Evening Star Newspaper, September 9, 1929, Page 14

\ FINANCIAL.® NEW STOCKS CUT | . BUSINESS LOANS=: David Friday Analyzes Great Changes in Bank Assets in Recent Years. BY EDWARD C. STONE. Explanation of the change in the na- ture of the Nation's banking assets, which has seen commercial loans grow slowly while loans on securities have mounted rapidly, is to be found in the growing tendency of corporations to avail themselves of the Stock Exchange as a means of procuring the capital and credit they need, according to an article by David Friday, Washington economist, in the current issue of the Bankers’ Magazine. “A slow rate of increase in commer- clal borrowing,” states Mr. Friday, “is the more surprising in view of the fact that our industrial production has risen, according to the Federal Reserve Board's index, from 106 in July, 1927, to 122 during recent months. This is an increase of 15 per cent, while -com- mercial loans have risen only 6 per cent. The total of the two classes of loans combined has, however, risen 15 per cent, thus keeping pace exactly with the increase in industrial activity. “Similarly, comparing the present ‘with 1920, we find that production has risen from 88 to 122, an increase of 39 per cent, while total loans have risen by 26 per cent and commercial loans have not risen at all.” Mr. Friday asserts that the explana- tion of the expansion in security loans “is probably to be found in the simple fact that the nature of the securities listed and traded in on the New York Stock Exchange has undergone an im- mense change since 1920.” He finds that whereas the number of railroad stocks listed on the exchange has i creased but slightly, the number of in- dustrial and public utility stocks has ;flrgwn from fewer than 300 to some “During recent years manufacturing and merchandising companies have been listed on the New York Stock Ex- change at a rapid rate. As a result their securities have come’to be valued on this open market and have become an acceptable basis for bank loans. The public has found these securities at- tractive and has bought them, some- times with borrowed money. “Since these corporations now get the credit they need by issuing securities, they do not need to borrow as much as before through the expedfent of com- mercial loans. In this shift in financial practice we have the explanation of the change in the nature of our banking assets.” Riggs Bank Stock Again Climbs. Riggs Natlonal Bank stock climbed still higher on the Washington Stock Exchange today when 25 shares changed hands at 59715, up 2'; points since the last sale last week. Four other bank stocks also appeared during the trading. Twenty shares of Commercial National changed hands at 260, five shares of District National came out at 230 and 10 shares of Union Trust moved at 330. In the unlisted division five shares of Departmental Bank stock sold at 6. Capital Traction opened the week at 931,, Potomac Electric Power 6 per cent vreferred sold at 112 and the 5!3 per cent preferred registered 1067, Lanston Monotype appeared on the board at 130. l"cny shares of National Mort- age Investment preferred changed gmds at 43;. Bond sales were confined to two $1,000 sales in Capital Traction 5s at 9412 and two in Washington Gas 6s, series A, the first selling at 