Evening Star Newspaper, October 16, 1931, Page 17

FINANCIAL, EVENING YORK STOCK EXCHANGE STAR, WASHINGTON, D. C., FRIDAY, OCTOBER 16, 1931. FINANCIAL, Brokers’ Comment DECLINE IN FREIGHT REAL ESTATE LOANs Made at Low Interest Rate, BANK TO SIPPIRT || NEW YORK_STOCK EXCE l | RAILS LEAD RALLY TRAFFIC REPORTED HUUVER Alfl PI_ANS Stocks seld i 100-share lote excest thote desirmated by mm;:'..:. ""’"l'm‘g:;‘.'& F,,PJ}E:E‘E :-;;d: '.';,,.;:.“‘::3': xz-_ln; tex. o Qo NEW YORK, October 16—Favorable comment was made by brokerage houses . today on the increased redisccunt rate.| Bureau of Railway Economics RUTHERFORD 5 or 10 years, K St. NW. BY EDWARD C. STONE. It was announced today that the District National Bank has approved the Hoover $500.000.000 credit plan which aims to assist banks throughout the United S to utilize th sources and credit s0 as to further the stabilization of Liberal’Allowansce on Y.;r I o 3436, 14th ST.:N.! AM Roa, o High. Low Dividend Rate. Add 00. High. Low. Close. Chee. | 10974 s Vy Opinions on the stock market varied . ikt : 331, 2214 Adams Millls (2). . Fid Ph Fire In(2.60). 29% 2TH 204 1% | i H _ | mormal secondary reaction, was viewed Business. District National Pledges| 23 22 Ao N aph (i) Firestone T&R pf (6) B4 - B4 B4 ‘|Industr|als Also Share in Im- ! o4 encouraging. ‘ o o 11% Adv Rumley.... . Foster Wheeler (1) 14% 18% 14 - Subsoription—Details of |10 & A e s PElieam ol i 8 b provement, Which Starts | oberGiusiac ot rumors-and brova- road the Bucen-of Raiiwey Boonamn: : 201 Alaska Juneau (40¢) 107 3 20 18% 20 P : nda, the market can rally a little|jcs has announced that the' volume of Operation Arranged. | 35 f AlimGory.oi05. ol P in Early Trading. |COmodh it orh siom, haws| catat st sacdies, b7 the chp 1| bt Al e tect 60a. : T Lo s - ol o —_— guer. o that while the probability of A e o0 | A o sl . 2 - p G A Py 3 3 8'3 - urther news from abroad exists, o] S ranELyeM:. 3t e O BY GEORGE T. HUGHES. it is dangerous to follow technical re- N e e Amerada Corp (2)... 3 T i Ny % Special Dispatch to The Star. coverles. . 000 net ton-miles, or 18 per cent un- | Am Bank Note pt (3) 2 o L e NEW YORK, October 16.—Still buoyed | S der the corresponding period in 1930, 481 25 Gen Clgar (4). 1 a1t oay Jackson Bros., Boesel & Co—Despite | Am Beet Sugar.... 2% Gon Bigetric (1:60) o 30% 28% 297 up by the hope of Washington assist-| the unfavorable impression created by|2nd 8 reduction of 91514.334,000 net Sl LT L e S 124 1lia Gen Elec spec (§1c) 1% 11 ance to the railroads, the stock market | yesterday's late sell-off, we feel here g‘.’;‘n':"g:; L 1:5-11.;;" cent under the | Am Car & Fary (5007 B e et mavah e today staged another rally. The rafls | 1 8tlll no justification for belicving that| “"Ryqroads of the Eastern district tor | Am Chicle (13)..... 12 Gen Ital Ed Bl m2.61 24 were the principal beneficiaries, but, trials and :alls arc likely to be vio-|the first eight months of 1931 reported | rvic Am Colortype. . a 50 Gen Mills (3). 2 33 321, 3215 - 13 more or less the industrials recovered | lated in the near future. We rather|3 reduction of 179 per cent in the Am European Secur. + bl Gen Motors (3). 241, £ ig i lean to the view that the developments| Yolume of freight traffic handled com- financial and eco- nomic conditions and thereby better serve their com- munities. The_di- rectors of the Di trict National ap- proved the plan in principle and voted to subscribe as much moncy to the credit fund as is permitted by law. This action was taken prior to the unanimous support John W. Pole. given the movement by the Riges | National Bank yesterday. in fact, before any steps had been taken toward the organization of the Washington unit and operation of the National Credit Corporation, which is to handle the huge banking fund, were received here today from New York by Robert V.