Evening Star Newspaper, August 20, 1931, Page 13

FINANCIAL. TRADING IS LIGHT OND. . EXCHANGE Few Changes Noted in Lead- ing Stocks—Peoples’ Drug Steady. %3 Trading was light on the Washing- Exchange today, with Mer- thaler, whose regular quarterly ividend of $1.50 was announced yes- 'Bflhy selling at 761 + Potomac Electric 6 per cent prPlcrrfd was off a point from #st prior sale, to 111%, while the 512 per cent preferred of the same company sold at 110, a fraction down, and construction 5s, also of Pepco went at 105, also a frac- tion lower. Peoples Drug Stores preferred sold at 1033, same 8s last r sale, Investment Trusts. A detailed analysis of mid-year state- ments of reporting general management investment trusts discioses that a rep- resentative number of these units made relatively satisfactory progress during the first six months of 1931, says the Standard Statistics Co. of New York, in a current survey, which continues in PG the average, the decline in net assets of the trusts studied was 1.8 per cent during the term, as compared with a decline of 3.3 per cent in our stock market index. Because of “leverage” possessed by certain of the common shares included_ in the compilation, the decrease in liquidating values, on aver- age, was slightly higher (2.78 per cent), but’ this also compared favorably with the decline in th® stock market. “The evidence presented shows that, except, for a few isolated cases, domestic general management investment trusts were creditably operated in the first half of the current year. This marked the first period since’ the inception of the bear market that a representative num- ber of the instriments (8 out of 18), despite adverse market trends, suc- ceeded in recording a gain in net assets ‘Three of the , moreover, showed a gain in net values after having maintained dividends on their common stocks in both thefirst and second quar- oo . Advertising Pays. Aggressive advertising, a bumper crop of near-record proportions, combined with a firm price structure are among the factors which are benefiting the cit. Tus fruit fa of California, accord- ing to The ‘Outlook, published monthly by the Wells Fargo Bank & Union Trust Co. of San Francisco. Sees Business Turn. Final records of business transacted in July present ev e which, according to Gage P. it, New York business counselor and w@ldenl of The Business Economic justifies the inference that some industries have already turned the corner of the depression. The consensus of the publishe opinions of the country, Mr. Wright said, was for-a brighter outlook in Septembe ber | 104 e and October, despite the drop in ths various indices of business activity for the month of July. “The Congolidated Index of Business Activity, which represents a composite of all well known indices, fell from 72.1 in June 10 %09 in July,” says Mr. ‘Wright. “Not only does this represent an ac ease in activity, but it shows, as well, a decrease in excess of the usual seasonal decline to be expacted 1;11 J\l.g‘«x ?lllh‘lflfe;hllknu showing, yét I.am incline ;a-;m the congensus of opinions that hgzt things are in store for September and October. Personal Mention. Joseph D. Yerkes, assistant cashier of the Federal American National Bank & Trust Co., is on vacation. John M. Riordan, executive vice pres- ident of the Bank of Commerce & Sav- ings. is o’ tion at Nantucket, R. I. William J. Fiather, vice president of Riggs National Bank, who is on vaca- tion at Poland Springs, Me. fis