Evening Star Newspaper, April 15, 1930, Page 12

A—12 #» AGTION OF MARKET AFTER PANIC NOTED Stocks Have Gone Ahead for Time Regardless of Poor Business. Bpecial Dispatch to The Star. BOSTON, April 15—R. W. McNeel, director of McNeel's Financial Service, says: “The stock market has never had a more logical advance. The stock mar- ket has always had substantial and 1m- mediate recovery following our periodic panics, virtually without reaction, and regardless of poor business. “That was the record in 1903, 1907, 1914 and 1921, and it is the record again in 1930. “The records show conclusively that any one who purchases sound stocks within six months following a panic inevitably makes substantial profits. “The chief factor which has kept so many investors from buying stocks since the panic last Fall is contempla- tion of the business situation, but tol- Jowing a panic business is s rela- tively poor, and any one who bases his investment program after a ic on a NOW FOR EASTER Complete your Easter costume with some beauti- ful piece of jew- elry. Select from these marvelous values tomorrow —we're deter- mined to make April our biggest month—and we're offering great savings on hun- dreds of wonder- ful, new jewelry creations now! Remember, you can have your of ~our on the credit IMPORTED Girls’ Diamond! @enuine dia- monds set in an engraved 18-kt. white gold mount- ing. Special at.. 25¢ Down, 25c Week Watch Sensation! Man'’s handsome wrist watch with jeweled movement 204 e B 2.50 band. Great savings at.. 45¢c Down, 25c Week It’s Here! “Miss America” $1.00 Week study of the immediate business situs- tion is certain to be wrong. Cheap Money Chief Factors. “Those who have done so in the pres- ent instance have proved to be wrong.. Those who have been advisi investors through a rise of nearly 1 ints to walt for bargain days have n wrong. “Cheap money rather than the imme- diate business situation is always the dominant stock market factor following a panic. “In 1903 the stock market reached its low point late in the year and then started to recover, although the trend of business was downward until the middle of 1904. The stock market kept rising after the panic, although busi- ness conditions kept getting worse. By the time business showed an upward tendency, the stock market had shown a very substantial recovery. “It ‘'was the same story in 1907. The market made its low in November. Busi- ness kept ketting worse until well into 1908, but stocks continued to recover. By the time business had shown a good improvement, stocks were more than twol-thirds of the way up in the next cycle. “Following the collapse of 1914 the stock exchange was closed for more than 100 days. Once it re-opened, al- though every one was fearful, the trend of stock prices continued steadily up- :\’?r‘d regardless of general business con- itions. Stocks Abreast of Business. “In all instances, improvement in stock prices preceded by some months improvement in business. “While in each case there were re- actions, any one who became frightened and sold stocks when they were tempo- rarily weak during the process of re- i THE EVENING STAR, WASHINGTON, D. C, TUESDAY, APRIL 15 1930. covery never had an opportunity to re- purchase them at lower prices. “Conditions in 1903 and 1907 are par- ticularly comparable to the period which we are now in. “In 1903 the panic was largely caused by undigested securities. _Undigested securities played a large part in_the tremendous decline last Fall. The sharp recession in business late ih 1920 bears a great resemblance to the recession in business in 1907. “The situation in the present in- stance is quite similar. The stock mar- ket has been advancing slowly and ir- regularly but persistently for several nonths, even though the upturn in busi- ness is yet of very moderate propor- BANK MERGER APPROVED. ‘The directors of the Power City Bank and of the Bank of La Salle, both in Niagara Falls, N. Y., have approved merger, to become effective upon aj proval by stockholders of the two banks at meetings on April 21. Both institu- tions are members of the Marine Mid- land Corporation group of 18 banks, with resources of more than $600,00f 000. Under the terms of the merger, stockholders in the Bank of La Salle will recelve one share of the increased capital stock of the Power City Bank at the rate of one share for each share of stock held in the Bank of La Salle. The capital stock of the Power City Bank will be increased from $1,000,000, consisting of 40,000 shares of the par value of $25 each, to $1012,500, to consist of 40,500 shares of the par value of $25 each. Upon the consummation of the merger the Bank of La Salle will ge cfel’!led as a branch of Power City ank. We offer you Americads finest jewelery on terms ar- ranged to suit your conven- ience. T you desire. T this service. ake a whole year to pay if here is no extra charge for DIAMOND FEATURES! 5-Diamond Ring! Exceptional value! 18-kt. white gold mounting, en- s riched wit 100 five flery dia- monds .. . Pay Only $2.00 a Week Man’s New Elgin American - made 15 - jewel movgnent in smart case, With besh $37 30 band to match. $1.00 Down, $1.00 Week The New BULOVA Presented atonly... 