Evening Star Newspaper, October 12, 1936, Page 16

NEWA.3.A. OFFICER WELL KNOWN HERE Hgad of National Bank Di- ? vision Is Native of. . - Richmond. BY EDWARD C. STONE. William F. Augustine, newly elected Drendem of the national bank divi- of the American Bankers' Asso- d tion, is so well known in the Wash- ington banking district that he is almost considered s “local finan- § cier” He is known in this territory because he is a native of Richmond, where he was a bank official for many years. Born there in 985, he attended the public schools there, then went to law school at the University of Richmond. His first position was with the former Merchants National. An assistant caspier in 1912, he became vice president, he retained the same title with organization of the First & Merchants National Bank of Rich- mond. He continued with the new bank until he went to Boston in 1926, to be vice president of the Nation: Shawmut Bank. In the A. B. A, Mr. Augustine is 8 former president of the State secre- taries’ section, president of the former clearing house section, member of the National Bank Division Executive Committee, member Bankruptcy Com- mittee, Insurance Committee, council- man at large and vice president of the national bank section last year. He is a former secretary and treasurer of the Virginia Bankers’ Association and has been president of the Asso- elation of Reserve City Bankers, as well as holding many other banking ‘wonors. The A. B. A. official is & member of the Commonwealth Club of Rich- mond, Phi Kappa Sigma PFraternity and is a Mason. Over-Speculation Scouted. Bankers and brokers in the financial district here express no fears over the possibility of a runaway stock market at present, as hinted by some writers in New York recently. In crossing the 2,000,000-share mark, the market 1s still far from the 16,000,000-share days of the 1929 boom, they point out. ‘High margins, alone, they add, make the return of wild markets very im- probable, to say the least. In its current reveiw of the present market position, the United Business SBervice says today that the top of the present bull market is not yet in nghr. lnd the danger sigmls wmch W. F. Augustine, First Trust Loans For Purchasing a Home or RE-FINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIRED Terms Arranged on Easy Monthly Payments Mortgage Money For CONSTRUCTION LOANS and LOANS ON IMPROVED PROPERTY in the District of Columbis, Nearby Maryland and Virginis 5129% Prompt Action B. F. SAUL CO. 928 15th Street Natl 2100 MONEY TO LOAN ON REAL ESTATE at 50/0 Monthly Payments if Preferred Our Real Estate Officers Invite You to Confer The “WASHINGTON LOAN * AND appesr in the first phases of major advances are not yet present. Al long as brokers’ loans are low, and while there is np skyrocketing of stocks, which have only distant earn- ings prospects, the long upward trend is in its most healthy phase, one of discounting earnings. The service points out that there are normally three important® phases in bull markets. The first is a sharp upturn in prices due to a recovery in confidence following a long de- fiation. Such a- movement ovcurred in the Fall of 1032 and the Spring of 1933. The second upward phase, which is generally the longest, follows a period of hesitation and readjust- ment to conditions of business revi- val. This upturn is in response to expanding earnings. In the present bull market, the second phase got under way in late 1934 and has con- tinued in force since then. As prosperity grows, the way is paved for the third and most dan- gerous phase of bull markets, when over-optimism leads to excessive spec- ulation. Stock prices over-discount earning probabilities in this final up- surge, and a top-heavy structure finally collapses of its own weight, the review states. Mortgage Convention Echoes. At the recent convention of the Mortgage Bankers' Association in Memphis, the retiring president, L. A. McLean, praised the H. O. L. C. as the Government agency that haa accomplished the