Evening Star Newspaper, October 3, 1932, Page 15

FINANCIAL. PRIME BOND LIST |[BONDS on n. v. stock excrance | |CURB SHARES SAG Recelved by Private Wire Dirert fo Tho Star Ofics. * IN STEABY TREND Junior Rails Unsettled by Nickel Plate Receiver- ship Plea. BY F. H. RICHARDSON. Bpeclal Dispatch to The Star NEW YORK, October 3.—The appli- cation flled in Chicago for the appoint- ment of a receiver for the Nickel Plate Raflroad unsettled the junior railroad list today, but other bonds remained | firm in quiet trading. United States Government, issues were steady. For- elgn dollar bonds were irregular. { Just after the firm openln#. the Nickel | Plate application _was filed. _This| brought selling which forced Nickel | Plate 68, which had opened about 2 points higher, down to 33, off nearly 4 points ne.. They recovered somewhal subsequently. The application was filed | by & holder of only $3,000 of the 6 per cént notes and the indenture provides that no receivership may be forced without the assent of 25 per cent of the noteholders of $20.000,000 of 6s, on which default occurred Saturday. Meanwhile deposits in asseni of the plan to extend the notes three years, after paying off 25 per cent in cash, are coming in more rapidly than ever and a total of 75 per cent was reported on hand at noon today. If cubstantially all of the notes are deposited, the In- terstate Commerce Commission’s lr- proval of the plan will automatically bring a loan of $5,600,000 from ihe Re- canstruction Finance Corperation. or sufficient to pay $250 cash per $1,000 note and avert a receivership. Selling pressure spread to other rail- road bonds, notably the Van Sweringen group. Th" Van Sweringens’ control of the roads necessary to their merger plans was held to be threatened by the Nickel Plate situation. The Nickel Plate notes were issued three years ago to finance the purchase of control of the Wheeling & Lake Erie Railroad—a vital unit in the Van Sweringen plan— and this stock has in turn been pledged with the R. F. C. as collateral for a loan. Defa: 't of the Nickel Plate, there- fore, technically gives control of the Wheeling & Lake Erie to the United States Gove nment. Missouri Pacific bonds of another Van Sweringen System, declined 1 to 2 points. Chesapeake Corporation 5s, | Alleghany Corporation 5s. Erle refund- ing 55 and others in this group were all heavy. On the other hand a fairly firm tone prevailed in Chicago Great Western 4s, Chicago & Northwestern 43,s, St. Paul 5s, Frisco 4'.s. Southern Rallway 4s and Western Maryland 4s High-grade railroad bonds remained close to their 1932 highs. Junior utili- ties and industrials were little changed. Profit taking caused a reaction in German _goverrrient. and municipal bonds. There was also the factor of a new international crisis precipitated by Japan's reaction to the Lytton re- port on Manchuria—a factor that was largely responsible for declines in Euro- pean and Far Eastern issues generally. MARYI:AND TOBACCO PRICES. BALTIMORE, October 3 (Special).— ‘While srles of Maryland leaf tobacco last wee . showed an increase. 