Evening Star Newspaper, August 26, 1931, Page 13

nmmtv, Edefil Reserve Board Sum- mary Also Shows Drop .in Employment. production and factory | t declined somewhat more tha the usual seasonal amount in July, | while the general level of commodity ' prioes remained unchanged, sccording | to the Federal Reserve Board's current of business and finance. Con- | ditions in the money market were said to ontinue “easy.” Industrial produc- tiofi, as measured by the mm' index, 18 adjusted to allow fof the usual ‘variations, declined 1 per cent in July to 83 per cent of the 1 925 average, compared with the int of 82 for last December and the year's high point of 90 in April. it of fron and steel, automobiles, and copper decreased further, activity at textile mills and shoe was maintained at & high level. Decline in Pay Rolls. employment and pay rolls de- clinéd by somewhat more than the Sonal amount from the middle of June 1o the m!dfl;elof July. Loans and investments of reporting mefiiber banks in loading citles de- Clined by about $340.000000 between Jub 15 and August 12, reflecting further lquidation of loans on and a decrease in all other which was partly a consequence h.:s of acceptances to the Reserve At the Reserve ban:s there an increase in the total volume of crea of $190,000,000 between July 15 usual at this fers of foreign funds from the open into balances at the Reserve lm- ended lul eomn-rad with $1,814,- mfwfln-neperwdlymm‘ to $399.263. For the quarter ended June 30 gross revenues were $708.210 in Failing this, the report said, “meas- ures should be taken by the govern- of England, to raise the British level of wholesale prices either by raising the bank price for gold or by other eppropriate means.” | The report, drawn up before the | eritical events of the past two weeks, will be submitted to the full meeting of the Trades Union Cen[rm at Bris- tol next month. It is considered valuable as indicating the lines upon which trade unionism is prepared to proceed. CANADIAN INE)USTRIES l ON REDUCED SCHEDULES | Tle manufacturing industries in Can- | sda ar: operating considerably below | woolen mills | <, which pro- | four or five | months more goods than at any perlod’ since October. 1929, according to the | latest business summary of the Bank of Montreal. It is indicated in this sum- | mary that, on account of the very low | probable yield of wheat in the prairie | provinces, the purchasing power of the | farmer will be much reduced and rail- way traffic will suffer | Speaking of other phases of Canadian trade activity, the Bank of Montreal says “Automoblie production has slowed | down seasonally, after an output about 40 per cent below last year, In July ex- ports of motor vehicies dropped to $458,600 from $1,603.000 in the same month last year. The shipping busi- ness, after a promising Spring opening, has relapsed into dullness, cargoes in- ward and outward being light, and few tramp vessels arriving at the Port of Montreal. The shipment of cattle to Great Britain continues on a larger scale than in receni years, several addi- tional steamships having been fitted for the trade, and the prospect promises considerable exports until the close of the season. The carryover of wheat in all positions in Canada at the close of the crop year, July 31, was 140,179,145 bushels, as compared with 131,000,000 bushels at me same date last yenr. l-v Pzrn Incomnted novn Del., August 26 (#)—A cer- was nu‘ yr.; ‘Note—All mn- are sold in one hundred-share lets Sales— Low. = . Divide Add 00, — mnfi-lflkl (80s) ("fi)’-.”