Evening Star Newspaper, September 4, 1931, Page 13

THE EVENING STAR,‘ "WASHINGTON, D. C., FRIDAY, SEPTEMBER 4, 1931, FI> | FINANCIAL. PERLEY WILL HEAD NEW YORK STOCK EXCHANGE AIB. B!fl_[}fl WORK REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications on ki spartments and dwellings, and larly on well located business for 3, 5 or 10 » 1 5o deslre K St. N.W. Nation: FREELY GIVEN TO INVESTORS MARKET CHECKED Vrious Companies Have Been Quick <o Stock and Dividend Rate. Note—All stocks are sold in one hundred-share lots | - Prev 1971 excepting those designated by the letter s (80s) (250s). H",;‘; Lov. ~Prev. 1931~ Stock and Pre ik Dividend Rate. Sales— Pro Add 00. High. Low. Close. Close, o ALy L 7 % Committee Appointed to Pre- pare Annual List of Chap- ter’s Expenses. EDWARD C. STONE. president of Wash- | cpter, American Institute of y announced the ap- of ' tpacial Finance Cem- | the preparation and supervision of th> annual budset, which emounts to approxima tely £20.000 Perley American & Trust been mi man of mittee The other mem- bers include T. Hunton Leith, Security Savings & Commercial Bank; 1. J. Roberts, Riggs National; Robert A. Sisson, Wash- ington Savings Bank, end James A. Soper, Lincoln National ' All these members have served the institute in meny very important positions. e new chairman, Mr. Perle presicent last h the tr com- chairman in 1928-29, ational Committee in He is a grasuate of | Central High School and | corgetown Law School, being a member of the District Bar. The rew committee will oversee the ! exponditures of 14 different chapter | committees and is expected to bring about considerable saving in expendi- tures during the year. Stocks Reveal High Yields. A local investment house has pre- pared a list of 50 stocks considered Frank M. Perley. | worth studying at this time, the divi- dend rate, price, vield and high for 930 being given. Three stocks are of local interest thaler and Lanston. Drug_ S Peoples Drug, | res preferred has a | dividend rate of $6.50, sells around 103, | yields $6.31 and the high in 1830 was 109, i Lanston Monotype, with egtras, has an $3 dividend rate, sclls at 87, yields| $7.78, and in 1930 was as high as 120. Mergenth: Linotype is now paying | $6 a year, sells around 77, ylelds $7.78, | and I year sold as high as 89 Other iss a year. sclling 2t 50, to yield $6, and selling as high as 6115 last year; Gen- eral Motors, paying $3, selling around | 36, yielding $8.33, with a top in 1930 of 5415 Anaconda Cepper, Canada Dry Gin- ger Ale, Kresge, National Dairy Prod- ucts, U. S. Steel and Westinghouse are among other stocks in the list. White Heads Income Foundation. Col. Harvey White has been ap- pointed resident vice president of In- come Foundation, Incorporated, with offices tn the Investment Building, ac- | cording to announcement made in the\ financial district. Col. White is a na- | tive of Roanoke, Va., graduate of Vir- ginia Polytechnic Institute and was for- with the Norfolk & Western and le & Nashville Railroads. He ! is a former city treasurer of Louisville, 2lso city auditor and chairman of board of public wo; He enicred the insurance business in 1916, making a most unusual record in obteining new business. He has been active in the financial field, having been a director and org2nizer of the Union Central Bank in Louisville and organ- izer of five banks in Florida. He has peen unusually prominent in the Ameri- can Legion, being State commander in 1929 Col. White has been in Washington several months, being in the insurance 5 until he assumed his present Ks th Heard in Financial District. John R. Waller, president of the In- ternational Bank, left Washington this| noon to pass Labor day at Mount Po- cano, Fa. W. W. Spaid of W. B. Hibbs & Co. also left the city to spend the week end at_the Same Penncylvania resort. B. L. Colton, trust officer of the Dis trict Nationel Bank, is y on his annual vacation Harry G. Mcem, vice president of the ‘Washington Loan & Trust Co., has re- turned to his desk after a month's va- cation at Atlantic City. The Educational Committee and fre- dinner cf Washington CheptZ,, ! . will take place next Tuesday | evening at the Raleigh Hotel, with Dr.