Evening Star Newspaper, January 12, 1931, Page 13

FINANCIAL, STORE SALES HOLD WELL IN DISTRICT Reserve Bank Report Reveals Good Record for Local Institutions. BY EDWARD C. STONE. The Federal Reserve Bank of Rich- mond anncunced today that depart- ment store sales in Washington in December were only .3 per cent lower than in December, 1929, and for the entire year, 1930, were but 1.3 per cent behind the sales reported in 1929, This report gives Washington the best mercantile standing in 1930 of any city in the fifth Federal Reserve district. ‘The report adds: Department store sales in_the fifth Pederal Reserve district in December, 1930, averaged 4.49 per cent less than sales in December, 1929, measured in dollars. Of 70 stores, located in 40 cities and towns in the fifth district, only 14 stores reported higher figures for last month, while 56 stores sold less than in December, 1929. Cumulative sales during the year 1930 averaged 3.6 per cent less than sales during the year 1929, most of the decline occuring during the second half- year. The Richmond district made a better showing than most other reserve districts in both December, 1930, and in the entire year, the Kansas City district being the omnly one which showed a smaller decrease in December sales and the New York district show- ing the only smaller decrease for the entire year 1930. ‘The average decrease in sales for the entire United States in December, 1930, was 8 per cent, and #otal sales in 1930 also averaged 8 per cent less than total sales in 1929. ‘Washington Heads List. The accompanying table shows in- dividual percentages for cities in which three or more stores reported for De- cember, giving comparisons in the pe- riods named with sales in corresponding Fifth District Also Shines. addition to the above report fram Reserve Bal by the Richmond bank, the as a whole made an un- showing in December and the year, when compared other 11 trade areas. The mated seasonal increase for that period lnd the board’s index of department store sales, which is adjusted for num- ber of days and for seasonal ':rhum declined by 2 per cent for As compared with last year, the ag- gregate vllue ol sales in December aceording to Pnummnry figures, ‘was 8 per c:nt smaller, and when allow- ance is made for the fact that there was one more trading day this year than last, the decrease from last year is about 12 per cent. For the year 1930 as a whole department store sales were 8 per cent smaller than in 1929. Percentage increases or decreases for Note—All stocks are sold in on mfln‘ those m&d 424 3T% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 8 Abitibi Pow & Paper 7 11% 14% Adams Exp (1.60)... 20 80% Adams Exp pf (5) 0% 2% Advance Rumley. 874 Afr Reduction (+43) 12 6% Airway El Ap (Ck) . ¥ 170% Allied Ch & Dye(n6). 56 120% Allled Ch&Dpf (7). 1 81% Allls Chalmers (3).. 6 11% Alpha Port Cmt (2). 1 214 Am Beet Su 118 AmBrsSh& 6% Am Brown Bov Elec. 38 Am Brown B E pf (1) 104% Am Can (5). Am Com Alcohol. Am European Secur.. Am & For Power. Am & For Pw pf (! Am & For Pw pf l'). 6314 Am & For Pow 24 pf, 5% Am Hawalian S §. ... 46% Am Home Pr (4.20). 241% Am Ice (3). 16 Am Internat) (2). % Am La Fr & Foamite 7 Am LaFr & Foam pf. 18% Am Locomotive (2).. 68% Am Locomot pf (7).. 29% Am Mch & Fdy 1.40.. 13% Am Metals&Min (1) 20 Am Nat Gas of (7)., 1208 36% Am Pow & Lt (11) u 90 Am Pow & Lt pf 16). 74% AmP & Ltpf A (4).. 15 Am Rad&Std San(1). 5% Am Republics...... 28 Am Roll Mill (n3)... 52% Am Safety Razor (5) % Am Ship & Com..... 87% Am Sm & Ref (4).... 93% Am Sm&R 24 pf (6) . 35% Am Snuff (t3%).... 2 Am Solv & Chem. ... 23% Am Steel Fdy (3)..0y 110 Am Steel Fay Df (1)—- Ref (5) E’.a-.m,.,..s,_.q.., PN 98% Am Tobacco (5)..... 99% Am Tobacco B (5)... 103% Am Type Fay of (7). 47% Am Water Wks (3).. 5% Am Woolen. .. 15% Am Woolen pf. 1% Am Writ Paper ctfs.. 3% Am Zinc Lead & Sm., 25 Anaconda Cop (23%). 19 Anaconda W &C (1). 24 Anchor Cap (2.40)... 10% Andes Copper (1)... 