Evening Star Newspaper, November 14, 1929, Page 14

LAND BANK LOANS IN SHARP DECLINE | lnsurance Sales Higher in October—Southern Seeks Issue of Certificates. BY EDWARD C. STONE. Federal Land Bank Joans closed dur- ing the quarter ended September 30 amounted to $11,114,000, a decline of $7,172,000 from the total for corre- sponding quarter a year ago, when loans were $18,286.~ 000, and of ¢ 1 0 from like period in 1927, ac- (‘urdh’lz to the Fed- eral Farm Loan Bureau. Loans for the nine months ended September 30, this year, were sss 831,000, against 000 a year r a reduction o{o $27,442,000. Loans closed by t n;c‘ln“?hd A. A. Zinn. s during quarter amounted to $2,889,750, a de- cline of $5,018,150 from con'espondlug period last year, when they were $7.- 907,900, For the nine months ended September they were $16,375,033, & drcp of $15,922,467 from the nine months of 1928, when they were $32,297,500. Federal intermediate credit banks also showed decreases in loans closed for the period, when the figure amounted to $12,979,581, a drop of $5,043,423 from quarter of last year, when the figure was $18,023,004, and also a reduction for the nine months period to $26.934,- 735, or $1,919,849 from the total for corresponding last year of $28,- 854,584. Dmn'-! for the quarter in- crnsed ‘however, by $3,425,626 to $14,- 190,331 from $10,764,705 and for the nine months rose to $62,164,977 from 53,709,285. ! The decrease in loans, which has been going on over a period of two or more years, is attributed to several factors, chief of v.hlch is the desire of the banks to improve the quality of their loans rather than increase the quantity. Zinn Heads Mortgage Bankers. A, A. Zinn, recently elected president of the Mortgage Bankers’ Association of America, is vice president of the Com- merce Trust Co., in Kansas City, Mo., which operates in seven States adjacent to Missouri and handles a vast amount of business in farm and city loans as llr South as Dallas and San Antonio. He was raised on & farm, has been in the mortgage business for 23 years and last year did splendid work as chairman of the national cost accounting commit- tee of the association. In accepting the office of president, he said: “Many mortgage loan com hlv: not kept abreast of the ti management has failed to mdy- u:d study the business, so absorbed have they been in the mere detail of their ness. Mortgage bankers today are more on the alert for changing conditions and are thus able to avoid new diffi- culties and at the same time overcome some of errors of managerial judg- ment that have taken place. “The careful study given to the tech- usine has already cation of sounder managemen will be of even greater benzflt." Insurance Sales Show Gains. Rej received by Washington in- mrmumnmh state that new paid-for life insurance luction duflu Octo- ber of this year was 9.1 per cent than during October of last ye.r Such insurance during the first 10 months of 1929 was 5.8 per cent greater than during the corresponding period of last r, according to Association of Life surance Presidents. The compilation aggregates the new business records— exclusive of revivals, increases -nd divi- dend additions—of - 44 com- nies, which have 82 per unt of the g tal volume of life insurance outstand- ing in ‘l.'