Evening Star Newspaper, September 4, 1931, Page 14

THE EVENING STAR, WASHINGTON, D. C., FRIDAY, SEPTEMBER 4, 1931° FINANCIAL, IBONDS ARE LOWER | (oo sonx BONDS mocescee] | § RESERVE BANK - | IN FORGED SELLING =55 CREDIT INCREASES ?::JE.?' ?::LE.', 111 Cent 58 '55. 321 :m-.l St 671 67 67 . . e ol Decline in Stock Market Com- sz as 52 [Daily Average Volume for % | Week of September 2 Sales. High. Low. Close. |11l CCSIL&N 58 Lib 3% 32- 39% i 875 8Tk 7 ¢ Gains $49,000,000. FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. A—14 2% TRADE RECULATION | LAW 1S HELD VOID Okiahoma Statute Affecting| Ice Businees’ Fails on . High. Low. Close. 901 90% 90% 0% T0% T0% Sales— Add 00. High. 6% 9015 331 614 390 131 Prev. Low. Close. Close, ~Prev. 1981 Stock and Hieh. Low. Dividend Ri 115 615 Tri-Contl Corp...... 941, 901, Tri-Contl Corp pf(6) 2814 Trico Produets(21 (Continued From Page 13.) Sales— Prev. Add 00, High. Low. Close. Close, 5 291 29 29, 29 5 8 8 10s 84 84 217 21% 19 " 185 441 44y 14 14% 16'% 164 ~Prev. 1951~ Stock and High. Law. Dividend Rate. 581; 28 Pullman Corp (4) 11% 5% PureOil...... 1017 66% Pure Oil pf (8) 55 21 Purity Bakeries (3), 270 12 RadioCorp...... 60 311 Radio Corp (B) (5). 2413 11% Radio-Keith-Orph A, 294 Raybestos-Man 1.60. 7 S33s40-43- 29 102 17 10215 102 15| Int Rap Tr 7 32 US33%s41-43.. 28 102 20 102 18 10220 | Int Cement 58 4! U 8 3%s 43-47.. 34 102 22 102 22 102 22| Int & Gr Nor 8; US4s44-54.... 11 108 4 108 4 108 4|Int Hydro Kl 68 '44. US4%s47-52.. 9 11210 112 8 11210 Int M Co s ret’41.. Int Match 5s'47 Sales. High. Low. Close. | Int MM col tr 65 ‘41 1 3 1 Union Carb & (2.60). 101 Union Vil of Cal (2). Union Pacific (10)... Union Pacific pf (4). |US3%s°49....126 101 6 101 5 101 5! Int RapTr6s'32. 80%; 79% 7.. 10 102 9 102 9 102 9)Inland St 4%;s 118t 4%s32-47 15 102 30 10227 19230 ) Int Rap Tr bs " pels Further Liguidation. % o Bids Scarce. 9% { L 4th 43,5 33-38142 104 28 104 26 104 26 | Int' Rap Tr sta ‘66 721 Tl 72 5% 72 4% 72 6 1 4 6 Legal Test. BY DEAN DINWOODEY. The fate which might bsfall measures recently proposed for State regulation and control of certain industries, par- ticularly in the agricultural and mining fields. is indicated by a ruling just hand- ed down by an appellate court holding unconstitutional an Oklahoma statute derlaring the manufacture, sale and dis- tribution of ice to be “a public business,” and providing for its regulation. Overproduction of cotton, wheat, coal, oil and other commodities has called forth many plans and suggestions for State action and State laws to regulate nd control the output of these products and to fix prices for them. The execu- tive autkority has been exercised in the oil fields of Oklahoma and Texas. Sug- tions have been offered that the in- dustry be declared a public utility. Louisiana has enacted a statute pro- hibiting the raising of cotton for one year, provided other cotton raising States take similar action. Proposals e been seriously entertained that the 5 ors of coal States exercise the police power to curtail production. Pleas plans that State governments take ~ps to siem overproauction are ram- cat. Legality Questioned. The lcgality of suggested measures for State interference with private usin even under the exceptional circumstances now existing, 1S ques- tioned in many quarters. Doubt exists that the action already taken in shut- ting down oil wells is valid. Though the legal situation as to State regula- tion of each of the mentioned indus- trics is not the same—some of rhe m-asures being supported under the general welfare clauses of constitu- tions—the decision just announced in the ice case is indicative of the atti- tude of the courts relative to govern- mental control of private businesses. Tre ruling in the ice case was honded down by the United States Cir- cuit Court of Appeals at Denver. Its cpinion declares that th= Oklahoma Legisiature had no power to enact the which requires a certificate of pub- lic convenience and necessity to engage in the ice business and provides that the corporation commission of that State might fix the price of ice, just as it prescribes the rates charged by Fublic utilities. ite the fact that ice is an essen- tial commodity. “we seriously doubt.” opinion of the court concludes. at the manufacture of fce is so| oficcted with a public interest as to Justify the fixing of prices at which the commodity shall be sold. and we hold that it is not so affected to the extent required to warrant the more serious invasion of the rights of the citizens by limiting the number of persous who mar engage in such business in a given Must Decide. aratin by a State legis'ature t a cortain business is “affected with a public interest” is held not to be sifficient to warrant its regulation