Evening Star Newspaper, September 30, 1930, Page 13

FINANCIAL., DECREASE IN BANK CLEARINGS SHOWN September Total for Capital Reveals Drop of $17,118,007 ¥ . From 1929 Figures. i i i % BY EDWARD C. STONE. - “Barfle clearings in the National Capi- tal in uyum‘;er totaled $97,868,931, showing a decline of $17,118,007.61 when compared with the September clearings lr ago, which amounted to $114,- ,938.61, according to the monthly avallable this noon from the Wash- % Clearing House Assoclation. figures will cause little surprise among bankers and business men, as they have been under the 1929 cl ings totals every month this Furthermore, the figures indicate fillt business in Washington this month was better than it was in August, the total number of checks passing through the Jocal clurlnl house being $1,489, 4” 18 larger tl in the previous month, :‘hfin clearings amounted ‘to $96,379,~ According to the figures kept by les E. Bright, manager of the Washington Clearing House Associ: fiml. clnrlnn for the first nine months resent year have reached a ml of 8919?13 22093 in comparison with $1,107,086,077.30 in the corre- sponding period in 1929, a difference of $127,166,856.37. Clearings in September in 1928 totaled .11!.117.9l2.52. in 1927 they amounted to $104,579,350.73, while back in 1926 canceled checks passing through the local clearing house totaled $105,608,- 791.27. Clearings Compared. As bank clearings are considered one of the bést business barometers obtain- able, the following comparisons are for each month 'o: mth& present year to date, compared e corre- sponding month in 1929: 1029, $129.438.291 09. gk 1353008 189 Practically every other large city in the country has shown a sharp drop in bank clearings during the present year. ‘The decline in Washington has. not been nearly as severe as it has been in many other places. Bank epoaits totlowing the cul asuca [ollow] o ue by Controller Pole yesterday asking for ‘lm_ condition statement as of Septem- 'rhe ‘gain reported by the banks as a 'hou will be well over $3,500,000, which considered excellent under ousiness eonmuom here d elsewhere. The gain is substantial and reveals ‘an im- poru{:‘z upward trend in local banking ‘The ul‘ as of September 24 came as & complete surprise. The blanks were re- ceived from the Treasury only yester- day morning and it almost never hap- pens that the call comes on the same dny with the arrival of the blanks. The anticipated date had been the very last of September or early in October, ‘The Star will publish the complete official figures covering every bank in ‘Washington as soon as the statement can be compiled. The early nfl'u s and trust companies. e el s, 10, show 3 , of over over the ch 27, 1930, so that the local hanks have made an excellent showing during There is almost tions check up on become more zpmny’ and cautious. ‘which o::) mbo"- Jbanks were $57,000, above vious week's - total, increased ,000 in the New York district, m.mm 00 in the San Prancisco dis- trict and $7,000,000 in the Chicago dis- trict and declined $8,000,000 in the St. Louis district. “All other” loans declined $17.000,000 the New York district, $7,000,000 in 3& Philadelphia district, $6,000,000 in the Cleveland district and $24,000,000 at reporting banks, and increased ”000,000 in the Dallas district. September trading on the Washing-~ Stock Exchange today wound up all at 98. Two bank stocks came out. 