Evening Star Newspaper, October 30, 1930, Page 13

FINANCIAL.' -STOCKS CONTINUE IN'SINKING TREND Market Subjected to Further Pressure—Trading Volume Is Small. ) BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, October 30.—Further ze) and lower prices were recorded in lay's stock market session. Vol- ume was still limited, but no effective a%fldlltlon wes offered to the downward ‘The market opened in the atmos-' phere of gloom engendered by the weakness of the close on Wednesday. Steel was again pressed for sale and dipped below 146 to less than 3 points of its extreme low. American Can gave wag, but not to =o' great -an extent. Westinghouse Electric sold off and « other so-called pivotal went | down more or less. Raid on Coca Cola. The feature of the forenoon trading ! was the break in Coca Cola. This was ¢ another case of a bear raid on a high- | priced stock similar to the attack on | Eastman Kodak earlier in the week. It was based, not on any change in the affairs of the company, but on the well founded Dbelief of operators for the deoline that under present conditions the price could be depresszd. 0 Cola earnsd more in th: first six months of this year than it Gid in the same period a year ago, but the stock oniy pays 56 a share and the yield is low at th: merket. Eastman Kodak went cown again, touching a new minimum, but undercover of this weakness there was some taking in of contracts. fo: decline in J. 1. Case. United Alrcraft also mnde a new low, but_steadied subsequentl) There was little me way of news to affect prices. Auto Strop Safety Razor made a good report, but most of the earnings statements coming to hand were discouraging. The one bright spot was the better sentiment in the copper trade, & condition which was fehbeted in thee firmnzss of the cope per stocks. Apparently the market has a considerable degrze of confidence in th. ability of the present effort hold down supplies of the metal and so ultimatcly to improve the price. Public utilities receded with the rest of é! (\‘ American Telephone & 'rel ch had held up excep- tlnmlly v\ell in_other weak sessions, coming down. Lower priees were re- corded by Consolidated GBS off at one time over 2 ints; Public Service of New Jersey, Electric Power & Light and Ameriean & Foreign Power. Rails were neglected and while Standard Oil of New Jerscy and Stand- ard of California ylelded slightly, the Ofl! appeaned to be well liquidated for l'es"nl money renewed at 2 per cent, huz wu in abundant supply in the out- side market at 1 per cent, Opening Is Weak. Discouraged by the unfavorable char- acter of business news and the weakness at the close of the previous session, the market opened weak, but prices im- proved as trading continued. Sales in the first half hour amounted to 311,600 shares, as against 341,700 in the same Wednesday period. umes ‘were smg]e‘&out for selling, before the market showed signs of tu upward. Eastman Kodak, Gillette Safety Razor, United Aircraft, Shubert Theater and Wabash fell to record lows as the selling spread. Caco- Cola, which dropped about 6 points, was a weak spot in the food shares. Interpational nickel, which gained 15 point to 19 on a block of 5,000 shares, was a feature of the" upswing that took place #fter the end of the first half hour. Buying in this stock, along with the rise of foreign coppers on other exchanges, was said to be due to _the world conference of producers. Ralls averaged about a point decline. Goodyear was the only rubber issue to nfltc: the proposed tire price advance and the rise in crude rubber. Packard, despite the reduction in its common quarterly dividend from 25 to 15 cents, was down only a small fraction. shares Brokers’ Comment NEW YORK, October 30.