Evening Star Newspaper, October 2, 1929, Page 13

FIN CURB ISUES GAI SUGHTLY INRALY Utilities Lead Upward Move- ment—Course pf Market still Irregutar. BY JOHN A. CRONE. Spectal Dispatch to The Star. NEW YORK, October 2—The Curb Market, under the leadership of utilities, staged a modest rally today in the sec-1 ond hour which erased many of the losses suffered during the selling wave that swept over some of the popular issues at the end of the first half hour. Mining, motor and investments trust shares, however, continued weak. A few of the aviation issues improved slightly. Movement Irregular. Electric Bond & Share, one of the leaders in point of volume, rose 3 points, then declined almost that much and by midday regained nearly 2 points. Associated Gas & Electric, which has recently entered New England territory, started out fractionally lower, but steadily advanced and held its gains. American Commonwealths, which has taken over Interstate Fucl, was active and inclined higher. Standard Power & Light, American Light & Traction and United Gas Improvement on a few early sales bettered Tuesday's closi quotations. Niagara Hudson Power, Commonwealth & Southern and Amer- ican Superpower took selling in the first part of the session better than they did in recent markets. Noranda proved a weak spot in the mining list as it opened at 51% and promptly slid off to 48 in the first two hours, Durant Motors, Ford of France and Stutz early equaled their. lows touched in recent sessions. ‘Transcontinental Air Transport, fol- lowing an announcement that it had reached an agreement with New York, New Haven & Hartford for passenger accommodations to the Pacific Coast, gained more than 2 points above its Jow of 16! reached Tuesday. North American equalled its previous low, but later recovered. Blue Ridge common and preferred early reached a new minimum quota- tion, as did National Investors Corpora- tion new shares. Mayflower Associates, which is known to have some British stocks in its portfolio, met further sell- ing. Rhodesian Coppers are among its holdings. Natural Gas issues continued active. Citles Service, which is rapidly expand- ing in the natural gas field, was a lead- er among the miscellaneous oils. Dis- covery of a huge natural gas well by Missouri-Kansas Pipe, attracted atten- tion to it. Memphis, Arkansas, United and Lone Star Gas again were promi- nent in this group. Other Changes, Superheater, which recently declared an extra dividend, advanced at one time 22 points, following a 15-point re- action in the preceding session. Dow Chemical old and new shares were mod- erately active and higher. Zonite re- acted after the announcement that it had acquired another company snd raised its annual dividend basis Tues- day. This situation was corrected early today, but the gain invited some profit taking. Crocker Wheeler new appre- clated as the old stock eased. GRAIN MARKET. CHICAGO, October 2 (#).—Unex- pected strength shown by Liverpool wheat quotations. Together with bul- lish aspects of monthly unofficial crop figures, helped give an early lift today to the wheat market here. There 2lso ‘were assertions that export business in North American wheat was increasing to a material extent. Opening 12 to 1% up, Chicago wheat later scored de- cided additional gains. Corn and oats ‘were also firmer, with corn starting at 13 decline to !, advance, and subse- quently rising all around. Provisions slanted downward. In connection with unlooked-for up- turns in Liverpool wheat prices, much notice was taken here today of strength the Buenos Aires wheat market. Current gossip had it that urgent of- fering of Argentine wheat to Europe had ceased, and that bulky purchases of North American wheat for Great Britain were contemplated, despite talk of storage congestion at Liverpool and of reduced credit in Europe forcing sales of native wheat. As analyzed by one leading authority, unofficial monthly crop reports issued here today showed domestic’ Spring wheat ylelds to be slightly below the conditional indication of a month ago. He gave the present estimate as 10 bushels per acre, with a total Spring wheat crop of 209,000,000 bushels, This, added to 549,000,000 bushels of domestic Winter wheat, would make the 1929 United States wheat production aggregate 758,000,000 bushels, an amount 144,000,000 bushels less than last year. . NEW YORK COTTON. NEW YORK, October 2 (#).