Evening Star Newspaper, November 8, 1930, Page 13

“"FINANC INBANKELEARNGS Trade Indicated—Sales of American Stores Co. Hig) 424 37 ™ 34% BY EDWARD C. STONE. » _ Bank clearings in Washington during the past week amounted to $27,498,000, & substantial gain over the previous week when clearings totaled $20,245,000. The total, however, was 13.5 per cent under the corresponding week a year ago, which was also a holiday week in the local brokerage offices. The report indicates & good seasonal advance in| 548 Jocal pre-holiday trade, something | 213, which has been expected for early | g4 November. 16615 While local bankers do not expect | 150% that trade during the rest of the year | 8214 ‘will al that of & year ago, it is 5 69% lmnm believed that substantial in- ereases will be shown in mercantile business here until the end of Decem- ber. This, of course, will be reflected in increased weekly bank clearings as the checks pass through the clearing use. According to Bradstreet's, clearings for the whole country during the weck ending Novembér 6 fotaled $8,616,769.- 000, compared with $8.385,815,000 last week and $17,240,063,000 a year ago. an increase of 1264 68 42% 311y 10% 97X 55% nearly 3 per cent over the ‘week, but a drop of 50 per eent over the same week in 1929. American Stores Co. Sales. In an analysis of the American Stores ©Co., Standard Statistics says: ‘SBales {or 39 weeks ended September 27, 1930, closely approximated those of corresponding period a year ago, though due to a somewhat Jower margin of fit earnings are not on a parity wit] those of 1929. Net for six months ended June 30, 1930, equaled $1.75 a ‘common share, compared with $1.81 for tike half of 1929. A slight improvement may be anticipated in profit ratios for final six months of 1930, but full year income cannot be expected to equal the $4.25 a share reported for 1929. How- . ever, dividend juirements of $2.50, inch extra of 274% 1 130% B0 Wit Searl Fro December 1, 1930, amply pro- Yected, Recent financial statements are | '30.% _not available, but condition at close of | 44z0 1029 was sound. Cash and marketable 9 securities more than covered current | g4 liabilities. Sole outstanding capitaliza- | 754 tion is represented by 1,516,717 no par | gju; common shares. 534 “Operates over 2,600 stores in New | gia, York, Pennsylvania, New Jersey, Dela- | 291, ware, Maryland and District of Colum- " . bia. Conservative expansion program has been observed this year. Retails all kinds of groceries and maintains eight warehouses strategically Also operates, through sub- , it bakeries, milk evaporat- ing plant and fruit and vegetable cannery unit.” . A. B. A. Division Active Here. 175 ‘Why does the national bank division the American Bankers’ Association tain a Washington ofle:? It ui lobby ? Those two ques- % ofteds heard, are answered month's bulletin of the District ' Association, which says: national bank division formu- lates and effectuates plans for the ex- tension and improvement of the busi- ness of its members h!:“:lent field and 124% maintains a branch office in Washington, under this division and through this medium renders serv- to_member banks of all classes with' their Federal Gov- ernment contracts, such as witnessing the destruction of cancelled currency, and the presentation of suggestions, complaints and claims before appro- priate ents of the Government. was active and suc- bandon- Hanis Creech, president of the Cleve- Jand Trust Co., says: “Biblical history tells about the years followed b learned to years, but the effects are still the same, And they come over and over again. / Today, unemployed men and women, days, are promising times ever| 43 harder, | 1104 ide more | F1% ing same wages #s in prosperous times (and that’s about » 80 cent of us) are learning to live