Evening Star Newspaper, October 6, 1930, Page 15

FINANCIAL. CURB STOCKS DROP T0 RECORD LEVELS Industrials, Oils and Invest- ment Trusts Are Lead- ers in Decline. BY JOHN A. CRONE. Special Dispatch to The Star. ‘NEW YORK, Octgher 6.—Ignoring favorable corporate developments, curb market stocks moved toward lower lev- els_today. Public _utilities, largely because of merger rumors and favorable earnings, ! stubbornly resisted selling, but indus trials, oils and investment trusts had little difficulty breaking below pruious low levels. Electric Bond & Shares broke more 2 points and was followed by « American & Foreign Power. American Buperpower was down nearly a point. Cities Service was fractionally lower, but relatively inactive. The manner in which stocks ignored favorable company developments was noticeable. Swift International paid an extra dividend of $1, yet the stock at one time was down a point. The offer- ing of rights by Midland Counties Electric Supply Co., Ltd., on the basis of one new share for every five shares now held, failed to stir that stock into activity. Southern Natural Gas Corporation, n like manner, passed over the favor- able published analysis of the industry and the company. J. I. Newberry sold off a point immeciately after the com- pany announced September sales of $2,386,329, against $2,203,895 in the same month last year. Intimations that Segal Lock & Hardware earnings are improving in some of its new lines were not accompanied by an advance in the stock, Appalachian Gas moved lower, despite the bringing in of several wells. The prevalent pessimistic pyschology of the public chooses to ignore any. favorable development, but to shy at the unfavorable. Thus the revolution Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. Stock ana dend Rate. ply A (116) apply (B). ..o Aero Underwriter: 15 Ainsworth M{g $2% . 11 Alr Investors (war). 11% Air Investors cv pf. 1 Alexander Indust. 185 Aluminum Co of A 111% 105% Alu Co of Am pf (6) 2 5 Aluminum Co Ltd 85% Am Arch Co (3) B Amer Au Cnr 3 Am Beve 6 Am Capital B 22 Am Capital A ($118). 30 Am Capital pf (3). 36% Am C P&L (A) (ad). 12% AmC P&L B (10%). 17% Am Com P A (b10%) 341 Am Com P B (10%). 12 AmCyanamid (B).. 3 Am Dept Stores. 10% Am Equities. . 301 Am For Pow (war. 104 Am Gas& El ($1). 7% Am Invest Inc (B),. 527 Am Lt & Trao (214). 29 Am Maize Prod-(2).. 1% A Maricabo. ~Prev. 1930.— Sales— 10 T6% 157 1615 89 04% Am mu»u wr 15t(6) Am U & G B vic 40c.. Anglo Chil Nitrate. . 'k Nat Gas (A).... o0 Ilec Ind (30c). Assc GEE A (a12.40) A)dbrts 1 E 1 ctfs (8). 508 Asso G & B pf (5). Atlantic Fr & Sug... 20 Atlantic Lobos P | Auto Vot M cv pf pi.. 1% Auto Mus Inst (A).. % Aviation Cor of Am.. ,u, Axton-I" Tob A 2.20, 120 Babeox & Wil (19) 7% 2% Bahia Corp.. 50% 44% Bancom Corp (1.60). 1 1 1 2 3 1 141 458 1 in Brazil wa saccompanied by selling of Brazilian .Light & Traction, which broke 253 points in the forenoon. Baltimore Markets Boecial Dispatch to The Sta: BALTIMORE, Md., October 6.—P« tatoes, white, 100 pounds, 1.50a2.10 barrel, 2.25a3.25; sweet potatoes, barrel, 3.00a3. yams, barrel, ‘bean: hlmprr 75a1.40; beet: 24.00; cabbage, ton, 15.00a23.00; car- 100, 2.00a4.00; cele: crate, 1.00a duen. 15a45; eggplants, hamper 40a50; .lima beans, 'bushel, 1.00a1.80; lettuce, 1. 