Evening Star Newspaper, December 8, 1930, Page 13

FINANCIAL. " NEW S0BOND ISSUE ANNDUNGED Washington Suburban Sani tary District Notes to Be Sold Wednesday, Dec. 17. BY EDWARD C. STONE. Bids will be opened Wednesday, De- cember 17, on a new $300,000 4'; per cent issue of Washington Suburban Sanitary District bonds, it was an- nounced today in the financial district. The bonds will run 30 to 50 years. The bpnds are being put out by the Washington Suburban Sanitary Com- mission, the funds to be used in the extension of woter mains and sewers in the territory adjacent to the Capital. The commission has been handling sewer and water extensions for several years in cutlying areas, and has a'ready marketed several other bond issues. | ‘This 4ssue is to be known as ries W. ‘The bids will be opencd before 3 o'clock on the above date and the award anmounced, The commission's office is in the Tower Bullding. Trading on D. C. Exchange. ‘The largest sale on the Washington Stock Exchange today was 50 shares of Washington Railway & Electric pre- ferred at 981 Columbia Medical Building Corpora- | tion sold at 110, Federal-American Co. | common af, 293, Merchants’ Transfer & Storage preferred at 98 and Mergen- thaler Linctype at 88 and 88%% was a transfer of 100 shares of ‘National Mortgage & Investment preférred at 5. The only bond sale was in Capital Traction 5s at 85%%. New Low Rate on Treasury Issues. Offering of two issues cf Treasury certifitates totzling $400,000,000 at rec- ord low interest rates was announced by Secretary Mellon in connection with tthe December 15 financing of the Gov- ernment. The first offering, totaling $150,000,~ 000 six months’ Treasury certificates, is dated December 15 and will bear in- terest at rate of 134 per cent. The sec- ond issue, dated December 15 and due December 15, 1931, totals $250,000,000 with interest at raté of 1% per cent. Certificates to be retired December 15 bear a rate of 314 per cent and the previous low record of interest rate singe the war was 2%; per cent borne the certificates offered on September 15, 1930, The Treasury announces it will accept in payment for the new certificates at par ‘Treasury certificates of indebted- ness of Series TD-1930, maturing De- cember 15, 1930. Offers of maturing certificates for the new issues will be giveh. preferred allctment on the six months’ certificates up to $30,000,000, and up to $50,000,000 on the 12 months’ certiffcates. ‘Fifth District Building Permits. Buflding permits issued for new con- struetion in 32 leading cities of the fifth Federal Reserve district In Octo- ber, 1930, numbered 1093, with esti- mated valuation totaling $5,539,480, compared with 1,438 permits issued for new work in October;, 1929, valued at $8.084,903. Alteration and repair per- mits also- declined in both number and estimated valtation last month in com- parisen with the corresponding month of the preceding year. Total yaluation classes of permits issued in Oc- tobgr-this year, amounting to $6,967,- 531, showed a decline of $3,013,801 in comparison * with permits, totaling 39, 332, issued in the same cities in Ocmgi T, 1920. Only 7 of the 3 re- porting cities showed higher valuation this year, and of these 7 only ke, Va.; Charleston, W. Va., and “@harleston, S. C.