Evening Star Newspaper, October 31, 1931, Page 13

September Returns Revealt e Wheels of Industry Turn- ing Rapidly. BY EDWARD C. STONE Several Washington corporations Made s mighty fine showing In Sep- tember. in spite of present economic | conditions. according to the monthly report made during the week. Reporis for the first nine months of 1931 were alo highly satsfactory and mdicate | that the full year's earnings be | much better than bad been thought possible &t the end of the second quarter | The financial statement filed with | the Public Utilitles Commission this | week by the Chesapeake & Polomac | ‘Telephone Co. showed net earnings in September amounting o $186.764 compared with 397119 in the corre- month & year ago, an increase of $87.645. For the first nine months. the telephone ny reported total net earnings of $1.412.501. while in the like period of 1930 they were $902.637, an increase 50 far in 1931 of $509.814. ‘That business in this city is far from & standstill is also indicated by the September rzpnn of the Potomac w Power Co. Net income for the was $385,103.23, against $343.- IM n in the corresponding month last , or an increase in profits of $11.- ‘Another local corporation that is g fng strong, so to speak. is the Weshing- Gas Light Co. The September re- port showed net earnings of $68.434 12 w $32,150.75 in September, 1930, week period. Net income it nine months reached the 118.46 against $612,822.69 months a vear ago, pre- income of bev the Washington ie Co. defied both the earnings September, 1930. Net corpor- was $26,917.35 against & year ago. a decrease of mu 7' the lnt nine months in 931 the ported a net in- come of $169631337 compared with $1,357.757.59, an increase so far this of $168,555.78. Thus, the figures of these big local nnmnfinu show that the wheels of industry and business are- turning at a Mvely pace in the Oapital, much lusle.r than many people realize Indians ve. Business Depression. “The forces of deflation have been at rolls and wage scales, in real estate values and rents—in every fleld of ecc- momic activity. The need for further deflation in some directions has by no means passed. But granting that some forther deflation remains to be accom- plished.” says the Alexander Hamiltor he question is whether it be 9 lle1 to run its devastating ed or whether the tonic of ‘Inflation may o oy judiciously ad- ! lhlmn.fl'ed “There is the form & poliey midway between lnr muw which will trans- ovemhht to nor- mality :x of hands off. whllr ks (he pmu of infiation lunlnd egalust, it is a coun- lel ol' dum to insist that every mis- of the past must be retraced before u can go ahead. ‘Mon do not behave so as individuals. ‘e is no such thing as a completely rrun start. Business need not deflate to the point of returning the country to the Indians before it can take thought of going ahead,” the institute asserts. A. & P. Declares Extra. m Great Atlantic & Pacific Tea Co. has declared an extrg dividend of 25 cents a share on the common stack, in addition te the regular quarterly dis- bursements of §1. <n the common Ing $1.75 on the preferred stocks. similar extra dividend was declared in July. 'l‘.hhro 0 E:muuo 13 Bauman Heads Building Council. Chapin _B. Oriental Bui was_elected president of Columbia Council of Building and Loan tions at the annual meet- ing last might. Carl J. Bergmann, treasurer Washington Permanent Buiding Association. “a elected vice E‘Mm , §uceeeding Mr. Bauman. Wil- S, Quinter, puddnll of District Association, and Millard T. of Natlonal Perma- Association. were re- ..