Evening Star Newspaper, September 3, 1931, Page 13

FINANCIAL, THE POWER FIRMPLANS || NEW YORK STOCK - TOREDEEM BONDS Pepco Will Retire $35,000 of | 1085 108" 6 Per Cent Issue.on’ i " First of Month, Note—All stocks are sold in one bundred-share lets xcepting these designated by the letter s (80s) (350s). Stock and Prev. 3 Add 00. High. Low. Close. Close. ' Pwr & Paper, 1 & - 4 _4 ‘Abram Straus pf (7), 10s 106 106 106 105 Adams Express (1).. 17 13% 134 19% ‘Adams Millis (2) 3t 4% 6% 30% 80 92% 49% 30 864% Addressograph Adv Rumley 1 AlrReduetion(14%). 40 Alagka Juneau (40¢) 985 Allegany Corp . 66 og Cp DE $30 Ww.o ‘Allegheny St1 (1.20). Allfed Ch&Dye (n6). Allied Ch&Dye pf(7) Allis Chalmers (2). . Alpha Port Cemt (1) ‘Amal Leather....... Amerada Corp (2) Am Agri Chem(Del Am Bank Note (13) ‘Am Beet Sugar pt 4 Am Brake Shoe (2. 661 564 ‘Am Can Co (15).. @ 41 ] Am Comel Aleohol.. 6 % 1813 366 ‘Am Encaustic Tiling 641a 204 JEE Am European Secur. 17 4% $300 Coupon Bonds. Am & For Power. ... 204 “ 8 03 Am & For Pwr pf (7). 11% ‘Am & For Pwr 24 pf. 22 SO N AR Am Haw St'ship (1)1 S ‘Am Home Prod 4.20.. o Am Ice Co (3).. 151 « Am International. ... ine Am La France&Fom., 5 ‘Am Locomotive (1).. i Am Lo'motive pf (7) Am Mch & Fdy 1.40.. Am Metal Co Natural 16 4 5 % : » BY EDWARD C. STONE. ‘The Potomac Electric Power Co. has announced plans for redeeming on October i, 1931, $35,000 worth of 6 per cent general and refunding mortgage gold bonds, series B, due in 1953. The redemption price will be 1073 and the bonds selected bear the following serial numbers, respectively: $1.000 Coupon Bond: 1428 1941 18 4% 1% 29% 104 109% 60 6y 49% 30 564 205 13 13% 2% 18 3% 30 1% 36% Fully Registered Bonds. (Redeemed in part.) No. X-26-$1.000 thereof represented by pon bond No. M-859. No. X-37-$1,000 thereof represented by cou- pon bond No. M-961 ‘The bonds are to be redeemed with sipking funds already 11 the company’s possession by the trustee which is_the City Bank Farmers Trust Co., New York, holders being asked to wrr!nderl the bonds by October 1. Sees Better Winter Outlook. i In his monthly review of agricultural ions in the Fifth Federal Reserve ict, Willlam M. Hoston, agent of the Reserve Bank of Richmond, re- ports that crops in Marylnd, Virginia, West. Virginia and in North and South Carolina are in splendid condition, probably the best for several years. Prices, however, are stiil highly un- favorabie, he says. Mr. Hoxton does, however, spread considerable cheer for the coming Win- ter. He notes that while prices are very low for all farm products, the farmers have greatly diversified their crops. This new policy means a great deal of food will be available when cold weather comes that was not on hand last Winter The Reserve Bank official believes | that this reserve supply will keep con- ditions better than a year ago all through fifth district territory. New Institute Instructor. Elmer L. Kayser, professor in George Washington University, has been se- cured to conduct & new course in busi- ness English at Washington Chapter, American_Institute of Banking. this Fall. It is aimed to make this course of great practical value to junior bank- ers entirely different from English com- Position courses offered in the colleges. The new member of the faculty was educated in the public schools of this Western High School, George Washington, Johns Hopkins and Co- lumbia Universities. He has been on the university faculty since 1917, now being associate professor of history. He was secretary of the university from 1918 to 