—showed figures in ing" with population. acts awarded in October for cot ction work in the fifth district, inc! ing both rural and urban projects, totaled $25.569,298, compared $25,- 600,960 awarded in October, 1929, and $40,328,757 in October, 1928, accord- ing sfo figures collected by the F. W. Corporation. Of the awards in Oct r this year, $4,805,083 was for Tes tial work, compared with $8,652,- 055 for this type of work in 1929, _ Bankers Association Active. m;udxmrs' section of the Distric ' Association will hold ,:‘Ls De- cember meefing Thursday evening at thehlgflonll Press Club, beginning at 6 o’clock. ‘The association’s Advertising Com- mitieé had a luncheon meeting this Christmas Savings Club campaign being given special attention. The council has voted to hold an open Moniday, Jaguary 19, at which some outstanding guest sepaker will be se- cured. A similar meeting was held last Jaggn and proved highly interesting. pk W. Simmons, secretary and deputy manager of the American Bankers' Association, was in Washing- ton foday to confer with President Lanier P. Mciachlen and Robert V. Fleming regarding the Central Atlantic Stales Bamk Management Conference, to be entertained here in February. Heard in Financial District. William ‘Muehleisen, former president of the Mount Vernon Savings Bank, is confined to the Garfield Hospital with iliness, nge regular quarterly dividend of $2.25 on American Telephone & Tele- graph, stock will be paid on January 15 o stockholders of record Decem- ber 20. Passage of a 37'%-cent quarterly dividend leads a stockholder to insist that the payment should have been made from surplus. Such action, he says, ‘would have released $37.50 on every 100 shares and thus help active business. This is no time, he thinks, for corporation surplus earnings of previous years “to go into hibernation.” Much favorable comment was heard in the financial district today on the addgess delivered by Gilbert T, St nson at the joint meeting of bankers and insurance leaders Satur- day. night. Mr. Stephenson revealed an amazing kowledge of the trust busi- ness from both the banking and in- surance standpoints. It is easy to see ‘why he is president of the trust com- pany section of the American Bankers' Assoclation. GREAT NORTHERN RWY. | TO MAINTAIN PAY ROLLS ! Bpeclal Dispatch to The Star. { ST. PAUL, Minn., December 8.—"“The Great Northern Rallway does not ex- | Dect to make any further reductions in | Torces here Winter or, generally | speaking, any along ifs system,” | Ralph Budd, president, stated today. | The railway; will continue to keep| its property in %the highest state of | maintenance, Mr. Budd said. There are about 25000 employes at the present| time, the number employed 1 St. Paul | being 3,500 ‘The policy adopted several years ago of doing car and locomotive work in the railway's shops during the Winter to| provide maximum employment for shon[ employes will be continued this Winter, MBul;udd announced. -~ ng the last five-year i Great Northern Railwap, expended | a total of nearly $15,000,000 for shop- work,'and up to September 30 this year the Great {Ium.hem'n expenditures for equipment in company shops was $2,000,000. o GHICAGO DATRY MARKET. GHICAGO, December . —Butter— 10818 tubs; weak A ":mu. 31%: standar i :ff"' ds, 30%: Note—All stocks are sold In one hundred-share lots excepting those designated by the letter s (80s) (250s) ‘which shows those stocks to be Indivilual sales compiled to 12:00—complete in 5:30 Edition. purs NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, D. C., MONDAY, DECEMBER 8. 1930. : _— s A= National Metropolitan Bank Recelved by Private Wire Direct to The Star Office, Stock and Dividend Rate. Abitibl Pow & per Abitibi P& P of (6). Adams Exp (160).., Adams Exp pf (5). .. Air Reduction (t43%4) Alr Way El Ap (1%) Ajax Rubber........ Alaska Juneav.... . Albany Wrap Paper. Allegheny Corp. ... Allied Ch & Dye(n6). Allls Chalmers (3).. Alpha Port Cmt (2).. 