Evening Star Newspaper, October 31, 1930, Page 12

A—I2 ®¥% FI WASHINGTON BANK CLEARINGS DECLINE ANCIAL. Indivilual sales compiled to 12:00—complete in 5:30 Edit —Prev 1930~ THE EVENING STAR WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508) which shows those stocks to be sold In odd lots only Stock and Dividend Rate vales— tion. Prov October Figures Show Drop fain ow of $19,883,445 From Same ,:.;:‘ ;:: 1929 Month. 230 85Y% 23 31 41y 156M BY EDWARD C. STONE. nk clearings in Washirgton dur- mxmoucbw totaled $118,084.915.3%, in comparison _ with $137,968,361.05 in October, 1929, a difference of $19.883.- 44571, ‘according to figures available this noon at th> Washington Clearing House Association. A number of checks passing through the local clearing house however, was well ahead of September of this year when the clearings amounted to $97.- | indicating a substantial ad-| iness in the past month. As clearings in October last year, wers abnormelly high, since the na- tional busincss depression had hardly comparisons with pre- Vious October clearings ate of special interest. Local bank clearings in Oc- 928, totoled $137.660,693.74. 1In v amounted to $116,- in October, 1926, to 0. For the first 10 months of the present | year _clearings totaled the sum of, $1,098,004,136.27, against $1,245.054,- | 361.05 in the corresponding period a; year ago, a falling off of $137,050,224 so far in_1930. | As November is always one of the; best months in the year for business and December usually the best trade menth of the 12, the siump in clearings i hat reduced in the final n comper-d vih the : Am News ¢ letert 1¢ of the ;3}1(‘“{1 R{l- Board shows that trade in Wash- zg!gn in the first nine months of the resent year is only about 2 per cent ower than last year, and the indica- tlons are that the month just closing will maintain about the same percent- age. It has also been shown by com- ns that clearings in Washington not dropped nearly as much as they have in a great many other cities in the country, the constant Govern- ment pay roll being assigned as the reason for the showing made here. Following is a compilation of clear- ings by months in ‘Washington during the year to date, compared with the corresnonding montis a year ego: 1 1930, 1929 118.210.262 $12).438.20 Y 5212 109.640. 113573519 114.985.538 137967361 Totals §1,008,004.136 $1,245,054,361 Lanston D. C. Exchange Leader. Lanst-n Monc stock was the Jeade: ‘n volume of trading on the ‘;"‘ Washingion Stock Exchange today. 5 The stock opened at 109 and closed at e 108 after dropping as low as 105%3. y 265 There was a turnover of 110 shares, all 85 in small . | 2421 194 ‘The day's trading opened with 10 and | jogs, 102% 15 share lots of Capital Traction selling at 50. Potomac Electric Power 5!z per cent preferred came out at 9813 two shares of Ame:ican Security & Trust Co. stock sold at 355 and two shares of Union Trust Co. at 235. ‘The remainder of the trading was confined to bonds. Potomac Electric | consolidated 5s sold at 103 and Capital Traction 5s changed hands at 88. Banks Combine Tomorrow. The Federal-American National Bank | and the Merchants' Bank & Trust Co.| will give up double harness at the close | of business today and start out in single harness with the opening of the doors tomorrow. The same number of banking offices will be maintained as at present, with ] the Federal-American, at Fourtesnth | and G streets northwest, becoming the | main office. The main office of the Merchants' Bank & Trust Co. at Fif- teenth and H strects northwest, will be- | come one of four branches. i All present officials of the Federal-| American retain their titles, and the| heads of the Merchants’ branch office: remain in their positions, Presiden! Rolfe E. Bolling becoming head of the office in the Southern Building where he has been located. William C. Johnson, who has been assistant to the president of the Fed- eral-American, John Poole, is to be made an additional vice president. He has