our incomes; to set aside a great- er part of our earnings for the inevita- and to !jloy securely ere & Tzla{;:gh ber income, $2,742- m mlm%,m in’ Septem- , 1929; for nine months, $24,926,107, against $29,667,136. Wall Street Brie wmmnmn; LR SR Arrangements have been made for the sale of a New York Stock Exchange s seat at $226,000, a decrease of $14,000 from the previous sale. ‘The Atchison, Topeka & Santa Fe has placed an order with the an Car & Manufacturing Co. for 10 horse-express cars. Arturo P. Ramos, husband of Milli- eent Rogers, the daughter of H. H. Rogers, has been admitted as a special in the stock exchange firm of & Ryan. Two years ago he Note—All stocks are sold in Vhich ahows those stocks to wi ov 1930~ Ve . 24215 191% Atch To & S Fe (10). 108% 102% Atch To& S F pf (5). 115% Atl Coast Line(t10) IAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office shows those stocks to Stock and Low Dividend Rate 8% Abitibl Pow & Paper 18% Adams Exp (1.60)... 57 17% 85% Adams Exp pf (5)... 50s 89 29% Addressogr'ph (1%) 29% 3% Advance Rumley.... % % Ahumada Lead...... 1 94 Air Reduction (1434) 10 Air Way El Ap (1%) % Ajax Rubber . 4% Alaska Junea 10% Allegheny Corp 186% Allied Ch & Dy ¢ 121 Allied Ch & D of (7). 8416 Allis Chalmers (3).. 19% Alpha Port Cmt (2). 18 Amerada Corp (2)... 2 Am Agricul Chem. .. 56 Am Bank Note (t3). 21% Am Bosch Magneto. 35% Am Br Shoe (2.40). . 6% Am Brown Bov Elec 13 35% Am Brown BE pf (1) 608 108% Am Can (15).. 140% Am Can pf (7). 34 Am Car & Fdy (8. 37 Am Chain (3). 361 Am Chicle (13) 9% Am Com Alcohol 10% 26 Am European Secur. 26% 354 Am & For Power. ... 35 80% Am & For Pw pf (6 80 96 Am & For Pw pf (7). 9 95% 78% Am & For Pow 24 pf. % 8% Am Hawallan (a10). 8 11 Am Hide & Leath pf. 1< 49% Am Home Pr (4.20). 50% 27% Am lce (t4) v 3 28 28 19% Am Internatl (2)... 19% % ‘Am La Fr & Foamite % 281 Am Locomotive (4). 30 324 Am Ma & Fy (11.65). 31% 18% Am Metals&Min (1). 21% 43% Am Nat Gas pf (7).. 45 504 Am Pow & Lt ($1).. 48% 18% Am Rad&Std San(1) 18% 8% Am Republics. ..... 10% 334 Am Roll Mill (n2)... azng 5214 Am Safety Razor (6) 56 1 AmShip& Com... . 13, 38% Am Shipbuilding (5) 20s 40 49 AmSm & Ref (4)... 250 50% 48 264 Am Steel Fdy (3). . 14 264 264 110% Am Steel Fdy pf (7). 20s 112 112 38 Am Stores (+234)... 1 39 39 Am Sugar Ref (5). 2 6% Am Sumatra Tob. 6 188% Am Tel & Tel (9) 187% 107% Am Tobacco (5). 107 109% Am Tobacco B (5 109% 120 Am Tobacco pf (6).. 125% 68% Am Water Wks (n1). 6214 991 Am Wat W 1st pf (6) 101% 614 Am Woolen. i 6% 17% 24 Am Writ Pap pf (4). 23 5% Am Zinc Lead &Sm. 7 5 33 Anaconda Cop (2%). 224 20 Anaconda W & C (1) 28 “Anchor Cap (2.40)... 17% Archer-Dan-M (2).. 8 18 17% 65 Armour of Del pf (1) 1 64 64 3% Armourof Ill (A)... 17 3% 3% 1% Armour of Ill (B).. 16 1% 42 Armourof Illpf (1) 6 41% 5 Arnold Constable... 1 b5k 6% Artloom Corporation 1 5% . 1 24% 2 26% 43 192% 3 106% 3 115% 4 47 185% 123% 5 34% 33y g s 4 30 28% 474 A1 GuIt& W I (3) 19% At Refining (72) 53 Atlas Powder (4 60% Auburn Auto (§4) 37 Auto Strap Saf R(3) 60% 3% Aviation Corp of Del 3% 19% Baldwin Loco (1%). 13 20% 20 76% Balto & Ohlo (7).... 27 78 T5% 14% Barnsdall A (2).. 62 14% 90 Bayuk Cig 1st pf (7) .190s 90 6714 Beatrice Cream (4). 6 71% 48 Beech-Nut Pkg (3).. 1 484 76% Bel N Ry pt pf $5.51. 15} Bendix Aviation (2). 17 Bloomingdale Bro: 16 Bohn Alum&Br(1 1 Booth Fisheries. 6014 Borden Co (k3). 58% Bklyn-Man Tr (4) 84% Bklyn-Man Tr pf 53 BKlyn &Qu Tr pf(5). 103% Bklyn Union Gas () 34% Brown Shoe (3) 124 Bruns-Baik-Col 5% Bruns Ter & Ry 13 Bucyrus (1).... 25% Bucyruscv pf (2%) 107% Bucvrus pf (7). 5 Budd (EG) My 6% Budd Wheel (1) 16 Bullard Co. 264 Bulova Watch ( 78 Burns Bros (A) 20% Rurr Add Mach (1).. 23% Bush Terminal (234) 98 Bush Term deb (7).. 1% Butte Cop & Z (50¢). - 10% ButterickCo ..... 40 Byers (A M). .. 