Evening Star Newspaper, October 13, 1930, Page 13

FINANCIAL. EASY MONEY RATES - NOTED IN REVIEW Federal Réserve Board Com- ments on Drop in Ryral Bank Deposits. BY EDWARD C, STONE. In its important review of conditions | in the money market through Septem- “ber. made pudlic todav, the Federal Re- serve Board states that the easy con- ditions at the presen: time are general throughout the country, as indicated by the small volume of indebtedness of member ‘banks to the Reserve bamks in all Federal Reserve districts. The growth of deposits, however, which Has occurred during the year has not been felt by rural communities, rtatistics of net demand and time de- posits of country banks in 21 agricul- tural States show. Net demand de- posits in these banks have declined Irom $1,200,000,000 at the beginning of the year to approximately $1,050,000,000 at the present time. Time deposits in tm ‘u;;'.‘;(ulmns show a drop from al ,000,000 from the first of 1 ) statistics show, ', T This low level of deposits of country banks is related to the fact that th)e income of farmers in these States has been diminished by the decline in the value of products marketed. Smaller crops at lower prices, * the bulletin states, have reduced the farm- ers’ return for the year's operation and, indirectly, the income of those engaged in the sale of commodities to the farm- er. This decline in income is presum. ably the principal cause of the relatively low level of deposits 1 cultural banks, which in turn indicates a re- duced purchasing power of rural com- munities. Reserve Position Remains Easy. ‘There was little change in the de- mand for Reserve bank credit during September. Holdings of acceptances by the Reserve banks were reflected in a further decline of accounts for member banks. Ease of the reserve position of member banks was Indicated by the prevailing low rate on Federal funds, that is, on balances with the Reserve banks in excess of Reserve requirements, which were traded in at rates substan- tially below the official discount rate. Some increase in the volume of mem- ber bank credit was indicated by re- ports from member banks in leading cities, but this increase consisted en- tirely of a growth in investments and “ in loans on securities, while all other loans, which include loans for com- mercial purposes and agricultural pur- poses, remained Frlctlellly unchanged at the lowest level in four years. -, ‘The growth in demand and time de- " posits combined of all reporting mem- ber banks on September 25, 1930, were ; given at $1,120,000,000, and the growth in loans on investments $615,000,000, compared with a year ago. It was shown that the growth in deposits was nearly twice as large during. the year as the growth in Joans and invest- ments. Rapid Growth in Deposits. ‘The more rapid growth of deposits than of loans and investments during the year, which is usual during a period of business recession, reflected in part in inflow into the banks of gold tgm abroad and of currency from eircula- tion. The country’s stock of monetary gold increased during the year by about $130,000,000, and the outstanding vol- ume of money in circulation diminished by $300,000,000 owing to decreased de- ~ Mmand caused by reduced pay rolls, a small -volume of retail trade, and a Jower level of commodity prices, the board states. Both the inflow of gold and of currency tended to increase the volume of bank deposits relative to the amount of loans and investments. All the factors in the situation, which have just been discussed, the board states, have exerted an influence in the direction of monetary ease, and mone; rates have consequently, been lower this Autumn than at any time in more than 10 years. Call Rates Under 1922 or 1924 ‘The decline in the rates of eall money during the past year, the.board con- tinues, has been much more rapid than in 1920-21, and rates are lower than in 1922 or 1924. The more rapid easing of money conditions during the past T constitutes an it difference ween the two ‘The extended condition of the of many borrowers in 1919-20 ‘heavy in- " debtedness of the Federal Reserve Banks made the decline in money rates lower in 1920-21, while during the past year the strong Teserve position of the mem- ber banks as well as the Reserve Banks and the strong cash position of many enterprises, together with Federal Re- serve policy of reducing rates and pur- chasing securities, was reflected in & much more rapid decline in money Tates, In the earlier period the overexpan- sion of credit was based largely on com- modities and was reflected. in & high level of commercial loans, ‘while last year