Evening Star Newspaper, September 9, 1931, Page 13

FINANCIAL TEACHING OF BANK LEADERSHIP URGED Dr. Stonier Makes Interest- ing Address at Dinner of Institute Faculty. BY EDWARD C. STONE. Dr. Harold Stonier, national educa- tional director of th: American Insti- tute of Banking. stressed the value of intensive education the dinner of the officers and fa- cuity members of Washington Chap- ter, heid at the Raleigh Hotel last night. Among other things, he said “Last year the Amorican Institute of Banking had its greatest vear in point of numbers enrolled_and work done. The insti- tute feels its rve- sponstbility for de- veloping leadership in the banking profession. It has now been 33 years on this task. Education is a slow proc- ess. It can not be unduly stimulated, but the eflects of it are certain and definite. In some sense education is now considered to be the answer 1o practically every problem which con- | fronts u Washington C can Institute of Banking been a leader in this sense. It has en- Joved the support of the personnel of he banking institutions of this city in a marked degres and its rapid growth in numbers and in influence has bean | the result of the efforts put forth by the banks in behalf of oanking edu- eation.” H Economic Laws Must Prevail. At another point in his address. Dr. Stonjer said that the average person vealizes that economic_laws are not made but discovered. These laws are already in existence. but it takes time to find them out. Turning to the cot- ton situation, he added: “I attended a meeting recently of 500 farmers who were in aninstitute to study Tew ways by which power could be ap- plied to farming. They were enrolled in a fractor school. In many sections of the South, where politicians are urging the State Legislatures to pass laws prohibit- | ing the planting of cotton, the average | American farmer realizes in those same | Ations that the Legislatures can be of | To permanent help to them. It is! foolish to think that the mere prohibi- | 1on of the planting of cotton will do! anything constructive to relieve the | «cotton situation : i Richard A. Norris. chairman of the | Educational Committee, presided and | short talks were given by E. J. Mc- Quade, president of the District | Bankers' Association: Aubrey O. Dooley. chapter president; Raymond B. Dicke: dean of the facuity: F. P. H. Siddons | and Elmer L. Kayser, new members of the faculty; Harry F. Kimball. chair-/ man of the Membership Committee, and | Farl McGeary. chief consul. The meet- ing was most enthusiastic and a large attendance of junior bankers is already | assured for the Fall term | A. B. A. Convention Plans. All New Jerscy bankers have béen | ated by Robert W. Harden, pre. ident New Jersey Bankers' Association, members of one great Reception | for the bank:crs from all pirts of the United attending tion of the American | s Associaticn, which will be held | Atlantic City October 5-8. Mr. Harden has appointed a special co mittee of the New Jersey assoctation develop plans for increasing attend- ance of bankers in this State and o ganizing them on a Reception Commit- tee basis. The weekly wholesale price index of the National Fertilizer Association de- clined three fractional points during | the latest week. During the preceding | wesk the index number advanced one fractional point. Important commod- | ities that advanced during the latost week were lard. butter. cheese, eggs. ! molasses, cor s. barley, lumber . campher and petro- leum. mong the declining commodities were cotton. cotton yarn.