Evening Star Newspaper, October 23, 1930, Page 13

APITAL TRACTION FEATURES TRADING stock Drops to New Low “ on Exchange, but Recovers. BY EDWARD C. STONE. Trading wasagain quiet on the Wash- Stock Exchange today. Capital dropped to a new all-time low, but the final quotation was the same as yesterday. The market opened with 18 %lfllo! the stock changing hands at t after call 27 shares sold at 51. ‘The clmmg quotation was 50% bid and il% Ilhinfln Railway & Electric pre- Zerred, which has recently figured in an unusually large turnover, sold to the Axtent of 30 shares at 981, the same as r recent quotations. Potomac Elec- .Power 6 per cent preferred was fitm .at 1111;. Eighty shares of Na- tonal Mortgage & Investment preferred meved at 5. ~du;4he bond' division two $1,0)0 sales reeorded in Anacostia & i otomac R. 55 at 83, and one sale in Wash- ington Gas 6s, series A, was recorded at 103%. The ex-dividend list was en- larged by the addition of Washington Loan & Trust, which pays the regular quarterly dividend in a few days. Loan President Coming Here. R. Holtby of Los les, president of the United Ciates Building and Loan League, will visit the District of Colum- bia Council of Building and Loan Associations next Wednesday and be the guest of honor at a dinner, at the Ambassador Hotel. Edward C. Bllu is president of the local council, apin B. Bauman, vice president; Wlll\nm S Quinter, secretary, and William Neuland, treasurer. Officers and the following form the Executive Comntittee:" C. Clinton James, James L. Sherwood, James F. Shea, John B. Geler, George M. Emmerich and Carl C. Bergmann. On January 3, 1831, & group of men met in a back parlor in Frankford, Pa., and laid a few hundred dollars on a table, organizing the ecountry’s first Building _and Loan Association. On January 3, 1931, the building and loan business, grown into billions of dollars, will celebrate its hundredth anniversary in hundreds of modern offices, where thousands of people lay their money down every month on grilled teller's The Unit!d States Building and Loan League is in charge of the plans to honor the Pennsylvania cities who founded this business. Resources of Local Banks. Resources of Washington's 40 banks on September 24 were $326,633,000, an abstract of reports of condition of locai institutions made publlc by the office of the controller of the currency shows. This amount was $1,940,000 in ance of resources on June 30, date set by the coniroller's vious call, but $9,631, behind 5:» of 41 banks on ‘October 4, 1929, dhlnte set by the corresponding call of year. Rewurcu of the 12 national tanks ber 24 aggregatcd $174,199,000; those of the 22 savings banks, $48- ua,ooo and those of the six trust com- panies, $104,306,000. M Rubber Exchange Fiead. John ‘L. Jullan, a partner in the Stock firm of Fenner & Beane, has elected president of ',m Rubber Exchange of New m'k, Henderson, who has lected treasurer. Firm Opens Boston Office. Eastman, Dillon & Co. announces that Laurence B. Leonard has become associated with its investment dz- Emnem and will represent the firm Boston. Mr. Leonard was formerly sales manager for Brown undl.s-v.mngeo(th-l.vnnrlve Cents Savings Bank. This is the first representation which Eastman, Dillon & Co. has had in Boston, according to Arthur Foraker, manager of the ‘Washington office. Candy Business Is Improving. During September 435 manufactu: wholesale and retail candy concerns sales of $32,634,173, an increase of 47.2 per cent over August sales and 14.1 per cent below sales in September, 1929, Commerce