1929 and director of the Summer ses- sions from 1925 to 1929, and is at pres- ent director of the division of university and extension students. He is a member of Theta Ubsilon Omega, Omicron Delta Kappa, Phi Gamma, the National Press Club, Americen Hitorical Soclety, Associa- tion of University Professors and Amer- ican Oriental Society. cou- Am Pwr & Lt (31). Am P&Lt pf A st(5) Am Radiator (60c). Am Rolling Mills. .. Am Safety Razor (5) | 4 Am Ship & Com. . ‘Am Smelt Ref (2). Am Snuff pf (6)... Am Soly & Chemical, Am Solv & Chem pf.. 4 Am Steel Found (1).. Am Stores (12%)... Am Sugar Ref (5) Am Tobacco pf (6). Am Type Fy pf (7). Am Water Wks (3).. Am Wat W 1st pt(6) Am Woolen Co...... Am Woolen Co pf Am Writ Paper ctfs Am Zinc & Lead. . Anaconda Cop (13%). Anchor Cap (2.40)... Anchor Cap pf (6'3). Archer Daniel Mid. . Armour of Del pf (7) Armour of 111 (A) Artloom Corp 26% Atlas Powder (4).... 4 Auburn Auto (f4)... Autosales. . . Autoralespf..... Aviation Corp (Del). 91y Baldwin Locomotive 60 Baldwin Loco pf (7). Balto & Ohio (5).... Balto & Ohio pf (4).. Bamberger pf (§33). Bang & Aroos (3%) Barnsdall Corp'n. Bayuk Cig 18t pf (7). Beatrice Cream (4).. Beech-Nut Pkg (3).. Bel N Ry pt pf $4.82. Bendix Aviation (1). Best & Co (2). Bethlehem Ste S Bethlehem St pf (7) Blaw-Knox (1). .. Bohn Alumn (134). Borden Co (k3). Borg Warner (1). Briges Mfg (11%).. Briggs&Stratton(2). Bklyn-Man Tran (4). Bklyn-Man Tr pf (6) Bklyn Union Gas (5) Bruns Term & Rw; Bucyrus-Erle. ... Bucyrus-Erie cv pf. Bucyrus pf (7). Budd Wheel (1) Bulova Watch (80c). 4 Burrough A M(f133) 13 Bush Term deb (7)..210s 9 Butterick Co = 4 Byers (A M) 2015 Calif Packing (2)... 6 % 15 Callahan Zinc&Ld.. 14 235 Calumet & Arizon ‘ 5 Calumet & Hecla. Camp W&C Fdy (1). Canada Dry G A (3). Canadian Pacific 1% Capital Admin (A) Case (TT) (6). (J1) pf (7). Caterpiliar Trac(3). Celanese Corp. . Cent Aeuirre (133). Cent RRof N J (8).. 4 Century Rib Mills. .. Cerro de Pasco (1).. i Certain-teed Prod... i Checker Cab Mrfg | Ches & Ohio (23) | 4 Chesapeake Corp(3). Chi Great Western... Chi Great Westn pf. Chi Mil StP & Pac... Chi Mil StP & Pac Chi & North « 4 Chi Pneu Too! Chi Pneu Too! f.... Chi RT& Pauc (m23) ChiRT& Pac pf (7). Chi Yellow Cab (3).. Chickasha Cotton Oil 4 Childs Company.... Chrysler Corp (1)... City Tce&Fuel (3.60) City Ice&Fuel pf 615 Cluett-Peabody (3).. Coca-Cola (17%).... Coca-Cola (A) (3) 5% Ice Demand Revails Increase. American Ice Company reports that ‘oduction of ice for air cooling and oning purposcs amounted to 1.250.000 pounds in the month of July. ‘While this volume is only a fraction of the company's total production, this is the first year in which ice has been used for air cooling, hence the figure is significant as indicating the large de- mand for ice which is expected follow more general adoption of air cooling in theaters, restaurants, churches, resi- dences and other places. District Sixth in Building. Washington, with building permits issued in July of $2.303,115, was placed sixth among American cities in building activity in a survey made by S. W. Straus & Co. July figures compared with $2495.100 in June and $2,356.570 in July, 1930. The entire survey cover-: 1g ed 528 cities and towns of the United | 13114 States Credit Association’s Plans. ‘The Washington Chapter of the Na- | tional Insiitute of Credit, conducted r the auspices of the Washington Association of Cre its educational work during the current | vear, according to Charles W. Clayton, | president of the association. John A. Reilly, vice president of the Federal-American National Bank & Trust Co., has been selected by the as- | sociation to lecture in commercial law. He is a member of the District bar and for 10 years was identified with the local ociation. When he assumed his new dutles as a bank official the associ- ected him to its board of di- ! r. Reilly is also a member of s of Columbus and South- _versities. 