Evening Star Newspaper, November 10, 1929, Page 79

. 5 ' " FINANCIAL. EASING OF CREDIT NOTED IN REVIEW 100, U. S. Survey Reveals Reces-| . sions in Commodity Prices Here and Abroad. By the Associated Press. A review of business conditions for the week from the Federal standpoint showed a continued ease of credit over the country, undisturbed acute stock market pressure, which relaxed during the period. Senate procedure in re- lation to the new tariff bill was ex- pedited to the degree that induced ex- perienced Congress members to pre- dict an early dis tion of the sub- Ject and an exclusion of its controversy in considerable degree from the ap- proaching regular session of Congress. ht recession in prices of com- modities, both at home and abroad, ‘were remarked upon by the Commerce Department’s official summary of the commercial and industrial reports. Commercial Transactions. “Commercial transactions during the | o ‘week ended November 2, as in by check payments, were considerably larger than in either the previous week or the same period of last year,” the statement said. reported week showed from the previous week, lower than a year ago. The out- put of crude petroleum showed a re- cession from the previous week, but was still above the level of last yea Pro- duction of bituminous coal was in larger week or the same period of 1928. Re- ceipts of cotton into sight were con- siderably greater than a year ago. Re- celipts of cattle at the principal primary markets showed a gain over last year, while hog receipts were likewise greater than a year ago. Freight car loadings covering the latest reported week showed & larger indicated distribution of goods than in either the preceding week or the coresponding period of 1928. * “Wholesale prices were generally lower than in either the preceding week or the same period of 1928. Prices for. iron and steel were fractionally lower than in the preceding week, but were higher than a year ago. Cotton prices averaged lower .than in either period, while prices for copper, showing no change from the preceding were higher- than a year ago. loans and discounts were greater than in either the previous week or the same period of 1928. Interest rates on time funds ave: uth!:;mperll:.dh ¢ thn i the avel g T preceding week, were below the level of last year. Prices for stocks listed cn the New York Stock Exchange were sub- stantially lower than in the previous either period. 1 less numerous than in either the pre- ceding week or the same week of 1928.” Canadian Conditions. In Canada, government agen that security markets had followed the lead given by New Ycrk in recent weeks, but found that “the general opinion is to the effect that Canadian that speculative losses will not be widely felt in the buying power of agri- cultural communities.” Piling Canadian wheat at terminals above last year's storage levels was still & marked feature of the Dominion- trade situa- 41 tion, but colder weather was said to be /" stimulating retall sales through much of its territory. i T e e s ment in some lines mum s and recession in others,” and that com- mercial conditions had not as yet “indi- cated the active revival anticipated for the Pall season.” French imj ceipts of all for the year over last an 3 interest rates were run- vnnnun levels through the re- public. In Asia, disturbed political were again credited with caust pression in Chinese business, a Japanese general outlook was deciared to be somewhat depressed as well. BALTIMORE VICTORY | SEEN IN RATE FIGHT Decision ol.l, C. C. on Iron and Steel Shipments Favors Port. Special Dispatch to The Star. BALTIMORE, November 9.