Evening Star Newspaper, September 1, 1931, Page 14

ING _STAR., WASHINGTON, D. C. TUESDAY. ’E)'(IEDKRIERS AIDED NEW YORK STOCK EXCHANGE IBONDS IRREGULAR | | INQUIET MARKET &% 3 |High-Grade List s stil | ~Prev. 1931+ Stock and Bales— 37% 25:.'. | Higa. Lo Dividend Rate. Add 00. High. Low. 10 6% 9 U S Indus Alcohol. .. 3374 U S Pipe & Fdry (2). 204 Demand, but Offerings Are Few. o FINANCIAL. THE EVE SEPTEMBER 1. 1931. FINANCIAL. Bales. High. Low, Close. Hungary 7%s'44... 7 80 79 9 [ sone BONDSmoxmnvs] |)JTL00K HOPEFUL UNITED STATES! 63% 641y = (Bales are in $1,000.) 55" 153 [Reserve Bank’s Reviews Re- Bales. High. Low. Close. TLib 3148 32-47. . 102 10 102 8 102 !I Il CCStL&N 4%s.. 5 65 65 I CCStL&N 5s A.. 10 M T . . 104 | veal Better Showing in Some Industries. Stock and - Bales— Dividend Rate. Add 00. High. Unit Gas&Im(1.20).. 2; U S Distributing. . U S & For Sec pf(6) .. ~Prev. 1921~ Prev. . Close. Close. i Southn Cal Ed (2)... 5 43% 43% 90 6 Department of Commerce '22 " { U S Ttubber 1313 Southn Pacific (6). 3% T3% TT% 24% Collects Useful Information ; U'S Rubber 15t pf... 11 221 22 Southern Rwy (m6). 241 24% 37T 19% Hs41-43 S Smtg & Ref (1). 15% on Credit Conditions. ding (A 3%, 20% 20% 36w 17 38 43-47 Spald st pf( 11215 112% 25% 134 Spicer Mfg pf (3)... 23 23 2 47 3T Stand Brands (1.20). 19% 19 152% 834 Stand Gas&El (335) . 6315 6314 150 136'3 U S Steel pf (7). 1875 Stand Gas&El pf (7). 10314 108% 31 19% Util PEL(A) e12.15.. 23% tand Invest Corp. 1% 1% T6n v 28% Stand Oil Cal (h2 139 40% 40n i T Stand Oil Exp pf (5). 10315 1031 iy ¢ Stand Oil of Kansas. 123 12 e 4 47 | NEW YORK, September 1—Bonds abas q Stand Oil NT (2) 401, 39% 4| 26 were irregular today. The market’s un- ' dorf Sys 24% L1st43s32-47 58 102 29 10227 10227 / 104 27 104 26 104 27 | 111 Cent 4% 66, 101 11 101 10 101 10| Il Cent 6345 '36 111 Steel 4348 °40. 104 Inland St 4148 A" 4% 94% Ialang St 4738 B'81 23 9375 937 67 102 22 102 22 102 22 102 18 102 18 10218 102 28 102 26 10226 106 12 106 7 106 7 Int Rap Tr5s'66.. 14 6 66 Int Rap Tr sta '66..124 65% 674 Int Cement 55'48.. 10 82 82 Int & Gr Nor 8’56, 3 65% 65% Int& G Nad6s'52. 55 431 45 Int M Co 5s ret'41.. 37 81 Int Match 5847, 4% Int Pap 58 A *47. Int Pap 6555 13% 22% 16 37% 8715 137 231 207 BY F. H. RICHARDSON. " | Special Dispatch to The Star. outhern Ry pf (5) 45 45 20% 10% U S Smtg&Ref pf 314 373 108 7 108 4 108 6 112 15 11214 11216 Sales. High. Low. Close. Abitibl P&P 58'53.. 10 53% b3l 53% Ab & St 53 43 9Ty 97 97 AdamsExp 4s°48.. 1 84% 84% 84% Alleghany CpGs'44 6 627 62 627 Allegheny 55°49... 7 55 Allegheny 58°50... b Bl's 7 6 U S Steel Corpn (4). : 88 BY WILLIAM BRUCKART. 518 Department of Commerce is! 105 a clearing house of itseif mr] 19 of information and| 5214 Speclal Dispatch to The Star. ST. LOUIS, September 1.—Business in the eighth Federal Reserve district during the past 30 days, while con- tinuing the recessional trend of the two preceding montb= zcveloped cer- tain hopeful features and made a more favorable showing than some earlier months this year, as contrasted with the volume for the corresponding pe- riod in 1930. Industry as a whole, says the Federal Reserve Bank of St. Louis, exhibited somewhat more than the usual seasonal decline, but the decrease did not extend to all branches of man- ufacturing activity. A relatively good showing was made by boots and shoes, textiles, food products and some other lines for ordinary consumption. The value of retail distribution in July de- creaszd, as compared with a year ago, but a considerable part of the decline was attributable to the lower level of prices. There was a slight decrease in July sales of wholesalers and jobbers reporting to this bank, as compared with the same month in 1930, but an increase of larger than the usual size over the June total this year. Cheap Goods Most Popular. Inventories of both wholesale and retail establishments are almost uni- versally of small size, and since the 1st of August th: has been more of a disposition to replenish stocks and fill out assortments. The number of visi ing merchants at the chief distributing centers has been large and the char- acter of their buying reflects actual needs for the merchandise. Ordering for late Fall and Winter consumption, while below the average volume at this 55% 55% 511a 51% 101% 101% Allis-Chalm 58 *37. 101% Am'Chain 68’33 99 99% 69% Mt T & Italy 7 Italy Pub S 7s'52 Japanese 5%s ‘65 Japanese 61 s ‘54 Jugosl Bnk 7s'57 KCP&LA4Ys'T., Kan CFtS&M 45'36. Kan City Sou 3s'50. 10415 400, Texas Corp (2)...... Tex Pacific Coal&Oil Tex Gulf Sulphur(3) Tex Pacific Land Tr. Thermoid Co. . ..... Third Nat Inv(m55c) Tide Water Aszo Oil§ Timken Roller B(2). bacco Products. .. Transamerica (40c). “I'ri-Contl Corp...... 2 Tri-Contl Corp p£(6) Trico Products(23). Twin City Rap Tran, 4% 34% ron ; lieves other Jincs of b Know about the plans tk out st ully Bartering Polic Schrellbacher, epartment is the scanning of forcign credit and collec- tion conditione, has issued an invita- tion to all and sundry who have been . able to combat the situation of sud- denly fluctuating exchange and thus hold onto their trade connections. He ] said that he had been able to make U good y bits of information, Union Facife pt (1) sss trancactions have SnkICar (15600 e hashih both ke %y Unit Aireraft. .. .. foreign Unit Atreraft pf (3). S L U t o L Karstadt 6s 43 Kreug & Toll 55'69. 