50! 54 38 21% 31 80% 64 69% ] 55 40% 1 40 2ond Record on Exchange. For the first time in many months. or even longer, every transaction on the Washington Stock Exchange today was made in bonds. Capital Traction 5s, Washington Gas 6s, Washington Rail- way & Electric 4s and Barber & ROss 625 got all the attentfon on the first calling off of the list. After call, there | was one sale in Washington Railway & | Electric preferred stock. Prices were ! steady. | ‘Washington ¢ g house figures for today: $3.975,28 | CLEARING OF RAILROAD | SITUATION IS DUE SOON | By the Associated Press | The nex: {wo months should render the raiiroad situation less obscure, Stock dividend uncertainties over the ! coming weeks and the dividend mect- ings include the Atchison on October | 6, Baltimore and Ohio on September 16, Canadian Pacific November 9, Del- | aware & Hudson Ociober 28, Illinois! Central Oclober 27, Kansas City South- | ern Septembor 16, New York Centrsl Septemt y 9, Norfolk & Western Octe- | ber 27, \mun Pacific September 23, | Pennsyl i October 28, Southern v d - September 10 and | Collins & Afkman. Collins & Atk pt (7). i Colo Fuel & Iron. ... Col Gas&Elec (2)... Col Gas&El pf A (8). Columb Graph (56c). Columb Carbon (5).. Comm Credit (1.60). Comel Cred 18t(634). Comc! Cred pf B (2). Comcl Tnv Trust)(2) Comel Inv Tr pf 8% Comm Inv cvpf(¢6) . i Comel Solvents (1). Comwlth&Sou (40c). Comwlth&Sou pf (6) # Congolm-Nairn (1) Congress Cigar (4 Consol Ciears (5) Consol Film. ... Consol Filn pf (2).. Conso! Gas N Y (4).. Consol Gas NY pf(5) ConsolRwys pf (6) .. Consol Textile...... Container Corp (A). Contairer Corp (B). 9% Contl Baking (A)... i Contl Baking (B). Contl Baking pf (8). Contl Can (233) ... . Cont Insur (2.40) ... Contl Ol (Del). 4 Corn Products (14). Corn Prod pf (7).... Contl Shares. ng at high | ) to earning power, the known issues being. generally considerably ir. excess of 10 times their indicated carning power. | URUGUAYAN PURCHASES FROM U. S. ARE LARGE Crown Cork pf Crown Zellerbac! Crucible Steel...... Crucible Steel pf (7) Cuba Cane Products. CUDRIGO. . oo oo e nban-Am Sugar pf. % Cuban Domn Sugar. . Curtis Publish (4).. Curtiss Wrignt..... Curtis Wright (A).. T23 9% Davison Chemical. .. 22 15 Deere& Copf (1.40). 157% 107% Delaware & Hud (9). 102 45% Del Lack & Wn (4).. 195 140% Detroit Edison (8).. 23 14% Diamond Match (1). 2515 24% Diamond Mtch pf 1% 131 8% Dome Mines (1)..... 24 14 Domn Stores (1.20).. 21% 17% Doug Afrcraft(t1%) 78% 6% Drug Corp (4) 107 71 Dupont de Nem 185% 118 Eastman Kodak (18) 68 Bpectal Cable tc The Star. i MONTEVIDEO, Uruguay, Steptember 3.—Uruguay imported more merchan- dise from the United States than from any other country during the first six months of this year, its purchases to- taling 9,448,356 gold pescs, according to a report of the Bureau of Statistics. At par the gold peso is worth $1.035, but during the period covered by the report it fluctuated between 78 and 42 cents. During the same period Uruguay ex- ported to the United States products valued at $1.706,398 pesos. In the corresponding period last year fmports from the United Staies were valued at 12,071,700 pesos and exports to the United States at 5,618,365 pesos. Total exports for the six months were 44,837,883 pesos and imports 42,- 811,382 pescs. 