Evening Star Newspaper, October 3, 1931, Page 13

THE EVENING STAR, 1931. FINANCIAL WASHINGTON, P QILNES DUTES || NEW YORK STOCK EXCHANGE | LSTOISOME [[__ - OF BANK OFFILS e s | MARKETLONER Tow. Dividend A 214 Abitibi Pwr & or, 107 6074 B8% - 124% 112'4 Du Pont de N pf(§ 4 112% 112% e " -, Industrials and Utilities Join in Decline at Short T'h Adams Express (1), Session. A—13 BANK STOCKS OFF IN MONTH TRADING Trade Reports at a Glance. By the Associated Press. NEW YORK, October 3.—Tabloid review of wholesale and retail business conditions and the state of crops, as reported to Bradstreet's | | this week from the following centers, on the basis of comparisons with | | conditions in the same areas in the corresponding week last yea | Wholesa Retall Manufacturing | and job tra and industry. Collections, Crops. | | Quiet et Slow Good | | Quiet Quict . Quiet . Fair Fair Quiet Quiet Quiet, Quiet, Quiet Quiet, Quiet Fair Pittsburgh Louisville .. Cleveland . Detroit .. Milwaukee Chicago . Louls s ;New York Issues Present In- Fanr teresting Contrasts in Monthly Survey. Adams Miilis (2). Adv Rumley........ Addressograph (1).. Alr Reduction(434). Alaska Juneau (40¢) Albany Wrap Paper. Allegany Corp...... Alleg Cp pf 330 ww. . Allezheny Steel 80e. Allfed Ch&Dye (n$). Allied Ch&D: Allis-Chal Amal I, pl...o Alpha Port Cemt (1) Am Ag Ch of Conn pf Am Agri Chem (Del). Larner Stresses Rights of Di- | rectors, Shareholders and Public ta Facts. Quiet Quiet, Quiet Quiet Quiet Quiet, Quiet Quiet tington-Schild pt Auto Lite (4) Slow Slow Slow Slow Slow Slow Slow Pair Pair Quiet, Quiet Quiet Fair Comment. Pittsburgh-—Glass down 40 per cent: break in weather helped retail trade; iron and steel at 30 per cent; bankings conservative. Louisville—Department stores fair in medium-priced goods; tories on reduced time: fair demand in hardware. Cleveland—Steel industry down to 30 and 35 per eent; domestic coal moving up; building slow. Detroft—Auto praduction low; hot weather brought retail trade in September 15 per cent below last year. BY GEORGE T. HUGHES. Bpecial Dispateh to The Star. NEW YORK, October 3.—The rail- road section of the stock market again today exhibited _g ter weakness than other groups. had a dtpreuln[ effect, inasmuch as for nearly a weel the shares of the carriers had been stronger than industrials or public utilities. Liquidation was most pronounced in such issues as Atchison, Union Pacific and Norfolk & Western, all selling at ! BY EDWARD C. STONE, John B. Larner, president of the! Washington Loan & Trust Co. writing on “Bank Management in 1031" in the September ru‘l\u' Bulletin, New Special Dicpaten to The Star. NEW YORK, October 4 —The shares of leading New York City banks and those of the country's leading in- surance companies experienced anothe: sharp decline during September, ecar- rying practically all issues down to lowest levels recorded since the depres- sion started in 1929, according to rec- ords compiled by Hoit. Rose & Troster. | From a percentage standpoint, as in- | dicated by the weighted average, the decline is understood to be greater than n Pwr& Lt (1)... 'wr & Lt pf(§). Ltpt (1) Bat (4). 5 0). . 0 Eng PSpfww (535). 20 Equit OfMees Bldg 3% 104 Erie RR. o 1% Erie RR 1at pf (4) Evans Aute Pred. w Wks. WatSve Ar1.20) Baltimore . fae- bank executives to directors, stock - holders and the public, calls the AmCanCanf (7). president’s annual Am Car & Fdry (1).. Teport of extreme importance, and touches many matters, in- cluding the rela- ons between the and the ves. v o de- cls that the days of the bank president as a “figurehead” have ed, days when cashier did the work and the pres- assumed no real responsibility for 1 operation of the organiza- on » president’ of a_ well regulated t now not only “kncw how," ually assume iis direction | He must know his bank, &0 to speak. from cellar to garret. The sater his familiarity with the several | nts, the wiser will be his ap- | of commen-sense principles, ! 