Evening Star Newspaper, October 3, 1932, Page 14

FINANCIAL. ISTOCKS SELL OFF AS RAILS DECLINE Receivership Plea of New York, Chicago & St. Louis Weakens Market. WASHINGTON, D. C, MONDAY, OCTOBER 3, 1932. 'ON THE NEW YORK STOCK EXCHANGE NOTE—Today's individ ot gi7en In this edition. Sales of each m:-;(i:knn::'cn'l'us:.'}'.'('n-"y-mny'. vaser: an: — Add 00. High. 43 7 FINANCGIAL, THE EVENING STAR, TRANSACTIONS this edition. y's Daper. Net. | ~Prey. . Chee. | High. ~ Low. % — %) 76 17 + % 8 20% 12% 29% 30% % TRLSTFUNDS SFE | DURINE DEPRESSION Official Bank Records Show Customers’ Assets Were ; 1 % Alllk:..lnunalu (50¢). % Allegl y Corp.. Well Protected. fusharicip Allegheny Steel. ... Allied Chem & D (§). Allied Chem pf (T).. Allis-Chalmers Mfg. Am Bank Not 15% Am Can (4).. Ty 4 Am Can Co pf (7) 18 Am Car & Found: 6 o 3% AmChicle (13) 88 83 are mot given in this edit! are from vesterday's paper. — Add 00. High. 140 26 NOTE—Today’s individs Sales of esoh stock in this 1933~ Stock and Bales— Dividend Rate. ~ Add 00. High. 85 ' Glidden Copr pf (7). 60s 71 2% Gobel (Adolf) 14 103 50 ot given M e e 2 2 ; flvl::nd ’unu. Add 00. High. Low. Cl 1% Adams Express. . 14 % % 12 Adams Millis (2) 17 m 1% 9% les are mot given NOTE—Today’s individual Vi 7 Bales of eaca stoek in_this edif o from yesterday’ a of each iaie ol ‘High. ' Low. Dividend Rate. 31% 15% Stand Oll Calif (2) 37% 2% 8% 17% 13% 36% 8% Gold Dust (1.60)... 2% Goodrich (BF)... 5% Goodyear Tire&Rub.. 7% Gotham Silk Hoslery Graham-Paige. 9% 3% Grand Union 30% 14% Grant (W T) 5% Great Northern pf 5 Great Northern Ore. 9 . 3% Great Western Sug. 1% Tex Pacific Coal&Oil, % Grigsby Grunow. ... . 214 Tex Pacific Land Tr.. 3 Gulf Mobile&Nor of 4 The Fair. . % Hahn Dept Stores % Thermotd Co. ... 7 Harbison & Walker. 8% Third Avenue % Hayes Body. ... 2% Thompson Products. 43% Hershey Choc (6) 2 Tide Water Asso Ofl. 57 Hershey Choc pf(15) 2 Timken-Detroit Ax 7% Holland Furnac 7% Timken Roller Bg(1) 1 Houdaille Hershey. 2% Transamerica Corp.. 1% Houston Ofl (new). .1 1% Tri-Contl Corp. 8 Hudson & Man (3%). 19% Trico Products(2%). 2% Hudson Motor Car. 2 Truscon Steel. o 1% Hupp Motors. . 7% Und-Ell-Fisher (0c) 4% [llinols Central...... 16% Un Carbide & C(1.20) 7% Industrial Rayon (2) 27% Union Pacific (6).... 14% Ingersoll-Rand (2).. 40 Union Paciffc pf (4). 3% Insuranshares (Del). 11% Un Tank Car (1.40).. 2% Interboro Rap Tra: 6% Unit Afrcraft % Int Agriculture...... 80% Unit Afrcraft pf (3). 524 Int Bus Machine(né) 11 Unit Biscuit (2). 1% Int Carriers Ltd 20c.. Unit Carbon. 3% Int Unit Cigar Stor: 10% Int Harvester (1. Tnit Corp (40¢). Int Harvester pf (7). Unit Corp pf (3). Int Hydro-Elec (A).. % Unit Dyewood. . Int Nickel of Can. Unit Fruit (2). Int Nick Can pf (7) Unit Gas&Tm (1. Int Paper pf..... Int Paper & Pwr (B). Int Paper & Pwr (C). Int Paper & Pwr pf. Int Salt (1%). Int Shoe (2) Int Sflver. Int Tele & Intertype Corp. Johns-Manville. Jones & Laugh pf(3) Kaufmann Dept St.... 4% Kayser (J) & Co. 1 Kelsey-Hayes Wheel. 2% Kelvinator Corp. 4% Kennecott Copper. 6% Kresge (SS) Co (1) . 10 Kroger Grocery (1) 25 Lambert Co (15). 1% Lee Rubber & Tir 3% Leh Port Cement. .. 51% U S Steel pf (7). % United Stores (A)... 70 Univ Leaf Tob pf(8). 1% Util Pwr & Lt (A)... 6% Vanadium Corp. 60 Va Elec&Pw pf ( 7% Vulcan Detinning. Wabash RR.. Ward Baking (B)... Ward Baking pf (4) 95 10% 23% 20 34% % Superior Oi1 6 Telautograph (1) BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 3—Disturbed over the application for a receiver for the New York, Chicago & St. Louis Railroad, stocks sold off in the early trading in today's session, but steadied in the afternoon, recovered the greater part of the loss and closed fractionally lower, Trading interest was at low ebb all day. The Nickel Plate situation had been known all along and was only a tempcrary influence. The market real- ly did not break out of its trading range and was still awaiting scme signal from commcdities, which, however, were al- most as quiet as stocks. ‘Wheat was fractionally lower most of the day. Cotton was steady. Of the other staples, the price of lead was advanced, but that of refined sugar was reduced. Coffee was weak again. A sharp break in Japanese yen featured the foreign exchanges. The market opened with irregular price changes, most of them