—Cotton opened steady today at a decline of 2 points on October, but generally 2 to § points higher on a continuation of the recent buying movement, which sent the price of December up to 19.10 and March to 19.39, or about 5 to 6 points net higher, during the first three months. Prospects for clearing weather in the Fastern belt brought in considerable realizing after the sharp advance of yesterday, however. The market also seemed to meet considerable Southern selling. This was offset to some extent by trade buying, but the demand was rather less active and aggressive than yesterday and prices sagged off a few points by the end of the first half hour. Private cables reported covering with continental and bombay buying in Liverpool and said a larger cloth in- quiry was maintained. The weekly re- rt of the Weather Bureau seemed to m without much effect on the early market. et e DIVIDENDS. Pay- Corporation. able. Amer_Glue Nov. Alli” Realty t, Am Smeits Pe- Stock of riod. R Q' ¥ L C Co T & 8 Fe Ry. Budeser & Wilcox s 5s oL oIt B'stol-M; o rown Shoe pf. on Clgar Cp pf Do prior Bt Century Ribbon Mills _ I 5o fst ol Kayser Julu Kress 8 H'& C Do Df .. siees guhetsi” Goilias, § it Creel 'rod Superheat Co... Q‘ Trx-Traer Coal. Q@ U oo SR 7% Oct. 15 nite Products. 40" Nov.15 TRl el reterred’ POTATO MARKET. CHICAGO, October 2 ().—(United States - Department of Agriculture)— Potatoes--Receipts, 86 cars; on track, 344 cars; total U. 8. shipment, 1,109 cars; trading slow; market weak; Wisconsin, sacked round white, 2.25a2.50; Minne- sota, sacked round whites, 2.00a2.35; d North Dakota, sacked Minnesota early Ohilo’s, 2.00a2.20; South sacked early Ohlo’s, 2.30a2.40; Idaho, ancked russets, mostiy 2.6582.75, I NCIAT NEW YORK CURB MARKE Qxau-: INDUSTRIALS. i1 hundreds. 8% Ala Gr Soul Alleghany Corp. Allied P & L. 16 Amer. Cities 22 Am Common 10 Am Comm P optl 2 Am Cyanamid 26 Am Cyanamid 57 Am Cyanamid rts 'wi. Dept Stores i Rurco war w 1 Cables & Wi 1 Celan Co» 15 Cent Atl 9 Cent Pub § 16 Cent States El 3 Chain_ Store St Corp. n. ock 5 Clevi 20 Cohn-Hall M 11 Colgate Palmolive' P. 80 6 Columbia Plctures. .. 1 Colu Auto Pts vt pfd gls' 3 Commerc Inv Tr Wi. 1!2 Commonwealth Ed... 35 "d rts. 281 32 Comw & Sou_op! 23 Commercial _Solvents. 9 Cons Auto Mer vte 1 Gons Auto, Mer pfd y 1 Coneol Laund 5 Contl Diamond 1 Cooper Bessemer 2 Cooper Besse pfd ", i 2 Fed Screw ... . 85 14 Financial Invest N' ¥ 3 Fokker Alrp Am ... 40 Mol an & Erince Ltd o I 43 Gen Theat Equip vic 2 Gl Gorham Inc pf..... 4 2 Great Lakes Lt P pd &gDle.. 20 D 1Klen Henry pi 1 Kolster-Brandes 2 Lefcourt Real 15 Lehman Corp 20 Lily Tulip Cup 1Long 1sl Lt 2 Mayfl 16 Memphis Natl G 1 Merritt Chap & 8. 2 Mesabi Tron .. est Ut 57 Mid West Utll 1 1Miller (1) & Soni 1 Missourl Kans € Municipal Serv oie PRI, 3 s g apt ey EDO 223?322?!2:” Rom»>® 58255 >o% 5 3 Selfr Prov. Btores. ... 8 ShekTdaah Gorpry: 10 8he cvt pid. 2 8harp R T LT i SRS Bunuuns. W F T3 High. Low. Noon. 17 Trans Am n . 1 Transcon Al: Tifp... 3Trans Lux DL P §'A 1 2Tri Cont Allled units 2535 B 00 e G £ B e e 0 cgggaadagadday EEES pann! % ) i aity & Fond A.. ajtt & Bond B. =g 5 BEs estern * Air & Low Cafe. .. 1 Low Cafe pfd nter B J njte §22g m Tun & Dra 17Falcon Lead Min. Lol 8Teck Hughes 3 Utah Apex . 1Wendon Gop Salesin INDEPENDENT OIL STOCKS. bundreds. 