been connected with the bank for 11 years and stands very high in the financial district. The first meeting of the combined board of directors will be held next week on the date of the regular month- ly meeting of the Federal-American board. There will be 49 members in the new directorate. ‘The new bank is to be known as the Federal-American National Bank & Trust Co. The new stock with $20 gr value will be distributed at once place of the old stock of both banks. | ‘The change will also be noted in the | stock listing on the local exchange, and the Merchants Bank stcck will come off the exchange list shortly. Financial District Notes. i The McCrory Stores Corporation has | declared the regular quarterly dividends of 50 cents on the common and class B stocks, both payable December 1 to stock of record November 20 Nerth American Co. earnings in 12 months ended September 30, $481 a share on 5817477 common shares, sgainst 8517 a share on 5213684 shares in preceding 12 months The Pittsburgh & West Virginia Rallroad has asied the Interstate Com- merce Commission for authority to bor- Tow $4.000.000 and to issue short-term notes in this connection, maturing not | more than four months from dete, and bearing 4!, per cent interest to pro- | vide funds for construction of its Con- nellsville and Donorad southern ex- tensions. 524 26% 46% 89% BETHLEHEM STEEL CO. iy REPORT PROVES BEARISH | 1304 1i0s 110% 104% @oecial Dispatch to The Star. 32 23% NEW YORK, October 31.—Wall Street | 327 15 was as much affected by the statement | 15% of President Grace of the Be'hlehem | s Steel Corporation that he did not see any immediate prospect of an improve- | il ment in business, as by the report for | 25 the September quarter, showing 63| ;5o 91k cents a share earned by the company, | jg1s, 1331 compared with $1.86 in the June QUAT- | o ggis ter and over $4 in the September period | gqi. 49 last year. On the basis of $5.09 earned [ 1031, 97 in the nine months, and assuming that 12 the December quarter will not be much | better than that just passed, the present $6 a share dividend will barely be earned. There is no talk, however, of reducing it ‘ A significant feature of the nine- month_statement was a_decrease from $8,312,761 in interest and discounts last year to $5.544.427 for the period to Sep- tember 30, 1930. DIVIDENDS.DECLARED NEW YORK, g.c'bglb:;r 31 (P)— hidll Ble i ngoleum Nairn Hom, & Hardart EoL Natl Union Fire Ins, i Corp uthern Pipe Li ruth Untor 2 AmMach & Merals % City Stores (50¢). ... Abitibi P&PDf (6). 1 Adams Exp (1.60) . Adams Exp pf (5)... Addressogr'ph (1%) Alr Way El Ap (1%) Afax Rubber A Alaxka Junea Albany Wrap Paper. Allegheny Corp. ... Allled Ch & Dv (n§). Allis Chalmers (3) Alpha Port Cmt (2). Amerada Corp (2).. Am Agricul Chem Am Bank Note (13). Am Beet Sugar..... Am Bosch Magneto. Am Br Shoe (2 40). . Am BrSh & F pf (7) 90 Am Brown Rov Elec 94 Am Brown B E pf (7116408 Am Can (15)....... 16 Am Car & Fdv (6) 3 Am Car & Fdy of (1) | AmChain (3). ..... 2 Am Chain pf (7). 2 Am Chicle (13) 2 Am Com Alcoh: 1 Am FEuronean Secur. 1 Am & For Power . 78 Am & For Pw nf (6) 440 Am & For Pow 24 pf. 1 Am Hawallan (a10). Am Hide & Leath pf. Am Home Pr (4 20). Am Ice (14). Am Ice pf (6) . Am Internatl (2).. Am Locomot pf (7) Am Ma & Fy (11.65). Am Metals& Min (1). 4. Am Pow & L1 (11) Am Pow & Lt pf (6) Am P& L pf A st (5) Am R & St San (1%) Am Republics. ..... Am Roll Mill (n2).. Am Safety Razor (5) Am Seating......... Am Shipbuilding (5) Am Sm & Ref (4)... Am Sm & Ref pf (6). Am Sm & Ref pf (7). Am Solv & Chem Am Steel Fdy (3).... Am Sugar Ref (5)... Am Suma'ra Tob Am Tel & Tel (9) Am Tobacco. Am Tobacco ( Am Tobacco pf (6 Am Type Fdry (8).. Am Water Wks (n1). Am Woolen. . Am Writ Paper ctf: Am Writ Pap pf (4). Am Zinc Lead & Sm. Anaconda Cop (2%) Anchor Cap (2.40)... Andes Copper (1)... Armour of Del pf (7) Armour of Tl 1A). .. Armour of 11l (B) Armour of Ill of (7) Arnold Constable. App! InA - B =3 NGO E 2010 TD e 1 o e 3300 20 N B3 Bzl 