Evening Star Newspaper, November 28, 1931, Page 13

FINANCIAL. THE EVENING STAR, W CHRSTIOA LB PAYMENTSREADY Checks for Over $8,000,000, fo Go to 98,000 Thrifty I Residents in D. C. 5 BY EDWARD C. STONE. Cecks are practically all made cut in 39 local banks, covering an aggre- gates sum of nearly $8,500,000, to bz sentiout early in December to about | 98.080 members of the present year's Chrigtmas savings clubs. In many banks special clerks have been assigned to this work and now have it almost finisted. While many members of the lubs call at the different banks for | their_money, many of them prefer t havé the checks sent to them by mail. | e amount to be paid out this year | 1s the largest in the hist of these | rlu)t in Washington. The sum of more | thas $8,000.000 will also go to the largst number of individual mem of the Christras savings clubs. While theme have betn some members who | werd unable to keep up their payments durfpg the year, this number is re- orfed by the banks to be compara- ively small. The great majority of memmbers have kept up their original .ubrnptlom and made their payments | | on fime. Sé much bookkeeping is attacted to the handling during the year of Christ- masisavings accounts that bank officials | say ithere is no money In carrying on the ‘clubs; that in some instznces bang reaily loses money. Yet clubs are considered of great bendfit to the banks by the thrif whidh they kindle and the way in which they have made thousands of people *bartk-minded.” + Brilliant Record Made Here. This year's report has aroused un- tisual interest among local bankers on sccqunt of the business situation in the more recent past. On account of con- ditigns during 1930 it was believed by many bankers that the 1931 Christmas elubs might fail to reach the 1930 pro- Pportion and advance into new ground But the thrift wave which followed the New York stock market crash is still going strong. It has ceused a boost in savings bank deposits in Was ington and all over the country, and has secured a special grip on the Christ- mes savings club idea. Records for eight years are hi informative, ani nct durirg one of these years have the figures failed to aseithe ‘totals of the previous year. Eccm’d! of the number cf members and the amounts subscribed to local clubs since 1924 are as follows: Amy subscribed. $3,000,000 4.747.741 Members. .. 49,385 Some Surprising Gains Noted. ‘The abote figures reveal a total in- creagd of 6,502 members over the 1330 mexBership, as well as an increase of $649,160 in the amount subscribed, com- pared with the previous year. There is, of course, some shrinkage in the num ber ¢f members and the amotnt paid in, $hst how much not being known. The panks make but one report a year cn the status of the Christmas savings | clubs, that being completed shortly after, membership enrollments close in Jenuary. Tr® unusual interest manifested in tihe Christmas savings clubs in Wash- ing banks is shown by the per capita figufles. The average per metber is $85.4l against $84 InSt year and $52.60 for $he country 'as a whole. ThHe above table shows that the num- ber tof accounts in the various banks haslijumped from less than 50,000 in 1924 to almost 100,000 in 1931. At the Eal time the amount subscribed has fm. ahead by leaps and bounds dur- ng ‘the eight years from $3,000,000 to welljjover $8,000,000. 11932 Clubs Will Open Monday. THe 1932 Christmas savings clubs in washington will open next Monday. Novpmber 30, the enrollment period extapding to January 15. As usual, the | Adprtising Committee of the District Bankers' Association will conduct a co- operative campaign and again enlighten the lipublic on the distinct advantages of getting onto the thrift band wagon by means of these clubs. mbership in a Christmas club is divided into classes, based upon the amqunt of the weekly payments, which Ta from $1 to $20 per week. In a fewibanks weekly payments of 50 cents are jaccepted, but the popular demand is for the larger amounts. Interest at analysis of