‘ ,“ 11% Fox Film (A) (2%). Hish. Low. 4 3% Abitibl Pwr & Paper, 13% Abitibl Pwr&Pap pt. 1 11% Adams Express (1).. 6 47 224 TO% B Al Wway Klic Awpl, 1 A 13 M Allegany Corp. .. 102!« 56 18% Allis Chalmers (2) + 214 Burns Bros (B). 20% Calif Packing (2). 29% Canada Dry G A (3). 20% Canadian Pacific 1% . 17% 29 3 1 Cutler Hammer. THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offiee. —ml 1- Stock and - nd Rate, 48% 22 Freeport-Tex (3). 6% Gabriel Co (A) 8% Gen Am Tank Car(4) Gen Asphalt (2) Gen Baking (2). Gen Bronze Gen Cable. .. Alaska Juneau (40c) 65 Gen Cable pf. . 116% Gen Cigar pf (7)... B4% 36 Gen Electric (1.60).. 121 Gen Elec spec (60c Gen Food Corp (3) Gen Gas&El A(e30 Gen Ital Ed Elgn2.81 Gen Motors (3). 'DI'“II- MI.. All “.Ilh. 3% 26% 9% Adams Miilis (2).... 13 Air Reduction(t4%4). Am Agri Chem(Del) . Am Bank Note pf (3) ‘Am Can Co (15)..... Am Car & Fdry (1).. ‘Am Car & Fdy pf (1) ‘Am Chain pf (7). ‘Am Chicle (13). Am Colortype (80c).. Am Comel Alcohol. . Am European Secur. Am & For Power.... Am & For Pwr pf(6), Am & For Pwr pf(T). Am & For Pwr 2d pf. Am Haw St'ship (1). Am Hide & Leath u. % Am Home Prod Am Ice Co (3) Am Ice pf (6). Am International . Am La France&Fom. Am Lo'motive pf (7) Am Mch & Fdy 1.40., Am Metal Co. Am Metal pf (6) Am Pwr & Lt (11) Am Radiator (60c).. Am Rolling Milli Am.Ship & Com . L I S Am Smelt Ref (2) I Am Sm&R 2d pf(6). - = Am Solv & Chemical. 37 Am Steel Found (1) Am Stores (1234). 86 2114 Am Sugar Ref (5) 123 Ingersoll-Ranwpf(). 39% Inland Steel (2% 4% Inspiration Copper. 91, Instiranshares Del Am Tobacco pf (6).. 5% Insur Shr(Md) (40c) Am Water Wks (3 Interboro Rap Trans Am Wat Wks cfs(3). Interlake Tron. Am Woolen Co In. Agriculture ‘Am Woolen Co pf. . - Int Agriculture pf. ., Am Zinc & Lead Int Carriers,Ltd §0c. Anaconda Cop (1%)« Int Cergent (4).....a Armour of TI1 (A)... Int Harvester (2%) . Armour of Il (B)... Int Hydro Bl A (e2). Int Match pf (4).... Int Nick of Can(40e). Int Salt (3) . Int Tel & Teleg (2).. Investors Equity 57's 861 Jewel Tea (4) B0% 40% Johns-Manville (3).. % | 12315 1164 Jones & Laugh pf(1) 64 Kan City Sou pf (4). 18 K'mann Dept Strs(1) ot 2 Kayser (J) & Co (1). Aviation Corp (Dei) Kelsey-Hayes Whesl Kelvinator Corp.... Balto & Ohlo (5) Kennecott Copper (1) Balto & Ohio pf Kimberly Clark 2% .. Barker Bros pf (.“) Kresge (88) (1.60).. Barnsdall Corp'n. ... Kreuger & T(m1.61). Beatrice Cream (4. Kroger Grocery (1). Belding-Hemingway Bendix Aviation (1). R B &Co (2).... Lee Rubber & Tir Bethlehem Steel (2. Bethlehem St pt (1) 4 Gen Public Service. , Gen Realty & Util. Gen Ref} tories ll) Gen Theatre Equip. . Gillette Saf Razor. Gimbel Bros. Gliaden Co prpf (1), Gobel (Adolf). . Gold Dust (23). & Goodrich (BF). Goodyear T & R (3). Granby Con Min (1), Grand 8il Strs (h1 Grand (Tnion. . Grant (WT) (1 Great Northn pf( Grigsby Grunow. . 2615 Hacken Wat DT A 1% 4'3 Hahn Dept Stores. .. Hercules Pow pf (7). Holland Furn (12%) Houdaille Hershey. ., Household Fin pf(4). Houston Oll. Houston Ofl (; Hudson Motor (1). Hupp Motors.... Tilinois Central (4).. Indian Refiningff. ... Indust Rayon (4). Atch To&S Fe (10).. Atch To&S Fe pf (5). Atl Gulf&West Ind. . Atlantic Refining (1) Leh Val Coal pf (3).. Lehigh Valley (23%). Lehn & Fink (3).... Libbey Owens Glass. Liggett & Myers(t5) TLigg & Myers B (15) Link Belt (2)..... Liquid Carbonfe (3) . % Loew's Ine (3). Loft Inc Loose-W Lorrillard (P) Co. Lou Gas&El A (1% McAnd & Forbes (2). McAn&Forbes pf(6). 