Evening Star Newspaper, October 6, 1930, Page 12

FINANCTATL THE EVENING STAR, WASHINGTON, REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD on high - elass leations _invited ..3? ments dwellin on well loca for 3. b or 10 vears. if 1520 K St. N.W. s, and n- ess properties. desired. National 0475 LET US MAKE YOUR LOAN! ‘We make First Mortgage loans improved Washington real estate at & most nominal rate! INVEST IN FIRST MORTGAGES An investment that protects both principal and interest. Capital Resources, $3,800,000 24 JACKSON PLA |Wall Street Surfeited With' | lowing is | corporation | Standard Statistics Co., Inc., New York, | for the Associated Press: |EARSH CAVPAGH * ANGERS TRADERS | o Rumors of Failures and “Distress” Talk. | | | BY CHARLES W. STORM. | Special Dispatch to The Star. | NEW YORK, October 6.—Renewed | liquidation and additional professional short, selling in small volume broke the general stock market toward the close | of the market Saturday. The quickness with which prices faded away was a | source of much discouragement to the | bull contingent which had been hoping | that the recovery would continue fur- | | ther. Important professional traders, | | however, continue to maintain a policy |of walting for definite signs of the trend before making new commitments, | The nam:s of one big plunger and of | | one larger trader, who goes long as well | as short on stocks. according to his | analyses of the merits or demerits of | | specific issues. were mentioned as put- | | ting out additional short lines of stock | Saturday. Both these men have had noteworthy success on the short side | the last three weeks. | UP TO On Our Liberal 20-Monthly-Repayment Plan No Endorsers Required A Strictly Dignified and Cenfidential Service Maryland Personal Bankers 8405 Georgia Ave., Silver Spring, Md. Phones: Shepherd 2854-2853 Under Supervision Stete Banking Dept Indignation Against Bears. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 6.—The fol- A summary of important news prepared by the Weekly News Review. Prices of numerous common stock issues dropped below their panic low levels of 1929 during the past week, On | Tuesday quotations touched their lowest levels of the year,but recovered abruptly | on Wednesday and moved irregularly | lower over the remainder of the week. | loadin: Our comprehensive price index of 404 common stocks stands at 136.5, based on Wednesday's closing levels, com- pared with 140.3 on November 14, 1929, the low point of that year. The price averages of the rail and industrial groups have fallen below their 1929 lows, but the utility index is still wbout 12 per cent above the record low of that year., Except for some strengthen- ing of price in the grain markets, the down-trend of commodity prices con- tinued. Copper was cut to 10 cents’ a pound. the lowest price ~since 1896. Rubber, ~cotton, sugar and silk ali touched record low levels, but later regained some of their losses. The Bradstreet and Dun commodity price | indexes each showed a decline of 1.25 | per cent during September, Dun’s index | | for steel products has recently shown some strain from the attempts at stab- ilization. Prices of bars, shapes and plates are still regarded firm at posted figures, but with new projects for struc- | | tural diminishing, structural _shapes | will soon be under the influence of | seasonal decline in building operations. | Efforts to raise level of auto body sheets J‘fl'om $3.50 to $3.60 have been unsuc- | cessful. Prices of tin plate for first | half 1931 contracts were reduced last | week. | Railroad freight car loadings for the | third week in September declined 18.4 | | per cent from the 1929 priod for the |larg:st relative decline recorded in any week this year. Total for the week of 952,512 cars was smaller than in any like period since 1921 The. extent of the increase is largely due to reccssion in coal and grain and grain products, | compared with the previous week. Both | items registered a decline whereas sea- | i sonally grain shipments should have | equaled the preceding period and coal | s should have increased substan- | tially. Total car loadings for tho 38 | weeks which have been reported are | | below* any corresponding period- since | 1922, The Companies. | Alleghany Gas sales natural gas, | elght monihs to August 31, up 30 per | cent over 1929 period. | _ Archer-Daniels Midland September sales largest ot year. | " American Rolling Mill Middletown works operating at capacity: September business gained 25 per cent over August. | " Ford Motor September sales of cars |and trucks