Evening Star Newspaper, August 10, 1929, Page 10

1 COLLNS TELLS WY B BANKS MERCE 0 =* Former Deputy Controller Sees New Type of Banking Due to Four Reasons. BY EDWARD C. STONE. Questions are being asked on all sides as to the meaning of the great bank merger movement which embraces the entire geographical territory of the United States. Al- though the answer is not easy to make, it. is sale to say that _ American anks ‘have NOW :’n"’red the field over which the captains of indus- try have fought. ‘There is emerging a new type of banking, says Charles W. Collins, former deputy con- troller of the cur- teney, in Trust Companies' Maga- zine, which will be typical of our na- tional genlus for business organization and which the public will participate in ownership and where bank managers will be the serv- ants of the shareholders. If one were to call upon the presi- dent of one of these banks after a merger has peen agreed upon and ask him why the merger was taking place, he might receive a variety of answers, and practically all of them would be in the nature of business reasons. Some- times the motive is to improve the per- sonnel of the management of the com- bined bank by retiring certain officers and placing the more efficient in the key positions. In other cases, the con- trolling motive might. be for the absorb- ing bank to enter a new fieid of the banking business, as when a commercial bank absorbs & trust company or a trust company absorbs a commercial bank. Again the controlling motive might be to increase the size of the bank to meet the demand for larger loans by corporations or by foreign governments. There are cases where the elimination of local competition and the prevention of duplication is the prime motive. No doubt also it is true in some cases that Jocal ambition for size is the controlling { motive in absorbing other banks. The economic interpretation of the bank merger movement may be re- to four categories: d‘lr.edEmnomy and efficlency of op- jon ";f‘ The rendition of wider banking rvices. e Preparation fé'r' p:rt)npmmn ! ce and trade foreign finance a tor o | Charles W. Collins, in 4. Movement. into position and branch banking. Reserve Bank's Assets Compared. n comparison with figures shown on the Reserve Bank's statement on July 15, 1928, those for the corrrspo_ndlng date this year show an increase in re- discounts for member banks from $56.- §78,000 to $58,931.000, but total earn- ing assets of the Federal Reserve Bank of Richmond declined during the year from $67.301,000 to $62.191.000, the re- duction being caused by decreased in- Vestments in open market paper this Y he circulation of Federal Reserve notes Tose from $53,626,000 on July 15, 1928, to $75,250,000 on July 15, 1929, but about half of this rise is due to the introduction of the new currency and therefore does not indicate as large an increase in the regular demand for cur- reney* as the uninterpreted figures would indicate. Member bank reserve | deposits rose slightly during the vear, | from $64.871,000 on July 15, 1928, to $65.606.000 on July 15, 1929, The cash reserves of the Federal Re- serve Bank of Richmond stood at $60.- | 055.000 at the middle of July a vear ago, but totaled $89.874,000 on July 15 this year, and the ratio of cash reserves | to note and deposit liabilities combined increased from 50.49 per cent to 62.92 per cent during the year. Credit Outlook More Serious. Regarding money conditions the American Bankers' Association Journal says that money rates continue to rule abnormally high, and while there are no fears that the banks will not have ample credit for financing ordinary business, crop moving and special de- mands incident to Fall trade, the credit problem appears to be growing more serious. Gold has been attracted to America in iarge quantities by the high rates offered. but its possible effect in ex- panding bank credit has been offset by the action of the reserve banks in mak- ing member banks teke over the finanacing of acceptances. This has| made it impossible to reduce rediscounts to any appreciable extent, and no grounds can be discovered that warrant hope for cheap money for some months. Demand for carrying stocks and tak- ing up “rights” seems to be quitie in- satiable, in addition to which the pub- lic is holding a much larger amount of the new paper currency in circulation than had been expected.” Heard in Financial District. Life insurance companies have dis- covered in a definite way the value of old customers, a truth which is known 1o every business man. One of the Fastern companies