Evening Star Newspaper, October 16, 1930, Page 13

BROSPERTY SEEN BYBANKERS HEAD dalmvay Believes Founda- (@ ition Is Being Laid for Con- . structive Advance. H BY EDWARD C. STONE. owhbridge Callaway, president of the mrmmt Bankeérs' Association, be- ves that the foundation is now being d for @ better, niore even and sounder P than ever before, Through copstructive financing and prudent m there should be built up a renewed ing power and a normal demand for goods and services, and the funda- ental law of supply and demand be rought into balance, he asserts, “In his annual address, at the New Or- feans Convention, Mr. Callaway de- clared _that “old-fashioned standards for judging values are again back In vogue, and while speculation has its proper and important function in our ‘economic life, alter all, the backlog of prosperity is the savings and sound in- vestments of the people.” Continuing, Mr. Callaway declared: “The equipment and management of American industry, from both a practi- ¢al and a technical viewpoint, have pever been more efficlent. Never before has so much ability and constructive thought been given to that very vital problem, the ribution of industry’s products. Corynodity prices have de- clined drastically, it is true, but we are now, apparently, nearing the final stage of that readjustment. The credit structure is sound with low interest rates and ample funds. Sav! are in- creasing and prices for high-grade donds are improving. “Our leading industries a: in a pound financial and operating ¢condition. Manufactured inventories are below the average. All these, together with our, wealth and natural resources and the efficiency and normal energy of our ple, are factors of strength on which gobulld a new period of prosperity. “Without delving into the past year's unpleasant statistics, which many gources afford in wide variety, or draw- ing a picture that is too rosy, let us cast aside the shadow of fear and un- gertainty, which so many of us have perhaps allowed to depress us, and turn squarely to a constructive future,” he concluded. ‘While the convention this week has been held at a time when the invest- ment situation is far from healthy, lo- cal members of the association have expressed considerable satisfaction over the cheerful manner in which Mr. Callaway faced the future. The at- tendance this year is smaller than usual because last week's tumble in stocks kept many of the regulars at home. Paul V. Keyser, counsel for the asso- ciation, is the only Washington man attending this year's sessions. Today's Trading on Exchange. ‘Washington Railway &. Electric pre- ferred drek:va the most attention in to- day’s trading on the local exchange. Eleven transactions took place in which 300 shares changed hands. Every sale was made at 98%. The largest sale was 100 shares, another included 70 shares ,and there was also a 50-share sale. it was the most activity in this stock for more than a year. The selling price was practically the same that has prevailed for some time. Capital Traction again came to the front. The stock opened at 52)2 on & 45-share turnover. The next sale cov- ered a 10-share lot at 52%. The stock then dropped to 52, where it closed with 55 shares in the final dealings. American Security & Trust Co. stock registered 375 for a single share, Mer- genthaler sold at 924, and Potomac Power 6 per cent preferred came out at 1105, One hundred and firty shares of National Mortgage & Investment referred sold at 5 and 200 shares of 1 Estate Mortgage & Investment preferred at 6%%. There was a much better demand to- day for bonds. Capital Traction, Poto- mac Power and Washington Gas issues were in moderate demand at recent levels. McFadden Board Chairman. Louis T. McFadden, chairman of the Committee on Banking and Currency of the House of Representatives and