by State. With the courts. and not islatures, is left the determina- tion as to what businesses ‘are or are ot “affected with a public interest”—} B test employed by the S Giting several decisions of the Su- Court of the 'United States, the TSRl Appellate Court declares that State may not, under the guise of profecting the public, arbitrarily pro- Ribit a person from engaging in a law- ful, private business, or impose unrea- able and unnecessary restrictions upon such a business. ‘It ‘has never been supposed. since fhe adoption of the Constitution.” the | Jate Chicf Justice Taft is quoted as| slating. “that the business of the bricher, or the baker, the tailor, the woodchapper, the mining operator, or the miner was clothed with such a Public interest that the price of his Product ot his wages could be fixed by Srate ight, 1931) INVESTMENT TRUSTS NEW YORK, Septomber 4 (P).— Over-the-counter market: 514 'uk:?. " il A B C Trust Shares ' D' A B C Trust Shares Al-Amer Invest “A Amer & Cont_Corp Amer & Gen S Amer & Gen Amer & Gen Amer Br & Co: Amer Comp T Amer Founder | ! n'& G & Gen Eauit 1 & Gen Ea 6! ore Invest n Store Inv pf hartered Invest . ricred Invest piill Exchange A Exchange B tive Trus. Shares Livesified 1 A Diversified Trust B.. Diversified Trust C fied Trust D Tauity Invest of ...l Tauity Trust Shares Fanity 3 Trade ¥ 1de Winmill Trad Jreorp Investo-s Srp Invest Fanit enend_ Trust Gers of Tndustry B Teaders of Tndustry C. Tow-Pricsd Shares Major Corp Mase Inve Mobawk Tmvest Mutual Inv Trust Atntual Man Nation.Wide € National Tndust Nationa N Y Bank T North Amer Trust Sha o Serur A 01l Ehares nnite Q1 Colone Inv Trist Old_Celony_Trst Asioc Fetrolenm Tred A .. Tublic Servica Tenst:l Repres Trust Shares Second Int Sec A.. ecur Corp Gen $6 pf elected Amer Shares Selected Tncome Shares Srlected Manage Trust Shawmut_Bank .. Spencer Trask. Furd.. . Standard Amer Trust-Shares. Standard Collat Trust State Strest Invest... Super of Amer Trust A. Super of Amer Trust B Super of Amer Trust C. Super of Amer Trust D. .0l T:ust Shares of Amer.. .. Trustee Standard Inv € Trustee Standard Inv D Trustea Standard Oi A Trustee §'end Oil Sheres B eed N ¥ C Pank 4y 3l inited Bank Trust. .1l U'S & British Int Ltd Allll U S & British Int Ltd B. . hod British Int £3 pf jec Light & Power Light & Power *| | Trust Shares. | year gold 970s Reading Rwy (4)... 4 Readinz Ry 2d pf(2) 3074 Real Silk Hoslery... 19% % Remington-Land. 104 Reo Motor Car(40c). 26% Republic Steel. . . 54 Republic Steel pf. .. 22% teynolds Metls(1%) 5413 Reynolds Tob B (3). 6% Richfield Oil. . 104 Rio Grande O1l 413 Ritter Dent Mfg 1% . Royal Dich(ms. Rutland RR pf St Joseph Lead (1).. Stl.-San Francisco. . StL-San Fran pf(6). St Louis Southwn. .. schulte Retail Stores board Oll. . eagrave (60c). .. .. ears Rocbuck (213). Second Natl Inv pf. . 4 Servel Inc Shattuck (FG) (t115) Shell Union Oil. mmons Co. imms Petroleum Sinelair Consol Oil. . kelly Oil ke Oil pf ww neftield teel pf. Sou P Rtico S Southn Cal Southn Pacific (6) Soilthern Rwy (m6). arks Withing (1). piegel-May-Stern. ., tand Brands (1.20), tand Gas&El (31 tand Gas& 109% 101 51% 81 Ry 30% 30 L3 14' 109y 3 9% 30 1% terling Sec cv pf(3) tewart Warner.... Stone&Webster (m Studebaker Co(1 Studebaker pf Sun Oh (€1) .0 Sun Oil pf (6). .. uperheater (213). . weets of Amer (1) vmin \) Telautograph (140) Tennessee Corp(50c) Texas Corn (2)..... Tex Gulf Sulphur(3) Tex Pacific Coal&0il : Tex Pacific Land Tr. Thatcher Mfg Co. 26 1181 45% 10414 40% 2 Thompson St Tide Water Asso Oil¢ Tide Water As pf(6) Timken-Detroit Axle Timken Roller B Tobacco Products Tobacco Prod A t9ie Iransamerica (40¢). ansue & Will (1).. 139 173 57 40% 6 654 5% 1214 27 121 4™ i 37 191 22 15% 62 951 85% 106 106 15 © 15 13 13 22% 12% 5t a2 5y Hdvy lf‘u 1% 5% 475 1% 3% 19' 22 15% 61 6% 17 7 % Tl 5 21 4% 6l Wi Un Tank Car (1.60).. Unit Afreraft. Unit Aireraft pf (3 1 Unit Am Bosch. 1 Unit Biscuit (2). Unit Carbon Unit Corp (75¢) Unit Corp pf (3). Unit Fruit (4) Unit Gas&Im(1.20). Unit Gas&Im pf(5).. Unit Piece D W (2).. U S & Forn Secur, Freizht. Indus Aleohol. Leather (A) 10 341 14 21% 5y 5213 2814 105% 18 ealty & Inp(1) ubber. . ubber 1st pf. mtg & Ref (1). teel Corpn (4). nited Sto Univ Leaf Tob ( Univ Pic 1st pf (8) Univ Pipe & R Util P&L(A) et2.15. 23% Vanadium Corp Va-Car Chem 6% pf. 2 d pf.. 108 a8 38 584 Va-Caro Chem pf (7) 1 3815 Vulean Detin (4) . Wabash Waldorf Walworth Co..... d Baking (A). . 20s (13%3) Warren I Wesso West Pa Pwr pf (7). we Westin Weston I tern Dairy (A) &M pf (4) 1105 ec Inst (1) Westvaco Chlor (2). White M White I o 8 2% 1067s 547 3714 ors k14 White Sewing Wilcox Ol & ¢ Willys-Overla Woolworth ( Worthington Pump. na. 10). Yale & Towne (). * Yellow Truck... 