Evening Star Newspaper, September 26, 1931, Page 13

GEORGETOWN GAS EARNINGS SLUMP Net Income Lower in August and First Eight Months of Present Year. BY EDWARD C. STONE. Net earnings of the Georgetown Gas Light Co. were off $1,001.37 in August ‘compared with net profits in the cor- sponding month a year ago, according to the monthly financial statement just filed with the Public Utilities Commis- sion. Operating revenues totaled $63,250.87, mgainst $58,874.92 in August, 1930, while operating expenses totaled $54,- 692.15, against $48,360.89 in the same month a year ago, leaving an income from operations of $6,264.15, in com- parison_with $8.476.16. The Georgetown Gas Co. had a non- eperating income in August of $1,636.82, against $1,241.26 in the like period a year ago, making gross corporate in- come $7,900.97, while this figure a year ago stood at $9.717.42. Following all deductions, net earnings were $3.801.05, sgainst $4,802.42 in August, 1930. For the first eight months of this year operating revenues were $794.- 484.09, against $700,299 operating expenses were $656,924.41, compared with $516,345.39. Total operating revenue deductions were $638,733.51, against $547.454.66 last year, leaving an operating income of $110,750.58, in comparison with $152,844.57. Non-operating _income amounted to $12,694.31 this year and $152,844.97 in the like 1930 period. Gross income for the eight mum:hs was $123,444.89 this year and $162- 74385 a year ago. Following all de- ductions, the Georgetown company re- rted net earnings so far this year of ggfl.ifilj’l. against $122,852.98 on_the same date last year, a decrease of $36,- 861.02. 5 Underwriters’ College Booming. i insurance men were deeply in- &!;ct:(li in the annual meeting of the American College of Life Underwriters, Which took place this week in Pitts- burgh in connection with the conven- tion of the National Association of Life Underwriters. The chartered life un- derwriting certificate is being greatly coveted and several are already held in ashington. w’rhe KDis',l‘ll:t of Columbia Chapter. ©. L. U, has recently been organized with ten men in this city qualified to| join as members. The president is H.| Jawrence Choate, while H. Cochran Fisher is vice president and Maynard . Burrell, secretary and treasurer. Ernest J. Clark, national president, fold the national insurance convention of the progress the educational organ- jzation has made since last year. He said the 407 candidates who have passed all C. L. U. examinations represent 107 cities and fowns in 34 States, the Dis- | trict of Columbia and China. Among this number who are assoclated with companies, 61 different life insurance eompanies and’2 trust companies are resented. N‘\’v.m respect’ to their classification as to title and positions filled, 142 are gen- eral agents, assistant general agents, managers and assistant managers; 27 are agency instructors and supervisors, 190 are devoting their time to active life underwriting, 20 are home office i officials and members of home office personnel, 18 of whom have had three or more years of life underwriting ex- perience, and 12 of the number are teachers of life insurance, Mr. Clark re- ported. Chesterman Receives Program. Bertram Chesterman, president of the Morris Plan Bank of Washington, has received word that J. Rodney Ball of Lawrence, Mass., president of the Mor- ris Plan Bankers' Association, and Prank J. Braun of Springfield, Ohio, have completed plans for the twelfth annual convention of Morris Plan Bank- ers, to be held in Columbus, Ohio, Oc- tober 8 to 10. Among those who will address the delegates are Gov. George White of Ohio and the Ohio State superintendent of banks, I. J. Fulton; Small Loan Com- missioner Davidson of Massachusetts, Dr. Felix