Evening Star Newspaper, October 21, 1930, Page 13

FINANCIAL FINANCIAL DISTRICT-1S FIRST - THE EVENING STAR, WASHINGTON, D. C, TUESDAY, OCTOBER 21, 1930 NEW YORK STOCK EXCHANGE . ||STOCKS SELL OFF {WHEAT SHORTAGE Recelved by Private Wire Direct o The Star Office ”tembcr Figures Reveal|&x ! Gain of 12 Per Cent Over o 1929 Result. .. BY EDWARD C. STONE. Fm& show that the Dis- the States in em in thc mmnm of insurance T, September, 1929. This made or the country lower, the l 'hol! shnwlnl an : not until May that the life in- ” ’do'n ard trend. ice_curve took a the early mont '.h! ‘were suf- it to offset the decreases since April 80 that at the close of Sepwnber the ction of the nine months of 1929 revenues of 031 expenses Tailwa; income = was of nwx 730. Net income after cl s $25,074,! v oof 825 eu;‘n:l-nd with large apd much interest Was manife Heard in Financial District. At & mun; of the directors of the American St & Transfer Co., held E&m,,fi H. Adems, jr.. was added ew v‘lce dent of the mmm luxts & Transfer Co. h lnuud at n e venue northwest. M lwd‘:l s hmdl?ln ml y /3 per cent on fember. 15, when compared wi Autun S acaording &> the Iumus:! Labor on hs * 1930, m’od thll:n totaled ! mont] huc - uo.u; against 4,676 In like period °"l'h: fwelfth mid-Winter trust confer- ence of ‘the Trust Co. division, Ameri- Association, will be held can Bankers' Pe! 17, 18 and 19, 1931 at the Hotel re, New York City, it 1s Gilbert T. Stephenson, mn‘wum‘n HIGH MARK, SAN FRANCISO00, Oteober 21 (#).— | l@mwflflhmmhh history were (feported by Consolidated Chemical 1IN + Ahumada Lead, Alr Reduction (' Am Br Shoe (2.40) Am Brown Bov Elea, Am Can (15) Am Can pf (7, Am Car & Fdy Am Chain (3). Am Chicle (13) Am Com Alcohol. Am Encaustio (1 ‘Am European Secur.. Mach & Motal Am Metal Co (13%). Am Pow & Lt (31) AmP&LPLA (3% Am Pow & Lt pf (6 AmR & St San (1%) Am Republict Am Koll Mill (n2) ... Am Safety Rasor (5) Am Ship & Com, ~Prev.1030—~ Low. 11% 75%. 151% 140 33 10 22 104 36 32 18% 6% 93% 62% 10; £ 4% o = Snundanmemnne - % Eng Pub Serv (3. 3 Am Bhipbullding (5) 200s & Ret (4, 29 Am Sugar Ref pf(7). Am Tel & Cable (8).. Am Tel & Tel (9)..00 724 “Auburn Aute (4 2% Austrian Cred (l.ll) . 1‘ Autosales. it Auto l “ A'ilt.l‘ yru Budd (E G) Mfg. Budd Wheel (1). T BI Butte Cop & Z (500) .. Butterick Co Byers (A M) Byers (A M) pf (T).. Calif Packing (4). % Callahan Zine & L4. Calumet & Arisona, Calumet & Hetla. DryGA (8)n Chio Great Wet b.r Chie M1] St P& Pac.. Chio Mil St P & P pf. Chicago & N W 5)., Chi& N W D! (7) Chie P: Chie RI‘I’.I 17)”. Chickasha Cotton Ofl Chile Copper 2% ) Childs Co (2.40). Chrysler Corp ¢ City lco & F (k3. City lco & ¥ pt Colg-Paim-P pt (l) . Colllns & Alkm: 9% Colonial Beacon Col Fuel & fron (l) . Col South (3) 2 Comm Credit 43) 31% Comm Credit A 13) 76% Comm Cred 1nt (§%) 27 ComInTr gl $0) .. 4% Com Inv Tr wi 89 Comm inv Trpfé%. 17% Comm Selvents (31) 9% Comwith & lo (“‘) 9234 Consol Gas N ¥ (4)., 99% Cons Gas N ¥ of (5), 40 Cons RR Cub of (6). 3% Coutainer B 18% Contl Baking 3 Contl Baking Egereg 'sg..;:s:: TN 0T 5 & R HETLD bt ot 4 2 1 s [ 2 2 17 3 13 5 18 3 108 2 2 2. 17. 10 10 1 3 3 22% 18 ‘A% 12% - CETTA=PA T T A ™ Fute 30 124% 119 121% 126W 1 122% 6% Inland Steel (4) IO- 2 5 2 3 44 lm 2 8 10 41 Ranwanwnn- - 46 o 18% ETR Stook and. Dividend Rale. Add Corn Pr Ref (14%). gnmu . Curtis Publish (17).. Curtiss Wright Corp. ELCTTT PR TN ek ) Du P de N deb pf (). Duques Lt 1st pf (5). East Roll Mill (ht2). Eastman Kodak (18) Eaton Axle & 8 (3, Eitington-Schil Eftington-8child pfe. Elec Auto Lite (§)... ectrie Boat, @ o PP TYST N - P R Equit Office Bld, (l) Exchange Buf (1%).1220s ll% Fairbanks Morse (3) 2 284 Fashion