Evening Star Newspaper, December 11, 1931, Page 13

FINANCIAL, KAUFMANN NAMED PRESIDENT OF BANK International Exchange Insti- tution Advances Official. Career Given. BY EDWARD C. STONE, Prank J. Kaufmann assumed the presidency of the International Ex hange Bank, at Fifth and H streets rthwest, today, after having been ad- the positions of jer death a weeks ag) was the largest_stockholder. The bank's new president is 42 old and has an ord ins Frank J. Kaufmann, ir Bern in . New ‘o City on Marc! ducated the public graduated from Cathedral C entered business at an ciated for 10 years w Hu Corporation New York position as cashier come to Washington charge of the bookkeeping d: of the surgeon general's offic the War Department, which position he held until 1919, when he became asso- ciated with the District National Bank In this way he met Joseph Schiavone, who was a valued customer of the L trict National, and in 1921, when Schiavone founded the Inter Exchange Bank, and was elected its | first president, Mr. Kaufmann left the District National to become cashier of the new financing institution In 1928, when the controlling i est of the International Exchange B: was purchased by Fernando Cunibe who “was elected vice president cashier, in which post he ha until his present promotion A. & P. Sales Slightly Lower. Sales of the Great Atlantic & Pacific Tea Co. for the four-week period ing November 28 were $74,702,978. This | compares with $79,824,093 for the same | period in 1930, and is a decrease of | $5121,115, or 6.42 per cent More goods were sold during the No- | vember period in 1931 than in the s period a year ago, as estimated “tonnage ' figures. sales, expressed in tons, this year, compared with 400 November, 1930. This is a gain quantity of merchandise sold of 18,559 | tons, or 4.6 per cent Average weekly sales in were $18,675,745, compared 956,023 in 1930, & decrease of §1 Average weekly tonnsge sales 104,691, compared with 100,051 in No- vember, 1930, an increase of 4,640 . Fifth District Bank Deposits. ARpregate deposits in 12 mutual sav- | ings banks in Baltimore amounted to $213,710,081 @t the close of business October 31, 1931, a higher figure than 1 $212,323,816 on September 30, $198,704,801 on October 31 ne other hand, time deposits Tepor fifth F:der 38,204,000 on ) figur: than eit DOsHs , one-@ctober 14 $256,825.000 on November 12 ). considerable part of aggregate time deposits in reporting member banks does not represent genuine savings ac- counts, and these deposits are therefore more likely to fluctuate as conditions in the money markets and business world change tak artment in Mr. ational were Novemb:r $19,- 80,278, were cmber 11, 1831 r $243,727,000 Concludes Econemic Articles, The final article of a series of thr written by Norman E. Towsan, treasurer of the Weshingtor Trust Co., ras j the compar f phenomena of th~ n which lie cutside th cycle theory, but have se vate depression and v adequately solved before any re Tess can be mad: back to prosperity or | even normal conditions. | Among the topics discussed were | reparations, unemployment, government in business, bankers as realists, eco- nomic understanding and ‘the appeal| of business. | Makes National Sales Record. | The Washington agency of the| Mutual Life Insurance Go. of New, York | ranked N 808 79 1% 40 4 84 435 s 20 847 o% 13 23 15% 51 824 31 1 for the month of Novem-| 104 ber among all the agencies of the com- | 113 pany throughout the United States and Canada and ranked No. 2 for 12 months David F. Houston, lat the Treasury, is president of th Life Insurance Co. of New The Jocal mana is Thomas P. M Thomas P. Morgan Commissioner. 