| Fleming, regional chairman for Wash- ington, who is now making splendid progress in « ganizing the local unit. This plan will be forwarded to the | local banks at once and furnish officials with very direct information for each board of directors when the matter is brought up for approval Jmportant meeiing tomOrTow. each of the 12 Federal Reserve districts John M. Miller. president First & Merchants' National Bank cf Rich- mond, is the fifth district represent- ative. The National Credit Corporation has been incorporated, but the local association: | Copies of the plan of organization | i The New York organization has an | which | will be attended by the director from | such as the one to be! 2033, formed in Washington, will not be in- | 1081 corporated, Chairman Fleming said trday. All the legal details will be, available for the banks shortly after tomorrow’s meeting in New York, he added. 120 3 Atch To&S Fe pf ( Am & For Power.... Am & For Pwr pf (7). Am & For Pwr 2d pf. Am Haw St'ship (1). Am Hide & Leather.., Am Home Prod 4.20 Am International Am Locomotive (1). Am Lo'motive pf (7) Am Mch & Fdy 1.40.. Am Natural Gas pf Am Pwr & Lt (31)., Am Pwr & Lt vf (6). Am P&L! pf A st(5). Am Radiator (60c). Am Republics. Am Rolling Ml Am Safety Razor ef (1%4)x Am Solv & Chemical, Am Solv & Chem pf.. Am Snuff (133).... Am Steel Found (1). Am Steel Fdry pf(7) Am Stores (12%)... Am Sugar Ref (5) Am Sumatra Tob. Am Tel & Telex (9) Am Tobacco (16).. Am Tobacco B (16).. Am Tobacco pt (6).. Am Water Wks (3).. Am Wat Wks cfs(3), Am Woolen Co pf... Anaconda Copper . Anchor Cap (2.40) . Archer Daniel Mid Armour of Del pf (7) Armour of 111 (A) Armour of 111 (B) Arnold Constable... Assoclated Apparel. 3 ted Dry G(1) x Atch To&: ~smare B Atl Coast Line (T)... Atiantic Refining (1) Atlas Powder (4), Auburn Auto (14) Aviation Corp (Del). Gen Motors pf (5). n Public Servic: Gen Ry Signal (5) Gen Realty & Util n Realty & Util pf, Gen Theatre Equip, Gillette Saf Razor Gillatte Saf R pf (5). Glidden Co. . Glidden Co prpf (7). Gobel (Adoif) . Gold Dust (2% Goodrich (B F). Goodyear T& R (3). Gould Coupler. ... Graham-Palge Granby Con Min (1) x Grand Silver Stores. Grand (Tnion........ Grant (W T) (1). Great Northn pf( Great Western Sug.. ireat Wn Sug pf (1) ikshy Grunow.... If Mobile&Nor pf. “u Hackensack W (1%) o Hacken Wat pf A 1% 21, Hahn Dept Stores. Hall (WF) (1.20) Hanna pf (T).... Harb & Walker (1) ilartman Corp (A) Helme (GW) (17). Hercules Powder(3). Hercules Pow pf (7) Hershey Choc (5) Hershey Choc pf (t Hoe () & Co.... Holland Furn (+2%) Homestake M (7.80), Houdaille Hershey . Houston Oil. Houston Oil (new) Howe Sound (2). ... Hudson & Man (313) 7% Hudson Motor (1). 1¢ Illinols Central (4) Indust Ravon (4) 907, 6 34 15 At the opening the market was con- fronted with the increase in the redis- count rate to 31, per cent, announced by the New York Federal Reserve Bank | after the close Thursda: Such action had been generally anticipated, and its influence on the stock list was negli- gible, although, of course, it was an im- portant factor in the bond market. In accord with the new situation. call money renewed at 2!, per cent, the highest rate in months. There was considerable calling of loans dur- ing the morning and it looked as though the rate might go higher before the session was over. Time money was quoted at 3 per cent bid for all ma-! turjties and prime bankers' acceptances were quoted at the highest rates of the year. The advance in the rails included all the active issues and put some of them to new highs on this recovery. | The gains ran as high as 5 and 6 points in the higher priced shares. The story, as Wall Street heard it today, was that not only would there be some rate re- lief, but that the administration had a plan to rescue the railroad bond market from its present state of near | collapse and. furthermore, that there was a possibility of the railroad brother- hoods accepting voluntarily a reduc- | tion in wages. | Opening prices were irregular. Wall | Street was divided