Department reports. Sales by 391 wholesale manufacturers amounted to $26,804,212, an increase of 46,6 per cent over August, but a de- crease of 10.3 per cent below Septem- ber a year ago. Sales by 30 manufacturing retailers were $1517,726, a decrease of 2.2 per cent under August and 2.3 per cent un- | der September, 1929. Heard in Financial District. B. Gwynn Dent, assistant cashier in charge of the foreign department of the National Bank, and W. H. Taylor, chief teller in the same institution, were given a happy surprise on the occasion of their recent birthdays. In some way the clerks and stenographers found out about these two important events. The girls got busy and made two big birth- day cakes, and not knowing the exact ages, placed 75 candles on each cake ‘They came within 30 or 40 years of the | right ages and the presentation of the cakes proved the most interesting and imporiant event of the day in the bank. The Pennsylvania Railroad has de- clared the regular quarterly dividena of 81, payable November 29 to stock of record November 1. Grip is getting hold of some of the local brokers. W. Wy Spaid, partner in W. B. Hibbs & Co., was back at his office yesterday after being confined to his home with the prevailing illness. | - G. Bowle Chipman, resident partne: in Harriman & Co,, is confined to his home with the same illness. He hopes to be out tomorrow. George E. Fleming, vice president of the Union Trust Co., was back at the bank today after a months' vacation, | most of I'hlch he spent in New England. | i DIVIDENDS DECLARED 'NEW YORK, October 23 (#).— Company. e Mt Book 51 Rarews Tov Ty pt. 756 uriels ne bf 68 Pe Rate;riod. (Bridueport) . 18¢ Fith Steriine Stecl, 31 Do Qen_Alliahce ‘Corp. .40c e . = S} Com Moty Rar Lid B3135 1 ‘Lock Washer...31 $ oonoooOOO® DOC: DODOOOROLHOOO Zonnon ? - ERELLEE - 2 Exp (1.60)... Lead, 96% Air Reduction "l“) 10 Alr Way El Ap (1%) 1 Ajax Rubber.. . 4% Alaska Juneau 18 Allegheny Corp. % 199% Allled Ch & Dy ( 166\41 1507 8214 116 6974 51% 33 307% 594 101% 101 100% 33% 7 108% AB‘n ;625. 132 9% 315 664, 16% 67 51% 8214 10% 17% 52% ntm 89% Allis Chalmers (3).. 18 Amerada Corp (2)... 2 Am Agricul Chem. 21% Am Agricul Ch pf. 60 Am Bank Note (13).. 4 Am Beet Sygar...... 22% Am Bosch dagneto. 3614 Am Br Shoe (2.40).. 8% Am Brown Bov Elec. 9;& 8% 37 1 2m 1% !R 101\5 £ 2 10% 10% 2 ~ 23 58% Am Brown B B pf (7)140s 1084 Am Can (15) 140% Am Can pf (7 85 Am Car & Fdy 76 Am Car & Fdy pf 37% Am Chain (3). 3614 Am Chicle (13) 9% Am Com Alcoh 26 36 80% Am & For Pw pf 82 Am & For Pow 24 pf. 8% Am Hawatian (a10). 2% Am Hide & Leather, 49% Am Home Pr (4.20).. 27% AmIce (14)... 23% "Am Internatl (2) % Am La Fr & Foamite 9 479 116% 113% 108 usv. 148% 8 35% % 38% 39% 10 Am LaFr & Foam pf. ao- 28% Am Locomotive (4). 34% Am Ma & Fy (11.65). 3% AmMach & Metals. . 18% Am Metal Co (1%) 48% Am News (3t4).. 58% Am Pow & Lt (31)... 99 Am Pow & Lt pf (6). 75 AmP&LDLA (3%). 80 AmP &L pf A st (5) 20 Am R & St San (1%) 8% Am Republics...... 35% Am Roll Mill (n2)... 52'3 Am Safety Razor (§) 1% Am Ship & Com. 51 Am Sm & Ref (4) 133% Am Sm & Ref pf (7). 38 Am Snuff (13%). 100% Am Snuff pf (6). 3% Am Solv & Chem, 7% Am Solv & Chem'pt., 29 Am Steel Fdy (3).... 110% Am Steel Fdy pf (7). 40 Am Sugar Ref (5)... 98 Am Sugar Ref pf(7). 6% Am Suma'ra Tob... 192% Am Tel & Tel (9) 107% Am Tobaceo. .. 109% Am Tobacco (B) 69 Am Water Wks (n1). 7 Am Woolen 4% 18% Am Woolen pf. 29 Am Writ Pap pf (4). 5% Am Zine Lead & Sm. 33 Anaconda Cop (2%). 20 Anaconda W&C (1). 30 Anchor Cap (2.40).,. 14% Andes Copper (1). 