six months was considerably greater than the total sales for the year 1918 A study of the United States for the first half of 1931 indicates that the portion of the country now showing the Jargest, percentage loss in life insurance s the West. The Eastern States show the greatest improvement. The New Fngland States show the greatest im- provement when compared to June 1930. The three Middle Atlantic States which pay for over a third of the new business sold in the country, came next with a loss of only 3 per cent for the section as a whole, while the’State of New York showed a 1 per cent in- creese. The East and West South Central States show losses of 22 per cent and 19 per cent respectively. Arkansas with a gain of 1 per cent. was the only State in the West South Central to show a gain. Capital Traction Still at 43. Capital Traction sold at 43 on the Washington Stock Exchange again to- day, maintaining its advance to that figure yesterday. There was a turn- over of nearly 100 shares, all small lot transactions. Trading was moderate in other stocks and there was a pretty good demand for bonds, which changed bands around recent leve! Federal Reserve Banks' Net. Net profits of Federal Reserve system. member banks decreased, in_amount by 45 per cent from 1929 to 1930, ac: cording to figures that have recentl become available. and the rate of re- turn on the banks' invested capital de- creased from 8.75 per cent in 1929 to 4.56 per cent in 1930. The net profits per $100 of the banks’ aggregate loans and investments de- creased for the year by 69 cents—from $156 in 1929 fo 87 cents in 1930— reflecting chiefly a decrease of 62 cents in gross earnings that was largely the Tesult of a lower level of interest rates in 1930. Other factors were a sub- stantial increase in net losses on loans and investments. Expenses were reduced for the year by 18 cents per $100 of earning assets. Heard in Financial District. G. Bowie Chipman, resident partner 4n Harriman & Co. was at_his office today after a business trip to New York. Frederick G. Cox. cashier of the Com- mercial National Bank, has nearly com- pleted his vacation, most of which he is spending in and near Washington. Hilleary G. Hoskinson. vice president of the Riggs National Bank, is another member of the bank’s big stafl now cn his vacation. ‘Waggaman, Brawner & Co. are dis- tributing an analysis of the Public Na- tional Bank & Trust Co. New York, showing its steady growth and long dividend record and bringing other in- teresting facts about. the. institution. The hank has never participated in any mergers. INCREASE IN GASOLINE DEMAND IS PREDICTED By the Associated Pre: NEW YORK, July 22.—The American Petroleum Institute’s Committee on Re- finery Statistics and Economics today estimated that total demand for refinery gasoline in the second half year would increase 3.7 per cent over the corre- sponding period of 1930. Domestic de- mand, it was forecast, would rise 5.7 per cent while exports would be 10 per cent lower. The committee estimated a decline of 24 per cent in the total demand for crude ofl, but expected a 6 per cent gain in exports, domestic crude require- ments were placed at an average of 2,393,000 ba¥rels daily. The committee set 30,284,000 barrels of refinery gasoline as the economic limit for such stocks at the end of 1931. It was held that 27,184,000 