57 814 132% 227 12% 9474 119% 13% 128 107% 29% 81% 139 156'% 824 187% i Louis&) 4 Manhattant Shirt(1) % Mathieson Alkill (2) 4 Melville Shoe (2). 4 Minn Moline Pow. EXCHANGE The Star Office. Prev. Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). Elec Pwr & Lt pf (7) Elec Storage Bat (5) Endicott-Tohnson(3) Frig Pub Sve pf (6).. Grnmans Hureka Vac Cleaner.. Fairbanks Co pf Falrbanks-Morse. Fairbanks M pf (7. Fashion Park Asso. . Fed Lt & Tr ($1%).. Fed Wat Sve A(1.20) Fid Ph Fire In(2.60), Firestone T& R (1).. Firestone T&R pf(6) First Natl Strs (2%) Fisk Rubber. Foster Wheele B Foundation Co...... Fourth Nat Inv ms5o Fox Film (A) (2%).. Freeport-Tex (3). Gamewell Co (3).... 208 Gen Am Tank Car(d) 8 Gen Asphalt (2) 23 Gen Baking (2) ien Bronz Gen Cable pf. .. Gen Cigar (4).. Gen Electric (1.60). Gen Food Corp (3)... Gen Gas&Fl A(e30c) Gen Gas&E cv pf(6). Gen Mills (3). Gen Mills pf (6) Gen Motors (3). Gen Motors pf (5) Gen Outdoor Adv. Gen Prtg Ink (23%). Gen Prtg Ink pf (6) Gen Public Servic Gen Ry Signal (5) Gen Realty & Util Gen R& Ut pe (e6). . Gen Refractories (3 Gen Theatre Equip. . Glllette Saf Razor Gimbel Bros. g Glidden Co a Glidden Co pr pt (7). Gobel (Adolf). Gold Dust (2%) o S o o Al annNmnE ~E A o o &3 ¢« Goodrich (BF). Goodrich BF pf (7). % Goodyear T& R (3).. Gotham Silk Hoslery Granby Con Min (1). Grand Si1 Strs (h1) % Grand (nion nt (W T) (1). Great Northn pf(4).. Great Northn Ore(2) Great Western Sug. . Hackensack Hanna pt (7). Hartman Corp Hartman Corp (B Hercules Mot (80c Hershey Choc (5) Hollander Sons. Homestake Min (17). Houdallle Hershey. . Household Fin pf(4) Houston Ol . Houston Ofl (new).. Howe Sound (2).... Hudson Motor (1) Hupp Motors Tliinois Central (4).. Ind Motor Cycle pf. . Indian Refining Indust Rayon (4)... Ingersoll Rand (4).. Inland Steel (213)... Insuranshares Del A Interlake Iron. ..... Int Agriculture pf. .. Int Bus Machine(né Int Carriers,Ltd 50c. Int Cerpent (4). Int Combustion. . Int Combustion pf. Int Harvester (214 Int Hydro E1 A (e2). Int Match pf (4).... Int Nick of Can(40¢) Int Nick Can pt (7)., Int Paper & Pwr (B) Int Paper & Pwr C... Int Paper & Pwr pf.. Int Printing Ink. . Int Shoe (3)........ Int Tel & Teleg (2).. Int Dept Stores (2).. 1sland Creek Coal (4) Johns-Manville (3).. han City Sou pt (4). Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelsey-liayes Wheel # Kelvinator Corp Kennecott Copper (1) Kimberly Clark 2% . Kresge (S S) (1.60).. Kresge (SS) pf (7)., Kress (SH) Co (j1). Kreuger & T(m1.61). Kroger Grocery (1). Lambert Co (8)..... Lee Rubber & Ti Leh Port Cement. Lehigh Valley R R.. Lehman Corp (3)... Lehn & Fink (3) Libbey Owens Glass. Liggett & Myers(t5) 4 Ligg & Myers B (15) Lima Locomot (m2). Link Belt (2)...... ¢ Liquid Carbonic (3). Loew's Inc (3)...... Loew's Inc pf (6%).. 4 Loft Inc Lorrillard (P) Co... Lorrillard (P) pf (7) Lou Gas&El A (1%). shville(5). Ludlum Steel. ...... McCall Corp (23%) Melntyre Pore M(1). McKeespt T P(153%4). McKesson & Rob(1). McKes&Rob pf(3%) McLellan Stores. ... MackTrucks (2) Macy (RH)& Co(n3) . Magma Copper (1).. ManhatElev mod gtd Marine Midld (1.20). Marlin-Rockwell (2) Marmon Motor Car. . Marshall Field (23%) Mathieson Alk pf(7) May Dept Strs (23%3) Maytag Co pf (3)... o 3 » Mid Continent Petm. idland Steel (3). Midland Steel pf (8). Mill El Ry&Lt pf(6). @ s PSSP~ T PTOTS- SUERL. PR LTINS PN Minne & St Louis. Mo Kan & Texas. ... Mo ian & Tex pf (1} Missourf Pacific. .. .. Missouri Pac pf (5). Monsanto Chem (1% Montgomery Ward.. Morrell (J) & Co (3). Mother Lode. ....... Motor Products (2). Motor Wheel (1).... Mullins Mfg....... Mullins Mfg Murray Corp. Nat Biscuit (2.80)... Nat Cash Reglister A Nat Dairy (2.60). Nat Dept Stores Nat Dist Irod (2)... Nat Lead ( Nat Pwr & L Nat Steel (2) Nat Tea (1). Neisner Brothers. .. 