Evening Star Newspaper, November 8, 1931, Page 69

FINANCIAL. OIL SHARES SCORE INUPTURN ON CURB Market Absorts Profit Tak- ing'to Close Higher on Day. BY, JOHN L. COOLEY, Associated Press Financial Writer, NEW YORK, November 7.--Oil and specialty shares gave the curb market strong leadership in a vigorous rally today. Utilities were again somewhat hesitant, but the list closed higher de- spite late profit-takingz. Resumption of bullish activity had bee® encouraged by the market’s per- formance yesterday, when a late ad- vance brought fairly liberal gains. Realizing sales were made in some vol- ume during this morning's active two- hour session, but the demand was larger than the supply and prices per- sistently worked higher. Short covering seemed to have been an important factor. In the oil group Gulf was especially active, pushing across 57. It closed just under that fignre for a net gain of more than a point. Humble rose 2 and | Standard of Indiana retained a frac- | tional gain. Singer Manufacturing and A. O. Smith featured the specialties, up 7 or 8 points, although Aluminum of Amer- ica displayed greater activity in its risz above 90. Mead Johnson, Deere, Cord, Newmoni Mining and Ford of Canada “A" were firm to strong. Electric Bond & Share sold about a point higher at the best, but had dif- ficulty holding its rise and was up only nominally at the close. American Gas & Electric, boosted across 50, also re- acted from the top. Consolidated Gas of Baltimore was up 3. WHEAT GAINS LAID TO WAR THREATS i Sonfe Wall Street Observers Believe o 4 Far Eastern Crisis Has Aided Market. BY VICTOR EUBANK Associated Press Financial Writer. NEW YORK, November 7.—“War on | rumors of war” in the Far East, ac- cording to some Wall Street authori- ties, are partly responsible for the re- ¥ cent rise L1 some commodities. But at the same time other finan- ciers, who profess to know their Russia and their Orient, see no major conflict in that part of the world in the near furture, and attribute the bouyancy of wheat, silver and oil to natural, peace- ful and more fundamental causes. | Those cbservers, who hold to the war NEW YORK BANK STOCKS NEW YORK, November 7 (Special).—, Bank and trust shares eased slightly near the close today but many showed net gains. Bankers Trust at 78% was off ¥, Brooklyn Trust 262 off 3, Central Hanover 194 up 4, Chase Na- tional 52% up 3, Chatham-Phenix 334 off V4, Chemica? 373 up 3, Com- mercial 190 off 8, Continental 20 off %, Empire 36 off }5, First National 2500 up 50, Guaranty 361 up 4, Man- hattan 50% up %, Manufacturers 41% up Y, New York Trust 114 off 3, and Public 29% off 15. The following were unchanged: Bank of America 43, National City 67%, Corn Exchange 84 and Irving 25%;. RYE LEADS IN GRAIN MARKET ADVANCES Trading Continues in Large Vol- ume in Chicago Pit—Prices Fairly Steady. Associated Press Market Editor. BY JOHN P. BOUGLIAN, CHICAGO, November 7.