}l United States legal reserve eompon For the lo-mth penod the total nu bunneu 'mn the 44 companies $10,609,888,000 this year, lcllnlt .Xfl 023, 5’!8.000 !!'llt year, an increase of insurance lmm tn l'l 256, 336,000, against $6,721,615,000, an in- crease of eent. Industrial tfl- Group amounted to $938,686,000, lgllm 81,1 05!9429 000, & decrease of 11 cent. Financial Notes and Comments. ‘The Southern Railway has asked Interstate Commerce Commission per- mission to issue $3,690,000 of 41, per cent equipment trust certificates, “series to finance new rolling !ouud on South River, near For . mi years the estate was the scene ot much Southern hospitality. It Note—Ow! Stock and Dividend Rate. 8714 AbItibl Power & Pap Abitib) P & P pf(6). 20 Adams Express ¢ 8% Adams Exp of (8) 0 M 17 Alleghany Corp. 94% Alleg Corp pf (5% ).. 80% Alleg Cpf (5% )xw.. 197 Allled Ch & Dye (6).. 119 Allled C& Dpf (7).. 35% Allls Chalm (n) (2).. 28 Alpha Port Cemt(3), 17% Amerada Corp (2)... Am Agricul Chem. .. Am Agricui Chnf... Am Bank Note(f13). Alll BC.' lu‘-r. .. h Magneto. An lnu Shoe 2.40.. 4% Am Brown Bov Elec. 86 Amer Can (15). 110% AmCar&F of (T)..s 70% Am Chaln pf (T)eeeey 27 Am Chicle (2)......3 20 Am Com Ale (k1.60). 20 Am Encaust Til (2).. 23 Am European Sec. .. 50 Am & For Power. .. .. 864 Am&For Po 2d pf(7) 19% Am Hawattan (1)... 41 Am Hide & Leather. 25 Am Hide & Lea pf... 40 Am Home Prd (3.60) 29 American Ice (3). 29'% Am Internat (12). 24 Am La F & Foamite, 90 Am Locomotive (8)., 1197% 112 Am Loco of (7). 279% 144 1 ‘Am Machine Co (11;. 35% Am Steel Fdy 40 Am Stores (12% Am Tobacco B (110). Am Type Fary Am Water m- (el). 5% Am Writ Paper otta. 80 Am Writ Papr pf (3). 21 ) 50 34% Auto-Strop Ras (3).. 5% Aviation Corp. Del. .. 16 Baldwin Loco (new). 145% 105 Baltimore & Ohlo (T) 80% 75 Balto & Ohlo pf (4).. 55 Bang & Aroos (3%).. 74% Beatrice Cream (4).. Beechnut Pkg (c3) .. Bklyn&Queens 99 Bklyn Union Gi 86 Brown ShoeCo (3).. 16% Bruns-Balk-Col(3 4% BrunsTer & Ry 8. 14 Bucyrus Erfe (1 to the tremendous trad: impossible. to get the Sales— Add 00 High. THE - EVENING STAR, WASHINGTON, D. C, I8y, 3 38% 0% 7 24% 85 19 3 & 1011 91% 101% 112 uz us 1501 142 150 40 35% 40 3% 674 95 1% 30 21% 217% 208 175 172 181 1764 114% 114% 126 117 54 8% 8 41 20% 8 19 28% 1% 30 on the New York dividual sales at Prev. Low. Close Close. 37% 69 226 169% 281 119% 1007 3914 264% 6% 109% 104% 22% 88% 124‘;4 Stock and Dividend Rate. . 934 Conso! Gas of ( 49 Consol RR Cub pt(6) 1% Consol Text 25% Contl Baking A 4% Contl Baking B. . 80 - Contl Baking of (8) .. 40 Contl Bank (1.20).... 40% Contl Can (2%).. Cont Diamond (2). 46% Contl Insurance ()« m of Wheat (2)« 17 Crossley Radio (31)u 38 Crown Cork & Seal. .. 17 Crown Zellerbach (1) 76 Cructb! 107% Cruetbl Cuban Dom Sug: 36% Cudahy Packing (4). 100 ° Curtis Publishg (7) 7% Curtiss Wright Corp. 14 Curt Wright Corp A 21% Davison Chem. " 141% “Dthwun.n 4 (9) Dunhill Inter (24). Duplan Silk (1) Du Pont de Nit434) 109 Dupont 4 N deb (6).. 96% Duquesne 1st pf (5). 19 East Roll Mill (1%). 180 Eastman Kodak(18). 20% Eaton Axle& S (3).. 101% ElPwr&Ltof (7). v 656 Elec Stor Bat (5) 8% Elk Horn Coal. 3% Emmerson-Brat A. 49% Endicott-John (5). .. 108% Endicott-John pf (7) 31 Eng Pub Serv (f1)... 84% Eng Pub Sve of(5%) 81% Equitable Bldl(!“). 41% ErleRR. 5614 Erie R RISt pf (4). 