101% and the other changing hands at 10115, Washington Gas Light' stock was aquoted wdly 130 bid lnd 140 asked. ‘The only two issues on the list now selling exdividend are Mergenthaler lnd Peoples. Drug Stores prefejred. “Broker Home From Vacation. G. Bowie Chipman, resident pnrtnerl of Harriman & Co. has returned to ‘Washington after spending the entire vacation season at his Summer home at Castine on the Maine Coast. He re- rts that the resorts along Penobscot my had a splendid season. On account of_the extreme dry weather, there was thappy absence of fog all Summer. Tebwas reported today by & friend, that l\g} Chipman won two prizes at the ual Castine flower show, the flax l Hich he raised carrying off first and nd honors. Bank Debits Show Decllnel. Debits to individual accounts as re- ported to the Federal Reserve Board by banks in leading cities for the week ending September 4, which included but five business days, aggregated $15,961,- 000,000, or 7 per cent below the total reported for. the preceding week and 19 per cent above the total reported for the corresponding week of last year, E'hlch also included but five business ays. Aggregate debits for 141 centers for which _figures have been published weekly since January, 1919, amounted to approximately $15,204,000,000, as compared with $16,385,000,000 for the precedln{ week and $12,745,000,000 for the week ending September 5 of last year. Market vs. Florida Boems. Discussing the New York Stock Mar- ket and the comparison which Roger Babson made between the market and the collapse of the Florida land boom, (he bmnnu house of Harriss & Vose “In the instance of Florida inflated values were accorded barren lands products of value sufficient to warrant investment of even a fraction of the price such lands sold for, or in no way could support any business or en- terprise returning icient _income to ‘warrant such prices. Being founded on an uneconomic basis it was natural to expect a collapse when the last pur- chaser found no willing buyer.” Freight Firms Consolidate. J. G. Nettleton, local agent, has re- ceived word that the National Freight Co., 33 Rector street, New York, re- cently formed to do a general freight forwarding _ business conjunction with the "Pennsylvartia Railroad and other important rail lines, has acquired by stock purchase the business and gropeny of G. W. Sheldon & Co. of lew York and Chicago, one of the ald- ~Prev. 1920~ ‘Stoek an. Sales— 2 iaend Rate. adaon mien Low Divide % "S5 Abtein) Power & Pap 18 88% 79 ADItII P&PDI(E).. 4 159% 101 Abraham Strauss. 27 Advance Rumley. Advance Rumley bf. 1% Ahumada Lead. 95% Alr Reduction (3)... 36 Alr Wal El Ap(2%). 4 Ajax Rubber.. S 414 Alaska Juneau 27% Alleghany Corp..... 99% Alleg Corp pf (5%).. us% 100% Alleg C pf rets(5%). 6% 80% Alleg Cpf (5% )xw.. 254% 241 Allled Ch & Dye (6). 125 120% Allled C& Dpf(7).. 330 166 Allis-Chalm Mf (7).. 42% 2214 Amerada Corp (2)... 23% 104 Am Agricul Chem. 3% 40% Am Agricul Ch pf 155 110 Am Bank Note (13).. 20% 13 Am Beet Sugar . €0% 46 Am Beet Sugar pf. 76% 40% Am Bosch Magneto.. 62 45 Am Brake $hoe 2.40. 34% 15% Am Brown Bov Elec. 184% 107% AmCan (14).... 106% 92 Am Car & Fdy (6), 113% AmCar& F ot (7)... ® o Lo reReamemlaanSinaRanen 60). 23% Am Encaust Til (2). 82% Am European Sec. 8% 4% AmLa F & Foamite. 