Held, professor of economics and secretary of the College of Com- merce and Business Administration in Ohio; Milan V. Ayres, analyst of the National Association of Finance Com- panies, Chicago; Walter H. Johnson, jr., gruesmem. of the Marine Trust Co. of flalo, and Rolf Nugent, assistant di- Tector, department of remedial loans, Russel Sage Foundation, New York. Lauds Work of Accountants. ‘The events of the past few years have brought to many invgstors a realization of the importance of accountancy in measuring the value of investments, Charles B. Couchman, president of the American Institute of Accountants, sald in a radio address Thursday night. Not alone is the past performance of a corporation of interest to the investor, Mr. Couchman pointed out, but also the éurrent earnings and present finan- cial condition, as well as the opinions regarding those expressed by the inves- tigating public accountants. The func- tion of the public accountant has be- come so well recognized in recent years, he said, that over 90 per cent of the in- dustrial securities listed on the New York Stock Exchange—bonds as well as stocks—are isssued corporations whose accounts are examined by public accountants. “In many financial organizations there is constant warfare between today and tomorrow. Frequently, manage- ments are prone to give the benefit of any -doubt to teday, even though to- | morrow may suffer in consequence. In | the interests of the security holders the | accountant should act in the capacity o©f an arbiter i h a conflict “The eorporation which displays too much favoritism to its current bond and stockholders, either through show- ing 1o m profit for the current | year or by paving unjustified dividends, | frequently sacrifices the interests of | the permanent investors for the benefit | of t current speculator who may be | in today and out tomorrow Financial District Notes. Among local bankers planning to at- tend the American Bankers' Association Convention at Atlantic City are Francis G. Addison, jr, member of the ex- ecutive council; Robert V. Fleming, member of several special committees, and Howard Moran, who is a member of the Executive Committee of the Sav- | ings Bank Division. Bankers are stick ing so closely to their desks these days that a record breaking attendance is considered doubtful, although the gath- ering is to be one of the most important in years. ‘The September issue of Bus Trans- portation contains an article by Alex- ander Shapiro, assistant general mana- ger of the Washington Rapid Transit under the title, “Express Service Sells Rid He outlines in detail the sueecess attained by the local company in ircreasing the number of passengers, cutting expenses and shortening routes. . 5 New Trust Company Official. BALTIMORE, September 26 (Spe- elal).—Albert H. Dudley, managing director of the Baltimore branch of the Federal Reserve Bank, has been mamed executive vice president of the Baltimore Trust Co. Stocks ~1 High. 2315 ¥ 3315 109% T 20 12% 5914 1824, 42% 38 124% 129% 15214 385 86 48% 14% 16 3344 51% 1% % 11% Art Metal (80c) 4 12% Asso Dry G (2%)..a 105 96 11 27 101% Auburn Auto (f4) 1 2% Aviation Corp - 41 8 13 THE EVENING STAR, WASHINGTON, D. C, SATURDAY, SEPTEMBER 26, 1931 WORLD CAPITALS TAKE ACTION TO PROTECT GOLD RESERVES Low. Dividend Rate. Adams Express (1).. 2214 Adams Millls (2)...s 6414 Air Reduction(14%). 7 Alaska Juneau (40c), U% 3% Allegany Corp. .. 4 8 Alleg Cp pf $30 ww.. 10 851 Allied Ch&Dye (n6). 88 1415 Allis Chalmers (2). . 16% 23% Am Brake Shoe(2.40. 23% 108% Am Brake Sh pf (7). 76% Am Can Co (15) 140 Am Can Co pt (1) 9% Am Car & Fdry (1 40 Am Car & Fdy pf{ 34% Am Chicle (13) 5% Am Comel Alcoliol. .. 5 Am Encaustic Tiling 9 Am European Secur. 13% Am & For Power. . 