| Harold Stonier as the leading speaker. ashington Clearing House figures for tcday: §3,781,263.08. FOREIGN TRADE VOLUME tes in the list, taken at ran- | dom, include General Foods, paying $4 ! APPEARS ENCOURAGING B the Associated Press Tmmediate foreign United _Sta appears encouraging | when all factors governing the situa- tion are taten into consideration. xports to o1l grand divisions during $6,520,000 less tnan the despite economic and virtually _all f th» comp Imgorts to this were only 940,000 less during A larg> part of the decline was due to lower prices, rather than a drop in bulk shipments. It was believed likely that were price gauged, the month’s pare favorably with s of 1921 and 1922 ressing conditions ex- trade of the; i commerce for the year to date showed up unfavorably, however, o . on the basis' of Com- ce Department calculations, aggre- gated $1.497.000,000 for the first seven months of 1931, a drop of $846.000,000 from last vear, while imports, totaling $1.282,000.000, were off $675,000,000. Nor did recent events presage a brighter future. New obstacles to American credit have arisen in our best customer countries, and curtailed foreign purchacing power has bcen Jowered more. Fluctuating exchange, particularly in South America, augured 1ll for international trade, as shown by official trade figures for July, recording exports to South America of but $13, 000,000, &s cocmpared with $28,000,000 for July last year. INCOME RETURN RISING. NEW YORK, Sepiember 4 (Special). —The decline in the market this week has lifted the return on listed dividend paying stocks about !4 of 1 per cent, or to an average above 6 per cent. During August the average return declined when stationary prices were offset by dividend reductions. ‘The highest average dividend yield was that of last June, when stocks were not only at their lowest prices of tie year, but there were scores of dividends that still held at the old rates. POTATO MARKET. CHICAGO, Scptember 4 (P (United States Department of Agriculture.— Potatoes, 77, on track 247; total United States shipment, 495; dull, trading slow: sacked, per hundred- weight, Wisconsin, Cobblers, 1.00a1.05; few, 1.10; Minnesota, 90a1.00; early Ohio's, 80a90; Idaho Russets No. 1, 1.70a1.80; Commercials, 1.25a1.35% 30% 73 70 15 1875 109% 64y 3219 38%, 43% 2% T 47 High. Low. 2 Adams Express (1), 15 Adams Mils (2).... 9 Addressograph 1.40. 1 Afr Reduction(t413) 48 Alaska Juneau (40c) 873 Allegany Corp...... b4 Allegheny St! (1.20) 120s Alliance Realty (3). 20s Allied Ch&Dye (n6). 43 Allis Chalmers (2).. 10 Alpha Port Cemt (1) Amal Leather Amerada Corp (2)... Am Agri Chem(Del). Am Beank Note pf (3) Am Brake Shoe(2.40. Am Can Co (15)..... Am Car & Fdry (1)., Am Car & Fdy pf (T) Am Comel Aleohol. . Am European Secur. Am & For Power. Am & For Pwr pf(6) Am & For Pwr pf(7) Am & For Pwr 2d pf. Am Haw St'ship (1). Am Hide & Leath pf. Am Home Prod 4.20.. Am Ice Co (3).... Am International . Am Locomotive (1). Am Mch & Fdy 1.40.. Am Mach & Met ctfs Am Metal Co Am Natural Gas pf.. Am Pwr & Lt (11)... Am Radlator (60c).. Am Smelt Ref (2). Am Sm&R 2d pL(6).. Am Sm & Ref pf (7). Am Snuff (+3%). Am Solv & Chemical. Am Steel Found (1). Am Sugar Ref (5) Am Sugar