in its interpreta- tion of the further advance of 1 per cent in the rediscount rate, but was inclincd to construe bearishly the drop of $73,000.000 in brokers' loans. There was a tendency to look hopefully on overnight developments in the Sino- Japancse stuation. This gave a firmer tone to the list. United States Steel opened unchanged at 66%. Active industrials such as Air Reduction, Allied Chemical, J. I. Case, Eastman Kodak. Radi> Keith, Westing- | house and Bordens were higher. There were small losses in American Can, A of the next few days will be such as to causc an extension of the moderate gains established at yesterday's close. Redmond & Co.—It should be ob- | vious by this time that additional con- structive measures are necessary if con- fidence is to be fully restored and busi- ness started on the road to general re-| covery. The delay in the beginning of aggressive operations by the new Na- tional Credit Corporation is somewhat disappointing, particularly in view of the steady trickle of bank failures, but hopes are still widely held that the necessary capital may be raised to per- mit the active functioning of the new organization by the first of the week. Hornblower & Weeks—The further increase in the Federal Reserve rate is doubtlessly aimed to check the in- creases in circulation which have char- acterized the reports in recent weeks and the repatriation of gold balances in New York. E. F. Hutton & Co—The market is seemingly becoming increasingly un- willing to respond to hazy rumors of forthcoming developments which arg not quickly followed up by action. This is as it should be. A less gullible, more selective market would satisfy all. Baar Cohen & Co.—The raise in the rediscount rate, should accomplish three things: First, i should militate further export of gold. Second, should raise the general level of money rates to a level where a big Govern- ment bond issue could be offered and | sold on an income basis attractive to the investor. Third, in so issuing & large Government issue, it should and will attract a very large portion of this hoarded money, which will then | get to work and the | passive inflation of a billion dollars will | | become an active inflation. lose its sterilit, | rather slow; sacked, per cwt. pared with the same period in 1930, | while the Southern district reported a | decrease ‘of 17.8 per cent. The West- | ern district reported a decrease of 18.2 per cent, | For the month of August freight trafic handled by the class 1 railroads amounted to 29,347,925,000 net ton- miles. Compared with August, 1930, this was a reduction of 8074 682,000 net ton-miles, or 21.6 per cZ.x, and a reduction of 15,602,323,000 net ton- l;;izl;! or 34.7 per cent under August, In the Eastern district the volume of feight traffic handled in August Was a reduction of 19.3 per cent com- ed with the same month ip 1930, while the Southern district reported a decrease of 19.9 per cent. The West- ern district reported a decrease of 24.8 per cent. & Loan Association of Montgomery County, Ine, Authorized Capital, $5,000.000 We Pay 6% Compound Semi-Annually First Mortgage Loang Only 8417 Georgia Ave. Silver Spring, Md. POTATO MARKET. CHICAGO, October 16 (#) (United States Department of Agriculture) . Potatoes—Receipts, 110 cars; cn track, 245: total United States shipments. 1058, market about steady, trading Phone Shepherd 3187 The Citizens’ Building ‘Wiscon- sin round whites, 75a85, few 90; Min- nesota-North Dakota 1Irish Cobblers, | il 80a90: Red River Ohlo's, 85a95; Idaho le;fi!;L;u No. 1, 1.25a1.60; commercigls, 0521.10. Invest Your Savings in These Profitable — - o~ First Mortgage Securities YIELD They are sponsored and guaranteed by this corporation as 0= 2 sound in- vestments. As the result of stepping on a rusty nall. John G. Watson ditd at Slough, England, from tetanus. Distributor Wanted A Virginia corporation desires a distributor for high class product for_the District of Columbia. Deal will require a man of ability = 6's Baldw 36 Baldwin Loco pf (7). Balto & Ohio4)..... Bang & Aroos (3%2). Barker Bros 2o aB0y Barker Bros pf (613) &0s Barnsdall Corp'n. . 