Evening Star Newspaper, October 29, 1930, Page 11

FINANCIAL ANCIAL. D. C, WEDNESDAY, OCTOBER 29, 1930. STOCKS ARE LOWER G__STAR, WASHINGTO NEW YORK STOCK EXCHANGE wmnmwfi-mumlmo-nv REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD SAFE FIRST MORTGAGES - SUBSTANTIAL GAIN INSTOCKS IS SEEN Eugene Thomps’o‘n‘ Believes |& Down Swing in Securities Carried Too Far. BY EDWARD C. STONE. That sound securities are on the verge s -umnu-l advance, in the belief Eugene E. humn-on. senior partner Co., and president mn:m o] ties for tnnlnnem. that have not ex- isted in 10 years. ‘Thomj has m too '"lch m;:- Edgene E. Thompson. that T whenr asked for his views 8% & meeting of the Associated Stock o governory n Pitts- dov;nlwo ;:: uestion. pendulum " Lo r backward ut)h-n 1}: lv{‘\:r:: forward 1929. Investors who m‘nl! higher prices should feel secure now as they did before g‘ .a. bulge in price. The United States of Americn not broke. We require a very la rmpoman of the vndllm of our (lctol‘ les for home con- Because there is hesitation ; goods for l few months is no b vet lhll is just l;luer l;:: m‘k llb and l ju: i ger o vle bexg spreading. bnl means little. y one can something, bfiuxtn d:hl thtest minds bdl feel that ment l{mcture is sound and we need ve no fear that we must wait another year for an upturn in business. Looks for Early Improvement. or 90 days from lhts‘dlk w; back on present prices an Thoe ‘who were ullers of stocks wilk why they were so anxious to of their investments, and those did not buy at present levels will because of their waiting at- is no t}me mk‘mmm 'r\:c portunity for making invest- dacudeuh here today. Invest be the slogan—not sell now. ve poor financial statements e corporations in the next four mol\uu. but the capital- of man: tions is selling ich flmlouily w levels that the have more than discounted the distressing 'Eé Bl SE 3§ iy 0 L EE T Egs ¥ imagine. ‘If many corporations should fail to pay dl‘mfl for several mr: th; -— pflu- more than discount suc! reflected by market m ‘To get a fair idea of what mean one needs only Jook I few years and see what for new paying ital. Tt 'Ill be found that billions rights to subscribe to additional stock at prices 50 per cent higher than Stock and tales— Dividerid Rate. Add 00. High. Abitibl Pow & Paper. 2 12 Abitibi P & P pt (8 Adams Exp (1.60). Adams Exp pf (5). Adams Millis (2) % Advance Rumley 4 B% 5% nu Alr Reduction (t43) 106% 106% 10 © Alr Way El Ap (1%) 10% 104 4% Alask Juneau. 10% Allegheny Corp. 199% Allied Ch &Dy (né). 391 Allis Chalmers (3).. 2 Am Agricul Chem, .. 21% Am Agricul Ch pt... 22 22% 8% Am Brown Bov Elec. 11 104 10% 55" Am Brown BE bf (1) Tog $0% 50w 89% 1084 Am Can (15) 235 120% 118% 118% 140% Am Can pf (7). 148% 1480 35 Am Car & Fdy (8). 1 38% 3% Am Chatn (3) o & 861 Am Chicle (13),. a @ 9% Am Com Alcohol. 14% 4% 26 Am Buropean Secur. 5 20% 20% 36 Am&ForPower.... 73 43% 42 42% 80% Am & For Pw pf (8).210s 86% 864 84 Am Hawaifan (a10). 2 10% 49% Am Home Pr (4.30).. 2 54% 27% Am Ice (14). 13 29 284 Am Internat] (2).... La Fr& Foamite 281 Am Locomotive (4).. 79% Am Locomot pf (7) 40% 40% 2 2 o 5 58 \Am Pow & Lt (31). 20 AmR&StSan (1%) !fifi 8% Am Republics...... 35% Am Roll Mill (n2)... 51 52's Am Safety Rasor (5) l 88% Am Shipbuilding (l) 100. 84 51 AmSm&Ref(4)... 8 5714 B55% u% 18314 Am Sm & Ref pf (7). 