Evening Star Newspaper, November 20, 1931, Page 13

FINANCIAL. - NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. POPE TAKES HELM FORD. C. BANKERS Munsey Trust Co. Official Assumes Duties of Late Edward J. McQuade. b o BY EDWARD C. STONE. C. H. Pope, first vice president of the District Bankers' Association, was sud- ¢rnly called upon today to assume charge of the affairs of the local as- sociation, following the tragic death in Baltimore late yesterday of Edward J. McQuade, this year's president of the association and also president of the Liberty National Bank. Mr. Pape, who is vice president of the Munsey Trust Co., announced today that a meeting of the council of ad- ministration of the association had been called for 4 o'clock this afternoon at which time the bearing of Mr. Mc- Quade’s death on the program for the present year was to be carefully con- sidered. All the standing committees for the year were named several months ago and the work has been moving along smoothly and successfully. Upon Vice President Pope’s shoulders today fell the duty of appointing a committee_of local bankers to attend the funeral and to name a special com- mittee to prepare suitable resolutions on the passifig of one of the organization's most esteemed members. Only a few days ago M»p, McQuade was called upon 1o name a similar committee following the death of John B. Larner, president of the Washington Loan & Trust Co. of Joseph Schiavone, president of the International Exchange Bank. Bankers Praise Deceased Official. Most generous tributes were paid the memory of Mr. McQuade by all his banker friends in the financial district today. His ability as a banker, his great energy in climbing the ladder of suc- cess, his unstinted efforts in behalf of the bankers’ association and the local chapter of the American Institute of Banking, and his strong personality were all mentioned by those who knew him best! He did an amazing amount of work One of the best examples of his excep- tional ambition and penchant for work is the fact that he was 50 ycars old When he started the study of law be- cause he felt it would be such a help to him in the banking field. He com- pieted his law course, took his degree, became & member of the District bar and a first-class trust officer in his bank. Bankers today commented on the ex- cellent condition of the Liberty Bank, as shown by the controller’s last call on September 24. The statement printed after the call showed an unusually liquid | position. An Experienced Banker. Mr; McQuade was & thoroughly train- ‘ed banker, who was always studying the Jatest. progressive moves in bank man- agement, as well as conservative policies of investment. Of_particular value to the District Bankers’ Association was . Mc- Quade’s work as chairman for several vears'.of the Committee on Standard- ized Forms. He made an intensely close study of this problem and gave the other:bankers of the city the full bene- fit of his findings. All his committee Teports were complete to the last word. ‘The Liberty National Bank is now in charge of M. F. Calnan, vice presi- dent ‘and cashier who has been with the imistitution for years. One of the largest stockholders in the bank is James O'Donnell, best known in Wash- ington as the owner of many drug stores. Mr. McQuade was associated with the late George O. Walson in the Tou g of the Liberty Bank and had been gwith it ever since, being made president last April on the death of Mr. ‘Walson. Many bankers visited the bank today #nd extended sympathy to officials and directors. Few bankers in the District had - more friend: The late 1. A. Fleming once said: “I love Ed McQuade @s much as I do my own son.” Special Committee Appointed. C. H. Pope, for the Bankers’ Associa- tion, appointed a committee this noon to draft suitable resolutions on Mr, McQuade's death. - The committee in- cludes