Evening Star Newspaper, October 7, 1930, Page 13

FINANCIAL. STOCK YIELDS NOW AT HIGH FOR YEAR ‘Present Returns Virtually Same as Those at Bottom of 1921 Bear Market. . BY EDWARD C. STONE. Average yields of all dividend-paying Stocks listed on the New York exchange on September 30 were not far from those recorded in the panie of last No- ‘vember, according to Moody’s Investors” Service, which also finds that present yields virtually correspond to those seen at the bottom of the 1921 bear market. As a result of the sharp drop in stock prices in September the computed aver- age yield for 384 stocks increased from 7.14 ‘per cent to 7.91 per cent during the month. This recent average of 7.91 is intermediate between the June 30 average of 7.68.and the November 13 average of 8.08. “Even more significant is the com- parison with August 24, 1921, which marked the lowest point of the 1920-21 bear market. At that time 98 common stocks yielded 9.92 per cent. Although this is, in fact, much higher than the 7.91 per cent of September 30, allow- ance must be made for the difference in credit conditions. “Bonds of all les then commanded & substantially her return than at t, and if due weight is given the mn-lrrent return on senior securl- tles the recent common stock yield is relatively as high as the 1921 bottom yleld, ibly indicating that the stock mrkem found ftself on a Jevel which, in the past, has invited investment buying. These averages are ©of particular interest, since they cover the entire market and not merely a se- lected group of stocks,” the review says. Commodity Price Index Off. The wholesale price index of the Na- THE EVENING STAR, WASHINGTON, D. C, TUESDAY, OCTOBER 7, 1930. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hundred-share lots excepting those designated by the lett Which shows those S10ckS to be S0Md i wag bits s0ld in odd lots only. For Complete Compilation of Sales See 5:30 Edition. High. 1% 156% 36 2% 9 35% 9614 107% 99% 343 68 4 1561 100% 33% 7 69% nal Fertilizer Association for the e‘v’ek ended October 4 declined only three fractional points, as compared with the decline of nine fractional ints last week and a decline of eight ctional points two weeks ago. The index number now stands at 833, a record low for the present year. A year ago the index number was 97.1. Of the 14 groups constituting the in- dex, two advanced, six declined and the remaining six showed no change, 3 T, mel steel, silk, ga s m&mr and cotto: meal were among the 36 commodities that showed ice declines. Advances were shown by g‘wmmodmu including cotton, cotton rn, corn, oats, , flour, coffee, fpo' toes, lumber, finished steel and fer- tilizer materials. American Stores Sales. ‘ American Stores Co. reports sales as follows: eeks ending 9-27-30. $10,301 482 : :eeh ending 9-28-29. 10,379,790 $ 78,308 Decrease . 39 weeks ending 9-27-30. 104,701,956 80 weeks ending 9-28-29.... 104,661,761 Increase.. .......