statistics Christmas club funds are used catds a more or less fixed distrib of the vast sums of Christmas s distpibuted each year. Twenty cent) it is stated, goes into p investments or savings accoun! cent into payments of life in: grefilum&, payments on mortgages ther fixed obligations, lea\ing appr imafely 55 per cent for purcha: stores or Christmas gifts. i Store Stocks Reveal Increase. If addition to the October tradp report made by the Federal serdp Bank of Richmond <k Washington department ter Than in any other ci district in October and a nine months of the year, the f report was presented regardin on hand and collections Stocks on_the shelves of the rep ing stores showed further seasonal in- crease in October, rising 90 over stocks on September 30, but October 31 stocks were 9.6 per cent I in selling value than stocks on hand October 31, 1930. Stocks were turn an average of .362 times in October, and | nee January 1, 1921, stocks have been raed 3041 times better figure than | '.:f times in the nine months of 193 i » [}rilr‘(‘lions during October showed a | 5 L on seafonal increase over r ccl- | Jctfons end were a | thejaverage for Octobr poreent of outstanding receivab'es | ingbeen collect=d last month in com- arfeon with 24.6 per cent in Scplem- ber# 1931, and 28.2 per cent in October, ectors of Swift & Co. have voted | the! regular quarterly dividend of 50 cenfs a share on the capital stock. The dividend is payable January 1. 1932 :namrenolders of record December 10, 1931, Sa-Lax Dividend Increased | At a meeting of the board of directors of Sa-Lax Corporetion, held at 4130 | Georgia avenue northwest, the board voted to increase the dividend iate from 7 per cent to 12 per cent per un- num, payable to all stockholders of r ord &f November 15, on December 15. Bonds in Strong Demand. ‘Bqpds were unusually popular on the Washin S Exchange today, palef being the largest in several weeks. (5} sales were light, The unlisted fssues were called off, but very few chafges noted during the past week. 1. 5. TREASURY BALANCE. United States Treasury balance announced today as of close of business November. 35 was $154,079,950.85. Cus- toms receipts for the month to date were $23,930,666.60. ‘Total ordinary expénditures were $4.840,494.87. ' . { SILVER QUOTATIONS. YORK, November 28 (#)—Bar Ommu. and % lower at 297, - NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except those desiymated by letter s.” Stock and Sates— Net. Low Divigend Rate Add 00. High, Low. Close Chee 214 Abitibi Pwr & Paper 3 2 2% — 4 615 Adams Express (1) 2214 Adams Miilis (2) Addressograph (1 AMliated Prod 1.6 Air Reduction(t434) Alaska Juneau (40¢) Allegany Corp...... Alleg Cp pf 330 ww.. Alleg Cppf X $30 w, . Allled Ch&Dye (n§). Allis-Chalmers (1).. Amal Leather. .. Amerada Corp (2). Am Agri Chem (Del Am Bank Note pf Am Br 3 Am Can Co (15)... Am Car & Fary (1).. Am Car & FAv pt (1) Am Chicle (13) Am Comel Alcohol. . Am European Secur., Am & For Power. Am & For Pwr pf(7) Am & For Pwr 24 nf. Am Tlome Prod 4.20. Am Tce (2) . Am Tnrernational Am Locomotive . Am Lc'motive pf (7) Am Mch & Fdy 1.40.. Am Metal Co... . Am Natural Gas pf. Am Pwr & Lt (1), Am Pwr & Lt of (6). Am P&L! nf A 8t(5) dintor (80c) Nling Mills. ety Razor Smite&Ret (1%) Am Snuff (#3%).... Am Solv & Chemical. v & Chem nf. el Foundry. r Ref nf (1) Am Sumatra Tob. ... Am Tel & Telex (9) Am Tobacco (16). Am Tobacco B (16) Am Water Wks (3) .. Am Wat W 1st pf(¢) Am Woolen Co... Am Woolen Co of. Am Zinc & Lead Anaconda Copper. Anchor Cap (2.40) Anchor Cap pf (6% Armour of Del pf Armour of Tl (A) Armour of I11 (B)... Associated Apparel. Associated Dry G(1) Asso DG 1st pf (6). Associated OIl. ... Atch To&S Fe (10).. Atch To&S Fe pf (5) Atl Coast Line (4).. Atl Gulf&West Ind.. Atlantie Refining (1) Atlas Stores (1)..... Auburn Auto (f4) Autosales Df........ Aviation Corn (D1} - b E 2. SeafmaaTonn S o Rana mmrenR » w % » FOPIL IO SPIET): FE oy 2 —atare Baldwin Locomotive Baldwin Loco pf (7). Balto & Ohi0 4)..... Balto & Ohio pf (4). Ramberger pf (6%4). Barnsdall Corp'n. 8 Bayuk Cigar (3).... 