Thomas' M. Littlepage, counsel and a director in the Liberty Bank, chairman; Howard Moran, vice presi- dent, American Security & Trust Co., and M. F. Calpan. The resolutions will be adopted at. the special meeting of the association called for next Mon- day to act on similar tributes to Messrs. Larner and Sechiavone. Out_of respect to Mr. McQuade's memory, Washington Chapter, Ameri- can Imstitute of Banking, canceled the card party set for tonight at the Wil- lard Hotel. Today's Trading on Exchange. Potomac Electric Power 6 per cent referred sold at 1101, ex-dividend on he Washington Exchange today. At the same time Potomac Electric’ Power 6 per cent bonds moved at 107%;. Several othér small transactions were recorded during the session in both stocks and bonds. Capital Traction 5s moved at 71. Mergenthaler Linotype sold at 63 in two tiny lots. Close study of the Mergenthaler Linotype report shows an exceptionally strong financial position, considerable favorable comment being heard among brokers. C. & O. Reports Earnings. The report of Chesapeake & Ohio Railway Co. for 10 months ended October 31, 1931, shows net income of $24,237,333 after taxes, charges anc sinking fund appropriations, equivalent after allowing for dividend requirements on 615 per cent preferred stock, to $3.16 a share (par $25) on 7,651,281 shares of common stock. This compares with $28,851,634 or $3.77 a share on 7,654,704 commen shares in first 10 months of 1930 October net income was $3,115291 after taxes, charges and sinking fund appropriations, against $3,803.377 in October, last year. STUDY OF CdMPARATIVE EARNINGS SUGGESTED Epecial Disps .0 The Star NEW YORK November 20.—At no time in the last 10 years has a com-‘ parative study of earnings statements proved more important or valuable than at the present gime in the making of estor's commitments, according to Chase Harris Forbes Corporation, which has published a tabulation of 49 public utility companies as a commentary on presenit-day bond values and yields. Earnings reparts of nine of these com- panies. are offered as typical to illus- trate ratios of net income to fixed charges, while in the case of each of 49 companies the extent of the lines in their bonds from the 1931 ighs, yield to maturity, coupon rates, etc, are given On' the theory that comparative carn- ings statements over an extended period should be made the basis for bond in- vesting at this time, the corporation draws attention to the fact that in many instances the:imcogne Teports compare very favorably with those issued by the same Gompanies in 1928 and 1929, and that in other instances the earnings are scveral times in excess of the fixed charges, thus indicating the consistent earnings protecting such bonds and the inconsistency of the low prices at which such bonds are now selling. CLEARING HOUSE FIGURES. Washington Clearing House figures for today, $3,928,645.20. SILVER QUOTATIONS. NEW YORK, November 20 (#).—Bar wliver quiet and Js higher at 30 Y%. Stocks 93— High 4% 52 2815 92 231 23% 1% 20 100% 10% 204 314 4810 60 1084 11% 8tock and Low. _ Dividend Rate. 214 Abitibi Pwr & Paper, 5 Abitibl Pwr&Pap pf. 7 Adams Express (1).. 72% Adams Exp pf (5) 2214 Adams Millis (2). 10 Addressograph (1).. 2 Adv Rumley... 16% AfMliated Prod 1.60. . 52 Alr Reduction(t4%). 1% Airway Elec Appl... 7 Alaska Juneau (40c) 314 Allegany COrp...... 7% Alleg Cp pf $30 Amerada Corp (2) 514 Am Agri Chem(Del), 17% Am Bank Note (13). 51. Am Bank Note pf (3) 4 Am Beet Sugar pf... 21 Am Brake Shoe(2.40. 9214 Am Brake Sh pf (7). 71% Am Can Co (15)..... 9 Am Car& Fdry (1).. 31% Am Chicle (13). 5 Am Comel Alcohol 10% Am & For Power. 46'% Am & For Pwr pf(1). 24 Am & For Pwr 2d pf. 37 Am Home Prod 4.20. 10% Am Jce (2).. 6 Am International 15 Am La France&Fom. 59 Am Lc'motive pf (1) Am Mch & Fdy 1.40 Am Metal Co. . Am Metals pf. S 1'% Am Natural Gas pf.. 1415 Am Pwr & Lt (1) 60 Am Pwr & Lt vf (6). 