Evening Star Newspaper, October 5, 1931, Page 13

-FINANCIAL FINANCIAL/ NG STAR, WASHINGTON, 1931. {0CAL BANKERS G0 || NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. D. C, MONDAY, OCTOBER 5, DECLINE IN STOCK |MAKer FoR sTee. i R T ottt CONTINUES DRAGGY eiin; fow higher, Tor 3 v0 s00. > Joseph . Weller &0wss ';‘,.*,;" We Give Property Management Personal Attention Made During Last Week—Cop- Stock and Sales— igh. lots except those desigmal ter *'s.” Tfl AMUAI_ PAR[_EY "':}:;L. = ‘“":zl:e'k and ‘llln—‘ i N Low. Dividend Rate. Add 00. High. Low. Close. o Low. Dividénd Rate. Add 00. High. Low. . 3 % 20 Consol Cigars (5)... 20% — 5 2% 2% 22% ¢ » 7 7 s Scscral Members of D. C. Financial Fraternity Are at Atlantic City. . BY EDWARD C. STONE. } At the opening of the annual con- Yention of the Amecrican Bankers' As- dociation at Atlantic City today the n of Washington bankers in at- include Coope? president’ of _the Gommercial N fonal; Joshua vans, presi- 3“‘.( strict Na- onal; Francis G Addison, jr.. pres dent Sccurity Sav ings & Commer- al: Robert V. leming, president M. Calnan, president chshier Liberty Na- tional; Avon M. . vice presi- . Riggs Na- Rome C. Stephenson. and E. E v. Washington representative of > Bankers' Association. Tepresents the District a member of iBe A. B. A. executive council and Mr. g is a member of several speclal cemmittees. Several other local bank- efs planned to attend the sessions, but were detained at home by pressure of siness. “Rome C. Stephenson, president of the agsociation, is a close friend of several Jacal bankers: has made addresses be- f4re the District Bankers' Association, Imstitute of Banking, an@ was a speak- ef et the Bank Management Confer- epce held here last Winter. He also attended the last convention of the ate Bankers' Association held here. iEdmund S. Wolfe, former cashier of the District National Bank, is presiding ab the meetings of the National Bank Division at Atlantic City. This year’s convention is considered one of the most_important meetings of the kind efer held by the association, on account of present nation-wide banking, business apd econopic conditions. Pt Stephensen will review the events which have taken place during his tdrm of office, at tomorrow’s session. and | President Wolfe of the National Bank | Tjvision will also make his annual re- port. I Interesting Phone Stock Review. iStock of the American Telephone & Telegraph Co. is now more widely | ofvned than that of any other corpo- ration., An interesting comparison of tBe stockholder growth has recently | been revealed by dividend records of | the American Bell Telephnoe Co.. pre- dpeessor of the present parent company the Bell system. The company's fust dividend was paid January 1. 1881, to stockholders of record December 8. 1880. Since that time dividends have been paid continuously by the company | d its successor for more than 50 years. Of the 540 stockholders who received the January, 1881, dividend. 450 resided in Masachusetts, the State in which the telephone was invented and in which| | syston began its career. The| 90 stockholders were scat- ¢ over a few other States. » such limited distribu- \res, the more than 600,000 | ¢ owners of American Telephone k cgraph stock reside in every State ©f the Union and in about 70 foreign | countries and United Statas possessions. While the American Bell stockholders oWned an average of about 110 shares in 1880, as compared with present aver- age American Telephone & Telegraph shareholdings of less than 31 