Evening Star Newspaper, October 1, 1931, Page 13

FINANCIAL, FAILURES FEWER IN'FIFTH DISTRIGT ichmond Reserve Bank Finds Gain in Rediscounts During Month. Y EBWARD C. STONE. Fewer commercial failures were re- ‘Ported In August and early in Sepicm- ber in the fifth Federal Reserve dis- trict than in any of the other 11 dis- Stock: 1 High. Low. 14% 52 | 284 92 Ay 231, 11 109%, 100, 200 a 12% 4614 1824 126 42% 187y tricts in the United States, according| 20 2 1 5 2 77 1178 il NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Dividend Rate. 214 Abitibl Pwr & Paper. 7 Abitibl Pwr&P 714 Adams Expre 61s Adams Exp pf (5). 21s Adams Millls (2) 013 Addressograph (1) 2 Adv Rumley..... Afr Reduction(t414) Arrway Elec Appl. .. Alngka Juneau (40¢) 5 Albany Wrap Paper. #% Allesany Corp. R Alleg Cp pf $30 4 Allegheny Steel 60c. Allied Ch&Dye (né). 1% 4y R Alpha Port Cemt (1) x R Amal Leatherpf.... to the monthly review of credit, busi. ness and agricultural conditions issued today by the Reserve Bank of Rich- mond. the total g compared with August a year ago. The liability record was also no¢ un satisfactory. although it compared quite with liabilities in August when very low totals were reporied. Business barometers greatly during the month. but some sea~ sonal pick-up was indicated in trade. Increases were shown in rediscounts at the Richmond Federal Reserve Bank between August 15 and September 15, in keeping with the seasonal trend, and the volume of Federal Reserve notes also rose moderately. Reporting mem- ber banks in leading cities experienced little cemand for loans. but deposits de clined slightly. the banks increased their vestment in stocks and bonds last year and their cash in vaults, and their bor- | rowing at the Reserve Bank. Debits to Individual Accounts. Debits to individual accounts or the four-week period r owed the period in ng Sep- total for years, est man: the fou 1930, € banks and time banks are higher indicating a large sing power on the part of the banking section of the public The employment situation in the number of failures | varied | 3 291 20%, 628, 177 a8 1290, : figures | v 12.7 per cent | 13's Amerada Corp (2)... 613 Am Ag Ch of Conn pf 21 2 fifth district is bad and shows no signs | 22 124% 105 & Am AgriChem(Del). 12 R%i Am Bank Note (13) 6 Am Beet Sugarpf... 108 Am Brake Shoe(2.40. 21 Am Brake 8h pf (7 60n AmCanCott5)r.. 470 Am Can Co of (1) 1 Am Car&Fdry ()., 10 Am Car & Fdy pf (7) 608 Am Chain. Am Chain pf (7). Am Chicle (13). Am Colortype. . . ‘Am Comel Alcohol. . Am Encaustic Tiling Am European Secur. 4 $ Am Haw St'ship (1). Am Hide & Leather. . : Am Hide & Leath pf. Am fTome Prod 4.20. Am Ice (2). Am International Am Locomotive (1) Am Lo'motive pf Am Mch & Fdy 1.40 Am Metal Co....... Am Natural Gas pf Am News (13%). AmPwr& Lt (£1)... Am Pwr & Lt of ( Am Pwr&Ltpf A(4 Am P&Lt pf A 8t(5). Am Radiator (60c).. Am Radiator pf (7)., Am Republics of early improvement, but at the same | time sections of stated. Building Permits Decline. Building permits issued in the lead- Ing fifth district citles in August pro- vided 17 ner cent less work than per- mits of August a_ vear ago. which in turn wer gust. 1929 Contracts actually awarded in August this vear totaled only slightly over half of those of a year ago Retail trade, as reflected in depart- ment store sales in August. averaged 8.4 per cent less than in August, 1930. a iarger decline than has been noted in most recent months. Wholesale trade, however. showed seasonal im- provements, but remained below 1930 levels. In agriculture the upper section of the district is in much betier condi- tion than at this tim sections of the district have fine but_prices are lower last B. & 0. Common