—Brokerage houses, disappointed by the failure of the rally to hold, advised caution in 4 their letters to clients today. Some look for a further downward swing. Comments follow: Smith, Graham & Rockwell—The market appears to have turned down 4 sgain and purchases should be de- - layed. Hornblower & Weeks—The last rally resembles those of the last six weeks, in that it has faded before it has reached levels that would conclusively indicate t= start of a trading range on the up side. Winthrop, Mitchell & Co.—General trading sentiment yesterday reflected no definite convictions on the part of the market operators and the bulk of the transactions for the time being are likely to represent merely efforts to take advantage of quick turns in the market. Jackson Bros, Boesel & Co—The view prevailing in some quarters that 10 large short interest now exists is not borne out by the persistent daily de- NEW YORK STOCK EXCHANGE by Private Wire Direct to The Star Office. TI&EI EVENING STAR, WASHINGTON, D. €., THURSDAY, OCTOBER 30, 1930. Note—All stocks are sold In one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows. those stocks to be sold in odd lots only. Indivilual sales compiled to 12:00—complete in 5:30 Edition. tlales— Add 00 High —Prev 1930~ Stock an: Airh Low Dividend Rate 110, 104 Abraham Stpf (1), T Adams Exn (160).., 231, 515 Advance Rumlay, .., au Advance Rumley pf, Ahnmada Lead. ... Alr Reduetion (4434) Afr Wav Bl Ap (1%) o Atax Rubher. : Alaska Juneav. Allscheny Carp Allled Ch & Dv (n Allis Chalmers (3) Amerada Corn (2), Am Aerien) Crem Am Aerlen) Chnf |, Am Rank Nate (43),, Am Rosch Magneto. . Am Rr Shae (2 40) ., 10 106 Low 106 21% M 16% % 102% 10% o [N 124 2051 [9%, 23% Pray Close Close 106 21% Ay 18 ) 108 104 61y mand for stocks in the loan crowd. Benjamin, Hill & Co.: “We believe | securities will work a little Jower an then expect to find the same kind of | smart buying that took place on weak ' spots a few wecks ago.” Tobey & Kirk: “Prior to election day, | it is expected that the market, in ab- | sence of any genuinely favorable busi- ness news, will continue irregular or | reactionary. There is a good deal of | long-pull investment buying in progress, | but it is hardly enough to offset any material offerings in individual stocks.” Shields & Co.: “Under the present 4 conditions it seems advisable to lighten commitments as current levels represent all the recovery the list is entitled to.” M. J. Mechan & Co.: “We think that over the next week favorable opportuni- 4 ties will be presented to long term in- vestors to accumulate sound investment issues at attractive level Redmond & Co.: “In the absence of any constructive leadership in the mar- ket, we expect the reaction to carry fur- ther and believe there is a strong likeli- hood of a thorough testing out of last week’s low before selling pressure 1% lifted. In the event these lows are broken, selling may again break out in volume. It should not be forgotten, however, that a major decline does not end simuitanecusly in all groups of stoeks. Many issues are in, or close to, & reasonably safe buying zone.” Qtis & Co.: ith the failure of the * market decisively to break through the resistance levels indicated at the top of the first automatic rally last Priday we have no very strong convictions regard- ing its immediate course. It is obvious that it still remains almost impossible to atract any important outside follow- an advance beyond minimum proportions. In order to achieve more than this the market needs aggressive leadership such as was in evidence shortly after the bottom of the June break.” CHICAGO DAIRY MARKET. CHICAGO, Ottober 29 ().