Park Asso.. 3 7 Fashion ParkAs pf..190s Fed Lt & Tr (31% 2 Fed Lt & Trac pf (6) 20s Fed Min & Sm pf: (7). Fed Motor Tr (80¢) Federal Berew (3), ‘ederated l'lfiPh'lr‘!l( Firestone T & R (l) i T &R pt (6] Fourth Natl Invest. Fox Fiim (A) (4) Frank Simon pf (' Freeport Tex (15) Gamewell Co (5 GenG&EIpIA GenG & E1pfA(8). Gen Out Adv (A) Gen Pub Serv (b6). U< TR 11 NSO e | ~ Guodyear 1 Gotham Silk Hoslery SHpL(T.. Graham-Paige. Graham-Paige rcts. Granby Comx (2).. l 8 (ml). - sontennnnannmnalnnh Gulf States Steel. Hackensack W(1%) Hall (WF) Pr Co (2). Hamilton Waten 1.80 Hanna pf (new) (7), Har Wk Ref (12% Hav Elec Ry pt (8. 1 Hawalian Pineap (2) Hayes Body. . Heime (Geo H) (11). Hercules Mot (1.80) Hercules Pow pf (7). Hershey Choo (5) Housenold Fin pt (4) Houston O1l (b10%). Houston Ofl (new).. Howe Bound (14%).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motors. .ev.ve Iilinols Central (7)., Inds O& @(2)ea lllhn uom Cyele.. Tna Ray (5% Btk :r Ingersoll Rand (18) - PR IOLNRANAANRE O~ Inspiration Copj Insurance Sh (4bc, Ins ctfs (Md) (80c) - intl Bus Mach (né) Inti Carriers (26¢).. Intl Cement (4) T e S e - Intl Nick of Can (1). Intl Paperpt (7).... Intl Paper & Pwr A.. Intl Pflht‘llnk (l") Intl Stiver pf (7). nt] Tel & Tel (2) ST | w2Eannod Int Dpt St pf xw ( Investors Equity (2) Island Cr Coal (4) ..o Johns-Manville (3),. Jordan Motor Car... Kans City Sou pf (4) Kaufmann DS (1%) Kayser Jultus (2 Keith-Alb-Or pf (7) 2 Kreug & Toll (1 -Krog Gr & Bak Lambert Co (8) Lehigh Port Cmt (1) Leh Port Cem pf (7). Lehigh Valley Coal. ., Lehigh val (143%), Lehman Corp «3) . ooy na ERB L anlanmean a - o ame e Lig & Myers B (16) Ligg & Myers pf (7 Lima Locomotive. v(pqmuumgp.« A ; T6% % 161 82“ —= INUGH TRADING Unfavorable Factors in Busi- ness Situation Stressed in Street. BY CHARLES F. SPEARE. Special Dispatch to The Star. v Oft susly Voday, a8 the b wen! y , a8 serves of Monday l{med to m exhausted, and was fiven to° untavorabie uummu ‘The de in prices, however, was on such & limited volume of transac- mmfi“ 0'3’}! h'd hhrn when & sales and falling quotations combined to disturb confidence last week. Reaction in Coppers. The volatile shares dropped a point or more between trades and in the fore- registered net losses from 3 to 6 might be a rally remainder of the week. which prices declined mmuud that supporting orders had been removed and that the trading element was tak- ing profits on the stocks bought last week end. After a firm opening, stocks turned dull and irregular. Tnd\u was in the mlul volume _since house, Radio, Montgomery Ward and 5% | American Can had similar movements. Anacondas, Mine shares were Cerro de Pasco, Kenflecott and Calu- met & Arizona all making new lows. Rails were off a shade all around. General Motors rose fi other motor shares also retained of their early advances. Utilities murmnthemtotmlh&ladw Electric Power & Light Public Bervice of New Jersey. In the afll, Na- tional Supply touched a new low, while Pure Oil and Richfield Oil equaled previous lows. amounted onxy ”.g:l'l 441 in the year line with area of reduced Septem| reports, now coming which indicate a heavy net r.hmuh whm-wlwmmu: J\fl’flf o\mld- the market were alile. Higher nos.l'll, as against ‘were heavy in eat deal of u an index of -term investments and the mnt to which they are ex- Ec'ed to separate themselves from the fluence of speculative markets. Washington Produce Butter—One-pound prints, 43a44; tub, 4w,ml/1i Eggs—Hennery, 40; current receipts, 1 2421525 ‘IAI‘ahnn;.' l’l".l’: ovn lu-'e horn fow! 3 14a15; ducks, 15; keats, 60; sm 25a30. Dressed— 38a40; old, 33a35; large, 33a35; medium, 21 Leghorns, 28; fowls, large, 28a30; medium and small, 26a27; ulhorn.:g:u. 24a26; ducks, 23 alive—Turk¢ proportions, and | directly that spells a wheat shortage! INU. . FORECAST Higher Prices Are Seen by Grower—Points to Need of Feed Grain. BY JOHN F. SINCLAIR, Epecial Dispatch to The Star. NEW YORK, October 31.