Evening Star Newspaper, November 1, 1930, Page 13

$24.000,000 BANK FORMALLY OPENED Bigger Federal-American In- _stitution Starts With Five Offices. BY EDWARD C. STONE. ‘With $2,000,000 capital, $1,000,000 surplus, $500,000 undivided profits and total resources of about $24.000,000, the Federal-American National Bank & ‘Trust Co. opened for business today after the completion of every detail fol- lowing the consolidation of the Federal- American National and the Merchants’ Bank & Trust Co. The consolidated bank starts out with five banking offices, all of which have excellent locations of long standing. In | addition to President John Poole, the officers in the main office. at Fourteenth and G streets, include William J. Eynon, ‘Wilmer J. Waller, Charles B. Lyddane and William C. Johnson, vice presi- dents; Charles D. Boyer, cashier; Jo- i seph D. Yerkes and M. H. Shackleford, assistant cashiers; Leon Tobriner, gen- eral counsel; Arthur J. Linn, controller; Erskine Gordon, trust officer; Aubrey O. Dooley and Thomas T. Keller, assistant | trust officers. The office at PFifteenth and H streets 48 in charge of Rolfe E. Bolling, who becomes a vice president: Frank P. Harmon, jr.. and Frank E. Ghiselli, vice presidents, and Harry J. Donaghue, as- sistant cashier. Officers at the Dupont branch are Luther E. Shrein-r, vice dent; W. G. Baden and Henry 8. attles, assistant cashiers. The Penn- sylvania avenue and Twentieth street office is managed by Erncst Gerstenborg, vice president, while the Brockland branch remains in charge of J. L. Sherwood, vice president, and Willlam H. Martin, assistant cashier. The officers in the Merchants who were as- sistant treasurers are now designated as assistant cashiers. Largest Directorate in City. The merged bank has the largest board of directors of any banking in- stitution in the city—49 members. The combined board is made up of Dr. Charles G. Abbot, Byron 8. Adams, Harry E. Allen, E. C. Baltz, Dr. Noble P. Barnes. Lester A. Barr, W. F. Brenizer, Walter A. Brown. Willlam J. Brown. Harry R. Carroll, Jobn H. A. L. Clark, William Knowles Cooper, John T. Crowley. John Dolph, Peter M. Dorsch, J. Joseph Drury, P. A. Drury, William John Eynon, Dr. Mark F. Finley, Charles E. Galliher, Willlam G. Gallther, Isaac Gans, Fred 8. Gich- ner, Willlam F. Ham, George W. Harris, William A. Hill, C. Francis Jenkins, Harry King, Wilton J. Lambert, William E Leahy, Ralph W. Lee, Arthur D. Marks, Dr. J. E. Mitchell, John L. New- [+ bold, Alvin L. Newmyer, Daniel J. O'Brien, Frank O'Hara, John Poole, Jo- meph A. Rafferty, Dr. James Brown Scott, James F. Shea, Lewis M. Thayer, Leon Tobriner, George E. Walker, L. Perry West, Dr. Charles S. White, Lloyd B. Wilson and John Zanier. Only one other bank in Washington this new bank has. ‘The merger, which went into effect today, was the first that has ‘taken place here since the Continental Trust Co. united with the Commercial Na- several months ago. It is in line with steps taken in so many other cities are bringing about fewer and Dairy Steck to Be The entire issue of Chevy Chase 7 per cent preferred stock is o December 1, according to taken by the huTm of :trlectgr: special meeting. outstanc consists of 3,000 shares of stock ving a par value of 100 and the :ssue to bs redeemed at 107 per share and sccrued dividends up to December 1. ‘The announcement says that the stock will be redeemed at the Riggs National Bank in this city on presenta- tion of the certificates. Holders of stock of record on October 30 are to receive notices of the redemption plans the transfer books will"be finally closed on November 29. Shareholders should bear in mind that all intcrest stops after December 1. issue has been listed on the ‘Washington Stock Exchange