Ref pt (7) Am Sumatra Tob. ... Am Tel & Telez (9). Am Tohaceo (16).... Am Tobacco B (16).. Am Water Wks (3).. Am Wat W Am Woolen Co...... Am Woolen Co pf... Anaconda Cop (1%). Archer Daniel Mid Armour of 111 (A). Armour of 11 (B)... Armourof Il pf... .. Associated Apparel.. Asso Dry G (234). Atch To&S Fe (10).. Atiantic Refining (1) Atlas Stores (1)..... Auburn Auto (f4)... Aviation Corp (Del). Baldwin Locomotive Balto & Ohio (5).... Balto & Ohio pf (4). Ramberger pf (615) . Bang & Aroos pf ( Barnsdall Corp'n Beatrice Cream (4).. Beatrice Crm pf(7).. Belding-Hemingway Bendix Aviation (1). Best&C0 (2)....... Bethlehem Steel (2). Bethlehem Stl pt (7) Bohn Alumn (1%) Borden Co (k3) Borg Warner (1 Briggs Mfg (11%) Bklyn Union Gas ( Brown Shoe (3). Brunsw-Balks PISPCHES -JNUPAIGE. 1 P Budd Wheel (1)..... Bulova Watch (80c). Burrough A M(11%3) Bush Term deb ( 3 Calumet & Hecl; Canada Dry G A ( 9 o 19% Canadian Pacific 1% 913 Capital Admin (A) 3 Car Clin& O sta (5) . Case (J 1) Co. Caterpillar Trac(3). Celanese Corp. Celotex pf s Century Rib Mills. .. Cerro de Pasco (1).. Certain-teed Prod. .. Checker Cab Mrfg. Ches & Ohio (233)... 4 Chesapeake Corp(3). Chi Great Westn pf. Chi Mil StP & Pac. .. Chi Mil StP & Pac pt. Chi & Northwest (4). 3 Chi Pneu Tool pf.... Chi R 1& Pac (m2%) *hi RI& Pac pf (7). “hile Copper (113)..150: “hrysler Corp (1)... 286 *ity Ice&Fuel (3.60) *ity Ice& Fuel pt 6 Columb Graph (36c). Columb Carbon (5).. Comel Cred 1s1(6%). Comel Inv Trust (2). Comm Inv cvpf(e6). Comel Inv Tr pf 6%. Comcl Solvents (1).. % Comwlth&Sou (40c). Congolm-Nairn (1).. Congress Cigar (4).. Consol Cer pr pf 6% . Con Cgr pr pf xw 634 Consol Film pf (2) Consol Gas N Y (4).. Consol Textile. .. Contl Baking (A). Contl Baking (B) Contl Baking pf ( Contl Can (2%). . Contl Dia Fibre (1).. Cont Insur (2.40) Contl Oil (Del). Contl Shares. ... Corn Products (t4) Coty Inc. Cream of Whe Crosley Radio % & Crucible Steel Crucible Steel pf (1) Cuba Cane Products. Cuba Co. . i Cudaby Packing (4)+ Curtis Publish (4 4 Curtis Publish pf (7) Curtiss Wright...... Curtis Wright (A) . 9% Dbavison Chemical. 15 Deere & Co pf (1.40). 45% Del Lack & Wn (4).. 11 1 Devoe & Ray A(60¢). Diamond Match (1). Dome Mines (1)..... 14'% Domn Stores (1.20).. 17% Doug Aircraft(t1%) 6113 Drug Corp (4).... Dupont de Nem (4 Eastman Kodak ( Eaton Axle (1.60) Eitington-Schild pf.. Elec Auto Lite (6).. Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). Slec Storage Bat (5) Eng Pub Sve (1.60).. Equit Oftice Bldg 2% ¢ Erle RR....... Erie RR 1st pf (4)... 17'3 Erie RR 2d pf... 15'% Exchange Buff (1%) Fairbanks Co. Fairbanks Co pf. Fairbanks-Morse. .., Federal Screw Wks. Fed Wat Svc A(1.20) Fid Ph Fire In(2.60). Firestoné T&R pf(6) First Natl Strs (2%) Fisk Rubber. i itisk Ttub 1st pf conv Foster Wheeler (1). Fourth Nat Inv ms5e Fox Film (A) (2%). Kreeport-Tex (3) 1; Gardner Motor. 41 Gen Am Investo; 73% 52 Gen Am Tank Car(4) 15% Gen Asphalt (8. . 25% 17% Gen Baking (2)ea Bales— Add 00. High. Low. Close. Clo: 13! 134 131 31% 15 4N 85 1% 123 39 ~ 108% 19 104 807, 75 5812 39% 107 Gen Cigar (4),...... Gen Electric (1.60).., 1 Gen Elec spec (60c. Gen Food Corp (3).. Gen Gas&El A(e30c) Gen Mills (3).. en Motors (3). en Outdoor Ady Gen Outdoor Ady(A) Gen Public en Ry Signal (5)... Gen Realty & UL, .. Gillette Saf Razor Gimblel Bros pf Glidden €o. Gobel (Adolf).. Gold Dust (2} oodvear T & R (3). Graham-Paize...... Granby Con Min (1). Grand ('nion. . WAt bl A 4'; Hahn Dept Hahn Dpt T Hall (WF) (120). Hartman Corp (B).. Hershey Choc (5). Hollander Sons..... Homestake Min (17) Houdaille Hershey . Household Fin pf(4) Houston Oil. .. .. HHouston 01l (new) .. Howe Sound (2) Hudson Motor (1) Hupp Motors Tlinois ¢ 6114 Tllino ntilc4). 