Evening Star Newspaper, October 25, 1930, Page 13

[« FINANCIAL DCCRETAIL SALES | " HOLDING UP WELL Pede_ral Reserve " Report Shows Decline Here Smaller “ -Than- Elsewhere. ‘ BY EDWARD C. STONE. *Retail sales in Washington depart- ment stores in September were 4.2 per cent . under the business done by the same stores in September, 1929, accord- to the monthiy report of the Federal R ' Bapk of Richmond, made public today. The average sales in othier cittes in the fifth Federal Reserve district was 9 per cent below last year. Retail trade in this city for the first nine months of the present year made & better showing than the figures for Beptember, sales being but 1.8 per cent lower than they were in the correspond- Iz fi:lod & year ago. The average 2 “whole fifth ~district revealed S o Reporte Sodw taling ot of ore a_fa of 13'per cent in retall sales in Septem ber ‘compared with a year ago, but & loss of only 0.3 per cent for the nine months. Stocks on hand in Wash- w stores in September were 6.4 per it lower ‘than in the same month last year. In Baltimore they were 2.4 per cent lower and in the fifth district as a whole were off 9.8 cent. Stocks ha per fifth district, the report beiny de ta from 34 leading depsrt- ‘The percentage of Sep- recelvables that were ‘The was somewhat less than and in mrfl- month of made | i 23 : | H g; k il i i i i 3 i : i i I it %z B88 ¢ i NEW YORK STOCK EXCHANGE G STAR, WASHINGTON, D. <., SATURDAY, OCTOBER 25 1939. Recelved by Private Wire Direct to The Star Office. D 424 8% Abitibl Pow & Pape: 87 Abitibi P& P of (§) 19% Adams Exp (1.60) 20% Addressorr'ph (1 % Ahumada Lead 4 96% Air Reduction (t4%) 49 % Ajax Rubber 21 119 39% Allls Chalmers 18 Amerada Carp (2) 2 Am Agricol Chem, .. 21% Am Agricul Ch pt. 60 Am Bahk Note (3).. 22% Am Bosch Magneto, . 36% Am Br Shoe (2.40) 8% Am Brown Bov Elec. 80% Am & For Pw of (8 Am & For Pow 24 pt. Am LaFr & Foam pf. 79% Am Locomot pf (7).. 34% Am Ma & Fy (11.65 3% AmMach & Metal Am P & L pf A st (5) Am R & St San (1%) 8% Am Republie: 35% Am Roll Mill (n2)... 651 Am Sm & Ref (4).... 100% Am Sm & Ref pf (6). 88 Am Snuff (133%) 5% Am Sdlv & Chem pf., 20 Am Steel Fdy (3).... 89 Am Stores (123%)..4. 40 Am Sugar Ref (5). 6 Am Suma’ra Tob. 192% Am Tel & Tel (9) 107% Am Tobacco. . 109% Am Tobaeco (B) 120 Am Tobacco pf 69 Am Water Wks (n1). BB menSaa C : gl 21% At Refining (12). 11 Atlas Si Auto Strap Saf R(3). 3% Aviation Corp of Del 2 2 10 1 10 25 121% 119 17 % 21% 21% 2% 31% L) ¥ 107 104% % % 6% 128 B% 11% 10% 7 . 200% 198% 113% 113% 117% 118% 2 125% 125% TN PPIS. 19% Baldwin Loco (1%). 91 104% Baldwin Loco pf (7).1 5% Budd (EG) M 54 Budd (BG) pf (7, 7% Budd Wheel (1). 18% Co. 25 Burr Add Mach (1) 1% Butte Cop & Z (50¢).. 12 Butterick Co, 282 127 20% Cent Aguirre As1%. 3% Century Rib M1l 80% Cerro de Pasco (4) 18% Ch.cku'o(:li 14.20) eSS annal 6% Chic Great Western., 25 Chic Great West pf.. 8% Chic M/l St P & Pae.. 13% Chic Ml St P & P pf.. '35% City Ice & ¥ (k 3.60) . 79 City Ice & F pf (6%) 110; 98% 191% 133% Coea-Cols (6)...ce0n 64% 87 42% Col El(2). l;g“ 104% Col Gas & El pf A (8) “Statistics income’ . $1,290 for New York, $1,102 for and 8862 I Philadelphia. seven hundred millions to spend a year should make sound conditions for Wash- ington and it would if and 49 Colgate-Pal-P (2%). 36% 12 Collins & Atkman. Gas 10% Colum Graph Swwmnmal manboa RepRenebfe ~88nantabuann 908 250 ©nw - 1 166 84% Columblan Carb (16) :: e 17% Comm Solvents (11)' 105 9% Comwith & 8o (60c). 31 98% Comwith & So pf (6) 35% Conde Nast Pub (2).. 18% Congress Cigars (4). 12% Consol Film (2)..... 92% Consol Gas N Y (4).. 99% Cons Gas N Y of (5). 