Evening Star Newspaper, October 4, 1929, Page 13

FINANCIAL. URB PRCESDRUP | ~ INHEAVY SELLING! All Groups on Board Affected' by Steady Stream of ‘Liquidation. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, October 4—A steady stream of selling orders poured in on the curb market today. The general decline put scores of stocks to new low levels, { ‘The public, unable to tell what was happening, t« d in stocks to be sold at the market. The tape was more than 30 minutes late. The cutb, un- like the Stock Exchange, does not print occasional stock quotations on its bond | ticker in such emergenc so the aver- age trader was at sca on price trends during the early part of tha session, Public utilities, some of the recent Industrial .favorites, mines, motors and investment trusts were engulfed in the selling waves. The oils were off less than some other groups, largely because they have not been marked up in re- cent months. Electric Bond & Share, after opening with a block of 16,000 shares at 1505, or 2 points above its previous close, encountered heavy selling. Common- wealth and Southern, which is about ta be transferred over to the big board, after opening fractionally higher on a block of 25,000, crashed to a new iow level. Record lows early were registered also by Blue Ridge common and pre- ferred. National Investors Corporation new shares. Fourth National Investors, Shenandoah _Corporation and many of the other newly formed investment trusts. Some of the speelalty trusts, such as those ding utility and avia- tion shares, were hit after declines in the securities they hold. One feature that attracted the atten- tion of traders was the comparative firmness of some shares in contrast with the marked weakness of groups of securities controlled by certain banking organizations. Some bankers appar- ently were supporting their securities, while others merely stepped aside and let their issues find a market level. Dayton Airplane Engine, which suf- fered a sharp decline a little over a Week ago, easily was pushed down to a record low level in the forenoon. Many other air shares were inclined | to softness, but did not reach minimum | quotations so quickly. Hiram Walker was early singled out as a selling target in_ the industrials, Under the general selling mood and further rumors about Canada’s plan to prohibit liquor exports to this country, which were said to have been officially denied, Hiram Walker hit a new low. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. October 4.— Potatces—White, barrel, 1.50a4.00; 100 2.5023.00; sweet potatoes bar-: 50; beets, 100, 3.00a4.00: beans, 5; cabbage, hamper, 100, 4.00a5.00; celery, 1.25a2.25; corn. dozen, 15a35; hamper, 30240; lettuce, crate, lima beans, hamper, 1.00a1.75; onions, 100 pounds_ 1.75a2.00; peppers, hamper, 25a35; squash, hamper, 15a35: tomatoes, hamper, 75a1.00; canned bushel, 40a1.00; turnips, hamper, apples, bushel, 1.00a2. canta- 50a1 peaches, pears, bushel, 2.50a} 4.00; quinces, bushel, a2.50. i Dairy Market. i Poultry, alive—Spring chickens, 25a 30; Leghorns, 25a27; old hens, 25a32 Leghorns, 20a22; old roosters, 18a20 ducks, 20a26; guinea fowls, each, 40265; pigeons, pair, Eggs—Receipts, 1403 cases; native and rearby firsts, 43a45; current re- ceipts, 35a36; hennery whites, 48a50. Butter—Good to fancy creamery,; pound, 42a48; ladles. 35a36; store packed, 30a31; rolls, 31a32; process but- ter, 40a4l. Live Stock Market. Cattle—Receipts, 1,700 head; good supply, market dull; steers, choice to prime, none; good to choice, none; me- dium to good, 11.25 to 12.25; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; common to plain, 7.50 to 9.00; bulls, choice to prime, non good to choice, none; medium to good, fair to medium. 