$ 40,195 Today's Trading on Exchange. Business was quite active on the ‘Washington Stock Exchange today. Twenty-seven shares of Capital Trac- tion at 55, a new low on the pres- ent move. Potomac Electric Power 6 per cent gulernd came out u;.nu'. while the % sue changed hanc Bar wast Railway & Electric National _ Bank | mmfid at 2721, and 272. Twenty| shares of Liberty National Bank stock of y Na also appeared on the board, selling at Federal-American Co. common came out at 30!, and 30 shares of Mergen- thaler Linotype moved at 94li. Real Estate M & Investment erred moved to extent of 200 at 6%. - Bond Mn‘ was confined to Capital *Traction 5s, Washington Gas 6s, and Potomac Electric Power 6s, prices being little changed from recent sales. Other Financial Notes. James M. Stokes, jr., will address the District of Columbia Life Underwriters’ House. 3 the Mutual Benefit Life Insurance Co., Philadelphia, and will talk on “Procur- hhuy Business.” e Treasury Department has in- vited bids on $100,000,000 of : $50,000,000 dated October 15 to mature December 16, and $50,000,000 dated October 16 to mature December a7, ‘Woolworth September sales gain, .4 of 1 per cent over year ago, to $22,352,- 534; nine months, decrease 4.1 per cent. ‘The Interstate Commerce mmis- sion has authorized the Western Pa- cific Railroad Ca. to issue $5,000,000 first mortgage 5 per cent bonds and to sell them to highest bidder at not less than 97!, and sccrued interest. Pro- ceeds will be used to construct and ac- qQuire new mileage. A pamphlet issued by the Chicago Btock Exchange says the the volume of trading in the first nine months of 1930 exceeded that in any similar period in the history of the exchange. Richard M. Boker has associated with the Washington office of J. & W. Selig- man & Co, with headquarters at Bampton, Va. Mr, Booker was for- merly with Robert Garrett & Sons of Baltimore. David Pender Grocery Co. reports gross sales for the four weeks ended September 27 of $1,191,858, compared to $1,202,717 for the corresponding period of 1929, a decrease of 0.9 per cent. Gross sales for the nine months ended September 27 were $11,507,661, compared to $11,307,785, an increase of 1.7 per cent. FEWER BONDS CALLED IN RECENT MONTHS " All Classifications Except Foreign Issues Show Drop Com- pared With 1929. Corporate bonds called during -the nine months to October 1 totaled $414,- 697,719, compared with $758,644,445 in the similar period of 1929, according to the Standard Statistics Co. All major classifications show a decrease this year except the foreign division, which gained in both number of issues and money involved. The total partial calls this year have shown a much lesser falling off than in the case of entire issues called. Detailed figures for major classification follow: Bonds Called. Nine months to September 30. 1929, 1930 . 3439231746 $186.898.338 46. 8 15,162,347 35idses 03107000 108,904,019 109,740,494 5 $414,697,719 NEW SECURITIES NEW , October 7 securities offered today include of Canada $1,000,000 30-year 4 per cent bonds priced at 95% and interest to yield about 4.28 per cent by a syndi- cate headed by the Chase Securities Cor- poration. Cuyahoga County, Ohio, $1,531,000 4 cent bonds maturing October 1, 1931 ~Prev 1930~ Stock and Dividend Rate. Abtibi Pow & P Abitibi P & P pt ( Adams Exp (1.60) Adams Exp pt (5) 23 Adams Millis (2). 29% Addressogr'ph (1%). 7 Advance Rumley. ... 15% Advance Rumley pf. 1 Ahumada Lead 108% Air Reduction (t43) 11 Alr Way El Ap (1%) % 4% 17% 847 Low. 14% 60 21% 85% er Alaska Juneauv Allegheny Corp. . Alleg Cp $30 xw 614 . 87 Alleg Cp'ww $30 5%, 89 Alleg Cp §40 ww 535, 217% Allied Ch & Dy (n6). 45'% Allls Chalmers (3).. 