Evening Star Newspaper, November 23, 1929, Page 13

§ FINANCIAL. CONFIDENGE 1S BIG: | (> st s ] [TRADING IN STOCKS INVESTMENT NEED _Economist Declares Inde-! pendent Thought and Action Are Hard to Develop. BY EDWARD C. STONE. R. W. McNeel, Boston economist, be- By the Associated Press. NEW YORK, November 23.-—Closing bid and asked prices on the stocks of several leading New York national bank and trust companies yesterday follow: NATIONAL BANKS. Brok.et rmene Chase .’\h- " Bid. Asked 136 139 3300 5300 : 1725 hattan Co. 134 National City ... i 242 TRUST COMPANIES. 149 810 lieves the greatest danger today to|Col “Every- “to re- investors is lack of confidence. body desires,” he comments, cover his losses and this is the time {r to lay the foundation for it. It is casy enough, as most investors now realize, to g0 into the market and buy stocks even at high prices if others are enthusiasti- cally buying. It is a difficult thing to go into the market, even when prices are on ' the bargain counter, after confidence has been destroyed, as it always is destroyed in panics. Panics could not exist except for the destruction of con- fidence. To lay the foundation for re- covery of losses and the building up of new profits requires independent thought and action in advance of the - great, body of American investors. “In the panic of 1907 the low prices then were the low prices for 10 years, and that may well prove to be the case under present conditions.” Bankers Decide on Cleveland. Cleveland was designated Yor the 1830 snnual convention of the American ‘Bankers' Association by the adminis- trative committee of the ization, 1t was announced in New York by Pres- ident John G. Lonsdale, who said the dates of the meeting would be Septem- | ber 29 to October 2. Mr. Lonsdale also announced that the Spring meeting for 1930 of the ex- ecutive council of the association will be held at the Chamberlin-Vanderbilt Hotel at Old Point Comfort, Va. The dates of this meeting were fixed as May 5 to 8. The council is the ad in- terim governing body of thie association | eggp! between meetings of the annual con- wvention and brings together about 300 bankers and members of their families. Francis G. Addison, jr., will atten this ing session as the member of the council from the District of Colum- bia Bankers' Association. At the last for a term of three years. Comfort is considered an ideal place Yor this important gathering. The consolidated statement of condi- $8,300,000. Total b ‘were $76,000,000 below the amount re- & week ago. - Holdings of discounted bills declined $29,700,000 at the Federal Reserve Bank Special Dispatch to The Star. BALTIMORE, Md., November 23— Poultry, alive—Turkeys, pound, 30a32; old and croqked breasts, 25a27; .young chickens, 24a26; Leghorns, 22; old hens, 22a27; Leghorns, 18a20; poor and thin fowl, 17a18; old roosters, 18a20; ducks, 16a24; geese, 16a20; guinea fowl, each, 40a60: pigeons, pair, 25. Eggs—Native and nearby hennery, whites, dozen, 56; firsts, 52; pullets, 40a45; current receipts, 43a45; culls and dirty eggs, 25a30; receipts, 490 cases. to choice, pound, 41a46; 6; rolls, 3la 32; store packed, 22; process butter, 40841, ‘Vegetable Prices. Potatoes, white, barrel, 1.5024.00; 100~ d sacks, 1.7582.90; sweet potatoes, rrel, 2.25a3.00; bushel, 75a1.25; yams, barrel, 2.50a3.00; beans, bushel, 2.50a 4.50; beets, hundred, 3.00a4.00; Brussels sprouts, quart, 10a20: cabba; basket, 35a60; carrots, hundred, 2.0024.00; cauli- flower, crate, 2.25a3.00; celery, crate, 1.75a3.00; cucumbers, hamper, 5.00a6.00; lants, crate, 3.50a4.50; lettuce, bas- ket, 75a1.00; onions, 100 pounds, 1.50a 1.75; parsnips, basket, 40a50; peas, ham- per, 5.0085.50; pers, hamper, 50a65; d | pumpkins, Mundred, 3:00210.00; spinach, glakeh 25a50; squash crate, 4.00a4.50; tomatoes. crate, 3.00a4.00; turnips, ham- per, 15a25. Apples, bushel, 75a2.75; cranberries, box, 3.00a4.25; grapes, basRet, 20a22; grapefruit, box, 3.25a5.00; oranges, box, 3.00a4.50; pears, bushel, 2.00a4.50; tan- gerines, box, 2.25a3.25. BALTIMORE BU&NESS\ MAKES RECORD GAINS Special Dispatch to The Star. BALTIMORE, November 23.