Evening Star Newspaper, October 1, 1931, Page 12

I o l . e N\ R 7585:50; lemons, 9.00a9.50; limes, per | 1.25; limas, 1.75a2.00; eggplant, 1.00; Trom NEW YORK_AVENUE ot FIETEENTH (REPORTS BN 15 s O o S N | st s o St 80! 1.00, , X flower, New York, 1.25; Western, 1.75a SPE[DING FURWARD X X %{ggk 1:&1:3 !lo%berg. 3.5084.00; New Both Foreign and Domestic Issues of Merit |1%55mt s, , 200 Lone Isiand. | com. ave-doien acks, Tooas, hg'w 1 2.15a2.25; Idaho bakers, 100-pound sacks, | crates, 5.00a5.50 sweets, 50a75; string beans, 1.00a ' mushrooms, 1.50a1.75. | RV Do R RSO ) R AL e M i @ Keeping Washington Men Well Dressed ® Shop and Save at P-B’s Now! Plenty of Salespeople to Serve You! Plenty of Merchandise to Choose From! Closing Out OUR ENTIRE STOCK Except a Few Nationally Advertised Brands Prior to Reorganization merchandise just received or on order and arriving daily will be included. P-B is nationally known for quality in MEN’S AND BOYS® CLOTHING, HABERDASH- ERY, HATS AND SHOES. Our entire stock is now radi- cally reduced. New Fall All Sales Are Final; All Transactions for Cash Only Here Are a Few Examples of the Specials Now Being Offered in Qur Enormous Stock Closing Out P-B Suits voe $94,50 Including 2-Trouser Suits Closing Out P-B Suits vou $20)-50 Including 2-Trouser Suits Closing Out P-B Topcoats and Overcoats voe $9 ] 50 Closing Out P-B Oxfords wow $4475 Closing Out P-B Shirts e $] 15 Closing Out P-B Neckwear oo DDC 3 for $1.50 Closing Out P-B Hose w 20¢ 4 Pairs for $1 Closing Out P-B Hats v $¢3-95 Many Other Items Proportionately Reduced Store Hours: 8:30 AM. to 6 P.M. No Charge for the Usual Alterations Free Parking at the Capital Garage While Shopping Here Bk Bty New York Avenue at Fifteenth Branch Store: 3113 Fourteenth N.W. Sales Expert Notes Bright Spots in Survey of Latest Conditions. Special Dispatch to The Star. NEW YORK, October 1.—Reawakened consumer demand for a large variety of products is a sure indication of bet- ter business—and a glowing promise of still further improvement in the near future. At a recent natlonal sales conference C. King Woodbridge, vice president of Remington-Rand, disclosed reports just received through his own sales organiza- tion, which contacts every line of busi- ness, which show that better business is not ahead—it is here. “The business procession is moving," Mr. Woodbridge declares. “It is like a snowball—bigger and bigger—as we go where the snow is. We are discovering evidence of greatly restimulated activity. Industry in every part of the United States may profit by utilizing the in- formation contained in this survey. based on actual conditions which exist today. North. New England—Woolen makers are working full time, due to increased de- mand. Shoe companies are wor overtime on new values in low-priced shoes; worsteds are responding to in- creasing demands. North Central—Printers and lithog- raphers working full time on chain- automotive industry, due to new meth- ods of merchandising; wax, varnish and paint companies are prosperous, due to new products and aggressive advertis- ing: rug and textile companies working full time on low-priced rugs and cloth- ing. Other industries working full time include advertising novelties, refrigera- tor companies on large contracts, law book publishers, radio and automobile battery manufacturers. East. Atlantic Seaboard -Firms working full time and many overtime: Artificial stlk, laundries and dry cleaners, dairies and fce cream plants, soft drink bot- tlers, leather, oil and grease manufac- turers; toys and radio plants, clothing, cold cream man! turers, silver, fur- niture and shoe makers. At Newark trunk manufacturers are busy on salesmens trunks for firms preparing to send men on the road: brassiere manufacturers are looking up, dye to changes in Fall styles. A corset waist company s running full time for the same reason. Other firms sharing in the general pick-up include candy, wholesale drugs and fire-extinguisher factories., West. Patific Cohst - Cake and cracker manufacturers are- working overtime, together with makers of boxes, cans, labels, bags and fruit containers. Raisin packers are at their peak