100" pounds, peppers, hamper, 25a50; peas, bulhel 3.25a3.50; spinach, bushel, 758, tomatoes, hamper, 25-5 clbbcge. bushel, 75a85; pack! pears, bushel, 50a1.75. Dairy Market. Poultry, alive— Chickens, Springers, d, 20a27; Leghorns, 18a23; old 17a25; Leghorns, 13a old 14a15; ducks, 13a20; guinea fowls, each, 50a65; pigeons, pair, 20. Eggs—Receipts 1,929 cases; nearby hennery whites, firsts, 40; firsts, 30; ; current reeeipt‘ Butter — Good to fancy creamery, nd, 36442; ladles, 28a30; rolls, 27a 8; process, 32a34; store packed, 23. Hay and Grain, ‘Wheat—No. 2 red Winter, export, 85%; No. 2 red Winter, garlicky, spot, 83%; October, 83%; November, 843, Corn—No. 2 domestic, yellow, new, 1.04a1.05. Cob corn, 5.25a5.50, Rye—Nearby, 60265, Oats—White, No. 2, new, 47; No. 3, 46. Hay—Receipts, nope, General hay market strengthening. Drought has serfously curtailed nearby crops, chang- the entire situation. " Sections here- shipping are now asking for oflen of hay. Good clover mixed and timothy new hay will bring from 24.00 10 28.00 per ton. Wheat straw, No. l per ton, 9.00a 1800 oat straw, No. 1, per ton, 9.00a | les in ousands. 1Alabama Pw 4%5s 1Alabama Pow 85 Aluminum 1id 55 - DOMESTIC BOND:! .l 52 atineau Pow 6s eorgls Power 55 eorgts | 8 mz ~A000! 8E nap neul Utilit er Pw Sec hier ‘Balt Co ™ ......-.45~.. -_m,.‘_flnSE" = SRt 2333882588 go:e‘nu T 33 S5 River-Fuel xl" 100 s Pow & Lt 8¢ 87 99 157% 146 Bell Tel of Can (8).. 20s 31 Benson & Hedges. 1 161 Bliss (E W) Co (1) 614 Blue Ridge Cp (40c). 33% Blue Ridge cv pfal., 2915 Brazil Tr & Lt (h2). 216 Bridgept Mach (25c) 15 Br Celanese rcts. ..., 2415 Buff N&EP pf (1.60), 31% Bulovacvpf (3%)... 2% Burma Corp (t31¢).. Cable & Wire A ret 15 Cable & Wire B rets. Cab & Wire pf(93c). Canada Marconl..... Carib Syndicate. 26% Carnation Co (il'/l). 5 Ceco Mfg. o 1 6 19 I8 1 3 17% Cent & SW Ut b6% 17% Cent St El (k40c).... 215 Chain Store Devel. 17% Chat Ph Alnv (50¢). 24% Citles Serv (g30c)... 323 88 Citles Serv pf (6).... % Colombia Syndicate. 8% Colon Oil......... 5% Col Oil & Gas vte 24 Columbia Pic (f134). 31 Col Pict vte (f1%) 234 Com Edison (8)... 2% Com & SOU War...... 11% Com Wat Sv (b6%).. 131% Consol Alrcraft 2 Consol 90% Cons Gas Balt (3.60)., 5% Consol Retail Stores, 3% Cons Royal Oil (50c) 28 Cooper Bessemer (2) 5% Cord Corp. .. 18 Corp Sec Ch (b6 64 Cor & Rey pf A (6) 8 Cosden Oll, 54% 3351 6% 4% Creole Petroleum 3% Cresson Consol (40¢) 114 Crocker Wheeler. & CrCork Int A(1) 80 Crown Cork pf(2.70) l25n 16 Cuneo Press (23%)... % Curtiss Wright war, 2% Dayton Alr & Eng, .. 2% De Forest Radlo. . 4% Derby Oil Refining. 21 Detroit Aircraft..... 14 Diamond Match new. 2414 Dia Match cu pf (n).. 8% Doehler Die Casting. 12% Douglas Afr (75¢). 63 Dow Chemical (2)... 31 DressS R (A) (3%). 41 Driver Harris new.. 2 Dubilier Cond & Rad. 2% Durant Motors. 3 Duval Tex Sul wi 23 EastC&F 5 9 8 16% Elec Pow Asso A (1) 28% El Pow & Lt op war.. 4% Empire Corporation. 5 Empire Fire Ins..... 22% Employ Reins (1%).. % Emp G&F cu pt (7) Fabrics Finishing. .. ORRaT R AmneentheRa e wooRART o 11'1 Fokker Aircraft. 22Y% Ford Mot Can A 1% 36 Ford MotCan B t13% 64 Ford Mot France 28¢ 10% Ford Mot Ltd 37%e.. 2% Foundation For Shs.. 215 Fox Theater Cl (A). 6 Franklin Mfz Co... 64 Gen Alloys (80c) 2 General Baking. 27 Gen Baking pf (3). “able (war). ien E Ltd ret (50¢).. n Firepr (1214). .4 aner Harv n (2).+ Glen Alden Coal (8). Globe Underwriters.. % Giolden Center., 15 Goldman 1% Gold Seal th Knithack Mch. A&PTn-v(5).. A&PTDpf(T).... lef & Br pf X (7).. juard Fire Asso (2). 98 Gulf Ol of Fa (1%).. » 2 75 9 x Add 00. Open. Hign. Low. Close. | 2 16 16 THE EVE —Prev. 1930.