Evening Star Newspaper, October 28, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. WASHINGTON TRADE Wier Jau - Head of Sears, Roebuck & Co. Finds Capital Is . & Leading Nation. 8 BY EDWARD C. STONE. Business in Washington is better than | it is. anywhere else in the United States, according to Gen. Robert E Wood, president of Sears. Rosbuck & Co. of Chicago, who is here for a short visit Gen. Wood, when seen at the Willard | Hotel today, said that business in his | company’s Washington ‘tore is well | ahesd of a year ago, although such is not _the case ingdhe rest of the country The reason feF the fine showing here §s because you have no closed steel | mills, no 4-cent cotton snd no low- priced wheat upon which the eity is de- pendent for its income. You have a Government payroll that is almost co gtant, so that the ups and downs in | usiness conditions elsewhere have very little to do with conditicns i ‘Washington,” he sald Some of the State ‘capitals are in somewhat the same fortunate positicn, Gen. Wood added. Madison, Wis., for example, is better off than most cities. In other atmilar cities, in which State universities are situated, the depression has not struck such a hard blow, he continued. Declines to Make Forecasts. Gen. Wood is very conservative. Prob- ably no merchant in the United States is in closer touch with business condi- tions all over the Nation than he is be- cause of the character of his firm's busi- | ness. He has his fingers on the mercan- | tile pulse of every section of the goun- try. both cities and agricultural regions Yet he will make no predictions when a substantial advance in trade is coming. It may be next month and it may be & year, hell.ld u;dl) It uh useless lorecasts when the e 1o ‘0 dlmerent story. he ex- Ezlnm One person’s prediction, he lared, s as good as another's On his recent tours over the country, e says, the New England section seem- it :_:ntu be showing the most Improvement. A ings never go quite as high or qulte 15 H . #s low in New England as they do ® 1 other localities, Gen. Wood uu.-rud Business in his line is always best during the last three months of the ¥ He is sure the same will be true again this year, the figures so far in October clearly indicating this. Gen., Wood a genial personality. ‘While his firm's business is off about 17 per cent from last year, he is far from gloomy. He knows the depression o is going to end. He hopes soon. But 20% Just when, he won't attempt to say. % s C. & P. Telephone Income Higher. 841y Net operating income of the Chesa- peake & Potomac Telephone Co. in Sep- tember was $186.764, against $97119/ in September, 1930, according to the monthly statement filed with the Pub- lic Utilities Commission today. Balance net income for the first nine months of the present year was $1,412,501, com- pared with $902,687 in the correspond- ing period a year ago, a gain of $504,- 814 Washington was served by 174,785 telephones at the close of bufiness Sep- tember 30. ‘This was a net gain of 6,305 since January 1. In September telenhone users made about 17,055,000 calls, which was an increase of 9.3 per cent over the number made during the sante month last year. This additional ! business has an increase in the number of telephone employes in recent months, ‘Telephone " 20 (™ 2 12% 90 58 16 revenues for the ‘ni~e months, September 30 amounted to 33, as compared with $6 306,889 for the same period last year. Total operating income, after de- ducting taxes and uncollectible items, for the first nine months of this year amounted o $1,713,272, as compared With $1.245.637 fo & similar period in 1939 Taxes in were $58,624. Taxes for the first nine months of the year amounted to $507,283, as compared With $415.963 for the first nine months 11 3 14 xpenditures for new plant and equipment added to the company's stem in the District of Columbia for the nine months ending September 30 amounted to $1,655,774. D. C. Exchange More Active. Trading Was more active on the Washington Steck Exchange today. The opening transaction was in Lans- ton Monotype, which sold at 76, hold- ing its recent advance. Merganthaler Linotype, the other type stock, was also out_today, selling in a small at 66. Twelve shares of Capital Traction changed hands today &t 2415, the first sale for some time. Washington Rail- way & Electric preferred changed hands Bt 94, for 10 shares. American Security & Trust Co. registered a small sale of stock at 300. | In the bond division five $1,000 sales were recorded in Washington Railway & Electric 4s, all made at 8513 Washington clearing house for today. $3,163,196.48. Washington Gas Net Gains. The Washington Gas Light Co. has Yeported September net earnings to the Public Utilities Commission as $68 - 84312, against the much lower figure of $32.150.75 in September, 1930. Net income for the first nine months of the pn-.m.t year has reached the sum of 1% o 24 figures the month las e months $132, ive period & year nsu Notes in Financial District. A special meeting of the fducia section of the District of Columbia Bankers' Association was held in the yooms of the organization yesterday afternoon, with Chairman Kenne! Brooks presiding. This meeting was preiimingry (0 (e reguiar meeting o be s COAL MINER EARNINGS ARE DECLARED SMALLE miners and Joaders fe: during the period The average hourly earnings based cn | 107 time at face declined from 68.7 to 5n| uu. 10 cents during the two years, while those based on time in mine fell from 626 to 546. The daily eamn: declined from $5.50 to $4.82, and the average esrnings in & half monthly pay period dropped from $49.85 to $33.82. For all employes in 21l ocoupations in the industry other than miners and | loaders, the average half month decreased fro to 83 in 1930, Ho from 87 0 Earnings €reased from $52 3% in 182 1830, snd n-u-ng; Creasad from cen! eents m 1930, 1930. pe 1929 Oo 595 o 24 Abitib Dividend Rate Pwr & Paper *wraPap ve Exnress (1). s Miilis (2).. Afr Reduetion(14%) Alaska Junean (40¢) 24 Allegany Corp Al »r:»,r.«n.- 5 - T& Lot (6). I'AV " Df A St(B). Am Radiator (60c). . Am Radiator »f (7) Am Rolling MilL Am Safety Rasor (5) b olv & Chemical, Solv & Chem pf.. eel Found (1) .. Am Stores (1214, Am Wat Wks cfs(3). Am Woolen Co.. Am Woolen Co pf. Am Writ Paper ctfs.. Am Zinc & Lead. Anaconda Anchor Cap (2.40) Andes Copper. .. Archer Danfel Mid. Armour of N1 (A). Armour of Tl (B)... Armour of 111 pf. ted Dry G(1) 1 Atch To&S Fi Atch To&S Atl Coast Lin Atl GUIf&W 1 pf (5 Atlantic Refining (1) Atlas Powder (4)... Atlas Stores (1). Auburn Auto (£4). Autosales Aviatton ¢ Baldwin L Balto & Ohlo 4). Ramberger pt (6 Bang & Aroos pf (7 Barnsdall Corp'n. .. Bayuk