4915 Am & For Pwr pf(6), 25 Am & For Pwr 2d pf« 1 Am Hide & Leather., ‘Am Home Prod 4.20 AmJce (2).:.... Am International Am Mch & Fdy 1.40 Am Metal Co.... Am Natural Gas pf, Am Pwr & Lt (11) . Am Pwr & Lt of (6 Am Pwr&Lt pf A(4 Am Radiator (80c) Am Rolling Mills. 5 Am Shipbuilding (5), { Am Smelt Ref (2)... 3 Am Sm & Ref pf (1) Am Snuft (+3%). Am Snuff pt (6) 4 Am Steel Found (1 ‘Am Steel Fdry pf (7). Am Stores (2% ) i 27% 67 9% 45% 12% Am Sugar Ref pf (7). Am Tel & Telex (9) 514 Am Tobacco (16) Am Tobacco B (16) - S o - Am Woolen Co p! Am Zinc & Lead Am Zine & Lead pf. Anaconda Copper Armour of Ill (A)..« Armour of 11l (B) re RBuleanneunalicacan Associated Apparel Atch To&S Fe (10).. Atch To&S Fe pt (5)+ Atlantic Refining (1) & Atlas Powder (4) Autosales. » Baldwin Locomotive, Baldwin Loco pf (7). Balto & Ohio (5).... Bang & Aroos (3%) .. Barnsdall Corp'n. ... Beatrice Cream (4) Beatrice Crm p£(7) Belding-Hemingway. Bendix Aviation (1). Bethlehem Steel (2). Bethlehem Stl pt (7) % Bohn Alumn (1%). Borden Co (k3).. Borg Warner (1).. Botany Con Min (A). Briggs Mfg (11%).. Brockway Mot Trk. Bklyn-Man Tran (4). Bklyn-Man Tr pf (6) Bklyn Union Gas (5) 4 Brunsw-Balks. Bucyrus-Ei P 82a 414 Budd Wheel (1) 69% 1% 43% Mr. Dudley, who is one of the best known financiers of this section, prob- ably will assume his duties with the bank within the next few days. As executive vice president he will have rticular jurisdiction with reference to ge bank’s loans and policies. Mr. Dudley has been associated with the Federal Reserve Bank as assistant Pederal Reserve agent for four years to being named branch manager m and before that had an &mmwe banking 15 years, 15' Byers (A M) Co. 13 Callahan Zinc & Ld. 2315 Calumet & Arizona.. 4 Calumet & Hecla. ... 17% Canada Dry G A (2) 147 Canadian Pacific 1% . 17% Cannon Mills (1.60). 7 29 Capital Admin (A). Capital Ad pf(A) (3 4214 Case (J 1) Co. . 53 14% 101 Case (JI) pt (7). erpillar Trac(3). 4 Cavanaugh-Dobbs pf Celanese Corp. Celotex pt. . 4 Century Rib Mills. Cerro de Pasco (1).. 314 Checker Cab Mri{g Ches & Ohio (2%) Chesapeake Corp(3). Chi Great Western. « Chi Great Westn pf.. 4% Chi Mil StP & Pac pf, 5 Chi & Northwest (4), Chi Pneu Tool. ,eeees 15% Chi Pneu Tool pf.... 170 5014 10414 45% 165 1[1\’- 34 Chi RI & Pac pf (6). Chi Yellow Cab (3). Childs Company , . Chrysler Corp (1)... City Ice&Fuel (3.60) Coca-Cola (17%)...., Colgate-Pal-P (2%). Colg-Palm-P pf (6) Col Gas&Elee (2). . Columb Graph ( Columb Carbon (5) Comm Credit (1.60).. Comcl Cred 18t(6%). Comecl Inv Trust (2). Comel Solvents (1).. 7% Comwlth&Sou (40¢) . 14 Consol Textile 18% 2 62 14 Cuban Domn Sugar,. 35% Cudahy Packing (4 58 100 1% Curtiss Wright, 85 5 96 2014 Del Lack & Wn (2) 14 24% Diamond Mtch pf 1 66145 Dupont de Nem ( 124% 11 3 4 El 11 25 Comwlth&Sou pt (6) Conde Nast Pub (2) .. Congolm-Nairn (1).. Consol Cegr pr pf 6%. Consol FilM..sssoss Consol Film pf (2).. Consol GasN Y (4).. 72 Consol Gas NY pf(6) 101% o Container Cor) 1 Contl Baking (A) 6% Contl Baking (B) Contl Baking pf ( Contl Can (23) ...+ Cont Diamond Fibre. Cont Insur (2.40)...3 Contl MOtOTS. ceessee Contl Oil (Del). 4 Contl Shares. - Corn Products (3)ews Coty Inc.. ay Cream of Wheat $2% Crex Carpet........ Crawn Cork (2.40) . Crown Zellerback. . .. Crucible Steel pf (7) 1 48y S nBsanmpSonn~ 22 Curtis Publish (4). Curtis Publish pf (7) B Cushmans pf (8 % Davison Chemical 5 5% Delaware & Hud (9). 100 34ny 15% 24% 9 Diamond Match (1).. Mines (1). > 5814 Du Pont de N pf(6) 116 Zastman Kodak (8) 10714 stman Kod pf (8). 135 on Axle & Spr(1). [ c Auto Lite (4)... ¢ Auto-Lite pf| ctric Boat. ... c&Musical Instru c Pwr & Lt (1). c Pwr & Lt pf (6. Pwr & Lt pt (7 Storage Bat (4), uit Oftice Bldg 2% ' Eureka Vae Cleaner . Fed Mot Truck (40c). s Federal Screw Wks. . Fed Wat Sve A(1.20) 25% Fid Ph Fire In(2.60), 13 56 41 13 18 9 2! 