7 Am Radiator (60c).. 2 Am Republie: 10 Am Rolling Mill 27 Am Safety Razor (5) 2 Am Seating... . % Am Ship & Com. ... 19% Am Smitg&Ref (1%) 9815 Am Sm & Ref pf (7). 7% Am Steel Foundry 36 Am Stores (t23). 33% Am Sugar Ref (5). .. 90 ' Am Sugar Ref pf (1) 4% Am Sumatra Tob. 201% 12134 Am Tel & Telex (9).. 128% 132% 132 80% 79 1% 40 22 157% 102 195 19% 23 18% 24 21% 8% 71% Am Tobacco (16) 74% Am Tobacco B (16). 112 Am Tobacco pf (6).. 23% Am Water Wks (3).. 22 Am Wat Wkscfs(3). 3% Am Woolen Co. . 20 Am Woolen Co pf... 12% Anaconda Copper. 12 Anaconda Wire & C. 13 Anchor Cap (2.40)... 75 Anchor Cap pf (6%%). R Archer-Danfels (1)..x 20 Armour of Del pf (7) 1 Armour of Ill (A)... 1% Armour of Il (B 6 Armour of Ill pf 9% Art Metal (80c). 3% Associated Apparel. 9% Associated Dry G(1) 971 Atch To&S Fe (10).. 47% Atl Coast Line (4).. 9% Atlantic Refining (1). 5 Atlas Stores (1) P 84% Auburn Auto (£4)... 2% Aviation Corp (Del) 6% dwin Locomot! 36 Baldwin Loco pf (7). 28 Balto& Ohio 4)...... 45 Balto & Ohlo pf (4).. 26 Bang & Aroos (3%).. 1% Barker Bros........ 4% Barnsdall Corp'n. ... 19% Bayuk Cigar (3).... 37 Beatrice Cream (4). 931 Beatrice Crm pf(7).. 371 Beech-Nut Pkg (3).. 1% Belding-Hemingway. 621 Belg N R pt pt t4.81. 12% Bendix Aviation (1). 24% Best & Co (2)......0 22% Bethleham Steel (2). 75 Bethlehem St pf (7) 8 Blaw Knox (50¢).... 20% 3ohn Alumn (1%) Borden Co (k3). 9% Borg Warner (1). 8% Briggs Mfg (11%) 3, Brogkway Mot Trk. . 31% Bklyn-Man Tran (4). 675 Bklyn-Man Tr pf (6) 6's Bkiyn & Queens..... 50 Bklyn&Queens pf(6) 80% Bkiyn Union Gas (5) 2% Bruns Term & Rwys 5 Bucyrus-Erfe....... 7% Bucyrus-Tirle cv pf.. 4 Bullard Co.... . 10 Burrough A M(t1%) 90 Bush Terminal pf(7) 114 Butte Copper & Zinc. 3, Butte & Superfor.... 12% Byers (A M) Co. 10% California Packing. . 3% Calumet & Hecla. ... 7% Camp W&C Fdy (1).. 14 CanadaDryGA (3).. 11 Canadian Pacific 1% . 17% Cannon Mills (1.60). 5% Capital Admin (A).. 331 Case (J 1) Co.. 11% Caterpillar Trac (2). 114 Cavanaugh-Dobbs. 4 Celanese Corp.. 2% Celotex Co. . 1% Celotex vtc 12 Celotex pt 9% Cerro de 2314 Ches & Ohio (2%) 14% Chesapeake Corp(3). 12 ChiGreat Westn pf. 2 Chi Mil StP & Pac... 3% Chi M1l StP & Pac pf. 915 Chic & Northwstn. .. 4 Chi & Northwestn pf Chi Pneu Tool...... 10 Chi Pneu Tool pi 17 Chicago R 1&Pacific. 25% Chi R1& Pac pf (6). 26 ChiR1& Pacpf (7). 8 815 Chickasha Cotton Ofl 8 Childs Company.... 11% Chrysler Corp (1)... 261 City Ice&Fuel (3.60) 1 City Stores . 16% Cluett-Peabody (3) 9714 Cocoa-Cola (18).. 4915 Coca-Cola (A) (3) 28 Colgate-Pal-P (2%) 7% Collins & Alkman 814 Colo Fuel & Iron. 16% Columb G & E (1%4). 76 Col Gas&E] pf A (6). 33 Columb Carbon (4).. 8 Comm Credit (1.60). 55% Comcl Cred 15t(6%) ‘omci Inv Trust (2) Comel Inv Tr pf 6% . Com Inv Trust p£(7) Comm Inv evpf(e6). 9% Comcl Solvents (1). 41 Comwlth & Sou(30¢) Comwlth&Sou pf (6) Congolm-Nairn (1).. 714 Congress Cigar (1) 20, Consol Cigars (5) 46 Consol Car pr of 6%. 7% Consol Film pf (2).. 61 Consol GasN Y (4).. 20 ConsolRw. Consol Textile. .. Containar Corp (B) Contl Baking (A) Contl Baking (B) . Contl Baking pf (8). 4 Contl Can (2%). . Cont Diamond Fibre. Con’. Insur (2.40)... Contl Motors. 2 Contl Shares Corn Produc Coty Ing 10% Crex Carpet. .... 1514 Crown Cork (2.40) . “rown Cork pf (2.70) Crown Zellerback. .. Crucible Stei ‘uban-Am Sugar. .. Cuban-Am Sugar pf. Cudahy Packing (4). Curtis Publish (4). 1% Curtiss Wrignt. . 21 Curtls Wright (A) 81 Cushmans pf (7) 12 Cutler Hammer 4 Davison Chemical. 13% Deere & Co pf (1.40). 84 Delaware & Hud (9). 291 Del Lack & Wn (2) 112 Detroit Edison (8 11 Devoe & Ray A(60c). 1214 Diamond Mateh (1). 6% Dome Mines (1 i 11 Domn Stores ( . 10 Doug Afreraft(+1%) 42% Drug Corp (4)seeuee 5 1 26 20s 3 2 1 4 17 2 58 10 1008 15 2 B 4 s o = Bt 1 17 4 b50s 32 2 1408 3 e o n o e S R NN N D0 RN S 3D N Se 11 o 2 Sul e -1 - PR 1 2 4 3! 