7.50 to 8.50; plain to fair, 6.50 to 7.50; com- mon to plain, 6.00 to 6.50; cows, choice to prime, none: good to choice, none; medium to good, 8.00 to 9.00; fair to medium, 7.00 to 8.00; plain to fair, 6.00 to 7.00; common to piain, 4.50 to 6.00; heifers, choice to prime, none: good to choice, none; medium to good, 9.50 to 10.50; fair to medium, 8.50 to 9.50; plain to fair, 7.50 to 8.50: common to plain, 650 to 7.50; fresh cows and springers, 60.00 to 150.00. Sheep and lambs—Receipts, 700 head; fair supply; market steady: sheep, 2.00 to 6.00; lambs, 6.50 to 13.00. Hogs—Receipts, 300 head: light sup- ply. market steady; lights, 10.90 to 11.15; heavies, 10.90 to 11.20; medium, 11.00 to 11.30; roughs, 7.75 to 9.40; light pigs, 10.00 to 1025; pigs, 10.60 to 11.80. Calves—Receipts, 100 head: light sup- market steady; calves, 7.00 to 0. Hay and Grain Prices. Wheat—No, 2, ted Winter, spot, No. 2, red 'Winter, garlicky, spot, o October delivery, 1.24%; No- wvember, 1.26%. Bag lots of nearby, none: Cargoes on grade, none. Corn—No. 2, export, October delivery, no quotations; No. 2, domestic, yellow, 1.14a1.15; cob corn, 5.50a5.75. Oats—No. 2, white, domestic, spot, 57; No. 3, white, domestic, spot, 56. Rye—Nearby, '1.00a1.10. Hay—Receipts, none. Season for old ‘hay is about over. A little new crop js arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at from 13.00216.50 per tons, according to its quality and condition, receipts by truck taking care of most requirements. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00210.00; oat straw, No. 1, per ton, 9.00a10.00. TREASURY CERTIFICATES. by J & W. Seligman & Co.) NPT Bla.. & O 31as Sept. 15, 3%as Dec.’ 15, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) er. Alls-Chalmers S 1991, . ‘9%, 100 ° 7 9 978133 9714-32 per Co. 58 1947......0 ing_ Co. Slas 1937. y. Co. s 1930: 1 L Bost. 4153 1930, Corp. 65 1937. 55 '1940..... . Match Corp. 55 regon Short Line 4s 1920, lips Petroleum 5t4s 19: Pure ‘Ol Corp s 1647 Shell Union Ofl 5s Sinclair Crude Ofl 5%s 1938.. Stand. Oil New Jersey 65 1946, 8t. L. Ir. M. & S. Ry. 58 1831, Bt. L.Southwestern Ry. 4s 1932, Swift & Co. 5s 1932. Tnion Ofl Co. of Calif; 55 1035.. United Drug Co. 55 1955....... Western Electric Co. 53 1041, ‘Wheellng Steel Corp. 5%s 19 2 NEW YORK CURB MARKE 355553 scon ns Lu D L P Cont Allied units t Corp EEEEEr gcg;-i—l-l Chain . . 7 Amer Cities P&L xd. 28 Amer Cit P&L B xd 38 58 Am Commonw P A. 30 53 Am Commonw P B.. 50 19 Am Comw P optl war 10'a mer Cyanamid 52%a Amer Light & Trac.. Al Mig D agn ost Fence i 18%a Nitra.... 33% 3 Asso Elec A 5 Ass0 Gas & 6410 33 Asso_Gas&El I 1AU Fruit & 0l ne 111 Bt 2013 30t frogh+ 04 Sale: MINING STOCKS. in hundreds. : s 3 Bwans McKubwa 6! 8 7 Alrc Tel Can rts. 2 Cresson_Con Go E W 70 Falcon Lead Min 10 Gold Coin 1Au Vot Ma cvt 3 Aviation Co of Am 2 Aviation Credit . 2 Bahia Corp & Bellanca 1 Bell 4 2 Utah Apex . 10 Wenden Cop Washington Ticker By the Associated Press. ‘Wall Street prognosticators were wrong again on the Federal Reserve Board's report of weekly loans of New York member banks to stock brokers and *idealers, as for the seventh cqpsecutive week the loans increased to set a new high record of $6,804,000,000. On Wall Street there had been some predictions that a decrease would be recorded for the first time since the week ending August 14, The loans for the past week—that ending October 2 —did display, how- ever, a response to the present status of the stock market, of declining rather than rising prices. The increase of ihe {loans for the past week was $43,000,000 over the previous week, which had in turn shown one of the highest gains of the year, with $192,000,000 more than the loan total of the week of September 18. The smaller increase was interpret- ed to be due to lessened activity in the stock market. Federal Reserve officials feel that the continuance of the upswing in these speculative loans, with its concomitant effect of being an important factor in the maintenance of the tightness of credit, is an affair which cannot be greatly remedied through artificial means. They believe that the diminu- tion of this flow of credit into the spec- ulative field will be accemplished chiefly through a natural and perhaps gradual jreadjustment of the business situation. > If, as present indices portend, there is a temporary slackening of the busi- ness pace from the high activity of the past Summer, this slowing up of busi- ness will have a sobering effect upon speculative sentiment and will bring about_the apparently desired objective of reducing these speculative loans to a basis commensurate with what the Reserve officials believe should be the credit allotment of the stock market on a par with its. activity. The