downward, but none of them of any large amount. Trading was in small volume and the market appeared to be awaiting some impetus from the outside. This came with the news of the ac- tion against the Nickel Plate, taken at the instance of a noteholder. It brought an immediate flurry of selling, with prices dropping 1 to 2 points, but there support was met and the list steadied. There was a slight recovery but at mid- day the market was still well under Saturday’s close. The general situation was as uncer- tain as ever. There seemed to be no liquidating pressure, but on the other hand there was no public demand for stock. Presumably the pools were able to BY EDWARD C. STONE. Official records attest the safety of trust funds in the hands of banks and trust companies during the depression even in cases of suspensions, Francis H. Sisson, vice president Guaranty Trust Co., New York City, showed in an address before the tenth regional trust conference of the Pacific Coast and Rocky Mountain States held under the auspices of the trust division, American Bankers' Association, in Los Angeles. “Perhaps one of the most important lessons in the practice of the trust busi- ness which the depression has tested and proved is that which relates to the factor of safety in the handling of trust funds,” Mr. Sisson said. “Safety is the greatest of the cardinal virtues of the services rendered the public by trust companies and the trust depart- ments of banks. Every trust man stoutly affirms this, but it took the un- fortunate conditions from which we ere recovering to bring this fact home to the public. Public appreciation of and confidence in tke trust institutions of this country has grown and become intensified in the face of uninformed and unjust attacks which have bzen made on all sides. “Whenever a bank has closed there have been critics to point the finger of doubt at the safety of trust funds. The truly satisfying record of trust compznies and trust departments of banks during tre dark days of the depression cannot be described or un- derstood without resort to figures. Take the ycar 1931, one of an unusually large number of bank suspensions, dur- ing which 2,298 banks and trust com- panies were closed. What of the trust assets of the banks suspended? The records of the controller of the cur- rency and State banking commissioners show that, of those banks suspended, cnly one in seven was a trust institu- tion. Trust funds held by the sus- pended institutions were, with few ex- 2% ;“Q 0% 8% Wesson Ofl & Sn (1). Western Maryland. . Western Pacific. ... Western Pacific pf. Western Union... Westing’se Air B(1). Westinghouse Hlec. . Westinghse 15t (3%) 130u Westvaco Chlorine. . White Motor. Rock . Sewing Mach. SEEFFRRELEES Am & For Pwr 24 pf.. Am Hide & Leath pf.. Am Home Prod 4.20.. Am Ice (1).. Am Ice pf (6) Am International. Am Mach&Fdy(80c). - s"Fresrer P+ ++ ¥ Wilson & Co (A).... Wilson & Co pf. Woolworth (2.40) Worthington Pump.. 25 1% Yellow Truck....... 103 Sales of ftocks on New York Exchange. s 12:00 Noon. 2:10 P.M Dividend rates as given in the above t. cash payments based on the latest quarterly jons. Am Smeltg & Ref pf. Am Steel Foundry... Am Tel & Teleg (9).. AmTobaceo B (16)... Am Tobacco pf (6).. Am Type Founders. . Am Water Wks (2) Am Wat Wks cfs(3] Am Woolen. . Am Woolen pf. 2 Am Writ Paper pf... Anaconda Copper.... Anchor Cap pf (6%). Armour of Del pf(7). Armour of 111 (A). 39% 10 Armour of 11 (B). 8¢ 30 4 Armourof Ili pf. =1 0 Asso Dry Good: b Atch Topeka & Atchison pf (5)...... Atlantic Refining (1). Atlas Powder. . Atlas Tack. . Auburn Auto (£4).... Austin-Nichols A (1) Aviation Corp (Del). able; or balf-yearly decla- 5 Unit of trading less than 100 shares. tPartly extra. Plus in stock. aPaid this year—no regular rate. b Payable in e Payable in cash or stock. {Pius 8% In stock. b Plus 2% in stock. ) Plus 31 in special preferred stock. k Plus 3% in stock. m Paid last 7 nPlus 5% in stock. D ble in scrip. x Ex-di U S Gypsum pf(7) S Hoffman. 8 Indus Alcohol... T s 184 El 1% s HEAVY WHEAT SALE PUTS PRCES DOWN Leather. . Pipe & Fdry (2). Realty & Imp. u u u u % 2% 3% FLULVEL L+ —no regula. rate. ividend. BANK REVIEW SEES STEADY TRADE GAIN u +1 ¥ E CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. EFEFE {5 K T B NEW YORK, October 3.