—Rye outdid all other grains today, soaring almost 4 cents a bushel on assertions that Ger- many had bought all the rye available in European continental ports. It was furthermore announced that Germany had purchased big quantities of Ca- nadian rye, and that Russian rye quo- tations had jumped 10 cents a bushel this week. It was a drawn battle in the other cereals today, prices finishing almost the same as yesterday after tempestuous fluctuations and augmented volume of trading. ‘The rise in grain prices on the Chi- cago market from the*season’s low and the extraordinary gains of the last week are shown in the follcwing figures: F Close to December w] May wheat 20 ecember rye .. 36' g Grain price ranges for today: 1581 oia INSURANCE STOCKS NEW YORK, November 7 (#).—Over- the-counter market: Aetna Cas & 8 theory, cite the vigorous unturn of com- | Ann modity prices just preceding the cata- clysm of 1914. They point out that the precent action of wheat, in particular, is somewhat similar to the pre-war | market movement. It is argued that| Russia, one of the world's greatest pro- | G ducers of wheat and oil, would be un- able to export these commodities if she | e were engaged in a war. ‘These theories, however, are given | little serious attention by others in Wall Street who believe they are familiar with the Far East and Russia and say|s they can visualize the situation which now confronts the Japanese, Chinese and Muscovites. “It is true,” said one observer, “that a large war is perfectly possible in Manchurai, China and Eastern Asia. But, judging from existing conditions, it dces mot seem probable. “The Japanese are in control in Manchuria and it is not likely that the ga Chinese can drive them out until the guarantees demanded by Tokio con- cerning the safety of life and property are given. There can be no Sino-Jap- anese War, as we understand war. The Chinese are not equipped for such a conflict with their strong military neighbor.” HOW IS B Travelers EARNINGS REPORTED. NEW YORK, November 7 (#)—Per share earnings of coporations re- porting this week, with comparisons with last year include: Nine months. September 30. 1931 193). hesapeake Corpor S n 7 1 1090 T8 L & Tel Prairie Pive Line months. September’ American Water Works & USINESS? Showing Current Business Activity Compared With Same Week a Year Ago. GENERAL BUSINESS ACTIVITY for the cou York City. Shaded areas show weeks of actl previous year. Black areas indicate declines ntry indicated by Bank Debits of ivity above the corresponding weeks of the from same weeks 12 months ear! ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week a year ago. oston | New York | Philadelphia | % % | = i Cleyeland ' Richmond Atlanta 31.9% | —19.6% —23.8% - Louis | Minneapolis | L% | —26.2% T I Kansas City | Dallas |8. Francisco | --30.2% | _—13.3% | e | LEADING BAROMETERS. Showing Trend of Business In dollars (checks cashed).. Employment (Department of Labor) ‘Wages (Department of Labor).... Cost of living (Industrial Cenference Board). ‘Wholesale prices (Fisher’s Index).... Agricultural prices (Department of Agricuiture) Movement of goods (car loadings) Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) Failures (Dun’s).... Stock market volume (shares traded). (AIl rights reserved, Camb: STOCK AND BOND important factors. Change Present trend. from Seat ake. Downward Downward Downward Steady Steady Steady Downward Downward Downward Downward Downward Downward Downward ridge Associates, Boston.) AVERAGES By the Associated Press. SATURDAY, NOVEMBER 7. STOCKS. 