barrels on October 1 would provide adequate work- ing stocks. An increase of 3.100,000 barrels from that total between October 1 and December 31 was® contemplated. Although late reports indicate gaso- line reserves are being drawn upon ‘heavily, the committec warned that it present Tefinery operations were con- tinued through the early part of the second half year and then underwent only the usual fourth quarter reduction, stocks were apt to be seven or efght million barrels above the recommiended limit. A ! PARIS BOURSE PRICES. PARIS, July 22 (#).—Three per cent rentes, 87 francs 50 centimes. Five per cent lozn, 103 francs 65 centimes. Ex- change on London, 123 francs 63 cen- times. The dollar was quoted at 28 francs 511, centimes. 3 Note—All stocks are sold in one hundred-shars lots excepting those designated by the letter s (80s) (250s). ~Prev. 1931~ High. 14% 23'y 92 32% 11% 109% 10% 2014 12% 182% 2% 2% 4% 177 129% 86 48% 384 B1% 10% 64 1% 7% 26 30% B4y 434 28% 397 6474 102 21% 150 3% €6 42 5814 110 4% 31% 481 60 108! 1045 87 113% 14% 81 80% 26'% 46% 31% Best & Co (2). T0% 29 403 66'c 76'% 30% 223, 69% 537y BKly 129% 43% 9y 5% 13 23 15% 3214 104 Ly 1% 69% 53 25 43% 11% 16% 45 Low. 314 11% 835 2214 4 T0% 315 7 44 102% Stock ana Dividend Rate. Abitibi Pow & Paper Adams Express (1) Adams Exp pf (5) A Millis (2). Adv Rumley (new). Alr Reduction (143) Alr Way Elec Appl.. Alaska Juneau (40c) Alleg Corp. . es Allied Ch & Dye (né) Allis Chalmbers (2).. Amal Leather. . Am Beet Sugar, Am Beet Sugar pf. Am Can (15)... Am Car & Fdy pf (1) Am Chicle (13). .. Am European Secur. Am & For Power.... Am Haw St'ship (1) Am Home Pr (4.20) Am lce (3) Am Ice pt (8). % Am International 70 434 99% B 53% To' 147% 3810 96% 16 20% 60 47 14% 99 328 3 215 [ 8'a Bla 191 70 14 ey 23% 207 25 231 5 10% 297% Am Locomotive (1) Am Locomot pf (1) Am Mch & Fdy 1.40 Am Metal Co. Am Nat Gas pf. Am Pow & Lt (31)... Am Pow & Lt pf (). Am Ra&Std San 60c., Am Rad &S S pf (7). Am Rolling Mills Am Safety Razor (5) Am Shipbuilding (5) Am Smelt Ref (2). Am Snuft pf (6) Am Solv & Chem Am Stl Fotindries(1) Am Stores (1234).. Am Sugar Ref (6) Am Sugar Ref pf (7) Am Sumaitra Tob. . Am Tel & Tel (9). Am Tobacco (16). Am Tobacco B (16) Am Tobacco pf (6).. Am Water Wks (3).. Am Wat \Wks cfs (3) Am Woolen. ...... Am Woolen p . Am Writ Paper ctfs. Anaconda Cop (1% ). Archer-Dan pf (7).. Armour of Del pf (1) Armour of Il A..eee Armour of Ill B..... Armour of 11l pf. Artloom Cp pt (7). Associated Apparel Asso Dry G (2%). Atch To & S Fe (10). Atl Gulf & West Ind. Atlantic Refining (1) Auburn Auto (£4)... Autosales Aviation C Baldwin 1 Baldwin Loco pf (7). Balto & Ohio (5). Bang & Aroos pt (7). Barnsdall (A) (1)... Beatrice Cream (4). Belg N Ry pt pf 14.82 Bendix Aviation (1). Bethlehem Steel (4). Bethlehem St pf (7). Blaw-Knox (1%).... Bohn Alum & Br 1%. Bon Ami (15). Borden Co (k3). Borg, Warner (1) Lriggs Mfg (11% -Man Tr (4) Bklyn Union Gas (6) Brown Shoe (3). Bruns Ter & Ry S Budd (E G) Mfg Budd Wheel (1) Bullard Co. ... Bulova Watch (13%). Burroughs A M 11%. Bush Term deb (7)., Butte Copper & Zinc. Butte & Superior. Byers (A M) It Packing (2). Calif Petroleum Calumet & Arizon: Calumet & Hecla. Camp W&C Fy (1) Canada Dry G A (3) 45% 24'4 Canadian Pacific1%. 131's 116 16 3% 2474 6 30 25 46% 59y 95 8% U 1 213 14 11 27 Ci Case (J 1) pf (7). se (J 1) (6).. 