—Local shippers have won another victory through a decision by the Interstate Commerce Commission, according. to Charles R. Seal, director of the traffic and transportation bureau of the As- sociation of Commerce. « ‘The commission denied the petition of other North Atlantic port cities to reconsider its ruling that the distance scale of rates shall hold for carload lots of iron and steel articles between points in official classification territory, Thz; ruling was handed down early in 19: ! " These cities desire the continuance | of, the former differential rates, d | were supported by some of the rail- ! roads serving New York and Boston | and' by the Philadelphia Chamber of { Commerce. The distance scale in- creases Baltimore's rate advantage as much as 100 per cent in some instances. For example, the present difference between the rates from Pittsburgh is 3 cents, and the difference under the commission’s distance scale would be 6 cents. The commission’s order fur- ther mvld(n that its original order as modi to become effective December 20, 1929, shall remain in full force and ot ect. A petition filed on behalf of the port of New York authority sought to have the commission reopen the proceedings for the purpose of giving special con- sideration to the rates to be applied to traffic for movement in intercomstal trade. The commission’s denial of this petition, along with others, would seem to remove doubt that may have existed heretofore a8 to its intention that the escribed distance scale should apply ,to this traffic. There is a large move- ment of intercoastal iron and steel traffic through the port of Baltimore, and the commission's action in these proceedings will be of material aid to e port in further building up this tonnage, Mr. Seal said, POTOMAC-EDISON CO. _ PLANNING EXPANSION {Special Dispatch to The Star. BALTIMORE, November 9-—Follow= ing the acquisition of the Damasc & number of additional communities in Montgomery County. The commission has set Tuesday, November 12, at 11 . for a hearing on the application h seeks ission to extend its lines to the foll towns: Cedar_Grove, Sohiacts avidaie, Purdom oodfield, Etchison, and Browningsville, UNITED STATES GOVERNMENT. Lib 31 1932-47. 99.16 104.07 4 107.24 101.4 111.27 106.0 1920 101 1 . “Steel plant activity for the l:-mt 1 104% 22% 93% volume than in either the preceding lgg‘m 101% 965 101 9 4 103% 82 85! 92% economic conditions rema.n sound and | 1030 102 up of| 105% 83% L 119% 107% Belglum 8s°4 67 BollviaTsct '69... 984 Bordeaux 6s'34.... 79 Brasi) 6148 1526-57 104 Brazil 8s'41. 100% Canada 58'52......... 84 Chile Republic 6s 1960 72 Colombla 6s 1961 Jan. 931 Copenhagen 53 106'% Crechoslovakia $s '51. 98% Denmark 5%s 1958 101% Denmark'és '42..... 101% Dutch East Indies 6s°47. 101% Dutch East Indies 65 101 Flat 7846 war.. Finland 7s 5 105% French 7s'49.. 109% French 7%8'41.. German 7849 h y 18 98% Japanese 6% 87 Kreugér&Toll 5uet wi ‘69 10 Mexico 45 1904-54. 791 Serbs Croats Slov §s. 101% Sweden 6s ‘39 100 Swiss548"46. 95% Toho Elec Pwr 101% Utd Kingdom § 95% Urugua 81 Vienna 68'% Warsaw 89% Yokoham: MISCELLANEOUS. 974 Abram & Straus B%s’43.. 98 Alleghany Co cv 58 44 Am Agri Chem 7 86 82 99% Atlantie Ref 102 Bell Tel (Pa) ref 9% b8 102% 67% Certain-teed 92 Chile Copper 8214 Colon Oil 6s 38 . 96% Columbia G&E deb 5s '52. 