5 McKeespt T P(15%) McKesson & Rob(1) . McKes&Rob pf(3%) Mack Trucks (3) Macy (RH)& Co(; ManhatElev mod gtd l(lrlno Midld (1.20). 'mon Motor Car. . hall Field (2%) May Dept Strs (2%). Maytag Co pf (3) Mid Continent Petm. Midland Steel (3)... Midiand Steel pf (8). Mill El Ry&Lt pf(6). % Mo Kan & Texas.... Mo Kan & Tex pf (7) Missouri Pacific. . Missouri Pac pt ( Montgomery Ward Morris & Essex(3% Motor Meter G & El. Munsingwear Inc(2 ) . Murray Corp. . Nash Motors u)- sh Chat&StL (5).. Booth Fish 1st pf. Borden Co (k3). Borg Warner (1).... Briggs Mfg (11%) Bklyn-Man Tran (4). Bklyn-Man Tr pf (6) Bkiyn & Queens. ... Bkiyn Union Gas Bro'nlbo-flf('ll Bru Ter!&R'Yl. Bucyrus-Erfe. ... Bucyrus-Erie ov pt. . Budd (EG) Mfg.... Budd (EG) Mfgpf.. 1 4 Budd Wheel (1). Burrough A M(11 'fi) Bush Term deb (7).. 70s 83 Bush Terminal pf(7) Ml . 29 M Butterick Co. Byers (A M) 33 Callahan Zinc & Ld.. Cannon Mills (1.60) . Capital Ad pf(A) (3) Case (J I) (8). ’ Chi Great Westn L. Chi Mil StP & Pac... Chi M| StP & Pac pf. Chi & Northwest (4). Nat Dist Prod (2). Nat Pwr & Lt u) Nat Steel (2). - » RaneoNowwm—n Childs Company . Chrysler Corp (1 City Jee&Fuel (3 City Jce&Fuel of fm-coh("l’&). vada Copper (1) wport Co (1) wton Steel. Y Air Brake (1). ¥ Central (6) N Y Investors. NY N H & Hart (§) 8 Donndams mnusnie 3 Colifns & Alkman. Colonial Beacon. Colo Fuel & Iron Col Gas&Elec (2). Col Gas& ¥l pt A (6). Columb Graph (56c). Col Graph cfs (58c). Columb Carbon (5) .. Comel Credit (2)... . Comel Cred 15t(6% ). 308 Comel Cred pf B (2).1908 Comel Inv Trust (2) Comel Inv Tr pf Comel Solvents (1 Comwith&Sou (40e) . Comwith&Sou pf (8) o Omnibus pf (A) (8). Congolm-Nairn (1).. 815 31% Otis Elevator (215) . oo e L N Tata 38 Pacific Gas & EI (2). COSVRE SLE R 691, 48% Pacific Lighting (3). D) 41 131% 116 Pacific Tel&Telez(7) Consol Textiy : 1 5% Packard Motor (40¢) Container Corp (B 113 Panhandle Pro&Ref. Contl Can ($3). 19% Paramt-P(m1.62%p) Cont! Dia Fibre (1]- . Park Utah. Cont Insur (2.40). Parmelee Transport. Contl Motors Pathe Exchange. Contl Oil (Del) Patino Mine: Contl Shares s & P Corn Preducts (14 Penney (1 C) (2.40) .. Cors Pred ot (1) Penney (JC) pL A (6) Coty Inc Penn Dixie Cement.. Croslev Radio Penn Rallroad (3)... Crucible Steel Peoples Gas(Chi) (8) Crucible Steel D( t Peoria & Eastern Cuba Co. .. Pere Marq pr pf (5) . Cute l'"Df“! Petm Corp of Am(1) Cuban Domn Sug: Phelps Dodge (1) Curtis Publish (4) Phila Co new (6). Curtiss Wright. Phila Co 6% pf (3).. Curtis Wright () Phila&Reading C & I Philip Morris&Co(1) Phillips-Jone Phillips Petroleum Plerce Ofl. .. .. Pillsbury Flour ( Pitts Term Coal pf. Porto Ric-Am To(2 Tort R Am Tob (B). Postal Tel&Cable pf. Prairie Oil & Gas Pratrie Pipe Line(3) Proct & Gambr(2.40) Public Sve NJ(3.40). “Public Sve NJ pf (5) Puliman Corp (4). .. Punta Alegre Sugar. Pure Oi}, . Pure Ol pé (8). Pyrity. Bakeries (3). Radio Corp. !lh Radio Corp (B) 15’ 11% Radio-Keith-Orph A. R Sec 1 C stk C(4). . ding Rwy (4) Real Stik Hoslery. 5% Remington-Kand. .. Metls(1%) 10% 34 Rio Grande Oil. 26 15% Roseia Insyr (2.2 42% 24% Boyal Dich(m2.2789) Y Steam 1st pf(7). orth Amer pt (3)... orth Am Aviation. Northern Paclfic (3). 13 Norwalk Tire & Rub. Ohlo Ol ........ ¥ Oltver Farm Equip OilivFarm Eq pr pf.. Davison Cherica Deere & Co pf (1.40). Detroit Edison (8) . Devoe & Ray A(0c). Diamond Match (1). Dome Mines (1)..... Doug Afreraft(t1%) Drug Corp (4. Duplan Silk (1). . Dupont de Nem (4) . Kastern Roll Mills. . Eastman Kodak (18) Eaton Axle (1.60). .. FEitington-Schild Elee Auto Lite ( Flectric Boat. FleckMusical instru Eiee Pwr & Lt (I ec Pwr & Lt pt(6). Klec Pwr & Lt pf (1) ¥ik Horn Coal pf. . Endicott-Johnson (3) Endicott-John pf (7) Kng Pub Sve (1.60) .. Eaquit Office Bldg 2% Fairbanks M pf (7).. Fed Mot Truck(40c). Fed Wat Sve A(1.20) Fid Ph Fire In(2.60) . Firestone T&R pf(6) . 