Evening Star Newspaper, May 5, 1930, Page 13

FINANCIAL. LAND BANK LOANS TOTAL 1311, 763,524 Gross Mortgage Borrowing| March 31 Shown in Con- " dition Statement. BY EDWARD C. STONE. The Federal Land banks had $1,311,- 765,524 of gross mortgage loans on rch 31, according to condition state- :\‘:m as of that date, made public by the Federal Farm Loan Board. Pay- ments on principal amounted to $115,- 634,398 Value of real estate owned outright was $17,634,593. Foreclosures and mort- gages amounted to 86,544,005. Holdings ot unmatured farm loan bonds totaled §$1,186,879,840, and capital stock was 65,834,216. Y Gross mortgage loans of all the joint stock land banks amounted to $625,- 724,091, and payments on the principal of these, $48,073,413. Real estate qwned outright was $15,234,130. Sheriffs’ cer- tificates and foreclosures were $5,- 262,803. Total bonds authorized were $572,- 265,000, total on hand, $9,030,000, and total outstanding, $563,235200, for Joint stock: banks. Federal land banks reported total of $1,186,890 bonds authorized, $2,203,800 en hand and $1,184,686,640 outstanding. Total assets of three joint stock land banks in receivership, those in Kansas City, OCincinnati and Milwaukee, amounted to $68,720,091, against liabil- ities of $68,460,061. Assets, however, are stated in terms of book value rather than receivers’ valuations. Loans of the Federal Intermediate Credit Banks on March 31 amounted 10 $24,900,030 and discounts $56,284,108. Capital callable from United States Treasury totaled $30,000,000. Total of assets and liabilities of these banks was $131,157,264. Among liabilities of intermediate credit banks were $52,605,000 of un- matured intermediate credit bank de- Dentures, less $350,000 held by banks of issue, and also $60,000,000 of capital. Board Rooms Again Crowded. The jam in the local brokerage house board rooms today was almost equal to that of last November during the stock c. ‘The market, however, was be- E‘.‘»‘m better. Following the break during last week, margin calls went out wery fast all over the country. Both brokers and bankers deeply re- gret such a severe decline at this time, when stocks had recovered & good deal of their losses at the close of last year and business had been displaying signs of improvement. Holders of stocks who were expecting to get their money free and be in & ition to make new in. vestments, now have to wait some- time before making any move. The fact that some issues are lower than they were in November and Dacember indicate how long some of these delays may be. Conservative local bankers, who are, of course, familiar with the poor first uarter statements, express the view t short selling has been the leading factor in driving many good stocks to new lows in the past few days. These bankers jnsist that there ought to be a curb on short selling in Wall Street and in the Chicago Grain Market. Wild breaks in either of these big markets have too serious an effect on general business, they say, to be allowed with- out restriction. Banking Conditions Reviewed. While business conditions-4n the fifth Pederal Reserve district in the month ended April 9 showed improvement over the preceding four weeks, the March, 1929, level of trade was not equaled, ac- cording to the monthly reveiw of credit, business . and icultural conditions lawued by Federal rve Bank of Rich- mon Debits to individual accounts, one of the leading barometers of general busi- ness actlvity, showed an increase of $112,768,000, or 9.6 per cent. This in- crease, however, was seasonal and was due chiefly to income tax payments on ‘A‘fihl 15 and quarterly settlements on Deposits in reporting member banks n during the past month, both demand and time deposits registering . At the same time, failed to increase their com- mercial and agricultural loans as they have usually done