5 - AT O T N 0 NN R T e b At Refining (12). Atlas Powder (4) Atlas Powder pf (6 Atlas Stores (n1) Atlas Tack.. .. Auburn Auto (§4). Austin Nich pr A (3) Austrian Cred (3.82) Autosa SR Auto Strap Saf R(3) Aviation Corp of Del Baldwin Loco (1%). Balio & Ohlo (7).... Balto & Ohlo pf (4) .. Bang & Aroos pf (7). Barnsdall A (2)... . Bayuk Cig 1st pf (7). Beatrice Cream 14). Beech-Nut Pkg (3).. Belding-Hemingway Bendix Aviation (2). Best & Co (2).. Bethlerem Steel Bethlet.em St pf (1) Bohn Alum&Br(1%) Booth Fisherte Borden Co (k3) Borg Warner (3 Botany Con M (A Strat (2).. Mot Trk. . an Tr (4)... Bklyn &Qu Tr pf(6). Bklyn ('nlon Gas (6) Brown Shoe pf (7).. Bruns-Balk-Col. . Bruns Ter & Ry 8. Bueyrus (1).... Buevrus pf (7). 5 Bucvruscv pf (2%). Budd (E G) Mfg. Budd Wheel (1) Burns Bros (B).. Rurr Add Mach (1).. Bush Termmal (234) Bush Term deb (7). . Byers (AM)........ Calif Packing (4). Callahan Zinc & Ld. Calumet & Arizona. . Calumet & Hecla. ... Campbell Wyant (2) Canada Dry G A (5). Can Pacific new Cannon M1l 3 Capital Adm A pf (3) Certain-teed Prod. .. Case (J 1) (6)..... Case (J 1) pf (1) Caterpillar Trac(t4) Celotex Co Celotex voting ctf! Celotex Co pf.. Cent Aguiire As 1%. Century Rib Mills .. Cerro de Pasco (4) Checker Cab 14.20).. Ches & Ohio (23 )... Chesapeake Corp (3) Chic Great W Chic Great West pf Chiec Mil St P & Pac. Chic M1l St P & P pt. Chicazo & N W (5).. Chi&N W pt (T).... Chic Pneu Tool Chic R 1 & Pac Chi R 1 & Pac pt (7). Chi YellowCab (3).. 100 Chickasha Cotton Of1 Childs Co (2.40).. . Chrysler Corp (3)... City Ice & F (k3.60). rom e Clark Equipment (3) Cluett Peabody (3).. Cluett-Peabdy pf (7) 100 Coea-Cola (6) ... 1b Coca-Cola A (3)..... Colgate-Pal-P (2%4). Colg-Palm-P of (6).. Collins & Atkman. . Colonial Beacon. . Col Fuel & Iron (2).. Colo & South (3) .. Col Gas & El (2) Col G & E1 pf B (5).. Co um Graph 1a% Columbian Carb «16) Comm Credit «2) Comm Credit A (3) Comm Creafi pf B(2) 20s Comm Cred pf (1%).2008 Com In Tr (1 60 2 Com InTovpfe6). 4 Comm Inv Trpt 6%. 1 Comm Solvents (311) 42 Comwlith & So (60c). 61 Comwith& Sopt 6) 2 3 1 2 NwaNsLOR e~ o & BT - Conde Pub (2). Congoleum-Nairn. .. Congress Cigars (4). Consol Cigars (5) Consol Cig pr pf 6% . 2 Consol Film «2)..... Consol Film pf (2) Consol Gas N ¥ (4) Cons Gas N Y of (§) Cons RR Cub pf (6) Container A (120).. Contl Baking A Contl Baking B. Contl Baking pf tl Can (3%) 46 Cont 11% Contl Dia Fibre 01 7% 20% 50 15! 65 18% 181 93 1084 40 14% 22 3 0% 48 12% Add 00 High Low Close Close 37% —Prev.1930- High Low. % 44 123% 115 1315 41% 387 26% 62% 40% 8le 3 36% 70 35% 481 113 11 42 1714 9T% 36 313 114% 49 81% 95% 6% 0% 28w 12 (3 1381 Stock ana Sales— Dividend Rate Add 00. High. ) Contl Ofl of Cont) Sha Corn Pr Rq % Corn Prod pt (1), Coty Inc Crosley Radlo Cructble Steel (k5). Cuba Cane Prod Cuban-Amer Sugar. Cuban-Amer Sug pf. Cuban Dom Sugar. .. Cudahy Packing (4). 2 Curtis Publish (7). 2 Curtis Publish pf (7) 1 «urtiss Wright Corp 37 Wr Corp A.. Cutler-Ham (3%) Davison Chemical Debenhams (70¢c) Deere & Co pf (1.4 1 108 1 Denver & RG W pf. Diamond Match ¢ Dia Match ctfs (8).. Dome Mines (1). . Dom Stores (11.20) Drue Corporat (4).. Dunhill Int (1)..... Du Pont de N (14.70) 116 DuPdeNdebpf (6) 3 East Roll Mill (ht2). 2 Fastman Kodak (18) 141 Eastman Kod pf (6). 10s Eaton Axle & 8 (3). 4 Elec Auto Lite (6).. 10 slectric Boat. 51 Pow & Lt (1 El Pow & Lt pf ( El Pow & Lt pf (7 El Storage Bat (5).. Endicott-John (6)... Eng Pub Serv (2.40). quit Office F'ldg (3) GEORIR. . .... - Erfe RR 1t pf (4).. rie RR 2d pf (4) ureka Vac Cleaner. ivans Auto Loading. Fashion Park Asso. . Fed Lit & Trac pf (6) Fed Wat Sve A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) AamamAmANDNN & » N NN NATARNT @ e a R e AR S First Nat Strs (2%). Fisk Rubber. Follansbe Bros (1).. Foster Wheeler (2).. Fourth Natl Inve Fox Film (A) (4)... Freeport Tex (+5)... Fuller pr pf (17.94). Gabriel Co (A). Gardner Motor. Gen Am Investors Gen Am Inv pt (6).. Gen Am T’k Car (34) Gen Asphalt (4).... Gen Cabl Gen Cable A . . Gen Cigar pf (7). Gen Electric (1.60).. 