Evening Star Newspaper, November 5, 1929, Page 15

FINANCIAL. > THE EVENING STAR, WASHINGTON, D. C. TUESDAY, NOVEMBER 5. 1929. PINANCIA L. 15 Consull Us First ou need money for ra eal Estate financing et us have your application today. Prompt Service No Appraisal Fee NEW YORK BANK STOCKS ARE LOWER Reaction in Market Reduces Ratio of Price to Earnings. The Commercial National BY EDWARD C. STONE. The recent sharp reaction in security prices has brought New York bank stocks down to a figure at which the average is approximately 26 times earn- lent to 35 times earnings at the peak of the bull market in ber, ac- cord to Gilbert llott & Co. At current prices & number of bank stocks can be purchased for less than 20 times earnings. The !ollowlnl table lists $ leading New York bank stocks at last wrelu closing price, ings per share and the ratio of price times earnings: Price Approx. earnings Current. times hare. earni pmeries _per share. price nmvfin 1.7 4.8 0 Selecti i electin g HE] 170 An Investment Banking House such 22 wios 38. 24 # 191 decide which type of investment will 178 prove most advantageous for you. U.'8. Trust Eth ] Average T G/LLeT & Co. BANKERS Some Stariling Fluctuations One of the most active and sensa- tional New York bank .!wck m-rkeu INVESTMENT BUILDING WASHINGTON, D. C. Telephone National 2460 A COMPLETR INVESTMENT SERVIER s r?ly and trading in Wall Street at times in such large volume that an accurate check on quotations was almost impossible. Averages compiled by Holit, & ‘Troster, based on the most active stocks, stood at 439 on October 1 and reached 469 on October 14, the high point for the month. The seeond de- cline on October 29 drove the average down to 275, the low point reached for the month. With values at these de- pressed levels buying orders in | volume came into the market and n the close of trading October 31 prices had recovered about 40 per cent of their MORT BONpY & 6_;_ Mortgage Bond- of the Federal. Security & Mortgage Company bear a $6,000,000.00 guarantee and are secured by ‘conservative mort- gages on home propérties. . ‘When you bring your availe able funds te us for investment, you will have service which is so thor , alert”and useful that it wins and holds as clients the most representative citizens of this nlmnunlty. Federa] Security ix E;.‘-’. gsss 3338 ¢ Mortgage Co. |* 1522 & gnuc N.W. ?& ‘Washington, D. C. ‘|= m Carpel Corp. Dl Dividend. ‘Waggaman, lnmrbco Ine;; also ‘made by 'll‘ gaman, Brawner & Co., In | rp., has wrchued the P‘ood Products Co., of Pittsburgh. This acquisition gives the corporation con- | trol of five distributing companfes lo- Unconditionally GUARANTEED Speculation or Guaranteed Income? ‘Thousands of speculators recently learned that 6% with Safety is far better than huge book profits that melt away overnight. Our 6% First Trust Notes mean guaranteed income. Get the facts about this safe, profitable investment. C National folk, Pittsburgh and Washington. Plans fl&,e also under way for further expan- | sion. Gleaned in Financial District Announcement was heard with deep regret in the financial district today of the death this morning of W. ‘en Life Insurance Co. of Washini also second vice president of of Commerce & Savings. Mr. !enneu had been connected with the bank for \ome 20 years and was held in high 'rm Mccmry Stores Corporation to- y reported an increase in sales in Oc- mber Of 9.24 per cent. Sales amounted to $3,798.276, against $3,476,912 a year | for the 10 months totaled : In comparison with $30 28 in the first 10 months of 192 & gain this year of 10.25 per cent. Business conditions are sound and no fundamental change in them may be expected, Secrefary of Commerce La- mont says. The remction in the stock :::rkh::n ‘problb.lmyo will have lohl;lle efleltl:'. ness, however, chological {1'1n no other respect.” He believes the market effect will be felt most in the luxury class and that many people, even it they continued to hold stocks, -m feel poor because of the loss of pa profits and the drop in market val e Such persons, as well as the actual louru naturally will restrain their i Interstate Commerce Commis- niun uthorized Boston & Maine Rail- road to issue not exceeding $7.500,000 of 7 per cent prior preference $100 par stock to be exchanged for road's mortgage bonds on basis of five shares | of stock for each $500 principal amount | of bonds. PARIS BOURSE PRICES. PARIS, November 5 (#).—A heavy tone prevailed on the bourse today. Three per cent rentes, 78 francs centimes; 5 per cent loan, 104 francs 20 centimes; exchange on London, 123 francs 85%, centlmu ‘The dollar was quoted at 25 francs 385 umlmel DIVXDENDS, 5. 5" Dee. Dec Corp. . Rate. Aibewarth Mg co g ¥ Atlax Stores Corp e Ria Dec. Dec. Dec. ‘We Invite Applications for FIRST TRUST LOANS on Improved Property Q 1.62% . 2 Nov. 18 in v I Y MONTGOMERY CO. 3 i EE; i "‘;h A'D Dll'l' ¥ Cgl‘"ll‘ 0 3 1 e W L) cl‘" are readily acces- Dec. sible and very willing 10 give you o =i immediate consider ation and H pec. k action on loans involvirg or small amounts. a 18% e S a0 PH n % B s - l I.. Q Dec. 1 cn fonal 9300 (v, sl | Bet: W X e ationa! v et 3 v "onin” G : Yo O a Dec. 2 Nov. 18 ings, as compared with a figure equiva- | with approximate earn- | nett, vice president of the lql)luble . per 4 | quality and eondmon recelpu Wall Street Briefs By the Associated Press. ‘The Columbian Carbon Co. has ex- tended the rights to subscribe to addi- tional stock in the ratio of nine new shares at $175 a share to every 100 shares held, to March 11 from the previously announced expiration date of November 11. One large magufacturer of typewrit- ers and bookkeeping machines reports that the recent deluge of business in the financial has resulted M large orders for various types of ma- chines and a rush by leading banking and brokerage houses to sur- plus mechanical office equiptent for use in future emergencies. Directors of the Eastern Stgamship Co. have adopted & proposal to recom- mend an increase in the common stock par and to split the present shares on a 3-for-1 basis. ITRADING IN STOCK MARKET CURTAILED Operators Consider Yester- day’s Session Normal After Hysterical Selling Orgy. By’the Associated Press. NEW YORK, November 5.—The stock market was closed today be- csuse of the electionafter an isolated session in which prices showed a net decline of 2 to 17 paints on a turn- over of 6202930 shares. ‘The rally which was expected when the market: opened yesterday after a two-day selling ‘holiday failed to de- velop and in its place appeared selling pressure, which was the dominant note throughout an orderly session. ;Iel: volume of t.rlde And rlnl! n( i was regarded =onnn contrasted wlm N)uvlnr ot the market last week, when after & wild selling stampede on Tuesday in which 16, uo 030 shares were dumped, the market came back sharply in a 3-hour session Thursday with gains up to 36 points and a total of 7,149,390 shares. Curtailed Sessions. For the first day since October 24, from 