Evening Star Newspaper, November 6, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. BANKER FAS ADED INLOAN CAMPAIHS = Warrenton Member of Credit Corporation Was Formerly Head of Association. BY EDWARD C. STONE. ' C. E. Tiffany, the only small-town | banker appointed on the Loans Com- | mittee of the Virginig branch of the) National Credit Corporation, was born in Fau County, Vi 1876, and educated the public His father, late Wallac® N. Tiffany, was for some time repre- sentative of F quier County in the Legislature. At the age of 17 Mr. Tiffany went to Leesburg to take @ place s runner in the People’s National Bank. Nine years later. in 1902, he had risen to the position assistant__cashie and returned to Warrenton to take the position of cashier in the Fauquier Na- tional Bank, then newlw organized. He served as cashier until 1911, and on the death of the president, the late Judge C. M. White, was elected presi- nt. Du C. E. Tiffany. the World War Mr. Tiffany was chairman of liberty loans and war savings for Fauguier County. 1In 1916 he was president of the Virginia Bank- ers’ Association: in 1929 he was presi- dent of the Stockholders’ Associaticn of the Federal Reserve Bank of Richmond. and has been for some time 2 member of the executive coun(“fl of the Ameri- ers' Association. u:l!g:lnk'.he Jocal positions which Mr. olds or hlus helq‘_mly Igm:r:\ecr;l- . member of the Town ’ "u:'lgen'. of the Warrenton Chamber of Bommerce, treasurer of the Warrenton Library Association; treasurer of the Fauquier Hospital Association, past. ‘master of Mount Carmel Masonic Lodge. and district deputy grand master. He is also active in the Rotary Club and a prominent membé;‘ ln)d officer of War- ton Baptist urch. rfll‘n 1909 he married Miss May Mauzy Fletcher of Warrenton, daughter of the late T. N. Fletcher, and niece of the iate Albert Fletcher, a member of the last Virginia_ Constitutional Convention. They have three daughters. Acacia Business Shows Gain. ‘President William Montgomery of the Acacia Mutual Life Association, reports that new insurance written in October amounted to more than $3.250.000, a larger amount than for many months of the current year and continuing an up- ward trend which started several months ago. “The figures ‘for October are espe- cially encouraging” Mr. Montgomery said, “because thcy indicate that our efforts to build back to previous levels are getting very tangible results. Now that we have established a definite up- ward trend, and are maintaining it, we are convinced that succeeding months will witness further substantial gains. The directors and President Mont- gomery likewise are gratified at the manner in which reinstatements are continuing to hold up in response ‘o Acacia’s policy of giving close attention to the lapsation Tecord. The favor- able trend of recent months was main- tained in October, when reinstatements totaled more thaa $1,650,000. As of the end of October the volume of insurance in force by Acacia aggre- gated mote than $363,000,000. Trading on D. C. Exchange. Trading on the Washington Stock Exchange opened today with $1,000 and $500 Washington Gas Light 6s., Series A, selling at 100’4, up ¥4 from the last previous sale. Other bond sales recorded included a $500 turnover in Capital Traction 5s at 71 and $500 Washington Gas 6s, Series B, at 102),. The Traction transfer was under the last sale, while the Gas bond