21l. are the fundamental | e decisions. John B. Larner. rules for w Keen Judgment Necessary. “There are certain rules which gov- ern us in determining questions, im- portant or otherwise, and, in the main, the application of this or that formula routine is not very diffi- cult. Tt i 1 the unusual hap- pens that s t mistakes may often counsel will say, law applicable to the eration is thus and so, of business and expedi- dvise the adoption of & pol- some risk of litigation. v character of Tespon- nat of exercising judg- but_questio ency may entirel; policy o ossible r expe v may out small financial loss or gain in ation of the Wash- t Co. I have always ideration to my annual entative of the ors, the presi- “In the adm ingten Loan & given much c reports. As the stockholders ar dent should. 1 fon, furnish | each year to all concerned as full and | complete statement of the condition of the bank as can possibly be given. Bankers Responsible to Public. must not forget | ble in many ways | to the public s well as to the directo and stockholders. The customers or deposifors dealing with the bank have a right to be informed of the financial condition of the institution in which they are depositing or transacting other ss of a financial nature. that this does rivate business of should be exposed. The bank examiners, Aas esentatives of the public, regularly examine the internal affairs of the b they are respo ial adds that experi- C 1t him the wisdom of id iblic with as full and mplete facilities as poossible for the transaction of general banking business. He depicts il the present layout Loan & Trust Co., ing the loc: and purpose of each rtment of the bank. The experi- mentions the which he scans daily, con- 0 help me in the administration of | banking. 1 have on my desk each morn- | ing three impor! y the first one sk g rhe exact condi- tion of the banking department. the second the condition of the trust de-! partment and third the daily business cf ¢ one branch office. These sheets give me full working knowledge of the general c ion of the entire bank each wc d Should Encourage Personnel. tor which I consider of no little the bank management | » csprit_de corps of the | business it is to! 1e of the bank rse, some cne will temperamentally | but this is, com- occrrence onally g0 wrong or becom unfit for his work paratively speakirg in a well o tuticn. We must remember that we are all human and need help and encouragement, from the president down to the one holding A few words at the ate difficulty and P of a latent talent | which may be of untold usefulness, producing material for an executive of | no mean order | W ap, the results of your be forever thankful in | s of having given a 1 to those less fortunate clf and who in time may s in your own the city m which r concludes. Bank of Commerce Elects, of the di- Commerce & The regular 1l meeting tors of Bank ol Savings orga ion fcr the coming year, following last week’s annual meet- | ing, resulted in the re-election of eves official. The officers: Maurice Rosenberg, president; Joseph Sandes vice president Owings, vice pres- | ident; John M. Riordan, executive vice | president; Thomas J. Groom, vice pre: ident and cashier; Oliver B. Exline, assistant cashier: Francis E. Robey, assistant cashier; Joseph H. Milans, secretary, and Clarence A. Weaver, auditor. President Rosenberg reported that the bank has enjoyed an_excellent year's business and starts off the new year with fine prospects. He said that in of business conditions the di- s had cause to feel most grati- fled with the progress being made. Mr. Rosenberg has been president