10 shares of Liberty National selling &t 200 and 10 Washington Loan & Trust at_475. Potomac Electric Power 6 per cent ferred changed hands at 111 and per cent issue moved at 108 mnf-Amenan Co. common sold at 30, and Mergenthaler Linotype changed hands at 95. ‘Washington Gas Light stock came to the front during the session. It opened &t 121, dropped to 120% and closed 322. The largest sale was a 40-share block and the day’s turnover was 90 8. Bonds were neglected. Nearly every Pank stock in the city i now being quoted ex-dividend on the board. Heard in Financial District. President Victor B. Deyber is receiv- 4ng hearty congratulations on his re- turn to the financial district after suf- faripg for .nore than a month with some kind of an infection in his left e. He is now able to work part of e time each day. i J. William Harrington of W. B. Hibbs & Co. is recovering from an illness which has kept him at his home for the past 10 days. Mr, Harrington is one of the city's hest known brokers, and before joiring the Hibbs staff was manager of the broker office of John L. Edwards & Co. ‘Thomas J. Groom, vice president and cashier of the Bank of Commerce & Bavings, is reported to be gaining slowly at the Georgetown Hospital following the automobile accident in which he figured about a month ago. H. L. Oftutt, jr. cashier of the Dis- trict National Bank, has returned to his desk after a week's vacation passed in the Valley of Virginia. Seaboard Air Line August net o] ating income, $261,004, against l'l!’.!l’ in August, 1929; for elght months, $4,119,206, against $7,682,452, Lowvflh & Nashville st net op- ting income, $1,002,036, against “,Ml 915 in August, 1929; ' tor eight months, $7,572,783, :nlnn ‘11 352,458. DEPARTMENT STORE SALES, By the Associated Press. ‘The Federal Reserve Board an- nounces department store . sales for A\lfi;‘t were 12 per cent smaller than in the corresponding month a year ago. | The statem°nt was bascd on reports from 634 stores in 264 cities In August this year tn-re were 26 trading days as comparea with 27 days . in August last yenr. and the daily aver- age sales were 8 per cent smaller tmnl ago. sales from Jan THE EVENING STAR, WASHINCTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hu excepting those designated by the letter (IOl) (Im [} which shows those stocks to be sold in odd lots onl; For ~Prev.1930— fieh. Low 4214 18 Advance Rumley pf. Ahumada Lead. Air Reduction ( Alr Way El Ap ux) Ajax Rubber. a. Alaska Juneau. Allegheny Corp.... Alleg Cp ww $30 53 . Allfed Ch & Dy (n8). Allied Ch & D pf (7). Allis Chaimers (3). Alpha Port Cmt (2) Amerada Corp (2). Am Agricul Chem Am Agricul Ch pf. Am Bank Note (13) Am Bosch Magnato Am Br Shoe (2,40). . Am Br Sh & F pf (7) 100s Am Brown Bov Elec. 10 Am Can (4). . [ Am Can pt.(7); Am Car & Fdy (8)... Am Chain (3) Am Chain pf (T). Am Chicle (3) . Am Com Aleohol. Am Encaustie (1) Am European Secur. Am & For Power., ... 308 Am & For Pw pt (6).5@0s Am&ForPwpf (7). 2 Am & For Pow 2d pf.. 4 Am Hawailan (a10). & Am Hide & Leather 1 Am Home Pr (4.20) 8 Am Ice (14).. Byl Am Internat) (2). 58 Am La Fr & Foamite 3 Am Locomotive (4). 10 Am Locomot pt (7).. é 3! Am Pow & Lt pf (8).. AmP & L pf A st (5) 2% Am R &St San(1%). 