Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-05
Some Startling FIuctua tiOns.

One of the most active and sensa-
tional New York bank stock markets
| in financial history developed in Octo-
| Der, with prices f1uctuating sharply and
trading in Wall Street at times in such
| large volume that an accurate check on
! quotations was almost impossible.
| Averages compiled by Holt, Rose g.
Troster, based on the most active
stocks, stood at 43s on october / and
reached 46e on October Il, the high
point for the month. The second de-
cline on October 20 drove the average
down to ATS, the low point reached for
! the month. With values at these de-
pressed levels buying orders in large
volume came into the market and at
! the close of trading October 81 prices
had recovered about 40 per cent of their
| previous loss to an average of $50.
| washington investors are large hold
ers Of New York bank stocks and have
followed them very closely In their re-
| cent gyrations. Local bank stocks have
! Their moves, however, have been OF
much less importance, although several
| have sold at lower prices during the
| pas two weeks.
Stock Orders FIood D. G. Banks.
1t was reported today that local banks
| are being asked by their regular de-
orders for stocks listed on the New
| York Exchange. Practically all are
| orders to buy outright. Some are for
shares selling under $40 and not pay
/ ing dividends, but most Of them are
| for issues that are now returning high
| yields. Present and future dividends
and yields are the big factors consid-
cred
The Federal Reserve Boards condi-
| ton statement OF weekly reporting mem
Der banks in leading cities on October
| 80 shows increases for the week Of
81 $50, 0OO, 900 In loans and investments,
| l,796, 600 900 In net demand deposits
and @t75,OO0, 900 In Borrowings from
Federal Reserve Banks, and decreases
Of S1S,000,000 in time deposits and
"a 900 900 in Government deposits.
Loans on securities increased $780,.
/, 900, 900 in the New York district, 933,-
| 0O0, 900 In the Chicago district, ST.
900, 900 in the Cleveland district, S25,-
000, 1000 In the Philadelphia district and
81 ,25e, o00, 900 ct all reporting banks.
IAN other" loans increased SITS, 000,-
900 at all reporting banks, 500, O0O, 900
In the New York district, s3l, 100000
in the Chicago district and $4,000, 900
in the San Francisco district.
Carpet Corp. DeelaEes Dividend.
Waggaman, Brawner Il Co, Inc, also
announced that the board Of directors of
the Carpet Corp, Of washington, has
declared the regular quarterly dividend
'of IS cents per share and an extra
DIVIDEND OF l2h cents per share, pay.
record December 20, 1929.
Announcement Ia also made by Waa-
gaman, Brawner e. Co., Inc, that the
! Carpet Corp, has purchased the Food
| Products Co, Of Pittsburgh. This
! acquisition gives the corporation con-
! troll OF five distributing companies To-
| Gated in Baltimore, Richmond and Nor
folk. Pittsburgh and Washington. Plans
are also under way for further expan-
sion.
Cleaned In Financial District
Announcement was heard with deep
| regret In the financial district today of
| the death this morning of w. A. Ben
| nett, vice president of the Equitable
Life Insurance Co. of Washington and
| also second vice president of the Bank
| of Commerce 81 Savings. Mr.. Bennett
had been connected with the bank for
some 20 years and was held In high
esteem.
The McCrory Stores Corporation to-
DAY reported an increase in sales in Oc.
tober OF S.24 per cent. Sales amounted
to SO, s.276, against $3.476,9l2 a year
80 ~oACo AOA tAtC ~ LObdlCu
S33,558,39s, in comparison with $780,
4So.02S in the first 10 months of 1928,
gain this year of 1925 per cent.
Business conditions are sound and no
fundamental change In them may be
expected, Secretary of Commerce La
mont says. The reaction in the stock
market probably VIII have some effect
on business, however, psychologically
II In no other respect. He believes the
market effect will be felt most in the
luxury class and that many people, even
II they continued to hold stocks, will
feel poor because of the loss of paper
profits and the drop in market value.
Such persons, as well as the actual
losers, naturally will restrain their
buying.
The Interstate Commerce Commits
sion authorized Boston g. Maine Rail-
road to issue not exceeding $7,500,000
OF 2 per cent prior preference 500 par
stock to be exchanged for roads
mortgage bonds on basis of five shares
OF stock for each $500 principal amount
| Of bonds.