moved at the same figure as & trans- action made yesterday. Railway & Electric pre- ferred was the first stock traded in, small lots selling at 94. unchanged irom | the last quotation. National Mortzage | & Investment preferred figured in five 500-share sales, all made at 4. This price was also unchanged from the last pravious sale. Potomac Electric Power 5 per cent relemd stock recorded a 25-share urnover at 107!,, same as yesterday's closing. This stock is one of the most active issues on the board, considerable | more than 2,000 shares having changed hands during the present year. The | market closed with two 10 and a 5 share sale in Mergenthaler Linotype at 64, up a full point from the last closing quotation. | “Dollars and Sense” Is Out. ‘The first Fall number of Dollars and Bense, published by Washington Chap- ter, American Institute of Banking, has | Jjust appeared. It is condensed. all ad- | vertising being omitted, but is still a Yively sheet, filled with informal matter sbout the doings and doers in Wash- ington Chapter It is brought out by the recently an- pointed editorial staff, Norman E. Tow- son of the Washington Loan & Trust Co. being editor in chief. The othcr members are Catherine M. Kreig. Rigg's | National: Lloyd H. Johnson, Nor t Savings Bank: Mabel V. Royce. W ington Loan & Trust Co: O. Lehmann Becurity Savings & Commercial, and Stuart . Ogilvie, Second National The editors quote what the Economic Policy Commission of the American Bankers' Asscciation has to sav about the work of the institute. in which it | is stated that the institute deserves| “greater recognition among bank di- | yectors and senfor bankers and that the | weight of their authority should be | placed hehind it to bring ebout a very €reat enlargemeni of its influence.” Heard in Financial District. John H. Clarke, well known in local financial circles and for the past five | years manager of the Washington office | of J. A. W. Iglehart & Co.. has become | essociated with the local investment and Stock Exchange firm of Mackubin, Goodrich & C4., located at 1508 H street | northwest. | Holdings of discounted bills decreased $4,000.000 at the Federal Reserve Bank | of Richmond during the week ended | November 4 | Sales of S. 8. Kresge during October were off 2.7 per cent. but for the first 10 months of the year are down by 1 per cent from the same period a year ago. ‘s i The declaration_of the regular quar- | terly dividend of 75 cents per share on | Genexal Motors cormon stock is consid- | ered here to prove that the directors are confident over the outlook. It is consid- ered that the company would not have dipped into its surplus unless the out- look was believed to be favorable. U. S. GOLD STOCKS GAIN $20,889,000 IN WEEK By the Associated Press. NEW YORK, November 6—The New ‘York Federal Reserve Bank's weekly statement of wmonetary gold trans- actions yesterday showed the first gain in ?ld stocks in the country for any ‘week since Great Britain quit the gold standard. The statement for' the week ended November 4 showed & net gain of $20,- 889,000, strengthcning the conviction in international pauking. circles that the st iR 19 ma) -~ e movement may ien 14% 281 F1in 2315 1% 1914 109% 10% 200 125 591 1828 1521 126 195 28 18 24 Low Dividend Rate. 24 Abitibl Pwr & Paper 10~ Addressograph (1) 2 AdvRumley.... 18 Affiiated Prod 1.60. . 52 Alr Reduetion(t44). 1% Airway Elec Appl. .. 