Cig 1st pf (53} Beatrice Cream (4). Beatrice Crm pf(7).. Beech-Nut Pkg (3).. dix Aviation (1). Best & Co (2) Bethlehem Steel (2). Bethlehem Stl th) Blaw-Knox (1). Bohn Alumn (134) Borden Co (k3).. Borg Warner (1) Briggs Mrz (t11%) Briggs&Stratton(2). Brockway Mot Trk Bklyn-Man Tran (4) Bkiyn-Man Tr pf (6) Bklyn Union Gas (5) Brunsw-Balks Bruns Term & R Bucyrus-Er Calif Packing (2). Calumet & Hecla. .. Canada Dry G A (3 Celotex vte ct Cent RR of N Century Rib Mill Cerro de Certain- esapeake (‘orpu) 1 Great Western. . Great Westn pf Chi Mil StP & Pac... hi Mil StP & Pac ot Chi & Northwest (4) Chi Pneu Tool. Pneu Tool pf cago R l&l‘nclflc Childs Company . ler Coro (1)... ce&Fuel (3.60) Ice&KFuel pf 6% Columb Carbon (4) . Comm Credit (1.60). Cred pt B (2). inv Trust (2) Inv Tr pf 6%, lvents (1). Contl Contl & Co pf (1.40) & Hud (3). n Kod pf (6). Axle & Spr(1). lec Auto Lite (4).. ec& Musical [nstru Fed Wat Sve A( Fid P « Fires; First Natl Strs (2%) B " -4 - N T T o | BARTenma e » g3 i 40 e o T R 8010 R 5 3 50 00 m1 1 a0 e e 15 e 32 2 RS 8 L™ Yo EF P5¥ErV FEEFFF 1Ly FRSFIRET [N » 7 | i 1231 99 Jones & Lauch pf(1) VING STAR, WASHINGTON, L e Ade 00 Kieh low Ciose Ches. ™ 3 Foundation Co. 18 Fourth Nat Inv mbbe Fox Film (A) 20% Gamewell Co (3 9% Gen Asphalt (2). 2% Gen Bronze. . Gen Cable pf. ... Gen Biectric (1.60).. Gen Blec spec ($0¢) - Gen Food Corp (3). . Gen Gas&El A (e30¢) Gen Gas&E cv pf(§) Gen Mills (3).. Gen Motors (3) Gen Motors pf (5). Gen Public Bervice Gen Ry Signal (5). Gen Realty & Util. Gen Realty & Util pf. Gen Refractories(2). Gen Theatre Equip 9'4 Glllette Saf Rasor. 3 Gimbel Bro 4'4 Gltdden Co. l\ Gobel (Adol Gold Dust (3% : Goodrich (B F) 16 Goodyear T & R 571 Goodyear 18t pf ( 1% Graham-Paix 5% Granby Con Min (1 313 Grand Silver Store 7 Grand ('nion... 8114 Grand Union pf (3) 14% Granite City Steel(2) 25% Grant (WT) (1).... 20 Great Northn pf(4).. 12 Great Northn Ore(2) 5% Great Western Sug.. * 80w Great Wn Bug pf (7) 1% Grigsby Grunow. 6 Gulf States Stee 264 Hacken Wat pt A, Hahn Dept Stort 2513 Hahn Dpt St pl(6%) 17% Harb & Walker (1), 2 Hartman Corp (A).. 1 Hartman Corp (B). 14 Hayes Body Corp... 60 Helme (GW) (1 9% Hercules Mot (30¢) 714 Hershey Choe (5)... 80 Hershey Choe pf (W 5% Hollander Sons. 18% Illinois Centra b 85 Illinois Cent11 (4). 1% Indian Motor Cycle 86 21 Indust Rayon (4) 182 45 Ingersoll Rand (4 126'3 123 Ingersoll-Ran pf(é 71 26% Inland Steel (2) 34 Inspiration Copper. Insuranshares Del A Insur Shr(Md) (40c). Interboro Rap Trans Interlake Iron. 194 = 40 a~ 04 0w 5314 114 114 Int Bus Machine(n§) Int Carriers,Ltd 60c. _ Int Cerpent (4). Int Combustion. . . Int Combustion pf. .. Int Harvester (23%). Int Hydro E1 A (e3). Int Match pf (4).... Int Nick of Can(40¢) Int Paper & Pwr C, Int Salt (3). 2 .Int Shoe (3) 18% Int Tel & Tel (1). 10 Int Dept Stores (2).. 31 __ 15 Island Creek Coal(4) 2 57T 24 JewelTea (4)....... 80% 29'5 Johns-Manville (3).. 126 105 Johns-Manv pf (1). 1 2 o ot et 0030 0 s 00 00 1174 119% N A% 4% 19% 19% B, 8 27% 144 28% 3 B4 108 108 508 101% Bl Kansas City Southn, 2 i Jpachians cosoich )y, 1 813 Kayser (1) &Co (1). 8 w -Spring Tl D 8L 10 Kelly-SprT 6% pf.. 80s 51 Kelly-Spr T3% pf.. 1008 31 Kelsey-Hayes Wheel 2 6 Kelvinator Corp.... 104 Kennecott Copper(1) 19 Kresge (S S) (1. 