author of the McFadden banking act, which was signed during the Coolidge administration, has been chosen chair- man of the board of directors of Trans- continental Shares Corporation. The rorporation is sponsor of a modern fixed investment trust issuing Universal Trust Shares, which represent a diver- sified list of high-grade industrial, rail- road and public utility stocks. The an- nouncement made it plain that in ac- Ccepting this post, Representative Mc- Fadden has no thought of retiring from public life. American Stores Extra. ‘The American Stores Co. has declar- ed an extra dividend of 50 cents and the regular quarterly dividend of 50 cents. The extra dividend is payable December 1 to stock of record Novem- ber 14 and the regular January 1 to stock of record December 13. Payment of the extra 50-cent dividend will bring total dividend payments for the year to $2.50 a share, the same as has been paid in each of the last five years. M. B. Skaggs, president of Safeway Stores, Inc., said today that for the first time in the company’s history the third- quarter net profit exceeded profit for the preceding period. The third-quar- ter statement has not yet been issued. Heard in Financial District. Directors of Beatrice Creamery Co., which recently acquired Carry Ice Cream Co. of this city, have approved the acquisition of Hazel Glen Milk Co. and the Pittsburgh & Ice Cream Serv- jce, Inc., of Brooklyn. These acquisi- tions further the company’s program of Eastern expansion initiated in August, this year. William C. Johnson, assistant to the resident of the Federal-American Ni jonal Bank, has returned from his an- nual vacation. Norman E. Towson and Austin B. Rohrbaugh of the Washington Loan & Trust Co. took a business trip to Phila- delphia yesterday by eirplane. ‘Western Union Telegraph Co. third quarter net estimated at $2.22 a share, against $2.89 a share in like 1929 quar- ter; for nine months $644 a share, against $11.34 year ago. Despite the reduction in the prices of 24 commodities and the advance in the quotations of 21 commodities dur- ing the week ended October 11 the general index number of the National Fertilizer Association wholesale price index was not changed. Coffee, rubber, coal, silver bars, sheep, Jambs, apples, peanuts, cottonseed meal, lard and hemp were among the com- modities that showed advances. Listed among the articles showing declines were gasoline finished stee], wheat, cot- ton, flour, dried beans, wool, burlap and ammoniaied {oxlizer materials. COMMODITY PRICES SHOW FIRMER TREND IN WEEK By the Associated Press. General prices firmed slightly last week as their change was calculated by Department of Commerce records. Fig- ures which follow give the index for the week and comparable periods, based on representing 1926 prices as 100. In addition, selling prices for a composite ton of steel products at like riods are given: 3 \ All comumodities, Steel. Week ended Oct. 11.. 829 Previous week. .. 82.3 Same week last year.. 94.7 HUGHES ON BOARD. Charles Evans Hughes, ir., son of the Chief Justice, and himself a former so- mgeneml of the United States, has e & member of the board of direc- of the New York Life Insurance Co. 30% 40% 111% 151% « Am Can pf (7). G STAR, WASHINGTO! NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Sar Office. Adams Exp (1. 11is oy Ahumada Lead. . Alr Reduction (143) El Ap (1%) Alaska Juneau, Allegheny Corp. . Alleg Cp ww $30 5% . Allied Ch & Dy (n6)... Allis Chalmers (3).. Alpha Port Cmt (2) Amerada Corp (2). Am Agricul Chem Am Agricul Ch pt. . Am Bank Note (13) Am Beet Sugar. Am Br 8hoe (2, o Am BrSh & F pf (7)., Am Brown Bov Elec. Am Brown B B pf (7) 50 Am Can (16). . Am Car & Fdy ( Am Car & Fay »f (7). Am Chain (3).. Am Chicle (13).... Am Com Alcohol. Am European Secur, Am & For Power.... Am & For Pw pf (6). Am & For Pw pf (7). Am Hawallan (a10). Am Ice (t4) k3 Semramreand S Am LaFr & Foam pf. Am Locomotive (4).. 