«3..7 and treasurer, re- | The officers and the following we elected to serve as the councils E: ecutive Committee for the ensuwg | year: C. Clinton James, Columbia Bulldln( Association: James L. Sher-| Nartheast Building Association: | Jn-u F. Shea, Mutual Serial Bullding Association; John B. Geler. National Permanent Building Association; Gm?e M. Emmerich, Northern Liberty Building Association. Edward C. Baltz Perpeiual Building Association, retivin Ppresident. of the council, was also elec ed_to the Executive Committee. ‘The council voted to organize a luncheon club to hold monthly meet- ings to which all building and loan stock nl Tecord Nevem- ter and C. Clinton James were named | delegates to the Southeastern Group | Conference of Building and Loan As- | sociations at Atlanta November 20 and 21 Club Fupds to Beost Trade Local bankers are alveady planning ahead for the payment early in De- cember of nearly $8.000.000 to mem- bers of the Christmas Savings Clubs. This huge sum turned into local tra channels during the holiday seas will prove most helpful in swelling holiday business It has been found in the past that only about half of this sum is actually spent on Christmas gifts. the remainder being used in the pavment of all sorts of bills, together with a large centage being put in the banks Permanent savings The Christmas Savings Clubs have gained amazing popularity in W mnon the Ad\rmsmj Committee © the District Bankers' Association hav ing received great credit for doing so much to establish what now appears to be & permanent institution. This year there have been nearly 100,000 members in these clubs conducied by ! Dearly 30 local banks. Steel Exports Lower. By the Associated Press. Iron and steel exports in September were again lower than the .fifll for the second period. Thl (Iv—-ml.h long decline ?fllh dm!'nl the manth totaled Il- of 3,570 uncer imports rose -n- to wns of the 48 classes of in the export trade . In point of ton- uru n 3 s plun the | 2 | 124% 108 men will be invited. William 8. Quin- | 185 THE EVENING STAR. WASHINGTON, D. C. SATURDAY, OCTOBER 31, NEW YORK STOCK EXCHANGE Received by Private Wire Direet to The Star Offiee. seld T 100-share iots eneept these desiemated by letter “n" ®ock and Baen - Low. Dividend Rate h Abitibi Pwr & Paper Abitibi Pwr&Pan pf. Abram Straus pf (1) Adams Express (1) Adams Millts (2). Adv Rumley. .. AMliated Prod 1 Air Reduction(1434 Wl e o4 iy eF Am Brake Shoe(2 40, AmCanCo (15). . ... Am Car & Fary (1).. Am Car & Fav pf (T) Am Chicle (43)..... Am ¢ e 53 AmComel Alcabel. . 0% Am & For Power. ... Am & For Pwr pf(7) Am & For Pwr 24 nf, me Prod 4.20. o $5557 FREREFER 3 T ToIet P 1 44 FEire ssr ¥5 At Mach & Matale.: Am Metals pf Am Natural Gas pf.. Am News (#33). Am Pwr & Lt (21).. Am Pwr & Lt of (§), Am P&L? nf A 5t(5), Am Padiator (80e).. Am Rollinz Mills. .. Am Safety Razor (5) Am Shiv & Com. Am flmllt.lol’(l\) Am Solv & C Am Steel Pound(l). Am Stores (1234). .. Am Sugar Ref pf Am Sumatra Tob. s Am Tel & Telex (2).. Am Tobacco (16).... Am Tobacco B (18), Am Tabaceo bt (8).. SeBun8r e ¥ 4 B P4 SeR X8 X o 144 Serore Am Woolen Co pf... Am Zine & Lead Am Zine & Lead pf. . Anacouda Copper . Anchor Cap (2.40) Archer-Daniels (1), Archer-Dan pf (7)., Armour of Del pf (1) Armour of 11l (A)... our of 11l (B) Armourof Hlpf... Associated Apparel Ateh To&S Fe (10). . Atlantic Refining (1) Atlas Powder (4). Atlas Powder pf ( Atlas Stores (1).... i Auburn Aute (#4) * Autosales. . 215 Aviatian Carn (Dah) . 6's Baldwin Locomotive Balto & Ohio 4). Barnsdall Corp'n Beatrice Cream Bendix Aviation ( Best & Co (2)...... Bethlehem Steal (2). ohn Alumn (1%).. Borden Co (k3). Borg Warner (1), % Briggs Mg (11%) .. Brockway Mot Trk. . 