—The follow- ceptions, comparatively small and the trust assets involved were fully pro- tected, so no loss resulted to the bene- ficieries. “Perhaps the most widely publicised bank closing was that of the Bank of the United States of New York, Decem- ber, 1930. It had in its trust depart- ment $25,000,000 in collateral, $29,000,~ 000 in corporate bonds outstanding and $700,000 in cash. Shortly after suspen- sion the bank examiner stated: ‘We have segregated all the trust assets and are performing 2ll trust functions under the various trust appointments as evi- deinced by indentures, wills, agreements and other documents. The net result is that the closing of the bank did not aficct in any manner the administra- tion, execution or safety of the trusts of its clients.’ “There is the record. The safety of trust funds has been tested in the cru- cible of depression. Strong and unbend- ing it has withstood the test. Such is the lesson of adversity. Now, firm on its foundations of security the American institution of trust service faces the future, confident in its ability to serve end preserve.” Women at A. B. A. Convention. The Association of Bank Women, in which Washington bank women are deeply interested, is meeting in Los An- eles coincident with the A. B. A. con- vention, which got under way there today. The association is represented in every State in the Union and in practically every important city. The purpose of the Association of Bank Women is to bring together, women executives engaged in the pro- {fession of banking for mutual exchange of iceas and experiences in order that practical benefits may be derived there- from; to promote the interests of its members and to forward the interests of all women in the banking profession; to uphold the dignity and integrity of wemen associated with or employed by banks. The membership of the association 4nciudes women holding executive posi- tions in national, State and savings banks and trust companies. Their work is diversified and their responsibilities vary from junior officers to presidents of banks. Miss Grace S. Stoemer, who has been president of the association during the past year, visited Washington shortly after her election a year ago, and was paid special honors by the wcmen con- nected with local banks. Exports Turn Trade Balance. Increased exports to 13 countries en- ebled the United States to strike a favorable foreign trade balance for August of $109,205,121 for exports and $91,110,475 for imports, the Commerce Department announced today. portz, in the way of comparison, for August, 1931, were valued at $164,- 80£.440 and imports were valusd at $166,678,728. Countries in which increases occurred in exports for August over July were Czzchoslovakia, Denmark, France, Ger- many, Greece, Irish Free State, Italy, Norway, Mexico, Brazil, British India and New Zealand. Two $1,000 transactions in Washing- ton Gas Ligit 6s, series A, opened the weck’s business on the local stock ex- change, both bonds selling at 993;. Capital Traction 5s appeared on the board in two $1,000 transfers, both ade ot 51, the same as other recent £ales in this issue. Georgetown Gas 5s figured in a $500 sale at 1012, quotations on this issue also being practically unchanged from the last sale. Only one stock appeared on the board today, 10 shares of Potomac Electric Pcwer 51, per cent preferred stock moving at 10434, Riggs National and American Security & Trust have been added to the list, of cecurities now being quoted with- cut the dividends which were recently voted by both banks. Several local banks paid their regular dividends on October 1. 35% 3% 7 43% 8% 18% 24% 29% T4 22y 54 434% 124 11% 50% 8% 36 2% W 3w~ 4% 65% 75 15 125% 6% 15% 18% 30% 12% 5% 11% 68% 10% 9 101 1% 8 1% 47% 41 Bl 25% 3% 9% 55% T% 24 167% 25'% 4% 3% 31 3% % % 15% 92% 45% 122 19% 12% 18% 57 8 Baldwin Loco pf.... 3% Baltimore & Ohfo.... 6 Baltimore & Ohio nt 915 Bangor&Arostk (2).. 1% Barker Bros. 3% Barnsdall Corp 15% Beatric Creamery . 2% Belding-Hemingway. 4% Bendix Aviation. 5% Best & Co. 7% Bethlehem 16% Bethlehem Stoel p: 4% Bohn Alumn & Bra: 31 Bon Ami (4). 20 Borden Co (2). 3% Borg Warner. . 2% Brigrs M{g Co. 11% Bklyn Manhat Tran.- 31% Bklyn-Man Tr pf (6). 28 Brown Shoe (3)....u 1% Bruns Term & Rwys. 1% Bucyrus-Erie 14 Budd (EG) M: % Budd Wheel. 