108% Byers (A M) of (1) 49% Calif Packing (4) % Callahan Zinc & 8% Calumet & Hecla 11 Campbell Wyant 38 Canada Dry G A (5). 56 Canada South (3) 40 Can Pacific new 19% Cannon Mills (1.60). 10% Capitai Admin (A).. 29% Capital Adm A f (3) 96 Car Clin & O sta (5). 104 Case (J 1) (6).. ... 3214 Caterpillar Trac(t4) 10% Celanese Corp. 9 Celotex Co...... 25 Celotex Co pf. 200% Cent RR of NJ (112) 29% Cerro de Pasco (4).. 315 Certain-teed Prod. .. 16 Checker Cab (4.20).. 40 Ches & Ohio (234)... 43 Chesapeake Corp (3) 6% CHlo Great W 23% Chic Great W 3 6% Chic Mil St P& Pac. 13% Chic Mil St P & P pf. 43 Chicago & N W (5) 9 Chic Pneu Tool 25 Chi Pneu T pf (3%). 68 ChicR & Pae (7).. 2244 Chi YellowCab (3).. 15% Chickasha Cotton Ofl 31% Childs Co (2.40).. Brmman e 10 17% 89 29% 4 1% 95% 10% k) 6 101, 186 1281 34U 10% 26% 36 84 95% 7% Sie 11 50% 28 19% % 30 32 21% 45 48% 18% 10% 33 56% 1% 40 49 25% 112 39 42 6 188 107 110 126% 63% 101% 6! 1% 2% 23 5 34 28 30 17% 64 61% 4 20 5% one hundred-share lots y the letter s (80s) (2508) be sold in odd lots only vales— Prev Add 00. High Low Close Close 110 10 10 18%. 89% % W 94 104 % 6 1% ~Prev 1930~ e T 491 20 Cuban-Amer Sug pf. Cudahy Packing (4). 7 Curtis Publish (7). 1 Curtis Publish pf (7) 14 Curtiss Wright Corp 42 Curtiss Wr Corp A.. 22 Cushman’s pf (7)... 1008 Cutler-Ham (3%) 2 Davison Chemical Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17). Denver & R G W pf.. Detroit Edison (8).. Devoe & Ray (1.20). Diamond Match (8), Dia Match ctfs (8).. Dom Stores (11.20).. Drug Corporat (4).. Duluth SS & Atl .. Dunhill Int (1)..... Du Pont de N (+4.70 Du P de N deb pf (§) Duques Lt 1st pf (5). East Roll Mill (ht2). Eastman Kodak (18) 4 Eaton Axle &8 (3).. Elec Auto Lite (6) .. El Auto-Lite pf (7).. Electric Boat. ...... El Pow & Lt (1) El Pow & Lt pf El Pow & Lt pf (7. £) Storage Bat (5).. Endicott-John (5)... Eng Pub Serv (2.40). 4 Bquit Office Pldg (3) 1 @rile RR . 66 Erie RR 1stpf (4)... 3 Eureka Vac Cleaner. 2 Exchange Buf (1%). 20s Fairbanks Morse (3) 1 Fashion Park Fashion ParkAs Fed Lt & Tr (31% 2 Fed Lt & Trac pf (6) 1008 Fed Motor Tr (80¢) 3 Federal Screw (3) 1 Fed Wat Sve A 2.4 5 Federated Dept Strs. 1 Fid Ph Fire In (2.60) 5 Firest T& Rpf(6).. 3 First Nat Strs (2%). 11 Fisk Rubber e Fisk Rubber 2808 Foster Wheeler (2 20 Foster Wheel pf (7). 1 4 Fourth Natl Invest.. 10 Fox Film (A) (4)... Freeport Tex (15)... 22 Fuller 2d pf (17.40). 2108 Gabriel Co (A). Gamewell Co (5 4 Gardner Motor. Gen Am Inv pf (6).. Sen Am T'k Car (34, Gen Asphalt (3) Gen Bronze..... Gen Cable A . . 4 Gen Cable pf ( Gen Cigar (4). Gen Electrio ( Gen Elec spec (60¢. Gen Food Corp (3).. Gen Gas&E] A (e30c) Gen Mills (3)....... Gen Motors (13.30).. Gen Motors pf (5)... Gen Outdoor Adv Gen Pub Serv (b Gen Ry Signal (5) Gen Refract (14%).. Gen Theatre Equip. Gillette Saf Raz (4) ARuRSoan o e - s s [UPN - THI - P THTUPYSI PPN PSS 1 1Y Gr West Sug (1.40).. Grigsby Grunow Gulf Mob & N pf ( Gulf States Steel Hahn Dept Store: Hahn Dept 8 pf ( Hall (WF) Pr Co (2) Hanna pf (new) (7) Har Wk Ref (12%) Hartman Corp (B) Hayes Body. .. Hersh Choc pf (15 Hoe (R) & Co. Holland Fur Houdaille H y Housenold Fin pf (4) Houston Oil (b10%) Houston O1l (new) Howe Sound (t4%). Hud&Man Ry (3.50). Hudson Motors (3). Hupp Motor: [lino! ntral (7).. Iliinois Cent pf (6).. Independ O & G (2). (ndian Refining. ... Ind Ray (h5% stk). Ingersoll Rand (16). Inland Steel (4)..... I Mo Interlake Iron (1) Int Agricultural Int Agricul pf (T intl Bus Mach (né Intl Carriers (25¢) Intl Cement (4). Int] Combustion Intl Harvester ( . Int] Hydro El A (e2) Intl Match pf (4). Intl Mer,Marine (2). 