| wool, cottonseed oil. cotton sugar ham. pork. sweet potatoss. wheat, choice cattle, lambs, hogs, lead, tin. cement brick, bituminous coal and rubber. Harold Stonfer. pter of the Ameri- has _always { as Heard in Financial District. President Robert V. Fleming of the Riggs National Bank was back at his office today after a month’s vacation at Spring Lake, N. J Vice President George E. Fleming of the Union Trust Co. leaves Washington tomorrow for a motor trip through New England, the White Mountains nd ! robably to Quebec. He will be a%ay | about a month. | George L. Starkey. president of the National Bank of Washington. starts on | @ two or three weeks' moter trip to- morrow. While away he will visit many | Dlaces in New York State. Alexandria Bay, Montreal. and various resorts in | the White Mountains. i Col. R. R. McCormick, publisher and | ®ditor of the Chicago Tribune, will be one of the speakers at the Financial ! Advertisers’ Convention in Boston next | Wweek, according to word sent to local | ‘bankers planning to attend. He will | speak on “Advertising’s Opportunity to Help in Today's Problems.” | Alexander R. Valera, with the Com- | smercial National Bank for many years, | announces that he has severed all his | banking connections and will devote his time in the future to the life insurance | business. He Is representing the Trav- | elers’ Insurance Co. of Hartford, and has an office on Connecticut avente. The Western Union Telegraph Co. | ‘has declared the regular dividend of $2 | vavable October 15 to stock of record | September 25. ! Bonds Again Market Leaders. i Demand for local bonds again led trading on the Washington Stock Ex-' hange during today’'s session. Trading opened with $1.000 sale in Washington Gas 6s. Sfries A, at 1033%,. This was followed by two $2.000 transfers in Washington Railway & Electric 4s priced at 94 | Another bond transaction was $1.000 #ale of Columbia Country Club 3 102. This was a new high for the Columbia bonds which were brought out at par and had never before sold above 101. In the stock division Potomac Electric Power 5'; per cent preferred came out at 11034, while Lanston Mono- type registered a sale at 87. The most active stock was Security Storage Co.. which figured in a 50- share turnover at 105, a new high for the present year, the last previous sale being made at 1043, While the day's sales were of only moderate proportions, the strength in price quotations caused considerable favorable comment. Washington clearing house figures for today, $3,300,924.24. | Standard Oil Dividends. NEW YORK. September 9 (#).—Cash dividend payments of the Standard Oil group of companies for the third quar- ter of 1931 will total $51,263,888, com- pared with $57.543.667 for the second quarter and $68,271.015 for the third quarter of last year, according to a com- pilation by Carl H. Pforzheimer & Co. The first total does not include Prai- rie Pipe Line Co.. as the dividend meet- ing ®cheduled for August 15 was post- poned for lack of a quorum. In the .second quarter of 1931 this company ‘paid dividends totaling $3.073.500, or 75 cents a share on its no-par value capital stock, . High 14 3 11y 4878 100 118% 5% 12 1 4l 107 124% 1 Low THE EVENING STAR, WASHINGTON. NEW YORK STOCK EXCHANGE Dividend Rate. 315 Abitibi Pwr & 25 Aham & Str (37 1% Adams Express (1).. 2215 Adams Millis (2). 14 Addressograph 1.40. 