Evening Star Newspaper, September 25, 1931, Page 13

WASHINGTON BAS EARNINGS HIGHER Net Income for August Was $996 Greater Than Same 1830 Month, & BY EDWARD C. STONE. Net, earnings of the Washington Gas | Light Co. in August registered a gain of | $996.69 over August, 1930, according to thé monthly financial statement filed with the Public Utilities Commission to- day. . Onpentmc Tevenues in August totaled $352,026.61, compared with $337,169.78 in the samé¢ month last year, while operating expenses required $267,965.69, against $262,736.59 a year ago. Total operating revenue reductions called for $285372.98, compared ‘with $277,369.59 in August, 1930, leaving a net income from operations of $66,- 653.63, against $59,800.19. Non-operating income amounted to $5,109,58, against $2,450.68 a year ago, giving the gas company a gross income of $71,763.16, compared with $62,259.87 in the seme month last year. Initerest and miscellaneous deductions from gross required $67,938.27, in com- parison with $59,430.68, leaving a net income of $3.825.88, against the lower figure of $2,829.19. Metered sales to general customers, sales to other corporations and sales for municipal street lighting showed an increase of $27,597.89 over August of last year, but expenses cut down the gain, reducing the company’s net profits to the above figure. Eight-Month Returns Filed. Returns for the first eight months of the year were also filed by the gas com pany. Operating revenues were $4,02 638.07, against $3,693,243.68 in August, 1930. Operating expenses totaled $2.486.- compared with $2,411,888.54 leaving operating income, after the de: duction of operating expenses, uncol: Jectable bill§ and taxes, of $1,304,196.06, | in comparison with $1,056,409.05. Non-operating income was $9,773.63, =gainst $15,986.76 a year ago, and gross corporate income reached the sum of $1,313,696.69, compared with $1,072, 195.81. Total deductions from gross to- taled $540,184.35 against $491,523.87. Total net income for the first eight months of the present year amounted to $773,775.34, compared with $580.671.94, showing the’ substantial gain in net profits of $183,103.40. Bank Elects New Director. ‘Thomas N. Beavers, vice president and treasurer of Peoples Drug Stores, Inc., was elected ' director in the Bank of Commerce & Savings, at the annual meeting held in Alexandria yesterday. Yesterday was the stock holders’ twen- ty-fourth amnual meeting, those being re-elected ineluding: Maurice D. Rosenberg, Joseph Sand- ers, Irvin Owings, John M. Riordon, Thomas J. Groom, Joseph H. Milans, Clarence ‘eaver, William L. Bush, Harry M. 11, James E. Colliflower, E. Taylor @ewnmi, Floyd E. Davis, Richard L. Elliott, Albert S. Gatley, Martin A. Leese, Harry E. Mayor, John F. Maury, Vernon G. Owen, Elje Sheetz and Frank Owings. Mr. Beavers, the new director, is wide- ly known in Washington's business cir- cles. He resides in Chevy Chase, Md., is a member of the Manor Country . Club, Chamber of Commerce and Board of Trade. He has a number of fra- ternal affilistions, among which is King D‘h;‘dbmw 3 . D. Rosenberg, president; Joseph Banders, vice president, and John g( Riordon, executive vice president, being among those elected to the board, have occupied eXecutive positions with the institution ¢entinuously since the bank was organiged. Today's Trading on Exchange. The first sale on the Washington Stock Exchange today was $1,000 Wash- inglon Gas Light 6s, Series A, at 103, Another $1,000 sold later at 102% and there were Several small sales in the same issue. Barber & Ross 61;s figured in a $1,000 turnover at 77 and $1,000 Potomac Electric Consolidated 5s changed hands at 104% and $1,000 more at 104. Federal-American Bank stock sold today ex-dividend at 44%,; and 44% in 10-share lots. Federal-American Co, common came out at 21 for 25 shares, 2 five-share lot later selling at the same | figure. Mergenthaler Linotype sold in small lots at 723 ard 72, this stock now being quoted ex-gdividend. ‘Washington Railway & Electric