1 134% 134% 134% 1004 Am Snuff pf () 110 110 5014 U2 XOBK 34 Am Solv & Chem % 4% 5% Am Solv & Chem pf. 1% 11% 29 Am Steel Fdy (3) 31 31 110% Am Steel Fdy pf ( 111% 111% 40 Am S| 1 45 46 45 96 98 98 192% Am Tel & T 19914 1998 118% 113% 126% 126% T4% Td% 10:% 101% Amaconda Cop (23%). 62 36w 30 Anchor Cap (2.40)... 70 Armour ef Del pf (1) 314 Armour of Tl (A)... 1% Armour of Il (B). .. 48 Armour of Ill pt (1), 5 Arnold Constable. 80 Artloom pf (7). 24% Asso Appl Ind (4) /26% Asso Dry G (2%)... 20% 29% 194 Atch To & 8 Fe (10). 202 203% 1 Atch JoASF ot 5. 3 106% 100% 100 21% At Refining (13), ... 22% 224 224 99%4 Afll‘hvdornt(‘)\\lo- 100 100 100 18% 134 1 % 08 19% 19% 524 Austrian Cred (3,82). 52 62 3% AviationCorpofDel 2 4 4 4 19% BaldwinLoco (1%). 15 26 25% 25% 100 Baldwin Loco pt (7). :o. 106K 104 104 79% Balto & Ohlo (T).... 80% 81% 75 Balto & Ohio pf (4) 14% Barnsdall A (2).. 93 Bayuk Cig 1st pf (T). 208 67% Beatrice Cream (4).. 48 Beech-Nut Pkg (3).. 215 Belding-Hemingway. 1 £ o 17% Bendix Aviation (2). 2 18% 17% 18% 311 Best&Co(3).. .... B 44l 43 434 6914 Bethlehem Steel (6). 161 74 714 71% 23 Blaw-Knox (1%).... 2 25% 16 'Bohn Alum&Br(1%) 319 59% Bon Ami (A) (16)... . 1 12% Briggs Mfg Co. 4 Brockway Mot Trk. 58% Bkiyn-Man Tr (4) 84% Bklyn-Man Tr pf (6) L3 ‘l()!‘p 104 ay 2% 23 11 58% 121% 149 38Y% 0% 41% 14% 294 43 86% 10% 6% 56 135% 107 3% 8% W 111 45 99% 200% 115% 126% 16% 104 5% 36y 3 206% 106% 28% 100 14% 5% 19% 524 3% 26% 108 81% 4 18% Ad% T4% % Gr West Sug (1.40).. Stock Dividend Rate. oy mn Fairbanks Morse (3) 1 Fashion Park Asso.. ‘2 Fashion ParkAs pf..300s Fed Lt & Trac pf (§) IOI Fed Wat Svc A 2. Fid Ph Fire In (3.60) Firest T& R pf (8).. First Nat Strs (3%). sbe Bros (1).. Foster Wheeler Fourth Natl In Fox Film (A) (4). Frank Simon pf (7). Freeport Tex (15)... Gardner Motor,, Gen Am Investors. Gen Am Inv pf (6).. Gen Am T’k Car (34) Gen Motors (13. Gen Motors pt (5) Gen Outdoor AdY.... Gen Out Adv (A) (4) 1 Cast pf (8) Gen Theatre Equip. . Glllette Saf Ras (4). Gimbel Bros.. Granby Consol (2) Grand Unfon........ Grand Union of (3).. Granite City 8tl (4). Gr Nor ctf Ore (a%) - ST Gr West Sug pt (7). 120, Grigsby Grunow.... Gulf Mobile & North. Gulf Mob & N pf (6). Guif States IM . Hahn Dept 8 Hall (WF) PI'OO (l)- Hamilton Watch 1.80 Hanna pf (new) (7)., 20s Hartman Corp (B) 3 Hayes Body... 2 Hercules Mot (1.80). & Hercules Pow pf (7).280s Hershey Choe (5)... Holland Fur (et2%). Houdaille Hershey. . Household Fin pt (4) Houston Ofl (b10%). Houston Oll (new).. Howe Sound (t43). . Hudson Motors (3).. 3 Hupp Motors. Illinots Central (7) Independ O & G (3 - e wSmee g LT T - (ORI o T Or Y1) ST PN Ins ctfs (Md) (60c). . Int Agricul pf (1)... Intl Bus Mach (n6),, Intl Carriers (35c) Int] Cement (4). Intl Combustion. Intl Harvester (l!i). Int Harvester pf (). Intl Hydro E1 A (e3) Intl Mateh pf (4).... Intl Mer Marine (1), Intl Nick of Can (1). 19% 9% 3 61% 2% 66 17% - = = 59 3 603 145% 145% 29% 5% 17% 18 IN SMALL TRADING List Recedes Gradually in Forenoon on Lack of Buying Power. BY GEORGE T. HUGHES. 8pecial Dispatch to The Star. NEW YORK October 29.