totaled over 90.000 units procuction varied from 3.800 to 5.500 daily on threc-day-week basis; em- ployes at River Rouge plant numbered | 80,000. August registrations new Ford passenger cars totaled 77,476, or 38 per | It is daily becoming more apparcnt | has fallen 171 per cent-since a year |‘cent of all registrations, against 109,372, | that a wave of indignation is growing | 20, while Bradstreet's indicate average | |in Wall street against short selling and bearish propaganda. Professional bmrs‘ | are becoming more disliked dally, and |in some instances they have been | | known to be booed when coming into & | crowd offering stocks for sale. | Heads of corporations, the dividends | | of whose stocks havé been the subject | of much unfavorable talk'as {o thelr’| safety, are also becoming. yery .rauch | | incensed and are calling people to task | who circulate such reports. - It- i also | known that the Stock Exchange au- thoities are carefully scrutinizing me: sages sent out over wires by their mem- bers relative to rumors concerning stocks and reasons for thelr weakn he | writer also knows of instances where certain operators, whose names have been mentioned as bears, are gunning for those circulating their' names as short sellers. Employes of brokerage houses have been cautioned against making unau- thentic bearish statements on stocks and | in at least one instance an employe of a certain house has been reprimanded. The wisdom of stopping short selling BANKS ARE BUYING* BONDS 550 banks have increased their purchases of utility and industrial bonds by $3567.000,- 000 this vear over last year. Is there a more forceful, more authentic way to say “Now is the time to buy good bonds”? Associated Gas and Electric Company 3% Gold Deben- ture Bonds, due 1968, are be- low aserage in price—above average- in securit Interest earned 2.01 times overall after depreciation. We believe this sound se- curity will not long be avail- ahle at current prices....to vield 5%4%. A market. on New York Curb Exchange. Please send me Circular J-417 General Utility Securities Ineorporated .61 Broadway, New York World wide Declining foreign trade Unemployment Falling commodity prices Falling stock prices Tariff opposition ‘abroad High inventories High money rates ERIODS of business recession in this country invariably show . striking likenesses. During. 1921 the country was discouraged, as it is now. It was thought that business would never reach its formier level —a prevalent opinion today. And yet consider what has happened - since 1921! Decade after decade the results of our economic progress far outrun the predictions. To investors with funds the present is the | is the subject of much discussion in. | the Street and rumors have been cur- | rent that efforts might be undertaken | to_pass legislation to stop it. | Indignation against barish propagan- Jd- s reached such a point in Wall Street that it would not be surprising | | but what some culprit is publiely repri- | | manded. Woolworth Being Bought. | Interests identified with the Wool- | worth company are declared to have | been largely responsible for the buying which has been appearing in that issue the last week and resulted n the sharp | advance in the price of the stock. Pur- chases are based on knowledge of the | | favorable showing of earnings being | made by the company owing to the re- | | duced cost of merchandise and reduced operating expenses. | Much talk is. being heard in Wall | Street with regard to the abolition of | prohibition. As Wall Street always | | endeavors to onvert advance informa- | tion into money a certain group of operators have been canvassing the | market for brewery company stocks in | anticipation of & big advance in those | shares as soon as more definite signs of the abolition of prohibition become i evident. Rumors were current in the | street late last week that President | Hoover would about two weeks before | election come out openly against prohibition. Professional bear traders have bee | watching _those stocks which aré | sponsored by some of the houses which are supposed to be in financial dif- | | ficulties with a view to attacking them. (Copyright. 