4 Adv Rumley.... . Alr Reduction(t414) Alaska Juneau (40¢) Allegany Corp...... Allegheny St (1.20). Allled Ch&Dye (n6). Allted Ch&Dye pf (7) Allis Chalmers (2).. Amal Leather. . Amerada Corp (2 Am Agri Chem(Del Am Bank Note (13) Am Beet Sugar. Am Brake Shoe (2. Am Can Co (75 Am Car & Fdy pf (7) Am Chain.... . Am Chicle (13). Am Comel Alcohol Am European Secur. Am & For Power.... Am & For Pwr 2d pf. Am Haw St'ship (1). Am Hide & Leather.. ‘Am Hide & Leath pf. ‘Am Home Prod 4.20. Am Tce Co (3). Am Ice pf (6). Am International. ‘Am Locomotive (1). Am Mch & Fdy 1.40.. Am Metal Co Am Natural Gas pf.. Am Pwr & Lt (£1) Am Radiator (80c Am Radiator pf (7). Am Republics. . Am Rolling Mills. .. ‘Am Shipbullding (3) Am Smelt Ref (3).., Am Sm&R 2d pf(6) .. Am Sm & Ref pf ( AmS Am Sugar Ref (3)... ‘Am Suzar Ref pf (1) Am Tel & Teleg (9).. Am Tcbacco (46). Am Tobacco B (16) . ‘Am Tobacco pf (6).. Am Water Wks (3)., Am Wat Wks cfs(3). i« Am Wat W 1st pf(6) Am Woolen Co.. . 20% Am Woolen Co pt... 3% Am Zinc & Lead. ... Anaconda Cop (1%). Anchor Cap (2.40) Anchor Cap pf (61 Archer Daniel Mid Armour of 111 (A) Armour of 111 (B) Arnold Constable. Associated Apparel. 0 Dry G (213). Atch To&S Fe (10).. Atch To&S Fe pf (5) At Coast Line (7)... ulf&West Ind. . Atlantic Refining (1) Atlas Powder (4)... Atlas Stores (1) uburn Auto (£4) tin Nichols. Autosales . Aviation Corp (Del) 97 Baldwin Locomotive Baldwin Loco pf (7). Balto & Ohio (5).... Balto & Ohio pf (4).. Bang & Aroos (31;). Bang & Aroos pf (7). Barnsdall Corp'n. ... Rayuk Cig 18t pf (7) Beatrice Cream (4) Beatrice Crm pf Belding-Hemingw. Bel N R Best & Co (2).. Bethichem Steel RBethlehem Stl pf (T) 2 Bloomingdale Bros. . Bohn Alumn (113).. Borden Co (k3)..... Borg Warner (1). Botany Con Min (A). Briggs Mfg (t1%).. Bklyn-Man Tran (4)° Eklyn-Man Tr pt (6) Bklyn Union Gas (5) Brown Shoe (3) . Brunsw-Balks. Bruns Term & Rw. Bucyrus-Erie. Bucyrus-Erle Budd (E G) Mfg Budd Wheel (1) Bullard Co. . Bulova Watch (80c). Burrough A M(t1%3) ush Terminal(233) Bush Term deb (7).. Butte Copper & Zinc sutterick Co. . 23% Byers (A M) Co 3 Calif Packing (2)... Calumet & Arizona. . ry G A (3). \ Pacific 1% . ‘annon Milis (1.60). Century Itib Mills. . Cerro de Pasco (1), . Certain-teed Prod. .. Checker Cab Mrfg Ches & Ohio (2 Chesapeake Corp(3). Chi Great Western. . Chi Great Westn pf. Chi Mil StP & Pac. ol Chi Pneu Tool pf.... Chi R 1& Pac (m234) Chi R1& Pacpt (6). Chi 1 1 & Pac pf (7). Childs Company. ... Chrysler Corp (1) City Stores Clev & Pitts Coca-Cola (t73%) Colgate-Pal-P (213). Colg-Palm-P pf (6) . Collins & Afkman. .. 2 Colonial Beacon. . Col Gas&Elec (2)... Col Gas&El pf A (6). Columb Graph (36¢). & Columb Carbon (5).. Comm Credit (1.60) . Comcl Credit A (3).. Comel Cred 18t(613). Comel Inv Trust (2). Comel Inv Tr pf 635 Comm Inv cvpf(e6) ComwIth&Sou pf (6) “ongolm-Nairn (1).. ‘ongress Cigar (1).. ‘onsol Cigars (5)... “onsol Cgr pr pf 6%. “onsol Film. . . ‘onsol Filin pf (2).. Consol Gas N Y (4).. Consol Gus NY pf(5) ConsolRwys pf (6).. Container Corp (A). Container Corp (B).. Contl Baking (A). Contl Baking pf (3. Contl Can (2%).. Contl Dia Fibre (1). Cont Insur (2.40). 2 Contl Motors. 5 Contl Ofl (Del) 215 Contl Shares. . 55% Corn Products (t4). 614 Coty Inc... 2613 Cream of Wheat 121 18t Crown Cork (2.40).. 30% Crucible Steel, 80 Crucible Steel pf (7) 85% Cudahy Packing (4) 66 Curtis Publish (4).. Publ 214 Curtiss Wright. 00 Cushmanspf (7). 16 Cutler Hammer. Davison Chemical Deere & Co pf (1.40). Del Lack & Wn (4).. Diamond Match (1) Diamond Mteh pf 1% Dome Mines (1). ... Domn Stores (1.20). . Doug Alrcraft(t1%) Drug Corp (4). Dunhill Internatl, ... 71 Dupontde Nem (£).. 18% Du Pont de N pf(6). 611y 3 1 523 [ =Peee g . o |- IOV PN IS 1 = P epryarey = » 0 9 1231 jos— e Add 00. High. Low. Close. Chg 3% 340 12% 0 34% - % 5 & L 6% T1% ~8 128 128 134 High. Low. Received by Privale Wire Direct to The Star Office. Stock and Dividend Rate. Eastern Roll Mills. . Bales— 185% 118 Eastman Kodak (18) 35's Eitington-Schild p! 74% 34w Elec Auto Lite (6). . 