Dividend Cut. Late yesterday the Baltimore & Ohio Railroad declared a_dividend of $1 on the commen stock. In the two previous quarters dividends <f $1.25 each were oted and prior to that time the com- was on a $7 bast: rectors deciared auarterly dividend on pref ‘The monthly financial repo it is better ti in some other the country the report v cperating i 03. against §: the present year was reported as $15.699.306, against $25,- 845.160 in the corresponding month last year, a decrease of $9.145.854 Heavy Selling in Lanston, lling in Lanston Monotype e of today’s session of the Washington Stock Exchange. The stock opened at 74 and closed at to 70 on some weeks Capital turnove Traction soid at 27 on a of only 10 shares. and a large f other issues alzo appeared on the board. The largest bond sale was $10,000 Potomac Electric Consoli- dated 5s at 1001 Moore B: at Metropolitan. sistant_manager of the Washington Clearing House Asso- ciaticn, has urned to nis duties with the ascociation and also as one of the general bookkeepers with the National Metropolitan Bank. He has now recov- ered from the effects cf the automobile accident in which he was badly hurt g0. Mr. Mcore has besn tan many years and for a iong time as Brigit's Clearing iding at the daly ses- ing House. '3 Cha House aide. sions of the C is known and li senger in the city. Financial District Notes. representative of the ers” Association in attend the coming Washington convention prominent part fons. Miss Grace r y, as secretary of the District Bankers' As- sociation, will attend the annual A. B. A. conve which opens next week at Atlanti Guy O. Dove James M. Johnson elected a E. B. Ad Washing for today, FEDERAL RESERVE LOANS INCREASING associated with Co.. was recently and treasurer of the house ial loans by member Reserve tem t g during ing the close ended Sep- banks have 1 cov ng the weel ant amount, but of the state- ment sho district, rep~ resenting the pulse of the Nation's busi- ness and financial affairs. reporting an increase of $65.000.000 in commercial loans. The net change was brought about by relatively rge decreases in Chicago. San Francisco, Boston and Cleveland The peak of expansion in commercial loans was reached in November of 1029 when the total was slightly less than £9,800.000.000. Tod it stand at $7.867.- 000.000. which represents a decrease of $591,600.000 the last 12 months » comparison with previous periods of deflation, recent gains in commercial loans have been trivial. This has un- doubtedly been due to Unseascnal gains about 27 per cent below Au- ! figures i | ‘ 110% 100% 1, | 314 | 48w &0 1081, 110 | 201% | 1288 | 1828, 10, | | 1081 66% 10 | i | | recent | | { 126% 8 | 202m 105 10114 34 Am Rolling Mills. ... Am Safety Rasor (5) 23 Am Shipbuilding (5) 19% Am Smeit Ref (2)... 99'3 Am Sm & Ref pf (7). 9 Am Snuff (+3%).... Am Snuft pf (6).. Am Solv & Chem pf.. Am Steel Found (1). Am Stores (1213) Am Sugar Ref (5 ugar Ref pt matra Tob. ... el & Telex (9). 78 Am Toliacco (16). Am Tobace Am Wat Wkscfs(3). Am Woolen Co pf Am Writ Paper ctfs. Am Writ Paper pf. Am Zine & Lead. .. Am Zinc & Lead pf. . Anaconda Copper. . .., Anaconda W & C (1) Anchor Cap (2.40). Andes Copper. ... Archer Daniel Mid. . Archer-Dan pf (7).. Armour of 111 (A) Armour of 111 (B) Armour of T pf Arnold Constable Artloom (orp. . Artloom Corp pf ( Art Metal (80c).. Associated Apparel. Asso Dry G (2%) Ateh To&S Fe (10). Atch To&S Fe pf (5) Atl Coast Line (7)... Atl Guit&W I pf (5), Atlantic Refining (1) Atlas Powder (4)... 10 Auburn Auto (£4) Autosales. ... 15 Autosales pf 2% n Corp (Del 614 Baldwin Locomotive 21 Balto & Ohio4)...... 50 Balto & Ohlo pf (4)., Bamberger pf (813). Bang & Aroos (3'g). Barker Bros........ Barker Bros pf (613) Barnsdall Corp'n. ... Bayuk Cig 18t pf (7) Reatrice Cream (4). Beatrice Crm pf(7). Beech-Nut Pkg (3).. Belding-Hemingway Bendix Aviation (1). Best & Co (2)....... Bethlehem Stesl (2). Rethiehem Stl pf (7) Blaw-Knox (1). Bohn Alumn (1% Bon Ami (A) (15 Rorden Co (k3). Borg Warner (1). Boston & Maine RR. Briggs Mfg (11%).. Briges&Stratton(2). Brockway Mot Trk. . Bklyn-Man Tran (4) x Bklyn-Man Tr pf () x Bkiyn Union Gas (5) Brown Shoe (3)..... Brunsw-Balks 5 Bruns Term & Rwys. Bucyrus-Erfe. Bucyrus-Firie Budd (EG) Mfg Budd (E G) Mfg pf. Budd Wheel (1). Bullard Co. . Bulova Watch (80c). Burns Bros (A) Burrough A M(t1%) Bush Terminal(214) Bush Term deb (7)., Butte Copper & Zinc. Butterick Co ers (A M) Co. Calit Packing (2)... 13 Callahan Zine & Ld., 21' Calumet & Arizona.. 27 Calumet & Hecla. .., 714 Camp W&C Fdy (1). 14 Canada Dry G A (3). x 1315 Canadian Pacific 1% . 17% Cannon Mills (1.60). 5t Capital Admin (A).. 87% Case (1 1) Co. . 53 Case (J I) pf (7) Caterpillar Trac(3). Celanese Corp Celotex Co Celotex vie ctf Cent Aculrre (il4).. Cent RRofNJ (8).. Cerro de Pasco (1) Certain-teed Prod... Checker Cab Mrfg... Ches & Ohio (2%4). .. Chesapeake Corpid), Chi Great Western., ChiGreat Westn pf. €Dl Mil StP & Pac. .. Chi MIl StP & Pac pt. Chi & Northwest (4). Chi Pneu Tool. . Chicazo R 1&Pacific. Chl R1& Pacpf (6). Chl 13 1 & Pac pf (7). Chi Yellow Cab (3).. Childs Company . Chrysler Corn (1 City Ice&Fuel (3.80) City Ice&Fuel pf 614 1% 5 13 51 T8Iy 11y 4% 10 50 11318 1078 408 10 12 2 50n 108 708 105 805 : 2 12 51 213 5 3 28 19 130 117 L. 1008 39 964 Btock and Dividend Rate. 23 Conde Nast Pub (2).. 6% Congolm-Nairn (1).. 41 20 Consol Cigars (5) 8 53 Consol Cgrprpf 6%. 110s 6414 Consol Cizars pt (7). 80 3% Consol Film..... b 813 Consol Film nf (2). 8 64% Consol GasN Y (4).. 474 98 Consol Gas NY pf(5) 2 10t Consol Laundries(1) 20 ConsolRwys pf (%) i Consol Textile. 2% Contaliner Cor, s Container Corp (B) 5% Contl Baking (A) s Contl Baking (B) 40~ Contl Baking pt ( 32 Contl Can (2%) 4% Cont Diamond Fibr 20 Cont Insur (2.40) 114 Contl Motor: b5 Contl Oil (Del). 14 Contl Shares. 40' Corn Products (3) . 152'4 128 Corn Prod pf (7). 18 8% Coty Ine.. 813 Crosley Radio 18 Crown Cork (2. 26 Crown Cork pf (2 2 Crown Zellerback 26% Crucible Steel. . . 1 57'% Crucible Steel pf (7) 1401 2 Cuba Co . 2 Cuban-Am Sugar. 321 Cudahy Packing (4). 48~ Curtis Publish (4)... 98% Curtis Publish pf (7) 174 Curtiss Wright...... 2% Curtis Wright (A).. 88 Cushmans pf (7). 74% Cushmans pf (8). 1214 Cutler Hammer. 414 Davison Chemical 1% Debenhams Security 13%4 Deers & Co pf (1.40). 96 Delaware & Hud (9). 294 Del Lack & Wn (2). 10 Denver & RG W pf 128 Detroit Edison (8). . 11 Devoe & Ray A(6ie). 100 Devoe & R 18t pf (7) 12'4 Diamond Match (1).. Bates— 24 10% 204 54 % Doug Afrcraft(t1%) Drug Corp (4) Duplan i1k (1)..... Duplan Silk pt (8)... 10 Dupont de Nem (4).., 131 3 “5\\ 9814 135 128% 21% T 11 3% 69 T4% Eaton Axle & Spr(1). 18 Eftington-Schild. ... 1 Eitington-Schild pt.. 1 Elec Auto Lite (4)... 171 Elec Auto-Lite pf(7) 10s Electric Boat 3 Elec&Musical Instru 53 Elec Pwr& Lt (1)... 183 Elec Pwr & Lt pf(6) 6 Elec Pwr & Lt pf (1) kS Flec Storage Bat (4) 4 Emporium Capweil.. 1008 Kndicott-Johnson(3) ndicott-John pf (7) ng P S pf ww (513). ng Pub Sve pf (6). . quit Otfice Bidg 2% Exchange Buft ( Fairbanks Co pf ctfs. 100x 5 Fairbanks-Morse. .. 2 2 Fashion Park Asso. . 4 2814 Fed Lt & Tr (3135).. 4 3 Fed Mot Truck(40c). 2 9% Fed Wat Sve A(1.20) 12 Fed Dept 8trs (2i¢). 4 Fid Ph Fire In(2.60), 6 Fifth Ave Bus (64c). 8514 Kilena's Sons pf 614 . 13 Kirestone T & R ( 3 54 Firestone T&R pf(6) 15 41 First Natl Strs (2%) 17 5 Follonsbee Bros...., 3 4 Foster Wheeler (1) 3% Foundation Co. s ¥ 18 Fourth Nat Invm55e 16 7% Fox Film (A) (2%3. 