Evening Star Newspaper, October 1, 1929, Page 13

FINANCIAL. Money to Loan od by Srat deed of reat sstate, Joseph I, Weller 332, & Nw Owing to the death of Mrs. Sarah F. Deland, the office of George H. Price Co., Inc., F. Harold Deland; Presi- dent, 815 15th Street N.W., will be closed Wednesday, October 2 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW, 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea Prestdent Secretary Complete Investment Service GrLLeT & CO. ABANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone National 2460 Exempt from all Federal Income Taxes State of New Jersey 41/s Due Jan. 1, 1954 opt. 1939 To yield 4.259, State of Illinois 4s Due Mar. 1, 1043 To yield 4.45% Toledo, Ohio 4155 & 5s Due 1931-1960 To yield 5.50-4.50% Chicago South Park 4s Due Sept. 3, 1933-1946 To yield 4.90-4.65% Memphis, Tennessee 41;s Due Sept. 1, 1040-1941 To yield 4.75% Guaranty Company of New York 811 15th St. N.W. Telephone: National 5815 % Unconditionally GUARANTEED What's Back of Your Investment? The 6% First Trust Notes sold by this strong com- pany are secured by owner occupied Maryland homes +..conservatively appraised conservatively loaned so as to be no burden to the Property owner. And back of this sound security is this stron company’s unqnu!ifios guarantee of principal and interest, “fl[slflVESTMEm& 923 i H 15th Se. ( gg National N.W. f 2676 Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Depasits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADR B, COOPER, President Capital, $1,000,000.00 SUPPLIES OF FRUIT PLENTIFUL IND.C. Business Is Fairly Active at Market, Despite Wet Weather. Continued wet weather promises to be of immense benefit to growing crops. It was suggested on the countr this marning that too much rain al- ready had fallen, but farmers declared there had not been toa much, “The ground was very dry and grow- ing vegetation was suffering,” said s farmer, “and three or four more days' rain will do no harm. Bright sun fol- lowing the rain should work wonders with late crops.” There were many partly green toma- toes received this morning, large size, and there also were some green toma- toes offered for pickling. Top quality tomatoes sold around $1.75 for two-peck baskets this morning, the green ones and cuils selling as low as 50 cents. Corn Supplies. ‘Two varieties of green corn, some in splendid condition, came in fairly plentiful supplies from nearby, five- dozen sacks selling from $1.25 to $2.25. Prices of beets, carrots, spinach and other vegetables were about the same as prices quoted yesterday. Persian melons, in heavy receipt, sold at $1.50 and $1.75 a crate. Cantaloupes, reported of good quality, are still being received from the West, chiefly Colo- rado, prices depending upon size and condition of the fruit. Honeydews and honeyballs also continued in plentiful supply, but watermelons are practically off the market. New York peaches, large size and splendid quality, sold around $3.25 a | bushel basket this morning. Seckel pears sold as low as $4.50 for 50- pound kegs, quinces were $2.75 a bushel and apples sold at & wide range of prices, according to variety, size and condition. Oranges continue high, selling around $5 and $8 a box; lemons also bein; high, nllln“lt $12 a box. Two-poun baskets of New York Concords, always a good-selling grape, were offered at 22 cents this morning. Other varietles of grapes were offered at prices quoted the past few days. Sloppy weather this morning was not conducive to heavy trading. ~Business | was fairly brisk, however, dealers re- | ported, and an improvement in the re- tail trade also was reported. Prices of all commodities this morning were the same as prices quoted yesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter — One - pound prints, 48a49; tub, 47a48; store packed, 30a32. Eggs—Hennery, 48a50; fresh selected, 46a47; current receipts, 45a46. Poultry, alive— Turkeys, hens, 35; toms, 33; Spring chickens, large, 30; medium, 27a28; broilers, 30; Leghorns, 25a26; fowls, 28; Leghorn fowls, 22a23; | Toosters, 22; ducks, 15a20; keats, young, | 60a70; old, 35a40. Dressed—Turkeys, | 38a40; Spring chickens, large, 38a40; medium, 36a37; brollers, 38; Leghorns, 34a35; roosters, 26; ducks, 28a30; keats, 1 80a1.00. Meats—Beef, 221:a25; veal 26a28: | lamb, 25a27; pork loins, 33a35; fresie| hams, 26; fresh shoulders, 22: smoked hams, 28; smoked shoulders, 20; bacon, | 28; lard, in bulk, 14; in package, 15. Live stock—Calves, 15a15'2; lambs, 12a13. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market News Service, Bureau of Agricultural Economics) says: ‘Apples—Supplies moderate; demand light, market steady; bushel baskets, Virginia, , U. 8. No. 1, 2J> inches up, Grimes, 1.5082.00, few 1.50; Delicious, 2.50a3.00, few 3.25; Yorks, 1.7582.00; U. S. No. 1, 3 inches up, Yorks, 2.25; U. S. commercial Yorks, 2% inches, 1.50; U. 8. No. 1, 2% inches up, Staymans, 1.41582.00; 3 inches up, Staymans, 2.25; unclassified various varieties, 2% inches up, 1.2581.50. Cabbage—Supplies moderate; demand light, market steady; New York, 80 to 100 pound sacks, Danish type, 1.50a1.75. Celery — Supplies light; dem light, market steady: New York, tes, early varieties, best ~mostly around 2.25; fair quality and condi- + tlon, 2.00. Grapes—Eastern stock; supplies light; : demand slow, market dull; New York, 120-quart climax baskets, Concords, U. 8. No. 1, 80; Michigan, 12-quart elimax baskets, Concords, U. 8. No. 1, 55a60. Lettuce—Western stock; supplies light: demand light, market steady; Colorado, crates, Iceberg type, dozen, 4.7585.00; Eastern stock, no sup- lles on market. Donlom—suppllu moderate; demsnd light, market steady; all U, No. 1, medium to large sige; New York, 100- pound sacks yellows, 2.00a3.35; Indians 2nd Ohio, 100-pound sacks, Yellows, ostly around 2.25. mPe:ches——Pncflufly no supplies on market. Pears—sSupplies of Eastern stock very light; demand moderate, market steady; New York, bushel baskets Beckels, fancy, 3.5084.50. PO{lwal—-Suppllu liberal; moderate, market weak; pound sacks Cebblers, U. mostly around 4.50; 120 Cobbiers, U. 8. No. 1, 3.50. yesterday’s _report—Maine, sacks cobblel;. :J . No. 1, mostly around *“ Ml\my, 150-pound SACKs Cobhler‘ll U. No. 1, 4.50a4.65, mostly around ‘4.5 Sweet potatoes—Supplies light; de- mand light, market steady; East Shore, Virginia, cloth-top barrels Y!“d'l‘ No. 1, 3.00a3.25; East Shore, Mary] and, bushel hampers Yellows, No. 1, 1.00a1.25. String beans—Supplies moderate; de- mand moderate, market about steady; Norfolk section, Virginia, bushel ham- green, best, 1.65a1.75, few higher; East Shore, Maryland, bushel hampers green, fair quality and condition, 1.25a 1.50; poorer, 1.00. Tomatoes—Supplies _light; demand moderate, market steady; nearby Mary- land, %;-bushel hampers, 1.00a1.25. e MR CHESAPEAKE & POTOMAC. BALTIMORE, October 1 (Special).— Operating revenues of the Chesapeake & Potomac Telephone Co. of ti- more City for the month of August 50a4.65, were $1,139,137, the report of opera- tions made to the Public Service S;m- mission shows. Expenses during the month were $915,449, making the net first eight months of the year were g,- 979,835, Operating ex) during this period amounted to $7,119,043, making net operating revenues $1,860,792. For the 12 months ending August 31 the net telephone revenues were $2,770¢795, ] which is equivalent to 6.44 per cent on the average value of the company’s P Yalue of the e t; lue of e com| y’s property hnp'dnu hy sinee i Electric Locomotive Order. NEW YORK, October 1.—The, Gen- eral Electric Co. has received an’order for four 3,000-horsepower electric loco- motives from the Great onheg'l Rall- (‘!o_p&;:m"fl J & W Sell man & Dfl.l' 3 Dec. 18. - .- ] revenue $223,688. ‘Telephone nperaunghnvenua for the in the State of Ma d way, to cost about $260,000 eac 3 1% ” o ry 1 line | 3 THE EVENING Washington Ticker By the Associated Press, The American family, residing in the city, is turning more and more to apartments for their abode if figures on building operations for the first half of this year, compiled by the Bureau of {.lllt:r Statistics, can be taken as a cri- erion. In the 85 principal cities of the Na- tlon the bureau's statistics showed an expenditure of $1,421,106,688 for build- ing during the ‘first half of the year and of this 64.1 per cent was for resi- dences. Apartments accounted for the largest residential building with a total valuation of $358,284,280, while hotels ranked second with $243,3¢5.689 and o;l;-’(’,lanuy dwellings third with $212,- For all classes of new buildings dur- ing the first half of this year there was an increase of three-tenths of one per cent over the corresponding perio 1928. The two classes of bulldings which showed the largest gains were hotels and public buildings, and Gov- ernment statisticians Poim out that the construction of public buildings has done much to keep the building trade of the Nation in line with the high level of other husinesses and industries during the past Summer, not only fur- nishing returns for the buildings con- cerns, but also stabilizing employment in the construction trades and aiding the building supply industry. For ho- tels the construction valuation during the first half of 1929 recorded an in- crease of $166,628,689 over the