—~ High. Low. 3 1% % 21% o 365 15% Mapes C Mass Uil Asso.. Mavis Bottling. .. Mead Johnson (14%) Memphis Nat G Mid St Pet vtc B Mid W St Ut (1% Mid West Ut (b8%). Mid, West Ut A war.. Midld Nat Gas A 1.20 Midvale Co Miss Riv Pow Stock and Dividend Rate. Kirby Petroleum. ... Kolster-Br (Am Sh). Lane Bryant (2) Lefcourt Real t1 Leonard Oil. Lily Tullp Cu; Lion Ol Ref (2). Loew's Inc war).. Lone Star Gasn (1).. Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. ... Mangel STPL (6%4).. NING STAR, WASHINGTON, D. C, NEW YORK CURB MARKE Received by Private Wi Direct to The Star Office Sales— Add 00. Open. High. Low. Close. 1 1% 1 1% (13%) - Mrmt:k). » w0 momoumEnonanuion RanBuase mes pf (6). Mo Kan P L (b10%). Mo Kan P L vte. 216’& 12 3% Schul Moh H P 1st pf (7) Mount Prod (1.60). Nat American Co. Nat Aviation. Nat Raking Co. . Nat B & Sh cp 50 Nat Fam St b2% % Nat Fuel Gas (1) Nat Sugar N J (2). Nat Trade Journal Nauheim Phar. Nehi Corp (1.30).. Newberry (JJ) 1.10.% w Brad Ofl (50¢).. New Eng Pow (2)... 108 w Eng Pow pf (6) 1nna Newmont Min (£4) Newport Co (2)... N 'Y Auction. N Y Rio & Bu Alres.. N Y Tel pt (6%). Niag-Hud Pow (4 N . Niag-Hud Pow C w. . Niagara Sh, Md(40e) Niles-Bem-Pnd 2% , Noranda Mi (2) Nordon Mines, Ltd No Am Aviat A w: Nor & 8o Am Corp'A. Nor Cent Tex (60c) Nor Europ Oil Corp.. Nor Ind Pwr 8ve(6). 10s NorPL (t5) Nor St Pow A ( Nor St Pow pf (6). Ohlo B Tel cu pt (7). % Ohlo Copper..... Oilstocks Ltd A 50c., Orange Crush (1.50), % Overseas Secur (1)., Pac G&E 1st pf (1%) Pac Pub Sv (1.30). Pac Western Oil. Pandem Oil. Pantepec Oil. Paramount Cab Mfg. Pennroad Corp(25c). Penn Wat & Pow (3) Peop L& P A a2.40. . Plerce Gov (135). 7% Pitney B P n (20c). Plymouth Ol (2) % Premier Gold (24¢) Prince & Whit (25¢). Prince & Whit pf (3) Prudential Invest. Pub Ut Hold (50c) Public Util Hold war Pub Util Hold x.w. .. Puget S P & Lt pf(6) Pure Oil pf (6). Relter-Foster. . Reliance Manag. % Rich Ofl Cal pf (1%) Richman Bros (3)...1 Rock Lt & P (90c) . Root Ref cv pr pf. ve Reyal Type (13%)..1 St Regls Paper (1)... St Regis Pap pf (7) Salt Creek Prod (2) Schletter & Zander. Un bc-$1 St.. Seaboard Util (50¢) . Sec Corp Gen (40c).. 12 22 Select Ind pr (5%) Shattuck Den Min. Shenandoah Corp.... Shenandoah Cp (a3). Sing Mfg Ltd (23c).. Smith (A 0) (2). Sou Penn Ofl (12 % SoCal EA pf B (1% SoCal Ed pf C (1% So Col Pow (A) (2).. SW Dairy Products S W Gas Utilities. Spanish & Gen rets 4 Stand Inv pf (5%s). 150. Standard Motors. % Stand Ofl Ind (235).. Stand O11 Ky, (11.80) Stand 011, Neb(137 bs 13 A Stand Oil Ohio (2% ).100s Stand O Ohio pf (7). 120s Starrett Corp. Starrett Corp pf (3). Stein Cosmetics Stinnes (Hugo) Stutz Motor Car Sun Inv, Sunray O Swift & Co new (2) Swift Intl (13%) Technicolor Inc . Teck Hughes (60c).. Texon Oll&Land (14) Tish Realty & Con. .., Tobacco Pr Exports.. Todd Shipyard (4)... Tubize Chatel (B). Twin St NG A pt (1), Ungerlelder F Corp. 4 Union Am Invest Un N G of Can 11.6 Unlen Tobacco. . Utd Corp (war) G Utd Found b2-35 sh Utd Gas Co (new). Utd Gas (war). Utd Gas pt (7). Utd Lt & Pow A Utd Lt & Pow pf (l). ELECTRIC RAILROAD SYSTEMS GROWING Great Progress in New Method of Transnorta- tion Is Noted. By the Associated Press Progress of raflroad electrification in the United States and in foreign coun- tries during the last year indicates a very lively interest in this subject. Many installations are being made, says the National Electric Light Asso- | ciation, others are promised for the near future, while new projects are receiving much study, but have not yet been formelly decided upon. The Baltimore & Ohio line has an< | nounced its intention of electrifying the main line of the Central of New Jersey and the Reading, contingent upon the expected consolidation of these carriers into