2 Bullard Co.. 3% Bush Terminal 7% Bush Term deb stk. . 124% Bush Terminal pf(7). 7 Bvers (AM 4% California Packing.. 14 Callahan Zinc & Ld.. 1% Calumet & Hecla. 6 Canada Drv (1.20) T% Canadian Pacific 16% Case (J I) Co.. 30 Case (JD pf(7).... 4% Caterpillar Trac 50c. 1% Celanese Corp. .. 2% Century Rib Mill 3% Cerro de Pasco 8 Certain-Teed pf..... 164 Checker Cab (new).. 9% Ches & Ohlo (2%). 4% Chesapeake Corp (2). 1% Chi Great Western 215 Chi Great West pf... % Chi Mil StP & Pac.... 1% Chi Mil StP & Pae pf. 2 Chi & Northwestern 1 Chi Pneu Tool.. 1% Chi Rock I & Pacific.. 4% Chi R1& Pac 7% of.. 6% Chi Yellow Cab (2).. 50 City Ice&Fuel pf 6%. % City Stores 74% Coca Cola (18’ 41% Coca Cola (A) (3). 11 Colgate-Pal-Pete(1). 2% Collins & Alkman. ... 5 Colo & Sou 2d pt (4). 13% Columb Carbon ( 40 Comel Cred 1st(63). 11% Comel Credit A (3).. 10% Comcl Iny Trust (2). 31 Comcl Solv (60c).... 1% Comwlith & Southern. 27% Comwlth&Sou pf (6) 6% Congolm Nairn (1)... 1 Consol Film. 2% Consol Film pf... 31% Consol GasN Y (4).. 4% Consol Laundries(1) 4 Consol O1l Corp. 79 Consol Ofl pt (8).... % Consol Textile. ... 2% Contl Baking (A). % Contl Baking (B). 247 Contl Baking pf (6). 17% Contl Can (2)....... 3 Cont Diamond Fibre.. 6% Cont Insurance(1.20) s Cont] Motors 3% Contl Ofl (Del) 24% Corn Products 1% Coty Ine. .. 13% Cream of Wht $2%. 7% Crown Cork & Seal. .. 17% Crown Cork pf (2.70) 15 Crucible Steel pf.... 1 14 Cub& CO..evrerncane 7 Curtis Publishing. % Curtiss Wright. 1% Curtis Wright (A) 1 Davivon Chemicai. .. 6% Deere & Co pf (40c). 32 Del & Hudson (6)... 8% Del Lack & Western. b4 Detroit Edison (6).. 12 Diamond Match (1).. 7% Dome Mines(11.30).. 5 Doug Afrcraft (75¢c). 23 Drug Corp (4). 5 Lehigh Valley R R. 80% Lehman Corp (2.40) 6 Lehn & Fink (2)... 34% Ligg & Myers B (15 9 Liquid Carbonic 13% Loew's. Inc (14). 1% Loft Inc. . 16% Loose-Wiles ). 9 Lorillard (P) (1.20).. 8% Lon Gas&EI A (1%). 11 Ludlum Steel........ 13 Mclntyre Porc 1%. 28 McKeesport T P44). 1% McKesson & Robbins 3% McKesson & Robs pf. 10 Mack Trucks (1). 17 Macy (HR) (n2).... 4% Magma Copper(50c). % Manati Sugar pf... 9 Manhat Elev gtd (7). 4 Manhat Elev mod gtd 613 Marine Midid (80c).. Marlin-Rockwell (1 Marmon Motor Car. . Marshall Field & Co.. Mathieson Alk(1%). May Dept Stores (1). Maytag pf xw Menge! Co. . Mengel Copf.... Miami Copper-. . Mid Continent Petm. Midlana Steel Prod. . Midland Stl 15t pf(8) Minn-H'well Reg (2) Minne & St Louls. Mo Kan & Texas..... Missour! Pacific. Missour! Pacific pf. Monsanto Chem 1% .. Montgomery Ward Mother Lode. ... Motor Products (2).. Motor Wheel 5 Mullins Mfg 2% Murray Corp +1L+00 FEE F F FEF EF FREFFFFFFFRPEREFFEEEFE Nat Distilers. . Nat Distillers pf(13) 87 Nat Lead pf A (7). 6% Nat Pwr & Lt (1) 18% Nat Steel (50¢) 31 Nat Tea (60c).. 2% Nevada Con Copper. 114 Newport Industries.. 4% N Y Air Brake. 8% N Y Central.. 1% N Y Chicago & St L. 2 NYChi&StLpf 6 NYNH & Hartfor 12 NYNH & Hart pf. 3% N Y Ont & Western % N Y Railways pf. 90 N Y Steam 1st pf(7). 10% Noranda Min (a50c). 57 Norfolk & West (8).. 1% North Am Aviation. . 18% Nor Amer(b10%stk) 49 North Am Ed pf ( 5% Northern Pacific. . Ohio Oil (a40c) 9% 1% Otis Steel.... . 20% 3% Otis Steel pr pf. . 27% 12 Owens Ill Glass (2).. —_— 37 16% Pacific Gas & El (2). 4714 20% Pacific Lighting (3). %! 1045 58 Pacific Tel&Teleg(7) 5% 1% Packard Motor Car.. 113 1% Paramount Publix... 10 2 Park & Tilford. 14 % Pathe Exchange. 32% 16 Penick & Ford (1 34% 13 Penney (J.C.) L8 214 1 Penn Dixie Cement 23% 61 Penna Railroad. . 16% 12% Peop Drug Strs (1) 24 21 Pere Marquette pf... 26 3% Pere Marquette pr pf 3% Phelps Dodge. ... 2 Phila&ReadC&1T... 314 Phillips-Jones Co. 2 Phiilips Petroleum Pitts Coal... Pitts United pf. Plymouth Of1 (1) Povre & Co (B)...... Port Ric Am Toh(B). Postal T2l&Cable pf. Proctor & Gamble(2) Prod & Refiners pf. .. Public Sve N J(3.20) SRR s 5 FIH LI+ + s5" 88 ERsFesEs 2 3 4 11% 1t % 1% +HEH R ¥ OFEE REFT EFER T ation. ‘The Bureau of Agricultural Economics attributed the chief depressing factors to continued heavy offerings of Cana- dian wheat, light European demand re- sulting from record crops in importing countries, fairly large Russian ship- | ments, and favorable prospacts for the | wheat crop in the Southern Hemisphere. | Under the cudgeling of fairly heavy