—Reaction- ary but under small volume, the stock market today observed the anniversary of the great market cnllnpo of 1929 by fairly general declin Trading was dull lnd t.hm appeared to be only & moderate amount of liquidation, but there was no effective buying power and the list worked gradually lower. Untavorable News. ‘The Street came down to business "% | with an assortment of unfavorable news items to digest. In the first place the U. 8. Steel directors had not declared any extra dividend on the common stock. The well informed had never expected that an extra would be paid at this time, but on Tuesday there had been precautionary short covering by operators who did not care to take a chance on the possibllity of something being done and there had been & cer- tain amount of margin bllylrntg on the theory that the risk was wo: In midmorning the 'nekly steel grade reviews appeared - wi de- cidely gloomy tone. Anotherq’ batch of poor earnings statements came out, in- cluding one by Colorado Fuel & Iron, which cut the dividend on the com- mon stock in half. The railroad car loading statement was discouraging. with a falling off from the total of the preceding week as well as a large de- cline from the level of a year ago. Opening Is Lower. The result was a lower opening all around. United States Steel started at 150. off over 2 points, and extended the decline in the later trading. At the same time the turnover in this stock as well as in the market as a whole was small. Emwed pressure was directed inst Kodak and the stock broke -’-m sinking into new low ground for the year. Colorado Fuel and Iron, which halved % its common dividend payment, opened off 31, points to 2515.. The food group likewise softened. Shattuck was quite active at approximately 2 points below its previous close as the result of third- quarter net earnings of 28 cents a share against 50 cents & share in the same period & year ago. Despite the talk of a world copper output reduction, most of the red metal shares reacted. Active public utilities averaged a 'de- cline of a point. shares as National Power & Ligh:, Inter- national Telephone & Telegraph and North American Corporation. Eastman Kodak opened off 3 points today at 180 | and later hit 1773, at which point it | rallied slightly. . Street Sentiment Mixed. Sentiment in the Street was still mixed. Despite all the professional bearishness there were still a few mar- ket authorities who believed M quo- tations had discounted snd in some cases over discounted the situation. In support o( their views the dullness of trading was pointed out, the argument being that uquldnuun had already been of a sweeping character, Besides there was the excessive ease in money to be taken into account, Call loans renewed | today officially at 3 per cent, but money was freely offered In the outside market st 1 per cent. rators for the decline made no ‘This list included such | Jratees tal, 2 B 2 3,5 or 10 years. 18520 K St. N.W. anlu-l 0478 Juepl‘r- i “fl COMMERCIAL NATIONAL BANK Let us serve you in all banking and fiduciary matters. Interest savings acoounts from -;" Cdepouit S0 day of withdrawal. Resources over $19,000,000 WD B. COOPER. President 14th and G Streets First Mortgage Loans Lowest Rates of unterest and Commission Thomas J. Fisher & Company, Inc. e Montgomery County Bldg. & Loan Ass’'n, Inc. Phone Wise. 4132 6972 Wis. Ave. Bethesda, Md. Loans made om improved Maryland property. lului Applica e Hl- Iunh Solicited 6% Interest FIRST TRUST LOANS | Reasonable Rates Ceourteous Treatment THOS. E. JARRELL CO. REALTORS |721_10th _St. N.W. Nat'l 0765 | limited amount of choice first trust notes in denominations of $100 up, bearing 6:4% interest. The type of securities ‘which please L careful investors. 