22% Alpha Port Cmt (2) 21 Amal Leather. 18 Amerada Corp (2) 2 Am Agricul Chem... 23 Am Agricul Chpf... 68 . Am Bank Note (13). 61 Am Bank Note pt (3) 4 Am Beet Sugar...... 224 Am Bosch Magneto. 41 Am Br Shoe (2.40).. &% Am Brown Bov Elec 60's Am Brown B E pf (7)280s 72 108% Am Can (15).. 150% 140% Am Can pf (7).. 42 Am Car & Fdy (6) Am Car & Fdy pf (' Am Chain (3). 49% Am & For Power. ... 95 91 Am & For Pow 2d pf. 8% Am Hawailan (a10). 213 Am Hide & Leather, 54 Am Home Pr (4.20).. 30% Am Ice (14)... 28% Am Internatl (2). 36, Am Locomotive (4) 89% Am Locomot pf (7).. 35% Am Ma & Fy (11.65). 6 AmMach & Metals. 21% Am Metal Co (1%) 65 Am Nat Gas pt (7).. Am Pow & Lt (31)... Am Pow & Lt pf (8). AmP&LDLA (3%). AmP & L pf A st (5) Am R & St San (1%) Am Republics. . 41% Am Roll Mill (n2)... 7% Am Seating........ Sales— Add 00. High. Low. Cldse. Close. 14 13 Ajax Rubber. . el Am & For Pw pf (6).400s 111% 104% Am & For Pw pf (7). Prev. 3 13% 14% 3 60 . 23 98% 25% 33 % 18% 1 21% 2 32 12 en 4 18y IR T Ve T 67 109 ' 105% 108% 108% 6 114 104 11 11% 2 % % % % 6% 64 17% 18 845 84% 89% 9% % 87% 874 89 218 2181 217% % 44U a4 4B% 224 17% 848 © 89% 25% 10s 1 2 40 T4% 812 120% 116% 119 118 11.150% 150% 150% 150% 2 42 42% 42% 89 89 89% 46 46% 48 :(‘)'}fi 40% 40% 1434 32% 33% 277 44% 4% 98 98% 104% 104% 1 88 88 10 10 5 e 3 3 53% 534 30% 30% 28% 29% 35% 35% 88% 36% 54 20% 70 99 3 105 6 90 T1% 67% % 2 106% 105% 105% 2 87 87 87 2 126 4 83 P 41% Am Shipbuilding (5) 440s 51 AmSm & Ref (4)... 103% 100% Am Sm & Ref pf (6). 141 43% 22% 52% 55% 69% 26% 274 13314 Am Sm & Ref pf (7). 88 * Am Snuff (13%) 5% Am Solv & Chem. .. 321 Am Steel Fdy (3). 41% Am Stores (2).. 40 Am Sugar Ref (5) 8 Am Sumatra Tob. .. 16 Am Tel & Cable (5).. 274% 200% Am Tel & Tel (9).... 127 129 124% 4% 9 17% 9% 81y 53% 51% 374 29% 82% 8% 4% 13% 20% 46w 50% 242% 194 114 130% 116 120 114% 106 Am Tobacco. . . Am Tobacco (B).... Am Tobacco pf (6).. Am Type Fdy pf (7). 78% Am Water Wks (nl1). 19% Am Woolen pf. 5 Am Writ Paper ctfi 6% Am Zinc Lead & Sm. 50 Am Zinc pf (6) 34% Anaconda Cop (2%). 20 Anaconda W & C (1) 34% Anchor Cap (2.40)... 16 Andes Copper (1)... 18% Archer-Dan-M (2)... 71% Armour of Del pf (7) 3% Armour of 11l (A)... 2% Armour of Ill (B). 5 Arnold Constabl, 6% Artloom Corporation 25 Asso App! Ind (4)... 28 AssoDry G (234). Atch To & S Fe (10). 108% 102% Atch To & S F pf (5). 175% 127 80% 654 51% 106 37 263% 81% 9% 38 116 122% 84% 84% 20% 34 Atl Coast Line(t10). 481 AtGulf & W Ind (2). 50 At Gulf & W Ipf (5). 24% At Refining (12) 62 Atlas Powder (4).... 24% Atlas Stores (n1). 91 Auburn Auto (J4). 37 Auto Strap Saf R(3) 4% Aviation Corp of Del 19% Baldwin Loco (1%). 1041 Baldwin Loco ptf (7). 80a 108 61 89 Balto & Ohio (1) 78% Balto & Onio pf (4 63 Bang & Aroos (3% 12 Barker Bros (2).... 18% Barnsdall A (2). 109% 101% Beatrice Cr pf (7 6% 5T% 90% 50% 25% 351 22% T8% 98% 178% 115 30% 33% 31% 17 43 43 110% B1% 48 2% Belding-Hemingway 20 Bendix Aviation (2). Blaw-Knox (1%).... Bloomingdale pf (1) Bohn Alum&Br(1%) 60% Borden Co (k3)...... 18 Borg Warner (3). 13% Briges Mfg Co 19 Briggs & Strat 10 Brockway Mot Trl 58% Bkiyn-Man Tr (4) 84% Bklyn-Man Tr pf (6) Bklyn Union Gas () 13% Bruns-BaikeCol..... 5% Bruns Ter & Ry S... 18% Bucyrus (1)........ 107% Bucyrus pt (7). 29% Bucyruscv pf (2%). 5% Budd (EG) (1). 814 Budd Wheel (1) 20% Bullard Co . 