85 Comm Invest §%s'43 $0% Comm Invest deb 63 Con Coaf (Md) 1st 49 Cuba Cane Sug ov d: 108% 105% Detroit Edisbn re 105% 93 Dod 100% % 9 102% aiding the country 03 9 100'% 100% 104 98% 1 82Y% 107 7 16% 101 107% 10 102 101% 102% 102% 974 92% 01 98 95 0. %6 Dflq’unc 4% 10 79 East Cuba 8ug T4%s'37 97% Gen Motors 6i 104 Goodrich (B F) 6148’47, . 85 Goodyear Rubber bs 1957. 28 HumbleO& RS 90 Inter Mer Marl 84 Inter Paper 58 A 109% Inter Tel&T ov43839... 88 Kendall5% '““(:‘ur). Loew 80% Lorillard § 79 Manat) Sugarsf 97 98 Mo 43 921 Nat Dairy Prod 6%s 48.. 26'% Radiator 6% 1947, ., 101% New England Tel & 95% Philadelphia Co 98% ead C&1 68 wi'49 1;3“ 149 Public Service 4 %8 ¥9 ltemington-Rand b 98 Sinclair Ol) 65 ‘30, 96% Sin r Oil 78 '37. 94 8914 Sinclair Pipe Line 58 1 101 Southwesn Bell Tel 100 Stand O1I N J 6 92 Stand OilN Y é%s 65 Sugzar Est Orfente 89 96 87% United Drug 6s'63 8315 U S Rubber 181 & ref bi 96% U 8 Rubber 7%s ‘30, 95 Utah Power & Light § 87 Utilitles P& L 5%, 83% Walworth 68 45.. 572 %e'4T 2% 102% 90 £33 M Mich Low Clese. Chae. .. 9818 97.10 llg+l‘l: +1% +2 i + %" + % 0% - % -t -1 - % +1% -1 - W @ +1% Hich. Low. Close. 46% 41 24%, Wesson Oil & Snow (3). Wesson Ol & Sn pf t4). 124 Wilcox Rich B e3). ... 5% Willys-Overland (c1.20) 80 Wiliys Overland pf (7 4 . Wilson & Ce. 7 Wilson & Co ( 8745 Wilson & Copf...eesies 81 Woolworth Co (240)... All New York markets, during the coming week, will open a close at 1 in the afternoon, except Saturday, when they will close 444t h et 41+ - + % +1% -y SRS SEEEFEER Sk A M F40+ Hieh. Walworth 6%s°35. . 99 Western Union Tel 6148 Wilson & Co 15t 6s " Youngstown Steel 5378 RAILROAD. Atch, To & § Fead] ¢s'98 Alch T& S F gen 43 Ateh,To & San F 414 48 Atlantic C L Ist 4552, . 101 B&Oref 55'95. B&Oref6s D B&OPItLE& W Va & 50 Boston & Maine §s '67 Broadwy & 7th Av 55 '43. . Brooklyn Manhat 1st 65 A Canadian Natl ¢%s°'30 Canada National 4% s Canadian Natl 4%s | Tanadian Pacific deb 4 Central Pacific 4s " Central Pacific 53 19 Chesapeake Corp b8 47. Ches & Ohiocv 4148 Ches & Ohlo gen 443 '92. Ches & Ohlo 435 '93 A " ChiB& Q4%s B'17.. 4 Chi B&Qref 58'71. Chi & East 111 gen bs Chi Great West 48°59. ChIMStP&P5s'75. ChiMStP&Pad)5 Chi&NWE%s'36....... 1 Chicago Northwest 75 '30. Chicago Rys 58'27. . Chl R1& Pacref 4s'34. Chi Unlon Station 6%s. Chl & Western ind con Chi & Wesern Ind 5% '62. CCC&StLSsD... 1 Cleveland Terml 58 B'73. Cleve Terminal 5 1 Del & Hudson §%s'37... Den & Rio Grande en 4s. Den & R G West 5s°65 Den& Rio Gr Westn Detrolt United 4%s '33. Erie 18t con 48 ‘96 Erle gen lien 4 Krieref 5867 Fonda J & G 4%8'62. Grand Trunk s f deb 6: Grand Trunk 78 '40. Great North 44876, ..., Great North gen 5145 ‘62, Great North gen 78 ‘36 1 Havana Elec Ry 8% 4 Inter Rapid Tran Inter Rap Tr 6s sta Inter Rapid Trans Inter Rapid Tran cv Inter & Great Nor adj 6: Inter Ry Cent Am 615 lowa Cent ref 43 '51...... Kan City South 28 1950 . Kan City South . Kan City Ter 1st 4s Lake Shore 4s'31. Lehigh Valley cn 4s 2003. Is & Nash unl 45°40 Louis& Nash 7s, 1930, Market Street Ry 7s A *40 Mil El Ry & Lt 15t r 1 Minn & St L ref 48 " M3t Pl.! 8 M 64 Mo Kan & Tex pr In Mo Pacific ger. 45'15 Missouri Pacific b8 Mo Pacific &s F. EL Ll 22 nzzZz TEEE NTYW ZZRZZARZLZ et Penna en 4% Penn gen ¢ Y% W econ StPKCSLine¢ Southn Rw Soutnern Ry di Thirg Ave Ist Thira Ave adj Ulster & Del & Union Pacifie Union Pacific ¢s'68. Union Pacific ref 4s Virginia Ry 1st bs '6: ‘s Va Ry & Power 5s'34. Wapash 4148 1378 Wabash 1st 6539 Wabash 53 B 1976 Wabash 5'%s ‘75 Western Maryland s Westn Maryland §%s Western Pacific s " Stock and dividend. Worthington Pump. ... . Worthngton