Evening Star Newspaper, November 26, 1930, Page 13

WEDNESDAY, NOVEMBER 26, 1930. FINANCIAL. PRICE INDEX SLUMPS First Mortgage Loans SLIGHTLY DURING WEEK | Lowest Rates of interest and Commission .The wholesale price index of the No- | Thomas L Fisher & Company. tne 476 'mflml deellmd five frac- 3,50r10 THE EVENING STAR, WASHINGTON, Cs NEW YORK STOCK EXCHANGE | (STOCKS IRRECULAR IN LIGHT TRADING &= List Hardens Somewhat in|aversge for years 1926 FINANCIAL. Note—All stocks.ask sold in one hundred-share lots ing those designated by the letter s (80s) (250s) shows those stocks to be sold in odd lots only. SAYS STOCK RALLY WATSONNDLSTY s Dr. Moulton Tells Bond Club |ash tow ot Nomel il S e soend Snauci. Sates— Add 00 High. index 3 15 at 80.9 oomm 'lih llt!or (% Market Will Respond to Better Trade. BY EDWARD C. STONE. ‘Two vital industries—automobile and | construction—are likely to show expan- slon early in 1931 and prices of stocks will rally promptly when industrial pro- duction’ ick up, Dr. Harold G. Moulton, lent of the Brookings In- stitute, 26 Jackson place, declared in his talk before the Bond Club of Wash- 1nn~ In concluding his forecast of the business outlook, Dr. Moulton said: “Stock price movements nave tended in nt years to follow, rather than to precede, actual industrial changes Owing to the effects of the deprossion upon’the current earnings of corpora- tions, it is nct improbable that stock prices will remain depressed until such time as business improvement is actual- ly in evidence. If industrial production picks up in the early months of next year, stock. prices will promptly rally. We may, I think, expect the remainder of the. year to be a period of marking time, for at the moment in the popular mind the elements of uncertainty appent to pretty much offset such hopeful 42% 86! 8% Abmbl Po- & Paper Abitibl P& P of (¢ Adams Exp (1.60)... Addressogr'ph (1%) Advance Rumiey of. Alr Reduction (t434) Alr Wnly El AD ay) y Alleg Cp ww $30 534 . Allegheny 8t1(12.56) Allled Ch & Allis Chalme: Alpha Port Cmt (2).. Amerada Corp (3)... Am Agricul Ch pf Am Agri Ch pf et 2 Am Bank Note (13 84 38 166% 1074 8214 116 101 51% 307 591 1018, 100% 338 69% 417 30 75 5% 3614 8 28 4% 75 Am Bank Note pf (3) Am Bosch Magneto. Am Br Sh & F pf (T) Am Brown Bov Elec Am Brown B E pf (1) 1 Am Eneaustic (1). Am Euronean Secur. Am & For Power.... Am & For Pow 3d pf. Am Hawallan (210). Am Home Pr (4. 10).4 Am Ice (14). Am lnllrfllll 4’) Devoe & Ray (1.20 Dia Match ctfs (8) Duplan 8ilk (1). Du Pont de N (14. Endicott-John (5’ Eng Pub Sv pf (5 ErfeRR.. Erie RR 18t f (4)... Eureka Vac Cleaner. Evans Auto Loading. Fairbanks Co pt Fairbanks Mor: Seahion Park A Fisk Rubber 1st Fisk Rub 1st pf cv. Follansbe Bros (1).. Foster Wheeler (2).. Fourth Natl Inve: Fox Film (A) (4)... Afternoon Following an Early Recession. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, November 326.—Narrow and irregular fluctuations cl today's pre-holiday stock market. The ous | Teaction of the late trading on Tues- day was extended in the early deals today, but without bringing out muel stock, and thereafter prices ha: with few significant net changes. ‘Trade news was mixed. There was nothing particularly encouraging in the ! weekly reviews of the iron and steel | industry. The Iron Age spoke of hopes based on expansion and demand from railroads and the automobile business and from construction projects, but added that production for the country as a whole was down to 41 per cent, against 43 per cent a week ago, and that fresh weakness had appeared in the scrap market. Oft Production. Crude oil production for the week ended November 22 was down not only from the preceding week but from the corresponding week in 1929, and gaso- through 1928. of 14 in the index, seven declined, one advanced and the re- maining cha during the last week. B ¥ Included in the list of 35 commodities T i il S , m per wire and rubber. TR FREIGHT LOADINGS DROP. A heavy decrease was registered in loadings of revenue m during the week ended Nmmhr with the previous weel for comparable puflodl follow, as cal- g.ud the American Rallway As- ition Week ended November 15, 839,251 cars; vious week, 881,401 cars; same week last ym. 982,026 cars. U. 8. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of busi- ness November 24, was $97,873,046.36. Customs receipts for the month to date were $30,345.465.98. Total ordinary ex- Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates PORDIENS Pounded 100° 1417 K St National 9300 NEW LOCATION —after Dec. 1 we will be located at 1610 K St. N.W. INVESTORS who demand the utmost safety plus a liberal return invest in Guaranty Notes G ON A $5000 INVESTMENT Do you realize that $5,000 invested now in Massachu- setts Investors Trust shares ~—with dividends re-invested ——should create a retirement fund of $40,000 in 15 These £ are on e study the 30-year move- ments of securities similar to those in the portfolio of this trust and are fully substan- tiated by the 6-year record of actual holdings. Massachusetts Investors Truss offers excellent income yield and opportunity of apprecis= tion, with dependable secur- ity through its wi diversification of risk. 5:». and Bonds. Send for Folder F-207, deseribe signs as are discussed in the daily press. ing this retirement income plan. Data on Crops Needed. “Some of the data that are required for a thorough appraisal of the prospects for the new year are not yet available, notably those pertaining to the value of this year's farm crops, as compared with previous years, and reliable data a8 to the inventory situation in industry generally. It is possible, however, to consider at this time certain factors which will exert an important lnnuence our the situation in the first half of "nu data clearly indicate the tre- mendous importance which those two basic industries, building and automo- biles, have exerted in the general busi- ness umu:m during recent ye:‘:- I'A;; we can now g m trend in these indust: we Am Steel Fdy ll) have - Teasonably good buu for Am Sto; (12% %fl:fln‘ general trend of business. Am Sugar Ref (5 t, then, are um possibilities of im- Am Tllt'ral ) pmwmnt in these basic industries? Am Tobaceo (5). “With reference to the construction Am Tobacco B (§ industry, it would seem that the chances Am Type Fdry ( for an increase in activity in the first Am Type Fdy pf (7). half of 1930 are fairly good. Certain Am Water Wks (n1). divisions of the industry, notably houses, :'ll :’vflolon pr. apartments and office bulldings are m Writg Paper pf., still overdeveloped, but after a year of Am Zinc Lead & S8m. restricted building operations and with Amaconda Cop (33%). the cost of construction materially re- A":’“"‘CCII (2.40)... duced it would seem that even in these :" os "}'I};:l(l‘)--- lines 1931 should show some improve- A::::;:( m ‘F‘ m ment over 1930. Of more importance, Armoirof ) IH)." however, is the probability that there 5 will be & substantial expansion of pub- le works, the plans for which are being vigorously pushed by the Government. We may, therefore, expect the total volume of construction to show some in ensuing months. Predicts Early 1931 Expansion. “The automobile industry is likely also to show e: There can be no doubt that the mn-vnt in the flm quarter of 1931 will ly exceed the uction in the last qulmr of 1930, final quarter of the year always being & period of seasonal depression. It is not 80 clear that the first quar- ter's production will exceed the cor- responding quarter of last year. On the rlvonble side, however, it may be noted that the drastic curtallment of t, ularly during the second of the current year, has apparently accomplished something in the ‘way of reducing inventories. line stocks declined. On the other hand reports were heard of an impending cut in prices in California with a suggestion of another price war. The American Locomotive Co. cut its common stock dividend from a $4 annual to a $2 an- nual basis, but the George W. Helme Co. declared an extra of $2 a share on the common in addition to the regular quarterly of $1.25. U. 8. Ste ences exchanged. Address Box 