320 Gen Elec spec (60c) . Gen Food Corp (3).. Gen Gas&E) A (e30c) Gen Mills (3)....... b Gen Motors (13.30).. 280 Gen Motors pf (5) 6 Gen Outdoor Adv. Steel Cast pf ( Gen Th Gillet, Gimbel Bros. . . Gimbel Bros pf (7).. Glidden Co (1.20)... Gobel (Adolf). Gold Dust (2%) Goodrich (B F). Goodyear Tire (5)... Gotham Silk Hoslery Graham-Paige Granby Consol (2). Grand Sflver 8 (m1 Grand Unton .... nd Union of (3 Granite City Stl (4). Gr North of (5)..... Gr Nor ctf Ore (a%) Gr West Sug (1.40).. Grigsby Grunow. ... Gulf Mob & N pf (6). Hackensack W (13%). Hahn Dept Stores. . . Hahn Dept S pf (6%) Hanna pf (new) (7) Har Wk Ref (123%).. Hartman Corp (B).. Hercules Pow pf (7). Hershey Choo (5) Holland Fur (ef2 Houdaille H ey. . Housenold Fin pf (4) Houston Ofl (b10%). Houston Ofl (new).. Howe Sound (t4%). Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motor: . [llinots Central (7). Indian Motor Cycl Ind MotorCycle pt. Indian Refining. Ingersoll Rand (t inland Steel (4) Inspiration Copper. . Insurance Sh (45¢).. Interboro Rap Tran. Interbor Rap T c.0.d. Interlake Iron (1) Int Agricul pf (7) intl Bus Mach (n) Intl Carriers (25¢c).. Int] Cement (4).. Int] Combustion. ... Intl Harvester (2%). (nt Harv r pf (7). Intl Hydro El A (e2) Int] Match pf (4)... (ntl Nick of Can (1). fntl Paper pt (7) Intl Paper & Pwr A. Intl Pap & Pow (C). Intl Pap & P pf (1) Int Print Ink of (6). Int Silver (18). int] Tel & Tel (2 Inter Dept Strs (2).. Investors Equity (2) Island Creek pf (6).. John: ville (3) Jones&Laugh pf (7). KC P&L 15t pt B (6) Karstadt (R) (1.03). Kayser Jullus (234). Kelsev Hayes (2)... Kelvinator Corp .. Kennecott Copper(2) Kinney (GR) (1).... Kolster Radio Kolster Radio Kresga (SS) Co 1.60. Kress (SH) Co (p1). Kreug & Toll (1.60) Krog Gr & Bak (n1). Lambert Co (8)..... fiee Rubber & Tire. . Lehigh Port Cmt (1) Lehigh Valley Coal .. Lehman Corp (2)... Lehn & Fink (3) Libbey O Ford Glass. Lig & Myers B (16). Lima Locomotive. .. Liquid Carbonic (4). Loew's Inc (3)...... Loft Inc. ...... Loose-Wiles (12.90) . Lorillard (P) Co. Loulsiana Ofl. ... .. LouG & E (A) (1%) Louls & Nash (1)... Ludlum Steel McCall Corp (2%). McCrory (B) (2) MckKeespt T P(15%) McKesson & Rob (1) McKes & R pf (3%). McLellan Stor: Mack Trucks (6). Macy & Co (nt3). Magma Copper (3). . Man Elev mod g (d6) Manhat Elev gtd (7) Marine Mid (1.20)... Marmon Motor Car. . Marshall Fleld (2%) Martin Parry....... Mathieson Alkaif (2) “tay Dept Strs (n2) Maytag Co (1) Maytag Co pt (3)... Maytag Co Ist pf (6 Miami Copper...... Menxel Co +2) ... Mexican Seaboard. .. Michigan Stl (h2%). LIPS 5. .2 - s SenBeEnntons ~Somwmala - 23 PO mRarvowe~BRuluad o vBwad o = N 83 o o SRas 3 EE TP T e PGt e R B BT A TN T ho 2000000 T 1143, 9% 184 224 8% 247 19% 14 K 26% (Continued on Page 13 P. O, FRIDAY, FURTHER SELLING DEPRESSES STOCKS Statement of Bethlehem Co. President Is Followed by General Decline. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 31.—Steady liquidation was again too much for the price level in the stock market and general declines were recorded in to- day’s trading. Volume was a trifle heavier than in other weak sessions. The market was affected by the frank statement of the president of the Bethlehem Steel Corporation that he saw no signs of improvement in the business of the steel and iron pro- ducers. The earnings statement of that company_was about as had been pre- dicted, showing the dividend was not covered in the third quarter. Bethle- lLiem Steel was one of the weak indus- . |trials from the start, breaking into *|new low ground for the yerr. New Lows Recorded. “| United States Steel dipped again to a new low on this reaction ard only & "% | little over a point above the extreme low for the year. Crucible Steel made a new low. A little more surprising was the weak- ness dn the copper stocks. In the first place, this was one group which had been supposed to be thoroughly liqui- dated and, secondly, advices