150,000 to 500,000 shares of no |ghe “RIGHTS SITUTION VEGETABLE SUPPLY CONFUSES MARKET| 15 INCREASED HERE Drop in Stocks Makes Becent| Honeydews and Honeyballs m"" Offers Valueless to Are Featured in Displays Investors. _ of Fruit. BY JOHN F. SINCLAIR. Special Dispatch to The Star. Honeydews and honeyballs, second rnia fruits, id b NEW_ YORK, November 5—When | CToP Of the Callfo Y dealers to be as l'lt'a as any similar | e evatved here in the past, cisimed or "witharaving uw",.h,,‘nuxnmn of buyers this morning. g ixth Bvenue . terlis IAtion; traus National Textile . [y oot | Prev. Bid. Asked. Bid: 170 188 CHICAGO LIVE STOCK MARKET CHICAGO, November 5 (#) (United | Seeu: States Department of Agriculture).— Hogs—33,000 head, including 4,000 4 rect; market mostly 10 to 20 lower; s extreme top, paid for load around 9:45 © | 200 pmmdl 2:;1:!1' 1 top, = m-m inds, 9.2529.40; mhoke 250-300" 2EFEEECE! =% yearlings preconlnlt- o ing in run; very little done except few 190 | loads on outside account: 40 derstone weak to unevenly lower early top, 15.75; slaughter classes, steers, % | good and choice, 1,300-1,500 143 112.50815.50; 1,100-1,300 poun BE5s830REE838E08 flerings T is the result of an experl.ment R suggested a local dealer this morning, scriptions o mnu to purchase their | SIS0 0 O o the quallty of the common stock al mmum-uy fruit, thc ‘experiment was highly suc- below the mrkct (of three wcen cessful.” h it brings out one' of the com ed | ““Tne m"‘e';b;l‘:': o nl:fi w‘h- crate, ATO! while e . The market situation was ag- |} copalls a much smailer fruit, 12 to B TALOE Nt WENC Dy the dect CMt |, crate, were offered at $2. o) gurge bayments or rights C"me| Wholesalers also continted to have Sock TR A e quantities of honeydews not so sweet. SR SSeurt They also. continued to have qui mles nm &;-; Q38r, 1928 . total of mearly | (1'Doars Grapes, pineapples. o of money was obtaine this way, of which a large part—nearly | Srapefrult, persimmons, " paphyas and one-half, in fact—was used not for im- 5 proving the plant and equipment, but Papaya Receipts. for ihe purpose of loaning in the 8tock| | @eceipis of incressed uantities of ' papayas was reported by dealers. selitng Soncern, with, common stock | fruit is not much in demand, it is stated, S St 900, oft Tights’ for the reason that consumers know but stockholders to subscribe for additional | 54410 apout them. Supplies came from common stock also one the basis of one | the port Myer section of Florida and were offered at $2.50 a box of a dozen. share for every four shares held. But Idaho potatoes, regarded by dealers Tasi, Week 1 433 ang pocovered. to bas: o St et as the leader in the vegetable These “rigl claimed much. lwmflon'm mmmrthhm' received y around 3. Grimes, 'slight russeting, Cabbage—Supplies modmu runflnah. few lownllo nrxez nrm ’glm Lettu York, lome T as_low his” are of no value any ith the “rights” eliminated, the com mon stock situstion entirely ch: Stocks in the boom were bou many cases for the “rights” more than for the dividends. From now on, at least for some time, stocks will be bought on the basis of actual cash dividend returns to the investor. that is something else again. rning. week . dealers mem in ucn‘ the general run of the '8¢8. | vegetable, while this morning’s receipts, sz?