ex- p«l!n‘% 1o return to Washington Au- president of the Bu#, is on va- caucn at - As) Pfik. L J. "fron ‘m:omm‘;m bef mumn s 2 motor fore to Wash- mmn next _week. J. Winfree, assistant ('Asm:r of 2 National Bank, r.g] return from vacation. ‘as] ing House figures for today: $3,845,701.81. PRICE INDEX HIGHER FOR WEEK OF AUGUST 15| Associsted Press JFholesale price index of the nal’ Fertilizer Association gained y during the week ended Au- Tegistering the first upward trend in several weeks. It now stands at 67.7. as compared with 67.5 the pre- vious week, based on representing the 1 8 a‘t as 100 main groups comprising anced during the week like number declining and two no change. The groups of fats ils and foods advanced materially; | the weight of these groups as- in advancing the General Index Other groups that rains, feeds and ncluding petroleum and its prod- nd automobiles. The g; s shown groups cf metais and automobiles | slight. Th s, house ¢ group of mis- Due to the for cotton and up of textiles than two full es shown in g groups only small Icsses. noted for 30 com- prices for 24 ad commodities n, cotton ya ¢ iron, zine, silver. raw sugar ced were eattle milk. fancy flour. coffee, butter matches ¢ Departmen: e taken partly | asons and partly | g a new field of g nized Austrian creditanstait Such a monopol withcut any s held to be feasible particular difficulty, as in- ractically non-ex- ports are almost exclusive- and Rumanian origin firms would act some- what in the capacity of commissioners | government administration and ould receive a certain commission for their services, resulting in smalier but more stable earnings for them. COMMODITY PRICES. By 'he Associated Press Wholesale commodity prices contin- ued unchanged last week as thelr change was measured by the Commerce Department. In the index that follows the whala.ulh-l ”m'tlga‘ prices pre | glven for comparabie periods, resenting the 19. lven‘e as 100 r?n addition, the seliing price for a ton of composite stcel products is given for like periods. 113 22 A 4 AssoDry G (23%). 9y 70 434 Note—All mnh are sold in one hundred-share lets mn&m-(u-) (2508) . Prev. Close. Close. Btoc] Dividend Rate, Adams Express (1) Millf ). 4 Alr Reduction(t4%). 9 Air Way Elec Appl., 2 Alaska Juneau (40c), llll Allegany Corp. ... Allegheny Stl (1. M).lon- Allied Ch&Dye (n6). 21 llfi Allis Chalmers (2) 2 24% Amerada Corp (2)... 4 19% Am Can Co (15). 198 95% Am Can Co pf (7). 1 150 Am Car & Fdy pf (7) 808 57% Am Chicle (13)...... 4 Am Comel Alcohol... 65 Am European Secur. Am & For Power., Am Haw St'ship (1).. Am Home Prod 4.20 Am Ice Co (3). Am International. Am Locomotive (1) Am Mach & Met ctf, Am Pwr & Lt (11) A Radiator (80c).. Am Republic: Am Roliing Am Smelt Ret (’) Am Solv & Chemical, Am Solv & Chem pf., Am Steel Found (1) .. Am Steel Fdry pf(7). Am Sugar Ref (5)... Am Tel & Teleg (9) .. Am Tobacco (16) . Am Tobacco B (16). Am Tobacco pt (6). . Am Type Fy pf (7)., Am Water Wks (3).. Am Wat W 1st pf(6) Am Woolen Co . Am Woolen Co pf... Anaconda Cop (1%). Armour of 11l (A) 9% [ SRR < 3 - ® FTuliaBuPuras - s - aeaalmena ‘Atch To&S Fe (10).. Atlantic Refining (1) Auburn Auto (£4). Autosales Aviation Corp Baldwin Locomotive Baldwin Loco pt (7).1608 Balto & Ohio (5). ... Barnsdall Corp'n Beatrice Cream ( % Belding-Hemingway. Bendix Aviation (1). Best&Co (2)....... Bethlehem Steel (2). Bethlehem Stl pf (7) Bohn Alumn (1%) Borden Co (k3).. Borg Warner (1) Botany Con Min (A). Briggs Mfg (11%).. Brockway Mot Trk. . Bklyn-Man Tran (4), Bklyn-Man Tr pf (6) Bkiyn & Queens. Bklyn&Queens pf(5) Bklyn Union Gas (5) Bruns Term & Rwyl 4+ Bucyrus-Er} Bucyrus-Erlecv pf.. Budd (E G) Mfg.... Budd Wheel (1). BnrrouthH(fl%) 4 Bush Term deb (7).. lfln Butterick Co. Byers (A M) Co. Calif Packing (2). Calumet & Hecla. 