pre- ferred came out on the board at 981, on sales totalling 40 shares, It was anhounced that the Columbia National Bamk had declared the reg- ular quarterly divivend of $3 a share, payable October 1 to stockholders of record September 30. Heard in Financial District. Charles E. Howe, treasurer of the American Security & Trust Co., has re- turned to the bank after passing sev- eral weeks at his old home in Miffiin- town, Pa. He got a most cordial greet- ing from his associates on the Wash- ington Sto.:.:k Exchange. nest B. Herrell, president of th International Finance Corpamuon.lx: sojourning for a few days at Atlantic City on his‘annual vacation, The Credit Bureau of the District of Columbia Bankers' Association, Charles H. Doing, “ehairman, held a mgeting yesterday afternoon. Chan C. Mason, connected with the ! Actna Life Insurance Co. hcre, was an- other local agent entitled to attend the “million-dollar round-table” sessions at the Pittsburgh Convention, having writ- ten $1,049,000 in insurance in tfe past year. The directors of McCrory Stores Cor- poration bave declared the regular quarterly dividend of $1.50 per share on the Qp:‘rlelr‘rmdt hl]o;k;dpayrble November 5 . to_stockholder. - tober 20, 1931, Fiatishes Washington for today, $3,7 DIVIDENDS DECLARED Clearing House figures 774.60, gh'n verhtl Hibbard Sp - Jonnson “Ir Anse 533 Beay EZd E00DO0000000L000 i3 R332 NCIAL l, | Stocks sold in 100-share lots 1931~ Stock and { High. Low: 1 214 Abitibi Pwr & Paper. 52 9 Ablitibi Pwr&Pap pf. | 1061 100 Abram Straus ot (7). 2 Adams Expre: graph 64'5 Alr Reduection(t4%) 7 Alaska Juneau (40¢) 3% Allegany Corp. .. 8 Alleg Cp pf $30 ww 814 Alleg Cp pf w $40 w. 9% Alleg Cp pf x $30 w.. i 85'4 Allfed Ch&Dye (né 26 120 Allled Ch&Dye pf(7) 141 Allis Chalmers (2 141y Amerada Corp (2)... 20% Am Bank Note (13).. 54 Am Bank Note pt (3) Am Beet Suga i “ Am Brake Shoe(2.40. Am Can Co (15) Am Car & Fdry (1) i Am Car & Fdy pf (7) 1 n 4 Am Chicle (13)...... ! 6 Am Colortype. .. Am Comel Alcohol. . | Am Encaustic Tiling 9 Am European Secu: | Am Haw St'ship (1). 1 Am Hide & Leather 5 Am Hide & Leath pf, Am ITome Prod 4.20 AmJce (2).... 2 Am Internationai. .. Am La France&Fom. Am Lo'motive pf (7) Am Mch & Fdy 1.40 Am Metal Co. Am Natural Gas pf Am News (1334). Am Pwr & Lt (31), Am Pwr & Lt vf (6 | Am Pwr&Ltpf A(4 Am P&Lt pf A st(5 s Am Radiator (60c) 2% Am Republics. | 87% 131 Am Rolling Mills Am Safety Razor (5) | “ Am Ship & Com. ..., 5 Am Shipbullding (5 ! 9% Am Smelt Refe(2). .., Am Sm&R 2d pf (6) Am Sm & Ref pf (7). Am Snuft (13%)... Am Solv & Chemical, Am Solv & Chem pf. Am Steel Found (1).. Am Stores (123). Am Sugar Ref (5 Am Sumatra Tob Am Tel & Tele ( 8514 Am Tobacco (16) 4 Am Tobacco B (16) { Y Am Water Wks (3) | Am Wat Wks cfs(3 i1 Am Wat W 1st p£(6) Am Woolen Co. Am Woolen Co pf. | i 3 AmZinc &Lead. & Anaconda Copper. ... Jle ‘Anchor Cap (2.40). .. 9% Andes Copper...... . Archer Danfel Mid. . Armour ot Del pf (7) 4 Armour of Ill (A). Armour of Il (B) Armour of I1l pt % Arnold Constabl Art Metal (80c)". 105 Atch To&S Fe (10) 70 Atl Coast Line (7). 18% Atl GuIf&W I pf (5). 11 Atlantic Refining (1) 274 Atlas Powder (4) 5% Atlas Stores (1)..... 101'; Auburn Auto (f4)... 14 Austin Nichols. 2% Aviation Corp (Del). 8 Baldwin Locomotive i 54% Baldwin Loco pf (7). % 31 Balto & Ohlo (5). 214 Barker Bros. . | 5 5 Barnsdall Corp'n. 76 Bayuk Cig 1st pf (7) 48 Beatrice Cream (4).. 1% Belding-Hemingway 147% Bendix Aviation (1). 29 Best & Co (2) 311 Bethlehem Steel (2). 90% Bethlehem Stl pf (7) 8 Blaw-Knox (1). 20% Bohn Alumn (1 43% Borden Co (k3). 11% Borg Warner (1), 81 Briges Mfg (11%).. 10 Briggs&Stratton(2). 1 Brockway Mot Trk 39% Bklyn-Man Tran (4 78% Bklyn-Man Tr pf (6) | 94 Bklyn Union Gas (5) | "45% 32% Brown Shoe (3) { 4% Brunsw-Balks. | 3 Bruns Term & Rwy: | 20% 5% Bucyrus-Erie. 18% Burrough A M(11%) 17 Bush Terminal(23%) 1% Butte Copper & Zinc. 6% Butterick Co. 15% Byers (A M) Co 8% Calif Packing (2) 15 Callahan Zine & Ld 2314 Calumet & Arizona 4 Calumet & Hecla. 