1 Amerada Corp (2)... 11 Am Agricul Chpf... 2 Am Agri Ch pf ctfs., 2 Am Bank Note (13).. 1 Am Beet Sugar o 3% Am Bosch Magneto. 2 Am Br Sh & F pf (1) 1008 Am Brown Bov Elec. Am Brown BE pf (1) 208 Am Can (15) 309 Am Can pf (7). Am Car & Fdy (6)... Am Car & Fdy of (7). Am Chicle (13)...... Am Com Alcohol Am Encaustie (1). Am European Secur. Am & For Power. . Am & For Pw pf (6). Am Hawaflan (a10). Am Home Pr (4.20).. Am Ice (14)... Am Internatl (2) . Am La Fr & Foamite Am LaFr & Foam pf. Am Locomotive (2). Am Ma & Fy (11.65). AmMach & Metals. .. Am Metals&Min (1). Am Nat Gas pf (1) Am News (it4) Am Power & Lt Am Pow & Lt pf (8 Am P & L pf A st (/ Am Rad&Std San(1) Am Republies. Am Roll Mill (n2)... Am Safety Razor (5) Am Seating. . Am Sm & Ref (4) . Am Sm&R 2d pf (6) .y Am Snuff (13%)..... Am Solv & Chem Am Solv & Chem pf.. Am Steel Fdy (3)...1 Am Stores (1234) ... Am Sugar Ref pf(7). Am Sumatra Tob. Am Tel & Cable ( Am Tel & Tel (9) Am Tobacco (5). Am Tobacco B (5)... Am Water Wks (1), Am Woolen pf... Am Writg Paper pf.. Am Zine Lead & Sm.. Anaconda Cop (2%). Anaconda W & C (1). Anchor Cap (2.40). .4 Archer-Dan-M (2)... Archer-Dan pf (7)... Armour of Del pf (7) Armour of Tl (A)..+ Armour of Il (B). Armour of Iil pt (7 Arnold Constable. Asso Appl Ind (4 Asso Dry G (234) Atch To& S Fe (10). Atl Coast Line (110). AtlGulf & W I (3). At Refining (12). Atlas Powder (4).... Atlas Powder pf (6). Auburn Auto (34).... Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). Balto & Ohlo (7). " E BranTponanaSnnmsnie Belding-Hemingway. Bendix Aviation (1). Best &Co (2).. .. Bethlebem Steel (6). Bethlehem St pf (7). Bohn Alum&Br(1%) Booth Fisheries, Borden Co (k3).... Borg Warner (3) Botany Con M (A)... Briggs Mfg Co... Bklyn-Man Tr (4). Bklyn & Queens. Bklyn Union Gas (5) Brown Shoe (3) Bruns-Balk-Col. Bucyrus (1)........ Bucyrus cv pf (214). Budd (E G) Mfg. Budd (EG) pf (7)... Budd Wheel (1). Bullard Co.... Bulova Watch (3)., Burns Bros pf (7). Burr Add Mach (1).. Bush Terminal (2%) 10 Bush Term deb (7).. 40s Bush T Bldg of (7) Butte Cop & Z (50c Butte Superior. Butterick Co Byers (A M)... Calif Packing (4) Calumet & Arizona. Calumet & Hecla Campbell Wyant (2). Canada Dry G A (5).; Can Pac new (2% Cannon Mills (1.60).. Capital Adm A pf (3) Case (J 1) (6). se (3 1) pf (7). Caterpillar Trac(té) Cavanaugh-Dobbs. .. Celanese Corp. Celotex Co. Celotex votl| Celotex Co pt Cent Aguirre - Cent RR of NJ (112). Cerro de Pasco (4) Ches & Ohio (234)... Chesapeake Corp (3) Chic & Alton Chic & Alton 4 Chic Great W, Chicago Great Wn Chic M1l St P & Pac. . Chic Mi] St P & P pf.. Chi & Northwn (4) Chic Pneu Tool. . Chic R1& Pac (7)., Chi R 1& Pac pf (1), Chi YellowCab (3). . Chickasha Cotton Ofl Childs Co (2.40). Chrysier Corp (1). City Ice & F (k3.60).. City Stores (50¢) Coca-Cola (6)... Colgate-Pal-P (2%) Collins & Atkman. Colonial Beacon. Col Fuel & Iron ( Colo & South (3) , .. Col Gas & El (2).... Co! Gas & El pf A (6) Col G & El pf B (5).. Colum Graph (a% ) Columblan Carb (16) Comm Credit (2).... Comm Credit A (3) Comm Cred 15t (634) Com InTr (1.60)... Com Inv Tr war sta.. Comm Solvents (31) . Comwith & 8o (60c). Congoleum-Nairn, .. Consol Cigars () ., Consol Cig pr pf 6% . Con Clg pr pf xw 6%, Consol Gas N Y (4).. N Yot Container A ¢ Contl Baking A. sold in odd lots only. fates— Add 00. High. Low. Close. Close 6 10 Prev. 10 10 10 40 40 404 17% 19 87 101% 10% —Prev.1930~ High. Low 17 103% 7 1 664 123% 85% 70 1 Cuban Dom Sugar. ... . MacAnd & ¥ (12.85), Bales— Dividend Rate. = Add 00. High. Crucible Steel f (7). 10s 106% Cuba Cane Prod. . 2 Cuban-Amer Sugar.. 