shares. the figure was not at all large for that| time. Those stockholders owning 10 shares or less formed 38 per cent of the total. | Today the same share-holding group comprises 57 per cent of all American Telephone & Telegraph stockholders. | As time passed investment interest| in the American Bell Co. broadened, | with the result that by 1890 there were more than 3,300 owners of the stock. By the end of the nineteenth century | the number increased to about 7.500. Although the latter total is less than 13, per cent of the present number of American Telephone & Telegraph stock- Tholders, it was substantial for 30 years| ago. District National Reviews Trade. The District National Bank has is+ sied its sixth monthly business sur- véy which covers September. It stresses | o British action on the gold stand- d as the most important development of the month. “We cannot expect substantial im- ptovement in American business con- ditions so long as the European situ- ation remains fundamentally unstable,” the survey say “All that is necessary to increase production of goods is for the supplies on hand to be inadequate to care for probable consumption requirements over the next few months,” is another comment. “A normal movement of commodities into consumption cannot be expected until retail prices and rents become Tn conirast more uniformly in line with the cur-|_6 Tent scale of wages and other forms of | income,” the bank says. ! Fifth District Building Permits. »’ “Building permits issued in 32 citles | of the fifth Federal Reserve district were more numerous in August than irf August, 1930, but most of them were far minor operations and the total es- timated valuation of the work provided fqr was less than last year. —Permits issued for all classes of work totaled 3289, compared with 3,026 permits is- syed in August, last year, an increase of 8.7 per cent. but last month's valua- | tion of $6,102,074 was 17 per cent less | 1Ban the August, 1930, valuation of | $9.349,711 | ‘Ten of the 32 reporting cities showed | gher valuation figures for the 1931 month, but only two of them, Wash- iggton, D. C., and_ Wilmington, N. C., reported figures in line with their pop- Wation figures. {The Reserve Bank of Richmond re- perts that 1,330 permits were issued in ashington, against 1415 in August, 1930. Baltimore issued 1034, against 1415 in the like month last year. Washington permits were valued at $886,320, compared with $2,350,640 in August, 1930. f Active Trading on Exchange. iLanston Monotype, by far the most active stock cn the Washington Ex- change during the past few sessions, was again the market leader today. 187 shares changing hands during the ses- on, all sales being made at 70. The 18rgest block sold was 90 shares and e smallest 7. ¢Ten shares of Capital Traction sold t4day at 26, off 1 point, the market clos- ipg with 25 bid and 28 asked. Amer- iean Security & Trust Co. stock moved th the extent of 15 shares at 310. » Mergenthaler Linotype figured in a le of 100 shares at 65, off 2 points om the last previous sale. A single share of People's Drug Stores preferred aQ{d at 90, several points under the last sale. “The largest bond sales were in Poto- ac Electric Consolidated 5s at 10115 and Columbia Country Club 5%5s at par. » Washington Clearing House figures today: $4,664,094.72. .:I TREASURY CERTIFICATES. ‘( efl:flr‘udnby J & W Bfinlélilan & Co.) g Dec. 1. 1931 % Dec. 93: 3lae c. . 19 . 3 100 18-32 Sims Sept. 15, 1932. 