1,775 hogsheads b:ing sold, many were of common gradn, with some selling as Jow as 2 cents a pound. Receipts, on the other hand, declined to 838 hogsheads, leaving a in State tobacco ware- howuses of 33. hogsheads. Quotations UNITED STATES. (Sales are in $1.000.) High. Low. Lib3%s382-47..., 10115 10112 10113 mn:& 41,8 92-47 102238 10222 10222 Lib 4th 43(s $3-38 103 20 103 18 108 20 U 836155 9631 9626 9627 988 6 986 101 1011100 30 100 30 100 25 100 22 100 24 10219 10216 10216 104 28 104 25 104 25 10817 108 12 108 12 Sales. Hig Abitibl P&PBA'SY. 9 All Cp 544, 22 Alleghany 58 49 Alleghany 68 '50 Am Beet Sug 6; Am Chain db 6; Am F P 58 2030. {Am1GCh5%a'49. Am Metal 5% 834, Am Sm&Ref 58’47, Am T&T 4%s ‘39 Am T&T ¢ tr Am T&T deb 65 °60. Am T&T deb 6s *65. Am Wr Pap Argentine 58 '45... Argentine 548 63, Argent 6561 May. Argentine 68 '59 Ju Argentin Argentine 6s A ‘57 Argentine 6s B " Arin &Co ¢ Arm Del 5% Atchison gn Australia 434866, A ‘alia 68°55... B&OBwdv 6850, Batav Pet 4% 842, Balgium 6 '65. Belgium 63 Belgium 78 '65. . Belglum 78 56 Bell Tel Pa 8 Bell Tell Pa 55 C'60 | Berlin Cy E1 6s '55. 51 Berlin C El §%5'59, Beth Stl pm bs '3¢. Beth Stlrf 5 Brazil 7s C R "5! Bragil 8s'41. Bremen 7s Bklyn d 6s A Bkiyn Elev 614s. Buff Gen El 4145'81 Bush Ter con 5566 Canada ¢s '60 Canada 4%1°38. 1 Can Nat Ry 4451 Can Nat Ry 4148'54 Can Nat Ry 4348’57 Can Nat4%s'68. .. Can Nat 6s 69 Oct. 3 Can Nor deb 7s '40. Can Pac db 4: Can Pac 4%s'60. .. Can Pac bs '44 ctfs Can Pac s '54...., 1 9 .| 100 28 100 28 THE EVENING STAR, WASHINGTON, D. C., MONDAY, OCTOBER 3, 1932. N. Y. CURB MARKET Recelved by Private Wire Direct to The Star Office. IntT&T 4% Int T & T 6s'55 Kan C PAL 4% Kan City Sou 3 City Ter 460, Kan G&E 4% '80. . Karatadt 6s43.... Kend 5148 ww. . Kresge Foun U Kreug & Toll 5#'89. Laclede Gas 6» 34, Laclede 5%s C'53. . Lake Shore 3% s'97 Lautaro Nit ¢s'54. Leh Val en 48 2003, Lig & Myers £s Lig & Myers Lorillard 58 '51 Lorillard 7s ‘44 L & N unf 4540 L &N 55 B2008. L&NTrf51482003. McKes & RE 140’80 Manhat Ry en 48'900 Market St 7x A 40, Midvale Stl 65 '36. . Milan 618752, ..., Mil E Ry&L 6361, MILE Rv&L 5871, MSP&SSM cn 4s ‘38 MSP&SSM 68 gtd'ss ME&T ist 4590, MK & T adj 5867, Mo Pac gn 4818, Mo Pac rf 58 A "6 Mo Pac 5s I 77, Mo Pac Mo Pac Mo Pac Mont Pow 58 '4 Montevideo A Montevideo Tx Mor&Co 1st 4% N J Power 463 '60. . NOT&M5%s 54, Nw S Wales 68’57, Nw S Wales 53 '68. NYC31s'97. NYCentds'ss. .. NYCre4%a01s, NYCrf44a0isn NYCrf5a201 NYCAStL 414578 NYC&StL5 1 sA'T4 o - mSeZananRelod rolnlvanaiaS anaveanBe o NYC&StL 1st 62 '32118 N Y Edison 5s B'44 N Y Fdison s C '51 NYFdrf6%s 1. NY EL H&P 4549 NY NH&H 4% 67 NY NH&H 65 '48 NY Rva 83 A 65 N Y Tel gn 41,839 NY WaB 4%s'46.. Nord 6348 '50 < Norf Sou ref 58 *61. Nor & Wn cn 4396 North Am Co Gs 61 Nor Am Fd 68 C'89. Nor Am E 5148 '63. Nor Pac #n s 2047 Nor Pac 48'97...... Nor Pac 4345 2047 . Nor Pac 58 D 2047, Nor Pac 1682047, Nor St Pw 5s A *41. Nor St Pw Norway b 3 Norway 548 '66. .. Norway 6343, Norway 68 '44. Norway.ss Oreg-Wash 4 . Orlent Dev A3« 58 B @ 9 EITT TP PR e TOE I P I Py » 40 4% 97 % 53% 6314 IN LIGHT TRADING Public Utilities Move Against Trend—0il Group Is Lower. BY JOHN A. CRO! Special Dispatch to The Star. NEW YORK, October 3—The Curb Exchange continued to move downward today after opening lower. 3 - cline, however, was slight and failed to bring out increased offering: Public utilities, the most active group, displayed resistance, though Electric Bond & Share at times was down more than a point. Cities Service was off slightly and so was Standard Oll of Indiana, Over the week end news was without important market influénce, though the spotty character of trade reviews and the lower trend of commodities were not interpreted constructively. Esti- mates of 1932 earnings for Electric Bond and share today were $1 a share on the common, after giving effect to