anomalous situation of a sub- siding stock market and increasing speculative loans is explained by. the Reserve System officials as due in part to the recent extremely large financing of investment trusts, particularly dur- ing September, and also to the heavy volume of new capital issues. The threat of certain Senators to seek a thorough investigation of the brokers' loan situation has subsided for the present at least, probably because they have come to the belief that there is no legislative remedy and also because they may ha.e come around to the view of the Reserve board members that the condition can be alleviated by natural economic factors. An interesting index of the movement of credit was drawn by officials from yesterday's brokers’ loans report, name- ly that for the second consecutive week the banks outside New York were fur- nishing the demand for credit to move crops and for industrial needs by di- minishing their loans in the New York speculative fleld. The banks outside New York, according to the report, 18 1ntl Superpower..... 13 | decreased their brokers' loans during THil B ¥ the past week by $50,000,000 under the 1intern Ul wa . preceding week. The gain came through e Ea e pid. $47,000,000 increases for the past week, 7 Interstate Ea ct both by the New York member banks §Irving Alr Chute and by corporations and individuals. A D 7| The loans by corporations and in- 4 Karstadt R.. dividuals—those “for account of others” 1Klein (D Emil) Co... —now amount to nearly 60 per cent of 1 Eitin ety pe pid. the total brokers’ loans, having for the past week a total of $3907,000,000, compared to the New York member banks’ loan figure of $1,071,000, and for out-of-town banks, $1,826,000,000. The fact that these non-banking lenders control the situation is one of the obstacles in the path of any corrective banking measures which might be at- % | tempted by the Federal Reserve System. In publishing a report containing trade practice conference regulations adopted by 57 different industries, the Federal Trade Commission says that these conferences afford effective mechanisms “for self-regulation and K self-government of industry.” But the ' placing of the regulatory enforcement ")in the hands of a disinterested im- partial governmental body such as the commission, the report says, adds “ma- 2 |terially to the general observance of the rules” adopted by the trade con- ferences. ‘The commission’s enforcing power “obviates the necessity of the use of such power.” The report said that out of 300 to 400 rules adopted by indus- tries the power of the commission has been invoked with reference to only a dozen regulations. Under present indications it is very likely that the two amendments to the tariff bill, adopted by the Senate, pro- posing the future abandonment of for- ef value as a basis for assessing ad valorem rates, will be enacted into law. Congressional leaders do not believe that any strong opposition to the do- mestic valuation plan will develop in the House. » Until the bill is enacted into law with the amendments, the Treasury Depart- ment and the Tariff Commission will not set up machinery to revise the pres- ent valuation formula. The Tariff Com- i | mission under one amendment ‘would be authorized to convert all ad valorem duties into rates based upon domestic valuation and report to Congress the revised ntages by January 1, 1932. Under the other ln‘l’:ll;?me'.r‘x& a T?overlp; nt agency, probably easury, o et ascertain the would be instructed to most cticable formula of domestic valuation. “The foreign value basis of assessing ad valorem dutles,” Chairman 1 3 Con Cooper n! T of Wheat vtc.... 5 Curtiss-Wright war.. 1Daston Alr.. 14 Deere_& Co 7De For R 3 DeHavilland A" "oid 4 Detroit Alr.. 3 Detroit Ed ris w te Ut 2BEl Invest 1El Sharehold harehold pfd 4Em Pow Cor . Airp Am Ford Motor Can ‘A 3 Dairy pfd 20 atl Fam 25 Nat Investors. Rub Mach! w i N Niag Hud Pow...... Niag Hud P B War.. 16% 5 Ningara Share 54, Elec. S onn ® o Smoot of the Senate finance committee says, “has had a long trial and, vely over the period of its app! shown its unsoundness. The basis has made it ulous imj rs to possible for unscrupt Wf':dmu .dfl?