4 Brockway Mot Tr pf Bkiyn-Man Tran (¢) BKiyn Union Gas (5) Bucyrus-Erfe. . Bueyrus-Rrle ov pf. Budd (EG) Mfg.... Budd Wheel (1) Bullard Co Burrough A M(11%) Bush Terminal(2%4) Term deb (7). opper & Zine. Superior. Byers (A M) Co Tif Packing (2 Calumet & Hecla Canada Dry G A (1) 11 Canadian Pacific 1% Capital Adrain (A)+ - FEE w2 memams e RunEaReReSann CEE B8 £ & PERE E& EER FE £F 974 Cerro de Pasce (1) 31, Checker Cab uru 2312 Ches & Oh! 14% Chesapeal 12 ChiGreat 2 ChiMilStP& Pac. .. 3% "hi Mil StP & Pac of. 124 Chi & Northwest (4) Chi Pneu Tool pf.... Chicago R 1&Pacific. Chi R1& Pacpf (T). Childs Company. . Chrysler Corp (1)... City Ice&Fuel of §34 Coca-Cola (¥7 Colg-Paim-P p! Collins & Aikman. Collins & Atk Bf (7). Colo Fuel & Iron. ... Columb G & E (1%). Columb Carbon (4) Comm Credit (1.60) Cowel Cred pf B (2), Comel Inv Tr pf 6%, Comel Solvents (1), Comwlth & Sou(30c) Conde Nast Pub (2).. Congolm-Nairn (1) Consol Clgars (8)... Cousol Film. . . Consol Film pf (2).. Consol Gas N ¥ (4).. Consol Gas NY vf (5) Consol L Anndrlel(l) Consol Textile. . Container Corp (A). 51 Contl Baking (A). .. 4 Contl Baking (B) Contl Baking pf (3). Contl €an (2¥%) Cont Imsur (2.40)... Contl Motora Contl OH (Del). Carn Products (3). “uban-Am Sugar pt “udahy Packing (4). “urtiss Weignt. ... hmans pf (7 Davison Chemical Deere & Co pf (1.4 Del Lack & Wn (2). Diamond Mateh (1). Doma Mines (1) Drug Corp (4) Dupont de Ne Du Pont de Np(6). 93 Eastman Kodak (18) 74 Eaton Axle & Spr(1) A T £ 14T Feilurnn ] PEE 40 31w 194 i vornnmunmre Do o ' 0 2258 £8% EEEE " 215 Elec&Musical Instru 167 Elec Pwr & Lt (1). 85 Elec Pwr & Ltpf(8). 50 Eng PubSVe pf (3). 80\ En P\Xp{v\l(;\.) 1% Firie RR 6s Fed Wat Sve A(1.20) Fed Dept Strs (23¢). Filene's Sons pf 63 . Firestone T & R (1). Firestone T&R pf(6) Fisk Rubber........ Fisk Rubber ist pf.. Fisk Rub 1st Foster Wheeler (1). Fourth Nat Inv méde Fox Film (A) Freanart-Tex (1), Py 1% Gabriel Co (A). .. 2 amewell Co (3). 35’y Gen Am Tank Carc4) 9% Gen Asphalt (2).... 14% Gen Baking 31y Gen Bronse + Gen Cable. , 6 en Cable (A). Gen Clear (4) % Gen Electric (1.60). ., ‘s Gen Bleo spec (60¢). Gen Mills (3) 22's Gen Moters (3 114 Gen Theatre Baulp. #'« Gillette Saf Rasor. 3 Simbel Wrea. 414 Glidde: 48 Gliaden 0- B e (1), 3% Godal tAdelD), ... Gold Dust uu) . Goodrich (B F) Goodrich (B F) p! Goodrear T & R (3. Geuld Coupler. 1‘ ralam-Paiges - » omtrionulmrBasnuiiamnn 5 ssfeew & 5Tiy B0% 126 12315 115% 24 3 150a 3lia 208, 27% Murray Corp. n7 201 807x 85 2T 60 Steck and 8 . Dividend Rate. Grand Silver Store Grand ('nion 31% Grand Union pf (1).. 25% Gramt (W T) (1). 20 Great Northn pf(4). 5% Great Western Sug. . 804, Great Wn Sug pf (1) 1% Grigshy Grunow Haha Dept Mall (WF) Hawailan Pinedppie. Hercules Mot (26c) . Hershey Choc (5) Homestake M (1.30). Houdaille Hershey . . ‘s Househld Fin pf 4 20 Housten O1l. Houston Oil (new). . Howe Sound (2) Hudson Motor (1) . 2 =7 R, (R S — indust Rayon (4) ... Ingersoll Rand (4).. Inland Steel (2)....a Inspiration Copper. . Insurapshares Del A Insur Shr(Md) (40¢)., Interboro Rap Trans Interlake Iro In. Agriculture Int Bus Machine(n$) Int Cement (4) 21 45 o o Wi R e mwn we 0 8 Int Harvester pf (1) Int Hydro El A (e2). Int Match pf (4) Int Nick of Can (40 915 Int Paper & Pwr pf.. 613 Int Printing lnk. “int Salt (3).. Int Shoe (3).... Int Silver. . Int Silver pf ((7). Int Tel & Tel (1).... Int Dept Stores (2).. Investors Equity.... 24 Jewel Tea (4) 294 Johns-Manville (3). 105 Johns-Manv pf (7). 99 Jones & Lough pf(1) 1115 KC P&L 15t of B(6) 812 Kayser (J) & Co (1) Lo B 3108 508 Kelsey-Hayes Wheal Kelvinator Corp. ... 10 Kennecott Copper (1) 19 Kresge (S8) (1.60).. 5 Kuu.