521 21% Caterpillar Trac (3).. Celanese Corp. Celotex Co pf.... Cent Aguirre As 1% . Century Rib Mills Cerro de Pasco (1). Certain-teed Prod pf. Ches & Ohio (2%)... B4l 27% Chesapeake Corp (3) 2% 17 33% 26% 37 90 4% 170 * B 4 15% 3n A% 25 22% 17 1214 30 T 2 133 Chi & Alton.... Chi & Altor: pt . Chi Great Western.. Chi Great West pf. Chi M1l St P & Pac. . Chi M1l St P & P pi Chi & Northwest i4). Chi RI & Pac(m2%) Childs Co (2.40). . Chrysler Corp (1) City Ice&Fuel (3.60) City Ice & F pf (6%) City Stor Coca-Cola (17%). 104% 101% Colg-Palm P pt (6) 170 56% 45% 16% 1% T 62% 517 4% 12 12 9 51 20% 6 6 55 20 ilins & Aikman. .. Colo & Sou 2d pt (4). Col Gas & El (2).... Columbia Graph 66e. Col Grapho ctfs 56¢ Columb Carbon (5) Comecl Cred pf (1% ). 2 3 50s 2 9 20 1 121 9 s o 3 HEF moe S e N ® 9 5 CR S e e R N BN N ® e 808 7614 Comcl Cred 1st (6% ) 180s 2115 Comel Cred pf B (2). 108 20 10% 6% 90 6% 101 82t 25 % 94 1% 4400 40% 34 2% 5 3% Comm Inv Trust (2). Comm Solvents (1) Comwlth&Sou (40c) .« Cmwith & Sou pf (6) « Nafrn (25¢) .. Conso) Film pt (2). Consol Gas N ¥ (4) Consol RR C pt (6) Consol Textile. Contl BaKing A.eeeen Contl Baking B. Contl Baking pf (8) Contl Can (2%) Contl Insur (2.40). Contl Motors Contl Oil of Del. Cont Siares. . 86% 55% Corn Produc! 152 18 63 106 b 35 1's 487 100 5% 815 €6 59 K 81 64%5 32% 38%, 484 G 5 78% 47 25% 9% 13 48% ) 5é% 144 6% 30% 80 2% 16 % 35% 69 2 3 56% 41 - 1% 211 201y 11% 3 52% 15% 1% 5 3% 31 36 Corn Prod pf (7). Coty Inc Cruelb] Crucible Steel pf ( Cuban-Amer SUgar.. Cuban Am Stgar pf. Cuban Dom Sugar. Cudahy Packing (4). Curtis Publish (4)... Curtiss Wright Cor] Curtiss Wr Corp A. a Deere & Co pf (1.40). Drlaware & Hud (9. Detrolt Edison (8). Diamond Mateh. . Diamond Mtch pf 1% Dome Mines (1). Doynn:Stores (1.20).. Douglas Afr (1%} Drug Corp (4) Dunhill Internat. Dupont de Nem (4 Dn P de N deb pf (§) Eastman Kol Eaton Axle ( Elec Auto Lt Elec Boat. .. Elec Pwr & Lt (1 Elec Pow & Lt of (8) Elk Horn Coal pt. Endicott-John (3).4: Erie RR. ... Erie RR 1st pf (4 Eureka Vac Cleaner. Exc! Fairbnks Mo 7 Fashion Park Asso Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber..... Fisk Rub 1st pfev. Foster Whealer (2).. Fourth Nat Inv m55¢ Fox Film (A) (2%).. Freevort-Texas (3). . Gabriel Co A. Gen Am Tank Car( »"1508 2 2 12 81 Sores— Add 00. High. 45 16% 88 25 6 T8 4% 15% Y 120% 26% 24 3 12 106% 610 4314 22 30% Tin 6214 22w 645 15 Gen Asphalt (3)..... 16 23% Gen Baking (2) Gen Bronze. .. Gen Cabl: Gen Cigar ( N Gen Eleo (1.6 [ 12% 11% Gen Elec spec (60¢) o 15% 87 26 A% 76% 4% 14% Tia 118% 26 2% 3 10 101% 615, 4215 21 28% 7% 6l 220 . Closo, 56 Prev. [ O3 % 5% 87 23% 5 ki) A 110 39% b4 69% 1% 50% 204 274 115 23% 3% 15% 87 15 13% 20% 26% % 9614 10214 105% 5814 113 16% | 101% 27 2 314 | _B5% 57 | TZTa 23 | 60 21% -Prev, 1931~ High, Low. 43 4% 96 31% 95 15 59% 8 29 3% 18% 4 48 21 4l 2 2114 74 10% 5 17 1% 13 38% 16% 487 9 11y 58 20 105 pEEN [ 20 Stock and Dividend Rate. Gen Focd Corp (3), Gen G & El A (e30¢). Gen Mills pt (6 Gen Motors (3). Gen Motors pf (5) Geon Ptg Ink (2%). Gen Ptg Ink pf (6). Gen Publie Servie Gen Refractories (4) Gen Theater Equl; Gillette Saf Rasor. Gimbel Bros. ... Glidden pr pf (7).... 80s Gobel (Adolf) Gold Dust (2% ) Goodrich (B F). Goodyear Tire&R(3) Graham-Paige 10 Grand 811 Stra (h1).. Grand Stores pt (6% Grand Union pf (3) Grant (W T) (1).... Great Northn pf(4) Grt Nor Ore (2) Grt Western Suga Grt West Sug vf (7).110s Grigsby Grunow 12 Guantanamo Sugar., 1 Gulf States Steel. ... 