71 87 Franklin Smn pf(7). 10s 16 Freeport-Tex (3)... 22 2315 Gamewell Co (3). is Gardner Motor. s Gen Am Investors 4 Gen Am Inv pf (6). .. 431x Gen Am Tank Car(4) 9% Gen Asphalt ( . 15 Gen Baking (2).. 3% Gen Bronze. 8 Gen (: 25 3 16 1208 100% Gen Food Corp (1).. &9 2% Gien Gas&El Ace30c) 34 2413 Gen Gas&E cv pf(6) 5 3 Gen Mills (3 3 Gen Milis pf ( 218 C 315 Gen Outdoor Adv. 10 Gen Prig Ink (23). 4%y Gen Public Servic 28 Gen Ry Signal (5) 1 Gen Realty & Utll... 21 Gen Realty & Utll pf. 1's Gen Theatre Equip 10 Glilette Saf Razor 314 Gimbel Bros 3613 Gimblel Bros p 4% Glidden Co 4 Gobel (Adolf). 18'4 Gold Dust (2%) 614 Goodrich (BF)..... 22 Goodyear T& R (3).x 61 Goodyear 1st pf (7). 50 Gotham SHpf (7).. 1 Gould Coupler . 174 Graham-Palze . €% Granby Con Min (1). 4% Grand Sil Strs (h1). 9 Grand ('nion... 33% Grand Union pf (3 16 Granite City Steel(2 25% Grant (WT) (1).... 244 Great Northn pf(4). 12'4 Great Northn Ore(2) 5% Great Western Sug. . 80's Great Wn Sug pf (7) 1% Grigsby Grunow. ... Guantanamo Sugar. Guif States Steel. ... ken Wat pf A 1% n Dept Store: n Dpt St (6% Hall (WF) (1.20)... Hanna pf (7)... . Harb & Walker (1).., Hartman Corp (A).. Hayes Body Co: Helme (GW) (+7)... Hercules Mot (80c). Hercules Powder(3). Hercules Pow pf (7) Hershey Choc (5)... fershey Choc pf (15" Hoe (R) & Co Holland Furn (12%) Hollander Sons... .. Homestake Min Houdaille Hershey. . Household Fin (4.20) Houston Oll........ Houston Oil (new).. Howe Sound (2).... Hudson & Man (3%) 7% Hudson Motor (1)... 3% Hupp 26 lllinois Central (4 14 Indian Motor Cycle.. 1% Indian Refining 211y Indust Rayon (4). Ingersoll Rand (4).. Inland Steel (214)... Inspiration Copper. . Insuranshares Del A Insur Bhr(Md) (40c). interboro Rap Trans 14 Intercontl Rubber. 41 Interlake Iron...... o e P-4 30 31 s an 8 23 53 65 4% ~14% A — 74 50 10 96 59% + 1 134 —1% 8 1014 135 Tl Net. Add 00. High. Low. Close. Ctge. 23 —3% 10% + % 20 -1 —1% +2 +2 10715 1071y - 62 62 4 20% 124 17 9815 - 15% LT “ 5 5 124 13 ECR ) 18 19 W T 69% fusg % 17 [ B IREACTION N STOCK PRIGES GONTINUES Market Sags Further Under Steady Stream of Selling. Specialties Weak. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, October 1.—8till forced to accept large scale liquidation, the stock market again reacted today. The chief significance of the losses was that they came on top of so large a previous THE EVENING STAR, WASHINGTON, D. C., THURSDAY. ()(J'l'UéER 1, . 1931, FINANCIAL, by - o - S ——————————————————————————— R e CORPORATION ““REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 1.—The follow- ln{ is & summary of important corpo- rations news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press: News Trend. Reports to date indicate that Au- gust net operating incomes of all class 1 railroads were about 40.8 per cent below last wear, which is a more unfavorable showing than in July or for the first seven months, when they declined 31.9 per cent and 35.9 per cent, respectively, from the corresponding 1930 periods. The Companies. Beneficial Industrial Loan Corpora- % R (T e decline. ‘The market opened hesitant, but with rather acute weakness in special issues. In mid-morning volume increased and the usual list of new lows was regis- tered. Among them were such promi- [\ nent stocks as American Telephone & ‘Telegraph, Standard Oil of New Jersey, United States Steel, General Electric, Allied Chemical, Woolworth and Gen- eral Motors. In some of these the losses were only fractional and the market was at all times orderly. There were always buyers for stocks. Source of Selling. ‘There has been much speculation as to the source of the selling. The opinion is