110 4 373 3015 @ 57l 45 100% 2 475 304 92% 491 30 281y 5 27 21 15% 60 5 4 114 153 FElec Auto-Lite pf(7) Electric Boat. . Elec&Musical Instr Flec Pwr & Lt (1)... Elec Pwr & Lt pt (1) Elec Storage Bat (5) Endicott-Johnson(3) Eng Pub Sve (1.60).. ¥ng PSpf ww (513). Equit Office Bldg 2% FErie RR 1st pf (4). Exchange Buff (115) Fairbanks M pf (7). . Fed Mot Truck(40c). Federal Screw Wks. Fed Wat Sve A(1.20) Fed Dept Strs (25¢). Fid Ph Fire In(2.60). Firestone T& R (1). i Firestone T&R pf(6) First Natl Strs (2%) Fisk Rubber. Follonsbee B: Foster Wheeler 5 Fourth Nat Inv mébc 8's 2 265 Gen R & Ut pf (e6) 29 1% 15% 57T 4 363 ™ 111y 20 10t 26% 4u Bt 36 Fox Film (A) (2%). Freeport-Tex (3)... Gabriel Co (A).. Gamewell Co (3) Gen Am Investor. Gen Am Inv pf (6 Gen Am Tank Car( Gen Asphalt (2).. Gen Electric (1.60).. Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&El A(e30c) Gen Gas & ElecA (7). Gen Gus&El pf A(8). Gen Ital Ed EI m2 61 Gen Mills (3) Gen Mills pf (6). Gen Motors (3). Gen Motors pt (5 A Gen Public Servics. . Gen Realty & Util... Gen Refractories (3) Gen Theatre Equip.. Gillette Saf Razor... Gillette Saf R pf (5). Gimbel Bro: . Gimblel Bros p Glidden Co...... Glidden Co pr pf (1). Gobel (Adolf). Gold Dust (213). Granite City Steel (2) Grant (WT) (1).... Great Northn pf . Great Northn Ore(2) Great Western Sug.. Grigsby Grunow.. .. Gulf Mohile & North Gulf Mobile. or pf. Gulf States Steel. ... Hackensack W (113) Hahn Dept Store. Hall (WF) (1.20). Harb & Walker (1).. Hartman Corp (A).. Hayes Body Corp Hercules Mot (80 Hercules Pow pf (7) Hershey Choc (5). .. iershey Choc pf (15" Hoe (R) & Co. Holland Furn (t Hollander Sors..... Homestake Min (+7) Houdaille Hershey .. Household Fin pf(4) Houston Oll. Houston Oil (new).. Howe Sound (2)... Hudeon & Man (313) Hudson Motor (1) Hupp Motors. . Tilinofs Central (4).. Tilinois Cent 11 (4).. Tndian Motor Cycle. . Indian Refining .... Indust Rayon (4). Ingersoll Rand (4). Insur Shr(Md) (40c) Interboro Rap Tra: Interbo Rapid T cod. Intercontl Rubber. .. Interlake Iron. In. Agriculture. ... Int Agriculture pf. .. Int Bus Machine(né) Int Carriers,Ltd 50c. Int Cergent (4)...... Int Combustion. Int Combustion pf. .. Int Harvester (213). Int Harvester pf ( Int Hydro E1 A ( Int Match pf (4).... ‘nt Merchant Marine. Int Nick of Can(40c) Int Paper & Pwr (A) Int Paper & Pwr C. Int Paper & Pwrpf. . Int Printg Ink pf (6) Int Salt (3) 5 Int Shoe (3).. 3 Int Tel & Teleg (2).. Int Dept Stores (2).. Interstate DS pf(7). Interst DS pf xw (7) Intertybe Corp (1).. Investors Equity.... Island Creek Coal(4) JewelTea (4)....... 80% 40% Johns-Manville (3). 2115 Kansas City Sou (2). 40 103 9y Ta L) 14% 25 13 18 56 10 413 26 604 19% 22 20 3614 83 25 % 408, 11% 25 614 Sin 85 76 19% 633 Ty 20 4% 21l 664 10% s 25 18% 17% 2 20% Kan City Sou pf (4). Kayser (J) & Co (1). Kelly-Spr T 8% pf Kelsey-Fayes Wheel Kelvinator Corp.... Kennecott Copper (1) Kresge (S S) (1.60).. Kreuger & T(m1.61). Kroger Grocery (1). Lambert Co (8). Lane Bryant (1).... Lehigh Valley Coal.. Lehigh Valley RR.. Liggett & Myers(15) Ligg & Myers B (15) Lima Locomot (m2). Link Belt (2). Liquid Carbonic . Loew's Inc (3)...... Toew's Inc pf (6%) . LoftInec. ceeases Long Bell Lumb(A). Loose-Wiles 12.90).. Lorrillard (P) Co... Lou Gas&El A (1%). Louts&Nashville(5). Ludlum Steel. E McAn&Forbespf(6) McCrory Strs pf (6). MclIntyre Pore M(1). McKeesport T P (). McKesson & Rob(1). McKes&Rob pf(3%) McLellan Store: MackTrucks (2). Macy (RH)& Co(ns). Magma Copper (1) El & Marine Midld (1.20). Marlin-Rockwell (2) Marmon Motor Car. . Marshall Field (23%) Mathieson Alkill (2) May Dept Strs (2%) Met-Gold Pic pf 1.89. Miami Copper. Mid Continent Petm. Midland Steel (3)... Midland Steel pf (3). 