26% Bulova Watch (3)... 90 Burns Bros (A) (8). 29% Burr Add Mach (1).. 29% Bush Terminal (2%) 43 % 2 101% 101% 101% 2 135% 135% 135% 0 40 5 4 20s 20 o 850 202% 198 201% 10 116 112% 114% 82 118% 115% 116 1 127% 127% 127% 10s 108% 108% 108% 158 88% 834 BTH 8 22 22 22 & a8 6% 6% 50 50 77 3T 35% 37 2 22% 22% 22% 2 35 35 35 1 16% 164K 164 4 19% 18% 19% 2 76 75% 76 35 4% 4 4 34 2% 2% 2% 6 T 1 T4 2 28 27 17 30% 29 12 206% 204 206% 2 107% 107% 107% 3 1264 125% 126 1 48 48 48 1 54% b b4% 274 26% 26% 1 64 64 64 10 24 22% 22 87 91 89 e 7 12 66 71 3L 4% 3% 4% 49 30 28% 29% 108 108 91 88% 89 2 8l% 81 B8l 1 66% 66% 66% 131 131 131 19% 18% 19 108% 109 i 75 9% 7% T8% 2120 129 129 1 29 29 29 60s 103 103 103 4 22% 22 22 28 TI% T0% 71 4 e 19% 19% 118 14% 15 X 19 19 2 11 10% 10% 26 7i% 68% 70% 1 93% 93% 934 5 116 113% 115 8 13% 13 5 % 17 4 18 20s 113% 113% 113! 2 3% 32% 8% 28% 27% 95 30% 31% 29% ~Prev.1930~ High. Low. 27% 14% 17% 965 99% 40 % 11% 3% 18% 3 50 11% 50 2% 13% Stock and Dividend Ra Consol Film (2). ..., ) Consol Film pf (2).. 4 18W Consol Gas N Y (4).. 202 101% Cons Gas N ¥ pf (5). 104% Cons RR Cub pf (6). Consol Textile. . Container B Contl Baking Contl Dia Fibre (1).. Contl Insur (2.40) (1) Corn Pr Ref (143).. Corn Prod pf (T) Coty Inc...... Crof Wheat (123).. Crown Zellerb'ch (1) Crucible Steel (k5).. Crucible Steel pf (7). 208 Cuba Cane Prod. . 8 Cuba Co...... . Cuban-Amer Sugar. . Cudahy Packing (4). Curtis Publish (17). Curtis Publish pf (7) Curt Wright Corp 74 Curtiss Wr Corp A 15 Cutler-Ham (3%)... 2 Davison Chemical... & DeBeers Min (al.44).400s Deere & Co pf (1.40). & Delaware & Hud (9). 2 Del Lack & Wn (7). 15 Denver & RG Wpf.. 8 Detroit Edison (8)... 1 Diamond Match (8). Dome Mine: (’1) Drug Corporat (4) Dunhill Int (1). Du Pont de N (t4.' Eastman Kodak (18) 120% Eastman Kod pf (6). 19 Eaton Axle &S (3).. 5 Elec Auto Lite (6) 21 Electric Boat. 49% El Pow & Lt (1) 97% EI Pow & Lt pf (6).. 105 El Pow & Lt pf (7).. El Storage Bat (5) 4 Elk Horn Coa 4% Elk Horn Coal 39% 35% 51 49% 6% 5 175% Vac Cleaner.,. to Loading. Buf (1%). 20s Fashion Park Asso.. Fed Lt & Tr ($1%).. Fed Motor Tr (80¢). Federal Screw (3) .4 Fid Ph Fire In (2.60) Filene's pf (6%) Firest T & R pf (6).. First Nat Strs (2%). Firestone T& R (1). Fisk Rubber . Fisk Rubber 1st pf. . Follansbee Bros (2). Foster Wheeler (2). . Foundation Co...... Fourth Natl Inve Fox Film (A) (4). Freeport Tex (15) Gabriel Snub (A) n.. Gardner Motor. Gen Am Investors Gen Am T’k Car (34) Gen Asphalt (4) Gen Bronze (1). Gen Cable pt (7) Gen CableA. ... Gen Cigar (4). Gen Electrie ( Gen Elec spec (60c) . Gen Food Corp (3). . ‘Gen Gas&El A (e30c) % Gen G & El cv f (6). Gen G & E1 pf A (T).. 7 Gen Ital Ed (a2.63) Gen Mills (3). 37% 5 27%, Gen e - 75% Gen R & Ut pf (¢6) .. 65% Gen Refract ($4%).. 25% Gen Theatre Equip.. 77 49 Gillette Saf Ras (nS) 118 12 47 49 20 [ 4 4 5 12% Glidden Co (1.20) 5% Gobel (Adolf). 77 Goodrich BF pt (7). 44% Goodyear Tire (5) 88 Goodyear 1st pf (7).. 814 Gotham Silk Hoslery 57 Gould Copper. 4% Graham-Paige 13% Granby Consol (2). . 30 Grand Silver 8 (m}). 10 Grand Union....... 27 Granite City Stl (4) 29 Grant (WT) (1).... 67% Gr North pf (5)..... 18 Gr Nor ctf Ore (a%) 16% Gr West Sug (1.40) 108 Gr West Sug pf (7 6 Grigsby Grunow. 20% Gulf Mobile & Nor 8515 Gulf Mob & N pt (6). 