3 Gen Outdoor Adv(A) 28 5 udt. 116% 1 28 2RanRnanan - - RS =2 e BARNONT = SRR RN R » 3 » Ao T uamnmmm 3% 73 RPN 4114 ll!l,i llGh a 67 30 281 80% 26 19% 3 23% a3 14 10% 1414 64 110% 11» 37 116% 45% b Best Prices of Day Made |n | tarily or involuntarily. | weakness of the day before. STOCKS IN ADVANCE AS MARKET GLOSES - Last Hour as Shorts Cover. BY GEORGE T. HUGHES, ' Special Dispatch to The Star. NEW YORK, August 26.—Glving im- pressive evidence of its thoroughly liquidated condition, the stock market advanced today in the face of a budget of unfavorable news. Irregularity in the morning hours was succeeded by firmness in the aft- ernoon and a vigorous rally in the last hour, with prices at the best just be- fore the close. The recovery, of course, was due to the covering in of commit- ments for the decline, but the shorts would not have covered if they lLad not been convinced that the list was sold out. Railroad shares, which had been weak early in the session, rallied w'th the industrials, althous the larger gains were made by the latter. Among the features on the up-side were American Can, Eastman Kodak, J. I. Case and du Pont. United States Steel was up over a point. Commodities were stronger today, especially the grains. The weekly report of railway car load- ings showing an increase over the pre ceding week, was disappointing because the increase was less than seasonal. If the railways are to gain traffic this is the time for the gains to begin. The weekly iron and steel trade reviews were unable 1o “foreshadow a seasonal rise In production,” as one of them put it. The rate of steel operations was lower than it was & week ago and this was discoursging. | Stocks opened irregularly, with United States Steel under moderate pressure and a number of new lows in the rail- | way list, including Canadian Pacific, Southern Railway, Chicago & North- western and Great Northern preferred. Th! high-priced Norfolk & Western 4 points. olume however, was low even for these abnormally dull times. Declines brought out no liquidation of impor- tance and after an hour of so the list began to harden, so that net changes on the day were mostly fractional. It was as impressive a demonstration of a sold-out condition as could be desired. Meanwhile, there is an unwieldly short interest which can only cover at a profit if stocks are offered from the outside from individual or institutional actual holders who are led to liquidate volun- Lacking eny such development, the stage is set for & rapid reversal on any good news. On the recovery it was stocks in which this short interest was largest | that lead the way. American Telephone Telegraph, Eastman Kodak and | American Can are illustrations. Before it rallied American Can had come | within %5 of its previous low for the | year. ‘The dividend news included | declarations of the regular rates by Standard Brands and by Union Carbide & Carbon. The New Haven “Ralilroad directors do not act until September 8. ‘Tobacco stocks were steady after their Oils held ‘their own, but that .was about all. The motor stocks were firm. Money was unchanged and in liberal luppl]. McKesson & Bobhm BALTIMORE, August 26 (Special).