815 Bayuk Ciz 18t pf (7) 6 [ Beatrice Cream (4). L .. Beech-Nut Pkg (3).. 1 28 " Bendix Aviation (1). 5 Best & Co (2). . Bethlehsm Steel (2). 3ohn Alumn (1%) Borden Co (k3)... Borg Warner (1), Briges Mfe (11%).. Bklyn-3Man Tran (4) Bkiyn & Queens. ... Bhlyn&Queens pf(6) Bruns Term & Rwys Bucyrus pf (1)... Budd Wheel (1)..... Rullard Co..... Burrouzh A M(11%) Butte & Superior. Rutterick Co 807 12319 25'% 99 8ig % 0. Gle 313 Calumet & Hecla nada Dry G A (3). nadian Pacific 1% 51 Capital Admin (A).. 8314 Case (J 1) C0....... 114 Caterpillar Trac (2). 82 Cent RRof ) . 974 Cerro de Pasco (1).. 4 Certain-teed Prod... 3i4 Checker Cab Mr{g 2313 Ches & Ohio (2%)... 14% Cnesapeake Corn(3). 315 Chi Great Western. . 12 Chi Great Westn pt Chi Mil StP & Pac 4 Zhi M1l StP & Pac of. Chic & Northwstn. . . Chi & Northwestn pf Chi Peu Tool Chicago R 1&Pacific. Chi R 1& Pac pf (6). 20% Chi R [ & Pac pf (7). 814 Chickasha Cotton Oil Childs Company.... Chrysler Corp (1)... 4 City Ice&Fuel (3.60) City Stores. . Cocoa-Cola (18). .... Colgate-Pal-P (234). 74 Colg-Palm-P pf (6). $ta Colo Fuel & Iron. ... Columb G & E (1%). Columb Carbon (4).. Comm Credit (1.60). Comel Crea pt (1%). Comci Inv Trust (2) Com Inv Trust pf(7) Comel Solvents (1). Comwith&Sou pt (8) 6% Congolm-Nairn (1) Congress Cigar (1). Congol Film . Consol Film pf (2).. Conso! Gas N Y (4).. Consol Gas NY vf(5) Consol Laundries(1) “onsolRwys pf (8).. “ontainer Corp (B). ontl Baking (B)... “ontl Baki pt (8). “ontl Can (2%) “on’. Insur (2 40)... “ontl 011 «Del). Sont] Shares........ “orn Products (3). “oty Ine rex Carpet. “rueible Steel 11y Wrignt. . ‘ushmans pf (7). & Copf (140). Delaware & ck & Wn (2)., ¥ A(B0C) V1% W (RN E A« 10 Duplan § 107 53% Dupont de Nem (4) 124% 104__Dn Pont de N nf(6). 9liy Bastman Kodac (13) 7 on Axle & Spr(1) child. ... child of. lec Auto Lite (4).. ilec& Musical Instru 1414 filec Pwr & Lt (1).. 49 lec Pwr & Lt nf(8) lec Pwr&Lt pt (7). 901y 10 112 3y 26 18% 185% 217 o 2R. 7 Evans Auto Prod. 3 e Ruffet (1 48% Fairbanks M of (7). 4 Fed Water Service A 22 Fid Ph Fire [n(2.60) 85% Filene's Sons pf 6% . 13 Firestone T& R (1). 60« Firestone T&R pf(6) 41 First Natl Strs (2%) % Fisk Rubber,....... 15 Fisk Rub 1st pf conv oster-Wheeler. .. .. Fourth Nat Inv m85c “ox Film (A) . 131 Freenort-Tex (3) 20% Ga rewell Co (3). 27x Gen Am Investor: 381, Gen Am Tank Car(4) 9% Gen Asphalt (2). 14% Gen Baking (2) 315 Gen Bronze. . 24% Gen Elactric (1. 11 Gen Elec spec ( 10 15 5 an, 39% 201 3 Bales— Add 00. 51 12 282 Stock and Dividend Rote. Gen Food Corp (3). - Gen Gas&El A(e30¢) Gen Motors (3). Gen Outdoor Adv Gen Prtg Ink (2% 85% 34% 34% o . Gen Realty & 5 Gen Realty & Ut pf. 3 efractories (1) heatre Equip.. oo den Co prpf (7). 20 el (Adolf). Eafrallamnen M )1d Dust pf (6) Goodrich (B F)..... Goodyear T & R (3). Goodvear 1St pf (7). Gotham pf xw (7). 11d Coupler. m-Paige. ilver St © 3 Darcoand wman t Northn Ore(2) t Western Sug.. t Wn Sug pf (7) by Grunow " ST TR - TSN - JO PR e Hartman Corp (A) Hartman Corp (B).. wailan Pineapple. 110 Hollander Sons. . Homestake M (7.80). ioudaille Hershey. . Househld Fin pf 4.20 Houston Oll........ Houston O1l (new) Howe Sound (2).... Hudson & Man (3% ) Hupp Motors illinois Central... .. Indian Motor Cycle.., Indian Refining Indust Rayon (4) zersoll Rand (4) nd Steel (2). (Del)t Insur Sh(Md) (28¢). interboro Rap Trans In. Agriculture..... Int Bus Machine(né) Int Cerpent (4) Int Combustion Int Harvester (2% Int Hydro E1 A (e2 Int Match pf (4 nt Merchant Ma . 3 Int Nickel of Can 20c 75 Int Paper & Pwrof.. 1 tg Ink pf (6) 408 sof CenAmpt 108 11 int Tel & Tel (1 207 Iat Dept Stores 2 Investors Equity.... 1 Johns-Manvilie (3).. 21 Jones & Laugh pf(7) 50s Kansas City Southn. 