311%, Steel opened fractionally lower =y Am La Fr & Foamite Am Locomotive Am Ma & Fy (11 Am M Am Me! Am Po Am Pow & Lt pf (§ AmP&LDIA (3%) Am P& L pf A st (5) Am Rad&Std San(1) Am Roll Mill (n2)... Am Safety Razor (5) Frank Simon pf (7). Freeport Tex (t5)... Fuller pr of (17.94). Gabriel Co (A) Gardner Motor Gen Am Tk Ca Gen Asphalt (3). Gen Bronze Gen Cable A. Gen Cigar (4). Gen Electrio (1 Gen Elec spec (80c). Gen Food Corp (3).. Gen Gas&E) A (e30c) Gen G & El cv pf (8). Gen Ital B4 (a Gen Mills 3)... Gen Mills pf (6). Gen Motors (13. Gen Motors pf Gen Pub Serv (b6) Gen Ry Signal (6)... Gen Realty & Util.... Gen R & Ut pf (e6) Gen Refract (14%).. Gen Steel Cast pf (8) Gen Theatre Equip. . Gillette Saf Rasz (4). Gillette Saf R pf (5). Gimbel Bros.. .... Gimbel Bros pf {7).. Glidden Co (1.20). Gobel (Adolf). Gold Dust (2%). Gold Dust pt (6) Goodrich (B F). Goodrich BF pf (7). Goodyear Tire (5)... Goodyear 18t pf (1), Gotham S H pf (7).. 50, Gould Copper. .. Graham-Pal Granby Consol (2) Grand Unton.... Attention, Investment Brokers! Company wants connection with bro- kerage firm for distribution of prospec- First Mortgage Loans and continued heavy during the first | T! hour, but later showed better resistance. Standard Ofl of California was weak and turned over in large volume under 850 & share and at a new low for the year. Other oil stocks sold off more or less in sympathy. The cut in the American Locomotive dividend had ap- parently been discounted in the price of the stock, but there was some selling of American Car & Foundry. REAL ESTATE LOANS Magde at Low Interest Rates TYLER & RUTHERFORD 2herSnonmBmmn S Ramnirnat B ean-Seannnl Capital Resowrces, $3,800,000 24 JACKSON PLACE Am 8m & Rt pf (1), Am Snuff (13%) Am Solva == Am Solv & Che: lllo K St. N.W. Nllio-n 0478 Eqmtable Co-operatwe BMg Ass'n JO.N Jor- SON, " Sakacsiption fee the E oF COLUMBIA COUNTRY CLUB PTRST issue, had s briet nln-up. "but the pooll MORTGAGE 6% HBONDS IM cautiously, seemingly not too confldem of their position. mr lotice e 1 h;{-hy given that u i Buying Is Hesitant. 3 % ‘The general market during the fore- noon made no progress one way or the other. If there was no pressure from liquidation there was no broad outside demand either. About the only infer- ence that could be drawn was that there was no necessitious selling over- hanging the market, and yet investment inquiry was unwilling to follow prices up. the 7, 0lu, wiil redeem - of its out- 3 Ja; . and that upon surrender of said with all unmatus office of We will gladly explain our systematic’ plan for saving! o after Tt et to accrue on said s on Jamibey 5. 1091, nds_on Janusry ¥ ORDER" OF Boarp or VERNORS, ARTHUR B. W. tary. —have no re- grets; when e m e rgencies arise they are prepared for them. BANK CLEARINGS. NEW YORK, November 26 (Special). | —New York bank clearings today, S!'M - | 2 Atch To & 8 Fe (10). - 6 ¢ 3T 3 000,000; a year ago, $1.398,000,000. N 4 6 ® Atl Gulf & W I (3) At Refining (12). Atlas Powder (4).... Atlas Powder pf (8 Atlas Stores (n1) Auburn Auto (§¢ Austin Nich pr A (3) Austrian Cred (3.82) Autosales. . . Auto Strap Sat R(3) Aviation Corp of Del Baldwin Loce (1%). Granite City Stl (4). Grant (W T) (1).. Gr North of (5)..... Great Nor Ore(12%) Great Western Sugar York bank balances tcday. $112,000, ooo & year ago, $282,000,000. New York Fed. eral Reserve bank credits today, llll - 000,000; a year ago, $149,000,000. We Recommend penditures, $8,068,923.25. Independence Trust Shares Church, Wootton & Co. Steel Officials Named. Hackensack W(1%). Hahn Dept Sto; Hahn Dept 8 pf ($3) Hanna pf (new) (1) Har Wk Ref (12%).. Hartman Corp (B) 2% Hayes Body..... Helme (Geo H) ( Hereules: Mot (1.80) . Hercules Powd (3) Hercules Pow pf (7 Houdatille Houston 011 Steel Corporation and Alan T. Oysten second assistant secretary. Bayuk Cigar (3). PFERS'D MORTGAGES Beatrice Cream (4). Beech Creek RR (1). Beech-Nu . “while the data are far from satis- Frer gl e A rts up to September Best & Co (3) ucr.lon of cars in the Bethletem Steel hands of dealers to the extent of 100,- 000. Moreover, large numbers of car owners have their old cars do, and at the end of some 14 or 15 months after the beginning of the depression of November, 1929, the time would seem to be ripe for some increase in r;{:lqeflne’nt orders. course, true that old cars ean be made to last more or less indefl- nitely; and yet, on the other hand, it uire only & slight improve- situation to bring & decided change in the attitude of con- sumers. In any event, current reports from automobile centers the that the new year will see impression lenulm improvement in this vitally im- | The extent to vh.