1 3 % Camp W&C Fdy (1).. 62 Canada Dry G A (3).. Canadian Pacific 1% . 48 Cannon Mills (1.60). 1 Capital Admin (A).. Case (J1) (6). . 61 Case (J 1) pf (7) rpillar Trac( Celanese Corp. Clotex Co. .. @ertain-Teed pf Checker Cab Mrfg. . Ches & Ohlo (2%) . Chesapeake Corp(3). Chi Great Western Chi Great Westn pt.. Chi Mil StP & Pac. Chi Mil StP & Pac pf, Chi & Northwest (4). Chi R I & Pac (nfl&) 1- Childs Company. Colgate-Pal-P (23). Colg-Palm-P pf (6).. Collins & Afkman. Col Gas&Elec (2) Col Gas&EI pf A (6). Columb Graph (56c). Col Graph cfs (56c).. Columb Carbon (5).. Comel Credit (2) Comel Credit A (3) 4 Comel Cred pt B (2). !0- Comcl Inv Trust (2 Comel Solvents (1) . oo Comwith&Sou (40c). b4 Comwlith&Sou pt (6) 2 Congolm-Nairn :n 32 Consol Cigars 17! . 308 Consol Film 1 Consol Gas N Y (4).. 135 Consol Gas NY pf(5) 3 106% Consol Laundries(1) 2 ConsolRwys pf (6).. 1 Consol Textile. .. 4 Contl Baking (A). 35% 68 2% 3 19% 140% 147 174 611 71 ¢ Federated Dept Strs. 52% 15% 5 1 9 1 Contl Baking (B).... 5 Contl Baking pf (8)., 6 Contl Can (23%) . 0 Contl Dia Fibre ( 1 Contl Motors. . 2 Contl Ofl (Del) . 134 Corn Products (14).. 8 Crown Cork pf (2.70) 1 Crucible Steel. 6 Crucible Steel pt (7) Cuba Cane Products. Cuba Co. . Cuban Domn Sugar. . Cudahy Packing (4). Publish (4) Wright..... Curtis Wright (A) . 20! 2 a 0 1 3 Deere & Co pf (1.40). 2 Detrolt Edison (8) 1 Diamond Match (1).. 5 Diamond Mtchpf 1% 5 Dome Mines (1). 4 Doug Alreraft(t1%) 4 Drug Corp (4)...... 1 Dupont de Nem (4).. 11 Duques Lt 18t pf (5) 1 Eastman Kodak (18) 7 Eastman Kod pf (6). 10s Eaton Axle (1.60)... 3 Eitington-Schild pf., 6 Elec Auto Lite (6).. 15 Elec Auto-Lite pf(7) 10s lec&Musical Instru 11 fec Pwr & Lt (1)... 141 lec Pwr & Lt pf(8). 1 slec Pwr & Ltpf (1) 2 Equit Office Bidg 2% 2 Erie RR. .. . 1 Bureka Vac Cleaner. 1 ¥airbanks Morse 1.60 Fairbanks M pf (7) Fed Lt & Tr ( 2 Fid Ph Fire In(2.60) . First Natl Strs (2%) Fisk Rubber. Foster Whe Foundation Co Fourth Nat Inv, rn..&l: Fox Film (A) (23). Freeport-Tex (3) 4 PPN @ Gen Am Tank C Gen Asphalt (2) Gen Bronze Gen Cable. . Gen Cable (A) Gen Cigar (4) en Electric (1.60).. jen Elec spec (60c). Gen Food Corp (3) ., El A (e30e) pr8). Gen Mills pf (6) ... Gen Motors (3) . Gen Motors pf (6) Gen Outdoor Adv. . Gen Prig Ink pf (6). 205 Gen Public Service.. 10 Gen Realty & Util. . . Gen Refractories (3) rid) » & »§ 2 - mofmanlulaune 14 Gen Theatre Bquip. . Giilette Saf luu 7% Glidden Co. . ~Glidden Co Ad Rii). in (1), THE EVEN NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Low. 14% 30% 81% 4 17% 6% v 11 1150 245 24% 19% 19% 94 9a% 150 150 56 4 8% 20% 29% T 62 19% 14% 18% 3% 36% 12% 8 14% 30 82 4 11% 6114 112'« 112% % 6% 8% 8% 361% 36% 35 35% 6 *6 24% 24% e an % T 26 26 36% 37 16% 16% 22% 23 30% 30% 146% 146% 521 524 44 aan 104 104 13 18% 30% 30% 105% 105% 8 8% % 8 % 72 17% 17% loau 106% 13 31 £ 13 107 143% 10014 280 18 a 100% 281, 102% 102 g % 170 14% 0 30 9% 637 n7 8 119% 108% 37 9% 6815 14w 26 13% I % 86 12% glrer. 1031~ 10% Grand Union, ... 36 25% Grant (WT) (1)...s 35 714 Great Western Sug. . 80% Great Wn Sug pf (7). 