2 Hacken Wat pf A 1% 130s Hann Dept Stores... 14 Hahn Dpt Stpf (6%) 2 Hall(WF)Prtg(1.20) 2 Hanna pf (T)....... 208 Hawailan Pineap (2)2508 Hayes Body. Hercules Po Hershey Choc (5). .. Hollander Son: Household Fin pt (4) Houston O1l. . B Houston Ofl (new).. Hudson Motor (1)... Hnon Motors. 1llinols Central (4) Indian Refining. . Indust Rayon (4) Ingersoll Rand (4 Insuranshares Del Interlake Iron Int Bus Mach (n6).. Int Combustion. Int Comb Eng pf. Int Harvester (23%).. Int Hydro E1 A (e2). 11 Int Match pf (4). 14 Int Nickel (60¢) 2 Int Paper pf.. Int Paper & Pow A.. Int Paper & PowC.., 1 Int Printing Ink. Int Print Ink pf (6). Int Salt (3). Int Shoe (3)..... Int Tel & Tel (2). Inter Dept Strs (2 Inter Dept St pf (7). 108 Inter D St pf xw (7). 108 Tsland Cr Coal (4) Johns-Manville (3). Kelly-Spring Tire Kelly-Spr T 8% pf.. Kelsey-Hayes Wheel Kelvinator Corp. ... Kennecott Copper (1) Kresge Dept Stores.. Kresge (SS) Co 1.60. Kreuger&Toll (1.61) Krozer Groc&Bak (1) Lambert Co (8) Lee Rubber & Tiry Leh Valley Coal Lehman Corp (3. Lehn & Fink (3) Lib Ow Ford Gl Liggett & Myer (16). Litg & Myers B (15). Liquid Carbonie (3) » Loew's Inc (3)...... Loew’s Inc pf (6%). Loft Inc. Loose-Wi 2. Lorillard (F) Co. Lorillard (P) pf (7). Louisiana Ofl. . Liville & Ludlum Steal. Ludlum Steel pf. o Y 1508 8 68 5). McCrory B (2)...... 80 Melntyre Pore M (1) 3 McKeesport TP 1544 2 McKesson & Rob /1) McKes&Rob pf(3%). McLellan Stores. . Mack Trucks (3). Macy(RH) & Co(n3) Mad Sg Garden (60c) Manati Sugar.. Manati Sugar pf. Man Elevm g Marshall Fleld Mathieson Alkall (2) May Dept Strs (2%). Mavtag Co Mengel Co. Mexican Seaboard. Miami Copper. . Mid Continent Petm.. Midland Steel (3)... Minn Moline pf (6%) Minn & St Lout Mo Kan & Te: : Mo Kan & Tex pf (1) Missouri Pac pf (5). Mohawk Carpet. ..., Monsanto,Ch W(1%) Montgomery Ward. Mullins Mfg...... Mullins Mfg pf (7) Muri Nash Motors (4). Nat Acme .- Nat Bella Hess. N1t Biscult (2.80). Nat Cash Register A, Nat Dairy (2.60). Nat Dist Prod (2) Nat Lead (5)... Nat Lead pf B (8). Nat Pow & Lt (1) Mex 1st pf. Mex 2d pf. Nat Steel (2).... Nat Surety (2). Nat Tea (1).. Nel N c Newport Co (1) Newton Steel. N Y Central (6).. N Y & Harlem (5). N Y Investors. .. N Y N H & Hart (8) 4 NYNH&Hpt (1) N Y Ont & Western N Y Steam pf (8). % Noranda Mines. 7 317% 30 106 2314 2814 281 424 6% 147 56 72 95 103% 28 54 665 kel 24% 12 31% North Am Aviation Nor Am (b10%, stk). North Am Ed pf (6). Nor Ger Lloyd m: Northern Pacific (6). Northwest Tel (3). . Ohio 011, Otis Elev: Otls Steel pr pt (7).. 208 Outlet Co pf (7)..... 108 Owens 11l Glass (2). 4 1 Pacific Lighting (3). 8 Packard Motor (40c) 19 Paramount-Pub 2%.. 216 Pathe Excharge..... 3 Pathe Exchange A..» FPatino Mines. - Penick & Ford (1)..1 Penney (J C) (2.40).. Penn Dixie Cemont. T'enn Railroad (3). Peoples D S pf (6%). 208 Fetrolm Cp of Amt1) 78 Thelps Dodge (1) 12 Phil Read C & 1 Phillips Petrol Pierce-Arrow. Pierce Oil. Plerce O1l pf. Pierce Petroleum. . .. Pitts Screw&B(70¢) Pitts Steel pt (7) Pitts United Corp. Poor & Co (B). Prairie Oil & Gas. Prairie Pipe L (3 Proct & Gamb (2.40) Pub Sv N J (3.40). Pub Sv N J pf (5). Pub Syc G&E pf(6).. Pullman Corp (4). Pure O1l. Pure O11 pf (8) .. Punta Alegre Sugar.. Purity Bakeries (3) Hadio Corp. Radio Corp B 25 508 raciNc Gus & K1 (3) 24% 11% Radio-Keith-Orpl 29% 17% Raybestos Man 2. 