from the metal markst were optimistic. One authority stated that sellers were “hold- ing the whip hand in the copper mar- ket for the first time in many months. It is the consumers who are begging to purchase and not the producers to sell.” Copper _shares, nevertheless, were heavily. sold. Kennecott reacted sharply until one block of 14,000 shares was thrown on the mark-t at 25, which was the previous low, and later that re- sistance point was broken through. Among other stocks to make new lows were Radio, which sold under 20 for the first time; Canada Dry Ginger Ale, perhaps affected by the ridiculous talk of a near return of high alcoholic the price of which was not helped by the latest developments in the merger proposition. Rail Group Declines. The rails were no exceptions to the ‘rule of falling quotations. St. Louis- San Francisco sold ofi easily on re- i ports that the 38 dividend wculd be cut in two at the directors’ meeting next week, a report, incidentally, which was not accepted universally. The road, it is admitted, will not cover the full divi- dend this vear, but in some quarters, it was predicted that there would be no | reduction at this time. Missouri- | Kansas-Texas was weak, and so was Chicago Great Western preferred. The higher grade seasoned dividend payers, such as New York Central and Atchi- | son, vielded with the more speculative | shares. 1 Steadiness in National Dairy Prod- | ucts attracted attention because of the | heaviness elsewhere in the list. For | the most part the food stocks resisted selling better than the average. As far as quotations on the tape | went, no attention was paid to the re- duction in brokers' loans announced by | the Pederal Reserve, a reduction which brought the total down almost to the lowest of record. The answer of op- erators for the decline to this showing | ‘was that loans had simply been trans- ferred to the banks, a claim partially substantiated in the bank statement, and yet it would seem that the loans | so carried strengthened the general position. Opening Is Active. After an active opening, the market became duller. In the first half-hour sales totaled 337,600 sharec. against 311.600 in the same period Thursday. | Call ‘money was unchanged at 2 per cent. Bethlehem Steel was the market leader, still reflecting its poor earnings report. Its price hit a new low soon after the market opened, but subse- quently it recovered slightly to a 2-point net loss. United States Steel was off 1% points. American Metal Co. shares were off 3! points following announcement that the stock had been placed on a $1 dividend basis, against 1.50 formerly. Coca Cola was off 4 points. Radio sold in large blocks down to a point net decline. Eastman Kodak, General Electric, Westinghouse and Union Car- bide & Carbon were also lower. Ken- necott was the most active mine share, down 13 points. In the rails Missouri- Kansas-Texas was off more than 2 points to a mnew bottom. Gillette touched a new low with Hudson Mo- tors and Canada Dry Ginger Ale. The utilities dropped slightly in quiet | trading. Ol shares were dull. PARIS BOURSE PRICES. PARIS, October 31 (#).—Price changes were irregular on the Bourse Lioxt | today. & {ow|_Three per cent rentes 86 francs. W:lnve per cent loan, 101 francs 80 cen- | times. 67| Exchange on London, 123 francs 81 145n, | centimes. The dollar was quoted at 3an, | 25 francs 4713 centimes. TREASURY CEi!.TI;'ICATES. (Reported by J. & W. Seligman & Co.) Rate_—Maturity. B! 3145 Dec. 15, 193 "as June 15, 1932 BANK CLEARINGS. NEW YORK, October 31 (Special) — New York bank clearings, today, $863,~ 1000,000; a year ago, $3,454,000,000. New York bank balances, today, $146,- 000,000; a year ago, $389,000,000. New York Federal Reserve Bank credits, today, $125,000,000; & year ago, $244,000.000. Money to Loan | Becured by : Prevailing Joseph 1. Wel REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD d Applications invited » ents ) 1l i for 3, 5 or 10 years, 1520 K St. N.W. Financial Success Through Safe Investments If you demand the utmost safety with Liberal income, invest in Guar- anty First Mortgage Notes and Bonds—an invest- ment that protects both principal and interest. We Make First Mortgage Loans Capital Resources, $3,800,000 24 JACKSON PLACE | cent, thereby reversing the downward | | the year.” | cultural income for the current year || OCTOBER 31, 1930. TEXTILE 0UTLOOK SEEN IMPROVING Industry May Go Ahead Faster Than General Busi- ness, Review Declares. Special Dispatch to The Star. NEW YORK, October 31.