70 25 Grigsby Grunow 261 4 50 106 24 1 3 26 4% K] 11 NING _STAR, Stock and Bales— Dividend Rate, Add 0. Hih. Lew. Close. oo 12 16% 17 Grand Unfon pf (3)., 1 43% 43% 6 39% Great NorthA pf(4).. 3 351, 1 8% A 854 W(%) 4 2 Hacken Wat pf A n.m. 5 Hahn Dept Stores. . Hahn Dpt St pr(6%) 2 Harb W Ref pf (6).. 808 4 Hayes Body Corp Hercules Pow pf 4 Hershey Choc (5). .. Holland Furn (12%) Houdaille Hershey . « Houston Ofl. .. Houston Oil (new). . Hudson Motor (1) 5% Hupp Motors 21 9 % Indian Motor Indfan Refiningft 4 Indust Rayon (4). Insuranshares Del A, Insur Shr(Md) (40¢) . Interboro Rap Trans. Inu Agriculture Int Bus Machine(n6) Int Combustion Int Harvester (234) . Int Harvester pf (1), Int Hydro EL A ( Int Match pf (4). Int Nick of Can(40c), Int Paper pf Int Paper & Pwr int Rys Cen A pf(5). mn.. 22 Intertype Corp (1) 3% Investors Equity 40 » Johns-Manville (3). ., A 1 12313 116% Jones & Laugh pf(7) 40s 26 5814 16% 6915 1084 30% 65 Kayser (1) &Co (1), 3 Kelly-Spring Tire. .. Kelsey-Hayes Wheel Kelvinator Corp. . Kennecott Copper (1) Kinney (G R) Co...\ Kresge (S§) (1.60). Kress (SH) Co (31).. Kreuger & T(m1.61). Kroger Grocery (1). Lambert Co (8). 5% Lehman Corp (3). 2% Lehn & Fink (3). 11% 60 601 90t 2 25 Libbey Owens Glas. Liggett & Myers(15) Likg & Myers B Ligg & Myers pf v Tulip Cup(1% k Belt (2) Loew's Inc (3).. Loft Inc. . Loose-Wiles 12.96) .. Loose-Wiles= 1st (7)., 10s Lorrillard (P) Co.... 172 Lorrillard (P) pf (1) Louisiana Oil. Lou Gas&E1 A (1%). 8% Ludlum Steel 10 35 McCrory Strs A (2) ., Melntyre Pore M(1), McKeespt T P(15%), McKesson & Rob(1). Mack Trucks (3).. Macy (RH)& Co(ni). ManhatElev mod gtd Maracaibo Ofl Exp. . Marshall Field (234) May Dept Strs (232) . Miami Copper. Mid Continent Petm. Midland Steel (3). Midland Steel pf (8). Minne & Hon Reg (3) Minn Moline Pow. Missouri Pacifi Montgomery Ward. . Motor Meter G & El. Motor Products 12;.. Mullins Mfg. . Mullins Mtx pf (7).. m Murray Corp. Nash Motors (4). at Acme Co..... Nat Air Transport Biscuit (2.80)... Nat Cash Register A. Nat Dairy (2.60). Nat Dept Stores. Nat Dist I'rod (2). Nat Pwr & Lt (1) Nat Steel (2). at Supply pf at Tea (1)... Nevada Copper (1) Y Central (6). N Y Chi & StL pf NY N H & Hart (6). Y Ont & Western. Y Shipbullding Y Steam pf (6) % Noranda Mines. . Norfolk & Southerri., Norf & Westn (112)., rf & Westn pf (4) North Am Aviation. or Amer(b10 %stk) »r Ger Lloyd m2.56 orthern Pacific (5) Ohio O1l. . OlivFarm Orphetm Cir BE (8) - 31% Otis Elevator (23%). 64 Otis Steel 30 38 109% 128% 28 % Pure Ol pf (8 W Pu 1% Pacific Coast Otis Steel pr pf. 2dpf.. ific Gas & Bl (2) . ific Tel&Teleg (7) Packard Motor (40c) Panhandle Pro&Ref . Panhandle P & R pf Paramt{-P(m1.62%p) Park Utah Pathe Exchange. Pathe Exchange ( Patino Mines. .... Peerless Motor Car. Penney (J C) (240). Penney (JC) pf A (6) Penn Dixie Cement. . Penn Railroad (3) Peoples D S pf (63%) Peoples Gas(Chi) (8) Petm Corp of Am(1) Phelps Dodge (1)... Philip Morris&Co(1) Phillips Petroleum. . Pierce Oil. Pierce O1l pf. Pierce Petroleum lisbury Flour (2 Pitts Steel pf Poor & Co (B).. ie Pipe Line(3) Proct & Gamb (2.40). 1 6am. Pro & Refiners. ... 3% B 3% tefiner 9% ve NJ(3.40). 811 Public Sve NJ pf (5 v 101% P, c Sve NJ pf (6) 120 c Sve N J pf(T) 138% n Corp (4) sre Pure Oil rity Bakeries ( e 540 (B) (5).. 23 th-Orph A. 30 Raybestos-Man 1.60. 1 Real Silk Hoslery... 3 Real Silk Hosiery pf. 10s Remington-Kand Republic Steel. . Radio Corp. . teynolds Metls(134) Reynolds Tob A (3). Reynolds Tob B (3). Richfield Oil. Rio Grande Oil. . 