that in large proportions it has been coming from abroad and from Canada, stimulated by the exchange situation which made it re]-uvelyl profitable to obtain American dollars| for foreign-owned American securities. | In addition today there was much forced selling to protect accounts, not | only in brokerage offices, but those car-| ried in banks. While the margn trading in the market is extremely smell in comparison to what it was two years ago. it still exists. It did not look today as though there was much it any short selling. It would be a| stout-hearted bear courageous enougn! to sell stocks short at this level, in the face of the sentiment against such| operations in and out of Wall Street. | United States Steel at 72!y, Was up 3 at the opening. American Can was up % at 76's and Westinghouse lost s‘ common dividend fraction at 437,. General Motors| opened unchdnged at 235, and later hit| Power of Baltimore 24. American Telephone at 12075 d clined % to a new low for the yea which also was true of North American at 35, off 'y, and Pacific Gas & Elec- | sales first eight menths up 2.2 per cent: tric at 31';, off 15, Public Service of New Jersey gained 55 to 56%. | Standard Oil of New Jersey at 207: dropped !s to a new low for the bear market. Other issues to register new | i minimum prices for the year or longer | | were Radio-Keith at 733. Johns Man- iville at 36's, General Foods at 33's,| Standard Brands at 13% and Sears, | Roebuck at 33%. Pennsylvania opened at 33';, up 114 points. Union Pacific at 115's was up a like amount. Baltimore & Ohio opened up a point at 36 and Chesa- peake & Ohlo was up !s at 2015, Ana-| conda climbed & fraction to 151y Au- | {burn_Auto opened up '; at 96!y and| | Du Pont rose 55 to 60. | Utilities Under Pressure. | Utility stocks were subjected to the | | heaviest pressure. Virtually all of the] | active issues made new lows for the | | bear market. American Water Works, American Power & Light. Pacific Gas| & Electric, Southern California Edison | and Western Unfon followed American Telephone into new low ground. | Standard Oil of New Jersey made a new low. In the steels, National Steel and Youngstown Sheet’ & Tube made new bear market bottoms. but United ' | States Steel held at a small net gain. Industrials were fairly firm, though Allied Chemical and Johns Manville extended their opening losses. | During the first half hour trading amounted shares, against | 700,000 on Wednesday. Call money re- mained firm at 1'; per cent. | 'STOCK SHORT SALES RAPPED BY GERARD By the Associated Press. NEW YORK. October 1—Present methods of short selling on the stock | markets were blamed to a large extent | for the continued world depression by James W. Gerard, former Ambassador + | to Germany. at & luncheon of the Ad-| vertising Club. | Gerard said that methods which | enable stock brokers to use stocks sold ' to his customers on margin as a club| against the interests of his customer, who in reality is the owner of the stock, should be remedied. | “‘As the rules are now,” Gerard said. ‘“a customer buys his share of stock, which to him is a share in the country’s coming prosperity. ‘That share, accord- ing to the laws of the State belongs to him, no matter how small a margin he has'put up. But when he buys. he| is required to sign a document which | gives full power over that share to the | stock broker, who then in turn can bor- | row on it, can lend it or can hypoth- | ecate it at will. 1 believe that if every man who owns stock on margin throughout the coun- | try would march to his broker, revoking | the concession which he when he bought his shares, all stocks would immediately go up 10 points or more.” BY RECENT LIQUIDATION? Bpecial Dispatch to The Star. NEW YORK, October 1.