1413 Youn, 38 Sprin (3)..) Yestwn Sh&Tub 107y Zonite Prod Corp (1) 15% 40 107 15% 10 101 40 10% 40 1005 2) Sales of Stocks on New York Exchange. 4 M. 1:30 P.M 200,000 12 800,000 ) Noon. 3 600,000 10 P, 900,000 Dividend rates as given in the above table are the annual cash paym 1Partly extra las® year—no regu or stock. in special preferred & 8% no regular rate. n SELLING OF SOUND STOCKS IS DECRIED Magazine Advises Investors Against Taking Losses in Market. Many an investor who purchased in the gala days of 1929, and not a few whose commitments date back only to last year, says the Magazine of Wall Street, are debating this question: “Shall 1 hold on and weit for recovery. or sell and prevent further losses? Like all questions of this kind the an- swer is, of course, “it depends”; and it does depend on individual circum- stances, on the type of sccurity, the company and the industry, on market conditions and other considerations. But if one were to generalize at all, it would probably be wisest to counsel: “hold.” If one has stayed with a stock that has any real merit through th® vicissitudes of a year or more of a bear | market it would probably prove the most costly policy to sell now. | Let's take the case of Mr. T. who among other holdings acquired 200 shares of Anaconda a year or more ag, at 70. Yiclding about 7 per cent he put it away from income and ultimate price appreciation. After anxiously | watching its decline for many months and yet hoping against hope for a turn. he finds by current quotations of 24 that his investment of $14,000 would only net him $4.800. Whereas instcad of receiving $1,000 a year in dividends, he is now getting $300 or scarcely more than 2 per cent on his money. Yet if he sells he pockets a loss of $9,200. Shall he do it and put the money in the savings bank, thereby reducing his income to about $168 in place vf $300? Shall he salvage his $4,800 and place it in some other issue which he be- lieves has better prospects of price ap- preciation, or shall he just hold on? No matter which he does, is it not | more than likely that at some future date he may look back and realize that he translated a paper loss into an actual one, much 00 near the bottom to justify him? Unless he believes that an enterprise that has been in business 36 years and is a leader in a basic industry is going out completely, it would seem far wiser for him to hold on. He has seen the stock go to 18, certainly it has discounted everything short of bankruptcy, and with any ma- terial improvement in general market conditions or with a betterment in the copper outlook he can most. certainly do better than current levels. How much better or how soon are indeter- minate factors, but the twenty-fourth month of a generally down-trending mar<et and a still longer business de- pression 1s hardly the time to get pan- 'icky, the magazine asserts. this advice is not applicable. Undoubtedly, Now, of course, universally | there are stocks selling at 24 whicn will yet-go to 4 or even zcro. That would be true in any market. The. are individual circumstances, the mag- azine says, which would warrant im- | mediate sale, but these must be con- idered by themselves. We are con- cerncd with the average investor and the stocks of well known, sound com- panies. Of these we say: “Don't be too quick to take losses. If vou are patient | you will turn them into profits yet.” GOLD IMPORTS, NEW YORK, September 4 (Special). —During the first eight months this | s imperts amcuntad to ap- | proximately $305,604,000, compared | with $273.802,000 in the like period last year, a compilation by Continental In- surance Co., which handles a consider- able volume of insurance on gold con- | % signments, show. Exports for the period this year were $22,526,000, compared 'with $90,524,000 during the correspond- ing eight months of 1930. Bond Interest. NEW YORK, September 4 (#)— Interest to be paid in September on | American corporate bonds, United States Government bonds and foreign dollar substantial increase over the $143.229.- | 806 paid in August. Standard Statistics | Co. reports. Redemptions, calls and | maturities on these same obligations will amount to $774,583,540, compared with $189,346,613 in August. The in- With Barter ldea Special Dispatch to The Star. NEW YORK. September 4.