the ex= change of three old shares for one new, which contrasts with $345 a share on the new common in 1931. Douglas Shoe preferred, with a drop of 17! points in its first appearance in weeks, was a feature in the first hour. The tise of National Steel com- mon on the big board took along with it the company’s warrants on this ex- < ange. South Penn Ol opened a shade high- er, but promptly canceled the gain as the company announced a reduction of 15 cents a barrel in crude, effective to- day. Quotations also were revised by Southwest Penn, Eureka and Buckeye, but those issues were not so quick to reflect the news. In the face of cur- talled ol output, demand is dropping more rapidly, so that present prediction in these Pennsylvania fields last week ;:fleedtd refinery runs by 10,000 barrels y. - Declaration of the regular common quarterly dividend had been discounted by Balt Creek producers. Notr did the 32,000 gain in shareholders in Citles Service, bringing the total to 544,557 aid that issue. recent sessions the softness of A. O. Bmith Corporation was blamed on forthcoming earnings. Today its statement showed net loss of $4.876,550 for the fiscal year of 1932, against net income of $3.234,438 in 193 ‘Wheat prices and estimates of a 1932 deficit of $1,000,000, against 1931 net income of $407,000, contributed to the erra- tioness of Deere & Co. Grain Market By the Assoclated Press. CHICAGO, October 3 —Grain prices tended downward early today, influenced by more than 4,000,000 bushels’ increase of the amount of wheat afloat for Eu- rope. Argentina was reported offering wheat cheaper abrcad. Opening unchanged to !4 lower, wheat afterward declined all around. Corn started unchanged to a shade off and subsequently sagged further. Unefficial domestic monthly crop re- ports issued today proved bearish, esti- mates of production of all grains being somewhat enlarged. The average of private estimates put the 1932 yield of United States Bpring wheat at 268,- 000,000 hushels, compared with the QGovernment September forecast of 263,000.000. Corn production was un- officially figured at 2912,000,000 bush- Stock and Sale— Dividend Rate. Add 00. High. Aluminum of Amer 450s 6 Aluminum Ltd. .... 26 Alum Ltd C war. .. 6% Alumn Ltd cum pf. 35 Am Beverag 8 8 AmCitiesP& LB 5% Am Cyanamid B 5% Am & For Pw war. 6% Am Founders... 1% Am Gas & El (1), 3% AmLt&Tr(2%).. 21% Am Manufacturing 126s 10 4 - “ b% 6% Low. Close. 674 67% 7 Armstrong Cork. . . 1 As El Ind Ltd k10c. “30 ASSOG&EAD%. & Assoc G&E pf (5)..100s % 8% 314 38% Benef Ind Loan 1% 11% Blue Ridge..cv.000 2% Blue Ridge c pfa3. Brazil TL&P(b8%) 9% Bridgeport Mach. . * Canadian Marconi. 1% Carrier Corp.... 1 Celanese pf (3%).. 56% Celluloid 1st pf. 1 30 Cent PubSve A. Cent Stat 3% Childs pf. 13% Cit 1 Clev Bl 1llu pf (6). 208 108:: CeolG&Ecv pf (5).100s 975 Comwlth & Sou wi 0 A CAMCoctfs, Consol Copper Cons Gas Balt 8. Consol Retail Strs. Cont Shares pf B. . 1 Cord Corp.... 5% Crown Cent Pete. » Darby Petroleum. . A Deere & Co. 143 De Forest Detroft Afrcraft % Douglas Shoe pf. 8 8 Draper Corp (2) 26 Duke Pow (5)..... 58% East G & Fuel Asso 8 Eastn States Power ELY East Util Assocv. 5 Easy Wash Mch B Eisler Elec Corp. .. Kl Bd & Share b6% 26 KiBd & Share pfs. 1 ElecP&Lt2dpf A 508 BmpireG&F7%.. 508 Ex-cello Alr & Tool Ford Motor Can A. Ford MLud........ Foundation For 8h. Franklin Mfg. General Alloys. Glen Alden Coal. .. Globe Under (k20c) Gold Seal El new. Goldman Sachs. Gray Tel P8 12%.. 