ever since it was put out some three years ago. ‘The last sale was made at 105, the stock being d yesterday at 106 bid and 110 ed. The notice of the calling of the issue states that the preferred stock &):m be lrede;medmi with the cor- Tal surplus funds. POThe ofcers are Raymond J. Wise, ident and treasurer; Spercer L. , vice president, and Bernard M. . The offices are at 3206 there is no use whatever of Mving ourselves on this whole ques of what is going to happen to | ity over the next decade,” says vid Priday in Trust Companies . “The competition of farm- ers Bas driven prices down, just as compgtition drove prices down in Eng- land during the 70s and 80s. We are 40 have a driving down of agri- prices through the competition ers with each other. In indus- are going to have a continuous down of the price of those com- which are produced by mines ufacturers, because from day and from year to year the proc- T production are improved tre- ly. Do you not see that it 4o otherwise in this price mattes?” 8ed in Financial District. < American Fire Insurance Co. of the IMstrict of Columbia, 511 Seventh streetinorthwest, paid an extra dividend r cent today to stockholders of tober 25. . Washington Gas Light Co. paid ar quarterly dividend of 90 share today to stock of record 20. National Savings & Trust Co. iy dividend of 3 per cent was| ¥ to shareholders of record on 21. Th_*'wuhln‘wn Loan & Trust Co. also disbursed a quarterly dividend to- day of 3 per cent to stockholders of rec- ord off October 24. John W. P:l’e.thc:nml]er n; Ee ;lel;- rency, approve merger of the Fed- 1 Sflm and Merchants’ Bank & . yesterday, to take effect at 61 business on that date. e call money renewal rate in October was 2 per cent, as against 2.20 per cent in September and 6.355 per cent fh October, 1929; lowest monthly average since August, 1924. forcil VIRGINIA COMPANY ENDS SPECIAL SALES DRIVE System. The result was unexpect- ly good in both appliances and the 6 cent perferred stock. One of the primary motives for the paign was the recovery, in so far as r‘bh of a loss in gross income ought about by a general reduction in the company's rates effected during Au- ting to about $500,000 Note—All stocks are sold in one hundred-share lojs excepting those designated by the letter s (80s) (2508) THE EVENING STAR, WASHINGTON, D. C. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to —Prev 1930~ Hich. Low. which shows those stocks to be sold in odd lots only. ~Prev 1930~ 101 2744 127 95% 242 108% 175% 51 22% 8% 178% 33% 31% 43 110% 100 1% 42 362% 79% 20% €0 12 30% 65% 15% 677 51% 82 10% 1% 52% 26% 6T 43 134 1915 647% 103's 3 87 Stock and Dividend Rate 8% Abitibi Pow & Paper 37 AbILibi P& P pf (8). 19% Adams Exp (1 60) (2% Advance Rumley. % Ahumi . 96% Air Reduction (t 10 Alr Way El Ap (1%) 13 Ajax Rubber.... 41y Alaska Juneau 10% Allekheny Corp. 481 Allegheny Stl(12.55) 194 Allied Ch & Dv (n§). 36% Allis Chalmers (3) 18 Amerada Corp (2) 2 Am Agricul Chem. 21% Am Agricul Ch pf. 60 Am Bank Note (13). 61 Am Bank Note pf (3) 224 Am Bosch Magneto. 6% Am Brown Bov Elec 1084 Am Can (15) 35 Am Car & Fdy 87% Am Chain (3). 3614 Am Chicle (13) 9% Am Com Aicohol. ... 26 Am Euronean Secur 36 Am & For Power. ... 80% Am & For Pw of (8). 81 Am & For Pow 24 pf. 16 Am Hide & Leath of. 491 Am Home Pr (4 20).. 27! Am lce (t4).... 23 Am Internatl (2). % Am La Fr & Foam! 28' Am Locomotive (4 34% Am Ma & Fy (11.65) 581 Am Nat Gas pf (1) ews (§14).. ow & L (31 Am Pow & Lt pf (6 Am P& L. pf A st (5) Am R & St San (1%) Am Republics. .. Am Roll Mill (n2)... 5213 Am Safety Razor (5) 51 Am Sm & Ref (4)... 133 Am Sm & Ref pf (7). 314 Am Solv & Chem 29 AmSteel Fdy (3). 96 Am Sugar Ref pf(7 192% Am Tel & Tel (3) 107% Am Tobaceo. 