—While Washington is taking the new cra of bartering in commodities very seriously, Wall Street is not changing its ways. Today it takes cash money or the equivalent of cash to trade securities, just as usual However, there was a time, long be- fore securities were dealt in, that bar- tering in commodities was the common thing under “the buttonwood tree,” the neighborhood now .occupied by the Na- tion's greatest financial district. No brokerage houses interviewed to. day were willing to swap a bale of stock for a bale of cotton or a truck- load of wheat for a truckload of shares. No bond houses appeared to be willing to trade couponed securities—even if basea on_the I ock. s 3 3 lus 57 in stock. B Plus 2'2% in stock. :Sc(-urivl) Traders |BOERSE MANAGEMENT . Are Not Impressed SHARPLY CRITICIZED they were in default as to principal | and interest—for tomatoes or peaches. And no bank, either savings or com- mercial, showed the slightest desire to | credit so many bushels of potatoes for deposits. In Wall Street, money or money “means” still is necessary to do business. (Copyrieht. 1931.) TREND OF SEPTEMBER Special Dispatch to The Star. NEW YORK, September 4.—The September trend of the stock market is expected to be indicated in the im- mediate movements of stocks and par- ties_group. The rails have already declined well below their June 2 average. This group has led the others in each protracted decline in the general market. The question now is whether the averages of the industrials and public utilities will hold above those of three months ago or follow that of the rails in mak- ing a new low figure. Should they Te- sist the downward tendency, it could Th> | MARKET BEING WATCHED t quarterly or h Plus 9% in stock. b Pavablg 1 k. e Pavable h Plus 2% u in stock. early declaration. A Paid s year— By the Associated Press BERLIN, September 4. — The ha dling of the opening of the Boerse yes- | terday when stocks tumbled on an average of 25 points, was criticized sharply today by newspapers and finan- cial experts. They said the applica- tion of precautionary measures would | have been an effective shock absorber. A hurried attempt is now being made to remedy the situation. The Boer: Committee is expected to issue mea: ures extending the date of delivery on obligations due September 15 and eas- ing up rules on margin payments. Financial institutions are expected to co-operate by loosening credit terms. Criticism was chiefly directed against | banks and large stockholders for not having prepared to meet the rush of sales. " It was pointed out that yester- day’s sales were not as large as might have been expected after a 55-day clos- ing period. The amount of A. E. G. (German General Electric) shares placed on the market, for amounted to only 400,000 marks (less than $100,000). Had those concerned negotiated with industrial firms beforehand, it was said, | and placed the comparatively small sum of 20.000,000 to 25,000.000 marks as a reserve to absorb sales, yesterday slump could virtually have been avoided. Small buying orders already have been placed from foreign countries, and it is expected that this will create do- mestic buying psychology. OIL SHARES LEAD WAY 1 | ticularly the industrial and public unll-l IN GAINS FOR AUGUST Special Dispatch to The Star. NEW YORK, September 4.—The market appraisal of 100 represcntative common stocks increased $107.582,042 or one-half of 1 per cent in the month of August, according to a computation prepared by Frazier Jelke & Co. A large gain in the oils was just about offset by a substantial loss in the rails, motois dropped $93.901,000, ar be cvidence to those who base their|smaller losses were contributed by the operations on the performances of charts that the bear market was defi- nitely over. On the other hand, if the averages for all three groups go below | those of last June, it would be a sgn and signal for resumption of bear operations and renewed liquidation by holders of stocks that had ccme to the conclusion that prices in August were as low as they would be. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hinos & Co.) ‘Nominal gold Selling checl’s . vqlue, today. London, pound. . $4.8865 Madr} Vienna. schillin Budapest, pengs Prague. crown (nom. v zloty ... penhagen. Oslo, crown..... Stockholm, crown crown. . e SHORT-TERM SECURITIES. (Reported by J & W. Selizman & Co) Ofter | Allis-Chalmers Co. 5s 1037 American Chain Co. 193320 9 American Tel, & Tel. 5'zs 1343 110: Amer. Water Wks. & El. 5s 1934 101 Baltimore & Ohio 4'as 1933 ... Belding Hemingway Co. 65 1936 Bethlehem Steel Corp, 55 1936 Rwy, 4'28 1935 . R 55 1933 Canadian Nor. Chi . L& o & So Rwy. 4135 1935, Gommerciaj Credit Co, svas 1935 Delaware & Hudson Co, 8s 1935 Denver & Rio Grande 4las 1936 Gen. Mot. Accep. Corp. 6s 1937 General Petro.eum Corp. 5s 1940 Gtk Rk S Cabada g 1036 Tand Trunk o Houst. £, & W. T, 55 1933...... 100 Humbie Ol 525 1932. Laclede Gas Light Co. 5s 1934, . Louisville & Nashville 5s 1937. New York Cent. & H._ 4s 1934, New York, Chi, & St, L. 6 1032 Horthwestern Tel. 4las 1934 Penna. R. R. Co. 6'2s 1936. . Forllll’id ‘General Elec. 5s 1935. Republic Iron & Steel 5s 1940, . Sinclai: Crude OIl Co. 815 1938 Souttern_ Pacific 55 1034 ..., St L, M8, Ry, R.