27 Firestone T & R (1). Firestone T&R pf (6) First Natl Strs (234) 75 Fisk Rubber 1st pf., Foster Wheeler (1).. Fourth Nat Inv m55e Fox Film (A) (2%}.. Franklin Smn pf(7), Freeport-Tex (3) 13 Gabriel Co (A) 1y Gamewell C: 22 108 12 56 814 35%, 50 career covering a period of lt:g'/. 29% Gen Electrie (1.60).. 11'4 Gen Elec spec (60c).,. 39% Gen Food Corp (3).. 3 Gen Gas&Rl A(e30c) 24% Gen Ital Ed 35 Gen Mills (3) . 96 Gen Mills pf ( 3 27% Gen Motors (Waeeew 2% 101% ld in 100-share lots except those designated by letter s. Stock and Bal Ne les— Add 00. High. Low, Close. Chge. 1 P4+ 1 L+++ » b+ FEELES ERSSPELPTERLEL K FESETLES U +11 [l sexrfes IBNE NN 1% Gen Realty & Utll 23 Gen Realty & Util pf. 28 Gen Refractor! h 1% Gen Theatre Equip. 10 Gillette Saf Razor. 51 Gillette Saf R pf (5). 7 Glidden Co... 6% Goodrich (BF)..... 29 Goodyear T&R (3). 63 Goodyear 1st pf (7)., 2 Gral - 81 Granby Con Min (1)« 6% Grand Sil Strs (h1) 10% Grand ('nion 34% Grand Union p! 17 Granite City Steel(2 25% Grant (WT) (1)..ee 25 Great Northn pf(4) .. 14% Great Northn Ore(2) 614 Great Western Sug.. 80% Great Wn Sug pf (7). 6% 2 Grigsby Grunow. ... 11 Hall (WF) (1.20). 23 Harb & Walker (1). 5 Havana Elec Ry pf.. 1% Hayes Body Corp. .. 38 Hercules Powder(3): 77 Hershey Choc (5)... 85% Hershey Choc pf (167 81 Homestake Min (18)., 57 Household Fin (4.20) 27 Houston Oil.. . 51 Houston Oll (new).. 13 Howe Sound (2).... 27 Hudson & Man (3%) 10 Hudson Motor (1) 4 Hupp Motors. .. Tilinols Central (4).. Ind Motor Cycle pf. . Indian Refining . Ingersoll Rand (4).. Inspiration Copper. . Interboro Rap Trans, Interlake Iron...... i Int Agriculture pf. .. Int Bus Machine(n6) Int Cerpent (4)..0.0s Int Combustio: 398, 604 14314 31 73% 167 2014 123 104 6 4% 5Tl 80% 12315 31y 6% 20% 27% 3515 8% 101% 69% B4% 1% 1 5t Int Combustion 26% Int Harvester (2%).. 112 Int Harvester pf (7). 15 Int Hydro ELA (e2). 25 Int Match pf (4).... 4% (nt Merchant Marine., 81 Int Nick of Can(40c), 108 Int Nick Can pf (7).. 2 Int Paper & Pwr (A). % Int Paper & Pwr (B) 1' Int Paper & Pwr C... 13 Int Paper & Pwr pf.. 7 Int Printing InK.. .. 2% Int Rys Cent Am.. 27% Int Salt (3).. 44 Int Shoe(3) 18 Int Silver. 15% Int Tel & T s 3 _Investors Equity. 3314 Jewel Tea (4). 38% Johns-Manville (3).. 99 Jones & Laugh pf(7) 814 Kansas City Southn. 10% K'mann Dept Strs(1) 114 Kelly-Spring Tire. .. 5% Kelly-Spr T 8% pf. . 4 Kelsey-Hayes Wheel 6 Kelvinator Corp.... 10% Kennecott Caopper(1) 43 Kresge Dept Stores. . 25 Kresge (S S) (1.60).. 7% Kreuger & Toll 1.61). 18 Kroger Grocery (1). 531% Lambert Co (8)..... 83% Leh Port Cmt pf (7). 42 Lehman Corp (3). 22 Lehn & Fink (3) 52 Ligg & Myers B (15) 34% 15 Lima Locomot (m2). 55' 164 Liquid Carbonic (2). 6315 36% Loew’s Inc (3) 98 83 Loew's Inc pf 35% 111 19 93 11 201 607 195 b BRIy 394, 5dty 691 261 1 % 5014 2% Pl 15% 4615 44y 64 3514 104 250 921 107 160% 58% 11% 13) 10% Lorrillard (P) Co.... 23% Lou Gas&ELA (1%). 47% Louis&Nashville(5). 614 Ludlum Steel....... 157 McAnd & Forbes (2) 4 McCrory (B) (2). McCrory Strs pf (! McIntyre Porc M(1). McKeesport TP (4). 4 McKesson & Rob(1). McLellan St pf A(6). MackTrucks (2).... Macy (RH)& Co(n3). Magma Copper (1).. 4 ManhatElev mod gtd Maracaibo Oil Exp.. Marine Midld (1.20). rmon Motor Car. . Marshall Pleld (2%) Mathieson Alkili (2). Mengel Co. Miami Coppe: Mid Continent Petm. Midland Steel (3)... 4 Minne & St Lows. ... Mo Kan & Tex pf (7) Missouri Pacific. . Missourl Pac pf (5 Monsanto Chem (1% » Montgomery Ward. . Motor Meter G & El.. Murray Corp. . ash Motors (4) m (5) N Y Investors. . NY N H & Hart (4).« N Y Ont & Western, N Y Shipbuilding. N Y Steam 1st p£(7) Noranda Mines. Norf & Westn (112) .. Norf & Westn pf (4), 4% North Am Aviation.. 