Evening Star Newspaper, November 10, 1930, Page 13

0. AREASHONN Richmond Reserve District|ae { :Is First in United States During October. 1 BY EDWARD C. STONE. Department stores sales in the fifth Federal reserve district, which includes ‘Washington, made the best record in the whole United States in October. SThis district was the only one of the 12 which showed increased sales in ber of this year in comparison with year ago, umrdln‘ to the of the Federal Reserve made public this noon. tail sales in this district revealed October , of more than 2 per t, while the record for the country a8 a whole showed a decline of 8 per cent compared with October 1929. Bales for the flEL lmlc:;llhs of (h“! present year in y are no only 3 p{r cent behind the record for | the corresponding period in 1929, while the average for the 12 reserve districts is 7 per cent lower. The New York district, with a loss of only 1 per cent, is the only one that has made a better than the local district. Fifth District Sales Gompared. to the P“le‘d;mlmwe.r;: Bank of Richmond, which also mi its mu:thly report today, sales in this district were exactly 2.2 per cent above the figure for October 1929, measured in dollars, but results in different citles, and even In stores in the same cit; ite varied. 'm;l:vg:ly-six stores sent reports to the Federal Reserve Bank of Richuiond, exactly half of them showing larger and half showing smaller sales last month than in October, 1929. Total sales since January 1, 1930, averaged 2.5 per cent less than total sales during the first 10 months of 1029. Comments by several stores in- dicate considerable reluctance on the of customers to buy, but stores which put on genuine reduced price sales met with considerable success. Some stores which normally have lr- cial cut-price sales on Fall merchandise in November moved them up to Octo- ‘ber this year and attained higher sales totals than in October, 1929. Comparisons With Nearby Cities. The accompanying table shows in- dividual percentages for cities in which three or more stores rewmdizd B i ods nam Oct., 1930. Board's report noted statement covers the B ot ancted by 531 stores in all to_ report. Oct. 31.¢ stores; .q.........q_. SayurenarusEiin ! liminary; the month had he same humber of business davs this Jear and last. Lively Day on D. C. Exchange. was one of the most active on o [ Excl in some time. Lanston Monotype was sold in 10 sales of 10-share lots at 100. Mergenthaler Linot also appeared on the board in , 10 shares selling at 897 and 5 more at 90. Capital Traction opened the week T e Corporation ssue came out he Carpel lon e came O at 22% and closed at 22% on a 100- share turnover. Potomac Electric Power 6 per cent preferred moved at 110%; and 85 shares of Federal-American Co. com- mon sold at 30. Ten shares of Washington Loan & "xh\'.mtco.nu;cx‘nnld-:“on:uao res of Chapin Sacks 8 per cent pre- ferred cl hands at _103%. Moderate bond trading was confined to Washington Gas Light issues. New Treasury Offering. ‘The Treasury invited bids on $125.- 000,000 of Treasury bills, to be sold on & discount basis. The bills will be ;:(bld NO\'cmbv’rnl'l. 1930, maturing on ruary 16, 1931, Tenders for the issue will be received &t Pederal Reserve Banks or branches up to 2 o'clock November 13. | The proceeds of the sale will be used | to retire $120,000,000 of Treasury bills | which were financed on a 1.960 per cent | 8. 1 NEW YORK, November 10.—Broker- | #ge circles were rather inclined to look | for a technica: rally today. Several commission house letters eommented on the statement by leaders of the Demo. party as a favorable influence. Opinions follow Hornblower & Wecks: “The publicity given to the very heiptul statement | ed by lengers of the Democratic P&ty who promised o So-operate with | present administration in trylnql 1o develop a constructive program, will | of course, prove an additional stimulus to investment buying.” i Babcock, Rushton & Co.: “Both fn in- | temsity of liquidution, volume and sharp- ness of decline, the market manifests many of the femiliar symptoms of the | near