34 Lackaw St 58°50... Lac G St L 6834 'Laclede 548 C'53. . Laclede 5%s D '60.. Lautaro Nit 6s'54.. 29 Leh Val cv 4s 2003, Leh Val 65 2000 Lig & Myers 75’44 . Loew’s 65 ex w '41. Long Isl b & Lorillard 58 '51 Lorillard 5%s'37.. 16 Lou G & El 5 L & N uni 43’40, L& N 4%5 2003, L & N 58 B 2003. 67% 317a e 7 particular jot 904 Clen & Co. 5 Union Carb & (2.60) .. Union Oil of Cal (2). nion Paciflc (10)... nion Pacific pf (4). nit Biscuit (2) . nit Riseuit pf (7) nit Cizar Store nit Corp (75¢) nit Corp pf (3 nit Fruft (4). s ¢ cur- ent conditions, as wall as those of last Tear, have been such thit the Amcr-| ican exp s compelled to reso to bartering or leaving the foreign p cheser’s moncy in the banks of that country or else take a severe loss by foreing collections at a time when the buyer's financial status was poor. It McKes & R5%; Mexico 58 A '45. ... Midvale Stl 65 °36. . Milan 6485 e E e R BoRne HeBaaN R0 in stock. o ) 541 Mil El Ry&Lt 6571 M StP&SSM 5s'38.. 1 MK &T 15t 48°80., 15 MK&T prin 5sA’62. 2 which American exporters| 5% Sterling Secur (A). 21 2% 2T% 5 & rcumvented the o ex-| 40 erling Sec ey pf(3) a1 271 Ward Baking (A). 14 d“;fl“ "]’lfls steady, but trading was in change situations and have been able tewart Warner. ... 10% 20% Warn Bros Picture: 10 such small volume as to neutralize price o P — ake collections for the merchan- | Webster(m3) . 2815 40 Warner Bros pf 3.85. movements as a trend indicator. :m - ;'é; e Sl gl o ? ! e, e WSRO, Selling of railroad issues continued, | Am Int 5145 11 82 81 8Iu vital, in GLP gr;‘;wgrnl:u&plg; | pt (5);;1” . lgg 9 Sarren biosovuts: but was in meager volume and virtually |Am Metal 5%s'34. . 2. 1 12 Yedh but 1t i equally important | Superior Steel. ... . 8% West Pa EL pt (6). offset by casual purchases. High-grade | A N Gas6¥ua 42 46 A8% 4% 14w orter that collectio - made | 117 Sweets of Amer (1). &"t ;. Y.l_pr (r’] bonds were in demand at firm prices, | A™ g T oni thesgoods ab; G| 6w 18 v entb Dt but there were few offerings. Forelgn | Am TaTecy4%w39 6 127% 127 1274 can exporters hav Byed: By poa WestornMarviand. . dollar issues moved uncertainly, also in| Am T & T 58 '65. ... 51 109% 109% 109% = amount of res s in mecting Western Union (8) e i AmT&T ¢ tr 65’46, 9 108% 107% 107% TRl Westinghse A B(2)... The money market continued to ease. | Am T&T 55 s £ '60. . 15 109% 109% 109% depa be- i < & < Westing TIaMEn () Some shifting of funds has resulted | Am T&T 5%s'43. 111% 111 111 s Weating Bt ot (47 99 " |from the proposed $1.100,000.000 of | Am W Wks 55 ‘34 102 101% 101% Weeton Blhe Tust (1) 131, | Treasury financing, and the 90-day call | Am Wat Wks 65 75 100% 100% et bt dpi g 18 (Tate at’ 11> per cent was barely high| Argentine 5545 s 711 : Wheeling & Lake E 691, | enough to atiract offerings. Arpentine 5358 " 57 58 White Mote 135, |, The domesiic railroad list was indif- | Argentine May '1. 624 Willys-Overland. 4 |ferent to the official announcement of | Argentine 63 Ju'59. 6513 Wilson & Co pf. 311 | the default of interest due today on the | Argentine 6s Oc'59. 635 WS IWOFE Cok0S 9% | Florida East Coast Railway 55 of 1974.| Argentine 6s A '57. Wixthington Pamp 441, | The bonds, which dropped below 15 to- | Argentine 6s B '58. Wrigley (Wm) (4) % 72 |day. have been selling at prices indi-|Arm & Co 4%s'39.. ) e ~,. | cative of doubt about interest payments | Arm Del 535 *43. .. 5% Yellow Truck... Ta T % lglur two ey et for at leusg a year | Atchison gn 45 '95.. ;2;: 5 Z 4 % 2% 2 ave sold at prices commonly asso-| Atchison adj 4s 9 18 1% Zonite brea Corp (1) 1 3 T4 17w |clated ‘with a receivership 4 Atchiscv 435848 111% 1114 There are $45,000,000 of the 55 out- | At & Danv 4s '48. 43% 43y Sales of Stocks on New York Exchange. standing, having been offered at 96 in|Atl C L 1st 4s'52, 967 967 10:30 AM... 100,000 12:00 Noon. 200,000 |1924 by J. P. Morgan & Co. There - 1001 1001 1:30 P.M 300,000 10 .M 400,000 are prior liens amounting to $17.800.000. 5 48 48 s as given In the above table are the annual cash | The president of the road, William R. 5102 102 102 he latest quarterly or haif-yearly declaration. | Keenan, jr.. in a statement today laid | Australia 43 531, 53 1Plus 4% b“;‘! st . TPlus 9% IA;> slo;;(. ‘“A ‘l:’:lgl the b[nlmp for the line's difficulties on : 2"’”"‘{:‘ oS - 2:'. 'fi‘]‘ aysble e Pavable in cash | the collapse of the Florida real estate | Australia 5s G 611 or stock TEWs 8% n stock. b Elus 2 n Stock, e S ear— | boom. the Mediterranean fruit fly, | Austria 75’43 106 ° 106 Do ‘Tegular Tate. n Plus 5% in stock. b Plus 213% in stock. world-wide depression, paralleling of | Austria 7s '57 ctfs. 6% 6% = = T the company’s lines by the Seaboard Air | g & 0 4s'48. . 9615 9614 Line and competition of water trans- | & o 43 968 971 HOTELS INCLUDED portation, busses and automobiles for < s B passengers and of trucks for freight. 