136 102% Am Locomotive (8). 232 147% Am Mach & Fdy(15). plw. Am Metal (3) Am P&L pf A st (5). 55% 404 Am Ra&Std San1%. 140% 106% Am Roll Mill (e2)... 4% 61 Am Safety Ras (16). 41% 31 Am Seating (3). 7 3 Am Ship & Com. 130% 93% Am Sm & Ref (4) Am Sm & Ref ot (7). 175 136% Am Type Fdry (8)... 92 67 Am Water Wka (c1). 27% 15 Am Woolen 58% 36% Am Woolen pf. 16% 9 Am Writ Paper ctfs. 46 39 Am Writ Papr pf (3) 49% 224 Am Zine LA&Sm. 111% 90% Am Zinc pf.... 140 99 Anaconda Copr (1) 89% 62% Anaconda W&C (3) 687% 43 Anchor Cap (2.40)... ns 102% Anchor Cap pf (6%). 44% Andes Copper (3) 29 Archer-Dan-M (2). 84% Armour Del pf (7). 10% Armour Il (A) 5% Armour Il (B) 70% Armour Il pt (7) 19 Arnold Constable. 19% Artloom (2)... 26% Art Metal (1%) 481 Asso Appl Ind (4). 70% 43 Asso Dry G (3%) 298% 195% Atch T & S Fe (10) 103% 99 Atch T&SF pf (5) Atl Coast Line (+10). 77% *53% Atl Refining (12) 134% 90 Atlas Powder (4) 500 221 Auburn Auto (34) 11% 5% Austin Nichol; 351 224 Autosales.. 20 16% Aviation Corp. Del. €6% 61 Baldwin Loco (new). 141% 115% Balto & Ohio (§). 20! 80% 75 Balto & Ohio pf (4) llO'n 123% Balto & Ohio f p (6). 33% Barnsdall (12%) 20 BeaconOlil,... 934 Beatrice Cream (4) 73 Beech-Nut Pack (3 9 Belding-Heminw, "81. Belg N Ry pt pf (16) 78 Bendix Aviation (2). 75% Best&Co (3).... 82% Bethlehem Steel (l). lfl% 116% Bethlehem St pf (7). 61% 42% Bloomingdale Bro: 136% 110% Bohn Alum&Br(t4) 11% 6 Booth Fisheri 100%: 834 Borden Co (3) 867 77 Borg Warner (4). 63w 30% Briggs Mfg. 43% 35% Briggs&Stratton(2). 138Y% 115% Bristol Myers(t434). 6% 31 British Empire Steel 73% 39% Brockway M T (3)... 81% 57 Bklyn-Manhat (4). 92%, ' 79 Bklyn-Man pf: (6) 2481 170 Bklyn Union Gas l‘) 51'4 38% Brown Shoe (2%)... 55% 35% Bruns-Balk-Col(3).. 44% 17% BrunsTer& Ry S... 42% 25% Bucyrus Erfe(1).... 50 . 384 Bucyruscvpf (23). 76 621 Burr Add Mach(80c) 89% 54% Bush Term (g2)..... 9% 3% Butte Copper & Zine. 41 28 Butterick Co. 1927% 120% Byers (A M). 37% 31% By-Prod Coke (1) 84% 72% Callf Packing (4) 4" 11 Callahan Zinc& L. 136% 123 - Calumet & 4% Chi & Alton. 6% Chi& Alton 143% 115 ChiR1&Pae (7). 50 36 Chickasha C Ofl (: ;UA 44% Ghilds Co (3.40) 185 18% City Stores (1). 72% 42% Cluett Peabody 154% 120% Coca-Cola (4) 50 46% CocaCola A (3 41 Collins & Atkmai 109 88% b55% Columb Graph(87c). 1681 68% 61 Col Graphctfs(87c). 14 22¥% 121% Columb Carbon t4%. 11 62% 43 Com Crediti2). . 369 est domestic and foreln freight for- | 'll'd!ng concerns in the The Fllunel.ll "District Notes. George_O. Wlhon. Dl’flldtnt ol the Liberty National the ‘Washington Stock lxchmu. hu Te- turned from New York where he went to atcompany his wife aboard the Leviathan. uru ‘Walson is on her way th Mrs. Thomas Littepage SRR ?mmty Imm'm wm 0% 24% Consol Film pf 183% 95% Consol Gas (3) 100% 96% Consol Gas pf T0% 6% 23% Cudahy 1 Curtis Pub (+63) 13 law GurnePunrien 80% 26% Curtise Wright Corp. 431 Curt Wright Corp A. 105 tlor-Ham 34)... 2 Dividend Rate.. n.u.m I" mu\m u Cuyamel Fruit...... 81 42% Davison Chem. 9) 182 Delaware & Hud (9). 120% Del Lack & W (17)., Denv& RG Wof.... Detroit Edison (8). . Devone & Ray A (13). Dome Mines (1).... 20 Drug Corpn (4)..... Du Pontde N(t4%), " Duquesne 1st pf (N- Durham Hosleéry. . Eastman Kodak(18). Eaton Axle & 8.