99 22-32 99 2633 4y 2 39 22 231 7 40 14 70 5 84 14 Abitibi Pwr & Paper. Aham & Str (373%¢). Adams Express (1).. & Adams Millis (2).... Addressograph (1) AdvRumley.... Air Reduction(t4%). Alaska Juneau (40¢) 4 Allegany Corp. .. Alleg Cp pf $30 ww.. Allied Ch&Dye (n6). Allis-Chalmers (1) .. Alpha Port Cemt (1) Amerada Corp (2)... Am Agri Chem(Del Am Bank Note (13).. 4 Am Beet Sugar...... Am Brake Shoe(2.40. Am Brake Sh pf (7). Am Can Co (15). Am Can Co of (7). Am Car & Fdry (1).. Am Car & Fdy pt (T) Am Chain..... Am Chain pf (7). Am Chicle (13) Am Colortype. Am Comel Alcohol Am European Secur. Am & For Power.... 3 Am & For Pwr pf(8). Am & For Pwr pf(7). Am & For Pwr 2d pf. 4 Am Hide & Leath pf. Am Home Prod 4.2 Am Locomotive (1). Am Lo'motive pf (7) Am Mch & Fdy 1.40.. Am Mach & Metals. . Am Metal Co. . 5 2% Am Natural Gas p! Am News (13%) % Am Pwr & Lt (21)... % Am Pwr & Lt of (6). Am Pwr&Ltpf A(4). Am P&Lt pf A st(5). Am Radiator (60c).. Am Radiator pf (7).. ‘Am Rolling Mills. .. Am Safety Razor (5) Am Ship & Com..... Am Shipbullding Am Smeit Ref (3)... Am Sm&R 2d pf(6).. Am Sm & Ref pf (). Am Snuff (13%).... Am Snuft pf (6)..... Am Solv & Chemical. Am Steel Found (1).. ‘Am Steel Fdry pf(7) Am Stores (123). Am Sugar Ret (6)... Am Sugar Ref pf (7) Am Sumatra Tob.... Am Tel & Telex (9).. Am Tobacco (16).... Am Tobacco B (16).. Am Tobacco pf (6).. Am Type Fy pf (7)..x ater Wks (3).. m Wks cfs(3) % Am Woolen Co. Am Woolen Co pf. Am Writ Paper ctf Am Zinc & Lead. Anaconda Copper . Anchor Cap (2.40). Andes Copper. Archer Daniel Mid Archer-Dan pt (7). . Armour of Del pf (T) Armour of Il (A)... 5 Armour of Ill (B). Armour of Ill pf. Arnold Constable. ... Associated Apparel.. AssoDry G (2%)..u Associated Oil. . Atch To&S Fe (10) Atch To&S Fe pf (5). At GulIf&W I pf (5). Atlantic Refining (1) Atlas Powder (4)... Atlas Powder pf (6). Atlas Stores (1)..... 14 Auburn Auto (£4)... 3 Autosales. 1 16 2 6! 101 1 4 21 1 62! 12 24 24 75 8 20 37 10 17 8 8 1 31 67 7 51 80 32: 3 2 8 80 2 4 2! 10 15 90 1 5 13 13! 3 ki 14 12 13 Autosales pf........ % Austin Nich pf A (3) 15 Aviation Corp (Del). % Baldwin Locomot! Baldwin Loco pt (7). Balto & Ohio 4). . 49% Balto & Ohio pf (4).. % Bamberger pf (632) % Barker Bros... . 7s Barnsdall Corp'n Bayuk Cigar (3) % Bayuk Cig 18t pf (7). Beatrice Cream (4).. Beatrice Crm pf(7).. 15 Beech-Nut Pkg (3).. % Belding-Hemingway % Belg N R pt pf t4.81. % Bendix Aviation (1). % Best & Co (2). . % Bethlehem Steel (2). Bethlehem Stl pf (7) Blaw-Knox (1)...... % Bohn Alumn (1 Borden Co (k3) Borg Warner ( 15 Boston & Maine 1. Briggs Mfg (t11%) Briggs&Stratton(2). Brockway Mot Trk. . % Bklyn-Man Tran (4). 15 Bkly: an Tr f (6) % Bklyn & Queens. % Bklyn&Queens pf| % Bklyn Union Gi 3%, Brown Shoe (3)..... 14 Brunsw-Balks. . . s Bruns Term & Rwy Bucyrus-Erie....... Bucyrus-Eriecv pf.. an @ ceConlsitann~Sanmara Bucyrus pf (1) o Budd (E G) Mfg 15 Budd Wheel (1). 15 Burns Bros (B)... Burrough A M(t1%) 7% Bush Terminal(2%). Bush Terminal pf(7) 14 Butte Copper & Zinc. Butterick Co. cere 1% Byers (A M) Co... % Calif Packing (2, 7 Calumet & Hecla 14 Camp W&C Fdy (1).. Canada Dry G A (3).. 14 Canadian Paciflc 1% . 173 Cannon Mills (1.60). 51 14 Capital Admin (A) 33% Case (JI) Co.. 53 4 3 Case (J I) pf (7) 1114 Caterpillar Trac(3). Celanese Corp. Celotex Co. .. 1% Celotex vte ctfs. ... 14 Celotex pf... . 15% Cent Aguirre (114).. 98 Cent RRofNJ (8).. 214 Century Rib Mills. .. 50 Century Rib M pf(7) 97 Cerro de Pasco (1) 214 Certain-teed Prod 31 Checker Cab Mrfj 23% Ches & Ohio (234)... 14% Chesapeake Corp(3). 