52 ErleRR 2dpf (4). 38 Eureka VacCl (4)... 15 Evans Auto L(32%). 29% Fairbanks Morse (3) 82 Fash Pk Asso(k2%). 28 Fed Watr Ser A 2.40.. 47% Fid Phen P Ins (3). 35 Filene's Sons, 31 Filenes (ctfs).. 48 First Natl Strs u‘a‘) 31 Fisk Rubber... 90% Florsheim Shoe pf .. 3214 Follansbee Bros(t3) 33 Foster Wheeler (1).. 16% Foundation Co. 40 Fox Film A (4) 82% Fuller pr pf (18.68 5 Gabriel Snub A. Ipac 35 Gen'l Food Corpn (3) 51 Gen Gas&El A (e1%) 50 Gen Mills (13%).... 33% Gen Motors (13.30).. 30 GenOutd Adv A (4). 914 Gen Outd Ad vto (2). 50 80 Glllette Saf RAI(G‘) - 10% Gimbel Brothers. 90 Goodyear 1st pf (7).. 14 Gotham Silk H (3%) Gould Coupler. 30 Grand Union pf (3).. 82 Granite City Stl (4). 44 Grant (WT) (el)... 42 Gulf Sta Steel (4) 12 Hahn Dept Stores. 761 Fahn Dept § pf(834) 13 ~ Hartman B (1.20)... 60 Hawalian Pine 1234, 5% Hayes Body b8% gtk 25 Hercules Mot (1.80). 116% Hercules P pt (1) 45 Hershey Chocola 60% Hershey Choo pf (4 21 Holland Furn (e3%). 60 88 Hudson Motor (5). Sales— Add 00. High. 5 94% 4T THURSDAY, NOVEMBER 14, 1929. d Rate. mum I.l Mu Dividen: 28 Lehn & Fink (3)...e 17 \ Libbey Owens (1)... 80% Liggett & My (16)... 801 Ligeett & My B (15). 40 Link Belt (2.60). 40 T Carbonie (+4%)., 32 Loew's, Inc (12%)... 80 1 Loew's Inc pf (83).. 81% Loew'spfxw (6%).. Long Bell Luml 39% Loose-Wiles (2.60).. 14% Lorillard (P) Co..... 67 Lorillard (P) pf (7). 214 McKesson & Rob (1) 0 McKes & Rbpf(3%), 21 McLellans S(A)m20, 55% Mack Trucks (6) 124 Mackay Cos (7). 110 lllfl'(RH)lCo(c'l) 11% Madison Sa G um.. Man Elev mod (45) .. 20% Man Shirt (2)....... 30 Marlin Rock (13%).. 19 Marmon Motor (4) 314 Martin-Parry. - 29 Mathieson Alk (e2)., 46 May Dept Stors(e2). 15% Maytag Co (12). 784% Maytag Co 1st pf(6). 29% Maytag Co of (3) 30 Melville Shoe (1 40 9 Mengel Company(2) 21% Metro Gold pf (1.89), 914 Mexican Seaboard. .. ). Michigan Steel (13).. 22% Mia-Contin % Middle Sta 1 Middle Sta ctfs (n).. 135 Midland Stl pf(112). 5% Miller Rubber. . 60 Minn Honnyvll 'l“. 10 Minn Moline Pwr.. . 1% Minn & St Loul: 27% Mo Kan & Te: 93% Mo Kan & Tex pf(7) 46 Missouri Pacific. ot 35 Mohawk Carpet $2% . 47% Monsanto Ch (g1%). 49% Montgomry Ward(3) 1% Moon Motor (new) 42 Morrell J (3.60). 1% Mother Lode ¢ 3% Motor Me 30 40 Nasb Motors (§) 15% Nat Acme (1% 13 Natl Alr Trans 12% Natl Bella Hess(31) 140 Nat Biscuit (17%) 140 Natl Biscuit pt (7) 69 Natl Cash Reg A (14) 86 Nat Dairy (32). 23% Natl Dept Stores. Natl Distillers. ... Norfolk&Wstn(t12). 66% North Am(b10%stk) 17 ollvr!'rlucvnul). 70 Olivr FrEqapf A 2% Omnibus Corp. 70 Omnibus pf A ( 50 Oppenheim Col (l) o 195 Otis Elevator (6)... 224 Otis Steel (2%4)..... 89% Otis Steel pr pf (7). 43 OwensINGlass (4).. 42 PacificGas& K (3).. 58% Pacific Lighting (3). % Pac!fic Ol stubs. . 18 Packard Mot (a30c) . 40% Pan-Am Petroleum. « 66 Penney (J C) 3% Penn Dixie Cement. . §2 Penn Dixie Cm pf(7) 72% Pennsylvania RR(4) Sales— Dividend Rate. AdQ . llm St L-San Fran (8) St L Southwn pf ®). 21% Savage Arms (2).... 8 Schulte Retall Strs. . 59% Scott Paper (31.40).. 104 Seagrave (e1.20). 80 Sears Roebck lt’*). - OWW Ill’. 25“ Shattuck (.G) 1) ee 19 Shell Union (1.40). . 16 Shubert Theater (5). 59% Simmons Co (£3). 15 Simms Pet (1.60). 21 1 pan; 13% Sparks Withngtn 20 Spencer Kelg(1.60) 1% 114% Std Brands pf(7). 