6 Am Metal pt (6). Am Pow & Lt (31). AmP& L pf A st (5) Am R & 8t 8an (1%) Am Republics. ..... Am Roll Mill (n2)... Am Safety Razor (8) Am Sm & Ref (4).... Am Sm & Ref pf (6). Am Solv & Chem Am Steel Fdy Am Steel Fdy pf Am Stores (12%) Am Sugar Ref (5) Am Sumatra Tob. Am Tel & Tel (9). Am Tobaeco. ... Am Tobacca (B). ... Am Water Wks (n1). Am Woolen.... Am Woolen pt . Am Zinc Lead & Sm.. Anaconda Cop (2%). Anaconda W & C (1). Anchor Cap (2.40)... Andes Copper (1).. Archer-Dan-M (2). . Armour of Del pf (7) Armour of Tll (A) Armour of 111 (B) Asso App! Ind (4) Asso Dry G (2%)... Atch To & 8 Fe (10). Atch To & 8 F pf (5). At] Coast Line(10). At Refining (12).... Atlas Stores (nl).. Atlas Tack Auburn Auto (34) ..o Auto Strap Saf R(3). Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). Balro & Ohio (7).... Balto & Obio pf (4).. Bamberger pf (634). Bang & Aroos (334).. Barker Bros (2) Barnsdall A (2) Bayuk Cig 1et pf :1). ER T =T b TIPSV - PP » ae = PYSISE -1 193 POt - T IUEE RE S T Belding-Hemingway . Bendix Aviation (2). Suwe Borden Co (k3).. Borg Warner (3). Boston & Maine (4) Briggs Mg Co...... Briggs & Strat (2)... Brockway Mot Trk. Bklyn-Man Tr (4)... Bklyn-Man Tr pf (6) Bklyn &Qu Tr pf(5). Bklyn Union Gas (6) Bruns-Balk-Col..... Bruns Ter & Ry 8.... Bucyrus (1)... Bucyrus pf (7).....0 Bucyrus cv pf (2%). S8-8ne @ s = R P F T P ASTS T Calif Packing (4). Calumet & Arizona.. Calumet & Heela.... Canadian Pacif (10). Can Pacific new. Cannon Mills (1. Capital Admin (. Case (J 1) (6). Case (J 1) pf ( Caterpll Tr (13% Coi Cent Aguirre As 1%. Century Rib Mills. .. Cerro de Pasco (4).. Checker Cab 14.20)., Ches & Ohio (2%) Chesapeake Corp (3) Chic & Alton. Chic & Alton pf..... Chic Great Western. Chie Great West pf. Chic Mil 8t P & Pa Chic M1l St P& P pf. Chicago & N W (6).. Chic Pneu Tool. .. Chic R 1 & Pae (1) Chi R 1& Pac pf (7). Chickasha Cotton Ofl 4 Chrysler Corp (3) & F (k3.60). City Ice & F pf (8%) City StoresA (3%).. Coca-Cola (6)......0 Coca-Cola A (3) Colgate-Pal-P (234). Colg-Palm-P pf (6).. Collins & Alkman. ., Collins & Atk pf (1) Colonial Beacon. . Col Fuel & Iron (2).. Colo & Sou 18t pf (4) Columblan Carb ¢ Comm Credit (2). Comm Credit A (3 Comm Cred pf (1% ). Comm Cred 1st (6%) Comm Credit pf B(2) Com In Tr (g1.60) Comm Inv Tr war Com In T cv pf (e6). Comm Solvents (11) Comwlth & So (60c). Comwlth & 8o pf 16) Congoleum-Nairn. .. Conn Ry&Lt pf(4%) Consol Cigars () . Consol Cig pr pf 8% . Consol Film (2)..... Consol Film pt (2).. Conxol Gas N ¥ (4).. Cons Gas N Y of (5). Cons R Cub of (8) Consol Texti Container A B Contl Eaking pf (8). Contl Can 12%)..... Contl Dia Fibre (1), Contl Insur (2.40)... Contl Motor: Contl Oll of Del Cont) Stares (1). % Corn Pr Ref (14%) Corn Prod pf (T). Coty I care Crof Wheat (12%) Crown Cork (£2.40). Crown Zellerb'eh (1) 6 63% Crucible Steel (k6).. 175% 120% 17 33 2% .u? snd Dividend Rate. Crucible Steal pf (T Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17). Detroit Edison (8) 1L Dunhill Int (1) Drug Corporat . Du Pont de N (14.70) Eastman Kodak (18) Eastman Kod pf (6). 5 Eaton Axle &8 (3).. 7 Elec Auto Lite (6. Electric Boat. . El Pow & Lt (1) El Pow & Lt pf (8) El Pow & Lt pf (1) El Storage Bat (5) Endicott-John (5)... Eng Pub Serv (2.40)., Eng Pub Sv pf (53). Equit OfMce Bldg (3) Erife R R. . Erie RR 18t pf (: Eureka Vac Cleane: 1 Exchange Buf (1%).120s Fashion ParkAs pf.. 508 Fed Min & Smelt 11 Federal Screw (3)... 4 Fed WatS A (e2.40). 1 Fid Ph Fire In (2.60), 4 Fifth Ave Bus (64c). 10s Firestone T&R (1). 7 Firest T & R pf (6) First Nat Strs (23%). Fisk Rubber. T 18t p: Follansbee Bros (2). Foster Wheeler (2).. 10 Foundation Co. 4 Fourth Natl Inve, e 4 Fox Film (A) (4).... 314 Freeport Tex (16)... 4 Fuller pr pf (17.94) .. 