313 Chi Great V 12 2 tern. . Chi Great Westn pf.. Chi Mil StP & Pac... 3% Chi Mil StP & Pac pf. 14% Chi & Northwest (4). 3 10 20 40 50 8 t4 Chi Pneu Tool. Chi Pneu Tool pf.... Chicago R I1&Pacific. ChiR1& Pacpf (6). ChiR 1 & Pac pf (7). Chi Yellow Cab (3).. 814 Childs Company. 11 26 66 1 6 10 16 97! 49 28 87 8 71 8! 35 % Chrysler Corp (1)... % City Ice&Fuel (3.60) Y% City Ice&F f City Stores. . City Stores (A)... 74 Clark Equipment(1). % Cluett-Peabody (3).. 14 Coca-Cola (17%). 7% Coca-Cola (A) (3)... Colgate-Pal-P (2%). 7% Colg-Palm-P pf (6).. Collins & Alkman. ... Collins & Afk pf (7). % Colo Fuel & Iron.. % Colo Fuel & Ir pf (8) 16% ColumbG & E (1%3).. 7% 33 8 16 59 20 Col Gas&E1 pf A (8). Comcl Cred 1st(634). Comel Credit A (3).. 15% Comcl Cred pf B (2). 15 Comel Inv Trust (2) 99 Comel Inv Trpf 6%. 1108 7 Comm Inv cvpf(e6). 9% Comcl Solvents (1).. 4% Comwlith&Sou (40¢). 68 Comw]lth&Sou pt (6) 16% Conde Nast Pub (2)., 6% Congolm-Nairn €1 30% 7% Congre 201 14 % 100s 2 50s 8 1 95 Cluett-Peabdy pf (7) 110s 172 11 7 12 28 2 2 208 148 2 18 s 19 1 80 245 24 47 Consol Cerprpf6%. 90s 3% Consol Film. .. 8 Consol Film pf 61 Consol Gas N Y (4) 93 Consol Gas NY pf (5 10 Consol Laundries(1), 20 ConsolRwys 1% Consol Textil 2% Container Corp (A).. 5% Contl Baking (A) 4, Contl Baking (B) . Contl Baking pf (8). 32 ContlCan (23)... 4% Conmt Diamond Fibre. 1914 Cont Tnsur (2.40) 114 Contl Motors. 5 Contl Ofl (Del). 114 Contl Shares. 71, Corn Products (3). 26 Corn Prod pf (7). 3% Coty Inc. . 5 Cream of Wheat t21% Crex Carpet 314 Crosley Radfo. Crown Cork (2.40). €rown Cork pf (2.70) Crown Zellerback. Crucible Steel. ... . Crucible Steel pf (7) 13 Cuba Cane Products. 2 Cuba Co. 2 Cuban-Am Sugar 29 Cudahy Packing (4).x 2 3 35 Curtis Publish (4). 1% Curtiss Wright...... 21 Curtis Wright (A). 81 Cushmans pf (1) 70 Cushmans pf (8) 1215 Cutler Hammer. n Cnemical. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn Detroit Edison (8) Devoe & Ray A(60c). 1214 Diamond Mateh (1).. 22% Diamond Mtch pf 1% 6% Dome Mines (1)..... 11 Domn Stores (1.20) .. 10% Doug Afrcraft(t1%) 43 Drug Corp (4). A Dunhill Internatl 10 Duplan Silk (1) 54% Dupont de Nem . 110 Du Pont de N pf(6).. 23 21 Durham Hosiery pf 3 Eastern Roll Mills. 9314 Hastman Kodak (1. on Axle & Spr(1) 314 Eitington-Schild.... < Horn Coal pf. . ndicott-Johnson (3) ndicott-John pf (7) gPSptww (51:), uit Office Bldg 2% SRR ... .. e RR 18t pf (4)... reka Vac Cleane; ans Auto Prod Buff (1%) Fed Lt & Tr ($1%).. ‘ed Lt & Trac pf (6 22 Fid Ph Fire In(2.60). 8514 Filene's Sons pf 61 . 13 Firestone T & R (1).x 50% Firestone T&R pf(6) 41 First Natl Strs (215) 5 Follonshee Bros ¢ 10% Foster Wheeler (1).. 314 Foundation Co. 18 Fourth Nat Inv 5 Fox Film (A) (2%3. 67 Franklin Smn pf(7). 13% Fi Tex (3) mewell Co (3) n Am Investors. n Am Inv pf (8)..\ 38'3 Gen Am Tank Car(4) 9% Gen Asphalt €2). 14% Gen Baking (2) 98 Gen Baking pf (8)... 14 Gen Bronze . 31 Gen Cable. . 6% Gen Cable (A). ien Cable pf. Gen Cigar (4). 24% Gen Electric (1.60).. 11t Gen Elec spec (60c) .. 30% Gen Food Corp (3).. 25 Gen Gas&El A(e30c) 211 Gen Gas&E cv pt(6) 32 Gen Mills (3).. 2214 Gen Motors (3) 85 Gen Motors pf (5)... 104 Gen Prig Ink (212).. 431 Gen Prtg Ink of (6).. 4'3 Gen Public Service. % 23 Gen Ry Signal (5)... 100 Gen Ry Signal pf (6) 1% Gen Realty & Util... 19 Gen Realty & Util pf. 15 Gen ractories (3) 1% Gen Theatre Equip.. 9 Gilllette Saf Razor. 3 Gimbel Bros 4'4 Glidden Co. 48 Glidden Co pr pi 3% Gobel (Adolf). 18 Gold Dust (2%4). 51 Goodrich (BF). 16 Goodrich (BF) pf... 16 Goodyear T & R (3). 