4 Intl Nick of Can (1). Int] Paper & Pwr A. 4 Intl Pap & Pow (B Intl Pap & P of (7) Intl Printg Ink (2%) Intl Salt (3) . Int Shoe (3) Intl Silver p! Intl Tel & Tel (2)... Inter Dept Strs (2).. [nvestors Equity (2) Island Cr Coal (4)... Jewel Tea (14). ISTOCKS SUBJECTED 10 FRESH ATTACK oo Market Sags to New Lows, but Losses Are Not Large. BY GEORGE T. HUGHES. Special Dispatch to The Stgr. NEW YORK, November 8 —Again under severe pressure, the stock mar- ket today was still in the grip of the liquidating movement, forced and vol- untary. While the losses measured in points were not as large as on Priday, the list as a whole again went into new low ground, with special weakness in the rails and utilities. The market pald no attention to the statement by the Democratic leaders promising co-operation in any attempt Y 1to overcome the industrial depression. Outside of this pronouncement there was little news that might be expected to affect prices of stocks, and it was plain that the market was concerned entirely with internal conditions. The opening was irregularly lower, after which came an hour of sagging prices. The lows of the session were made in the second hour. United States Steel, which was looked to for leadership, if there was to be any rally, epened a point higher at 141, but could not hold the gain. A block of 12,300 shares thrown on the mar- ket an hour later brought the price down to 140, and then it dipped under that figure to another new fiw for the past two years. With Steel went American Can, Bethlehem Steel and the shares of other independents. Radio was pressed for sale on its income rtatement, break- ing to a new low. For a time J. I. Case held out, but it, too, made a new low before the close and the same was true of other industrial stocks. The rails displayed no important rallying poywer at all. Sentiment toward them seemed as pessimistic as ever. Among the seasoned dividend payers that went to new lows were Pennsyl- vania_at 60, New York Central below 130, Norfolk & Western, Delaware & Hudson, Reading and Southern Pacific. The last named under par was the lowest since 1926. It was the same way with the utilities. American Telephone & Tele- graph was a point or so higher for a time, but then came down. New lows were made by Columbia Gas, Con- solidated Gas, Southern California Edison and Detroit Edison among others. North American Co. broke over 4 points without meeting effective support. Better resistance was made by the coppers,y particularly Kennecott, pre- sumably bn the idea that the movement toward restricting copper production will meet with success. Temporarily National Biscuit improved on analyses stressing the liquid position revealed in the balance sheet. Westinghouse Elec- tric held better than the average, but these points of relative firmness only emphasized the reneral weakness. Preferred Stocks BY GEORGE T. HUGHES. (This is the twenty-fourth of a serie: dies i ocks by Mr. ‘l‘rlllonx.) Standard 0il Export Corporation. The preferred uu:lck t:: th? Standard 01l Export Corparation is unique among preferred stocks. E"::Itl'd Oil mfihe Corporation, organ! carry on exprglefln[ activities of the Standard Oil Co. of New Jersey and its subsidiaries, is operated as a service organization and not for profit with all operating expenses paid by the common stock- holders in proportion to the quantities exported by each. The company owns no property, has no funded debt and there are only 100 shares of no par value common stock. The public inter- est is confined to 750,000 shares of 5 per cent cumulative preferred at $100 par. The preferred issue is guaranteed as to dividends and principal jointly and severally by the Standard Oil Co. of New Jersey, the Standard Oil Co. of Louisiana, the Carter Oil Co. and Humble Ofl & Refining. The three last named are subsidiaries of Stand- ard Oil of New Jersey. Therefore, the investment rating of the preferred stock depends solely on the guarantee, not on earnings of the corporation