8 Stand Com Tob (1 73% Stand Gas & El (3%) 59 StandG&Epf (4). 17 Stand Inv Corp (M 5115 Std Oil of Cal (h! 48 Stand OIINJ (12) 31% StandOIIN Y (1 30% Starrett(LS)Co(2). 8% Sterling Sec A) 11 Sterling Sec pf( 1ing Sec cv pf(3) 5% Sweets of Am: 15% Telautograph 11. 9% Tenn Cop &Ch (1)... 30 ThompsonJ R 10 ‘Tide Water Asso. 7% T 14 Ti 88 Tide Water Ofl DflB) 11% Timkn Det Axle t30e 58% Timken Roller (3). 1 Tobacco Products 1% Tobacco Prod ctf: 5% Tobacco Products 5% Transcontinental. ‘Trico Prod (2%) 14 Truax Traer (1. 30% Truscon Stl (£1.20) 28% Twin City Rp T (4). 82 Underw-El-Fish(4).. 7 Union Bag & Paper. 59 Union Carbide(: ). 42% Un Oil of Cal (32). 200 Union Pacifie (10)..s 80% Union Pacifie pf (4).. % llth 121% Unlon'.hnlcu( Yoo 31 td Alrcraft&Trans. Uld . u\ Utd Biscuit (1.60). 40% Utd Carbon (2) 4% Utd Cigar Store: Utd Cgar Stores ctfs ‘Wal 22 Walworth (1.20). 1% Ward Baking B. . 50 Ward Baking of (7). 56 30 Warner Bros Pic (4). 38Y% 22 Warn Br P pf(2.20).. 314 15 Warner-Quinlan (2). 18 115 Warren Bros (19)... 16% Warren Fdry & Pipe. 4 Webster-Eisenlohr. . 20 WessOfl & Snow(3). 39 40% 39 110% 119% 106 FINANCIAL. STOCKS IN RALLY llN HEAVY BUYING *! Bullish Overmght News Re- sults in Wide Gains in Prices, BY STANLEY W. PRENOSIL, Associated Press Pinancial Writer, NEW YORK, November 14.—A sharp and sustained rally in stock prices took place in today’s stock market. The sudden reversal in sentiment, after 'nurly a week of destructive liquiddtion, was attributed to the an- nouncement of a proposed cut in Federal income taxes, the appearance of large bids for leading stocks and the Stock Exchange questionnaire to de'emune the ‘l'l;.: omn‘ n{“lgwnd:; nrd un the start as blocks of 50& flm shares cl hm:d hands, and the initial galns were mvnlly extended as the session progressed. A few weak spots cropped out here and there, as belated distress liquidation made its appearance, Trading Is Heavy. Trading started at a terrific pace, but. quieted later, although the ticker was running about an hour behind the mar- ket at the close. Placing of a bid for 1,000,000 shares of Standard Oil of New Jersey just be- fore the close yesterday, coupled with report of other large bids for United States Steel and Anaconda Copper at yesterday's low levels, apparently start- ed a retreat of the short interest, and discouraged further “Bear” operations, at least for the time being. Except for a few favorable earnings report and an increase in the ll’lllllll dividend on Underwood Elliott from $4 to $5, there was little in the day's business news to influnwe the price movement. ‘Wall Street heard that t'o disturb- ing situations which had been over- hanging the market had been satisfac- torily adjusted, but their mnm was not revealed. Credit Situation. Call money renewed une 6 per cent and held steady at um level, but an easier undertone was ap- parent in other monetary accommoda- tions. Wall Street was looking forward to another huge decrease in Federal brokers’ loans after the close. issues as United ,_Standard Oll of eral Electric, Westing- American Can, New York Central and Union Paeific, led the rally on gains that ran from 5 to 18 points. A few specialties were mark- ed up 20 to mearly 50 points, while gains of 1 to 5 points were quite com- mon. o MORE LOANS MADE TO COTTON GROWERS The