its system. The length of this line is 224 miles, all of which has two cr more tracks. Last year the Reading announced it would electrify its suburban lines in the vicin- ity of Philadelphia, intimating pr probable extension to New York, Bethlehem & Reading. The program at that time covered 50 miles of route and 110 miles of track. It has now been decided to electrify also a 10-mile spur known as the Doylestown Branch. The Pennsylvania has expanded greatly its program, which, as an- nounced last year, included the elec- trification of all services between New York City and Wilmington. Following the conclusion of plans for new and Jarger tunnels at Baltimore, the south- ern terminus of electrification was moved from Wilmington to Washington. Completion of this project will give the system 799 miles of line and 2,759 miles of track electrically.operated. Electrification of the Montclair branch of the Delaware, Lackawanna & West- ern is approaching completion. The Iilinois Central has completed and | placed in operation the electrification of its freight services north of Thirty- ninth street, Chicago, with more than 21 miles of track wired for this service. The New York Central is engaged in electrifying its west side freight line, which extends nearly the whole length of Manhattan Island. Reports from other countries indi- cate large expenditures for electrifica- tion. In England a great deal of study is being given to main line electrifi- cation. Plans are being made by the Canadian National flways for a com- plete revision of their terminal proper- ties at Montreal, involving an expendi- ture of more than $50, 000,000 over the next five years. In France a second line through the Pyrennes has been opened by the Midi Railway, extending ‘rom Axies-Thermes to Ripull, Sgain. Other activities are reported from Ar- gentina, Australia, Austria, Brazil, Chile, Costa Rica, Denmark, Germany Hun- gary, India, Italy, Madagascar, Mexico, Morocco, Netherlands, Poland, Siam, Spain, Sweden and Switzerland. INVESTMENT TRUSTS NEW YORK, October 6 (#).—Over- the-counter market— & Gen Secur 67 'pf Brit & ‘((on'lv Lo mpos Founders | oir ;u»ugm &t ounders 6% Jd Founders 15 pt .>n Founders 1-70th cifs Founde: MONDAY, OCTOBER 6, 'Legal Bond List | skepticism. Optimistic statements made At & Fac Inhu it Atianuc’s ¥, com &P PO o Bansicilla Corp. - Basic Indusiry Shar British Type Invest Ghaln & Gon Eauie's e, Baule 6137 bt Chain Btore 1 o Chain Store In Chartered Inve: Chartered Tnvest p Chelsea Exchange A. Chélsea Exchange B Corporate, Triat shiri Crum & Foster Ine 87 pi.. Deposited Bank Share_Ser Deposited Bank snate Ser B Diversified Trustee Shases A piveincd ;ruuee Shares B! Sified Truste Federated Cap. . orom o Federated Cap p rst Amer Corp. Fixed Trust Shares 4. Fixed Trust Shares B Gerieral Eauity .. Grang Gude Winmill Tra Thcorporated Eauitiea; Incorporated Investors pendence Tr Sh Int Secur Corp Am A& Int Secor Gorp Am B Int Secur Corp Am 6 Int Secur Corp Am 6 Investment Trust Investment Trust Assg u Investment Trust of Investors Equities. ... Investors Trustee Shares Jackson & Curtis Invest A Jackson & Cur A. Power & Light Sec T Power & Rail Secur Corp G 4 g Bhares A Trustee rd Oil Shares B jeth Century Plxrd Tr sh United Fixed Tr United Founds Discount Rate Lowered. ‘TOKIO, October 6 (#).—The Bank 1930. Shows Rapid Rise In Recent Trading Institutions Have Been Competing for High-Grade Investment Issues. Special Dispatch to The Star. NEW YORK, October 6.