109% Am Tobacco Am > Am 5% Am Zinc Lead & Sm.. 33 Anaconda Cop (23). 30 Anchor Cap (2.40)... 143% Andes Copper (1). 171 Archer-Dan-M (2)... 69% Armour of Del pf (7) 1% Armour of Il (B). .. 4315 Armour of 111 pf (7). 24 Asso App! Ind (4). 26% Asso Dry G (2%4). 85 Asso DG 1stf (6).. 194 Atch To & 8 Fe (10). 102% Atch To& S F pf (5). 118 Atl Coast Line(110). 21% At Refining (12). 214 Atlas Tack. .. 65% Auburn Auto (§4). 2 Austin Nichols. . Sa Austin Nich pr A (3) 340s" Auto Strap Saf R(3) 3% Aviation Corp of Del 19% Baldwin Loco (1%). 79% Balto & Ohlo (7).... 581 Bang & Aroos (3%). ¢ Bayuk Clg 18t pf (7). 67'. Beatrice Cream (4).. 101t Beatrice Crpf (7)... 17% Bendix Aviation (2). 31'% Best & Co (2).. 65% Bethletem Steel 122 Bethleh.em St pf (7). 23 Blaw-Knox (1%) 99 Bloomingdale pf 74 Blu'thal & Co pf (7). 16 . Bohn Alum&Br(1%) 1 Booth Fishert: . 60% Borden Co (k3) . 16 Borg Warner (3).... 12% Briges Mfg Co, . 4 Brockway Mot Trk. 58% Bklyn-Man Tr (4)... 106% Bklyn Union Gas (5) 5% Bruns Ter & Ry 8.... 18 Bueyrus (1).... 25% Bucyrusev pf (2%4). 6% Budd Wheel (1).. .. 84% ‘Burns Bros (A) (8) 89% -Burns Bros pf (7). 25 Rurr Add Mach (1) 28% Bush Terminal (2% 108 98 1% Butte Cop & Z (50¢). 45% Byers (AM)....ooee 49% Calif Packing (4). 334 Calumet & Arisona.. 8% Calumet & Hecla. 13 Campbell Wyant (2) 44% Canada Dry G A (5). 30 Capital Adm A pf (3) 1074 Case (J 1) (6) 3 3514 Caterpillar Trac(t4, 10% Celanese Corp....... 9 Celotex Co........00 9 Celotex voting etfs. . 20% Tent Aguirre As 1%, 3018 Cerro de Pasco (4) 43 Chesapeake Corp (3) 1% Chic & Alton pf 32 Chllds Co (2.40). 15% Chrysler Corp (3)..s 315 City Stores (50¢). ... 133% Coca-Cola (8)....... 49 Colgate-Pal-P (214). 97 Colg-Paim-P of (6).. 12 Collins & Afkman. 23% Col Fuel & Iron (2) 4214 Col Gas & El (2). 104% Co! Gas & El pf A Col G & EI pt B (5).. 10% Colum Graph (a% 84% Columblan Carb (¢ 18% Comm Credit (2).... 317 Comm Credit A (3),, 26 Com In Tr (g1 6 80 Com In T cv pf (e6). 89 Comm Inv Tr pf 6% .. 17% Comm Solvents (31) 9% Comwlth & So (80¢). 981 Comwlth & Bo pf (6) 34 Conde Nast Pub (2). 7% Congoleum-Nairn... 70 Consol Cigar pf (7). 12% Consol Film 12),.... 9214 Consol Gas N ¥ (4).. 994 Cons Gas N Y of «5) 35% Cons RR Cub pf (8) 11% Container A (1.20) 18t Contl Baking A. 2% Cont Baking B. 661 Contl Baking pf (8). 46 Contl Can (2% 11% Contl Dia Fib; Contl Insur ( Contl Oil of Del. 7414 Corn Pr Ref (14%). 10 Coty ING........ 251 Crof Wheat (12%).. Ti4 Crosley Radlo. . 58 Crucible Steel (kB).. 18 Davison Chemical... 140% Delaware & Hud (9). 35 Denver& RG W pf.. Diamond Match Dia Match ctfs (8).. 13% Dom Stores (31.30).. 67 Drug Corporat (4) % Duluth SS& Atl 88% Du Pont de N (14.70) 114% Du P b pf (8) 23 Durham Hosiery pf. 168% Eastman Kodak (18) 12% Eaton Axle & 8 (3).. 2% Eitington-Schild. ... 38 Eitington-Schild pf. 83 Elec Auto Lite (6).. Hales— Add 00 High Low Close Close 11% 11 274 11% The Star Office. Stock and Tes— Dividend Rate _ Add 00. FEquit Office Pldg (3) 11 ErfeRR........ o 21 Fashion Park Asso.. 18 Fashion ParkAs pf Kederal Screw (3) Fed Wat Sved 2.40. Firestone T& R (1) Hieh, 36 33% Foster Wheeler (2).. Foundation Ca. . Fourth Natl Invest.. Fox Film (A) (4) Freeport Tex (16)... Gabriel Co (A) Gardner Motor Gen Am Investors. Gen Am T’k Car (3. Gen Asphalt (4). Gen Cable n Cable A. n Cable pf (1 Gen Electric (1.60). ., Gen Foed Corp (3).. Gen Gas&El A te30c) Gen Motors (13.30). ., Gen Motors pf (5)... Gen Out Adv (A) (4) Gen Pub Serv (h6) Gen Realty & Util. n R & Ut pf (e6) n Refract (t4%).. Gen Theatre Rauip.. Gillette Saf Raz (4). Gimbel Bros.. .. Gimbel Bros pf (7) Gobel (Adolf). Gold Dust (234). Goodrich (BF).. Goodyear Tire (5)... Goodyear 1st pf (7). Gould Copper. . Graham-Paige. Granby Consol (2) Grand Unton ° ir Nor ctf Ore (a % 4 Gr West Sug (1.40).. 