Evening Star Newspaper, November 18, 1930, Page 13

Brokers Promoted—Gain Is Noted in Bank Deposits as Loans Show Drop. BY EDWARD C. STONE. All the officers and directors of the Perpetual Building Association were re- elected at the annual mecting of the stockholders held yesterday. They in- clude James Berry, president; Arthur G. Bishop, vice president; Edward C. Baltz, secretary; Marvin A. Custis, treasurer; Raymond K. Espey, assistant secretary, and John C. Scofield, Vernon G. Owen, Franklin W. Harper and Dr. William G. Schafhirt, members of the board. The stockholders were informed that the association’s assets now total more than $24,000,000, and that the orgenization stands twelfth among all building associations in the country which are members of the United States Bullding & Loan League. Broker Employes Promoted. It was announced at the local offices of Harriman & Co. today that Homer Bassford, who has been in charge of margin accounts, has been made as- sistant to Manager L. W. Todd, and that Ralph L. Bailey has been placed in charge of the statistical department. Mr Bassford is 24 years old, was born in Missouri, but reared and educated in Washington. Since leaving high school he has bcen growing up in the brokerage business in this city. His father was for many years secretary to the late Champ Clark during the lat- hr's long and distinguished carecr in Co=gress. Mr. Bailey is a native of Wilmington, Del, is 26 vears of age and is & mem- ber of the District of Columbia bar. He has been with Harriman & Co. for sev- eral years as a margin clerk. The pro- moting of these young men is in line with the established policy of G. Bowle Chipman, resident partner, to advance members of the staff whenever possible. Record Business Reported. ‘The Enterprise Serial Building As- sociation, Seventh street and Louisiana avenue, on October 1, 1930, had assets of $1,295,845, an increase of $43,557 for the past year,- according to a report made today. During October 1,762 new shares of stock were subscribed, the largest busi- ness during any one month in the his- tory of the association and more than 50 per cent increase over the corre- sponding month of last year. The as- sociation also made a record for loans made by it during any one month, $104,250. The association was organized in March, 1892, and has shown a steady conservative increase in assets since it_time. The officers and directors are James E. Connelly, president; John ‘T. Crowley, vice president; James F. Shea, secretary, and G. Percy McGlue, treasurer. wrl: George I. Borger, Martin Bernard R. Edwards, Maurice enld P. F. Hannan, Ralph A. , M. A. Keane, M. J. Keane, Ed- | T. Kehoe, Frederick Kraus and . Niland. The assoclation is a member of the Bullding Association Council of the District of Columbia and of the United States Building and Loan League. Deposits Up; Loans Down. ‘The Federal Reserve Board's condi- tion statement of weekly member banks in leading cities on November 12 shows decreases for the week of $76.000,000 in loans and invest- ments, $17,000,000 in borrowings from Federal Reserve Banks and $23,000,000 in Government deposits, and increases of $220.000,000 in net demand deposits and $5,000,000 in time deposits. Loans on securities declined $157,000,- 000 at reporting banks in the New Yo district, $10,000,000 each in the Boston and Chicago districts and $181,000,000 at all reporting banks. “All othe loans increased $40.000.000 in the New York district and $8,000,000 in the Chi- e district, and declined $13,000,000 the Boston district, all reporting mn showing a net increase of $43,- Southern Dairies Earnings Up. Sant.hem Dairies, Inc., and subsidi- aries report for six months ended June 30, 1930, a