20s Safewsy 8trs pr (7 St Joseph Lead (1) Schuite Stores pt (8) Seaboard Air Line. .. Seaboard Ot Sears Roebuck 108 eneca Coppe Servel Ine Shattuck ( Shell Tr (m%6 3 Shell Unlon O11 Shell Union Ol pf Simmone Co.... Simms Petroleum. .. 4 Sinclair Consol Oil. . Skelly Oil. Skelly Oil pf ww Sheffield St Bocon ~Vacgum 1.4 .0 100 South Port Rico Sug. 39 Southn Cal Bd (2) WASHINGTON, D. C, ISTOCKS GO HIGHER | natures to the Wiggin report. z=| INSMALL MARKET i Oversold Condition Results in Moderate Gains as Of- ferings Decline. BY GEORGE T. H! Special Dispatch 0 The Star. NEW YORK, August 20 —In another session of desultory trading the stock market as & whole gained ground to- day. There were enough exceptions, however, to mive the casual observer the impression that a good deal of liquidation was in progress. Tobacco shares were weak. Realizing came into the ofl which had been so strong in other recent, sessions, and the motors were under moderate pressure from time to time. - On the other hand, utilities were firm with gains predomi- nating, standard industrials ranged higher and the rails were steady. International Harvester declared the regular dividend on the common stock. Tt was plain at the opening that the market had become oversold. This was the explanation for the run-up in United States Steel. in Allied Chem- ical, in that speculative foot ball, J. I Case, and in a number of other stocks of lesser importance. The Street mlkld about signs of seasonal improve in the steel trade and about mdnra- tions of business betterment in the Autumn generally, but the real basis for the forward movement, such as it was, continued to be the lack of offer- ings on the one hand and the large short interest on the other. Olls were still firm around the best of the recovery. It was estimated that if the restrictions kept up in Texas and Oklahoma reserves of crude oil would have to be drawn upon at the rate of 600.000 or 700.000 barrels a dar, and that the market price must respond accordingly. An additional resson for favoring the oils was the expectation of more mergers following the an- nouncement of the combination of which the Sinclair company is to be the head. Today's reports connected Ohio Oil and Standard Oil of Ohio, but without any official confirmation. Public utilities were in active demand for a time, with gains of a point or two in Consolidated Gas, Public Service of New Jersey, and Electric Power & Light. The rumor of a merger of Con- solidated Gas with Brookiyn Union Gas was revived. American Telephone & Telegraph made better response w- day to the declaration of the reg dividend than it had on chnrsd‘u ZHES. Brokers’ Comment NEW YORK, August 20.—Stock Ex- change ccmmission houses, in their market letters today, were inclined to the view that further bullish efforts would go forward in the stock market, but several acknowledged _continuing elements of uncertainty in the situation end suggested caution, Extracts from letters fcliow: Hornblower & Weeks—Although it was generally expected that American Tel. & Tel. would declare the regular dividend, the declaration of the regular dividend for Southern Pacific was net so certain and may improve sentiment somewhat toward the rail grcup. We are stfil confident that the upturn will again be resumed as the period for sea- sonally better business news approaches. Smith, Graham & Rockwell—Little change in the character of the market seems likely. The dullness may be fol- lowed by a rally but recoveries will prob- ably not go far in the absence