60 Armour of Del pf (7) 24 Armour of 11l (A)... 1% Armourof Il (B)... 25% Armour cf Il pf (7). 3% Arnold Constabl 20 Asso App! Ind (4 - ©S 954 Atl Coast Line (110). 16% At Refining (13) T% Atlas Stores (n1 P L LI 19% Baldwin Loco (1%). 84 Baldwin Loco pf (1). 55% Balro & Ohlo (T) 70% Balto & Ohlo pf 103 Bamberger pf (%) 50% Bang & Aroos (3%). £% Barnsdall (A) (1). 89 Bayuk Clg 1st pt (7) 62° Beatrice Cream (4).. 2% Belding-Hemingway. 14% Bendix Aviation (1). 30% Best&Co(2).. ... 47% Bethlehem Steel (§). 112% Bethlehem St pf (7). 23 Blaw-Knox (1%).... 16% Bloomingdale Bros. . 15% Bohn Alum&Br(1%) e hundred-share lots by fit letter s (80s) (2508), tocks were sold in odd lots, llll'fl-fl-hmhlcfi—_plfl'h num-. —Prev 1030~ Pases— #igh. Low. Dividend ‘Rate. 424 00 @ieh. Low. Closs. ufi:‘ 9% 11% ~Prey.1030~ High Low. '67% 80% 23 ond Matc Dia Match pt (1.50. Dome Mines (1).. Drue Corporat €4)... 3 Dupont de Nem (4).. 24 Durham Hostery pf. 100s Stock ana Bules— Dividend Rate, A8d 00. m&. Tow. 6% Eastern Roll Mill 1424 11% 33 21 34% Bd% 99 aT% % 36% 3% % Inspiration Coppe: 2 Eastman Kodak 20 Eaton Axle (1.60 Eleo Auto Lit Electric Boat. El Pow & Lt (1), E] Pow & Lt pf (8) ... El Pow & Lt f (). Fl Storage Bat (5. Emerson Brant (A).. Endicott-John (5) ... Eq Offic Bldg (2%).. Erle RR........ Eureka Vao Cleaner . Fairbanks Co. Fairbnks Mo: Fed Lt & Trac pt Fed Wat Svc A 2. F1a Ph Fire In (2.0}, Firestons T& R (1). Firest T& Rpf (6).. First Nat Strs (3%). Fisk Rubber. . Fisk Rubber st pf.. 1008 Foster Wheeler (2).. l6 - § o ANANANT - OO D Free-port-Texas (4)» Gamewell Co (6) Gardner Motor. . Gen Am Investors Gen Am T'k Car (3 Gen Asphalt (3). Gen Bronze. Gen Cable Gen Cable A. en Cable Bf (T)ee. llo- éun Cigar (4). orp (3 15 Gen Gas&El A(e30c) 13 GenG&Elcvpf (6), 2 Gen Ital Ed (a2.63) Gen Mills (3).. Gen Motors (3) Gen Motors pf (§). .. Gen Out Adv (A) (4). Gen Pub Sve b8 % stk. Gen Ry Signal (5). Gen Realty & Util. Gen R & Ut vt (e8). 4 Gen Refractories (4). Gen Theatre Equip. . Gillette Saf Ras (4)« ,Gmn;la Saf R pf (5). Glidden Company..e Gobel (AdOI)..e0vne Grand Silv Strs(h1). Grand Unien. . Grand Unton of (3) Grt Nor Ore (2). Great Western Sugar Gr West Sug of (7).. Grigsby Grunow. Gulf Mobile & N Gulf State Hahn Dept Stores. Harb Walk Ref (2) Hartman (A) (2) Hartman Corp (B)... s BodY..... shey Choe (5). Hoe (R) & Co... B akSPuwanusd Houston Oil. .. Houston Ofl (ne Howe Sound (4). Hud&Man Ry (3. Hudson Motors (3) Hupp Motors. Illinots Central (7) Indian Motor Cyele., Indian Refining. ..., Indian Refining rcts Indus Rayon (4). Ingersoll Rand (16). Iniand Steel (4).. Sunasar~eNng 0w e Insuranshar,Del 40 Ins ctfs (Md) (60c) Intercont Rubber. Interlake Iron (1 16% o | List STOCKS IRREGULAR IN'LIGHT TRADING = Hardens After Early Period of Liquidation. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 12—With speculative interest at low ebb, stocks moved irregularly in the opening ses- sion of the week, Opening prices were slightly lower idation appearing, the list hardened. Although trading was with- cial feature, that very fact had significance. Advices ‘of brokerage houses over the week end were on the side of caution. It was pointed out that the market had enjoyed a sub- stantial recovery and that presumably the tecinical position was impaired. It was stressed that there were many un- favorable four-quarter statements to ap- pear and that it was uncertain how the market would take them. Political Situation. ‘The political situation in Washlngton was declared to be another reason for taking @ neutral position on the market. Probably the considerations worked to keep buyers out, but the point is ',heu was no selling pressure elther, movement, such as it was, Indlcnud that stocks were In strong han ‘The in the unfilled tonnage of the United States Steel Corporation, announced after the close turday, was larger than had been ex] :ed , hewever, - opened fract] lower, and throughout the mornmg fluctuated within a range of a ‘The remarks