16 THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. s0ld In 100-share lots except those desigmated by letter “5.” | —— 193] — 31— Stock and Bates— Low Dividena Rate Add 00 High 214 Abitibl Pwr & Paper 9 s 5 Abitibl Pwr&lap pt Adams Ex ‘ Adams Miills (2)... Adv Rumley ‘ Afliated Prod 1.60.. Alr Reduction(143%) Airway Eles Appl Alaska Juneau (40c) Albany Wrap Paper. Allegany Corp 54 pf (5) Am Car & Fdy pf (7) x1908 Am Chain Am Chicle (13).... Am Comel Alcohol. . Am Encaustic Tiling Am European Secur. Am & For Power Am & For Pwr pf (1) Am & For Pwr 2d nf. Am Flome Prod 4 20 Am Jce (2) Amh 1) Am Pwr & Lt of (§) Am P&L! pf A st(5) Am Radlator (60c). Am Republics Am Rolling Mills. .. Am Safety Razor (5) Am Bhip & Com..... Am Shipbuflding (5) 100s Am Smltz&Ref (1%) Am Smi & Ref pf (7). Am Solv & Che Am Solv & Che 3508 41 x 180 63 1t 1 & Telex (9). acco (16) Tobacco B (16). Tobacco pf (6).. Am Water Wks (3).. Am Wat Wkscfs(3). Am Woolen Co. . n Woolen Co pf Writ Paper ctfs. m Zine & Lead aconda Copper. .. da Wire & C Cap (2 40) Dan pf (7) ir of Del pf (7) rof Il (A)... ur of 111 (B)... ir of 11l of .. 1(40c). ... ted Apparel. » Associated Dry G(1) Atch To&S Fe (10) .. Atch To&S Fe pt (5) Coast Line (4)..x ulf& West Ind. . 1 913 Atlantic Refining (1) 39 20% Atlas Powder (4)... 650s 23% 414 Atlas Stores (1).. 1 4% 8413 Auburn Auto (£4)... 328 118 1% Austin Nichols. .. .. 1 # Austin Nich pf A (3) 1108 Aviation Corp (Del) 42 178 88 8% 4% 14 10% 60 31 A 10% A Tn Locomotive d n Loco pf.. 0& Oh104). ... to & Ohlo pf (4). famberser pf (6%). Eang & Aroos (3%) sdall Corp'n Bayuk Clgar (3). ayuk Cig 1st pf Beatrice Cream (4). Beatrice Crm pf(7).. 4 Belg N R pt pf t4.81. Bendix Aviation (1). Best & Co (2) 7 Bethleham St . 161 Bethlehem St pf (1) 5 ngdale pf (7) 100s n Alumn (1%).. A) ‘ oo mrersmaes b N B Judd (EG) MIg. % Budd Wheel (1). Bur (AYL s Burrough A M(11%) %) 108 11 p1(7) 1008 & Zine 3 51 i1an Pacific 1% 6560s Mills (1.60). 2 1Admin (A).. 6 Low 2% 6 e 54 26 3 12'% 9% 1% 10 Net. Close Chge 215 6 an 54 26 3 121 49% 1% 11 4% 1% 4 % 687 13% 8% 6y 14 14 =1 -2 s % - EEEE 25 23 NEEET High 18 21% 27 18 78% 107 124% 184 185% 64y 174 38w 43% Bales— Add 00 Stock and Low Dividend Rate. 315 Coty Ine Cream-of Wheat 123 4 Crosley Radio 4 Crown Cork pf Crown Zellerback. Crucible Steel. . Cructble Stesl pf (7) Cuba Cane Products. Cuba Co 1% Cuban-Am Sugar. < 914 Guban-Am Sugar pf. 20s 27 Curtis Publish (4).. 1 82 Curtis Publishpf (1) 2 1% Curtiss Wrignt..... 51428 1% Curtis Wright (A) 7 70 Cushmans pf (8). % Cntler Hammer 4 13% 70 112 408 42 8 Davison Chemical. .. Deere & Co pf (140). Delaware & Hud (9). & Del Lack & Wn (2)., Detroit Edison (8) .. Denver & RG W pf.. Devoe & Ray A(60c) Diamona March (1) Diamond Mteh pf 1% Dome Mines (1) Dominion Stores Doug Afreraft(t1 Dresser Mfg A (3 Dresser Mfg B (2 42% Drug Corp (4). s 51% Dupont de Nem (4).. 100 Du Pont de N pf (6 8 Eastern Roll Mills 82 Eastman Kodak (18) 121 Eastman Kod pf (6). aton Axle & Spri1) ington-Schild of. lec Auto Lite (4) lectric Boat. iy ilec&Musical Instru llec Pwr & Lt (1) llec Pwr & Lt pf(§) x ¢ Pwr&Lt pf (7). x oraze Bat (4) rson-Brant (B). 27°x Endicott-Johnscn(3) 102 Endicott-John pf (7) 21' Eng Pub Sve (1.60)., b5 EngPSpf ww (54) 1844 Equit Office Bldg 2% 5% Erfe RR........ Erfe RR 1st pf (4) 22504 % 1 %) %) ) vans Auto Prod. ... xchange Ruffet (1). 31, Falrbanke Co pt cis 4's Fairbanks-Morse 1% Fashion Park Asso. . 58 Fed Lt & Trac pf (6) 20 Fed Mines & Smelt.. 1 39 Fed Mine&Smeltg pf. 1 3 Fed Mot Truck(20¢). 6 Fed Water Service A 10 Fed Dept Stores (1) 6 1d Ph Fire Ini2 60) 8 ene's Sons pf 6% .. 60s irestone T& R (1). 3 Firestone T&R pf(6) 12 First Natl Strs (2%) 19 Fisk Rubber........ 12 Fisk Rubber 1st pf.. 1008 Florshelm (A) (1%) 8 Follonsbee Bros. ... 1 er-Wheeler. . 16 Foundation Co 11 urth Nat Inv (1,10 Fox Film (A) 131 Freenort-Tex (3). 