39 Cons RR Cub pf (6)., % Consol Textile 11% Container A (1. 18% Contl Baki 2% Contl Baking B. 66% Contl Baking pf 8 3 1 2 2 Saous MTiwus Int (1), ::% Du Pont de N (14.70) 1 123 114% Du Pde N deb of (6). Durham Hoslery pf.. 20s 1 20 East Roll Mill (ht2). 18 5% % 21 5% 3 33 364 37 % 8L 170 51 14% 7T 24% ColFuel & Iron (2).. 16 28% 2 2 & 46% 42% 21% 32% [ 106% % 6% 12 59 2181 213% 218% l; 41% 41 41 24% 24 26% 634 26% 384 1% 119% ki3 40% 4 13 7 198% 118% 115% 125% 6% 8% 22 5% 34% 116% 115% 408 119% 119 119% 36% 36% 36% 15 42% 106% 106% 106% 18% 12% H% % 15 28% 3% 2% 49% 2% 12% 18% aBrenan e 12% 93 20% 36 99 99% 97% 98 14 108% 103 103 1 3 3% 3 3| B0% 104% 106% @ P 118 56% 216% | 111% 4 | T 3816 3414 T4% 61 Sales— Dividend Rate, Add 00. ll;h. 7 Fairbanks Co pf.... 59% Fed Lt & Tr (31%).. 26 Fed Wat 8 A (e2.40). 51 Fid Ph Fire In (2.60) 41% First Nat Strs (23). Fisk Rubber...... 108 3 4 4 e 10 Fisk Rubber 1st pf.. 2508 Follansbe Bros (1). .. Foster Wheeler (2).. Fourth Natl Invest.. Fox Film (A) (4 Freeport Tex (t6) Gen Am T’k Car (34) Gen Asphalt (4) Gen Bronze (1), Gen Cable. . Gen Cable A Gen Cigar (4) Gen Electric (1.60).. Gen Elec spec (60c). Gen Food Corp (3), .. * Gen Gas&EI A(e30c) Gen G & El cv pf ( Gen Mills (3)......0 Motors (13.30).. Motors pf (5) Outdoor Adv. Pub Serv (b8).. Ry Signal (6)... Gen Ry Signal pf (8) 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). . Goodyear Tire Goodyear 18t pf (7).. Gotham Silk Ho Gotham pf xw ( Granby Cons 5 Grand Silver 8 (mi Grand Union. Gr West Sug (1. Gr West Sug pf (7 Hall (WF) Pr Co (1). Har Wk Ref (1234).. gfllm-n Corp (B). a: Dee Hershey Choo (5)... Houdaille Hershey. « Hersh Choe pf (15) Hollander Sons. Household Fin pf (4) Houston Of1 (b10%). Houston Ofl (new).. Hudson Motors (3) Hupp Motort Tiinos Central (7). Independ O & G (2 Indian Motor Cyel Indian Refining. ... Ind Ray (»5% st Inspiration Cop Ins ctfs (Md) (60c) Interboro Rap Tran Interlake Iron (1) Int Agricultural Int Agricul pf (7. Intl Bus Mach (né. Intl Carries r (2%). Intl Hydro El A (e2) Intl Match pf (4). Intl Nick of Can ( Intl Paper & Pwr A. Intl Printg Ink (2%) Intl Salt (3) Int Silver (11 Intl Tel & Tel . Intes t Stre (2).. rs Equity (2) Cr Coal (4)... Johns-Manville (3 Jordan Motor Car. ... Karstadt (R) (1.03)., Kayser Julius (2 ). Kelvinator Corp ... Kend Co pf (16.37).. Kennecott Copper (2) Kinney (GR) pf (8). Kimberly-Clark (13). Kolster Radlo.... Krog Gr & Bak (n1). Lambert Co (8).. Liquid Carbonio (4).. Loe Ine (3). Loe ne pf (6%) Lorillard (P) Co.... LouG&E (A) (1%) Ludlum Steel....... Me:‘ntyra Pore M (1) Mack Trucks.(6). 'y & Co (nt3 Tpe: Man Elev mod g (d5) Maracaibo Ol Exp. Marine Mid (1.20) Marmon Motor Car. . Marshall Field (234). Martin PAITY. ....o Mathieson Alkaif (2) May Dept Strs (n2).. Maytag Co pt (3) Melville Shoe (2). el Co (2).. old pf (1.8 Mexican Seaboard Miami Copper. . Michigan Stl (h: Mid-Cont Pet (2) Midland i 3 Minn Moline Pow Mo Kan & Tex (3) Mo Kan & Tex pt Missour! Pacific Missour! Pac pf Montgomery & Ward Motor Meter G & El.. Motor Products (2).. Motor Wheel (3). Mullins Mfg... . Mullins Mfg pf (7).. Murray (B) (2% stk) Myer (FE) & Br (2).. Nash Motors (4). Nat Acme (13%).. Nat Biscuit (13.30) * Nat Cash Reg A (14). Nat Dairy (32)...... Nat Dept Stores (1). Nat Dept St 1st (1).. NatDist Products(2) Nat Lead (18)....... Nat Lead pt (A) (7). Nat Lead pf (B) (8). Nat Pow & Lt (1).. Nat Steel (2).. Nat Supply pf (T)..e Nat Surety (5). Natl Tea (17 Norf & West pf (4).. North Amer pf (3). Ohio O11 Co (2).. Oliver Farm Equip. . Oliver Farm Eq ev pt 4 34 4 - » e 88 1k ot a8 OO R D R OO 0 00 B 0 NS b O © 1 1 608 108 881 3 908 2 59% ISTOCKS IRREGULAR ON PROFIT TAKING Market Acts Well Despite Hravy Realizing After Advance. BY CHARLES F. SPEARE. Special Dispatch to The Star. WALL STREET, N. Y., October 25.