—Butter— 5,689 tubs; easy; crelmery Am Rrown Rev Flee. 12 Am Rrown RE pf (7)190« Am Can (45), Am Can nf (T) £ Am Car & Fav ( Am Chatn () . Am Chicle (43) Am Com Aleohnl. Am Furanean Secur. Am & For Power ... 198 Am & For Pw nf (#) 360+ Am Home Pr (4 20). . 4 Am Tee (44)., 1 Internatl (2 Am Tacamative (4 Am Ma & Fv (41.05), AmMach & Metals. . 4 Am Metal O (1%),, 11 Am Pow & T (21). .. AmM P& T.nf A st (5) Am T A 8¢ San (1%) 120 Am Pall Mill (n2),.. 11 Am Shing cam. .0 1 Am Sm & Pa® (), 124 EEY Am Sm & Pafnf (6), 4 100 Am Salv & Cham . 2 A% Am Steel FAv (1), 18 R Am Steel FAv nf (7). 80n 111% Am Sugar Ref R) L. 1 44 Am Susar Ref nf(T) i Am Tel & Tel (9).. Am Tohaceo Am Tobacen Am Water Whs (n1), Am Woolen pf...... Am Writ Paper ctfa.. Am Writ Pap nf (4), Am Zine Lead & Sm. Anaconda Con (214). 24 Anchor Can (2.40). Armonr of Del nf (1) Armonr of TN (A)... Armanr af Tl (R) Awsa Drv G 234) . Ateh Ta & S Fe (10), K Ateh To & S F nf (5), At] Coast Tine($10), At Refinine (+2) Atlan Stares (1) .. © Aubnrp Ante (1) . 10 Austrian €req (289) & > 5 o 108y 1401 Aute Stran Saf Rr2) Aviation Corp of Del % Raldwin loco (1%). Raldwin Taeo nf (7). 20- 108 Palta & Ohto (T) Palto & Ohfo of (4 Rane & Arnos (1%). Rarnsdall A (2). Reatrice Cream Relding-Hemingway . dix Aviation (2), Pest & Co (?) Rethlet em St nf (1) Rohn Alum&Rr(13) - Rooth Fisherfes Booth Fish 1t pf. ¢ Rorden Co (k3 Rorg Warner (1).... Brigra Mfr Co. Broackway Mot Trl Rklyn-Man Tr (4) RKlyn-Man-Tr pf (6) Rkivn Unfon Gas (5) Brown Shoe (3). Bruns-Balk-Col, Bueyrus (1). Rucvrus ev nf (3%). 5% Budd (EG) Mfg.... Budd (EG) pf (1) 264 ‘Bulova Wateh 127 89% Burns Bros pf (7)... 25 Rurr Add Mach (1).. 10 26% 23% Bush Terminal (214) 2 254 98 Bush Term deb (7).. 10s 100 47% Byers (AM)........ 14 504 49% Calif Pll:ilnl (4)... 4 52% 33% & Arisona.. 2 37k . 16 104 50 CanadaDryGA (5). 30 B52% 40 Can Pacificnew..... 10 43% 11% Capital Admin (A).. 2 13 96 Car Clin & O sta (5).. 20s 103% 107% Case ¢J 1) ¢0).... 182 116% 116 Case (J I) pf (7) 708 116 35% Caterplllar Trac(t4) 2 36 9 Celotex Co. vver 1-90 20% Cent Agulire As1%. 5 2415 31 Century Rib Mills... 2 4 20'% Cerrode Pasco (4).. 2 32 18% Checker Cab 14.20)., 40. 19’ 40 Ches & Ohlo (234) 50 434 43 Chesapeake Corp (i 1% Chie & Alton 1's Chic & Alton pf. Chic Great West pf.. 8% Chic Mil St P & Pac.. 13% Chic Mil St P & P pf.. 45 Chicago & N W (§).. 125 Chi& N Wpf (7). 9 Chie Prieu Tool. ... 28 Chi Pneu T pf (3%) 70% Chie R 1& Pac (1)... 104% Chi R 1 & Pac pf (7). 15% Chickasha Cotton Of1 3212 Childs Co (2.40).. ... 153 Chrysler Corp (3) 35% City Ice & F (k3. 313 City Stor 20 City Story 25 Cluett Peabody (3).. 12 bdy pf (1) 1008 993 senees 220 1674 481 Coca- Coln A u) Pons 49 Colgate-Pal-P (2%4). 91 Colk-Palm:p of (& 12 Collins & Afkman.., 914 Colontal Beacon. . 24% Col Fuel & ron (2). 124 Colo Fuel & Ir pt (8 4214 Col Gas & Fl (2),... 104% Co! Gan & B nf A (8! 91 ColG&EIDIB (5 10 Co'um Graph (a% 843, Columbian Carb ( 18% Comm Credit (2). ... 31% Cowmm Credit A (3) 224 Comm Cred pf (1%). 76% Comm Cred 1st (63%) 26 Com In Tr (g1 17% Comm Solvent: 9% Comwlth & So (loel 98% Comwlth & 8o of (6) 78 Congoleum-Nairn. .. 181 Congress Cigars (4). 124 Consol Film (2)..... 164 Consol Film pf (2).. 924 Consel Gas N Y (4).. 99% Cons Gas N Y of (5). 35% Cans RR Cub of (6). 1; Consol Textile 11% Container A (1.20).. 3% ContainerB ... 18% Cont] Baking A. 2% Contl Baking B. 664 Contl Baking pf (8) 46 Cont) Can (2%). 