-r&folll l). K Grocery ¢ Ligg & Mvers B (13) Ligg & Myers pf, (7). Liquid Carbonic Loew's Inc (3) Loft Imc. .. Long Bell Lumh( -\) Loose-Wiles (13). Lorrillard (P) Co. Lou Gas&El A (1%). Louis&Nashville(s). Ludlum Steel . MoCrory (B) (2).... MeKeesport T P (4). MeKesson & Rab (1) McKes&Rob pl(3%4) MeLellan Stores. MackTrucks (2). Macy (RH)& Co(n3). A Malliscn & Co ManbatElev mod gi Marine Midld (1.20, Melvilie Shoe (2). Miami Copper. . Mid Continent Pol-. Midlana Steel ¢3). Minne & Hon Reg (3) Minn Moline Pow. Mo Kan & Texa Missour| Pacific. Missouri Pac pf (3). Monsanto Chem (1% ) Montgomery Ward. . Moter Meter G & Bh Mullins Mfg, @ Peulromvsamns ® Lorwan Nash Motors (2) Nat Aeme Co. . ' Nat Air Transport. . Nat Bella Hess...... —5 pm Nat Cash Reg A 1% . Nat Dary (2.60) Nat Dist Prod (2)... Nat Enam & Stamp. . Nat Pwr & Lt (1). N Y Chl & StLpt N Y Investo: NY N H & Hart (4).. u2 26 Nor Amer(b10% ul) 1914 Northern Pacific 3) . 6'3 Ohlo Ol 1 Oliver F 201, Otis Elevator 1'»). 3% Otls Steel. Facific Const 20 6. 29 Pacifie Gas & El (2). a Pacifie Mills Packard Motor (40c) Paramt-P(m1.62%p) Pathe Exchange. ... Pathe Exchange (A) Penney (J C) (.40 Penna Railroad (2).. Peoples Gas(Chi) (8) Pere Marquette pr pf Petm Corp of Am(1) Phelps Dodge Co. ... PhilagReading C& I Phillips-Jenes Co. .. Phillips Petroleum. . s Plerce-Artaw. Plerce Ofl. Plerce Oil f. .. Plerce Petroleum. Pillsbury Flour (2). Pittsbgh Screw & B.. Prairie Ofl & Gas. Prairie Pipe Line. ... Proct & Gamb ‘2.40) Public Sve NJ(3.40). Public Sve NJ pf (5) Public Sve NJ pt (§) Pub Sve G&E pf (5). 22 Pullman Corp (3)... Pure Ol : 124 Purity 10% Radio Corp. . : 251 Radio Corp (B) (5). dio-Keith-Orph A Raybestos Man (1.60) Real Silk Hoster: Remington-kand Reo Motor Car(40¢). Republic Steel . ublic Steel pf. Reynolds Metls(1%) Reynolds Tob B (3). Rio Grande Ofl Rossia Insur s Roval Dich( M w - P A ernenGagamrtecwtlico Sl elarw® 3 ws El + Seaboard Oil. . Sears Roebuck (23" Seneca Copper Servel Ine. . Shattuck (FG) (11%) Shell Unfon Ofl..... Shell Union OIl pt... Simmons Co. .. Simms Petroleum. Sinclatr Consol Ofl bk 1y O v Ol pf ww SocenrzVacuum 160 Solv Am pf wwibly) South Port Rico Sug. Southn Cal Ed (3)... Southn Pacific (§). .. Southern Rwy (m$). South Ry M&O et(4). Sparks Withing (1) Stand Brands (1.30). Stand Gas&El (3%). 28 Stand Ol Cal (h2%) ll '« Stand O1I NJ (12)... 1 Sterling Secur (A).. 244 Sterling Secur pf. ... 21 Sterling Sec cv pf(3) 4% Stewart 13% Stone&Webster (m32) 1 ~ 11 By 350y Net. 26% - T 8% “ 3% dhbhdd L E bbb A4l A FEE ¥ FEEV o A¢d 00 High. Low. Close. Chee. PO " pen — FEriEy & F & | were i fle\\er | lantic STOCKS ARE FIRM AT SHORT SESSION Steady Demand for Leading| Issues Continues—Gains Numerous. BY GEORGE T. HUGHES. Spe. Dispateh to The Star. NEW YORK, October 31.—A firm but quiet week end stock market was Wall Street’s response to the favorable budget of news which greeted operators when they came dovn to business to- day. Advaness were soattered gen ally over the list, but few of them were of any great amount and there was no increase in volume. It was the buoyant market in wheat that made the most impression on sentiment. Besides the strength in the grainag there was the optimistic state- ment by President Hoover and the cheerful views expressed by the heads of the General Motors and the United States Steel Corporation as & basis far |° the better feeling. Finally, and per- haps of equal importance, was the an- nouncement that the Bank of England has repaid a part of the credit extended to it by the Bank of France and the Federal Reserve three menths ago. Opening prices were huher all around, with flu railroad shares in ‘he lead. of realiz- ing, in the early gain other upward turn in Among the leaders on the rally were American Telephone & Telegraph, Coca Cola and the American Tobacco shares. Allied Chemical, Western Union, Amer- ican Can, Sears-Roebuck and Westing- house electric were all more or less higher. The