(3,, Eitingon-Sch (2%) 9 208% 6 60 1 26% 18 149 Eng Pub Sesv (11).. Eng Pub Sve of (5%) 4 Equitable Bldg(3%) ErieR R. 266 Erfe R R 18t pf (4) Eureka Vac Cl (4). 1 Evans Auto L($2%). 3 45% ¥- Fairbgnks Morse (3) lg Fed Motor Tr (80c) @) Follansbee (12%). Foster Wheeler (1) Foundation Co. Fox Film A (4) Freanort-Texas Fuller pr pf (8.68)... ———G: G Gamewell Co ( 10% Gardner Motor. Gen Am Tnk Car($4) Hl llt% Gen Asphalt... § s 55'§ Gen Bronze (2) Gen’l Food Corpn (8) 150 Gen GasAEI A (e1%) 78 67% Gen Mills (+3%).... Gen Mills pf (6)..... 9 Gen Motors (+3.10). flu Gen Motors pf (7)... 1 Gen Outd Ad vte (2). Gen Public Serv(b§) Gen Ry Signal (5)... Gen Refrac (t4). Gillette Safety R (5) Gimbel Brother: Glidden Co (m2)... Gobel (Adolf). . Gold Dust (214) Gold Dust pf (6). Goodrich BF (4).. Goodyear Tire (5)... Goodyear 1st pf (7). Gotham Silk H (2%) Graham-Pal Granby Consol (1) . Grand Stores (1). Grand Unfon...... Granite City Stl (3) FRaanalalasw Grt Nor Ore (a1%).. Grt West Sux (2.30). Greene Can Cop (8). Grisgby Grunow @o. 4 Gulf Mo & North. .. Gulf Sta Steel ( b5 4% HAahn Dept Stores. Hahn Dept S pf(83) Hartman B (1.20) Hayes Body b2 % H ey Chocol: Choe of ). 56% Howe Sound (14%).. 34% Hudson & Man (23). 75% Hudson Motor (§) 38% Hupp Motor lfll.' 28 Indian Refining ll..- 75 Industrial Rayon. ... 120 Ingersol Raod (154 78% Inland Steel 38% Inspiration B 84 Intercontinantal Rub 67% IntlComent (4)..... 54% Intl Comb Eng (2).. 99 Intl Cmb Eng pf (). 92 Intl Harvester (23%) 137 Intl Harvpf (7)..... 47% Int Hydro EI A (e2). 65% Intl Match pf 0) 26% Int Mer Marine etfs 40% Int Nickel-of Can(1). 85% Intl Paper pf (7).... Intl Pap & Pwr pf(7) 43% Intl Print Ink (3%). 78 Int Tel & Teleg (2).. 56% Inter Dept St (2). 29 Intertype (£13) 64 Investors Equity(3). 49% Island Creek Coalé4) 69 Jewel Tea (3).... 152% Johns-Manville (3). 5% Jordan Motor Car... —K 78 Kan City Sou (5).... 63% Kan City Sou pf (4).. 24% KaufmannDS (1%} 48 Kayser Julius (4)... 25 Keith-Albee-Orph. .. 94% Keith-Albee-Opf (7) 9% Kelly-Spring Tire... 3 104% 1 66% 45% ‘Kimberly Clrk(2%).. 27% KinneyGR (1)..... Kraft Ph Ch pf (§%) 44% Kresge S8 (1.60)... lgz% Lambert Co (8 43 Leh Port Cem (2% 17% Lehigh Valley (334). 19 l.nhlth Valley Coal 34 Leh Val Coal pf (3 40 Lehn & Fink (3). 384 Libbey Owens (1) - JEN oy DT TS 71% Liq Carbonie (14 8% Loew's Inc (2) 7% Loft I 56 Looge- W 20 Lorillard (P) 10% LoutsianaOll. 36% LouG&EIA ( 138% Louls & Nash (7) 66% Ludium Steel (3) 14% Mcintype Pfl"f I(l) ‘llfi McKeesport T P (4). ' McKesson & R MclLellan Strs (20e). 91 Mack Trucks (§).... i48 Macy(RH)&Co(et3) 16 MadisonSq G (1%). 60 Magmna Copper (8),, 244 Man Eles Supply. ... 3T '57% - 81% Man Elev mod (d6) 35% 25% Man Shirt 12).. 1t Marsenine ol i r D n-Reckw (14" I Mohawk Carpet 13% Mont Ward (2%)... Mother Lode 00:). - Motion Pictur: . Motor MeterG& E. . Motor Products (17). Motor Wheel (4).... Mullins Mfg. . Munsingwear (13%) Murray Corp (al). .. Myer(FE)& Bro (:‘). Nash Motors (6).... Nat Acme (1%) Natl Alr Tra Natl Bella Hoss(31). Natl Biscuit ucm.. Natl Biscuit pf (7).. Natl Cash Reg A (14) 609 Natl Dairy(el% 63 1 NatlEnameling (l).. Natl Lead (6).... Natl Pwr & Lt (1) 218 Natl flldll(vr 3 9 415 8 how(nn Steel (3). 24 N Y Air Brake (3).. N Y Central ¢8). 102 NYCh&StL(6).. N Y Chi & St L pt(§) NY NH & Hart (5).. 