of Albert H. Wiggin, held of the Chase Nattonal Bank, with his higl conservative view toward the the Street, but at unfavorabie effect on the mari As far as the more important stocks mm-&.msmmw|-Mon Somewhat | ome THE EVENING STAR, WASHINGTON, D. C., MONDAY, JANUARY 12, 1931 shares were inclined to work lower, with some selling in Chesapeake ‘The utilities were not impo:; tion Operating or the month in 1930 was only | $8me IG,KSZ. against $1,116,958 for Novem= ber, 1920, and for the ll months of the calendar year the corresponding WE'ID !0'2 were $120,000,377, lnlnot tll! - One of the few s0ft spots was West- inghouse Electric. The Street has been speculating as to the outlook for the dividend, but inasmuch as the directors are not scheduled to meet for action on the disbursement until late in March, anxiety on that point seems premature. Call money renewed at 1!, per cent. Funds_were obtainable in the outalde market at 1 per cent, with the demand Early Changes, pening irregularly the market dtnlfid an easier tone, Sales in the If hour amounted to 246,900 shares, compared with 234,900 in the same period Saturday. Call money re~ newed at 112 per cent, United States Steel common stub- bornly resisted selling, which was ex- pected in view of th® unfilled tonnage statement and the volume of steel buy- ing noted since the beginning of the year. Most of the motors improved, General Motors being an exception. Reports of progress in ironing out Mid-Continent Oil difficulties brought better sentiment for a time to the oil list, where, however, a few of the léad- ets, such as Standard Ofl of New Jer- sey, did not join in the general trend. Public Service of New Jersey opened fractionally lower at 781, Some spe- clalties, such &s Alr Reduction, J. L Case and Coca-Cola, improved. Illinols Central was up a small fraction at 82%, but New York Oentral was ightly lower at 1224 ——e PARIS BOURSE PRICES. PARIS, .Yanulry 12 (#)~—Price ;})\‘;nm were irregular on the Bourse a. Thne cent centes, 86 francs 60 centimes; 5 per eent loan, 101 francs “m London, 128 francs 72 on m, s centimes. The dollar was quoted at 25 francs 481 centimes. National Metropolitan Bank 1814—Oldest National Bank in the District of Columbla—1931 15th St., Opposite U. S. Treasury A Timely Suggestion If you have put off Making a Will, remedy the situation now, while the year is young. FINANCIA TO MAKE MONEY WITH MONEY You have only to invest your surplug in our 6% FIRST MORTGAGES Then you put it to work at definite wages—that never vary throughout the entire period for which the mortgage is written, It's a safe investment, too; with improved Washington real es- tate supporting it, May be purchased in; amounts form $250 up. B. F. BAUL GOF National 2100 925 15th St. N.W. Over a Third of & Century Without a Loss THERE I8 NO S8UBSTITUTE FOR BAFETY We invite applications for First Mortgage {lOur Trust Dept. staff will be glad to discuss matters with you, and point out the many ad- vantages of Corporate Trusteeship, 3% on Savings Six Per Cent and Safety Loans on residences and busi- ness properties in " the District of Columbia and nearby Maryland ”LIISL'. .o LOID‘I' costs, Ling Term (if desived), Valuable Prepayment Privileges . .". ", ’el‘ lalfl' on newer properties without Int Agricul Chem Intl Bus Mach (n Intl Carriers (50¢; Int] Cement (4) Intl Combustion. Int] Harve 2 Int Harvester pf (7 Int] Hydro El A (e2) Int] Match pf (4) Intl Mer Marine (2 Intl Nick of Can (1), Int Nick Can pf (T).. Intl Paper pf (7) .. Intl Pap & Pow (C).. Intl Pap & P pf (7)., Intl Salt (3). Int Shoe (3) . Int] Tel & Tel (3) Inter Dept Strs (2).. Int Dpt St pf xw (7). Johns-Manville (3) Jones&Laugh pt (7 Jordan Motor Car. Karstadt (R) (103).. Kayser Jullus (3%). Kell: December and the full year follow: 1 Booth Fisherles..... amortization 60% Borden Co (k3). - 16 Borg, Warner (1)... 