—Institutional buying of the so-called “legal” issues | for savings banks and trust funds has driven these issues to very high levels, But the highly selective nature of the rest of the bond market was plainly evidenced this week, when high-yield issues of companies whose earnings have decreased, or been in doubt, or where net earnings have been hardly sufficient_to cover fixed charges, broke with stocks and went to new low levels on_the movement. The leading group in this downturn were the sccondary obligations of Amer- ican railroads. The actual reporting of September earnings revealed a situation that caused some alarm among in- vestors, and junior railroad sccurities were heavily sold. Forced Liquidation. Some of this, it is true, was attribut- able directly to forced liquidation be- cause of the decline in stocks. But the | width of the declines in most cases | measured the value of the bond. At no| time since the first faint beginnings of | 1 the big bull market in stocks soon after | the war has the individual investor been | so carefully considered—the men be- hind the bond, the nature of the com- pany's business, its capital structure, the | Tatio of yield to capital value, ratio of debt to share capital, ratio of assets to liabilities and long-term growth or de- cline on the industry in which the com- pany is engaged. For some time the American investor “What is the future of the The current depression in raflrord earnings has increased his by railroad presidents and other func- tionarles from time to time have had little effeck, on the price of carrier se- curitfes. Railroad eommon stocks have been selling below their 1929 lows. Rail- road bonds of a junior nature have dropped to their -lowest levels in many | ars. A similar close study of industrial bonds betore purchase has resulted in many soft spots in that part of the list. Foreign dollar bonds, forced down whe the Stock Market broke by necessiton sales. were closely analyzed and, as a result, have failed to make any satis- factory comeback. Even Dr. Hjalmar Schacht’s confident optimism for Ger- many and other European nations did | not have more than a momentary strengthening effect on the local mar- ket for foreign credits. The net result of all this is that Stand- ard Statistics’' index of 30 bonds ended the week at 101.4, compared with the high point of 101.9 two weeks ago. Since prime investment issues are still high- er than they were then, the width of the drop in secondary and tertiary de- scriptions can be realized. High-Grade Group. In the high-grade group, values con- tinued to mirror the cheapness of money. Municipals, while offerings have been heavy, are still reaching toward | new tops as the supply scarcely suffices | to meet the demand from savings banks and insurance companies alone. Canadians have been in high favor of late, even though they carry no tax- exempt features and are not legal for savings banks except in one or two States. The weakness of South Ameri- cans this week was largely traceable | to the decline of stocks. (Copyright. 1930.) FINANC1 Preferred Stocks BY GEORGE T. HUGHES. Eastman Kodak. (This is the tenth of a series of studies in preferred stock by Mr. Hughes for the benefit of his readers he ehief purpose is o explain the analytical process, \certain securities o hish erade”being used for the illustra- tions.) The preferred stock of the Eastman Kodak Co. is entitled to the highest possible investment rating for industrial security of that type. It has nearly every feature desirable from the stand- point of the most conservative investor. The market price. would be proof of | thfsc