58 Goodyear st pf (7)., 50 Gotham S H pf (7) 1% Graham-Paige...... 6% Granby Con Min (1). 4% Grand Sil Strs (h1).. 7 Grand (inion........ 313 Grand Union pf (3).. 15% Granite City Steel(2) 25% Grant (W T) (1) 20% Great Northn pf( 12 Great Northn Ore( 5% Great Western Sug.. 8015 Great Wn Sug pf (1) 1% Grigsby Grunow.... 8% Gulf Mobile & North, 14% Gulf Mobile&Nor pf. 6 __Gulf States Steel. ... 3 Hahn Dept Stores. 26 Hahn Dpt St pf(634) 75 Hanna pf (7) .. 17% Harb & Walk 1 Hartman Corp (B) 14 Hawalian Pineap (2) 60 Helme (GW) (17)... 97 Hercules Mot (80c) .. 105% Hercules Pow pf (7) 7114 Hershey Choc (5)... 80 Hershey Choc pf (15) 17 Holland Furn (12%) 5% Hollander Sons...... 81 Homestake Min (18). 3 Houdaille Hershey. . 52% Household Fin (4.20) 19 Houston Oil.... 4% Houston Ol (new) 12% Howe Sound (2).... 27 gudlon&ldsn (3%) 23% Illinois Central (4).. 1% Indian Motor Cycle. . Indust Rayon (4)...: Ingersol 26% Inland Steel (2%)... 3% Inspiration Copper.. 7% Insuranshares Del A, 4% Insur Shr(Md)(40c). 7% Interboro Rap Trans. 7 Int Agriculture pf. 92 Int Bus Machine(n6) 31 Int Carriers,Ltd 60c. 17% Int Cempent (4).....3 15 Int Combustion. 5% Int Combustion pf..s 221 Int Harvester (2%) . 112 Int Harvester pf (7). 10 Int Hydro El A (e2). 19 Int Match pf (4). 37% (nt Merchant Marine, 7% Int Nick of Can(40¢). 10 Int Paper pf........ 2 IntPaper & Pwr (A). 35 Int Paper & Pwr C... 615 Int Printing Ink..... 42 Int Priutg Ink pf (6) 21 Int Rys Cent Am cfs. 25% Int Salt (3) . 42 Int Shoe (3). 18 Int Silver.. el 65% Int Silver pf ((7)...) 13% Int Tel & Tel (1)...a 10 Iat Dept Stores (2).. 2 Investors Equity. 18 Island Creek Coal (“ 57! 24 Jewel Tea (4). - 80% 31 Johns-Manville(3).. 123% 99 Jones & Laugh pf(7 8% Kansas City Southn.; 15 Ka tadt (Rudolph). & 5 n Dept Strs(1) AContinued on Fage 14.), PIOTSP S Yoo 2 3 ' 8, ReBnuSEoans 4 7 -5 B — % By — 14 —4% + % % 1% g - % L~ % - % Zon, + % o Sy 4 ~3% + 5 - —24 —1% -1 -1 Py -3 —8% 2 — 4 Dy 29y 40 -2 - 8L —10 T0% —4% 12 — ' 4 —-% 14 98 —61 13 -1 10% — % 43% —5% 3 ‘10 5514 -3 110 —21 21 4 5% -1% | —1y] Zoagl u Lag — % - % Tinl 4 -1 T % Ton B =g + | Electric, all went into new low ground Selling Orders From Abroad Weigh Market Down—Rail Group Weakest. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 5—Still weigh- ed down by persistent liquidation, most of which was said to come from abroad, the Stock Mhrket today broke to new lows for the major decline. The market opened lower and con- tinued fts decline, with hardly an in- terval of rallying all through the morn- ing. Selling orders in volume were said to be coming from Europe and from Canada, although there was no infor- mation as to any fresh unfavorable de- velopments. The London stock market was easier and sterling exchange was off more than 7 points in the first hour. Margins Impaired. The weakness the market had dis- played in the last hour on Saturday brought some selling from impaired margin accounts at the opening today. | While the speculative long position has been enormously reduced during the past two years, there were still a few traders who had been holding on but who were finally forced to liquidate. This selling, added to the foreign offer- ings, was too much for & market in which the buying side was so poorly represented. ll)L was the railroad shares that gave way the easiest, although all groups were weak, Only a few of the carrier issues held above their previous lows. Southern Pacific, breaking at one time a point between sales, was off 5 points f;om S-turday’s final. Atchison