60 « Interlake Iron 3 cuk Cigar (3).... 200s Int Bus Machine(né) 1stpf () 908 Int Cempent (4). ce Cream (4) 2 13 Int Combustion rice Crm pf(7) 13 Int Harvester ( Belding-Hemingway Int Hydro E1 A (e Pole Enthusiastic Over Plan. Controller Pole has indorsed partici- pation of the national banks in the pool, his attitude having caused wide interest all over the country. The full text cf the Controller’s statement sup- porting the National Credit Corporation | follows: “Numerous inquiries of a technical nature from national banks and clear- ing house committees have been directed | Denominations as low as $100 Monthly Pavments i/ Desired § Send for Booklet, ““The Success Plan” = REALESTATE © MORTGAGE & GUARANTY & CORPORATION = 1610 K St. N.W. National 1403 5 Heb A A and financially responsible. ville and General Foods. Most rail shares were lower, among | AdGres Bex 199 K, 'S(ar(OMmes them Baltimore & Ohio, Canadian Pa- - o - ~ | bl Rriss codr Oosne Eattncr| DECREFEEsjURTHER< ENTERPRISE SERIAL e s S e ™ ke 10— me | [BUILDING ASSOCIATION however, b-th scored opening gai !sey was off 1, at 601, Motor stocks|weekly statement of the Federal m.: 7th St. and Indiana Ave. N.W, M. Byers, General Electric, Johns Man- i BROKER LOAN TOTAL nsuranshares Del Insur Shr(Md) (40¢c). '« Interboro Rap Trans o The utilities were liitle changed. Ameri- | oo ciu1 picoatch to The Star to this office concerning their par- | ticipation in the national corporation | which has been proposed by the Presi- dent, and has been so favorably re- Belg N It pt pf 14.81. Bendix Aviation (1). Best & Co (2). Bethlehem Ste x Int Match pf (4). Nick of Can(40c) ck Can pf (7) 10 Int Paper pf... ! were undecided. General Motors opened | on & 5,000-share block at 243, but both were quiet. Standard Oil of New Jersey serve cn brokers' loans showed a de- crease of $73.000.000 during the week 000,000, & new low record since Decem- ith Serles of Stock Now Open for Subscription Auburn and Chrysler were higher. Ofls | ended October 14. to a total of $928.-| i was higher at 31 ber 28, 1921, when the figure stood at SAVINGS The market, after its hesitant open- | $898.541.000. This compares with the | ing, turned upward, and after the first | previous 1931 low of ~$1.001,000.000 hour was generally higher on the day.| made last week and with $2,752,000,000 | Call money renewed at 2!, per cent, th | on October 15, 1930. highest renewal rate since December 29, | Loans fcr own account were $699.- 1930. During the first half hour trading | 000.000 compared with $798.000.000 a amounted to 200,000 shares, the sam week ago. Loans for out-of-town | ST on Thursday. i € 25| banks totaled $89.000.000 against $77 Money to Loan Brunsw-Balks. ..... P 3 5's Island Creek Coal(4) United Slates Steel at 6715 was al- | 000000, and loans for account of oth- | Secured by fret deed of trust on reat esta 3 2 E oA0ns RIANGIE A Rek Prevailing interest and eommission Bruns 3 571, 24 Jewel Tea (4) most @ polnt higher after the first half | €rs amounted to $144,000000 contrast- . them by statute, which is 10 per cent | Bucyrus-Erfe. 6 6 £0% 31 Johns-Manville (3).. 29 w2 | hour St other active industrials. were |¢d_ with $126.000.000. Demand loans !‘”‘Ph EEWellersstnein e £ 2o of their unimpaired capital and sur- Bucyrus- B 9 b 99 Jones & Laugh pf(7) 108 from 2 to 3 points higher. The featured | constituted $644.000,000 of the total | s e = l‘l';-,‘n e a a BUCSDUS RIS ) . . 5 e Gt 8 group was that of the railroads. Active|against $682.000.000 a week ago. and he plan is meritorious and shoul Budd (15G) M 5 oK Southn. | frading at sharply higher prices oc-| time loans were $284,000,000 against receive the support of all national Budd Wheel (1)... Tt .I:a‘_l!er 4J;‘kfi\ SRR | Girvea: tn Dnton Pacine ana’ Atchison, | $319/0001000: banks " Bullard C . 