statements were no other avafl- | able. Eastman Kodak preferred is 6 per cent cumulative and it sold this year as high as $130 a share, where "the yield is 4.62 per cent. Now what ure the reasons for this high market a) praisal? In the first place the su y is limited. Total preferred outstanding is only $6,165,700, or 61,657 shares. The stock then has a scarcity value. In the second place it is non-callable. which | is always an advantage in a high-grade | preferred. Thirdly, it has 10 votes per | share to 1 vote per share for the mmon. ©OBack in 1922 Eastman Kodak com- mon, then of $100 par, was exchanged for no-par stock in the ratio of 1 old for 10 new and at that time in order to preserve relative voting power the prcfsrred was _given 10 votes instead 0( as before. Fourthly, there is no cap! tal liability ahead of the preferred xtock Eastman Kodak has no bonds. Finally, the earning protection might fairly be | called excessive.q In 1929 the company | had net avatlable for preferred diviaends | equivalent to $356.80 a share, or rore than three and one-half times the par value of the senior stock. In the last 10 years there has never been less than.| $200 for the preferred and that covers the 1921 depression. Of course, as every one knows. the common itself commands a high invest- ment rating and sells in the market on | a low-yield basis. That point is made here only to emphasize the qualiiy of the preferred. It remains only to ex- amine the Eastman Kodak latest balance sheet. As of December 28, 1929 all current liabilities were only $15,134.401, | and against this were current assets of $93.764,138, including $18.866.612 in cash, $19,896,020 in United States and Canadian government obligations, $9.- 466,545 in securities and $1,700,0C0 in call loans. NEW YORK COTTON NEW YORK, October 6 (Special).— Initial cotton prices today were 4 to 12 points lower, with the heaviest sell- ing in near months. October, old, con- tracts dropped to within 7 points of the 10-cent level. Private estimates, an- ticipating the Government geport, to be announced Wednesday, were uniformly bearish. Opening prices were: October, old, 10.07, off 12; October, new, 10.10, off 11; December, old, 10.32, off 12; De- cember, new, 10.33, off 9; January, old, 10.44, off 7: January, new, 10.43, off T; March, 10.64, off 7t May, 10.86, off 4, and July, 10.96, off 9. ALLIED CHEMICAL.. NEW YORK, October 6 (Special).— The short_interest in Allied Chemical is said to be one of the largest in any of the high-priced industrial stocks. | Recently brokers had difficulty in bor- rowing 100-share lots. Although the re- turn on Allied Chemical is only 21, per cent, there is a class of investors who prefer it to other stocks yielding twice as much, as they expect in time that| the appreciation will liberally compen- | sate them for the present low earning power which the stock provides. AL, k% A__I5 BREAK IN BUYERS STRIKE 1S URGED | Credit Men’s Manager Dis- cusses Need for Overcom- ing Sales Resistance. Special Dispatch to The Star. NEW YORK, October 6.