12% Briggs Mfg(11.62%) 1% Brockway Mot Trk.. 55% Bklyn-Man Tr (4). .). That tells the story of our first mortgage real estate notes. They are a stable security, non- fluctuating in value when properly selected. We unhesitatingly recommend them to those investors who demand peace of mind with a fair and reasonable yield. Available now in denominations of $100 and up POONEe %0 03 b0 N e 83 L 0s 00 H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 . 5% Bruns Ter& Ry 8.... EE S peaman o3 815 Bulova Watch (3)... 71% Burns Bros pf (7)... 18% Burr Add Mach t1%. 21% Bush Terminal (23%) 33% Byers (AM)... . 41% Calif Packing (4). 28% Calumet & Arizona.. 7% Calumet & Hecla.... 10 Campbell Wyant (2). 30% Canada Dry G A (3).. 35% Can Pac new (2%).. SuanNumannns e Loan Correspondent for “The Prudential® wBa figures preliminary. The month na 36 u&neu days this year and 25 lasp - luahrg to Address Bankers. M. D. Rosenberg, president 01 the Bank of Commerce & Savings, will be cne of “ifn speakers at the Tegular Win- , ter meeting of the District Bankers' Capital Admin pf A.. Association 1o be held st the Willard A on Monday, January 26, President 22 Caterpillar Trac(t4: Lanier P. McLachlen announced today. e 3 Cal‘:tr.nx Co.. 2 Mr. Rosenberg will give an account of 3 Celotex voting etf his recent trip to South America. He 17% Celotex Co pf. made a very close study of banking and % 18 Cent Aruirre A-l%. business conditions on that great con- 21 Cer de Pas Cop (2)... tinent and is sure to have something of 2 Certain-teed Prod. .. unusual interest to relate. 6% Certain-teed Prod pf As already noted, Dr. David Priday, 14% Checker Cab (1.80).. note@ economist, will also address the 32% Ches & Oblo (2%)... local bankers at this meeting on “The 32% Chesapeake Corp (l) Outlook for Prices, Profits and In- % Chio & Alton . terest Rates in 1931.” 1% Chic& Alton pf..... The monthly bulletin of the associ- 4% Chio Great Western. ation appeared today. It pay particular 12 Chicago Great Wn pe attention to the early plans for the 4% Chic M1l St P & Pac.. Central Atlantic States Bank Manage- 7% Chie M1l St P & P pf. ment Conference to be held in this city 28% Chi & Northwn (4).. on February 26 and 27. 7% Chic Pneu Tool..... Eliot H. Thomson, chairman of the 22% Chi Pneu T of (3 Advertising Committee, reports in the 45% Chic R | & Pac (7) bulletin that the total memberships in 92 Chi R1& Pac pf ( this year's Christmas savings clubs wil! 22% Childs Co (2.40) come close to the 100,000 mark, & new record. The clubs close January 15. Sales and Collections Gain. A slight improvement over last month 4 Lortllard (P) Co. in both sales and collections of whole- Lorillard (P) pf (7. sale and manufacturing firms is re &l Loutsiana Ofl. flected in the January trade survey con- 2 3 Lou G & E (A) ducted by the National Association of 18% Col Fuel & Iron (1). Louts & Nash (T).... Credif, Men, on information supplied to 30% Col Gas & El (2).... Ludlum Steel. .. local branches of the association by 99 Co!Gas& Elnf A (6) MecCrory (A) (2) credit executives in 108 cities. 91 ColG&EIPIB(5).. MclIntyre Porc M A majority of the firms contributing Kyl "‘G’i"’"’f‘" (a%). McKeesp T P (14%). to the gurvey in 65 cities characterized €5% Columbtan Carb «t6) McKesson & Rob (1) o y-Spring Kelly-Spring 8% pf. 5808 Kelsey Hayes (2). 2 Kelvinator Corp Kendall Co pt (6) Kennecott Coppe; 1435 K Street Northwest S.. - wEaasSrnluRannne Bun Do You Remember WHEN Baltimore and Ohio 4’s, Atchison 4s, and Union Pacific 4’s were selling to yleld about 3.7% back in 1902? Is it not now likely that similar bonds in the electric light and power industry will sell at corresponding yields in the not distant future? L e g a0 g L L Ll L Ll Ll e g @ Kresge (88) Co Kreug & Toll (1.6 Kroger Gro&Bak(1) . Lambert Co (8)....w Lehigh Valley Coal. Leh Valley (3%) Lehman Corp (3). - o =192 o B19 No Smoke, No Smell, No Bang SUCH is the report on the new Lig & Myers B (16) Lima Locomotive, Liquid Carbonio Link Belt (2.40) Loew’s Inc (3). Loew’s pf xw ( fuel, bonalin, invented in Ger- many...it comes in a tube like