7 Alaska Juneau (40¢) 81 Allegany Corp. .. & Alleg Cp pf 330 ww 68 Allied Ch&Dye (n$). 14 Allis-Chalmers (1) 13 Amerada Corp (2). 514 Am Agri Chem (Del). 18 Am Bank Note (13). 54 Am Bank Note pf (3 15 Am Beet Sugar..... 4 Am Beet Sugar pf. 9414 Am Brake 8h pf (1) 718 Am Can Co (45). .. 9 AmCar&Fary (1).. 40 Am Car & Fdy pf (1) 615 Am Chain 314 Am Chicle 5 Am Comel Aleohel. 10% Am & For Powe 45% Am & For Pwr pf(7) £1a Am Hide & Leath . 27 Am ITTome Prod 4.20, 10% Am Ice (2).... 6 Am International & Am Locomotive (1). 16 Am Mch & Fdy 1.40.. 14 Am Mach & Metals. . 5 Am Metal Co. 21 Am Metals pf 1's Am Natural Gas pf. 14's Am Pwr & Lt (21). 60 Am Pwr& Lt of (8 7 Am Radiator (80c) 10 .Am Rolling Mills. 27 .Am Safety Razor (5) 19% Am Smite&Ref (1%) 61 AmSm&R 2d pf(6). x 28 Am Snuff (13%). 100 . Am Snuff pf (§) ' Am Solv & Chem! 22 1 Am Solv & Chem pf. 7% Am Steel Pound (1). 2 70% Am Steel Fdry pf(7) 20s 36 Am Stores (1235)... 2 337% Am Sugar Ref (5)... 90 Am Sugar Ref of (7) 4% Am Sumatra Tob 121% Am Tel & Telex (9) 71% Am Tobaceo (16) 74% Am Tobacco B (16) 23% Am Water Wks (3) Am Zinc & Lead 12% Anaconda Copper 13~ Anchor Cap (2.40). 5% Andes Copper....... 8 Archer-Daniels (1).. 1 Armour of 11l (A)... % Armour of 111 (B) 6 Armour of 1il pf. 9%, Associated Dry G(1) 97'3 Atch To&S Fe (10).. 90 Atch To&S Fe pf (5) 52 Atl Coast Line (7). .. 10% At] Gulf&West Ind. . 16 At Guif&W1pf (5). 9'% Atlantic Refining (1) 1675, 20% Atlas Powder (4)... 78 Atlas Powder pf (6). 30n 8415 Auburn Auto (£4)... 104 215 Aviation Corp (Del). 2 6'4 Baldwin Locomotive 6 36 Baldwin Loco pf (7). 40s 28 Balto& Ohiod)...... 28 Balto & Ohio pf (4).. Ramberger pf (63%). Barnsdall Corp'n. ... Beatrice Cream (4) Beechi-Nut Pkg (3).. Belding-Hemingway Belg N R pt pt t4.81. Bandix Aviation (1), Best & Co (2)....... Bethlehem Steel (2). Bethlehem Stl pf (7) Blaw-Knox (1). Zohn Alumn (1% Bon Ami (A) (15) Borden Co k37 Borg Warner (1). % Botany Con Min (A). Briggs Mg (11%)., Brockway Mot Trk. . Bklyn-Man Tran (4) Bklyn-Man Tr pf (6) Bkivn & Queens. ... Bklyn Union Gas (5) Brunsw-Balks. ..... Bruns Term & Rw. Bucyrus-Erfe. . Bueyrus-Tirie cv pf.. Budd (EG) Mfg.... Budd (E G) Mg pt Budd Wheel (1).... Rullard Co. RBulova Watch (80c). Burns Bros pf (7)... Burrouzh A M(113%) Bush Terminal(2%) Bush Term deb (7). . Bush Terminal pf(7) Copper & Zinc. Superior. 12% Byers (A M) Co. 10% Calif Packing (2) 14 Canada Dry G A (3).. 11 Canadian Pacific 1% 17% Cannon Milis (1.60). ela 2% Celotex Co.. 1% Celotex vtc ctfs 15 Cent Azuirre (1%) ent RROENJ.. 214 Century Rib Mills. % Cerro de Pasco (1).. 31 Checker Cab Mrfg... 2313 Ches & Ohio (2%). .. 141 Chesapeake Corp(3). 12 ChiGreat Westn pf. 2 Chi Mil StP & Pae... 3% Chi Mi] StP & Pac pf. 1213 Chi & Northwest (4) 35 \Chi &N W pf (T)..o. 314 Chi Pneu Tool. ..... 20 Chicago R I&Pacific. 30 ChiRI1& Pacpf (6). %14 Chickasha Cotton Ofl & Childs Company. 11% Chrysler Corp (1) . 261, City Ice&Fuel (3.60 661a Clty Ice&Fuel pf 6% 1 City Stores. ! Pal-P ( *olg-Palm-P pf Collins & Alkman Colo Fuel & Iron. olo & Southern (3). 0olumb G & E (1%) . Columb Carbon (4).. Comm Credit (1.60). Comcl Cred pf B (2). Comcl Inv Trust (2) Comcl Inv T war sta. Comm Inv cvpf(e6). Comel Inv Tr pf 6%. Comal Solvents (1). Comwlth & Sou(30c) Comwlth&Sou pt (6) Conde Nast Pub (2) “ontainer Corp (A). “ontainer Corp (B). ontl Baking (A) ontl Baking (B) ‘ontl Baking pf (8 “ontl Can (2%). . Cont Diamond Fibr s Cont Insur (2.40) 1ia Contl Motors. 