profit of $338,140 after de- wecuwm terest, ition, mi- nority, etc., but before Federal taxes, With profits of $233,406 in the first six months of 1929. The con- solidated financial statement reports net sales at $5.072,239; cost of sales, $4,638,520; balance, $433,719; other in- come, $501,699; depreciation, etc., and subsidiary preferred dividends, $163,559. Another report, just out, which con- tains more than ordinary local in- terest, is that of Warner Bros. Pictures, Inc., and subsidiaries. The corporation report for year ended August 30, 1930, net profit of $7,074.621 after deprecia- tion, amortization, Federal taxes, special film inventory, write-down and extraor- dinary expenses incident to the co-ordi- nating of newly acquired properties. ‘These net profits are equivalent after ferred dividends of $1.77 a share on 769,025 no-par shares of common now outstanding. Trading on D. C. Exchange. ‘The heaviest volume of trading on the Washington Stock Exchange today ‘was in Merchants' Transfer & Storage preferred, 110 shares changing hands at 943, Both type stocks were out, Lanston !lmo'pe selling at 103, and Mergen- thaler Linotype in small lots at 9% up to 893 and down to 89 at the close. ashington Gas Light stock regis-| tered 121 in a 19-share sale and the same amount of Potomac Electric Power :o!g‘ per cent preferred stock moved at Bonds were quiet, $1,000 Washington Gas 5s selling at 105, and $1,000 Capi- tal Traction 5s moving at 85. Potomac Electric Power 6 per cent and the 515 per cent preferred were quoted ex-dividend today. Heard in Financial District. ‘The Federal Reserve Advisory Coun- cil was holding its regular quarterly meeting here today. John Poole, presi- dent of the Federal-American National Bank & Trust Co. is a member. Only routine matters were expected to be! discussed ‘The Bank Women's Club of Wash- ington will hold its November dinner meeting at the Iron Gate on the 25th. | Miss Elizabeth Haney, passenger repre- | sentative of the B. & O, will give an fllustrated talk on “Our National Parks.” The president, Miss Mabel T. Royce, will preside. The offering of $20,000,000 Federal ' Land Bank 41% per cent bonds has been | oversubscribed, it was announced today, Election of officers was to be the chief business at the annual meeting of the | Washington Stock Exchange tomorrow | ‘The Adams Express Co. has declared | 31. ‘The weekly letter of the Harvard Eco- momic Society looks for the end of de- business d\lflnl the first half, u.netd llll ‘M "Mhmsua mldm Indivilual sales compiled to 12:00—complete in 5:30 um":. —Prev 1930~ High. Low 66 37T% 4% 33 1% 4 Allted Ch % Am Pow & Lt pf (6). City Stores (50¢c). ‘ S NEW YORK STOCK EXCHANGE Received Stock ana Dividend Rate Add Abraham Strauss. .. Adams Exp (1.60) Addressogr'ph (1%). Advance Rumley.... Ahumada Lead Alr Reduction (t4%) Alr Way El Ap (1%) Alaska Juneau Albany Wrap Paper. Allegheny Corp. ... Allegheny St1(12.55) ne). Allis Chalmers (3).. Alpha PortCmt (2).. 1 Amerada Corp (2) 3 Am Bank Note (13),. 4 Am Beet Sugar. 1 Am BrSh&F pt (1) 30s Am Erown Bov Elec. & Am Brown B Epf (1) 108 2 1 ::-:.‘-—g.——.:..fi Am Agricul Chem Am Can (15). Am Can pt (1) Am Car & Fdy Am Car & Fdy of Am Chicle (13). Am Colortype (2 0) . Am & For Power Am & For Pw pf Am & For Pw pf (7) Am & For Pow 24 pf. Am Hawalian (a10). Am Rad&std San(1) Am Republics. Am Roll Mill (n2) Am Safe|v Ragor (§) Am Ship'& Com. Am Sm & Ref (4), Am Solv & Chem Am Tobaceo (5) Am Tobacco B (§) Am Tobacco pf (8).. Am Water Wks (n1). Am Woolen. Am Writ Pap pf (4). Am Zinc Lead & Sm. Anaconda Cop (2%) Archer.Dan-M (2).. Archer-Dan pt (7) Armour of Del pf (7) Armour of 111 (A)... Armour of 1l (B) Armour of Il pf (1) Arnold Constabl Asso App! Ind (4) Asso DIy G (2%)... Atch To & S Fe (10). Atch To& S F pf 1l)- Atl Coast Line (10).. At Refining (12).... Atlas Stores (n1)... Auburn Auto (14)... Austin Nichol Austin Nich pr A (3) Austrian Cred (3.82) Auto Strap Saf R(3) Aviation Corp of DQI Baldwin Loco (1% 2 3 - : B L L T T T S IoTCIo IO TP VI P - PTUPAPH L TOTPYVI - TTRTIOT S PPN Baldwin Loce pf l') 1100'10[ Balro & Ohlo (7). 