4« Minne & Hon Reg (3) 107y 18'2 15% *» % 8% a K Misseur] Pacific. ... Missovr! Pac pf (). Mohawk Carpet..... Monsanto Chem (1% Montgomery Ward.. Mother Lode. . Motor Wheel (1).... Muilins Mfg. 5'y 181 ————— et (Continued on Page 14.) D. C, WEDNESDAY, Net. Add 00. High. Low. Close. Chge. b an £ ISTOCKS ARE HEAVY INLIGHT TURNOVER % - W | —.|Market Turns Irregular, But Rail List Shows Resist- ance to Selling. BY GEORGE T. HUGHES. Special Digpatch to The Star NEW YORK. September 9. —Another | session of aggressive short selling com- | bined with liquidation, some of it for | forelgn account, brought the usual quota of new lows In today's stock market. At times the ralls resisted bet- ter than the industrials and there was a covering movement at the close, which brought some stocks up for net gains on the day, but the greater part of the day the merket had a weak appcarance. During the course of the afternoon United States Steel broke through $80 a share to the lowest in 10 years and General Motors sold within a fraction of its low for the bear market. Both recovered somewhat at the end and the market looked oversold as trading stopped. There was no weakness in com- modities corresponding to that in stocks. but the market was disturbed by a | number of breaks in the bond list, in- cluding foreign descriptions and rali- road issues. The event of the day, as far as it| affected the rails. was of course the re- duction in the New York Central div dend from a $6 to a $4 annual basis Announcement of the cut was received in the Street during the first hour of business and the stock. which had sold Tuesday at the lowest in the history of the present company, hardened Other railroad shares improved on short cov- ering. but not before new lows had been set up by Baltimore & Ohio. Lacka- wanna, Ilinols Central and Northern Pacific. Canadian Pacific was especialiy weak, opening down a point and a half, also at a record low. Elsewhere in the list the first half of the day was marked by a good deal of {rregularity. An outstanding feature was the weakness in United States Steel p ferred, which sold off over 4 points. a large ioss for a stock of such admitted fnvestment merit. Steel common fluc- tuated within & narrow range, but held fairly well, due to the extensive short interest. American Can, Eastman Kodak SEPTEMBER 9 |498 BANK MERGERS and a few other stocks that had been pressed on Tuesday ran up a point or two. Motors, which made a new low on the movement and came within a point or 50 of its low for the year. Dupont went off with General Motors. The oils were heavy reflecting the depressing etfect of the reopening of the East Texas field with an_ allowable production higher than had been expected. Food shares were pressed for sale. including Corn ! Products and Borden Co | There was not much comfort to be | gleaned from the steel trade reviews.! Estimates of the rate of production ran from 28 to 30 per cent of capacity, and while a hope was expressed for im- provement later in the month, there w little tangible evidence thereof. A fa- vorable dividend announcement was that of Air Reduction, the directors of which declared the regular quarterly The foreign markets were | watched for their reaction to the British budget proposals. It was difficult. how- ever. to decide whether weakness abroad was due to the slump in stocks here ot vice versa. While the street | dominated by the British situation ‘! economists agree that it is the United * | States which will lead the world out of | the present depression. Recovery must come here before it can be achieved in Europe. POTATO MARKET. CHICAGO. September 9 (#) (United | States Department of Agriculture) — on track. shipments, | 613] market dull ther slow: sacked, per hundredweight. Wisconsin Cobblers, 1.00a1.05: few 110; Minne s, 