most good for home owners and as the one that had operated most efficiently. But it is meeting the same problems today that private lenders have always met, he said, and cited the total of nearly 35,- 000 properties foreclosed , or an which foreclosure has been authorized, or the property turned over voluntarily | for the period to June 30, this year. If the Government eventually fin good home-owning citizens. They will be non-taxable and the Government will be a competitor for tenants.” Heard in Financial District. George E. Fleming, vice president and assistant, trust officer of the Union Trust Co., was back at his desk today after & month’s vacation. He visited Montreal and Quebec and took a boat trip down the St. Lawrence River and as far north as the coast of Labrador, also stopping at Newfoundland. H. Prescott Gatley, president of the National Savings & Trust Co., has re- turned from a week’s touring in New Hampshire in the White Mountains. He made his headquarters at Concord. R. J. Dooley, cashier of the Nationat Bank of Washington, left the city to- day for a three weeks' vacation. itself the landlord in 500,000 homes | it will “add to the burdens of our | E. C. Bangham, manager of the local © 1936, Lisxrs & Mrms Tosucco Coy ) THE EVEsiNG STAR. WASHINGTON, Spectal Dispatch to The Star. BALTIMORE, Md. October 12.— Potatoes, per 100 pounds, 1.60a1.95; sweet potatoes, bushel, 50a90; nearby, half bushel, 30a35; beans, bushel, 50a 1.25; beets, nearby, bunch, 2a2%; broccoli, crate, 1.5083.00; brussel sprouts, half drum, 2.00; quart, 10a 12%; cabbage, 50 pounds, 50a75; 3.00a ; near- ; caulifiower, crate, 50a rate, 1.25a1.50; cucum- bers, bushel, 125a1.75; eggplants, crate, 85a2.00; nearby, half bushel, 20a25; lettuce, Iceberg, crate, 4.00a 5.00; Big Boston, crate, 25a50; near- by, bushel, 50a1.00; lima‘ beans, bushel, 75a1.25; bag, 60a85; mush- rooms, 4-quart basket, 40a60; onions, 50 pounds, 50a1.10; peas, bushel, 2.25a 2.75; peppers, n Y, half bushel, 20; pumpklm nearby, each, 3a8; spinach, 'bushel, 25a60; nearby, half bushel, 25a35; tomatoes, lug, 1.25a 1.50; nearby, half bushel, 25a75; tur- nips, nearby, half bushel, 10a20; ap- ples, bushel, 40a1.50; box, 2.00a2.35; cranberries, box, 3.25a3.50; grapefruit, box, 1.50a2 grapes, 12-quart bas- ket, 45a50; 2-quart basket, 17al18; honeydews, crate, 1.00a1.75; oranges, box, 3.00a4.25;, pears, Bartletts, bushel, 2.35; seckels, bushel, 1.75a2.00; Shel- dons, bushel, 1.75; prunes, lug, 1.10a 1.15; quinces, bushel, 1.00a2.25. Live Stock Market. Cattle—1,825 and 475 holdover; moderately active trade with all classes steady; bulk common and medium steers under 1,200 pounds, 6.50a7.75; few steers, 7.80a7.90; several plain lots 6.00 down: many common and cutter light-weight heifers, 4.50a5.50; ew medium heifers to 6.00; low cut- r and cutter cows, 3.00a4.00; com- mon and medium, 4.25a5.00; few good young cows, 6.00; common and medium bulls, 5.00a5.75; medium feeder steers, 6.50a7.00; few good to 7.50; many common stockers, 5.25a vealers, moderately active, steady; good and choice mostly office of the Detroit Steel Products Co., reports that sales of steel windows in August were more than 100 per cent ahead of August, 1935. Among Washington building and loan men, in addition to the delegates from the District Building and Loar League, are Carl Bergmann, Edward K. Jones, Howard 8. Gott, R. L. Hous- ton, Alfred B. Baker and Arthur G. Bishop. The New York convention sessions opened today. 