105 105% B&Ocv4aYy B&O 1st 58 « first ac is ‘as ccmplicated as a Chinese puzzle sometimes to figure out h()v\»lhe collec- tions can be made, according to Mr. Schnellbacher, but he believes they can lished without serious harm in has been the he considers rter can leave a good taste in the mouth of the cus- tomer, th: mer wen't fall such casy prey foreign comy r Some of which ex porters have used to obtzin the mon due them disclose imagiraticn that is commonly not supposed to exist in busi- ness. For example, thers was the_ stance of the exporter whose consign- ment to an Australian hcuse was on the water lon nough to witness the e worth $1.40 in town. The bill was 5,000. There were cables back and forth and much scuw . rying eround. This is hcw it was finally worked out: The exporter i structed his customer in Australia to buy wool - p ship the 1 to Liverpool. The wool was duly sold end the American firm was paid for the wool in dollar ex- change that was at, or nearly, par Neitier the scller nor the buyer su fered mater . In another case, a New York ex- _porter sold a bill of goods to a Hun- garian firm. By the time the consign- ment arrived, doliar exchange could not be purchased in Hungary. More cables and transatlantic telephone calls. The Hungarian firm finally sent through a series of drafts in Hungarian pengoes: . the exporter found some importers of Hungavian goods in New York and , traded the pengo draft for dollar checks. The American importers paid their bills with the pengoes. Credit Survey Urged. Mr. Schnellbacher believes, there- fore, that it behooves American cx porters to su the credit conditions of their foreign mariet closely, as the after that, they should study the commodities of that foreign mar- ket and where they are fold, and then they should become W enough ac- quainted with gereral world trade to be able to hit on some plan that will avoid losses of trade for them and re- duce the hardships on the customer: “The relation of exchange to e tensions of drafts,” caid Mr. Schnell- bacher, “is becoming more obvious to American exporters because of the ‘numerous C: occurring. From many sources are reported instances of buy- ers asking extensic qrafts, because the exchange is as to make pay- ment almost in- stance solutely because_of suddenly premt lations. That is just a typical case of the difficulties, and we hope we can be able to help all of them as we did in that case.” ¢ right, 1931.) to t Butter—One-nound prints, 32: tub. 31. nery, 28; current receipts, broilers, 3 2 to 2 to 2 pounds, 22a2 hens, large, 24a2: rs, 12a13. broi 3 Wungi r 2 ouncs, 22a s, large, 27228; small, 23; 13a14; Long Island ducks, 21a . 19; por ;' 10-12 pound aver 6.50; rouch 9.50: la Frui Joupes, homegrov pples. grapes, 2.0022.75; _ pineapp] o berries, 4.7525.00; pru 1.50a2.50 Vegetables—Potatoes, per barrel, 2.60a | sweet, pe: beans, 1.2521.50; lima: toes, 75a1.00; pe: 75a1.00: l=ttuce, Iceberg, bage, 50; spinach, 1.5 ¢ 75; kale, 50; turnips, 1.00; ors, 75; corn, five-dogen sacks, 7 carrets, per 100 bunches, 3.00; beets, per 100 oceeds and to : | Tels b Interests o BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 1.—No deubt existed in the minds of Treasury offi- clals and of banking groups in New bscriptions to Government loans that the iscues of $800,000,000 of 3 per cent bonds maturing in 1955 and $300,- 000.000 12 months 1'x per cent certifi- cates of indebtedness would be covered by a wide margin. Applications came in a steady stream at the Federal Re- serve Bank. The distinctive feature of the long- term bond issue is that it bears the lowest rate of interest of any Govern- | ment _obligation since before the war. In June the Treasury offered $800.000.- 000 of bonds due in 1949 with a coupon of 315 per cent. This was shortly after | sorve Bank in New York had been low- | ered to 172 per cent and there had been {a general cutting down on rates of in- | terest paid by banks to their depositors {as well | The June offering brought subscriptions {in_excess of $6,000,000,000. It quickly |£0ld at a premium of 1'; points over i par. Money Rates. While money rates in this country have held around the minimum levels | of last June, there have been events in Europe _since the previous Ioan t [in the rediscount rates of the central banks and financial crises in Austria, Germany and in Great Britain such as | have not been witnessed in several gen- erations. At the same time there has | been an increase in the number of bank | failures in the United States. | The effect of these has been not | only to re-emphasize the superior credit of United States Government 1ssues, but { to increase the demand on the part of | institutions whose corporation bonds | have suffcred a heavy depreciation dur- ing the Summer for all United States Treosury obligations. It is not too much | to say that many banks throughout the country that have carried a large per- zentaga of high-interest corporation and [ foreign dollar bonds in their portfolios | for the last few years and only a mod- | erate ratio of Government issues will be found subscribing on a larger scale CRUDE OIL OUTPUT DROPS DURING WEEK By the Associated Press. TULSA, Okla., September 1.