6 0 8 1 4 1 7 1 4 Chicago Yellow C(2)x 408 1 1 nwmemSa » o ETUT0L- TP PUVIOT IO - JO8 -y ® 8 x BrevnnSonmeaanBiwneSnBaRcanaws High. Low. 3% 104 % 73 27 13 3 16% 59% 2 14% 3% ey T THE 14 in 100-share Jols except those desigmated by letter “s.” Bates— Net. Add 00. Close. O 3% % —1% -1 -4 55% —dh EVENI \( ~—1931— High. 107 124% 106 23 18% 185% 21% €9 4% 57% 80% 128% 45 7 18 24% 315 45 26 515 Low. 53% Dupont de Nem (4).. DuPontde Npf(6).. 1 Durham Hoslery pf.- Kastern Roll Mills. Eastman Kodak (18)" caton Axle & Spr(1). i 21 3 93 T4 35% 20 15 Fed Lt & Trac pt (6) Federal Screw Wks. FFed Water Service Elec Auto Lite (4)... 415 & 1% Electric Boat. o 9 215 Elec&Musical Instru 7 + STAR, WASHINGTON, Sales— Add 00. 224 Stock and Dividend Rate. 015 508 2 79 3 3 (39 « ington-Schild pf. Fed Dept Strs (25¢) Fid Ph Fire In(2.60), Firestone T & R (1) Firestone T&R pf(6) Fh F) Foster Wheeler (1) Foundation Co... Fourth Nat Inv mb6e Fox Film (A) .. 18 Franklin Smn pf(7). 150s Freeport. 14 ¢20% Gamewell Co (3). o ‘st Natl Stra (2%) k Rubber 1st pf. 110 - 6 1 10 3) * % Gardner Motor. G Gen Am Inv pf (6). ., Gen Am Tank Car(4) Gen Asphalt (2). Gen Baking (2) Gen Bronze. Gen Cable (A) Gen Cable pf. Gen Cigar (4).... Gen Electric (1.60). . Gen Elec spec (60¢).. Gen Food Corp (3)... Gen Gas&F] A (e30c) Gen Gas&F1 pf A(8). Gen Gas&E cv pf (). Gen Ital Ed El m2.61 Gen Mills (3). & Gen Motors (3) Gen Motors pf (5). Gen Outdoor Adv.... Gen Outdoor Adv(A) Gen Public Servicy 4 Gen Realty & Util. Gen Realty & Util pf. Gen Steel Casting pf. Gen Theatre Equip. Glllette Saf Razor. Gillette Saf R pf (5 Gimbel Bros. .. Gimblel Bro 124 4 Glidden Co... Gobel (Adolf). Gold Dust (234). Goodrich (B F) Goodrich (B F) pf. Goodyear T& R (3). 5714 Goodyear 1st pf (7).. 3% Gotham Silk Hoslery 1% Graham-Paige...... 5% Granby Con Min (1). 3% Grand Silver Stor 7 Grand (nion... 31'4 Grand Union pf (3)., 25% Grant (W T) (1). 20 Great Northn pf(4) 12 Great Northn Ore(2) 5% Great Western Sug... 80 Great Wn Sug pf (7) O R TN T S S 1% Grigsby Grunow.... 14% Gulf Mobfle&Nor pf. 6__Gulf States Steel 2% Hahn Dept Stores. 25'3 Hahn Dpt 8t pf(8%) Hanna of (7). 5% Hollander Sons Homestake M (7.80 Houdaille Hershey 19 Houston Ofl.. 4 Houston Ol (new) 12% Howe Sound (2).... Hu 7% Hudson Motor (1). Hupp Motor Illinois Central 81 3 16 -1 -4 ey Choe pf (t n & Man (3%) 1% Indian Motor Cycle. 21 7 4 Indust Rayon (4) 88'4 Ingersoll Rand (4).. 314 Inspiration Copper. . Insuranshare Insur Sh(Md)(28¢).. Del A 7% Interboro Rap Trans 1% Inc Agriculture. 7 Int Agriculture pf. Int Bus Machine(né) Int Cement (4). 1 Int Combustion. 5% Int Combustion pf. 223 Int Harvester (2% Int Hydro E1 A (e2 Int Match pf (4). 10 19 3% (nt Merchant Marine 7% Int Nickel of Can 20c % Int Paper & Pwr (B) 13 Int Paper & PwrC... % Int Paper & Pwr pf. Int Salt (3). Int Shoe (3) Int Stlver. Iat Dept Stores (2) 74 Intertype Corp. . 2 Investors Equity. 15% Island Creek Coal(4) 24 8% Jewel Tea (14%)... 2615 Johns-Manville (3). 2550s 99 Jones & Laugh pf(7) Kansas City Southn. 2814 608 100% 14 Karstadt (Rudolph). 8 814 K’mann Dept Strs(1) Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelly-Spr T 6% pt. Kelly-Spr T 8% pf. Kelsey-Hayes Wheel Kelvinatot Corp. ... nnecott Copper (1) 3314 Kress (SH) Co (31).. 5's Kreuger & Toll 1.61). 18 Krozer Groeery (1) 404 Lambert Ci (8) 1% Lee Rubber & T 3% Le Lel high Valley Coal. . high Val Coal pf. Lehman Corp (3).... 4 Lehn & Fink (3). 7 Libbey Owens Glas: Liggett & Myers(15) Ligg & Myers B (16) Lily Tulip Cup(1%). Liquid Carbonic (2). Loew's, Inc (14). Loft Ine Loose-Wiles (13).... Loose-Wiles 1st (7). Lorrillard (P) Co, Lorrillard (P) pf Loutsiana Oil Lou Gas&El A A Louisville & Nash(2) M Mcl McKegsport T P (4) . McKesson & Rob (1) McLellan Stores. & MackTrucks (2). Macy (RH)& Co(n: Magma Copper (1).. ManhatElev mod gtd Marine Midld (1.20). Market St Ry pr pt. . Marlin-Rockwell (2) Marmon Motor Car., Marshall Field (234) Mathieson Alkill (2) May Dept Strs (2%) Maytag Co pf (3) Melville Shoe (2).... Mengel Co pf (1) Miami Copper. o Mid Continent Petm. Midland Steel (3). Minn Moline Pow. Mo Kan & Texas.... Mo Kan & Tex pf (1) Missour! Pacific..... Missovri Pac pf (5).. Mohawk Carpet..... Monsanto Chem(1%) 8% Montgomery Ward.. 1 Mother Lode. 3 Motor Meter 16 Motor Products (2).. 