— McKesson & Robbins, Inc. organized | { under the laws of the State of Mary~| land, today reported that for the six | months ended June 30 its net earnings | were equivalent to 51 cents a share oni the common stock outstan of | which there are approximately 1,082,452 shares. Interest requirements on the com- | "s debenturss were earned 3486 imes in the period as compared with 3.42 times in the initia! f of 1930. ‘The preference dividends were earned 1.735 times as compared with 1.68 times in the first six months of last year. Money to Loan WE MAKE FIRST TRUST LOANS on IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY CO. MD. PERIODS OF 3, 5 or 10 YRS, Prompt Decisions Given A licaticma 574% N“un‘ BOSS and PHELPS Realtors RO N Loan Correspondent John Hancock Mutugl Life Insurance Co. “My Boy—Save Your Money”’ TAKE A LEAF FROM FINANCIAL . LEADERS OF TODAY — IF YOU ARE EARNING LEAST SOME OF IT! DO YOU KNOW The chances that you will LIVE to a ripe old age in your fa wh WELL-TO-DO or SUPPOKTXNG are twenty to one against you? are three to of your bei WHERE YOU WILL B AUGUST 26, 1931. DIVIDENDS DECLARED NEW YORK, August 26 (#).— Extra. Pe- Pay- Hidrs. of Company. . Tiod. _able. ~ record, Due Sep. Due Sep. L NN aTus P nco lidlge Mapes "Cons Mg T8 Mitchum Tully Partic No. 2 pf.......62%¢ @ B HRRRRE e e e oS 8% pr 1n' Rochester Gent. P % R 8888 o $1.50 80 Tex” doban Ol 38 Un Carb b §5¢ On Rt Eo Teast 8t Loul: 2 ac X $1.50 Bty Bros 8 LTS Monsanto Chm W .31V4: Teo, 08 ! Sn-arm 30 A pI.51T5 w:m: 3150 Vot adls > 8¢ & 3R399%25 88999%‘99 l.ndutor Order Placed NEW YORK, August 26 American Radiator Co. has received an order for 20,000 cast iron radiators from the Radio City Development in New York City. The National Tube Co. has been awarded &~ contract for all steel and wrought iron pipe and in- terior electric conduit pipe. LOANS 8 o1, 358 Trust Duer Real Estate llven-ent Co. _416 5th St. N.W.. Reom 707 Money on Hand to Loan on First Deed of Trust 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. To the Holders of First Mortgage 674% Gold Bonds, Series A, due 1949, and 6% Serie: B, due 1955, and Ten Year 7% Secured Geold Bonds, due 1934, of Florida Public Service Company Notice is hereby given that the pres- ent offers to accept Florida Public Service Company bonds in exchange for securities of Associated Gas and Electric Company will termmu on August 31, 1931. All_remaining holders of these is- sues desirous of taking advantage of these offers should immediately for- ward their bonds to the Depositary. Deposits may be made through your security dealer, bank or sent direct to | The Public National Bank & Trust Company, 76 William Street, New York City. Bonds must be received prior to the close of business August 31, 1931 or postmarked om or before that date. Tae Gexerar Fixaxce Corporation, 61 Broadway, New York City positive protection of your prin- cipal. Every dollar you place in these high-type securities earns 6%. Your money is secured by direct first mortgage on income- producing properties here in the Nation's Capital, and backed by the resources of this corporation. Send for Catalog and Current List of Offerings Denominations as low as $100 Monthly Payments if Desired Send for. Booklet, “The Success Plan” REALESTATE MORTGAGE & GUARANTY | CORPORATION 1610 K St. N'W. THE BOOK OF THE MONEY, SAVE AT THAT— the chances en SELF- % | ing States, Gov. Ross Sterling said the (). frvi (). 