—The martial law shutdown of the big East Texas ficld was accountable for most of a 537,642-barrel reduction in the United States' daily average crude oil produc- tion last week, the Oil and Gas Journal reports, estimating the country’s output at_1.740.953 barrels. With East Texas off production, there resulted a drop of 515225 barrels, the amount of that area’s daily average out- | put for the preceding week. In Oklahoma, where flush pools also lare shut down, the production was | 265.415 barrels, a_decline of 4,015 bar- i Kansas had an output of 99,315 arrels, a loss of 4,890 barrels. Midcontinent production was totaled |lat 826271 barrels, the lowsst in years and 520,172 barrels under the preceding week’s figure. The Rocky Mountain area showed an increase of 2,690 barrels with an output of 92,432 barrels. Eastern production was unchangsd at 107,000 barrels. Cali- fornia production declined 11,000 barrels to 504,000 barrels. MONEY MARKET. MNE‘V YORK, Sep(embfl; { m’*.——Cal} deney held at 1': per cent, the renewal < Money in the outside quoted at 1 per cent. acceptances were quiet, with 1 supply and demand small. Ask- unchanged. Commer- inactive and unchenged, llv suspended by preparatic ong benks [for ming sury offering. 7 was quiet and unchanged. SHOR:r-TE;M SECURITIES. (Reported by J. & W Sell e ‘Time York which always receive the largest | the rediscount rate of the Federal Re- | as_to depository institutions. | Treasury | have led to a general advance | QUICK MARKETING OF TREASURY " CERTIFICATES WAS EXPECTED Government Loans Continue to Hold the Highest Place in Rating of Banking f Country. than usual for the new long-term Gov- | ernment 3 per cent bonds, in_spite of the fact that the yield on this lssue is less than the average pald on time deposits. It is the feeling in investment cir- cles that the 3 per cent rate at which | the Goverament proposes to borrow will | represent the minimum on long-term issues during this period of cheap | money. For a year and a half most of the Government financing was in the | form of short-term obligations. There hgs been considerable questioning of | the policy of putting out issues of this character when the average rate for| money was so low and the eagerness in every quarter to buy the highest- grade paper obtainable was so great 1t is rather significant, too, that in the | present instance $800.000,000 of a long maturity is being offered, as against| $300,000,000 of a one-year certificate of | indebtedness, which suggests that the | institutional policy of establishing sec- | ondary reserves principally in short- | term cbligations may have lost its popu-| larity. | Aid to Market. | Obviously the effect of an offering of | Government securities at the lowest in- | terest rate in many years is helpful to | the market for all high-grade securities, including municipals and the best of | the public utilities and railroad bonds. Tt also contains the suggestion to busi- | ness in general that this is the time to | sorrow aganst future long-term require- | | ments on the same principle that com- | | modities, merchandise and well estab- | | lished securities should be bought when | they are quoted at prices bzlow those in a decade. | Another favorable feature of the | | offering, which communicated itself to | | markets and helped to relieve some of | th> bearish sentiment in Wall Street, | is the proposed employment of a por- | | tion of the new Government issue to | cover the Treasury deficit this fiscal | year and thereby remove the neces- | | sity for an increase in the income tax.| | This was especially gratifying to those | | who face an advance in ‘their income | | taxes in New York Stat, where higher | | rat:s have been advocated in order to | create funds to meet the unemployment uation. (Copyrigh®. 1931.) {TOBACCO CONVENTION | WILL ATTRACT MANY Thirteen States will have representa- tives at the Tobacco Tax Convention | to be held Wednesday at Des Moines, Towa. Those 13 States are the ones | which now tmpose a sales tax on cigar- | ettes or other tobacco products. The conventions have proved highly | say. What is now a pressing problem in cne State may have long since been solved in another, they point out. New with the result that the tobacco tax, unlike most other levies, is fairly uni- form throughout the country. The first State tobacco taxes to go into effect were those of South Dakota and Towa. | tive on July 1, 1921; the latter on July 14 of the same year. In 1923, South | Carolina, Georgla and Utah passed | similar statutes. In 1925, North Da- kota, Tennessee, Arkansas and Kansas | joined the list; Alabama came in on | October 1, 1927, and Mississippi on ! June 1, 1930. RAILROAD WILL TRY | TO MAINTAIN PAY ROLLS | By the Associated Press. | Gen. W. W. Atterbury, president of { the Pennsylvania Railroad, declared his icarrler will continue “its support of constructive measures to reduce unem- ployment and restore prosperity” de- spite heavy loss of traffic. The mes- sage accompanied the regular quarterly dividend to stockholders. “As similar conditions ‘ have pre- vented all roads from being able to earn | ating from' two to eight months. | mixed plan. The former became effec- | IN “BlG BUSINESS” BY CHAS. P. SHAEFFER, Associated Press Business Writer. Hotels in America now come under the hezd of “big business,” and involve more than $1,000,000.000 annually. Statistics by the Commerce Depart- ment, based on individual reports for 1929 from hotzls with 25 or more guest rooms, show tctal recelpts of $1,039,- 363,000 of