season and the handling of all fruits is stimu- lating the lumber industry. Other firms on full time include paper makers, paints, varnish and men's hats. At Hollywood the movie industry is under way after a practical shut-down of three months. R-K-O, Universal, First National. M-G-M, Paramount and Co- lumbia studios are working 75 per cent, as against the normal 60 per cent ca- pacity for the year around. Mountain States—Sheet metal prod- ucts are on full time on Government contracts; rubber tire manufacturers working overtime due to seasonal de- mands and aggressive sales tactics; cookies, cakes and crackers are requir- ing full-time operation. Southwest—Women's wash dress firms are working overtime to meet Fall de. mands. Cement companies are bus on road-building contracts and mil- linery firms are busy on new models. . South. South Atlantic—All cigarette and tobacco industries are working full time, due to increasing demands. The large hosiery mills are working full time because of repeat demand for products. Gulf States—Hardwood lumber firms are working day and night on special orders; paper mills and papdr bag firms are working full time on regular demand; machinery manufacturers and foundries working full time because variety of products and thelir aggressive management. Tire fabrics, sirup, cot- dustries working full time: smelters, helilum plants, meat packers, ice, ice cream. creamery, milling firms working full time. GROSS REVENUES GAIN. BALTIMORE, October 1 (Special).— The gross revenues o” the Consolidated QGas, Electric Light .. Power Co. have been greater and the operating ex- penses have been less in the first eight months of this year than in the same period last vear, according to a state- ment of Herbert A. Wagner, president of the company. Revenues from sale of gas, electricity and steam all increased and the only drop in revenue was in miscellaneous account, which consists of money on de- posit and sundry items. Total revenues for the eight months were $19.035,167 Altogether, there was available for fixed charges and dividends the sum of $6,700,348, as compared with $6,517,731. which was available last year at this time. store items: drugs and chemical com- | of unusual facilities for making a large | ton gin and cottonseed oil products in- | Investors Duri BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, October 1.—Sep- tember will go down in financial his- tory as a month when holders of bonds lost all sense of values and sacrificed domestic and foreign securities to such an extent that a depreciation running into billions of dollars had taken place before the upturn came in the final week. It it not too much to say that this month's bond market experienced the greatest demoralization of any in American history. It was the persistent and perpendicu- lar decline in bond prices that caused the most uneasiness, for this hit di- rectly at the situation among the banks of the country, whose greatest assets are in securities and in real estate. Probably half of the bank failures that have taken place are due to the shrink- age in these assets, and when difficul- ties occur it has been the practice in many instances for those placed in | charge to immediately dump the af- fected securities into the market re- | gardless of price. This explains the ex- traordinary declines in individual issues from day to day in markets for these | issues frequently of nominal size. ‘Tracing the movements in bonds in | the last few months to the present | time, we find a number of distinct | movements, with all finally merging |into one great flood of offerings as | panic seized bond owners and their | sinking funds among South American | secugjties, which_eventually, after the | | Argentine issues had joined in the col- | lapse, brought the entire body of South | |and Central American bonds to a basis | of about 25 cents on the dollar. Then | the German crisis centered attention on German government, municipal and corporation issues, and the remarkable | spectacle was seen of German 7s, which are primarily a first lien on Germany, | selling at 55 and the much exploited 514 per cent Young loan