steel stocks were helped by “gradual but unmistable progress is being made in the restoration of con- fidence in the steel industry,” stressing automotive buying and structural steel demand. Youngstown reported opera- tions next week would be at 31 per cent of capacity, an advance of 1 per cent. United States Steel made a new high on the movement. Good demand was in evidence for leading oils and for a selected list of amusement shares, among which Loews was the most prominent. Motors were firm. The public utilities, except Amer- ican ‘Teleohone, already mentioned, slower to Tespond.' American Water Works was up, but Electric Pow- er & Light was weak, still reflecting the proposed additienal issue of stock A reaction of over 2 per cent in sterling was ascribed to operations in- cident to the repayment of the French and American credit. Francs were off a shade. Bonds were almost universally strong. There was no additional in- formation about the wage negotiations between the railways and the brother- hoods. The Street was inclined to be- lieve the talks would drag along, but was eager to put the best possible con- struction on the outlook. Washington Produce Butter—One-pound prints, 37; tub, 38. ~ Eggs—Hennery, 35a38; cuirent re- ceipts, 28a30. Poultry, auve—-'mrkeyl, young toms and hens, 2. ; old toms, 20; old hens, 22a25; chtckens. 3 pounds and over, 18a20; 2 to 2!, peunds, 20a22; Spring broilers, 24: hens, large, 18a20; small, 15a17; Leghorn hens, 13al5; roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, ~young hens and toms, 31a33; old toms, 28; old hens, 31a33; chickens, 3 pounds and over, 31a23; 2 to 2!, pounds, 23a25; Spring broilers, 27; hens, large, 21a23; small, 18a20; horn hens, 16a18; roosters, 13a15; Island ducks, 18a20. Meats—Beef, prime, 17; choice, 153 16; good, 12'2a13; cow, 8a8l:; a.mb. top, umn medium, 10; veal, top, 15; medium, 12%5a13; pork loins, 8 to 10 i)ouudl. 18; 10 te 12 pounds, 15; 12 ta 5 pounds, 1215; fresh hams, 16al7; smoked hams, 20a21; strip bacon, 22a 23; lard, in bulk, 9'2a10; in packages, 10i5a11; compound, 8a8's. Fruits — Watermelens, California, crates, 2.00; Persian melons, 250; persimmons. per pan, 75; honeydews, 1.5083.00; Erapes, Malaga Tokays, 2.00; Mal 1.5082.00: Muscatels, 1.35; Cornichons, 1.65; Zinfandels, 1.35; ap- ples, Bushel baskets, 50; mmy, 2.00a2.75; pears, 3.00; oranges, 3.5025.00; lemons, 4.50a6.50: limes, 100, 1.50a1.75; bananas, 1.50a2.00: pine- apples, 3.50a4.00; grapefruit, 300! 50. Vegetables—Potatoes, 150-pound sacks, 1.75a1.90; Idaho bakers, 100-pound sacks, 2.50; sweets, per bushel, 50a75; beets, per 100 bunches, 4.00a5.00; car- rots, per 100 ‘hes, 4.5025.00; cauli- 2.00a2.25; string beans, 1.50a 3.00: limas, 2.00a2.50: cucumbers, bu.shel baskets, 3.50; squash, Florida, baskets, 175 eggplant, 50a7s 2.75; lettuce, Iceberg, 3.25a3.50; on d sacks, whlte. 1.50a2.00; yel- 1.25; okra, 2.5083.00: mushrooms, peppeu 50a75; artichokes, 4.50a 5.4 kele, 50; ] m-cn 60; turnips, 50a 76; broccoli, 5.00: parsnips, 1.2 3.2523.50; tomatoes, homegrown, k baskets, 1.25a1.50; California, lugs, 225 22.50. PHONE COMPANY SEEKS AGREEMENT IN FRANCE | By the Associated Press. NEW YORK, October 31 —Negotia- tions by zhe International Telephone & Telegraph Co. for what is termed “closer and more practicable co-operation” with the French Cable Co. are nearing com- pletion and a new working agreement between the two companies is expected to go into effect around the first of the year. Reports that the I. T. & T. was bar- gaining for “control” of the French | lines were denied today by officials of the American organization, who asserted it would be virtually impessible to buy or secure control of these cables. The French government, and the people of F;‘rlance. 