—Activity in the textile industry of the United States showed a substantial increase in Sep- tember for the first time since January and “it is our bellef that the outlook is somewhat more promising than that for general business,” says the Textile Economist. “We base this conclusion on the fact that the cyclical swings of textile ac- tivity have been broader than that of general business in the past, even in the current cycle, and on the further fact that activity in the textile industry has been restricted far more during 1930 to date than has general business. This latter point would Indicate that the industry is in a relatively better position to stage an advance than is business in general, based on corre- sponding 1929 levels of production in each case.” Lower Prices Possible. “Regarding prices,” the publication says, “we believe that the most that can be hoped for in the next six months is some semblance of general price sta- bility. However, we should not be sur- prised to see the textile products group index, especially, decline somewhat dur- ing the next four months.” Comment- ing upon raw textile prices, the bulletin further says, “Higher prices for wool are anticipated next Spring” and ‘“higher cotton prices by Spring are a practical certainty.” Although silk prices “may reach lower levels, we expect to see higher silk prices inside of the next six months.” ‘The review gives a brief description of the present rebate system in the rayon industry, which was the outstand- ing develpmoent during October. “We are convinced,” it continues, “that the present situation in the rayon market is transient; therefore the sooner it ends the better. We also believe that the future of this industry is, to no small degree, dependent on its ability to become a leader and a steadying in- fluence in the textile field. If the ad- vantages of co-operation and open dealing will have been learned by the rayon producers as a result of this de- pression, it may well be said that the | year 1930 will not have been in vain either for the producers of for their customers.” | Sales Increase Seen. Commenting on production and con- sumption, the Textile Economist says in part: | Hosiery and underwear statistics in- | dicate a seasonal increase in sales and a slight lowering of stocks. Normal sea- sonal increases were recorded in wool | consumption for September and Octo- ber. Cotton consumption gained 11 rf cent for Scptember compared with Au- gust, whereas the normal gain is 5 per | [ trend underway since February. Silk ings by manufacturers during Sep- tember amounted # 55,600 bales, the largest takings for any month since last January, and the third successive month to show a gain. Rayon imports during September were the smallest for any month since Feb- ruary, 1921, whereas exports this year on the average are higher ‘“We expect that exports of rayon will continue large principally because American pro- ducers are now in a much better com- petitive position in foreign markets as | regards price, principally Latin Amer- ||| ica, than they were at the beginning of AGRICULTURAL INCOME. NEW YORK, October 31 (A).