Federal Farm Board has prvnd'henppuawmo(mmhim 3 u_ Cotton Growers' Co-op- mfin Auochflan at New Orleans l nix, Ariz, supplemental to loans from the Federal lnuemedhu Credit Bank at Berkeley, C TREASURY CERTIFICATES. Ra -Maturif 94 | %"'év’:n 7 Monéy first deed by e of Joseph 1 Weller 847554 2ren One Room, Kitchen, Bath and Reception Room. ElectricRefrig- eration. THE ARGONNE 16th & Columbia Rd. LANAHAN & CO. has recently been subdivided and Presi- MEMBERS dent Groeg O. Walson of the exchange has a fine Summer home there. The other hosts are Maj. Ennalls Waggaman and Frank B. Pryor. The directors of the North American ccmpany hav= decided not to extend the r.ghts offered on common stock beyond November 15. Changes in market con- ditions are ths reasens assigned for this action. Some of the local banks are report- ing & large number of new savings ac- counts. Losses in the stock market have caused many depositors to turn back to the savings banks for safety. “During 1930 I expect the bond busi- ness to show a definite upward md and to have one of its best years,” sald John Moody before the Chicago Bond- men’s Association. “Where is the bottom?” is the ques- tion . bankers, brokers, investors and margin traders are asking. In local ker offices today a more cheerful View of the Wall Street situation seemed > prevail. vital Traction Closes at 751, | res of Capital Traction stock | at 75%, and five more shares Closed the market at 7545, the two sales apparently being a reflection of yester- day's fare ruling by the Utilities' Com- ln lhz bond division, Washington Gas bonds, series A, sold at 100'/., md the B bonds moved at 101, bot les being very small. Rallway & tlecu'lc 4 came out at 81. Bank stocks were active. Commercial National sold at 258, District National ‘came out at 218, Riggs National sold at 525, Security Savings & Commercial came out at 455 and the final bank stock sale was in National Bank of Washington at 290. During the session 300 shares of Washington Mechanics' s Bank stock. sold at 50. 0 hundred shares of Lanston sold 110, Mergenthaler registered 102'%. 'es Drug Stqres changed hands at and other miscellaneous swcb d arcund recent levels. American Smelting & neflmng NEW_YORK, November 14 (#).—8i- mon unenhelm preemant of the American Smelting Rmnlnx Co., said today that the complnyl cash po- sition is very strong and the 1929 earn- ings will approximate $10 a share on the common stock. 109 1| Wyant (2). Dry G A (5). 189% Canadian Pac (10). 30 Cannon Mills (2.80) 17 Capital Adm (A). 31 gul 28% Cent Alloy Bteel (3). Century Rl m 240 OlntRBofNil( ll). ] 63% 17% ChiGreat Westn of.. 4% 16 Chi Mil St P&Pac... 68%% 8% Chi M) St P&Pac nf 108% 79 145 134 47% 21% Chi neu Tool. .. Chicago & N W (5).. Chi& NWotl).... Chi Pneu T pf (3%).. ChiR1&Pao(7).. Chi R1& Pacptf (6). lg%% ChiR1&Pacpt (7)u % ChickashaC 01l (3) 0 5% 44% Childs Co (3.40)..eee 55 Chile Copper (16)..a o Corp (. 26 Chrysler (3)ean 40 Gwhl'“"“)--» 7% City Stores (1. Clark Equipment (3) Peabody 424 Col Gas&E rets ptpd. 87¢). 16t Coluib Gra 105 Columbtan 1% Com Credit 36% 116% lom 45% 45 12 10 29% 274 561 62% +100%,_100% IH'A 32‘/- 8 46 18 Hupp Motor (£3). 20 18% 20 83y 54 Pittaburgh Coal 8¢ 0w 2 2% 116 Illinots Central (7).. 17% Independ Ol & G (2) 3% Indian Motor Cycle. 13% Indian Refining. . 