Evening Star Newspaper, December 9, 1929, Page 12

T E EVENING , DECEMBER 9, 1929, STOGK PRCEINDEX REGISTERS GAIS Utilities Make Best Showing During Week—Other Groups Advance. BY IRVING FISHER. Bpecial Dispatch to The Star. NEW HAVEN, Conn., December 9.— The stock market got very successfully through its first weck of full five-hour sessions since the dark days. Most groups made new highs of the re- covery movement, and there were a number of points of quite sensational strength The advance was pronounced and quite consistent during the first three days. Some- thing of a test was encountered on Thursday, but losses were general- 1y only slight, and Friday saw a strong [§ turn _upwar & Ppecially marke ward the close, which is always a pleasing sign to the long side. Utilitics made the best record for the week, a net gain from close to close of 8 per cent in the group index and seven points above its previous high on the recovery movement. Advances of $20 to $30 a share by American & Foreign Irving Fisher, Power, Amcrican Water Works, People’s | Gas and Standard Gas & Electric read like old time Other Groups. ‘The motors made the saddest show- ing, a net loss for the week which, though slight, leaves the group 11 points below its high on the recovery reached on November 19, ‘The rails group made & fractional gain during the weck, but is still not quite up to its high on the recovery. ‘The steels closed the week at just about its high for the recovery movement The coppers are still five points under their high on the recovery. The auto accessories group gained mearly 8 per cent during the week. Mar- lln‘ Rockwell and Timken made notable gains. Of 320 issues used in the stock in- dexes, 224, or 70 per cent, showed net gains for the week, 31 issues registered losses, 65 showed no net change for the week. ‘The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926=100). There are two in- dexes of market price movements. The first (“Shares Outstanding”) represents all common industrial shares listed on the exchange, the importance of each stock being considered according to the shares in existence, or outstanding. The second index (“50 Leaders”) shows the price movement of the common indus- trial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading popularity. The “Shares Outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 would mow amount to if held unchanged since that year. The “50 Leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week. ‘The last colimn of the table gives the rate of return on the week's 50 leaders at current prices: ‘Week ended— December November November November November 8 Novemb. ot k00 Siuiamma i PSRRI 2097 11517 8. (Bept, 29) (8¢pt.20) (Ngv 29) *'(Feb.'28) (Feb,'28) (May'29) Speculative Group Strongest. ‘The speculative group of the common 4ndustrials showed a slightly larger per~ centage of gain during last week, meas- ured from the close of the preceding ‘week. The percentage of gain in mean weekly level was, however, about the same for all three groups. In the investment grade, General Electric made a big advance on the news of the 4-for-1 split-up. Westing- house, Otis Elevator, American Bank Note and Eastman Kodak were other notably strong issues. Below are shown index numbers of rices of common industrials on the ew York Stock Exchange, arranged 11;3‘ classes derived from Moody's rat- gs: & Tow (28-20).... Pirst grade (invest- (inter- ment). mediate). 1% 124. Second ‘Third grade 1926 — 100) Wreek ended— mber 6 P F3=2LaSRRTS ARt SHENaEREEN (3t 88 2 86.7 X (Aug '29) (Sept.'29) (Mar Low ('28-'29)...... 129.1 111.4 (Feb.'28) (Feb.'28) (Fe (Copyright, 1929.) CHICAGO DAIRY MARKET. CHICAGO, December 9 (#).