Evening Star Newspaper, November 9, 1930, Page 73

Pages 1 to 4 STEADY I TRADING OND.C ACHANGE Stock Holds Above 50 as Week Ends—Lanston Drops on Small Turnover. FRIDAY SEES NEW PEAK IN PROFITS DURING 1932 Savings Deposits Show Gains in Other Cities—Trade Increase Predicted Here. BY EDWARD C. STONE. Oapital Traction drew the most at- tention of any issue on the Washington Btock Exchange in yesterday's trading. Eighty shares changed hands in 10- share lots at 50%4, the same as Friday's closing price. The stock hit 50 during the week, an all-time low mark, but very few shares were sold at that price. Holders seem unwilling to sell the local ssue around the present price in any- thing but small amounts. The year's trading in the stock has now reached 7,077 shares, including yes- terday’s transactions. At present prices the stock yields practically 8 per cent. The financial statement for October now m awaited by the stockholders and d be out shortly. Lanston Monotype sold s low t for the year in yesterday’s mar- 0- lots the - {CONDITIONS BETTER ROBERT V. FLEMING Who is mow completing five service as president of t tional Bank. made enviable strides during that peried. Democratic Offer To Assist Hoover Seen As Trade Aid Wall Street Puts Construc- tive Interpretation on Party Chiefs’ Pledge. Special Dispatch to The Star. NEW YORK, November 8.—Wall Street and trade circles were deeply Interested today in the statement is- on both selling at 100. The last previous sale was at 105),. At yester- day’s sale price the stock yelds ex- gf’ 8 : e filkes ¢ i : : i sa%éi%? gt : it L i 8 % i ] : ™ | g ] ;g i g ai3 88 i i i H 3 : i i is 2 g i ; 1 H i g8 I z i § i £ g s i g : S : : i | Fi i o ot n 8.4 per een;. it of last December, an increase L st 5 § preceding year when a di- funds to ucuynty trading was , and with an average increase cent in the preceding four York City the net increase of 15 representative g -3 FINANCIAL AND CLASS.cwe) he Sunday . WASHINGTON, D. C, SIGE NOVENBER 1 Hardening of Raw Materials Prices Gives Improved Business Tone. {PICK-UP IS NOTICEABLE IN BRITISH ACTIVITIES Germany and Italy Confident of Upturn in the Near Future. Special Dispatch to The Star. NEW YORK, November 8.—Cable dispatches to the Business Week give the following survey of business abroad for the week ending November Europe.—November opecned with an incipient but recognizable improvement in basic conditions, notably a stiffening of raw materials ‘The extreme tial factor. Conditions and sentiment vary consids ably, however, from country to country. ‘The best business news comes from England where merchan is brisk and several branches of industry report a distinct pick-up, notably the long-de- pressed textile industry. Financial sued by leaders of the Democratic party | pa; oflmt&w in business ves. tive with the admini- about a recovery specifically placing on any record against fort_toward a general re- 13 - s%iii recalled today that on Octo- ber 30 last year John D. Rockefeller, PRICE CAUTION URGED IN BUYING STOCKS Special Dispatch to The Star. NEW YORK, November 8.— Noting apparently increasing interest | low-priced stocks, the Alexander Ham- iiton Institute warns against their in- discriminate purchase during hard ly the beginning "’?"""fi;"“ prove only of a T decl] Present French eondnhm:l::e a less now poi to protracted, though probably shallow, , attended byyt.he pain- as | Jusiness recession, ful process of liquidation of inflated in- in | ternal level values ls of modities and both on com- are ex- SUNDAY e - MORNIN and Bernard F. Gimbel Sees Long Period of Prosperity Following End of Decline—Says Business Is Now Convalescing. BY BERNARD F. GIMBEL, President of Gimbel Brothers, with depart. ment stores in New York, Philadelphia, Milwaukee, Pittsburgh and Chicago. AS told to J. V. Fitzgerald. Much has been said, and more written, of the causes for the depression from which the country is now