Pump A (7) Worthngton Pump B(§) Wright Aero (2 Wrikley Wm (4 Yale & Towne ( % Yellow Truck & Coach. . Young Spring (3)...... Youngston Sheet & T (5) Zenith Radle (20euoiee 26 RIGHTS—EXPIRE. Allis Chaimers, Dec 31. . Am Rolling Mill, Nov 15 Archer Danls M, Nov 12, Bangor & Aroos, Nov § Bueyrus Erie. Dec 2 Case, (J J)Nov 19, % Columbn Carbon Nov Det Edison Dec 23. Gen Asphait, Nov 27, Gen, Gas & El. .. Dec. 16 Grant, (W T) Nov 26... Grigsby-Gru....Nov. 21 May Dept Stores, Nov 15 North American. Nov 15 Reynolds Spring, Nov 21 Utd Gas Improv, Dec 31. Dividend cayments 108% 107 98 i S TR s e Low. Clese. Chi 95 9B + 27 9% 86 e 134 N% iess thun 160 xhares ‘'Partly trading 1Plus 83 in all day. 108 97% Net re. “ -1 M — W + % - % -6 4 1% - % + % -8 PIEe+i+ L o'clock each morning and BANKING MERGERS BECOME NUMEROUS THROUGHOUT U. S. Continued From Sixtl. Page). Iaunched in North Carolina and South- ern States. | “Analysis of recent bank statements shows that the 12 largest banks in ihe country hold approximately one-sixth of all banking resources. The assets of these banks today aggregate $12.463.- 000,000, as compared with $6,400,000,000 in 1926—a gain of about 95 per cent in the five-year period. Twelve Largest U. S. Bllikl.l st “The following table shows the lates available figures as to deposits and re- sources of the 12 largest American oanks: (In thousands of uou-u.;‘ esources. G $2.340.788 New York Iy, 8. Fran. 4 New York Tr., New York Cent. Hanover, N. York Ist National ‘and 1st Union Trust. Chicago Security-1st _ National, Los Ange Manu. Tr Contin. Tilint Equitable T: Bank of T Irving Tri Bankers’ 485,955 685.941 520,534 611.970 490123 616,058 532,420 387,108 . $9,170,791 $12.463.179 Totel diiig " recent mergers and amlistcd City_Bank Parmers' Trust Co. “Recent publicity given to announce- ments of gigantic banking consolidations in this country, tends to give the im- pression that our leading institutions are unique in point of size, but Llhey still have formidablc rivals in the ‘big five' of London. While the National City Bank has recently moved from third position to the largest bank in the world in point of total resources the Mpiland Bank, Ltd., long the premier bank, continues to lead on the basis of dtw“l"‘:n Largest Banks in World. “The 10 largest banks in the world, with latest available figures as to de- posits and resources, fotlow: In thousands of dollars.) New York SiAs8112 11 34 ‘Lid Lona. ' 1930.318 2,30 . 1913735 32 1197 11630672 Bank. National Equitable Ti CAPITAL IN CANADA. More than $3,500,000,000 of United States capital is invested in Canada at the present time, according to the pub- lishers of the Encyclopedia Americana, who point out that this is 57 per cent jof the mtflo‘;nrel capital invested in the dominion. The American money tied up in C: an industries amounts to approximately 11 per cent of the total national wealth of that country. NEW CANNING PLANT. LAKELAND, Fla, November 9 (Spe- cial) —A ‘Cleveland group headed by | George R. McKay is planning to open a canning factory in Florida. Output will be canned 'grapefruit, grapefruit juice, citrus fruit sirups, peeled candy, marmalades and preserves. It is an- nounced that the output for the first season is sold for distribution through CLEARING HOUSE STATEMENT. NEW YORK, November 9 (#).— The weekly statement of the New York Clearin, e shows: rph $1,118,607, Total net demand deposits (averags) $222,204,000 increase. Time deposits (average) $10,513,000 decrease. Clearings, week ending today, $11,- 114,955,214, it Baltimore Exchange Closed. BALTIMORE, November 9 (?