‘m 80 to the box, sold at $4 and Increased receipts of cucumbers and mushrooms were reported, the former B i e rom 0 & 1 basket. - L - ushe! kel lul lm 3.50; Maine, these was the striking advantage of the alr mail at such a time. Never in the history of the air mail have so many astock certificates been transported from the West to the East as during last week. It required only 32 hours between the Atllntlc and Pa- cific, causing the loss of but one busi- | ness day, contrasted with three business days by regular mail. The Boeing System, which carries about 30 per cent of the Nation's air cheap, dealers reported, and fairly | No, plentiful supplies of tomatoes also were | goa1. in evidence. Receipts of tomatoes are gradually decreasing, however, hn wholesalers are recel plunmul plies of the vegetable Califc There were plentiful -uppl!u of numerous other varieties of vegetables to claim attention of the retail trade. Meat supplies this morning showed to a better advantage, result of the Chlnl- ed weather conditions, as did poul 1, fine quality, 1.25a1.50; .00. lug boxes, ripes and tumlnl. 2.50a2.75. the b-zinning of the bll !lumn the Ressons Given for Drep, . Various reasons were ascribed to the nunmuumlm yams, 'l"l'llflil 00, '3.0024.00; beans, hamper, Brussel sprouts, quart, 10a20; hamper, 60a90; carrots, 100, caul cated in Baltimore, mchmnnu and Nor- | 3 5024 1 and the lack”of foreign de: d. 00 | pool and the ‘ot fore! man ; _oranges, box, 2.5084.25; pears, bushel, 2.0084.50; quinces, bushel, 76a1.50, Dairy Market. Poultry, alive—Turke; pound, 358 38; Spring chickens, zlnl Leghorns, nm old hens, 22a28; mharm 18a and thin, 17a19; old roosters, poor A m-m ducks, 19a24; guinea fowls, each, 40a75: Higeons, pair, 25. Egg:—Receipts, 1575 cases: native and nearby firsts, 50a53; current re- | ceipt-, 43 hénnery, white, 58860, utter—Good and fancy creamery, pound, 42a48; ladles, 35a36; store Ppacked, 27; rolls, 31232} process, 40a41. Live Stock Market. Cattle—Receipts, 125 head; light sup- my market :u-dy teers—Cholce to prime, none; good m choice, 12.00 to 13.00; medium to lood 11.00 to 12.00; fair to medium, 10.00 to 11.00; plain to fair, 9.00 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 7.50 to | 8.50; fair to medium, 7.00 to 7.50; plain | to_fair, 6.00 to 7.00; common to plain, | 5.00 to 6.00. Cows—Choice fo prime, none; good to choice, 7.50 to 8.00; medium to good,: 6.50 to 7.50; fair to medium, 5.50 to 6.50; plain to fair, 4.50 to 5.50; com- mon to plain, 3.75 to 4.50. Heifers—Choice to prime, none; nod to choice, none; medium to 6. yl-ln 5 50 to 6.50. Fresh cows and springers, 60.00 to 150.00. Bheep and Lambs — Receipts, 300 Elrl‘t stead; it suppl; Sheep, lfi Dp yll 6.50 to 13.2i Hogs—] ‘Do ply; market hwrr 10.10: heavies to0 10.1 to .60; pigs, 9.50 to 0.85, Ives—Receipts, 25 he: light sup- o market steady. Calves, 7.00 to Hay and Grain Prices. —No. 2 red Winter, spot. | No. 2 red' wmu' garlicky, spot, | T, | V. ““flow. 1.008 | gy tnlck taking care of most requirems Straw—Little demand for nnw Re- relpta nnerllly mple. Wheat straw, Der ton, 210.00; oat straw, No 1. per toms 9.00810.00. Dealers had a few shipped-in ral 1! d ticker was able to to the mfl i fll‘.fi:"m" ::L‘l:\::m- to offer the trade. They were cmefl! v’:unnd“ m‘ '1-,:?::-' Utah, tharket, Tt Slosed 30 mainites atter the B Sewicar o THated. ang Thelt - appeatance iatied o | Crates. 