finds that during the last year the policy holders bought ad- ditional insurance with an average pol- icy 19 per cent larger than the average policy sold to new policy holders. Washington bank clearings this week totaled 827,777,000, against $25.214.000 a week ago and a gain of 7.3 per cent over the corresponding week last year. Clearings for the country as a whole| were 41 per cent above the same period | a year ago. The Merchants’ Bank and Trust Co. 1= presenting depositors with a pam- phlet entitled Banking and Finance Simplified. It includes rules for interest | calculation, suggestions for safeguarding | checks and other information of value. ‘The directors of the Federal Reserve Bank of Richmond held their regular meeting yesterday. So far as known they left the rediscount rate unchanged. 1t is likely, however, that the other re- glonal banks will follow the New York bank’s lead and boost the rate before long. The Department of Commerce reports that the volume of business in the United States this week was smaller than last week, but well ahead of the same week a year ago. Wholesale prices showed a decline. Leonard P. Ayres, Cleveland banker and forecaster, believes the higher re- discount rate will have a tendency to atabilize the varions rates for monsy and may reduce the rcost of call money. He asserts that the policy of the Fed- eral Reserve Board is to keep the redis- ecount rate between the commercial pa- per rate and that for acceptances. AVIATION FIRMS MERGE. Dnited Aircraft & Transport and Standard Steel Propeller Join. PITTSBURGH, August 10 (®).— Merger of the Standard Steel Propeller Co. of Pittsburgh with the United Air- craft & Transport Corporation of New York was announced yesterday by of- ficers of the local concern, who said the project involved $14,000,000. The combine is contingen’ on 75 per cent of the Standard Propeller Co. rati- fying the deal, but it was said that the principal owners control this amount of stock. The basis of exchange in stock will be one share of United Air- craft & Transportation for two and a half shares of Standard Propeller. The Standard Propeller plant will remain here. it was stated. FINANCIAL. b THE EVENING STAR, WASHINGTON, D. C., SATURDAY, 'AUGUST 10, 1929. FINANCIAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE —Prev. 1920~ Stock ana High. Low Dividend Rate. * 3814 Abitibl Power & Pap 79 Abitibl P& P pf(6). 27 Advance Rumley.... 404% Advance Rumley pf. 1% Ahumada Lead... 95% Air Reduction (3)... Air Wal E1 Ap(2% 4% Ajax Rubb 413 Alaska Ju: 12 Albany PW 27% Alleghany Corp. 118% 99' Alleg Corp pf (5%).. 346% 241 Allied Ch & Dye (6). 28415 166 Allls-Chalm M? (7).. 10% Am Agricul Chem. .. 40% Am Agricui Ch pf. 1487% 110 Am Bank Note (13).. 20' 14'% Am Beet Sugar . 73% 40'% Am Bosch Magneto.. 62 45 Am Brake Shoe 2.40. 34% 16% Am Brown Bov Elec. 170 92 Am Car & Fdy (6)... 70% Am Chain pf (7) . 46% Am Chicle (2). 4315 Am Com Ale (k 5 23% Am Encaust Til (2).. 82% Am European Sec... Am & For Pw 2d pi 307 Am Hide & Lea pf... 64 Am Home Prd (3.60 38 Amlice (13)... 89% Am Ice pf (6) 5212 Am Internat (12) 4's Am La F & Foamit 102% Am Locomotive (3).. 50 Am Metal (3).. 158% 81% Am Pow & Lt (f1). 5415 40'a Am Rad&Std S(1%). 64% 324 Am Republics... 134% 106's Am Roll Mill (e2). 124% 93% Am Sm & Ref (4) 130 44 ES 13 9 79% 8 65 Am Sm & Ref pf (7) Am Snuft (n) Am Steel Fay Am Stores (2). 943 71% Am Sugar Rfg (5). 60 35 Am Sumatra (3). 292 193% Am Tel & Tel (9).... 189 160 Am Tobacco (3 . 18 Am Tobacco B (8)... 145% 67% Am Water Wks (cl). 16'a Am Woolen. . . 39's Am Woolen pf. 9 Am Writ Paper ctfs. 39 Am Writ Papr pf (3) 223 Am Zinc Ld&Sm. ... 99 Anaconda Copr (7) 62% Anacorda W&C (3) 43 Anchor Cap 12.40). 102% Anchor Cap pf (6% 68% 44% Andes Copper (3).... 4915 Archer-Dan-M (2). 95 85 Armour Del pf (7). 18% 10 Armour I (A) % Armour 111 (B) T1% Armour 11 pf (7). 19 Arnold Constable 21 Artloom (2)... 49 Asso ASpl Ind (4). 43 AssoDry G (2%). 276% 195% Atch T & S Fe (10) 103 99 Atch T&SF pf (5). 3 169 Atl Coast Line (110, 67% 32 At1G & W Indles. ... 777 534 Atl Refining (113%).. 432 221 Auburn Auto (j4). Austin Nichols. es. . . . 41% Auto-Strop Raz (3).. Raldwin Loco (7)... Baldwin Loco (n). 271% 210 63l 6 75 Balto & Ohio pf (4).. 33'a Barnsdall (£2%4).... 20 BeaconOil.... 93145 Beatrice Cream (¢).. 9 Belding-Heminway.. 78 Bendix Aviation (2). 75% Best&COo (3)....... % 82%a Bethlehem Steel (6). 12314 116% Bethlehem St pf (7). 100'; 834 BordenCo (3).....e: 143% 107 Borg Warner (J4) 6315 30% Briggs Mfg. 319 46 Briggs&Stra: . 115% Bristol Myers(143%). % 39% Brockway M T (3)... K17 58's Bkiyn-Manhat (4)... 