begin- ning to emerge. And many have tried to forecast the future. Some are uraj with the oul visualize a cl ged standard of eco- {wmlc tl#:n in Amerlu;“o!.heu foresee arger-than-ever prosperity ahead. og of geectgll&lll in lnlhfi}-' try predates the drop of the scur market in 1929, it may be said that we are now well into the less than normal prosperity. the country is emel?lnl. not alone from indices that appear in industrial reports, but because two years has about been the extent of previous depressed periods. Looks for Prosperity. And since every period of depression in the past 70 years has been followed by a longer period of greater prosperity than the one preceding, I confidently :’ot:'k‘ 'f ’?‘x;e prosperity in the not-so- n ure. It will be recalled that the United States had a trying period in 1913-14. At that time some of our Aut.elme!z said the country was “psychologically de] . It was then, and now, small comfort to a person out of work, an individual whose income has been curtailed through dlmlnllhln&gmfltl or diminished capital, to bz told that depression is other than very real. ‘But there are many so-calied psycho- logical factors which contribute to a continuance of present conditions. 'fi very slight change in these factors hasten prosperity’s rsturn. No one likes to get their fingers burned a second time. When the country failed to take heed of underlying conditions and got “burned,” all tried to avoid the setond time. Every one held back—the public, the retailer, the distributor, the manu- facturer, the commodity factor and the roducer of raw material. It suddenly me a cardinal virtue to get along with as little as possible and to hoard. Every one of us has been prone to haul in all canvas and drift. Many have been surprised with how little they can get along. High Standard of Living. The thinking person holds no brief for wasteful’ ravagance. Actually, however, the great majority th:l‘r %u- : prosperity was achieved by a high stardard of living on the part of the entire Nation. MARYLAND TURKEY CROP INCREASE IS EXPECTED K— Special Dispatch to The St American prosperity can be maintained by a continuance of these stardards. . It is time now for all to realize that not been a period in many years when as much can be secured for " Patiod of depression, the retail a pe: [ E Te business is affected less than others. Retall stocks turn over nearly every moditics and Arished pesds are sickly are quic available to the public. Peopleq must live; they must be clothed and fed. Their household needs must be re- p The 1930 has year 1930 been no exception in retail business history. A Tecens survey indicated that retail sales were behind only about 9 per cent while transactions with customers were far ahead of last year. I believe that prices are down about 20 per cent. With the coming of colder weather, business has improved. I believe we are in the convalescent period. Soon we will be :::-‘ Later we will be stronger than Many facts substantiate this. Inven- tories in manufacturers’ and retailers' hands are very low. The public is awakening to a realization that life is going on’ pretty much as always. Even now shortages are in wanted goods, deliveries are slowing up, and larger orders are be% placed. The starting of factorles take up the slack in employment. Service Improved. ‘The llge retailer is dol a better job for the consumer flnh::' formerly. The period of depression focused at- Star NOVEMBER 9, 1930. SEEN AS CAUSE OF ATTACKONSTOCKS Bears Use Democratic Suc- cesses as Excuse for Depressing List. SENSE OF VALUES LOST IN SCRAMBLE TO SELL Market Ignores Signs of Definite Pick-up in Business of Nation. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 8.