1t was said, would never permit this. The I. T. & T. is the holding com- pany for the Commercial Cable Co., which owns and operates a_number of lines between Europe and America. The French Cable Co. owns three At- lines, one from . England to America and the others from France to the United States. It also owns a line between New York America. For some time this latter line has been operated in co-operation with the All-American Cable Co., also an I T. & T. corporation. Efforts of the I. T. & T., through the Commercial Cable Co. to increase its | European business are said to have led to the recent conversations with direc- tors of the French Hn!( FEDERAL RESEBVE RATIO By the Associated Press. The ratio of total reserves of the 12 central banks to deposit and Federal Reserve note liabilities remained un- changed during the week ended October 28, as compared with the previous week. ‘The combined ratio for comparable weeks 10110‘5 as e-lcullkd by the Fed- First Mortga(e Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. the confident tone of the trade | advices. The magasine Steel said that | per | pl: and/ South which is | Br the Assoclated Press. the wholesale and j trade, the industry. as well week from the following centers: Pittsburgh Louisville Cleveland Detroit Milwaukee Chicago St. Louis Minneapolis Baltimore orders small; tobacco hot | | supplies fair: coal better. i Detroit—Retall trade at low ley try, but unemployment still four-day week; retail trade up. i Chicago—S! St. Loulg—Dry goods normal; cmmdue turnnuu nlrl! manufacturing low. Omal in vo]ume unemployment increasing. sale :(ocl stocks low. wholesale reorders up. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 31.—Facing the Government in 1932 is a larger per- come tax payments than has occurred this year. This fact presents one of the many problems in Treasury financing now Jmpoi\n(hthemulvu.m Secretary Mellon and his Treasury associates. When next year's income tax pay. ments are mention Street there is a strong intimat of such taxes will be paid. The presi- dent of one of the most myorum New York banks said yesterday: “Iknow of few individuals and not mny cor- porations that have had sufficient earn- ings or income in the past nine months to bring them into the 1932 income tax '.gaymg list. It does not look new ough there would be enough im- provement in conditions in the final quarter of this year to change this outlook.” Tax Selling. In the last three months of 1930 a prominent factor in the heavy decline in stocks was the selling of securities by individual helders of them to es- tablish losses for income tax purposes, These losses were so large that it was not uncommon for people who had previously been in the higher income tax brackets to whittle down Lhelr '.ll- able income to nominal far this season little Hq l(.hn -l this sort has appeared, though it was in evidence in the earlier part of the year. It is expected to develop again during November December, as losses due to the shrinkages in values in the past six months have again created a condition to which undot lly many investors will ruort in urdor to -vold giving the able portien ‘The position of the corporat of the banks with tn /ments next year Government than it was after a revlul of their 1930 statements. Not many of them have been able to make a profit. Where the) have been fortu- nate in deing this from re(ular operations, they have h&d‘ set, | losses they were compelled u: uk! in securities to meet obligations that nor- mally would be accommodated by bank loans. In the case of banks, a depre- ciation on securities sold in order to build up their eash resources took ace. e reduction in