241% 170 Bkiyn Union Gax (§) 44'x 18 BrunsTer & Ry S... 42% 2514 Bucyrus Krie (1).... 50 38 Bucyruscvpf (234). 64% 621 Burr Add Mach(80c) 91y 4l3 Butte Copper & Zine. 41 28 Butterick Co, 1927 120'; Byers (A M). 37% 31% By-Products Col 136% 123 Calumet & Ariz (10). 617 36% Calumet & Hecla(4). 48% 431 Campbell Wyant (2). 98% 78 Canada Dry G A (5). 265% 218 Canadian Pac (10 4812 35 Cannon Mills (2.80).. 42% 20'% Cavanagh-Dobbs 56% 40'a Cent Alloy Steel (2), 120 88% Cerro de Pasco (6 32 16% Certain-teed Prod. 275'% 195 Ches & Ohio (10) 92 79 Chesapeake Corp 19% 4% Chi& Alton Chi Great Westn pf.. 43 27% Chi Mil St P&Pac 63% 46' Chl Mil St P&Pac pf. 97% 80% Chi&N W (4)... 47 28% Chi Pneu Tool. . 108% 105% Chi RI& Pac of (7). 50 36 Chickasha COil (3).. 747 44% Childs Co (2.40). 185 66 Chrysler Corp (3). 27 19 City Stores (1).. 72% 42% Cluett Peabody () 1494 120% Coca-Cola (4) 72% 41 Collins & Ak 78% 56 Colo Fuel & lron 135 101 Colo & South (3 967 5314 Columb G & E (2). 109 103% Colum G&E pf A(6). 88% 6% Col Graph (29¢). 62% 43 Com Credit «2) 50 50 Comm Credit A 195 131% Coml Inv Trust (14) 492% 225% Com Solvents (h8) 3b% 19% Congoleum-Nairn. 92% 67 Cong Cigars (t6%) 96% 60% Consol Cigar (7). 25% 22 Consol Film (2). 164% 95% Consol Gas (3) 6% 2% Consol Textil 23% 12 Container Corp A. 11% 6 Container Corp B 90 47% Contl Baking A 15% 814 Contl Baking B 8814 Contl Baking pf (8).. 56'5 Cont'l Bank of N. Y. 60 Contl Can (2%)..... 79 Contl Insurance (2). 13 Contl Motors (30c).. 281 Contl Oil of Del. 82 Corn Prod (13%) 51 Coty Inc (£2).. 42% Crown Cork & Seal 85 Crucible Steel (5). 1% Cuba Cane Sugar.... 5% Cuba Cane Sugar pf. 11% Cuba Co 11 Cuban-Amer Sugar. 2 Cuban Dom Sugar. .. 7% 49% Cudahy Packing (4). 173% 135% Curtiss Aero (1).... T e €9% 42% Davison Chem. 46% 83% Debenhams (al1.69).. 226 182 Delaware & Hud (9). 160% 120% Del Lack & W (17) ©4% 43% Devne & Ray A (13). 11% 8% Dome Mines (1). 54% 40 Dominion Strs(1.20) 126' 105 Drug Corpn (4)..... 202 165% Du Pontde N(t434). 207% 168 Eastman Kod (18) 76% 56 Faton Axle&S (3).. 39% 264 FEitingon-Sch (2%).. 174 126% Elec Auto Lite (6). .. 18% 104 Electric Boat. 84l 4314 Kl Pwr& Lt (1). 109% 103 El Pwr & Lt pf 7)., 77 Elec Stor Bat (5). 31 Elk Horn Coal. . 57% Fndicott-John (5) 47 Eng Pub Serv (11).. 31% Equitable Bz (23%). 64 ErieRR. 57 46% Evans Auto L(32%). 833 e B 13% Fed Motor Tr (80c).. 904 Fid Phen F Ins (2).. 62 First Nat Stores 1%. 74 Fisk Rubber........ 65% Flelschmann (1834). 87% Fleisch ctfs (13%).. 46 Florsheim Shoe A 574 Follansbee (1234 80% Fox Film A (4) 37% Freeport-Texa: 20 Gabriel Snub A. 10% Gardner Motor 5 81 Am Tnk Car(34) 61 Gen Asphalt. B5% Gen Bronze (2). les— Prev Ra000 High. Low Crose. Gioss. 107% Am Can (14).. <1 - Stock and Low. Dividend Rate. 37% Gen Cable 81 Gen Cable A (4). 107% 104 Gen Cable pf (7). 74 63 Gen Cigar (4)....... Gen Klectric (16) Gen Elec apec (60c 81% 62% Gen'l Food Corpn (8) 108 70 Gen Gas&El A (e1%) 89'% 67% Gen Mills (3%5) 100 9% 66% 1264 1224 52 4 51 83% 6 2% bl1% 2 84 84 2 31% 31% 1 45 52% 84 31% 4 6 1% 21 5 o 33 34 269 122% 93% 8814 68 ' . 129% 101 Gillette Safety R (5) 484 29% Gimbel Brothers..... 20 76% Gimbel Bros pf (7) 64% 36% Glidden Co (m2).. 66 34 Gobel (Adoif). 82 53% Gold Dust (214). 105% 78 Goodrich B F' (4) 154% 104 Goodyear Tire (5 104% 101 Goodyear 18t pf (7) 36% Gotham Silk H (2% Gould Coupler...... Graham-Paj Granby Con: Grand Stor Grand Union........ Granite City Stl (3).. Grant W T'(1). Grt North pt (5). - Grt North pf ct (5) Grt Nor Ore (a1%) Grt West Sug (2.80). Greene Can Cop (3).. Guanianamo Sugar. . Guif Mo & North Srnnans » S mam R oA e = ® 8 Hershey Ch pr pf(6). Holland Furn (e234). Hollander & Son..... Houd Hersh B (13). Houston Oil......... Howe Sound (14%).. Hudson & Man (234 ), Hudson Motor (5). Hupp Motor (£3). 1634 1824 39% 29% 32's 17% 52% 29 Indian Motor Cycle. Indian Refining. . 48% 28 Indian Refining ct. 135 75 Industrial Rayon 98% 78' Inland Steel (334). 66% 38% Inspiration (¢). . 19% Interboro Rap Tran.. 8tas Intercontinental Rub 6'3 Intl Agricultural. ... 246's 149% Intl Business M (5). 103'% 543 Intl Comb Kng (2). ., 121 99 iau Cmb Eng pf (7). 127 92 Intl Harvesterw(2%). 543 47 Int Hyvdro El A (eZ). 10213 66% Intl Match pf (3.20) 29% 26% Int Mer Marine etfs.. Intt Nickel Can (30c) Intl Pap & P A(2.40). Intl Pap & Pwr inti Pap & Pwr C. intl Vap & Pwr pf(7) Intl Print Ink (23%). Intl Tel & Teleg (). lowa Central. ... Y I SontZrnurio~rntanartSwinma~t It o 1 71 242% 152% 16's bW Jewel Tea (3) Johna-Manville (3).. Jordan Motor Car-. ... 