11% Contl Dia Fibre (1) 44 Cont Insur (2.40) 254 Contl Moters. ...... 12 Contl Ol af Del 12% Cont] Shares (1). 745 Corn Pr Ref (14%) 10 Coty Ine.. 251 Crof Wheat (1234) .. 9 Crex Carpet. 104 Crosley Radio. .. . 62 Crueibie 8 el (k6) Cuba Cane Prod 110 43% 1063, 50% Cutler-Ham (3%). 18 Davison Chemieal. 20 Deere & Co pf (1.40). 97% Del Lack & Wn (7). 140% Delaware & Hud (9). 35 Denver & RG W pf. 6% Dome Mines (1). 67 Drug Corporat (4 Dunhill Int (1), 90% Du Pont de N (* eb pf 100 Duques Lt 1st pf 25 Durham Hosiery pf. 9958 nm lut-n K ton Axle 114% ll llumuu 1 o M lfl! Prev 1930~ Hieh. Low, 103l 44 102 112 93 106 50 1071 35% 804 4 2% 2 sble on Nov. 1, 1930, 6% Eureka Vac Cleaner. Money to Loan Preyal .t II‘ J(ueplll fi:l’ lll‘.. ll Moecan TuePwone AND Teiesuaen CowpaNy Twenty-Year Sinking Fund 5% % Gold Debenture Bonds Due November 1, 1943 Goupons of these bonds, cay- n. Trust N W. ill Building 17th & | Streets Several single offices and suites avallable at most rea- sonable rentals. lr o Reorssentative. Moore & Hlll Inc. 730 17th St. N.W. Prev. Addw Ilih Low. Close. Close. . 141 B0% 4® 49y 51 941 9415 941y 4% | 2 lt\h‘ Stock and Dividend Rate. El Pow & Lt (1). paid ioNew York at the office of the Treasurer, 195 Broadw: or in Boston at his office, 125 Milk Street. H. BLAIR-SMITH, Treasurer. Equit Office Cldg (3) Rrie R R. Fed Motor Tr (80¢). Federal Screw (3)... Fed Wat Sve A 2.40. Federated Dept Strs. Money on Hand to Loan om First Deed of Trust 6% Interest SAUL BUILDING Foster Wheeler il) Fourth Natl In t. . Fox Film (A) (4. Frank Simon pf (7). Freeport Tes (t5) Gabriel Co (A). . Gamewell Co (5) Gardner Motor. . Gen Am Investors Gen Am Inv pf (6).. Gen Am T'k Car (14) 2 Gen Asphalt (4) 1% Guantanamo Sugar. . 4 Holland Fur (et2%). & Intl Nick of Can (1). 4 Kell; 4 Mid-Cont Pet (2). Gen Baking pf (8) n Bronze (1). ien Cable. .. Gen Cable A Gen Cigar (4). Gen Electric (1 Gen Elec spec (60c) . Gen Food Corp (3).. Gen Gas&E] A(e30c) Gen G & El cv pf (6). Gen Mills (3) Gen Mills pf (6 . Gen Motors (+3.30),, Gen Motors pf (5)... Gen Outdonr Adv.... Gen Out Adv (A) (4) Gen Pub Serv (bf).. Gen Ry Signal (5) Gen Realty & Util. .. Gen Refract (14%).. Gen Steel Cast pf (6) Gen Theatre Eauip. . Saf Raz (4) Glidden pr pf (7). Gobel (Adolf). Gold Dust (24). Goodrich (B F). Goodyear Tire (5)... Goodyear 15t nf (7)., Gotham Silk Hostery Gould Copper....... Graham-Paize . Granby Consol (2).. Grand Silver 8 (m1). Grand Unjon. .....e0 Grant (WT) (1)...) Gr North of (5). Gr Nor ctf Ore (a% ) Gr West Sug (1.40).., Gr West Sug pf (7). Grigsby Grunow. ... PSP T IS Pl P Gulf Mob & N pf (6). Hahn Dept Stores. .. Hahn Dept S pf (6%4) Hartman Corp (B).. Hayes Body... Hershey Choc (5). Hersh Choc pf (16).. Houdaille Hershey. . Household Fin pf (4) Houston Oil (b10%). Houston Oil (new).. Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motors Illinots Central (7)., Independ O & G (2).. Indian Motor Cycle Ind MotbrCycle pf. Indian Refining. Ingersoll Rand ( Iniand Steel (4)..... Inspiration Copper. . Insurance Sh (45c) .. Interboro Rap Tran. Intl Bus Mach (n§)., Intl Carriers (25e) Intl Cement (4). Intl Combustion. it Comb Eng pf. - BWPE NIRRT NN BN ARRED B a »3 23 y: @ 5300 5 i 1S 59 00 i 89 Intl Hydro 1 A (e1) Intl Match pf (4).... 610 Intl Paper& PwrA.. § »Intl Pap & Pow (B).. 2 Intl Rys Cent Ame! Intl Salt (3). Int Shoe (3). 1 Intl Tel & Tel 2 Inter Dept Strs (2).. 9 Investors Equfly @ 1 Towa Central. vee 408 Jewel Tea (14) 5 Johns-Manville (3).. 12 Jordan Motor Car.... 3 KC P&L 1st pt B (6). 208 s City Sou (5)... 