5’Amer Con Oilfields.. i ta la oI 8 7 Washington Ticker By the Assoclated Press. In preparing a program for & re- adjustment of postal rates in his effort to eliminate or diminish sharply the growing deficit of the Post Office De- partment, Postmaster General Brown is contemplating the calling of a confer- ence late this month of principal mail users to ascertain the public view- point where increased charges can be most efficaciously placed. ‘The Postmaster General, with his chief subordinates in the de- partment, is formulating a comprehen- sive scheme of readjustment of the rates and services of the postal service which he hopes to have in definite shape for presentation to the regular session of Congress in December. His plan, it is expected, will be presented either in his regular annual report of the department’s activities or in a spe- cial report and will embody a program of legislation designed to the postal deficits. One branch of mail service, the air mall, already is being scrutinized by the department to ascertain if higher post- age cannot be €quitably placed on the service. A series of conferences between air mail line operators and Second As- sistant Posumaster General Glover is being held this week and the operators have presented a plea for higher rates on the ground that they are unable to make a profit under the existing charges. Postmaster General Brown also has proposed that another postal service, the ocean malil contract system, be revised so the department will not have to charge against its ordinary postal operating costs these contracts. “While the cost of everything the Post Office Department buys—com- modities, services, labor,” the Post- master General says in discussing his 14 | rate readjustment program, “has great- % aiw 113 Ve “23% 32% 7 100 = 100 o PR T 55 £ BRI RS! SRS e FES g e 9% ly increased, our rates have either re- mained stationary or have decreased. In postal practice as there is no market value an arbitrary value should be as- signed, based upon rates established, which in a large sense should be the measure of what the traffic will bear.” He feels that the public, however, should recogniZ the postal service ren- ders certain intangible ‘“values of service” such as expedition, preferential treatment or personal handling of malil, especially in city business districts, which should be a part of the cost ascertainment. “Painstaking studies are now in progress in the department,” the Post- master General said, “of all the factors that enter into postal costs and of all other factors which should be consider- ed in postal rate making. At the con- clusion of these studies the results will be submitted to Congress.” ‘The conference of mail users, it was said at the department, will include the attendance of representatives of mail order establishments, banks, news- papers and magazines, automobile manufacturers and other large con- cerns which utilize the postal service widely. No date has yet been fixed for it, but it was said to be rather definite- ly planned for late in October. ‘The executive order of President Hoover in transferring the Agriculture Department’s division of co-operative marketing to the jurisdiction of the Federal Farm Board is looked upon tn governmental circles as not only signi- ficant of the permanence of the board in the Government's organization, but also of the Chief Executive's news on the dominant policy of the farm body to foster orderly marketing of agricul- tural products. Co-operative marketing by the farm- ers of the Nation has been stressed by the Farm Board ever since its organiza- tion. Although during the recent ex- amination of the board members by the Senate agricultural committee there has been insistence by some Senators for the board to participate itself in the stabilization of the farm market, it is unlikely that any step looking toward price fixation or stabilization will be undertaken by the board and its present ‘gollcy of reliance for agri- cultural relief upon the Farmers’ Co- Operative Associations will be continued. ‘The organization of agriculture, along the same lines as in other industries, is an objective strongly desired by Chair- man Alexander Legge of the board “The problem of the farmer most-close- ly parallels that of every other indus- try,” he says, “and it seems to us that the treatment to be applied can be described in one word, organization. If a thousand farmers place the same product in the hands of a single sell- ing age! that agency at once be- comes portant factor in the mar- ket. A major policy of the board will be the expansion and strengthening of the co-operative movement.” Curiously the transfer of the co-oper- ative marketing division