10874 78 Kan City Sou (§) Kayser J & Co (5). Keith-Albee-Orph. .. 4 Keign-Albee-O pf (7) Kelly-Spring Tire... Kelsey Hayes (2) Kelvinator Corp. Kennecott (5) Kolster Radio Kraft PhCh (1% Kresge S 8 (1.60) K Dept Stor 12215 75% Lambert Co (3).. Lee Rubber & Tire. Len Port Cem (2% ). Lenigh Valley (3%3). Lehigh Valley Coal Lehn & Fink (3). Libbey Owens G Liggett & My (15)... Liggett & My B (16). Lima Locomotive. Link Belt (2.40)..... Liq Carbonic (1434). Loew's In¢ (3)....0e Loft InC..ceeccases Loose-Wiles (2.60) Lorillard (P) Co..... Loutsiana Oil, . LouG&EIA (1%) Louis & Nash (1) Ludlum Steel (3) 157% 127% 25 10 65 - 47% 1024 77% 2 19 43% 105% 81y 103's 8l 57% 42% 61 484 113% 71% B4y 48% 1% Th T4n 56 31 20 18 104 59 35% 153% 138'2 108'a 66% 4% 55 McKesson & Rob (2). Mcles & Rb pf(3%). Mack Trucks (6).... Macy (RH)&Co(c18) Magma Copper (5) Mallinson & Co Manati Sugar. . Man Elec Supply. Man Elev mod (46 Man Shirt (2)......0 Market St Ry 2d pf Marlin-Rockw (14) Marmon Motor (4) Mathieson Alk (e2 May Dept Strs (4)... Maytag Co (12). Melville Shoe (1.40). Mengel Co. . Metro Gold pf (1.89). Mexican Seaboard... Miami Copper (4) . Michigan 8tl (2%).. Mid-Continent P ¢2), Middle States Oil.... Middle States Ofl ct.. Midland St pf t10%. Miller Rubber. Minn Moline P Minn & St Loui Mo Kan & Texa Mo Kan & Tex pf(7). Missouri Pacific. ... Missour! Pac pt (5).. Mohawk Carpet 12% Mont Ward (2%). Moon Motors. Morrell J (3.60). 3 Mother Lode (40¢c) 12% Motion Picture. . 26 Motor Meter G& E Motor Wheel (2) 36 Mullins Mfg... 62 Murray Corp (a3 22214 148 60 15% 128 244 31 26% bla 6914 66% 424 3% ] 122% 39% 5% 3% 803% 225 28% 11% 43% 31 3% 2 65% 42% 107 102 101% 62% 120 60% 9 3% 70 A e 81% Nasb Motors (8) 28% Nat Acme (1%) 35 Natl Air Trans, - % . 2 152% 148% 96 NatlCash Reg A (t4) 85 62% Natl Dairy(c1%).... 37% 28% Natl Dept Stor: 43 NatlEnameling (2) 132 NatiLead (5)..evaee 3 4T% 1 34w 15 213 3 144% 101 Natl Surety (5) 63 " Natl Tea (1%)..... 39% Nevada Copper (3). 48 NewportCo A (3). Newton Steel (3) 9 584 100 NYChi&StL pf(s) 80% NYNH&H ) 22% N Y Ont & Waest. 33 Norfolk South (2%). 191 Norfolk&Wstn(t10). 90% North Am(b10%stk) 99% North Am Ed pf (6). 95% Northern Pac (5). 2ol Erie RR 1st pf (4).. 16% Of1 Well Supply..... 1 344 Oliver Farm Equip. 90 Olivr Fr Eqpf A(8). 7 14% 49% Olivr Fr Ep v pt(3). 53% Pacific Gas& K (2).. 70 Fac'fic Lighting (3. 1 - Pacific Oil stub: 116% -Packard Motor 1% Natl Rys Mex 2d pf.. o 2 39 25 = 5 141% 29 B4% 19 1384 9 12% 2 4 1 & 9’ 201 [3 67 111 1 2 1 42% Natl Pwr &Lt (1)...1034 5 9 0 M 6 8 7 1 37 8 8% 8ls T 9 7% % 1 T’ 5 375 - 376 376 4“ 415 68% 618 40% 52 4w % 20 39% 39% 100% 93k 835 136% 12% 6% 89 22% 44y 42 36% 864 51 922 48% 58 96% 207 670 15t 43% % 138 125 464 89 24% 44 424 90 90 bl 49 8l 63% 22 10% 49% 142 9" 48% 584 9% 209 67% 15% 19 25% 36% 40% 93% 50 % 43% 43 20 3% 724 2% T2% 18 118% 114% 118% 114% LR ) 1 % 200 1391 134 139% 133% | d 26% Packard Mot (new).. 686 28% 27% Park Utah (30e)..... T4 Pathe Exchange 75 5 1 mn £3 4 9% T 57% T 28% 27 59% 57% Stoc™ and Bales— Divider d Rate. ino Mines (3.89). 5 _ 5 5 Penn Dixie Cement. . Pennsylvania RR(4) Phel Dodge (3) Phila & Read C& I. Phillp Morris (1).. Phillips-Jones (3) . Phillips Pete (1%) Plerce-Arrow A 5: Pirelli Co A (2.83). Pittsburgh Coal. .. Pittsburgh Coal pf. Pitts & W Va (6). Poor & Co (12). Prairie Oil & Gy Prairie Pips L (14) Pressed Steel Car. Pressed St C pf ( Prod & Refiners Pub Sve NI (2,60)... Pub Sve NJ pf (6). Pullman Corp (4) Pure Ofl (1%). Purity Bakeries (4 Radio Corp. .. Radio pt B (). Radio-Keith-Orph A. Railway & Exp (2). Reading (4).... Real Silk Hoslery Rels (R) & Co. Remington-Rai Reming-Rnd 18t ( i Jteo Motors (11.60).. Rep Iron & St (4). Ttep Ir & StIpt (7). . Reynolds Tb B(2.40). Richfleld Oil (2). Rio Grande Oil (k2). Ritter Dental (23).. Roasta Ins (2 20).... Royal Bak Pwdr(1).. Roy Bak Pow ctfs(1) e Snfeway Stores (3).. StJoseph Lead (13 St L-San Fran (8) St L-San Kran pf St L Southwestern. Savage Arms (2). Sehulte Retail Strs, Seaboard Air Li Seaboard Alr Line pf Seagrave (e1.20).... Sears Roebek (32%). Seneca Copper. Servel Ine. . Sharon Steel H (3) 4« Sharp & Do pf (3%). S&hell Unlon (1.49). .. Shubert Theater (). Simmons Co (3). Simms Pet (1.60) SinclalrOil (12%). Skelly O1l (2) Snider Packing & So Porto R Sug 12%. % Southern Cal Ed (2). Southern Dairies B Southern Pacific (§ Southern Rwy (8). Sparks Withgtn (n).. Spencer Kelg(1.60) Spicer Mfg. .. Spicer Mf£ pf (3). Soiegel-Mav-St (3).. Stand Com Tob (1).. Stand Gas & El (34) Stand Oil Calif (43). Stand Oil N J (12)... Stand OII N Y (1.60). Stand Plate Gla Sterling Sec (A). Sterling See pf 11.20. Stewart Warnr(3%) Stone & Webster. Studebaker (15). . Submarine Boat. . Superlor Of1 Superior Steel. ... ... Sweets of Amer (1).. Symington A. 16 16 T 695 15% 13% 161 34n a“ ‘Tenn Cop & Ch (1). Texas Corp (3) 3 Tex Gulf 8ul (4). Texas P C & O1] (b5). Texay Pac Land Tr Thatcher Mfg The Fair (2.40) Thompron J R (3.60) Add 00. High. Low 5_39% 17124 92% 60 3 35% 13 170% 67% Y 12 1244 Wabash. Waldort Systm (1%) Walworth (1.20). Ward Baking B..... Warner Bros Fic (n) Warner-Quinian (2). Warren Bros (16) Warren Fdry & Pi Westn Dairy A (4).. Prov. Close. Ciose. ~Prev. 1929~ High. Low 23% 17% Ti 0% 84 a1 110% 22% 22% 39% 12 % 52% uUid 1% Utd G 17% 6174 @ 291 107 Us , 55% 119% 65 92% 2% 58 221 1444 857 34% 167'% 66 Stock and — Dividend Rate. Add 00. High. de Water Asso.... 21 18 Tide Wat Asso pf(6) Timken Det Ax(80¢). Timken Roller (3) Tobacco Pr (1.40)... Tobacco Pr A (1.40). Tob Prod ctfs(1.40). 13% Tob Prod ctfs A 1.40. s 16 Transcontinenta 11 Trico Prod (2%). ... Truax Traer (1.60)., Vadsco Sales pf (7).. Vanadium (14). Van Raalte. .. - 3 Vick Chemical (4)... 29 Virginia-Car ChenT. . Virginiu-Car 6% pf. Prev. Close. Close. 17% 18 90% 23% 984 18% Sale: Low 17% 7 13% 16 2% 20% U Underw-El-Fish(4).. Union Bax & Paper. . Union Carbide(2.60). Union Oil Calif (2).. Union Pacific (10)..., Union Pacific pf (4). Utd Aircraft&Trans. Utd Biscuit (1.60) Utd Cigar Stores( T r Store Utd Fruit (e4)...... & lmp (1).. U 8 Distributing.... U S Forelgn Secur. U S Ind Alco (6).... U S Loather. . U S Leather A (4) ather pr pf(7) U S Pipe & Fdry (2). ‘U S Realty (5) U S Rubber.... U S Rubber 15t pf... U S Smelt Ref (33). U S Smelt Ref pf 3% U S Steel (7). U S Steel pf (7). Univ Leaf Tob ( Univ Pipe & Rad.... Ut Pwr& Lt A (e2) 513 7 V. 1 7 3 4 2 w—— Western Pacif pf. Western Union (3).. Westngh Air Brk(2). 218 M Westngh White Fagle Oil (2). White Motor (1).... White Sewing Mach. 32% 39% 18 White Sw Mch pf(4) Wilcox Ol & Gas. .. Wilcox Wilcox Wilson Wilson Rich(A)2% Rich(B)c2. & Co.. & Copf. Woolworth Co...... Worthington Pump. rthington B. Wright Aero (2).... Wrigley Wm (4).... 61% Tellow 524 106 41 Yale & Towne (4) Young Sp&W (12%). Young Sheet & T (5) Zenith Radio. ..... = 8415 116% 74 23 35 534 150 Truck & C RIGHTS EXPIRE % 1% 4% 178 4 Macs 1 5% Col Gas&El. . Gen Cigar rights.... Co : Mont Ward..Aug 26 Stand Gas rts Aug.31 ranscont Oil ris. . 1 Utd Corp. Aug 1u 1% 45 19% % ‘0 rights. Aug1 5 b Sales of Stocks on New York Exchange. Dividend rates as given in the above table sre the snnua th payments based ration. sUDIt of trading less than 100 shares. +Partly extra. lus 33 in preferre P in . Bl £Blus 10% ) Plus 8% In stock on the latest quarterly or haif yearly dec- Plus ed_stoci us 520 . b Payable in stock. ¢ Plus 5% e Favable 1o cash or ciock. ¢Plus 6% in stock. hPlus 3% In stock. K Plus 3% 1in stock. " STORNS SUDDEN N STOEK TRADING Little Fellows Feel Full Force of Blast When Market Takes Dive. BY JORN F. SINCLAIR. | NEW YORK, August 10 (N.AN.A).— No one can say that the world is not | growing smaller at least in a financial way. The catastrophic decline in stocks on the New York Exchanges yesterday | unnerved even the most experienced of traders. People who have not traded in the market—and there are still & few left— should understand that when a stock drops 10 points or so thousands of little fellows become alarmed and send in orders to sell their holdings “at the market.” The big fellows never do this. They know that some time the scare disappears and that the market tend- encles are generally upward and not downward. The law of averages pro- tects them in this assumption. But the little fellow is different. He gets excited, panicky, loses his sense of values and runs. So he gets nothing out of the market except a little experience. Thursday’s Optimism. Any one who thinks that playing stocks has become a scientific accom- plishment should read the optimistic reports of Thursday issuing from pro- fessional traders and financial writers. Everything favorable. Nothing but blue in the financial sky. Stocks moving up and everybody feeling fine. ‘Then the Federal Reserve Bank of New York, without notice or warning, increased its rediscount rate from 5 to 6 per cent. Presto! Down went the stocks in one of the worst, if not the most _severe, decline in stock market history. The Federal Reserve is still the most powerful factor in the bank- field. THis much at least can be of yesterday's stock market gyra- tions. England, with a bank rate of 5% per cent, is left in a very comfortable posi- tion. She has been losing gold and her bank rate is already too high to allow any great business expansion. Her rate today really should be higher than that of the New York Federal Reserve. She nas & few days to think it over. Next ‘Thursday is her decision day. will she do? U.