30% Real Silk Hosiery... 19 5% Remington-Rand. ... (Continued on Page Sates~ Add 00. High. Low. Close. Close. 8 49% 4B% 48N 49%| 5 7 38 103% 24% 67 13% 34 3% 22y 6 1428 21 19 434 25 56% 14% 23 60 26'% 354 25% 1074 118 25% 3 40% 344 15% 10% % 18% 9y % 10% 18% 61% 81% 100 105% 13 374 8% 474 EX 371 103% 24 67 13% 331 3% 21 6 67 v 27'% 13 39% 3% 14% 15% 65 15% 43% 37 48 301 99 12% 7 142 2iy 181 60% 25% 34% 25% 104% 118 24% % i 8974 33 15% 9% 9% 18 4% 97 37'% 103% 24 67 18% 34% 3% 21 6 69% Tth 2T 13 39% 3% 4% 15% 65 9% 844 157 5% 1% 18 12% 10 55 61% ™ 10% 174 614 80 100 105 37% 8 174 644 80 100 105%, 374 8 80 % 29 17% 40% 14% 20% 7 8% Prev. 5 97 8% 103'% 21% 9% 1314 34% 37 22% 5% 69% T 28™% 181 41 3% 4% b4% 5% 8 10% 18'% 64% 81 100 104 88 8 0% K 30% 19% 40% 14% 20% 7 % |three heads. First, disappointment was 1 STOCK PRICES DROP AFTER RECENT GAIN Trading Volume Remains Small, but Recessions Are Numerous. Special Dispatch to The Star. NEW YORK, July 22.—Reactionary from start to finish, today's stock mar- ket made its lowest prices in the after- noon, when losses in the standard in- dustrials ran from 2 to 4 points and in the rails 1 to 2 points. The de- cline was due not so much to pressure of offerings as to lack of bids and the market was never really weak. Volume was in the neighborhood of | 1,000,000 shares, but it was less than that of Tuesday when the list was advancing. United States Steel and American Can bog the brunt of the selling in the Ject half hour, when the former dirped below 94 and the Iatter below 102, the lowest of the weck. Rock Island was off 3 points toward the end. . Reasons for the change of direction in the early trading came mostly under expressed over the latest proposals for the relief of Germany. Becond, the weekly reviews of the iron and steel trade, while expressing optimism over the late Summer and Fall outlook told | of another decrease in rate of opera- tion: and, finally, there was increasing doubt that the Interstate Commerce Commission would act favorably on the application of the railroads for higher rates. The best showing was made by the tobacco stocks, the ofls and some of the utilities. Even these were off more or less but they met better support. The two stocks which represent the Wall Street attitude toward foreign affairs, American & Foreign Power and International Telephone, each lost only a point. On the other hand United States Steel was down twice as much and so was American Can. General Electric dropped back fractionally, the six months earnings statement being tully as good as had been expected. As a matter of fact the market has been pleasantly surprised by the nature of the second quarter reports. It had been freely prophesied that when these statements came out they would be so poor as to bring heavy selling of the stocks concerned, but so | far nothing of the kind has happened. It is taken for granted that earniny this year will compare unfavorab) with ‘those of a year ago and the market seems to have discounted the situation full POTATO MARKET. CHICAGO, July 22 (#) (United States Department ' of Agriculture).