9 16% ntyre Porc M(1). S es&Rob pf(3%) 3150, » warNranNuma e T alome o » S s oofarnsnuFuunante o GaEl. (Continued' on Page Net. High. Low. Close. Chee. [ 5813 58% —1% 4 :"V‘ a new low on this reaction and peri- 21" [lously close to the October lows. = =3 T4 | ard Ofl of New dJersey and Texas Cor- —24 —1% -1% 4 -1% —-2% =J514 q —3% —1% Z 14| and coal, which take a huge toll an- L 5t -1% & P D, STOCKS ARE LOWE IN QUIET MARKET u Continued Weakness in Rail Issues Noted—Leading Issues Sag. FRIDAY, iy BY GEORGE T. HUGHES. Special Dispatch to The Star. fi WALL STREET, New York, Novem- 1, | ber 20.—Stocks drifted lower again to- s | day without any change in the outside news. The decline seemed to be due % | more to lack of buying interest than to any pronounced pressure, but it was sufficient to carry the averages down to .| “The market or ed lower and con- tinued to sag throughout the morning. TL: downward trend was evident in all 1 | groups, although covering in one or 3 |two of the rails, notably New York 14 | Central, gave them an appearance of Z1i¢ | relative’ firmness. The rails, however, as a rule extended their declines. Union Pacific was on> of the weakest. The 1, | Street was discouraged over the out- T 15 | look for wage reductions and uncertain -1 about the success of the application to| ithe Interstate Commerce Commission for a revision of the proposed pooling arrangement. Weak Spots. Among the industrials Eastman Ko- dak yielded easily, dropping below par for the first time on this movement.! The most attention was paid to the| situation in United States Steel, which before noon was within a fraction of its low for the bear market—which in- cidentally was the lowest since 1915. Other weak spots included Johns- Manville and Ingersoll Rand, both at new lows; Allled Chemical, in which the loss was more moderate; American Can, and other so-called trading fa-| vorites. In the motor group Auburn Auto was singled out for selling and it dropped back 4 or 5 points without in- termediate rally. Motor stocks should have been helped by the confidence ex-| hibited by the Hudson Motor directors in declaring a 25-cent dividend pay- able the first of the year, the same as had been paid in the three previous quarters. * Public utilities went off with the rest of the list. Western Union, which has had the questionable distinction of leading the way into lower ground, sold under anything hitherto recorded in 17 years. Electric Power & Light made a new low and American Telephone & ‘Telegraph weakened. Opening Is Lower. Declines predominated at the open- ing. The rails were heavy, but motors and coppers were firmer. United States Steel opened at 64, off 3. Union Pacific at 94’2 was down 1%. Atchison at 104 lost 1'%, as did Delaware & Hudson at 88>, New York Central declined % to 392 and South- ern Pacific was off 1> at 431,. Inter- rational Nickel cpened at 9, off %, al- % | i 3, NOVE CMBER 20, Hoarders Abandon Socks for Banks As Fears Subside By the Assoclated Press. NEW YORK, November 20.—Further evidence that money is being brought out of socks and from under mattresses and returned to the banks appeared in yesterday's weekly Fede: Reserve statement. Money in circulation declined $46,- 000,000, the largest drop since the hoarding ter.dency was checked after the middle of October. Bankers at- tribute the reductions to a change in public psychology since formation of the National Credit Corporation to as- sist banks in need of funds. They point out that banking suspensions have fallen off nbruetly. and unusual deposit withdrawals *have been gen- erally checked. ‘The first reduction in money in cir- culation in many aveeks was for the week ended October 21, a drop of $24.