2115 Indust Ravon (4). .. 74 Inzersoll Rand (4).. Inspiration Copper. . Interboro Ttap Trans Intercontl Rubber Interlake Tron. ... . Int Bus Machine(n6) Int Cement (4) Int Combustion. Int Combustion pf » Int Harvester (213). Int Hydro E1 A (e2), Int Match pt (4) Int Nick of Can(40c) 2 Int Paper & 15, Int Paper & Pw: 461 Int Shoe (3)........ 18% Int T2l & Telez (2).. 25, Investors Equity. 36's Jewel Tea (4). 40% Johns-Manville « KC P&LIsUnf B(6) Karstadt (Rudolph). er (J) & Co (1), oring Tire. .. -Hayes Wheel Kennecott Copper( Kinney (G R) Co. Kresge (S § Kresze (SS) pf (7).. 18% Kreuger & T(m1.61) Krozer Grocery (1), 56 Lambert Co (8). 915 Leh Port Cement. ... 413 Lehigh Valley Coal.. 18 Leh Val Coal pf (3). 30 Lehigh Valley : Libbey Owens Gla Lizgett & Myers(+ & Myers B (13) 19% Lima Locomot (m Link 2) Inc (3). LoftInc. .. Wiles Louigiana Oil Lou Gas& 23 MecCall Corp (23%).. 34 MecCrory Strs A (2).. 64 McKessportT P (4). 74 McKesson & Rob(1). 4% McLellan Stores 2113 MackTrucks (2) (RFD& Co(n3). g Garden(60c) A Copper (1).. 1's Mallison & Co. 20 Maliison & Co pf 1, Manatl Sugar.... ManhatElev mod gtd 4 Manhattant Shirt(1) « Marine Midld (1.20). 2 Marmon Motor Car.. « Marshall Field » Mathieson Alkill ( 28 May Dept Strs (2% 4 MuytagCo..... 2 ) ) ) Mengel Co S 3old Pic pf 1.89. ntinent Petm. Midland St 4 Minne & St Louis. MStP & S S Marle.. 975 Mo Kan & Texas. ... ssouri Pacifi souri Pac pf (5). 1815 Monsanto Chem (1% 15% Montgemery Ward. . a Mother Lode. . 8% Motor Wheel (1) 8% Mullins Mfg. . Nash Motors (4) t Acme Co. .. at Cash Register A Nat Dairy (2.60) at Dept Stores. at Dist L'rod (2). at Pwr & Lt (1). at Steel (2 at Supply Co. Nat Supply pf 4 Nat Surety (2) at Tea (1). eisner Brothers Nevada Copper (1).. Newport Co (1). Newton Steel. . Y Central (6). Y & Harlem (5) N ¥ Inyestors. NY N H & Ha NYNH&HDL (7). N Y Steam 1st p£(7). 1 4 Noranda Mines Norf & Westn (112 % North Am Aviation. Nor Amer(b10%stk) 7 Ohio Ofl.. 10 OlivFarm Eq pr pf.. 315 Omnibus Corp . 35 Orpheum Cir pt (8).. 317 Otis Elevator (2%).. 2513 Owens 111 Glass (2) . Pacific Gas & El (2) ., 4 Pacific Lighting (3). Pacific Tel&Teleg(7) Packard Motor (40¢) Paramt-P(m1.62%p) *armelee Transport. 1the Exchange. .. .. athe Exchange (A). Peerless Motor Car.. Penney (J C) (2.40). Penney (JC) pf A (6) 4 Penn Railroad (3) Peop Drug Strs (1). . Peoples Gas(Chi) (8) Pere Marq pr pf (5) . Petm Corp of Am(1) Phila&Reading C& I Phillips-Pones Phillips Petrol Plerce Ofl..... Plerce Fetroleum. Pillsbury Flour (2). Pitts Coal pf. Toor & Co (B). Porto Ric-Am To(2). Prajrie Ofl & Gas. ... Prairie Pipe Line(3) Pressed Steel Car. .. Pressed Steel Car pf. Proct & Gamb (2.40) m. . Proe &Gamb.pf (5).. 30s Public Sve NI (3.40). 5 Public§ve NJ pf (5) 3 Public Sve NJ pf (6) 1 05 100% 5% 641, 391 0s 29 6 623 112% 23 78la 1 101 2 119% . 100% 5% 64 38% 8lg 1R 125 6% —_—————— (Continued on Page 1t), _ .. 119% | of Thursday. !in their contracts rather than ! | position over the thrce-day holiday. | fluence | Inc. i Short Covering Plays an Im- portant Part in Day’s Dealings. BY GEORGE T. HUGHES. Special Dispatch to The Ster NEW YORK, September 4.—The de- cline in the stock market was halted today, but the recovery was compara- tively slight and for the most part due to short covering of a pre-holiday char- acter. Trading volume was small. Net changes were unimportant except in a few issues, among which the most con. spicuous were the communications shares During the morning hours the rail- way shares sxteonded their losses suffi- clently to set up a nunber of new lows. The averagoes st the clos» on Thurrday had dropped nrder anything secn since 1898, and that fact alone was enough to bring new c#ferinzs 