101% Kresge (SS) pf 5% Kreuger & Toll 18 Kroger Grocery (1) 4(“- Lambert Co (8) 614 Leh Port Cement. Leh Port Cmt pf (7). Lehigh Valley Coal. 108 101 108 101 45 ?0 20% 58% 4 Lehn & Fink (3).... Libbey Owens Glass. Ligg & Myers B (15) Lima Locomot (m2). Link Belt (1.60). . Liquld Carbonic (2). Loew’s Inc (3). Brnbinn [PISPRE- S PRIV TP~ - PO [T PTURUPAIUIOL JOS. N Lorrillard (P) pf (7) Louisiana Oil.... Lou Gas&El A (1% ). 30% Louls&Nashville(5). 2114 Ludlum Steel pt McAnd & Forbes (2). McCall Corp (234). .. Mclntyre Pore M(1). sKeesport T P (4) . McKesson & Rob (1). McLellan Stores. ... MackTrucks (2). Macy (RH)& Co(n3). ManhatElev mod gtd Marine Midld (1.20), Marshall Field (23) Mathieson Alkill (2) May Dept Strs (2%) Melville Shoe (2)... Mengel Co. Mid Contin, Midland Steel (3) Midland Steel f (3). Minne & Hon Reg (3) Minn Moline Pow. . .. Minne & St Louis. M StP & S S Marie. Mo Kan & Tex: Mo Kan & Tex pf (1) Missouri Pacific. ... Missouri Pac pf (5). Mohawk Carpet. .. .. Monsanto Chem (1) Montgomery Ward .. Morris & Essex (37 ) Mother Lode. ....... Motor Meter G & El. Mullins Mfg Mullins Mfg Murray Corp. 15t Nash Motors (2). 3% Nat Acme Co 25 Nat Bella Hess. \1' Hlm't (" §0)... 245 244 15 15 2 88 1% 17% 484 491 ) 4 7 3% 184 61 i 14 16% = 8% 22 36°s 721 188 40 NY A N Y Shipbuilding. 31 N Y Shipbldg pfi7) 967 N Y Steam pf (6). Noranda Mines ortf & Westn pf (4) orth Am Aviation, or Amer(b10% stk) 15\ Northern Pacific 3) 39% 20% Owens Il Glass (2) Ba's 29% PacificGas & El (3). ! 69', 35 Pacific Lichting (3). 113 4 Packard Motor (40¢) 50% 10% Paramt-P(ml. csw s Park Utah % Pathe Exchange, Exchange(A) e s 21% 101\. 101%~12% 8 D F1LL414) 1% - — ot ; - Z2.% | chatrman of the bankers % ~ | low !ern” cotton planters today saw a silver | lining to their economic clouds in re- | the market until after next July. | program. exceeded by 500,000 bales that | the hol | Canadian Eagle Oil pt Mex €. W STOCKS ARE LOWER IN SHARP SELLING Market Apparently ignores British Election News. Leaders Weaken. BY GEORGE T. HUGHES, Special Dispatch to The Star i NEW YORK, October 28 —Putting the most unfavorable construction upon | domestic developments and igmoring the result of the British election, which was all that could have been wished for from the Wall Street point of View, today’s stock market had periods of reaction that amounted to actual ‘weakness. The market was under severe pres- sure throughout the morning. In ex-| planation it was said that the United | States steel report was poorer than had | been expected. Omission of the dividend on INiinois Central common Tuesday and the probability of other railway dividend reductions and omissions was another reason assigned. Finally some traders professed to be frightened by | the action of the Japanese foreign minister in Moscow against interference in Manchuria. Leaders Decline. United States Steel and the rails took the brunt of the nlltflf during the first two hours. Steel, seiling around 65, was less than 3 points above its extreme It was not helped by the Iron Age's weekly review of the industry although that authcrity put the rate of operation at 29 per cent of capacit against 28 per cent a week ago and said that reports from consuming industries were a trifle more encouraging. Unset- tiement in the price outlook was an offsetting influence. - All the railway stocks gave way. with New York Central down to a