—The volume of business, measured by debits against individual checking accounts, transacted in Baltimore last month, was not only the largest, with one exception, reported in any month to date in 1929, but it was the largest for any October since 1920, to the Standard Statistics Co. Value of bank debits is at 18 per cent above the aver- reported is, | age for 1920-24 in comparison with 5 THE EVENING STAR, WASHINGTON, D./C, SATURDAY, NOVEMBER 23, 1929. - ON NORMAL BASLS Securities Markets Display f‘ Trend Toward Recovery | as Week Is Ended. | By the Associated Press. ¢ NEW YORK, November 23.—The New York Stock Exchange, Curb Ex- change and other leading security mar- | kets of the country were closed today | to_permit completion of the work re- sulting from the heavy trading of two weeks ago. Trading in the securities markets re- turned to a normal basis this week, with prices generally making brisk re- coveries from the recent low levels. A few soft spots cropped out here and there on belated liquidation of weakened supeculative holdings but the action of the market indicated that the bulk of distress liquidation had been cleaned up. A further reduction of $585,000,000 in Federal Reserve brokers' loans, bringing the total to slightly more than half of the peak figure established October , was accompanied by a general re- axation of money rates. Call money renewed on Friday at 4! per cent, the lowest renewal rate since March, 1928, and there was a further shading in the rate on time money and bankers' ac- ceptances. The Bank of England re- duced its discount rate from 6 to 52 per cent and the Boston Federal Reserve Bank followed the action of New York in cutting its rediscount rate from 5 to 415 per cent. ‘Wall Street received considerable en- couragement from statements emanat- ing from the White House this week as a result of President Hoover's confer- ences with raillroad and industrial executives who pledged their co-opera- tion in efforts being made to prevent the recent recession in securities from ! { extending to general business. Lower money rates also were expected to act as a stimulus to business, particularly in building and allied lines whicH suf- fered from the recent credit stringency. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. able on request. Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Moved by a desire to allay busines: complaint, the Interstate Commerce Commission this year, under the lead- ership of E. 1 Lewis, whose term of chairmanship is now expiring, has mads considerable progress toward bringing its work up to date. The last compiled statement_shows that for the year the number of pending formal cases on its docket has been reduced stands at a total now of 2,400. Moving somewhat on the same lines as those laid out by Chief Justice Taft in his long and successful campaign to bring the Supreme Court up to date with its business, the railroad rate regu- Tating tribunal of the Government is making real effort to get itself current. though, with four or five new contests arising each business day, it is unlikely that its docket will ever have less than 1,500 cases awaiting disposition and procedure no rhatter now expeditiously it moves. Chairman Lewis, who came out of newspaper work and had four years ol experience heading the Indiana State Utiifties Commission before he entered Federal service in 1921, has been able to enlist the interest of his associates all through the year in the speeding up process. The endeavor has been to get to decision with increasing prompt- ness all of that type of issues submitted which present controversy over rate structures, and it has been done in spite of the curiously involved variety of issues extraneous to rates which rail- road regulation responsibility seems to pile up. . ‘This outside work, touching rail con- solidation and raflroad valuation par- ticularly, has moved with exceeding slowness, partly because of legal tangles E'_-.ly because of unsettled public Money to Loan 4 Joseph I Weller 4, Wah. L § Trast In Nearby Virginia Prud Commonwealth Investment Co. 917 15th St N.W. Phend Natienal 3698 WE have prepared a list of Common Stocks with estimated earnings per share which we are recommending for investment purchase at this time. ‘The list is avail- | poticies. Notwithstanding, sioners this looking by 300 and i been the commis- back o the adequacy of rail charges agric tural products, to find a cessation of business complaint about delay in but we have accomplished this much reduction ‘:n t‘r’t‘e“mmber ofit{fml:nl wde pe; Y g & le harder,” Chairman Lewis commented. “It was done, t0o, in a year when the com- ission has had a vast amount of im- portant new business put before it for decision.” . Next month chairmanship of the body p.whu“: g'ammlnloner Frank Mc:vl-a- amy, e speeding up process insti- tuted under Chairman Lewis’ leadership will still remain in forc DUN'S REVIEW. NEW YORK, November 23 (#).