of the bank ever since it was organized in 1907. John M. Riordan, executive vice president, has also served the bank during the same long period. Rapld Transit Reports Slump. The Washington Rapid Transit Co. has reported an increase in_deficit in August and for the first eight months of the year to the Public Utilities Com- | mission. In the item for August, 1931, a deficit of $10,634.97 is revealed, as against one of $6.795.49 for the month last year, an increase of $3,839.48. In the item for the first eight months of the prescnt year there is a deficit of $10.888.32, as compared with one of $16.739.12 for fue corresponding period of 1930, an increase of $3.149.10. BANK SITUATION. NEW YORK, October 3 (Special).— The announcement of the passing of control of the Bank of America to the National City Bank stimulated prices of most of the New Ycrk Bank & Trust Co. stocks and was looked upon geneb- ally as a bit of constructive business. The few bank statements published today as of September 30 indicated a high percentage of cash and Govern- ment bonds to deposits. In one in- gtance these items, together with call leans, exactly balanced the item - of deposits. In another they amounted to 55 per cent of deposits. 15215 18 8% 284% 13% Am Car & Fdy pf (T) 65 Am Chain. ... . Am Chicle (+3)..... Am Comel Aleohel, . Am European Secur, Am & For Power.... Am & For Pwr 2d pf., Am Ilomae Prod 4.20. Am Locomotive (1). Am Lo'motive pf (7) Am Mch & Fdy 1.40., Am Metal Co.., atural Gas pf.. ews (1334). ... AmPwr & Lt (21).. AmPwi&LtpfA(4). Am P&L1 pf A 8U(3). Am Radiator (8he) .. Am Folling Mills. .. Am Safety Razor (5) Am Shipbuilding (§) « Am Sm&R 2d pf (6 Am Snuff (13%) Am Snuff pt Am Solv & Chemieal. Found (1).. Am Steel Fdry pf (1) Am Stores (1233)... Am Tel & Teleg (9) Am Tobacco (16). Am Tobaeco B (16)., Am Water Wks (3)., Am Wat Wkaefs(8). Am Woolen Co Am Woolen Co 2% Am Zine & Anaconda Copper. . Andes Copper. ... Archer Daniel Mid. . Armour of Del pf (7). Armour of 111 (A) Armour of 111 (B) Armour of 11l pf Ateh To&S Fe pf (5). Atl Coast Line (1) Atiantie Refining Atlas Powder (4) . Atlas Powder pf ( Atlas Stores (1) Auburn Aute (f4)... Austin Nich pf A (3) ion Corp (Del). 614 Baldwin Losomotive 3915 Baldwin Loco pf (7). 31 Ralto& Ohio4)...... Balto & Ohio pf (4).. Bang & Aroos (3%). Rarker Bros Rarnsdail Beatrice Cream (4).. Belding-Hemingway Relg N Rpt pf 14.81. Bendix Aviatien (1). Blaw-Knox (1). Bohn Alumn (1%4).. Borden Co (k3). . Borg Warner (1). Briges Mfg (11%).. Brockway Mot Trk. . Bkl Bklyn-Man Tr pf (§) Bkiyn Union Gas (§) Brown Shoe (3)., Brunsw-Balks. .. cyrus pf (7). Budd (EG) Mfg. Budd Wheel (1)..... Burrough A M(t1%) Bush Terminal (2%) Butie & Superior. Butterick Co 143 Byers (A M) Co.. 14 Calif Packing (2) 15 Callahan Zine & L Calumet & Arizona.. Calumet & Heela. ... Canada Dry G A (3). Canadian Pacifie 1% . Cannon Mills (1.80). Capital Admin (A).. Capital Ad pf(A) (3) Case (J 1) (nl Caterpiliar Trac(f). Celotex pf....... Cent Aguirre (1%). Cerfo de Pasco (1).. Certain-t Ches & Ohio (2%) Chesapeake Corp( Chi Great Chi Great Chi Mil StP & Pae.. Chi Mil StP & Pae pf. Chi & Northwest (4). Chi Pneu Tool . Chi Pney Tool pf. Chicago R 1&Pacifle. Chickasha Cotton Ofl Chrysler Corp (1)... City Ice&Fuel (3.60) City Ice&Fuel pt 6% City Stores. . City Stores (A). ... Coca-Cola (17%). Colzate-Pal-P (234). Colg-Palm-P pf (6). Collins & Aikman. .. Collins & Atk pf (7) Colo Fuel & Iron. Colo Fuel & It pf (8) Columb G & E (113). Col Gas&El pt A (§). Columb Carbon (5).. Comm Credit (1.60). Comel Cred 18t(6%). Comel Inv Trust (2) Comel Inv Trpf 635 Com Inv Trust pf(7) Comm Invcvpf(es). Comel Solvents (1).. ComwlIth&Sou (40e). Comwlth&Sou pf (§) st Pub (2) m-Nairn (1) Congress Cigar (1).. Consol Cgr pr pf 6%. Consol Cigars pf (7). Congol Film . Consol Filin pf (2).. NY(4).. Consol Gas NY pf (k) Consol Laundries(1) ConsolRwys pf (6, Consol Textile. Container Corp (A). Container Corp (B) Contl Baking (A) Contl Baking (B).. Contl Can (2%).. Cont Diamond Fibr Cont Insur (2.40) Cont1 011 (Del) Contl Share: Corn Products Corn Prod pt (7). Coty Ine.. . Crosley Radlo. .. 