1930, by the North American i Newspaper Alliance.) ! & i3 | Low fares are causing many taxi driv- in Poland to quit business, 19 World wide Declining for Unemploym depression Tariff opposi Low money ~ most favorable period since 1921. Trying to select the one stock or the one industry as the probable market leader is responsible for losses of large amounts every year. Only in recent years has it been possible to buy into a group of the lead- ing stocks conveniently and through the investment of a moderate sum. The insurance company principle of spreading the risk can be achieved most effectively by a group holding. A cross section investment in 28 of our leading companies, more strongly entrenched than ever to meet present problems and ready for the next upswing in business, can be made today at depression prices through— CORPORATE TRUST SHARES GrAHAM, PARsoNSs & Co. 1422 w. PHILADELPHIA -+ TR Price at Market, about 7% per shar Descriptive Circular on Request ALNUT STREET 48 WALL \ Telephone: District 9310 NEW YORK 300 SOUTHERN BUILDING—WASHINGTON wholesale prices have dropped 19 per cent. Mcney Rates Ease. Money rates receded further during the week. The official renewals call money rate was reduced to 1% per cent for the first time since July, 1915, but | fater advanced to' 2 per cent. Time money dropped !; per cent to 115 per cent for 30-day loans, while all m turities up to 120 cays declined ' p cent. October 1 were reduced to the lowest level since July, 1927. Decline for the perfod was $159.000.000 to aggregate §3.063,000,000. brokers' 'borrowings reflects further heavy liquidation ‘by margin traders. Daily average volume of Federal Re- serve Bank credit outstanding for the | week increased $13,000.000 over the pre- ceding week to $1.012.000,000, but was recuction of - $431,000,000 compared with 1929 period. The reserve ratio for the 12 banks declined to 81.6 per cent ainst 82 per cent in previous week and 72.7 per cent a year ago. Steel Operations. The week’s reports from trade and industry on the whole indicated that up to this time there has been a smaller than normal seasonal expansion operation in most lines. The Iron Age_estimates current activity in the steel industry at 61 per cent of theoreti- | cal capacity, unchanged from the pre- ceding week. Down, Jones & Co., and other estimaters report a slight contrac- tion in activity. It is now felt that while most steel companies will show some further expansion of activity this Fall the time is now passed for ex- pectation of any more than slight strength before the seasonal tendencies toward year-end dullness shortly be- come operative. The price structure First Mortgage Loans Lowest Rates of interest and Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt plies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. 30 depression reign trade ent Falling commodity prices Falling stock prices ition abroad Low inventories rates STREET Brokers' loans in the week ended : This sharp reduction in | in | or 43 per cent of total in 136,976, 6r 363 per cent 1929 Great Northern Railway and North- ern Pacific to withdraw applications before Interstate Commerce Commission for permission to build 250-mile exten- sion across Montana: action to be taken because of poor earnings. International Agriculiural president states preferred dividenc: requirements were more than twice covered in fiscal year ended June 30, against about onc- and-one-half times in 1929 International Nickel of Canada has laid off over 350 men at Port Colborne plant because of depression. Kolster Radio order for delivery 15.- (000 radio sets by subsidiary, Brandes | Products, approved by court. ! | McCrory Stores September sales off 8.4 per cent: nine months 1.8 per cent below year ago. Standard Brands opens five new cof- fee plants with aggregate monthly ca- pacity 3,500,000 pounds. i Transamerica Corporation allies with | Theodore Gary & Co. and British in- terests in_formation of General Tele- ‘Money to Loan 114 y first Prevailing Interest and commi; Joseph 1. Weller «%n & July and | in August, See SIX D..7C, | phone & Electric, which will extend | and develop business of Associated Tele- | phone & dlelegraph outside United | States. Worthington Pump & Machinery ac- | | quires Gilman Manufacturing of East Boston, Mass, maker rock drilling | equipment. Amerada Corporation sold 50 per cent interest in King lease of 160 acres in | Rettleman Hills field to Union Oil for | $8.000,000. | “American Smelting & Refining earned | $2.74 common share in first half against | $5.03 1n 1929 period Bickford's, Inc.. September sales up 4.6 per cent; 9 months, 10.1 per cent | above year ago. Electric Bond & Share book value, based on market value assets on June 30, cqual $68 common share, against $81_on December 31, 1929. General Electric cuts price 25-watt Gothic_and_modernistic lamps to 40 cents_from 50 cents, General Fireproofing operations cur- rently averaging 75 per cent capacity. | W. T. Grant Co. September sales up 