508 20 20 Qrt A®PT n-v 6% 308 144 141 Groc Stra Prd vic. . 1 Gulf Ol of P 33 Hamilton Gas vtc Iy Happiness Candy . % Hudson Bay Min. . £ Humble Ol (2). 41 Imp Ofl of Can 50c. 8 Imp Oil Can rg 50c. EL Int Petrol (1)..... 10 1 15 1 66 ‘ 21 334 50 24 22 kLY 814 4 A% 2% 1% 15 314 & 314 Int Products...... Int Superpwr (50c) Int Util war new. .. Interstate Eqev pt. Irving Alr Ch(40c) Italian Superpw A Ital Superpw db rts Lefcourt Rity 80c., Long Isl Lt pt (7). 1 Mapes Con Mfg (3) Mavis Bottling A.. Mead Johnson t3%. % 15 2% 1% 83% 26% S a3 NP OB IO O SO Stock and Bale— Dividend Rate. Add 00. High. Low. Close. Parker Rust Proof. 50s 32 32 Penroad Corp 2 3 Penn W & Pw -« 1 88 Ploneer Gold (12¢), 14 3% Pitts PlateGIs (1)., 1 17% Prudential In' « 1 6 Pub Util HId war, , Pure Oll pf (6) Rainbow Lum A Rainbow Lum Relter Foster Reynolds Inv Rossia Intl. . St Anthony Gold 8t Regis Paper. Paper pf.. Sailt Creek Prod (1) Sec Allled Cp(k26¢) Segal Lock & Hrd. . Selected Industries Sel Ind all efa(5%) Shattuck Den Min., Silica Gelct....... South Penn O11 (1). Southern Corp k10c Southwn G&E pf 7. Stand Oil Ind (1) Stand O1l Ky 1.20 Stand Silver & Ld.. Stutz Motor Car. Swift & Co. .. Swift Intl (t4 ‘Tampa Elee 2.2 Technicolor. Tech Hughes (60¢) Tobacco Prod Del. . Trans Lux DL P 8. Triplex8Gp27 9-100 _ Un Gas of Canad: 2 & 108 58% United Gas war. United Gas pf (7).. Unit Lt&Pwr (A).. Unit Lt & Pwr pf.. U 8 Elec Pwr ww., US & Intl 1st pf. United Stores vtc.. Unit \ erde Ext 40c Util P& Lt.. Util&Industrial pf. Van Camp Pak pt.. Willow Cafeterias.. Dividerd rates in dollars based on last T nt. *Ex quarterly” of semi-annual pay aividend. tPartly extra. :Plus 4% in stock. aPayrble in cash or stogk. stock. e Adjustment dividend. u: in- stock. . n Plus 8 DPaid Iast year—no regular rate. stock. STEEL PRODUCTION IS ON HIGHER BASIS Demand Still Restricted, However. Copper Sales Are Expected to Improve in Near Future. By the Associated Press. NEW YORK, October 3.—Miscel- laneous demand for steel products has accounted for a further gain in ingot production during the week to approxi- mately 17'% per cent of capacity, ac- cording to trade estimates. Demand from the heavier consuming industries is still restricted, although there is said to be some expectations for better buy- ing from railroads for repairs, owing to loans made or pending from the Re- construction Finance Corporation. Ac- tivity of automobile manufacturers on new models is smaller than the trade anticipated and public construction projects. while” developing, have not been reflected in orders. Prices for the fourth quarter are unchanged from the previous quarter. Pig iron was some- what quieter, but steady. Aside from a sale of 4,000 tons to a FINANCIAL, ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW. LOANS el B stluity 69th Series of Stock Now Open for Subscription James £, Connelly, James 7. Shea, President Secretary Columbia Permanent Building Association PAYS 5% compounded semi-; Under U. Supervision Organized Jan. 1, 1903 733 12th St. N.W. Melvin C. Hazen, Pres. Wm. P. Richards, Vice Pres. Floyd E. Davis, Treasurer Fred A. Smith, Secretary Money on Hand to Loan on First Deed of Trust 6% Interest Applications JAMES F. SHEA 643 Indiana Ave. N.W. Save Money CUT OFi.CE RENT IN HALF 1315 H St. N.W. Next to Times Building Single Rooms .. 2nd floor, 3 R. & Bath...$50 3rd floor, 2 R., front.....