— ‘The monientum of the advance in stocks which developed Thursday and in- creased on Friday was somewhat checked ‘today by profit-taking sales and a natural disposition on the part of the bear interest to put out moderate new lines, in view of the recent sub- stantial gains. On ‘the whole, however, the market acted . well,. and while there were & number of soft spots and easing tend- enéies in the railroad group most con- spicuous this week, a majority of issues held a good part of their gains until % | &hortly before the closing, when there was an increase in offerings among the leading shares, Since the low level of prices was es- tablished a few days ago, U. S. Steel has advanced 9 points, Westinghouse Electric 10, General Electric 515, American Can 13, General Motors 43, Public Service of New Jersey 63, Standard Ofl of New Jersey 3,, New York Central 5 and Anaconda about 3 points. A fair portion of this.recovery was accomplished in the opening trad- ing today. Additional statements from leaders in industry, emphasizing the probability of an_ early turn in business, helped to stabilize the market and to encourage further investment buying. Equally important has been the withdrawal of stocks being offered for sale by in- vestors who had lost confidence in & market situation that, for nearly six weeks, had shown striking inability to rally, It is fair to assume that the important utterances made this week from many quarters coincided with the knowledge that the stock market had been cleared of & number of embarrass- ing situations that were the main cause of its decline. . The cessation of the civil war in Brazil, with promise of more stable po- | of litical conditions in the republic, al- though not without immediate compli- cations in the commodity market, was another favorable influence today. The volum: of trading was quite heavy at the start and in the first half hour exceeded that in the same in the two previous sessions, but it tapered off later when prices became more irregular. It is an evidence of the limited public interest in the market that during the past three weeks, with the most unsettled d.cl(;nd:ttona since Spring, the average ly transactions. Wli)'.h {he exception of those October 9 and October 10, have been less than 2,500,000 shares. Commodity Price Trends of Week BY H. N. McGILL. Editor McGill Commodity Service. AUBURNDALE, Mass,, Ottober 25 (#)—More commodity groups declined during the past week than advanced, yet the average for all commodities was moderately higher. The extent of price movements since the first of the year is well illustrated by & comparison of monthly index figures since the first of the year: January, 86.9; February, 85. March, 83 June, September, 7! the past weel dices five advanced, eight two remain unchanged. Raw Material Inventories. Latest data on raw material inven- torles show a decided increase com- pared with a year ago. Sixteen out of 22 basic commodities show larger stocks over 1929, outstanding being ‘fl’pfl', rubber, zinc, tin, sugar, cotton ce- ment. Stocks of important commodities which are lower than a year ago petroleum, coal, silk and alcohol. ‘There is considerable truth in the axiom that history repeats itself. It is generally agreed that commodity &:c: are still headed fundamentally = ward and the broad movements usually continue over a period of 20 to 30 years. Ten years of declining have al- ready taken place. Such broad move- ments, however, are not just one con- tinuous decline, but are subject to con- stant