12! ‘Am Republics. .. Am Eh]pbnllmnl ®) IOOI Am Sm & Re 4 Am Snuf? (1. ugar Am Sugar Ref pr(l). Am Sumatra Tob. ., Am Tel & Tel (9). Am Tobacco. . ‘Am Tobaeco (B). Am Water Wks (nl). Am Woole Am Woolen pt Am Zine Lead & Sm. Am Zinc pt (6) , . Anaconda Cop (2%). Anaconda W & C (1), Anchor Cap (2.40) Andes Copper (1)... Archer-Dan-M (2). Armour of Del pt (1) Armour of JIl (A)... Armour of 1l (B).., Armour of 111 pf (7). Arnold Constable. .. Artloom Corporation Asso Appl Ind (4).. Asso Dry G (2% Asso D G 1st pf (6 Atch To & 8 Fe (10), Atch To & 8 F pt (5). At] Coast Line(110). At Gulf & W Ind (2). At Gulf & W Ipt (5). At Refining (12) A8 Auburn Auto ( Austin Nichol Austin Nich pr A (3) 1% Autosales Autosales pf. Auto Strap Sat R(3). Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pt (7). Balio & Ohie (7). Bal (2) Bayuk Clg 18t pf (7). Beatrice Cream (4 Beech-Nut Pkg (3).. Bendix Aviation (2). Best & Co (2 ) Bethlehem St pf (7). Blaw-Knox (13%). Bloomingdale Bros. . 20 Bloomingdale pt (1).100; Blu’thal & Co pf (7). 180s , Bohn Alumtnrr'lu) 10 1 Briggs Mfg Co. .. Brockway Mot Trk. . Mot pt ('l) WI Bklyn-Man Tr (4) Bklyn Union Gas (5) Briggs & Strat (2) Shoe (3 Bueyrus (1).. % Bueyrus pt (1). Bucyrus ev pf (3% Budd (EG) (1), Budd Wheel (1) Bullard Co Bulova Wa Burns Bros (B) Burr Add $fach Bush Terminal (23 Bush T Bldg pt (1) Term deb (7). Butte Cop & Z (80¢c) Butte Superiof Butterick Co Byers (A M). Byers (A M) pi Calif Packing (4)... Callahan Zine & La Calumet & Arizon: Calumet & Hecl Campbell Wyan Canada Dry G A (5) 226% Mm- Canadian Pacif (10) Can Pacific new Cannon Mills (1. Capital Admin (A) Capltal Adm A pt Car Clis 4.0 ata (5) Ches & Ohilo (3%). Chesapeake Corp (3 Chic & Alton . Chie & Alton pf. Chie Great Western. Chic Great West pf. . Chie Mil 8t P & Pae. Chie Mil St P& P pf. Chicago & N W (5. Chie Pneu Tool. Chic R 1 & Pac (7). Chi R 1& Pac pt (1), Chi YellowCab (3)... Chickasha Cotton Of1 Childs Co (2.40). Chrysler Corp (3) City Ice & ¥ (k3.6 City Btores (50¢). .. Clark Equipment u) 60 Cluett Peabody (3).. 191% Coca-Cola (8) 4 Coca-Cola A (3)... Colgate-Pal-P (2%). Colx-Palm-P pf (§) Collins & Alkman Colonial Beacon. .. Col Fuel & Iron (2) 6% Dome Mines (1) Stock and Dividend Rate. Comm Credit (2).... Comm Credit A (3) Comm Cred 1st (63) 1308 Comm C 1st xw (6%)1208 Com In Tr (g1.60)... 20 Comm Inv Tr war... 2 Comm Bolvents (31). 135 Comwlith & So (60¢). 325 Comwlith & Sopf (§) 4 Conde ast Pub (2).. 1 Consol Cigars (5) . Consol Cig prpt 6%. uo. Consol Film (2)..... Cons Gas N Y pf (5). Cons RR Cub pf (6). Congol Textile Container A (1.20)., Contl Baking A. Corn Pr Re: ('fl‘). . Corn Prod pf (1) Coty Ine. . Cudahy Packing Curtis Publish pt (7) ‘Wright Corp. Delaware & Hud (9). Del Lack & Wn (17). Denver & RG W pf.. Detrott Edison (8).. Devoe & R A (1.20).. Devoe & R 18t pf (7). Diamond Match (8). Dom Stores (31.20). o Buousennane Duplan Silk Du Pont - % et East Roll M1ll (h13). Bastman Kodak ('l) Baton Axle & Elec Auto Lite (l) Electric Boat. El Pow & Lt (1) El Pow & Lt pf (6).. Pow & Lt pf (7)., El Storage Bat.(5) Elk Horn Coal of.... Emerson Brant (A).. Endicott-John pt (7) Equit Office Bidg (3) ErleRR. o rie RR 18t pf (4) rie RR 2d pf (4). Eureka Vac Cleaner., Evans Auto Loading. Fairbanks Morse (3) Fairbanks M pf (7)., Fashlon Park Asso. . Fed Lt & Tr ($1%).. Fed Motor Tr (80c). Federal Screw 3) Fed Wat B A (€2.40) Federated Dept Strs. F1d Ph Fire In (2.60) Filene's pf (6%).... Firestons T & R (1). Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubl Fisk Rubb: Fisk Rub 1st pf cv... 808 Follansbee Bros (2). 1 Foster Wheeler (2).. 