corre- sponding six months of last year, whil ublic bujldings jumped from $9,319,- "lhlrdx 1928 to $45,997,305 for this year's period. An interesting comparison in the change of dwelling places of residents of cities can be drawn from the statis- tics, During the firgt half of 1922 fami- lies living in the 85 cities in apartment houses were 34.6 per cent of the cities’ population, compared to 1929 with a percentage of 62.3. For one-family dwellings the percentage was 43.4 in 1922 and 27.8 for this year, and in two- family dwelling 22 and 9.8 per cent, re- spectively. Basing its figures on the per capita expenditure upon the Census Bureau's estimate of population for 1928, the Labor Statistics Bureau recorded & per c;&lu expenditure for the first half of this year of $45.88. Of the cities, Yon- kers, N. Y., with $122, was the leader, while New York with $115 was second, followed by Long Beach, Calif, $106, and Hartford, Conn., $68. Government officlals are observing with keen interest the effects of the in- creased bank rates of the Bank of Eng- lsnd and the concomitant rate in- ceases of the central banks in the Scandinavian nations both on the in- ternational gold movement and uj the credit situation in the United States. The international gold move- ment in the belief of officials cognizant of the situation is a most important factor in the American credit situation, and a maintenance of the present size of gold imports to this Nation, they feel, would act to support the existing l\“"“i level of security prices in New ork. That the Wall Street money market during this year has been a great magnet attracting the gold supplies of the other nations is illustrated in figures compiled by the Commerce Department which show that duflngntha first eight months of 1929 the ports of gold totaled $236,304,000, while _exports amounted to only $8,758,000. However, there has been a diminution recently as recorded by the imports of $35524,000 for July. compared to August imports of $19,771.000. The Bank of England’s increased rate, of course, primarily was fixed for the objective of blocking the outflow of gold from London. While American Government officials fee] that a continued high flow of gokl imports into this Nation would aid in mulnulnlni the security market, they are hopeful that the present business prosperity, aside from conditions in the stock market, will continue and the security market's credit situation then would adjust itself in an orderly man- ner throu;x; the factor of good business conditfons if a recession in gold imports acted harmfully. In Government circles there is little belief held that the Federal Reserve Board would inaugurate a policy of deflation of the credit market. The board, however, is engaging in some operations, it is apparent through some recent steps, to divert credit from specu- lative fields to business. One has been the muunumrchm of acceptances by reserve while another sig- 1 | substantial declines. One estimate for STAR, WASHINGTON, nificant move has been the bank's buy- l ing of bills, The investment trust, that type of corporate organization which the United . States has * ed” from Europe recently, although it had peen well known there for many years, Emed such a tremendous is country during 1929 and has played such a leading role in the stock and bond markets that it has drawn the attention of Congress. Senator Couzens of Michigan, chairman of the Senate interstate commerce committee, has especially studied the investment trust situation and now is proposing that Qongress determine whether the Federal Government has the pawer or should possess power to regulate their opera- tions. President Hoover is understood to oppose Federal regulation, leaving it to the States. ‘The rapid expansion of the invest- ment _trust undoubtedly has been an important factor in the past Summer's high activity on the bond and stock in | markets. Statistics which have been compiled show that these investment trusts have practically doubled the cap- italization during the first eight months of this year over their capitalization at the beginning of 1929. At the outset of the year their capital was estimated at approximately $1,684,000,000 and dur- ing the first eight months of the year $1,500,000,000 at least has been added to DECLINE 'SEPTEMBER IN STOCKS IS LARGE Practically All Groups on Board Are Hit by Heavy Selling. Special Dispatch to The Star. NEW YORK, October 1.