10 Bang & Aroos »f (1). 208 Barnsdall A (2)..... 13 Beatrice Cream (4).. Beech-Nut Pke (3).. Bel N Ry pt pf t5.51. Bendix Aviation (1). Best&Co(2).. ... Bethletem Steel (6). Bethlekem St pf (7). Blaw-Knox (13%)... Bohn Alum&Br(1%) Bon Ami (A) (16)... Borden Co (k3)..... Borg Warner (3). Boston & Maine “). . Briggs Mfg Co. Briggs & Strat (2) Brockway Mot Trk.. Bklyn-Man Tr (4)... Bklyn Union Gas (5) Brown Shoe (3) Bruns-Baik-Col Bruns Ter & Ry Bucyrus (1).... .. Bucyrusev pf (23%). Bucvrus pf (7 Budd (E G) Mfg. Budd Wheel (1) Burr Add Mach (1).. Bush Termmal (2%) Butterick Co Byers (A M). Calif Packing (4) Calumet & Arizona. Calumet & Hecl: Campbell Wyant (3) Canada Dry G AuS). Can Pacnew (23%).. Cannon Mills (160).. Capital Admin (A).. Capital Adm A of (3) Car Clin & O sta (5). e = ..§...w.2.....-. e @ e RRof NJ (t12) Cerro de Pasco (4).. Boad-nes - Chicago Great Wn pt Chic Mil 8t P & Pac. Chie M) St P& P pf. Chicago N W (4).... Chic Prieu Tool. Chic R I & Pae (7)... Chickasha Cotton Of) Childs Co (2.40).. .. Chrysler Corp (1)... » BT e R T e Collins & Afkma: Colonial Beacon Col Fuel & Iron Col Gas & El (2). Co! Gas & Ei of A Colum Graph (a Columbian Carb Comm Credit (2) Comm Credit A (3 Comm C 18t xw (§34) Com In Tr (g1 60) Com In T ev pt Comm Inv Tr pf 6% . Comm Solvents 111) Comwith & 8o (80c) . Comwith & 8o pf «6) Congoleum-Nairn, .. Consol Cigars (§) ", Consol Cig pr pf 6% . 100- Consol Film (2). Consol Film pf (3).. a Consol Gas N ¥ (4).. 164 Cons Gas N Y of (5). 3 Consol Textiie...... - - S o8B wdnaSRalss % Container A (1.20).. 3% Curtiss Wright Corp Container B . . Contl Baking A Contl Can +2%)..... Contl Dia Fibre (1). Cont) Insur (2 40)... Contl Motors. . Contl Ofl of Del Contl Shares ( Corn Pr Ref (14).. Coty Ine » Crown C&S p!l! 70). Crown Zellerb'ch (1) Cuban-Amer Sugar. . Curtis Publish 117). Curtiss Wr Corp A.. Davison Chemieal. Debenhams (70¢) Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wa (7). Detroit Edison (8).. Detroit & Mack pf. e St .. 5 st daslati by 4 Lehman Corp (3) I % Manhat Shirt (1) Private Wire Direct to The Star Office. Stock and Saiea— Prov. vidend Rate mu-n.u I:: u-cl- Eitington-Schild pf Blec Auto Lite (§) Exchange Buf (1%) Fairbanks Morse (3) Fed Motor Tr Fed Wat Svc A Fld Ph Fire in ( Firestone T4 R . T&RDpf(6).. ?......... 3,758 oo 0 o884 n Fisk Rub 1st pfev.. Follansbe Bros (1).. Fox Filum (A) (4)... Freeport Tex (#6)... ' 11 Fuller 24 of (17.40). 208 Gabriel Co (A). Gamewell Co (5 Gardner Motor. Gen Am Investol “en Am T'k Car Gen Asphalt (3) Gen Elec spec (80¢) . ‘Gen Food Corp (3). . Gen Gas&El A(fi“) e.-..! Gen Motors (13.30). Gen Motors pf (5) Gen Outdoor Adv. Gen Pub Serv (b).. Gen Ry Signal (5) Gen Realty & Util. Gen Refract (14%) ‘Gen Theatre Equip.. Gillette Saf Ras (4). Glidden Co (1.20)... Goodyear 18t of (7). . Gotham 8ilk Hoslery Gotham 8 H pf (7)..100s Graham-Paige...... 4 Granby Consol (: 5 Grand Stlver 8 (m1). 2 Grand Unfon..... 3 Grand Union pf (3).. 1 Grant (WT) (1).... : 1 6 s oo - eaBSe Rl unancs Gr North of (6)..... Great Nor Ore(12%) Great Western Sugar Gr West Sug pf (7). 120 Grigsby Grunow.... Gulf Mobile & North. 1 Gulf Mob& Nnf §). 2 Hacken pf A (1%).. 40s Uabn Dept Stores... 7 Hanna pt (new) (7) 160s Har Wk Ref (12%). Hartman (A) (2). Hayes Body... Hercules Pow pf (7). 