-S. Film Output. ‘While the United States produces more than 85 per cent of the world's motor cars, the record in motion pie- tures is even more impressive. There m'"wm must be from 90 to 92 per cen It is now well recognized that trade follows the film. Every foot of Ameri- w film 'w::m;n ':,Ill’s! more than a dol- 'S 2 . The American film, however, hds not directly built on the basis of more @ ly Eomdl ides. With Great Britain !‘l trade, in France u’nfi uumnm:‘r'n' an culture, Germany future, while Italy em. trade and slips in now and a touch of Fascism. In the United States the films are esigned basically for entertainment. Nevertheless, they do present subtly the social and industrial life ?nd the stand- e. It What | | ings and thoroughly Americanized in | their viewpoints. | This is the reason the attack on American films continues in every first- class European nation. American type- writers and automobiles, too, are com- ing in for their share of “homegrown” propaganda. “Buy it in Europe” is the new slogan, Mining's Vast Extent. Mining is one of the major industries in the United States, but the vast ex- tent of its activities is not usually | recognized. | The United States produces 43 per cent of the world's coal, 64 per cent of its petroleum, 68 per cent of its zinc, | 48 per cent of the lead, 59 per cent of the copper and 52 per cent of the pi iron. | The operating mines have an invest- ment account exceeding $8,000,000,000. | _The mining industry of the United States supplies 60 per cent of the min- |eral wealth of the world. More than | 12,000,000 people are dependent on the imines and quarries, which contribute more than 54 per cent of the railroad ' freights, the revenue exceeding $1,000,- /000,000 & year. J. F. Gallbrath of the American Min- |ing Congress says the mining industry | furnishes “the iron which makes our fmtemnery. the coal which furnishes jour power, the gold which measures our value, the copped which transmits our thought and the chemical forces :znhlch are revolutionizing our indus- jes.” Modern Hospital System. “Both rich and poor are well faken care 0¥ under the modern hospital sys- tem,” a well known physician remarked {to me. “The rich can pay the high ! fees, and the K:or get attention for |nothing. But t] white-collar class— | those millions in between the rich and | the poor—are up against it hard.” | Hospital costs a day are from $3 to |85 for ward beds and $5 to $14 for private rooms. |include laboratory. medicines, dressings. | X-rays, anesthesia and operating room ! fees. Those are all added to the bill. | One modern hospital has announced | that its actual cost a day for caring | for a patient is $4.75 for ward patients and $8.61 for private room patients. This is exclusive of overhead, depre- ciation or interest charges. 20 to 30 per cent of the patients can pay nothing. ‘Who, then, pays the bills? Mr. Aver- age of the middle class. He makes up for the charity patients’ care by ;uying slightly more than $30 a week or ward service in the modern hospital. On top of this the patient often re- quires & special nurse. How much? Seven dollars a day and meals for the ‘Then the physician's bill must be added. So by the time Mr. Average Man does recover it takes him months to nurse his etbook back to health. ‘The white-collar class needs some INDUSTRY QUICKENING. | Bradstreet’s Sees Evidence of Bet- ter Tone in Trade. NEW YORK, August 10 (#).—Brad- street’s says: Evidences that July saw the low point of mid-Summer trade and that the trend is now well defined toward fuller activities have increased this week. Although comparing with & period a year ago, when improvement, based on excellent crop progress, Was visible, current comparisons show a maintenance of the balance in favor of this year over last. Industry leads in this respect, as it has throughout earlier months, but both wholesale and retail trade alike show gains over a year ago, and there is even a slight gain shown in collections. ‘Weekly bank - clearings, §13.445.900,~ 000, an inerease of 41.4 per cent, over & b 4 i ‘These charges do not | FLORIDA KEEPING -~ ITS SPIRITS HIGH : iMore Diverse Crop Planting i ‘ Expected to Be Good ; Result of Troubles. | — BY J. C. ROYLE. Specisl Dispatch to The Star. NEW YORK, August 10.