20 Foster Wheel pf (7). 20s Foundation Co o ! Fourth Natl Invest.. Fox Film (A) (4). Frank Simon pf (7). Freeport Tex (15)... Fuller 2d pt (17.40).. Gabriel Snub (A) n.. Gamewell Co (5).4va Gardner Motor . Gen Am Investo: . Gen Am Inv pt (8).., Gen Am T’k Car (34) Gen Asphalt (4)..... Gen Baking pf (8)... Gen Bronze (1), ..., Gen Cabl . Gen Cable A. . Gen Cable pf (T).... Gen Cigar (4). Gen Electrie ( . Gen Elec spec (80c). Gen Food Corp (3), . Gen Gas&El A (e30c) Gen G & El cv pf (6). GenG&EIpL A (1).. B4 ( f (! . (13.30)., Gen Motors pf (5)... Gen Outdoor AdY.... Gen Out Adv (A) (4) Gen Pub Serv (b6),. Gen Ry Signal (6)... Gen Ry Signal pf (6) Gen Realty & Utll. Gen R & Ut pf (e6).. Gen Refract (t4%).. Gen Theatre Equip. . Gillette Saf Raz (nb) Gimbel Bros... .... Gimbel Bros pf (7). Glidden Co (1.20)... Glidden pr pt (7). Goodrich BF pf (1), Goodyear Tire (5)... Goodyear 18t pf (7). . Gotham 8ilk Hoslery Granby Consol (2 Grand Stiver § (m1). Grand Unfon. Guantanamo Sug pf. Guif Mobile & North. Guif Mob & N pf (), 2 Guif States Steel.... 2 Hackensack W (1%) 60s Hahn Dept Stores... 14 Hahn Dept S pf (6%4) 8 Hanna pf (new) (7), 5108 Har Wk Ref (1214).. Hartman (A) (2). Hartman Corp (B).. Hayes Body......... FHelme (Geo H) (17). Hercules Mot (1.80)., Hercules Powd (3) . Hershey Choe (5). ... Hersh Cho pf (16).. 19191419 =t 1 0 19 T O Household Fin pt (0) 2% Ho n Of] (b10% ) Howe Sound (t4%). Hud&Man Ry (3.50) Hudson Motors (3).. Hupp Motor Car (2). [llinols Central (7).. Independ O & G (2 Indian Motor Cycl: % Indian Refining. . Ingersoll Rand (16). Inland Steel (4)..... iration Copper. . Instrance Sh (45¢) I s (Md) (80c. 20% Interboro Rap Trai Intercont Rubber. Interlake Iron (1) Int Agricultural. ., Int Agricul pf (7) int] Combustion. Int Comb Eng pf Int! Harvester ( Int Harvester pf 41). intl Hydro El A (e2) Intl Mateh pf (4). .. Int) Mer Marine (2). intl Nick of Can (1), 438 Intl Paper pf (7) ..1508 Intl Pap & P (A) 2.40 10 Intl Pap & Pow (B).. & 5% Intl Pap & Pow (C).. 30 6% D. €, STOCK PRICES DRO T0 LOWER LEVELS Market Again Wilts Under Forced Liquidation—Rally Is Feeble. BY GEORGE T. HUGHES. Special Dispatch to Th NEW YORK, September 30.—Stocks poured into the market in huge blocks during the first 1f hour of trading today, representing forced and voluntary liquidation and carrying prices dcwn to new lows all along the line. In the first half hour sales were 771,700 shares. During this outburst, U. 8. Steel was forced below 186 to within less than 6 points of the November minimum. Then, uuwnnlhourduvwltkne the market began {u and Steel sold up to 157. nflore that happéned, however, Standard Ofl of New Jersey had made & new year’s low and almost every other active ofl stock had done the same. A cut in the price of copper to 10 cents & pound was finally reflected in new lows for Anaconda and Kennecott. American Can was the one industrial which made a show of resistance. Call money renewed at 2 per cent. The trend was still Ido'n‘w-reh at the opening. Many new lows for the year were reached and yet the losses meas- ured by number of points were not United States Steel started in at 156% unchanged, while General Motors was down fractionally at 38%,. General Electric was off about as much at 611, but Westinghouse Electric selling ex- dividend $1.25 gained slightly at 128. American Can stood out as one im- portant stock able to hold its position, due to the expectation of favorable dividend action at wdly s meeting. On the other hand, 5. Steel after the t transaction’ -Iumped to 156, & new lmv on the movement and only 6 points above the low of last November. dismal August railway earnings Brosire cn- e reiroed .