31% Gulf States Steel 26 Hackensack W (1%) 20s 26 HackenpfA (1%)... 10s 11% Hahn Dept Stores. .. 71% Hahn Dept 8 pf (6%) 18% Hall (WF) Pr Co (2). 85 Hanna pf (new) (7) 15% Hartman (A) (2). 7% Hartman Corp (B). 4% Hayes Body........ 28% . 20 17% 23% 117 Sales— Add 00. High. Low. 15% 14% 15 17% 18% Prev. Close. Close. 15% 17% 101% 100% 104% 104% 4“ 5% 16% 4% 2414 3% 52% 12% 52 193% 130 20 451 3% 5814 100% 109% 5914 2% 5 42% 36% 51 49% 8% 5% 24 T% 64% X 18% 304 22% 60 95% 65 49% 17 1% 5 15% 1% 8% 29% 40% 39% 4% 1% 6% 5% 35% 1% 73 34 41% 60% 11% 52% 1% 70 104% 105 34% 46% 96 381, 98% 8 26% 6914 7 T4% 66 99 Bush Term deb (7).. 408 109% Bush T Bldg pf (7).. 20s 1% Butte Cop&Z (50c). 1 12% Butterick Co 2 54 Byers (AM) 55% Calif Packing (4). 7 Callahan Zinc & Ld. 42'% Calumet & Arizona.. 110 108% 105% 105% 114% 114% 114% 2 2 2 13% 1 1 70 831 26% 72 5 49 52% 24 41 2 Hercules Pow pf (7). 10s Hershey Choc (5) Hersh Choc pf (15). Holland Fur (e12%). Home: Min (17). Houdaille Hershey. . Housenold Fin pf (4) Houston Oll (b10%). Howe Sound (t4%).. Hud&Man Ry (3.50). 10 Calumet & Hecla. ... 13 Campbell Wyant (2). 55 Canada Dry G A (5). 75% 226% 165% Canadian Pacif (10). 42 104% 362% 121% Ca 45 Ca % 20 40 Can Pacific new..... 19% Cannon Mills (1.60). 13 Capital Admin (A).. 31 Capltal Adm A pf (3) 96 Car Clin & O sta (5).. e (J 1) (6). erpil Tr (13 12 Celanese Corp 9 Celotex Co.... 10 Celotex voting ctf 31 Celotex Copf. % 20% Cent Agulire As1%3. 3%, Century Rib Mills 36% Cerro de Pasco (6).. 6 Certain-teed Prod 18% Checker Cab (4.20). 43% Ches & Ohlo (23%)... 51% Chesapeake Corp (3) 2% Chic& Alton . 1% Chic & Alton pt 7% Chic Great V 26 Chic Great W t pf Chicago & N W (5 9% Chic Pneu Tool. 9 3 10 2 3 174% 176 43% 44% 19% 19% 16% 15% 15% 1 33 33 20s 105 104 141 131 125 10 45% 43% 12 11% 8 5T 8 canRamane — paSSne 75 Hudson Man pf (5).. 22% Hudson Motors (3). 9% Hupp Motors. 4 108% Illinois Central (7).. 17 18% Independ O & G (2) v 3% Indian Motor Cycle., 4 20 Ind MotorCycle pf... 90s 6% Indian Refining....., 22 70 Ind Ray (»5% stk).. 154% Ingersoll Rand (16). €8 Inland Steel (4).. 9% Inspiration Coppe 10% Insurance Sh (45e) 9% Ins ctfs (Md) (60c).. 20% Interboro Rap Tran. 15% Interlake Iron (1)... 3% Int Agricultural. 152% Intl Bus Mach ( 10 Intl Carrlers (25c. 55% Intl Cement (4) 4 Intl Combustion, 30 Int Comb Eng pf. 62% Intl Harvester (2%). 140'% Int Harvester pf (7). 31% Intl Hydro E1 A (e2) 21 65% Intl Match pf (4).... 10 18% Intl Mer Marine (2). 8 19% Intl Nick of Can (1). 462 50 Intl Paper pf (7),... 108 13% Intl Pap & P (A) 2.40 ~Ruoussnnpannnn~ | 110% 105 84% Chic R 1 & Pac (7). 98 Chic R1& P pf (6) ChiR1&Pacpf (7). 2 67% 42% Childs Co (2.40).. .. 5 19% Chrysler Corp (3) 58 1 City Ice & F (k3.60). 3 City ice & F pt (6%) 40 4% City Stores (50¢)... 5 { 60 80 Ciuett Peabody (3) 1 191% 133% Coca ! 'B2% 48l Cocu : 50 Colgate-Pal-P (2}4). 6 14 Collins & Alkman. . 2 12% Colonial Beacon. s 104 1 1 1 106% 106% 106% 431 42 43% 20% 20 20% 381, 38 38 83 83 83 4% 4% 4% 31% 294 29% 176% 178% 175% 62 52 54% 54 15 14% 12% 11% 7 5 46 24 75 34% 53% 28% 18 12 30 43 70 Intl Pap & Pow (C) Intl Pap & P pf (7). . Intl Printg Ink (2%) Int Print Ink pf (6) Intl Salt (3) Int Shoe (3) Intl Tel & T 168 Inter Dept Strs (2).. 24 Investors Equity (2) 11 Island Cr Coal (4). 1 Jewel Tea (14).. 5 Johns-Manville (3).. 