178814 g it s sl sessions from 10 a.m. to 1 %0 ::WI by air ‘:n“ was c- | Attract much atten A continued u‘gruub—kmmn’wdmth m‘ p"’h wmorlro':, ‘Thursday u;d Priday, | ticslly doul during the peak of last l'fl'l'm eondm:n':fmth:nqgomx':c w': m"’m. No. 1, 'm"' “' IRty el by e ey o, ot [E, B e S o board of governors of ti toc = | too, to preveni loe eop the | change nn'uo officials of the curb Ex- | who "gr': checks expecting flve dln‘ Trading this morning vu more u- change in a further effort to permit before they are cleared ve. dea) reported, e: to catch up with the | other side of the coun find Lhe All' bel “M wfl‘"bfll hld anhm bytm tremendous | mail hu largely ni that ad- lufl!flllnl to do with the increased ac. de- | 101 firtt the t h:imx‘ over | ""E: liton Lee, Boeing air mall md d wo- Sree the week end had m‘?or sum, ok, hag comp leed 1,260,000 milen of | TodsY’s Wholssmie, Bricescclo With Us time for overworked staffs to eempma ing. He hn t 12,800 hours in Where Your Savings mm tasks. the air; flown 48 different types of | Butter — One-pound n'-t 4dads; | e The collapse of security prices last |airplanes and used 30 different types of | tuD, 44a48; store packed, . ol VG R ¥ week was the reason nnn in & petition . Lee never had a major acci- 8 , 85; !nl “mv A Whh." for lnulvgnhlpg‘od in Federal Court | dent, nor has. he lost & pound of air |450; mrren:“ned ecount mm“ém" W s c‘ml l:lt' has theerecord for having flown | 40 =4 38: hens, 30a36; 1 sl wuunmm. R m‘:lfl- and more hours than any | 35a38; 8| . ¢hickens, large, m by The Curb n-n.- h-;'t"::i“m et st Croit 8a29; Leghorn fowis, 20a31; Payable' Monthly fallure to meet their obligations as a Y result of the decline in security Drices. | st oie nieryative Gommercial and o= sz ht‘]'“t Paid Real M—m 4 3 J . l!'mlu. i ’ el X Fruit and Vegetadle Review, ‘The daily market report on fruits and_vegetables, MBM by the Mar- ket News Se: m of Agricultur Appm—annll- moderate; demand S oortaot 1y STEIN BROS. & BOYCE Established 1853 New York Stock Exchange ordets executed for cash or accounts unied on conservative margin, ' WOODWARD BLDG., WASHINGTON, D. C. Telephone: National 3473 Members NEW YORK, Baltimore and Washington Stock Eubcuu Associate Members New York Curb Exchange liqui- Mly as & ruul‘:ru ver~ line caused by weakness 'he opening witnessed a sharp set- bu:k in_ prices under general selling. ‘There was a little support later on rest- Inl orders. nvund 1 preéssure hokg lhl’vulh fl:h level. Eas were heavy bu; on tl midday December was 1.22%, xmcn 1.29%, May 1.32%. Sentiment among locals is decidedly bearish at the moment. The excessive chn in the visible supply of the nited States and Canada coupled with lnumerent demand from foreigners, make it impossible to mtl.nmn nlllu The Unif States m¢ 1¢ sylvania, U. S. No. 1, 24 inches up, light, market steady; New York, 100 Danish type, mostly 1.65; light; dmmu lllht n& lbenl: llcht. market, sf Ady cnluomh type, dozen, wndl vll'(lnim Norfolk section, i-floaen crates, ton_type 1.00. market My New Yort and )(l sacks, yellows, U. }1‘“1,..;.&?.‘5‘ Size l!'h! muket lboln steady; New York, d_sacks, d . 4.2504.40; some decayed, ouo- s, chiefly in Alr Mafl and Stock Sales. Pennsylvania, sold from w cents to $1 | Shore vu‘m clol The stock market crash brought out | & basket. lows, No. 1,":'un 75; luum Shore several interesting things e of Gmn "salads continued plentiful and unylud bushel hampers, yellows, Caulifiower—Supplies moderaf firm Your Savings tate Loans On the Menthly Payment Plan i 15.75: 980-1.100 pounds, 13.25815. common and medium. 850 5.0026.2! bu!ls. good and choice (been 8.75a10.25; cul g vealers (milk fed) good and choice, 12.00215.00; me’? 