41 Nor Amer(b10%stk) 48 North Amer pf (3)... 23 Northern Pacific3).. 6% Ohio Of1. 1 Oliver Farm Equip.. 5 OliyFarm Eq pr pf.. 25 Otis Elevator (2% 261 Owens 111 Glass (2) 34% Pacific Gas & El (2)., 42 Pacific Lighting (3). 914 Pacific Mills . 124 Pacific T & T pf (6).. 5 Packard Motor (40c) 14 amt-P(m1.62%p) 74 Park Utah. Pathe Exch 123 8014 2814 Penney (J C) (2.40. 30% Penn Railroad (3) 23 Peop Drug Strs (1). 95 Peoples DS pf (6%) 146 Peoples Gas(Chi)(8) 28 Pere Marquette pr pf 4% Petm Corp of Am(1) 74 Phelps Dodge (1).... 4 Phila&Reading C&I 42 Phillips-Jones pf (7) 4% Phillips Petroleum. . 7 Plerce-Arrow. 3% Plerce Oll... 1 Pierce Petroleum. 22% Pillsbury Flour (2) 2614 Pirelli (A) (m3.13) 10 Pitts Coal % Port R Am Tob 614 Prairie Oil & Gas.... 12% Prairie Pipe Line(3) 1214 Pressed Steel Car pf., 45% Proct & Gamb ¢2.40), 6014 Public Sve NJ(3.40). 95 Public Sve NJ pf (5) 07 Public Sve NJ pf (6) 144 Publie Sve NJ pf(8). 22 Pullman Corp (4)... 5% Pure Ofl..ouevcesens 12 Radio COrp...coovee 31% Radio Corp (B) (5).. 9 Radio-Kelth-Orph A. 12 Rand Mines(m2.420) 46 Reading Rwy (4 4 Remington-Ran 28 Rem-Rand 1st pf (7) 6% Republic Steel...... 7 Reynolds Metls(1%) - aFmpuonnaaannBaSnaRon s @ 2 » S amoEranernIntanlrnnunnBoelTe canunanRonreTen =3 B s O KB Rom a2 ° 8% Net Low. Close. Chge. 8% (Cbntinued on Page) 14.) 95% ll+$|ll FREFRIEES -1 + % + % —115 + —2% — - % + W 31 31 - % + % - % o + % —.% +1% +% + % F 14 e ssfege Fas Li++10 EFFFFEF TP FeEEsFafess 41411 ISTOCKS ARE LOWER AT SHORT SESSION Higher-Priced Issues Partic- ularly Sensitive to Sell- ing Pressure. BY GEORGE T. HUGHES. Special'Dispatch to The Star. NEW YORK, September 26—Weak- ening in the last quarter of an hour, after a session of irregular price move- ments, the stock market closed slightly lower today, but there was no impor- tant increase of activity and no press- ing liquidation, It was the higher-priced issues which gave way the easiest in the late reac- tion. Eastman Kodak and Coca Cola made new lows for the bear market. Sterling exchange was higher all day, increasing the gain before the close of trading. At $3.87, it was up 10%; points from Friday's final. Metal Shares Active. Among the few features of the day was the active buying in the metal shares, presumably because of the better outlook for silver. The silver market itself was somewhat lower, but for a time American Smelting & Refining, Cerro de Pasco and others of the group pushed ahead vigorously. A part of the gain, however, was lost in the sub- sequent realizing. The standard shares had no distinct trend. Eastman Kodak was weak, com- ing down close to the preceding low. American Telephone & Telegraph, start- ing higher, reacted. United States Steel most of the time was within a point or so of the preceding close. Neither General Motors nor General Electric were able to do much one way or the other. Early short covering lifted the price of American Can, but when that was over it, too, reacted. ‘The rails, as a rule, ranged higher. Union_Pacific_was one of the excep- tions, but Baltimore & Ohio, New York Central and Missouri Pacific stocks received good support. This relative firmness was all the more noteworthy because of the continued poor showing in the August earnings statements. The utilities improved on short covering, which, however, was not at any time at | Am all urgent. Short Sales Few. Perhaps the principal characteristic 8% » of the day was the absence of that | PgRey:] semi-panicky liquidation which had marked other recent trading periods. It looked as if the foreign source of supply had become exhausted and known that, due to the attitude of the Stock Exchange authorities, selling for short account had been reduced to a minimum. Early quotations for