10.6" per cent; nine months 10.3 per cent above year ago. McCrory Stores September sales off 84 per cent: nine months 1.8 per cent below year ago. McLellan Stores September sales up 7 per cont: nine months 6 per cent above year ago. Natfonal Electric Power August ap- pliance sales up 18.8 per cent; eight months 139 per cent above year ago. Prairie Plpe Line September crude oll deliveries 34.8 per cent below year ago Sharon Steel Hoop “cut salaries and wages 10 per cent Westinghouse Electric & Manufac- turing reduces prices 25-watt Gothic MONDAY, OCTOBER 6, 1930 and modernistic lamps to 40 cents from 50_cents. Truscon Steel current operations averaging 75 per cent capacity. Universal Pictures booking _agree- | ment made with Warner Bros. Pictures | involves about $3,500,000. ‘Waldorf System September sales: off | 3 per cent; nine months slightly above | year ago. ] | " A. M. Castle Co. omits 25 cents extra | dividend due at * this time; regular | quarterly dividend declared. BOURSE PRESIDENT DIES BERLIN, October 6 (#).—The presi- dent of the Berlin Bourse, Richard "PnhL died yesterday after a long illness |He was 38 -years old and a widely known banker. MONEY MARKET. NEW YORK, October 6 (#).—Mone: rates remained unchanged today. Call money renewed at 2 per cent. The time money market was dull and unehanged. Commercial paper was 1n- changed and bankers' acceptances werc active. with the supply of bills being offered slightly in excess of demand Asking rates were unchanged. McLELLAN STOR:ES Co. The McLellan Stores Co. report Sep- | tember sales this year of $2,036,966, as | compared with $1,909,754 in Septembe: of last year, an increase of $17,212, or | 6.7 per cent. Sales for the nine months ended September 30 this year were $15 - 767,726, against $14.839,767 for the cor- | responding period last year, an increase | of $927,959, or 6.3 per cent. Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets 5,723.083.61 s Subscription for Save for Progperity! Regular avings, no matter how small will grow inte a nest egg for the future, WALTER S. PRATT, Jr, Surplus & Profils. . the 99th Issue of Stock Being Received 50th YEAR COMPLETED Secretary .. .$1,955911.57 Let show us you we ad- to how vise vou save! 915 F St. N.W. ‘FINANCIXE. | |SEASONAL DECLINES IN BANK DEPOSITS| Twelve mutual savings banks in | Baltimore reported to the Federal Re- serve Bank of Richmond a slight sea- sonal decline in deposits durinig Au- gust. At the close of business August 31, 1930, these 12 institutions had de- posits aggregating $195,664,767, com- pared with $195,806,687 on July 31, 1930, a drop of $141,920 during the month. However, the August 31 figure WAS $6.949.437 above deposits aggregat- ing $188.715.330 reported by the same banks on August 31, 1929. Fifty-six regularly reporting member banks had time deposits aggregating $256.462,000 on September 10. 1930, a figure higher than $253,002.000 ' reported on August 13. 1930, and $239.729,000 reported on Scptember 11, 1929, - Mackubin, Goodrich & Co. Established 1800 BiA'N-KE'R'S Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange 1508 H STREET WASHINGTON, D. C. REDWOOD & SOUTH STS BALTIMORE. MD. National Metropolitan Bank 1814——Oldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury It’s No Small Asset —to the business man to be able to draw checks on this historic bank. The tan has been Metropoli- serv- ing the substantial people of Washing- ton ever since 1814. 3% on Savings REDUCED - DODGE SEDAN DODGE EIGHT NOW SEDAN MODEL BUSINESS COUPE. ROADSTER COUPE. (with rumble SEDAN (four-door) PHAETON. CONVERTIBLE . #735 755 755 . 765 775 835 seat) COUPE Vv $ w 835 855 855 865 875 935 NEW PRICE $ 995 *1095 1025 1125 1045 1145 1045 1145 CONVERTIBLE coure 10985 1195 DODGE PRICES 765 1045 NEW LOW PRICES —DODGE SIX NEW PRICE OLD PRICE NEW LOW PRICES -~ DODGE EIGHT MODEL ROADSTER COUPE (with rumble seat) . SEDAN (four-door) PHAETON. OLD PRICE All Prices F. O. B. Factory 'The Finest Examples of Dodge Dependability at the Lowest Prices In All Dodge Brothers History THE TREW MOTOR CO. 1509-11 Fourteenth St. N.W. Gardner-Stuart Motors, Inc Leonardtown Motor Sales Department Established 1914 Maintenance Department PHONES—Decatur 1910 to 1913 Sales Rooms Open 620 H St. N.E. Frye Motor Co. Leesburg, Va. Hardware Co, Leonardt: A E. S. Hooker Warrenton, Va. Daily Until 10 P.M. Padgett Motor & Tractor Co, Parkland, Md. Lusby Motor Co. Prince Frederick, Md. Sundays Until 5§ P.M. Kaplan & Crawford, Inc 2329 Champlain St. N.W. Mitchell Motor Co. La Plata, Md. Schooley Motor Co. Alexandria, Va. b 942 1317-19 W Street N.W.