50- Hollander Sons. Houdaille Hershey. . Houston Ofl (b10%). Houston Ofl (new) .. Howe Sound (t4%).. Hudson Motors (3) Hupp Motors. ..... illinots Central (7). - a5 Indian Refining. ..v Ingersoll Rand (16). Inspiration Copper.. Insurance Sh (45¢).. interboro Rap Tran. Intercont Rubber. ... interlake Lron (1). . Int Agricuitural.... Intl Bus Macb (n6) ., Intl Carriers (26¢).. e =P IR Y FreSennae Int Comb Eng pf. intl Harvester (234). Int] Hydro Bl A (e2) Int] Mateh pf . Int] Mer Marine (2). Intl Nick of Can (1), Intl Pap & P of (7) . Int Print Ink pf (6).. Intl Salt (3).. - Int Dpt 8t pf xw H). Investors Equity (3) Jewel Tea (16).....0 Johns-Manvilie (3) Jordsn Motor Car KCP&L 1stpf B (6). Kayser Julius (23%). Kelly-Spring Tire. .. Kelly-Spring 6% pf. Kelly-Spring 8% pf. 1 Kelsey Hayes (2).... Kelvinator Corp . Kend Co pt (16.37 Kennecott Copper(2) Kolster Radfo. Kresga (88) Co 1. Kresge Dept Bt pf. Kreug & Toll (1.60). Kros Gr & Bak (nl). Lambert Co (8) Lee ber & T Ri Lehigh Valley Coai.. Leh Val Coal pf (3).. Lehigh Port Cmt (1) Lehigh val (t4%). Lehn & Fink (3).... Libbey O Ford Glass. Liggett & Myer (15). Lig & Myers B (15) Lima Locomotive, Link Belt (2.60). Liquid Carbonie (4). Loew's Ine (3). © P vmpanao~EamnSonnaneium . Lorillard ¢(P) Co. Lorillard (P) pf (7). Loutsiana Ofl. . LouG &R (A) (1%) Louis & Nash (7) Ludlum Steel. . McCall Corp (2% ). . McKeespt T P(16%) McKesson & Rob (1) McLel'an Store McLellan 8 pf A (6). Maek Trucks (6 Macy & Co.(nt3) Iudl-o- 8q Gar (1) ma Copper (3).. Elev mod g (45) LI oo Marine Mid (1.30). Marmon Motor Marlin-Rock (15%). Marshall Field (3%) Martin Parry. . Mathieson Alkali (3) May Dept Strs (n3).. Maytag Co pf (3).... Maytag Co 1st pf (6) Mengel Co (2) . Mengel Co pt (1) Mexican S Miami Cepper. Michigan Stl (h23). it . =S oA O A OISO & e e R TN NO B B Monsanto Ch (81% Montqomery Ward. - e ® E__.qr.:.....a = - 863 ° 86% 4% 15 2% 3 3% A% 4% 169% 169% 10% 11% 6% 6% 26% 28% 3 4 12% 12% 3% 3% 139% 140 10 10 59% % llfl lfl Wl M REACTION N STOCK PRICES CONTIUES g Market Sags Further on 14 | Specisl Dispal Uin Steady Selling—Volume ~Is Small. BY GEORGE T. HUGHES. to The Star. NEW Y Nnvzmbvr 18.—The re- action in the nock market was carried further today, with a generally lower range of prices for both rails and in- dustrials. Declines were in the majority at the opening, and all through the morn- ing there was desultory selling, a good deal of it evidently from bearish pro- fessionals who were encouraged by the lack of resistance the list had shown Monday. On the other hand there was little indication of important liquida- tion. Trading went on at a lelsurely pace. Weak Spots. ‘The utilities and the rails were the weakest groups during the early deal- ings. North American Co., as on the day before, rlve way easily, at one time showing a loss of over 3 pomu Con- solidated Gas, Pul Service of New Jersey, American Water Works and other stocks of that grade continued to sag. American Telephone & Telegraph made no better showing than the rest, considering the high investment rating accorded to the stock. Amonf the rails there were a number of new lows, including Illinois Central, Delaware, Lackawanna & Western and Nickle Plate. Here the losses were small, but easily explainable, as read- &nmenu to the present level of earn- ,! Union Pacifie sold off 4 or § nts, and New York Central, the tter mppnrned was well under Ul:m States Steel led a dowh'lrd movement in the standard industrials Selling under 143, it was more than 5 Eo&:s below last week’s high. West- house Electric and American Can lower, but not significantly so. Exceptions to Trend. ‘Notwithstanding this show of heavi- ness there were numerous exceptions to the trend. One of these was Sears, Roebuck, which was strong on the dec- laration of