—Florida. as a result of the ravages of the Mediter- | ranean fruit flv in the ecitrus fruit orchards, has taken a fresh grip on cording to Gov. Carlton, may prove a blessing in disguise. Florida people, according to a trained business observer, who has just made a complete circuit of the State, have nicknamed the pest the “Medfly” and, strange as it may seem, it is being laughed off more or less. Farmers say that while the fly damaged this year's crop the next crops will be better than ever. They were assured this week that Federal Farm Board will devise some compensa- tion for the losses the citrus growers suffered. The fly 8 not a State-wide pest and no one, investigators say, is down in the mouth” in Florida despits the 'pest and the recent closing of small nks. “They are disappointed but not dis- couraged,” one Florida banker, now in this city, said today in commenting on the brave public spirit the State is showing. “Money iz tight. There is no denying that. But the situation is | not one of panic. Most of the failures ve resulted from unexpected runs and have been in small towns where rumor moves always on three motors.” Men who have made a careful study of Florida conditions say the same. Substantial citizens are & unit in de- claring Florida is all right but any one willing to farm wisely, but that it is not so good for the man who hopes for a return of the wild real estate boom of some years ago or who is dependent solely upon production and sale of cit- rus fruit. For diversified farming and truck gardening there is a wonderful future, they say. if the grower is willing to work. As one Florida philosopher put it, “there are too many content to get along with one ticky cow and ar orange tree with a rotten roo.” Men with large interests in the State, | but who live in the North, seem as con- fident as ever. Barron Collier. the largest individual landholder in Florida, with possession of 1,300,000 acres, in a statement telegraphed to the writer to- day said: “I_am more than ever inclined to give Florida my whole confidence and to dodmy “mmt" to assist its upbuilding ‘The misfortunes which the State re- cently has undergone have not slowed up the activities of this man, who is bullding up what is believed to be one of the largest one-man agricultural projects in the world. Florida feels somewhat resentful, fn- habitants of the State say, over the fact that it has no lrl:?tueuuuve on_the Federal Farm Rel Board, while Cali- fornia has two meml ‘They feel tion has been greatly magnined and ation n mi [ overemphasized in other sections of the country. However, the State is making addi- tional preparations for an influx of tourists and visitors the coming Win- ter which will far exceed that of 1928- 29. Florida feels that it will get its {hose"who o8 to. Guba Wil siop. many Wl ul stop, many | ot them, in Florida going or coming. | approximate s diversification of planting. The fly. ac-|¢ STOGKS RERIVE PAR OF LOSSE i Recoveries Average About 2 Points on Active Issues. Trade Light. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, August 10.—The stock market today retrieved part of the ground lost in yesterday's sweeping re- action, which is estimated to have wiped out between two and five billion dollars in “the qucted values of all listed se- curities. Recoveries today averaged about 2 points in the active issues. as against average declines of about 5 points yesterday. Trading showed a marked falling off in volume. total sales in the first half hour running around 333,000 shares, or a million less than in the same period yesterday. Rails Prominent in Rally. Railroad shares took a prominent part in the raliy, with buying influenced by the publication of record-breaking earn- ings ih the first six months by the Class A carriers. Net income in that period totaled $563,347,000, an increase of $101,192,000, or 21 per cent above the same period last year. Atchison was the leader of the rail group, climbing nearly 9 points above : yesterday’s final quotation. Delaware & Hudson rallied 7 points, Union Pacific 6, New York Central and Southern Pacific 3 each, and at least.a dozen others moved up 1 to 2%: points. Contrary to general expectations, there was little distress selling today as a result of the margin calls sent out yesterday. Midland Steel Products pre- ferred, dropped 5 points and Houston Oil sank 17, 1o a new low at 685, Com- mercial Investment Trust ran up 6 points to 177 and then toppled to 164. General Electric Climbs. General Electric, which broke 19 | points yesterday. rallied 7 points. Auburn Auto, which recorded an ex- treme decline of 26, points yesterday and 2 net decline of 193,, snapped back 15 points. American Tobacco B rallied 6. Packard Motors and Warren Bros., Crosley Radio and Wright Aeronauti- cal 417 each and R. H. Macy, United States Steel common, Westinghouse Electric, Standard Gas & Electric, Con- solidated Gas. National Biscuit, Brook- |lyn Union Gas. Newport Co., and { Worthington Pump sold 3 to 4 points higher. The closing was strong. Total sales 1,300,000 shares. " Markets at a Glance NEW YORK. August 10 (P).