415 Contl Ofl (Del). Corn Prod pf (7). 3% Coty Ine 20 Cream of 22 Crucible Stes s Wrign 244 Curtis Wright 0_C f Davison Chemical. (A) Delaware & Hud (9 29'5 Del Lack & Wn (2) 112 Detroit Edison (8) 124 Diamond Mateh (1 . 6% Rome Mines ¢1).. 11" Domn Stores (1.3 s0ld tn 100-share lots exeent those desirmated by letter sk Btock and Bales— vi EIEFEPEE FF +14 o (333 & i ——1931— Hixh. 21 10 27 29% 1097 6a 92 14 294 4419 26 1314 89 10215 5% Low. 21 121 2 3 10 53% 20 21y 167 5 4% 1% 9% 140 Stock and Dividend Rate. Doug Afrcraft(t1%) Dresser M{g A (3%) Dresser M{g B (2) Drug Corp (4). . Dunhill Internatl. Duplan Silk (1). Dupont de Nem ( tman Kodak (18) ton Axle & Spr(1). Elec Auto Lite (4).. Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). ec Pwr&Lt pf (7). ec Storage Bat (4). g Pub Sve (1.60).. P! it OMce Bldg 2 Fairbanks Co pt ctfs, irbanks-Mors irbanks M pf (7).. Fashion Park Asso. . Fed Lt & Trac pf (§) Fed Mines & Smelt. . Fed Mine&Smeltg pf. Fed Wat Sve A(1. Fid Ph Fire In (2. Firestone T& R (1), Firestone T&R pf(6) First Natl 8trs (2%) Fisk Rubbe Fisk Rubber 1st pf.. Fisk Rub 1st pf conv Foster Wheeler (1).. Gen Asphalt (2) Gen Baking (2). Gen Cable pf. Gen Cable (A). Gen Clgar (4). . Gen Electric (1.60).., Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&El A (e30¢) Gen Gas&E cv pf(8) Gen Mills (3). Gen Mills pf (6. Gen Motors (3) Gen Motors pf (5 4 Gen Prtg Ink (2% 12 5% 80's 1% 25'9 17% 1 11 60 T 80 17 81 3 «B2% 19 4 12% 27 ™% 3% 18% 1% 21 45 26 3% 4 % 4 (i A % 91 612 40 2% 251 42 18 105 99 8y 3. 101% 5 18 404 b 18 17% 40 16 15 15% 270% 20 30% Sin 21 15 17 3815 1 133 14% 24% 2 435 2% 3 ;.3 35% 21 1% Ble 18 10 24 9 1684% Gen Public Servicy y&UUL... ity & Utl] pt. Gen Refractories (1) Gen Steel Casting pf. Gen Theatre Equip. . Glllette Saf Razor. .. Glllatte Saf R pf (5). Glidden Co Glidden Co pr pf (7). fobel (Adolf).. .. Gold Dust (2% )..... Goodrich (B F). Goodrich (BF) pt... Goodyear T& R (3). Goodyear 1st pf (7). Graham-Paige...... Granby Con Min (1). Grand Silver Store: Grand (Tnion Grand Unfon Grant (W T) (1) Great Northn pf(4).. Great Northn Ore(2) Great Western Sug.. Great Wn Sug pf (7) Grigsby Grunow.... ates Steel. ... st pf Hahn Dpt St p£(6%) Harb & Walker (1) Hartman Corp (B) Hawaiian Pineapple. Helme (GW) (17)... Hershey Choe (5). Hershey Choc pf (15 Holland Furn (12%) Homestake M ( Houdaille Hershey Househld Fin pf .20 Houston Ofl. ... Houston Oil (new) Howe Sound (2). . Hudson & Man (3%) Hudson Motor (1)... Hupp Motors. ... Tilinois Central indian Refining Indust Rayon (4) Ingersoll Rand (4).. Inland Steel (2). Inspiration Coppe Insur Shr(Md) (40¢). interboro Rap Trans Interlake Iron. In. Agricuiture Int Bus Machine(n6) Int Carriers,Ltd 60c. Int Cement (4) Int Combustion Int Harvester (2% Int Harvester pf (7) Int Hydro ELA (e2) Int Match pf (4 Int Nick of Can (40c Int Paper & Pwr (B) Int Paper & Pwr C... Int Paper & Pwr pf.. Int Printing Ink. ... Int Printg Ink pt (6) Int Rys Cent Am.... int Salt (3).. . Int Shoe 43). Int Silver. . Int Silver pf (7). Int Tel & Tel (1).... Interst DS ptxw (1) Island Creek Coal(4) Investors Equity Jewel Tea (4)....... Johns-Manville (3).. Johns-Man Jones & L Kansas City Southn. ity Sou pf (4). Karstadt (Rudolph). K'mann Dept Strs(1; Kayser (J) & Co (1). Kelly-Spr T 8% Kelsey-Hayes Wheel Kelvinator Corp. ... Kendall Co pf (6)... Kennecott Copper (1) Kinney (G R) Co.... Kresge (S S) (1.60). Kresge (S8) pf (7)., Kreuger & Toll 1.61). Kroger Grocery (1 Lambert Co (3)..... Lehigh Valley Coal.. Leh Val Coal pf (3). Lehigh Valley R R... Lehman Corp (3).... Ligg & Myers B (15) Lily Tulip Cup(1%). Lima Locomot (m2). .Liquid Carbonic Loew's In¢ (3). Loft Inc Loose-Wiles (13). Lorrillard (P) Co. Lou Gas& Louis&> Ludlum Ludlum Steel McAnd & Forbes (2) McCall Corp (2%) .. McKeesport T P (4). Mciiesson & Rob (1) McKes&Rob pf(3%) McLellan Stores. MackTrucks (2). acy (RH)& Co(n3), Magma Copper (1) ManhatElev mod gi Maracaibo Oil Exp 1ne Midld (1.20). mon Motor Car. . Marshall Field (2%) Mathieson Alkill (2) May Dept Strs (2%) Mengel Co.... 5 Mengel Co pf (7) Miami Copper. > id Continent Petm. Midland Steel (3)... Midland Steel pf (8). Minne & Hon Reg (3) Minn Moline Pow... Mo Kan & Texas. ... Mo Kan & Tex pf (1) Missouri Pacific.... Missouri Pac pf (5). Mohawk Carpet. ... Monsanto Chem (1%4) Bales— Add 00. 2 208 1 108 1 1 0) 10318 0). 8 170 6 61508 10815 100% 3 1 4 11 5 5! b 3 Net. . High. Low. Close. Chge. 134 13% 4 131 s | vania and Southern Pacific. 10815 - 100% 147 147 < 39 1 10% 10% 35 9y 27 — (Continued on Page 14.) THE EVENING STAR, WASHINGTON, D. €., FRw.\Y, XN IMINE STOCKS LEAD |STRENGTH OF L. §. INMARKET UPTURN BANKING IS SHOWN| < in Sharp Profit Taking at Opening. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 6.— Influ- | than anything else in the outside news, stocks today pursued a devious course. They opened irregularly lower, were un- der moderate pressure for an hour or s0, and then came back under the leadership of the mining shares. Silver supplanted wheat today as & stimulant to buying in the stock mar- ket. The early reaction in grain, which was to have been expected in view of the extraordinary rec@ht rise brought |sclling in stocks at the start, and the market for & time presented a ragged appearance. Then Wall Street woke up to the fact that there was vast sig- nificance to be attached to the con- tinuing advance in silver. Trading in that metal during the first hour today resulted in price gains of 35 to 90 | points. Sugar Stocks Improve. Sugar stocks were a little better under the leadership of South Porto Rico. Rubbers were supported -on ex- | pectation that the weekly figure would show a large decrease in stocks of crude. The early reaction was most pro- nounced in industrials of the grade of 'U. S. Steel, American Can, Allied Chem- ical and J. I. Case, in a few utilities, among which Consolidated Gas was conspicuous, and in the rails, where N. Y. Central proved especially sensi- tive to selling. Nearly all these stocks recovered at least a part of the loss. Traders at once transferred their at- tention to the silver stocks, meaning for the most part copper issues representing companies that produce silver as an important by-product. Cerro de Pasco is the chief of these and it was out- standingly strong. Other stocks in this group actively bought included Kenne- cott and American Smelting & Re- fining. International Silver was strong be- cause of the large silver inventory it is understood to carry. Aside from that, however, International Silver, with its almost impregnable financial position has been selling at an attractive price regardless of current earnings, which are said to be improving. The first nine months of the year resulted in an operating deficit. One house today