- 000,000. In the next week, there was a gain of $63,000,000, which was about equivalent to the usual gain durin that week, and attriputable to season: influences. Last week there was a de- cline of $26,000,000. Some bankers have felt that the changes in the past three weeks were not altogether conclusive, but felt this week’s drop provided a real confirma- tion of the belief that public confidence was being restored. The reduction of $46,000,000 in money in circulation brought the total down to $5,471,000,- 000, when it was $989,000,000 above a year ago. Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 38ad2; current re- celpts, 28a33. Poultry, alive—Turkeys, young toms and hens, 25a30; old toms, 23; old hens, 27a25; chickens, 3 pounds and over, 18a20; 2 to 2)> pounds, -0a22; Spring broilers, 23; hens, large, 18a20; small, 15a17; Leghorn hens, 13al5; roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, young ‘ens and toms, 36a38; old toms, 28a30; old hens, 29a31; chickens, 3 pounds and over, 21a23; 2 to 2!, pounds, 23a25; Spring broilers, 30; hens, large, 21a23; small, 18a20; Leghorn hens, 16al8; roosters, 13al15; Long Island ducks, 19a20. Mcats—Beef, prime, 17; choice, 16; fair to good, 12%,al14; cow, 8,a9; veal, top, 15; medium, 14al5; lamb, top, 17; medium, 15a16; pork loins, 8 to 10 pounds, 16a17; 10 to 12 pounds, 13%;a 14; 12 to 15 pounds, 12a13; fresh hams, 8 to 10 pounds, 15; 20 to 25 pounds, 10; strip bacon, 22a23; lard, 50-pound t71|qs. 9; in packages, 10; compound, 7a 1931. Ya. Live stock—Hogs, heavy, 4.50a5.00; light and medium, 5.00; pigs, 4.75a5.00; roughs, 2.50a4.00; calves, 3.5028.50; lambs, 3.5026.50. ranges, 3.00a5.50; lemons, 4.00a4.5¢ grapefruit, 2.50a3.00; limes, per 100, 1.50a1.75; casabas, v ap= ples, bushel baskets, 25a1.50; box stock, fancy, 2.00a2.75; pears, 2.50a3.00; grapes, Emperors, 2.00; Tokays, 2.00a2.25; Cornichons, 1.25; pineapples, 3.50a4.00; though Anaconda was up % at 1415, Copper metal, vcth here and in_Lon- don, was offered at lower prices. Partly offsetting this, Lowever, came London % | cables indicating that eventually some % | curtailment_sgrecment was likely. General Motors gained a. fraction 26%; and Nash. was up 3 at 19 American Teleohone was off 5 &t 1341;, while Public Service of New Jer- sey was Off %> at 65. Consolidated Gas declined 3 'to 71, and United Cor- 4 | poration at 125 lost a shade. Standard Gas at 367 opened off 2 points. Stand- at %. higher. poration_ were both slightly | ividend of Loews, reflecting the extra dl $1, opened up & point at 39%. s e MINE SAFETY CAMPAIGN REDUCES FATALITIES By the Associated Press. ‘The campaign for safer conditions in the mineral industries, waged by the Bu- reau of Mines, was stimulated in the fiscal year 1931 by the fact that the ac- cldental death rate was one of the low- est on record. In the annual report of the bureau it is pointed out that during the first half of the year only three major ex- plosions, exacting 41 lives, occurred in the bituminous mines, while none hap- pened during the last five months of 4 | the period. Investigations of falls of mine roof % 1% % % % Bl nually, were conducted with beneficial results, the report said, the work of the bureau’s engineers figuring prominently in the adoption by many large opera- tars of systzmatic timbering in the mines wlél; attendant reduction of mining haz- ards. % DIVIDENDS DECLARED NEW YORK, November 20 (#).— Pe- Pay- HIdrs. of Rafe. riod. able, record. Extra. 85, Reduced. Chicago Yellow Cab.50c @ Company. Loews Inc. Dec. 31 Dec. 12 . 19 { Douglas Shoe pf Cities Service Gas & Elec Sel Gas Securities. Oneida Commun. . Am _Arch Ce.... Assoc Rayon bl Assoclates inves Do. pi. Bun Niag Lo 5o 1st_pi Chi Docic & Canal Citles Bervice... Do, pr.. Do. pr B Do’ pf BB, City Ice Co 7o (Kansas City)...