of some development not as yet foreseen, The slowness of business in showing signs of improvement cannot be made the basis of & bull market. Shields & Co. 7Increumg evidence that pendflng seasonal improvement in steel demand will not come un to recent expectations is causing more talk of re- vision of wages of plant workers. As soon as the Steel Corporation takes such action others will Y;figw and the auto- mobile makers probably will follow the same course. While automobile labor has been cut by reason of lesser hours of work, the manufacturers cannot go ahead on a truly deflated basis until basic labor cost is ldjusled E. F. Hutton & Co. —TWwo items of overnight news are apt to have an effect | on the market today. There i8 increas- ing talk of debt revision, and some | observers are disposed to feel that this matter is more possible than generally supposed, due to the fact that Frenciy and Belgian bankers affixed their sig- Condi- tions in England are approaching a | climax, and it looks as though any fc- tion taken will have the effect of building up revenues to meet expenses instead of cutting down expenses to meet revenues. Such a solution will do the least poesible toward aiding mat- ters in England and will not be likely to affect us ‘avorably. Government ex travagance is not confined to England, and in this country there are many Who |&re apprehensive over the same prob- lem. Jackson Bros, Boesel & Co—We would expect to see silver, rise sharply even before staple commodities show improvement. Germany bought 2,000,- 000 ounces of silver in the New York market last week. The world produc- tion figures on silver for the first six months of the year are decisively bullish, showing a falling off of 21.- 873,000 ounces, or 20.1 per cent, com- pared with the corresponding. period of Paine, Weber & Co.—Believe a selec- tive trading market will be seen for some time, with ofls, merchandizing stocks and a few specialties scoring some advances. Meanwhile the market is suffering from need of constructive sponsorship among the big stocks. Is- sues of the type of United States Steel, American Can, General Motors, General Electric and Union Carbide are likely to be supplied freely on minor tempo- Tary upturns. Redmond & Co.—The bond market | has been declining almost daily to new lows' The answer to this is probably to be found in certain banking situa- tions, and when they are cleared up it will be logical to expect the bond mar- ket to conform to precedent by turning upward. At any rate, until the bond market does seems only prudent to be conservative in making long commitments in stock, except with the idea of taking quick profits on trading rallies. METAL MARKET. NEW YORK, August 20 ().—Copper quiet; electrolytic spot and future, 7a7%. Tin steady: spot and nearby, 25.85; future, 25.95. Iron steady and unchanged. Lead steady: spot, New York, 4.40; East St. Louis, 422 Zinc easy; East St. Louis spot and future, 3.80. " Antimony, spot, 6.60 PARIS BOURSE PRICES. PARIS, August 20 (#).