of which it is a capital liability. For all practical purposes Standard Oil Export preferred is a stock the dividends on which are an unsecured fixed charge of Standard Oil of New Jersey. The parent com- pany, however, is so strong and its credit is so high that the preferred stock of the Export Corporation sells on the low yleld basis of about 4.7 per cent. It is interesting to note that Stand- ard Ofl of New Jersey has a 5 per cent debenture bond maturing in 1946 which sells to yleld almost as much as the preferred stock of the Export Corpora- tion. This is partly explainable by the fact that the bond is callable at 103 and the recent market quotation was a point her than the call price, but the market appraisal of the preferred stock is a striking illustration of the value of a guarantee when that guar- antee is backed by such large resources as that of Standard Ofl of New Jersey. The preferred stock of the rt Cor- poration is callable at 110 and recently sold around 106, so that it has almost no speculative attracti FIRST Business Editors ANCIAL RECORD EXPANSION OF TRADE IS SEEN IN NEXT TEN YEARS Forecast Big Price Ad- justments as Stimulant to Increased Sales. New Marketing Methods Expected. Special Dispatch to The Star. NEW YORK, November 8.—The greatest expansion of trade and industry yet seen in this country will come in the next 10 years, according to a con- sensus of 150 editors of business papers, who closed their three-day national conference last night at the Commodore in conjunction with the conference of the Associated Business Papers, Inc. The editors based their opinion on contacts with leaders in the various trades and professions with which they are concerned. This same group of men has frequently been called into conference by President Hoover when he desired information on economic con- ditions. Among what they believe are the projects which will be developed in this lD-{!lr period are the piping of nat- ural gas from Texas to New England, the taking over by railroads of local transportation and the development by them of store-to-store delivery, the commplete remaking of the electrical industry. The great electrical com- panies, it was asserted, are now ready to manufacture new generating and new transmitting equipment, which will cut the cost to the consumer in half. Among these there is sald to be a new turbine | in which mercury vapor will take the place of steam. Housing by Insurance Concerns. Small housing will be taken over by great insurance companies, it was predicted, and houses will be sold on a large scale in much the same way as automobiles are today. Food mar- keting, it was said, will be changed through packaging and, freezing, and | furniture will be madeTof all sorts of plastic materials instead of wood. Sales volumes, it was predicted, will be in- creased by cutting the cost, with hun- dreds of articles that now cost $1 selling for 10 cents. Never since the World War has Amer- ica responded to a request from Wash- ington as she is responding to the re- quest for co-operative aid on the unem- ployment situation sent out by the President’s Emergency Committee for Employment, Edward E. Hunt, secre- tary of this committee, of which Col. and | to Aithur Woods is chairman, told the conference. Mr. Hunt is also secretary of the committee on recent economic changes, appointed during the Harding administration, and of which Mr. Hoo- ver was chairman until his election to the pl'mldencx. Mr. Hunt said the long- range work of this up would produce valuable results ‘Winter. ter his talk the conference for- mulated plans to start in the business press an exchange of actual methods now being used to meet the unem- ployment problem, with reports on how they are working out. Assails Government Interference. Julius