(ch imvnwemenh these fields will the' Telephone National 5000 - © SRprnateT i e 12 ). 122 B hem St pf (7). 1 % law-Knox (13) ..., Bohn Alum&Br(1%) 4 g:""::&’; (1'::;) Borden Co (k3)..... 1 Hud&Man Ry /3.50 Borg Warner (3) 10 Hudson Man pf (5) Boston %ln:u‘:) . Hudson Motors (3) otany Con M (A)... Hupp Motors. Briggs Mg Co o -l ¢ e ALY Tlmots Central (1) Washington Building Metropolitan 2721 PROFITABLE, r-:sam.oy- MENT FOR. YOUR MONEY el Those surplus dollars which you might otherwise spend thoughtlessly can be put profita- bly at work through investment in our 6% FIRST MORTGAGES, This liberal interest is paid continuously throughout the entire period of years the mort- gage runs—and meanwhile you have the full assurance of the entire safety of the principal— backed as it is by improved real estate which has been conserva- tively appraised. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 “15th: St. N.W: —a s P =T L L Bueyrus (1).... .. Bucyrus cv pf (2%). Over a Third of a IVERSIFIED TRUSTEE SHARES Income and Profit from 50 Stocks Many authoritative nm’yfiu of American financial and ecenomic history of the past half century have proved that an investment in ten dlnmfiod commen stocks mnl be oxpochd not only te yield than-average income, but to nfid.—ovn a peried of yun — definite onh.uomM of principal. How much greater, then, the as- surance of income and apprecia- tion afforded by equities in 50 Recommended and sold sciontifically diversified common by leeding bonks end stocks . . . as in Diversified Trusteo investment dealers. Shares, Series C. These shares g & Toll (1.60). 3 3 Krog Gr & Bak (n1). I represent ewnership in Union }..mb;nc-'(:;). cific, Ansnv;u:' To|‘.. a.’;:fiol Lane Bryan iscuit, U. S. Steel an others Leh Vat Coal f (3).. of Kk ‘strongth and stability. Lehigh val (t434)... Lehman Corp ( . Lehn & Fink (3). Libbey O Ford G Liggett & Myer (15). 4 Lig & Myers B (15).. Lima Locomotive. Liquid Carbonle Loew's, Inc (14) . Loew’s pf xw (6% Loft Inc. .. Long Bell L Loose- Wiles (12.90). Lorillard (P) Co. Loutsiana Ofl. LouG&E (A) Louis & Nash (1). Ludlum Steel. . McCall Corp (2%)... McKeespt T P(16%) & Rob (1) Insurance Sh ( Ins otfo (Md) (80c. (o Rap Tran. cont Rubber. |nur|na 1ron (1 % Int Agricultural. Intl Bus Mach (n€) . . Intl Carriers (360). . Intl Cement (4). int] Combustiol Int Comb Eng pf. intl Harvester (1 Int Harvester pf (7). Int] Hydro El A (e3) Intl Mateh pf (4).... Intl Mer Marine (3). Intl Nick of Can (1). Intl Paper & Pwr A. Intl Pap & Pow (C).. Intl Pap & P pf (7) Int Rys Cent Am et. . Int] Salt (3).... Int] Sflver pf (1) intl Tel & Tel (3). Inter Dept Strs (3).. Investors Equity (3) Johns-Manville (3).. Jordan Motor Car... Kans City Sou pf () Karstadt (R) (1.03). Kayser Jullus (2%). Kelly-Spring Tire. Kelsey Hayes (2)... Kelvinator Corp ... Kend Co pf (16.37).. Kennecott Copper(2) olster Radlo. ...... sge (88) Co 1.60. ge (88) pf (7). SH) Co (pl). Century Without. a Loss ——.d tions,” Dr. Moulton concluded. Gu Companies Report Earnings. et corporate income of the Wash- mun Gas Light Co. in October totaled $54,028.41 in comparison with $56,104.76 in the corresponding month a year ago, 0 _the report just filed with Public Utilities Commission. This | & decrease of $2,166.35. 10 monuu of the present net profits l&l 0 in comparison ln the corresponding or a drop of m .904. 