11 Curtis Publish pf (7) Curtiss Wright Corp 25 Curtiss Wr Corp A.. Cushman's pf (1) Cushman's pf (8). Cutler-Ham (33%) Davison Chemical Debenhams (70c: Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17), Detroit Edison (8)... Devoe & Ray (1.20) Dia Match ctfs (8). . Done Mines (1) Dom Stores (31.20) . Drue Corporat (4)... Du Pont de N (+4.70) Du P de N deb pf (6). Duqu t ot (5). Eastman Kodak (18) Eaton Axle & 8 (3).. Elec Auto Lite (6).. El Auto-Lite pf (7). Electric Boat. . El Pow & Lt (1) El Pow & Lt pf (6)... El Pow & Lt pf (7). 4 EI Storage Bat (5) 4 Elk Horn Coal pf.... Endicott-John (6)... EMORR..ccevee..on Erie RR 1st pf (4) Eureka Vac Cleaner.. Evans Auto Loading. Fairbanks Co pf. Fashion Park Asso.. 16 Fashion ParkAs pf. 2408 Federal Screw (1)... Fed Wat Sve A 2.4 Federated Dept St Fid Ph Fire In (2.60) Fifth Ave Bus (64c).2408 Firestone T&R (1), 4 Firest T&Rpf (6).. & First Nat Strs (2%). 5 Fisk Rubber........ 62 Misk Rubber 1st pf. . 740s Fisk Rub 1st pfev.. 308 Foster Wheeler (2).. 14 Fourth Natl Inves 5 Fox Film (A) (4).... 46~ Freeport Tex (+5) 16 Fuller pr of (17.94).. 10s Gabriel Co (A). Gamewell Co (5). Gen Electric (1.60).. Gen Elec spec (60c). Gen Food Corp (3).. Gen Gas&EI A(e30¢) Gen G & El pf A (8) Gen Ital Ed (a2.62) Gen Mills (3). 1 (6 Gen Out Adv (A) (4) Gen Pub Sve b6 % stk. Ry Signal (5) Gen Realty & Util... Gen R & Ut pf (e6).. Gen Refract (t4%).. Gen Theatre Equip. . Gillette Saf Raz (4). Glllette Saf R pf (5). Gimbel Bros. . . Gimbel Bros pf Glidden Co (1.20) Gobel (Adolt 29% Cold Dust (2% Goodyear Tire (5)... Gotham Silk Hoslery Granby Consol (2).. Grand Unfon....... Grand Union of (3). Granite City Stl (4) Grant (W T) (1).... Gr North pf (5). 19 Great Ore(t23). 4 Great stern Sugar 13 Gr West Sug pf (7).. 10s Grigsby Grunow..., 40 Guantanamo Sug pf. 10s Gulf Moblle & North. 3 Gulf States Steel. Flacken pf A (1%) Hahn Dept Stores... Hahn Dept 8 pf (6%) Hall (WF) Pr Co (2). Har Wk Ref (123%).. Eartman Corp (B).. Hayes Body.... Helme (GW) (17)... Hercules Mot (1.80).. Hercules Powd (3)., Hershey Choo (5) Hersh Choe pf (15). . Hollnd Furnace t1% Hollander Son; Houdaflle H: .. Household Fin pt (4) Houston Of1 (b10%). Houston Ofl (new).. Howe Sound (t434).. Hud&Man Ry (3.50). Hudson Motors (3).. 1 Hupp Motors. - Illinots Central (7). Indian Motor Cycl Indfan Refining. Indian Refining Indus Rayon (4) Ingersoll Rand Inland Steel (4 Inspiration Copper. Insurance Sh (45c).. Ins ctfs (Md) (60c) Intercont Rubber. Interlake Iron (1) Intl Bus Mach (n§ Intl Carriers (25¢).. Int] Cement (4). s & BEONaNARANNER S NHaA RGN 1% % T 10 116% 2 104 B4 156% % 5% 4 17% 12% 8 16% 62% a2% 1 2% 3% 50%, 231 31% 31% 86 1 & Int] Combustion. ... 1050s Intl Harvester (2%). 29 Int Harvester pf (7). Intl Hydro E1 A (e! Int] Mateh pf (4). Int] Mer Marine (2).. Intl Nick of Can (1). Intl Paper pf (7). .. Int] Paper & Pwr A., Intl Pap & Pow (C).. Intl Pap & P pf (7).~ Int] Printg Ink (2%) Intl Salt (3) Int] Tel & Tel (2). Inter Dept Strs (2). Jewel Tea (15). Johns-Manville (3).. Jones&Laugh pf (7). Kans City Sou (5)... Kans City Sou pf (4) Karstadt (R) (1.03)., Kayser Julius (2%). Kelly-Spring Tire. .. Kend Co pf (16.37).. 1108 Kennecott Copper(2)14250s Kimberly-Clark (3). 1 Kolster Radio 4 6% Kresge Dept Stores. . Kreug & Toll (1.60).. Krog Gr & Bak (n1) .. Lambert Co (8). Lehigh Port Cmt (1)’ Lehigh Valley Coal Liquid Carbonie Loew’s, Inc (14) ~ o SeaRaweam Loos: Lortilard (P) Co...0 LouG&E (A)-(1%) Ludl Steel. Ludlum 8t pf (4 %) MeCall Corp (2%). M (A) (2). eespt Tin P1( Rob [STOCKS ARE LOWER IN SELLING DRIV Renewed Pressure ' Results in Furiner Weakness Among Leading Issues. BY GEORGE T. HUGHES. Special Dispateh to The Sta: NEW YORK, December 8.