sold at par and Union Pacific only a point above that mark. New York Central sold at the lowest for the present shares, down 3 points on the day; Bal- timore & Ohio broke through 30 and of the Northwestern roads reacted sharply. Central Railroad of New Jersey, an inactive rail, but one Which was down 30 points last week, made a new low only 2 points above i P inited States Steel common opened at 672, o fla point and at a new low price for the bear market. North Amer- fcan at 31 was off !». Consolidated Gas at 64!, was down 135 American Telephone lost 13 at 127!y = Bethle- hen? Steel dropped 1 peint to 25 and hit a new low price for the year. Co- lumbian Carbon at 35 had a similar loss. Eastman Kodak at 89 was off a point and also at a new low for the year. Practional losses in General Electric at 25%, National Dairy Products at 213;, A. M.'Byers at 1415, Air Reduc- tion at 56, Union Carbide at 29 car- ried these stocks to new minimum quotations. Westinghouse Electrical at 40%, declined 1' to a new low mark Rail losses for the most part were merely iractional. -Canadian Pacific at 13, Union Pacific at 105 and Southern Pacific at 49 established new record prices on the down side. Standard Oil of Czlifornia at 29'. off .. also was at a new low. Standard Oil of New Jersey cpened at 29, off ‘i. General | Motors at 23 lost 1. 2 The market continued to meet liqui- dation in volume after the opening and the trend was downward most of the morning. 'The -list, on the average, | dropped into new low ground for the | bear market. New Low in Rails. The railroads, which had held to small declines at the start, gained impetus on the downturn and there were_new lows in Atchison. Baltimore & Ohio, Canadian Pacific, Illinois Central, New York Central, New Haven, Southern Pacific, Southern Railway, Union Pacific and Northern Pacific. Industrials vere as heavy as the rails, with net declines of 1 to 5 points. United States Steel encountered some measure of support around 67, off 12 point from the opening and 1!> points on the day. Bids were close to the market for the most part, and the mar- ket did not have the appearance of a bad break at any time. During the first half hour trading| amounted to 500,000 shares, against 200,000 in the same period Saturday. Call money renewed at 11 per cent. Utilities and _industrials made the same discouraging showing. United States Steel went to a new low since war days with a loss of some 3 points. Eastman Kodak broke 5 points and such highly rated investment issues as Amer- ican Can, Allied Chemical and General before midday. Needless to say, no regard was paid to values or to yield even when the dividend rate was unquestioned. ‘The list was besprinkled with invest- ment bargains, but buyers held off be- cause they could not be sure that prices might not reach a still more attractive level. American Telephone & Tele- graph is a good example. Selling un- der $125 today, the yield was over 7 per cent. Even if the dividend should be reduced to $8, of which there is no per Demand Quiet. By the Associated Press. NEW YORK, October 5.