it was based on securities and was Te-elected in an expansion of security Joans. Liquidation of this class of loans is usually more rapid and during the past year has proceeded faster than the liquidation of commercial loans during the earlier period, the board states. ‘WESTERN MARYLAND RWY. BALTIMORE, October 13 (Special). ~—One of the first of the rallroads to fssue an estimate of September revenues is the Western Maryland,’ which reports a decline of 11 per cent for the month. The total was approx- imately $1,505889, the _statement showed, compared with $1,660,210 for September last year. Gross revenue for August was $1533,710. ‘The first nine months brought an estimated to- tal of $13,512,528, compared with $13,- 930,576, a decrease of $418,047, or 3 < per’ cent. U. 5. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business October 10, was $271,222,988.55. Ous- toms receipts for the month to date were $12.507,483.18. Total ordinary ex- penditures, $13,015,913.54. |, DIVIDENDS DECLARED NEW YORK, October 13 (#).— Pay- Hidrs. of Tecord. oct Nov. 1 Qct. Oct. Company. Atlan Bafe Dep (NY) Atlas Stores . Benson & Hed Brown Co pf... Colingswood Term 0T e Sep. ndering pf Oet. NY) Oet. The Germantown Th Hawail Consol Ry t Lid Aptd..... ptd. Ind Credit of Am... Jsmaica Water Supp prd...... 1 Loan Bank ] SIS THE EVENING NEW BOND OFFERINGS HELP TO DEPRESS INVESTMENT LIST Special Dispatch to The Star. NEW YORK, October 13.—The com- bination of a serious rebellion in Bra- 7l, another wide open break in stock prices, further declines in commodities and the projection into an overstuffed market of a large budget of new offer- ved too much for the invest- ment market last week. Led by Brasilians, other South Ameri- cans, the German group and all seco; dary and third-grade domestic bonds, the market deopped abruptly to new low levels for the year. Volume was the heaviest of any week since last Autumn's wave of forced selling. Standard Statistics’ index of 30 bonds, which includes a representative group of domestic issucs of a high type, dropped to 100 from the recent high of 1019, but this was not at all repre- sentative of the drastic declines in the junior obligations of the _railroads, which fell 4 to 7 points all around, in_ semi-speculative industria which vied with South American dol lar bonds in the width of their decline. Extent of Decline. Ten Brazilian issues stood at an average of 54.30 at the end of the week, compared with their recent high level of 92.11. Ten South American bonds declined to an average of 65.90, as against 93.28—a recent high level— and the average offering price of the 10 issues of 96. These sweeping declines, which rep- resent an enormous total loss to Ameri- can holders of the bonds, followed the Brazilian government’s admission that the suppression of the rebellion in its Southern states would be a long and costly undertaking. Investors feared that sinking fund and interest pay- ments might suffer and that some issues might be defaulted even if the govern- ment did win out. In three successive sessions, drops of 25 to 40 points oc- curred in this group of dollar issues. Other South Americans, in_accord- ance with market tradition, fell with the Brazilians. The Argentine descrip- tions moved down sedately 4 to 5 points, while Peruvian and Colombian credits slid rapidly to new lows, 30 to 40 points below their levels of only a week ago, Foreed Selling. ‘These losses might have been held within reasoneble limits had there been only a revolution to contend with—for, after all, American investors have be- come used to reading of such events in South ' America—but the decline of stocks to below their 1929 lows gener- ated a large volume of forced selling of bonds and, naturally, the weaker is- sues were the first to go. Coincidentally, the political situa- tion in Germany became acute and Chancellor Bruening admitted that an- other election might have to be held to secure a government with seats enough in the Reichstag to hold power. The recent success of ‘the radical groups also brought up visions of such pos- sibilities as repudiation of the treaty of Versailles and defalcation of ‘debts. Even Dr. Hjalmar Schacht's sincere assurance of the worth of German bonds to New York bankers at a lunch- eon this week failed to stem the tide more than momentarily. The recently issted German govern- ment 5145 dropped to over a 16-point discount while Dr. Schacht was talking to the bankers and a group of 10 Ger- man iscues slumped to an average of 84.15, compared with their recent high of 100.1 and the average offering prices of 93.95. Meanwhile liquidation made