Evening Star Newspaper, September 23, 1931, Page 13

FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. - WASHINGTON STOCK EXCHANGE. ACTIVE| Prices Firm as Trading Ex- pands—Bank lIssues Popular. BY EDWARD C. STONE. One of the most active sessions of | the month was recorded on the Wash- | ington Stock Exchange today, the turnover being large in both stocks and bonds. “Some issues sold lower. but_prices as a rule were firm. The market opened with Anacostia & Potomac Railroad 5s figured in a $1,000 sale at 70. Washington Gas Light bonds, series B, came out at 105 on gmall sales. Potomac consolidated 5s | saw a $5,000 tournover, $1,000 selling at 10415 and $4,000 at 1041, Bank stocks were popular. Two sales in Riggs National were reported at 370, wi shares of National Bank of Washington stock changed hands at | 180, closing with 100 bid and 205 asked. ~ There also were two small-lot sales in Security Savings & Commer- cial at 435. Lanston_Monotype opened at 76 and ing 50 closed at 7513, the day’s sales shares. Potomac Electric Power 515 per cent preferred moved at 110'%, while Merchants' Transfer & Storge preferred sold, ex-dividend, at 90, fol- Jowing yesterday's regular quarterly aividend declaration. Mergenthaler Linotype also appeared, opening, ex-dividend, at 72'¢ and clos- ing on very light sales at 713;. Poto- mac Power 6 per cent preferred came out at 112 ahd Washington Railway ¢z Electric_moved at 98. One of the late sales was $1,000 Capital Traction 5s at | 76.Capital Traction stock was not out. District National, Federal-American, Columbia Sand & Gravel and Mer- chants' Transfer & Storage preferred were added to the ex-dividend list to- day. Thorpe Urges Business Study. Leaders of business thought are sgreed that industry and enterprise of every character must map plans to as- sure greater net profits from smaller gross volume—that new conditions de- mand undivided attention to all factors which influence costs. “We must prepare for tomorrow's op- portunities by setting our house in order leclares Merle Thorpe, editcr of Nation's Busiress, and a director in the National Metropolitan Bank. “Every business has its hidden enemlies. There is ample evidence of numerous firms that have done better this year than last, because they quit looking for relief from the outside and concentrated exclusively on the inside of thir own operations. “But the hidden enemies of progress must be rooted out of the office, the factory and the sales room before the process of recovery for which we are all striving, will get under way. We must stir up the dormant forces of commerce and industry by self-exami- nation of individual business. A thor- ough self-examination will bring to light new and undiscovered forces with- in a business itself.” Fifth District Collections. Collections during August in 32 of the 34 reporting stores in the fifth Fed- eral Reserve district averaged 24.4 per cent of recelvables outstanding in Au- gust, a higher figure than 23.6 per cent | collected in Augflt a year ago. Collec- . tions last month were seasonally slower than in July of this year. There was a gain of 28 per cent in August collections in Washington, 26.6 Er cent in Richmond, 21.5 per cent in Itimore and 23.9 per cent in a group cf other cities in the district, compared with last year in the same month. Stocks on hand on August 3] in Wash- ington stores were 8.3 per Cent lower than on the same date a yesr ago. In Richmond stocks of goods