offerings and the approacning move- | ment of the new crop, corn dropped to | lower levels. Germany, France, Italy and Spain all have unusually large wheat crcps. waich has had the effect of greatly reducing European demand. World shipments of | August and September were only a little | more than half as lasge as those for the corresponding period during the past 7 184 two seasons. BY the Associated Press. Prices of most domestic wheat classes | declined slightly during last week, re- flecting what Government cconomists termed the weakness in the foreign situ- | Market Has Been Adversely Affected by Canadian Offerings. * Canadian Offerings Large. Canada, now the world’s exports, has beel pally responsible through its heavy of- ferings for the recent declines. Last Saturday, however, evidence of support | in the Winnipeg market gave Chicago values a silght undertone of strength. Prices on foreign wheats at Liverpcol were slightly lower, though European markets for native wheat held about unchanged. French millers were re- ported buying cautiously, with compul- sory flour extraction lowered to 66 per | German interior mills were well supplied with native wheat, but sea- board mills were moderate buyers of Canadian grain. The Italian wheat crop is now officially estimated at 276.- 000,000 bushels, a new high record. Ttalian mills must use 95 per cent native cent. providing the bulk of‘ inci- wheat in milling mixtures. British millers, were reported using recentages of Manitoba wheats. e exports for the week were 1,402,000 heavy Argen 769,000 bushels, Australian, and Russian shipments from Black Sea ports, 1,912,000 bushels. Domestic markets were mostl; f 1 1008 47 13 109 436 1 582 50 62 970s 43 x 99 13 3208 principal other offerings. Winter grades. Marketings of Spring wheat very moderate in volume with the week's arrivals at Minneapolis totaling 1,552 | cars and at Duluth 1,630. offerings were readily taken but mill- ing demand lacked force and tone of the cash market was easier. Durum wheat was relatively firmer than other Spring classes with mills active buyers of milling types. took remaining ‘offerings. | markets were about unchanged. Pacific coast markets were 4 quiet but Portland futures did not follow 4 Chicago price fluctuations. Country 3 1708 900s 47 vators readil; Intermountain current offerings. Central and lower, reflecting the general ness, federal statisticians said. Export demand was almost negligible but mill and elevator inquiry absorbed most Winter wheat mar- keting were moderate with receipts at and Southwestern markets 2,070 cars, compared with 1,- 495 cars a week ago and 3,269 a year 0. umus provided the main outlet for better grades of Protein wheat, while shippeys and elevator operators took | Soft Winter wheat marketing still were light but demand was sluggish and price changes not important. City mills were taking low Protein starchy types of hard Winter wheat to avoid paying premiums asked on soft Kansas Current Ele- 4 marketing continued relatively light. 134 308 67 Corn Prices. ‘The first car of new corn was re- weak weak- ing is today's summary of important corporation news prepared by Standard Statistics Co.. Inc, New York, for the Associated Press: . Automobiles and Trucks. General Motors Corporation—Frigid- aire Corporation has reduced prices of < cent to 16 per cent. | " Hudeon Motor Car Co.—Sales in past | seven weeks exceeded those of like 1931 period; in week ended September 24 gain over 1931 period was 18.7 per cent. Automobile Parts and Tires. Dunlop Rubber Co. Ltd.—Cuts tire prices ranging from 10 to 20 per cent. Goodyear Tire & Rubber Co.—British | subsidiary cuts tire prices ranging from 3 shillings 6 pence to 10 shillings 6 pence. Motor Wheel Corporation.—Sales of heater division increased 58 per cent in first eight months. 7 Chemicals and Fertilizers. Monsanto Chemical Works.