17% Archer-Dan-M (2)... 3% Armour of Il (A). 1% Armour of Il (B) 5 Arnold Constable. 20% Art Metal Const ( Asso Appl Ind (4)... Atch To& S Fe (10). 102% Atch To& S F pf (5). Atl Coast Line(+10). 11 68 Auburn Auto (34 52% Austrian Cred (3. 1% Autosales.... . 87 Auto Strap Saf R, 3% Aviation Corp of Del 19% Baldwin Lo (1%). 79% Balto & Ohlo (7).... 78 Balto & Onlo pf (4).. 58% Bang & Aroos (3%). 14% Barnsdall A (2)... 95 Bayuk Cig st pt (7). Bohn Alum&Br(1%) Booth Fishertes. % Borden Co (k3) 18% Borg Warner (3) 12% Briggs Mfg Co. 16% Briggs & Strat (2)... 4 Brockway Mot Trk. 58% Bkiyn-Man Tr (4)... 84% Bklyn-Man Tr pf (6) 106% Bklyn Union Gas (5) 36 Brown Shoe (3)..... 118% Brown Shoe pf (7). 124 Bruns-Balk-Col. 5% BrunsTer& Ry S 25% Bucyruscv pf (2%). 5% Budd (EG) Mfg.... 7% Budd Wheel (1). 26% Bulova Watch (3). 85 Burns Bros (A) (8).. 26 Burr Add Maeh (1).. 26 Bush Terminal (2%) A 3 18 200% 195% 2 107% 106% : 118% 1184 49 B B Bl s B R e DB S B0 B 98 Bush Term deb (7).. :n. 108 Bush T Bldg pf (7) 12 Butterick Co. ... 47% Byers (A M). 28 Calif Petroleum. % Callahan Zinc & Ld 3% Calumet & Arizona #% Calumet & Hecla, 13 Campbell Wyant (2). 50 CanadaDryG A (6). 40 Can Pacificnew... 19% Cannon Mills (1.60). 11% Capital Admin (A). 30 Capital Adm A pf (3) 117% Case (J 1) (6). 116 Case (J I) pf (1) 37 Caterpil Tr (13%). 10% Celanese Corp. 9 Celotex Co. Celotex voting etfs. . Celotex Co pf. 200% Cent RR of NJ (112). 3014 Cerro de Pasco (4) 4 Certain-teed Prod... 18% Checker Cab «4.20) 41 Ches &Ohlo (2%)... 46 Chesapeake Corp (3) 1% Chic & Alton pf. 6% Chlo Great Western. 25% Chic Great West pf.. 814 Chic Mil St P & Pac. . 13% Chic M1l St P & P pf. 45% Chicago & N W (5) 9 Chic Pneu Tool. . 70% Chic R 1& Pac (7)... 105 Chi R 1 & Pac pf (7). 15% Chickasha Cotton Ofl 32% Childs Co (2.40). 68% Colo & Sou 18t pf (4) wn. 92 42% Col Gas & El (2) 10t Colum Graph (a%).. 84% Columbian Carb (16) 18% Comm Credit (2).... 31% Comm Credit A (3) 20 13 16 3 224 Comm Cred pf (1%).100s 764 Comm Cred 1st (63) 160s 77% Comm C 1st xw (6%) 26 Com In Tr (g1.60)... 80 Com In T ov pf (e6). 17% Comm Solvents (31) 9% Comwith & 8o ( 9814 Comwith & So pf ¢ ) 85% Conde Nast Pub (2). 7% Congoleum-Nairn... - I 508 11 1 - 38 . % 91 104% 106 16% 15% 354 35 16 WASHINGTON, D. C, Bales— Addo:! l‘l(h u- Closs. iowe. Cont] Shares (1) Corn Pr Ref (14%).. Coty Inc......... 5 Crof Wheat (+234).. 1 Crown Cork (£2.40). 8 Crown WP 1st pt (7) 50s Crown Zellerb'ch (1) Cuba Cane Prod Cuba Co. . ce Cuban-Amer Sugar, . Cudahy Packing (4). Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A.. Cutler-Ham (3%)... Davison Chemical... Delaware & Hud (9). Del Lack & Wn (17). Denver & RG W pf.. Detroit Edison (8).. Diamond Match (8). Dome Mines (1)..... Dom Stores (31.20).. Drug Corporat (4) Dunhill Int (1). Du Pont de N (14.70) 864 DuPdeNdebpf (6) 1 Duques Lt 1st of (5). 2 East Roll Mill (ht2). 2 Eastman Kodak (18) 14 Eaton Axle &8 (3).. Eitington-Schild pf. Elec Auto Lite (6) Electric Boat. .. El Pow & Lt (1) El Pow & Lt pf (8).. El Storage Bat (5).. Emerson Brant (A). Endicott-John (5)... Equit Office Pldg (3) ErfeR R. Erie RR 18t pf (4) Erfe RR2d pf (4)... 5 Exchange Buf (1%).100s Fairbanks Morse (3) 1 Fashion ParkAs pf.. 50s Fed Lt& Tr ($11%).. 9 Fed Lt & Trac pf (§) 308 Fed Motor Tr (80c).. Federal Screw (3)... Fed Wat 8 A (e2.40). Fid Ph Fire In (2.60) Firestone T& R (1). 3% Firest T& R of (6).. % Goodrich (BF)..... First Nat Strs l!“); II Fisk Rubber. . Fisk Rubber 18t pf. . uo- Florsheim Shpf (6). 1 Follansbee Bros (2). 6 Foster Wheeler (2).. 