é!fi::fl PR et N R S hsust: & & e G EE evils of the present {nn‘l’m. would give to g:?n labor, ustry and agriculture measure of pn';zem intended for them under mh&n&:memu:nmflrg; ;?:v.enum of undervaluation of im- ports now possible.” Euo uBsyuges TR “ Received by Private Wire Direct to The Star Office Sules in INDEPENDENT OIL STOCKS. dreds. 3 Carib Synd. 11 Colon il 2 Creole Pete 6 Ealt Ck Prod. 5 18unray ... 1 Woodley " Pet. . !Salesin___STANDARD OL, ISSUES AND units, FORMER SUBSIDIARIES—STOCKS. 13 3 200 i 100 Vacuum Oil, Sales in thousands. 10 bos '54 96% 5 Chi & Nw Ry 434 '49 107 Cit Serv 8s 2 827 8er G P '43, Cit Ber Pow Blus :57 93 Contl G & E 85 A '58 u 55 "8 1 5 2 11 2 3 5 4 o5 A 137 1 8128 42 a8 '54 . 10 Emp O & R 17Fed Wat Ser 57 54 5 Fisk Tire 5158 2Fla P & L 5 1 Gen Laun Ma 38 Gen Theaters 6 Georgia P 58 2 Goody T&R C 5 1 Ground ‘Gr Sh 5 Gult ofl S Gulf Sta 28 '37 80 83 44 148%% ! .95 Va8 '3 98% 65 "4 101 © 101 Pen 55 '37.. 9 s, A ‘55 93 a5 '36.... 86 102 102 L'5s ‘43 91% 95742, 041 ; 5Pac G & E4'is E Peop L & P '!' 5 . 10415 57 913, 3. 941y 44 2 Sou Cal Ed 5s '52 S Gas 65 '4 u Na i outhw D i % 4 Pr 6'33 '38 96%4 s "57.. 991 4 3Uni Lt & R 5138 2TULIP & L 55 'S¢ 5 Wisc Cent'5s '30. Salesin FOREIGN BQNDS. thousands. : TBuerios Alres 7138 *47 101 1 Chilean Cons 7s A '60 2Com & Pr Bk 5'as '37 81% 7Finl Res Mtg 65, '61. 3 Gelsen Min_6s '34 2Gu & W R R 6 5 Isot Frasc W 8 10 Ital Superpow s '63. 5L Tietz C 7125 '46 ww 95 1 Mor Bk Chile 65 '62.. 15 Nippon Elec 6ias ‘53 2Parana 7s '58....... 3Rio de Janeiro 9 2 Runr Gas 6128 A '83. 7 Wwi—When issued. —New. ww—With warrants. MERCHANTS EXPECT BIG HOLIDAY TRADE Distributors Plan Fall Campaign to Stimulate Sales of Goods. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, October 4—It has not as yet been necessary to ply whip and spur to keep up the pace of business at the beginning of the last quarter of the year. Business executives, however, are thoroughly prepared to impart this im- petus if it proves necessary within the next few weeks. It is not likely that extreme measures will - be necessary, but all of the far- sighted company heads have some nov- elty of unusual development “up their sleeves.” They are determined to make 1929 a great year. Their efforts so far have been successful and they are de- termined that the last quarter will not show a let-down. This tendency is thoroughly illus- trated in the steel and automobile trade. The Ford output is maintaining a remarkable standard. General Mo- tors has done the expected in bursting into the radio equipment field. This great corporation is likely to invade other territories in the near future. Aviation is beckoning strongly to Gen- eral Motors and the return of Presi- dent Sloan recently after a trip in which he made a thorough investiga- tion of European aviation manufactur- ing methods and transportation costs has added interest to this speculative possibility. ‘The oil industry is making strenuous efforts toward reduction of production and this is being reflected in the strength of the crude oil price levels, although it has not as yet been thor- oughly discounted in the prices of pe- troleum stocks. The Christmas card and New Year greeting card printers and manufac- turers are cleaning up the last end of a remarkable harvest. The demand from dealers has been extraordinary and the amount expended by the public for cards this year promises to be-high- er than ever before. The radio show held in New York promoted a tremendous volume of re- tail sales. This has been accentuated by the demand for sets induced by the world serles and the opening of the foot ball season. Possibilities of mergers in the amusem®ht field are engaging icouraged by the tremendous response which has been accorded recent productions in the legitimate theater, movie and talkie in- dustries. ‘The main factor of danger in the next few months seems to lie in the agricultural field. Many farmers have already established the fact that they will have adequate sums to expend throughout the next three months, but there still remains & tremendous volume of agricultural products which have not as yet passed into the hands of ulti- mate consumers. This is a disquieting factor, especially in the textile trade and in the automobile tire industry. ‘The