80s Gabriel Snudb (A) n. Gen Elec spec (§0c).. Gen Food Corp (3).., 2i Gen G & El cv pf (6)., GenG&EIpLA (8).. 1 Gen Jtal Ed (a2.62).. Gen Mills (3) Gen Mills pf (6 g-n Motors (13. G % Gen Out Adv (A) .Ingersoll Rand (15)., A1% 6414 118% 123% 118% 5% % 85% 50 13% % 1T% 1% 11 26% 115 108% as% 28% 4 21 13 6% 108% 103 % 60 3 1 1 4 4 1 2 6 3 3 5 Gen Gas&El A(e30c). b 2 0 1 1 2 0 4 Gen Pub Serv (b6) 3 2 4 1 Gen Refract (14%).. 4 Gen Theatre Equip. . Glllette Saf Rax (n5) 346 3 Glidden Co (1.30). Glidden pr pf (T) Gobel (Adolf). Gold Dust (234). Goodrich (B F) Granby Consol (2) Grand Unfon........ Grand Union pf (3).. Grant (W T) (1) Gr North pf (5). Gr Norctf Ore (a%). 11 Gr West Sug (146).. 4 Gr West Sug pf (7).. 30s Green Cananea Cop.. 108 Grigsby Grunow. . 8 Guif States Steel. Hackensack W (1%) 200s Hacken pf A (1%)... 10s Hahn Dept Stores... 15 Hahn Dept 8 pt (634) Hamilton W pf (6).. 90s Hanna pf (new) (7), 140s Har Wk Ref (12%).. 1 Hartman (A) (2).... 7 -Hartman Corp (B) 2 Hawaifan Pineap (2) 20s Helme (Geo H) (7). Hershey Choo (5). ... Hersh Choe pf (15).. Holland Fur (et2%). Homestake Min(18). Houdaille Hershey Household Fin pf ( Houston Oil (b10%) Howe Sound (t4%) Hud&Man Ry (3.50 Hudson Motors (3) Hupp Motors . Illinots Central (7).. Independ O & G (2) Indian Motor Cycle Indian Refining...... Ind Ray (h5% stk).. T 00 D 10 N S0 N 00 =310 A e T IO IO O e b e D 1O O e e SR O Interlake Iron (1). Inspiration Copp Insurance Sh (45c) Ins ctfs (Md) (80c).. Interboro Rap Tran.. Intercont Rubber. ... Int Agricuitural..... Int Agricul pf (7). Intl Bus Mach (n6),, Intl Carriers (25¢).. Intl Combustion. .... Int Comb Eng pf.... Intl Harvester (2% ). Int Harvester pf (7). Intl Hydro El A (e2) Intl Match pf (4).... Intl Mer Marine (2).. Intl Nick of Can (1), 2 Intl Paper & Pwr A.. Intl Pap & Pow (B) Intl Pap & Pow (C) Int Print Ink pf (6)..100s Intl Rys Cent Amer. . 308 Intl Salt (3). Int Shoe (3) o1 Intl Tel & Tel (2).... 80 Inter Dept Strs (2).. 8 Int Dpt St pf xw (7). 108 Investors Eauity (2) 1 Island Cr Coal (4). 1 Jowel Tea (14). 42% Johns-Manville ( 1% Johns-Ma 3 128 Jones&Laugh pf (7 20% 120% Jordan Motor Car.... Kans City Sou (5). 2 Karstadt (R) (1.03).. 10 Kayser Julius (2%). 5 Ke)ly-Spring Tire. 3 Kelly-Spring 8% pf.. 508 Kelsey Hayes (2). 2 Kelvinator Corp ... 14 Kend Co pf (16.37).. 208 Kennecott Copper(2) 33 Kinney (GR) pf (8). 60s Kolster Radfo....... Kresge (SS) Co 1.6 Kresge (SS) pf (1) Kreug & Toll (1.60 Krog Gr & Bak (n1).. Lambert Co (8). . 5 Leh Port Cem pf (7).1008 Lehigh Valley Coal.. 1 Lehman Corp (3).... Lib Owens F Gl (1).. Lig & Myers B (15).. Lima Locomotive. ... Liquid Carbonie (4). Loew's Ine (3). Loft Inc. . . Long Bell Lumb (A), Loose-Wiles (12.90). 8 Lorillard (P) Co. 2 © wxneZamwmas » 4 Louisiana Ofl. . LouG & B (A) (1%) Louts & Nash (1).... % Ludlum Steel. . 1% MeCall Corp (2%)... e Porc M (1) McKes & R pf (334). McLellan Stores Mack Trucks (6) Madison 8q Gar (1) Magma Cogpper (3).. Mallison&Co ..... Man Blev mod g (45) Manhat Elev gtd (7) 170 Manhat Shirt (1).... 11 Maracaibo Ol Exp 1 (Continued on Page 14) 0 2 4 2 H 1 1 2 McKesson & Rob (1) 1 1 2 1 1 5 1 4 s Prov. lose. Close. 109 4% 30% 41 106 % a% 64 110% 53 22 23 150 108 193% 39% D. C., THURSDAY, OCTOBER 16, 1930. STOCKS STRONGER AFTER WEAK START Early Profit Taking Results in Further Declines. Motors Featured. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 16.