7% Camp W&C Fdy (1).. 17% Cannon Mills (1.60) . 17% Canada Dry G A (3). 14% Canadian Pacific 1% . 7 Capital Admin (A).. 423 Case (J ) Co. 14% Caterpillar Trac(3). Celanese Corp. ; ent Aguirre (1%) 21 Century Rib Mills. Century Rib M pf(7) Cerro de Pasco (1). 3% Checker Cab Mrfg. .. 24% Ches & Ohio (2%)... 21% Chesapeake Corp(3). 3% Chi Great Western. . | 15 Chi Great Westn pf. 3 Chi Mil StP & Pac. | 4% Chi Mil StP & Pac pf. 15 i & Northwest (4). Pneu Tool. Pneu Tool p#. . - 20 Chicago R 1&Pacific. 50 ChiR & Pacpf (7). 8 Chi Yellow Cab (3). . 9% Chickasha Cotton O1l 97 Childs Company..,. ile Copper (1%) Chrysler Corp (1) . City Ice&Fuel (3.60) w 6 | 15% 1 27 G STAR, WASH Received by Private Wire Direct to The Star Office. os— Dividend Rate. Add 00. High. 1 50 Balto & Ohlo pf (4).. 2 Laanbrrasanes @ EIY 1 70% City Ice&Fuel pf 8% | y Investing (5) City Stores. 10014 100 4% 1 105 95 C v D! 170 121% Coca-Cola (17%) 5315 50% Ci “ola (A) (3). Colgate-Pal-P (2%4). Palm-P pf (6).. Colonial Beacon. . Colo Fuel & Iro 19% Col Gas&Elee ( Columb Graph (56¢). 45'% Columb Carbon (5) .. Comm Credit (1.60). mcl Credit A (3).. 4 Comel Cred 181(6% ) 21'3 Comel Cred vf B (2). 16's Comel Inv Trust (2) 4 mel Solvents (1). s Comwith&Sou (40¢c). Somwlth&Sou pt (6) Conde Nast Pub (2) ngolm-Nairn (1). nsol Laundries(1) Consol Textile g Container Corp (A). Container Corp (B). Contl Haking (A). Contl Baking (B). Con(l Bakinz pf (8), ntl Motors Contl 011 (De| Contl Shares own Zellerback. .. % Crucible Steel, , cible Steel pf (7) ne Products, Cuba Co. s 2% Cuban-Am Bugar. % Cuban Domn Sugar.. 4 3 9% 103% % 8% 26% 11% 6414 excent those designated by letter “s.” Sal Net. Low. Close. Chge. 38 41 23 157% 102 195 19! % 23 28% 13% 24 124% 107% 13% 186% 8% 25 20%, 10974 [ 30 27% 561 104 21% FEFEE ¥ s o FREFE FFEF + | FF 57% 80% 207 8% 17% 11 19 25 36 6%l 51% % — W 26l 24 — % 103% % - % » Stock and Dividend Rate. 5% Da A 96 Delaware & Hud (9). 291 Del Lack & Wn (2).. 130% Detroit Edison (8).. 11 Devoe & Ray A(60¢c). 14% Domn Stores (1. . 12% Doug Afrcraft(f1%) B7% Drug Corp (4)... 661% Dupont de Nem (4) 116 Du Pontde N pf(6).. 102 Duaues Lt 1st pf (5) 4% Bastern Roll Mills. . 108% Eastman Kodak (18) 7% Eaton Axle (1.60) 314 Eitington-Schild. Elec Auto-Lite pf(7) Electric Boat Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6) . Elec Pwr & Lt pf (1) Elec Storage Bat (4).. dicott-Johnson(3) sng Pub Sve (1.60) Equit Office Bldg 2 10% Erie RR 16! Erie RR 1st p! : 313 Eureka Vac Cleanes vans Auto Prod. Exchange Buff (1%) Falrbanks-Morse Fairbanks M pf (7 ashion Park Asso. ed Wat Sve A(1.20) Fed Dept Strs (25¢) . Fid Ph Fire In(2.60). Filene's Sons pf 6% .. 1508 Firestone T& R (1). 13 Firestone T*R pf(6) 4 First Natl 8trs (2%) 19 Fisk Rubber........" 3 Fisk Rubber 18t pf.. 600s Fisk Rub 1st pf conv 2008 Florsheims pf (§)... 208 Foster Wheeler (1) 28 Foundation Co. ... 1 Fourth Nat Inv m65: 5 Fox Film (A) (2%3.." 60 Franklin Smnpf(7). 308 Freaport-Tex (3) 70 2712 Gamewell Co (3). 308 % Gardner Motor. 61% Gen Am Inv pf (6).. 47% Gen Am Tank Car(4) 25% 1 100s 2 10s 1 Gen Baking pf (8). 7 Gen Cable ( 21 Gen Cable pf. 29% Gen Cigar (4) 29% Gen Eleetric ( 1134 Gen Elec spec (60c) .. 39% Gen Food Corp (3).. Gen Gas&Fl A(e30c) 25 Gen Gas&E cv pf(6). 35 Gen Mills (3).... 96 Gen Mills pf (6). 27% Gen Motors (3) 95 Gen Motors pf ( 31 Gen Outdoor Adv. 6% Gen Outdoor Adv( 14 Gen Prtg Ink (23) 4% Gen Public Service. 1% Gen Realty & Util 23 Gen Realty & Util pf. 28 Gen Refractories (3) 1% Gen Theatre Equip. . 10 Gillette Saf Razor. 51 Gillette Saf R pf (5). 3% Gimbel Bros 7 Gldden Co. 48 Glidden Co pr pf (7). 18'% Gold Dust (2%) 6% Goodrich (B F) 25 Goodrich (BF) pf. 30% Goodyear T & R (3). 63 Goodyear 1st pf (7). 4% Gotham Silk Hoslery 1 Gould Coupler 2 Graham-Paige 8% Granby Con Min (1). 6% Grand Sil Strs (h1) 10% Grand ('nion.... 84% Grand Union pf (3) 17 Granite City Steel(2) 25% Grant (W T) (1).... 25 Great Northn pf(4). 144 Great Northn Ore(2) 615 Great Western Sug. 2 Grigsby Grunow. 