$40 Modern Fireproof Building H. R. HOWENSTEIN CO. 1315 H St. N.W. Dis. 0908 RETURN from money profitably invested— when your funds are placed in First Mortgage Notes Permit ws fo offer our facilities for the placing of your intestment funds. .Ecured on re.ideflc:s ana income - producing prop- Columbia Maryland available and adjacent suburbs .« e in denomina- tions of from $250 up. H. L. Rust Company 1001 Fifteenth Street National 8100 today for Maryland leaf per 100 pcunds: Prosted and inferior. 2.0024.50; sound to good common; 5.00a15.00: medium to good, 15.00a30.00; good to fine red, 30.00 els, against the Government September forecast of 2,854,000,000. One authority said the merchantable quality of corn surpassed that of last Mich Gas & Ofl.... Midl West Utilities Mo Kans Pipe L... Mountain Prod 80c. 115 | large electrical manufacturer, demand S 3 | for copper from other consumers has been restricted to small Iots. First 314 | hands are holding firm at quoted levels Cent Pac 1st 4549, Ches Corp 6847 ., Paramount 68°47.. Param-Pub 5% s 50 841.00; fancy, 41.50242.00. Seconds, eommon and medium, 4.00a15.00; good t0 fine, 16.00a28.00; 1931 crop ground Jeaves, 2.00a12.00; upper county, burley, nominal. DIVIDENDS ANNOUNCED NEW YORK, October 3 (#).— Ri Pr‘:1 Plb‘i- Hldrs. 71f Company aterigl. eble. recor 1 Mills. . . 7% Q Nov Oct. 1 l'lmrcllll dison... 50c Q Nov. l! Oct. 20 Washington Stock Exchange SALES. ‘Washington Gas 6s 993, $1,000 at 98%. Potomac Electric 5':% y 104%. —$1,000 at pfd—10 at AFTER GALL. Capital Traction 55—8$1,000 at 51, $1,000 At £1. Georgetown Gas 55—8500 at 101'y. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Tel, 410 2 m. Tel & Tel. ctl ir. 5 nacostia & Por i R 560 nacostia & Pot. Guar. 5 . & P. Tel. of Va. 5 ital’ Traction Potomac Eleciric 65 1953 Wash.. Alex. & Mi Ver. ctf Washington Gns 4'2s.. . Whashingten Gas s 85, series A’ eries B Elec. s MISCELLANEOUS. rber & Ross, Inc., 6'2s.... Chevy Chase Club 5'zs. Columbia Country Club 5125, Roeth TORY ol Bloriae 5000 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9). Capital ‘iiagtion ‘Co. LTy o4 b RWs. & Elec m Wash. Rwy. & Elec. pd. t5) | The following figures are nvt bids. but erely Tepresent miniglun pices fxed by e Wasbington 8tock Exchange. NATIONAL BANK. Capital (14) Columbia (12} Cominercial « District (6) Natl, Bk. & i @) i) % Min. price. 115 amped) (6) Lircoin (10 Metropolifan’ (14) Riggs (15) Second (ge) Washington @® ¢ TRUST COMPARY. Amer. Sec. & Tr 1 Sav. & ! Wash. Loan & Tr. (1) s BAVINGS BANK. Bank of Beinecda 641 om. & Savings (10) Bk (doy) United States (30) Wash. Mechanics (20 FIRE INSURANCE. Firemen's (8).. " National Union (i3} 3 TITLE INSGRANCE. Colymbia (8h) 7 A Real Estate 161 MISCELLANEOUS. Col. Medical Bide. Corp. () Dist. Natl Sec. pf or. Bromo-Selz. “A” (@) ..1llll Pedeial Morage pta ..\ Ped.-A urity Storage (5%)... r. Ref. & Wh. Corp. {3i.. e Carpel Corp. (2) Mech. Mize. com Med. Bleg. Corp (T) d & Lothrop cem. d. & Lothrop pfd. (7} 47, ext C&O0 gen u\s-;lz.. C&O4%sB'S5. .. C&Ocon 58°39. CB&Qgnis'ss.. CB&QIldv3ies'49 Chi & Est 111 5s'51. Chi Grt West 4869, ChiM&StP41sC Chi&NW gn 3% Chi&NW 414sC'37, Chi & NW 43,849, Chi&NW rf 582037 Chi RI&P gn 45°28. Chi RI&P rf 4s'34. ChiRI&P 414852 ChiR14%8'60.... CTH&SE 13t 5860, CTH&SE in 58 '60. Chi Un Sta 412163 Chi Un Sta 58 B'63. C& W Ind 5%8°62, Chile 6s'60 . Chile 68°61 Chile 65°61 Jan... Chile 78'42....... Chile Cop db 58 * Chl Mtg Bk 6%s ‘57 Cin Un Trm 5s 2020 Cologne 614350 .. Colomb 6s°61 Jan Colomb 8s 61 Oe Colo & Sou 414880 Col GAE 65 °62 May Col Gas&REI 