18 Crown Cork (2.40).. 36% Crown W P 1st pf(4) 25% Crucible Ste Py 53 Crucible Steel pt (7) 13 Cuba Cane Products Cuban-Am Sugar Cudahy Packing (4). Curtis Publish (4).. ‘urtiss Wright Curtls Wright ( Cushmans pf (3). Cutler Hamme Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (2) Detroit Edison (3) . 22% Diamond Muh”pflfi ‘374 93 4013 126% 3% 3 Dept Stra (25e). id Ph Fire In(2.60). 13 Firestone T& R (1). 5214 Firestone TAR pf(§) 41 First Natl Srrs (2%4) 124, Foster Wheeler (1)., 18 Fourth Nat Inv mise T4 Fox Film (A) (2%3. 16 Freeport-Tex (3). ] ner Motor. 274 Gen Am Investors. .. 42% Gen Am Tank Car(4) 9% Gen Asphalt (2),... 154 Gen Baking (2). 234 Gen Cable 6% Gen Cable (A) 17 Gen Cable pf 25 Gen Clgar (4). 23% Gen Klectric (1.60)., 111y Gen Flec spec (c). 32 Gen Food ) GastE cv pf (6) ital Ed Bl m2.61 PrigInk (234).. 43'3 Gen Prig Ink pf (§). 4% Gen Public Servi 27l Gen Ry Signal (§) 104% Gen Ry Signal pf ( 15 Gen Refractories (3) 113 Gen Theatre Equip. . 10 Giilette Saf Raser... t;u Gillette Saf R pf (§). N S T i wE AN R RN NN BN~ R e AR~ h e e * Gotham Silk H, 1 Geuld Coupler. . 173 Graham-Palge . 64 Granby Cen Min (1), 4% Grand 81l Strs (h1). 9 Grand ('nle 3215 Grand Union pt (3).. 15% Granite City Steel(2) 26% Grant (WT) (1) r 5% Great Western 8u, 1% Grigaby Grunow - PR P T 23 woh3 28 Hahn Dpt St pf(6%) 75 Hanmapf(7).. . Harb & Walker (1).. Hartman Corp (A). Havana Elec Ry 2 3 - dy Corp. .. Mot (80¢) . Pow pf (1) g 014 Fin (4.20) n Oil. . Ol (new).. 12% Howe Sound (2).... 27 Hudson & Man (3%) Hudson Moter (1)... 3% Hupp Motors. ingpiration Copper. . Interbore Rap Trans In. Agriculture Int Bus Machine int Cergent (4) Int Combustion. .. .. Int Harvester (2%). Int Hydro E1 A (e2). Int Mateh pf (4).... Int Nick of Can (40e) .. .2 BuraBocfumamnm » Irt Shoe (3). Int Silver . o= CETT T =1 ansas City Southn. Kayser (J) & Co (1). y-Spring Tire... elly-Spr T 8% pf.. Kelsey-Hayes Wh Kelvinator Corp. ... Kennecott Copper (1) Kinney (G R) Co.... Kinney (G R) Co pf. Kresge Dept Stores. < (S8) (1.60). ) Kroger Grocery Lambert Co (3). 4 Lieh Port Cmt pf (7). Lehigh Valley Coal.. Leh Val Coal pf (2). Lehigh Valley RR.. Lehman Corp (3). Lehn & Fink (3) Libbey Owens G Liggett & Myers: Ligg & Myers B (15) Lizg & Myers pf (7). Lily Tulip Cup(1%4). Linia Locomot (m2). Liquid Carbonie (2). Loew's Inc (3)...... Loew’s Inc pf (§35) Loft Ine. Loose-Wiles (3).. Lorriilard (P) Co. .. Lorrillard (P) pt (1) 5 Louisiana Oil < Lou Gas&El A (1%). Louis&Nashville( Ludlum Steel McCall Corp (2%) McCrory (B) (2). McCrory Btrs pf (6). Melntyre Pore M(1). 4 MeKeesport T P (4). McKesson & Rebt1). McKes&Rob pf(3ls) McLellan St pf A(8). MackTrueks (2) Mathieson Alkili (2) Mathieson Alk pf(7) May Dept Stra (2%) Maytag Co . Maytag Copf (3).. Melville Shoe (2)... Mengel Co. ... Mengel Co pf (7). 20 Met-Gold Pie pf 1.8 2% Miami Copper 5 Mid Continent FEXEFPESEF E R AR LL 2 EF 1% Minn Moline Pow. 63 Mo Kan& Texas.... 21 Mo Kan & Tex pf (7) 10 Missouri Pacific. . ... 2714 Missourl Pac pf (5). 163 Monsanto Chem (13 10 Montgomery Ward.. AT Lo FEEEFE 614 Motor 141). 25 Mullins Mfg pf (7). 