—Placing of a few large awards stood out in an otherwise quict steel market in the past week, and with the failure of de- mand to improve generally during Sep- tember the trade is now looking for no decided change in conditions during the last quarter. While structural awards last week of about 126,000 tons were the largest since March, they reflected chiefly two substantlal orders for pub- lic construction. At the same time several large orders were placed for cast-iron pipe and rails, but buying in general was characterized as cautious, with consumers pressing for price con- cessions following the recent announce- ments of wage reductions. Aside from easier scrap_quotations and a reduc- tion in tin place prices, the general list held unchanged. Pig iron is quiet and steady. Recent moderate buying of copper for domestic and foreign account tapered off and the market has become quiet. Custom smelters who have or- | ders booked at the basis of 7 cents for | electrolytic delivered in tHe Connecticut Valley are not pressing o sell, while | large producers are out of the market | at nominal quotation of 7', cents. Buy- ing_interest remains restricted. Tin prices continue to fluctuate ir- regularly lower, influenced principally | by sterling exchange. but consumers re- main generally indifferent. owing to trade predictions fer further increases | in Straits production in October. | Slightly improved consumer demand for | October shipment ceveloped for lead when recent offerings from second- hand sources at concessions had been absorbed. Zinc declined under dealer | pressure, but establishment of lower prices failed to improve demand. Con- sumers are holding off, owing to reports of increasing supplies. Trading in an- | timony is restricted by uncertainty of | fluctuations in sliver POTAT6 MARKE:I. CHICAGO, October 5 (#).—(United States Department of Agriculture). which are constantly arising in connection with the management of your properties—whether apartment house, office building, residential or business property—annoying and worrisome, . Our Property management service will assume all these t‘l_egalls—.relleving you of their burden—and in all probability gaining for you a better net return. Our fee is very nominal, PROMPT _ remittance is the INVARIABLE rule of this office RANDALL H. HAGNER & COMPANY MORTGAGE. LOAN CORRESPONDENT ./lgrf’/mé.%./hdmwgm/an/ 1321 Connecticut Ave. Decati *nm|u||lI|l|||||lmlm|ulmlmlmllummlmnmnlulIlllmmmlnlllllllllllmllll|||||||m||m|||||llulrullmlll* QOU know the wide variety of perplexing problems Equitab perative Bldg. s’ F Organized 1879 51st YEAI JOHN JOY EDSON, President WALTER S. P:A"i“’:'flr"..zge‘:c?ehry Subscriptions for the 101st Issue of Stock Being Received : A N S debtedness or improv- O REAL ESTATE ing property, consult | OR TO TAKE UP us. Applications will MORTGAGE receive prompt and courteous attention, Loans Repayable Monthly If you contemplate the purchase of a home, refinancing present in- No Brokerage . .. No Commissions Potatoes, 263 cars; on track, 447 cars; total United States shipments Satur- day, 1,183 cars; Sunday, 22 cars; weak, trading rather slow; sacked, per cwt., Wisconsin Cobblers 5. occasional sale 80; Minnesota-North Dakota Red ENTERPRISE SERITAL BUILDING ASSOCIATION 7th St. and Ind. Ave. NW. 67th Series of Stock Now Open for Subscription 5% Dividend Paid on Stock Withdrawn James E Connelly, James F. Shea. President Secretary Has the Depression Affected Your Holdings? We buy, sell and exchange Real Estate mortgage bonds. Television and unlisted securities of every description. Allied Munsey Bid.. Balto., First Mortgage Loans | | Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. First Mortgage LOANS —For Buying —For Building —For Refinancing completed properties. PERMIT us to give you fur- ther information without ob- ligation on your part. No delays are encountered in securing loans on first mortgages at Teasonable rates. This is aue to