53'61.. Com Inves 5148 '49. Cons C Md rf 58 '50 Con G NY 44861, Con G NY 544845, Con Pwr Jap 648, Con Pow Japan 7s. Copenhag 68 '62. .. Cuba 514845, Cuba R'R 15t 5352 Cuba Nor 516542, Crecho 83 '52 Del&Hud ref 48 Denmark 4135 '6: Denmark 68 "4 D& RGren4s'36. D&RCG WEs'5E.. Det Bd 4%8 D '61.. Det Edison rf §s'49 Deutsche Bk 68 '33. Dodge Bros 6s°40.. Donner Stl 78 '42. . Duquesne 4148 Dutch East16 Duteh East I6s Erie con 4s'96 Frie gen 4s°96. Erieref 5867, Erferef 58°Th..... Fiat deb 7s "46 Finland 5%s Finland és Finland 6%s Fram Ind 74842, Gen Baking 5%48'40 e Ger Gov 548 '65 German 6%s '50 UoodHopeS&l 78'46 Goodrich 68°¢5. ... Goodyr Rub 68'87.. Grand Trunk s ‘3¢ Grand Trunk 18°40. Grt Nor 4%s D ‘76, QGrt Nor 5sC'78... Qrt Nor %8 B '52. Grt Nor gn 78°36.. Hav Elec 5148'51 | Hud & M adj 111 Bell Tell 6s 111 Cent ct tr 48’63, Il Cent 4% s | 111 CCSILEN BsA. . 111 Steel db 4%s 40. Inland St 4%s A'T8 Inland St 4% 8 B'81 Int Rap Tr cf Bs 66 Int Rap Tr 2 Int Rap Tr 18°38.. Int & G N ad 6s '52 Int Hydro El 63" Int Match b8 41 Int Match 5847 Int Papref 68 Int Pap 68°55... Pathe Exch 7= '37., Penn sta 48 "4} Penn 48 D'l Penncn 4%s Penn gn 4%s ‘65 Penn 4%s D ‘70, Penn PAL 4%s '8 Peop Gas ref 68°47, Pere M Peru 6s Peru 7 Phila Co bs Phila Elec 48'71... Phila & Read 6849 Philippine R 4837, Phillip Pet 533 ‘33 Plllsb F M 63°48. .. PCC&SIL 4%s C'11 P& WV 4%sC'60. Poland 6s Poland 78°47. Poland 8s ‘50 Port Gn El 414860 PosTel & C58'58.. Public Serv 4s'71.. PubSv G 4%s'67.. Pub Sv G 414570, Pure O11 548 '37 Pure Ol 5%s5 "40 Queensland 6s 47 Queensiand 7s'41.. Read Co 4148 A 97, Rem RG4{8A4Tww Rhinelbe U 7s *46. . Rhine Ruhr 6s'53. Rhine West 6552, Rhine West 83 '5: Rhine W 68 '56 Rhine West 78 Rich O11 Cal Rio Gr W clt 48°49, Rome 6148 '52. . Royal Dutch 45 '45. StL IM R&G ¢s'33, St L&BF 48 A '50. . StL&SF 414878, St L&SF 68 B ‘50 St L SW 1st 48'89, St P Un Dep 58'72, San A& AP4s'4, Sao Pau 78'40..... Sao Paulo 8s '36. Sao Paulo 8s '50. Saxon P W 6% Saxon 784l Seab AL Seab A L adj 55°49. Seab AL 6sA'45., Serbs-Cr-S17s°62.. Serbs-Cr-S1 8s 62, Shell U Ol1 53 '47... Shell U O 5s"49ww, Sinc Ol 8% s B 38, Sinc Oil T8 A'37... Sinc Cr O 5%8'38.. Sinc P L 6842, Skelly Oll 6%s Soissons 6s ‘36 Sou Bell T&T bs '41 Sou Pac 4%s°81... Sou P&Or 43%s A'17 Sou Ry gn 4s A'66. . Sou Ry b8 '94 Sou Ry gn 68’5 56 Taiwan B P 548’71 Tenn Cop 68 B'44. ; Tenn EI P 65 A "47. Tex Corp cv 68 Tex&P 18t 55 2000. Tex & Pae 5s B'77, Tex& P6sC'79. Tex& PésD'8 Third Av rf 4s°60. . ‘Third Av adj bi z 61582022 Un Pae 1st 48°47.. Un Pac4s’68...... Un Pac rf 452008 Un Pac 438 61 Unit Drug 68 '63... Utd King 5%s ‘37 U S Rubber 55°47.. aoBun~wwand wald 104% 46% - 624 190 67% 67 67 105 108% 105% 56 55 55 year being 88.3 per cent compared with 85.0 per cent in 1931, and 81.0 the average year. Another expert noted that the distribution of the corn crop was unusual, a heavy output in_the great producng States of Illinois, Towa and Nebraska, and a declded shortage in the Atlantic Btates. With the crop reports bearish, wheat soon declined more than a eent & bushel. Corn and oats were adversely affected by big re- ceipts of corn here, 777 cars. Provisions were neglected. New York Cotton 8pecial Dispatch to The Star. NEW YORK, October 3—Cotton prices were 3 points lower to 2 points higher at the opening today. Trade Opening prices were: Octcber, 6.87, off 3; Décember, 6.99. unchanged; Jan- uary, 7.04, unchanged; March, 7.14, un- changed: May, 6, up 2, and July, 7.3, up 1. Reichabank Statement. BERLIN, October 3 (#).