at a discount of over 60 per cent from the issue price in June, 1930. Before they rallied the aggregate of 1,200,000,000 German dol- lar issues had soid at an average of about 40 to 45 cents on the dollar. At | the same time, the issues of the Central | European governments were only a lit- tle more valuable to their holders than | those of the defaulted South American | countries. Approximately a 50 per cent | depreciation had, in the latter part of | September, taken place in the aggre- | gate holdings of foreign investments | placed in the United States on a dollar basis. | Serious as this was in its effect on o portfolios that still included a generous | | supply of foreign issues, the crumbling | away of prices of domestic bonds was even more paralyzing. Here, too, in- stance after instance occurred, where in | a single session bonds broke 10, 20 and even 30 points, a condition that paral- leled the market for the most specula- | tive common stocks on other occesions. There was a certain element of insan- ity at this time among creditors, with |an almost hopeless attitude regarding the solvency of debtors. Eventually this | communicated from the seccnd and | |third grade railroad and industrial | bonds to those of the highest rank, and | municipals, Governments and Federal |Lan Bank bonds were not exempt from | depreciation on a large scale. 1t is at present, however, quite difficult to determine just what effect this tre- mendous shrinkage in bonds and the | prolonged period of withdrawn support in them will have on the ultimate con- | sumer of this type of securities, who has to be the medium through whom the greater part of new capital is raised Will he adopt the view that bonds | have treated him as badly as stocks in | the matter of depreciation, though bet- | ter in that of sustained return, and that, therefore, he might as well have | the fun and the possibilities of specula- tion in stocks in the future? It has been a wonderful period in which to build up respect for bonds when the en- | tire stock market was being shattered |and dividends were being canceled on | a wholesale scale. Unfortunately, this opportunity has been allowed to slip by, ; leaving the normal buyer of bonds in a daze and with a feeling of considerable | bitterness at the way he had been treated by those who in the first instance sold bonds to him. | Obviously it has been no time for Lhi' bringing out of new securities. Cohsequently, the September issues of | new bonds and notes have been small. Except for two or three large offerings, there would have been the least total for the month of September, as well as | | for any month, in some vears. The| | Canadian National issue of $50,000.000 of 41, per cents, the $40,000,000 of State of New York 3 and 4 per cents and the $10,000,000 issue of Louisville & Nash- ville 10-year 5 per cent bonds were the outstanding features of the month, | which in all produced an aggregate of approximately $150,000,000, compared with $114,000,000 in" August and $432.- 000,000 in September, 1930. This brings | the total for the nine months to Sep- | tember 30 to about $3,276,000,000, or more than 35 per cent less than in the same period of last year. There is still a preference for short- term Government and municipal paper, | and high prices are being paid for it | Institutions insist on being as liquid as possible and on maintaining a high | ratio of cash and having the best avall- able short-term securities. The inci- dent surrounding this month's offering of $800,000,000 of long-term 3 per cent Net income of the company was $4,- | Government bonds, which have since 676,265, approximately 174 per cent less sold at a discount, emphasizes the diffi- than last year. After payment of dividends the com- culties of the Treasury in the midst of | | perplexing domestic and foreign situa- | pany has a surplus for the eight months | tions in which governmental deficits are of $1,131,210. deeply involved. jolc———Jolc———|a/c——=[a] Store Hours: 7 A.M. to § P.M.