—Agri- will fall roughly $2,400,000,000, or 19 per cent, under that of 1929, Standard Statistics Co. estimates in a survey. This forecast is based largely on recent official crop reports, giving effect only to the percentage of the various ci actually marketed, and to prices prevail- | ing during the marketing seasons wherever obtainable. INTEREST RATES. By the Associated Press. cl of loans remained last week as compared with the vious period, but considerable recess! from the nding week of last ear are noted. Rg averages, as calcu- ated by the Department of Commerce, follow for comparable periods: ‘Time. Call ‘Week ended October 25.. 3.00 2.00 Previous week. ... . 300 2.00 25 5.38 re- In Arl First Mortgage Loans lington County and Alexandria, Virginia Commonwealth Investment The Prudential Insurance Co. of America Before You Borrow . W ashington Building Ower a Third of a Century Without a Loss National THERE Investigate . . . the Real Estate Loan Plan of the Metropolitan Life Insurance Company. ; We want only the oppor- tunity to explain a plan which we believe will en- courage you to become a home-owner. Long Term Reasonable Terms Low Interest Rates Loans Made in the District of Columbia and Nearby Maryland and Virginia WEA\_/_EB_QI_! REALTORS M e Loam Correspondent % P tan Life Insurance Company FIRST INVESTING FOR INCOME Where that is the purpose yvou'll find our 6% FIRST MORTGAGES one of the best investments you can choose. In them the interest is definitely fixed, and it is lib- eral; with principal fully secured by improved real estate which has been conservatively praised. May be purchased in amounts from $250 up. SAUL CO. N.w. 2100 925 '15th' St IS NO SUBSTITUTE. FOR HOW TO RECOGNIZE A GOOD UTILITY BOND a series of advertisements THE BARN WITHOUT THE FARM “Times After’’ versus ‘‘Overall”’ LL bond investors are familiar with A_ this statement: _Earnings are_times interest after prior charges. Suppose a farmer is paying $300 inter- est a year on a first mortgage on his farm, and $125 on a second mortgage on the barn from an income of $800 after re- pairs, insurance and taxes. After paying the $300 interest on the first mortgage, there remains a balance of $500 ($800—$300) available for in- terest on the second mortgage. This equals 4 times interest requirements (500+-125). On an “overall” basis, in- cluding both the first and second mort- gages, however, the earnings are only 1.88 times requirements (800-+425). The actual margin of safety for the holder of the junior or second mortgage is accurately expressed only by the *‘overall’ basis. The *‘times after’ basis (showing earnings 4 times requirements) merely appears to be a wider margin of safety. It claims for the second mortgage by itself the total margin of safety for both mortgages, the entire debt—as if -you needed to consider only the barn and not the farm. “Qverall” the Accurate Basis Furthermore, the smaller the proportion of the total debt represented by the junior or second mortgage, the more favorable the *‘times after’” showing be- comes—this, in spite of the resulting more precarious position of holders of the second mortgage in event of a de- cline in income or increase in expenses and taxes. The “‘overall’ basis is used almost exclusively by experienced an- alysts of debenture bonds of public utility enterprises as the really sound basis on which to determine the invest- ment merit of such bonds. When earnings of well established utilities in the electric and gas indus- tries equal twice bond interest before de- preciation, they are good—provided they are on the ‘“‘overall’ basis including all prior charges. In fact, earnings of large, well managed utilities equalling, on this basis, 1}4 times requirements, are sufficient. Associated Earnings 2.22 Times Requsrements The earnings for Assocj- ated GasandElectricCompany bonds are 2.22 times interest requirements on an “overall” basis before depreciation. This compares with earnings 2.06 times requirements for comparable bonds of 20 other utilities, considered as a group. A copy of our comparison showing other interesting indicators of bond values, fully illustrated by charts, will be sent on request. Write for Folder R-114. General Utility Securities Incorporated 61 Broadway New York District 9486 ORTGAGES SAFETY