1nto the market today. Among lows: wer2 those in New York Central, the directors of which are scheduled to meet for dividend ac- tion next week; in Pennsylvania, Union Pacific and New Haven, which also has a dividend meeting next week; in Illi- nois Central, and in Lackawanna, the drop in which ran to a slightly larger amount. Telephone & Tclegraph were the in- dustiial end the utility, respectively, to suffer the most from the attentions of operators for the dacline. United States Stecl, fracticnally under low, was at the lowest in nine years American Telephene in new low ground on the movement was off 3 points | The action of United Statcs Steel pre- ferred, because it represented invest- ment rather than speculative sentiment was closely watched for any sign of a turn, but the senior shares like the common made a new low. . There were, however, a few stocks able to move against the trend. One of these was Lambert, responding to decla- ration of the regular dividend and a report of increasing profits in compari- son with those of & Vear ago. Cash Register in the low-priced list was in good demand. The street had r ports that the business of this company s showing steady improvement. Lig- gett & Myers B in th~ tobacco group gave a good account of itsclf. The market es a whole was never as weak: as it had becn during the break In foct. after the early selling was out of the way there vas a distinct disposition to rally. Shorts took hold a little in the news to in- s one way or the otber. Berlin cables were more oncouraging, but they were offset by the fresh weak- ness in German dollar bonds here. Sterling exchange was off 1-32 of a| cent at the opening and the London | stock market was weak. At home there was an absence of the disturbing rumors | which have so often upset the market !of late. On the other hand, the lack | of any sign of Autumn trade improve- ment was discousaging. 'CREDIT MEN PLAN FOR ACTIVE YEAR Educational Committee Arranges Law Course and Makes Awards to Graduates. ‘The president of the Washington As- sociation of Credit Men. Charles W.j Clayton, is looking forward to a par- ticularly successful year's work from| an cducational| angle. As already| noted, John A.| Rellly, dent of the Fed- eral-American Na- tional Bank & ‘Trust Co., will con- duct a_ course in commercial law, which will deal primarily with legal subjects of vital interest to the credit exec- i Classes will held every Tuesday evening, beginning Septem- ber 22, until the prescribed number | of hours have been consumed. Those completing the cour: will receive a | certificate from the National Institute | | of Credit. ‘The Educational Committee of the association consists of Arthur J. Linn, Federal-American National Bank & Trust Co.: E. L. McIntosh, Frank Hume, Felix Moriarty, E. Morrison Paper » and M. M. Watson, Dulin & Mar- tin Co. At the meeting of the association, held at the Raleigh Hotel last Tuesday, the following members received certifi- cates of completion from the National Institute of Credit: E. A. Brown, X E. L. McIntosh, W. W. Weidman, Co.; Louis M. Hewlett. Griffith-Consumers Co.; M. D. Esch, Hydraulic Press Brick Co. There was h Jobn A. Reilly i McClanahan, J. Carey King, Inc. PARIS BOURSE PRICES, United States Stcel and American | Thursday's | National } Holdings and Assets. BY CHARLES F. S,PEAII. and a certain amount of secrecy con- Special Dispatch to The Star. cerning the contents of and the peri- NEW YORK, September 4.