34l Gen Am Tank Car(4) 9% Gen Asphalt (2). 12%4 Gen Baking (2) 95 Gen Baking pf (8). 2% Gen Bronz 1} Gen Cable. . 34 Gen Cable (A). 15% Gen Cable pf. 25 Gen Cigar (4) 2414 Gen Electric (1. 11 Gen Elec spec (60c). 30% Gen Food Corp (3).. 1% Gen Gas&El A (e30c) 16 Gen Gas&E cv pf (6) 20% Gen [tal Ed El m2.61 81 Gen Mills (3).. 8715 Gen Mills pf (8). Gen Motors (3) Gen Motors nf (§). Gen Outdoor Adv. .. Gen Outdoor Adv(A) Gen Printing Ink(2)., Gen Public Service Gen Ry Signal (5)... Gen Realty & Utll. .. Gen Realty & Util pf fractories (1) tre Equip ' Gillette Saf Razor. Gillstte Saf R pt (6). Gimbel Bros. Glidden Co. Gobel (Adol Gold Dust (234). Gold Dust nf (6). Goodrich (B F)... Goodvear T & R (3). Goodvear 1st of (1), Cotham S'lk Hoslery Gotham S H pf (7) Could Conpler. Graham-Paize. Granby Con Min (1), Grand Silver Stores. Grand Unfon. ... Grand Unlon pf (2).. Granite City Steel(2) Grant (W T) (1)... x Great Northern pf(2} Great Northn Ore(2) Great Western Sug.. 1%4 Grigsby Grunow. 5% Gulf States Steel ackensack W (1%) 4« Hacken Wat pf A 1% Hahn Dent Stores Hall (WF) (120). Harb & Walker (1) fiaves Bodv Corn Hercules Mot (80c Hercules Pow pf (7) Hershey Choc (F). . Hershev Choc of (16 Hoe (R) & Co Hollander Sons .. Homestake M (7.80). Houdallle Hershey 1108 106 Low. 315 23 pi 2% 454 LY 1 1% 94 29 82 1% 1% .,’9 1 3 10% 3 0% 105 231 55 19 5% 3% % 11 2 4 58 121% 3 STAR, WASHINGTON, Net. Close Chge. 31y 237 o8 10% 29 277 1051 234 \ - - % -8 21 ‘ “;Washington Stock Exchange D 0, STOCKS DEPRESSED | - BY FRESH SELLING |Utilities and Industrials Are Especially Sensitive to New Ligquidation. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 11.—Another | TMATkS in his message to Congress| | wave of liquidation unsettled the stock market again today, particularly the' ind Is and the utilities. Shares of the stronger railroads met better sup | The market did not seem to be re- | sponding to published developments in, Sutside. views, The selling bore the | earmarks of liquidation forced by the continued decline in the market it- 1f. Certainly there had been no change in the affairs of most of the corpora- tions the stocks of which were the weakest to justify today's additional decline. It has repeatedly happened | | during the bear market that the read- | | justment reached a level which under- | mined the positions up to that time | deemed secure. Something of that kind may have happened today. Offerings Large. in U. 8. Steel were too ge to be assimilated at Thursday's low and the stock broke through $47 a | share for the first time. General Elec- | tric duplicated its old low. Woolworth made a new low on comparatively 11 selling. Air Reduction and In- {ternationel Business Machines were weak. Macy added two more points to its losses of the previous sessions. Na- tional Cash Regisfer broke a point to & ' new low. The low-priced utilities. such | as United Corporation and United Gas Improvement, were freely offered. Notwithstanding this weakness in the general list, the better grade of rails were in good demand. Some of them, according to word from the floor, were “hard to buy." The only explanation offered was that some offer of compro- mise on the wage reduction proposition was likely to come from the Chicago Conference of union representatives. Offerings Opening Is Irregular. The market wes irregularly higher at the opening and few of the fluctuations were of significant size The decrease in currency circulation of $2,000,000 in the week was regarded as an encouraging sign of the con-; tinued check in withdrawals for hoard- ing United States Steel opened at 48%, FRIDAY, DECEMBER. 