11 Fourth Natl Inve 1 Fox Film (A) (4).... 381 Freeport Tex (t6)... 10 Fuller 2d pf (17.40). 110s Gardner Motor. .. Gen Am Investors Gen Bronze (1). Gen Cable. . Gen Cable A.... Gen Cable pf (7) Gen Electric (1.60).. Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&El A (e30c) Gen G & El cv pf (8). Gen G &EIpf A (1). Gen G &ElpL A (8). Gen Mills (3)... Gen Motors (13.. ID). . Gen Motors pf (5)... Gen Outdoor Adv. Gen Out Adv (A) (4) Gen Pub Serv (b6).. Gen Ry Signal (5)... Gen Realty & Util.... Gen R & Ut pf (e6).. Gen Refract (14%).. Gen Theatre Equip. . Gillette Saf Raz (4). Gimbel Bros Gimbel Bros pf (7). . Glidden Co (1.20)... Gobel (Adolf).. Gold Dust (2%) Gold & Stock Tel(6). Goodrich BF pf (7). Goodyear Tire (5) Goodyear 1st nf (7). Gotham Silk Hoslery Gotham pt xw (7). .. 100; Gould Copper. Graham-Paige. ..... Granby Consol (2).. Grand Stlver § (m1). Grand Union. Granite City 8 Grant (W T) (1) Gr North pt (5). Gr Nor ctf Ore ( Gr West Sug (1.40) Grigsby Grunow Guantanamo Su; Gulf Mob & N pf Hacken pf A (1%).. Hahn Dept Stores... 20 Hahn Dept S pf (6%4) 6 Hamiiton W pf (6).. 60s Hanna pf (new) (7) 40s Helme (Geo H) (7). 1 Hercules Mot (1.80). 10 Hercules Pow pf (7).100s Hershey Choc (5)... e aan HeoAnANOAANANE ' s they Household Fin pf u) Houston Ofl (b10% ) on Oil (new) Sound (4% Hud&Man Ry (3.50) Hudson Man pf (5). Hudson Motors (3 Hupp Motor: Ilinots Central (7).. Independ O & G (2) Indian Motor Cyel Indian Refining. Ind Ray (h5% st! o N WP A I A OO » Inland Steel (4).... ) Int] Cement (4). Intl Combustion Int Comb Eng p! - BeSelaannanSans » os Intl Hydro E1 r (e2) Intl Match pf (4).... Intl Mer Marine (2). Intl Nick of Can (1). Int Nick Can pf (7).. Intl Pap & Pow (C).. Intl Pap & P pf (7) Intl Printg Ink (2%) Intl Balt (2)... 5 Intl Silver pf (7). Intl Tel & Tel (2)... Inter Dept Strs (2).. Investors Equity (2) Jewel Tea (14). N o 3 o relfomalaSraan ol 15 Johns-Manvill Jones&Laugh pf (7). Jordan Motor Car... Kans City Sou () Kaufmann DS (1 Kayser Jullus (3%). Kend Co pf 6. 11) Kennecott Copper (2) Kimberly-Clark (13) Kinney (GR) (1).... Kinney (GR) of (8). 1so- Kolster Radio Kresge (S8) Co 1.60. Kress (SH) Co (p1). Kreug & Toll (1.60). Krog Gr & Bak (n1). Lambert Co (8)..... Lehigh Valley Coal.. Lehigh Val (t4%)... Lehman Corp (3).... Lehn & Fink (3).... Lib Owens F Gl (1 Lig & Myers B (15).. Lima Locomotive. .. Liquid Carboniec (4). 3 M Booanan nSmon - Loos: Lorllllrd (P) Co 47 2% 12% 12% T6% 12 28% 36 89% % 1% 5% H'Av H!% W 50% 19 144 29 854 185 206 8 STOCKS ENCOUNTER FURTHER SELLING Weakness of Van Sweringen Issues Proves Unsettling Market Factor. BY CHARLES F. SPEARE. Special Dispatch to The Star WALL STREET, New York, October 23.—The stock market had another severe test today, after it had opened strong and appeared to be moving lwuy from the influences affecting it for fatiy in_the second hour of trad pronounced weakness developed in of the securities in the so-called Van Sweringen _group. This was led by Al- leghany -Corporation common stock, which was offered in volume at & de- clive of 3 points from its previous low level established yesterday. The most unsettling_incident, however, was the break of 10 points in the curb market in the Van Sweringen 6 per cent notes, which had closed yesterday around 85. Other Declines. Associated with these declines were those in Chesapeake Corporation, Nickel Plate common, Erie and Pere Mar- quette, which fell from 1'; to 5 points and touched bottom figures for the year. Chesapeake & Ohio was relatively steadier and ln limited supply but it