—It is clear from this week’s depressing record of new loan prices for all classes of stocks that holders of them have lost their sense of values. They nurse every :Iu]mm- ‘duflmt l:m:v;ll Bwfl'eetmm re’ect evidence In ‘ement X gy quication, which a itly had been completed in vlrroul |nd’unrhl share groups last month, has broken out in the public utilities and rails. Reason tention uj et - | the by m "M‘Zn Job and every indi- and service have been l?pemed, and w‘m: tl;::m’ .',’fi”" there 'very reason for bll%h:“h ounndm:ee.t B movement of Government to hasten public work, the efforts of com- munities to aid the unemployed, the “buy mow” campaigns in many cities are creditable and all help in emer- gen But the quickest way to bring F00D FIRMS GAINS DURING 1930 Re- Public Service Companies European countries to show little change s - 1 1 ent low levels, but will ] it general Spring /|U. 8. STEEL INDUSTRY HAS SMALL OUTPUT =it actual im cotton, manufactured goods and with no setback in 3 hides. Coal shows no improvement, but the new marketing scheme and mergers arising from it have 3 Berlin.—Liberated from the distur] influence of politics and the mei strike, Imnn'_h.u:s fl:;“ the flzt umew"lln many mon rel y normal routine. Th:nm. horizon is clouded, however, are marked by an it complete ab- sence of the customary seasonal revival in certain trades and the aftermath of recent political excitement in the shape of & stiffened money market. ‘This stands out in striking contrast to on most European Production Curtailed Orders Show Contraction—Prices Not Steady. Special Dispatch to The Star. JURGH , but in_th industry buys and sells allowed to take e [ » =3 i H (Copyright, 1930.) the st BUTTER PRICES DECLINE TO NEW LOW VALUES Chicago Mercant today. Quotations for November and December deliveries were the this time of year in exchange. 1 i i EEE& | Also Do Well—Third Quar- ter Improvement Noted. Special Dispatch to The Star. NEW YOI N — RE, lovember 8.—The Average Decline 25 Per Cent. Railroads, judged by the net - income of the 33 leaders, hne'ge:;}. rmn:r!:mulangf"mwmunt.m analy; veals. ities earn %&hm as last i §§é5?§§ FEEIEE H DOUBLE-LANE TRAFFIC ON CHESAPEAKE LIKELY Special Dispatch to The Star. MLT.DIORI,qunbet “The Gov- ernment’s approval of a double-lane system by which the northbound and southbound traffic on the Chesapeake Bay might pass each other at a mini- mum distance of & mile and by which the collisio T capecied By o e for is expect the interests of Baltimore, i shares would have been more impressive had it not centered on the issues riers that have the longest record for payiLg dividends and whose present earnings, poor as they are com) with 1929 and 1928, give pared margin of ‘safety for all ‘of their to curities - Yield on Stocks Rising. i 2 £ 53 ; } i i : £ H £ ‘é’ £ g g § £ £ 13 : B E g i 5 15 i 8 | i Eng . 5L E?%s. E : -3 i i i £ i 3 (Copyright, 1930.) ALLEGED POOL ACTIVITY FOLLOWED BY INQUIRY By the Associated Press. $14 to 8ix Thousand Recalled to Work. November 8 (#).—The has called e Pages S to 1 News in Retrospect District Bankers Have Been Quick to Lend Funds Se- cured by Notes of Home Buyers, who Have Excel lent Reputation as Credit Risks. BY L A. FLEMING. Local bankers have in their posses- sion and will hold for their maturity and subsequent collection a very large amount in the aggregate of home Classifiecf Ads DEFLATIONIS HELD - PRIMARY CAUSE OF TRADE RECESSIONS | Underconsumption Results From Sharp Decline in Purchasing Power. SURPLUS CURTAILMENTS HAVE NOT BEEN DRASTIC which | Modern Machinery Geared to Pro- tation for prompt- | was the cause of the prese: ness in payment at hfin’ltl(flnwmm:t . maturity. L A. Fleming. The ik 28 sy e | f i i : 5 i i ] gE ! INVESTMENT TRUSTS NEW YORK, November 8 (F).— 3 Asked. duce More Than Public Has Need For. q verproduction cause or an effect?—contintes to abeors. the attention of the business certain commodities in the United States and abroad depression !lenm.mwn(mu i ‘§§ £ L FHE ] § i E 5 FEN " | A § - L i ld 2 R i : § | £ 7 I3 i E.f L ] £ LY i i I i gr ‘§ 5 i# Eloi HEAY 1 ! ] i A £ fis 3 i :.:l g3, i £ it H