approach of a temporary climax.” Redmond & Co.: “The market does ! not yet give conclusive evidence of hav- ing established a bottom. The read- Sustment probably will continue for the :fl few months, with no present indi- tlon of a hroad sustained rally until | business has definitely turned for the , although technical raliles will | from time to time. Inasmuch as technical rally of more than two duration has taken place since ber 10 & recovery of sizcable does not seem far distant | it may start from a substan- | 'NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Offics. Stock and tales— Dividend Rate. Add 00. High. Abitibl Pow & Paper 2 Abraham St pf (7). Adams Exp (1 Adams Exp pf (5). Adams Miilis (2).... Addressogr'ph (1%). Advance Rumley Ajax Rubber. Alaska Juneau. Allegheny Corp..... Allegheny St1(12.55) Allted Ch & Dy (n$). Allled Ch & D pf (7). Allls Chalmers (3) Alpha Port Cmt (2).. Amerada Corp (2). Am Agricul Chem . Am Agri Chem ctfs Am Agricul Ch pf 4 Am Agri Ch pt ctfs 4 Am & For Pw pf (7). Am Bank Note (13). Am Bank Note pf (3) 100s Am Bosch Magneto.. 3 Am Br Shoe (2.40).. 6 31 Am BrSh & F pf () 20 124 Am Brown Bov Elee. Am Brown B E pf (7) 50s Am Can (15). Am Car & Fdy oo Am & For Power. Am & For Pw pf (6). 320, » S Benm Am & For Pow 24 pt. Am Hawailan (a10). Am Home Pr (4.20) Am Ice (t4).. Am Internatl Am Locomoti aarpen @ Am Locomot pf (7) Am Ma & Fy (11.65 AmMach & Metals. . Am Metals&Min (1), Am Nat Gas pt (7). Am Pow & Lt (31). AmP&LDIA (3%). AmP&LprAst(8) 1 Am Rad&Std San(1). 70 . 4181 5 s . 50s 104 63 18% 0% 84 57 11% Am Rad & S S pf (7). 108 140% Am Republics . 10 Am Roll Mill (n2). 43 Am Bafety Rasor (5) 3 6 Am Solv & Chem 5% Am Solv & Chem pf Am Steel Fdy (3) Am Tobacco (5). Am Tobacco B (5). Am Tobacco pt (§). Am Type Fdry (8).. Am Water Wks (nl1). Am Woolen. ...... Am Woolen pf. Am Writ Paper ctfs Am Writ Pap pf (4). Am Zinc Lead & Sm. Anaconda Cop (2%). 13 Anaconda W & C (1) Anchor Cap (2.40) Andes Copper (1) Archer-Dan-M (2). Armour of Del pt (7) Armour of I1l (A)... Armour of 11l (B). . Armour of 11l pf (7). - B T T T T T L PRSI PRSI A Atch To & S Fe (10). Atch To & S ¥ pf (5). At] Const.Line(+10). AtlGuif&WI@3).. At‘Riflnlnl r2). Auburn Auto (§4) Austin Nichols. ... 1 Auto Strap Saf R(3) 30 Aviation Corp of Del 43 Baldwin Loco (1%). 13 Baldwin Loco pf (7).150s Balto & Ohlo (7). 26 Bamberger pf (6% Bang & Aroos pf (7 Barker Bros (2) Barnet Leather Barnsdall A (2) trice Cream trice Cr of (7). Beech-Nut Pkg (3).. Belding-Hemingway Bel N Ry pt pf 15.51. Bendix Aviation (2). Best & Co (2).. . Bethlehem Steel (6). Bethletem St pf (7). Blaw-Knox (1%) Bloomingdale Bros Bohn Alum&Br(1%) Booth Fisherles Borden Co (k3) Borg Warner (3 # Botany Con M (A Briggs Mfg Co. Mot pf (7) Bklyn-Man Tr (4)... Bklyn-Man Tr pf (6) Bklyn Union Gas (5) Brown Shoe (3) Bruns-Bak-Col Bruns Ter & Ry 8 Bueyrus (1).... 4 Bucyrusevpf (2%). Kt Bucvrus pf (1), Budd (EG) Mfg. Budd (E G) pf (1).. Budd Wheel (1).. Bullard Co. Bulova W , Burns Bros (A) (8).. Burns Bros (B) ‘ Burr Add Mach (1).. Bush Terminal (2%) Bush Term deb (7)., Bush T Bldg pf (7) Butte Cop & Z (50¢) . Butte Superfor. Butterick Co . Ryers (A M) Byers (A M) pf (1) Calif Packing (4) Callal Zine & L Calumet & Arizona Calumet & Hecla Campbell Wyant Canada Dry G A (5) Can Pacific new. . Cannon Mills ¢1 6 % Capital Admin (A).. Case (J 1) (6).. .. Caterpillar Trac(t4) Celanese Corp 4 Celotex Co. . Celotex Co pf. Cent Arufite As1%. Cent RR of NJ (112) Century Rib Mills. .. Cerro de Pasco (4) ain-teed Prod. Checker Cab :4.20) Ches & Ohlo 12%). .. Chesapeake Corp (3) Chic & Alton ..., Chic & Altonpf..... Cnie Great Western. Chic Great West pf. . Chic Mil St P & Pac. Chie M) St P& P f. Chicago & N W (5).. Chie Preu Tool . ... Chi Pneu T pf (3% Chic R | & Pac (1) Chic R 1 & P of (6).. Chi YellowCab (3). . Chickasha Cotton Ofl Chiidx Co (240) .. Chile Copper (2) 4 Chrysier Corp +3 City lce & F (ki City Ice & F pf City Siores (50¢). .. Clat k Equipment (3) Ciuett Peabody (3).. Coca-Cola (8) . ...... 4 Coca-Cola A (3). 