the tremendous resources of this company. REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 Money on Hand to Loan on First Deed of Trust probability. the return would still be almost 6!, per cent. Under the cir- cumstances nothing but the direst ne- cessity would justify real holders of such stocks sacrificing their properties at prices prevailing today. SEARS, ROEBUCK STOCK ADDED TO PORTFOLIO Believing that the marked decline in commodity prices has been a real ad- vantage to merchandising institutions, Incorporated Investors has taken ad- vantage of recent severe decline in the stock market to add 12,000 shares of 4 | Sears, Roebuck to its portfolio. At the same time, it acquired 2,000 additional shares of Drug Inc. Recog- nizing the importance of purchasing steel stocks when the industry is de- pressed, and public ‘confidence at low ebb, this trust also' acquired approxi- mately 10,000 additional shares of Bethlehem Steel. Norwegian Exchange Reopens. OSLO, Norway, October 5 ().—The stock exchange opened today after hav- ing been closed for a week. The morn- ing trading was quiet. DIVIDENDS. DECLARED NEW YORK, October 5 (#).— Regular. Company. Rate. figd e 5 . tio ; 3 D Adams Mte... 300’ Q Genl “Tire & Ru Natl T 8% Nor Am G Western P L&T - SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Offer. Allis-Chalmers_Co. 5s 193 93% Amer.” Chain Co. 63 1833 9814 96 mer. Tel. & Tel. 5'as 19431 105 105% . & El. Inc., 5§ 96 timere & Ohio’ 4325 1933. Bolding Heémmmgway 6s 1936, Bethichem Steel Corp. Cl. N. W. R. R. Co. 5% Chi'» Rock Island ‘45 1934.. Clev., Lor. & W. R. R. 33, Colo. & Southern Rwy. 4}as 1935 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. . REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD invited on rtments and dwellings, and particu- on well located businiess properties, 10 vears, if so desired. 3, 5 or 1520 K St. NN\W. National 0475 We Make First Trust Loans ON IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY _CO., MD. PERIODS OF 3, 5 or 10 YRS. Cominercial Credit Co. 55 1935 Delaware & xflgfim“n‘ o, Bs a3 Union Ol Co. Virginia Rwy. ‘Wabash Rw¥, Prompt Decisions Given Applications 5Y%% BOSS and PHELPS Realtors VR N n Correspondent John Hancock Mutual Life urance Co. Interest Paid on Savings . . , ¢ . Making a Binding ‘Will OUR TRUST DEPT. Officers will be glad to en- lighten vou about the legal points involved in draft- ing a Binding Will . also tell you about the advantages of Corporate, over individual, Executors and Trustees. TConference will place you under no obligation. 15th STREET, OPPOSITE U. S. TREASURY OLDEST National Bank sn the District of Columbia SAFE FIR'ST MORTGAGES A SURE WAY TO ESCAPE DEPRESSION If you will keep your surplus funds systematically invested in our 6% FIRST MORTGAGES there will be no financial depression Lo for you. er a Third of a The principal is secured by care- fully appraised improved Washing- ton real estate, and the interest is definitely fixed. Century Without a Loss May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. THERE - IS NO SUBSTITUTE FOR SAFETY Loans for Fifteen Years This is just 'one of the many de- sirable features of the Real Estate Loan Plan of the Metropolitan Life Insurance Company. We ;nvi'e your Cflre‘ul Cmfiidera' tion of the advantages of this modern plan of home financing. Low Interest Rates. No Life Insurance Required. Satisfactory Terms. Construction Loans in Any Amount Wm‘zsgfano REALTORS Washington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia District 9486