the item of railroad taxes alone will be a substan- tial one, jccount ol the continuing heavy Georende In gross revenues of carriers. ‘What has been taki ]'Ahu of late is the estabummem u! losses. through the sale of numd bonds and foreign dollar tions. The weight of liquidation on the bond mar- ket this year has been rch“v!ly more severe than on the market for sf During 1930 the average decline in dn~ mestic bonds was unly about 9 In foreign issues if points. A new lnw levol for domestic issues has been reached this week at a figure 15 points on the average below that of last January, while fore! bonds are off an average of about points for the year. Situations have developed in both American and foreign issues which have led to 2 permanent abandonment of them by long-time holders and at losses which will play an jimportant part in their income tax | statements to be filed next March, which will find in the list of losses more items covering liquidated bonds than ever be- fare in their experience. Shifting Investments. One of the common practices in the sale of securities to establish tax losses is to balance this transaction with the purchase of another issue at about the same price or the same income return, but of a security whose pi for appreciation are regarded as superior to those of the stock or bond that has been sold. Some of this shifting has been going on in the stock market; more of it in the bond market, and particularly, in the department of !nr- eign dollar ohligations. This expl some of the remarkable advances Lhat have taken place lately in a number of the South American issues, where bonds hl\'e A mluud u much as 100 per The COMMERCIAL NATIONAL BANK | 14th and G Streets Banking in Al of Its Phases SINCE 1899 MONEY TO LOAN at 3% and nterest Before Placis or ing Your Ist and 84 Trust Consult WELCH Realtor Loan pecialist 136 and N. T. Ave. NI (National Savings & Trust Co. Bldg.) Sational ists__ Moaney on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and i Wholesale and job trade. Quiet used. Cleveland—Building and bullding materials below normal; City—Manufacturing below normal; last year: lead and zinc eperations closing. Baltimore—Manufacturing up, but less than last year; sales better; centage of loss of revenue from in- | JAMES F. SHEA 643 gndiana Ave. N.W. ‘ Trade Reports at a Glanmce. NEW YORK. October 31 —Tabloid review of business conditions in retail trade and mangfacturing and reported to Bradstreet's this a3 the ‘State of collsctons, Retail trade Quiet Manufacturing and industry. Quiet Quiet Quiet Slow Colier Fair Quiet | Pittsburgh—Wholesale coal trade heiped by cool weather Louisville—Millinery slightly better; notions and men’s furnishings electrical ; mew models reviving auto indus- Milwaukee—Hosiery n£a settled; railroad shop workems recalled for teel improved. warm weather retards trade. increasing demand for cheap mer- building declining: drugs active. Ddh-—lu-lneu fairly steady, but velume low; lwlenu trade hurt by mild weather; holiday lines on par with lut year; retail trade active. Duluth—Mild weather affects seasonable merchandise: mining and clothing and ha—Bank failures slowing trade; flour mills 10 per cent below Moines—Trade up to last year; better feeling generally; whole- mill operations behind HEAVY INCOME TAX SELLING MAY AFFECT TREASURY PLANS Large Losses Have Reccntly Been Estab- lished by Liquidation of Railroad and Foreign Dollar Obligations. cent since they went into default. As the market on the buying side is as “thin” as on the selling side, the de- | mand for a comparatively few bonds to fill out an order of the exchange type trequencly ]eld‘ to advances of fram | hul been upposed that with its expm;noe of 1 