11, off a fraction and only fractionally above its low." Bethlehem Steel was unchanged at 24. In the industrials Stendard Brands and Safeway Stores were fractionally lower. Westinghouse gained a point to 287. The rails were steady. Canadian Pacific, Illinos Cen- tral and Norfolk & Western were higher. Missouri-Kansas-Texas, South- ern Pacific and Northern Pacific had small declines | American Telephone was : point higher at 1241_and other utilities such as American Water Works, Consoli- dated Gas, International Telephone and United Gas & Improvement were firm to fractionally higher. Auburn was 11, points higher at 114, General Motors at 221, was unchanged. Packard and Studebaker had small fnitial losses. The oil shares were quiet, with a small loss in Standard Ol of California and a slight decline in Sinclair Oil. PARIS BOURSE PRICES. PARIS, December 11 (#).—Three per cent rentes 80 francs 5 centimzs. Five per cent loan 97 francs 65 centimes. | Exchange omr London 84 francs 25 centimes. The doHar was quoted at 25 francs 43!, centimes. U. S. TREASURY BALANCE. The United States Treasury balance, announced today as of close of busi- ness December 9, was $74,168,079.50. Customs receipts for the month to date were $8.774,043.64. Total ordinary ex- penditures were $12,810,040.69. SALES. Washington Gas 6s “A"—$300 at 109, $100 at 100. Potomac Electric 5% % pfd.—5 at 1063, 5 at 1061, 4 at 106%; Washington Rwy. & Elec. pfd.—10 at 94, 10 at 94, 10 at 94, 10 at 94, 10 at 94,10 at 94,17 - 94,5 at 94. Lanston Monotype—10 at 6T, 6675, 10 at 663, 10 at 66%. AFTER CALL. Washington Gas 6s “B"—$200 at 101. Capital Traction 55—$3,000 at 67. BONDS. Bid and Asked Prices. 10 at t. Ver Washington Ges 4%as 1931. Everybody’s Business Thousands of Dollars' Worth of Foreign Bonds Are Now Held by American Publie. BY DR. MAX WINKLER. 8pecial Dispatch to The Star NEW YORK, December 11.—Amer- ica's debtors should derive some en couragement from President Hoover's dealing with foreign affairs. adoption of his one-year proposal, the President it may be necessary i make still further adjustments. Other- wise the message wa ther general, containing no direct reference to the various problems of interallied debts and reparations. Senator Johnson from California has already announced his opposition. The Senatcr is probably under a misappre- hension if he think the move will help the bankers. Forel bonds were sold, but are not owned by the bankers. It is the hun- dreds of thousands of investors through- out the country who, enticed by high ylelds and all sorts of alluring state- ments, purchased and now own these bonds. L] Railroad Earnings. American railroads are expected to earn only about 2 per cent on their property investment during 1931, the lowest figure recorded. This may, in part, account for the disastrous shrink- age in the price of railway securities. Asking for moratorium points out that n some cases to The decline in prices, however, seems | to have gone too far. In 1930 the re- turn on property investment was 3.03 per cent, while the high price for 25 representative oarri at 136, The corresponding 1931 figure should be about 89. Even on the basis of last year's low quotation of 25 representative railroad shares of 74.20, the figure this year should be about 49. It is, therefore, obvious that the hysteria, like every- thing else, is being greatly exaggerated ‘Those who purchased railway stocks in the early nineties reaped substantial profits. History may repeat itself. Tllinois Central, Although the Tllinois Central is ex- pected to fall short of earning its fixed charges this year, no difficulties are an- ticipated in rgeeting interest payments Proceeds derived from the sale of $20.