50 Industrials. Today. . . «.. 889 Previous day . Week ago. Month ago Year ago Three years ago Five years ago. High, 1931. Low, 1931. High, 1930. Low, 1930. High, 1929. Low, 1929. THE SUNDAY . Stock and dividend. Aero Supply Mfg B) Alnsworth Mfg. Alexander Indust. Allegheny Gas Corp. Allied Mills Inc. . Aluminum Co of Am Alum Co Am pf ¢6) Alum G'ds M (1.20)..... Aluminum Co Ltd Aluminum, Ltd (B) war. Aluminum, Ltd (") war. Amer Austin Car Am Bakeries pf (7). Am Beverage Corp. Am Rrit & Cont. Am Capital (A) Am Capital (B) Am Capital pr of (5%) Am City P&Lt (A) (a3 Am Clt Po&Lt B(b10%) . Am Fmwith P A(b10%.) Am Com Pwr 1st pf A(7) Am Corpn (f30c).. Am Cyanamid (B). Am Equities Am ForPwr war.... Am Founders Am Gas & Elec Am Gas & El pf 16) Am Hardware (4). Am Investment Inc (B). Am Inv Inc, war. . AmLt & Ti 2%).enn Am Mfg Co pf (5). Am Mrracaibo. Am Natural Gi Am Stat Pub Svi Am Superpower (p40c) Am Sunernwr 1st pf(6) Am Utl1&Gen (B)vte Am Yvette To (25 Anchor Post Fence Anglo-Chilean Nit. Appalachian Gas. Appalachian Gas wr.... Arcturus Radio Tub. Ark Nat Gas. .. Ark NatGasA.... Ark N G em pf (80¢) Arkansas Pwr&Lt pf(7) Armstrong Cork (1)... Art Metal Wks(b8%). Assoc Elec Ind (30¢).. Asso G&F A (b2-25). Asso Gas&El all et Assoc G & El war Asso Gas&El pur Asso Tel Util (h89%) Atlantic Fruit & Su Atlantic Tohos. .. Atlas Utflities(war). Auto VM v pr pt(2). Baumann (L) of (T).... Rell Te! of Can (8). Benefical TL (1%) Bickford's. Ine (1.20) Bickford In~pf (2%) Blue Ridge Corp. Elue Ridge cv pf (a Blumenthal (S) _...... Bohack (H C) (4) . Bohack (HC) 1st pf (7). BourJois, Inc (50¢) Brazillan Trac Lt&P(1). Bridgeport Mach (25¢).. British-Am Oil C (80¢) Brit Cel Ltd rets. . Ruffalo. N&EP pf(1.60) Buff Niag&EP 18t nf(5). Bunker Hill & Sullivan Burco Ine . Ruren Ine war. . Y Burma Ltd rets t27 3-5e. 4 Cable Radlo Tub vt Canadian Mareoni. Carnegia Metals. ..... Carrier Corporation. Cent Ind Pwr pf (7). Cent Pub Sve. Del...... Cent Pub Sve(A) (b5%). Cent&Sowst Util pf (7). Cent States EI (b10%). Cent West PS Aal% Centrifugal Pipe (60¢). 4 Chain Stor Development Chain Stores Stock..... Citfes Service(g30c). Citles Service of (8) . Citles S Pr& Lt pf (7). Claude Neon Lights.Inc. Clev Elee Illum (1 60).. Colombia Syndicate. ... Colon Ofl. . ... . Columhia Ofl & Gas vte. Colum Pic v.te. (f75¢).. Comwlth Edizon (8).... Comwlith & Sou (war).. Com Wat Ser (g12%¢). Consolidated Copper. Consol Gas Balto (3. Consol Gas Util A(2.20 Consol Min&Sm (£2%) Consol Retail Stores Contl Chicago Corp. Cont Shares conv pf Cont Shares pf (B)..... Cooper Bessemer....... Cooper Bessemer pf (A) Cord Corp Corp Secur of Chi (b8%) Corroon & Revnolds .. Corroon & Rey pf (A). Cosden Of) ... Creole Petrolen Cresson Consol (4¢). Crocker Wheeler. Crown Cork Intl (A). Cumberland PL (2).... Cuneo Press (2%) Cueno Press pf ww (6%) 4+ Curtiss Wright war. Cusi Mex Mining. ... Darby Petroleum. 