815 Gulf States Steel. 3% Hahn Dept Stores Hahn Dpt St pf(6%) Hall (WF) (1.20) Hanva pf (7).. Harb & Walker (1) Hartman Corp (B).. Hawaiian Pineap (2) Hayes Body Corp Hercules Mot (80c Hercules Powder(3). Hercules Pow pf (7) Hershey Choc (5)... Holland Furn (12%) Hollander Sons Homestake Min (18), Houdaille Hershey . . Household Fin (4.20) Houston O1l. . . Houston Oil (new) Howe Sound (2).... Hudson & Man (3% Hudson Motor (1)... 4 Hupp Motor: 26 Illinois Central (4) 1% Indian Motor Cycle. . Indust Rayon (4) Ingersoll Rdnd (4) Inland Steel (2%)... Inspiration Copper. . Insuranshares Del A Insur Shr(Md) (40c). Interboro Rap Trans Interbo Rapid T cod. Interlake Iron. In. Agriculture Int Bus Machine(n6) 4 Int Carriers,Ltd 60c. Int Cergent (4) . Int Combustion Int Combustion pf. .. Int Harvester (23).. Int Harvester pf (7). Int Hydro El A (e2).x Int Match pf (4)....x ‘nt Merchant Marine. Int Nick of Can(40c) Int Nick Can pf (7). Int Paper & Pwr (A) Int Paper & Pwr (B) Int Paper & Pwr C. Int Rys Cent Am Int Salt (3) Int Shoe (3) Int Siiver. . Int Tel & Tel (1). Interst D 8 pf xw(7) Intertype Corp (1).. Island Creek Coal(4) 331 Jewel Tea (4) 38% Johns-Manvill 814 Kansas City Southn. 10% K’mann Dept Strs(1} Kayser (J) & Co (1). Kelth-Alb-Or pf (7).x 4 Kelly-Spring Tire. Kelly-Spr T 8% pf Kelsey-Hayes Wheel Kelvinator Corp. Kennecott Coppe; Kinney (G R) Co Kresze (S S) (1.6 Kress (SH) Co (§1). Kreuger & Toll 1.61). 222 Kroger Grocery (1 7 160 Laclede Gas (8 53% Lambert Co (8). 7 Lene Bryant (1) 8 Leh Port Cement. 22% 42 Liggett & Myers(15) Ligg & Myers B (15) Ligg & Myers pf (7). Lily Tulip Cup(13%). Lima Locomot (m2) . Liquid Carbonic (2). Loew's Inc 13) ...... Loew's Inc pf (6%).. Loft Inc. g Loose-Wiles (13)..., Lorrillard (P) Co. .. 23% Lou Gas&ElA (1%). 50 Louis&Nashville(5). 6% Ludlum Steel....... 575 McAnd & Forbes (2) 23 McCall Corp (2%).. 20 McCrory Strs A (2),. 16 Mcintyre Pore M(1). 47 McKeesport TP (4). 13 3 14% 99 15% 5814 4814 [ % ~ 9815 15% 4 21 9% 69% 19 29% LI 16 24% 30 16% 50 - NEW YORK STOCK EXCHANGE 47% ————eee (Continued on Page 14.) Bales— g Add 00. High. Low. Close. 5 60 58 59 Sl B et. Chge. RALLY IN STOCKS ENDS ERRATIC DAY . Shorts Scramble to Cover, 160 —45 +2 58 7 8 3% 23 1 4 | cffice of J. P. Morgan & Co., as to the | was no official announcement, the gov- !ernors of the exchange were frowning 4| reports for eight menths ended August | | the close of bu Fearing Punishment for Raiding Tactics. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, September 25—It has been many years since the Stock Ex- change witnessed so many and so rapid changes of price trends as it did today. There have been sessions where the swings were wider, the trading more excited, but few in which the alter- nations came in such quick succession. In the last hour the buying obtained the upper hand and the market closed substantially higher. Thers was heavy covering, stimulated by the attitude taken by the: exchange authorities toward shortselling, and there was a certain amoun. of new buying. But before all this, the industrial averages had broken through the lows of yes- terday :and many important stocks had made new lows for the bear market. The afternoon_improvement followed reports of a banking conference at the purpose of which, however, no informa- tion was available. An erroneous report of a failure in Paris upset the market during the morning, but that was only one of the rumors, thost of them relating to the foreign situation, which affected prices. As ‘& matter of fact, traders were all at sea with regard to the ultimate ef- fect of the break in sterling on prices of stocks and of commodities. The ex- changes themselves were upse, sterling being quoted at the opening here"at $3.45, against the previous close of $3.81, but by the late afternoon almost all the loss had been recovered. At times the ticker was unable to keep up with business on the floor, and | then again it came almost to a stand- | still 1 The street was frankly bewildered at the turn of events