were down 14 per cent, in Baltimore 8.2 per cent and in v;he fifth district as a whole 9.9 per cent. In most all the 34 reporting stores stocks were slightly higher at the end ©f August than 2t the beginning. Quarterly Dividemd Declared, Directors of the Merchant Transfer & ,Storage Co., vesterday declared the regular quarterly dividend of $1.75 per &hare on the preferred stock, payable October 1 to stockhclders of recerd September 24. Books ere to be closed from September 24 to September 30, in- clusive. The directors expressed satis- faction over the excellent volume cf business transact>d so far this year in comparison with the corresponding pe- riod last year. Di rs of the American Tce Co. have declared a quarterly dividend of 50 cents per share cn the common stock, payable October 26 to stock of record October 2, reducing the annual dividend basis from $3 to $2. i Building Contracts Improve. During the first half of September, construction contacts in the Middle At- Jantic territory nearly matched the pro- Yated total for the like period in 1930, the P. W. Dodge Co. reported today ‘The territory covered inciudes Easte) Pennsylvania, Scuthern New Jerses Delaware, Maryland, Districe of Colum- | bia and Virginia Today’s report also goes back to Au- gust, Washington alone showing con- atruction planning on a higher plane | than a year ago. Of the principal cities in the district gains were shown over August, 193 anton, Washington and Norfolk, with | respective totals of $315,500 against | 131t | 521 ‘4 16 $282,000 in August, 1930; $3752.300 against $1,769,000 in August, 1930, and $261,500 against $120,100 in August last year. Heard in Financial District, President L. P. McLachlen of the Mc- Lachlen Banking Corporation has re- turned from his annual vacation Eugene C. Carusi, son of the late Charles F. Carusi and grandson of Eugene Carusi, has resigned from the Navy to accept a position with the new insurance agency of Legg., Griffin & Co. He also intends to study National University, of which his father | was president. The Washington Bond Club held its first meeting of the season today with a luncheon at the National Press Club. President L. M. Proctor outlined in de- tail plans for the coming year. The council of administration of the District Bankers’ Association will hold the regular September meeting Friday afternoon at 4 o'clock at headquarters in the Becker Building ‘Washington clearing house figures for today: $3,742,035.53. ASK ME WHY BY EVERIT B. TERHUNE. How can advertising and sales pro- tnotion help at the present time? By focusing the public's attention on | merchandise that can be made and | sold at a profit, and give a better value at a fair price i But sn't it logical ‘hat after a period | of extremely high prices we should | have a period of low prices? { As material and production costs are lowered, prices follow naturally—but not | necessarily to the many profitless prices being advertised «at present. What will the customers’ reaction be $o better goods and higher prices? It is r:romd that buyers generally are changing their attitude from “How little need I spend for this article?” to « “How good an article can I buy for this amount of money?” Merchants who cater to this new demand will improve their profits. . 1981, by United Business Pub- (CopyTignt i Biredu of Economice:) law at|y GASOLINE PRICE RAISED. . NEW September Pennsylvania have raised the service ‘u‘:’ price of line in Philadel- t to 10 ,lhll%o-l%: cents, 3 N2 P e R bk > Stocks sold in 100-share 614 77k 1043 &7 8014 663 3 'k and Low. * Dividend Rate. 214 Abitibi Pwr & Paver. 