4 Gulf Mobile & North. 25 15 208 ; 69% 122% 25% 102 8215 18% 1 68 164 15 4% 6814 Bush T Bldg pf (7)..100s Bush Term deb (7)..1008 1 19 o = - o K - R R A R AR NN PR AN ONEINN S A A A e aa - Boomanr wrkemaranmn " - 53 4 warnnreSeand S$adn % Pacific Mill + 2004 Gulf Mob & N pf (). Hahn Dept Stor Hartman (A) (2) Hartman Corp (B). Hershey Choe (5). Hersb Choe pf (16) Hoe (R) & Co Holland Fur ( . Homestake Min(18). Houdallle Hershey. . Houston Ofl (h10%). Houston Oil (new) Howe Sound (t4%). . Hudson Motors (3) Hupp Motors. . [llinols Central (1) 4 Tllinofs Cent pf (6) ndepend O & G (2) Indian Motor Cycle Indian Refining. .. Ind Ray (%5% stk).. Ingersoll Rand (16). Inspiration Copper. Tnsurance Sh (45¢) Ins ctfs (Md) (60c).. Interboro Rap Tran. Interlake Iron (1). Intl Bus Mach (né) Intl Carriers (25c) Intl Combustion. ... Intl Harvester (234). Int Harvester pf (7). Intl Hydro El A (e2) Intl Match pf (4).... § Int] Nick of Can (1), 219 Intl Paper & PwrA.. 5 Int Print Ink pf (6).. 108 Intl Salt (3)... 7 Intl Tel & Tel (2) Tnt Dpt St pf xw (7). 1 IntertypeCorp (2)... Investors Equity (3) Johns-Manville (3)., 28 Johns-Manv pf (7).. 20s 1. Jones&Laugh pf (7).100s Jordan Motor Car. Karstadt (R) (1.03)., Kayser Jullus (2%). Kelly-Spring Tir elsey Hayes (2) elvinator Corp ... Kennecott Copper(2) Kinney (GR) (1).... Kolster Radlo. . Kolster Radlo ¢ . Kresge (SS) Co 1.60.. Kress (SH) Co (p1).. Kreug & Toll (1.60).. Krog Gr & Bak (n1).. Lambert Co (8)...... Lehigh Port Cmt (1) Lehigh Valley Coal.. Lehigh Val (1414). Lehn & Fink (2). Libbey O Ford ¢ 8. Lig & Myers B (15) Lima Locomotive Liquid Carbonie ¢ Loew’s Ine (3) 58 0s 1 13 K K Lorillard (P) Co. Louisiana O1l., Ludlum Steel. . McCall Corp (2%)... MciKeespt T P(15%) % McKesson & Rob (1) McKes & R pf (3%). McLellan Store: Mack Trucks Macy & Co (n Magma Cog per (3 Manati Sugar. .. Mandel Brothers Man Elev mod g (d5) Maracaibo Oil Exp. . Marine M1d (120)... Marshall Fleld (2%) Mathieson Alkall (2) May Dept Strs (n2).. Melville Shoe (2).... Mengel Co (2). Mexican Seaboard. Michigan Stl (h2%). Mid-Cont Pet (2) Midland Steel (3) Midiand Steel pf (8). Miami Copper. Minn Moline Po' Mo Kan & Tex (3). Mo Kan & Tex pf (7) Missour! Pacific. Missouri Pac pf (5). Mohawk Carpet Monsanto Ch (g1%). Montgomery Ward Moon Motors. . Morreli & Co (4.40).. % Mother Lode (20¢).. Motor Meter G & El.. Mullins M{K..... Murray (B)(2% stk) Myer (FE) & Br (2). Nash Motors (4). Nat Belia Hes: Nat Biscuit (13.30).. t Cash Reg A (14) Nat Dairy (32)..... Nat Dept Stores (1) NatDist Products(2) Nat Lead (18). g Nat Pow & Lt (1) Nat Radlator. . Nat Ry Mex 2d pf. Nat Steel (2) Natl T 5 Nevada Copp N Y Alrbrake (3.60 N Y Central (8) N Y Dock. ... N Y Dock pf (5). ¥ & Harlem (5). Y Invest (1.20) Y N H & Hart (6).. N Y Ont & Western. . \ Y Railways pf N Y Steam pf(6) rfolk & Souther Norfolk&West (1 Norf & West pf (4).. North Am Aviation. . Nor Am (b10%stk) .. Ohlo O11 Co (2) Oliver Farm Eq Oliv F Eq pf A (6) Orpheum,Cir pf ¢ Otis Elev n (234) Otis Elev pf (6) Otis Steel (23) Outlet Co (4) Owens 111 Gla: Pacific Coast. . Pacific Gas & Bl (2). Pacific Lighting (3). 2 13 14 . Packard Motor (60c) 52 Param'nt Publixz (¢). 87 primeebbt e (Continued on Page 14 [ 33 7 231 13% 2815 1874 34% 331 25% 9% 1 L 26% 4874 2415 23% 84 16% 818 515 27 11% 87 224 48 56 3% 231 3% 40 100% ISTOCKS INRALLY = == AFTERNEW LOWS| SHOWNIN OCTOBER Vigorous Advance at Close Leaves Prices Mixed as Week Ends. BY GEORGE T. HUGHES. Spacial Dispatch to The Star. NEW YORK, November 1.