—Stocks strong: Atchison at new high. Bonds | steady: decline in general list checked | Curb strong: Middle West Utilities | jumps 48 points. Foreign exchanges | irregular: Japanese ven drops 5 po:nts. | Cotton lower: Southern selling. Sugar, | holiday. Coffee, holidar. 'SHARES ON BALTIMORE "CHANGE NOT HARD HIT | Spectal Dispatch to The Star. BALTIMORE, August 10.—The Balti- more Stock Exchang> was only mildly affected by the breck in prices on the “big board” yestorday. ~Lesses here ranged frcm 1 to 5 points, but only a few rcacifons eeded & point and & fraction. Consolidat~d Gas of Balti- more droppzd 5 points, to 135. Century Trust dropped 5 points to 195. on tha sale of only 5 shares. Fluctuations of | this size ia cortain local bank shares are not uncommon. Losses of a point and a fraction were recorded in Umit>d States Fidelity & Guaranty, and Eastern Rolling Mill Maryland Cesualty dropped 37 points. CHICAGO LIVE STOCK MARKET CHICAGO, August 10 (#) (United |States Department of Agriculture).— Cattle, 300 head: compared with a week 25a50 up; inbetween grades and grass- ers having lost substantial share of early advance; she stock mostly 25a50 | higher; grassy and short-fed heifers, in instances, 5021.00 up; bulls, 25 high- er. Extreme top fed steers, 17.00, paid for 1,160 to 1 pounds averages; yearlings, 16.50, and heifer yearlings, 15.00; most grain-fed steers. 14.00a 16.00; grassers and short fed, 11.50a 13.50; stockers and f:eders, 9.75a11.00. Sheep. 7.000; market nominal; 6.300 direct; slow to weak: 132 from feeding { station, 17.000 direct; improved dressed lamb trade: shipping interest counter- i balanced increased supply and fat lambs mostly 25 cents hlgher‘thnn ‘week y; top prices range, . 14.10: fat ewdl, . 3. natives, 13.25a13.75: ., 5.0026. feeding lambs around 25 cents lower; ;mll‘;k’iihe.““' 12.00212.60; lighter, 13.00 | Hogs—4,500, including 3.500 direct: not enough hogs on sale to test values; little trading around steady; top, 11.90, paid for 180 to 200 pounds; bulk, medium and good, 140 to 175 pounds, 11.35a11.75; 280 to 300 pounds, butchers, 10.50a10. shippers 200, estimated 2,000. _Butchers, medium to choice, 250 to 300 pounds, 10.40a11.35; 200 to 250 pounds, 11.00a12.00 nominal; 160 to 200 pounds, 11.35a12.10 nomin 130 to 160 pounds, 10.80a12.00 nomin packing sows, 9.00a10.00 nominal; medium to choice, 10.00a11.50 noi sl FOREIGN EXCHANGE. NEW YORK. August 10 (#)—Foreign xchanges lar. (Great Britain in | dollars, others in cents): Great Britain, demand. 4.843;; cables. 4.84 13-16. i Sixty-day bills on banks, 4.79 9-16. | France. ‘demand. 3.90 13-16: cables, | R.!l_,l- 6. Italy, demand, 5.2212; cables, | 5.22 Demands—Belgium. 13.89; Germany. ‘ 23.77; Holland, 40.02: Norway, 2:.2' al, Sweden. 26.77%;: Denmark, 1 Switzerland, 19.22%; Spain, 14. Greece, 1.29%; Poland, 11.25; Czechs 2.95%; Jugoslavia, 1.75 ia, 14.10; Rumania, .59%; Ary tine, 41. Brazil, 11 ‘Tokio, 4t Shanghai, 58.00; Montreal, ”ME‘ Baltimore Markets BALTIMORE, August 10 (Special).— Poultry, alive—Spring chickens, pound, 25a33; Leghorns, 22a26; poor and thim =~ 18a20; old hens, 23a31; Leghorns, 23a 25; old roosters, 18a20: ducks, 20a24; guinea fowl, each, 50a85; pigeons, pair, 25. Eggs—Receipts, 859 cases; native and nearby firsts. 35a36: current reeeipts, 32!5!“35 hennery 'l'mui 36a40. er—Good to fancy creamery, pound, 41a4s: ladles. 33a36; . store packed, 30a31; rolls, 31a32; process but- ter, 40a4l. Produce Prices. Potatoes, white, barrel, 1.50a6.00; 100 pounds, 2.50a: ;. sweet bushel, 1.50a2.50; 3 beans, , bushel, 1.0021.60; cabbage, hamper, 1.00a1.25; carrots, 100, 3.00a 4.00; celery, crate, 3.00a3.50; dozen, 25a40; cucumbers, bushel, 1.25; eggplants, hamper, 90a1.00; lets tuce, crate, 4.5026.00; lima beans, hamper, 7521.00; onions, hamper, . 902 1.15; peppers, hamper, 25240: peas, hamper, 1.50a3.25. squash, hamper, 158 35; tomatoes. hamper, 35a75; canners’ stock. bushel. 90a1.00: wapples, bushel, 1.0022.25;- cantaloupes, 25a90: black-. berries, quart, 12al4: huckleberriss,. quart, lhu;mpu:hu, hamper, 35290; watemmalang, corn, 5