&G. 48 1933 Union Eles, . & Pow. 55 1933 ian, il Lo Ol Cher 521034, 1045 Feinia’ Rwy - 1033 Wabash Rwy. Co. 88 1039...... 100% crease is due almost entirely to the amount of United States Government ' bonds to be retired during September, drive | Scotland has an l'mi-c:rmmm-nln1 miscellaneous industrials, the mines and the railroad equipments. All the other groups gained. Due to the substitution of Socony- Vacuum for Standard Oil of New York, the total number of share units repre- sented by the 100 issues increased over 14,000,000 The figures in the above paragraph are prepared on the basis of the share total previously used. On the new basis the 100 stocks gained $376,881,000, or 2 per cent. On the new basis the appreciation in the oil stoc was 18 per cent, against 10.3 par cent on the old basis. On a pereentage basis the largest de- cline was 8 per cant in the ralls, the equipments dropped 6.1 per cent, the motors 4.6 per cent, the miscellaneous ingustrials 2.6 per cent and the mines four-tenths of 1 per cent. The largest gain, outside the oils, was 14.9 per cent in the amusements. The chemicals gained 4.4 per cent, the steels 2.8 por cent, the merchandising shares 25 per cent. the utilities 2.1 per cent, the eloc- trical equipments 1.8 per cent and the foods 1.1 per cent. Pennsylvania Income Cut. NEW YORK, September 4 (Special). —Dividencs cn the stock of three rail- roads which the Pennsyivania Railroad interests have bought in the last three years have now been passed, namely those of Wabash preferred, Lehigh Val- ley common and Pittsburgh & West Vir- ginia. The total amount of income loss is considerable, and_while it does .not directly enter into Pennsylvania Rail- road's accounts, it indirectly must affect the attitude of Pennsylvania directors toward their own dividend payments. In addition there is the enormous de- preciation in the market value of these and other stocks which the Pennsyl- van'a management purchased for “strategic purposes.” OIL CONTRACT SIGNED. NEW YORK, September 4 ().—Soa- board Oil Co. of Delaware, formerly Mexican Seabcard Oil, announced today its subsidiary, International Petroleum Co. had contract=d with Mexican Eagle Ofll Co. for operation by the latter of International’s procucing properties in Mexico. instance, | BY F. H. RICHARDSON. | Special Dispatch to The Star. NEW YORK, September 4.—Bonds were driven to a new low average level for the movement today in a moder- ately large volume of forced liquidation arising from this week's downturn in stocks. renewed unsettlement in the for- eign situation and the unwillingness of traders to carry a position over the three-day holiday. Prices moved widely Because of the extreme scarcity of bids. Money rates were unchanged and Treasury bonds lost some of the gain which had followed the offering of $800,000,000 of 24-year 3s, because of today’s Washington announcement that no large oversubscription was expected. The books for the loan are being kept open. however, The absence of any in- timation of a Liberty Loan refunding issue soon was considered significant as showing that the Treasury Department believes money will be close to current levels for a long time to come. The forced selling came largely from institutions requiring cash for over-the- holiday expenditures and as a result of nervousness on the part of portfolio trustees over the immediate outlook. The heaviest losses were in domestic industrials, many cf which touched new {lows for the year. The railroads have been declining so 1ong that they are ‘mnsldvrcd fairly thoroughly liquidated. As a_consequence, while issues like Na. tional Steel 5s, Vanadium 5 per 55, Paramount Famous 6s and United States Rubber 55 were making new gains. ‘There were gains in issues like Mis- souri-Pacific 5 and Nickel Plate 5'.s that had been heavily sold earlier in the week and last weck. ‘The acute political situation in Chile was responsible for weakness in Anglo- Chilean Nitrate 7s and Chile Copper 5s, while the uneasiness in Europe oier the | continued weakness of the Berlin Bourse | accounted for selling of International | Telephone 4!3s and 5s, International | Hydroclectric 66, International Match 1 5s, American I. G. Chemical 5'. | Kreuger & Toll 5s and other internas tional securities. German issues were under pressure. 5% yYoung Plan 51,5 equaled their previous | low of the year. Dawes Reparation Ts | made a new low on the movement. In- | dustria's, like United States Stecl Works | 6i.s and Siemens & Halske 6s and 7s. | dropped to new bottoms. Other Euro- pean issues were inactive. Swedish 5'5s | touched a new low, but were still well above par. South Americans slumped with the Chilean group. Australians were firm. Washingtun Stock Exchange SALES Pot. Elec. 67 pld.—5 at 11213, 1127, Pot. Elec. pfd.