1 K'munn Dept Strs (1] Kayser (J) & Co (1). Kelly-Spring Tir Kelly-Spr T 8% pf. Kelsey-Hayes Whel Kelvinator Corp. Kendall Co pt (6) IKKennecott Copper (1) © Dept Strs pf. © (S S) (1.60) KKreuxer & Toll 1.61). Kroger Grocery (1) Lumbert Co (8) Leh Port Cement Leh Port Cit pt (7). Lehirh Valley Coal.. Lehigh Val Coal pf.. Lehigh Valley R R, Lehman Corp (3) Lohn & Fink (3) Libbey Owens Liggeit & Myers(1s. J3a & Myers B (15) g & Myers pt (7). Lily Tulip Cup(1%). Lima Locomot (m2). Link Belt (1.60). Liquid Carbonic Loew’s, Inc {14). Loft Inc . . Loose-Wiles (3).. .. Loose-Wiles 1st (7). Lorrillard (P) Co.... Louisiana Oil. . Lou Gas&El A (1%) lle & 2 Ammanntlemanan=% anel o o 9 26 il 26's 100 100 10 10 10 66 50 11 1 608 20 120 13% M MeKeesport T P (4). Mekesson & Robbins McKes&ltob pf(3%) McLellan Siores. MackTrucks (2). Macy (ItH)& Co(n3). Magma Copper (1).. Mandell Brothers. .. ManhatElev mod gtd Manhat Eley gtd (7). Maracaibo Oll Exp. . Marine Midld (1.20) . Marshall Field (2%) Mathleson Alkill (2) May Dept Strs (214) Maytag Co pf (3)... Melville Shoe (2) Met-Gold Pic pf 184 Mid Continent Petm. Minn Moline Pow... Mo Kan & Texas. ... Mo Kan & Tex pf (1) Missouri Pacific. ... Missouri™Mac pf (5). Mohawk Carpet..... Monsanto Chem(1%) Montgomery Ward. . orrall (J) & Co (3) otor Moter G & El. Motor Wheel (50¢) Mullins Mfg. .. Munsingwear Ine(2). Murray Corn Nat Bella Hess Nat Biscuit (2.80).. Nat Cash Reg A 1%. Nat Da.ry (2.60) Nev Copper (80¢) Newport Industrie Cewton Steel art (4).. 1pf (7). rn NYNHR W 1 uilding. .. pbldg pf(T).. 108 408 10Qs 93 49% 100 100 107 107% 12% 1254 133 133% N Y Steam 1St pf(7). Noranda Mines. . Norf & Westn (t12). North 4yn Aviation. Nor Arier(b10% stk) Northern P’acific &) Norwa ik Tire & It Sino ol S, Orphoum Circuit pf o Otis Bievator (2). Ous Steel . Otis Steel pr pf Parmelee Transport. Patino Mines Peerless Motor Car. Penick & Ford(11%) Penney (J C) (2.40)., Penn Coal & Coke. .. Penn Dixfe Cement., Penna Ratiroad (2). . Peoples GasiUni)8) et Corp of Am (1).. PPhelps Dodxe Co Ppierce-Arrow pf (6) Pierce Oil bf.. Ppillsbury Flour Poor & Co (B) {Continued on Page 14.) Net. High. Low. Close. Chee. % + 1! 1 | bination DECLINE IN STOCK MARKET EXTENDED Renewed Pressure on List Results in Further Price Recessions. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 28—The week in the stock market closed with prices still declining. Rails again were the leaders on the downward move- ment, but a number of important in- dustrials, among them American Can and United States Steel, also went to new lows. Trading was in small volume, but slightly heavier in the second hour, when pressure was greatest. It was nothing in the outside news that pro- duced the fresh liquidation but the action of the market itself, with no sign of a rally after sp long a decline. Railroad earning statements for Oc- tober were distressing enough. but no one had expected anything different. It seemed farfetched to tie the stock market up to the Manchurian situa- tion. About the only thing that prices were reflecting was the prevailing mood of_discouragement. Rallroad stocks slipped cff easily to their new lows. New York Central broke through 29 for the first time in the history of the present company, where it would seem to have discounted the most unfavofable dividend .action sible. Atchison similar] 1d through 89, with Baltimore & Ohio below 24, Union Pacific around 80, Pennsylvania und 22 and Southern Pacific at 31— of them at the lowest for many years. There was no real resistance anywhere in the raiiway group. For a brief period early in the ses- sion industrials held well, but they gave way when the rails broke. United States Steel was pushed down a couple of points to a new low and American Can accompanied it. Western Union was the weak spot in the utilities. Pullman went off with the rails. Radio, once so great a speculative favorite, changed hands under $8 a share. American Telephone & Telegraph and General Motors met better support. Brokers reported a good deal of switch- ing into General Motors from other stocks with a less promising prospect. The twelfth consecutive decline in brokers’ loans, taking the total down $24.000,000 in a week and the lowest since October 21, 1921, went unnoticed Just as during the inflation era suc- cessive