necessary 2{ the decline in stocks affected, first, 1 second and third grade domestic is- sues and, finally, the high-grade group. including—to a small degree—United States Government obligations. New Offerings. ‘The last straw was the offering of $119,739.000 of bonds, compared With $70,063,600 last week, as well as the offering of $100,000,000 United States Treasury bills, bidding for $75,000.000 of New York City issues and successful negotiations concluded for a new short- term loan of $125,000,000+for Germany. As a result the only issues to hold up were those in which savings banks and trust funds are legally permitted to invest. Municipals and railroad equip- ment certificates and a few of the very best class of railroad mortgages clung to their levels. There were a few casual- tles-in the latter group, as it became apparent that a group of some dozen raflroad bonds, hitherto considered legal, would be removed from the New York list on present .earnings, which have fallen below the 11; times fixed charges ratio, a condition to their legality. During the weck Canada successfully floated $100,000,000 of refunding bonds on a 4.28 per cent basis, the issue being oversubsgribed in a few minutes, This reflected a sharp demand for Canadian bonds. Cuba’s credit dropped along with the rest of the markel and had as an_additional bearish argument the sudden crisis in political affairs there. However, the end of the week saw some Telief for that troubled country in the granting of an extended credit here by the Chase National Bank. With most of the forced liguidation disposed of and dozens of issues selling on a bargain basis, the market is as- sured of an early recovery, especially if those desirous of floating new bonds postpone their action for a time. In- deed bankers are likely to frown just now on anything but the most gilt edged of offerings. (Copyright. 1830.) RUSSIA BIG FACTOR INWHEAT MARKET Short Crop in Southern Hemisphere Might Prove | Price Aid. BY FRANK I. WELLER, Associated Press Parm Editor. Political as well as economic abnor- malities seem to have influenced wheat in its tumble to the lowest commodity purchasing power since 1850. Two years ago, when the world sup- ply of wheat was about the same as it s today, world shipments totaled 925,- 000,000 bushels—all of which was ab- sorbed at a basic price of $1.35 in Liver- Dool. Present. Lives 1 prices are around 86 cents a bushel, and still Y | wheat is stacking up in the surplus countries. There are about. 100,000,000 bushels more wheat in North America than a year ago. = oflflo‘v;ver, the lncl’.:u in America is 'set by a harvest in Europe (not in- last and & 50,000,000~ .I;!huhel “decrease in pe us world supply is left about where it was & year ..Z cl W] '‘more and more creep into the picture of average wheat supplies being sold to an increased wld‘mpuhmm at prices “of outlet for world wheat ts. e German import duty is approxi- mately $1.20 a bushel. The Italian tar- iff is 863 cents a bushel. France maintains & requirement of 90 per eent native wheat in milling mixtures and & tariff of 853, cents a bushel, in addi- tion te a system of refunds of import duties equivalent to an export bounty. Consequently, native German wheat “d"]uh. Iolrnu:bou! $1,52 a bushel, and German millers are paying approx- imately $2 a bushel for wheat that sells for 86 cents in Liverpool. The situation practically has closed German markets to outside wheat and at the same time raised the cost of bread grains to the consumer, who has even less money with which to buy it than he had two years ago. Influenced by tariffs, na- tive Italian wheat has been selling at about $1.76 and native French wheat at $1.73. Two years ago all three coun- tries were good customers in the world market. Extent of Shipments. Russia appears to be the most promi- nent factor in world trade. During Au- gust and ,September North American shipments ‘amounted to 87,000,000 bush- els, compared with 55,000,000 for the same period a year ago; Argentine shipments, 8,000,000, against 50,000,000; Australian, 12,000,000, against 11,000, 000; Indian, 3,500,000, against 1,000, 000; Danubian, 5,000,000, against 3,500, 000, and Russian, 21,000,000, against virtually none a year ago. The presence of Russian shipments does not mean there is any more wheat going into the world market than a year ago, but that it is coming from a source not expected to_be & factor in the market for several years. Trade reports indicate that - an additional 20,000,000 bushels has been sold for, export and a possibility that Russia’ may export & total of approximately 80,000,000 bushels for the season. In the last few days several large commission houses have been reported to be buying wheat at Chicago and the theory has been advanced, mostly in the West, that the wheat market will respond to any improvement in stocks. 