before the opening. The compléte absence of any sign of support at the ciose of the preceding day prepared it for a further decline today. However, for the first hour prices were relative steady, with more gains than losses. It was not ‘until nearly noon that the selling became urgent. It was agsin the utilities on which liquidation bore the hardest. North American, which was so weak Thurs- day, thade another new low and new lows were recorded for American Water Works, Pacific Gas & Electric, Stand- ard Gas & Electric and Consolidated Gas. High priced industrials lost ground easily. Coca-Cola dropped 5 points to a new low for the bear market. East- man Kcdak opened down sharply, like- wise at a new Jow. For a time, Amer- ican Telephone & Telegraph was in demand for the short interest and was up 3 or 4 points, but before the day was half over it also was in new low ground for the bear market. Other stocks to benefit from the early short covering included United States Steel, General Motors, and most of the rails, but this improvement was canceled in the later weakness. It was understood that, while there on short selling. Today's weakness seemed to come as much from liqui- dation, presumably for foreign account, as it did for operations for the decline. The acute weakness in Sterling, which before the opening of the Stock Ex- change was quoted at $3.45 here, was disturbing to confidence, 'although it represented nothing more than the market’s attempt to find a basis where the pound could bz stabilized. ——— NORFOLK & WESTERN EARNS $9 ON COMMON Statement for August and First Eight Months of 1931 Just Made Public. ‘The Norfolk & Western Railway Co. 31, 1931, net income of $13,276,487 after | taxes and charges, equivaient after div- | idend requirements on 4 per cent pre- | shares of common stock. This com- | pares with $20,743,324, or $14.31 a com- | mon share, in same period of previous year. Statement for August and eight months compares as follow 1931 August gross . $6.926.661 Net operatin 2,267,423 otal ' income. 2.4 Surplus after 8 months gross........ Net operating {ncome. Total income Surplus after ¢ 53.320.673 14,693,485 16383084 CHICAGO DAIRY MARKET. CHICAGO, September 25 (#)—But- ter—Receipts, 7,153 tubs; firm; cream- ery, specials (93 score), 31:232; extras (9% score), 31; extra firsts (90-91 score), 28':a30; firsts (88-89 score), 26a27; seconds’ (86-87 score), 23a25; standards (90 score, centralized carloads), 2935, Eggs—Receipts, 4,440 cases; firm; ex- tra firsts, 21; fresh graded firsts, 20; current receipts, 16a18’ H U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business September 23 was $624,039,205.22. Cus- toms receipts for the month to date were $26,865,466.36. Total ordinary ex- penditures were $13,452,000.39. | AssociatedGasdelectricColfihfiy Dividend No. 27 on Class A Stock The Board of Directors has | declared a dividend on the Class A Stock of 1/50th of one share of Class A Stock, or. at the holder's election (provided notice 1s received on or before October 10, 1931) payable in $5 Dividend Series Pre- ferred Stock at the rate of 1/200th of one share of said Preferred Stock, pavable November 2, 1931, to holders of record at ess September 30, 1931, Dividend No. 4 Preference Stock The Board of Directors also declared a dividend on the $4 Cumulative Preference Stock of 1/70th of a sharé of $5 Dividend Series Preferred Stock, or, at the holder's election (provided notice is received on or before October 10, 1931) $1 per share in cash. payable November 2, 1931, to holders of record at the close of business, Sep- tember 30, 1931, M. C. O'KEEFE. Secretary. An Ideal Investment First Mortgage Securities ration Sponsored by this cor) offering steady yield of 0 Safe and Profitable These non-fluctuating invest- ments are secured on income pro- ducing' properties here in ®the Nation's Capital. Put your idle dollars to work earning 6% with safety, Denominations as low as $100 Monthly Fayments Send for Booklet, - The $utcess Plan” on $1 