924-141 SLAW, Myisr Let UsMal-e You First l/iortgage Loan! Over a Third of e Century THERE MUST BE A GOOD REASON WHY" —the great insurance com- trust companies and institutions as well as individuals favor first martgages as an investment for such of their funds as they want to put upon a definite earning panies, other financial Our basis. 6% FIRST MORTGAGES Without a Loss offer you this security for which the same rate of interest is paid, no matter how small the invest- ment. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 925 15th St. IS NO SUBSTITUTE FOR SAFETY ADVANTAGES o DIRECT OWNERSHIP METHOD T is not necessary to pay high charges for trust management in order to INVESTMENT DIVERSIFICATION. By our Direct Ownership Method you may purchase a group of of sound income producing corporations and own the several certificates outright, registered in your own name and deliverable to you. As a holder of one or more of the three Direct Ownership Groups, you are entitled to a statistical service, organized by our firm, which will keep you constantly informed re- garding various current developments which may affect any of the stocks in the group you hold. By virtue of your direct ‘ownership d the stocks you are in a. o li . an) one of them should mdumm % AL, Iglehart & Co. Investment Bankers N.W. Wagag zasaesss s am gk aerery 98% today’s market. It is not concelvable sk 106% Bkiyn Union Gas (5) that the declines represented by market -Col. .0 e quotations have wiped out the intrinsic | 313 13" Brarriotl) value of the assets of these , secret of thelr plln of campaign, 'hlch was to sell the higher priced stocks on the theory that pflce-enrmnn uuu m this quarter were too high, of whether or not earnings were idn maintained at a satisfactory rate, al things consid Eastman Kodak 30% 30% suffered from these tactics and not from Inter Dept Strs (3).. lgu 20 any new adverse developments in the Investors Equity (3) % 8 affairs of the company. Island CrCoal ($)... 2 28 27% S ——— Johns-Manville (3).. :5 3% " George A. Garrett, resident partner % % Intl Paper & Pwr A.. "™ 9% Intl Pap&Pow (B).. 1 7% T% Int Print Ink pf (6).. 308 74% 74% Intl Rys Cent Amer. 70s 11 11 Int Rys Cen A pf (5) .. m- 50 50 Intl Salt (3).... 37 36% 1024 102% 719 Fifteenth St., N.W. Washington, D. G, Telephone District 3381 - ‘Wilkes-Barve, Pa. Clarksburg, W. Va. * Wilmington, Del. Richmend, Ve, Charleston, W. V. Loans may be secured on desir- able, income-producing Washing- ton real estate at & minimum eest. A SAFE INVESTMENT estate morigage bonds! B Bucyrys (1), e ,COTpOTA- jucyrus ev pf ( . tions. Earning power may have been 5% Budd (EG) Mfg.... slowed down, but that 7% Budd Wheel (1) now returning is my firm 1, 18% Bullard Co... . Thémpson concluded. 26 Burr Add Mach (1).., Southern Reports Earnings. 1% Butte Cop & Z (50¢c).. 1% Butte Superior, Net income of Southern Railway Co. %A . o 12 Butterick Co. 12% 12% months ended Septem! 47% Byers (A M). 50% 60% B2% 1930, n:finlud at ‘510"'100:’ after | 114 108% Byers (A M) pf (1) 109 109 109 w',_’%‘,‘l";‘g" et | 77% 49% Calif Packing (4)... 524 B2% 53% 89% 383% Calumet & Arizo L 33% 8% Calumet & Hecla. 