record low The dividend where it was down 6 points on 5-point decline the day before. Pacific was affected by the decline in New York Central and in Illinois Cen- tral, which, incidentally, also made another new low, because Union Pacific has large holdings in the stocks of these two roads. Opening Prices Mixed. Slight gains in prices marked the opening U. S. Steel at 87 was off !, reflect- ing disappointment over its earning: rather than the regular dividend dec- laration, which was as expected. Beth- lehem Steel was off 3, at 25%. The Conservative victory in the Brij- ish elections, which was reflected in a | oy rising London stock market, was com- mented on favorably by bankers here. Sterling opened higher here. After an initial burst of strength prices in Paris eased. Pennsylvania, whose directors meet for dividend action today, opened off 1 at 30). Chesapeake & Ohio rose 1; to 30's, but Baltimore & Ohio at 32';, Canadian Pacific at 14'5, Union Pacific at 1053 and Northern Pacific at 22, all lost fractionally, reflecting the decline m weekly car loadings. N. Y. Central was down 1 at 51. General Motors at 26 and Studebaker at 121, gained fractionally. Utilities for the most pnn were higher. The issues showing advances included Amer- fcan & Foreign Power at 16!, Ameri- can Telephone at 139, Consolidated Gas at 723 and American Power & it at 20. The oils were rather dull, but the few that appeared, such as Socony- Vacuum, were higher. The coppers were almost uniformly lower. American Can was up slightly at 84, which was also true of General mecme at 30% and Westinghouse at 46%% COTTON POOL CHEERS PLANTERS IN SOUTH | Growers See Chance for Better Prices in Pledges of South- ern Bankers. By the Associated Pres: ATLANTA, Ga., October 28.—South- ports of bankers that tcey had exceeded | pledges to co-operate With the Federal Farm Board to hold 7,000,000 bales off Cotton bels hugln;n yesterday Bl::; rted ple to finance an aggr o monv::fnucmooo bales under the cotton-holding ‘The amount greed to at the New Orleans conference of | bankers, Farm Beard and American Cotton Co-operative Association mem- bers two weeks ago. The conference stipulated the Farm Board would arrange to hold approxi- mately 3,500,000 bales off the market if Southern bankers would flnlnce the holding of a similar amouni Unofficial _reports last n),ght said Texas bankers would finance the hold- ing of 2,000,000, Arkansas, 400,000; Ten- nessee, 500,000; Georgia, 32,622 lnul-si- ana, lll 015 Al.lhlml 1 dfl group sponsor- lan, said his reports indicated J’m plan would receive more than ample support fnr success. ing the DIVIDENDS DECLARED NEW YORK, October 28 (#)— Pe- Pay- Hidrs. of Company. X record. | Comwith_& Feb. 51 Inland Steel L 1 Nov ui “Gen GAE! A 3-200an B B 130 Oomittea. Deferred. div div due at i Eag O 7% Ist pf. due a: this time | Company n Am Iny Inc 33 I:l 'm k & Ins Sh ol urroughs Crelses Tt 4Chelm’ congol Nairh “bia $18 Eiec Shdes 36 I.3150 Burop El Ltd A ...13¢ o s Gen G&E 57 pf. 3175 Do $8 pf 12 Opb wbp 0O OOOOLOOOO 952 % o5 5EY §Y WY A3e ot 88:2¢ suma Bav "4 i Lia RETRY Studebkr Cor pf ‘3173 Co. n Tavier | baskets. 3.50 and hens, 25a27; oid toms, 20; oid hens, 22a25; chickens, 3 pounds and over, 20a2 oultry, hens and tome, 3538, old hens, A old toms, 30; chickens, 3 pounds and over, 33a28; 2 to 2!, pounds. 