{e cial).—~Following the 'lead’ of the New York Stock Exchange the local ex- change was closed today and Monday— Armistice day—being a legal holiday in Maryland, will not reopen until esday. The uce, grain and dairy markets will be closed on Monday, as well as banks and other financial in- stitutions, large industrial plants and all city and State offices. Eastern Rolling Mill Co. BALTIMORE, November 9 (Spe- cial).—The plant of the Eastern Roll- Mill Co. this week is operating at approximately 80 per cent of capacity. A week ago only 50 per cent of the company's machinery was in operation. The increased output this week is due to the placing of orders for immediate delivery, N. Y. Bank Stocks P! Rid. Asked. Amerfean . ... 148 160 American Union ank of tr a ) 4 ir"m Park new . | rondway National ential .. Chase Natl 5 Chatham-Phenix new Ghelsea City ... Bu By the Associated Press. NEW YORK, November 9.—Total stocks of lead in the United States and Mexico on October 1 amounted to 168,.- 707 short tons, compared with 175,641 on Septembger 1 and 155482 on Oc- tober 1, 1928, according to the Amer- ican Bureau of Metal Statistics. Island Creek Coal Co. produced 637.- 889 tons of coal last month, as against 588,932 in the corresponding month of last year. ‘The Edward G. Budd Manufacturing Co. of Philadelphia and Detroit pro- duced 1,809,832 automobile doors during the first 10 months of the current year, compared with 1,108,116 during the same period last yea ess Notes AT SHORT SESSION| | Further Liquidation by Commis- sion Houses Causes Price Recessions, By the Associated Press. NEW YORK, November 9.—The cot- ton ‘market was lower today under further commission house liquidation, | together with some local and Southern selling. Trade interests were credited with buying and there was some week end covering, but the demand was limited and prices sold off to 17.25 for December and 17.67 for March. The close was a point or two up from the lowest on most months, but the tone was barcly steady at net declines of 9 to 12 points. bt Futures closed steady, 9 to 12 points lower; December. 17.27-28; January, 17.40; March, 17.68-70; May, 17.95; July, 18.09. Spot, quiet; middling, 17.50. January 17, 25 1137 January, 17.43: March, yJuls. 18:13; October, 1 Money to Loan Secured by first deed of Prevailing interest Joseph I Weller 45" Insurance Co. Commonwealth Investment Co. 917 15th Rt N.W Phone Natlona) 2423 6% First Mortgages Now Available JAMES F. SHEA 643 Louisiana Ave. N.W. WE WILL SELL |] 5,000 Smith Bidg. 1st Mortg., 6l4s, || 121 @8 3,000 Fairfax Gen') Mortg. (Phila.) 6l4s, 1943 @ 60. 1,000 National Mortg. & Invest. rfd. @ 4%. 150 Units United States Security Corp. @ 4} 100 Vasco Products Com. @ 3. 15 F. H. Smith 7% Pfd. @ 5 2,000 Interstate Andesite, Com. @ CAPITAL CITY CO. 509 Washington Bldg. Phene District 8291-8292 I WILL SELL 5!,5:0- Smith Bldg. 6!4%, 1937, Z 1935, el 1st Mortgage 614%, 1942, @ 75 25 }Wl"oflnl Press dg. 7% pfd. 0 26, 8 Units Wardman Morigage & Discount @ 35, 14 F. H. Smith 7% pfd. @ 5214, 15 F. H. Smith 7% pfd. @& 47'4. 10 International Bank @ 921, 40 North American Development scrow” @ 85. 500 Miller Train Contrel @ 75e. 100 Washington Base Ball @ 55. 10 Virginia Plate Glass. V. T. @ 3 50 Great National Insurance @ 10 Units Capitol Title & Guaran- tee. Bid wanted. 50 W. B. Moses & Sons 8% pfd. @ 67. 100 Vasco Products 8% pfd. @ 6'4. 150 Union Finance 8% pfd. @ 94, 100 Trust Co. of Northern Va. @ 9%. 