9 Abitibl Pwr&Pap pf. Adams Express (1).. Adams Exp pf (5) .. 18,000 Addressograph (1).. Air Reduetion(t414) Airway Elec Appl. .. Alaska Juneau (40c) Albany Wrap Pa Allezany Corp. Alleg Cp pf $30 ww, , Alleg Cp pf w $40 w, Allecheny Steel 60c. Allled Ch&Dye (n6). Allied Ch&Dye pf(7) Allis Chalmers (2) Amal Leather. ... Amal Leather 4 Amerada Corn (2)... Am Ag Ch of Conn pt Am Agri Chem(Del), Am Bank Note (+3).] Am Bralke Shoe(2 40, Am Brake Sh of (7). AmCanCo (t5)...., Am Car & Fdry (1)., Am Car & Fdy pt (1) Am Chein.... Am Chicle (+3) Am Colortype. Am Comecl Aleohol. .. 9 Am FEuropean Secur. 4 Am & For Power Am & For Pwr pf( Am & For Pwr 24 pf. 5 Am Haw St'ship (1) Am Hide & Leather. . 4 Am Hide & Leath nf, Am Tlome Prod 4.20. Am ] 2) . Am International. ... Am Locomotive (1), Am Mch & Fdy 1.40., Am Metal CO...vs.n. Am Pwr & Lt pf (6), Am P&Lt pf A st(5). Am Radiator (60c) Am Rolling Mills. .. 4 Am Safety Ragor (5) Am Seating. .. Am Ship & Com Am Shipbuilding (5) Am Smelt Ref (2).., Am Snuff (+3%). Am Snuft pf (6). Am Solv & Chemical. Am Solv & Chem pf., Am Steel Found (1).. Am Stores (12%). Am Sugar Ref (5)... Am Sumatra Tob.... 4 Am Tel & Telex (9).. Am Tobacco (16).... Am Tobacco B (16).. Am Tobaceo pf (8) 4 Am Water Wks (3).. Am Wat Wks cls(3). Am Woolen Co. Am Woolen Co pf. Am Writ Paper pf. Am Zine & Lead. Anaconda Con (1% Anchor Cap (2.40).. Andes Copper. . Archer Danfel Mid 4 Armour of 111 (A). Armour of T (B). Armour of 111 p: Arnold Constable Associated Apparel.. Atch To&S Fe (10).. Atch To&S Fe pf (5). ¢ At] Coast Line (7). .. Adlantic Refining (1) 714 Atlas Powder (4) Atlas Powder pt Atlas Stores (1). Auburn Auto (£4). Austin Nich pf A (3 Autosales.........0 23 Aviation Corp (Del). Baldwin Locomotive Baldwin Loco pf (7). Balto & Ohio (5). . Balto & Ohio pf (4) Bang & Aroos (3% ) i Bang & Aroospf (7). Barnsdall Corp'n. ... Bayuk Cig 1stpf (7). Beatrice Cream (4) Beatrice Crm pf(7).. Belding-Hemingway 5 Belg N R pt pf +4.81. Bendix Aviation (1). Best & C0 (2)......0 Bethlehem Steel (2). Bethlehem Stl pf (7) Blaw-Knox (1).... Bohn Alumn (1%). Borden Co (k3). Borg Warner (1 Boston & Maine R! Botany Con Min (A). Briggs Mfg (11%).. Briggs&Stratton(2). Brockway Mot Trk. . Bklyn-Man Tran (4). Bkiyn-Man Tr pf (6) % Bklyn&Queens pf(5) Bklyn Union Gas (5) Brunsw-Balks...... Bruns Term & Rwy| Bucyrus-Erie. ... Bucyrus-Tirie cv pt Bucyruspf (7).. Budd (EG) Mfg... Budd Wheel (1) Bullard Co. ...u.00 Bulova Watch (80c) . Burrough A M(t1%) Bush Terminal(2%). Bush Term deb (7) Butte & Superior. . Butterick Co. Byers (A M) Co. if Packing (2) umet & Arizona Calumet & Heela. ... Camp W&C Fdy (1).. nada Dry G A (3).. nadian Pacifie 1% . Cannon Mills (1.60) . 4 20 Capital Ad pf(A) (3) Case (11) Co. @aterpillar Trac(3). Cavanauzh-Dobbs. . Celanese Corp . Celotex Co. Celotex vic ctfs Cent Acuirre (1%) 7 151 BandaRnon-aanes s Cent RROf N J (8).. , Century Rib Mills Century Rib M pf(7) Cerro de Pasco (1).. Certain-teed Prod. .. Checker Cab Mrfg. 3 Ches & Ohio (2%). Chesapeake Corp(3), Chi Great Western.. Chi Great Westn p Chi Mil StP & Pac. Chi M1l StP & Pac pf. Chi & Northwest (4). Chi Pneu Tool. Chi Pneu Tool b *hicago R 1&Pacific. ChiRI& Pacpf (6). ChiR1& Pacpf (7). i Yellaw Cab (3).. ilds Company . Chrysler Corp (1) . City Ice&Fuel (3.60) % City Ice&Fuel pf 6% City Stores......... Cluett-Peabody (3).. Coca-Cola (17%). ... Coca-Cola (A) (3)... 