—Butter steady; receipts, 9,802 tubs. extras, 42; standards, 40: extra firsts, 40 to 41; firsts, 36!, to 38 seconds, 34 to 3412. Eggs steady; receipts, 2,527 cases. Extra firsts, 51 to 53;. graded firsts, 48 to 49; current firsts, 40 to 43; ordinary firsts, 37 to 39; firsts, 37: refrigerator extr: , 38. Seek The Best The Metropolitan Life Insur- ance Company Real Estate Loan Plan embraces advantages to the borrower which tioned. Greamers | COLUMBIA PERMANENT refrigerator | 'TRADING IS DRAGGY AT D. L. MARKET Dealers Report Plenty Sup-! plies in Preparation for Holiday Trade. Slow trading in the local wholesale | market, usual for Monday, was reported | by dealers today. i Little change in prices of staples from | last week was apparent. Following the | clearing of ice from Maryland and Vir- ginia roads and the drop in temperature, haulers from the two States renewed their work of bringing in supplies and | the market was well stocked as a result. Merchants, however, are laying in more supplies daily in preparation for the Christmas season. Today’s Wholesale Prices—JYobbers' Prices Slightly Higher. Butter—One-pound prints, 44! | tub, 4312a4415; store packed, 30a32. Eggs—Hennery, 58: frosh selected, 57a | 58 current receipts, 52a53; store packed, | 28a30. Poultry, alive—Turkeys, young hens, | 32a33; old toms, 27a28; Spring chickens, large, 26a27; medium, 25: a23; fow s, 15820, Dressed— , young hens, 36a38; old tom: 32a33; Spring chickens, large, 30a: medium, 25a30: broilers, 35a36: horns, 28a30; fowls, 28a30: duc 30; roosters, 22; capons, 40a45; 70280, Meats—Beef, 20a22; veal, 24226; lamb, | 24a27; pork loins, 22a25; fresh hams, 20a22; fresh shoulders, 18a22; smoked hams, 25a26; smoked shoulders, 18a20; bacon, 25a26; lard, in bulk, 12; in pack- Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market Service, Bureau of Agricultural ), sales to jobbers except » otherwise noted, say Apples—Supplies moderate; demand light, market steady; barrels, Virginia, S. No. 1, Yorks, 2!2-3 inches, 4.50a 5.00; boxes, Washington, extra fancy Delicious, medium to large size, 3.75: bushel baskets, Pennsylvania, U. 8. No. 1, 2% inches up, Northwestern Green- ings, 3.50; Virginia, U. 8. No. 1, Grimes, 2!, inches up. slightly slack pack, 2.00a 2.25; U. 8. No. 1, 2'; inches up, Stay- mans, mostly around 2.00; few fine quality, high as 2.50. Cabbage—Supplies moderate; demand moderate, market steady; New York, 100-pound sacks, Danish type, 1.85a2.00; South Carolina, 1!2-bushel hampers, pointed type, some fair quality, 1.40a .75. Celery—Supplies moderate; demand moderate, market steady; New York, 23~ crates, 3.25-3.50; California, crates, 5.5026.00. Lettuce—Supplies moderate; demand light, market steady; California, crates, Iceberg type, 4-5 dozen, 5.00a5.50; some fair quality, 4.25a4.50; Florida, 1l5- bushel hampers, Big Boston type, fair quality, 3.00. Onions—Supplies moderate; demand light, market steady; Ohio, 100-pound sacks, yellows, U. S. No. 1, medium size, 2.00a2.15; Indiana, 100-pound sacks, %re;;ows. U. S. No. 1, large size, few sales, Potatoes — Supplies moderate; de- mand light, market steady; Maine, 150~ pound sacks, Green Mountains, U. S. No. 1, 450; few higher; 100-pound sacks, Green Mountains, U. 8. No. 1, 3.15a3.25; New York, 150-pound sacks, round whites, U. S. No. 1, 4.25a4.35; Pennsylvania, 120-pound sacks, round whites, U. S. No. 1, 3.35. String beans—Supplies moderate; demand moderate, market steady; Florida, bushel hampers, green, 2.50a 3.00; few, fine quality, high as 3.25; poor quality and condition, low as 1.50; % -bushel hampers, green, 1.75a2.00. Cucumbers—Supplies light: demand First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Comipany, Inc. Real Estate Investments JAMES Y, PENNEBAKER Nat.5291 1520K St. N.W. Money to Loan Secured by first deed of Prevailing_ interest Joseph 1. Interest on Savings Compounded Semi-Annually U.S. TREASURY SUPERVISION BUILDING ASSOCIATION 733 12th St. N'W. are unques- light, market dull; Plorida, bushel crates, fancy, 3.50a4.00; bushel hampers, fancy, fine quality, 4:50a5.00; % -bushel hampers, fancy, good qual- ity, 3.50. Squash — Supplies light; demand light, market steady: Florida, pepper crates, large size, 3.00; bushel hampers, medium size, 2.50. Eggplant—Supplies moderate; de- mand light, market steady; Florida, pepper crates, fancy, large size, 3.50 medium size, 3.00. Tomatoes—Supplies light; demand light, market steady; repacked, un- known origin, threes, ripes, wrapped, fancy count. 