—The Reichs- bank statement, as of September 30, shows the following changes in Reichs- marks: Gold and bullion increased 14,- 740,000; reserve in forelgn currencies decreased 13,342,000; bills of exchange and cheques increased 340,167,000; ver and other coins decreased 119,192 000; notes on other banks decreased 9,862,000; advances increased 139,483,- 000; investments increased 2,000; other assets decreased 4,601,000; notes in eir- culation increased 249,970,000; other maturing obligations increased 92,664, 000; other liabilities increased 4,761,000. ‘Total gold holdings, 796,339,000. Note coverage, 24.7 per cent. Rate of dis- oount, 4 per cent. CHICAGO DAIRY MARKET. CHICAGOQ, October 3 (#). Receipts, 9,927 tubs; stead: specials (93 score), 2015a21; extras (92), 20; extra firsts (90-01), 19a191%; firsts (88-89), 17a18; seconds (86-87), 15a16; standards (90, centralized carlots) 20. Eggs—Receipts, 9,133 cases; steady; extra firsts, carlots, 25; fresh graded firsts, carlots, 24; current receipts, 19a Zg‘,’ m_ remg,er-tor extras, 24; refrigera- r . st BRI 0il Prices Reduced. OIL CITY, Pa., October 3 (#).—Re- duction of 15 cents a barrel in the price of Pennsylvania crude, effective today, was announced yesterday by the South Penn and Tidewater Oil companies. The new prices: Bradford-Allegany, $1.72; Bouthwest Pennsylvania, $1.43; Eureke, $1.37; Buckeye, $1.22. A 15 per cent cut also was announced on September 13. The Spanish government has placed & tax on priests and monastic orders in | one province, but refused to tax nuns. Bales. High. UnStW 648 A4T. 1 UnSt W 6%8AS UaSt WeyRsC's Uruguay 6s°60. Uruguay 68 ' = Utah P& L 58"44.. o EYS - | Util Pw 5559 ww. Util Pow 6%s 47.. Va EI&Pwr 514843 VaRylstGs A 63. Warn Br Ple Warn Quin 68 Warren Bro: West El db 58 West Md 1st 4 w w West Union 5s'60. West Un 638 '3 ‘Yokohama 63 '61..: Nat American ~ LTSS O S O STV Al 1 521y 16% 1 & . 11508 1 1 24 n 2 ' 5 o] 28 N 1 New Eng Pw pf (6) Newmont Mining. . Niag Hud Pwr 1 Nipissing. .. Nitrate Chile B.. ©Ohio Copper. . Pac GEE 1st pf 1% Pantepec Oil...... Parke Davis t1.30.. 2as BT S- » ———— RAILROAD REVZNUES 28.3 PER CENT LOWER Reports for Seven Months This Year Show Drop in Class One Carrier Profits. By the Associated Press. Total operating revenues of railroads during the seven months this year were ut by 28.3 per cent from last year's corresponding period, while operating expenses were dropping 26.3 per cent and taxes 9.5 per cent. These figures apply to class 1 carriers. One of the obstacles hindering rail- road recovery, as pictured by E. G. Buckland, president of the Railroad Credit Corporation, is the lack of equality of opportunity to compete on a “fair and just basis with motor and waterway transportation which is now unregulated so far as interstate com- merce is concerned.” Among the restrictions which affect the railroads, but which do not affect their competitors on the highways and by water, Mr. Buckland said, are those pertaining to the inflexibility of rates, fares and charges made by the rail carriers. “The railroads should be free to meet this competition either by hl\'in!kmese restrictions removed or having like re- strictions’ placed upon their competi- tors,” he declared. U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney 1 1 101 gv-ia it ] SHORT-TERM SECURITIES. . D. B & Co) (Revoited by Chas. lrnufld» o, Allis-Chalmers Co. Ss 1937 % %90 American Chain Co. Al Tel & “lfis’l':’ lg'zl" Amer Ve s, & B35 1938 08 Baltimore & Ohio 4'3s 1933.... 