—After brezking into new low ground for the year under liquidation from impaired accounts and fiesh short selling, the stock market today rallied vigorously in the last quarter of an hour and closed with mixed price changes. ‘The leaders of the recovery were tric and Consolidated Gas. The only explanation for the check to the down- ward movement was the sudden decision of operators for the decline to take in their contracts over the week end. This they did cn a considerab’e scale. ‘The market paid litile or no atten- {tion to outside developments. For three-fourths of the time it was under steady pressure. GENERAL MOTORS NET IS 53 CENTS A SHARE Third Quarter Report Shows Drop in Earnings—Sloan Praises Record. By the Associated Press. NEW YORK, November 1.—General Motors Corporation today reported net earnings for the third quarter of $25,470,697, equal to 53 cents per com- mon share, against $70,983.025, or $1.58 a share in th: corresponding period of 1929. In the June quarter the corpora- tion earned $53,386,768, equal to $1.17 a share. ‘The September earnings bronght the total for the nine months to $131,403,- 125, equal to $2.85 a shaie of common after d-ducting preferred dividends, against $226,648,335, or $4.96 a share in the compareble period of 1929, Alfred P. Sloan, jr. president of the corporation, said: “While earnings have declined due to perfectly evidrnt and fully appreciat-d reasons, I believe the General Motors organization has estab- lished an operating record rqual to and perhaps more outstanding than in pre- vious years. “I fezl that as an organization, we have a thorough appreciation of the necessity of continuing and compl:ting the efforts we have put forth during this period. Any organization which will recognize this job and accomplish | 1t 15 found to enter the next general forward movement with an att:tude of mind and an intensity of purpose an effectiveness that will enable it in every e to justify its existence.” Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 1.— Poultry, alive—Turkeys, pound, 25; chickens, Springers, 19a22; Leghorns, 17 alg; bare backs, 12a15: old hens, 15a22; ‘Leghorns, 12a15; roosters, 12a15; ducks, 13a18; guinea fowls, each, 30a60; pigeons, pair, 20. Eggs—Receipts, 908 cases; nearby firsts, 38a40; hennery white, firsts, 48; Southern, firsts, 36a38; current receipts, 3638, Butter—Good to fancy creamery, | pound, 36a42; ladles, 28a30; rolls, 27a28; | process, 32a34; store packed, 19820, | Vegetable Prices. | Potatoes, white, 100 pounds, 1.50a2.00; | sweet potatoes, barrel, 1.75a2.50; yams, | barrel, 2.50a3.00; beans. bushel, '2.00a |3.25; beets, 100, 2.0624.00: cabbage, ton, {1200a18.00; carrots, 100, 2.0024.00; | caulifiewer, crate, 1.00a2.00; celery, | crate, 1.00a1.75; eggplant, crate, 1.50a 2.50; lettuce. crate, 50a1.00; lima beans, hamper, 1.00a150; peppers, hamper, 25 a50; spinach, bushel, 60a75; tomatoss, hamper, 75a1.50; turnips, bushel, 90a 1.20; apples, bushel, 65a1.75; canta- loupes, crate, 1.50a2.00; grapes, basket, 18a22; pears, bushel, 1.10a2.00; quinces, bushel, 1.25a1.50. DIVIDENDS DECLARED NEW YORK, November 1 (#).— Regular. Pe- Pay- Company. Rate riod. able. record. Boss Mig Co pf..3175 Q Nov.13 oct. 31 Dexter Co.. .38 Q Dec. 1 Nov.15 Il Wat Sv 8% pf 31.50 Dec. 1 Nov.20 Kans Cit Struc Sil.$2 sl Lindsay Lig] .13¢ Nov. 10 McKes & Rob Lid. 25c 30 Do, Bf......... 3380 Maine Cent pt. i Miss Val Ut Inv 37 pt Hidrs. of kT 215 v. 15 0003900200000 ©ORLOOO lec. . ... 371zc Extra, Diversified Iny Tr..10c . Lindsay Light.... ..5c . Inereased. N Bruns F In (NJ).90c SA Jan. 2 Reduced. |Boss Mfg............51 Q@ Nov.15 Omitted. N J Co-op Fin..70c Q Due Oct. 1. Pierce Governor..37':c @ Due Oct. Deferred. West Brew Ltd..10c @ Due Nov. 1. SHOiTEEBM SECURITIES. (Reported by J. & W. Seligman & Co.) o Nov. 20 Allis-Chalmers Co. 55 1937 Tel. 513 & Gen. Mot. Al General Pet. Corp. 55 1940 Theaters Equip. 6s 1940 & R. 85 1957.. 8 Grand_ Trunk Ca 65 "1936 Gulf Oil of Pa. 55 1937.. 