also dropped within a fraction of its_old 3 In view of this market situation, which has been one of those that Wall Street has been giving considerable at- tention to lately, the action of the gen- eral list was encouraging. Obviously it could not move against conditions so unfavorable as those that developed in this particular railroad group, but it did show remarkable resistance under the circumstances. Had it been tech- nically unsound, it is not unlikely that it would have experienced another severe reaction. Stocks advanced steadily in quiet trading during the early part of the session. The opening showed frac- tional lllnl all round and these were later increased. Sales in the first half hour totaled 298,800 shares against 443,800 in the same period Wednesday. Money again renewed at 2 per cent. The improvement was attributed to an oversold condition rather than t6 the bullish speeches at the Chicago THURSDAY, OCTOBER 23, 1930. industrials had advances, including American Can, up 3; Eastman Kodak, ‘? 1'%: General Electric, up 1%: estinghouse, up 3; Johns Mansville, | up 2, and Radio, up 7. Mine shares continued weak, however. | Ratls improved, despite some new and | discouraging earnings reports, notably | that of St. Louis and San Francisco showing nine months’' earnings at $2.56 per share, against $8.26 for the Iiké 1929 period. Utilities like Columbia Gas and American Telephone gained a Yo!nt or g:re lso fimtothe motor thares, neral otors and Auburn | Auw. Oflls were quiet. List Withstands Selling. Considerable confidence was expressed | in the market at the opening on ac- count of the higher quality of the buy- ing Wednesday afternoon and the ex- pressions of faith in the business future }I: the wun&;'ym;nlge at the con- Tence now eld In Chi Such stocks as Allied Chemical, Al‘:‘egfi- can, Can, Eastman Kodak, Westing- house, General Electric and United States Steel among the showed early gains of 114 to 5 points. ‘The popular public uullues were 1 to 2!, points over the previous closing. There were recoveries of 1 to 2 points in the investment rails and a stiffer tone to the oil and copper issues. While a considerable portion of th advances were lost later on, and We | inghouse Electric dropped to a new low price, there was no pressure on the ac- | tive industrial and public utility shares. ‘This demonstration of the ability of the market to withstand a serious dis- turbance in one section of it unnerved the bear element, which began to cover and quickly ran prices up. Around mid- day United States Steel common soid at | a net gain of nearly 3 points. Wes inghouse, General Electric, Public Serv- ice of New Jersey, American Telephone & Telegraph, Atchison, General Motors, and American Can were asionishingly strong. It is not unlikely that buying orders were sent into the market in order to offset the effect of the poor ex- hibit being made at the time in the Van Sweringen issues. Money to Loan red by first deed of trust ruum-wumm and e Joseph 1. Weller “3iar." REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD FINANCIAL. our office PROPERTY For the INVESTOR’S Benefit' _Changes in industry may be turned to the investor’s benefit rather than his detriment. A systematic and regular check-up of earnings, policies, and future pros- can be made by anyone who cares to use the Statistical Library which is part of the equipment of FENNER & BEANE CCOMPLETE BROKERAGE SERVICE Washington Office 1430 K Street, N.W.... Telephone National 7000 J. D. 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