—The | odic shifting in the issues in their port- | yearly routine of putting the invest- | f0lios. Those that have been listed iment trusts on the rack is being fol- | On the New York Stock Exchange must | lowed in the request that has just gone | follow a prescribed formula which per- | | out to 300 corporations of the manage- | Mits the investor in their shares op- :ment type from the office of the At- |Portunity to value them equally with | tormiey! Gerieraiof ‘New: Tk State: | the securities of other types of corpo- rat'ons th; v cl B vi= | Stmilar demands for detalled infor- |leges. Consequentine it ie Tert " shat mation have been made annually since | there is not much additional informa- !the trusts became a prominent element | tion of a worth-while nature that can in financial affairs some years #go. | COme out of the present investigation Their effect has been salutary. They by the State authorities. have brought into the opsn many facts | One requirement of the newest in- that holders of investment trugt shares |.dustry is for a balance sheet as of De- needed to know in order to Bppraise | cember 31, 1930, and June 30, 1931, | with some degree of accuracy the worth | With prcfit and loss statements for the | {of their securities. | calendar vear 1930 and for the six months ending June 30 last. It would Complete Reporis. | be more valuabie to the hoider of th> | It 1s now the feeling, hawever, among | management trust shares if the reports { most of the executives of the manage- | vere as of July 31 rather than June 30, {ment trusts that they have given the |inasmuch as the changss in security | public a complete picture of their oper- | values were considerable during July, | ations and have, in large meastre, met | when all securities depreciated heavily Ithe early criticisms airected sgainst | as compared with prices at the end of | them on the score of incomplete reports | June. During August, however, stock | lists remained almost stationary. Inas- | = |much as few of the investment trusts carry domestic bonds in their portfolios the decline in bond values last month |would not materfally affect their position Management Trust Shares, The interest in management trust shares has been at low ebb during the greater part of this year. There has been little public demand for facts about their operations. Most of their stocks continue to sell well below their book ! values, just as they sold much above these values two years ago this month when the peak of their market per- formance was realized. It is under- stood that there has been some shifting of securities and considerable liquida- tion of railroad stocks, although as a class “rails” were in least favor of any group with the trusts that played the most conspicuous part in the 1929 mar- |ket. Industrials and public utilities Iways represented a high ratio of stments. Stocks that have | been sold have been replaced in some |instances by shares of companies that appear to have a better outlook than those that were forme; held, though | the practice of many trusts the last s | months has been to increase their cas) accounts and held them intact until |such time as they are convinced that | the stock market is a purchase for long-term investment, It is estimated that the depreciation in the total security holdings of man- agement trusts, compared with their cost prices in 1928 and 1929, is be- Supply Information On Their i GAIN IN NEWSPAPER - ADVERTISING SEEN |Use of Local Media Is Rec- ommended by Noted Economist. Special Dispatch to The Star. NEW YORK, September 4—A large | increase in newspaper advertising is | forecast by Gage P. Wright, editor of { the Business Eccnomic Digest and New York business counselor, who has ad- | vised his clients that prospective busi- | ness conditions practically require such a redistribution of advertising funds if | advertisers are to take the fullest ad- vantage of such business recovery as may be in store for this country in the near future. Mr. Wright said he based his opinion upon the convictions of | many business men with whom he had | conterred recently. “Business conditions are spotty, to vize presi- |y s | and over, 32233; 2 to 2'; pouncus. 