69 98% 370 199 40% 4% 95% 56 28% 102% 87 1945, inclusive, priced to yield from a{ cent by Eldredge & Co. Grelecied Sook st $105 8 @ syndicate headed by Chase Corporation. 38 20% 104% 19% 59% 32% Col Fuel & Iron (2).. 63% Colo & South (3) 650% Col Gas & El (2).. 104% Col Gas & El pt A (6) 91 ColG&EIDLB (5).. 12% Colum Graph (a%).. 108 Columbian Carb (16) 21 Comm Credit (2).... 31% Comm Credit A ( 76% Comm Cred 1st (6%) 28% Com In Tr (g1 60)... 4 Comm Inv Tr war. 89 Comm Iny Trpf 6%, 80 Com InTovpf te6). 20% Comm Solvents (11) 11% Comwlith & 8o (60¢) . 99 Comwith & 8o pf (6) 10 Congoleum-Nairn... 32 Consol Cigars (5) .. 67 Consol Cig pr pf 6% .. 8T% 35% 65 64 67 67 51% 49 b1 4 109% 109% 109% 109% 1 99% 99% 99% 98% 67 131 13 13% 134 43 116 106 109 114% 24 26 24 3 87 37 37 a7 70 94 9% 94 94 7 304 zzu a(sm 30% 2 6 6 1101 101 101 102 9 83 B2y 82k 83 20 21 21 132 21% 167 1% 1% 1% 1% 156 102% 101% 102% 102 0% . 208 68 148% 123 118% Johns-Manv pf (1).. 10s 123% 118% Jones&Laugh pf (7). 10s 5% 1 Jordan Motor Car.... 24 58% KansCity Sou (6)... 1 16% KaufmannD S (1%) 1 20 Kayser Jullus (2%). 38 1% Keily-Spring Tire 7 19% Kelly-Spring 8% pf. 21% Kelsey Hayes (2). 7% Kelvinator Corp £71% Kennecott Copper(2) Kimberly-Clark (13) 2008 50 Kress (SH) Co (pl1). 23% Kreug & Toll (1.60). 21 Krog Gré& Bak (n1), pichick oo et el e A8 (Oontinued on Page 14) ISTOCKS HARD HIT BY SELLING WAVE Leading Issues Close to Panic Levels—Some Recov- ery in Late Trading. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, October 7.— Leading shares were marked down close to the panic levels of last November in today's stock market. Large-scale liquidation swept into the market after a short- lived rally in the first hour. Stocks were absorbed in orderly manner, but bull leadership failed to appear, as sell- ing orders for both long and short ac- counts kept the list under stubborn pressure until well into the afternoon, when trading slackened and recoveries of a point or so appeared here and there. Losses Not Very Heavy. Few shares lost more than 3 points, although Pecple’s Gas, a volatile issue, dropped 17. Allied Chemical, which lost 18 yesterday, rallied 7 points, then dropped 11 from the top. American Telephone sold off nearly 3 to 198, a new 1930 low, only 1 point above the bottom of last November. U. S. Steel dropped more than 2 to & new 1930 low at 151%, only 1% above the November minimum. General Electric :’ and Radio each fell more than 2 points to record lows for the present shares. Eastman, American & Foreign Power, American Power & Light and Macy de- clined 3 to more than 4. Although disclosure that Stock Ex- change officials had questioned some members about bearish operations ap- peared to have been the basis for the opening rally, Wall Street was inclined to interpret the action as indicating merely & determination to make the bears play fair, rather than any indica- tion that the exchange might consider placing restraints on short selling, which it has always defended as an es- sential factor in a free market. Shorts Under Investigation. It was said in brokerage circles that the exchange was concerned over such unethical practices as making use of knowledge of stop-loss orders on spe- cialists’ books as the basis of bear drives or the spreading of malicious or destructive propaganda. It was recalled that the investiga- tion