—One of the unsettling phases of recent liquidation, as seen by Wall Street, is that taking place in preferred stocks, especially those of public utility companies. A Jeader in this group for years, namely Electric Bond & Share 6 per cent preferred, has dropped nearly 30 points in a comparatively short time and is now selling on an 8 per cent basis. General Motors 5 per cent preferred, | the senior issue of General Motors, | which is completely covered by the cash | in the corporation’s treasury, has| dropped 10 points to below 90 in the past 10 days. A 7 per cent public utility preferred stock, which sold at par re- | cently, was offered today for a bid | around 82, and Standard Gas & Elec- | tric 7 per cent preferred sold at 80. | In the unlisted market for public utility preferred stocks, a condition of demoralization exists. The best infor- mation as to the source of the selling is that it comes from the British in- vestment trusts, who were large buyers of American preferred stocks last year when these afforded them the yleld and | the security which they demanded. Money Available for Mortgage Loans tion common share earnings, 6 months to June 30, $1.06. Chicago, Burlington & Quincy Rail- road net income, 8 months to August 31, off 29.8 per cent. Grigsby-Grunow Co.—Majestic radio production increased to 4,125 sets daily. In first week of September output was 3,500 sets daily. Imperial Oll Ltd.—To mix ethyl with standard grade gasoline, Prairie Pipe Line passed quarterly dividend, paid 75 cents June 30. American Smelting & Refining— President expects maintenance of pres- ent dividend; cuts wages and salaries 10 per cent. American Thermos Bottle common share earnings, 6 months to June 30, 7 cents, vs. 40 cents. Atlantic, Gulf & West Indies Steam- ship July net loss. $86,348 against $51,925; seven months, net profit, $132,- 474 egainst profit, $1,122,053. Auburn Auto—New-car stocks in dealers’ hands currently average about two cars per dealer, with used-car stocks averaging two and one-fouith, valued at $380 a car. Baldwin Locomotive Works gets order from Westinghouse Electric & Manufac- turing to build chassis and mechanical parts for 20 electric freight locomo- tives for Pennsylvania Railroad. Baltimore & Ohio Railroad declared $1 dividend; paid $1.25 in preceding two quarters and $1.75 prior thereto. Chapman Valve Manufacturing passed paid 25 cents July 1. Consolidated Gas. Electric Light & gross revenues; | eight months to August 31, up 0.6 per cent; net income off 1.2 per cent. Curtiss-Wright Corporation — Gross Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. N.W. First Mortgage Loan Applications Invited at 5/2% | Glover & Flather 1508 H St. N.W. National 1753 With one folding side leaf (a8 iHustrated) $16 folding side leaves. . . $21 AN metal top, size 16x20, covered with linolenm Side leaves 12x16 Height 26 inches Other Styles at Correbponding onahle Prices Finished in Olive Green, Mahogany, Walnut or Black SRR NATIONAL 9178 unfilled orders Beptember 1, $11,138.000 | against $8,900,000 on September 1, 1930; third-quarter loss expected to slightly exceed the $375,030 loss in the second quarter. Glidden Co. sales show steady in- crease over past three months. Mexican Light & Power, Ltd., defers | semi-annual dividends on 7 per cent and 4 per cent preferred stocks; paid $3.50 and 10 cents, respectively, May 1. S ey Argentina on Dollar Ba: BUENOS AIRES, October 1 (#).