—Sales in first 23 days of September were 22 per cent above like period of July and 8 per cent under same period a year ago. Metals (Nonferrous). Magma Copper Corporation. — Re- sumed work at its mine after three months’ shutdown; employing 300 men on half-time schedule. Miscellaneous. _American Home Products Corpora- | tion. — 8tockholders .offered rights to | subscribe to additional stock in ratio of one new share for each 10 shares held; proceeds from sale would be used to eliminate $1,500,000 notes payable in- business of John Wyeth & Bro.; total offering of 61,100 shares has been un- derwritten by New York bankers. oil. Texas Railroad Commissicn has is- sued an order reducing East Texas daily allowable output to 44 barrels per well from 56 barrels. Railroad and Railroad Equipment. Revenue freight car loadings in week ended September 24 totaled 595,746 cars, week, but 142,290 cars below like 1931 week, according to American Railway Association. Chicago & Northwestern.—1. C. C. ap- proves loan of $12,461,350 to company by R. F. C., proceeds of which would be used to repay a part of bank loans and to meet fixed interest charges and cer- tain maturities; condition attached to approval order required that banks agree to extend remainder of loans to maturity date not earlier than that of the loan. International Railways of Central America August gross income, $87,985 vs. $77.245. eight months' gross was $1,391,216 vs. $1,606,451. Missouri-Pacific R. R.—Notes and bank loans due October 1 totaling | $11,700,000 extended for one year. Retail Trade. Kaufmann Department Stores omit- ted quarterly dividend on common stock; paid 20 cents on July 28. Peoples Drug Stores August sales off 12.2 per cent; eight months off 6.3 per cent. Waldorf System, Inc., August sales off 16.3 per cent; eight months off 8.3 per cent. Steel and Iron. Bethlehem Steel Corporation.—Board of Seneca Iron & Steel Co. approves sale of property of that company to this concern; purchase of Seneca assets to be consummated through transfer of tock. Republic Steel Corporation has taken off another open hearth furnace at Youngstown plant, reducing its active furnaces there to two of 15 available. Sloss-Sheffield Steel & Iron Co.—Re- calls 500 employes in Birmingham dis- trict; pig iron output to be increased by three higher priced household units 13‘ curred in connection with purchase of | an increase of 8,444 cars over previous | {Apparent Slowness of Re- covery Held No Cause for Disappointment. | By the Associated Press NEW "YORK, October 3.—The Na- tional City Bank in its monthly review finds no reason for disappointment over | the seeming slowness of the heavy in- dustries, notably steel, to show a more | spirited upturn. | Such gains, the review points out, | come more slowly in heavy than in | lighter lines. The fact that textile business has stepped up sharply is re- garded by the bank's economists as; distinctly encouraging. ‘ “The past months,” the review states, “has brought further evidence of | | emergence from the pericd of panic and credit strain, and likewise indications of the expansion of business activity for which evervone has been so | anxiously watching. | e improvement has proceeded un- venly, and its failure to reach the heavy ndustries with more vigor has been | viewed in some quartors as a cause for disaprointment. Where this is the feel- ing, however, the fault is in too high expectations. Experienced- observers understand that the first impetus for!| | the upward move comes from the ex- haustion of stocks of apparel and other | goods of every day necessity, which are |used up faster than they are replaced, | leading inevitably to a renewal of buy | ing and of production to take care of | current needs. . | “The rick-up now taking place is largely of this character. The improve- ment in industries whose products are less urgently needed await gains in pur- chasing power, the carrying out of re- placement and expansion projects, and the growth of confidence promoting capital investment. Therefore it comes more slowly.” Washington Produce Butter—One-pound prints, 93 score, 23; 92 score, 21; standard, 20; tub, 93 score. 22; 92 score, 20; standard, 19. Eggs—Hennery whites, 27a28; current receipts, 22a23; sealed Government grade, extras, 39; standards, 33; medi- ums, 3 alive — Turkeys, hens, 15; toms, 13; crooked breasts, 10; Spring turkeys, 18320; chickens, Plymouth Rocks, 3 pounds and over, 15; 2!; to 3 pounds, 13al4; under 2!, pounds, 13; hens, small, 11a12; hens, large, 14a 15; Leghorn hens, 10; mixed colored chickens. 