of the short interest last November marked a turning point in the trend of the market, but failed to disclose any concerted bear drive. On the whole, the persistence of the selling was somewhat perplexing to brokerage circles. Although many of the so-called pivotal shares have held above last November’s lows, the general level of stocks has broken well below that level, as was shown by a tabulation of 687 stocks made by a commission house, which showed the average price the lowest in two years. GENERAL TIRE CO. DECLARES DIVIDEND Special Dispatch to The Star. NEW YORK, October 7.—The gen- eral Tire Co. has declared the regular quarterly dividend of $1 per share on its common stock, payable November 1 to stockholders of record October 20. This is the fifty-ninth consecutive divi- dend on the common stock, the com- pany never having failed to pay divi- dends on both preferred and common stock since its inception. President Willlam O'Neil stated thaf the company had shown a gain in dol- lar volume of sales during September of thic year over September, 1929, and added Jfll at no time this year did production drop more than 15 per cent from the peak. INGOT OUTPUT OFF. NEW YORK, October 7 (#).—Bow, Jones & Co. reports that steel ingot out- put in the Chicago district this week is averaging about 57 per cent of capac ty, compared with close to 60 per cent last week. The reduction is due to the bank- ing of a blast frunace at the South Chicago works of the United States Steel Corporation. POULTRY RECEIPTS. CHICAGO, October 7 (#).—Poultry, alive, 5 cars, 21 trucks; easy; fowls, 16a 20; #No. 2, 12; Springs, 18a20; roosters, 15; Spring turkeys, 28; ducks, 14a20; geese, 15. [Have a FOUNDED 1894 BARR BUILDING, WASHINGTON, D, & $1500 % 90175 per Month. vestment of $9.75 each month. Syndicate Plan this reg- ular, continued investment of “small chenge” re- tums you $1,500 cash in exactly 120 months; o1 $2,600 in 180 months; or $4,000 in 240 months. proportionate results. In- teresting booklet fully explains Plan and ultre- conservative security. Use the coupon below. COAL PRODUCTION. By the Assoclated Press. Production of bituminous coal gained 2 per cent during the week ended Sep- tember 27 as compared with the pre- vious week. The output for comparable lods is given as follows by the United tates Bureau of Mines: Week ended Septem) Previous Week ceerorr Same week lasi year. Tons. 100.600 000 805000 DODGE PRICES REDUCED!! THE TREW MOTOR CO. 1509-11 14th St. N.W. Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL CO. Nat. 2100 925 15th St. N.W. I SRR BT S Charter No. 4107, _Reserve District No, 8. REPORT QF, _rgfienn'x'ornc" i National oCapital Bank f Washington, in the District © the ‘close of business on September 241050, +.$1,043,077.93 468.41 283,721.12 342,599.39 50,000.00 194.312.36 305,012.27 294.48 $2.210.485.96 Stal securities owned . the; ocks and sé: . cash and . Outside e from banks . checks and othe; cash items .. 