29a 3 PARIS, September 4 ().—Three per cent rentes, 89 francs 40 centimes. Tive per cent loan, 104 francs 30 centimes. Exchange on London, 123 francs 95 centimes. The dollar was quoted at 25 francs 50'; centimes. DIVIDENDS DECLARED ! NEW YORK, September 4 (#).— Initial. - Fay- Hldrs. of record. Sep. 10 Pe. Company. Rate. riod. able, Jez Cen Bow . L+ 5%2% pf......51.37%2 Q Oct. 1 Reduced. Flet Am NB (Ind).$150 Q Okonite Co.........S1 Q Shuckert & Co...11% Aug. 31 Aug. 1 Omitted. McKeesport Tin Plate.50c Am Pelt pf... Am Pub Ser Am Sec Corp pf 0 Banca Com It Tr $125 Barker Bros pf.$1.631; Brad Knit 1st pf.§1.75 Bucyrus Monig A...45¢ Cambria Iron Co.,..51 Ghat Bh Nat B4 T:1 al ) C pf.$1.50 Hawaiian Sug_Co. Hygrade eyl Cor G 0. $6.50_ pt ‘l; 2 SR 10 FEEEE 3 DODODOLOOOOOOOODOD OOOPOOODD: RODRRZR DOONOOLOHOD * H 10 10 9 i 13 15 . 20 i2 1 gl L EEEEEE 82 H aasaaa ) £y S5 4 10 15 20 20 4 19 1] 5 333858888 EC say the least, at the present time,” said Mr. Wright, “2nd there is every reason | to believe that improvement will be | equally spotty. with returning prosper- ity making itcelf evident sooner in some places than in others and with more intensity here than there. | | Concentration Favored. “Common sence indicates the wisdom of concentrating advertising in the favorable spots rather than spreading it uniformly over a variety of fields, only a few of which are ready for culti- vation. This means ncthing more or less than the concentration of adver- tising in newspapers, methods of dealer help, and direct mail advertising Perfodicals of national coverage may easily increase their circulations with the first signs of returning prosperity, but of what use to the advertiser is coverage in territories which have not yet regained their purchasing power." Mr. Wright said that, in forwarding this advice to his clicnts. he hes called attention to another element which | must be kept prominently in mind in | wisely adjusting an advertising cam- | paign for the near future. This is the relative size of the potential markets rhich may be presented. If, for ex-| ample, business is reported on the up- grade in Nevada while still depressed | in New York, an increase of advertising | {in Nevada is indicated, together with a | | decrease of the sums expended in New | %:800. steady York. | Local Media Urged. | “At the same time, the wise adver- | tiser must not lose sight of the fact that all the business of Nevada would | comprise but a small part of that to be expected from New York and he must not make the mistake of increasing or | decreasing his coverage to too great a degree. What is chiefly essential is| that he divert all his advertising ex- | penditures to local media which will| reach intensively just the markets he seeks without wasting effort in fields | where little, if anything, is gained,”| sald Mr. Wright. Butter—One-pcund prints, 31; tub, | 0. ‘Eggs—Hennery, 28; current receipts, | 18a20. Poultry, alive—Spring_ broilers, 3] pounds and over, 26a27; 2 to 2% pounds, 24a25; 112 to 2 pounds, 22a23 Legborns, 20; hens, large, 23a24; small, 21a22; rcosters. 12a13. Dressed—Spring broilers, 3 pounds 1'; to 2 pounds, 27a28; Leghorn, 2 ; hens, large, 27a28: small, 23; “oosters, 13al4; Long Island ducks, 21a 2. ‘Meats—Beef, prime, 17: cholce, 16a 16%,; medium, 14a15; good cow, 11: veal, top, 16; laxb, 19; pork loias, 8-10 pound average, 26; 10-12 pound average, 23; 12-15 pound average, 20; fresh hams, 19; smoked hams, 51; strip bacor, 22a 23; lard, bulk, 10; package, 10%a. Live stock—Hogs, heavy, 5.5026.50; light and medium, 6.50a6.75; pigs, 6.b0a 6.50; roughs, 3.00a4.00; calves, 5.00a 9.50; lambs, 5.0087.50. Prults—Watermelons, 15a30; canta- loupes, Arizona, Jumbo flats, 1.25; homegrown, bushel baskeis, 1.00; peaches, 50a1.00; apples. 