at this time of the . In consequence, they were able reduce their rediscounts at the Fed- eral Reserve Bank, contrary to the sea- sonal trend. Active Day on D. C, Exchange, The Washington Stock Market opened the week with five $1,000 sales in City & Suburban 5s at 83. The next bond Ya Electric sold-at 98%4. type opened with seven shares selling at 131 and closed with ten more com- manding 124, ‘Three bank stocks figured in the day's trading. Ten shares of Second Na- tional came out at 201, and 20 shares Bank of Bethesda changed hands agal m:eum. at 575, 5 points under the larger sale made on Saturday. In the unlisted department Chapin Sacks 8 per cent preferred sold at 106. Other Financial Notes. ‘The executive council of the American Bankers' Association opened its Spring meeting today at Old Point Comfort, Vs, at the Chamberlin-Vanderbilt Hotel. Many important reports are to be pre- sented during the session. John B. Larner, president of the Washington Loan & Trust Co. is in Princeton, N. J., today attending a meeting of the trustees of Princeton ‘Theological Seminary. He is a mem- ber of the board. Labor conditions appear to have im- proved during March and early April, chiefly due to seasonal increase in con- struction work, monthly review of Fe eral Reserve Bank of Richmond s: ‘There was not enough improvement to take care of all workers who were seek- ing jobs, the report says, but in nearly all sections of the district a considerable number of additional workmen were provided for and the number of unem- ployed materially lessened. “Unemployment figures are elusive and hard to get, but from the facts available it appear that employment in the fifth disirict compares favorably with employment in other sections of the country,” the review said. Chesapeake & Ohio Railway has taken over the properties of the Hocking Val- ley Railway as of May 1, and the lines thus assumed will be designated as the Hocking division. BERRY PICKERS BEGIN TREK TO ARKANSAS| By the Associated Press. HORATIO, Ark., May 5.—A motley borde, whose proportions are expected to reach 50,000, has begun its annual rek to the strawberry fields of Arkansas. Soon the wooded valleys of the berry m will be dotted with campfires of t pickers. Ancient automobiles, wagons, buggies wsed by the pickers—most of them in state of near collapse—crowd the hways near here. icense plates from almost every State are seen on steaming filvvers, many of them equipped with novel sleeping and quwnl‘afllo‘fl sl s ve or six ns from $5 to $13° u the uu-&u“&'% NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office NOTICE—The New York Exchange is now operating on daylight saving time. Notice—All stocks are sold in one hundred-share lots the letter s (65s) lots only. excepting those designated by which shows those stocks to be sold in odd ~Prev. 1930. Stock and Sales— Dividend Rate. Add 00 High. Abitibl Pwr & Paper. 1 31 Abraham Strau 2 4 Adams Exp (1.60). Adams Millis (2).. Advance Rumle; Ahumada Lea Alr Reduction (3) Afr Way TIAp(2%). Ajax Rubbe; Alaska Juneau. .. Albany Wrap Paper. Allegheny Corp..... 17 Alleg C pf §30w (5% ) Allied Ch & Dyeiné) . Allied Ch & D pf (7). Allis-Chalmers (3 Alpha Port Cemt (3) . Amal Leath Amerada Corp (2) Am Brake Shoe(2.40) 8% Am Brown Bov Blee. Am Can (4).. Am Car & Fdy (8) Am Car & Fdy pt(1). Am Chain Co 13). Am Chain pt (7). Am Chicle (12%)... 1 Am Com Alco(n1.60) 46 Am Encaustic (3)... 2 Am European Secur. 11 Am & Forn Power... 175 Am&Forn Pwr2dpt. 3 T AmHide& Leapf... 1 Am Home Prod (4.20) Am Iee Co (14). Am Internatl (2). Am La Fr & Foamite Am Locomotive (8). Am Locomot pf (1). Am Mach & Fay (1) 4 Am Metal (3) Am Safety Rasor(§). Am Seating (3)..e.m Am Ship & Com. Am Sm & Ref (4! Am Snuft (13%) Am Solv & Chem. ... Am Sol&Ch ev pf(3). Am Steel Fdy (3)... Am Stores (2) v T e 9 60% Am Sugar Ref pf (7) 2 109% Am Sumatra Tob. 2 « Am Tobaceo (8) Am Tobaceo B (8) Am Type Fdry (8).. 