64 NYNH&HDpt (1).. N Y Ont & West, N Y Railways pf. 10 Norfolk&Wstn(t1 90% North Am(b10%stk) 33 North AmEdpf (6).. 3 Nor Ger Lloyd(3.41). Northern Pac (5 North Pac ct (5) Norwalk Tire & Rb. . O11 Well Supply..... Oliver Farm Equip.. Olivr Fr Eqpf A(8). Olivr Fr Ep ev pt(3). otis Euulor u). Packard Mot ( Pan-Am Petro] Philip Morris (1). Phillips Pete (1% Plerce-Arrow A. Pi P Rican Am To (B).. Postal Tel & C pf(7). MNP ARBNDRRENTR o an Pullman Corp (4).... Punta Alegre Sugar. Pure Ol (1%).... Purity Baker| Radio-Keith-O Railway & Exp (2). Remington-Rand. Reo Motors (11.60, Rosaia Ins (220). Royal Bak Pwdr(1 Roy Bak Pow ctfs(1 Royal Dutch (23.20) Safeway Stores (3 St Jonph'uu (13). « Seaboard Air Line pf Sears Roebck (32%). Sharon Sh H(2).. Sharp & Do pf (3%). Shattuck (FG) (1).. Shell Union (1.40). lus H Plus FINANCIAL. Prev. Close. Closs. 105 Solvay Am Inpf5%. 34 8o Porto R Sug 12%. 53% Southern Cal Ed (2). 138 Southern Rwy (8). 93 Southern Ry pf(5) 84 Spang-Chalfant. §5% Sparks Withington 35% Spencer Kelg(1.60) 45 Splcer Mfg. . 70 Splegel-May-St (l). 38% Standard Brands....51 15 Stand Com Tob (1).. 80% Stand Gas & El (3%) 62% Stand G & E pf (4).. 44 Stand InvCorp...... 64 Stand Oil Calif (13). 48 Stand OIIN J (12)... 37% Stand OIIN Y (1.60). 3% Stand Plate Giass. 25% Sterling Sed (A). 13% Sterling Sec pf 11.20. 64% Sgewart Warn(j3%). 155% Stone & Webster. 73 Studebaker (15). 1% Submarine Boat. 18% Superior Oil (new) 34 Superior St 13 Sweetsof Amer (1 18% Telautograph (1)... 16 Tenn Cop & Ch (1).. 57% Texas Corp (3)..... 69% Tex Gulf Sul (4). 15% Texas P C & Ofl (bl) 13% Texas Pac Land Tr. 16'% Thatcher Mfg. 34% The Fair (2.40) 10 Third Avenue. 44 ThompsonJ R (3. :o) 17% Tide Water Asso.... 84 Tide Wat Asso pf (6, 27% Tide Water Oil(80c). 90 Tide Water Oil pf(5) 22% Timkn Det Axle 130c 73% Timken Roller (3).. 124 Tobacco Prod 1.40. 12% 'Tob Prod ctfs 1.40. 15% Tobacco Pr A (1.40). 15% Tob P’rod ctfs A 1.40. 9 Transcontinental.... 41 - Transue & W (1) 88% Trico Prod (2%).. 44% Truscon Steel(f1.0).. 39 TwinCity RpT (4).. U- 91 Underw-El-Fish(4).. 19 24 Union Bag & Paper. 4 75% Unjon Carbide(3.60 45% Union Ofl Calif (2) 209 Union Pacifie (10). 80% Union Pacific pf (4 21% Union Tank Car(5§) 78% Utd Alreraft&Tran 684 Utd Afreraft&T pf 41 Utd Biscuit (1.60). 30 Utd Business Pul 78 United Carbon. 13's Utd Cigar Store 12% Utd Cgr Stor ctfs(1) Utd Cgr pf ctfs (6) 46% Utd Gas & Imp (1) 92% Otd Gas & Imp pf(5) 38% Utd Piece Dye Wkas. . 12% U S Distributing. 71% U S Distrib pf (7). 2 101% U S Freight (3). 29% U S Hoffman (4) 128 U SInd Alco (6). 17% U S Leather... 29% U S Leather A (4). 26'3 U S Pipe & Fdry (2 16% U S Pipe 1st pf (1.20) 81 U S Realty (5) 42 U S Rubber 69% U S Rubber Ist pf... 48 USSmelt Ref (3%). 63 U S Steel (7).. 130: 39% U S Steel pf (7) 81% U S Tobacco (4). 8% Univ Pipe & Rad 14 35 Utll Pwr& Lt A (e2). 185 221 Waldorf Systm (1 23% Walworth (1.20. 8% Ward Baking B. 71 Ward Baking pf ( 54% Warners Bros P t3% NR 28% Warner-Quinlan (2) 139 Warren Bros (15). 15% Warren Fdry & Pip 72% Webster-Eisenlohr. 331% Weston El A (2) 49% Westvaco Chlor (2 43 Worthington Pum 77% Worth Pump A (7) 66 Worth Pump B (6) 70 Wrigley Wm (4) 61% Yale & Towne (4). 34% Yellow Truck &C... 53 Young Sp&W (12%). % 5% 55 105 Young Sheet& T (5) 13 170 170 ra— 40 Zenith Radio (2).... 