—5 at 110! 5. Wash. R. & E. pfd.—5 al 997%. AFTER CALL. Cap. Tract $1.000 at 82 Pot. Elec. 51 % pfd.—10 at 11015, Pot. Elec. 67, pid—5 at 112!, 11215, Wash. Gas 6s A—$1.000 at 1031, ! Wash. R. & E. pfd.—10 at 991, NOTICE. This Exchange will be closed Mon- day, Labor day. Bid and Asked Prices. BONDS. FUBLIC UTILITY. - Bid. Asked. 5 at A8 08 2] Wi 1105 81 63 Amer_ Tel & Tel | Am. Tel. & Te! Anicostia & Pot. R. R & Pot. gua Tel. of Va 53 Traction R. R & Suburben 5s atas el ss &l 108 55 as 6s. series A Gas s, teries B Rwy. & Elec. 4s..... .. MISCELLANEOUS. Barber & Ros. Chevy Chas Columbia Count B. €. W. M Wash Paper Mig Cold Storage 5% PUBLIC UTILITY. Amer. Tel. & Tel. (9)...... Capital Tiaction Co. (4) s Light C5. (13} Steamboat (12 Powe; pld lrc. Powe: pld_ Wash Rwy. & El com. (i) Wash. Rwy. & EI pfd NATIONAL BANK. Capital (14).... Columbia (12}, Commercial (stamped) District (8) Fed.-Amer Nati, Bk & T Liberty (78).. : Lincoln (12) Metropolitan Riggs (1551, Second (9e). washington (13)......." 7 TRUST COMPANY. & Tr. Co. (5. st 6 ; 6 ST Sec. Sav Wash. Lo SAVINGS BANK. vk of Bethesda (68).... & Savings (10) ... Washinston (12} ec. Sav. & Com. Bk. (1T Seventh_Street (12) United States (307 : Washington Mechanise (20) FIRE INSURANCE. American (12) SRaEs Corcoran (101 Firemen's (8) 3 National Union {15} TITLE INSURANCE. Columbia (6h)... : : Real Estate (6h).. """ e MISCELLANEOUS. Barber & Ross. Inc.. com Col. Medical Bldg. Corp. (&) | Col._Sand & Gravel ptd. (7) D. C Peper Mfs. ptd Dist. Natl. Sec, ptd, (1) Emer. Bromo-Selz. A Federal Storase pid. (8)... Fed.-Am. Co. com. (1.20{). Fed'-Am. Co. pfd. (8) Lanston Mornotype (8) Ner Tr. & °Stce. com. Mer. TE & Stse. pfd Merzenthaler Linotype Nail Mize. & Inv. pid. (@) Peoples Drug Stores pid. Real Est. M. & G. pfd. (8).. Security 'Storage (4e) Ter. Ref. & Wh. Corp. (3} | The Caipel Corp. (2) W. Mech. Mtge com. (6) . Wash. Med. Blds. Corp. (7} Woodward & Lothiron com (1,20} Weodward & Lothrop pfd. (7) *Ex_dividend. bBooks closed. p35e extra. 130c extra. §17 _ext elin e @) 6) Unlisted Department. (These securities not listed under Exchange rules. BONDS. Army-Navy Club 5s Cosmos Ciub_4!as Commercial Club Mayflower Hotel 6s. Metropolitan_ Club 4133, Natl. Press Bidg. 1st 5128 Bid. Asked. 5099 apin-Sacks 8% Connecticut Pie Co. Chr. Heurich Brewel District Title Insurance. National Bank. i itol ECD North Capitol Saving: Northeast Savings Bank Park Savings Bank. . Ral-izh Hotel Co. Washington !Avln}s Ban! Woodridge-Langdon v. Bank. 80 20 ‘Three-fourths of the people of Jugo- slavia_still prefer to wear moccasinlike “opank.” which are homemade or pro- duced by the village shoemakers. Chile Cop- | lows, many rai issues had small Frisco Prior Lien A 4s | Abitibl P&P 5853, 28 Ab & St 5% "4 . B Alleghany Cp 58 "44 Allegheny 55°49. .. Allegheny 5550 .. Allis-Chalm 58 '37. | Am Chain 65'33.... Am F P 68 2030.. .. Am G Chbls 40, Am Int1 535849, .. Am Metal 5355 '34.. Am N Gas 612842, 15 Am S&R 15t 55 '47. Am Sug Ref 65°37. 1 AmTITev4%s39 1 Am T & T 68 65. ... 21 | Am T&T c tr 65 46,11 Am T&T 5551760, Amn T&T 5%s'43. .. Am W Wks b5 '34.. Am Wat WKs 6; | Argentine 55 '45. .. Arpentine 5155 '62. Argentine May "61. Argentine 6s Ju' Argentine 65 Oc Argentine 65 A '57. | Argentine 65 B '38. 32 | Arm & Co 4%s'39., Arm Del 5%5 43 Atchison gn 48 '95. Atchis ey 4328 '48.. lAucCL1stas lAtc Aust | Aus:ralia ! Australi Austri | Austria 7s 57 ctfs. B& O 4548 B&O4HS'IT. .. B&Oev41s 6 |B&O 185 33 5 10 22 6 53 12 10 5 gium 6; glum 6355 "4 Belgium 7s " Belgium 1l Tel Beth Stlrf i'zs Bolivia 75’69 Bolivia 8547 Bordeanx 65 ' Bos & Me Brazil 65 Brazil 61352 Brazil 7s . Brazil 8541, Bremen 78" Bd & Tth Av . Bk Edgn A 5s'49 Bklvn Elev 61, . Bklyn Man 6s Bkiyn Un 1st 5 03 A 6561 Pitt4ys | Canada 4s ‘60 “anada 4155 " an Nat4';s . n Nat Ry 43856 ‘an Nat 4 ‘an Nat 47, s July 5 0ct 6 sdb 46 ‘an Nor Tsdb '40:. « b2 « « « « « 5 « « « Can Pac db 4s. e « « . « o = ent Pac s ert-t1d db Ches Corp 5 * C&Ogen4155°0 Chile 65 °60. . Chile 6561 Chile Cop db 55 Chin GVtRy & Christiana 6s CCC&St L 4 Col G&E cou Com Inves Con PwrJap & Con Pow Japan 7 Consum Pow s Copenhag 4} Copenha Cuba Cuba Cuba RR rf Del Pwr&L 4%s 71 Del & Hud rf 45 '34. Del & Hud 5% '37. Denmark 415s " " | Denmark 6 D&RG D& KRG D&RG W s’ DRG& W 5578 Det X GER4%5'61. Det Edison rf 5s5'49. Det Unit 4128 '32... Deutsche Bk 6s '32. Dodge Br cl 6s°40.., Duquesne 4125 '67. Dutch East I Mar. . Dutch East 168’47, Dutch East 1 6s'62. Fast C Sug 7%s'37 Erie conv 4s B. Erje gen 4s Erje cv bs ‘6’ Erie 5575 Fiat Ts war. | Finland 532558, Finland 6s '45 Finland 615556, Finland 78 '50. ... Fla E Coast 55 '74. . Fram | D71es"42.. French 7s "4 French 7%s 41 Gen Baking 51540 Gen Cable 5125 '47. Gen Motors 6s'37.. Gen P Sy | Gen Th Eq 65 '40 German 515 '65. Gefman Bk 6s°38.. 