sterling exchange were $3.83, up 6'; from the preceding close. The ILondon market reflected the new rule of transactions for cash alone. The dire things predicted locally as to developments on the other side were not mentioned today. The Street seemed to have recovered its nerve, as far as rumors were concerned, but there was no_disposition to do anything in |3 the stock market except close out com- mitments over the week end. SUSPENSION OF GOLD STANDARD IS APPROVED By the Associated Press. Early apprehension as to just what temporary abandonment of the gold standard by Great Britain would cul- minate in appears in Washington to | g have been dissipated. The thought prevails here that changing to standard reflecting actual- ity was a splendid move, and that, in- stead of proving_ disconcerting, it has restored new confidence throughout the |So C world as well as in England. It is held conceivable in some quar- ters that the %action might prove the forerunner of some medium of ' ex- change, either gold or a ratio basis of silver, that would stimulate interna- tional trading. R FOREIGN AUTO STOCKS. By the Associated Press. A definite improvement in foreign automobile stocks is reported by the automotive division of the Commerce Department. A survey just made public shows a gradual diminution of stocks in impor- tant oversea markets and during the first six months of 1931. At the end of that period the number of countries in which stocks were reported as normal was much larger than at the beginning of the year, when foreign markets were carrying a heavy supply of unsold au;‘(;lmogfle& e department points out, however, that this fact should not be interpreted as suggesting that the decrease in stocks necessarily will cause an early increase in orders for imports. Any resumption of ordering is considered dependent upon the rapidity of improvement of general economic conditions in each market, CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, September 26.—Following 30;2eicam'21:kze officlal 1ist of transac- s in stocks on the Chica Exchange today: o . Sales. SRIB! 855 Pub 86t pi ui Pub Ber’ 120 Cent 1 800 Cent 111 5 Pub Serv & 150 Cent 100 Cent S S0l Musttie, eugy 5 o i BES, 20 S0 Wes 1400 Swift 950 Switt Tntl raleBSha BN us! SFITE, 110 West P L & Tel A. 200 Wi kshi 160 Zensen Radio”. BO) s sun BRock “sales.” 40, Bond safes, 314 it was | Consol BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 26.—The effect of the gold suspension by England, which at first showed itself in moderate form outside of the markets primarily influenced by it, is now visible in all parts of the world and in & pronounced d . With sterling here quoted at a discount of 30 per cent from the nor- mal parity and not very far above the low quotation 10 years ago, the con- fusion in business circles increased and from a dozen world capitals came an- nouncements of action to protect their gold reserves and to adjust their credit operations to the new conditions. It ‘was apparent that no support was being given sterling, for it broke yester- day more violently than at any time since Monday, touching 3.40 against the revious low of 3.71. International kers here have voiced the opinion that it would be useless for Great Brit- ain to suspend gold payments for six months and then try to restore ster- ling to the old basis. It is also their bellef that the pound must seek its own level and, in the same way as with French and Belgian exchange, eventu- ally Teach a point of resistance where stabilization might be effected at a proper rate. They have not felt that this revaluation figure should be as high as $4 nor possibly as low as the 1921 quotation of $3.18. Covering Operations. Until today it was belleved that the sterling market would find & point of equilibrium somewhere between $3.50 and $3.25. A great deal of sterling was covered by American importers around the $4 level, which meant substantial DIVIDENDS DECLARED NEW YORK, September 26 (#).