the regularly quarterly stock dividend in addition to the cash dis- bursement. Montgomery Ward rallled fractionally in sympathy. Rubber stocks were in good demand, notably Good- rich. Predictions are made that next year will see an acute shortage of tires, and meanwhile there are no_ inventory losses to write off by the producers. Elsewhere in the list Auburn. Auto rallied against the shorts quite sharply, and it looked as though the short in- terest in J. I. Case was not making the progress it had hoped to make. Amuse- ment stocks held well, especially: War- ner Bros. Pictures and Loew's, ahd there ‘was no weakness in the tobaccos. Opening Is Lower. The market, after an actively lower lrnm‘ turned dull and prices sagged adily in thin trading. the opening there were a few blockl One blotk of 6,000 shares of United States Steel was off nearly a point, but later the price receded almost ancther point, to 142%. Gen- eral Motors started with a 10,000-share block, off %, later going slightly lover | v | North American featured the uf ity , actively to 65%, %,” drm‘nnl‘ol sales, one of which was a 5,000-share deal. Ragdio clined to 14% at one time, down 1 There was a 5,100-share sale of radio. Money renewed unchanged at 2 per cent. In the first half hour sales amountd to WAOL:’?:;)&M with 340,800 in the same Active favorites, such as Alr Reduc- tion, American Can, Case Thresh! oof Westinghouse, General Electric, Wi worth, xznnecou and Vanadium, fell 1 to 2 pol , Roebucl:n‘wu a xm up 11, points at 49% o et blon af B stk dividend, luknunnl Illinols Central -nd Nickel Plate made new lows. Oil shares dropped narrowly. NEW YORK, November 18.—Com- mission house mun tec] and potmaulthn:dlyor two will be needed to consolidate last week'’s nlnl Some of the market ohefl the year's lows will have nnothn Comments follow: d & Oo. ——The action of the hes last Monday's furnish the clue ts immediate trend. We still SRS Gusten out before. any major | to will be tes oul fore upswing takes place, although the test may be delayed for a few weeks and the mnrket may ’““f‘ in several false starts in the interval, Babcock, Rushton & Co.—We feel very d!flnlul that the most serious part of the %fllflltbfl is behind us. It is a reasonable hope that the mar- ket can reach a stability that Wl]l make it possible to al individual weakness and liquidation without seri- ously affecting the list as a whole. Shields & 00.——"!')1. fallure of. t.he rally to carry through in the expected uy most traders proves for the um uu:.\on ll: llflhmt possil of unldnflm: exists. There is be ample time for e good stocks when all selling is lltol’befl and real promise of business improvement exists. blower and Weeks.—Because leo:‘edkl rally corresponded in both duration and extent to the similam re- covery moyement of fiu last in | June, 1930, and the wctktnmnm g N - 1, 1929, a comparal consol DT of this advance can logically be'ex- obey & Reaction in prices i has carried mny stocks to levels not Money to Loan Seenpet dluing nteress .-.:"..“.'.'.:%.:““ Joupll w -n. ¥ BURGLARY & THEFF INSURANCE Private Residence—$1,000 Costs $15.88 M. LEROY GOI’F Ins The Advantages of the . Shoreham Building —are many and im- portant— Most convenient location. Most efficient service. Most attractive suites, Best arrangement. No dark and gloomy~ corners. Select class of tenants. You will find space available to meet your requirements, no mat- ter whether you need a single room or an elaborate suite. Tenancy in . the : _ Shorgham Building is an assét. ° Representative of the Owners SHoREHAM INVESTMENT COMPANY Rental Office Room 520 15th at H Nnflnnal 5643 First Mortgage Loans: On improved Real Estate in the District of Columbia and nearby. Maryland