6 Murray Corp... 40% 15 Nash Motors (4). N (Centinued on Pege 14 | German and Swiss exchange was also | lower, as was that of Norway and Den- 4| mark. ,the firm of Sommerwerck Bros., | insolvency. | about 1915, and consisted of John W. | was appointed trustee under the deed l‘ of trust. the lowest prices in a decade, in spite of the fact that they are covering their 10 per cent dividends. Other weak rails were New York Central, Baltimore & Ohio, Chesapeake & Ohio and Pennsyl- vania. Probably the lack of enthusiasm which Wall Street has shown toward the announcement of the Eastern rail- road merger and the general opinion that the rate increase, at best, will be small, renewed selling that had been checked earlier in the week. ‘There were sharp declines in other groups of stocks. Westinghouse Electric to & new low price. Eastman Kodek was & target of selling. Inter- national Business Machine again broke through 100 and there were sizable losses in American Can and Allied Chemical. Some resistance was shown in the fist hour by United States Steel common above 70, but it later broke to a new low price, carrying with it other iron ard steel and metal stocks and bringing & fresh wave of selling. The publie utilities declined with the industrials on a moderate turnover. American Telephone was persistently sold. Consolidated Gas and Public Service of New Jersey had substantial losses. ‘The thinness of the market for public utility preferred stocks and lhoI extraordinary net losses that -have oc. curred in the best of them has been one of the most distressing and unexplain- able features of this week's decline in securities. The motor stocks followed the general trend, but loss side from Auburn, were small, with Nash-at one time showing a gain of about 1'; points. Sterling exchange had another set- | back. The cable rates were quoted at) the start as low as 3.52. or a decline of 9'; points and a discount from parity of about 21 per cent. Italian, Belgian, Excharge on Stockholm was higher. New York Cotton Special Dispatch to The Star. NEW YORK, October 3.—Under the heaviest selling pressure of the year eotton prices made new low record: again today and ended at the bottom, with losses of 12 to 14 points. | Hedging opsrations reached large proportions and the action of the stock market added a depressing factor to the course of values. Although thousands of bales were taken from the ring by trads interests, buying power failed to stem the decline. Spots were reduced 10 points to 5.60. Cotton range lroi{er Firm Sns;ended. BALTIMORE, October 3 (Special) — The Baltimore Stock Exchange has an- | nounced that John W. Sommerwerck, of locs1 securities brokers, having made an ss- signment for the benefit of creditors. The firm was suspended from member- =hip in the exchange cn the ground of | ‘The firm has been in existence since Sommerwerck and Daniel R. Sommer- werek. Henry Zoller, jr. Baltimore attorney. INVESTMENT TRUSTS NEW YORK, October 3 the-counter market: c (#).—Over- | id Aske. = | Bid, Asxea Iy Am Am Am Ins Sto Assoc_Btand Oil Atl Sec y1d At Sec war i Atl & Pac Int units 11000 At & Pac com ww .11l & Pac pf wa Bankers Nat Inv hrs ' 2 & Gen Equities Gen Eq 8'3% bt ore Invest” " N =28 Diversified Eaquity Invest ... Eaquity Invest pi Equity Trust Shr Five. i Fixe Fized Trust Sh Fund Tr Shrs Fund T e ] Maas Invest Mutuel I utual Manage Nation-wide Efi: Nail Indust Shrs! Natl Tr ghe Y Bk m Tr Sh ‘Northern Secur . Oil Shares units v TT BeanFaamcae aBucs B8 enw s aosntsu! Sasvia, ustes Stan Trustee Stand Iny s A B 25 Je 3Baaaaal 90050 0 megued 5 &”.—# - ot S Milwaukee—Shoe industry in good volume; strikes on in hosiery mills; employment looking up. Chicago—Wholesale volume up to last year; lowest cotton prices in years have aided consumption. St. Louls—Cool weather has increased retail sales; wholesale shoe trade up in cheap grades; live'stock market improved. Minneapolis—Improved clothing prices; retail trade fair, sales; groceries steady, but at low St. Paul—Groceries and confectionery in demand; wholesale furs pick- ing up: retail hardware trade up. Duluth- ‘Warm weather still hampers trade: industries lag. Omaha—Wholesale and jobbing trade continues slow; slow buying in retall trade; manufacturing on short time. Des Moines—Unseasonable weather hurts trade; corn ripening too fast; factories on part time. Kansas City—Retail sales up, but below normal; employment un- changed: lead and zinc below last yea Baliimore—Fall requirements draperies and floorings. Everybody’s Business Strengthening of Securities Markete Attributed Agreement on Rail Con- solidation Plan and New York Bank Merger. BY DR. MAX WINKLER. Speoial Dispatch to The Star. NEW YORK. October 3.