H. Barnes, chairman of the National Business Survey Conference, formed last December at President Hoover’'s suggestion, and chairnian of the Board of Directors of the Cham- ber of Commerce of the United States, laid the present economic depression the interference of governments throughout the world with the prices of commodities, such as coffee, rubber, sugar and others. And “to complete the injury,” he said, “tariffs have been set up.” “We know that welfare depends on the expansion of trade,” he declared, “yet we allow administrations to set up men against the flow of world e But he excused this country's tariff| from the general indictment because of its flexible feature. Many millions of people throughout the world have yet to begin wearing clof and shoes, he said, and the rise of others to higher standards of living will also build up| business. James said show the general public that it is an important part of the press. G. D. Crain, jr, retiring president of the conference, presided. yesterday. ‘The new officers elected were: Presi- dent, Stanley Dennis, Electrical lation Record, New York; vice presi dent, Earl Shaner, Steel, Cleveland; treasurer, Sidney D. Kirkpatrick, Chem- ical and Metallurgical Engineering, New York, and secretary, Thomas H. Ormsbee, New York. H. McGraw, the publisher, EASTERN ROLLING MILL IN GOOD CASH POSITION Spectal Dispatch to The Star. BALTIMORE, November 8.—Supple- menting figires that were released earller in the week showing a loss on operations of the Eastern Rolling Mill Co. in the third quarter of 1930, figures made available today indicate that the company’s financial position is excep- tionally strong, with the ratio of cur- rent assets to current liabilities better than 10 to 1. Current assets, according to A. J. Mazlett, president, are $2,619,000, while current liabilities are only $260,000, giv- ing the company net working capital as of the end of September of $2,- 359,000. Of the current assets, $1,820,000 is in cash and readily marketable se- curities. For the nine months the company's net loss for operations was $122.415, after allowing $195,719 for depreciation. Reserve for depreciation at the end of 1929 totaled $1,917,087. In addition, the statement shows surplus on hand of $1,000,799. The plant and property at cost value was put down in last year's statement at $3,841,787. In common With all steel companies, the current rate of operations is far below the levels of 1929 and 1928 Lower prices and much smaller tonnage are mainly responsible for the sharp falling off in earnings from last year. PUBLIC SERVICE CO. BOOSTS EARNINGS Special Dispatch to The Star. NEW YORK, November 8. —Engineers Public Service Co. reports consolidated gross earnings for the 12 months end- ing September 30, 1930, of $52,792,509, an increase of $5,538,635 over the cor- responding period last year, and con- solidated net operating revenue of $22,- 447,518, an increase of $2,510,300. Bal- ance applicable to reserves and to Engi- neers Public Service Co. was $11,614,512, an ‘increase of $1,187,262 over the pre- vious year. Balance for common stock after de- preciation charges of 9 per cent of the gross earnings was $5,041,124, or $2.70 on the average common shares out- standing during the 12 months’ period. Money to Loan lu-;e‘_:':{l‘ml_l.-‘e't of ‘rIlle on real l-lhh Joseph 1. Weller T 's F AW First Mortgage Loans Lowest Rates of anterest and Commission Thomas J. Fisher & Company. Inc. First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc., 806 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America CAUTION IS ADVISED IN BROKERS’ LETTERS Special Dispatch to The Star. NEW YORK, November 8.