50%5 10415 17% 10% 1 1 YORK, 23.—The! 107 Bhell Ofl Co. and the Standard Ofl of | 1% Ve Colonial Beacon. Colo Fuel & Lron. . Colo & Southern (3). Col Gas&Elec (2). 92 Col Gas&E|] pt-A (8). 315 Columb Graph (56c). 49% Columb Carbon (5).. 1115 Comm Credit (1.60). 30 Comel Credit A (3).. 20 " Comel Crea pt (1% 7. 76% Comel Cred 15L(6%). 21% Comel Cred pf B (2). 17% Comecl Inv Trust (2). 79 Comm InvcvpL(es). 9% Comel Solvents (1).. 4% ComwIith&Sou (40c). 77 Comwlth&Sou pf (6) 30 Conde Nast Pub (2).. 6% Congolm-Nairn (1). 715 Congress Ci 251 Consol Cigas 6415 Consol Ci 53 Consol Cgr prpf 6% . 3% Consol Kilm 9% Consol Filin pf (2).. 7314 Consol Gas N Y (4) .. 10115 Consol Gas NY pe(5) 105 Consol Laundries(1) 20 ConsolRwys pt (6) 14 Consol Textile. % Container Corp'¢B)., % Bl 2014 19% 1% Sea Zanlan & SreSua THE EVENING STAR. WASHINGTON, D. €., WEDNESDAY, SEPTEMBER 23, 1931 e coent Shase designated by letler 1 e Add 00. High. 4 3 % 10 8% 2715 284 + M 12 12 4 69% T1% 3% 2 2 +¥ 18% 174 + M s B — 4% ™ B 1y % 11 A A% . 13% Rig 22 2 41 23% 257 +1% 100 1094 —1 1% 83% -3% 12 =14 45 —10 10 +2 47 14 25 1"~ 10% +1% 1 +1 1 42% +2% 80 1% 52 54 -2 96% 101% -+4% 5 5 ~1931 High, 30 3% 7% 2% 16% « B1% Stock and Low. Diyidend Rate. 5% Contl Baking (A)... 74 Contl Baking (B). ... 44% Contl Baking pf (8). 38% Contl Can (2%) ...« 5% Cont Diamond Fibre. 24% Cont Insur (2.40)... 1% Centl Motors. 5 Contl Oil (Del). 11 Contl Shares... 44% Corn Products (14) 15215 140% Corn Prod pf (7). 18 107 4 Coty Inc. . m of V wn Cork (2.40) Crown W P 1st pf(4) 30% Crucible Steel. . Dl % Cuba Cane I 2 Cuba Cy 214 Cuban-Am S 1% Cuban Domn Sugar.. 35% Cudahy Packing (4). 60 Curtis Publish (4)... 1% Curtiss Wrignt.. 3 Curtis Wright (A).. 85 Cushmans pf (8). 1215 Cutler Hammer 5% Davison Chemical. .. 1387% Deere & Co pf (1.40), Delaware & Hud (9). Del Lack & Wn (4).+ Denver & RG W pf.. Devoe & Ray A(60c). Diamond Match (1). Diamond Mtch pf 1% Dome Mines (1)..... Domn Stores (1.20), Doug Aireraft(t13%) Drug Corp (4) . Duplan Silk pf (8) ... 69 Dupont de Nem (4)., 926 291 10% 11 u 24% 8% 124% 11715 Dn Pont de N pf(6), . 226% 117% Du Pontde N pIc8), 18% 107% Gen ¢ 5T% 80% 123% astern Roll Mills. . astman Kodak (18) tman Kod pf (6). aton Axle (1.60) itington-Schild pt. Elec&Musical Flec Pwr & Lt (1)... Elec Pwr & Lt pf(6). Flec Pwr & Lt pf (1) Klec Storage Bat (4). Endicott-Johnson(3) ing Pub Sve (1.60).. quit Office Bldg 2% rie RR..oeosses ie RR 1st pf (4). 3% Kureka Vac Cleaner. livans Auto Prod. ... Fairbanks-Mors Fed Mines & Smelt. Fed Wat Sve A(1.20) Fed Dept Strs (25¢c). Fid Ph Fire In(2.60), Filene's Sons pf 6% .. Firestone T & R (1). Firestone T&R pf(6) First Natl Strs (2%) ¢ Fisk Rubber. .... Florsheims pf (6) Follonsbee Bros. Foster Wheeler (1).. Foster Wheeler pf (7) Foundation Co. 18 Fourth Nat Inv 9% Fox Film (A) (23 67 Franklin Smn pf(7). 17 Freeport-Tex (3) 27% Gamewell Co (3).... 14 Gardner Motor. 27 Gen Am Investors. .. 47% Gen Am Tank Car(4) 11 Gen Asphalt (2). 16! Gen Baking (2) 4% Gen Bronze. 3% Gen Cable 2114 Gen Cable p! 2944 Gen Cigar (4 £ pf (7 20% Gen Electric (1.60). 11'x Gen Elec spec (60c).. 39% Gen Food Corp (3).. 3 Gen Gas&El A (e30c) 23 Gen Gas&E cv pl(6). 391 Gen Gas & ElecA(7). 24% Gen Ital Ed EI m2.61 35 Gen Mills (3). 271 Gen Motors (3). 95 Gen Motors pf (5) 3% Gen Outdoor Adv. 6% Gen Outdoor Adv( 14 Gen PrigInk (2%).. 