- 000,000 worth of bonds last May are deemed sufficient to take care of the road’s cash requirements throughout the present depression, providing, of course, the volume of traffic does not fall materially lower. Electric Bond and Share. A return of substantially more than 10 per cent on the preferred issues of Electric Bond and Share is entirely unwarranted by earnings. Net profils for the first 10 months of this year, available ~ for preferred _dividends. amounted to more than 3.67 times re- quirements. Although the figure is ma- terfally below the showing reported in the corresponding period last year, it is nevertheless sufficiently impressive. Legislative Proposals. There is not going to be any lack of work in the Housc of Representa- tives at Washington. The Seventy- second Congress will have plenty to do, even though little, if anything, may be achieved. More than 5,000 bills are to come up for consideration. Many are designed to meet economic prob- lems of the day—that is, to solve once and for all the prevailing crisis. Apparently, there are still men left who believe in miracles, or, better still, who are convinced that among their constituents there will be found many Wwho believe that the men they have sent to Washington can perform miracles. British Exports. The rejoicing in certain circles over the outlook for British foreign trade fol the abandonment of the gold standard apparently was premature. last month show only an in- i ant gain in the number of pounds, as compared with October, although the amount in gold is con- siderably smaller, due to the lower value of exchange. This proves cnce again the futility of expecting sus- tained improvement in the field of economics as a result of artificial measures. Sees Payment Suspensions. Suspension of payments on public as well as private debts by a number of debtor countries is predicted by Sir Arthur Salter, British economist and former head of the financial division of the League of Nations. Sir Arthur, however, has a remedy. Creditor coun- tries should act promptly to use their public resources as a basis of new foreign lending. ‘The only question which one should lke the Britisher to answer is how to dispose of such loans after they are underwritten. With governmental issues already outstanding selling at purely nominal figures, even the idca of a new series of loans is very remote indeed. A decided change in sentiment is required. Ferhans the Basle confer- enze will provice i (Copyrigh!. 197 by e Allie SILVER QUOTATIONS. NEW YORK, December 11 (#).— Noon—S8flver futures quiet, sales 750, he Not nee, Inc ) American s last year stood | FINANCIAL | Washington Produce | Butter—One-pound prints, 36; tub, 35 Eggs—Hennery, 30a33; current re- ceipls, 24227 | Poultry, alive—Turkeys, young toms | | and hens, 25827; old toms. 20a25; old | hens, 19a22; chickens, 3 pounds and | over, 18a20; 2 to 2!, pounds, 20a22 | Spring broilers, 23; hens, large, 18a20° small 15a17; Leghorn hens, 13al5 zoosters, 10a12; keats, young, 40a45; old, | 2535. | Poultry, dressed—Turkeys, young | hens andtoms, 28a32; old toms, 28a30; | old hens, 30a32; chickens, 3 pounds and over, 22a24; 2 to 2, pounds, zzazs:i Spring broilers, 30; hens, large, 21a23 small, 18a20; Leghorn hens, 16als: | roosters, 13al5; Long Island ducks, 19a20. Meats—Beef, prime, igmd. 1275a13; cow, 91;a10; lamb, top, 15; fair to good, 13al4: common, 10a 11; veal, top, 14; medium, 1215a13; pork loins, 8 to 10 pounds, 1lal ; 10 to ‘]3 pounds, 10; fresh hams, to 10 i pounds, 13; 18 to 22 pounds, 10; smoked hams, 19a20; strip bacon, 19a20; lard, 80-pound tins, 9; package, 10; com- pounds, 7a7; Hogs, light and medium, 16: choice, 15: Lise stock— 4.40a4.70; heavy, 4.00a4.40; pigs, 4.90a 480; roughs, 2:50a3.50; calves, 3.50a | 8.50; lambs, 3.5026.50. Frults—Apples, fancy box ' stock, 1.7582.50; nearby, bushel baskets, 35a | 1.25; oranges, Florida, 3.00a3.50; Cal fornia, 4.25a5.00; grapefruit, 2.25a2.75; honeydews, 2.50a3.00; limes, per 100, 175a2.00; pears, 3.00a3.50; pineapples. 