28 Ger Cen Bk 65'60J 22 Ger Cen Bk 65’60 O 36 German 7srep '49. 51 German Bank 7s 50 Goodrich cv 68 *45.. Good 15t 6345 "47. .. Goodyr Rub 58'57. . GrandTr sf db 6s'36 Grand Trunk 7s'40. Grt Nor 4%s'76 D. Grt Nor 55 '73 Grt Nor gn 5% Grt Nor gn 7s ‘36 Greek 65'68.. Haltl 6s°52. Hud & M adj 5: Hud & M rf 58 Hungary 7%s’44.. 111 Bell Tell 5s'56. . 111 Cent 4s 5. 4 111 Cent rf 58, I11 Cent 4% "66. an o w2l ananEiaa 534 97 63 53% 51 101% 29 69 94% 78 6914 17 102% 105 126% 109% 70 511y 9014 125% 9814 75 4 108% 107% 113% 84 91 98% 104% 82 73 0% 95% 78 107% 62 70 9615 828y 22 5514 61% 53y B5dm 844 67% 59 9% 90% 107% 113% 84 1% 99% 105% 82 3 0% 9514 8 107% 62 70 | Int Pap 53 A "47. Int Pap 6s'55. IntRY CA 6% IntT&T4%s"52 Int T&T cv 4158'39. IntT & T 58'55.... Irish Free St 55 '60. Italy 78'51...... Italy Pub S 78 '52. Japanese 515 '65. Japanese 61,8 '54.. Jugosl Bnk 7 '57.. Kan City Sou 3s'50. Kan City Sou 58'50., Kan City Ter 45'60. Kan G&E 4% '80 Karstadt 6s '43. Kend 53548 ww Kreug & Toll 58'59. Laclede 5%s C'53. Laclede 5% D 60 Lautaro Nit 6s ‘54 lieh Vcn 4%8 2003 Leh Valley 68 2003, Lig & Myers 7s'44 Loew’s 65 ex w "41.. Lerillard 5s ‘61 Lorillard 5%s '37. Lorillard 7s 44. Lou G & El 58 " I.a & ATK 5560, L & N uni 4540, L& N 5% B 2003, Lyons 65 '34. McKes & R51 %50, Manh Ry 1st 4s'00. Market St 7s '40 Marseille 65 ‘34 Midvale Stl 55 '36. Milan 615 s Mil ERY & L 5861 Mil El Ry&Lt b MK & T 1st 4s MK & T adj 5567 Mo Pac gn 4s ‘75 GiR, Mo Pac 58 H'80.... Mo Pac rf 53 '81 Mo Pac 5155 A 49 Mont I’ db 5s A ‘62 Mont Tr 1si Montevideo 7s Nat Datry Netherlands 6s N Eng T 1st bs NwS§ \\:alQ N Y Centdb 48°34. Cnrfday NYC rf im 582013, b LScl3ls'08, tL 4%8 78, H&H 4138 '67. NH&H clt 6540, NY S&W gn NY Tel43 N Y Tel 65°41. Nor O T & L 65 '47. Nor Pac 3s 2047 Nor Pac 55 D 2047 Nor Pac ri s 204 Nor St Pw 6s B '41. Norway 5s 63 Norway 515 Norway 6s Norway 6s Norway 6s Oreg-Wash 4s'61.. Orient dev 71;8'58. Orient dev 65 '53... Pac G&E 5s'42 Pac T&T 1st 58 Pan-Am Pet 65 ‘34, Pan Am Pet 6340 Paramount 6s ‘4 Paris-Ly M 6s Paris-Ly M 7s '58 Penn4lsD81.. Penn gn 4155 65 Penn 415870, Penn 43563, Peoples’ Gas 5s Peor & E 1st Philippine R 4s'37. Pilish F M 6343 PCC&StL 4%s PO St 1 B" Poland s 40 Poland 75 '47 Poland 8s '50 Port Gn E14158'60 Porto Alegre 8s'61. Pos Tel & C 5553 . Presced St C 58'33 Prussia 6552, ... Public Serv 4s'71 Pub Sv G 415867 Pub SvG 4%s Pure Oi151;5°37. Queensiana s 47 Queensland 7s'41.. Read gn 4123 A '97. Reading 4728 B '87. Rem Arms 6s A tem R 5165 A '47. Rhinelbe 7s *46 tnine West 6s Rhine West 6s Rhine West 65 Rich Ol Cal 6844 Riode Jan 6%s . RGr Do Sul 65 '68. R Gr Do Sul 88 '46. StL IM R&G 45'33. 5 F in 45 A '50 {L&SF p 158 B 50 {San A& AP4s'43. Sao 'au 75'40 ret. . Sao Paulo §8'50. . . Serbs-Cr-S1 § Shell Un Oil 53 '47. Shell Un Oil 58 Shinyetsu 6125 " Sinclair Oil 618 SincQ7scv A'3 Sinc Cr 0 5135 '38 Sinc P L 584 Skelly Oi1 5158 '39. Soissons 6s '36. Solvay Am s E Sou Bell T&T 5s 41 SW Bell T 55 A *54. Sou Pac col 454 Sou Pac ref 45°'55.. Sou Pac 41568 SouP 4%s'69 ww. Sou Pac 434881 Sou P&OT 434817, Sou Ry gn 45 '56. Sou Ry &s Sou Ry 6% StOII N J 5s°46. StOIIN Y 4%s'51. Sweden 5%s '54. Swiss 5% Taiwan EP 634871 Tenn EI P 6s A "47, Texas Corp 58 '44. . Tex & P 5s D '80 Third Av rf 4s ‘Third Av 1st 55°37. Third Av adj 5 Toho El Pw Tokio El Lt 6 Un Pac 1st 4 Un Pac rf 452003, 40 - 621% - 62 - - 6% - Un Pao 434 Phillip Pet 5% '39. » nma Salaumioh nasba ey 9 ey cnBlnannaSoane v nanBuaan momaRSaSanisana Sa8ue - e 6674 49 495, 68 821 T4% 1011, 99% 90% 96% 1054 5812 % 82 9615 9 a1 70 7 67% 49 49% 6914 83 4% 101% 100 0% 965% 10515 59 6674 49 49% 6814 8213 T4y 10115 99% 90% 96% 105% 59 k(3 82 961, 99% 31 70 W 104% 9% 81 91 104% 101 101% 105 931 107 8474 811, 52 100% 35% 291, 82 1015 102 958 954 100% 100%- 100% By the Associated Press. The daily average volume of Federal Reserve Bank credit outstanding dur- ing the week ending September 2, as reported by the Federal Reserve Banks, was $1,224,000,000, an increase of $49.- 000,000, compared with the preceding week and of $196,000,000, compared with the corresnonding week in 1930. On September 2 total Reserve Bank credits amounted to $1,221,000.000, an increase of $22,000.000 for the week. This increase corresponds with in- creases of $41,000,000 in money in cir- culation and $32,000,000 in member bank reserve balances, offset in part by a decline of $7,000,000 in unex- pended capital funds, etc., and in- creases of $38,000,000 in Treasury cur- rency, adjusted, and $6,000,000 in mon- etary gold stock. Holdings of discounted bills declined $2,000,000 at the Federal Reserve Bank of Boston and increased $7,000,000 at Chicago, $4,000,000 each at New York and Cleveland and $15,000,000 at all Federal Reserve Banks, The system's