—Before active stocks began to show some re- sistance to selling pressure today' & majority had gone through another weak period during the morning, in which " declines ranged from 1 to 4 points. This was chiefly due to profit taking following the advances of the two previous sessions and to some fur- ther effort on the part of the profes- sional element to bring about liquida- tion. In size the early market was the smallest so far this month. The theory that a period of violent disturbance in stocks is liely to result in another dull time in Wall street seems to be borne out by the limited number of transactions. Utilities Freely Sold. The motor group exhibited the most itive weakness in the early reaction. This reflected Wednesday's trade re- views and estimates of the probable small production of cars this year. General Motors dropped to Wwithin a fraction of its previous low. Auburn Auto was off over 3 points and other motor stocks were down fractionally. Later they rallied with the rest of the list. The public utilities failed to hold Wednesday's galhs, with American Tele- phone & Telegraph dropping below 200 and substastial declines in American & Forelgn Power, American Water Works, Consolidated Gas, Electric Power & Light and Noxth American, all on lim- ited transactions. Heaviness alo occurred in such manufacturing stocks as Westinghouse Electric, =General Electric, Eastman Kodak and Johns-Manville, in part due to unfavorable September reports issued in the Iast few days. Among the cop- pers Kennecott was conspicuous for a decline within a fraction of its previous low. United States Steel common went back to the old level of resistance at 150, which, however, represerifed a de- cline of only 22 points after its rall of 8 points. Early Trading Dull Earl:'htrufl{l[ ver%ed xun extreme dull- ness, the sole spot of activit; Gillette e ‘The usual market leaders, United States Steel, General Electric, West- inghouse, Radio, American Can and like shares were lower in dull trading, both the size of transactions and the width of price fluctuations being neg- ligable. General Motors was an excep- tion, dropping down to 35, off 7% on a 9,500-share block. Du Pont was weaker than the rest, falling 3'2 points. ‘The utilities as a group showed the most uniform weakness. American ‘Water Works was off 2 points, Amer- ican & Foreign Power, off fractionally; Consolidated Gas, off 1, and Public Service of New Jersey, off fractionally. Sinclair Oil' dropped to its previous low for 1930 at 15, off fractionally, Trading in the first half hour amounted to 280,400 shares, compared with 326,000 in the same period Wed- nesday. Call money renewed at 2 per cent. Strong Spots. A few stocks were able to separate themselves from the general trend in later trading. Of these the most promi- once a ferryman . . industrially. [ founder of a great railroad dynasty. DIVERSIFIED TRUSTEE SHARES SERIES C Created and distributed by the oldest fixed investment trust organisation (1) Participating ownership in the com- mon stocks of 50 great corporatis widely diversified leo‘npfiullym m‘ mr”ouun: higher, P D moch redicsd Trous 86 60 effect in changing sentiment. More favorable came from European markets, where the prices of both stock and forel ‘bonds advanced. In London the position of Brazilian se- curities was much stronger and re- flected the confidence of British in- vestors and the willingness as well as the ability of the Brasilian government and the Brazilian state to meet foreign obligations. e strength in German issues was justified by the victory of the govern- ment coalition in the Reichstag Wed: nesday, which was supplemented today by the ultimatum which Chancellor Bruening delivered in the threat of a dictatorship under President _von Hindenburg unless constructive policies in financial matters are permitted. The quieter commodity markets also aided in the recovery. it BANK CLEARINGS. NEW YORK, October 16 (Special) New York bank clearings, today, $1,536,~ 000,000; 2 year ago, $1,742,000,000 New York bank balances, today, $221,000,000; a year ago, $271,000,000. Ask Your Banker— He will indorse Diversified Trustee Shares Series C E. Jos. Aronoff & Co. 647 E St. NE. Lincoln 4224 Without obligation e send me detailed information ding