50" Gen Prig Ink vf (6) 4% Gen Public Servie: 32 Gen Ry Signal (5) 1% Gen Realty & Util 28 Gen Refractories (3) 1% Gen Theatre Equip. . 10 Gillette Saf Razor... Gillatte Saf R pt (5). 314 Gimbel Bros........ 36 Gimblel Bros pf (7)., 7 Glidden Co. 4 Gobel (Adolf) 184 Gold Dust (2% 6% Goodrich (B F). 30% Goodyear T& R (3). 63 Goodyear Ist pf (7). 4% Gotham Silk Hosiery 2 Graham-Paige...... 8% Granby Con Min (1), 7 Grand Sil Strs (h1) 10% Grand ('nion..... 34% Grand Union pf (3).. 17 Granite City Steel(2) 25% Grant (WT) (1).... 25 Great Northn pf(4). 14% Great Northn Ore(2) 613 Great Western Sug. . 2 Grigsby Grunow. 815 Gulf States Stee 26% Hacken Wat pf A 1% 3% Hahn Dept Stores. .. Hahn Dpt St pf(83%) Hall (WF) (1.20)... Hanna pf (1).,..... Harb & Walker (1). Havana Elec Ry pf.. Hayes Body Corp. .. Hercules Mot (80c Hercules Powder(3). Hercules Pow pf (7) Hershey Choe (6)... Hershey Choc pf (157 Holland Furn (12%) Hollander Sons. ... Homestake Min (18). Houdaille Hershey .. Household Fin (4.20) Houston Oil. . Houston Oil (new).. Howe Sound (2).... Hudson & Man (3%) Hudson Motor (1)... Hupp Motors Illinois Central (4). Indian Refining Indust Rayon (4). Ingersoll Rand (4).. Inland Steel (2%) Inspiration Copper. . Insuranshares Del A Insur Shr(Md) (40¢). Interboro Rap Trans Interbo Kapid T cod. Interlake Iron. . . Int Bus Machine(né) riers,Litd 50c. Int Combustion pf. Int Harvester (2%) Int Hydro E1 A (e2). Int Match pt (4) nt Merchant Marin: Int Nick of Can(40¢) Int Nick Can pf (7). Int Paper & Pwr (A) Int Paper & Pwr Int Printing Ink +Int Shoe (3) Int Silver... Int Silver pf ((7) Int Tel & Tel (1). 1nt Dept Stores (2).. st DS pt xw(7). type Corp (1).. Equity.... 1sland Creek Coal(4) 83 Jewel Tea (4)....... 38% Johns-Manville (3).. 99 Jones & Laugh pf(7) 715% 118% KC P&L 1stpf B(6). 45 64 24% 3% 29% 165% 60 1% 70 6% 29% 55 27% 35% 8% Kansas City Southn. 40 Kan City Sou pf (4). 11% K’'mann Dept Strs(1) 9% Kayser (J) &€o (1). 1% Kelly-Spring Tire 6 Kelvinator Corp 20 Kendall Co pt (6) 10% Kennecott Copper (1) 23% Kinney (G R) Co pf.. 4% Kresge Dept Stores. 26 Kresge (S 8) (1.60).. 34% Kress (SH) Co'(J1).. 8% Kreuger & Toll 1.61). 18 Kroger Grocery (1), 2% Lee Rubber & Tir: 8% Lehigh Valley Coal.. Bales— Add 00. High. Low. Close. Chge. 13 ™ 6% T Net. o = B4 - 85 144 +1% 131 65% 96 T4% 1184 414 124% 42 -1 34 - PR R QT ISTOCKS GO HIGHER IN ACTIVE MARKET Constructive Move Seen In Action on Wages by Large Corporations. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 23 —Strong and active, today's stock market staged a vigorous advance. The railway shares were the leaders, with gains which at one time ran to 12 points and over in | the higher-priced issues, but there were ymany industrials which made almost as good a showing. In the last hour profit. takin celled a part of the rise, but it w absorbed, volume falling off on the re- action, and the list closed higher all around. Bonds were strong. and so ‘were some commodities, especially cotton. Sterling exchange reacted, but that | had no significance other than the at- tempt to find a basis representative of the new situation in Great Britain. Generally speaking, it was the most cheerful ‘Wall Street has experienc- ed in months. g The one weak spot in the stock | market was Anaconda Copper, which nt to a new low, suggesting un- favorable dividend action at tomorrow’s { meeting of the board. | _Just before the close the Northern Pacific directors declared a dividend of 75 cents & share, putting the stock on & $3 annual