5 45 10 Ke prT6%pf.. 308 H el e - | * e New York Pederal Reserve dis- With two local banks already in line. Bulova Wateh (50¢). : 26 5ia Kelly- 1608 | Both advanced more than 5'; points. | 0€ (CR I e was raised to 3 the others will b: given an opportunity | Burrouzh A M(11%) 4% ’ 3y Kelsey-Hayes Wheel 4 Der oent frutir the peevious Thte of 7 to vote on the credit proposition within | Bush Terminal (2 6 Kelvinator Corp.... 1 Per cent. the next few days. They will be asked | Butte 3 4 101 Kennecott Copper(1) 45 to meke their subscriptions at regular Byers (A M) C 17 * Kinney (G R) Co pf.. 40s or special mectings, whichever they pre- | AT T 19 K S8) (1.60). 6l fer. as soon as all the New York in- e 52 Kreuger & Toll 1.61). 44 ; Callahan Zine & Ld.. < formation is ready for the directors. Rl B ARt : 18 Krozer Grocery (1 (anada Dry G A ( Canadian Pacific 1 17y Int Paper & Pwr (A) Ta Int Paper & Pwr (B) Int Paper & Pwr C. Int Tel & Tel (1).. Iat Dept Stores (2 Interst DS pf xw(7) Intertype Corp (1). Investors Equit 3 lowa Central RR. . ceived by both the bankers and the Sethichem S bt (7) ohn Alumn (1%3).. Borden Co (k3). . 59% INTEREST PAID ON STOCK James E Connelly, James F. Shea. President Secretary P T - T SP PNOPAY office indorses the proposal as v constructive measure, Partici- 9% Borg Warner (1), pation by national banks i the pool S Boston & MaIne REL. is in every way proper and desirable. Brig tratton(2). National banks may lawfully invest Ekly Tran (4) in the corporation to the extent of 2 BKIyn & Qu per cent of their net deposits, provided | that such 2 per cent shall not exceed in amount the limitation placed upon & D. C. Property LOANS On Advantageous Terms Loans for or ‘purchasing D. at 6% interest * re-financing, property ; na re. newals . . . no’ commissions charged. ‘Let us explain in “BETTER USED CARS"$ {if “*"- . . Open Daily 9 to 5 We Never Offer Any Satardays Until Noon Used Cars But “Better NAtional 1381 Used Cars” MOTT MOTORS, Inc. 1520 14th"St. N.W. it { Dec. 4341 UILDING ASSOCIAT ION 949 NINTH ST, NW.' UNDER SUPERVISION OF U3 TREASURY| Light Trading on Exchange. Woodward & Lothrop common was Pt Bl the first siock that appeared on th | ptti Washington Stock Exchange board to- | y3 Cabe (1 T)/Co; selling 2t 30. the same ¥ sing price. Potomac Electric Power 6 per cent preferred opened at 100 and closed at | 110', on a light turnover. ~Capital Traction registered a tiny sale at 25 The only bond sale wa3 in Potomac Electric consolidated $1.000 selling at 10275, Members of the exchangs made no transactions in local bank stocks today, but they expressed much interest in the strength displayed in New York | bank stocks following the advance in the rediscount rate in tme New York Federal Reserve district ! It was expected here today that thej Washington Clearing House Association | will soon advance the interest rate from T; to 1 per cent on deposits made by one bank with another. Such action | has just been taken in New York. It has nothing to do with savings accounts. ‘ quitable Co-Operative Bldg. Aés’n | Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscriptions for the 101st Issuc of Steck Being Received debtedness or improv- 1 ON REAL ESTATE in, roperty, consul OR TO TAKE UP uf !.’Apglicayt'iuns w‘:l: MORTGAGE receive prompt and courteous attention, Loans Repayable Monthly If you contemplate the purchase of a home, refinancing present in- Oct. 31 Dec. 15 . - No Brokerage . .. No Commissions 915 F ST. N.W. Due Oct. T Aug. 15 Oct. 1 Business Notes 2Bl BT — SAFETY FIRST is experienced in our Nov. 1% &t 6% FIRST MORTGAGES Oct’ 24 Oct. 21 Nov. 20 3 S R il A 28 because the improved Washington real estate upon which the loan has been made was carefully appraised according to our experienced judg- ment—and although the 6% return of a is very liberal, you can depend upon it remaining unchanged throughout the life of the mortgage. Moo s Quer a Third D 00 DOO O w OOO O WOPOOOD © DOO DOOOOO DODOWOOOOOO DOODO OO O O OZPO LOOREOOOD: " Century Without a Loss Norf & Westn (t12). North Am Aviation. Nor Amer¢b10% stk) North Amer pf (3).. North Am Ed pf (6). SEABOARD AIR LINE. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. o O~ mEmTueaanBane Jt-—TTEVIDRN TR CHICAGO DAIRY MARKET. |y 800 25 ivust s CHICAGO, October 16 (P).—Butter— |CaBltal Manage .2 Receipts, 8,148 tubs; market steady, Mines 2% prices unichanged. Eggs—Receipts, 3637 Nttional i cases; market steady, prices unchanged. " co wl | 40", Lambert Co (8). 5 E p,.! PLAN_WINS APPROVAL | Tia Leh Port Cement. . .. 7 ul o 3'¢ Lehigh Valley Coa 30 3 ; | Face Big Task on Dividend ATLANTA, Ga. October 16—F. . Beasley, president of the Atlantic Icc Caterpillar Trac(3). 5 . 5 9 35 l.ehman Corp (3)... +1 Distribution. ' o Celotex vte ctfs E 1R1; Lehn & Fink (3). 2 % i ers of that company and of the South- eastern Ice _Utilitles Corporation of Cerro de Pasco (1).. 3 3 15 Lima Locomot (m2). S “ Loew's Inc (3). 3 T A s - the two concerns as soon as legal de- : ( s E f YOUNGSTOWN. Ohio. October 16— tails can be worked out Cuesapeake Corp(3). 16 - 351a Loose- Wiles (1 4 3 E 1. Officers of the Youngstown Bheet & | Chi Great Western. . 5 5 bl 10 Lorrillard (P) Co 5 1 12 | Tube Co. today began & complicated | complished on a dollar-for-dollar stock Chi Mil StP & Pac. .. Lonis& Nashville(5). task of distributing $1700.000 in de-{\ 015 he the third largest of its kind | hi Mil StP & Pac pf. Ludlum Steel. . ..... ferred dividends to shareholders Who| i’ the United States, Atlantic Ice & i CRIEneni ) hem Steel Corporation | $16,000.000 and Southeastern Ice having Chi Pneu Too! pf. ... 9 A“:':mu‘fl;l;nh;“ The amount was released vesterday 'apout $10,000.000. o 1 & Pacpf (5). ; 5 < o 1 1 & Pac bt (T) 19 McKes&Rob pf(3%) u:’:‘"f;&;:o:kh::so:;"b‘:e‘g gr{l;:‘;egr‘vd e % MackTrucks (2). e I et -« | O tus oatandineietock ireprasented: OH{NBCompEny. . -« 55 ChIACy(EEL S Clotn simple_matter, but thousands of shares | e Chrrsler Cors ) e DIVIDENDS DECLARED SliyilesaTie (1 40 s oA several times, since the stockholders’ :::; sc‘;usue preis 91 ManbafElev mod gtd “rl:l over the proposed consolidation. i ave to be ascertained and next American Store Sales. ca-Cola (17%). 1), Marmon Motor Car. . 4 . g Pe. P Coca-Cola (A) (3). 137, Marshall Field (213) whether the stock was transferred with | Gompany. Rate. riod. able. the period of five weeks ending October £ . Officials of Sheet & Tube estimated the 3. of $12.428.201, as compared with sales Collins & Aikman 50 Maytag Co 1st pf (6)x task would require at least six months | Stamford Tr (Conn).3L .. Nov. 3 - | Colo Fuel & Iron 1814 Melville Shoe (2)... x | $13,087.209. This is a decrease of $659,- 2 . o The $1,700,000 piled up in & special Cabot (G L) Co....$10 5 c @ S pf A (6). Mid Continent Petm. o | 008, or 503 per cent LA e onmenci et fund set’ aside for dissenting shares. | Liauldating. October 3 were $103.267,584, as com- ago the company has declared five divi- r th 7 r C 1Credit A (3).. 14 Minne & St Louis. ... Reduced. pared with $107.487.683 for the nine O 3% MStP & S S Marle. . dends. totaling $5.25 & share. had Colonial Tr (Bait)..75c 8 Nov. 1 Oet. 24 £4.220.099, cr 3.92 h R < : remained in doubt until Bethlehem ex- | 8L hihE ton b Clearing e biiss whigires Comel Solvents (1) 4 18~ Mo Kan & Tex of (7) ercised its option of cancelling the Clark Controller . .23 Q s Comwlth&Sou (40¢). 42 | 10 Missouri Pacific. ... merger contract yesterday “because of | FIfly S5e M changed conditions.” The deal had seneca Ni Y % Heard in Financial District. ngolm-Nairn (1).. K. Q'uhuwk C:A';‘pel.”’ 7 Edward J. McQuade, president, of the | nsol Car pr pf 644 . 1 Monsatito Ohiem (14 & Tube stockholders, but the minority, | Q 2 Con Car p % Montgomery led by Cyrus S. Eaton, Cleveland finan- aut vot Mach pr pf 50c made a_member of the Business Cam- AR lGRE N STte . g 0 | 3 3 Talgn) Gommnittes ot tha Distribt Of (G0 Consol Gas N'Y (4).. 