—"The United States s faced right now with a feed shortage of major In- Such words sound strange, I know, but they are true,” said Thomas D. Camp- bell of Montana, America’s largest wheat farmer, in discussing the wheat problem. “Look at the facts—the authoritative sonmmenul facts. Corn is shmt 500 - ls. Feed another 000! That totals 1,100, 000 000 bushall l’:“' what can take the place of this o( ‘wheat. 7" Just 350,000,000 bushels | | “Now mark by word,” eonumlod Mr. Campbell, who more & pros- puwa business man than the farmer of 95,000 acres of wheat land. “Mark my word, the United States wilt be on a domestic basis before we can produce another wheat crop. No wheat avail- able for export. “No man can make a more bullish statement than that with reference to wheat. Wheat is cheap—very cheap to- day, and American business interests ursday, | Would know it now if business men were £ Bour amounl” a T the yoile thinking these days, ‘riere Ao phases of industry.” demoralizing the world by dumping in the nited States?” Oampbell “Russial blames the Eoviet govern- everythi Just think a minute! The mw ‘Wheat grown in the world for 1930 is approxi- mately 4,000, 000 000 bushels, including wheat grown in and in India. Now of this amount, 850,000,000 bushels is exportable—that is, it is ‘sent out of the country which grows it to those umu:trlel which need more wheat than nlne. " wil send about 20,000,000 bushels of wheat into the world mrm this year. But say that figure is too small. Say it is 50,000,000 bushels! ousl; iut what sbout uulu whut lhan?” "Sel wheat short? That's not an itself. be just as fair to the buyer as to the seller. But_ when the 0 it about its wheat m-n any effect on American xw Canada raises from 250, ,000,000 bushels annually mn of Canada’s 1o be de- n.nd Europe and sold M States. That con- learned and vhommtmmm if it did not come to American mills, would go to Europe from Canadian mills so that the renm makes no difference. This would be true if the United States produced oui'l: hard Spring wheat, high in Hmlll.r wn::ll it imports from "Al [ mfler of fact, a reduction of this rebate would increase the price of American dark, hard Northern Spring wheat. And lt'l fhe first law of mer- chandising that if the better goods are increased in price, the other grades will increase accordingly, or in proportion. Organization Needed. “Let me mnke one point clear,” went on Mr. bell. _“The American farmer is no -nul He wants no spe- cial privilege from the United States Government. He wants only to be put on a par with other industries which have been organized effectively in the last 50 years. Labor gets protection through re- stricted immigration; capital is well lwrud by the Federal Reserve; rail- 20| companies hAve the benefit of an ki 15 p‘fl:.”:wek—yfcum 12; Tambs, 4.5 l.lnel,’ per 100, 175. lWlQl. bushel, 1.00a2.50; box stock; 3.00a3. quinces, 2.25; pears, Bartletts, uo-z 5, Beckels, 2.00. Vegetables Potatoes, 150-pound l.lcn 3.25a3.60; sweet potatoes, per bar- 3.5023.75; Idaho bakers, 100 pounds, ; lima ns, 3.00: 1.00a1.25; peas, 3.50; squash, 1 carrots, r 100 b\mchu 4.00; beets, per 100 bunches, okra, 1.50 ?lnlch 1.00; kale, 758 cucum ; caulifiower, 1.508 mushrooms, e-bhnn wr m ‘pounds, 1.50, e BUILDING CONTRACTS UP IN NEW YORK DISTRICT By the Associated Press. NEW YORK, October 21.