95a1.05: Idaho Russets | No. 1. mostly 1.75; commercials, 1258 | "1 1.30; North Dakota Triumphs, 1.35. - . | | | Rail Dividend Cut. NEW YORK. September 9 () —The New York Central Railroad Co. today reduced the quarterly dividend from tion in the dividend rate this year. WE PAY ON YOUR SAVINGS Advantageous Arrangement on LOANS at 6 ints newals nec missions c! our Loan Plan. Open Daily 9 to § Saturdays Until Noon NAtional 1381+ NATIONAL PERMANENT oo 2 NINTH ST AW, . no_re- no com- Ask about "WE MAKE FIRST TRUST LOANS on IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY _ CO., MD. PERIODS OF 3, 5 or 10 YRS. Prompt Decisions Given Applications V1% INTEREST BOSS and PHELPS Realtors 7 K. St. N, Loan Correspondent John Hancock Mutual Life Insurance Co. [INTERESTR | On the other hand the motor shares | were heavily sold. particularly General | dividend of 75 cents a share and the | extra of $150 which for the past two | +| years has been paid st this time. | closely { was still | $1.50 to $1, marking the second reduc- | | 1931 IN FIRST HALF YEAR The American Banker resume of bank mergers sinc: the beginning of the year to June 30, 1931, follow State National’ State. Banks. Banks. Connecticut Delaware ... 9 District of Columbia Florida .. . Georgia . Idaho . Illinois Indiana Towa .. Kansas Kentucky . Louisiana . Mazine . Maryland Massachusetts Mieligan Minnesota Mississippi Missouri Montana Nebraska . Nevada cooss New Hampshire . New Mexico New York . North Carolina Nerth Dakota . Ohio .. Oklahoma or:gon . Pennsylvania . Rhode Island . South Dakota . Tennessee Texas . Utah .. Vermont Virginia . Washington 3 West Virginia ... Wisconsin Wyoming | | oamme PO OO O P T SRRy | Somcanvwdens ! vl oas! ETTE S-S E et Y —ao i P Extra Dividends. NEW YORK, September 9 (#)—Air Reduction Co. has declared the usual extra dividend of $1.50 and the regu- lar quarterly dividend of 75 cents, pa: able October 15 to stock of record September 30. In the past two years similar extras were paid at this time. Mead, Johnson & Co. has declared the usual extra dividend of 50 cents | and the regular quarterly disbursement of 75 cents, both payable October 1' to stock of record September 15. Money to Loan Securs by first deed of trust on real es Prevalling Interest and e Jose REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications _invited on apartments and dwellings. an: larly on well located business for 3, 5 or 10 vears, if so des 1520 K St. N.W. BUILDING ASSOCIATION 7th and Indiana Ave. NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subscription James E. Connelly James F. Shes President Secretary Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. NW. * FINANCIAL NEW SECURITIES NEW YORK, September 9 (#).—New securities offered today include Federal Intermediate Credit Banks, $20,000,000 3 per cent debentures, dated September 15, and maturing in 2, 6, 9 and 12 months, priced upon application. Scranton-Spring Brook Water Service Co., $1,650,000 5 per cent bonds, due August 1, 1961, priced to yield over 5.55 per cent, by a syndicate headed by Halsey, Stuart & Co. | Atlantic City, N. $1,000.000 5 per| tt;en]',g;;x xe]vendue bonds, due September | . 1932, priced to yleld 3.50 per cent, | by M. M. Freeman };z Co. = ! CENTRAL PUBLIC SERVICE | PAYS OFF BOND ISSUE| Special Dispatch to The Star. CHICAGO, September 9.