—Comment | in brokers' letters today was largely | along the line of caution in a penod! when heavy liquidation has taken place and average prices are breaking daily into new low ground. While it is realized that stocks which are selling lower than in three to five years are now on a highly attractive basis, both from the standpoint of yield and from that of probable appreciation in the next year or two, it was suggested that it would be better judgment to wait until the market is stabilized and pay higher prices for stocks than to run the risk of a further recesgion from the present level. OPENS CANADIAN PLANT he business press must act to| DECLINE N BUYING HAS BEN SEVERE Timidity of Public Held Chief Cause for Decrease in Sales. BY J. C. ROYLE. Decreases in earning and buying power of the American have not been nearly so severe as the in buying which has accompsnied 4 The decline in employment, even among the skilled and organized groups, has not reached 20 per cent. This does not mean unemployment, as most of the decrease is due to part-time work and has not cut off or seriously damaged buying power or the credit of such a large proportion of workers. By power exists, as is shown by a reduction in installment credits and in the volume of savings deposits, whicl now stand at approximately $28,485,- 000,000, a gain of $267,180,000 over thi: time last year. Income from dividend: and interest has been larger than las year. There are over 52,000,000 saving bank depositors in the United State today. Gain in Savings. Of course, this is not to be taken a an evidence of prosperity. People wit! money take extraordinary means o. safeguarding themselves in periods o! depression, and the gain in savings de- posits may be attributed to that fact as may the increase in sales of life insurance. But it is prima facle evi- dence that buying power exists and needs only to be stimulated. It is being stimulated by the price level of commodities, which now stands at the index figure of 82.2 compared with 95.7 a year ago today, with 100 representing the level of 1926 to 1928 I¢ is also being spurred by the “buy now” campaign being waged in th: interest of increased employment. The danger which sponsors of this cam) r have to face is the “let George it attitude. Unless extreme care is exer- cised, there may arise a group which will reason that if they let others buy and save their own resources, they benefit. This is admit: an economic mistake, but, of course, few people are nomists. profits of the railroads, which form on' of the buttresses of the investment field The railroads are wiser than their pa trox‘:s. Iortthey ue'-buy% mla.umu an equipment now at a per cer over the amount they were spending year ago. Building Operations. Building operations are showing sc sonal improvement, although the vc ume of home and residence constru- tion still is low. Steel is holding i own and there is no longer indicatic of a wi‘.lylrlznm to shade ’meu, eve for fave mu\nmmm le.l.u“l tci' e L gaining because, in fime of depression, it is usual for the cheapc fuels to be used, even though tail additional work and troul their handling. What gains have been made in th non-ferrous metals are nominal an not sufficient to indicate a real trenc The textile mills are in splendid statis tical position, with consumption sti* ex: TO AVOID U. S. TARIFF | gxceeding production Special Dispatch to The Star, SPRINGFIELD, Ohio, November 8.— Canadian manufacture of products bearing the name of the Buckeye Incu- bator Co. of this city has been started in a factory at Fergus, Ontario, to give Cmuflflln!ne purchasers the ben;flt of gg;xzuoem-m by 3 R. Mitchell, presi- production, but _this weekly w!utmmh:, and ancing the the year, now m ight. (Copyright. 