4 Dayton Aifplane & Eng. Deere & Co. De Forest Dow Chemical (2) Driver Harris (ne Dubllier C & Radlo. Duke Pow (5).... Duquesne Gas Corp. Durham Duplex pr pf. . Durant Motors. . . East G & Fuel Asso. 5 East G & F1As pf(6). East States Pwr (B). Eastern Util Asso(2 Eastern Ut{l Assocv.... Edison El of Bos(13.60). Eisler Electric COrp. ... Elec Bond & Sh (b6%) .. Elec Bond&Sh cu pf (5) El Bond & Sh pf (6).... Elec Pow As80 (1).... Elec Pow Asso A (1)... CIP& Lopt war....... Elec Shareholdg (b6%) . Elec Shareholdg pf(a6). Emp Corp cv pf (23).... Empire Gas&F cm pf(7) Empt S&F em nf(8) Empire Pub Sve (A).... Employ Reinsur (11.80). Europe Elec, Ltd A(60c) Euro Elec. Ltd deb rt Evans Wall Lead. Fairchild Aviation. Fedders Mfg Co (A).... Federgted Cap cum pf.. Federated Metal Flat rcts (94%c Flintkote Co (A). Florida P & L pf( 1% Foltis-Fischer Corp Ford M Can A (1.20). 4% Ford Mot France 37%¢.. 5% Ford Mot Ltd (36 3-5¢) .. % Foremost DairyProd... 1% Foundation Fer Shs.... 1% Fox TheatersCl 1% Franklin Mfg Co. 9 Garlock Packing (1.20) 2% General Aviation.... Gen El Ltd rcts 36 12% Gen Empire Corp (1) 20% Gen Gas&El cv pf B (! STAR, WASHINGTON, D. C, NOVEMBER 8, 1931—PART SIX. High. 1% 8% 25 1% L4+ + 44+l + 1% Gen Theat Equip cv pf. o - L bttt s28752 2Rayps®eFEF LEFEIL mmor s L4444 +1 FEER-F £F FEF 25 +lil+ + I IR N oy 2L £ PEEZ L+++ +++4 1+ 4+ 3 o0 % 4+ PEFEE ¥F + +1+10 Fh I E P P EFFEFER - 2 #%s2% 223 + Hl+++ man FE I+ 1 4444 ++ 1 [ +++4+4+4+014+4 +1 ) © i (S5 S Af am ~—1031.—y High. % 28% 2 4% 17 2% H 29 Stock_and dividene % Helena Rubinstein. 8% Hollinger Gold (86c . Il Pwr & Lt Dt (6)... 70 7% Imp Ofl of Can (50¢) . 7% Imp Ofl of Can reg (50¢) 7% Imp Tob Can (35€)...... 5% Indiana Pipe Lfne (1)... 5% Indian Ter Illu Ofl A. 5% Ind Terr Illu O] (B).... Insull Inv (b6%)..0uuee 7 27 Insull Util 24 pf(6). . Ins Co of No Am (12%). Insurance Security. 4 Intercont Pete new Int Cigar Mach (2% Intl Holding & In: Intl Petroleum 1 Int Safety Razor ( Int Superp (11.10). . Internatl Utflities ¢ Internatl Utilities(war) Power pf (7). ron Cap Copper.. . rving Alr.Chute (1). Italian Superpowr A. Ital Superpower war. Jersey Cent P&Lt pf(7). Jonas & N cum pf. Kerr Lake. King's Co. Lt. p Kleinert (1 B) Rubber. Kolster-BriAm shs).... Kress (SH) sp df (60c). Lackawanna mec (4). Lake Shore M (12.80)... Lakey Fdry & Machn. Land Co of Florid: Lefcourt Realty 1.60. LefcourtRIty nf(3 3 Lehigh Coal&Nav(1.20). Leonard Of1. Libby McNelll Lone Star Gas n (8 Long Island Lt (60c) 1 Louisiana Lan & Ex.... LaP&Lpf(6)... % MaedalenaSvyndieate Mangel Stores pf. . Mapes Cons Mfg(t4)... Margay...... Mass Uti] Ass Massey-Harris Mavis Bottling (A Mead Johnson (5). Memph N G Co (60c Mercantile Stores(1 M P MidStaPet vte B, .. Mid West Sts Ut(b8%) . Mid West Util (b8%)... MidWest Ut ov pf(6), .. Midland Steel Prod (2).. Mining Corp of Can. Mo-Kan Pipe Line. . Mo-Kan & Pipe Line (B) Moh Hud P 1st pf(7), Moh Hud P 24 pf(1) Mohawk Mining (1). Moodv's 1S ot pf (3). Moore Ltd pf B (7). 