25 104% 10% Colgate Pal-P Collins & Atkma olonial Reacon - Col I"el & Iron (1).. Col & El(2) Co! & Bl of A 5 Colum Graph (a%).." 65 10% 33 56 1 05 FIL 104% 10 5 14 & Curtt Stock and Dividend Rate. Columbian Carb (16) 17 Comm Credit (2).... & Comm Cred pf (1%).1008 Comm Credit A (3) 7 Comm Credit pf B(2)230s Comm Cred 1st (634) 20s Comm C 18t xw (6 Com In Tr (g1.60) Com In T ov pf ¢ Comm Inv Tr war... Com Inv Tr war sta. Comm Solvents (31) 345 Comwith & So (60c). 435 Comwlth & Sopf ¢6) 5 Cond t Pub €2).. 2 Congoleum-Nairn... 24 Congress Clgars (4). 4 Consol Cigars (5) .. 1 Consol Cig pr pf 6% . 708 Con Cig pr pt xw 63. 108 Consol Film (2).. 20 Consol Film pf (2).. 2 Consol Gas N Y (4).. 215 ConsGas N Y ot (5). 19 Cons RR Cub pf (6).. 3 Consol Textile 26 Container A (1. Container B ..... Contl Baking A. Contl Baking B..... Contl Baking pt (8). Contl Can (234) Contl Dia Fibre (1) Contl Insur (2.40) Contl Motors Contl Ol of Del. . Contl Shares (1).... Corn Pr Ref (14%). Corn Prod pt (7). Coty Inc.. Cr of Wheat (121 Crosley Radlo..... Crown Cork (£2.40). Crown C&S pf(2.70). Crown Zellerb'ch (1) Crucible Steel (k5). . Crucible Steel pf (7). Cuba Cane P; Cuban-A Cuban-A: Cudahy Packing (4). Curtis Publish (17). Curtis Publish pf (7) Wright Corp Curtiss Wr Corp A.. Cushman's pf (7). Cutler-Ham (3%) Davison Chemical... nhams (70c) Delaware & Hud (9). Del Lack & Wn (7). Denver & RG W pf.. Detroit Edison (8). . Devoe & R 18t pf (7). Diamond Match (8).. Dia Match ctfs (8). Dome Mines (1).. Dom Stores ($1.20). Drug Corporat (4) Dunhill Int (1). Du Pont de N (14.70) Du P de N deb pf (6) Duques Lt 1st pf (5). East Roll Ml (ht2). Eastman Kodak (18) Eaton Axle &8 (3).. Eftington-Schild.... Eitington-Schild pt.. ! Blec Auto Lite (6).. El Auto-Lite pf (7). El Pow & Lt (1).. E) Pow & Lt of (6).. El Pow & Lt pf (7)., El Storage Bat (5)... Emerson Brant (A) Endicott-John (6)... Eng Pub Serv (2.40). Equit Office Pldg (3) Erie R R. 3 Erle RR 18t pf (4) Eureka Vac Cleaner. Fashion Park Asso. . Fed Lt & Tr (31%).. Fed Lt & Trac pf (8) Fed Motor Tr (80¢).. Fed Wat Sve A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) Fiftn Ave Bus (64c). 4 Filene's pf (6%).... 108 First Nat Strs (2%). 10 Fisk Rubber. 5 Fisk Rubber Fisk Rub Florsheim Sh A (3). Follansbe Bros (1).. 2 Foster Wheeler (2).. 1111 Fox Film (A) (4)... Freeport Tex (15)... 14 Fuller pr pf (17.94). 100s Gabriel Co (A). Gen Asphalt (3) Gen Bronze. A. g f (T).... Gen Cigar (4). % Gen Electrie ( Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&El A(e30c) 4 Gen G & El ev pf (6). Gen Ital Ed (22.62).. Gen Mills (3). Pub Serv (b6).. Gen Ry Signal (5)... Gen Realty & Utl... Gen R & Ut pf (e6).. Gen Refract (14%).. Gen Theatre Equip. . Gillette Saf Raz (4). Gimbel Bros... ... Gimbel Bros pf (7).. Glidden Co (1.20)... Gobel (Adolf). Gold Dust (2% Goodrich (B F). Goodyear Tire (5) Goodyear 1st pf (7 Gotham Silk Hoster: Gould Copper. Graham-Pal Graham-Paige rets. . 4 Granby Consol (2).. Grand Silver 8 (m1). Grand Unfon........ Grand Union of (3). Granite City Stl (4). Grant (W T) (1). Gr North pf (5)..... Gr Nor ctf Ore (a %) W Gr West Sug (1.40).. Grigsby Grunow.... Gulf Mobile & North. Gulf Mob & N pf (6). \ Hahn Dept Store 0% Hahn Dept 8 pf Hall (WF) Pr Co (2) nna pf (new) (7) 1308 Wk Ref (1234).. n Corp (B).. Hayes BoAy........ Helme (Geo H) (17). Mot (1.80). Powd (3) Pow pf (7).100 Hershey Choo (6)... Hersh Choc pf (15).. Holland Fur (et2%). Hollander Sons. .... Homestake Min(18). Houdallle Hershey. . Housenold Fin pt (4) Houston Ofl (b10%). Houston O1l (new) .. Howe Sound (t4%) .. Hud&Man Ry (3.50), Hudson Motors (3).. Hupp Motors....... [llinots Central (7)., Illinofs Cent pf (6).. independ O & G (2).. Indian Motor Cyel indian Refining. ... Ind Ray (h5% stk). . Ingersoll Rand (16). tniand Steel (4) Inspiration Coppe: Insurance Sh (45¢) ins etfs (Md) (60c).. Interboro Rap Tran. Intercont Rubber Interlake iron (1). Int Agricuitural.... Int Agricul pf (7) Intl Bus Mach (né) Inti Carriers (25¢). int] Cement (4) intl Combustion, Intl Harvester (2 Int Harvester pf (7). Bales— Add 00. High. Low. Close. 