—What the | American péople need is “a psychologeal | shake-up that will causz them to re- sume their normal buying habits,” ac~ cording to Dr. Stephen I. Miller, execu- tive manager of the National Associa- ‘tlnn of Credit Men. This view of the | current business situation is expressed in the Octobcrl bulletin of the associa- tion, which was being sent to members | today. | “Our great purchasing power is now | static, rather than dynamic,” Dr. Miller says. “We have a fine lot of logs, ‘but they are still in a jam. Ths lumber- jack who can xtxn the key log and pry ‘l}: Joose with his ‘peavy’ will be a real ero.” | Dr. Miller takes the view that recent | trade developments show an undercur- |rent of strength, and that the con- tinued improvement in collections gives reasonable grounds for a more hopeful | outlook. “Although production in general has not yet shown "hmutnklble signs of a | strong comeback,” he continues, “many | lines of business have begun to feel the | quickening effect of seatonal improve- r | ment. In certain lines the advance 1 | clearly more than seasonal.” ‘The bulletin includes the results of & survey of wholesale trade in Virginia, | West_ Virginia, Kentucky, Tennessee, the ‘Cnrmlnux Gimgln and Florida. Sixty- | eight per cent of the firms contributing to the survey reported larger sales in August ;hfln in July. although a slight | majority—55 per cent—reported smaller | collections. For the next six months 70 per cent |of the firms anticipated improved sales and collections, 23 per cent no substan- ‘nal change and 7 per cent less favor- able conditions. ‘ GRAIN MARKET CHICAGO, October 6 (Special).—The wheat market had a good rally in the closing hour today as a result of short covering baszd on the decrease of 2,739~ 000 bushels in the visible supply. is the first decrease since the crop movement started. The full price ad- vance did not hold, however, because of profit-taking by Eastern longs. Corn showed greater strength than wheat. Locals bought aggressively in this market because of unfavorable husking returns. ‘Wheat closed 14 to 35 higher: Decenh 3 m 82‘.. March, 86'4; May, 893, to 89V, Corn elosed 135 to 17 higher; De- to 85%; March, 8 35 lower; De-: Oats were unch‘::sled to 1% May, 42% cember, 39% to 42%. NEW SECURITIES NEW YORK, October § (#).—New securities offered today include: Sun Pipe Line Co. $3,500,000 § cent sinking fund debentures, mati October 1. 1940, priced at 9934, to yield over 5 per cent, by Brown Brothers & Co. and Edward B. Smtih & Co. State of New York, $1,410,000 4 per cent bonds maturing April 15, 1943 to 1952 inclusive, priced to yield 3.65 cent, by Salomon Brothers & Hutzler. through the Panic of 1873 Q'/%'IERICAN business was pros- trated for six years after the panic of 1873—one of the darkest periods in the Nation’s commercial history . . . Many, financial institutions throughout the country failed .'. . Industry was para- lyzed . . . Thousands who had invested in speculative enterprises lost their life savings. of Japan Ql)day lolered lu discount rate from 1 But STEADFAST through this black storm of depression Swartzell, Rheem & Hensey Company, then four years old, was doing an important and sound investment business in Washington. ‘And the First Mortgage Notes issued through this organization in 1873, as at present, weathered the panic without loss to any investor either in principal or in interest. U S & Int Sec 1st (5. U S Lines pf (1)..... U S & Overseas war. U 8 & Overseas ctfs.. Utd Verde Ext (2). Util Pow & Lt (al1) Utility & Ind.... Utll & Ind pf (1%) Utllity Equitles. Vacuum Ofl (4)..... Van Camp Packing Venezuela Petrol. . Vie Finan Cor (40¢). 4 Walgreen Co... Walgreen Co (war).. Walker (H) (1). % Watson (J W) Co. .., West Air Exp (60c).. West Pow pf (7). 15% Wil-Low Cafeter 4N 4% Dividend rates in dollars based on last quarterly or semi-annual payment. *Ex dividend. 1Partly extra IPlus 4% in stock. & cash or stock. b payable in stock. e Adjustment dividend. f Plus 8% in stock. Plus 2% in stock. 8% in stock. 