—Acute weakness in the rallway shares and a general decline in industrials, all ac- complished on a somewhat larger but still moderate volume, characterized trading in stocks at the opening session he week. o"l‘.'h: ‘weakness in the ralls was in evi- dence _ directly from the start. It affected issues of unquestioned invest- ment merit where there was no doubt about continuance of dividends, and it bore down upon those now classed as speculative with equal effect. The steady downward movement in the rails disturbed sentiment toward the rest of the market and made it easy for professional operators for the decline to make profitable turns. Ralls Heavily Sold. New York Central and Atchison, representing the highest tyre of rail- road equities, went into new low ground. Baltimore & Ohio sold under $69 a share, where the yleld at the present $7 dividend was well over 10 per cent, and where it would be well over 5 per cent|, if the dividend should be cut in two— which, by the way, no one luz%:u St. Louis-San Prancisco and Sout) Railway, two stocks the prevailing dis- bursements on which have been seri- ouslv questioned, broke through their previous resistance points. Other new lows were made by Lackawanna and Erie, while there was hardly a railroad stock in the whole list which was not off more or less. There was no news to account for Everyth! adverse about them has bee; kno:lyn fl:rgweeh, if not for months, but discouragement over the outlook is so widespread and the decline has con- tinued so long that those who would ordinarily take advantage of what were indisputable bargains were deterred from offering support. No matter how bad the rallroad sithation, today’s prices dis- counted and overdiscounted it. Selling Is Active. Selling in the industrials was car- ried on actively. Such leaders as United States Steel, American Can and Con- solidated Gas slowly but steadily re- ceded in the direction of the Novem- ber lows, which were the lows of the year. It would be a mistake to believe that pressure from the shorts was the only orschief reason for the decline. Liquidation was plainly going on, but as to its sources and causes there was no definite information. As usual in markets like today's, rumors were plentiful, but not confirmable. For a time General Motors held so well against the trend that it attracted attention. lore noon, however, it too was a point lower, having to ab- sorb some substantial blocks. Still it No Endorser debts into one, and allow you to repay us in small monthly payments . . . arranged to conform with your « + without the embarrassment of securing income endorsers. Our Service is Personal and Confidential, and additional information will be cheerfully given. People’s Personal Bankers, Inc. 3308 Rhode Island Ave, Mt. Rainier, Md. Phones: Hyattsville 1771 Public Small Loan Co., Inc. Rosslyn, Va. Phone Clarendon 2600 West 2443-2044 To those who Under State Supervision This Holiday Season Naturally Brings a Host of Bills It is not necessary to begin the New Year burdened with financial cares . . . f made a better showing than the lver-l age. Oil stocks were weak, as they had been on Saturday, with new lows for Prairie flfie Line and Phillips Pe- troleum. olls were not as promi- nent as the ralls, but they no rallying power. High-priced stocks, such as Coca Cola, Eastman Kodak and Alr Reduction yielded along with low- glfleed and inactive speclalties, such as ercules Powder and Bohn Aluminum. One of the few stocks to hold out was Auburn Auto. Opening Is Lower. Rail shares