9% 9% 30 13 Campbell Wyant 10 190 10 76% 50 Canada Dry G A (5) 524 40 CanPacifionew..... 19% Canmon Mille (1.43). 3625 1074 Cae (3 1) (8) . 100 114% 110 112% 112% 182 115 Case (3 1) pf (1)... uo- gy 16 118 79% 36% Caterpillar Trae(t4) 25 chapamer Mombers Jordan Motor Car.... in F. B. Keéch ‘:f(i:.. announces :m. L 1stpf B the head office e_brokerage firm a:;&c“;-'::“;o) . Het i "‘V' has been moved from 52 to 11 Broad- Karstadt (R) (1. way, New York. "The latest review of G. M. P. Murphy 1% | & Co. says that stocks have dropped until the yleld on high-grade issues is Capital Resources, 33300000 now sufficiently high to turn the mar- lm up'lrd the statement bnea 24 JACKSON PLACE of . turning in 3 o1%. 30% Cerro de Pasco (4).. 18%’ Checker Cab {4.20). 40 'Ches & Ohjp (3%) .. 43 Chesapeake Corp (3) 1% Chic & Alton, l%gthltu.v!..," lo Great Western uu. Chi¢ Mi} 8 P & Pac. . 9% 18% memur.ru. 14% 144 14% 45" Chicagg & N W (5).. 49 49 o9 28 Ght Pneut'T pt (3%4).. 8 28 28 28% 23% Chi YellowEab (3). . 28% 28% 23% s s 2, . . jewark, Philadelphia, Baltimore, /ash- Chrysler Corp (3). .. and other cities along the Atlan- :“: ity loo & F (k3.60). d, Tce & ¥ ot (§%) compeny’s net for September, ma City Btores (50¢).... after interest but before Federal taxes 18 'Clark Equipment (3) and depreciation, was 4932346, which Sk Clustt-Peabdy pf (1) 1008 908 9% 908 9% with $769,882 in September mm uxv. Coea-Cola (6).....00 169% 169% 169% 171% ? If not, 5. 24% Col Fhek& Iron (2).. 25 20% 29 kid - o €8% Colo & Sou 1st pf (4). 4 TTH TT% : & L3R b e 42% Col Gas & Bl (2).... 4 4% 48 237% matic saving Co! Gas& Ei pf A (), 107 107 107 “’2‘ NOW ! for this period last year, an all- | “37% 10% Colum Graph 124 12% 12w | 88% : 48% time record for the eompany. 84% Columblan Carb (16) 97 "“‘ by 1 (£l small lots in Mergen- 99 *Comm Inv'Tr pf (7). "m";m'&d";iemf 17% Comm Solvents (31) s turnover of 120 shares. Ll i med at 89%, but erawled at 90, Traction opened at 50% on | 0-share sales and closed at 50, 15 more shares changed hands. shares of American Security & | Trust Co. stock moved at 350. Peoples | Drug sold at 100, and Security Storage 5 Co. at 110 | A 15 16 Columbia Title Insurance Co. moved | ™ 4 3% Minn Moline Pow. ot 8%, Chevy Chase Dairy preferred 18% Contl Baking 20% 20% 2w | (O8N Mo Kan & Tex (3)... at 105 and Merchants’ Transfer & Stor-| °2” 53! Gonel Baking B " I e Mo Kan & Tex ot (1) age preferred at 94. Potomac Electric | 46" ContlCan (3%) 49% 508 Missouri Pacife. ... Power 515 per cent preferred came out 11% Cont1 Dia Fibre e 18e Missouri Pae ve (5).. at 108%,, 50 shares of Carpel Corpora- 12 Conti Ofl of Del - e 199 Mobawk Carpet ... sold at 23% and 50 more at 24. | 44 Contl Insur (2.4 o% 4T Monsanto Ch (xi ). Bonds were in pretty good demand 7 12% ContjShares (1). 13% 18% Montgomery War 8t recent levels. sales being noted in 14% 78% 81 Potomac Electric Power consolidated 2% 12% S8 l‘nd 6s and in Washington Gas is- | :;% :;h Murray (B)(2% P & Nash Motors (4) Heard in Financial District. Pl ol Nat‘Acme (3%) . The brokerage house of E. A. Pierce| '] 8 2% 2% 2% 2w Nat Bella Hess...... Co., h:.hlch Elg‘:mu:m.u‘ zu?m 6 6% 6 :nlg::u:‘: ":"(‘:)I.)' office. acquired the New Yorl Cuban-Amer Sugar. 4% 4 4% Int - firm of C. D. Robbins & Go, e . e Nat DAIry (38). vave Loans are made for fifteen which has several different offices out- 38% Cudahy Packing (4). W 4« Nat Dept Stores (1). e S v: -mor New York. Two of the partners 99 Curtis Publish (7). 