Evening Star Newspaper, September 10, 1931, Page 13

FINANCIAL, THE _EVENING TRADE EXPANSION SEEN BY BANKERS Removal of Restraints Would| Hasten Recovery, Associa- tien Journal B:lieves. BY EDWARD C. be STONE. some expansion in manufacturing ac month, but |)mh-! sonal scope. | Association | pression, i nced bud- 1 continues ndustries furnish if only the e cluttering removed, the American cc oker's Death Shocks Friends. prom- | 1l years office oty of| xnd.an-} 1cts rec being well Te- | ater Wash- | e ChAm-i Robert V. | nal Bank ( Charles C.| board a century one | of the| at Emer- | ge at I)m present, most 2 ‘Waggaman, } won m.«( g Stlccessive 1 market tion 5 requested to ns in connec- death and r appointed t the Booker, | Brawner | i | house figures for | { FFICIAL SEEKS 0 N STOCK SALE September 10.—A | the Cities Service | i | County D! nton, s de- & Co. and | “holding” com- the petition s a permit to securities of the | it was alleged they i Roland Boj med Boynton said the | d o obtain legal law. It was the in a prolonged con- State officials and stock ~ah‘s Bnd m by Carl Newcoms special bank commissioner in charge ies, to bring certain Cities Service stocks under the provisions of ecurities law, except first preferred, ¢ is pending in the State Supreme | Court. ourt, in which the suit enjc cd the action, after te appealed the case to | the higher tribunal U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business September cus- | 8 was $60,766,222.97. toms receipts for the month to date Were §8,387,930.20. Total ordinary ex- penditures were $28,166,500.33. STAR,. WASHIN NGTON, D: C., THURSDAY, SEPT EMBER 10, 193 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Stocks sold In 100-share lots excent th 1931 Stock and Bales— Hien Dividend Rate, Abitibl Pwr & Paper, Adams Express (1) Adams Millls (2) Addressograph 1.40 Afr Reduction(t413) Alaska Juneau (40c) Allegany COTp. ... Alleg Cppf w $40 w. Allied Ch&Dye (n8), Allis Chalmers (2).. Alpha Port Cemt (1) Am Agri C nemmen Am Bank Note (13). Am Brake Shoe(2 4 Am Am Am Am Am Chrin Am Chain pf ¢ Am Chicle (13) Am Comel Ale Am Eur Am & For Power. Am & For Pwr 2d pf. Am Haw St’ship (1). Am Hide & Leath pf. Am Ice Co (3) . Am Ice pf (6). Am Internatio s Am Locomotive (1). Am Mch & Fdy 1.40.. Am Mach & Metals Am Mach & Met ctfs. Am Metal Co....... . AmPwr&Lt 31)... n Pwr & Lt pf (6). Am P&L1 pf A st(5). Am Radfator (60c) Am Republies. .. Am Rolling Mills Am Ship & Com Am Shipbuilding (5) 160s Am Smelt Ref (2). 2 Am Sm & Ref pf (7). Am Snuff (133). Am Snuff pf (6).... Am Solv & Chemical. Am Steel Found (1). Am Steel Fdry pf(7) ores (123) igar Ref ( 2 35 6 6 T 24 249 168 2 92 30 4 4 12% 324 14 ’h"i 79t 10% 30 8.8 26 30%, 433 200s < Am Tobacco (16) Am Tobacco B (16).. Am Water Wks (3).. Am Wat Wkscfs(3). Am Woolen Co.... s Am Woolen Co pf. Am Writ Paper ctfs. Am Zine & Lead. % Anaconda Cop (134). Anchor Cap (2.40). Archer Danfel Mid. Armour of Del pf (1)x Armour of 111 (A). Armour of 11l (B). Arnold Constable Artloom Corp. .. Associated Apparel. ,\.uo Dry G (2%) Atch To&S Fe (10) Atch To&S Fe pf (5). Atl Coast Line (7)... Atlantic Refining (1) 4 Atlas Powder pf (6). Atlas Stores (1)..... 2 Auburn Auto (f4). Autosales..... Aviation Corp (Del). Baldwin Locomotiv dwin Loco pf (7). 0 & Ohfo (5).. AT00S (312) .. 15 & AT00s pf rnsdall Corp'n. ... ice Cream (4).. 