—Improve- ment in the securities markst, with ad- vances somewhat more marked during the early part of trading, may be at- tributed primarily to two developments which appear to have been accorded a favorable reception. The response mar- ketwise should have been more im- pressive. These developments inclu the agreement on the four-party con- solidation of Eastern railroads. and the | absorption of the Bank of America by the National City Bank The plan to consolidate the Eastern earriers was reached last December, but a number of problems remained to be solved, relating chiefly to the allo- cation of trackage rights to conflicting nterests. These differences are under- stood to have been ironed out. thus bringing to an end years of discussion, which was interrupted by the publica- tion of a five-system plan for the Easi- ern roads by the Interstate Commerce Commission in December, 1929. The recent weakness in the market has given the trunk lines ample opportunity o acquire blocks of shares in systems which they will acquire under the plan. Bank Merger. The combination of two of the old- est financial institutions in the United States will result in the creation of an ente:prise whose combined resources will be exceeded in the United States only by the Chase National Bank. The plan will become effective only if per cent of the Bank of America stock is voted favorably, on or before Oc- | tober 17. According to Elisha Walker, head nf the Trensamerica Corporation. in which to | Jies the Bank of America control. the proposed merger should tend to restore the ownership of the control of the banks directly to the people of the re- spective localities served and thereby | | AL obtain the greater benefits which, as & to the Mzy O experience has shown. ecome banking institutions from local control | and sponsorship. He also pointed out that direct community ownership is the | strongest guarantee of continued public favor and support | If the merger is favorably acted upon. Transamerica will have a substantial interest in one of the country’s largest banks, instead of a controlling interest in_a small institution. It would not be surprising if further bank mergers would be put through in the not distant future. | Dual Money Standard. | Sound economists will approve Wash- ington's intimation that any efforts to | impose a dual money standard upon the country will be resisted. The solu- tion of the existing problems does not e in the adoption of bimetallism. be- cause of the fluctuation in the price of the | Metal, which, if adopted as A monetary unit. would merely tend to aggravate an -already serious problem. This. of | course, does not mean that stabiliza-| tion in the price of silver would not be | of immeasurable aid to world recov-| ery, but this applies to other metals and | B commodities as well. Columbia Gas & Electric. Due to depressed industrial and sea- sonal conditions, the revenues of the Columbia Gas & Electric Corporation during the past two years have been affected adversely, according to Philip C. Gosler, president. | However, these declines are being | largely offset by operating economies, which are not fully reflected in the earnings. countered the earnings per share of | common stock have been