4 Am Water Wks (ni) Am Wat W 1st pf(8) Am Woole Am Woolen pf. Am Writ Paper etfs, Am Writ Pa pf (4).. Anaconda Cop (1) Andes Copper (3)... Archer-Dan-M (3). Armour of Del pf(7). Armour of Ili (A) Armour of 111 (B)... Armour of Ill f (7). A A . Asso Dry G 2d ptf (7). Atl Guif & W Indies. Atl Guif & W 1 pf(5) 13 1) Auburn Aute (§4) Austin Nichol: 3 3% Austrian Cred (4.49). 1 56% Autosalt . B 6% Auto-Strop S8af R(3) 6 54% Aviation Corpot Dal 30 7 Baldwin Loco (1%). 47 25% Balto & Ohio (7).... 18 118% Bang & Aroos (3%). 4 70 Barnsdall, A (2).... 45 25% Bayuk Cigar (3). Beatrice Cream (4) Bohn Al & Brass (3). 11 Booth Fisheries. Bush Termnl (33%). Butte Cop & Z (50¢) . Butte Superior. Butterick Co. .. Byers (A M). Calif Packing (4) Callaahan Zino & Calumet & Aris (6. Calumet&Hec(ad34). Campbell Wyant () Canada Dry G A (5). Canadian Pacifie(10) Cannon Mills (3.80). Capital Adm (A). 1 21 Case (J 1) (§)...... 100 208 terpillar Trac 12% lotex (3)... Celotex pf (1) Century Rib M1 Checker Cab (4.20). Ches & Ohlo (10). Chi Great Westn pf Chi Mil StP & Py Chi M1l StP & Pae pt. Chicago & N W (). Chi Pneu Tool...... Chi Pneu T pf (33) Chi R1& Pao (1).... 4 ChiR { & Pac pf (§). Chicks 10 (3). Childs Co 12.40) Chrysler Corp ( City IceaF (k3.60). City Stores (50c. Clark Equipment (3) luett-Peabody () Coca- 6) Colgai Coliins & Atkman, Colonial Beacon Colum Graph (( Columbian Car! Comm Credit «3 Comm Inv Trigl. Comm Inv Tr pf 6%. Com Inv T ev ptc Comm Solvents ou Cmwith & Sou pt Conde Nast Pub ( Congoleum-Nairn Congresa Cgr (16 Consol Film pt' Consol Gas N ¥ (. Con RR Cub pt Consol Texti Container(A) ( Container(B) 27% Contl Baking (A) 4% Contl Baking ¢§) 78% Contl Baiin tl Can (3% )., 264 Qeontl Dia Fibre (3) Contl Ingur (3.40) . ) (288) Crown Cork & Seal. . Crown Zellerbach (1) Crucible Steel (k5) 4 C Cuban-As : y Packing (4). Publish (16%) Curtis Publish p£(7) Curtiss Wright Corp Curt Wright Corp A. Cutler-Hammer(3%) Davison Chemieal. .. Delaware & Hud ( Del Lack & Wn (17). Detroit Edison (8).. Devoe&R (A) (2.40) Diamond Match 1 ) Dupont deN db pf(8) Eastn Roll Mill(ht2) Eastman Kodak (18) Baton Axle & S (3) Eitington-Schild. Eitington pf (6% ) s Blec Storage Bat (5 Emerson Brant (A Endicott-John (5) Eng Pub Serv (31) Eng Pub Sve pf (5 Equitable Bldg (2% Evans Auto Ldg 3% Fairbanks Morse (3) Fash Park Asso..... Fed Lt & Tre (31%). Fed Motor Tr (80¢) Fed Wat 8, A (e2.4 Federated Dept Str: Fid Pho Fire 1(3.60). tone TAR(1.60) one T&R pt(8) First Nat Strs (3%). Fisk Rubber. Follansbes B ¥ Foster Wheeler (2).. Foundation Co. . Fourth Natl Invest. Fox Film (§4).. Freeport, Tex (15).. Gabriel Snub (A). Gam 11 Co (6 Gen Out Adv(A) (4). Gen Pristg Ink(2%). Gen PublicSve (b6) Gen Ry Signal (5) Gen Realty & Util... Gen Real & Ut pf($). Gen Refrac (t4%)... Gen Steel Cast pf (6) Gen Theat Equip vte. Gillette Saf Ras(n$). Gimbel Bfothe; Gimbel Bros pt (1).. ET PR 15" = «5 3 1 Goodrich (BF) (4).. Goodrich(BF) pf (1) Goodyear Tire (5)... Goodyear 1st pf (7).. Gotham Silk H (2%) Granby Copper (8).. Grand Silver Stra(1). Grand Unon. . Grand Union pf (3).. Granite City 8tl (4).. Grant (WT) (1).... Grt North pfet (5)... GtNotfsOP (a3%). Grt West Sug (3.30) Grigsby Grunow.... 197 Gulf Mobile & North 10 Guif States Steel (4) 1 Hahn Dept Stores... 32 Hall (W F) Pr Co(3) Har Wkr Ref (13%). Hartman (B) (1.30). Helme (Geo H) (17). Heroules Mot (1.80) Hershey Choe (5). .. Hershey Choe pt(18) Holland Fur (e123%). Hollan OnS. .. em Homestake Min (17). Houdaille Her B(3).. H'hold Fin pf (13%). Houaton Oil (b10%). Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motor (6). .. Motor Car (3). Céntral (7). Independ Oil & G(3). Ind Motor Cycle. Indian Refining. Indian Refining rets. rsoll-Rand (16). SRelraanEraon ®2Z Insurance Sh (46¢). Interboro Rap Tran. Interiake Iron (1) Intl Agricultural. Intl Comb Eng pf. Intl Harvester (3% Intl Harvester p£(7). Intl Hydro E1 A (e2) Intl Match pf (4. Intl Nickl of Can(1) Int! Pap & Pwr (C). It Printing Ink (3 Intertype Corp (32).. ors Equity (2). Coal(4) Jewel Tea (14). Johns-Manville Kan City 8ou pf (4).. Karstadt (R) (1.02).. Kaufmann DS (134) N Kennecott Cop (§) Kimberly-Clark(t! Kinney (G R) (1) Kolster Radio. . Kress (8H) (1) i Kreuger&Toll (1. S BounlnaaB828, - B Loew's pf xw (83).. % Loft. Ine... . Long Bell Lumb (A) Loose- Wiles (12.70), Lorillard (P) Ce.... - Seeane T % Louisiana Oil. , . 384 LouG & El(A) (1%) 20% Ludium Steel (3)... 2Nl ‘v STOCKS SUBJECTED 10 FRESH ATTACKS Rallies Bring Out New Flood of Offerings—List Depressed. BY CLAUDE A. JAGGER, ' Associated Prees Financlal Editor. NEW YORK, May 5—The stock tom during the greater part session. Wall Street was inclined to take a cautious view, however, pending determination as to whether the mar- ket was really at the bottom of the 1 | abyss, or had merely caught on a ledge. ‘Trading in enormous vol- ume, the ticker again falling far in arrears. Stocks were dumped upon the market in large volume during the first half hour, but were well taken. Brok- ers reported that a large amount of investment buying had been attracted st current levels, and that many in- an-out traders were buying stocks in anticipation of a sharp rally. Such a rally as might be attributed to a rush of short covering failed to appear save in a few stocks, however, and the ap- parent unconcern of the bear crowd was regarded as a little disconcerting. Commission house advices were rather cautious, pointing out that further dis- tress selling might be hanging over the market, and that bears might launch & new drive before covering. hysteria of Saturday, however, appeared to have given way to a more sober at- titude over the week end. A fresh wave of selling in the fourth hour carried many issues below Satur- day’s closing levels. Call money repeated Friday's process of renewing at 3!% per cent, then drop- ping to 3. Time loans eased further. Renewed sell in the final hour, with the titker 45 minutes behind the market, drove I industrials from 1 to 6 points below the Saturday lows. Utllities were particularl; American Foreign Power slumpt) to 65. ‘American Can and Uni eraft ylelded 6 and American Telephone, Radio, United States Steel, Johns-Man- ville, American Water Works, Warner ‘Bros." Pictures, Allled Chemical and In- ternational Telephone 3 to 5 plonts. ‘The close was weak. Sales approxi- mated 8,000,000 shares. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) it Bid. U. S. ISSUES LOWER ON LONDON MARKET | rowest Rates of Interest ana Comsntssion Thomas J. Trading Favorites Are Marked Down Following Wall Street Crash Saturday. By the Associated Press. N, May 5. — Considerabl “marking down” of transatlantic favor- ites was n on the Stock Ex- change this morn! to bring them to Dlflcr“g with Wall Street after Saturday’s Radio Corporation was ‘}:fl‘)olnu lower than Friday, st 48; B: ‘Tractions were 53 points down, at 46; Nickels, 2% lower, at 32Y,; Hydros, 17 down; Gramophones down, at 5%. ‘There were no pronounced weak- nesses, however, and no forced sellin; since “holders who had bought at highe: level were inclined to hang on. There were no such speculative hold- ings as during the previous Wall Street crash and owners were inclined to watch events. In other directions the markets were described as dull and lacking in inter- est. The gilt-edge issues were a frace tion easier. NEW SECURITIES NEW YORK, May 5 (#).—New se- curity offerings today include: Appalachian Gas Corporation, $6.