1din Bel N Ry pt pf t4.8; Bendix Aviation (1).x 9’! test & Co (2).. Bethlehem Steel (2). Bethlehem Stl pf (7 Bohn Alumn (1%) Bloomn ale pf (7). Bon Ami (A) (i5). Borden Co (k3) Borg Warner (1) Brizgs Mfg (11%) Bklyn-Man Tran (4) n Tr pf (6) Queens. .... fi T I [ I i i own Shoe (3) nsw-Balks. Bruns Term & Rwys. e . Bucyrus-Erie ev pt. . Budd Wheel (1).... x Rullard Co. Burrouzh A M(t1%3) Bush Terminal(2 Bush Terminal pf( Butte Copper & Zinc. Butterick Co. Byers (A M) C 751 Byers (A M) pf lahan Zinc & Ld Tumet & A lumet & Hecla. 4 Camp W&C Fdy (1).. “anada Dry G A (3). Canadian Pacific 1% . al Admin (A) se (J 1) pt (7) terpiliar Trac(3). lotex vic etfs. .. Nt RRof NJ (8). ry Rib Mills, Cerrode Pasco (1), Checker Cab Mrfg, Ches & Ohio (213). Chi Great Western. Chi Great Westn pf Chi Mil StP & Pac Chi Mil StP & Pac pf. « Chi & Northwest (4). €hi Pneu Tool. .. 5'5 Chi Pneu Tool pf. Chicago R J&Pacific, Chi R1& Pac pt (7). 4 Childs Compan: Chile Copper (1 3 Chrys City Ice&Fuel pf 6% City Stores Coca-Cola ( Coca-Cola ( Colcate-Pal-P Colg-Palm-P pf (6) Collins & Aikman. Colonial Beacon Colo Fuel & Iron. Col Gas&FElec (2) Col Gas&EI@T A (6). Columb Graph (56¢) . Columb Carboa (5) Comm Credit (1.60).x 4 Comel Crea pt (1%)-x 108 (Comel Cred 18t(63) x130s “omel Inv Trust (2). 9 Comm Inv cvpf(e6). 5 mel Iny Tr pf£ 65, 208 Comel Solvents (1). x 47 Comwlth&Sou (40c). 65 4 6 Consol Clgars (5)... 2 Consol Cigars pf (7). Consol Film. .. Consol Filin pf (2). Consol Gas N Y (4).. Consol Gas NY pf(5) Consol Laundries(1) Consol Textile. . Contaliner Corp (A). Contl Baking (A).... Contl Baking (B) “ontl Baking pf (8). Contl Can (233).. Contl Dia Fibre (1) Contl Motors Contl Ol (Del). Contl Shares Corn Products (14).. 10s e 8 22 159 Cream of Wheat t”% Crex Carpet. . Crown Cork pf (2.70) Crown Zellerback. .. Crucible Steel pf (7) Cuban-Am Sugar pf. Cuba Cane Products. Curtis Publish (4)... 214 Curtiss Wright. 3 Curtls Wright (A 8 Davison Chemical. 15 Deere & Co pf (1.40). 157% 105% Delaware & Hud (9). 2 39 Del Lack & Wn (4) 140% Detroit Edison (8).. 147 Diamond Match (1).. 24% Diamond Mtch pf 1% 87 Dome Mines (1) 61'3 Drug Corp (4) 5 Dunhill Internatl 71 Dupont de Nem (4 Du Pont de N pf(6) ern Roil Mil 10s 208 3 100 5n 8 3 2 68 ton Axle ( 4 ec Auto Lite (6). 2 Electric Boat, 7 47 Elec&Musical Instru 38 15% 105% 3846 156 1% 26% 12 1% 5 761 123% 5% 4 131% 108 85 DK desizmated by letter N Add 00. High. Low. Close. Chge. o - % N 15% 106 -3 8% —2% 155 -6 1% 267 — % 12 % — % 5 6% - 1% 123k + % B% + 1 132 - 1% 11% <1 35 2% — W bl * LY ~1931 High. 603 981 10814 66 49 87 91 98 5702 80% 12313 121 9474 1314 12y 72 107% 29'y 217 11 Stock and Low. _ Dividend Rate. 30% Elec Pwr & Lt (1)... 80 Elec Pwr & Lt pf(6). oc Pwr & Lt pf (7) orage Bat (5) b Sve (1.60).. Vet (5). g P St wow (5729 ¥Eng Pub Sve pf (6).. Eaquit Ottice Bldg 2% Fog.gal Screw Wks.. Fed Wat Sve A(1.20) Fed De Pid P'h Fire In( Filenes Sons ( Filene's Sons pf 613 Firestone T & R (1). Firestone T&R pf(6) inery 135, Foster ler (1).. 4 Fourth Nat Iny mbbc Fox Film (A) (23). Freeport-Tex (3).. Fuller prpf(17.11) briel Co (A Gamewell Co (3). Gardner Motor. Gen Am Tank Car (4) Gen Am Investors. Gen Am Inv pf (6) Gien Asphalt (2).. Gen Baking (2) Gen Bronze. . Gen Cable. Gen Cabl . Gen Cable pf. Gen Electric (1.60) Gen Elec spec (60c).. Gen Food Corp (3).. Gen Gas&El A(e50¢) Gen Gas&E cv pe(6) Gen Mills (3). Gen Motors (3 Gen Motors pf (5).. Gen Outdoor Adv Gen Public Service Gen Ry Signal (5).. n Realtv & Utll. 