17 46 “ 13% Murray Corp. 2% Nat Dairy . ‘Warnr Bros Pic(rts) 266 .'fi STOCK PRICES DROP INHEAVY SELLING 05 Market Undergoes Further 34% 92 52 . 287% R4 " Sales of Stocks on New York Exchange. AM., . _ 620,500 P.M., « 3,086,100 d_rates as given in_the mo table are 12 00 Noon, . 100 shares. tPartly ook, $3 in preferred stoek. IPlus 1-25 this e regular rate. b Py Fay ep earned, e Payable 15% In stack. Ve Blus 6% in Stock B 8% In stock.” k'Plus 3% m stock 159% 60, 120 32‘- 2‘/. ss 96 51% 764 8% 564 8 | 874 48% 1% 0% « 82%° 40% 5 61% | 315 191 l'l‘: Corrective Reaction Fol- lowing Rise. BY STANLEY W. PRENOSIL, Assoctated Press Financial Edi NEW YORK, September 9.—The stock market ran into a secondary re- jaction today after several unsuccessful | attempts hld been made to rally the eral list by bringing forward new aders. Inn the absence of any adverse news developments, the decline was re- garded as a further correction of a top-heavy speculative position. Trad- ing was in fairly heavy volume, with selling pressure icularly against several of the high-grade rail- steel and public utility issues. Call money renewed at 8 per cent as against an opening rate of 9 and a closing rate of 6 last Friday. Several independent buying move- ments were started in the iate trading, lifting Sloss Sheffield Steel 16 points, Johns-Manville, 9, and Union Carbide, 6, to the new record price of 138. Stand- ard Brands was also heavily bought on a sharp gain. Little recovery from the lower levels was shown in other sec- ‘tions of the list. The close was weak. Opening Is Irregular. Stock prices drifted irregularly lower iat the opening. United Aircraft drop- {Ped 2! points and American Can, Bethlehem Steel, May - Department Stores and Air Reduciion yielded a point or two. Erie Railway common ;{msumt:i‘ 9?’ to :,.;wx' high record. U. 8. el advan int and Pack: Motors, old, 1. 33 o e market gathered strength as trading progressed, with several spe- cmues brought forward by pool oper- ators to lead the advance. Case Thresh- ing, which advanced 47 points last week, jumped 22 more to & new h record at 415. New peak prices were established by Louis: Gas & Electric, American Water Works and American Rolling Mills, all of which showed early gains of 2l points or more. I Selective buying also was a rent in the mtor, copper, merchan ofl, food and tobacco groups. Selling preu- | sure was renewed, however, against such recent favorites as U. S. Steel. common, American Telephone, International Tel- ephone, Loose-Wiles Biscuit, Public Service of New Jersey and Montgom- ery Ward. Credit Situation. Judging from commission house com- ment, there is still considerable un- ! easiness over the credit situation, de- zltg the drop from 9 to 6 per cent in 1l money last week. With Federal in- come tax payments likely to be a dis- turbing factor later in the week, the market also is showing some concern over the possibility of a heavy with- ‘drl'll of foreign balances from New romm exchanges opened firm, with | sterling eubles quoted around $4.84 23-32, "‘BLUE RIBBON” GANG ' MEMBERS CAPTURED Alleged Bandits Taken by Buffalo | Police Following a Tear- Bomb Barrage. | By the Associated Press. + BUFALO, N. Y. September 8.