in excess of $1.50 on the number of shares now out- standing and are equivalent to the present dividend rate. Corn Products Refining. Because of several outstanding con- | ditions no material increase in the business of the Corn Products Refining | is expected, according to J. W. Bing- ham, trafic manager of the company and chairman of the Corn Products Committee of the Midwest Shippers’ Advisory Board. s Mr. Bingham estimates a riwinkage of about 15 per cent for the coming quarter, as compared deal of the decline he attributes to | prevailing low prices of agricultural products and the falling off in orders during August and September, due to | the hot weather and the effect it had | n the manufacture of candy, for which Corn Products makes glucose, l‘nd upon the consumption of table | sirup. If Mr. Bingham's estimate of a 15 per cent decline is accurate, as it prob- ably is, it may be of interest to point out that corn products, at present prices, represent a decline as compared with a year ago of more than 51 per cent. Tobacco Companies. ‘There are few enterprises which are more susceptible to advertising than tobacco companies. This is amply borre out by the substantial increase in the sale of ohe of the products of the American Tobacco Co., for which a new advertising campaign was started less than a month ago. As a result, the 1.cnl'nplny found it necessary to double the production of the new ‘brand and make a substantial addition to the | working force at its plant in Durham, | N. C. Although, normally, this de- | velopment. should have a favorable ef- | fect upon the shares of American To- | bacco, today it is overlooked or en- | tirely ignored. Coca-Cola. ‘Those who maintain that the return of light wines beer will affect ad- increasing; Mr. Gosler adds that under |y the most adverse conditions vet en- with 1930. A good | | v, some increase in rugs, Co. are very convineingly contradicted by Robert W. Woodruff, president. In the course of the same year, says Mr. Woodruff, when the Canadian Province of Ontario repealed its prohibition law coca-cola sales increased more than 25 per cent, and have increased ever since. Mr. company was born and grew to full manhood during the pre-prohibition days, and that during the 45 years of the life of the enterprise several changes have been experienced in regu- latory holic beverages. but to date no adverse |effect has been noted in the upward trend of sales. (Copyright. 1931. by the North American Newspaper Alllance, Inc) SALES OF AUTO RADIO SETS ARE ON INCREASE By the Associated Press Indications of the trend in demand for radio products are contained in a, report just released by the Commerce Department. Data were furnished by 430 identical wholesale dealers in radio merchandise, which the bureau points G out as a comparatively small number. but possibly indicative of trends toward an increa# or decrease of stocks and sales in the second quarfer, as com- pared with the first quarter. During the second quarter. when sales are normally lower than the first. the sale of automobile sets showed 100 per cent increase in value over the first quarter; the vaiue of home talking pic- ture machines sold was more than 14 times as large as in the first quarter and increased from 3 sets to 54. Tae only other item showing an increase in value of sales as compared with the first quarter was loud speakers not in sets, witich gained more than 100 per cent Stocks of television sets were reported for the first time and six, valued at $1.170. were sold during the second quarter. DIVIDENDS DECLARED NEW YORK, October 3 (#).— Extra. - Pav. Pe. Company Rate riod. abl Bunker H & 8 M pf.30c . Oct. 3 Reduced. Allis Chalmers Mfg 25c B Market Insul Wire Parker El Burner Hidrs. of recore Sep. 30 Qct Oct. Sep. 29 Eep. 23 2% 1230 2 ec” 50c 10c ' Omitted. Dunl TRG Ltd 7% pf.