— Dun’s Review says: After the extended period of cxtreme | speculative disorder, several constructive and supporting factors have combined to produce a better general feeling. The culmination of the collapse of stock prices, with subsequent. substantial re- covery under normal trading conditions; 1 | the great deflation of loans, the progres- sive easing of money rates here and abroad, the lessened in com- modity markets and the Washington conferences for the furtherance of com- mercial stability and expansion have all served to give sentiment an improved tone. Other elements, including the demonstrated solidity of the banking position at a time of unprecedented pressure, have contributed to the in- crease in confidence, which it is hoped will spread with a wider recognition of SAFE FI.RST Over a Third 6% of a Century Without a Loss National 2100 THERE FORTIFYING FOR THE Everyone feels the urge to provide for the tomorrow— which may be near or far off— and you'll find it easy and sure to accomplish through invest- ment in our There’s no element of specu- lation—both principal and in- terest are secured by adequate real estate value. us concerning them. May be purchased in amounts from B. F. SAUL CO. IS NO - SUBSTITUTE FOR SAFETY MORTGAGES FUTURE FIRST MORTGAGES Talk with $250 up. 925 15th St. N.W. ‘SAFE—-SECURE FINANCIAL. un&nyl.ufi forces in the pres- . Not ,_evidences trogressions have become on, but the recession has been free from some of the highly dis- turbing phases which had loemaplnhd certain earlier setbacks. Considering the severity of the late financial experi- reassuring that trade has re- . 1001 15th Stréet N.W. ESTABLTIS Refinancing at Low Cost To those who are confronted for the first time with home financing prob- lems we offer the competent counsel of forty years experience in this service . . . sound judgment directs many who refinance to i selves of our low interest rate. FIRST MORTGAGE FUNDS - (Three years or longer) bl 5o £ 3 0 urmx’-amammumm- tiriued. Weetlz bank clearings, $15,141,589,~ 000, I.n‘n of 12.7 p.r.un% over &' year ago. il them- H. L. Rust Co_mpany‘ National 8100 H E D T8 89 Vanished Savings The person who has worked hard for the money he has saved reasonably ex- pects, when he invests it, to keep the principal amount intact and to utilize the income for the needs of his waning years. It is therefore a shock to him: to awake one morning :nd find that the principal has shrunk to one-half or one- quarter of the amount he invested, though the industry intc which he Jbought is intrinsically sound. Such are the feelings, the last two weeks, of many an investor who placed ‘ 6%2% First Mortgage Notes in convenient denominations $100 and up Secured on conservatively ap- praised residential properties (homes) in northwest section of ‘Washington. The notes are not subject to fluctuation and risk of loss is elimi- nated. consider when you make your mext in- vestment. PHONE OR WRITE US—We will o2 be glad to show the properties on which these notes are secured. . McéKeever and Goss Realtors 1415 K St. N.W. National 4750 Members Mortgage Bankers Association of America his money in fluctuating securities. He' may truthfully say to himself that, after all, these securities will recover their original value, but the sight of his dwindled savings will eause him no little concern while they are making that recovery. per cent above in October, 1928. . * Maryland’s value of bank debits for is the same as for Bal- 18 per cent above the average, ith & corresponding increase over Oc- tober of last year. Industrial activity in this section re- mains at higher levels than a year ago, and & moderate increase in'purchasing power may be expected. GRAIN MARKET. CHICAGO, November 23 Special) — Prices worked lower in wheat today, de- spite the firmer Liverpool cables than Buying was thin and com- houses sold for profit. _Af