4 Nevada Copper (1).. Newport Co (1). Newton Steel. N Y Alr Brake (1) N Y Central (6). N Y & Harlem (5) N Y Investors. . NY N H & Hart (6). NYNH&HDI (). N Y Ont & Western.. N Y Shipbuildi N Y Steam pf (8). Noranda Mines..... 27 19% 18% —_— (Continued on Page 14) 108 6% 39 86% 99% 53% 44% STOCKS DEPRESSED IN SHARP SELLING Unfavorable Business Re- ports Are Made Basis for Further Liquidation. BY GEORGE T. HUGHES, Special Dispatch to The T, NEW YORK, September 3.—Acute eakness in the railway shares, which irried the averages for that group down to another new low for the bear mar- ket, and sharp declines in a few indus- trials brought about a general break in the stock market today. The rails were weakest in the morn- ing and the industrials in the after- noon. Reading slumped 7 points in the first half of the day. In the last hour United States Steel and American Can new lows, the former under $83 share, the lowest since 1922. Passing of the dividend on J. I. Case common :h“:,‘uk'b‘ a slump of 10 points in that Volume ran close to 2,000,000 shares, ;nuut less than 1,000,000 the day be- ore. The fact that the railroad “averages” made a new low for the bear move- ment in Wednesday's decline brought large overnight offerings into this group. The selling spread to the in- dustrials, with much discussion of the well-known theory that the one aver- #ge must confirm the other by going into new low ground if a continuation of :he general decline was to be fore- cas It was stlll the Pmlnz of the dividend on the Lehigh Valley common stock that unsettled the rails. That action had been a Surprise and today traders were taking rothing for granted in the way of dividend stability. Reading broke violently into new low ground, off more than 7 points before noon, on a sug- 17| gestion that its rate might be revised downward at the meeting later in the month. Reading and Lehigh Valley are clasced together as coal carriers. New lows were made in a long list of rails, including Atchison, Baltimore & Ohio, Canadian ific, Illinois Central, New York Central, New Haven, Great Northern preferred and Lehigh Valley. Such support as there was came prSAncl?;lly !ron; llhe shorts. nother unsettling development ws the omission of the dl\'ldenpd on J. .i‘ Case common. This announcement was made Wednesday night and seemed also to have taken the street by sur- prise. At any rate the stock had a spectacular decline of almost 10 points before covering brought a rally. Other weak spots were American Can, at approximately the old low; Colum- bian Carbon, dropping 6 points on what looked like pool liquidation, and West inghouse Electric, where the talk was of another dividend cut. U. S. Steel broke through 84, within a fraciion of its 1931 minimum price. The utilities were weak, particularly American Tel- ephone & Telegraph, Consolidated Gas and American & Foreign Power. In the motor list Auburn lost 5 points during the morning hours: Chrysler was offered freely for a loss of over a point, and General Motors reacted fractionally. Selling in the ofls revealed the existence of a weak long interest. probably recently buil:. Activity increased on thd decline to- day, and volume fell off on the rally. Outside of the railway situation, the most depressing influence was the ab- sence of any signs of the hoped-for Autumn business recovery. So far, none of the accepted indices have shown any indication of trade improvement. It may only be postponed. and, if so, when it comes it will find the market in a position to stage a sudden and sharp advance. but meanwhile. the minority stll - committed to the construotive view was standing aside. PULLMAN CO. CHICAGO, September 3 (#).