— Extra. Pe- Pay- Hldrs. of Company. Rate. riod. Genl Block vas 4G TOV N 2 ST Initial. cadia T (N NY) 300 Q Oct, Iuminating Sh'A..50c = Oct. Reduced. Dominquez Off Flds.2%c M Omitted. FRASB B NR § B lar. % 1. Rogul Oct. A1 Deale: At Home Am [ - woenBs Be e o ‘an Cl A Firestorie T First Na Bk (Mobile) . i: First Nat Bk (Phil). Genl Stock Yds Do, 36 pf.. $1.50 Hartford Stm Boiier & Insur. 40c e S Bl oGS MMaas picseons BEREE 53888 55 SHREHR.NSBSNNES...8n McGavin L Mer Nat] Bk (Hos) Mer & Newark Ti Metro Oil Ltd pf SnBEnEE 88 B R R SRRG5 ot ki I 8 s se @ - # Sedalia_Wa G0’ bf.31 Silver Br Anthr pf.75c 8o Bond & »t..75¢ U 8 Mer & s West_Jer Tr (Cam).50c Woolson Spice. ... ..50¢ Do. pt g @ DDOORMOOOOD OO DOO: POOOLOLOOOOODOD DOOOO LOLOD LOOLOD O2 © £ O LOOOOR 3, Farmers in Rumania buying agricul- tural machinery on time must now pay 12 to 16 per cent interest. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commis: Joseph I. Weller 420 wash. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. FINANCIAL. and wholly unexpected profits by those in the business of bringing in foreign products. The action of Sweden In raising her official rediscount rate to 6 per cent on Thursday was followed yesterday by Denmark in advancing the Danish dis- count figure from 4, per cent to 6 per cent. Denmark, owing to her intimate trade relations with Great Britain, was one of the first European countries to adopt the policy of suspending the ex- port of gold. Cables from London fore- cast that the government of South Africa will probably be compelled to abandon the gold standard. There is considerable interest in the action that the Commonwealth of Australia will take in the present situation. The support which London gave to the maturing Australian loans last Spring prevented the possibility of de- fault. In subsequent emergencies of the same sort Australia will not be com- pelled to fall back on her own resources and financial ingenuity. ‘The President of the Republic of Co- lombia issued a decree temporarily sus- pending free trade in gold and pro- hibiting gold exports except by the Bank of the Republic. The President of Chile signed a bill reducing the minimum gold reserve of the national bank from 50 per cent to 35 per cent. This emer- gency measure to ease the currency shortage is to extend over a period of two years. Throughout Central Europe, and especially in those countries that have political relationships with France, there was a substitution of francs for sterling in foreign trade operations. British Situation Clearer. ‘The situation at the moment in Great Britain is clearer than in Germany, for the English markets are open and ap- pear to be functioning on a natural basis. On the other hand, the Berlin Boerse was promptly closed on Mon- day, when news came of a_suspension of gold payments by Great Britain, and has not reopened. Outside quotations have to some extent followed the tenor of other European markets, as well as that in New York. There is, however, a vell drawn over the German position which has led to all sorts of rumors concerning the true state of affairs in the Reich. Marks are being quoted at a discount. Much has been made here of the ef- fect on markets of the with- drawals of gold for foreign account. It has stated by the Federal reserve authorities that this country could lose $1,000,000,000 of its $5,000,000,000 gold without any disturbance to the cur- rency situation. Wall Street has made a mountain out of a mole hill in trying to find a reason in the gold movements for the abrupt