—Central | Publc Service Corporation today an- | | nounced that it had paid off in cash’ | 81,600,000 first mortgage bonds of the | Central Indiana Gas Co. This clears | this property of any direct mortgage. | "The only funded debt now outstanding | in public hands is $1,281,000 refunding | | and improvement gold bonds, 5 per cent, | series “A" due 1957. Central Indiana Gas Co. serves 23 communities among | them Mumcie and Anderson. It is a | subsidiary of Central Gas & Electric | Co.. which in turn is a part of the | | Central Public Service System. | Orgznized 1879 JOHN JOY EDSON, President uible Co-Operative Bl First Mortn;e Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, les. That’s Very Profitable 6% GUARANTEED FIRST MORTGAGE NOTES Secured B Sccured on homes in the Nati You have choice of the type and location of the property behind your investment. Notes in denominations of Upwards Our Guaranty Booklet Mailed on request. REALESTATE 1610 K St. N.W. National 1403 Ass’n 51st YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Those who desire to borrow money to pur- chase a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous attention. See Us If You Wish a Loan on Real Estate or to Take Up a First:Mortgage i b Loans Repayable Monthly No Brokerage . . . No Commissions ‘ “ 915 F ST. N.W. MOR TG CLASSED AMONG THE STANDARD INVESTMENTS Because of the conditions which attend investment in our 69, FIRST MORTGAGES Ozver a Th of a The Century ithout a Loss May be from $230 B.F L SA National 2100 they are rated as A-1 investments. seeurity — comservatively praised improved Washington real estate—makes them interest—6‘c—fixed —is so liberal as to make the vield attractively profitable. ap- safe: and the in its amount purchased in up. UL.CO. 925 15th St. N.W. amounts THERE 1S XO SUBST ITUTE TFOR 'SAFETY RESULTS THAT PROVE ke broad sales flexibility of electricity and gas During 1930 industry used fewer kilowatt hours of electricity, less cubic feet of gas. Could domestic consumptionbeincreased American homes could well use more electric and gas ap, to offset this decline? ances and service. The Service System, therefore, bent every effort to building domestic demand. At the end of 1930, net electric revenues were 3.5 per cent larger. And for the first half of 1931, revenues are but a small fraction of one per cent less than the corre- sponding period of 1930. In the gas properties, the same principles were applied. Attention was fixed on the sale of gas for house heating, domestic water heating and refrigeration. The 1930 result was a gain of 1.5 per cent in total gas sold. And, moreover, the gain for the first half of 1931 is 15.3 per cent over the first half of 1930. ‘These results demonstrate the sales flexi- bility —given alert and conservative control —of electricity and gas. From the sale of * Central Public Corporation 9 0f cities served, 21 hate populations of 50,000 1o over 300,000, including : Seattie; Atlanta; Roanoke, Va.; Charleston, 8. C.; Mobile, Ala.; Manile, P.1. G Invested capital more than £323,000,000.00 R fa. . e o these two commodities comes 89 per cent of the total net operating revenue of the Central Public Service System. Its stability rests on this solid ground. Yet the services of the management group to the properties did not stop here. During the first six months of 1931, substantial reductions in ex- pense were effected for the properties.- These economies came through improved operating methods, through economies in production, * through lower financing and engineering costs. In making them, no stinting, no econo- - mizing, was countenanced on service to the public. Similar benefits of effec- tive group management are evidenced in many phases of ’ the deVelopment of the Central Public Service Corporation. Full facts about the growth of this major unit in the public utility industry will be sent upon request. Address your inquiry to: Central Public Service Corporation, 224 South Michigan Avenue, Chicago. CENTRAL PUBLIC SERVICE CORPORATION General Offices: CHICAGO