—Three cent rentes, 88 francs 90 centimes. Exchange on London, centimes. The dollar was quoted at francs 51%, centimes. ve DIVIDEND NOTICES MERGENTHALER LINOTYPE 0O. Brooklyn, N. Y., August 18, 1031 DIVIDEND NO. 143. THURSDAY, AUGUST 20, show more strength, it | 1931, Investment Rules BY GEORGE T. HUGHES. ‘The amount of money earned on de- i:nm in a savings bank varies with the dividual bank and with the state of the money market. Sometimes the re- turn is called interest and sometimes it is called a dividend. In any event in a mutual savings bank all the earnings belong to the depositors, although a part is set aside regularly as a surplus or safety fund, the rest being credited to the individual accounts. It used to be the invariable rule that interest was computed from the first of each quarter or some other stated time and that sums withdrawn between interest dates sacrificed a eertain amount of earnings. There are now, however, many banks which pay inter- est from the day of the deposit up to the day of withdrawal. Such an ar- rangement overcomes one advantage a bond has over a savings bank deposit, for when one buys a bond he pays ac- crued interest up to the day of the pur- chase and when he sells it he receives interest up to the day of the sale As this is written savings banks are paying anywhere from 31, to 4', per cent on deposits, the highe~ :ate beinsz » better return than can be had on anything else of comparable quality. ‘The great obstacle the average man has to overcome when he decides to set aside his surplus regularly in the sav- ings bank is the lack of compulsion, such as is inherent in the ownership of building and loan shares or in the taking out of a life insurance policy, payment of premiums on which must be made at the fixed time or the policy lapses. It is easy to make a savings plan, but it is hard to carry it out. ere 18 no remedy for this except exercise of will power. The recommended way is to take a certain percentage of one's sal- ary or wages and deposit it weekly monthly. Christmas and vacation ings clubs are devices useful to help those who have difficuity in keeping up to schedule, (Copyrisnt FOREIGN BUSINESS IS REPORTED QUIET By the Associated Press. Business conditions throughout the world are pictured by the Commerce D;pllrtment as continuing unsatisfac- torily. , Cables to the department indicate the definite easing of financial tension in Germany is a favorable factor, but business has been left in a weakencd condition, and there has been no alle- viation of unemployment. Although business reports from Bel- gium indicate & further restriction of markets, late trade statistics show a slight gain in exports as compared with last year. Industries are relatively strong, although the Summer lethargy is somewhat more intense than usual and has been further accentuated by | the temporary dislocation of normal trade movements owing to the German crisis. ‘The effect of the unsettled political situation in Spain has been accentuated in its reaction on business by the severe drought, affecting particularly wheat | and olive crops. British budget returns for the first quarter of the fiscal year revealed a considerable decline in rev- enues, offset to only a slight extent by reduced expenditures. A similar unfavorable trend is noted in Polond, but foreign trade returns for June and for the firft six months show an export surplus. A slight decline occurred in Canadian manufacturing last week, but it was apparently sea- sonal in character. 1931) NEW SECURITIES. NEW YORK. August 20 (#).