decline in stocks follow- ing the great buoyancy of Wednesday's market. The last thing that this coun- try has to fear in the present.,emer- gency is a loss of gold and a moderate rise in the level of interest rates. (Copyright, 1931.) A—13 BREAK IN DISTRIBUTION JAM IS NOW ADVOCATED By the Assoctated Press. Frederick M. Felker, director of the Bureau of Forelgn and Domestic Com- merce, told the American Trade Asso- ciation ‘executives that America’s pres- ent production of goods, actual and po- tential, though large, might still be consumed if the distribution jam were broken. “One of the first things that comes to reind,” Felker said, “is the difficulty of planning. production because of our ignorance of probable consumption in given seasons and territories. An im- mediate objective, therefore, is relief measures that will give us a more de- tailed and accurates understanding of causes of fluctuation in consumption.” As a means to this end he suggested that modern business forecasting is now a developed instrument which can be applied with a reasonable degree of accuracy in advance of the establish- ment of the production budget. The modern trade association has before it, he said, both a peremptory challenge and an inescapable public duty to pro- vide the machinery whereby its mem- bers may reconcile these factors with greater precision. » BUSINESS FAILURES. By the Assoglated Press. Business failures last week showed a gain over the previous week, but were less than for the same week of last year. In the table that follows the number is given for comparable periods, based on representing the 1923-25 average as 100: ‘Week ended September 19. Previous week ... Same week last yea AR e RAILROAD EARNINGS. NEW YORK, September 26 (P).— Railroads reporting August net operat- ing income today include: 1931, 1930. $1,762,457 $3,204,650 924 223,553 857,469 1,421,322 Despite the unusually heavy m tivity in millinery, this trade con to maintain a very satisfactory of volume-producing firms. " SINCE 1899 MONEY TO LOAN at 514% and 6% Interest Before Placing or Renewing Your st and 24 Trust Consult WELCH Realtor n_Spectalist 15th x ¥ W (National Savings & Trust Co. Bldg.) National 4346 |l sAaFE FIRST MORTGAGES | IF YOU HAVE OTHER PEOPLE’S MONEY TO INVEST you can be relieved of much of the responsibility by selecting our 6% FIRST MORTGAGES Over a Third of a Century Without a They pay this liberal interest ; and the principal is backed by con- servatively appraised Washington real estate. There is nothing specu- lative about them. May be purchased in amount from $250 up. B. F. SAUL: GG} National 2100 THERE 925 15th St. N.W, IS NO SUBSTITUTE FOR SAFETY After the Ball is Over Promoters frequently induce reliable civic, charitable, veteran and other organizations to give dances, musicales, dinners, athletic con- tests or entertainments, The organization is led to believe that this Is an easy method of obtaining money for its needs, A high-pressure selling campaign is conducted. Many complaints of misrepresentation begin to come in to the organization, Business and professional men purchase thousands of dollars’ worth of tickets. They have no intention of actually attending the affair, but wish to help the benefit fund, The standing of the organization in the community suffers. After the ball is over and the expenses are paid, the organization nets a few hundred dollars—the promoter and his high-pressure salesmen a few thousand. s the result worth the price you pay? The appearance of this an- nouncement in these columns is evidence that this newspaper co-operates with and supports the Better Business Bureau for your protection, The Better Business Bureau, Inie. 337 Evening Star Building Washington, D. C. Telephone National 8164