Cumulative 7% 7 Z. 722 7 Everybody’s Business Bankers Ask Hoover's Aid in Placing Ban on Short Selling — Demoralization of Markets Feared as Re- sult of Rards. I BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, ' September 25— Prompted by the belief that the pro- nounced break in prices toward the end of yesterday's trading was due in a large measure to short-selling, a group of prominent New York bankers tele- graphed President Hoover to suggest to the country’s securities and commodi- tles exchanges that selling for short ac- count be prohibited. These bankers also urged the Presi- dent to suggest that the. various ex- changes call upon their members to clean up their short positions. ‘Thesé recommendations are made with a view to preventing the markets from becoming thoroughly demoralized as a result of vicious railding such as was in evidence on the New York Ex- change yesterday afternoon. Reserve System Strong. | ‘Whenever pessimism is the order of the day, constructive developments are generally ignored. To close students of finance, one of the most encouraging features in the present situation is the inherently strong position of member banks of the Federal Reserve System. Their reserve balances, amounting at! present to about '$100,000,000 in excess of requirements, indicate that they have succeeded in getting completely out of debt, a situation which is in sharp contrast to the conditions ob- taining in 1929, when many of the member banks were borrowers on a rather large scale at the Reserve banks. Inasmuch as a fundamentally strong financial situation is prerequisite to a revival of business, the above figures are gratifying, and even though many ad- justments still remain to be carried out, a somewhat more optimistic attitude would appear justified. 7 The advance in securities prices on ‘Wednesday was perhaps a bit too spec- tacular, and a rather marked reaction was, to some extent, not unexpected. The recession was doubtless. helped by a serics of dividend omissions and reduc- tions, but especially because of the re- newal of short selling, made possible by the Stock Exchange ruling rescinding an earlier decree which prohibited such operations. In this way, most of the gains registered on the preceding day were wiped out, and in some instances new low levels were recorded. In the case of & rise in prices, we | should not permit momentary enthu siasm to get the better of us; nor should we encourage promiscuous purciases on the theory that a uniform upward move- ment is in the making. Nonetheless, it is significant to note the ease with which certain issues advance as soon as demand develops for them, and it is for this reaspn that a rally, whenever it occurs, assumes an almost sensational charac even though, for more than one reason, an orderly rise would be more conducive to confidence. Johns-Manville. Despite depressed conditions, Johns- Manville will maintain the $3 dividend on the common stock, according to H. Edward Manville, chairman of the Ex- ecutive Committee of the corporation. Mr. Manville views with optimism the movement to reduce the present scale of wages, regarding it as a necessary step forward. “The sooner this is ac complished,” continues Mr. Manville, “the sooner industry in general will be in a position to overcome the present | depression and increase wages again.” ! Sales Reports. Sales of Chevrolet cars have been | good and the results to date are satis- | factory, according to Willlam S. Knud- | son, president of the Chevrolet Motor Co., & division of General Motors. He finds business still depressed and does not, of course, expect a banner year, Lut, considering conditions in general, he believes there are grounds for sat- Lsfacltlon as regards his company’s ac- ivities. Sales during the past two and one- balf months by American Ice were larger than during any similar period, according to A. C. Small, president. He ascribes the reduction in common divi- dend to the desire on the part of the company to jmprove