8 Karstadt (R) (1.03)., Kaufmann D8 (1%) Kayser Julius (2%). Keith-Alb-Or pf (7). Spring Tir Kelsey Hayes (2). Kelvinator Corp Kend Co pf (16.37).. 60s Kennecott Copper(2) 147 Kinney (GR) (1).... 8 Kolster Radio. , 1 Kresge (SS) Co 1.60.. 12 Kresge (SS) pt (7).. 10s Kresge Dept Store; Kreug & Toll (1 Krog Gr & Bak Lambert Co (8), Lee Rubber & Tire Leh Port Cem pt (7). lo- Lehigh Valley Coa 2 Leh Val Coal pf (3). Lehigh Val (143) Lehman Corp (2). Lehn & Fink (3) Libbey O Ford Glass, Liggett & Myer (15). Lig & Myers B (15), Lima Locomotivy Liquid Carbonic Loew's Inc (3) Loew's pf xw ( Loft Ine. .. Loose-\iles Lorillard (P) Co Loutsfana Of1. LouG & B (A) (1%) Louis & Nash (1).... Ludlum Steel. McCrory (A) (2). McCrory (1) (2). McGraw-Hill (2). McKeespt T P(15%). McKesson & Rob (1), McKes & R pf (3%) McLellan Stores. Mack Trucks (6). Macy & Co (n13).... Madizon 8q Gar (1) Magma Corper (3).. Man Elev mod g (d5) Manhat Shirt (1). Marine Mid (1 20) Market St Ry pr pf.. Marlin-Rock (15%).. Marmon Motor Car.. Marshall Field (2% ) Martin PArry. ... v Mathieson Alkalf (2) May Dept Strs (n2).. Maytag Co pt (3).... Maytag Co 1st pf (6) Mengel Co (2). ican Seabo: Miami Copper. R 20008 12% 2 37 B 83 5 LT Ir-ren ® Midland Steel pf (8). Minn Moline Pow. .. Minn & St Louts Mo Kan & Tex (3)... Mo Kan & Tex pf (7). Miasour) Pacific. . Missourt Pac pf (5). Mobawk Carpet. .o, Monsanto Ch (gii). Montgomery Ward. Moon Motors Morrell & Ca (4.40).. Mother Lode (20¢). Motor Meter G & El. Motor Wheel (3).... Mulling MIg........ Munsingwear (14)., Murray (B)(2% stk) Myer (FE) & Br (2). Nash Motors (4). ash Chat & St L (5) 20- at Acme (1%). Nat Bella He Nat Biscuit (13.3¢ 25 Nat Cash Reg A (14) 10 (Continued on Page 14, - R AN DA e T h RO D00 catote s on B oo » s 114% s 9 17 925 15th St. N.W., In the heart of the Financial * and Real Estate district. Reasonable Commission and Prompt_Replies to Applications FINANCIAL. Bex A 13 First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, 8 or 10 year terms om your S%% RANDALL H. HHAGNER & COMPANY MORTGACGE LOAN CORRESFONDENT Home Office Building Apartment Business Property New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 One Room, $40.00 per mo. B. F. SAUL cO. Nat. 2100 925 15th St. N.W. JAMES F. SHEA 643 Louisiana Ave. N.W. PROPERTY Apartment House ROBERT -C. JONES Announces his resignation from G. M.-.P. Murphy & Company and the formation of— ROBERT C. JONES & COMPANY INVESTMENT BANKERS to deal in Investment Securities, with offices in THE INVESTMENT BUILDING Telephone Metropolitan 2922 MANAGEMENT innumerable ment houses. efficient—and - profitable TP TET—— OWNeTS. B. F. SAUL CO. 925 15th St. N. Nat’l 2100 M ORTGAGE A Household Word ‘Sp'oken the World Over Gail Borden ++ . whose name is a household DIVERSIFIED TRUSTEE SHARES SERIES C Created end distributed by the oldest fixed investment trust organisation (1) Participating ownership in the com- mon stocks of 50 great corporations, widely diversified geographically and industrially. All underly securities are listed, hence are ily marketable. lhmmhu-nvweilvfl-l ineome. Stock dividends and split-ups re- tained, except in odd or fractiomal ameounts, thus accelersting growth of principal. All management charges and Trus- tn‘n-fe--ldu-—nhlhnefll- icates are payable by the Depeositor. Reinvestment of dividends may be made at the hid price. 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Warden B R T TR T T TPy P MANAGEMENT ONLY long experience can foresee and forestall the worries—both serious and minor—which are likely to arise in connection with the management of apart- We have had that experi- ence which makes our service LOANS