90 Northern Va. Investment. Bid. 100 Central Trust of Maryland. Bid. THOMAS L. HUME 1412 G St. Natl. 1346, 1347 oran Courts 7%, A LoNG woro—but, th meaning. ciple, and when applied farming, industry, or To secure the safety of try’s leading industrizs. Investment Corporation as well as decreasing sec and many other advant: Write, ’phone office for full details fhaglien TmenT Brukers Telephone National 2000 WOODWARD BLDG. DI-VER-$1-Fl~-<A-~TION Diversification is an age-old prin- money, it is the greatest factor in safety. individuals find in the investment trust a me- dium for joining forces. of investment trusts are able to spread the combined resources of individuals over an ine vestment list containing securities of the coun- shown unusual profits in periods of increasing large and small investors a high degree of safety glad to explain to you, without obligation. en, it has a mighty big to banking, insurance, to the investment of f diversification, many FINANCIAL Established 1899 INVEST YOUR FUNDS IN 6% and 6%% FIRST DEED OF TRUST NOTES wELCH Realtors Loan_ Specialists 15th and New York Ave. (Nat'l Savings & Trust Co. Bids.) National 4346 and 4347 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd lIssue ut Steck Nov. Opes for Sul Shares of Stock, $1.00 Each Payable Monthly ¥ E. . 3 ames X CC?ul’ James F. Shea Consult Offices for Rent COTTON PRICES DROP ! The skilled managers of North America has urity prices. It affords ages which we shall be or call at our WASHINGTON, D. €. in the Edmunds Building 917 15th St. NW. Opposite MacPherson Square The Wall Street of Washington Desirable suites of two to rooms now available. Very Low Rentals The Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposits and earned to DAY of withdrawal. Come in and let us explain Resources Over $20,000,000. 14th & G Streets R. GOLDEN DONALDSON, President Interest Compounded Twice a Year Money talks, but speaks briefly. To many it merely bids good-by, to some it says “I've come to stay.” Systematic saving through this Association month by month not only lays the foundation for a successful career, but it develops charac- ter and contentment; it places you in position to be a home owner and a person who com- mands the respect and admiration of your neighbors. One Dollar or more will start your account. COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. UNDER GOVERNMENT SUPERVISION 'INCOME TAX In a Nutshell Course of Twenty-four Lessons in Income Tax Law and Procedure, Taught by a Tax Specialist. Brief, Thorough Presentation of This Timely Subject for Accountants, Auditors, Bankers, Lawyers, Executives, Business Propri- etors, Investors, and Tax Payers Generally. Registration CarefullyRestricted to Capable, Serious Business Men and Women. Course Begins Tuesday, November 12, at 5:30 PM. For Further Details, Inquire Strayer College of Accountancy 721 Thirteenth Street National 1748 % € BECAUSE the Bonds of the Federal Security and Mortgage Company are: THE IDEAL INVESTMENT UNQUESTIONED SAFETY 1. Secured by small mortgages on properties in the District of Columbia. 2. Guaranteed by a strong independent Surety Company, with resources of over $5,000,000.00, under State and Government supervision. Further guaranteed by the Federal Security and Mortgage Company, with a capital and surplus of over $750,000.00. Trusteed by a large National Bank. Mortgages appraised by independent experts of knewn reputation. Legal investment for National Banks- and Insurance Companies. Federal Security ¢ Mortgage Co. 1§22 K Street N.W.