12a13; roosters, 8; keats, young, 1 to 134 pounds, per pair, 50; young, 2 pounds and over, per pair, 70: old, per pair, 40. Poultry, dressed—Turkeys, hens, 18; toms, 16; crooked breasts, 13; chickens, Plymouth Rocks, 3 pounds and over, 18; 21, to 3 pounds, 18al9; under 2!z pounds, ; hens, small, 16al7; hens, large, 18a21; Leghorn hens, l4a 16, mixed colored chickens, 17al8; rogsters, 12. Meats—Beef, 15; lamb, 13; veal, 11; pork loins, 15; fresh hams, 13; smoked hams, 14; strip bacon, 14; lard, 7'z; compound, 7. Pruits—Apples, bushel, 50a1.50; box stock, 2.00; peaches, 1.00a2.50; pears, 2:50a2.75; cantaloupes, flats, 1.00; Pe sian melons, 2.50; honeydews, 2.0 casabars, 1.75; bananas, 1.00a2.0 grapes, Thompson seedless, 1.50; Cor- nichon, 1.25; Tokay, 1.50a1.75; prunes, 2-peck baskets, 1.00; pineapples, 7.50; damsons, 2-peck baskets, 75a1.00; alli- gator pears, 1.00a1.25; oranges, 3.00a 4.00; lemons, 8.5029.00; grapefruit, 3.50 24.50; cranberries, 2.50. 'Vegetables—Potatoes, 100-pound sacks, 90a1.00; Idaho bakers, 2.25; sweets, bushels, 60a75; string beans, 1.00a1.25; hold their favorites indefinitely around the present levels, but how long they would be content to do that was ques- tioned. Friends of the market were putting their reliance on a rally in com- modities, particularly wheat, of which development the grain trade was some- what skeptical. Features were scarce. Montgomery Ward wes bid up to the previous high in the first hour znd there was some sympathetic strength in Sears, Roe- buck, but these gains were canceled in the subsequent reaction. Urited Air- craft was heavy, as were the egricul- tural implement shares, J. I. Case and Internaticnal Hervester. A U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for September 30 were $5,997,046.72; expenditures, $7- 083,580.03; balance, $862,119,223.29. Customs duties for September e $25,935,089.90. SILVER QUOTATIONS. NEW YORK, Octcber 3 (£)—Noon.— Silver futures stad sales 300,000 ounces. October, 2747 bid: December, 27.71 bid; January. 27.79 bid; March, 28.08 T.; May, 2820 bid. ' Bought Sold Quoud‘ Bends - - - Bank Stocks Listed and Unlisted urities ROBERT C. JONES & CO. D\ storebam Buar. NOTES Secured on properties in pre- ferred residential and busi- ness sections. Every mort- gage protected by fre insurance and title guaran- teed by responsible title companies. Conservative Appraisels Insurs ing Absolute Safety -, NOTES FOR $250 UPWARD A QUARTER OF A CENTURY OF SERVICE BOSS & PHELPS Zone Gorsenbondene far John Hancock Mutual Life Insurance Co. 1417 K st National 9300 350 to 400 tons daily. Textiles. Canadian Cottons, Ltd.—Operating around 60 per cent, about same rate as a year ago. 22 Dupont de Nem —_— = 1 Eastern Roll Mills. .. 35% Eastman Kodak (3). 34 Eitington-Schild.... 8% Elec Auto-L (1.20).. 7% Elec&Musical Instru. 2% Elec Pwr & Lt. 8% Elec Pwr & Lt p . 10% Elec Pwr & Lt pf (7) 12% Elec Storage Bat(2). 16 Endicott-Johnson(3) 18 EngPSpfww (5%). 12 Equit Office Bldg 1%. limas, 3.00; peas, 2.50; spinach, 1.00a 1.40; kale, 75; turni dozen bunches, 60; squash, ponys, 50: carrots, bushels. 1.00; Deets, per 100 bunches, 3.00; Hubbard squash, 1.50; broccoli, 3.00a 3.25; tomatoes, 2-peck baskets, 50a1.00; peppers, 40a50; cabbage, 60a85; corn, 5-dozen sacks, 1.25; caulifiower, 1.50a 2.00; mushrooms, 85; asparagus. Cali- ceived at St. Louis and graded sample with a_moisture content of 27'2 per cent. This corn sold at 19 cents & bushel. Most of the new corn crop has matured sufficiently to be safe from frost. About 90 per cent of the crop is estimated to be out of danger in Towa, while the bulk is safe in Illinois. Much corn was reported cut during the week and considerable husking has been done in the more Northern States. New corn was being fed to live stock in Oklahcma, Kansas and Nebraska. In some sections the grain was reported dry enough to crib. Receipts of corn at the principal markets totaled slightly more than 2,500,000 bushels. Bringing the sea- son’s total to over 63,000,000 bushels. Receipts at Chicago were relatively large, registering 1,978 cars, compared with 988 cars for the corresponding week last year. oo v S %| NEW YORK BANK STOCKS % NEW YORK, October 3 (#).—Over- % | the-counter market. Quotations as of 2 o’clock. Public Sve NI pf (6). 