—New se- curities offered today include Houston hting & Power Co. $5,000,000 first lien and refunding mortgage 4!, per cent bonds, due June 1, 1981, priced to zeglo 475 per cent, by Halsey, Stuart Money on Hand to Loan on First Desd of Trust 6% Interest First Mortgage Loan Applications Invited at 5)5% Glover Q Flather I 1508 H St. N.W. National 1753 LOANS Is Your 1st, 2nd or Sed Trust Due? o You Need Mone: Real Estate Investment Co. We recommend — Curtis Publishing Co. Ouner_of The Saturday Evening Post Selling about 70 Yield 53,9 (Listed N. Y. Stock Exchange) Special Analysis on Request WAGGAMAN, BRAWNER & CO., Inc. Investment Bankers ME. 38604 1700 Eye St. N.W. Money to Loan SQI)I:!!I by lnt deed of trust on rtll estate. ing interest a: ommission. 5, : Joseph 1. Weller 5715 s 5 ot “Fortunes have been and will be made again in the stocks of the great “NEW YORK BANKS ‘We especially recommend at cur- rent low prices: Chase National Bank Guaranty Trust National City Irving Trust Chemical Bank & Trust ll--ufumnn Trust A special analysis on any of these banks furnished on request. High-grade bank and insur- ance stocks may be purchased us, either on an outright, ‘monthly p-ymenc or conservative marginal bas! FINANCIAL, Apple Sale Reported. WINCHESTER, Va., August 20 (Spe- cial) —A sale of 25,000 barrels of York Imperial apples, packed 2'4 inches and up for early export to British markets at $3.25 per barrel, was reported today, being the first sale of consequence an- nounced since the recent gathering of dealers and growers at the International Apple Associetion Convention at West Baden, Ind. Several growers here were *»¥% A—13 cxpedln.lmdnl. later in 1 b ‘The West African one. sacrificed children to & shark WESTHEIMER & COMPANY MEMBERS OF THE NEW CINCINNATL YORK STOCK BALTIMORE STOCK STOCK CHICAGO BOARD EXCHANGE EXCHANGE EXCHANGE OF TRADE WASHINGTON STOOK EXCHANGE . WOODWAR! D BUILDIN Telephone National 5500 Private Wires to AU Important Points *|Il|||1|'|||“llH"lll!ll"rfl|||||||||H|l||||||||"“lmlll'lllII||||H|||luml|“l|l‘”llll"m* Money Available for Mortgage Loans OU'LL find us recep of any reasonable plication for tive ap- FIRST TRUST LOANS on Apart- ment House, Office Buildi Residential ing, and Business properties—Iocated in Wash- ington, or nearby Maryland i ‘ and Virginia, Certain preliminaries are necessary, but they will be conducted with all possible speed—and our report will be made promptly, ready and waiting. If favorable, the money is RANDALL H. HAGNER & COMPANY MOoRTGAGE. LOAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 * mnmmm||um|n|||||!|||u|||m|||||||||nmmmmmmm* People are spending carefully thes days. Demanding their money’s worth ...and a little bit more. That's where the $995 Free-Wheeling Hupmobile shines . . . especially HUPM PREE-WHEELING AT NO EXTRA COST .. . on these rainy days. OBILE CENTURY SIX SEDAN, $995; CENTURY BIGNT SEDAN, $1295; THREE OTHER EIGHTS FROM $1S95 TO $2295; PRICES AT PACTORY MOTT MOTORS, Inc. 1518-20 14th St. N.W. Decatur 4341 “We believe the Hupmobile to be the best car of s class In the werld” PROPERTY MANAGEMENT Apartment House MANAGEMENT 'OU’LL quickly agree it is well worth the nominal fee we charge for property manage- ment service to place your apart- ment house in our hands. Then every possible contin- gency will be met and adjusted with judgment dictated by long experience. You'll find it profit- able service we render. B. F. SAUL CO. 925 15th St. N.W MORTGAG Nat’l 2100 E LOANS Refinancing at 1% offers the advantages of a longer loan term, and a lower interest rate . . May we prove .to you, in detail, the substantial savings Loan Correspondent or ““The Prudential™ possible through five and one-half per cent financing. Prompt approvals — Valdable peepayment privileges —= Three year loans on fewer properties without amortization. H.L.Rust Company