10.50: common and medium, 7.00a 10.00; weighty calves very slow; weak to 50 cents lower; common rough lots, 4.50a5.00; few medium 6.50 and above. Hogs—32,175; uneven; general mar- ket steady to. weak;.two loads choice rail hogs under 220 pounds placed on order 10 cents higher; bulk bet- ter 165 to 210 pounds, 10.80a11.10; extreme top, 11.20; 220 to 250 pounds, 10.60811.00; few heavies down to 10.00; most 140 to 155 pounds 10.50a 10.75; better 120 to 140 pounds, 10.25a 10.50; good packing sows, 9.15a9.70; good stags, 7.75. Sheep—1,400; trade unestablished on better grade lambs best held above 10.00 or 25 cents and more higher; few cull and common lots fully steady at 6.00a8.00; ewes quoted steady choice light weights to 4.00; culls down to 1.00. Dairy Markets. Live poultry — Chickens, Rocks, pound, 18a20; mixed colors, 17a21; Leghorns, 17a18; fowl, Rocks, 21a22; mixed colors, 18a21; Leghorns, 12a16; roosters, 12al4; ducks, 13a16; guineas, each, 30a45. Eggs — Nearby current "receipts, dozen, 29a30; Southern, 26a28; whites, large, 35a36; medium, 30a33; receipts, 999 cases. Butter—Prints, pound, 34a35; good to fancy, creamery, 32a34; store packed, 20; good rolls, 23a24; receipts, 412 tubs. (No Baltimore grain market today. Closed on account of Columbus day, legal holiday.) PARIS EXCHANGE RATE. PARIS. October 12 (). — LerAR Three per cent T e ek on London. 105.12, Th xchanze on London. 2, was quoted at % o, Investments 5%% e emeiiee Real Estate Not: Secured by new dwellin, N.W. ur.'n.n of Wulnn'.on.n Bradley, Beall & Ho l'!ub“lhcl Nearly €0 Yea; NA. Southern Money for Construction '— and Loans on Improved Properties 2% FIRST DEED OF TRUST ONLY GEORGE I. BORGER Buceesser to the Business of JAMES ¥ SHEA 643 Indiana Ave. N.W. francs 20 centimes; 4%; per cent | D. C. New Havei Asks Additional Time In Reorganization| ) ; Ey tle Associated Press. NEW HAVEN, Conn., October 12.— The New Haven Railrosd has filed a petition in United States District Court requesting &n additionsk six- months’ extension Rhefore submitting reorganization plans. * Judge Carroll C. Hincks set October 231;:: a hearing. . road originally was given unti} Qravi April 23, and this was extended until October 23, LIVEBPOOL COTTON Quonnnm American, strict good mi jdalt trict mi w sood !ulelfllnfl ll dy; “October, ‘6. Decem- 59; Mll’ch. 6.60; Evans Products Co—It was said Chicago, Rock Island & Pacific Rail- ways is seeking bids for construction of 350 steel auto box cars, equipped with Evans auto loaders. HOME LOANS to build or refinance INTEREST 5 % $7.50 PAYMENTS Teslow asr per $1,000 imoooom"w“«nwnwoooomoo COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. ' MONDAY, OCTOBER .13, 1936. U, 8. TREASURY POSITION. B the Associatea Press. o Deaition of the. ry October 1009.50: nei_ balance. x?eml SR 01730 'fulwnu Tecelpts for the month, decrease M S0 'lmu day; gold assets, 1.18. ‘West m—auv ity scale 76 Touisiuna-ATE AR Orarie T cents to S 10 —Gravity scale 94 cents t¢ Eas en: Penneyiva Buckye nnu“fl 9 Xy Mountaln area: en reka ‘Corning. $1.3% $1.10 ravity * scale alt Creek, Wyo. 118, e era ade in FIRST TRUST LOANS Long-tenm REFINANCING . . . Lowest Rates . , , 3-Year Con- struction Loans , . . 5% 5%% B80SS & PHELPS MORTGAGE CO. Loan Correspondent Jobn Hancock Mutual Life Ins. Co. 1417 K 8t N.W. NA. 9300. 000000600006 FIRST MORTGAGE lfi@m@g 'LONG OR SHORT TERMS % INTEREST RATES CONSULT US ed money for 5 their morte Courteous and Prompt Attention en All Applications L.QUINCY SMLTHL LNC. Correspondent The Penn Mutual Life Insurance Company 909 15¢h St. N.W. WA Dist. 9057-9058 0000000000000 0000000000000000000000600- e o sl i5: 4 oo, 33 5 — hl ot“‘:l; ’fi” -~ CHICAGO PRODUCE. CHI October 12 (. —Poultry, live. 1 car, 13 trucks; steady: hens, 4% pounds up. 18: less than 4% pounds, 15; Leghorn hens. 12: Springs. 4 pounds up, Plymouth and White Roc 7|34 it Eoforedimigt™d "‘i.m. 3 ?n" T008! IH' it t..ui.%m.-g;- First MorTcace Loans District of Columbia, Nearby Maryland and Virginia Homes Ho R, . Terms from 3 to 15 years Also Monthly Payment Loans RANDALL H. HAGNER & Co’fl’m INCORRORATED s ork L Sruoranrs Comparpe 1321 Connecticut Avenue N.W. Telephone: DEcatur 3600 vut-d -L"l gos ) urlnn ls nuu ON IMPROVED D. C. PROPERTY Immediate attention on your appli- cation for buying, rebuilding or refinancing. Loans repayable monthly. No charge for appraisal If loan is not made. Interest charged only on unpaid balance of principal. Eourrasie Co.oPERATIVE BUILDING ASSOCIATION 915 F STREET N.W. Organised 1879 : G flqm milder éave a more pédmg lasle dtm’ aroma