the first mt-l\a‘x‘r‘m?mber was 182172, March, 93%; May, 957, e, 3 ; May, /8- Oats mfi off, December was 46%, March, 483;; May, 50%. Provisions sold off. of Chicago, $22,000,000 at Philadelph $13,400,000 at Cleveland, $12,600,000 at and $5,400,f at Minneapolis, and $6,000,000 at Richmond. ‘The system’s hold! of bills bought in ‘market ed $15,700,000 United States bonds $3,700,000, of WESTHEIMER & CO. Members New York Stock Exchange Members Baltimore Stock Exchange Members Cincinmati Stock Exchange Members Chicago Board of Trade Ground Floor—Woodward Bldg. . ‘Telephone National 5500 The investers in the First Mortgage Notes purchased through S Rheem & Hensey Company, have had no such feeling and are secure in the fact that these notes are worth par day and day out. They will never have the prospect of seeing their principal less than the amount they invested. This ‘should be a significant fact for you to MERGER PLAN DISCUSSED. NEW YORK, November 23.—Negotia- tions were reported today to be in for a merger of the U. S. Print- a&;n aumhm-mle c?' and the Amer- & sm-'mm. RHEEM & HENSEY CoO. MORTGAGE BANKERS \111 15 STREET N.W. wAuimm-ou D.Cs / the eight months ended on August 31 net ts of $752,081, equivalent to 83 cen! 904, shares of common Stock ; Interest Compounded Twice # Year Offices ;;;r Rent in the Chandler Building. 1427 Eye St. N.W. 'N the heart of Washington's financial district. Single Offices and Suites F l:rvleo. :xbun rzn ut:m stenographer, ice water on each floor, h- elevators, excellent outside ht and Venetlan blinds at all ‘windows, I FLUCHY] o) Manaoing Agents 1435 K St. Nat. 2345 To become successful one must be “thrifty.” Success means effort and oftentimes sacrifice, but success is the highest ideal of one’s ambi- tion. ] Systematic saving through this Association ~ will instill in you that spirit of thrift which will start you on the road to success. One Boston made i "ezxyt.‘ L the same cut a Dollar or more will open your account. Department of Commerce reports | |i that business activity during the week ending November 16, according to check s s rueaive Dol et yoas for: corresponding X but showed further recession from re- cent high levels. ‘While In Washington Henry Ford stated that the falling off in business started the stock market crash instead ||| of the stock market causing the slump in business, as many people have claimed. Fox Film Corporation has acquired the Lisbon & Hetflén"n circuit of mov- READY FOR OCCUPANCY ABOUT Christmas saving checks soon to be issued will be accepted on accounts or cashed for you. COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. UNDER GOVERNMENT SUPERVISION / DECEMBER FIRST SHOREHAM BUILDING- Fifteenth Street at H - CompLETE FINANCING 1,360 additional shares of stock in con- with rchase. Market value of shares listed'on the New York Stock Exchange decreased $15,320,979,515 in October to $71,752,- 650, Borrowings against stock col- lateral were 851 per cent of market value November 1, against 9.82 per cent October 1. Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Natl. 1403 A NATIONALLY KNOWN NAME *AND LOCATION DO YOU WANT 5150 0 $5(0() more || for your old car? TRADE IN NOW ON A BRAND NEW Hudson or Essex Stocks are limited, so act now to get the Super-Six of your choice. LLAMBERT-HUDSON MOTORS CO. DISTRIBUTORS—PHONE DECATUR 2070 Corner 14th and R Streets N.W. Service Station, 24th and M Streets N.W. Neam al, Aute Co., tne North 1177 o Yesterday’s |, New York Stock and Bond Averages. Prom the 5:20 Edition. By the Associated Press. NoW Leasinfi Already over fifty per cent rented—an outstanding record for an finished building. Service and equipment beyond anything. known in Washington office buildings. 3 FIRST . MORTGAGE NOTES The outstanding non- shrinking investment —always fulfills your expectations. Full 690 sield HANNOPL "LUCHY 1435 K St. NW. Nat. 2345 Tenants of the most desirable type. | 'N!lny individuals and corporations are designing their own suites in this building—we invite you to do the same. Our representative will call to suit th age, 93.00: year . your convenience. N figures. sales (par value), $15,« 5 TERRY B. SIMMS Special Leasing Agent One Room, Kitchen, Bath and Reception | Room. Electric Re- frigeration. THE ARGONNE 16th & Columbia Rd. Phone District 3830 1337 K St. NW.