3.00a3.25; cholce count, 2.50a3.00; Ohio, no sales reported. Kale—Supplies light; demand light, market firm: Virginia, Norfolk section, bushel baskets, 50a60. light; demand stock; Vir- Spinach—Supplies light, market firm for ginia Norfolk section, bushel baskets, Savoy type. best, 1.00a1.25; poor quality and condition, 25a50. Cauliflower—Supplies light; demand light, market firm; California, pony crates, 2.75a3.00; few higher; Long Island, crates, 3.75a4.00; mostly 3.75. Peppers—Supplies moderate; demand light, market slightly weaker; Florida, pepper crates, fancy, mostly 7.00. Peas—Supplies moderate; demand light, market steady; Florida, 3-bushel hampers, field frosted, 3.50a3.75. Carrots—Supplies 'light; demand moderate, market steady: California, Western lettuce crates, bunched, 3.50a 3.75: few higher. Oranges—Supplies liberal; demand i moderate, market steady: Florida, boxes, No. 1, medium size, 4.00a4.25; large size, 3.5083.75. Grapefruit—Supplies moderate; de- mand moderate, market steady; Florida, boxes, No. 1, medium size, 4.25a4.75; large size, 3.75a4.25. PARIS BOURSE PRICES. PARIS, December 9 ().—Prices were firm on’ the Bourse today. Three per cent rentes, 81 francs 55 centimes. Five per cent loan, 106 franc 10 centimes. Exchange on London, 124 francs 41, centimes. The dollar was quoted at 25 francs 40'2 centim Long Term Low Interest Rates Reasonable Rates Consult i EAVER BRO REALTORS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company ' |“Hand - to - Mouth” —_—— 2 VOLUME OF RADID SALES MAINTAINED Buying Proves Sustaining Factor -~ in Industry. BY J. C. ROYLE. Hand-to-mouth buying, once feared and distrusted by manufacturers, is| credited today with being a prime fac- tor in sustaining the sales of radio equipment. ‘The radio manufacturers and dealers, listening to the expressions of alarm at the time of the acute drop in stocks, felt some alarm as to maintenance of sales volume. Some were preparing to curtaiil production or reduce pay rolls. But this apprehension was found un- warranted. Dealers, on the other hand, complained bitterly at reports of cur- tailment, advising the manufacturers that they needed sets in undiminished volume to meet current demands. Sales, according to manufacturing companies, have been almost un- changed. The three largest manufac- turers are turning out just as many sets as in the third quarter. The only diffi- culty is that the profit margins have been somewhat diminished. Seven of the leading makers, according to Gov- ernment_officials here, have reduced prices, The average reduction, it is as- serted, was 22 per cent. While sales did not increase under this spur, they are being maintained undiminished. This, it is felt in business circles, is a remarkable record, considering the circumstances. Nearly all the leading economists expressed themselves as ap- prehensive that radio sales would suf- fer, for receiving sets were among those commodities listed as luxuries. Govern- — ment officials attribute the resisting power of the industry to the fact that stocks in the hands of manufacturers and dealers were not burdensome. Sales of radio equipment for the first | | three quarters of the year totaled $360.- | 897,207. It is estimated that when the | fourth quarter opened dealers had only | to do about 45 per cent of the volume of business they piled up in each of the | three previous quarters to bring total | | annual sales to a new record figure. It is now extremely likely that with the | | Christmas sales to aid this new record will be reached. Some manufacturers will exceed 1928 sales by a large margin. One of the largest makers has in- creased production by 100 per cent since | the temporary slump in the late weeks of October and first half of November. The call for tubes and, accessories also | has continued heavy, and foreign sales have Increased to a point where they are a real factor in the earmaking of | Inventories. | InyemtoreS stocks on hand been heavy when the break in Wall Street occurred, there seems little doubt that the in- dustry would have received a severe blow. As it was, current demand neces- sitated continued steady production. | The small size of the orders and the frequency of orders and shipments en- | abled both manufacturers and dealers | to meet ‘all demands. (Copyright, 1929.) WALL STREET JOURNAL EDITOR IS DEAD AT 63 | By the Associated Press. | 'NEW YORK, December 9.