—Potatoes Receipts, 135 cars; on track, 334; total United States shipments, 590° weak. trading very slow; sacked, per hundredweight, Missouri Cobblers, 1.00 al.l0; Kansas, 98a1.05: poor stock lower; Louisiana Triumphs, 1.50al.60; East ‘Shore, Virginia, barrel, Cobblers, 2.2502.50. i NEW YORK BANK STOCKS NEW YORK. July 22 counter market .—Over-the- Banks. America .. Phenix ' Nat! Cil Publie Trust Companie; BNNRITS 3.o..o0ocesen Brooklyn Liae Chem Bk & Tt Cont Bk & T: Corn Exch Empire uaranty rving . > Manufacturers New York INVESTMENT TRUSTS NEW YORK, July 22 (F).—Over-the- | counter market: | Cont__Corp Gen Secur “A Gen Secur B, Gen Secur $3 pf . Brit & Con{ 6", pfd Composite Tr Shrs Founders 6% pfd . Founders ptd Founders 1-70th com Founders conv pf ctfs Founders war Founders 1-40th’ com Am_Ing Eiocks .. 5 ssoc_Stand Ol ... Atl Sec pfd ....... Al & as : t ac Int units Atl & Pac com ww . At & Pac pf war Bankers ‘Nat Inv BansicillaCorp Basic Industry 5 British Type Invest'. Century 1r Shrs Chain & Gen Equitiés Chain & Gen Eauit 6 Chain Store Invest Chain Store Invest pfd Chartered Invest Chartered Tnvest pfd . Chelsea Exchange A Cheisea Exch: Cumulative Tr Corporate _Tri Crum & Foster 8% “rum & Foster Crum & Fostcr i% Grum & Foster Ins Deposiied Bank Shrs N Y Deposited Bk Shrs N Y “A" Diversified Trustee Snrs A. Diversified Trustee Shrs B .. Diversified Trustee Shares C. Diversified Trustee Shrs D . Eauity Corp com . Equity Corp pid Equity Trust Shrs Pirst Amer_Corp . Five Year Pixed Tr ... Fixed Trust Shares A Fixed Trust Shares B ... Fundamental Tr Shrs A . Fundamental Tr Shi General Equity A . Granger Trade . Gude Winmill Trad . Incorp Investors ... Incorp Investors ‘Equit Independence Tr Shrs Int Secur Corp Am A . Int Secur Corp Am B . Int Secur Corp Am 67 pid .:. Int Secur Corp Am 6'a% pid. Invest Tr Associates Invest Tr of N Y Collai Investors Trustee Shares .. Jackson & Curtis Inv Assoc Jackson & Curtis Sec pfd . Leaders of Industry A Lenders of Industry B Leaders of Industry C Low Priced Shrs . Major Corp Shrs . Mass Investors Tr Mohawk Invest . Mutual Invest Tri Mutual Manage .. Nation Wide Secur. . .. National Indyst Shrs.. National Tr_Shrs . N Y Bank Tr Shri Nor & South Am Nor ‘Am Trust Shares Northern Secur 8 Petroleum Trad, Al Public_Service Tr. Representative Tr_ 8his. Secur Corp Gen 36 pf. Second Int Secur Corp Second Int Secur Corp B Sec Int Secur Corp 6s 1st Bi. Selected ~ Am _Shares Selected Income Shrs: Selected Manage Trusi Shawmut Bank _ Spencer Trask Fu Stand Am Trust Shrs. Stand _Collat _Trusteed. State Street Tnvesi. ... Super Corp of Am Tr Super Corp of Am Tr Super Corp of Am Tr C. Super Corp of Am Tr D. Trust Shrs of Ame rustee Stand Inves rustee Stand Invest D. Trustee Standard Oil A ZTrustee Stancard Oil Shrs B! Trusteed N Y _C Bank Trusteed Am BK Sh 20th Century Fixed Two-Year Trust Sh. United Fixed Shrs. United Founders 1/70th ' com. paiied Bant & sh In o lfm Baatl o wuaoSan S S Temecs SESE aSaaval S » AR 8 Segoe: & British Int British Int Li lec Lt & Pow | London conference | Buying for Profit BY GEORGE T. HUGHES. ‘To be successful in investment re- quires boundless patience. ‘This 1is something the ordinary run-of-the-mill speculator entirely lacks. He is anxious to make “a quick turn” and will not listen to any suggestion that does notl promise an immediate profit. He argues that if, for example, the stock market is in a declining phase there is no use to buy stocks even though admit- tedly underpriced, because the trend is downward