which $962,801,000 was ac- counted for by hotels operating throughout the entire year and $76,- 562,000 by the resort or part-time type. The census dces not include apart- ment houss, boarding houses, clubs and similar establishments Reports were received from 15,5 hotels, of which 13,328 operated the entire’ year, with the remaindcr oper. the year-round type, 10,907 operated on the European plan and 1324 on the mixed, or on both American and Eurorean plan. Of the rssort type, 370 operated on the European plan, 1537 on the American plan and 342 on the Under the European plan meals are charged for separately from rooms, while under the American plan meals are included in the daily charge with rocms. The statistics showed further that 4941 of the reporting hostelries were classed as transient, 1,702 as permanent and 6,685 s mixed. The year-round hotels reported an average of 291,259 full-time employes, who were paid $257,034,000 in the year in salaries and wages. Resort hctel salary and wags figures were decidedly less. Of the hotels, 3,047 were owned by corporations and 10,281 by individual and partnerships. Of resort types, on! 541 were owned by corporations, as against 1,708 by individuals cr partner- ships. Building and Loan BY GEORGE T. HUGHES. Plans under which building and loan associations made loans to their mem- bers vary greatly in detail and all of them cannot be described here. An example will, however, give a general idea of the operation. In the first place, the prospective buyer or builder of a home must have a cash margin to begin with. He can- not borrow from the building and loan or mortgage the total cost of land and improvements any more than he could negotiate a loan from a bank on that basis. He can secure a higher percent- age of the appraised value of the prop- erty from the building and loan than he could from any other institution, be- cause of the amortization condition on which all loans are made. Suppose then he plans a property which, with improvements, will cost $5,- 000 and he has $1,400 cash on which to start. He borrows on mortgage from the building and loan $3,600 in the same fashion he would from a bank or mort- gage company. Then he subscribes to sufficient shares in the building and loan association the maturity value of | which would equal the amount of the loan, in this case $3,600. He pays profitable, tobacco tax administrators | monthly & sum which includes interest on the loan at the agreed upon rate and the amount of dues the number of | shares he has subscribed for require. If methods and new ideas are discussed | the maturity value is $200 a share he will have to have 18 shares. In this case, under the so-called se- rial plan the dues would amount to $18 | a month plus interest on the loan. The | profits of the association are divided among the holders of the shares pro- |rata as they accumulate, with the re- | sult that, according to the experience |of the 'average assoclation working | under this plan, the shares would ma- ture in a likle over 11 years. There is ! no guarantee that maturity will be | reached at any particular time. It de- pends entirely on profits, but they are fairly stable. When the 18 shares to which this borrower has subscribed mature, then being valued at $3,600, the owner as- | signs them to the association and the mortgage is canceled, the home is paid for and the transaction complete. The advantage to the borrower is that he has paid for his property by monthly installments and at the same time has received his share of the earnings of the association, which earnings come from the interest on his loan as well as the interest on the loans of all the other borrowers. He is a partner in the mortgage business as welr-.s a cus- tomer of the mortgage house. (Copyright, 1931.) There were many firm carrier bonds, including Atchison general 4s, Norfolk & Western 4s and others of the prime group. Small gains were also made by the following junior rail securities: Alleghany 55, Chicago & Northwestern 43s. Erie B 4s. Missouri-Pacific 5s, Northern Pacific 6s, Frisco 41.s, South- ern Pacific 4'.s and Wabash 41s. Losses_occurred in Illinois 434s, Mis- souri-Kansas-Texas adjustments, -and Delaware & Hudson refunuing 4s. Oil_company bonds were firm. Shell Pipe Line 5s jumped 2!, points. There were small gains in Texas Corporation 5s and Phillips Petroleum 5';s. In the amusements, Warner Brothers Pictures 6s were active around their best price on the recovery. In the foreign list, German bonds were again lower, the 51,5 dropping a point and the Dawes Reparations 7s fractionally. British issues were firm. Great Britain 525 sold repeatedly at 10515, seeming to have found a re- sistance point at that price. The Street had it that British bonds, along with sterling, were receiving banking sup- port. Australian issues were slightly higher. Brazilians steadicd a little aft- er their heavy declines of Monday. Ar- gentine 65 were fractionally lower. Havana Electric Raflway announced that it had no funds with which to pay interest due on its 5! per cent debentures today. There are $5,500,000 of them outstanding. They were is- sued at 92 in 1926 by Speyer & Co. and are subject to prior liens of $6,400,000. Washington Stock SALES. Cap. Tract. 