2 Chi. Northwestern R. Chicago Rock Islan Cleve. Lor. & Wheel Colorado & So. RWY. Commercial udson Rio Grande ht Accep. Corp. 6s 1937 General Petroleum Corp. 55 1940 1 General Public Bervice 5'2s 1939 Sotsion B W, Tetas g 183 ous! Z Fostone Srefephone Co. 5 183 Laclede Gas t Co. 9: igh s Louisyille & Nashville 6s 1937.. New York Cent. & H. 45 1934.. ew York, 8t.'L. 63 1933 Den: Gen. Mot. Northwestern s Penna. R. R. 00. 6las 193¢ 1 Portiand General Elec. 5s 1025 Republic Iron & Steei 5s 1940 Sinclair Crude Oil Co. 5138 19: * | meeting og 64 cents for electrolytic delivered in the Connecticut Valley, despite absence of buying interest and reports of small offerings at concessions from second- Hand sources. Trade expectations for seasonal improvement are reported. Forelgn demand was quiet. HEAI;B COAL EXCHANGE. BALTIMORE, October 3 (Special).— Benson Blake, jr., former first vice pres- ident of the Baitimore Coal Exchange, was named president at the annua. of the organization. Mr. Blake succeeds H. C. McComas. Other officers elected were L. C. Wilcox, second vice president; Albert F. Gross, treasurer, and J. F. Palmer, executive secretary, all re-elected. Mr. Blake's former vice president was fill of Douglas Gorman. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominakgold Selling checks value. tadsy- 548665 8348 391%c 39lise 9lc 1387c 2381c ition as first by the election London, Paris. franc Brussels. belga Berln, ma i peseta schilling. . ckholm. cri Montreal, discount, ‘The first published work of William Ewart Gladstone, English statesman (1809-1898). appeared in 1838; the last in 1897. Thus the span of his literary life_was approximately 60 years. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 804 17th St. 1237 Wisc. Ave. DL 5027, T(he Fidelity | Building & Loan | - Association i MAIN OFFICE, 610 13th N.W. | b 31st & M, Georgetown }; BRANCHES { 733N Capitol [ | Under Supervision of U. §. Treasury As Little as ONE DOLLAR || —will start you on the road || to financial independence and | prosperity. Any small amount, that you can spare, each pay day will build a Cash Re- serve . . . with which you can | do many things, to your ad- vantage, when opportunities come .. .and they come, some- | times, when least expected. fWe are ready to help you. 1 Come in and let us otve you full details of our plans and methods. 5% | 6% S Pald on ings. Compounded Semi-Annually. PROFITABLE BUDGETING Out of your income you can spare an amount of money, much or little, which can be put profitably to work in our Ower a Third of a If you Century $ come in Without a Loss to an Investor. 1Nprove FIRST MORTGAGES 1 are seeking an investment, and let us explain just how strongly secured these first mort- gages are by conservatively appraised d Washington real estate, and emphasize to you the important fact that the interest remains the same throughout the life of the loan. May from $2 be purchased in amounts 50 up. . F. SAUL CO. 925 15th St. N.W NORTHWEST CORNER 14% Axp K FOR the professional man or business firms whose surroundings must reflect their character, the Tower Building pro- vides a setting of unusual distinction. Suites in small or large units are available at reasonable rentals. room arrangement If you desire special we will gladly help you plan your space to meet the requirements of your business. H.L.Rust Compan 1001 15™ St.NW. NAt1 8100 or Rental Representative on Premises