Diver- sified Trustee Shares, Series C. Name.....ooonenens Address...ccoeinniicencisonanen Diversified Trustee Shares, Series “C” the “Worry-Free Investment’ afford BOND Safety with STOCK Income Price at the Market e s e sl ] Write Today for Complete Information Geo. W. Pratt G. W. PRATT & COMPANY High Grade Investments 718-720 Tower Building Chas. W. Warden “I have been thr;);cgh . four of these depressions. . AID the chairman of the board of a large well known steel company a few days ago. He went on to say: “Each was just as drastic as this. When this cycle will have run its course you can be assured that this country will have the greatest five years of prosperity in its existence.” Proof that industry in general is weathering this recession in good shape is shown in the total of September djvidend payments which were larger than a year ago. In fact every month’s disburtements this year have exceeded those of the similar periods in 1929. The large well managed com- panies forming the backbone of our industrial life now offer the investor the best opportunity in many years to buy into them. A group purchase of an interest in 28 of these leading companies may be made with diversifica- tion, convenience, and tax advantages through— CORPORATE TRUST SHARES Common stocks of these 28 Companies are deposited under CORPORATE Price at Market, about 7% per share Descriptive Circular on Request GrAHAM. PARSONS & Co. 2 WALNUT STREET 48 WALL STREET PHILADELPHIA NEW YORK 300 SOUTHERN BUILDING—WASHINGTON Telephones Districe 9310 DIVERSIFIED TRUSTEE SHARES Series C Price and Complete Information Sent on Regquest Waggaman, Brawner & Co., Inc. Washington, D. C. The Father of American Transportation Closelyrelated to this nation’s business development is the dramatic history of the famous Vanderbilt family. Its founder, familiarly known s the “Commodore” because of his early maritime activities, built his fortune largely upon the intelli- gent purchase of railway stocks, notably those of the New York Central Railroad with which his name is indissolubly linked. Today, this great railroad—the main artery of the Empire State’s traffic system—carries on tire Com- modore’s traditions of successful management. Its common stock constitutes an important part of the portfolio, which comprises 50 leading common stocks in— DIVERSIFIED TRUSTEE SHARES Series C A Cross Section of America’s Greatest Industries U. S. Steel, American Tel., N. Y. Central, Borden, Umion Pacific, five Standard Oils and 40 other companies of like strength and stability are represented in this group. (2) All underlying securities are listed, hence are readily marketable. (3) Bet:er-than-average dividend income. Stock dividends and split-nps re- tained, ue;m in odd or fractional amounts, thus accelerating growth of principal. All management charges and Trus- tee's fees with respect to these certif- icates are payable by the Depositor. Reinvestment of .dividends may be made at the bid price. Conversion inte deposited stocks may be made by ewners of 800 shares or maultiples. Any number of shares less than 800 may be converted into cash. No redemptien fee is charged in sach conversions. Sponsored by W. A. HARRIMAN & OMMENDED AND SOLD The combined statements of these 50 companies reveal the following interesting facts: Combined assets, $31,- 644,997,000; combined surplus, $7,520,558,000; net working capital, $4,015,816,000; more than 5,000 quarterly dividends paid without interruption. Here is an investment that gives you—for a smail or large amount—diversification, stability, appre- ciation, growth of income, marketability, conve- nience, Moody’s composite portfolio rating “A” . .. allin a single security. Ask for circular and Folder C. AMERICAN TRUSTEE SHARE CORPORATION Depositor and Distributor for DIVERSIFIED TRUSTEE SHARES Chieage