iis cash position and provide funds for the extension of its business, on which last year $4- 00,000 was spent, financed current earnings and bank loans. ' Of he latter, amounting originally to $2,- 00,000, all but $200,000 will have been repaid by the end of this month. Mr. Small estimates net profits on the common at_$3 a share for the current | Mz;n;y to Loan Secure: first deed trus Prevailing Interest and Joseph 1. Weller £, 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. SHOREHAM BUILDING 15th Street at H For Tenants of Character Light. cheerful. quiet. modern offices planned to meet imdividual re- quirements at reasonable rentals - One_exceptionally fine suite avail- able, best location in building. Has paneled _private _office. can be shown. Present tenant tak- ing other quarters in building. McKeever & Goss, Inc., Agent Suite 520—Shoreham Bldg. BUILDING ASSOCIATION 7th and Indiana Ave. NW, LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles 'of Stock Now Open For Subscription James E. Connelly James F. Shea President Secretary MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W, National 1403 IFEDERAL RESERVE CREDIT INCREASED $44,000,000 Gain Reported for Week Ending Sep- tember 23. By the Associated Press. | The daily average volume of Federal Reserve Bank credit outstanding during the week ended September 23, as re- ported by the Federal Reserve banks, was $1,207,000,000, an increase of $44,- | 000,000 compared with the preceding week and of $298,000,000 com) the corresponding week in 1930. On September 23 total Reserve Bank credit amounted to $1,315,000,000, an increase of $36,000,000 for the week. This increase corresponds with an in- crease of $77,000,000 in money in ecircu- lation and-decreases of $118, ooo.m in monetary gold stock and $19,000, in Treasury currency adjusted, offset in part by decreases of $138,000,000 in member bank reserve balances and $40,000,000 in unexpended capital funds and member deposits, etc. { Holdings of discounted bills increased $13,000,000 each at the Federal Reserve banks of Philadelphia and Cleveland, $7,000,000 each at New York and Chi- | cago, $4,000,000 at Richmond, $3,000,000 ; at Kansas City and $47,000,000 at all Federal Reserve banks. The system holdings of bills bought in open marke! increased $25,000,000 and of United | States bonds $7,000,000, while holdings | of Treasury certificates and bills de- | clined $11,000,000. | 1 | year, or less than one-fifth of current quotations. | Electricity Output. Considerable encouragement should | be derived from the statistics pertain- ing to electric output, which, to a cer- tain exunt.“;eflecc business conditions in the country. ‘Although - somewhat below 1930 fig- | ures, the output of electric power for| the week ended ber 19, as re-| ported by the National Electric Light | Association, shows a gain over the pre- e - largest reported ‘for any single | week since the first of last month. .. Hoarding Continues. ‘That hoarding on a rather substan- tial scale is going on in the United States is evident from statistics relative to the amount of money in eirculation, | as published by the Federal !\eurvei Board. According to this authority, the total volume, which stands today at bout $5,087,000,000, represents a gain | of ‘more than half a billion within a | relatively short period of time. The gain within less than_ seven ‘weeks was close to $400,000,000. Hoard- ing of currency is as futile and eco- nomically as sterile as larg€ stocks of gold lying in the vaults of national treasuries. Both must be put to work if normality is to be restored. Gold Parity. Great Britain must not hesitate to restore sterling to gold parity as soon | as possible, according to Gustav C: L | renowned Swedish economist. It may | be recalled that prior to the restoration | of the gold standard by Great Britain, after its abandonment during the war, | Mr. Cassel advocated stabilization of | the pound at a lower level. He adds | that the United Statés and France must | intervene to revitalize dead gold, as it | is the only way tg insure a rising price | level, which is essential to restoration | of normality. He urges Sweden to cur- | tail unessential imports in order to he‘ able to maintain the full gold standard. | ] Rumanian Currency. i ‘The status of the Rumanian National | Bank and of the country’s currency is | entirely sound, according to George Boncescu, financial counselor of the Ru- | manian legation. t Mr. Bonceseu points out that the gold | reserve of the bank, including coin and ! ingot, stands at 31,66 per cent, as com- | pared with a legal minimum of 25 per | cent, and that the total reserve of gold and foreign exchange is appreciably in excess of the legal limit of 35 per cent, without taking into account the bank's sterling balances. counselor's statement is substan- tiated by the firmness of the Rumanien ' currency -durlnlgclha past few days, | when most of European exchanges were under considerable pressure. | (Copyright. 1931, by the North American | Ne ne.) wspaper Afljance, I { | Fortuner Rgve deew und will be made apain in the stocks of the greal “NEW YORK BANKS” We especially recommend at cur- rent low prices: Chase National Bank Guaranty Trust National City Irving Trust Chemical Bank & Trust Manufacturers Trust A special analysis on any -of these banks furnished on request. High-grade bank and insur- ance stocks may be purchased through us, either on an outright, monthly payment or conservative marginal basis, Robert C. Jones & Co. "Specialists in Government Bonds and ank Stocks” Shoreham Bldg. Met. 2022-23-24 WE PAY if ON YOUR No Commissions No Renewals on D. C. Property LOANS For re-financing, purchasing or buying in the District. Terms advantageously ' ar- ranged. Inquirs for details. . . . Open Daily 9 to § Saturdays Until Noon NAtional 1381 cedipe week of about 5 per cent, and | | is BUILDING ASSOCIATIO De 2NN A Public Service Corporation of New Jersey Dividend No. 97 on Com- mon Stock ; Dividend No. 51 on 87 Cumulative Preferred Stock Dividend No. 13 on Cumulative Preferred The Board of Directors of Publie Service Corporation of New Jersey has declared dividends at the rate of 8% $5.00 Stock 7% per annum on the 1% Cumulative Preferred Stock, being $1.76 Per share; at the rate of $5.00 per an- num on the non par value Cumulative Preferred Stock, being $1.25 per share, and 85 cents per share on the nom par value Common Stock for the quarter end] September ;:, 1931, All divi- dend® are payable ptember 30, 1931, to stockholders of Tecord at the close of business, September 1, 193 Dividends on 6% Cumulative red 'k are payable on the day of each month. T. W. Van Middlesworth, Treasurer. Public Service Electric and Gas Company i Dividend No. 1 on $5.00 Cumulative Preferred Stock 1 The Board of Directors of Publie: Service Electric and Gas Company has. declared the regular quarterly dividend: on the 7% and $5.00 Preferred Stock of. that Company. Dividends are payabl 8eptember 20, 1931, to stockholders Fecord at the close of business Septe T T. W. Van Middlesworth, Treasurer, Organized 1879 JOHN JOY EDSON, President Loan on Real will receive prompt and erative Bldg. % ,WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Consult Us if You Want a Ass’n 51st YEAR COMPLETED Estate or to e Take Up a First Mortgage‘ Those who desire to borrow money to pur- chase a home, refinance present indebtedness or improve property should see us. Applications courteous attention. Loans Repayable Monthly No Brokerage . ., . No Commissions Over ¢ Third of a Century Without a May be National 2100 MORTGWAGES HAVE AN OBJECTIVE AND PROVIDE FOR IT It may be the education of the youngsters, tensive trip or something else where ready money is necessary but not always conveniently at hand. the taking of an ex- Systematic investment in our, 67 FIRST MORTGAGES will provide for any of these con-~ tingencies without imposing any tax upon the regular budget. purchased in amounts from $250 up. B. F. SAUL GO 925 15th St. N.W.