§1.75 Oil_ Roralty ‘Invest pf West Ren v 50 B¢ 57 4185 22827 RS Regular. 15 23 . 15 2 2 3 25 Amerado _Cory Am Nat Bk (Nashi 50¢ Belding _Corticeili. $1.73 Boston Sand & G 13 9289 ok D 2 Bway Market Kk LIV PYLLELY Y . 20 Goodman_Mfg Co 15 g Handles Page'Lid Am i dep rec for pt pf e i Harrisburg ‘Gas pf.31.73 Intl Prosctr 37 pf Inv Mtz & Gi Co Lake Son Dist’ Pom 43 un Dist Pow Leflel (J) & Co »pf. 82 Lezington, Tel Co, e PL.... 31.6215 Mirs Distrib 'Co... .28 Merch Nat Bk (Ind) 93 Mohawk-H Ind pf.$1.75 Monroe Cal Mach. .31 1 . 30 2 000000 DDOOOD. S-.885 I pooo ¢ BbE8e b Duene - Pref “Auto Underwriters S ofiupn i e Erud Co Inc pr. 3330 Shuron Optical Co TG DEBE-" . .o 8L % Bf......80 78 Co "pi !l $175 Wash W Po $6 Df.§1.50 000000 wn ‘Woodruff points out that the' legisiation as applied to aleo- reported in any previous month | _The weighted averages for 16 New York City bank and trust company shares dropped from a high of 86 on | September 1 to a low ana close of 56 on’ September 30. a loss of 30 points, |or 35 per cent. This decline was recorded, despite a rally of 9 points {in the averages on September 23. In- dividual issues showed losses of from 7 to 173 points for the month, the | latter being recorded by Guaranty Trust. The weighted average for the in- | surance stocks group staried the month at 52 and, with the exception of a | 3-point rally on September 23, declined | steadily to & low and closc of 36 on | September 30, a net loss of 16 points, |or '30.8 per cent. for the month. De- | clines in individual issues ranged from | 214 "points to 205 points, the largest drop being in Globe & Rutgers. Bank Stock Ranges. The high and low for bank stocks, together with the net losc from the previous month's close, follows | High Low N Sept' 1 Sent 30 Ameries s % Bank s n Trust ' o Hanover Chatham Phenix | Chemical .. ity | Commereial ‘Nat n Exchan Empire Trust Guaranty Irvi Man) n : Manufacturers New York Trust Public Weighted average Action of Insurance Issues. The high and low for the insurance company stocks. together with the net loss from the previous menth's ciose, follows: h _Low Net sent 30 Lows Aetna Casuaity 5] 19 Aeina Fire Aetna Life American Ne Continental Ca. Globe & Rutee: SEES wE onal ‘Casualiy tional Liberty ov. Washington Phoenix Travelers 5. 8. Casuaity | 8 Fire N e PR P S it tehester Weighted average ... . Freight Movement Improves. BALTIMORE, October 3 (Special).— A seascnal imprevement in_ freight movement took place on the Baltimore & Ohio Railroad during September. The number of cars loaded and re- ceived from connections during the first 20 working days of the month increased 6.280 above the level for the same pe- riod in August. Loadings for the period totaled 156,704 cars, as compared with 150.424 for the 20 days in August. Daily averzge loadings were 7.83%, as against 7521 in the August period, a gain of 314. Compared with September last year. however, there was a decrease of 46,618 in total loadings and a reductin of 2,331 in the daily average. ‘Two bank buildings being erected in Bogota, Colombia, were designed by Americans First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. | The COMMERCIAL" NATIONAL BANK 14th and G Streets Banking in All of Its Phases 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. DON'T LET YOUR MONEY LIE IDLE Idleness idle funds. to work in Over a Third of a Century Without a Less breeds more trouble than anything else —and this is true of Put your surplus money our 6% FIRST MORTGAGES where it will give you this liberal return on principal that is secured by conservatively appraised improved Washington real estate. May be purchased in amounts from $250 up. % i SAUL. G National 2100 THERE 15thi’'St. D IS NO -SUBSTITUTE FOR SAFETY