is a case of an orgmumon following its former chief into a new fleld. Chris L. Christensen, secretary of the board, was chief of the division until he joined the board. Mr. Christensen holds the belief that the aim of co-operative marketing among farmers “is to build an efficient farmer owned and controled marketing system, thus giving the producer a larger net farm income without en- hancing prices to consumers.” ‘The Senate in its conside f gvlmn of the tariff—with flmnmo s sion for Congress upon the customs laws of South American nations is re- garded as indicative of the Senate’s watchfulness in this direction. ‘The Tariff Commission’s report said: “Latin American tariffs have always been designed for revenue rather than gnmeuon and Latin American coun- without exception depend upon the yield from revenue rateés to & much extent than does the United States.” The tariff rates of 18 of the higher o high as commission fl. Reeceived by Private Wire Direct to The Star Office Nor 1 Pandem 5 20 Pantepec Ofl 3 Venezuelan Pet Sales in _ STANDARD_OIL ISSUES AND | units. FORMER SUBSIDIARIES—STOCKS. 700 Humble Oil & R. 200 Im : Sales in thousands. BONDS. 27 Alum_Co. Amer 85 52 TS 3 F B! 2000000000 aaR00D o I 202 55 Q, 2 In 55 0 Int Pow Sec 75 E '57 943, 21Int Sec Amer 55 '47 80 2Leh Pow 65 A 20261022 0 Manit Pow 815 AT 0718 Un Oil Cor 5 oueast P & L 0s. jou Cal Ed 58 "4 together |« ? [ metropolitan banking groups could ex- 12! 12% n—New Ww—With warrants. INCREASE IN DEBITS {Five Out of Seven Cities Report . Gain—Two Have De- creases. By the Associated Press. RICHMOND, Va., October 2.—Five of the seven Virginia cities reporting showed an increase in total debits dur- ing the four weeks ended September 11, 1929, as compared with the four weeks ended September 12, 1928, it is shown by figures in the monthly review of business conditions issued by the Fed- eral Reserve Bank of Richmond. Lynchburg, Newport News, Norfolk, Richmond and Roanoke showed in- creases, while decreases were reported for Danville and Portsmouth. Figures reported are as follows: Lynchburg, $16,501,000 for the four weeks this year and $15,896,000 for the four weeks last year; Newport News, $9,639,000 and $8,180,000, respectively; Norfolk, $55,167,000 and $52,299,000; Richmond. $134413,000 and $131.278,- 000; Roanoke, $28,499,000 and $25,228,- 000; Danville, $6,868,000 and $7,022,- 000; Porthmouth, $3,731,000 and $5,- 045,000. Aggregate debits in the banks of the reporting cities totaled $1,157,489,000 during the four weeks ended September 11, a decrease of $70,245,000, or 5.7 per cent under the total of $1,227,734,000 reported for the preceding four weeks, ended August 14, 1929, the reviews says. The decrease was general throughout the district, only eight of the 24 cities showing higher figures for the later period. These eight cities were Charles- ton and Greenville, S. C. Charlotte, ‘Wilmington and Winston-Salem, N. C., Danville and Richmond, Va, and Huntington, W. Va. In comparisons with total debits ag- gregating $1,042,043,000 reported for |- the four weeks ended September 12, 1928, debits for the four weeks ended September 11, this year totaling $1,157,- 489,000 show an increase of $115,446,- 000 for 11.1 per cent. Fifteen of the 24 reporting cities show higher figures for the 1929 period, including all of the larger citles except Winston-Salem. Five cities, mchmond&cs\vlflotw, Green- , Te- ported higher figures for the four weeks ended September 11, 1929, than for either the preceding four weeks this year or the' corresponding four weeks last year. iy CHICAGO LIVE STOCK MARKET CHICAGO, October 2 () (United States Department of Agriculture) — Hogs—Receipts, 19,000 head, including 4,000 direct; market opened steady; latef” trade strong to 25 cents higher; heavy butchers and packing sows show- ing most advance; top, 10.25 paid for few loads 180 to 210 pound weights; 170_to 220 pound average, 10.00a 10.25. Butchers, medium to choice, 250 to 300 pounds, 90; 200 to 250 unds, 9.3! 60 to 200 poun %‘15-10108.