—For the first time since the bull market in stocks begain in 1924 the month of September shows & heavy shrinkage in listed values. This has been sufficient to wipe out much of the appreciation that had taken place in August. The latter month held the record for the amount of gain in market worth that had been realized and which was due mainly to the sensational advance occurring _in in the public utilities, chemicals, coppers, 85 well as in chain stores, and of mail order and food products concerns. A survey of the stock market today compared with that at the end of last month indicates the radical e in speculative temper that has developed in a comparatively short time. Prac- tically all of the leading groups show August gave the increase in the value of 240 stocks listed on the New York Stock Exchange as approximately $4,- 500,000,000. The estimate of the New York Stock Exchange itself was even higher, amounting to nearly $7,000,000,- 000. About 25 per cent of all of this appreciation was in the public utilities, due to the advance in August in the telephone stocks and in Consolidated Gas., American Telephone, however, has held its market extremely well during September and with other upblic utili- ties comparatively strong in relation to the general list the shrinkage in this group should not be heavy. There are, in fact, several issues that have made new high records since the end of last month and have been able to maintain a considerable part of their gain. The oils also have acted well. While they are much below the high prices of the month the depreciation in them as a body of stocks has not been portant. ‘The same is true of the chem- ical group, in which high records have been established, although these were on stocks of small volume, which make little impression on the total value. ‘The heaviest declines of September are those in the rails, motors, iron and steel and copper shares. At the end of August the rails had completed one of the most satisfactory upward move- ments in the past two vears under the influence of concentrated demand from investment trusts, which created a| broad public following. September. however, has seen a complete reversal in the attitude of Wall Street toward casrier stocks in spite of good earnings and one dividend increase. Leading issues are off from 8 to 30 points from the month. Iron and steel stocks, under influence of heavy liquidation in United States Steel, are also down substantial- ly. A movement in eopper and ethe~ WILL CONTINUE AS WE ARE PLEASED TO ANNOUNCE THAT MR. T. BAKER ROBINSON HAS BEEN ADMITTED TO OUR FIRM AS A GENERAL PARTNER EFFECTIVE OCTOBER FIRST, 1929 ‘MR. Y. E. and MR. HARRY W. FINNEY MR. GEORGE HEWITT MYERS AS A SPECIAL PARTNER Y. E. BOOKER & CO. Investment Bankers 1508 H Street BOOKER GENERAL PARTNERS INTEREST COMPOUNDED TWICE A YEAR AND FREE FROM ALL TAXES THE CHILDREN There is no such thing as chance success; the first step must_be in the direction of thrift, Start a thrift account for the kiddies and encourage them to add to it regularly and vou will have instilled in them that Spirit of Thrift which will later in life lead them to success. i THE ADULT The successful investors do not allow the promise of big speculative profits or them; they seek abselute safety for their principal with a rate of interest. exorbitant rates of interest to influence fair SECURITY ;\ll deposits with thi % ! Dasis of & with us. s Association are se on improved real estate in this cit bout $204.00 valuation re d b t a for every smfio on deposit Columbia Building Association 716 11th St. N.W. UNDER GOVERNMENT SUPERVISION. D. €, TUESDAY, OCIOBER 1, 1929. FINANCIAL. metal shares, which to put| - i ekt e/ m"& MARYLAND TOBACCO SALES. e B TR T T R restiirsions Ll es Wi ot the group declined 10 to 15 pointa. ,’-Mhm ":d,n “‘; gkl Losses in the and motor equip- | B coutiSun S0 disiueonly ment issues have universal, 658 hogsheads being received last week, while sales smounted to 884 hogsheads, x“tm‘q ‘Ward Sales. leaving & stock in State tobacco ware- _|nouses of 11,336 hogsheads. Market B ot ey Ward & G, | Bolding frm on the better grades, how- totsled $26,137,589, compared with ever, at the following quotations per 100 $20,800,069 in B’epu’mhor, 1928, an in. | BOUNAS: Inferior, 7.00a12.00; sound, crease of 2585 per cent. For the nine- | SOmman and menuh, 13.00820.00; good Tnonth period sales otaied $193,680.785, | Sy s a1 e T 0as1.00s 40.00; good to fine red, ¢1.00a51.50; as against $140,362,025 in the corre- 2 L sponding period iast year. fancy, 51.50a52.00; seconds, common to good _common, 7.00a20.00; medium, o 21.00a35.00; seconds, good to fine, 36.00a DIVIDENDS. Pay- lmi& able. reco: 4.50; upper country, burley, nominal; Sroun Jeaves, nominal, " % Oct. 11 Dec. 20 Oet. 18 Oet. 10 Oet. 1 Consult Us ml'l‘l mmd money for Estate financing us have