50a1.25; pears, 2.75a3.01 oranges, 4.00a5.! lemons, 5.5026.50; limes, per 100, 1.25: Persian melons, 2.00; honeydews, 2.00; phims, 1.50; grapefruit, 5.00; grapes, home- grown, six-pan crates, 1.00; Concords, 18-pound baskets, 40a60; pineapples, 4.00; huckleberries, 4.00; prunes, 1.00a 1.10; bananas, 1.00a2.00. Vegetables—Potatoes. per barrel, 1.75 a2.00; sweet, per bushel, 75a1.00; toma- two-peck baskets, 40a50; string beans, 1.00a1.25; shelled, per quart, 40; squash, 40a50; peas, 3.00; cucumbers, 75a1.0 lettuce, Iceberg, 3.50a7. cabbage, 50; spinach, 1.50; New Zealand, 75; turnips, 1.00; corn, 5-dozen sacks, 75a1.00; carrots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00. STANDARD OIL MERGER. NEW YORK, September 4 (Special). —Standard Oil of California and Standard Oil of New Jersey shares con- tinue to s t an even exchange in the contempl merger. It is a ques- tion, however, whether holders of the former will be willing to give up the ‘benefit of their larger dividends for the greater juity said to exist under Standard Oil of New Jersey shares. The meérger will undoubtedly meet with op- tion, as did that of Standard Oil of ew York and Vacuum Oil. Eventual- ly it is believed it will go through. U. S. TREASURY BALANCE. The United States Treausry balance ennounced today as of close of busi- ness September 2. was $125,255,728.62. tween 50 and 60 per cent. Cumulative Feature, It is learned tcday that owing to the tax situation one of the large dis- tributors of fixed trust shares is pro- posing a new series to be offered to the public. There are also several other trusts in the same classification that are planning the adootion of the cu- mulative feature as the one they be- lieve will have most favor with the public. The persistent reduction and omission of dividends on stocks held by fixed trusts is resulting in consig: erable ‘shifting of holdings where this | is permitted under the contract, as well as the payment of smaller dividends on the fixed trust shares themselves. The dividends on nearly one-third of all of the stocks owned by one of the largest fixed trusts have been reduced in the last 12 months. This subtracts a size- able amount from the income applicable to that trust's dividends. (Copyright, 1931) CHICAGO DAIRY MARKET. CHICAGO, September 4 (#).—Butter. 8529, firm: creamery specials (93 score), 30a30';; extras (92 score), 291, extra firsts (90-91 score), 27!5a2815: firsts (88-89 score), 25a26: seconds (86-87 score), 22a24; standards_ (90 score centralized cariots), 29. Eggs, prices unchanged. Money to Loan Secured by first deed of trust on real estate. Prevailing Interest and commission. Joseph 1. Weller &0 mah. 1 & Trust | ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles of Stock Now Open For Subscription James E. Connelly James F. Shea President Secretary Why Not Increase the Earning Power of Your Money —*y investing | i —in our GUARANTEED First Mcrtgage Notes You have choice of the type and v behind your U Our Guaranty B reauest. REAL ESTATE MORTGAGE & GUARARTY CORPDRATION 1610 K S Nati WE PAY LOANS on D. C. Property No Renewals No Commi: Malled on 1403 IINTERESTY SAVINGS ions With many additional ad. vantages. Ask us for de- tails of our Loan Plan. . B . Open Daily 9 to § Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT 949 NINTH ST.NW. | . 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