275a3.00; grapes, Emperors, 2.00a2.25; Tokays, 1.25a200; Concords, 65 ba- | nanas, 1.00a2.00; tangerines, 2.0022.25; ! kumquats. quarts, 8210 cranberries, 2.25; strawberries. per quart, 75 Vegetables Potatoes, Maine, 100- | pound sacks, 1 New York, 150-pound sacks, 1.75; Idaho bakers, 100-pound |sacks, 225: sweets, Eastern Shore, 50a 75; red. 75290: lettuce, Iceberg, 3.75a 4.50; Florida, 2.00; broccolf, 2.00a2.25; caulifiower, 1.75a2.00; carrots, California, crates, 4.00; string beans, 1.50a3.00' limas, 4.00; peas, 7.00a7.50; . beets, 100 bunches, 3.00a4.00; carrots, per 100 bunches, 6.00a7.00; salsify, per dozen bunches, 100a1.20; _peppers, 3.0 3.50; kale, 50; spinach, 75a90: mush- rooms, 75a90; turnips, 50a60, arti- | chokes, 4.00a5.00; squash, 3.50; okra, Cuba, ‘per pan. 90a1.00; Florida, per | i bushel, 325a3.50; cabbage, new, 40- pound basket, 2.25a2.50; old, 100-pound | sacks. 1.25; celery, 3.00a3.25: tomatoes, | Florida, fancy, 6-pan containers, 7.00; | California. 30-pound lugs, 6.50 NEW YORK BANK STOCKS ‘ NEW YORK, December 11 (#).— Over-the-counter market. | Bank | Chase Chatham Phoesix Commercial National First National N Y | Manhattan ' Co National City Public 147 1980 20, 155 2080 34% s 2% ! Trust Companies. | Bankers | Brock Cent over hem Bk & Tr ont Bk & Tr E: | Empir | Guaranty Trving Manufactarers New York Title Guar_& Tr ON YOUR 6= SAVINGS OVER FORTY YEARS of Service to V/ashington Families is the record of this insti- tution. We invite your consideration. . - . Open Daily 9 10 5 Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT l 949 NINTH ST., NW. UNDER SUPERVISION OF U A Organized 1879 JOHN JOY EDSON, President Equitable Co-Operative Bldg. Ass’n WALTER S. PRATT, Jr., Secretary *¥% A—13 MELLON INDORSES ¢ BRANCH BANK PLAN Trade-Area Arrangement as: Suggested by Pole Given Secretary’s Approval. BY CHAS. P. SHAEFFER. Associated Press Business Writer. 2 In the annual report of the Secte- tary of the Treasury it is suggested that trade-area branch banking be adopted for national banks as a “solu-"" tion in a large measure of our present banking difficulttes.” Reviewing the 10 months' record of the present calendar year, in which,: more than 17 per cent of total suspen=; sions have been in the national bank fleld, Mr. Mellon said trade-area legis-' lation “would afford better manage- ment, service and diversification, with a greater measure of safety than can |now be obtained under our present system.” The trade-area branch banking sys tem was conceived by J. W. Pole, pres ent controller of the currency, to whom it is credited in the Secretary's sug- gestion. Its theory rests upon eco- nomic grounds. Its aim is to permit strong city banks to cariy thelr banke ing facilittes to the surrounding com-ny munity to a distance governed by the . predominant flow of business and trade to and from the city as a trade center. It is designed to give to the rural communities which have been suffer- ing from a lack of adequate banking:. facilities the high type of banking and the security from bank failures which residents of the large cities have gen- ally enjoyed. The trade area would recognize no political or other existing artificial boundaries other than natural 'ecos.. nomic lines. In other words, it would ~+ be constituted by the surrounding geo--* graphical territory economically trib tary to a city and for which such city:~ provides the chisf market and financial . center, These areas. the controller suggests, could be defined by a Federal Commit. tee, composed of the Secretary of the Treasury, the governor of the Federal Reserve Board and the controller of the currency. If