—Residen- tial building contracts awarded in the Metropolitan area of New York showed a %n er during the week ended L] 17, extending that recorded durmg the first nine days of the month, W. Dodge Corporation reports. Out of o total of $31,242,400 for all con- struction awards in the lrn for the week, $15,087,300, or 48 per cent, was for new residential bullding; $15,228,100, or 49 p-r cent, for non-residential $937,000, or 3 per cent, for fie vmn and utilities. BANK CLEARINGS. NEW YORK, October 21 (Special) — New York hnk h-.rln? today, 81~ 280,000,000 378,000,/ New Ym mnk balances, """y $176,- ear a0, $205,000,000. N" Yo ral Reserve Bank cred- tod>y. 'uoooooo & year ago, ‘2(1 ,000,000, KRESGE SALES MOUNT. tion act; publlc transporta r“h-: rates that, ‘fair Fate: on a fair thelr unvemmnt Mlp‘.{he farmers have nothing yet in way of organized m;{{:‘:.fi&lu 16 collectively. g armers ectively. needs the support of the business inter- ests as well as the farming interests. When the farmer is organized, he will work out his problem as every other group has worked out its problem. Can any one concelve of a more rediculos condition than the fact that flocks and herds throughout the drought area are being liquidated right now at ruinous prices for want of feed, and in other SAUL BUILDING 925 15th St. N.W. In the heart of the and Real Estate district. One Room, $40.00 per mo. B. F. SAUL CO. Nat. 2100 928 15th St. N.W. ancial &m $32.50 a Month UR 36-year-old Plan d meney-building isused more lhll 190,000 inv nm. Write F deseriptive ic.lllfl, ”Enloy Money.” INVESTORS SYNDICATE MONEY TO LOAN 6% INTEREST HOMES BUSINESS PROPERTY Also Funds Available for Construction Loans WM. H. SAUNDERS CO,, Inc. District 1016 1519 K Street N.W. First Mortgage Loans On improved. Real Estate in and mearby Maryland and District of Columbia for 3, B or 10 year ferms on your L. 549 Office Building Business Property RANDALL H. HAGNER & COMPANY New York Life Insurance Company 1321 Connecticut Ave: Decatur 3600 Complete Investment and 5 Brokerage Setvice Copy of Our “Fortmightly. Review™ Furnished on Request G. M.-P. MURBHY & Co. Members New York Stock Exchenge 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 Public Confidence London —is & priceless nset"to any bank, for it evidences sound management, financial solidity, satisfactory serv- ice. | This sixty-three-year-old bank now serves over 50, 400 patrons. NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Columbia Corner 15th & New York Ave. 64th Yr. Capital & Surplus $3,500,000.00 Same Rate of Interest Paid on Large and Small Accounts F. B. KEECH & COMPANY Member of New York Stock Exchange Washington Stock Exchange New York Cusb Exchang Chicago Stock Exchange Chicago Board of Trade Liverpool Cotton Assoclation, Ltd. New York Cotton Exchange New York Produce Exchange N. Y. Coffee & Sugar Exchange, Inc. New York Cocos Exchange, Ine. Minneapolls Chamber of Commerce New Orleans Cotton Exchange Winnipeg Grain Exchiinge Rubber Exchange of N. Y., Inc. New York Hide Exchange, Inc. National Metal Exchange, Inc. Bremen Ootton Exchange (Assoc. Members) We are prepared to carry STOCKS . BONDS On a conservative margin basis. we, invite you to make use of our Statistical Department. H CORNER 17TH ST. N.W., WASHINGTON NATIONAL 0245 New York Chicago Philadelphis Detroit Providence Brookivn SEASONAL BRANCH OFFICES Palm Beach Miami Beach Saratoga Springs York Harbor Bar Harbor Bretton Woods Shawnee-on-Delaware PROPERTY MANAGEMENT Apartment House MANAGEMENT THROUGH long experi- ence we have perfected an organization for Apart- ment House Management that insures smooth running, with ‘which means increased income for owners. B. E. SAUL CO. 925 15th St. N.W. Nar'l 2100