holdings of bills bought in open market increased $17,000.000 and of Treasury certificates and bills $13,000,000, while holdings of Treasury notes declined $13.000,000. September 2 totals (in millions of dollars). with changes from a week ago, follow:: Bllls discounted Bills bought United States’ securities Other Reserve Bank credit Sept Total Reserve Pank credit Monetary gold stock Treasury currency adjusted Money in_circulation 5 Member bank reserve bal- ances Capital funds, other de- poits. o etc. 2 Life Insurance BY GEORGE T. HUGHES. There is one more topic which ought to be touched on before w=> begin dis- cussion of securities and that is life insurance, 8 Insurance is to be bought primarily because there is an insurable interest and only incidentally as a means of investment. It has the advantage. just as the building and loan does, of re- quiring regularity in payments and so is an aid to thrift. but the main reason +| why insurance should be purchased is to cover a risk which the individual cannot carry for himself. For this | reason it is something which the young man, or the young woman if there is any one else dependent on her earn- ings, must seriously consider. It is foolish to think about the buy- ing of stocks and of bonds, whether for speculation or for investment, when there is real need of insurance and none is held. It is possible, of course, to go to extremes and take out insu ance in excess of one’s ability to car {but that is th> fault of the minori ‘The great majority have too little in- surance. It is impossible for a salaried man or wage ezrner to buy out of his earnings enough insurance to enable his family after his death to live on the income therefrom the same scale as if he were still living and in receipt of his regular stipend. He can, how- ever. give them a fair show. and that he ought to do. The vounger hs is | when he takes out his policy the | cheaper it is. The longer he postpones action the greater the cost. { This sounds trite and so it is, but upless some one gets the point across | to him the average man will never act. It is a curious fact that insurance has NEW YORK, September 4.—Jobbers expect to place a fairly substantial vol- ume of business on tnose cotton gcods lines which are repriced after the Gove ernment crop report on Tuesday, pro= vided the rew levels conform to their | ideas, according to opinions expressed in the wholcsale trade in New York. It was said, however, that fewer now prices ‘than expected will be issued. While denims probably will be reduced, new percale lists may not be issued un- til November. Wire mesh shades, introduced in the lamp field industry, show promise of developing into the outstanding item of the 7all season, manufacturers said. The shades. made of fine wire screen, carry designs in currert popular colors and retail from $2.95 up. In point of volume the present call is considerably below that for silk or parchment prod- ucts, but is expected to increase stead- ily throughout the season. Only a slight degree of imprcxement has deveicpcd in hetter grads &4 and the situation continues to te an outstanding difficulty in the & trade as the Fall wholesale season ad- vances. Aside from the general ecos nemic situation which is causing many customers to favor the medium and popular price merchandice, manufactur= ers find that the volume ordinarily ob- tained from specialty shops is sub- stantially below expectatiors. Current activity in the fur trade has been stimulated by the buying interc:t shown in sports jackets, particularly in lapin, which appears to be headed for an active season. manufacturers report. Re-orders on long coats to sell at popular prices continue to be r-- ceived to replenish retail stocks foilow- ing tbe August sales events. Foreign Bank Statement. NEW YORK, September 4 (Special). The Bank of England this weck gained about $5.000.000 gold in com- parison with nominal increases in the yellow metal by the Bank of France and the Bank of Germany. The ratio of re- serves to liabilities by the English in- stitution is somewhat lower than a week ago and there was also a slight decline in that of the Bank of France. Low. Close. 1011 1015 105" 105% 67 40 46 I 101 4014 40 Unit Drg ev bs " Utd King 5%s U'S Rub 15t 58 '47.. UnSt W 6138 A'47. Ud St W 6158A" Ud St W 513=C Unit S8 Cop 65 '3 Uruguay 6s°60. Uruguay 65 '64. Urugua Util Pw Util Pow 5 Vanadium St 5841, Vert Sug 1st 7s"42, Va Ry 18t 58 '62. vabash 412578 Wabash 1st 5539, Wabash 2d 55 '39.. Wabash 58 B '76... Wabash 55 D '80. .. rner Sug 7s'41. Warsaw 78 °58..... West Eldb 5s44.. West Pac 58 '46.... West Union 55 '51. West Union 5s 6 W E 0512537 ww. Wil-O Ist 655" Wil & Co 15t 65°41. Wis Cent gen 45 '36 Yokohama 65 '61. .. Ygstn S&T 5s A'78. Ygstn S&T 55 B70.