—The Pullman Co.. carrier subsidiary of Pull- man Inc, reported gross earnings of $5.412552 in July, compared with $6.- | 485,070 in July, 1930, while net earn- ings, after taxes, were $589,673, against $502,074 a year ago. For the first seven months of 1931 Bross earnings were $37,994,666 and net $45001 00 and 33193115 I e el ,891,234 and $3,133; esdi i 113 in the same INVESTMENT %;GSTS NEW YORK, Septembe: Over-the-counter market: - : A B CTr8hrs D A B C Tr Shrs o e All "Am Invest A.. Am ‘& Cont Coip ' m & Gen Sec A Am Founders Am Founders §-40th “an Aol BaSPEY a At Bec pr i Sec B L | tered heisea Exch A - Umiiacive e sh e Corporate - Trust . Foster " Foster 87 i Fund Tr Shrs B General Equity A Granger onawk Mutual Mutual 5 Nation wWide Sec ng Natl 3 Natl ';x"“a’r‘ms"." BrR 1at iiipmy 7 § § Brip Int &' b ; Eles 1t £ Pow L Rl Nl Warm Cuba bought nearly , 46,000 pounds of American blankets last year. i w)— 11 Bid. Asked. | 1921 4 3.1 EVENING STAR, WASHINGTON, D. C., THURSDAY, SEPTEMBER 3, 193f, FINANCIAL. $250,000,000 CUT IN RAILRQAD EARNINGS SHOWN IN 7 MONTHS Sharp Decline Follows in Wake of Plan to Consolidate Large Carriers in Eastern Territory. BY CHARLES F. SPEARE, Special Dispatch to The Btar. NEW YORK, September 3.— Over eight months ago the heads of the Pennsylvania, New York Central, Bal- timore & Ohilo and Nickel Plate-Chesa- peake & Ohlo Railroad systems came to a general agreement on a plan of consolidation in official classification territory which was to divide this re- glon into four independent roads. President Hoover made the announce- ment concerning the agreement, and in his statement at that time sald that the consolidation might be regarded “as a contribution to the recovery of busi- ness by enlarging opportunity for em- ployment and by increasing the finan- cial stablility of all the railroads, and particularly some of the weaker roads. Reduction in Earnings. That was on December 30, 1930. On September 2, 1931, we have this situa- tion: seven months to July 31 this these being the latest figures ble, the gross earnings of the four or systems that were to be consoli- dated, along_with those of properties that were allocated to them, show a reduction of nearly $250,000,000. At the same time net earnings have de- clined $75,000,000. The dividend of the New York Cen- tral has been reduced from $8 a share to $6 & share, that of the Baltimore & | Ohio from $7 to $5 a share, of the Pennsylvania Rallroad from 8 per cent to 6 per cent, that of the Lackawanna | to 4 per cent, while payments on the | common and preferred stocks of the | Nickel Plate have been omitted, as well as those on Pere Marquette common, Erle second preferred and Lehigh | Valley. A day or two after the Washington announcement was made concerning the proposed consolidation, Pennsylva= nia stock sold at 57%. Today it was around 39. New York Central was then 117. compared with the present price of about 71. Baltimore & Ohio in the eight-month period has dropped from above 71 to this week's low price be- | low 40, while the market value of Nickel | Plate shares has declined from 60 per cent to 75 per cent. It would be unfair to attribute any 'AUGUST FINANCING | SMALLEST SINCE 1926 | State and Municipal Issues Totaled $75,100,885—Eight Months Up. Special Dispatch to The Star. | NEW YORK. N. Y. September 3.