3foss Gold Mines. Mountain Produet Mount 8t Pow pf(7) Nat Amer C>..... Nationel Aviation Nat Bd & § Corp (1) Nat Elec Power A(1.80). Nat Familv Storé = t Fuel Gas (1) Nat Pyb Sve of (7). Nat Rubber Mach. .. Nat Service Co. Nat Sh Term Sec A $60e. Natl Steel (war)....... Natl §tl Car., Ltd (2). Nat Supar N J (2) Nat Toll Bridge (A) Natl Transit (1) Nehel (O¢car). Neptune Moter A(2) Nevada-Callf Flectric % New Bradford Ofl. ... New Fine Pow nf ¢ New Jersev Zine(43). New Mex & Ariz Land Newmont Mining. NY Hambnre (241, N Y & Hond Ros (1) N Y Power & Lt pf (6). N'Y Shipbldg Corp N Y Steam new (. N Y Tel of (A%) N Y Transit (480¢) Niag.-H. Power (40¢) Niaz.-H Pwr A war, Niag Hud Pwr (B) Niag Shares MA (4fe)... Niles-Rement-.Pond (1) Ninfssin~. . i Nitrate Corp Chile (B) Nordon Corn T.td. . Nor Am Aviation A w Nor Central Texas. ... Ner Buronsan Ofl Carp. Nor Tnd Pub Sve nf(6).. Nor Pipe Line (t4). . North Stat Pwr A (8) Nor Stater Pwr pf (6 North 8 Pow of (7). Northw Yeast Co 12). Oh1o CODDer. . ... 0 qum Ohio O#1 v (cu)pf (6). Oflstocks Ltd (A). Outboard Not (A).. Overseas Sec.... PacG & Epf1.37%. PacG&E1stnf (1% Pac Western OI1. Pan Am Alrways Pandem O Pantenac Ofl. Parke Davis (41,65 Parker Rust Pr (3) Pender (1) Gr A, (314), Pender (1) Grocerv B. . Pennroad Corn (40c) Penna Pwr & Lt pf (1) Penn Wat & Pwr (3) Peoples Lt & Pwr (A). Perryman Electric. Petrol Corp war. Phila Co new(+1.40) Philip Marris Tne. Phoenix Secur Cor Phoenix S C pf (3) Plerce Governor. Pilot Radio Tuhe Pitney Bowes P (h4%).. Pigtaheh & Lake E(+10). Piftsbeh Plate Glass(2). Plvmouth Of1 (25¢). Polymet Mfe. ... Premier Gold (12c) Prod Roalty (b10%) Prudential Tnv ... Publie 771 Hold war. Pub Util Hold Corp xw.. Puget Sd P & Lt pf (5).. Pure Of1 pf (6)....00e % QR S-De Vry.. Quaker Oats pf 6). Quincy Mining. . Railroad Shares(40c Railway & Lt Secur (f! Reiter-Foster. Reliable Stor: Reliance Int Corp(B). Mahaeement. . R'kland Lt & P (90¢) Roosavelt Fisld Tne Rossia Int Corp (10¢). Ruberold Co (... Ryan Consolidated St Antony Gold St Regis Paper Salt Creek Consol. Salt Creek Prod (1). Seaboard Util (28¢). 3 B B S R AE T T T FEELE L F b LI+ I+ F 1+ttt [+ 4+ 444444+ +44+ +4 +++ LI+ 14+4+ 11 4444+ 44 +4 tHetd F LI+ 4+ E$d & + o & +1 © ses"F s [ - RERELR P S «”Es reFfe - * oY w5 srs weresfeeeile Ty wx e L e e s 0000 £ FF FFEEL F O I £ LT LT T R Fe sweF 23 - - Ceie prses Fas - & ) - s B A e R oy +1 ®FRFE FE R + - - Stock and dividend. So West Gas Util Spanish & Gen (B Stand Oil Nebr (2).... . Stand Ol Ohto(23). Stand Oil of Ohlo pt (5) - Stand Pwr & Lt (2). .. Stan Pow & Lt pf(7) Stand Stlver & Lead. Starrett Coro. . ., Starrett Corp pf (3).... §t1Co of Can Ltd(1.75) Stein Cosmetics Ine. Stroock & Co Stutz Motor Car Sunray Oil.. Swan Finch Ofl. Switt & Co new (2) Swift Internatl (14) Swiss Amer El pf(6) Taggart Corporation Tampa Electric ¢ 32). 2% Technicolor Inc. .. 4 Teck Hughes G M(165¢) . 4 “Texon Ol & Land (1) 15% Thermcid Co cum pf 14% Tobacco&Allied Stks. . . % Tobacco Prod Exp (10¢). 28% Todd Shipyard (4)...... & Tonopah Eelmont. 3% Trans Alr Trans, 1% Trans Lux DL P 8. 5% Triplex Safety Glass. . 1 Tri-contin'l Corp war. 3% Tri-Utilities, ., 2% Tublze Chatel, B. Tung Sol Lamp ( Unzerlelder Fin Corp Unit Amier Utilities. , 5% Un Gas of Canada (1) 11% Union Oil Assoe (2). 3% Unit Car Fast (40c) 3% Unit Corp war. 2 Unit Founders 2% Utd Gas Corpn. 4% % Unit Gas Corp war. High. Scuthland Royalty(z0c) _ 4% 3% Sou West Bell Tel p£(7). 