55—$1,000 at 83',. Wash. Gas 6s A—$1,000 at 1031; Cap. Traction Co.—8 at 34!, Pot. Elec. 6% pfd—4 at 1123, Pot Elec. 52% pfd.—10 at 110'3, 10 at 1105, Mergenthaler Linotype—5 at 77. "TIVD ¥ALAV Pot. Elec. 5':% pfd.—5 at 1105, Wash. R. & E. 45—$1,000 at 94';, $1,000 at 941, Wash. Gas 6s A—$400 at 10275, $100 at 1027, Cap. Tract. 55—$1,000 2t 83. Wash.*Gas 6s B—$200 at 105. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer_Tel. & Tel. 4! Am. Tel. & Tel. ctl Anscostia ‘& Pot Ana. & Pot. guar. 5s C. & P. Tei. of Va. 5 Capital Traction R_R. Cily & Suburban 5s Georgetown Gas 1st Potomac Elec. s Exchange .+ series A Series B Elec. 45 g MISCELLANEOUS. Barber & Ross, Inc., 6%3s. Chevy Chase Club 5as Columbia Country Chib 5 D. C. Paper Mfs. 6s : W. M. Cold Storage 55111111 STOCKS. PUBLIC UTILITY. Tel. & Tel. (9) Capital Traction Co. (4} Wash. Gas_ Light Co. (i8i . . N. & W. Steamboat (12)... Eot. Elec. Power 6x pfd Pot. Elec. Powe: pid Wash. Rwy. & El com. (7).... Wash. Rwy. & EL pfd. (5) NATIONAL BANK. Capital (14). Columbla (12} 5 Commercial (stamped) (i0) EHBEEICEAB) L . ooz aevainis Fed.-Amer Natl. Bk & Tr. Libérty (78) s Lincoin (12) Metropolitan Riges (155) Second (9ej! ! Washington (13) TRUST COMPANY. Amer. Sec. & Tr. Co. (5). Continental Trust (6). ' ...... Natl. Sav. & Trust (i2f) .00 Prince Georges Bk & Tr. (6)... Union Trust (8s).. - Wash. Loan & Trust (14)....... SAVINGS BANK. Bank of Bethesda G5f). S [ Savings (10) : East Washington (12). Potomac (10)......... Bec. Sav. & Com, Bk. (17 Seventh Street (12) United States (30) ‘Washington Mechanics (20} FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8).... . National Unicn (i3} TITLE INSURANCE. Columbia (6h) . Real Estate (6h)...." e MISCELLANEOUS. Barber & Ross Inc.. com.. Col. Medical Bldg. Corp. (6 Col. Sand & Gravel pfd. (7). D. C. Paper Mfg. pfd. Dist. Natl. Sec. pfd Emer. Bromo-Selz. * Federal Storage ptd. (8) Fed.-Am. Co. com: (1.20) . Fed-Am: Co. pfd. (6). Lanston ‘Monotype (8).". Amer. | Bk Ed gn A B&Orf 58’95 B & O 55 D 2000 B&O6s’S B&OSwdv Ban & Aroos 48 Bk of Chile 6355 '57 Bk Chile 6%,561... Ratav Pet 4145 '42. Belgium 65 '35 Beigium 6148 '49. Belzium 78°55. ... Bell Tel Pa 55 B'48 B Ind Loan C 6546 Berlin Cy El 68 '55. Bolivia 75 '58.. Bolivia 7569, . Holivia 854 Bordeaux 6s ‘34 Bost & Me 435 Bos & Me 55 Bos &Me bs Brazil 6%s '26. Brazil 6135 '27 Brazil Ts Brazil 83 "4 Bremen 7s 49 Bklyn Man 65 '68. . Budapest 65 62 Buenos A 6s'61 Pv Buft Gen El 41 Bush Ter con 58 '55 Bush T Bldg 55'60.. Calit Packing 5340 | Canada 4s '60 Canada 413 Canada 5s ", Can Nat 4138 54... Can Nat Ry 414856 Can Nat 433857 Can Nat 413868, Nat4%s or 73 db 40 ‘an Pac db 4; Can Pacific 415 Can Pac Cent 111 Cent Pac 35 60 Ches Corp 5s'47 C&Ogen4 C&O 4%sA'93. C&O043sB'95. ... CB&Qgen4s's8. C B&Q 1strf 5s Chi & Alt 3s Chi & Est 111 58'51. Chi Grt West 45’59, Chi M & St P 4s 89, C M StP&P 55°75. C M&StPadjbs Chi&NW 4145 203 C&NW 4135 C 203 Chi& NWen 4%s.. Shi & NW 615536, . "hi RI& Prf d4s'34 C& W Ind cn ¢s C& W Ind 533862, Chile 6560, - Chile 6s'61. Chile 65 '63. Chile 78°432. .. c0000 Chile Cop db 5s '47 Chin GVtRy 58 '51.. Colomb 6s'61 Oct. Colon Oil 6s '3 Colo & Sou 41:s Col G&E 58 May'52 e Col G&E cou 5861, 2 Con G NY 434s'51.. ConGN Y 53384 Con Pwr Jap 6%s. . Con Pow Japan 7s.. Copenhag 5s '52 Cuba 53845 Cuba R R 58 '5! Czecho 88 '51 Czecho 9s '52. Del & Hud rf 4s°34 Del & Hud 5% 837, Denmark 435 '62 Denmark 5348 '35 Denmark 65 '4 D& R Gren 45'36.. D& K Gr4%s'36.. D&RG W 58’55 DRG&W5s'T Det E G&R4% s’ Det Edison rf 5s'49. Det Unit 4358 '32. .. Deutsche Bk 6s'32. Dodge Br cl 65 '40.. Duquesne 4355 '67. Dutch East I 68’47, Dutch East I 65’624 El Salvador 8s’48., Erie 1st con 4s°96.. Erieconv4sB..... Erie gen 4s.... Erie cv b: Erie 5875 Flat 7s war.... Finland 6%s '58. Finland 68’45 Finland 78 ‘50 Fla E Coast Fram I D 73%s'42.. French 78 4 15% 102% 118% 93 93 103 101 91 25'% 31 9314 931 10315 101 91 26 3315 110% 1104 96! 1374 1313 18 961y 454 13% 14% 18 105% 105 8613 90 9374 94 39 36% 35 48 711 107% 107 1001 100% 51% 38 518 39 106'5 10614 8415 96% Ny 95! 8415 96% 911 95% 102% 102% 10614 106% 99% 993, 9913 100 1004 100% 9%, 99%, 101% 101% 104% 10415 104% 104% 101% 101% 119% 119% 112% 112% 81 98 964 81% 98 96% 101% 103% 96 9915 91 96% 9915 92 104 104% 98 98 9714 981g 98 9713 106': 106%s 65 24 65 79 47 174% 7419 75 617 65 24 66 9% 487 181 T4 77 623 1043 104% 86% 65 89 675, 105% 105% 106" 106%, 11613 1163 84, 997 26 27% 26'% 354 75 15% 99% 93 8714 9% 26 27% 26% 35% 5 15% 9% 93% 10215 10238 527 41 41 50 70 9814 9714 54 41y 41 50 70 983 97% 103% 103% 107% 107% 911y 96% 98 50 54% 92 96% 98 50 545 107% 107% 107% 107% 92 92% 1011 102 95% 95% 100' 100% 105 86% 8614 46'% 53 105 86'% 87 48 541% 104% 104% 107% 107% 98 82 92 98 84 92 1047 1047 101% 101% 101% 101% 80 87% 67% 69% 6816 68% 88 72 Td% 80 13 102 80 87% 681 72 0% 70% 88 72 T4% 80 13 102 118% 118% Mo Pac gn 4s'76... 35 Mo Pac 58 A "65 Mo Pac 58 F '17 Mo Pac 5s H '80. Mo Pac rf 5s ‘81 o Pac 5128 A " Mont P db 58 A 62.. 20 at Dairy 51848, at Steel 5s 5/ Nat Ry M 4%s " w S Wales 5s w S Wales 5s YCgnidls'et.. N Y Cent 45 ‘48 N Y Centdb 45°34. N Y Cent 438 2013, NYCnrfal 99% P Int T & T 432 69% | Int T&T cv 435'39. 19 Y Cent db 63°35.. YCLScl3%s'98. 