00 99,236.06 . Time deposits "19.257 . Other labiliti ) 304.22 Total . District of Columbi 1, H. C. Stew named bank. Above 2,219,485.96 ) fer of the above- do_solemnly swear that the is true to the best of my . STEWART. Cashier. Subscribed and Sworn %o befre me tils 4th_day of Oclgb.r. 130. (Beal:) . WILSON EARNSHAW, Notary Publie. Correct—Attes! JOHN C. YOST, Jou . HiRnsuaw. i< H. McKEE, Directors. T PN TR Simmons-Boardman Publishing Corporation $3 Cumulative Convertible Preference Stock Convertible into Common Stock shave for share Corporation occupies prominent position in publishing field. Its periodicals are outstanding examples of specialized trade papers. Earnings for first half of 1930 more than 334 times Preference Stock dividend requirements. Traded in on New York Curb Exchange To yield over 7%% Further details upon request Spencer Trask & Co. 25 Broad Street, New York ALBANY BOSTON CHICAGO PROVIDENCE PHILADELPHIA NEWARK LONDON Members New York Stock Eschange Washington Correspondent James M. Johnston & Co. Shoreham Bldg., Washington,D.C. n extra | " $4000 @ . y Savmgth ET ASIDE 32 cents a day to make an in- Under the Investors Larger payments give Al el ol Addsass. . ioenevmoreiitierseenocons ceseieiieresseseiiinecesenie Purchase of Notes Desirably Secured by 2nd Trust Improved Real Estate 4 ll:‘ the ?iltriet of Colum- v § bia and Nearby Ma land and Virginia, i PROMPT SERVICE NATL. MORT. & INV., CORP. 1004 Vt. Ave. Nat. 5833 First Mortgage Loan Applications Invited at 5)5% Construction Loans Glover & Flather 1508 H St. N.W. National 1753 First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Vi a for 3, B or 10 year terms on your SY2% RANDALL H. WAGNER & COMPANY Home Office Building Apartment Business Propetty MORTGAGE LOAN CORRESFPONDENT New York Life Insurance Company 1321 Connecticut Ave. F. B. KEECH & COMPANY Members of New York Stock Exchange ' Washington Stock Exchange Chicago Stock Exe New York Curb Market Chicaso Bosra TrAtade New York Cotton ExiiiqIE00! Cotton Assoctation, Ltd. n_Exchange Exc New York Produce Exchange o otes Srein Bk . Y. Coffee and Sugar Exchange, Inc. Rubber Exchange of N. Y., In New York Cocoa Exchange, Inc. New York Hide Exchange, Inc. Minneapolis Chamber of Commerce National Metal Exchange, Inc. Bremen Cotton Exchange (Asso. Members) WHEAT liquid future contract markets exist Minneapolis Kansas City Liverpool Buenos Aires We are prepared to handle orders in these markets Chicago Winnipeg H CORNER 17TH ST, N. W,, WA‘HINQTON NATIONAL 0245 Philadelphia Detrolt Providence SEASONAL BRANCH OFFICES Saratoga_Springs Bar Harbor York Harbor 8h New York Chicago Brooklyn Bretton Woods Palm Beach Miami Beach awnee-on-Delaware Complete Investment and Brokerage Service Copy of Our “Fortnightly Review" Furnished om Request G. M.-P. MURBHY & CO. Members New York Stock Eschange 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 Philadelpl Baltimore Richmond Capital and Surplus, $3,500,000.00 —to a man’s estate when he fails to leave a Will? The law provides for its disposi- . tion, without regard to pos- sible wishes of the decedent. { Drait a binding Will, and insure distribution of your property as YOU DIRECT. fOUR TRUST DEPT. is at your service. NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Columbis. 64th Yr. Corner 15th & New York Ave. PROPERTY Apartment MANAGEMENT i § MANAGEMENT rendering this service you enjoy the benefits of our more than a third of a cen. tury’s experience—and which enables us to handle every problem in connection with Apartment house management successfully—saving the owner both worry and money. B. E.. SAUL CO. ‘925 15th St. N.W. p— vitasaionn i ‘Nat'l 2100 MORTGAGE LOANS