and he can wait to buy until the turn has come and shows on the tape. Meanwhile he is content to go with ‘the current. ‘The tactics of the investor are ex- actly the opposite. In the long run, too, the investor makes the larger profit. Late in May of this year when stocks were sagging to what was then the lowest of the long decline, a former member of the New York Stock Ex- change, retired these many years, how many may perhaps be guessed when it is sald that he paid $25,000 for his seat and sold it for $150,000, came down to Wall Street. He went into a broker's office and bought a large block of a seasoned industrial. paying cash. The broker protested. “That company,” he sald, “is going to cut the dividend in two at the next meeting. What's the use of buying now?” But the customer said wearlly, “Yes, I know, but look at the price. Well it is still too early to say who was right, the broker or the customer. Perhaps it was an error to buy that particular stock in the face of all the adversities which the industry repre- sented has experienced in the past two years, but the principle is sound. The Jargest rewards will go to those cou- rageous buyers and patient holders of sound equities willing to disregard in- termediate mgrket fluctuations. The in-and-out trader has excitement and sometimes he has a profit, but more often when the accounts are added up at the end of the year he has a loss. (Copyright, 1931.) SHANGHAI GOLD BAR | EXCHANGE IN RECESS| By Cable to The Star, SHANGHAI, China, July 22—The | London International Conference for | the financial rehabilitation of Germany is having a direct repercussion on the Shanghai Gold Bar Exchange. Today the Chinese members of the exchange suspended all business, pulled | up their' chairs and stools, grouped | themselves in fours and spent the day | ing bridge while call boys served | ‘The members declared that they | were unable to do a thing until the| announced its re- | sults. Dally transactions average $5,000,000 gold. (Cov: Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph I. Weller 430, wasn 1, & Trust REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplications _invited on _ high-class partments and dwellings, and particu- Iv on well located business properties, .5 or 10 vears. if so desired. 3, 1520 K St. N.W. National 0475 E have adequate funds for loans on improved Real Iistate in nearby Montgomery County, Md, and the District of Columbia for periods of 3, 5 or 10 years. Prompt deci- Sions given applications. 53 % INTEREST BOSS and PHELPS mUr;ll)E‘D ll§fl'l u Loan_Correspondent 1 John Hancock Mutual Life Insurance Co. ONYOUR LOW TERM LOANS D. C. Property Only (g 6% for rye-financing ent holdings. building in D. sions charzed. necessars. In about our Loan Pl Open Daily 9 to 5 Saturdays Until Noon NAtional 1381 your, | BUILDING ASSOCIATION 949 NINTH ST, NW. UNDER SUPERVISION OF U.S.TREASURY| _ Lowest Rates it We Are at Your Service if You Desire A Loan —~For Buying —For Building —For Refinancing com- pleted properties THE resources of this company make it possible to obtain loans on first mortgages promptly and at reasonable rates. Permit us to give you further information without obligation on your part. Reasonable Rate of Inferest and Prompt Decision REALESTATE Pow Universal T 8 ... If the Summer of 1931 is like the several previous ones