$1.75 Coats (J & ¥) Am Dep Rec 1 (Rek) .4'2d Empire & By Tel 4% BLG. ... Equitable On Bldk Do pi.... -3 First hoiding Cor (R DE. e s Gas & Elec’ Secur Door.. Gas Becur pi. Hudson Coun Kansas City Fow & Lt +22>31.50 no.;.... Mercantile Comin Tr (St Louis) .. Merrimac Hat Co» ‘35¢ bl 36 pi NY&QE Peo Thrift & nv bt L3175 Pionecr Mills Ltd.. Preferred Ac Insur.2sc Pub S Col 5% PI.4 Do. 6 pf Office Space Saul Building 925 15th St. N.W. One Large Room at $52.50 per mo. Suite of 4 rooms st $92.50 per mo. All outside rooms, assuring ‘abundance of light and air. Excellent service. In the heart of the financial district. B. F. SAUL CO. National 2100 - 925 15th St. N.W. bananas, 1.25a2.50; persimmons, 75a 1.50; honeydews, 3.00a3.25. ‘Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; New York, 150-pound sacks, 1.75; Idaho bakers, 100-pound sacks, 2.25; sweets, per bushel, 50a75; string beans, 2.50; caulifiower, 1.75 22.00; peppers, Florida, crates, 3.50a 4.00; 'mushrooms, 50a1.00; beets, per 100 bunches, 3.00; carrots, per 100 bunches, 4.00; bushel baskets, 1.25; atoes, California, lugs, 1.75a2.50; lettuce, Ice- berg, 3.25a350; salsify, per dozen bunches, 75; celery, 2.50a3.25; peas, 3.50 23.75; parsnips, 1.25; asparagus, 5.75; artichokes, 3.50; spinach, 75; Kkale, 65 watercress, 1.25; turnips, 50; eggplant, 4.00a4.50. CAMPAIGN A_G.AINST oiL “SPO!LERS” IS PLANNED By the Associated Press. NEW YORK, November 20.—E. L. Beaty, newly elected president of the American Petroleum Institute, = an- nounced yesterday the appolntment of a committee to frame a plan to put an end to the activities of “spoilers” in the country’s oil field developments. ‘The body was directed to report its recommendations within 60 days. The institute head said he expected to have before the directors a comprehensive program for practical operation of the principle that “each owner of the sur- face is entitled to only his equitable and ratable share of the receivable oil and gas energy in the common pool, in the proportion which the recoverable reserves .underlying his land bear to the recoverable reserves in the pool.” U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business November 18 was $179,442,338.10. Cus- toms receipts for the month to date were $16,562,002.34. Total ordinary ex- penditures were $9,427,677.87 NEW YORK BANK STOCKS NEW YORK, November 20 (#).— Over-the-counter market: Banks, Bid. Asked. America (i 8% 32 178 2390 Corn Exch Empire o Guaranty . Irving ... Manufactu Money to Loan Secured by first deed of tru: TPrevailing iInterest and e 3 Joseph 1. Weller 51555 4% REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications _invited on nts lings, and _p: 2 sines: 1o 3. °8 OF 1 Seares it o deslred. 520 K St. N\W. National 0475 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series ot Stock Now Open for Subscription 5% INTEREST PAID ON STOCK James E Connelly, James F. Shea. President. Secretary Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and FINANCIAL. [OTHER” LOANS BAN GOES INTO EFFECT New York Banks Now Have| Virtual Control Over Call Money Market. By the Assoclated Press. NEW YORK, November 20.—“Finis” | ‘y;o a’mt’en to the story of the so-called | # leg loans” as an important factor in the s:ock m:r{:u in the weeui brok- | erage loan statement issued | Fe’til‘;r‘:l llu‘sefl:‘!, e tem had shrunk to only $12,- 000,000 from a total of 3162‘003.030 a week previously and nearly $4,000,- 000,000 two years ago. The latest drop reflected the action of the New York Clearing House banks in refusing to | ‘};:nd!c this type of loan as of last Mon- y. Controversy Recalled. These loans, reported as “other” loans in the statement, are loans made in the stock market for corporations and in- dividuals. The total of $12,000,000 r maining was explained as