interruptions. Commodity prices today are barely 20 per cent above 1913 and there are a great number of com- meodities which are close to and even below the cost of production. This rep- resents & powerful influence which the course of time will pave the way for & much sounder relationship be- tween supply and demand. All Commodity Prices. Moderate advances were made by all commodity prices last week. This up- turn was due to moderately higher prices for both agricultural products and live stock, paint materials and fine textiles. Declines were of a limited character, with the ex on .of hides and Le:ther, which recos a substan- op. Non-Ferrous Metals. A new low was again established by non-ferrous metals, as copper dropped to 9, cents, which is the lowest since 1895. Zinc and lead are holding close to the extreme lows, while tin has advanced sharply from the low lished on the 14th of this month. Fine Textiles. More strength was recorded by fine textiles, representing the first real in- terruption in the decline which has been in effect for many months. Cotton re- corded a distinct upward trend, and silk registered a moderate recovery from the lows established earlier in the month. Ct ities. Industrial Commogi Industrial commodities " were lower, bringing the average 27 per cent under the base year 1929, was caused by lower quotations in bulding mate- rials, fuels, hides and leather, metals and vegetable olls, Agricultural Prices. These advanced, now comparable with the level which held two weeks ago. The facts show that farm products, following a severe price decline of 27 per cent from' & Year .ago, are now showing decided resistance to a lower price level. Normal seasonal charac- teristics call for the lowest point di the Fall period, followed by an upwar: trend during the early months of the new year. Fuels . ‘e Hides and leather. Non-ferrous metals. g’g NEW_YORK, October 25 (Special).— a year ago, $3,015,000,000. & year ago, $356, Federal -Reserve credit fINANCIALL BANK LOANS INCREASE. By the Associated Press. Bank loans and discounts increased fractionally last week as compared with NEW -YORK, October 25.—Brokerage | 4ho previous period as their change house advices to clients were consid- erably more cheerful today! Many ex- pected the rally to carry into next week oh further short covering. Comments ";?e:;““ 100: follow: Pask & Walbridge—“Indications of better prices for cotton and wheat be- fore the end of the year, a surprisingly large number of firms reporting not only edrnings for the third quarter, t even an increase over last year for the first nine months, and a number of plants increasing their output seems to justify the statement that a slow improvement is at hand. Any weak perlods in the stock market from now on should be utilized for acquiring stocks in the belief that good securities will not be avallable at these low levels much lopger. Benjamin, Hill & Co.: “The best opinion is that acute situations have been cleaned up and that basic condi- tions marketwise are much stronger.” Shields & Co. 'With important bear pressure lifted the market con- tinues to improve and if the recovery continues in the same orderly manner as in yesterday's session higher aver- age price levels should be witnessed.” Jackson Bros., Boesel & Co.: “There was short covering yesterday from half a dozen important sources. We be- lieve that a large part of the con- centrated .short interest remains intact, however. It is altogether likely that new short lines will be put out on the Et, t rally. The technical position not as strong as it was early this week but there is good reason for be- lieving that new