1930.) First Mortgage Loans On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, 85 or 10 year terms om your - 5146, Office Building Business Property RANDALL H. HIAGNER & COMPANY MIORTGAGE LOAN CORRESPONDENT New York Life Insurance Compaiy 1321 Connecticut Ave. Decatur 3600 Guarded Assets O greéat institutions typifying Amer T”lcun prudence—life insurance com- panies and savings banks—guard the safety of their assets closely...investing the billions of dollars placed in their custody with the utmost care and regard for security. And what is their choice for a sound and stable investment which assures maximum safety...First Mortgages. Charged with the great responsibility in pay- ing in full all policies, the leading life insur- ance companies of the nation this year have placed about fifty per cent of their funds or more than six billions of dollars in First Mortgages. More than five billion dollars, also half of their resources, was invested last year by the 611 mutual savings banks, located in 17 States of the country, in mortgage loans. These investments were made scientifically and painstakingly, solely on the basis of safety of principal and income yield. — > er in the brokerage| 43" 15 Chrysler Corp (3)... 8rm of J. P. Renkard & Co., but later i aa praey 34 Clty Btores 50e). .. tobe: | 60 5 Cluett ody (3) o i :'::rlnur{l::“?:ukc:rrss’ 191% 133% Coca-Cola (6) . Kayser Julius (2%). compared with 565 in September and | b2 48': Coca-Cola A (3).... 51 51 5m| Kelly-Spring Tire. 17207 in_October last year, Raflway | 49 Colgate Pal-P (23) Kelsey Hayes (2)... 3 ris. Locomotives ordered o | Collins & Atkman. . Kelvinator Corp . e Pt September and Galore) SEEea Kennecott Copper(2) 135 In ctober, 1020 L B L DAL Kolster Radio. . - > 374 Col Gax & El (2) “ 10444 Co! Gas & EI of A (6) o . 10'3 Cotum Graph (a%). i > 23% Kreug & Toll (1.60). Krog Gr & Bak (1), Lambert Co (8)..... Lane Bryant (2) Liee Rubber & Tire Lehigh Port Cmt (1) Lehigh Valley Coal. . Leh Val Coal pf (3).. Lehigh val (t4%) Lehman Corp (3). Jordan Motor Car... Karstadt (R) (1.03). Kaufmann DS (1%) ASSURED RETURN WITHOUT RISK The secret of profitable in- vestment is the wise selection of the type of security that is not subject to varying valuation. Our ’ 69, FIRST MORTGAGES DIVIDENDS DECLARED NEW YORK. November $ (#).— Pay- able 84% Columbian Carb (16) Comm Credit (2) ... 4 Comm Credit A (3) Gompany te. rlod Hetor .,6“.{.,,,,",.",, n stxw (6%)110s & Elec pf T (1 60) 16% “omm Solvents (11) 8 Comwlth & So (60¢) 96% Comwlih & So of +6) 3 Conde Nast Pub (2) % “ongolenm-Nair 184 Congress Cig: 27 Consol Ciga: 64 Consol Cig pr 12% Consol Film «2). 16% Consol Film pf (2). #74 Consol Gas N ¥ (4) 99 ConsGns N Y of (6) < 1081 1031 35% Cons R12 Cub pf (6). 38 28 1% (Consol Textie 1% Container A (120) Loose- Wil L 3 May be purchased in amounts 3% Container B . 35 8% Coettard (P Co I from $250 up. B. F. SAUL CO, 2% Cont) Baking B National 2100 925 15th St. N.W. a5 Catawissa 1st p Do 20 o, o 812 Fronel iFrea B i Toe 17 pi nes (P B Over a Third of a ‘The selection of insurance companies and savings banks should also be YOURS. The 6 per cent First Mortgage Notes issued through Swartzell, Rheem & Hensey Company, too, with their perfect record of more than 61 years without loss to an investor, demonstrates that investments in these notes are truly GUARDED ASSETS. e B are such. Your principal is fully protected by improved real estate, intelligently appraised— and continuously throughout the term of the mortgage it pays 6%. Century Without a Loss - Lig: ). Lig & Myers B (15).. Lima Locomot!ve Link Belt (2.60). Liguid Carbonte Loew’s Ine (3) Loft Inc Loose- Wil Boo~Bharnan £ s Balis SEEER wlarnl - % % 12% 13 B B2 - SWARTZEIL, RHEEM & HENSEY CoO. MORTGAGE BANKERS y 664 Contl Baking p: 46 Contl Can (234). ¥ Lk McKeespt T P(15%) MoKesson & Rob (1) AcLellan 8t ores. Mack Trucks «6) SHINGTON D.C. LS8 ! » ase 28% Cr of Wheat (13¥) & Crows Zoltats b.i3 wn X o aam s Sieel SUBSTITUTE OR - SAFETY-