the plan should be adopted the | prevailing State line restriction would be discarded, and national banks would be permiited to establish branches,,, | within the limits of such regional tradesar areas upon the approval of the con-. troller of the currency. CLEARING HOUSE FIGURES. -~ Washington Clearing House figures«it for today: $3,624.47.62, 3% Mc;ney to Loan Secured by first died of trust o 1 e Prevailing interest and to-n-rll. ";—“u Joseph 1. Weller g0 wam's. Maximum Income WITH Supreme Security Buy an ANNUITY MALE, AGE 65, Pays Nearly 12% Send us the Date of Your Birth for full Annuity Information M.LEROY COFF 1036 Wocdward Building Nat. 0340 Insurance Exclusively Over 20 Years I 52nd YEAR COMPLETED money—start a sys Subscriptions for the 102nd Issue of Stock Being Received Your Christmas Meney Don't qpend all vour Christmas NG ematic Savings ..$6,124,601.90 TR T T R HEH Trading on D. C. Exchange. | Today's Washington Stock Exchange session opened with small sales in| 5214 Washington Gas 6s, series A, at par The series B gas bonds later sold at | 101, while the largest bond sale of the day was $3,000 Capital Traction 55 which changed hands at 67 The stock division opened with entury Rib Mills. .. shares of Pojomac Electric Powe 9 Cerrode Pasco (1), per cent d moving at 10 2l Certain-tecd Prod hare Account with the Equitable! No matter what you are saving for—a home, your children’s educa- tion—you’ll find the Equitable’s plan a helping hand to accumulate money. Start now. 915 F ST. A 181% 116 ase (J 1) Co 400 “ase (J 1) p x 10s erpillar Trac (2). 13 avanaugh-Dobbs pf 50s el 5 1 elotex Co > 35608 “elotex vic e 1 ‘ent Aguirre (1%).. 4 Washington Gas 5s... .. Wash. Gas 6s, series A Wash. Gas 6s. series B Wash. Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross, Inc., 6. Chevy Chase Club 5125 Col._Courtry Club 5!z D. C. Paper Mfg. 6s. Wash. Mkt. Cold Storage 3 STOCKS. PUELIC UTIL Houston Ofl... Houston Ofl (new) Howe Sound (3).. Tudson & Man (3%) Hudson Motor (1).. x 19% 000 ounces. Quotations in cents: De- 4 cember, 30.35 bid: March, 30.75 bid; May, 31.35 bid; July, unquoted; Sep- REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications _Invited on high-class apartments and dwellings. and barticu: Tarly on well located business pronerties for 3.°5 or 10 vears. if so Cesired 1520 K St. NNW. National 0475 11% 294 $2.50 Share el i FEEFFFEEFET R SRR T - Illinofs Cent pf Indian Motor Cycle. . Indust Ravon (4).. In~ersoll Rand (4) nland Steel (2 41 nentratian Conpen r Sh(Md) (28 nterboro Ran Tr n. Agricuiture 3 Int Bus Machine(n§) Int Carrlers.Ltd 50c. Int Cement (3)...... Int Combustion. . . Int Combustion pf... Int Harvester (2%) . Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4). ‘nt Merchant Marine. Int Nickel of Can 20e Int Paper pt Int Paper & Pwr (A) s Int Paper & Pwr (B) 1 2 Int Paper & Pwr C.. Int Paper & Pwr pf.. I nting Ink ntz Ink nf (6) 208 Int Itys Cent Am 1008 in Salt (3y..... 10 It Shoe (3) Int Silver ..., % Int Tel & Teleg (60c Lat Dept Stores (2).. 1y Interstate D 8 pf(7). Intertype Corp. . Investors Equity. . Jewel Tea (14%) 171 Johns-Manville (1).. 36 884 Jones & Laugh pf (1) x340s Kansas City Southa. Kan City Sou pf (4). i g CL Karstadt (Rudolph). S B s 1 K’mann Dept Stra(1) 5 3 o 17 n| 2 Kayser (J) & Co (1). Keith-Albee-Orph. .. Kelly-Spring Tire. Kellv-Spr T 84 of . v Kelsey-Hayes Wheel Kelvinator Corp cat Wes I StP & Pac... SIP & Fac pt Northwstr Northwestn pf “hicago R l&Pacifle. iR1&Pac6% pt hi R 1 4 % pf. *hilds Company ' M i M 1 i Ins 1 ¥p at b6y lots Rwy Wash. Rwy. & E. nfd NATIONAL BANK. Second Trusts for Sale FI We have trusts from 31000 fo $7.500 with monthly payms short ma- turities. Realty In Securities Corporation, Dist. ‘26 Jackson Place. N.W. ENTERPRISE SERITAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stock Now Open for Subscription 59, INTEREST PAID ON STOCK James E Connelly, James F. Shea Pr Secretary « MORTGAGES Stock Break Draws Attention | ibe et According to & dispatch received by | the Washington office, Edward F. Swift, | president of Swift Internacional, in an- | ewer o an inquiry as to the possible | Chile Copper.... .. causes for the decline in the market | Chrysler Corp (1) Swift Internacional stock, to- P City Ice&Fuel (3.60) ity lee&Fuel pf 634 k Equipment(1). - eabdy pt (T) MR Capital (14) ... . Columbia (12) Commercial (stamped) (10)." District (8) 5 Bk & Tr. @) 0864, 39% B4 601y 2214 14313 105 31 10 8% 17% 16% 2y Fed.-Amer. Na Liberty (T4)... Lincoln (10) 7 Metropolitan (i4) Riggs (138)...... Second (9e) Asann Washington' (13) A TRUST COMPANY. AN INVESTMENT THAT IS SOUND When you make an investment in our 6% FIRST MORTGAGES you know definitely what your re- 18 5 163 s no reason in 1508 Amer. Sec % o | Continental * comp Natl. Sav. & ;WM.) Loan & Tr. (14) ia (63) 10) account viA turn will be and you have the best : Wash. Mechanics (30) FIRE INSURANCE. American (12).., PRl ) it National Union (15). TITLE INSURANCE. ) bon (4). Comm Credit (160) 5. Comel Cred 18L(6% ) 3 5 5 Comel Inv Trust (2) 1% Comel Iny Tr pf 63. Comm Inv cvpf( Comel Solvents (1).. “omwlth & Sou(30¢) omwlth&Sou pf (6) 8508 ongolm-Nairn (1).. 14 ngress Cigar (1)., 7 Financial District Notes. | a regular meeting of the board irectors of the Prudential Building Assoclation, held Wednesday, a divi- dend st the Tate of 6 per cent per an- num was declared, payable January 1 on all share payments of record De- cember 5 Secretary Mellon today announced that the subscription books for the cur- ering of 12-month 3, pe 0 of series 1932, mat 1932, for n 3 per cer of indeltedne s mat Septem 00,000,000 nd -month Over a Third possible assurance of the safety of the principal, in that it is secured by conservatively appraised im- proved Washington real estate, At of a YOUR XMAS SAVINGS in FIRST 6 % MORTGAGE SECURITIES v appraised These conservativel properties r'ght investments are here in the NATION'S Capital Century Without a Loss Columbia (6h) .. Real Estate (6h). MISCELLANEOUS, Qol. Medical Bldz. Corp. (8) Col. Band & Gravel pfd. (1) D. C. Paper Mfg. pfd Dist_ Natl. Sec, pfd Emer Bromo-! Pede:al Storage nid Fed.-Am. Co. com. ( Fed-Am. Co' p'd woece s EE IR LBTE % May be purchased in amounts from $250 up. mirbir A Gan XY pfB) riesi1) wvs D (6).s ext come-produzing e asury t Tre certificates of indebte ss, series TJ-1932, matvring June 15 1932, for $300,000,000, have elosed. TREASURY CERTIFICATES. (Reported by J. & W, Seligman & Co.) aturity Bid Ofter. i e e E e B 16 1931-T.D3 99 3133 ... 36, 1932 00 99 27-33 90 383 -33 98 1532 162% 126 o (B). King (A)... Contl Baking (B). .. Contl Baking pf (3). Contl Can (2%)..... 4 Cont Diamond Fibre. Con’. Insur (2.40)... Contl Motors Contl Ofl (Del) Corn Products Corn Prod pt ma Contatner ( Conul 129 i 40 120 4 82y ~ W -y 1% + % 1% 40% 129 -0 -1 295 27% 351 874 % 18% nuecott Copper 50c Kimberly Clark 2% . x Kirney (G R) Co 2 « Kresge Dept Strs pf. 108 17% Kresge (S 8) (1.60). x 35 4 Kreuger & Toll 1.61). 83 14% Kroger Grocery (1). 150 40% Lambert Co (3)... 37 1% Lee Rubber & Tire.., 10 61 Leh Port Cement...» ® 8 6% 6% - R {Continued on Page 14) L Real Est Ter. Rel. & Wn. Corp. (3) The Carp:l Corp. (2).... W. Mech. Mtge. com.. . ) !l Wash. Med. Bldg. Corp. (1} Wrwd. & Lothrop com. (1,39} Woodward & Lothrop pfd. i i 4 st Denominations as low as $100 send PR e Hucllss Blan REAL ESTATE MORTGAGE & GUARANTY ~ CORPORATION 1810°K LW, NAt. 1403 S A . F. National 2100 THERE 2 U L L), 925 15th' St. N.W. IS NO SUBSTITUTE FOR _SAFETY .