16% Hazeltine Corp (2) 8% Hecla Mining (1). .., 12% Houston Ofl of Tex., 514 Hudson Bay M&S. 76% Humble Oil (2).. 311 Hydro Elec Sec (2) ”_ St St S| 2% Hygrade Food Prod.. 59 1038 103% 18 Imp Oil of Can (50c Rl o 26% Ind Ter I1lu Ol m)). 26% Ind Ter Illu O1l (B). 14 Ind Finctfs (b10%). 46% Insull Ut (1b10% %). 59% InsCo N Am (13)..., 9 Insurance Sec (1.40) % Intercontinent Petn. 16% Int Petroleum (1).., 14 Internat Super (£1). 20 Int Texthook (2 .38 34% Int Utilitles A (334), 6% Internat Util (B). 3 Int Util war (new)., 6 Interstate Equitie 5 Interst Hose Mills 9% Irving Alr Chute (1). 5% Italian Superp (A).. 21 Italian S s smsones SenSren e T Tex Ut 7 '35 hio Edis 55 '60, uznz-. 10214 Pow 4133 D '56. 99 983 & E1 8 "50 1020 1021 \(ow 85 38 vy, 62 oozzzzzzz; REPORT OF CONDITION of the North Capitol Savings Bank Of Washington, District_of Ce e close of Business on September B 1030 RESOURCES. - Loans and discounts. ra, % 3999 s 33 =O 7737 323 HH ..$1,413.347.01 6,198.27 e Eh 0 3 RS 3 i 500.00 49,851.06 ies e 4. Other. bonds. stocks curities gwned % 6. Banking house, ' $54.913.9: furniture and Bxtures, 1 2222023 H SWARTZELL RHEEM AND HENSEY CO. MORTGAGE BANKERS 727 I5™ STREET NW. WASHINGTON, D. 74,903.85 56,995 Phokitdi] 6,368,19 7. Real ettalte owied othier ‘than nkin 20% Depression again reigns and is takmg its inevitable toll among speculative in- vestors. But holders of the 6 per cent First Mortgage Notes sold by us for, over 61 years realize and know the joy of carefree investments with their steady income and safety of principal. , 9. cay . Outside ~checks cash items. an 02 5 3 H 2 3 11 6% 2% 614 2 CHICAGO LIVE STOCK MARKET ter pigs, good and choice, 100-130 CHICAGO, October 6 (#) (United pounds, 8.75a9.65. kPlus 10% In stock. mPlus 3% in stock n Plus caacge 3 est, ' iaxes And other expenses accrued snd unpaid. < Interest Certificates, NEW YORK, October 6 (#)—Hous- n 8 '3 s Tex O 5s A 31 s01s FOREIGN BONDS. =, s 87 Ci 3 States Department of Agriculture).— Hogs—Receipts, 32,000 head, including 14,000 directs; active at 15, mostly 25; spots 40 higher than Friday; top, 10.45. ZxEEmConon - rotwao S Buw onsarea it - watrants: \ x'-w'fl. ut warrants, . " b e Bulk, 180-320 pounds, 10.00a10.25. Packing sows, 7.75a9.00; light light, good and choice, 140-160 pounds, 9.65a10.10; lightweight, 160-200 pounds, 9.85a10.30: medium_wekght, 200-250 pounds, 10.10a 10.45; heavyweight, 250-350 pounds, 9.85a1045. Packing sows, metjjum and 800d, 275-500 pounds, 7.60a9.00.” Slaugh- ' 1 Cattle—Receipts, 21,000 head; calves, 2,500 head. Fed steers and yearlings opened strong to 25 higher, mostly 25 up, especially ori yearlings and all grades light steers; early top 13.00 on yearlings, with 13.10 bid; shegstock about steady: other classes selling fully steady. About 8,000 slaughter mue and vealers, West- g grassers, Feeders firm. and cbolee 600-900 pounds, l; fill .25; 1,100-1,300 pounds, 9.25a& ton Ol Co. of Texas is notifying hold- ers of beneficial inlerest certificates for common stock that on and after Oc- tober 17 present certificates represent- ing common stock shares of $100 each may be exchanged for $25 par common and that the 10 per cent stock dividend will be paid upon presentation of out- standing certificates at the office the Mercantile Trust Co. of Bdllmort or the Cheimcal Bank & Trust Co. of New York, ' 927,847.16 at B knovleJ‘n and bellef. HENRY COATES, Cashier. Bubscribed Shd sworn 10, betore e this 6th_day of October, 1930, Useat) REBECCA M. SM] Notars Fubiie, Jhn A, Eckert, B A SHseciner, ‘Directors Correct—Attest: eodore Michael, Allen Hollandi