—William | Peter Hamilton, 63, editor of the Wall | Street Journal and a writer on financ! and economic subjects, died at his home in Brooklyn today. Mr. Hamilton, who came to the United States from England shortly aft- er the end of the South African War, during which he served as a lieutenant in the British Engineers, had been cn the staff of the Wall Street Journal since early in the present century. He had been editor of the paper since January 1, 1908. Commodil'y Notes Lumber. | NEW ORLEANS, December 9.—E. L. Bruce & Co., hardwood manufacturers, | of Memphis have prrchased the saw- | mill of the Marathon Lumber Co. of New Orleans and its hardwood timber holdings. Bruce & Co. have also ac- quired the Wasau-Southern Lumber Co. | Oils. | OKLAHOMA CITY.—The South Ok- lahoma City oil field, with all wells open one day for a proration test, put 107,- | 489 barrels of crude oil in the tanks, | with only 27 producers in the field to | date, There are now more than 200 | derricks in the field, with some of them n aring production. Retail Trade. SAN FRANCISCO.—Local depart- ment stores report that Christmas shop- ping is well under way and of excellent | volume. Their statements are borne | out by crowds of shoppers in downtown business districts and crowded street | cars during the day. More than usual | efforts have been put into Christmas displays this vear, and traffic author ties are making special efforts to di- | minish accidents during pre-holiday congestion. | | Coal. | DULUTH.—Bituminous coal ship- | ments on the Great Lakes have already passed. the highest previous mark. There | are some cargoes still to arrive from | lower Lake ports. It is doubtful, how- ever, if many coal cargoes will go up the Lakes this season, since unfavorable weather conditions are anticipated. \ CHICAGO, December 9 (United States Department of Agriculture). —Potatoes | —Receipts, 163 cars; on track, 2e9; total United States shipments Satur- day, 803; Sunday, 50 cars; trading fair; | O" _Annivers market steady; Wisconsin sacked round | round _whites, whites, 2.20a2.40; fancy shade higher; River Ohios, 2.10 to 2. Minnesota and North Dakota sacked 'russets, 2.65 to 3. SAFE Ower a Third of a Century Without a Loss B. F. National 2100 THERE 1S NO ETRST MORTGAGES ARE YOU HOPEFUL OR SURE? In the speculative market there is always the aftermath of doubt—with thousands rest- lessly hoping against hope for the stabilizing of their holdings. But inyestors in our 6% FIRST MORTGAGES are undisturbed by fears and uninterrupted in the receipt of their interest money. Which is better, 6% in hand, or more in vague expectancy? May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. *SUBSTITUTE FOR SAFETY AWMU INCE the American Security & Trust Comipany opened its doors to the public on December 9, 1889, great developments have been made in the inventive and business world. Fast-moving automobiles and giant aeroplanes supplant the horse-drawn vehicle, while the business of great organizations clearly indicates the industrial growth, Keep;ng pace with the ever-developing progress that has been evidenced c‘ur;n'g this transitional perflod. the American Security & T_rust Company has made an enviable record. Increased facilities to care for every phase of modern banking and trust func- tions have been employed. Newer ideas relating to sound bankind practices are constantly poudht, - Better methods Hy means of which the vario_us aepnrtrfienta m;'g]{t serve more effi- ciently are ever being devised. Friendlier business relations and a closer contact with the customers of the Bank are always an important aim. word of the slogan for a greater organization. In fact, "Service" is the key Rising under the influences of a progressive age and at all times kept secure by policies of conservatism, it has assumed its place among the financial institutions as Waahington‘s Largeat Trust Company. American Security & Trust Company Capital $ Central— 1 3,400,000 7th and Mass. Ave. Northeast—8th and H Sts. N.E. 5th and Penna. Ave. BRANCHES: Surplus $3,400,000 Southwest—7th and E Sts. S.W. Northwest—1140 15th St. N.W.