basis against the $5 previously paid. | United States Steel Corporation, the re- duction in salaries by General Motors, and the other readjustments in the industrial fleld to the realities of the situation, was interpreted by Wall Street a: constructive move of the first magnitude despite the hardships to the individuals concerned. It-was one more piece of news overhanging the market to be removed. The belief was freely expressed that the railroads would follow the example of the steel corporation and thereby reduce their costs to a point where they could operate with some hope of & profit. Wage news overshadowed the weekly returns from the iron and steel industry, which told of another reces. sion in the rate of operation. It obscured the fresh batch of unfavor- able railway earnings reports. In short, | the Street today could see nothing but | favorable implications in the outside | developments. Just as only a few days ago it could see nothing but the dark side of affairs. » From a technical standppint, the | most important thing was the lifting of the ban against short selling by the stock exchange authorities. It bespoke confidence in the ability of the market to take care of itself. The result was that when traders found themselves rfectly free to sell stocks short, they ost_all inclination along that line. ‘The rallway stocks were buoyant. 8hort covering went along with new buying, the former impressed by the recent demonstration in Reading and the latter convinced that the present level of prices had discoynted the earn- ings situation. Gains of 4 and 5 points were common in this part of the list, with almost every active stock parti- cipating in the improvement. Union 14 | Pacific, which made such a discourag- ing report Monday, moved ahead with the rest. New York Central, Baltimore & Ohio, Lackawanna, Atchison, and Pennsylvania were outstandingly strong. ‘The spectacular performer was Dela- ware & Hudson, up over 15 points, Canadian Money at Discount. DETROIT, September 23 (#).—Most | Detroit banks today were accepting C: nadian money at a 15 per cent dis- count. The action, they said, was due to fluctuations in the exchange at New York. It was expected an adjustment would be made as soon as the rate at New York became more settled. Cer- tain retail stores also were accepting Canadian money at a discount. One hundred theaiers in China are showing Chinese pictures exclusively. M;ney to Loan t trust on re; and commissio Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana’ Ave. N.W. ENTERPRISE SERIAL 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. Shea President Secrefary “SHOREHAM BUILDING 15th Street at H For Tenants of Character Light. cheerful, quiet. modern offices planned to meet individual re- auirements at reasonable rentals One_ exceptionally fine suite able, best location In building. 'l“d‘ho'"" anelec T e ahon e ing other auarters McKeever & Goss, Inc., Agent Suite 520—Shoreham Bldg. Phone NAt. 4350 SAFE ... PROFITABLE First Mortgage Securities = 6% offering yield of ‘These non-flug invest- ment, are mm%ma pro- ducing properties here in the Nation's Capital. Put your idle 2,‘11..-.