750 Just introduced! An unusually smart, new wrist watch created by Bulova for modern American women. | Dainty, gem-set, dustproof case protects a 15- jewel movement. Filigree bracelet is set with gems to match. Select now for Easter. Washington’s outstanding diamond’ value—offered at MARX'S—just in time for Easter! Beautiful 18-kt. filigree white gold mount- | ing, set with a pure import- ed diamond of rare bril- liancy ! 75¢ Down—S50c Week COMMODITY PRICES CONTINUE TO ADVANCE Commodity prices advanced six-tenths of 1 per cent during the week ended April 12, according to the wholesale price index of the National Fertilizer Association, The previous week had also shown an advance of one-half of 1 per cent, and the total advance during the past five weeks has amounted to 1.2 per cent. A decline of 1 per cent occurred dur- ing the past week in textiles and textile materials, but an advance of 2.1 per cent in fuel (due to petroleum and its products), of 1.2 per cent in foods and 1 per cent in grains, feeds and live stock indicates that the upward trend was predominant in spite of a tempo- rary decline in cotton and certain sen- sitive commodities. Advances occurred in 32 items and declines in 22. Three groups showed material advances and only one recorded a significant decline. Based on 1926-1928 as 100 and on 474 quotations, the index stood at 92.4 for the week ended April 12, 91.1 for April 5 and at 91.3 for March 29. —_— COAL PRODUCTION. By the Assoclated Press. Gradual increase in national bitu- minous coal production is recorded by latest weekly figures of output, the Mines Bureau says, though celebration of April 1 as a holiday in some mining territories _interrupted the advance slightly. Figures for the latest week estimated and for comparable periods are as follows: Week ending April 5, 8,257,000 tons; preceding week, 8911000 tons; same ‘week last year, 7,7 Imagine! Both the dia- mond solitaire and the 3- diamond wedding band at this low price! See it at MARX'S! $1.00 a Week Folding Hawkeye No. 2 Spring is here— CAMERAS § 5 fi it's snapshot time — and tomorrow you can buy this mavelous camera (made by the Eastman Kodak Company) at this amazingly low price! Takes pictures 2J4x3%— using roll films 25¢ Down, 25¢ Week SEE THESE EASTER SPECIALS Imported CRYSTAL CHOKERS All colors. A splendid value! 19 $14.75 Pay 25c a Week Men’s INITIAL RING TOILET SET Solid gold mount- A genuine saving on a g!l of mannish much-needed accessory. lesign. $7.50 Pay 25c a Week OPEN SATURDAY EVENINGS (adill . . . the truly economical car 1136-40 Conn. Ave. Cadillac V-8 ac V-8 ‘ % —what it gives you HE Cadillac V-8 is the most economical of fine cars because Cadillac manufacturing renders repair, upkeep and operating costs so low. In what it gives you in value, no car outside of the Cadillac family can possibly equal. None other has the magnificent manufacturing facilities and the years of precision experience. No other fine car has such an extensive ownership. ONSIDER the exclusive advantages which the Cadillac V-8 gives you: With the entire industry discussing transmissions, Cadillac perfected a transmission that simplifies gear-shifting instead of complicating it. This transmission virtually gives you an unlimited number of speeds, because you can shift without hesitation from second to high, and from high to second at any reasonable speed without the slightest noise or clashing. i So too, the eight-cylinder Cadillac is equipped with the most scientific brakes ever developed—brakes that permit you to make more miles per hour with greater safety; brakes that are unfailing—you cannot over- heat them, effortless in operation because of fifteen sets of roller bear- ings, positive because the brake shoes always give full surface action. The Cadillac Eight harmonized steering system permits you to maneu- ver the most congested traffic or drive cross-country without the slightest steering strain or whip. Save for La Salle and the sixteen-cylinder Cadillac, no other carsat any price possess these ultra-modern features. N THE Cadillac V-8, eight-cylinders attain their maximum effec- tiveness. Clutch; fuel system; electrical equipment; spring suspension; frame construction; front and rear axle construction—every mechanism and appointment in the Cadillac V-8 has been refined and improved to the extreme limit of engineering and manufacturing knowledge. As for body construction and appointment, your Own eyes can quickly see the startling difference between the Fisher and Fleetwood bodies with which the eight-cylinder Cadillac is equipped, and all other motor car bodies. The eight-cylinder Cadillac is equipped throughout with non-shatter- able plate glass without any additional cost. A telephone message to the Cadillac dealer in your community will bring a trials car to your door. Take advantage of the G. M. A. C. Deferred Payment Plan. Your present car may well cover the initial payment. The Wéshington-Cadillac Co. RUDOLPH JOSE, President pring Showing All This Week Cadillac V-16 Special Showing of Open and Closed Custom Bodies by Fleetwood & Fisher Open Evenings Until {,}O P.M. > Decatur 3900 La Sallc V-8