your application today. R REAL ESTATE LOANS : i@ Large and small Trust 1os negof promptly owest rates and commission, B @) FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. N.W. National 2431 Promps Service No dppraisal Fee The Comm;ll National Company Palé w» Efl""‘ 500,000 Pe- riod. Rate. paconds ‘able Co. 1bl! Nov. 11 Jan. 1 *Int. 18%% —— Nov, 1 gt We take pleasure in announcing that we have this day taken over the WASHINGTON OFFICE and entire Washington personnel of our New York Correspondents CLARK, CHILDS & CO. 1508 H Street No nll,v rl x Tiinois, .. Do no-par .Cellu i o Philadelphia i am Ritter n‘l|’ Rhine- stph ioc Pow O Sierra Electric Nov. i Nov. 8.8 et Do pf United Co. Our office in the Investment Building has been moved to the above address where we ore equipped to render the most com- plete investment service. First Mortgages For Sale JAMES F. SHEA 643 Louisiana Ave. N.W. Stock Depariment in ckorge ot JAMES SLOAN, JR. Mackubin, Goodrich & Co. ESTABLISHED 1899 BANKERS Members NEW YORK STOCK EXCHANGE BALTIMORE STOCK EXCHANGE Assocsate Member NEW YORK CURB EXCHANGE Investment Depariment in chaige of RALPH M. WOLPE Real Estate Loans Affilicatiom invited at lowest rates and commission —econom- ical comsideration for borrowers. Both large and small loans mnegotiated— prompt replies. Moore &Hill, Inc. (Since 1900) 730 17th Street N.W. 1508 H STREET WASHINGTON, D. C. 111 EAST REDWOOD STREET BALTIMORE, MD. Subecriptions from dealers having been received in excess of this issue, thisadvertisementappears asa matter of record only. Additional Issue 100,000 Shares Common Stock 5 (Without par value) Bankers Securities Corporation of America Incarporsted under the laws of the Scate of Delsware CAPITALIZATION The capitalization of the company upon completion of present financing will be as follows: 79, Preferred Stock, par value $10. per share .. 15,000 4,000 Common Stpr.k, N_o Par Value. - - S 242,500* 132;700 e e B e e remainder is convertible ot the rate of two ‘one of comman wetil Nov. 15, 1929. The following information ic from a letter to us from Hr. John F. O’ Hagan, President of the Company: BUSINESS Originally organized in December, 1926, as a voluntary trust under the laws of the State of Massachu- setts and in August, 1929, the Company was incorporated under the laws of the State of Delawase for the purpose of daing s general investment business as well as acting as the official counsel for investment trusts now d':' business “t::i .:jeqm of the 'E.IL QO’Harra Plan,” to act as :n central mb eat com- ocally con mu vestment corporations to i i iza- Tie)in communiges throughout the United Stetes il PURPOSE OF ISSUE The purpose of this issue is to provide additional funds for the purchase of securities listed on the | stock exduu‘fi.of the world and Over the Counter Market and also to participate in underwriting securities eligible for purchase with corporate funds. y DS DIVIDEN! mkel 1.60 per annum on its Common Stock. s wdisaew MANA( paying at has teelf of the The corporation has availed itself of the services of men ized as experts in portfoio mansgement as well as a number of‘r-uou prominent in banking and industrial organizations. In add::un to this it will have a statistical and ineering staff to assist the management in the proper investigation of cerparations in whose securities it is ted the funds will be invested. An advisary board will also be organized consisting of men prominent in banking and industrial fields throughout the country. The Board of Directors of this corporation is as follows: C.B.ALLEN - = = = = = = Vice-President, Lewisburg & Ronceverle R. R. Fice-President, Martin Waler Co., Lewisburg, W. Va. Eanest De NEEN ANDERSON Vice-President, Manhallan Electrical Supply Co. Roperr Hair Cralg - - - President, Inland Ulilities Companies Fravz M. Howesey - Wilson & Hennessy, Allorneys, Syracuse, N. Y, Fryncis Srersoy Mycarr— Director, Kanak Co. omi F. OHasgAN = = - Prevident, Bankers Seourilies Corporation of America AN Roops - Vice-President, Exchange National Company, Tulss, Okla. Beny Wnes.- - - - - Wiles, Walrath & Follells, Altorneys, Syracuse, N. Y. EARNINGS Earnings will bé derived from investment of its capital funds in active writing profits and from management fees obtained as compensation for the local mutual investment corperations which are expected to be affiliated with this market securities, from under~ mansgement of funds of the eompany. ; Price on Application rers [ ATk g Ao 4 oot S A et This security is effered for subscription subjest to spproval of counsel and seseptance by the bankegs. - E. L. OHARRA & CO. 150 Broadway, New York, N. Y.