there will be about 3,000,000 motor cam spend- ing ‘somi tourist camps MORTGAGE & GUARARTY CORPORATION *,I,. K St. N.W, ational 1403 New Utility Financing, ' NEW YORK, July 22 (#)—The fe- cent stagnation in.the new capital mar- ket, Which was not so much ‘dué 0 & lack of ‘demand’as to & decided Jack of high-grade new issues, resiilted in the offering today of two prime publie wsl- ity offerings. The scarcity of good municipals has left a ready market for such offerings. Public Service of North- ern Illinois offered $15,000,000 of 4 per cent notes due July 30, 1932, at par to yield 4 per ceat. This g which is the second plece the company has done this year, will be used to re- tire all bank indebtedness and provide for extensions and additions. Net earn- ings for the year ended June 30 were more than two and one-half times an- gfll interest charges, including this ue. Arkansas Power & Light put out $2,- 000,000 of first and refunding m 5 per cent bonds, due 1956. 1s |] the last part of & series totaling $35,- 000,000, They were priced at par, g - Bill Graber, sophomore at University of California, is the fourth man in the ?ls:,ary of the pole vault to clear 14 eet. on lllnov:g DF COLUMBIA REAL B SECURITY quitable Co-Operative'Bldg. [ s0mn 30% EDBON, Pretcat WALREL 8. PRARE, To. Botoriand Subscription for the 101st Issue of Stock Being Received Do You Wish A Loan Those who desire to borrow money to pur- on Real Estate or to chase a home, refinance Take Up a present indebtedness or First Mortgage? improve property, should see us. Applications will Loans Repayable Mntfly 3 No Brokerage . . . No Commissions receive prompt and cour- 915 F ST. N.W, Ass'n teous attention. AN EXCEPTIONAL INVESTMENT Public National Bank and Trust ] At Current Market Yields 87 Capital and Surplus $156,900 1908 $2,184,200 $22,123,293 1931 $102,615,790 Condition Statement as of June 30th Showed Cash, Govefnment, Municipal and Corporate Bonds Totaled 71% of Deposits. This is an Unusually Strong and Liquid Condition. MARKET RANGE 1929 Years Deposits 1930 1931 High' i oo v ervinnieieinn 340 163 69 B .. cocivnpiviimndioss B9 40 44 DIVIDEND RATE, $4.00 BOOK VALUE, 80 MARKET PRICE ABOUT 50 Special Analysis on Request WAGOAMAN, BRAWNER & CO. i S0 Investment Securiti 1700 Eye Street Metropolitan 3860 Many Fortunes were Founded -'in Periods of Depression mILE the masses are hesitating, the thought- /-fal investor is taking adyantage of the re- depressed security prices. That is why ighted investors today are buying Corporate Trust Shares—buying into the future prosperity ofagraup of America’s greatest industries—buy- ing atatime when bargain-counter prices preva; ROSS BEASON & CO.; Inc. Eastern Syndicate Mamagers 120 WarL Streer, New York SAN FRANCISCO SALT LAKE CITY LOS ANGELES Ask your Investment House or Bank about CORPORATE TRUST SHARES THE QUESTION OF PROFITABLE INVESTMENT isn't a secret known only to a few, but is purely a matter of reflective judgment, - That which provides security of principal and earns an adequate return is the answer. In other words, our 6% FIRST MORTGAGES are a profitable investment—devoid_ of all risks; and assured of this lib- era] return continuously throughout the life of the mortgage. Over a Third of & Century Without & Lau_' “May be purcha-sed in amounts; from $250 up. Fo8A0L co. 925 15th St. N.W.' B. National 2100