—Ar- rnum changed to the dollar yesterday rom the pound as the basis for caicu- lating Eu n exchange. Nacion said that exchanges of conti- nental countries remaining on a gold basis were being figured on the basis of 1.80 gold pesos to the dollar. PROPERTY Apartment House ‘The Banco | LOANS I'.' lr."l‘l't’)n?" Due? MR. FRIEDMAN 416 5th St. N.W.. Room 707. NAT. 4519 Authorized Service Delco, Remy, Klaxon, Northeast & Sparton Horns ‘MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Is Your 1 Do Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. j""“l’l‘ L Weller g2 yrssh b 4 T Ottn Until 5:30 P.M. Todn! Good Times ——may be farther away than around the corner, but when they do return, those who have MONEY IN BANK will be the ones ready for business oppor- tunities. Interest Paid on Savings 15th Street Opposite U. S. Treasury MANAGEMENT IF you have a house, modern and in good condition, that you wish to rent, list it with us. We are having many applica- h tions for such houses Ihi s rite q....uu"}j § from reliable people. B. F. SAUL CO. 925 15th Se. N.W. MORTGAG Nat'l 2100 E LOANS Ovur OrrIcE is now loc AMERICAN BuiLpiNG Telephome: MeTrOPOLITAN 3461-§ FIRST NATIONAL OLD C CORPO WASHING Ocnober 1, 1031 ated in the SECURITY OLONY RATION TON, D. C. An Abundant Yield for a conservative investment . . SAFETY because of the security ...CONVENIENT in the denom- inations of $250 up. 6% First Mortgage Notes secured on improved properties in the District of Columbia and adjacent Maryland suburbs. recorded last June and July when the loans rose $82.000,000 and $49,000,000, Tespectively. Normally, the Summer months show little activity, with the upturn usually occurring not earlier than August and continuing through Beptember and October. | The recent trend has been accom- | panied by an enlargement of the banks' | investments in Government securities, the latest statement showing this item | now stands at $4,133.000.000, an in-| crease of $1.201.000.000 in 12 months. | Investments in other securities amount to $3.677.000,000 for 2il members, an! increase of $318,000,000 during the year Clty Stores......... Clark Equipment(1). Cluett-Peabody (3). 12 Cluett-Peabdy pf (7) 100s Coca-Cola (17%) 5 Coca-Cola (A) (3) Colgate-Pal-P (234) Colg-Palm-P pf (6).. Collins & Aikman. .. Colonial Beacon. In. Agriculture. ... . Int Bus Machine(né) Int Carriers,Ltd §0c. Int Cergent (4).. Int Combustion, Int Combustion p: 9 5 Int Harvester (2% 8 89 9 9 Int Hydro E1 A (e2). 30 Int Match pf (4 12 {nt Merchant Marine Colo Fuel & Iron. . 5 Int Nick of Can(40¢) Col Gas&Elec (2). 406 2 Int Nick Can pf (7).. Col Gas&EIpt A (8). 5 Int Paper pi Columb Graph (56c). 5 Int Paper & I* Columb Carbon (5).. 6 Int Paper & Pwr C. Comm Credit (1.60). Int Printing Ink. Comel CreditA (3).. 2 Int Rys Cent Am.... Comel Crea pf (1%). 190s Int Rys Cent Am cfs. 15'% Comel Cred pf B (2). 3408 Int Salt (3).. 1513 Comel Inv Trust (2) 6 NNRRoRne R B - or to refinance an apartment house, office build- ing, residence or busine vyroperty—in ‘Washing- ton or nearby Maryland and Virginia let us have the application—and we will give it prompt consideration. If approved the money l is available—for 3, 5 or 10-year periods /2% —and at .. . S ivie Vibianis . RANDALL H.HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT ./l@’&’.%é.%%m{fway 1321 Connecticut Ave. i Decatur 3600 IR g 1‘1-‘ you are seeking a FIRST TRUST LOAN—new We will gladly tell you more of the six per cent notes now available. H. L. Rust Company 1001 Fifteenth Street National 8100 U. 8. TREASURY BALANCE. ESTABLISHED 1889 ‘The United States Treasury balance, s#nnounced today as of close of busines 9913 Comel Inv Tr pf 6% . Eeptember 20, was $607,789.985.26. Cus- | 9 71 Comm Invevpt(es). toms' receipts for the month to date ‘s 97 Comel Solvents (1).. 130 ‘were $34,548,861.77. Total ordinary ex- 4% Comwith&Sou (40e). 598 penditures were $5,429,911.11. 68 Comwlith&Sou pf (6) v 6 1008 21