representing unmatured time loans and loans placed Ey banks not members of the clearing ouse. “Other loans” were sore spots on the whole brokerage loan controversy dur- ing the bull market orgy of 1929, when high call loan rates attracted a huge flow of funds from all over the country and abroad to finance marginal specu- lation. Banks held down their own loans to brokers, but the other loan item kept swell until in October it "}:fihe:lh. b‘:l";;l! close to $4,000,000,000, while the own loans wi $2,800,000,000. bRy The drop of $150,000,000 in “other loans” during the past week was partly taken up by an increase of $70,000,000 in the loans made by New York banks and a jump of $24,000,000 in loans made by out-of-town banks. The net drop in the loan total, therefore, was $56,000,000, reducing it to $775,000,000, the Towest in many years, and but a minor fraction of the record total of ig%cl,ooo,ooo reached in of Bank’s Position Strengthened. With the other loan item virtuall eliminated, it is expected that m{ banks now may have almost complete control over call money and be in a position to check speculative excesses in _the future. Since the New York Clearing House |f banks place the bulk of funds in money market, bankers doubt that cg:f porations and individuals will seek to place any volume of loans through the smaller non-clearing house institutions. | INTEREST RATES. By the Associated Press. ‘There was no change in last week, both ch-:: of “;3:3 m tinuing the display of strength which began several weeks ago. In the levels ;g:cmx;llow ;‘l‘e average rates are given parable periods, as measure the Commerce Department: s b’ Time. Call. Week ended November 14.. 4.00 2.50 Previous week . - 400 2. Same week last year. . 275 ;:g ln Mortgag l' Securities n amounts aslowas..... Steady Yield of Let us send you a list of our ' “eurrent offerings. Monthly Payments if Desived Send for Booklet, “The Success Plan™* MORTGAGE & GUARANTY CORPDRATION © | 1610 K St. National 1403 Organized 1879 JOHN JOY EDSON, President $10,000 Estate Created Immediately By Depositing $21 Monthly [Age 35] At Age of 60~ You receive $6,269 Cash or $10,000 Paid-up Contract Smaller or larger amounts for proportionate deposits. Send Date of Birth for Illustration M. LEROY GOFF Woodward Building Nat. 0340 Insurance Exclusively Over 20 Years ON YOUR SAVINGS For over forty years the National Permanent Building Association has aided Washington fam to save for and pur- chase their own homes and other desirable properties. Your appli- cation for membership will be welcomed. . . . Open Daily, 9 10 § Saturdays Until Noon NAtional 1381 [INATIONAL.| IPERMANENT Bul (DI NNTH ST AW, UR - six different. - types of Oty \Steel: Shelving offer a_ solution “to--any -storage re- quirement,, ' Tet> us show you without tlort,. how you ean efleot ..economies in - office shelving-and. equipment. STOCKETT = E CO T WASHINGTON-D-C O 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass'n WALTER S. PRATT, Jr; Secretary = = = = = = Sl SA'F'E ¥ T RISIT Over a Third of a Century Without a Loss National 2100 643 Indiana Ave. N.W. I | IT IS A NOTEWORTHY ‘ May be purchased in amounts I I .+ .$6,124,601.90 Subscriptions for the 102nd Issue of Stock Being Received Save Systematically . at the Equitable Start now to provide for future suc- cess by saving systematically in the Equitable. You'll find our plan a help- ing hand to accumulate money. Ex 915 F ST. : : T MORTGAGES R FACT that the largest investors=-individ- uals and institutions—put a con- siderable amount of their funds in First Mortgages—because of their security and the liberal interest which is both definite and continuous. Our 6% FIRST MORTGAGES are in this cléss—sccuring principal with conservatively appraised im-' proved Washington real estate. from $250 up. . F. SAUL. GOy 925 15th"St. N.W. t THERE IS NO SUBSTITUTE FOR SAFETY DING ASSOCIATION It