'n R & Ut pt (ef).. n Refractories (3) n Theatre Equip. . Glllette Saf Razor. .. Gillette Saf R pt (5). Gimbel Bros. Glidden Co. ... Gobel (Adolf). Gold Dust (2%). Goodrich (B F) Goodyear T& R (3). Graham-Paige...... Granby Con Min (1). Grand Sl Strs (h1).. Grand (Tnfon. $ Grand Union pf (3).. Grant (WT) (1).. Great Northn pt(4). Great Northn Ore( Great Western Sug Grigsby Gruno Guantanamo Suga Gu Food Mac e 41y Hahn Dept Stores. Hall (WF) (1.20). Hanna pf (7). Harb & Walker (1).. Hartman Corp (A) Hercules Mot (80 Hershey Choc ( 3 Holland Furn ( Hollander Sons Homestake Min (17) Houdaille Hershey .. Household Fin pf(4) Houston Oll. Houston Oil (new) Howe Sound Hudson & Man Hupp Motor: Tllinois Central (4).. Tilinois Cent 11 (4) Indfan Refining 2 Indust Rayon (4) Ingersoli Rand (4).. Inspiration Copper. . Insuranshares Del A Insur Shr(Md) (40¢). Interboro Rap Trans Interlake Iron. : Int Bus Machin Int Carriers,Ltd 50c. Int Cergent (4) Int Harvester ( Int Harvester pf (1), Int Hydro E1 A (e2). Int Match pf (4) Int Nick of Can (40 Int Paper & Pwr C Int Paper & Pwr pf.. Int Pri Int Rys ¢ 4 Int Shoe (1) Int Silver pf.... Int Tel & Teleg (2). Interst@ S pf xw( 3614 Jewel Tea (4). 40% Johns-Manville (3).. 1164 Jones <h pf( 19% 40 10% 9y 8in 20 14% 25 12% 18 56 914 881 413 26 45% Kansas City Sou (2). Sou pf (4). (J) & Co (1). Kelly-Spr T 8% pt Kelvinator Corp. Kendall Co pf (6) . Kennecott Copper (1) Kresge (8 IKreuger & T(m1.61). Kroger Grocery (1). Lambert Co (8). Leh Port Cement Leh Port Cmt pf Lehigh Valley Co Lehigh Valley R R Tehman Corp (3). Lehn & Fink (3)..... Libbey Owens Glass. Liggett & Myers(t5) Ligg & Mvers B (13) Lily Tulip Cup(1iz). 2014 Liquid Carbonic (3) . 361 Loew's Inc (3)....s 24 Loft In 40% Loose-Wiles 12.90) . 113 Lorrillard (P) Co. 2 Loulsiana Oil. 25 LouGas&EIA (1%). 61'y Lonis&Nashville(s) 81y Ludlum Steel. . 19% Mclntyre Pore M(1). 63% McKeesport TP (4). McKesson & Rob(1). McKes&Rob pf(3%4) McLellan Store: MackTrucks (2). Macy (RH)& Co(n3) . 4 Magma Copper (1) . ManbatElev mod gtd 4« Marine Midld (1.20). Market Street Ry. ... Mathieson Alkil: May Dept Strs ( Met-Gold Pic pt 4 Miami Copper. .. Mid Continent Pe Midland Steel (3) 4 Midland Steel pt (8) . Minne & St Louis.... Mo Kan & Texas. Mo Kan & Tex pt (7) Missouri Pacific..... Missouri Pac pt (5). Mohawk Carpet..... Montgomery Ward. . Mother Lode. ....... Motor Meter G & El. Mullins Mfg........ Mullins Mg pf (7). Murray Corp. . . Myer (F E) & Br 20 Nash Motors (4, 31 Nat Bella Hess. 49% Nat Biscuit (2.80)... 18% Nat Cash Register A 26% Nat Dairy (2.60) 2% Nat Dept Stores, 19% Nat Dist F'rod (2). 20% Nat Pwr & Lt (1) Nat Steel (2).... at Supply Co. at Supply pf (7) . 251 Nat Surety (2). 64 Nev Con Copper (80¢) 41 Newport Co (A) (3). 7 Newton Steel . 60% N Y Central (4). 17% N Y Chicago & StL.. 28% N Y Chi & StLpf.... 145 NY & Harlem (5)... 3% N Y Investors. . 471 NY N H & Hart (4).. 5% N Y Ont & Western. . 4% N Y Shipbuilding. ... 31 N Y Shipbldg pf(7).. 100 N Y Steam pf (6) 15% Noranda Mines... 139 Norf & Westn (112). 4% North Am Aviation. . 60 6015 22 i 2 24 — % 904 B6Y% Nor Amer(b10%stk) (Continued on Page 14.) ) (1.60). x Bales Add 00. 165 408 9 160 90 1% 118 29 107 1 i 138 4508 30 3 19 67 % 12 17 4 1 155 1 110. 2 26 45 1 10s . 