- 700,000 8 per cent convertible deben. tures, at par, by a syndicate headed by P. W. Chapman & Co. Dallas County, Tex., Road District No. 1, $1,500,000 4% per cent bonds, glm:ed to yield 4 to 4.40 per cent, by itary District, 3 i,? per cent water bonds, priced to yleld 4.235 to 4.40 per cent, by Eldredge & Co. and syndicate. Ttalo-Argentine Electric Co., 50,000 American shares, by syndicate headed by A. Iselin & Co. BANK CLEARINGS. , M (Special). - o Soms, 1 e N arioke OK....8562,000,000 $584.000,000 111,000,000 118,000,000 New York Fe - serve credit bal- ances ... +.. 108,000,000 113,000,000 FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) R War slot Oorenh:m. 8‘ lo, crown tockholm, Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Pr District of Columbia and Nearby Maryland RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Company Equitable Co-operative Bldg. Assn. Organized 1879 JOHN JOY EDSON, President veee..$5,728,083.61 J 50th YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Surplus & Profits......$1,755911.57 Subscription for the 98th Issue of Stock Being Received || 1T $50 PER SHARE Let Each Pay Day Be a Day to Save «The men and women who ac- complish things are those who know how to save. Start saving right now. Join the Equitable 915 F St. N.W. Sides of Iron UNS were thundering in a famous sea-battle of the War of 1812, The British warship Guerriere hurled its largest, most powerful missile at the American frigate Constitution. The shot merely touched the side of the .ship—then sank into the water. The erew in their joy cried out, ‘‘Her sides are made of iron!’ From that moment the frigate Con- stitution was known as ‘“‘Old Iron- sides.” The famous ship truly earned her name when enemy’s powerful she withstood the broadsides. On the sea of finance there are at- tacks and bombardments similar in fury and destructiveness; and the 6 per cent First Mortgage Notes issued by Swartzell, Rheem and Hensey Com- any have also in their 61 years of funlnet withstood attacks of business depression, panics—all kinds of fi- naneial bombardments. They have always remained exactly at the price paid for them and no holder ever lost a penny in either principal or interest: You may obtain these Notes in. de- nominations of $100, $200, $500 and upwards. SWARTZELL, RHEFM & HENSEY CO MORTCGAGE J27 19 STREET N.W. KERS 'O » FINANCIAL. REAL ESTATE LOANS Made at Low Interest Rates First Mortgage Loans larly on wel ted for 3. 5 or 10 years, if so 1520 K St. N, National 04785 wiTH GREATESE SECORITY ANNUITIES Cash Refund—Joint—Deterred Send for Information Standard Collateral LEROY GOFF Shares Corporation I OR—Al Woodward l-lmn.rp Mot. 8788 || et .u' nn:.nl.n 0340 SRR Sold in Lote—$100.00 Up Call or Write National Metropolitan Bank 1814—Oldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury All Under One Roof The Metropolitan centralizes for you, under one roof, complete facilities for the dispatch of all your financial business. f Our departments in- clude General Banking, Savings, Foreign Ez- change, Trust, Safe Deposit, Traveler’s Checks, etc. We recommend the purchase of Missouri State Life Insurance Co. CAPITAL STOCK at the Market STEIN BROS. & BOYCE Established 1853 Woodward Building Washington, D. C. Main Office: Baltimore, Md. Members NEW YORK, Baltimore and Louisville . Stock Exchanges Associate Members New York Curb Exchange See for Yourself FT'HE loan plan we offer to finance your home will appeal to you when you study its advantages. Applications considered on prop- erty in the District of Columbia and nearby Marvland and Virginia. Consult WEAVEB_B_BO REALTORS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company We invite applications for First Mortgage Loans on residences and busi- ness properties in the District of Columbia mlaurlu. . Lowtr costs, Long Term (if desired), Valuable Prepayment Privileges . . o . Three- yel! lonu on newer 3% properties without amortization H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 Loan & orsespondent for “The Prudeatial®