increases were ignored. And yet week by week the market draws nearer to a cash basis. There was no margin selling today. There may have been liquidation of the forced variety, but it was not in stocks car- ried in brokers' loans. Brokers’ Comment NEW YORK, November 28—Bro- kerage houses today saw little prospect of a definite change in the character of the stock market pending a really constructive development. Weakness of bonds has harmed confidence, in the opinion of many observers. Hornblower & Weeks—With the for- eign and rail situations still causing apprehension and with no signs of any real improvement in business, we would defer new commitments except on a long-term investment basis until such time as the market by its own action indicates that the bottom has been reached. Hamershlag. Borg & Co.—Although technical rallies are probable, we see little incenfive for an upturn of real consequence in the stock market until some important good news develops. Redmond & Co.—The short interest undoubtedly has Increased substantially in the past month, but the restrictions in force against bear trading, coupled with the seemingly relentless pressure against many issues, would indicate that the market also was being called upon to absorb a fairly large volume of real liquidation, some of it yrobably of a necessitous character. Until it is a) parent that this liquidation is com. pleted, it is rather futile to predict how much further the reaction will carry. but we sec little incentive in buying stantially lower levels. Edward B. Smith & Co.—Stocks with ilong and consistent records as divi- dend payers have been forced to reduce or omit dividends, and it appears that the market will be beset by further unpalatable news of this kind. A cer- tain justifiable apprehension exists that the nearby convention of Congress will do little to contribute to the res- | toration of confidence and stability now 50 sorcly needed. These facts, in com- with cther world-wide eco- nomic, banking and political uncer- tainties, continue to uphold our belief that” for the present, maintenance of an entirely liquid position is both a sound and profitable policy. CLEARING HOUSE FIGURES. Washington _clearing house figures for today: $3.213,609.30. { NEW YORK BANK STOCKS NEW YORK, November 28 (#).— , | Over-ihe-counter market: BANKS. Bid. Asl .40 a2 23 25 170 2370 40 51 22 TRUST COMPANIES, Bankers Brooklyn " Tr Tr 21 395, | Wnbgeciirers [N SO e s 1011 New York . Today. . Previous day. Week ago. Month ago. Yenr ago. Three years agi Five years ago High, 1931 Low, 1931. High, 1930 Low, 1930. High, 1929 Low, 1929. 1413 ago. Three years ago. High, 1931 Low, 193 High, 1929 *New 1931 Tow. (Copyright, 1931, Standard Statlsties Co.) . | | FINANCIAL. ‘Trade Reports at a Glance. By the Asseciated Press. NEW YORK, November 28—Tabloid review of wholesale and retail business conditions and the state of crops as reported to Bradstreet's this week from the following centers, on the basis of comparisons with condi- tions {n the same areas in the corresponding week last year: 3 Wholesale and job trade. Chicago . . Fair Cleveland Detroit Indiana) Minneapolis Omaha St. Louis st. Paul . Baltimore Retail trade. Fair Manufacturing and industry. Collections. Quiet Slow Quiet Slow Fair Quiet Fair Quiet Comment. Chicago—Winter wheat improved by rains; steel: dress silk sales auto Interests buying good. Cleveland—Steel at 35 per cent, inquiries up; coal moving fairly; no improvement in unemployment. Detroit—Seasonable merchandise helped by cold weather; autémo- bile factories slow in releasing orders for new models. Indianapolis—Retail trade on slight upward trend; building active; employment slightly stimulated by outdoor projects Louisville—Volume small in wholesale dry goods, notions, men’s fur- nishings; holiday goods slightly better. Milwaukee—Retail Christmas goods slow so far; wholesaling increased in seasonal lines. Pittsburgh—Wholesale coal sales decreasing; department store sales below last year. Des Moines—Buyers