11'2 Indian Refining ct. 685 Industrial Rayon 170 Ingersoll-Rand 16%. 22 Ingpiration (4).. 15 Interboro Rap Tran.. 3% Intercontinental Rub 4 Intl Agricultural.. 42 Intl Agrlprpf (7. 112% Intl Business M (5).. Intl Cement (4) ... Int Combustion lng Cmb Eng pf l"- Intl Match pf 3.30) 0 18% Int Mer Marine etfs.. Int Nickel of Can(1). Intl Paper pf (7) Inti Pap & P A(2. latl vap & Pwr pf(7) Intl Print ink (23%). IntShoe (2% Intl Siiver (18) Lype (£11%). ... tors Equity(3). 39 Ilsland Creek Coal(4) 39 Jewel Tea (4)uecves 90 Johns-Manville 1% Jordan Motor Car..w 60 Kan City Sou (I 12% Karstadt (Rud.) Ine. 19% KautmannDS (1%). 30 Kayser Jullus (6)... 184 Kelith-Albee-Orph. 76, Keith-Albee-O pf (') 3%’ Kelly-Spring Tire. .. 18% Kelsey Hayes (2). Kelvioator Corp. Krospe S 8° texie Dept Stores. 58 (SH)Co (n1). 884 Kroger Gr&Bak(el). 176 Laclede Gas (10). Ofl & Trans. 34 Leh Port Cem (3%)x 10 Lehigh Valley Coal.. 34% Leh Val Coal pf (3).. 67! Lehigh Valley (3%). By urgh Pitts & W Va (6). Poor & Co (B) (2) P Rican Am To (A P Rican Am To (B).. Postal Tel & C pf(7). Rallway & Exp (2) Raybestos Manhati Reading (4).... Reading 1st pf (2) Rels (R)&Co 181(7) Remington-Rend. ... Reming-Rnd 1st (7)« Reo Motor (11.40)... O] (3)..0ee Rio Grande Ofl (k2). Ritter Dental (23%).. Rosaia Ins (3.20; 43% Royal Duteb (a3.20). 921 Safeway Stores 4 38l St Joseph Lead (13). the Associated Press. Receipts from New York State’s stock transfer tax climbed some $800,000 above the highest previous point unb— lished during a one-month result of the report made public stock market Dnlk commissioner of taxation sh A last tht the s Tt 40 40 100 100 100 100 100 26 29% 29 Whi Wilcox Ofl & Gas ‘Wilcox Rich(A)2 ‘Wrigley Wm (4). Yale & Towne (15). Yellow Truck & C. Young Spring (3) Young Sheet & T Zenith Radlo (2).... RIGHTS EXPIRE Am Rollg M..Feb 15 Bang & Aroos Dec. 7 ‘Bucyrus_Erie Dec 30 Case (J. L) Nov. 19 Col. Carbon. . Mar. 11 10% Det Edison. . .Dec. 23 % Qen. Asphalt.Nov. 27 14 Gen Gas&El. .Dec 16 1% Grant (WT).Nov 26 % Grigsby-Gra.Nov. 31 1 Kreu&Toll...Dec 2 e Reynolds Fob.dan 24 % Utd Gas Im..Dec 31 l.hdlhfi:-ln!-m n', e % i stock. e In stock. r for Ocfober to have been $4,884,427.96, compared with the pre h mark in September, $4,052,025.64. New' -for life insurance written in Oc totaled $1,083,360,000 this year, as u-lmt mun.m in m-m_ month increase 9.1 p-un:,m-mmm«lm-m ance Presidents reported insurance for the first 10 months of fln:u:'rlmnutg X i the association was $10,609,888,000, an increase of 5.8 per cent over the same period last year, Rights Are Exte;:ded. hlly'l\‘lhl. seribe NEW YORK STOCK EXCHANGE BALTIMORE STOCK EXCHANGE ASSOCIATE MEMBER NEW YORK' CURB EXCHANGE WASHINGTON OFFICE Hill Building-17th & I Sts, N.W. Telephone: National 6997 Edwin D. Flather, Manager AN INVESTMENT IN HAPPINESS Chevy Chase New Detached Homé $11,000 ‘This charming American Colonial. honm nearing .com- pletion. ' 6 veu well: planned rooms with. built«in garage and tiled bath with built-in shower.... The.. lot is un- usually ‘attractive and nicely - landscaped with many shade trees, with rustic bridge over small stream in back vard, complete in every de- tail, ncluding bronzg screens, open fireplace, and plenty of closet space. M. & R. B. WARREN PHONE WISCONSIN 2489 DAY OR EVENING M. &R. B. Warren |