14 NYC&StL48'37.. NY C&StL 4%s Y C&St L 6332 Y Edisn 5s Y £d 1st 6165'41. NY ELH&P 45'49.. Y NH&H 35 '56. NY NH&H 48 '35. .. NY NH&H 43°56... H&H 4338 '67. H&H clt 65'40. H&H cd 6s'48. 12 Y O&W 1st 45'92. NY O&W gn 45 °5: NY St Ry 4%3863.. Nord 624550 Nor & Wn ev Nor Am Ed 55 C '69 Nor Am E 5%s '63. Nor Pac 3s 2047 Nor Pac 4597 orway 6s44. Norway 6s " Oreg-Wash 4s‘61.., Orient dev 5345'58. Orient dev 63°53... Pac GEE5s'42.... Pan-Am Pet 6s ‘34. Paris-Ly M 68 '68.., Paris-Ly M 7s'58.. Pathe Exch 7s '37.. Penn 4% s D Penngn 4% Penn 4%s Penn 4% 563 Penn 55 °64. Penn gen 5568 Penn 6143'36.... Penn P&L 4358 Peru 65 '60. Peru 6s°61. Peru 7s ‘59 Pnila Co 55 Phil & Read 65 "43.. Phila Eiec 45°71. Philllp Pet 53539, PCC&StL 43%577.., PCC&StLGsA.. Poland 78 '47. Poland 85°50...... Port Gn Eb41;5'60. Prague 735 '52.... Pressed St C 5533, Public Serv 4571, Pub Sv G 41:s’ . Pub SV G 43%s°70.. Read gn 4148 A '97. Reading 4138 B 97, Read Jer Cn 48 '51 Rem Arms 6s A '37. Rem R 5158 A "47.. Rhinelbe 75 '46. ... Rnine West 6s Rhine West 6 5 Rhine West 7s'60.. Rio de Jan 638 '53. Rio de Jan 8s°46 R Gr Do Sul 6s'68. R Gr Do Sul 8s *46. RIAr& L 41;s'34. Rome 6%s°52. StL IM R&G 45'33. St L&SF in 4s A '50 StL&SF 41s'78. StL&SF pl5sB'50 StLS W 1st4s'89, Sao Pau 7 Sao Paulo Saxon P W 6%s'51. Saxon 78’45 . Seab A L 4sst’'50.. Seab A Lcv 6s°45.. Sea All Fla 68,A'35. Seine 78 °42. . Serbs-Cr-S178'62.. Shell Un Ol 55 '47. Shell Un Ol 55°49. Sinclair Oil 6148'38 Sinc O 7scv A'37.. Sinc CrO5%s'38.. Sinc P L 58’42, Solssons 65 '36 Solvay Am §s Sou Bell T&T 5s SW Bell T 58 A '54. Sou Pacref 4s'55. Sou Pac 4%s | . 41 2013, 56 YC rf im bs 2013.. 14 44.. 10 © o EET-IS - TP PRSI TP Y TSPy JOPa) particular time in recent years, has somewhat exceeded expectations. In the case of apparel, dry goods, furni- ture, boots and shoes and hardware, the proportion of cheap goods being taken is larger than in past years. Produc- tion and distribution of commodities of the heavier and more permanent sort were again on the decline. This was true particularly of iron and steel, ac- tivities at foundries, mills and machine shops falling to the lowest point of the year. Extreme high temperatures and lack of rainfall during the last half of July were detrimental for growing crops but favorable for harvesting and the move- ment of grain. Little permanent in- jury, relatrvely. was suffered as a result | of the hot spell and prospects through- out the district are for abundant crops of all cescriptions. The drastic decline in prices of farm products has been discouraging to the agricultural com- | munity and will sharply cut purchasing power in the rural areas. The situation with regard to food and feed. however, is markedly better than at this time last year and will substantially lower the cost of producing next season's crops, albeit small net gains have re- sulted from this year's productions, Retail Sales Compared. As reflected in sales of department stores in the principal cities of the dis- trict, the volume of retail trade in July was 13 per cent smaller than during the same month in 1930 and for the first seven months the volume was ap- proximately 12 per cent less than for the corresponding period a year ago. Com- bined sales cf all wholesaling and job- bing firms reporting to this bank were 513 per cent smaller in July than in the same month in 1930, but 231 per cnt greater than the June total this year. The value of permits let for new construction in the five largest cities of the district in July was 28 per cent larger than in June, but about one- fourth smaller than in July, 1930. Construction contracts let in the | eighth district in July were 46 per cent smaller than in June and 30 per cent less than in July. 1930. Debits to indi- vidual accounts in July were 14 and 22 per cent smaller, respectively, than & month and a year earlier, and the total for the first seven months this year was approximately one-third smaller than for the corresponding period in 1930. The amount of savings deposits as of August 15 showed little variatior as compared with a month and & year earlier. Officials of railroads operating in this district report a continueq falling off in |the volume of freight traffic as con- trasted with a year and two years ago. Decreases_have occurred in all classifications. Due partly to a disposi- tion of farmers to hold their wheat for higher prices, the volume of grain trans- ported has been considerably below what had been expected. DIVIDENDS DECLARED NEW YORK, September 1 (#) — Initial. Pe- Pay- Company. Rate. riod. able. Allied Corp A........35 Q Sep. 1 Stock. Hidre c zeco: Sep. Ohio Finance ... Sep. Ashland St Bk 3 Canad Am Pub Ser A.43%,c Tennant Pinance Do. pf.... Ulen & Co... June 3 Regular. Aetna Rubber pf.$1.75 Alpha Ptld Cm pf$175 Amer_Hosier: 0c Am Yvette pf. .. 0c Bade Pap M 6% pi.75c Beech Creek R R_..50c Biltmore Hats Ltd RN Carnegie Fin Inv pf.$4 Farmers Trust (Carlisle. Pa) Gamb Rob 1 pf Do. 2d pf... Hanes (PH) K pi.$17 Holland ~ Furnace 62':c Miss Riv_Pow Df.£1.50 Mohawk H Co.. 3325 Nat Elec P $6 DI $150 Nat GE $6.50 pf 5162, NY Lack & W RR $1.25 Norw Ut 7% pr In 3175 Ohio Finance Co.. 50¢ o] Penley Br Co 7% Al 900 Petaluma & § R RR.51 Scott No I Tr Lid O... Do D! DOOOOLOBOOOOOD wDO LOLOOD Do. 6% pi. .l Un El L&P (111 6% Bf.........