— State and municipal financing during | August totaled $75,100,885, the small- est August total for any year since 1926, according to The Daily Bond Buyer of New York. The total for th: | eight months ending August 31, how- {ever, $1,016,520,945, is the largest fig- ure recorded for the first eight months of any year since 1924. During the first eight months of that vear total bond sales amounted to $1.064,208,220. The nearest comparable figurc, $1.013,- 728.780, was recorded during the same period in 1927 Financing by the city of Detroit, Mich., on August 13 accounts for $30,000,000 of the Avgust total. The | majority of the remainder of the Au- | gust financing was distributed in a number of comparatively small flota- tions. A number of large pieces of financing originally scheduled for earlier in the year are now definitely listed for September, which indicates a rather substantial total in view for the month of September. i The -following table, prepared by ‘The Daily Bond Buyer of New York. compares municipal bond sale totals in August for the past 10 years: mos. ending Aug 31 9 746.447.137 83.956.959 938,122,400 PARIS BOURSE PRICES. PARIS, September 3 (). —Three per | cent rentes, 89 francs 45 centimes; 5 | per_cent loan. 104 francs 65 centimes. Exchange on London, 123 francs 95 | centimes. The dollar was quoted at 25 francs 4974 centimes. | NEW YORK BANK STOCKS | S | NEW YORK, September 3 (P).— America . Chase TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity Bid. _Offer 17as Dec. 15, 1831 ... 100 ; 1%s Dec. 15, 1931.T'D2 32 100 13-32 s’ Mar. 15, 1932 100 24-32 100 26-32 3'as Dec. 100 28-32 100 30-32 FOREIGN EXCHANGE. urnished by W. B. Hibos & Co.) (Quotations furmt g ed o, Yol Selling chect's | e today. $4.86 3-32 3928%¢ 1393 23.68%4c, 523 1-32¢ 19.48%4c London, pound paris, franc | Brussels. _bel | Berlin, | Rome, Zurich, Athens, Madrid, Bidepest. pengo. " 1 udapest. ; ki Frague. crown (nom.j 296is¢ A erown | 26 26.74¢ 2674 12¢ 26.77c Copenhagen. Oslo. crown. Stockholm, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid, Offer. Allis-Chalmers Co. 58 1! 101% 102 American Chain Co. 6s 1933 American Tel. & Tel. 5'as 1943 111 Amer. Water Wks & El._5s 1934 Baltimore & Ohio 4! e Belding Hemingway Bethlehem Steei Corp. 55 1936. Canadian_Nor, Rwy. 4!2s 1935, Chi. Northwesiern E. R. 5: Chicago Rock Island ds 1934, Cleve., Lor. & Wheeling 5s i Colorado & So Rwy. 4135 Commercial Credit Co. 52 Delaware & Hudson Co. 53 Denver & Rio Grande 4135 Northwestern Tel. Penna. R. R. Co. 6'as 1 Portland General llt:l. 5 i Wi conziderable portion of this reaction in earnings, in dividends and in market prices to the failure of the consolida- tion plan, heralded as a sort of panacea for Eastern railroad ills, to eventuate. On the other hand, at & time when railroad credit is under constant at- tack and when holders of rallroad bonds are acting as though they ex- pected the transportation system of | the United States to cease to function, it strikes the layman as somewhat queer that the so-called minor compli- | cations in the raflroad merger cannot | be adjusted and whatever value there may be, sentimentally or practically, in | rialroad unification, be secured as an offset to all that is visibly