23a35; brotlers, 135 to 2 pounds, 27a29; hens, large, 34835 small. 24a25; hens, 18a20: roosters, 15al7: keats, oung, 85a60; old, 30a40; Long Island ducks, 18. Meats—Beef, prime, 17; choice, 15%4a 16 good, 12';a13. cow, 888l top, 14; medium, 14a15; veal, top. 15: a13; pork loins 8 to 10 10 to 12 pounds, 17; 12 to fresh hams, 16al7; strip bacon. 22a compound, 8a8l;. Live stock—Hogt, Lum “and_medium, . 5.008: pigs, 5.0085.25; 00a8. Fruits — Watermelons, _ California, erates, 2.00; Persian _melons, 2.50; permissons, per pan, 75; honeydews, 1.50a3. , Malaga Tokays, 2. gg e 4 apples, huah,eg baskets, anhles-»l'ouwu. 150-pound sacks, 1.75a190; 1daho bakers, 100-pound sacks, 250: sweets, per bushel, 50a75; beets, per 100 bunches, 4.00a5.00; car- rats, per 100 bunches, 4.50a5.00; cauli- flower, 2.00a2.25: Jstring beans, 1.50a | 3.00: lima: 00a2.50; cucumbers, bushel squash, Florida, bushel baskets, 1.75; eggplant, 50a75; celery, lettuce, Iceberg, 3.25a3.50; onions, 7th St. and Indiana Ave. N.W. 07th Series of Stock New Open for Subseription §9% INTEREST PAID ON STOCK James E Connelly, James F. Shea. The COMMERCIAL NATIONAL BANK 14th and G Streets Banking in All of Its Phases Q-pound sacks, white, 1.50a2.00; yel- Iow 1.25; okra, 2.50a3. mushrooms, i Depmers, 50875 axtichokes, 4.50 Dl 5 “WM 5.00; pcmtn-. 125 tomatoes, z-peck m 1.50a2.00; Cflom M 2325 NEW YORK BANK STOCKS NEW YORK, October 28 (#).—Over- the-counter market: Banks, Bid. Askad 4 4 Bankers Brooklyn Chem Bk Cont Bk Corn pire & Tr & Tr change Guaranty . Irvine .. Manutecturers THE MAN WHO CANNOT GET LIFE INSURANCE —should employ the same principles of investment science to build up his estate as the Insurance Companies do. Free Information on Request BERNARD P. NIMRO See Us Now Concerning First Mortgage LOANS —For Buying —For Building —For Refinancing completed properties. NO_ o tours on. firs mort: R T T e information without obligation on your part. REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. NN\W. 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Assn Orrnhl‘ 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr,, Secrefary Subscriptions for the 101st Issue of Stock Being Received If you contemplate the purchase of a home, refinancing present in- | debtedness or improv- ing property, consult us, Applications will ON REAL ESTATE OR TO TAKE UP MORTGAGE receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. When you P“rchlse a )mc. proper method of financing it should. receive your careful consideration. The Real Estate Loan Plan of the Metropolitan Life’ Insurance Com- pany is arranged to fit your indi- vidual nee Loans for Fifteen Y Low Interest Rates. No Life Insurance Required. { Construction Lo-m in Any Amount WEAVEB BR! REALTORS W ashington Building District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia FTRST MORTGAGES PRINCIPAL, SECURED; INTEREST FIXER There is no conjecture in connec- tion with an investment in our 69, FIRST MORTGAGES The two important factors are assured. Over a Third e The principal is secured by eon- 0] servatively appraised, improved \Washington real estate; and the in- terest, liberal as it is, will be paid regularly and unchanged in amount to the maturity of the mortgage. May be purchased in amounts from $250 up. B. ¥. SAULE CL National 2100 925 15th St. N.W. Century Without a THERE