2 Humble Oil 8as 1932 g . Mateh Corp. '35 1947, d’ Oil S5 1032.. . York. Chi. & St Phillips Petroleum Co. §1as Pure Ofl Corp 5155 1937 I N. Jers 5 : 55 1946 Standard Oil N. York 4135 1951 St r Mt Ry. & 55 1931 St. L., Southwestern Ry Union Oil Co. of Calif. 55 United Drug Co. 5: JioS:, Rubber 55 13 0. 88 i Wheeling Steel Corp. 51us Wheeling Steel Corp. 413s 00 31-32 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. Londan, poun SATURDAY. NOVEMBER 1, United States Steel, Westinghouse Elec- | 1930. SHARP STOCK LOSS Month Was One of Disap- pointment to Holders of Securities. Special Dispatch to The §tar. NEW YORK, November 1-—Wall| Street was glad to say good-by to Oc- tober. It hopes for better, treatment in November. The month that has just closed has been one of the most anxious of the past 12 for those who own securities. It will show a heavy depreciation in the market values of listed stocks when the figures are compiled in official and unofficial sources. Unlike last Novem- ber, there has been very little recovery from the low point of the month and the averages today are not far from those at the low of the year, made on Otober 22. Not a few market commentators in rveying the business situation during ctober have found reasons for becom- ing more optimistic as to the future than they did in August or in Septem- ber. The most important development | has been the more stable conditions in the price of commodities, especially in wheat and cotton. Other commodities have dropped further down the price scale, but not with the abruptness that was so disturbing to sentiment through- out the Summer. Poor Quartely Reports. Against this has been the unfavor- able influence of many poor September quartely corporation statements, ac- companied by frequent announcements of dividend reductions or dividends passed, including those of such promi- nent stocks as Montgomery ~Ward, American Radiator, Pure Oil, Colorado Fuel, Gillette Razor and Cerro De Pasco. 1n all, about 100 changes have been made downward in the dividend list this month, which will result in a somewhat smaller total of dividend pay- ments for November than in the same month of 1929. For the nine months, hovever, total dividend payments are considerably in excess of thoss authorized for the same term last year. The weakness in stocks during Octo- ber has not, as at other times in the; past year, resulted in any expansion in the volume of New York Stock or Curb Exchange trading. In fact, one of the much commented on features has been the tendency of market volumes to de- crease and frequently to reach the dry- ing up point. Although the New York Stock Exchange turnover was larger in October than in August or September it was about 75,000,000 shares less than in the same hectic month in 1929, or a re- duction of over 50 per cent. ‘The largest net losses for October have been in the so-called “blue chip” stocks and in those of the public utility holding company issues. In the indus- trial list, Allied Chemical shows a de- cline of over 30 points, J. I. Case, 20 points; Westinghouse Electric, 24 points; Eastman Kodak about 25 points, and United States Steel, 10 points. In other industrials, there were such losses as 21 points in Gillette Razor, 10 in Sears Roebuck and 9 in Montgomery Ward. In the public utility list, losses of from 10 to nearly 20 points occurred in the popular speculative issues like Amer- ican Power & Light, American & For- eign Power, Columbia Gas & Electric and American Water Works common. American Telephone & Telegraph shows'| a loss of 8 points, as does Conmlldlud‘ Gas, and Western Union is down 15. points. f Coppers and Motors. The deflation of the copper stocks has been continuous for a long while. With further dividend