8% 17% 2L D. C. MONDAY, NOVEMBER 10, 1930 satement st soon |5 A, L. REORGANIZATION | TOBACCO PRICE LEVEL STOCKS DEPRESSED BY FRESH SELLING Trend Arfter Initial Show of Strength. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 10.—Liquida- tion still pressed down upon the stock market today, which registered new Jows for the list as a whole, as well as for important seasoned dividend-paying issues. i At the start there was a show of firm- niess in individual stocks, partly the re- sult of short covering and partly, but to a lesser degree, reflecting the activi- tles of bargain hunters, - The improve- ment, however, did not last, and by noon the whole list was agzain headed downward. As was the case last week, the brunt of the selling was borne by the utili- ties and the rails. In these stocks there was not even temporary recovery. TWwo specially weak 1ssues were North Ameri- can Co. and Public Service of New Jer- sey, both of which broke to new lows. A little later Columbia Gas and Con- solidated Gas succumbed. American Telephone & Telegraph was up on the day during the first hour, but came down with the rest later on. It was the same with the rails, though these were not as active as the utilities. During the morning session new lows were recorded by such high- grade issues as Atchison, off over 3 points; by Norfolk & Western, which now yields more than 6 per cent on the $12 dividend, and by Pennsylvania and Union Pacific. With these seasoned dividend-payers unable to resist pres- sure, it was not surprising that rail- road stocks of lesser caliber went down in sympathy. Leaders Sell Off. A battle was waged around United States Steel, with the victory finally going to the bears. In the early trad- ing the stock was up at one time almost 2 points from Saturday's final, but not only was the gain canceled, but the price went to a new low well under $140 a share, at which figure one lot of 10,200 shares was taken. At noon the unfilled tonnage state- ment of the United States Steel Cor- poration was made public. It showed unfilled orders as of October 31 at a total of 3481763 tons, which was an increase of 57,425 tons. This, at least, was an unexpectedly favorable develop~ ment. New lows were made by General Elec- tric, Bethlehem Steel, Mack Trucks and scores of other stocks representing prac- tically all groups. Royal Dutch was the outstanding weak spot in the ofl list, reflecting the dispatches reporting gfsiimlsm at the shareholders’ mee! g in Amsterdam. Incidentally the continental markets were very weak, which did not help any on this side. Urgent liquidation broke out in Fox Film, resulting in a loss of nearly four points and weakening the other amuse- ment shares. Even merchandising stocks like Macy and food stocks like National Dairy Products, which had been well supported in other weak ses- sions, sold off today. In fact, about the only group to show any degree of support’ was the coppers. Pr to- ward an agreement for curtalling pro- duction was the reason for the firm- ness here. To add to the gloom, wheat went to new lows for the season early in the day and an American bank in Paris suspended payments. Decline During Morning. Stocks, after their irregularly higher opening, declined as trading progressed during the morning. Rails, oils and utilities were especially weak spots, as traders paid more attention to economie and financial developments than to news of a political agreement of the major parties of this country. Over the week end the average prices of commodities showed a further de- cline which carried them to a new low for the year. The character of trade news was not encouraging. This situa- tion was emphasized by fresh declines in cotton, grain and sugar. Although activity in the first half hour, 439,300 shares against 547,000 in the same Saturday period, was less than in the preceding session it exceeded that of a week ago. Call money renewed at 2 per cent. United States Steel, which publish Organized 1879 JOHN JOY EDSON, President The Time to Save Is Now While you have a steady income is the time to pre- pare for emergencies. tion. your loan problem. Washington Building Mortgage Loan Market Resumes Downward 8 WALTER S. PRATT, Jr., Secretary $5,901,12248 Surplus & Profits............