1 | Other sources deny any connection be- tween stocks and graln under current conditions. It is probable that bullish news of major importance might pull the market out of rut. Many believe this will have to come from the South ern Hemisphere, where crops are ap- Erocchlnt a eritical of growth. urope is not Jikely to do any sustained heavy buying of North American grain while there is a t of heavy pro- duction in the Southern Hemisphere. However, it is & point of the controversy that prices of American wheat are . Process Corp. Ogidan State Milk rd . . ¥ ldt . Stores. about 60 cents a bushel lower than last year and that European needs are sub- stantially ' & Share are invest 75,000,000 bushels || . Rail Stocks BY GEORGE T. HUGHES. ELECTRIC BOND AND SHARE. ~(This-ip 1] his readers. the' technical provisions of discussed and gives facts about the corporations behind the curities. " The “chief purpose is to plain the anal process, certain curities of ‘high grade being used for i illustrations.) Interesting because it represents a cross section of so important a part of the light and power industry is the Electric Bond & Share Co. This well known corporation controls American & Foreign Power and has large mi- Mrity holdings in American Power & .. It has less important in- vestments in other utility. industrial and banking stocks. To in the first named technical and financial service, the fee for which together with dividends on its stocks make up its fncome. ‘The preferred sf of Electric Bond its of the highest sl ty. $5 perferred, which was only re- ly asued, sells around 98, where the is only 5:10 ‘There are for the smaller return on than on the $6 issue. The Tate preferred is caliable at $110, same price as the higher rate, so t it has larger possibilities in the way f market e appreciation. In addi- it is the rule when there are two preferred stocks or two bonds lly well secured that the one with lower dividend rate or with coupon rate sells at a relatively ‘who m:l:m:lr : are g simply for the yleld will, of course, take th:l ‘l stock, ‘Whereas tl ‘who want a chance for a slightly higher market E::n will_take the $5 stock. Electric d & Share maintains one of the strongest financial roduml shown by any corporation of ts i 31 last against labilities of $5,448,172 there were cash and call loans of $31,- 897,221. available for the preferred stock in the year ended De- cember 31, 1929, were equivalent to z:{tamnmdmmunomndod RgFyEEEE it i i -— MARYLAND TOBACCO SALES. BALTIMORE, October 13 (Special). —Both receipts and sales of Maryland leaf tobacco last week showed declines compared with the previous week, the former totaling 465 hogsheads and the latter 982 hogsheads, leaving a stock in State tobacco warehouses of 7,325 hogsheads. Market continues activ with prices holding firm at the lowing quotations per 100 pounds: ferior, 6.00210.00; sound common, 222.00. good common, 22.50232.00; me- $2.50840.00; good to fine, . .00; fancy, 53.50854.00. onds—Common to common, 10.00a 25.00; medium, 25.50a35.00; good to fine, '35.50245.00; ground leaves, nomi T burle 00. We recommend Independence Trust Shares to every investor who through a sound rein- vestment program de- sires to achieve finan- cial independence. Send for Booklet— “The Straight Road to Financial Independence” Chunch, Wootton & Co. CORPORATID Washington Building much lar, percen of supply ol‘.':u“ulnlumlu- ‘countries now than a year ago, when almost all Imporuumhdwflx’unm STAR, WASHINGTON, HOPEFUL MARKET IDeveIopments of Next Few Days May Improve Busi- ness Confidence. BY F. H. RICHARDSON. Special Dispatch to The StaT. NEW YORK, October 13 Street looks upon the holiday today as the unsettlement in the security mar- kets of last week and, in effect, cleans the slate for the next lesson. What this lesson will be depends much on the outcome of many important devel- opments scheduled during the next few days at home and abroad. The public was not hurt in last week's crash as it was in that of last Autumn. The public, as a matter of fact. has behind it a large backlog of savings and & new sense of discretion It could, if so minded, send security prices upward with irresistible force. That 1t is minded to invest heavily either in common stocks or in bonds at present is doubtful. But the cur- rent week, while not likely to see an abrupt upturn, may witness a more cheerful light thrown on domestic and