and Virginia _for 3, 5 or 10 year ferms on your Home Apartment 5%% Office Building Business Property RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. ¥ Decatur 3600 FOR RENT | Exceptionally attractive front office suite of two roan One room very large. Especially decarated for present tenant, who is moving; out. Draperies now at windows can be had if wanted. Corner location, overlooking Fifteenth street. Two ex- | posures and pretty view. Very attractive building, with unusual service. In neighborhood of Fifteenth and H streets. Phone for Information or Appointment to Inspeet TERRY B. SIMMS 729 15th St. N.W. Phone National 1120 Complete Investment and Brokerage Service Copy of Our “Forinightly Review” Furnished on Request G. M.-P. MURPHY & CoO. Members New York Stock Exchomge 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 New York f E Richmond Philadelphia ‘Winthrop, Mitchell & Co. well to remember that the market last week showed rn in RRer st show signs basic industry of veloplng stabilization, such as a) be taking place in emcr it to carry industry are highly significant move. Further sell- ing seems likely today, but we are I.nclined to believe that better resist- ance will be shown. The market, we believe, is gradually turning upward. BANK FAILURES CREATE BEARISH MARKET FACTOR Special Dispatch to The Star. B NEW YORK, November 18.—The out- break of banking troubles in the South d Central West has projected a new | and une bearish factor into the the market situation. Up to the present dime this country has been free of credit dut\lmneu, ln contrast with other periods of sion and with those in Furope and n South America. New York corrupond-- Ienn of interior banks carefully watehing the ntunuon And that where weakness is known to and Have $5000 & a !J’.‘. a Month Write for free deseriptive booklet, “Enjoy Meney.” INVESTORS SYNDICATE F. B. KEECH & COMPANY Member of New York Stock Exchange Washinston Stock Exchange Chicaso Stock Exchange New York Curb Exchanse Chicago Board of Trade \erpool Cotton Association. Lt New York Cotton mhnm New Orleans Cotton Exchane Winnipeg Grain Exchange r Exchang Y., Ine. Yok | Jide Exchange, Inc. Minneapolis Chamber of Commerce fonal Metal . Sremen Cowon Eichanse (Asioes Mombersy - roew 186 We are prepared to carry BONDS COMMODmES On a conservative margin basis. - STOCIZS We invite vou to make use of our Statistical Department. H CORNER 17th ST. NW, WASHINGTON NATIONAL 0245 New York . Chicago Philadelphis - Detrolt Providence Brookiyn SEASONAL BRANCH OFFICES Saratoga Springs Bar Harbor Bretton Woods York Harbor Shawnee-on-Delaware Palm Beach Miami Beach A Fixed Income ‘When promise of large yield tempts you to put your money into question- able investments, remem- ber there’s no income more stable than that represent- ed by the interest on a sav< ings account, in a strong, old bank like this. & Same Rate of Interest Paid on large and small dccounts, NATIONAL SAVINGS & TRUST COMPANY 64thYr. Corner15th & New York Ave. The Oldest Savings Institution In the District of Columbls Ci ufital & Surpl;x $3,500,000.00 PROPERTY MANAGEMENT Apartment House MANAGEMENT Il'ui:u long experience to keep overhead and income in the right ratio in the man- agement of apartment houses. Our service has had the ex- perience that achieves that end successfully. A service rendered for nom- inal fee. B. F. SAUL CO. 925 15th St. N.W. Nat'l 2100 _ 1l ritasas e lilN) 3% offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the sub- stantial savings possible for through five and one- , Prompt approvals— Valuable prepayment privileges— Three-year loans on newer properties without amortization H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889