conservative; $20,000; building at low ebb. Duluth—] community fund oversubscribed Buying generally conservative; warm weather retaraf sea- sonal business. actt trade up, but below normal Kansas City—General optimism apparent; lead and zinc slightly more ve. Minneapolis—Flour shipments less than one-third capacity; retail unemployment still general. Omaha—Wet weather helps footwear business; Winter wheat bene- fited. weather continues to hurt trade. ‘st. Louis—Building declining; shoe manufacturing slightly better; St. Paul—Total volume in all lines below last year; cold weather lifte ing trade. Baltimore—Business fairly active: much preparation for holiday trade. TOCKS ARE CLOSE 10 OCTOBER LOWS Bullish Sentiment Subsides in Wall Street as Market Sells Off. BY JOHN L. COOLEY, Associated Press Pinancial Writer. NEW YORK, November 28.—The financial community took inventory this week and found that its supply of optimism was running low for the mo- ment. Declines that had been simmering since early in the month expanded when the railroad wage issue went over into December, when steel production slackened and when the reparations problem came more clearly into focus. Many stocks, including American Can and United States Steel, as well as rail- road shares generally, went to new lows and the whole market bent so sharply that the average lows of October 5 came startlingly near. Bonds Also Decline. Bonds were unable to shake®ff their old habit of following stocks. Railroad | PAYMENT OF PENSIONS TOTALS $1,000 DAILY Special Dispatch to The NEW YORK, November 28.—Pension payments since the first of the year to retired employes of Public Service Cor- poration of New Jersey and its subsi- ciaries under the welfare plan of the companies, have amounted to approx- imately $1,000 a day. More than 390 men and women are on the list of pensioners. Up to Novem- ber, $314,292 had been paid out this year in pensions and in no month, since January 1, have there been fewer than 380 pensioners on roll. ‘The Public Service welfare plan pro- vides that every employe reaching the age of 65 years, who has completed 25 years of continuous employment with Public Service, is entitled to retire on pension. At the age of 70, retirement is made compulsory. . Public Service was one of the first large organizations in the United States to provide pensions for employes, its welfare plan, embracing sick benefits, rensions and death benefits, having been inaugurated on January 1, 1911. *3 A—13 BROKER LOAN TOTAL | AGAIN SHOWS DROP | Special Dispateh to ThesStar. . » 5 NEW YORK, November 28.-The weekly statement of the Federal Re- serve Bank of New York on brokers’ loans showed a decrease of $24,000,000 during the week ended November 26 to a total of $751,000,000, a new low rec ord. This compares with: the previous low of $775,000,000 made last week, and .with $2,122,000,000 on November 26, 1930. Loans by members of the Fed-' eral Reserve for their own account were $591.000,000 compared with $623,000,000 a week ago. ns for out-of-town banks totaled $141 000,400 against $14C,- 000,000 and Joans for account of others amounted to $19,000,000 contrasted with $12.000.000. Demand loans constituted $550.000.000 of the total against $560,- 000,000 a week ago, and timie loars were $201,000.000 against $215.000,000. The New ork Fedcral Resesve Bank's rediscount rate remains un- changed at 32 per cent. —_— Salling time between the Argentine - {and Europe is to be reduced two days i with the completion of the port enlarge- {:;em. program at Mar Del Plata, Argen- | tina. E e Money to Loan FreraTine iofereet et bomumen ' Joseph 1. Weller &g-;m.-i-'ru." Money on Hand to Loan on First Deed of Trust 6% Interest Prompt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. N.W. i fcahied First Mortgage Loans RS £ Lowest Rates of Interest and Commission. Thomas J. Fisher & Company, Inc. 1 R Office Space Saul Building 925 15th St. N.W, One Large Room at $52.50 per mo. Suite of 4 rooms at $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. YOU CAN SAFELY stocks here unless one is prepared, if | necessary to see some of th.em at sub- | STOCK AND BOND AVERAGES Dy the Assoclated Press. SATURDAY, NOVEMBER 28. STOCKS. 