8% Mullins Mfg | Bririhan “rrvedont 43¢ < . | Mr. McQuade has asked Frederick P. ConsolRwys pf (6) 15 Nash Motors (2). Chi Rap Tr pr pl A.85¢ H. Biddons, secretary of the association, ConsoITexsls. . ‘ Nat Acme Co. 12‘{,?1"“3'3‘;( Biicai 38 5 ollins Co. . Committee which will handle the en-| 3 Contalrier COrPHED.: Nat Biscuit (2.80)... roliment of personnel in the local « Contl Baking (B)... Nat Biscuit pf (7). 37 135 13 NEW YORK. October 16.—Following | Commun P & L, ., banks. Contl Baking pf ( Nat Cash Reg A 1%, the spurt in consumer purckasing last | consol Hot b K.''371sc JohuR B vine . president ofitie CoNtICRINEAG) <<+ » < Nat Dairy (2.60). .o 4053 Monday, retail trade has again eased | Davion P /& Lt pf 50 off, reports from store executives in New | EmRIre Tit & Guar s Washington Hospital recovering from Cont Insur (2.40) Nat Lead (5)..... York indicate. Results are notably | 2 an operation. He is making excellent Jontl Motors. Nat Lead pf A (7)... spotty in tie apparel departments and. | Fiit, Sag, s progress and is expected back at the Contl Oil (Del). Nat Lead pf B (6). despitesthe late date, sustained seasonal pirst Nat Bk & T p bank before long. Flowers w Contl Shares. . . 4 Nag Pwr & Lt (1) K e SIEBtLT Both coats and dresses are affected, the | Eréeport Texas, trict Bankers' Association following % Coty InC. ...ovensse Nat Steel (2).. situation in {he latter merchandise | lanta) $3.50 bI. Wednesday's meeting. Cream of Wheat t2% Nat Supply Co. being reflected in substantial returns | Gilmore Ol i W. H. Dallas, assistant vice president, L X 3 Nat Surety (2). Higbee Co 1st pf...51. and C. V. Pickering, advertising man- | Crown Cork (2. Nev Copper (80¢). Do. 2nd of. . = >’ N blanket constructions’ became more & E Fome ofics 1 Heptorall were Hecen Cuba Cane Products. 3 Newton Steel. Horne Jos) bf Glieiis ot Gl AL D DBl e R pf (6)..... 108 29 s 3 9% N Y Central (4). acute during the week when last-minute | Horns six Mtk né o3 Club. Other guests were the agents Curtis Publish vt (1) N'Y Chi & StL pf seached the New York market in fair- | o8 51 7% pf 4 associated with Mr. Sleeper. In the 1% Curtiss Wrignt. ., 4 NY N H & Hart (4).. Some mills are sold up for several weeks | Kings County sl il R e tler Hammer NYNH&HDL (D), in advance on these styles and cannot at s b, whe & T the Congressional Club, where pic 3 4 on Cnemic N'Y Shipbuilding Spring etnbatni cragrs il e pliead Aetna agents in New London, Conn., | 157% 93 Delaware & Hud (9). N Y Steam pf (6). s i e el s f later this season than in any similar 18t pf... ... 3198 . to ra hy rk_whol R (b % G 12i% Diamond Match (1).. B e s esale | parker (8C) ‘& C A .56 R the market have made curtain manu- |, €% Bl 8150 NEW YORK, October 16 (4).—Re- Dresser (S R) (A) = g .- easer (S T4 demand .and they are planning to stay | Rallway Equip & Realty ceivers of the Seaboard Air Line Rail- Drug Corp (4)...... out of the market until late January, Siascimiang f s il Duluth S S & AU 6% Ohlo Ofl. . gt Rockland 1" iew of s o o ;o'n“&i&mfs“‘“lg;‘;‘ e ot gy Dupont de Nem 1 Oliver Farm Equip.. Slowing up has developed in current payt e 1% Omnibus Corp. 25 done reflecting weather conditions from ment of the principal of the Seaboard | 13% stern Roll Mills. . bt Smith Bro Prop pf.53. Air Line equipment trust certificates, | 185% 93 Eastman Kodak (18) e day to day. New business from the ap- | Souin 8ide”BY & T, (The court had authorized puyment| 74% 20 'FlesAutoLite (4).. 18" OtlaSteel prpri i, 108 Tetuikes are CIRRTRV oSSt On e of the interest due 9% 215 El f i s O S en sult, price competition in the trade is | Storkline Furn bf.- s Utica Chen & Sus tificates, series “U."” 98Y% 55 Elec Pwr & Lt pf(6). 29% Pacific Gas & El (2). 21 somewhat keener than it was several | V%' “It 15 hoped.” the announcement by | 108% 56% Elec Pwr & Lt pf (7) 35 Pacific Lighting (3). 