unfavorable and all that Wall Street and most of | the country imagine to be so. Flight of Capital. The chairman of the Security Hold- ers’ Committee, which is attempting to obtain higher freight rates, likens the flight of capital from railroad se- curities to the flight of capital from Germany in July. Recent estimates indicate that the depreciation in rail- road stocks and in railroad bonds from the levels of 1929 amounts to nearly 50 per cent of the total property value of the carriers. With such appalling con ditions facing them and aiarm so gen- eral and 50 intense on the part of owners of railroad securities, it seems strange that a consolidation advertised | to do so much good to the carriers in the East and to have beneficial reactions elsewhere should be delayed | because one road will not give track- | age rights on a small plece of line to & competitor. | So far as outward signs go, this is | the only cause for delay in the nego- | tations. The feeling is becoming some- | what general, however, that there is a | lukewarmness toward consolidation in the East that interferes with the swift | progress of a merger which was ex- | pected to have been submitted in its' final form to the Interstate Commerce | Commission months before that body became involved in the application by | all of the carriers of the country for | Joseph I. Weller *¥% A—13 a 15 cent increase in freight rates. In other words, some of the parties to the agreement are more content to maintain the status quo than to involve themselves in the additions and sub- tractions from their systems recom- mended in the original conferences last zn Real Estate Investment Co. 416 5th St. N.W.. Rq NAT. 4519 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. ~ LOANS Ts Your 1st, 2nd_or 3rd Trust Due? Do You Need Money? Real Estate Investment Co. a6 § .____NAT. 519 First Mortgage Loan Applications Invited at 5/5% Glover & Flather 1508 H St. N.W. National 1753 Money to Loan Secured by first deed of trust en re FPrevalling Interest and commiion " 420 Wash. Bldg., 9th & F —————— e AW *IIIIlIIIIlIIlIIIIlIlmHIIllllllllllillllllIIIllllllIlIlIIIIlIlIlIlIlIIIIIlIlllllllllllllllllllIIllllllllllIIIIIIIIIIIIIHIIIIHIIIIIIHIIIV* Money Available for Mortgage Loans Trust Loans on apartment house, office build- w]fl appreciate receiving applications for First ing, residential and business properties in Was}?ington. or nearby Maryland and Virginia—and promise they shall have our very best attention. Funds are immediately available for approved loans—and will be 5 or 10 year periods—at made for 3, 5%% . RANDALL H.HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 * illl|IIIIIIllllIIIllIlIlII||||lII|IlI|IIIllI|IlIII!lllHIlllllIIIlIllIlllllllIllllNlIIIlI|IIIllIYII|llIIIIIllIIIlI|IIIIIIIIIHIHIIIIIIIIH* e ———— PROPERTY Apartment House MANAGEMENT MANAGEMENT THAT problem which is per- plexing you; those vacancies that are reducing income; that constantly growing overhead—in your apartment house—are all matters that sur Property Man. agement Department can handle to your relief from worry and increase in net profit. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE Nat’l 2100 LOANS FIRST MORTGAGE LOANS on residences and business properties in the District of Columbia and nearby Mary- land suburbs . . . Lower Costs, Long Term (if desired), Valuable Prepay- 3% Loan Correspondent for *“The Prudential” FIE L RUST 1001 FIFTEENTH STREET ESTABLISHED ment Privileges . . . Three- yearloans on newer proper- ties without amortization COMPANY NATIONAL 8100 1889