international affairs, Situation Abroad. As anticipation of disaster almost always causes more unsettlement than tie event iself, it may well be that the reupening of the Reichstag today will clear up the German situation Whetner or not Chancellor Breuning sees Lis way clear to retaining office witnout again dissolving the Reichstag, at least the tension will be eased for the time being. In Brazil, the next day or so will probably see a trend either for or against the revolutionary forces and give an indication as to the ultimate outcome. More reliable information in connection with evenis in Brazil would do much to improve sentiment. England, in the next few days, will know the worst of the imperial confer- ence discussions—or the best. Chan- cellor Snowden'’s strong stand for the labor government's avowed opposition to protection, while calculated to en- gender some economic unrest within the British Empire, will do little to change existing worid trade conditions. Also, the British Parliament meets soon, and Britain's immediate political fate will become clearer, Short Interest in Market. At home, in the securities market the large short interest that the last week has built up is a potential bullish factor once the ball is started rolling. In this direction, the increase in commodity purchases by manufacturers in the past week or two is a factor likely to cause modity markets. (Copyright, 1930.) sl enis i INCREASE IN FARMERS’ BUYING RANGE IS NOTED By the Associated Press. ‘The Department of Agriculture re- ating in 1930 numbered 1,454. Purchases at wholesale through the medium of these associations of the feeds, fertilizers, seeds, spray materials and other supplies needed by members of co-operative creameries, cheese fac- tories, live stock shipping associations and frult marketing associations are said to gaté $100,000,000 or more 8 Year. form of co-operative ac- tivity, it is stated, is now being supple- mented by the activity of large scale hlfnhly centralized associations o&eh ating on practically a wholesale basis. FACTORS ARE SEEN wall | a full stop, which lends emphasis te | some immediate improvement in com- | ports farmers’ buying associations oper- | D. -C, Financial Activities In Street Suspended | | DuringColumbusDay | | By the Associated Preas. NEW YORK, October 13.— Financial activities were at a standstill today in Wall Street in observance of Columbus day. All of the security and com- modity exchanges and the banks were closed, following the custom of observing the holiday on Mon- day when it falls on Sunday. 'BANKER EXPRESSES | BUSINESS OPTIMISM President of Investment Associa- tion sFinds Financiers Undis- turbed by Fears. By the Associated Press. NEW ORLEANS, October 13.—The | board of governors and special commit- tees of the Investment Bankers' Asso- [ ciation of America, which assemble in annual convention here today, in a series of pre-convention meetings yes- terday disposed of routine matters and | clared the way for the financial gath- | erings’ first session. | Following the meetings, Trowbridge | Calloway, president of the association |and_a member of the investment firm | of Calloway, Fish & Co. of New York, | said he found that investment bankers | from all parts of the Nation “are calm- 1y optimistic,” undisturbed by the vague fears that have been so prevalent.” A clear note of business optimism | rang through a statement Mr. Calloway issued on the eve of the conventon. | “This convention, the nineteenth an- nual meeting of the investment bankers | |of America,” he said, “while it is| | smaller than usual, has a fully adequate representation from all of the associa- | tion's different groups in ‘the - United | States. In common with: other lines | | of business, we have been going thirough | a trying experience, nevertheless only | a few of our working force are absent.” ' German Stocks Show Gain. BERLIN, October 13 (#)—En- couraged by reports of an international | loan to Germany of $125,000.000 the | Boerse opened stronger today and some | stocks gained up to 3 points, with a | few specialties going 4. These gains | were made in the face of the Reichs- | | bank's gold transfers to France of | $60,001,000 and to Holland of $17,500, 000 terday ‘ PLEDGED SAFETY! To prove to you that we mean safety when we use the word we have placed our $3,800,000 resources hehind our Real Estate First Mort- gages and doubly protect your investments. IF YOU NEED MONEY CONSULT US FIRST Capital Resources, $3,800,000 24 JACKSON PLACE | Credit Men's Magazine Reports | sales and collections of wholesale and MONDAY, OCTOBER 13, 1930. SALE AND COLLECTION | SITUATION IMPROVES Increased Trade in Whole- sale Lines. Special Dispatch to The Star. NEW YORK, October 13.