$1,818,655.92 Subscription for the 100th Issue of Stock Being Received 915 F St. N.W. Quick Action. .. ‘On your Real Estate Loan applica- This office is prepared to give im- mediate and careful consideration to As Mortgage Loan Correspondent we always have funds available. Interest Rates Are Low Loans for Fifteen Years No Life Insurance Is Required and other leading in- as Delaware & Pennsylvania, cific and Union Pacific entered new low territory for the year. North American was an especlally in the public utilities, and Public Service Standard Oll Oorgrndun moved into new bottom }:vc:r , although some of them rallied GAIN IN UNFILLED STEEL ORDERS SHOWN October Figures Reveal Increase of 57,425 Tons for the Month. By the Associated Press. NEW YORK, November 10.—Unfilled orders of the United States Steel Corpo- ration increased 57,425 tons in October to a tolad of 3,481,763 tons October 31. In September a decrease of 155,866 tons ‘was shown. ‘The back log of September 30 was 3,424,338 tons. On August 31 unfilled orders aggregated 3,580,204 tons. On 7 "y 31 the total unfilled tonnage was 4.,22,055 and on October 31, 1929, un- filled orders amounted to 4,086,562 tons. The small increase shown in the Steel Corporation’s unfilled grders during the past month fulfilled Wall Street’s more optimist forecasts. It was predicted last week that the orders should show little if any decline, and possibly & small gain. Previously there had been talk of a considerable decline. The low rate of production during October was a factor in maintaining the volume of unfilled orders, but it was felt in steel trade circles that the volume may also indicate that con- sumers were placing contracts for de- livery rather far into the future, on the “theory that more advantageous prices would be unlikely. At the recent meeting of the Amer- ican Iron & Steel Institute, President James A. Farrel of the Steel Corpora- tion urged members to cease price-cut- ting and take a firm stand against further recessions. b o BANK CLEARINGS. NEW YORK, November 10 (Special). Today. Year Ago. Bank clearings.$578,000,000 $76¢ ,000 Bank balances. 117,000,000 152,000,000 Federal Reserve bank credits REAL ESTATE LOANS Made at Low Interest Rates TYLER & R it 102,000,000 106,000,000 National 0475 First Mortgage Loans Lowest Rates of unterest and Commission Thomas J. Fisher & Company, Inc. Investment When you select Guar- anty First Mortgages for an investment your principal as well as interest is secure. We Make First Mortgage Loans Capital Resources, $3.500,000 24 JACKSON PLACE Equitable Co-operative Bldg. Assn 51st YEAR COMPLETED We will gladly explain our systematic plan for saving! COMMITTEEMEN NAMED Special Dispatch to ‘The Star. BALTIMORE, November 10.—Fred G. Boyce, jr, and Menry M. Warfleld of Baltimore were named on committees selected to represent security holders of the Seaboard Air Line Railway in work- ing out a plan for reorganizing that company. These committees will co- operate with Dillon, Read & Co. and Ladenburg, Thalmann & Co. and attempt to adopt some form of volun- tary readjustment of the capital so as to avold receivership and at the same time provide for $11,000,000 bond maturities arising next 1 Mr, Warfleld, who is & brother of the late S. Davies Warfleld, former presi- dent of the Seaboard Alr Line, and Mr. Boyce represent a number of stock- holders in this section. -IN VIRGINIA lWSES Special Dispateh to The Star. average of $12.23. The price average, which at first was quite because of Drought T, has ""m.‘rma"' Sonaideratly with more seasonable weather and with ‘dh':‘;etur types beginning to be in evi- Money to Loan Secured b h“*l’cfi estate. National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—Oldest National Bank in the District of Columbia—1930 ance, fThe numbers in entele, £IRST When Customers Remain Steadfast —in their bank allegi- for a lifetime, standards of service must be exceptional. 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