52 considéred an excellent showing blflln& conditions in the Canada Dry G A Can Pac new (2%) Cannon Mills (1 Capital Admi: Caterpillar Trae. Cavan'gh-D pf (§%) s Celotex voting Celotex Co pf. /Cent RR of N. Cerro de Pasco (4) Certain-teed Prod Checker Cab (4.20) Ches & Ohto (3%)... Chesapeake Corp (3) Chic & Alton ves Chic Great We: Chicago Great Wn pt Chic Mil St P & Pac. Chie M1) St P& P f. Chi & Northwn (4) % Chic Pneu Tool Chic R [ & Pae (1 % Chi YellowCab (3). Chickasha Cotton on Chrys City I City e City Stores (6 ClCC&Blel(i) ¢ ). “SHARES IN AMERICA” THERE IS NO SUBSTITUTE FOR = SAFETY Sponsered by W. A Herrimen & Co. Ine "Gas Light Co. re- ¢ off in net earnings in October but for the 10 months net earnings muhd $137,093.04, against $119,282.50 in the corresponding period last year, a gain of $17,810.54. Ice Company’s Profits Grow. | Net profit of American Ice Co. and subsidiaries after interest, but before | Federal taxes and depreciation, for Oc- | tober were $404.018, compared with $399,062 for October, 1929. 1915 138% The combany’s net profit after inter- | % est. but before Pederal taxes and de- | 12 preciation, for the 10 months ended 9% October 31 were 35434925, comparing 213 with §5278430 for the same period 329 year. 99 Directors of Chesapeske & Potomac | o Telephone Co. at their monthly meet- | 81% ing vesterday authorized underground | 16% le extensions in the west central | 311 Comm Credit A (3) office district, additional switchboard 76 Comm Cred 1st (§34) equipment in the Georgia central office | 21 and miscellaneous extensions in other sections of the city. The facilities au- | thorized, together with other construc- | . tion already in progress, bring the totsl | amount appropriated for extensions in the District 8o far this year to $3,367,- | 810, officials of the company state. | Al the banks and brokerage houses | and the Washington Stock Exchange will be closed tomorrow, Thanksgiving. Traction Stock Sells at 49, | Six 10-share lots of Capital Trac- Q-M)n stock sold at 49 on the Washing- ton Stock Exchange, the same as the closing price yesterday. Forty shares of Mergenthaler came out at 8915, Pederal-American Co. common moved | n 297 and Potomac Electric Power | 14 per cent preferred moved at 107% lnd 107%. ur hundr>d shares of Chethem Phenix Ne- tional Benk end Trust mEalnavannunoate DIVIDENDS — from the several stocks in the group as created under our plan of INVESTMENT DIVERSIFICATION through the DIRECT OWNERSHIP METHOD American Trustee Share Corporation o e 39 Broadway, New York v are payable to the investor directly by the corporations Denver Los Angeles issuing the stocks or by their fiduciary agent. There are o administration or trustee charges to the investor. The - stocks are registered in the investor's name. s s $.5.0 [STSTS 0% PO Write for descriptive cirevior H 5 Comm Credit pf B(2) om In Tr (£1.60). . Comm Inv Trpf 6%. Com In T ev pf (e6). (:omm Solvents (31) Comwith & 8o (§0¢c). Comwith & 8o pf «§) Congoleum-Nairn Congress Ciga Consol Cigars (§ Consol Cig or pf ('b . Conmel Film (2). Sema Of the thirty carefully chosen active stocks in three gwpa all except one are listed on the New York Stock xchange while the other one is listed on the New York Curb Exchange. » » E LT T Cons Gas N ¥ of (5). Cons RR Cub pf We Recommend— DIVERSIFIED TRUSTEE SHARES (el Macy & Co (n13) Madison Sq Gar (1) A bnklu fully describing plan Trm; the selected stocks wdl e sent upom vequest. 3 Marine Mid (1.30)... Marmon Motor Car.. Marshall Field (2 “) Mathieson Alkall (3) May Dept Strs (n3).. Maytag Co (1) Mengel Co (3) . Met-Gold pf (1.89) 9% Mexican Seaboard. .. M AL Iglehart & Co. Investment Banhkers 426 Shoreham Building ~ Washingten, D. C. Telephome District 3581 Beltimers, Md. WNER & 00. WC. HEye 55 N.W. Washingten, B. C. wesBoBSuenSonabevirtercaroBone sanmnann=-SonAnenanen Savings Club Drive Starts, ‘The first announcement concerning . Christmas Savings Clubs for 1931 made over Radio Station WM l! ‘clock this evening. The nted includes Floyd Mombamy WA..ANAI.'MWIII &Co |3 1700 Eye S¢. o Midland Steel (3) Minn Moline Pow, 8% Mo Kan & Tex (3)... 10 MoKan& Texpf (1) 4 T4 —_— (Continued on Page 14) Met. 3860