toothpaste; when squeezed into a cigar lighter it's a clear liquid, nonexplosive, odorless, smokeless. » NN A NREN RN O AN NNG DN Loose-W Bis (2.60, DO YOU KNOW THAT-— Many utility debenture bonds can be purchased now at prices to yield from 5%— 7% including: Today more than ever we demand safety in our conveniences. And in the field of finance we are through playing with dynamite—we demand 2 their gales as “fair,” while in 37 other the maljority called their sales *.” Sixty-three citles reported col- 28 as “fafr,” and 41 cities reported e “slow.” The general tone of comments made by those reporting was more cheerful than in any month since early Fall. Unemployment was still the chief reported cause of glow collections. The cities reporting good sales were New Haven, Conn.; Cedar Rapids, Iowa; Elmira and Utica, N. Y.; Bristol, Tenn., and Austin, Tex. Those reporting good collecticns were New Haven, Peoria, 1ll.; Cedar Rapids and Waterloo, Iowa. The board of directors of the Lanston Monotype Co. has declared the usual extra dividend of 25 cents per share and the regular quarterly dividend of $1.75 a share, both payable February 28 to stockholders of record February 18. Capital Traction Again Higher. Capital Traction stock gained more than a point on the: Washington Stock Exchange today over Saturday’s close. The stock opened at 43 after ending last week at 42%. Six small transac- tions took phee “at this figure. After call, on single-share sales, the stock ad- vanced to 4334, 43% and closed at 43%. Railway & Electric preferred sold to- gay st 983, Pegeral American Co. pre lerred came out at 97 and Carpel Cor- lmlflon sold at 22%,. Washington Gas 5s at to three | 81000 tndhu was confined 303%. 21% Com In Tr (£1.60)... 14 Comm Solvents (11), 714 Comwlth & S0 (60¢). 8614 Comwlth & So pf (6) 1214 Consol Film of (2).. 53 Consol Cigar pf (7).. 7814 Consol Gas N ¥ (4).. 99 Cons Gas N ¥ pf (6). % Consol Textile. . 5% Container A (1.20).. 2 Container B . 16% Oontl Baking A..... 2 Contl Baking B..... 62 Contl Baking pf (8). 43% Contl Can (23). ... 9% Contl Dia Fibre (1) 37% Contl Insur (2.40) 2 Cuban-Amer Sugar % Cuban Dom Sugar... 88% Cudahy Packing (4). 85 Curtis Publish (17). 112 Curtis Publish pf (7) 1% Curtiss Wright Corp 3 Curtiss Wr Corp A 96 Cushman’s pt (1) 856 Cutler-Ham (3%) 9% Debenhams (70¢c) 20 Deere & Co pf (1. llo% Delawsre & Hud 69% Del Lack & Wi 26% Denver &R G % May Dept Strs (n2).. McKes & R pf (3%). Mack Trucks (4) Macy & Co (nt3) Magma Copper ( Mallison & Co . SRenmurer AR L oN Manhat Shirt (1) Marine Mid (1.20)..a Marmon Motor Car.. Marshall Fleld (234). Mathieson Alkall (2) Mathieson pf (7). » Sen~adSanare Maytag Company. Maytag Co pf (3) Mengel Co (2)... Mexican Seaboard. Miami Copper. Michigan Steel (21%) Mid-Cont Pet (2).... Midland Stee) (3) . = » - Mo Kan & Tex pf (7)., Missour Pacific. ... Missouri Pac pf (8).. Mohawk Carpet Munsingwear (3 Murray Corp. Myer (FE) & A rnuanlulrunade-Sw~ L N proof of the unfailing returns and un- failing safety of every investment. And so it is no wonder that so many added hundreds of investors have turned to the assured safety of First Mortgage Notes. For more than 61 years the 6% First Mortgage Notes sold through the Swartzell, Rheem and Hensey Company have given safety of principal, and unfailing interest re- turns, te every investor. Through all that period of wild financial ups and downs, no investor has ever suffered a penny’s loss, either in interest or in principal invested. \ SWARTZELL, RuEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET “-w./ WA""”“"’%’Q&G il Associated Electric . o Associated Gas & Electric . . 5's of 1968 New England Gas & Electrie o §5's of 1950 Like the railroads of an earlier day, the utilities are now an attractive investment, Like early investors in railroad bonds, those who purchase sound utility debens ture bonds now, lhouldpmfltfmnn(ood yield and later appreciation. GINIIAI. UTILITY SECURITIES 4 Incorporated ‘Im New York #'s of 1953