‘.“é.’."“’"“' oasomed Gty r Ptnmylnnh. & road which hu pdd . 9% | dividend at one rate or another without interruption for almost three-quarters of a century, nld at l new lov Other lows in this group were made Balti- more&ohlo byReMln byl{oc 'k - land, by Northern Pacific, by Illinois c:mnx and by Chicago & Northwest- 'flw copper stocks were offered in large volume and they, too, receded to gguuom not before equaled this year. haps the ofl stocks acted worse than any other one group. Not only Stand- ard Oil of New Jersey sold at a new low, but nearly every active issue in this part of the list. “Again it was not the number of points that were lost— in some cases it was only fractions—but the continuity of the decline that af- fected sentiment. ‘There were plenty of stocks that made a reasonably fair showing, all things ‘considered. ~ Most of the" tlme American Can held well, anticij some favorable development at tl dl- rectors’ meeting scheduled for this aft- ernoon. American Teleyhme also gave !mund reluctantly, as did United States S POTATO MARKET. CHICAGO, September 30 (#) (United States Demrunenv. of Agriculture) — Potatoes—Receipts, llo cars; on trw 441; total U. S, sacked Irish cobblers, 1. Red River Ohilos, 1. sacked Bliss u'lumphs. est mostl 2.10; Idaho sacked russets, 2. H Colorado sacked brown beauties and McClures, 2.00a2.10. UILDING a substantial in- vestment account involves two very important operations: selecting good securities watching them. And the second step is equally as itnportant as the first. You might as wel pect your business to * itself*’ as your investmen; to prosper unlgss it is kept under closest supervision. Every investor owes it to himself to keep posted on minute developments in these- curity market. He needs to be familiar with the latest reports on every security he owns on new and better opportuni. ties to employ his capital. LR 30, 1930. TRADE GAIN IS SEEN IN FINAL QUARTER Recovery in Business Expected to Be Slow, However—Out- look Varied. By the Associated Press. September 30.—Business told by the last three manm of um will mko better reading. Views of the outlook are varled, but all quarters emphasize that the “re- covery” is taking and will take consid- erably more time than was mentioned in the rosy forecasts strewn over the financial landscape six months l'g‘fl. It is rather generally t the Autumn improvement will fall short of normal seasonal proportions; neverthe- llu sentiment seeml to have been bol- {he 80 far noted, al- excmivz optimism which in the false starts of the t has been well tempered. all Street notes an incressing wil- '.hm face the facts and make the em. U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business September 27 was $331,045,404.31. Cus- toms receipts for the month to date ‘were $33,484,802.65. Total ordinary ex- penditures, $10,317,156.91. Money to Loan Seeured by first deed of t Prevailing_ interest l:lmn"'zlln. Saul -Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspece tion invited. B. F. SAUL CoO. Nat. 2100 925 15th St. N. FIRST TRUST LOANS Ruuncbla Rates ourteous Treatment THOS. l". 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