—More im- provement than in any recent month is reflected in the October trade sur- vey of Credit Monthly, a publication of the National Association of Credit Men. The improvement applies to both manufacturing firms in the 100 cities covered. Seven cities reported sales brisk, 66 reported them fair and 27 slow. Two cities moved from the “fair” colum to “good” during the month and 1? shifted from the “slow” classification to “fair.” The cities reporting brick sales were Milwaukee, Wis.: Tampa, Fl Tex., and Des Moines, Ottumws Rapids and Waterloo, Towa, hree cities reported collections good, whereas only_one city reported Awemcan TELEPHONE AND TELEGRAPH Compawy 164th Dividend Tue regular quarterly /] dividend of Two Dollars and Twenty-Five Cents ($2.25) per share will be :aid on October 15, 1930, to stock- olders of record at the close of busi- ness on September 20, 1930. H. BLAIR-SMITH, Treasurer. Money to Loan ; !“'FP,"_';,WF'L",,-: INCREASE in an “OFF" year The ssme Associated System New Business Departments that sold $1,891,348 of electric ranges, refrigerators, water heaters and other appliances the first six months of 1929 sold $3,023,531 during the same period of this year. Increasing use of the services supplied adds to the value of Associated securities. Gold Debenture Bonds, due 1968, of the Associated Gas and Electric Company, principal wnit of the System, yield about 515 % st present prices. Interest earned 2.01 times on. an overall basis after depre- clation. These bonds enjoy an active market on the New York Curb Exchange. Please send me Circular P 16 Public Utility Investing Corporation p 61 Broadway, New York through the Crash of 1901 N May 6, 1901, and the hectic days following, the was caught in the throes of the battle between Morgan and Hdrriman for the control of the Northern Pacific. Stocks gyrated and then tumbled and thous- ands lost their all in to keep abreast with these Titans of The money, as well as the stock market was caught in the swirl finance. of high finance. But STEADFAST through this mad Bpeculation, the First Mortgage Notes issued by Swartzell, Company were safe Stock Exchange the mad scramble Rheem & Hensey, and sure; at par every day and unfailing in their in- terest returns. Those who were in= vestors in these securities saf safely on the side lines and could well afford to watch the debacle with a smile. SWARTZELL RHEEM anD HENSEY MORTGAGE BANKERS 727 15" STREET N.W. WASHINGTON, CO. D.C. ‘And so today when many have been caught again in a depressed market, the thousands of those who have their savings in these motes, feel secure in knowing that these securities have stood the test for over 61 years, will go on remaining STEADFAST to the tradition of safehy, fiest, last, and FINANCIAL. collections a month ago. These cities were Cedar Rapids, Towa: Austin, Tex., and Huntington, W. Va. Sixty-four other cities reported collections fair, while 33 reported them slow! ' Fiftee: cities reported an improvement, in col- A—13 o First Mortgage Loans Lowest Rates of unterest and Commission Thomas J. Fisher & Company, Inc. lections during the month, moving from the “slow” column to “fair. » PARIS BOURSE PRICES. PARIS, October 13 (#).—Prices were | dull on the Bourse today. Three per cent rentes, 87 francs 5 centimes. Five per cent loan, 101 francs 80 centimes. Exchange on London, 123 franes 9314 centimes. The dollar was quoted at | 25 francs 511 centimes. | Made at Low I 1 located 10 ve 1520 K St. N.W. REAL ESTATE LOANS nterest Rates TYLER & RUTHERFORD o'l on | Slsh - elane an 378aes. and serthe- usiness W 5o desired. National 0478 Equitablo-operativlg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets $5,723, 61 WALTER S. PRATT, Surplus & Profits. . Save for Prosperity! Regular savings, no matter how small will grow into a nest egg for the future. 915 F St. N.W. X . To Encourage . , The people of Washington and nearby Maryland and Virdinia to own their homes, the Metropolitan Life Insur- ance Compnny Real Estate Loan Plan is available. WE OFFER— Loans for Fifteen Years 50th YEAR COMPLETED Jr., Secretary +.-$1,755,911,57 Suburip!iol for the 99th lssue of Stock Being Received Let us show you how we ad- vise you to Low Interest Rates—Reasonable Terms WEERR RS W ashington Building M Loan Correspondent "etrom!‘a’: Life Insurance Company D occupants in their own bm'(ding . ate cost. 5 panoy. . * ABUNDANT LIGHT AND AIR SIX HIGH-SPEED ELEVATORS CENTRAL LOCATION . . . . 1001 Fifteenth $t. 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