8008 13 4 5 121 High. 364 8413 9Tg Net. Low. Close. Chge. 341, 341, A 841 K41y 97% 9 4814 29 75 8% 86 27 15 *lof 2 23y 21% 333 18% 66 25% T 55 7 61% 17% 28% 145 4 4815 9y 5% 6812 1054 18% 145% 48Y% 5% 6819 105% 18% 145% 614 6l - 6013 61 —1% R At 1 IST[]BK PRICES 3LIP Market Unsettled by Omis- sion of Rock Island Com- mon Dividend. BY GEORGE T. HUGH Special Dispatcli to The Star NEW YORK, September Stock Exchange session oppressed by un- favorable dividend action, actual and prospective, stocks sagged again today to new lows on the There was a brief covering movement at the opening and another at the close, but the trend was downward, although Icsses were not_as large as they had been earlier in the week The first disturbing development was the omission of the common dividend on the Rock Island Railroad, announced during the morning. In the aft the Maine Central dircctors p dividend on the common stock of t corporation. Railroad stocks were all day. Next week the directors of the Westinghouse Electric and Baltimor: & Chio are scheduled to act and both of ! these stocks were under pressure The market not affected by the unseltlement in foreign bor Instead, it rallied just when the German issucs were making their lows. It had no im- portant dzclines in commodities with| which to contend. The s seemed to be fear ov disbursem to sha A good deal of the reported to have come 10—In a s reaction g om the Pacific | Prices had b the start as s tracts, hat whe - xecued the li the secongt passing of th and despite the shares nouncem Rock 1s right a sion, dropped meeting any supg At the low, b g ord and a partial re- | covery er ! The Rock Isk aused | ! celling 1 the price it was evident that the it had not been disc ed d common closed Wednesday n the dividend omis- | 10 points before | l Life Insurance BY GEORGE T. Before we (hm.»ld and wl was boug an economic t to by = man e can learn advantages ¢ policy if he will o erage neral way o life in se for not giving | dy. Do not buy ract the agent offers you.| from the first agent without | | the first cor Do not buy ¢ more life in- | surance than you can afford. It is a mistake to assume a burden you cannot carry, but it is a greater mistake to neglect acting at all In any event, treat the surance agent that cails You may not like his per {you may Dbe annoyed 2 venient time he come: business if not a so next life in- courteously nality and the incon- but_he friend AUTO BUILDERS FIRST IN MACHINERY BUYING ! | ! Dispatch to The Star. | NEW YORK, September 10. — Ma- | chine tool market developments the past week center in the automobile industry, which is beginning to show renewed’ interest in tools and die: American Machinist reports. Lycom ing’s big order for two complete pro- duction lines heads the week's purchase list. It includes the tooling for the Auburn eight-cylinder block and for 4 new model engine. Other automdtide buying includes some by Buick and Chevrolet, scattered over the last menth or two, and an { occasional specigl-tool purchase by Ford. Detroit, however, is still unce tain whether Fall models will be radical departures or simply further refine- ments in body desier: and introduction of free-wheeling and similar engine developments, which require no addi- tional tools. Tools and dies are being sold in Detroit, many for body work. Tool and die shops and most motof plants | there are working nights for the first time in years, and all good designers are now at work. Confirmation of this comes from Budd in Philadelph! Where the tool and die shop is working three eight-hour shifts, while produc- tion lines await the new tools. The subway and Navy lists in_the New York market are still being held up. Inquiries are up slightly. Chicago dealers believe that the remaining months of 1931 will bring up the year's average, while current inquiries e« tinue fair and used tools slow. New England's tool market is pepless, with favorable developments in spots. Forz eign orders have been the salvation of grinding machinery huilders there, al- though all manufacturers consider Au- gust the year's worst month. is af i years that a new | pre of | | adopted | of the latter ins | the preferred divide {PREFERENCE FOR SHORT-TERM U. S. PAPER SHOWN BY MARKET FTER EARLY GAIN'smati Oversubscrition <o 3 Per Cent Treasury Bonds May Force C}xange Of FINANCIAL. A—13 (UNFILLED U. S. STEEL TONNAGE DECLINES NEW YORE orders of poration <how tons in’ Al tors as o Se pollcy in Government Fmansmg. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 9.—The $800,000,000 issue of 3 per cent Umlcd States Government bhonds offered a week | | to moderate amounts and ago sold yestetday at a discount nom‘ the subscription figure of par. The best bid at one time was }4 point from the official offered price. According to dealcrs in Government issues, this is the first time in some Tre has gone to an immediate discour after the closing of the subscription books It reflects the narrow margin by which the loan was covered, while the delay in announcing the response to the offer- ings suggests that it was covered only through the action of the banks in in- creasing their subseriptions aiter it been realized from the first acknow edgements to Secretary Mellon's letter that the tiking of the entire $800,000,- 000 was extremely doubtful, Features of Loan. The two features of the loan which reacted against it were its size and the low coupon rate. 1t has been felt that the market was not in the position or in the mood to take more than $500.000 000 and that in making the amount $800,000,000 the Treasury exceeded the capacity of the market to absorb it The rate of 3 per cent was the lowest at which long been floated sin . although th issue t sury » the pre-war period was a difference of t 15 of 1 per cent between it and the 1o offering, for wh here ubseriy of $6,20 0, iuction has 1 questionable success of tk st to the astonishing re lous 1ssu This pr after it had been give: sold at a premium o ts and was today quoted it a premium of a point over price. In were this the honse Lo ous issue, 2 view of the small ove tions for the 3 p discount at which they are quoted, is now a quesiion whether the Treasury can with its refunding pro- am the lines that had been this‘month s evident et does per cer bscrip- ong It 16 g-term that the mar to a 3 whick th the sever erest coincident w . were Experts’ Opinion. the circumstances, prolonged policy of sury certificates modated te. or nal nt of the rate ac- ket at the time coupon on any obligations. Government b 'BALTIMORE TO SELL $6, 827 000 OF BONDS September 10.—The on Sep- bear a 4 consist of $2,860.000 dhe fo th t issues reached nge tax-exe ations | $8.000.000 BANK MERGER September 10 () Federal Trust a $3.500,000 institu- today by the Trusts, in a bring the assets tion up to nearly RICHMOND, Va., . was acquired car « of Commerce mbination which w $8.000,000. Transfer of the Union Bank's affairs as effected last ht at a meeting officers and directors of the two EARNINGS REPORTED. NEW YORK. September 10 Net profit of Loew's, Inc. weeks ended June 5 amounted to $9,- 829,482 after charges for taxes and de- ation, but teductions for 1 subsidiaries. compared with $11,781.924 for the cor- responding period of last year. After allowir dividends on the ired stock and on_the $6.50 preferred stock of Loew’s, the net profit is approximately equiva- | lent to $6.40 a shafe on the common, compared with $7.64 a share for the | comparative previous period. Dunhill International, Inc. reports a net loss of §111423 for the first half of 1931, compared with a net profit of $68.657. or 47 cents a share for the first half of last vear. ®).