—Five members of the “Blue Ribbon” gang, ! which has terrorized Western New York \ for more than a year, were captured by pollee yesterday. The gang is accused of several murders and rol | The captures were made in a Franklin street house, in Cheektowaga, Erie | County, by Buffalo police. For more i than a month every move of the gang had been known to police. and the coup was made - without ‘delly thnt a proposed hold-up in De- | troit and a bank robbery in this city might be averted. A score of police surrounded the house, and at a signal each member threw tear gas bombs through windos Women and children fled from place, and when the barrage was liTted and the police entered the place, nearly all the inmates were found unconscious from the gas fumes. Those placed un- n\e their names: Edward waga, -and Max -Gorney, 29, Cheekto- waga. ‘The leader of the gang. Mex (Goose) Rybarczyk, was arrested on the street & short time previously as he was prepar- ing to depart for Detroit. Police say he was to lead the gang in a Detroit pay- % | roll hold-up. Divident cash payments based on the iatess adarteris or" nalf yearly Sate of tading less than haid or stocl Plus 3% in stock. SHORT-TERM SECURITIES ! & Co. (Reported by J. & W. """"%m. ce cor‘ Sts wy. d'/xl 1930, . Ql cnu..'n g?:'.’n y 4& 1# % % ?;'-.?g.., 'MOIIII%" IOGI’I. Fz nmn! cnrmum oy 3. & W. 1eug|‘.n k o, 1029 Bl Wall Su-m Briefs By the Adsociated Press. Red Loan with d ‘Bid. ‘The meeting of stockholders ot the Mohawk lnvmt Oorpontlnn ser-d- uled - for lepmnbor 13 for ,voting on pwgolnmflnmlnmluho' the ‘common stock from 100,000 shares | Berlt to 200,000 shares and to declare s 100 | Hamburg-Amer per cent stock dividend hgs been post- mawupumu. An tssue of $15500000 Northern In- o lic Service a g H i g ié.z 388 i 5% ggsgg ) . 2F 3 2z 3 55? E_E;é%?z égé%‘i'?;%%is Ger Gov . Ine ciis attached per 100 & M. v “Red" Logn withogi: 0% qn-m: clis per 1,000 R, Dusseldorf 4s Prankfort. /M 48 pre-wai lunich 4s pre-war... 3 555588538 SueSERAUEL. E- ‘s':s‘:‘si’s's‘:‘:‘s’sg 5 FOREIGN ncnuar. (Quetations furnished by W. B _Hibbs inal gaid Selling atie tor pat) 3 4.8685 Athens. drachs Madrid, peseta Vienna, schilling. Dest, Pengo. ars per -flum ‘mar 9. 35.00 GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, September 9.— Asked. 61.00 27.00 ke 45.00 & Co.) SENT TO JE.RUSALE>M. | U. 8. Orders Two Foreign Service Officers to, Aid Knabenshue. ‘Two additional foreign service offi- cers have been ordered to' Jerusalem, Palestine, to assist Consul General Paul Knabenshue in looking after American interests that may be affected by any further trouble between Arabian and Jewish inhabitants of that vt;‘rln% ‘They are Consul Harry L. an of Georgia, now at Beirut, Syria, and Vice Consul Robert G. McGregor, jr., of New York, who has beén under instruc- tions at the State Department. " Business Notes By the Associated Pres NEW YORK, September 9.—George 5. Davison, president of the Gulf Re- fining Co. and vice president of Guif oil Coy has resigned both | effective October 1. He will devote his time to the Davison Coke Co., recently formed and of which he is president. The Eastern New Jersey & Power Co. has reduced dom and commercial lighting rates in 31 muni- cipalities to $9.75 a 100-kilowatt heur, as against the presen!czlh :l $12. . 00 kilowat yuu prnductlon mued 87,851, M 000~ kilowatt hours. POTATO nmr.' CHICAGO, September 9 () (United 4 smholden ot P. fi lnd