4 Public Sve NJ pf (8). Pullman Corp (3).... Pure Of1 Gleaned in Financial District. Secretary Mills will addesss the Amer- jcan Bankers’ Association tomorrow night at Los Angeles at a special session. He is expected to discuss the recon- struction program and the bankers’ relation to it. David Lawrence, editor of the United States Daily, will address the New York Bond Club at its monthly meeting to- morrew noon at the Bankers’ Club. He will speak on bonds and the general financial outlook. 1% 2 ErfeRR......ccc.ss K n;esycglt olE the b}fl- 11%__9% Exchanze Buf (25¢). onal Capital Bank; ua EVans, Ir., | =35 Feshion Park ASso. . head of the District National; Eliot H.{ o1 % F2shion Park ARSo. ‘Thomson, publicity manager of the 10% Firestone T & R (1) Washington Loan & Trust Co. and 45 Firestone T&R pf($). Charles E. Howe, treasurer of the Amer- 35 First Natl Strs (3%). ican Security & Trust Co., were among 3 Fisk Rubber the special guests at the annual ban- % Fisk Rubber 18t pf. quet of the Morris Plan Bankers’ As- % Fisk Rub 1st pf cv. sociation, Saturday night at the Shore- 3 Foster-Wheeler. ham. 10% Fourth Nat Inv 1.20. Local brokers express cautious apti- 1 Fox Film (A). mism over the outlook for the stock 10 Freeport-Tex market in the near future. They con- 3 Fuller Co 2d pt. sider the political situation as an un- e Gabriel Co (A) setiling factor, but consider this factor 1% Gen Am Investors. as partially offset by better trade con- 91 Gen Am Tank Car(1) ditions. In the board rooms there are 4% Gen Asphalt % about as many different opinions as 104 Gen Baking ","_ there are traders. 1% Gen Cable (A) The Atlanta Reserve Bank rted 20 Gen Cigar (4) the largest rise in wholesale trade last 8% Gen Electrio (400). week since 1927. Department store 10% Gen Elec spec (60¢). trade in that district also showed a 19 Genmcantd) 3 further pick-up. Richmond reported % Get Gao & $1e6 CAD - £potty trade conditions during the week. 51 Gen G & E pf A (DT).. S Y 28 Gen Mills (3). . 7% Gen Motors (1). 56% Gen Motors pf (5) per 2% Gen Outdoor Adv. 1 Gen Public Servie % Gen Realty & Util. . 10% Gfilette Saf Ras (1).. 45 Gillette Saf R pt (5). 8% GAAen Co...vveesee [REIR L) @ Service in Keeping With Your Needs HE Oldest National Bank in Washington, offers to responsible indie viduals and firms, modern facilities for the transace tion of every type of bank- il Fidhciars buas ness. f[Our officers will be glad to point out to you the fulk scope cf our service. INTEREST PAID ON SAVINGS ACCOUNTS 80 . 15% 4% Purity Bakeries . —— 2% Radio Corp. ... 3% Radio Corp pf B. 1% Radio-Keith-Orph. 2% Real Silk Hoslery... 7, Resl Silk Hoslery pf 1’ Remington-Rand 1% Reo Motor Car. 1% Republic Steel...... 5 Republic Steel pf.... 5% Reynolds Metals(1). 3 Reynolds Spring. 65 Reynolds Tob A (3).. 80s 26% Reynolds Tob B (3).. 239 % Richfield Ofl. 15 4 Ritter Dental 6 ——————— 30% Safeway Stores (5).. 111 60 Safeway Strs pf (6). 260s 69 Safeway Strs pf (7). 360s 4% St Joseph Lead. . . 27 % St L-San Francisco. 1 St L-San Fran pf. % Schulte Retail St 4 Seaboard Air Line... 6% Seaboard Ofl Del 40c. 9% Sears Roebuck. . 1 % Seneca Copper. 1% Servel Inc. 1% Sharp & Dohme & Shattyck (FH) 50c. 2% Shell Union O11 2% Stmmons Co. 3% Simms Petroleum. 2% Snider Packing. . 5% Socony-Vac (80c).... 4% So Porto Ric S(a40c) 15% Southern Cal Ed(2).. 6% Southern Pacific. . 213 Southern Railway... 3 Southern Railway pf. 8% Stand Brands (1.20). ‘T% Stand Gas & Elec (2). 9% Stand Gas&El pf (4). % o FEEE F 2R R FESEE P Utilities. Interborough Rapid Transit Co.—Oc- tober 1 interest on consolidated mort- gage bonds of Manhattan Railway was | fornia, 3.50; eggplant, 1.00; salsify, per not paid on due date. dozen bunches, 75a1.00. i Organized 1879 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President WALTER 8. PRATT, Jr., Secretary PELE$EENTN ) FEEFEF £ seeey Exsesss ¥5 £2 .$6,237,762.31 Assets. » Subscriptions for the 103rd Issue of Stock Being Received SYSTEMATIC SAVING SPELLS SUCCESS The secret of saving is to adopt a systematic plan—then stick to it. The Equitable’s plan teaches you how to save to get greatest results. Come in and Let Us Explain 915 F St. LI+ L+ +4 - I+ +11+ b | + Mational Metropolitan BANK Fifteenth Street Opposite U. S. Treasury OVER 118 YEARS OLD + L0000 PARIS BOURSE PRICES. PARIS, October 3 (#).—Three cent rentes, 82 francs 55 centimes. Five per cent loan, 100 francs 75 centimes. Exchange on London, 88 francs 23 centimes. The dollar was quoted at <7 fre-Rls"52% centimes.