“ to work, earning 6% with 24 Sponsored corporatio & steady tions as low as $100 Monthly Fayments i Send Jor Bookict, “The Suivess Flan” REAL ESTATE MORTGAGE & GUARANTY - CORPORATION 1610 K St. N.W, National 1403 News of the'cut in wages by the| IThomu J. Fisher & Company, Inc. ! D. C. Real Estate at L. &N. R. R. WOULD SELL i ~ $10,000,000 IN BONDS The Louisville & Nashvillé Railroad has asked the Interstate Commerce Commission authority to issue and seil. $10,000,000 of its 10-year secured 5 per cent gold bonds, which will be secured by the deposit and pledge of $13,900,000 of certain bonds. The issue has been sold, subject to Interstate Commerce Commission ap- proval, to J. P. Morgan at 95% per cent. Procesds will be used to pay off $7,963,000 of funded belt maturing No- vember 1, 1931, and to pay in part for the cost of 2 new bridge over the Ohio River at Henderson, Ky., for which con- tracts have been let. CONTRACTORS SEEK DEPRESSION CURES Construction Leaders " Meet Here in Effort to Aid Business. to By the Associated Press. Practicel cures for depression and unemployment ills, in so far as the construction industry is concerned, will be sought at & meeting of the governing board of the Associated Gen- eral Contractors of America here on September 30 and October 1. The board is composed of construc tion leaders from every section of the country. It will concern itself with reports and recommendations o, its v rious technical committees as to | what steps the industry itself may take to improve conditions by means of better financing methods, more wholesome corhpetition, elimination of ; waste and expansion into new fields | of construction. The association's Construction Capi: tal Committee is expected to make recommendations in regard to financing { methods, including home loans, bond issues for public buildings, investment trusts for building bonds, building ap- praisals and the allocation of con- struction credit. The Ten-year Con- struction Program Committee will re. port on the stabilization of construc- tion demands and the development of potentially large volume new fields, important among which are those of slum areas and grade-crossing elim- ination. Realizing that there are thousands | of rallroad crossings throughout the country for which grade ' separations must be provided eventually if the large annual toll of human life re- sulting from accidents at these places iis to be reduced, the association has | been devoting considerable study to means by which such work may be equitably financed and advanced more rapidly in the present emergency. CHICAGO, September 23 (#) (United States Department of Agriculture) — Potatoes, 81 cars; on track, 298 cars; totz] United States shipments, 641 cars; weak on Triumphs, about steady on other stock; trading only fair; sacked, per hundredweight, Wisconsin Cobblers, 595 ) Minnesota Cobblers, 85a95; pock, 60a75; Red River Ohios, | 85a95; Idaho Russets, No. 1, 1.60a1.70; No. 2, 1.00a1.10; Triumphs, 85a1.00. NEW YORK, September 23 (#).—Bar silver steadier and 7: higher, at 2915, First Mortgage Loans | Lowest Rates of Interest and Commission i Money to Loan on Current Interest Rate A. Blundon Co., Inc. N.W. Phone Nat. 0714 REAL ESTATE LOANS Made at Low Interest Ra ] I D. C. Property for ‘ . REFINANCING ‘ . BUILDING | . BUYING \ Charsed. ‘Ask us for details. | Open Daily 9 to § ‘ ! | Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT BUILDING ASSOCIATION 949 NINTH ST, NW. UNDER SUPERVISION OF U.S-TREASUI WE MAKE FIRST TRUST LOANS on IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 TO $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY CO., MD. PERIODS OF 3, 5 or 10 YRS. Prompt Decisions Given Afplicutiam % INTEREST BOSS and PHELPS Realtors TRURCRR. N, Loan