‘{’ igs, medium pounds, 8.6029.85. Cattle—Receipts, 7,000 head. Calves— Receipts, 2,500 head; generally steady trade with demand centering on better grades steers and yearlings; lower grades very slow; fat cow and heifer market dull with cutters fully steady and strong; early top-fed steers, 15.50; some held higher. Slaughter classes, steers, good and choice, 1,300 to 1,500 pounds, 12.50a16.25; 1,100 to 1,300 pounds, 12.50 216.25; 950 to 1,100 pounds, 12.50a16.25; common and medium, 850 pounds up, 8.75a12.75; fed yearl and choice, 750 to 950 pounds, 12.75a16.00; heifers, and choice, 850 pounds down, 12.50a14.75;. common and me- dium, 7.50a12.75; cows, and choice, 8.00210.50; common medium, 6.258 8.00; low cutter cutter, 5.0086.25; cutter to lum, 6. .85 (milk fed), and choice, 12.50815.50; medium, 11.50a12.50; cull and common, 7.00a11.50; stocker and feeder steers, and choice, all weights, 10.00a T a0 head market e Ipts, 27, ; to weak. Fat native, lambs, .25; choice kinds, 51“2.66-]2‘.’1‘5: flnt ewes, 4.00a5.00; good 59-pound feeders at 1225. Lambs, good and 12.00213.00 and Controller Suggests National OF VIRGINIA BANKS| POLE 15 IN FAVOR OF BRANCH BANKING Institutions Be Allowed . to Extend Scope. By the Assoclated Pres SAN FRANCISCO, October 2.—EX- tension of branch banking by national banks was advocated today by John W. Pole, controller of the currency, who urged revision of existing Jaw to make this possible. Speaking before the American Bankers' Associa- tion, he suggested that national banks be permitted toestablish branches within their Federal Re- serve districts or within' areas pre- scribed by Con- gress. ‘THis, he as- serted, would make the national bank- ing system more attractive to State banks’ and cure as a fundamental country’s banking John W, Pole. what he described weakness in the system. ‘The controller said such an exten- sion, however, must be made under ade- quate safeguards, such as intensified | Government supervision and the re- quirement of parent banks to be capi- talized sufficiently to meet the respon- sibility of its branches. Further, he added, the controller should have au- thority over establishment and removal of branches. Reviews Group Banking. Pole reviewed the growth of group banking, through which large financial corporations control many small banks. This form of banking, he said, had grown without authority of law in re- cent years, until it might eventually displace the present system of country unit banks, and he offered his branth banking plan as an alternative. Group banking, the controller said, was more cumbersome and expensive than branch banking, but was the only way under the national banking laws that large tend their services to country districts. Pole told the bankers that figures available for the first eight months of 1929 showed that 52 national banks and 403 State banks had failed, a condition that'in a year of business stagnation | and financial depression might have | caused concern. The great business | activity of the last eight vears, he said, | had prevented such a situation, but also indicated through inability of the small | banks to share the general prosperity | jthat there was a fundamental weak- | ness in the banking laws. The controller said he had given long and careful thought to the question of branch banking by members of the na tional bank system, now allowed to es- tablish branches only in the ecity in which they are located and in foreign | countries. { “I have reached the conclusion that | an extension of branch banking priv- | ileges should be granted to national | banks,” he said. “That it should not be Nation-wide will be generally ad- mitted. It has peen suggested that branch banking be limited to the con- .nnes of each Federal Reserve district. This may not be feasible to the same extent in all Federal Reserve districts. Restricting it to State boundaries, which are political, rather than eco- nomic, presents difficulties, as does the suggestion that a radius of 50 or 100 miles fram the parent bank be fixed, but there is an economic area to which the extension of branch banking can be applied, varying in size to meet the di- versified conditions that exist in this vast country. Suggests Study of Situation. “It is