117% ll'l’“ 1% % 26% % ). 23% Stand Ofl of Ky (1.60)... 17% 25 I+11+4 +11 FE OEEFFRF F2F +4 Stock United Gas pf (7). Utd Light & Pwr A Utd Light & Pwr pf (). Unit Milk Prod. United Profit Sharinz. .. Unit Shoe Mach (13%).. U S Elec Power ww. U S Elec Pwr (war). U 8§ Foll Co B (50¢). U S Inter Sec 1st pf. U S Lines pf U S Playing Card (24).. Unit Stores v.t. cee Unit Verde Exten (1). Utah Pwr&Lt ot (1), Utica G&Elee pf (7). Util Pwr&Lt (at1.02%). Ut P&L B(at1.02%).... Utility Pow & Lt pf (7). Utility & Ind... Ut & Ind pf (1%). Utliity Equities.. Van Camp Pack.. Venezuela Petroleum. Vick Financial (30c) % Wahl Co. alzreen Co Walker (H) (50¢c). Walker Mining. . Watson (JW) Co. Wayne Pump pf (5) Wenden Cooper. W Va Coal & Coke. ‘Western Air Expre West Mass Co (2%) Western Power pt (7 Western T& S. . Williams R C (70¢ Wil-low Cafe pf (4). Wilson Jones. .. Woolworth (FW) Ltd “Y~ Ol &Gas........ RIGHTS—EXPIRE W 1% 1% Elec Pow & Light Nov 10 Dividend rates in dollars based on last quarterly or semi- nnual payment. °*Ex-dividend. tPartly extra. iPlus 4% in stock. Payable in cash or stock. b Payable in stock. e Adjustment divi- nd. {Plus 5% in stock. gPlus 6% in stock. hPlus 1% in stock. JPlus 2% in stock. kPlus i0% in stock. m Plus 3% in stock. nPlus 8% in stock. D Paid last year—no regular rate. §r and dividend. | 444++ ++4+ » 0. a FEESRR F&E 1+ e 55 ¥ 2 FCEAEY e L R I I R - R ERRE Fre P ) 5 23R F 1% = ADVANCE IN STOCK MARKET FOLLOWS COMMODITIES GAIN (Continued From First Page.). ceptances have been quoted fractionally lower. This, and the absence of any further advance in the rediscount rate of the Federal Reserve Banks, has much improved the status of Government and municipal bo;'ldsh‘h has du]sn influenced & recovery in high-grade corporation lssues. The benefit of this, and with it the rally in second and third grade rail- road mortgages and in foreign obliga- tions, to the banks suffering from a depreciation in their securities, has been | g substantial. This week the monetary gold stock of the United States showed the first increase since England suspended gold payments last September. The specu- lators abroad who sold the dollar “short” have learned a lesson they will not soon forget. The ratio of re- serve of the Federal Reserve Banks is slowly rising, while the reduction in | brokers' lJoans and in “street loans” continues, and in the latter represents | a shrinkage of more than 90 per cent compared with September 30, 1929. | Wall Street is in the most uncomfort- | able condition of liquidity that it has | been in its history, for when its loans fall as near to zero as they are today it means that earnings on the capital of stock exchange houses a: - ering rents. ge 'S are not cov. Stocks Break Out of Rat. For the greater part of the week the stock market was a colorless affair, sympathizing little with the rise in commodities and obviously finding much resistance whenever it approached the high average reached on October 24 and representing a recovery of nearly 25 per cent from the low point of Oc- tober 5. The indisposition among rail- road securities mainly accounted for this. When at the end of the week va- rious