in the heavy de- crease in anom: tax rficegfis the Treas- ury ent woul disposed to favor a revision of the income tax law which permits individuals and corpora- tions to establish losses. There appears to be mo disposition, however, to modify the law. The attitude at Washington is that over a term of years the advan- tages of the capital gain or loss feature of the statute balances the unfavorable working of it in times like the present. (Copyright, 1931.) COTTON OFFERINGS AREWELL ABSORBED {Market Fluctuates Irregularly | During Week Following Re- cent Forward Movement. By the Associated Press. NEW YORK, October 31.—The cot= | ton market has been rather less active | during the past week with reactionary | sentiment more in evidence following | recent advances of about 145 to 148 | points from the low records established | early in the month. This has been re- flected by rather nervous and irregular: fluctuations, but offerings have been absorbed on comparatively moderate re= actions. Seiling has evidently been restricted | by reports of continued holding in the South and of & firm basis in the Souths | ern spot markets, but buying has been chiefly on the declines or on séale down | orders. Southern hedging has been in | evidence particularly on the upturns, | but it is said to have been in compara~ tively small volume as related to the | present movement of cotton to the This has naturally colored the. re, | of an unusually firm mover in the South, and nmuu in connection lhu. me llw Orleans | agreements for the with» holding of lhm.n 'mn,ono bales of cot- fon from market until after the end of am i Mmhdm b) o N rmin wers or spot bu{‘ers |‘x’\l %:nf South, © 5 o official announcement been made by the nmh”hrn: as to the progress of Southern banks in carrying out these New Orleans proposais, but press advices have fore- cast the success of the movement an announcements are expected in the near future. Brokers who are credited with fre- quently trading for the co-operative interests have been sellers of 8§ months during the week, but the cor operatives also are sald to hnn ben buyers of -pot- in the South M-Rl‘ compara v-ly compared with have been circulaf week and | taining effect on census report on gl nlnn w"fl! tober 18 xhowtd & record. H ?gnuréx tg:r mel period October an e total tlnml\u of 9,4 M Ebslfl prior to October 18 werg' s garded as about in hl'u with the last Government crop estimate. The trade, however, has shown com- paratively ume mmm in [ or crop figures and to be most its nmxflm to the rate | marketing n the South lna the ab- snrptlnn or t ; lolepidl fie ney to Loan real estate. | on e .‘-'l" A CONTINUOUS An inve HARVEST stment. in our 6% FIRST MORTGAGES means you will return continuously “reap” a definite during the term of years for which the mort- gage runs—always 6%. In the meantime your principal is safely secured by conservatively Century Without a Loss appraised May from $250 venient Partial Payment vyou wish. B. National 2100 improved Washington real estate. bee purchased in amounts up—and upoen our eon- Plan if F. SAUL CO 925 15t St N.W. What —Yrt—)ur Wo?ki;g Hours Really Mean to Your Future —finds definite measure in your savings. A pros- pect of penury faces those —ultimate economic ind making every Payday a “ who never practice thrift ependence awaits these AVE DAY l]Thi\- strong old bank is paying interest to over 5,000 patrons — practically any amount will put you into this fortunate family of ours, Better j join forces with us NOW, INTEREST PAID ON BOTH SAVINGS AND CHECKIN G ACCOUNTS Open Until 5:30 P.M. November 2d DIRECTORS} National Savings & Trust Co. Oldest Savings Institution in the District of Columbia Corner 15th and New York Ave.