featured early trading. Pressure against the carriers developed after the market's lower opening, re- sulting in record low prices for Atehi- son, St. Paul preferred, Delaware, Lack- awanna & Western, Erle, New York Central and Southern Railwa: United States Steel slipped off more than a point, as did U. S. Pipe & Foundry, Crucible and other steel shares. Trading in the first hour amounted to 358,000 shares, compared with 152,200 in the same Saturday period. Call money renewed at 2 per cent. m}hlr:‘uum}?ux? yaa s feflm among specialties, slipping 3 points to 19. Even the food shares, which have been comparatively firm, softened as selling spread to many parts of the list. Coca ‘ola was down 1% to 149. United Air- craft was off 3 Further fractional declines took place in the motor divi- sion. In utilities, Public Service of New Jersey was off 2 points at 70'%. BOND YIELDS SHOW RECENT SLIGHT GAIN New Issues Get More Satisfactory Response Than Two Months Ago. Special Dispatch to The Star. CHICAGO, December 8.— Average yields of new corporate bond issues at their offering prices in November show- ed a shght rise from the low level of October, according to the weighted by volume index of Lawrence Stern & Co. The corporate index for the month stood at 5.08 per cent, as against 4.95 per_cent in October and 6.02 per cent in November, 1929. “This rise in average yields,” it was stated, “reflects a tendency—particu-~ larly in the public utility classifica- tion—to meet the prevailing dullness of the market by attractive price levels for new issues. It is noteworthy that & number of attractively priced offer- ings during the month were well re- ceived and well distributed, and bank- ers who have been able to price their offerings slightly under the market have met with a very satisfactory re- sponse. “A _compilation of the average yields for November, 1930, together with fig- ;lral for October, 1930, is set forth be- ow: November, October, 1930, 1930. Corporate avers s .9 Industrial . estate road .. Forelgn (éxciusive ‘of Ca- nadian) . 2 Pinancial (X1 | /] Chile and Brazil are to connected by telephone. Up to $300 or we can consolidate your Bethesda Personal Bankers, Inc. 6982 Wisconsin Ave, Md. nsin 4374 Maryland Personal Bankers, Inc. Ga. Ave., Silver Spring, Md. Phones: Shepherd 2854-2853 are confronted with home financing problems we offer the competent . counsel of over forty years experience in this service . . . First Mort- gage Funds for loans on residences and business buildings in the District of Columbia and nearby Maryland suburbs — three, five and ten year terms. 1 3% Loan Correspondent for The Prudential™ H. L. Rust Company 1001 Fifteenth Street National 8100 1889 Over a Third Century Without a oI National 2100 THERE Washington Building FINANCIAL, 15th St., Opposite U. S. 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For more than sixtyone years these Notes have offered & safe and sure method of *build- ing up a reserve fund to be used in later years. Thousands of investors have made themselves independent of earned salary through investment in these Notes. And dur- ing this time no inyestor has ever suffered & venny's loss, either in principal or interest. 6% FIRST MORTGAGES will satisfy your idea for safety; and the interest is not only lib- eral and fixed, but is continuous throughout the life of the mort- SAUL CO. 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY District 9486 ESTABLISHESD 10 PR O S 9% 5k 5 5% % 84 Crown Cork (£2.40). 1 88 38 8 89% | 169% 31% Crown C&S p£(2.70). 1 824 n.:r 321 gfi & 62 Crucible Steel (k6)pe . 16 56 S 3 %