investment buying will counteract profit taking which will come into the market today.” Hornblower & Weeks: “The market should gain in breadth in the nearby trading, but it should be borne in mind that such preliminary recovery move- ments are usually short lived.” ‘Hamershlag, Borg & Co.: “We would not be surpr to see business stim- ulated by seasonable weather as well as the organized “buy now” campaigns inaugurated the past week in various sections of the country.” Redmond & Co.: “The rally appears to have gained sufficilent momentum to carry into next week, although there probably will be intermittent periods Smith, Graham & Rockwell: “The shorts are in an uncomfortable &uman and it looks as if some covering will be done at higher prices.” M. 'J. Meehan & Co.: “With the momentum of the past two days, it would seem the line of least resistance h" on fi;c upside for the time being at least ART CINEMA STOCK SOLD Howard Hughes Purchase An- nounced by Joseph Schenck. LOS ANGELES, October 25 (#).— huo‘ Un{l(ul oil tool ite and ut] magnate an producer. Schenck sald Hughes will become a in all productiom activities of nited Artists. The amount of the in- terest and ‘was not disclosed. Hughes one of the youngest pro- ducers in Hollywood. father de- veloped an ol tool which made the son a_multi-millionaire. First Mortgage Loans Lowest Rates of anterest and Commission Thomas J. Fisher & Company, Inc. ended vious week, 134.5; year, 139.2. NEW Canadian Pacific 15,714 tons of rail. was calculated by the Department of Com- es t.h-cd follow give ods, based on representing !m-zs 806 15th St. N.W. Phone Naf 2018 | Moriease Loan Correspondent for T Praduticl Tnssrice Co. of America merce. The figurt \‘.h;l index for the week an pe ‘October 18, 134.9; same week FELEEE RAIL ORDER GIVEN. YORK, October 25 (#).—The Rallway has ordered cApartment House Owners We will lease your building relieving you of the WORRY, TROUBLE and RESPONSI- BILITY of MANAGEMENT and OPERATION and pay you an ADEQUATE RETURN ON YOUR INVESTMENT Call at this office for full information Eugene A. Smith, Inc, 923 15th St. N.W. Nat'l 7062 . W.fi.Mom&S.ons offer _ 20 Per Cent Discount All Office Furniture Stock in our warehouse CLOSE-OUT SALE of commercial patterns Beginning October 28 at Warehouse, 1226 22nd St. N.W. Chairs Typewriter Desks Quantities Limited—Sale Will Probably Last Two Days Free Parking through the Depression of 1929 - 1930 SWARTZEL RHEEM AN HENSEY CO. MORTGAGE BANKERS 727 15™ STREET N. WASHINGTON,D.C. A YEAR ago the Stock Market plunged into a panic that exceeded in vio- lence any previous debacles in Wall Street history . .. In a few days securities dropped thirty billions of dollars in value .. . an appalling sum which to illustrate, practically equalled the devastation of the World War. Just recently stocks again sank to new low records. During this year thousands have seen their savings swept away in the tor- nado of speculation. STEADFAST in this depression has remained one group of investors—holders of the safe and sound First Mortgage Notes, issued through Swartzell, Rheem & Hensey Com- pany. For these Notes are not based on d;eatrln‘:book l:;alu:s, b:’t on adfl“ ;olid values o oroughly investigated and approved properties in the Nation’s Capital L D During more than 61 years—through the major financial crises of American history— our First Mortgage Notes have STEADFAST in value and in their yield income to their owners. This perfect record has meant that not a single investor in these Notes has lost a penny and if you, too, want to invest wisely, you sHould place your funds and in’ these ‘secure Notes _ which are sold tions of $100