estimated nevertheless that, allowing for the preferred stock at par, net quick assets of International Silver were equivalent to $80 a share on the com- | mon. The case of International Silver is | important because there are so many other industrial organizations the mar- ket price of whose stocks makes little allowance for asset e, even when those assets are practically current. Opening Is Lower. ‘The market opened lower in quiet trading. Stocks suffered from neglect, owing to the heavy speculative interest in bonds and commodities, notably wheat and silver. The declines were small and did not represent any great amount of pressure. United States Steel at 677, was off % and this about represented the tone of the market. Active industrials such as Allied Chemical, American Can, Coca Cola, Radio, General Electric, West- inghouse, International Harvester and Sears Roebuck had comparable losses. The mine shares, owing to the heavy activity in metal markets, were firni. American Smelting & Refining was higher at 28'y. International Nickel and Anaconda were unchanged. Railroad shares were heavy. New York Central was freely offered, with few bidders, and the price dropped a point to around 49. Small losses oc- curred in Canadian Pacific, Pennsyl- ‘The oils also lost fractionally, notably Standard Ofl of California and Standard Oil of New Jersey. In the utilities American Telephone and Consolidated Gas lost narrowly. Motor shares were little changed. DIVIDENDS DECLARED NEW YORK, November 6 (#).— Pe- Pay- Hidrs. of Rate. riod. able. record. Extra. ...a3tc 12'3¢ Reduced. s0c ¥ Company. Dresser (8 R) M % 4 Dec. Do. B Dec Nov. 20 Nov. 20 oct. 22 Nov. 5 8ep. Am Pap Goods.. Cabot Mfs rthwestorn Title Ins 0! (Spokane, Wash.). 31 King Philip Mill Nov. Capehart Corp (Ft Wayne. Ind.). ... Nat Sec 'Inveat . Pl . Pittsfield Coal ‘Gas Providence Mtge Northwestern Tr (Phila) Oct. Water Sei i S N'Y State Fire Ins 30c cul Abbotts Dairies Inc 50¢ Do. 1st pf ......31.78 Do. 2nd pf. .. ;.81.35 Am Pap_Goods bf §1.75 Austin Mot Lid (Am, & 000D 00 D F 5 pf Consery Credit’ 8ys. Depos_Ins Shrs A2 Emp G & F 8% DI 6! D t 581 Dock 77 pf. Homestake Mining..65¢c & Bess Ry & Light pf. 3175 Penns Water & Powisc Strom-Carlson Tel Mfg G Do pf oo gl Unit Miik Or ‘Gl A.80c US Dairy Pr CI A.$1.50 t D ] Do. st pf.... Do. 2nd B DOOOOD O X REZZy KRR DOy PARIS BOURSE PRICES, PARIS, November 6 ().—Three per cent rentes, 84 francs 70 centimes; 5 per cent loan, 101 francs 75 centimes. Exchange on London, 95 francs 871; centimes. Phe dollar was quoted at 25 francs 44 centimes. To Holders of— North American Trust Shares Corporate Trust Shares Offer .of Exchange To meet changed condi- tions, a new series of each of these Trusts has been set up and holders are given the opportunity to exchange 0Old series for New. Complete _Information on Request Wugnmln,Bn”v‘vner&Co. Incor 1700 Eye Street N.W. Metropolitan 3860 enced more by commodity fluctuations | States 1931, Prices Retrace Ground Lost|Treasury Data Reveal Un- usual Soundness of Ameri- ‘ean Institutions. BY CHAS. P. SHAEFFER, Associated Press Business Writer. ‘The banking structure of the United shown by figures on file at the Treasury to be not only sound but in a position of unparalleled quick liquidity. While failures continue to occur from time tp time, positive proof is offered that fears for the future financial structure have no foundation in