for Congress ultimately to fix the boundaries of these districts; but Congrass, of course, would not and could not attempt to do so prior to care- ful consideration and study of all of the factors, which could only be car- ried on by a committce of qualified ex- perts. Would we not be making real progress if, at the coming session, the Congress were to instruct, let us ray, the Secretary of the Treasury, the gov- ernor of the Federal Reserve Board and the controller of the currency to study the banking ‘situation and to report the boundaries which they would recom- mend that the Congress set up, estab- lishing such s -#INANCIAL ANNUAL MIGRATION AIDS TRUCKING FIRMS Speclal Dispatch to The Star. NEW YORK October 2.—Fully $50,- 000,000 will be spent this week by mov- ing Americans. This is moving week and the time when the itching foot becomes a factor in business. Few of the Americans who wil change thelr living quarters this week have to do so. The motives behind the movement, which is giving employment to thousands of trucks and vans and scores of thousands of men, are trace- able to ambition and pure restlessness. With & year of unexampled prosperity behind them, householders and apart- ment dwellers are taking a step upward rather than a step down. Few are secking cheaper quarters. The majority are determined to locate in more ad- vantageous or more pretentious districts. As a consequence many of the cheaper houses and apartments are seeking tenants while the demand for extensive ‘living quarters ) This does not mean that there is & plethora of low priced dwellings avail- jable. Old buildings have been razed - 8nd new types.of structures have taken the place of what once weré known as tenements. Most cities are now entirely without tenements. * This tendency, made so evident toda: the passage of household lhxy'aubl’h l:'eeh and over the highways, bcth reflect the business and economic situation of the country and reacts favorably upon the level of rentals and real estate values. Contract awards for construction for the three-quarters of the year just ended have compared most “favorably with previous periods, although not ‘perhaps so high as in 1928. It is thoroughly evident, however, that the total expended for constrution purposes In»1929 will evmmurre favorably with {most recent an: periods. There has |been a check to dwelling construction. | This can be attributed in to the | fact that building has Pmty ‘well caught up with requirements in most cities and in part to the withdrawal of funds, normally available for construction, for placement in the call money market. A WORTHY SUCCESSOR TO A GREAT SUCCESS.. . d il - ls TH 1 = AN EXPERIMENTAL LABORATORY IN " YOUR CELLAR — ———— 47 il There s such a laboratory If you are trying first one coal and then another; if you are buying without a brand name to identify the better coal from the_poorer. When you buy Old Company’s Lehigh Anthracite you get a coal that produces conclusive results instead of cone tributing to a series of experiments. Analysis shows this coal to have the highest_heating« value per dollar of any household fuel. Moreover, the Old Company’s own laboratories have gone to great pains to work out for the consumer the most efficient Tmethods of heater management . . . . so that its users may get full benefit frorn the surpassing hea hard coal. ’ t value of this unus ually pure, dense and uniform These methods have been embodied In a booklet that' Oid Company’s dealers supply, without charge, to their customers. It’s called ‘“Handling Your Heater with 'WHOLESALE Blair Road & Sheridan St. N.W. Ease and Comfort.” On the Radio COMPANY'S SINGERS Every Sunday Eve. at TP M. WEAF and Associated Stations Order Old Company’s Lehigh Anthracite by its full brand name; and so make sure of getting a coal that represents nown value. A For name of your nearest dealer, look In your classified telephone ©t.0.am 00,1629 directory under *'Old Company's Lehigh Anthracite.” "~ OLD COMPANY'S LEHIGH ANTHRACITE Produced by The Lehigh Coal and Navigation Company “BIG VEIN COAL CO. OMPANY’S LEHIGH ANTHRACITE RETAIL Phone Georgia 3081 forwFall Prices