— Money to Loan Secured by first deed of trust on real estate. Prevailing Interest ln\‘l commission. Mmcm a0 0 Imewu l’.mm 168th Dividend Tue regular quarterly dividend of Two Dollars and Twenty-Five Cents ($2.25) per share will be aid on October 15, 1931, to stock- olders of record at the close of business on September 19, 1931. First Mortgage Loan Applications Invited at Cincinnati thinks new inquiries have the earmarks of forthcoming orders, but current business holds even. Cleveland reports an upturn in sales and inquirles. Buffalo reported July as the year's best month; now August looks even better. Sells Pipe Line Interest. NEW YORK, September 10 (#).— Skelly Oil Co. has sold. its interest in Natural Gas Co. of America, which operates a pipe linc to furnish natural gas to Chicago, for cash to other par- ticipants in the project. 5/5% Glover & Flather 1508 H St. N.W. National 1753 H. BLAIR-SMITH, Treasurer. | gain of the past term Government paper had | its offered | cent bonds and the | it | for the 40 | Inc, | | 1920, 580.204 1s that if he limits his long-term loan maintain the rate at 3'x or 34 per cent, he will have the support of the institutions from which the greater parl of total subscriptions to Government bond sues are received, otherwise he m be in somewhat of a dilemma when th: time comes for preparing to mer £900,000,000 of matyring obligations next December. One feature of the the new 3 per cent loan_ number placed fof amounts. This repre the part of small investors a country who have not been bIH Government loans to any exter war times and who, in large me d liquidated their’ Liberty loa 10 years ago. It in fort toward cbtaining gree of security for fund reflected in the incr bank deposits and in the ar in of the postal savings ba (Co lectrictiy Outpu YORF m 80 *|IlIII|IXIll|IIIIINI|IIIIIIllIIllI|llI||Il|||lIlI|I|l|||l.|||||l|l||l|l|lI!I'HIV!VIIIIH&III’!N IV‘¢’ENH'1NIHHI‘I!H'V!I}HI‘I‘¥ Money Awvailable for Mortgage Loans E have available funds with to FIRST TRUST LOANS, and ma‘dur% come applications for loans on houses, office buildings, residential erties, located in Washington or nearby Maryland and Virginia. Investigation will be imme ly made, and if favorable, the- money is ready—for 3, 5 or 10 year periods, and at 5 /2 30 RANDALL . HAGNER & CO MORTGAGE. LOAN CoRRESPONDENT 7 ¢ . e ZYord. A/; ///1///'(///// 7% mpparny 1321 Connecticut Ave. Decatur 3600 *IHIII!IHH (R TTHEH ] I!l* ANY ST HIR TR BRI OLDEST NATIONAL BANK in the District of Col Fifteenth Street PRIOPERTY MANAGEMENT Apartment House MANAGEMENT natural that with the and zation we have created expe: we have had, the orgari cnce and trained, vour apartment house will be managed when put in our most € ntly charge. We render service that pays for itself many times over. B. F. SAUL CO. 925 15th St. N.W. Nat'l 2100 MIOIR'T &A G'E EOAN 8 offer our facilities for the placing of your investment funds . .. for more than forty yecars the H. L. Rust Company has been making first trust loans on improved propertics in the District of Columbia and adjacent Maryland suburbs. Investors have found the notes SAFE in the abundance of the security — CONVENIENT in their de- nominations—PROFITABLE in the highest interest 1d consistent with a conservative investment. 6% FIRST MORTGAGE NOTES H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889