reductions this month to affect them they show com- paratively small losses, with Anaconda quoted slightly above its figure of Sep. tember 30. Similar trends are also in. dicated in the motor group, in spite of more dividend cuts and T earnings, and General Motors is omly about 3 points. During October Wall Street has been | more bearish on railroad stocks than for some years and, as car loadings have failed to improve, this sentiment has expressed itself in heavy liquida- tion not cnly in the stocks of roads whose dividends are secure, but in others where the margin of safety is moderate. Atchison shows a loss of 7 points, Union Pacific 12 points, New York Cen- tral 10 points and Southern Pacific 6 points. Pennsylvania is down only 2 points, Other large changes since the end of September are a 10-point drop in Baltimore & Ohio, one of 17 in Rock Island common, 10 points in Illinols Central and 8 each in Louisville & Nashville and Northern Pacific. During October the general average of the market not only declined below that of November, 1929, but touched the lowest for a three-year period. (Copyright, 1930.) NEW YORK CITY BANKS IN STRONG POSITION| By the Associated Press. NEW YORK, November 1.—The New York Federal Reserve Bank, in its| monthly review of credit and business | conditions, finds the position of the New York City banks exceptionally | strong and states “they are in a posi- tion to meet any demand for funds which may arise. While indicating that there has been a part substitution of bank loans against curities for brokers’ loans from non- banking sources during the past year, the review states: “The New York banks are now in a much more comfortable position with respect to security loans than they were a year ago. In October of last year these banks had a potential liability of more than $5,200,000,000 on brokers loans placed for correspondent banksl and for customers, a considerable part of which they might at any time be called upon to take over. On October 22, 1930, this potential claim upon bank resources had been reduced to a little over $1,000,000. FIRM CUTS WAGES. The Ritter Lumber C: employlnfiI 1,000 men at its various operations in Dickenson County, Va, has reduced wages 20 per cent, effective November 1. This company has been operating only half time for several months, but it is understood will begin operating full | time November 1. Corporation Desires to Place 5,000 Shares Class A Stock at $10 Per Share This Issue Is for the Purpose of Expanding the Corporation’s Busi- ness and the Equipment of a Factory in Washington 7% Cumulative Class A Stock Dividends payable quar- terly. Stockholders en- titled to participate in ad- ditional dividends up to FINANCIAL. BY GEORGE T. HUGHES. BUSH TERMINAL BUILDINGS. (This is the twenty-first ‘of & serles of studies in preferred stocks by Mr. Hughes for the beneft of his readers. = He analszes the technical provisions of the Stocks discussed and gives {acts about the corporations behind the securities. The “chief purpose is to explain the analytical process, certain securities of high grade being used for the illustra- tions.) It often happens that a comparatively large return can be had on a preferred stock simply because it is not widely known. One reason for the high market price of United States Steel preferred is the familiarity of the investing public with that great corporation. To obtain this return on & not so well-know: stock one has to sacrifice a certain amount of marketability but many buy- | ers of securities pay for more market- | ability than they need. . These observations lead up to & con- sideration of the preferred stock of the | Bush Terminal Buildings Co. This | Stock 1s 7 per cent cumulative, callable | at 