50 Industrials. . B BONDS. 20 Industrials. . 130 | obligations averaged down to a new | minimum and, while second grades .old at their largest discounts, the absence |of a strong demand for gilt-edged is- sues was conspicuous. The market | continued thin and once again it was pointed 6ut by bankers that consider- | able discrepancy existed between real and quoted values in many instances. | Although short selling has probably |increased to a marked degree—esti- mates of the current short position ran as high as 4,000,000 shares—offerings have undoubtedly been coming from holders, both large and small, who bought on the October rally in the be- llef that signs of business recovery then apparent warranted long commitments. In addition to discouraged liquidation, | the market is affected by tax sales The week's trade news was bright- | ened by word that the Ford Motor Co. was to go into production of new mod- els about December 15, which means the placing of heavy orders for steel and which doubtless will accelerate ac- | tivity by other producers. The steel industry normally tapers off toward the year end, strengthening again later in the Winter, but conditions are so ab- normal that forecasters hesitate to make predictions as to what will hap- B:n next month. There are those who lieve, however, that steel output may take a new low for the depression in December. Premier Laval's statement that France would insist on priority of reparations payments over Germany's private in-| debtedness, and that she was willing to reduce reparations only in proportion to such cuts as might be made in her own foreign obligations was a reaffirma- tion of the French position as under- stood here. Meanwhile, the - premier said, France will await action of our Congress on the Hoover moratorium, and also the report of the International Bank Experts'’ Committee before mak- ing known her “definite position.” Total Is Reduced. Although there was a tendency in some quarters to be gloomy over M. Laval’s pronouncement, it was pointed out elsewhere that much of the German | short-term credits should have been liquidated by the expiration of the Hoo- | ver moratorium on June 30 next, and | that meanwhile there were to be no reparations payments. As for the credits themselves, it is currently reported that | repayments so far made have reduced the international total by about one- quarter billiorr dollars, and that by February 29, when the present stand- still agreement expires, the volume will probably have been reduced consider- ably more. The remainder will, bankers say, undoubtedly be renewed. o King George of England has bought a |new four-valve radio set capable of re- ceiving all important stations in Great Britain and on the European continent. T Over a Third of a Century Without a Loss B. F. National 2100 THERE CONSIDER investment in our 6% FIRST MORTGAGES for they are secured by conserva- tively appraised improved Wash- ington real.estate; and the interest, liberal as it is, is definitely fixed throughout the term for which the mortgage runs. May be purchased in amounts from $250 up. SAUL CO. 925 15th St. NN\W, $3.500,000 A Family of Over 55,000 Depositors STEADY, consistent growth affords most con- vincing evidence of a bank's strength and standing. Good Service with Safety has rewarded this institution with ever-increasing patronage, our depositors’ list now numbering over 55,000. 1 Your Payday and Christmas Savings can have no better custodian, amount, Deposits welcomed in any INTEREST PAID ON BOTH SAVINGS AND CHECKING ACCOUNTS Open Until 5:30 P.M. Nov. 30 and Dec. OFFICERS: JOHN M. BOETE ER. AUDLEY' A. P. SAVAGE. DIRECTOR'S" 8 U nBECKER 'numy'. Ir. ot% Gitiey H. ROZIE) FRANI ARLEY' P WILSON Oldest Savings Institution in the District of Columbia Corner 15th and New York Ave. National Savfngs €c? Trust Co.