9 ol ceivers, said, “that interest will be paid | . 356% 18% Equit Otfice Bldg 2% 4 Packard Motor (40c) 29 from time to time when due on the| 3%% 10% ErieRR....... 10% Paramt-P(m1.62%p) 26 including interest at the coupon rate' 40': 12 Erie RR2d9f... = on the installment of principal now 124 3'% Eureka Vag Cleaner. % | < | FAILURE OF STEEL 'y Lee Rubber & Tire. 5 2 | ials | Youngstown Sheet & Tube Officials| .\ . 0. 17': Lehigh Valley RR : 2 1| & Coal Co., has announced stockhold- ntury Rib Mills... 40 Ligg & Mvers B (15) 20 3 - 18y -_— 2 Portsmouth, Va.. have agreed to merge x Loft Inc. — The merger. Beasley said, is to be ac- Chi Great Westn pf. Lou Gas&El A (1%). | exchange basis. He said the combine 2 Chi & Northwest (4) 21'5 Ludlum Steel pf. had opposed a merger with the Bethle- | Coal having assets of approximately %o R 1&Pacific. 3813 MoKeesport T P (4). by_cancellation of the merger contract. | " "Bagsley said the vote for the merger 4 Chickasha Cotton O1l have been transferred, some of them City Ice&Fuel (3.60) Manati Sugar pf. e o B o s - Flsst the ownership of these shares | NEW YORK, October 16 ( res : : or Wi rights. American Stores Co. reports sales for SIS R E R ANNL(3) rwithout accrued dividend rig] St ve cf 1 Initial. for the five weeks ending October 4 of A 2% Miami Copper n_some cases. or th Ging Since th 1 " Sales for the nine months ending Comm Credit 11.60) 1. Midland Steel pf (8). nce the merger fight began 19 months cumberland Pipe L $20 i Status of the dissenting shares months in 1930 This is a decrease of P i o 51 Mo Kan & Texas.... . Omitted. . f 2 p “iroleum Landowners for today: $4,500,308.76. Somwlth&Sou pf 16) 24 Missouri Pac pf (5). been approved by a majority of Sheet —ctfs A “on Cer pr 8% Montgomery Ward.. District Bankers' Association, has been | Con Ckt prpExy &6 . beet cier, had it tied up in litigation. | Bootn o (PEY $3 Bt A 35 lumbia Chapter, American Red Cross. Consol Gas NY pf(5) : 9 M5 MurreyGonp Capliar Manage Co. 25 b hpndosir Container Corp (A). ¥ iy tieae o act as chalrman of the Roll Call Nat Bella Hess | Gohimbus Spack of. 7175 District National Bank, is in George Cont Diamond Fibre. Nat Dist Prod (2). Empire Tit & Guar.s1 purchasing has not yet materialized. | (Bridseport) him by the luncheon group of the Dis- Corn Produets ( t Radlator, and delayed reordering. s oo ager, cf the Aetna Life Insurance Co.i CLicIEBLe s NSHpury e 0. T ey at luncheon at the Army and Navy Curtis Publish (4). Y Chicago & St L, orders from jobbers and retail buyers | Indust Trust (Prov). 3 v 4 N ¥ Investo % . 4 + 1 |sized volume, selling agents report. | Keysione P & evening the same party, including their 21 Curtis Wright (A). 4 NYOnt & Western. . promise definite delivery dates. tures of the recent convention of the 137 Deere & Co pf (1.40). 5 Y Steam 15t p£(7). 3175 i s, accordi! Pac G & E 64 pf.37%ac 11 Devoolk RETAN period in the last five year: ording ] b trade. Spotty conditions prevailing in | Pogue (H & 8) Domn Stores (1.20) facturers unvertain regarding SPring | Reserve Inv Co pf.3175 way Co, ylsterday announced that, in Doug Afreraft(+1%) and possibly until February. Tt sary to defer payment of=the install- | — ou Pont de N pf(6) 4 OlivFarm Eq pr pf orders for broad silks, the trading being series “U,” maturing October 15, 1931.{ 69 35'% Eitington-Schild pf.. 201 Otis Elevetor (2%). 4 parel trades has been held down, while | ~ (Scranton) silks for promotional events. As & Te- | s.iwart Iron G 15 Owens 111 Glass (2). 2 3 ron the outstanding equipment trust cer-| 60% 167 Elec Pwr& Lt (1)... 29O NERS LI NS weeks ago. Van De Kamos ‘Hol | L. R. Powell, jr., and E. W. Smith, re-|. 68 29 Klec Storage Bat (4). 914 Pacific Mills........ 208 50 equipment, trust certificates, series ‘U’| 45! 1315 Erfe RR 1stpf (4)... 1% Parmelee Transport. maturing and unpaid.” 25 13 Exchange Buffet (1), THERE IS NO SUBSTJTUTE FOR SARETY