120, listed on the New York Stock | Exchange but is inactive, and solls to glve around 6 per cent, which is generous | in this market. Bush Terminal Build- ings Co. {s a subsidiaty of Bush Ter minal Co., which owns ‘all of the com mon stock. The preferred stock of the buildings company is guaranteed as to its par value of $100 a shere and as to all unpaid and accumulated dividends on the preferred. This makes the pre- ferred dividend of the buildings com- pany a fixed charge of the parent cor- | poration, coming ahead of all dividends on_its own stock. In analyzing the investment then one has to look at the financial statement of the Bush Terminal Co. In the vear 1929 Bush Terminal earned its fixed charges more than twice over, which is generally considered a highly satisfac- tory margin. It pays dividends on both | classes of its own stock and of late years consistently has carrfed a substantial sum to surplus. The company owns | valuable waterfrent real estate in | B N Lo its business is not | e eneral depression. kg e SEES HIGHER BONDS AS TRADE IMPROVES Special Dispatch to The Star. i NEW YORK, November 1.—A - tively stable price level in cummo"dll:y prices, a definite increase in the index | of residential construction activities in | the New York district and reduced in- | dexes of inventories of customers’ goods indicate an upward trend in business which will be reflected in a price in- | crease of so-called “second-grade bonds,” Dr. Paul M. Atkins, economist, said toda This rise, Dr. Atkins says, is already evident in the case of certain | domestic i-sues, although it is postponed in the ca:> of foreign dollar bonds in | general because of popular reaction to the recent elections in Germany and | the revolutions of Latin America. “If our estimate in regard to the probable upward trend in business is sound,” he says, “the increase in price of second-grade bonds cannot b: in- definitely delayed. The rise in price of the low-grade bonds does not usually start until the increase in business ac- tivity has advanced appreciably. Money to e avaling jutsrest oseph Il.lw‘ First Mortge Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Mortgage Loan Correspondent for The Prudential Insurance Co. of America Money on Hand to Loan onm First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. The Mongomery County Bldg. & Loan Ass’n, Inc. Phone Wisc. 4132 6972 Wis. A ve. Bethesda, Md. Loans made on Maryland prop: missions. Applications given prompt attention. Idle Funds Solicited 6% Interest First Mortgage Loans Lowest Rates of anterest and Commission Thomas J. Fisher & Company, Inc. 3,5 or 10 ear Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia m—— Lowest Interest Rates BOSSM?HELPS Founded 1907 Loan Correspondent. John Hancock Mutual Life Insurance Co. 1417 K St. National 9300 First Mortgage Loans On improved Real Estate in the Dis and nearby Maryland and ict of Columbia Virginia for 3, 5 or 10 year terms on your Apartment - S%% Office Building Business Property RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 Apartment House Owners WE WILL LEASE YOUR BUILDING —relieving you of the WORR Y, TROUBLE and RESPONSIBILITY of MANAGEMENT and OP- ERATION 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. P ERET Nat’l 7062 MORTGAGES WITHOUT VARIATION One of the many attractive features of investment in our 6% FIRST MORTGAGES Qver a Third of a Century Without a Loss exactly is their stability definitely The interest, specified, continues the same throughout the term of years for which the mortgage is placed — avoiding the worry of reinvestment. May be purchased in amounts from $250 up. ] B. F. SAUL National 2100, 15 per cent with Class B Stock. For_Full Particulars Address CO. 15th St.. N.W.