100% 100% 101% NatDist Products(3) years with the pnv:lede o the Robbins company will become 114% Curtis Publish pf (1) 8 118 18 Nat Pow & Lt (1). £ h Y 4 Curtiss Wright Corp 4 . % 1 48 pre-payment atter three 5% Curtiss Wr Corp A.. 5% B% years. ' Equltable Co-operative Bldg. As.;n 50th YEAR cowm JOHN JO;‘!DSON President WAL'I'II $. PRATT, Assets .$5,723,083.61 Surplus & Subunphol for the 99th Issue of Stock Being Received Krog Gr & Bak LambertCo (8)...... 12 Leh Val Coal pt (3).. Lehigh Val (t43) Leliman Corp (2) ll::b Owens ¥ GI ( The Shoreham Budingv houses the leaders—in industry —in finance—in the professions Loew's Ine (3) IS YOUR i Losw’s pf xw (63 Wi FUTURE ONSIDERED? —are you saving to- unu 10w wards a com- 4% fortable old e will gladly explain our plan for saving! Come in today! . @AREFULLY planned detail, lux- urious fittings and super-service —together with its ideal location— have given this building outstanding - distingtion. Marlin-Rock (16% 915 F St. N' 2 Marmon Motor Ca: Marshall Field (33%) May Dept Strs (n2).. Maytag Co 1st pf (8) 96l 98l 983 e Miami Copper. . oo e Mid-Cont Pet (1) e Midland Steel (3) £ Consol Cig pr pf $14 . 12% Consol Film (2).. 16% Consol Film pf (2).. ) ’S so well equipped for adapta- tion to specific requirements. The proper valuation has been placed upon sunlight and air. Time is rec- ognized as money—in the mainte- nance of service at maximumspeed. a'gg Home Owners . . . will find in the Metropolitan Life Insurance Company Redl Estate Loan Plan a practical and easy method of financing their homes. N environment is provided ‘in which business can be conduct- ed happily and efficiently. We shall be glad to have you spect the available rooms and suites. MSKEEVER £ GOSS £, Representative of the Owners SHOREHAM INVESTMENT oouruli Rental Office . National Reow- 120" Fifteenth at H 5643 5% 503 Cutler-Ham-(3%). 51% 51% b1% 18 Davison Chemical. 18 184 18% 97% Del Lack & Wn (17 9% 36 Denyer & RG W pf. 37% 189 Diamond Match (8; 210 6% Dome Mines (1), 84 13% Dom Stores (31.20) 16% 15% 15% 2% 13 6% 90% Du Pontde N (14.70) 94% 95 97 175% Eastman Kodak (18) 201 180 172% 175 188 131% 1831% 130% 15 16% 16 43% 44 4 Natl Tea (1}:. Nevada Copper (1) N O Tex & Mex (1) N Y Central (8). NYNHG& Hart (8 NYNH&H ll'l)u 1 N Y Steam 1st Dl ) 108 Norfolk & Southern, 3 Norf & West pf (4).. 30s North Am Aviation.. 1 Nor Am (b10%stk). . Low Interest Rates—Reasonable Terms & Western has declared | and & regular quarterly on the common stock, . Tl.t«l;a stock of LS o yments this year w - on the basis of divi- or the same last year. earnings of New York City trust ean’p‘.nlln.l’;or the ”.l; September 24, , are onl below their earnings for in the third quarter of I~ Of 26 leading New York Cfly instituticrs, 25 reported earn. tantially in excess of dividend secuirements. 7 Loans Made in the District of Columbia and Nearby Maryland and Virginia RIS W ashington Buildin, on the stock 12 & share, 1068 1068 100 : enter of Commercial and Professional. Washington 107% Endicott-Johy pf District 9436 39% Eng Pub Serv (3:40). B50% 36% Equit Office Bldg (3) 63% 304 Erle RR. o . lllh lllh lll\i “ 4% 4 Loan Correspondent Omnib D, . lurnwmal Life Insurance Company Otis Hlevn (2%). (Continued on Page 12.)