C'orrt.!g‘ondent John Hancock Mutual Life Insurance Co. FINANCI TRUCK COMPETITION IS DECLARED SMALL & Auto Chamber of Commerce Offi- cial Finds Little Freight Carried. By the Assoclated Press. Pyke Johnson, secretary of the Na- tional Automobile Chamber of Com- merce, told the Richmond Trafic Club that motor truck competit'on had thus far furnished only negligible competi- tion to the rallway system of the country. “Thus far,” he said, “evidence Indi- cates that the cargo vehicle's chief use was to supplement rail service and to glve an opportunity for relief from un- desirable costs where the rail executives have made use of it, and many times where they have not.” Quoting the Bureau of Railway Eco- | | | Organized 1879 /| JOHN JOY EDSON, President Consult Us if Y. chase a home, refinance Loans Repay No Brokerage . . New Issue - Equitable Co-Operative Bldg. improve property should sée us. will receive prompt and courteous attention: AL. 2x» A—13 nomics, an {zation suj 2 per cent of the commercial movement ' of the country was He declared there is a capacity in trucks to have taken over.a tremendous proportion of the rail business long before now had they been economically fitted to do £0. The fact that they have not was seen as evidence that general the two agencies perform services whic! are not comparable. Johnson said the truck can be used by rail carriers to overcome many of the expenses which *had to be met | prior to efficient motor transport. |, “Particularly does this seem to be ‘true in the less-than-carload rail move~ | ment,” he sald. “This amounts to 2.5 | per cent of the total tonnage. but re- | quires 26,5 per cent of all rail equip- ' | ment, averages only around three tons per car and yet returns only 10 per cent of all revenue.” |, Johuson said he believed the whole | business of rafl transportation could be | quickened and made less expensive to | the public if all rail executives would re-examine their plants in the light of new practices. o = ssn 51st YEAR COMPLETED WALTER S. PRATT, Jr. Secretary Subscription for the 101st Issue of Stock Being Received ouWant a Loan on Real Estate or to Take Up a First Mortgage Those who desire to borrow money to pur~ present indebtedness or Applications able Monthly - No Commissions 915 F ST. N.W. Exempt from all Federal Income Taxes TAX FREE IN MARYLAND AND THE DISTRICT OF COLUMBIA City of Baltimore, Maryland % Coupon Bonds October 1, 1931 Due October 1, 1947-1967 inclusive Prices on Application Descriptive circular ' . upon. request ALEX. BROWN & SONS “Established in Baltimore in 1000° ‘Washington Office 737 15th Street N.W. Telephone NA. 1083. —the Real Estate’ Loan Plan of the Metropolitan Life Insurance Com- pany as the ideal method of financing your home. Loans for Fifteen Years. Low Interest Rates. NO Llfe Insurance Requ;tcd. "Construction Loans in Any Amount’ WEAVE.R_B_ REALTORS Washington Building District 9486 Mortgage Loan Correspondent X_ctmwmau Life Insurance Company Loans made in the District of Columbia and nearby Maryland: and Virginia * THERE experience 6% FI ARE NO MONEY WORRIES d by investors in our RST MORTGAGES because the proposition is a con-; servative Over a Third of a Century Without a Loss time of pa one, with valuable im= proved real estate standing back of the mortgage; and the interest is dependable both in amount and yment; t May be purchased in amounts £ - B. FlSAUL €6 National 2100 925. 15th St. N.W. THERE ]S 'NO' SUBSTITUTE FOR SAFETY