—Satardays, 1 P.M. Painting this Fall —will be better for painting with Reilly-indorsed mediums. Reilly stocks place at your disposal only the most dependable PAINTS, STAINS, VAR- NISHES, LACQU: ELS—buying here gives you the econ- omy of— Specially LLow Prices “DUCO” for Autos g & PORCH and Furniture Window & Plate Glass Cut to Order s HUGH REILLY CO. v PAINTS—GLASS /|| 1334 New York Ave.—Phone NAt. 1703 ROOF, HOUSE PAINTS ERS and ENAM- CALCIMO SANITARY WALL COATING EE—:EEEEE Tossed Into Market by Discouraged ng September. Just what medium Secr Mellon will use to take care of his ber maturities and the extent to which he wilL be forced to make concessions to & market that obviously is not friendly to & 3 per cent bond at par are inter- esting questions that will come up with- in _the next 60 days. Since the month ended with all mar- kets in the deepest gloom and nothing on the horizon here or abroad on which to base hopeful predictions, there is hardly any immediate prospect for an improvement in the new capital market, Money rates showed every sign of tightening at the month end, and the rapid dip of both fixed interest and equity securities to new bear market lows in the concluding days of Septem- ber served effectively to wipe out the numerous s of a turn that had been present In the third week. Mr. Mellon’s difficulties are further complicatesh by the most serious decline in Government bonds at the end of the month that has occurred in the past year. | y (Copyright, 1931.) Washington Prodace Butter—One-pound prints, 36; tub, 35. | Eggs—Hennery, 30a32; current re- celpts, 20a24. | Poultry, alive—Spring brollers, 3 pounds and over, 26a28; 2 to 2% pounds, 25a27; 114 to 2 pounds, 23a24; Leghorns, 22a24; hens, large, 23a24; small, 21a22; roosters, 14a15. Dressed—Turkeys, old toms, 30a32; Spring broilers, 3 pounds and over, 32a 33: 2 to 21, pounds, 29a30; 115 to 2 pounds, 27a28; Leghorns, 27a28; hens, large, 25; small, 21; roosters, 15; Long Island ducks, 21a22. Meats—Beef, prime, 16a17; choice | 15a16: good, 14al15: medium. 124al3; fair, 11a12; cow, 8!,a9; lamb, top, 18; | medium, 16al7; veal, top, 17; good, 15a16; pork loins, 8 to 10 pounds, 21222: 10 to 12 pounds, 18a19: 14 to 16 pourds, 15a16: fresh hams, 19; smoked hams, 21; strip bacon, 22a23; lard, in bulk, 915a10; in packages, 107:all. Live stock—Hogs, light, 5.00a5.50; medium, 5.00a5.50; heavy, 5.00a5.50; pigs, 5.0085.50; roughs, 3.00a4.00; calves, 5.0089.50; lambs, 5.00a7.50. Fruits—Watermelons, 15a30; canta- loupes, 1.25a3.00; apples, Delicious, 1.00a | 1.25; Winter bananas, 1.25a2.00; nearby, 50a1.00; crabapples, 1.50; peaches, 50a 2.00; pears, 1.75a2.00; honeydews, 1.25a H n melons, 1.75a2.50; oranges, Good News! MOST STYLES Now $"=ws50 $€950 7vro ad AUTOGRAPH STYLES $11.50 and $12.50 Nunn-Bush o'glzé[e-/zuéioneal OXFORDS For MEN At these NEW LOW PRICES it is now economy more than ever before to wear only these shoes of really fine quality. ER MEN'S SHOP ixe 1331 F STREET EVER 1331 F STREET MEN'S SHOP inc Our New Policy To Sell Only the Newest—the Finest the Best in Men’s Wear and Furnishings at prices that may seem impossible— but they are not—our reorganization sale—has demon- strated to us—that if style and quality are of the best— and prices lower than the lowest— Volume Business Can Be Done and to show only new styles each season—and to sell them at these greatly reduced prices— We Must Sell Volume and for this reason we have adopted the policy of these Finer goods—at these lower prices. To Standardize Our New Policy we have selected the two outstanding lines of the Best Clothing of the United States and will show complete lines of these justly celebrated clothes. Rogers Peet & Co. and Schloss Bros. & Co. both lines known the world over wherever good clothes are sold. ITi me tries the Troth in everything. Our 40 years of honest conscientious service, Rogers Peets' 50 years of fine clothes making, Schloss Bros. & Co.'s half century of cafering to the Best Dressers the world over . is your assurance of getting the Best—the world can offer you—and is your safeguard in making our store your permanent purveyor for your Clothes and Furnishing requirements. It will be our pleasure to show you the new models Call early—All are cordially welcome " 1331 F STREET Sincerely 1331 F STRSET