'l’heMnulc FINANCIAL, COTTON RESTRICTION PLANS ARE WATCHED By the A-nch" ted Press. ATLANTA, Gt August lacidl!un‘l emnldlnthn of a cott mvlnc prohibition phn for 1932 with varied reaction and studied several for relief of the eco- Um\llht about by the cotton surplus and market slump. Meanwhi Gov. Huey P. Long, spon. sor of the “no cotton” pla: its passage by the Loummu Assembly he called into session for that purpose and ultimate acceptance by the major- ity of other cotton States. Favorable action by States with three-fourths of the cotton acreage would be required to_validate the plan In Texas, largest of the cotton-grow- A—-13 First Mortgage Loans Lowest Rates of Interest and Commission Themas J. Fisher & Company, luc. BEr 26.—The counter nomic COLUNIIA REAL ESTATE SECURITY 86th Series of Stock Now Opem bscription For Sul James E. C James F. Shea Secretary President lccklnure would not be asked to pass the “no cotton” plan, but that a meas- ure for acreage reduction would be con- sidered. FHe had not decided whether ]',omull & special session of the Legis- ature. NEW YOHK BANK STOCKS NEW YORK, August 26 (#) —Over- the-counter market: BANKS. B Cha: & convenient payments. ® o 000 00 Open Daily 9 to § Saturdays Until Noon "The COMMERCIAL NATIONAL BANK 14th and G Streets Banking in All of Its Phases A New-Home First Mortgage This type of security maintains the highest rating in all the large insurance companies. When the new home is in the National Cagital, the security is doubly attractive. They pay 6% with absolute safety. Available in Timited amounts only. National 2345 1435 K St. NW. One car is as good as another? Perhaps. Perhaps not. Not if you kriow and drive a Free-Wheeling Hupmobile! And the price is only $995, HUPMOBILE FREE-WHEELING AT NO EXTRA COST . . . CENTURY ‘SIX SEDAN, $995 . , . CENTURY RIGHT SEDAN, SI295 ... THRE® OTMER EIGHTS FROM 31595 TO $2295... PRICES AT FACYORY MOTT MOTORS, Inc. 1518-20 14th St. NW. Decatur 4341 “We belleve the Hupmebile 1o be the best car of its class In the werld™ e———————————————————————————————— : Eqmtable Co-Operatwe Bldg Assn Organized 1879 5ist YEAR COMPLETED JOHN JOY EDSON, Presient = WALTER S. PRATT, Jr. Secrefary Subscription for the 101st lssue of Stock Being Received See Us If You Wish a Loan on Real Estate'. or to Take Ug a First Mortgage Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W, Those who desire to borrow money to pur- chase a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous. attention. MORTGAGES WHAT YOU WANT FOR YOUR INVESTMENT MONEY is reliable security and liberal return. You are assured both in our 6% FIRST MORTGAGES The security real and substan- tial, being represented by first trust on improved Washington real estate, loaned only after conservative ap- praisement. Over a Third of & Century The return is 6%, and definitely E AT OLD AGE IS DE- PENDENT UPON THE HABITS YOU FORM NOW—PLAY SAFE—SAVE!! (Y-u can become FINANCIALLY INDEPENDENT by de- a few dollars each month with the UNION TRUST COM NY OF MARYLAND. L) Further Details, Call National 3753 fixed to run through the entire term of the mortgage without interruption or change. Without a Loss May be purchased in amounts from $250 up. B. F .SAUL CO. Income Foundation, Inc. Washington, D. C. capital 69'% 38% Safeway Stores (5). 20 S | 3% 86" Safeway Birw bt (6). 80s | 108% 98 Safeway Strspf (7). 20 1 30% 14% St Joseph Lend (1).. ~1 o ‘16 M2 6. 15U SlSanFraaplh), 1 20 (Continued on Page 14) % First Natl Strs (2%) % Fisk Rubber, Foster Wheeler (1) . Foster Wheeler pf(7) 4% Foundation Co. 20% Fourth Nat Inv m 925 15th St. N.W. ECT LT TN