fact. For instance, it is shown that less than 4 per cent of the total deposits of the country have Been affected in the relatively high number of closings during the last year. In addition, this estimate is before making allowance for deposits restored when a total of 202 institutions reopened after a temporary shutdown, New York Banks. The larger city banks, forming the hub of the banking wheel with their possession’ of 40 per cent of the total banking resources of the country, are in excellent shape. The banks in New York City aptly illustratés this point. They had 'on June 30, last cash and assets immediately and fully convert- ible into cash to an amount equivalent to 55 per cent of their net demand and time deposits. Report of conditions for the third quarter of the year has not yet been announced, but it is belleved the percentage has even increased since the last report. On the basis of Federal Reserve Bank gold holdings on October 28, an addi- tional $2,500,000,000 of reserve note circulation could be brought into the market whenever needed. The mem- ber banks themselves could call this credit into use as on last June 30 they held eligible paper amounting to more than $8,500,000,000, including sbout $5,350,000,000 of Government securities. Faith in the country’s financial struc- ture is apparent in cases where strong institutions have - voluntarily come to the assistance of weaker ones, faced with abnormal withdrawals. Formation of the National Credit Corporation is the administration’s gesture toward confidence and liquidity. Rural Institutions. Country banks serving agricultural communities generally are in a state of slow liquidity, due to. their inability to prognosticate future pconomic events, including unparalleled low prices for cotton and wheat. The result has been “frozen assets,” a technical phrase meaning that major proportion of their assets cannot be converted im- mediately into cash without forcing sales. Thus an otherwise solvent in- stitution finds tself unable to meet un- usually large. withdrawal demands, re- sulting in a closing of its doors. CANADIAN PRICES GAIN. OTTAWA, Ontario, November 6 (®). —For the first time since August, 1929, index number of wholesale prices shows an advance, the Dominion Bureau of Statistics reported. The re- rt_ shows a fractional gain from 70.0 n September to 70.4 in October. In August, 1929, the index stood at 98.4. In October 103 quotations were higher, 76 were lower and 324 un- changed. Money on Hand to Loan en First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applicstions JAMES F. SHEA 643 Indiana Ave. N.W. ENTERPRISE SERTAL BUILDING ASSOCIATION 7th St. and Indi Ave. N.W. . 67th Series of Stock Now Open for Subscription 59, INTEREST PAID ON' STOCK Jaries E Connelly, James F. Shea. President Secretary REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applicati invited on high-class poarments vna dvellings"and sariic ess rfl?‘l‘l!l« ‘destre larly on well local or 3, 5 or 10 years, if ational 0475 1 1520 K St. NW. A Profitable I:x’;stment First S o Mortgage DCCUrItIES —secured by ai- YIELD rect First Mort- gage on properties here in the Na- 0 tion's Capital. Let us send you a list of our current offerings. Denominations as low as $100 Monthly Payments if Desired Send for Booklet, ““The Success Plan* REALESTATE MORTGAGE & GIARANTY CORPDRATION 1610 K St. N.W. National 1403 Thousands of homes have been refinanced, pur- chased or built in Wash. ington by the aid of our LOAN PLAN PERHAPS IT _CAN HELP YOU. LET US EXPLAIN IN DETAIL. - - . Open Daily, 9 to § Saturdays Until Noon NAtional 1381 PERMANENT] FIx Cl1 NEW YORK BANK STOCKS NEW YORK, November 6 (#).