11.00a12.00; cull and common, 7.00a11.00; stocker and feeder steers. choloe, all weights, 10.00a11.50. CHICAGO DAIRY MARKET. CHICAGO, November 5 (#)—But- ter—Pirm; receipts, 10,683 tubs: cream- ; {ery, exu-u 42%;: standards, 41%; extra u 2.00; |firsts, 40% to 41: to seconds, 36 to 3615, ceipts, 3,036 cases; prices demand 2.75. dumnd oo crates, 5023.00; demand light, , U. 8. First Mortgage Notes 6% Glover & Flather 1508 H St. NW. National 1753 poorer, lerate; de- in. 'l"DD'd GRAIN COFFER - Joseph 1 Weller ComrLeTE FINANCING F. B. KEECH & COMPANY We maintain complete Adepartments and . private wires for the execution of orders in COTTON Money to Vflg‘.: st o8 rent astate. w-n.l.hm B ¥ N.W. TRUSTEED SHARES funds “and “‘um:'hlg;: fi"a'.' Sold in_Lots—$100.00 Up Call or Write Standard Collateral Shares Cnrponhon it Woedward Bullding. Real Estate Loans Applications invited at lowest rates and commission —econom- ical comsideration for borrowers. Both large and small Joans megotiated— prompt replies. Moore &Hill, Inc. (Since 1900) 730 17th Street N.W. Ist & 2nd TRUST MONEY On homes, apartment hmMmu and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Natl. 1403 SUGAR RUBBER emicaso PmmaveLrmi we are recommendin, chase at this time. request. Members New York 194,000,000 bushels, vhm Cana ‘ hu' 105,000,000 bushels, and there are in addition 28,000,000 bushels in bonded wheat in this country. On top of this importing counkm are taking wheat most sparingly. Liverpool closed 215 10 2% cents lower in response to our decline of yesterday and because of slow demand for spot heat. Buenos Aires w 3 Weather there is generally We.Recommend for INVESTMENT the Immediate Purchase of * COMMON STOCK We also Recommend the Purchase of UNITED FOUNDERS CORPORATION COMMON 14th and H Streets Capital, $1,000,000.00 Checking Accounts W ashington Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Phone District 2672 1732 17th St individual Trusts ° Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE R COOPER, President Capital, $1,000,000.00 Many an Estatc is Dusx —through ln)anlon resulting from a faulty, leave a will. ard the interests of YOUR fas binding will drawn, naming therein a Cor; Trustee, such as this old institution, Conference invited. The Oldest Savi Cor. 1 lluuhlhu in the t of Columbia Sth lml New Y;l:mn Ave. AMERICAN FOUNDERS CORPORATION BROOKE,STOKES & Go. NwW. cr hllnu to y having a nte Executor or National Savings & Trust Co. Wosdward Building FIRST vestment. Over a Third Collections of & Real Estate Loans : & Surplus Century realty value, Collateral Loans $3,500,000.00 B i lavin Securiti Without a Corporate Trusts Loss continuously. THERE H CORNER 17TH ST..N. W., WINGTON NEW YORK llu‘und New Yerk Cotton Eschango MNewm Orieans’Cotton. Cotton Exchange, Ltd: (Assoc. Mombers) -—e—--h_ Members) Winnipeg Grain Eschange *“‘du NY. VVE have prepared Common Stocks with' estimated earnings per share which for investment pur- e list is available on WESTHEIMER & CO. Members Baltimore Stock Exchange , Members Cincinnati Stock Exchange Members Chicago Board of Trade FOLLOW THE EXAMPLE OF BIG INSTITUTIONS in choosing your personal in- First Mortgages—and what in- duces that choice are attractive features for you in our 6% FIRST MORTGAGES They want to be sure of their principal—and your money here is secured by a wide margin of They want justifiable return —and you are assured 6% — May be purchased in amounts from $250 up. SAUL CO. IS"*NO SUBSTITUTE _FOR ~SAFETY" rrovisexes sn0omLYN a list of 3 Stock Exchsange Telephone: National 5500 MORTGAGES They favor and adopt 925 15th S