$1350 Unit Pub U_$6 pi $1.50 White Mot Sec pI 5175 | ooo o0 0 RERR® Sales. High. Low. Close, 6 44 41 44 40'; 43 Uruguay 6s'60. NORFOLK & WESTERN Uruguay 6s '64. 3 43 Utah P 17 103% Util Pw 5s 59 ww.. 17 67 Util Pow 5128'47..; 9 T2% Mer. Tr. & Stge. com. (1l Mer. Tr. & Stye. pfd.” (7) Mergenthaler Linotype (6 e. & Inv. prd, (8} rug Stores pid. (61 bunches, 3.00; peas, 3.00. a reasonable net return,” Atterbury said, ich situaticn. if coniinued, night impair their ability to provide an effi- French 7%s'41.... 7 125% 125 126% Gelsenk’hen 6s'34. . 60 60 60 Gen Motors 6s'37.. 14 103% 103% 103% Sou P 414869 Ww. Sou Pac 4%s'81 Sou P&Or 4138 10312 1035 66% 67 2% 1% Allis-Chaimers Co. 55 1931 NEW YCRK BANK STOCKS NEW YORK, September 1 (P).— & Over-the-counter market: America . Chase .. Chat_Phenix . 1l Commercial Natl ‘First Natl N Y Manhat Co Guaranty . . Trvin Manufacturers | New York Railways of Cuba are reducing pas- * genger fares. [ 4 7% Heminewns Co “ihiehem Sicel Corp, Cinudian Nor. Rwy. 4 ot *Norinwesemn B. B. 5 1933 Chicaso Tind 4s 193, Cleves Lor & Whoeling 53 1933 Colorado & So. Rwv. 4128 1935 Commerctal Credit Co, 3136 1933 Delaware & Hudson Co. 85 1933 Denver & Rio Grande 4tas 1938 Gen: Mo, Accep. Curp. &3 1937 1Petileum Corp 53 1040 i P5rs 1939 Ga 65 1935 1033 stpd 2834 | cient and adequate transportation serv- ice, all of tne railroads joined in an application to the Interstate Commerce Commission requesting an increase of 15 per cent in all freight rates and charges. “The utmost practicable economy is {being exercised in every department of the company’s activities. The com- pany, nevertheless, continues its sup- port of constructive measures to reduce unemployment and restore prosperity, | throueh an extensive capital expendi- W ture program for electrification and | terminal “improvement work, including | the miacing of large orders for electrical i and facillties.” TREASURY CERTIFICATES. (Repotted by J. & W. Beilgman & Co.) « Soit < jst. L. Ry. R. & G. 5'1933 Unfon Elec. Lt. & Pow. s 1933 Union Gil Co. of Calif. 55 1835 Virginia Rwy & Power 8 1934, Wabash Rwy. Co. 55 1939, 10121! Rate—M; . Bid. s Dee 45, 5 100 1133 17%s Dec. s, Mar. k 3128 Dec. EARNINGS ESTIMATED |l Probabilities are that the Norfolk & Western Railway will earn around $14.50 on its 1,406,483 common shares this year, comparing with $21.96 a share in 1930, says the Wall Street Journal. Net income for the first seven months of $11,237,892 was equivalent to $7.60 a comrmon share, after providing for preferred dividend requirements, or at an annual rate of roundly $13.20 a share, and compared with $12.23 a share in_the corresponding period last year. Nerfolk & Western usually earns the greater part of its income in the sec- ond half of the year. Gross revenues in July of $7.128,619 registered a smaller decline from 1930 than the average drop which prevailed for the preceding six months. July gross was. $1,409,520 be- low a year ago, while results for the 2 | first half year showed gross of $39,274,- 392, a decrease of $11,889.472, or a monthly average decline of $1,891,245, Real Est. M. & G, ptd. (8) Security ‘Storage (de)... Ter. Ref. & Wh. Corp. (3 Del Corp. (2) W. Mech Mtge. com. (6) % Wash. Medical Bldg. Corp. {7} Woodward & Lothrop com. (1.30) Woodward & Lothrop pfd. (7) *Ex_dividend. 52% extra. bBooks_closed. 3212% ext] nasc extra. g7 ‘extra. 130c extra. 4% extra, $1% _extra. 5% extra. eliz% extra. .. ' OHICAGO DAIRY MARKET. CHICAGO, September 1 (#).—But- ter—Receipts, 9,979 tubs* firmer. Cream- ery—Specials (93 score), 281;a20; ex- tras (92 score), 28; extra firsts 90-91 score), 26a27; firsts (88-89 score), 23%5a 24!5; seconds (86-87 score), 21a2215; standards (90 score, centralized car lots), 27%. B rae e poated firsta, 19; tra. , 20, gra g current receipts, 15a17. Gen P Sv 5%s'39 German 5%s"65. German Bk 6s'38.. Ger Cen Bk 6s German Bank Ger Gen El 7845 Goodrich cv 6s *45.. Good 15t 6% '47 Goodyr Rub 55'57. . GrandTr sf db 6536 Grand Trunk 7s'40. Grt Nor 4%8'76 D. Grt Nor 435171 E. Grt Nor 55 '73. Grt Nor gn 5352 Hud & M rf 63 '57.. Humble.O 6%833. 124 97% 24'% 5814 11 61 53% 53% 68% 86 9 60 98% 91 107% 112% 88 86 91 19 100% 106% 84% 71 72 17 10 964 23% 57% 61 53 53% 66% 84% 79 60 28 90% 88 86 91 97% 24% 5% 61 53 53% 6815 86 ki 60 98 Sou Ry &n 45 '56 Sou Ry 589 Sou Ry 638 '56. St Oil N J 684 StOIIN Y 4348’51 Sweden 5%s '54. Talwan EP 534871 ‘Tenn E1 P 68 A "47.. ‘Ter As St L 4s'63.. Texas Corp 55 '44.. ‘Third Av rf 90% | Third Av adj bs '60. 107% 107% 112% 112% 88 86 91 99% 100% 106% 106% 84% 71 1% 5% 84y 71 72 95% 102% 102% ‘Toho El Pw 6: ‘Toho El Pw 78 °55.. Toklo 5%s'61..... Tokio El Lt 68 '53.. Un Pac 1st 48 '47... Un Pac rf 4s 2003. Un Pac 4%s '67. Unit Drg cv 58 '53 Utd King 5 %8s '37. U 8 Rub 1st 58 °47.. Unit 88 Cop Vienna 63°52.... 757%5: 95 Va Ry 1stbs 104 1034 104 Wabash 43%s'78. a3 434 ‘Wabash 1st i 100% ‘Wabash 2d 5 9T 9T Wabash 55 B '76. 47 Wabash 5s D 80 46 Walworth 65 A "45. ‘Warn Br Pic 6s'39. 138 Warn Quin 6s°39.. 1 Wt Sh 1st 45 234 West E1 db5s'44.. 5 West Md 48 '52 West Md 5%s West Pae 55 '46..... West Union 58 ‘51.. West Union 55 '60. Wes: Un 6138 '36. Wil-O 18t 638 '33.. Wis Cen gn 45 '36 Yokohama 65 '61... Ygstn S&T 58 A'T8. _Ygstn S&T 68 B'70,