—Over- the-counter market: America . ase 0 Chat_Phenix Fiblic™ ke Brookm Irving . Manufacturers . New York RESERVE BANK LOANS IN FURTHER DECLINE| Decrease of $58,000,000 in Out- standing Credit Shown for Week Ending November 4. By the Assoclated Press. The daily average volume of Federal Reserve Bank credit outstanding dur- ing the week ending November 4, as reported by the Federal Reserve banks, ‘was $2,174,000,000, a decrease of $58,- 000,000 compared with the preceding week and an increase of $1,149,000,000 AL, *¥% A—13 compared with the corresponding wesl® in 1930. it amounted to $2,109,000,000, & decrease of $102,000,000 for the week. This decrease _corres with _ de- creases of $107,000,000 in Reserve balances and ,000,000 unexpefided capital funds,” non-membe bank deposits, etc., and' increases of $24.000,000 in monetary gold stock an ;000,000 in Treasury currency adj Holdings of . creaséd $15,000,000 at the Federal Re- serve Bank of New York, $7,000,000 at San Francisco and $4,000,000 Rich- mond, and increased $5.000,000 each at Cleveland and Chicago, all Federal Reserve banks showing a decline of $12,000,000. ‘The system’s holdi: of bills bought in open market dec] $83.000.000 and of Treasury certificates and bills, $4,000,000, while holdings of Treasury notes increased $4,000.000 and of United States bonds, $1,000.000. e English, Hebrew and Aramaic are the official languages in Palestine toda; i LOANS We make collateral loans secured by "personal property: monthly pay- ments, lesal rate of interest D. H. MOORE 734 Southern Building Phone National 1596 Money to Loan iing intersst. and commission: * Joseph I. Weller Somshcs Truss| Bids. 95 & F N.W., NORTH AMERICAN TRUST SHARES TWO NCW ISS\]CS Nats 1955 Maximum Accumulation Nats 1956 Maximum Distribution An Attractive Exchange Is Offered for Your Old Shares KNAPP €2 CoO., INC. INVESTMENT SECURITIES Washington Office Shoreham Building 'Phone Metropolitan 1522 Equitable o-'perative ldg. Assn O?IIH 1879 JOHN JOY EDSON, President WALTER S. Subscriptions for the 101st Issue of Stock Being Received 51st YEAR- COMPLETED PRATT, Jr., Secretary J————— o desire to pur- chase a home, refi- nance present indebtedness oI5 3 or improve property, consult us. Applications will receive prompt and courteous attention. Loans Repayable Monthly No Brokerage « . . No Commissions 915 F ST. N.W. IMPORTANT INFORMATION to present holders of NORTH AMERICAN TRUST SHARES Regarding a new MAXIMUM CUMULATION SERIES and setting forth an OFFER OF EXCHANGE Contained in a special circular, a copy of whick may be had on ‘request GRAHAM, PaArRsons & Co. 1422 WALNUT STREET PHILADELPHIA 48 WALL STREET NEW YORK 800 SOUTHERN BUILDING—~WASHINGTON Telephone: District 9310 WE OFFER INVESTMENT For your surplus funds in our 6% FIRST MORTGAGES There is about them, nothing speculative The return is fixed; and the principal amply secured by Over a Third of a Century Without a Loss May be conservatively appraised improved Washington real estate. Excellent for ineome. purchased in amounts from $250 up. B. National 2100 ‘“THERE F.SAUL CO. 925 15th St. N.W. 1S NO SUBSTITUTE .FOR ' SAFETY