industrial groups began to emerge and to reflect the confidence created by the advance in commodities the entire market aspect changed and higher prices were reached. Looking back to & month ago. even the consistent bear must admit that much improvement in the surroundings of the stock market has, meanwhile, taken place. As the clouds here slowly break away there is no evidence that condi- tions are better in Germany: plenty of proof that they are much worse in the Far East. Germany will meet her im- mediate dollar cbligations on her for- eign indebtedness. In fact, it is un- derstood that the interest to cover the December coupon on the 51; per cent Young loan is already in hand. The situation with respect to bank loans coming due in New York within three weeks is a source of anxiety. At the same time the delay in beginning nego- tiations into which Germany' and France must soon enter if they are to prevent another credit collapse next % year is difficult to understand. ELECTRICITY OUTPUT. By the Associated Press. Production of electricity by the elec- tric light and power industry of the country during the week ended Octo- ber 31 was calculated by the National Electric Light Association at 1,651,792,- 000 kilowatt hours, a decrease of 5.1 per cent over last year. The Atlantic seaboard showed a de- crease of 1.3 per cent, with New Eng- land contributing an increase of 23 per_cent. The central industrial region, out- lined by Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee, registered, as & whole, a decrease of 9.5 per cent, while the Chicago district alone showed a decrease of 4.6 per cent. The Pa- cific coast reported a decline of 3.7 per cent. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and . Prompt Replies to Applicstions JAMES F. SHEA 643 Indiana Ave. N.W. S MARYLAND CREDIT CHIEF IS’ LEADER IN BANKING Charles E. Relman, president of the Western National Bank of Baltimore and chairman o1 the Loan Committee of the Maryland unit of the National Credit Corporation, was born in Bal- timore December 4. 1870, a son of the late Joseph H. and Anne Lowe Rieman. His great-grandfather, Daniel Rieman, settled here in 1735. Mr. Rieman wac educated in private schools and at Princeton University, where he received his bachelor of ats degree in 1892. He entered the banking business as runner for the Commercial and Farm- National Bank when he was 21 and 11 years later became president. There was an interlude in his con- nection with tne bank when he entered the firm of Honry Rieman” & Sons, founded by his giandfather, and at the time controlled by his father. Mr. Rieman was made_president of the Commercial Bank in 1903. Three years later he was named ‘o the Western Nationai Bank presidency, which post he held ever sinco. Mr. Rieman is a director of the Fed- eral Peserve Bank of Richmond and head of Henry Rieman & Sons, broke: He also is a vice president and Exect tive Committee member of the Balti- more Clearing Hcuse and was a mem- ber of the 3tate Drought Committec appointed by Gev. Ritchie in 1930. He is a Democrat and during the World War served on the Governor's State Preparedness Committee and on the Natlonal Dei2nse Council. ana Farmers National PENNEY SALES OFF. NEW YORK, November 7 (Special).— Gross sales for October of the J. C. Penney Co. were $17,968,473, against October, 1930, sales of $19,881,040, & loss for the month of 9.62%, or $l- 912,567. Cumulative gross sales from January 1 to Octobor 31, 1931, in- clusive, were $135936,515, against S}SO%gG,‘lGB, a gross loss to October 31 of % Is ¥ 1st, E?AN‘E Trust Due? MR. FRIEDMAN 416 _5th St. N.W.. Room 707. NAT. 4519 Money to Loan Seeured by first deed of t: Frevaliing dnterest and commusiont ™' Joseph 1. Weller g rsa ;4 T LOANS We make collateral loans secured by stocks, bonds. first-mortgage notes or other "personal property: monthly pay- ments, legal rate of interest. D. H. MOORE 734 Southern Building Phone National 1596 MR. INVESTOR e “SCIENTIFIC RESEARCH” Free booklet sent on request. BERNARD P. NIMRO & CO. Investment Hill Building « «_. Securities 17th & Eye Sts. NW. ~ atl. 9733, NORTH AMERICAN TRUST SHARES Two New Issues Nats 1955 Maximum Accumulation Nats 1956 Maximum Distribution An Attractive Exchange Is Offered for Your Old Shares KNAPP €2 Co., INC. INVESTMENT SECURITIES \ Washington Office Shoreham Building ’Phone Metropolitan 1522 o Money Avail lable for Mortgage Loans i E are prepared to make FIRST TRUST LOANS (new or refinancing) on approved ap- plications for apartment house, office building, residential or business properties—located in Wash- ington, or nearby Marylard or Virginia. You can count upon prompt consideration—and with ample funds available when the applica- tion is accepted. Loans made for 3, 5 and 10-year periods at................ 5]/2% RANDALL H. HAGNER & GOMPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 . L -‘Efl]fi!wmf’w'\FW@-W*HMW* FIRST MORTGAGES IF YOU ARE A TRUSTEE you will have the court’s approval for the investment of trust funds in First Mortgages. Our 6% FIRST MORTGAGES pay this Over a Third of a Century Without a liberal change throughout the term of the loan—with principal conservatively appraised improved ‘Washington real estate. interest without secured by May be purchased in amounts Loss from $250 up. o 24 Glen Alden Coal (4).. Two years ago. Three years ago High, 1931. Low, 1931. High, 1930, Low, 193 Low, 1929, (Copyright, 1931, Standard Statistics Co.) 5% Gl obe Underwr (16¢). # Golden Center. .... % Goldfield Cunsolidat... Goldman Sachs T C. Gorham, Inc A)....eeee Gotham KnitbacMch. .. Graymur Corp (1)...... Great Atl&Pac Tea 16%. Grt A&P Tea pf (1) Grier Stores pf. Groc Strs Prod V.*.C..+s Gulf Of] of Pa (1%). Hamilton Gas v.t.c. Happiness Candy. Hartford Elec Ltd(2%)« Haz Atlas Glass (13%) Hazeltine Corp (1).+ 8% 10% i3 20 177 121% 8 % 62 43 9 Hocla Mining (40c)anses — 8% P+t +4+ + L4+t 1+ EV% #x exsxFss Selected Tndustri: Sel Indus allot ctfs (5%) Sentry Saftey Control. . Shattuck Den Min. Shenandnah CArD. Shenandoah Corp pf. Sillea Gelot ., .. Singer Mfg Co (116) Smith (A 0) ().... South Am Gold&Plat. South Penn Ofl (1) 8o Cal Edisof (B) Sou Cal Ed pf C(1%) Colorado PwA (3 17 % SouthernNat Gas. . 9 . Sou Pipe Line (3) cssxtemd 14 4+ 41444 F OEFRLEE T - BB SAUL. oo 925 15th St. NW. National 2100