railroads of the country are main -breaking volume o Bl no indication carl lecline in the immediate ;ucuuvere re. Normal acceleration is manifesting itself in the coal industry, but that Jine of endeavor is still to. be numbered among the depressed industries. Kraft-Phenix Cheese Co. NEW YORK, October 4 (#)—The Kraft-Phenix Cheese Co. has acquired J. Easton, Inc., of Newark, N. J., ‘manufacturers of mayonnaise and hav- ing an annual sales volume of $1,500,~ 000. Kraft tion has recently . The organisal uired four manufacturers of mayon- total sales volume of IMARINE PRODUCTS INLARGE DEMAND Heavy Supplies of Farm Products Reported at D. C. Market. Retailers and consumers this morn- ing registered their usual Friday morn- ing demand for marine products, drop- ping of the temperature resulting in increased demands for oysters and a corresponding decreased demand for crabs, Closing of scores of stores after 6 o'clock this evening on account of the Hebrew holiday season is reported by dealers to have had ‘its effect vpon trading this morning, ‘argely decreasing demands. Farm products on the farmers' line along B street this morning almost glut- ted the market. During the several rainy days, it is stated, growers were practically unable to gather crops and the short supplies brought increased prices, Vegetable Prices. ‘Tomatoes, 2-peck baskets, offered yes- terday at $1.50 and $2, this morning were to be had for 50 and 75 cents, mostly 50 cents. They were of large size and splendid quality, but they were | In such plentiful supply that sales were | slow. Turnips, both bunched nd cut-off; | carrots, eggplant, beets, squash and cab- | bage were included in the list of prod- uce plled high all along the lin Prices were lower than carlier in the week. Dealers also had plentiful supplies of green corn, receipts being so heavy that prices of 5-dozen sacks dropped from | $3 and $4 to $1 and $1.25 a sack and, dealers stated, there secmed no poss bility of getting rid of supplies £t the reduced prices. Lima beans, mostly from the Eastern Shore of Maryland, were scarce and high, dealers quoting them around $5 | a bushel basket. Incrcased | squash, both green quoted at $1.25 for 2-;ock baskets. Broccoli, product of Florida and Tex- 45, was quoted a6 $250, while cauli- | , received from New ers, sold at $225 & crate. O ¢ 1OV _Fruit displays continued attractive, | commission merchants having practical ly every variety to offer the retail trade. | Grapes were reported exceptionalls plentiful. Honeydews and honeyballs | also were plentiful, while cantaloupes were received in much smaller quar tities. Apples quoted from $1 to $3 a bushel | basket, were plentiful, and dealers had | several varieties of pears to offer the | retai] trade, Business this morning was not espe- cially brisk, according to reports, weather conditions probably holding back some of the usual early morning buyers. Prices of most commodities this morning were substantially the same as | prices reported yesterday. prices of veg- etables being the exception. Today's Wholesale Prices—Jobbers’ Prices Slightly Lower. Butter—One-pound prints. tub, 46a47; store packed, Eggs—Hennery, 48a50; 47a48: current receipts, Poultry, alive—Turkey toms, 33; Spring chickens, larg broilers, 30; Leghorns, 25a26; fowls, 2t Leghorn fowls, 22a23 ducks, 15 keats, young. 60a’ 35a40. D. ced—Turkeys, 36a4 chickens, '“rge, 38; medium, 36; broil- | ers, 38; L-chorns, 34a35: roosters, 26 ducks, 28a30; keats, 80a1.00. Meats—Beef, ; veal, 47a48; | 26a32; smoked | | mand light, market steady. East Shore, hams, 28; smoked shoulders, 20; bacon, 28; lard, in bulk, 14; in packages, 15. Live stock—Calves, 15%,; lambs, 12a13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies moderate; demand moderate, market steady; bushel bas- kets, Virginia, U, 8. No. 1, 2}.-inch up Grimes, 2.00a2.25; unclassified, 2 inches up, fair color, 1.2521.50; U. 8. -inch up Delicious, 2.50a3.00, 3.25; , 1.7582.00, few 3.25; Yorks, 1.75a2.00; U. 8. No. 1, 3 inches up, 2.25; Staymans, U. 8. No. 1, 2}, inches up, 1.75a2.00; 3 inches up, 2.25: 2.50; unclassified, various varieties, 245 inches up, 1.23a1.50. Cabbage—Supplies moderate; demand moderate, market steady; New York, 90 to 100 pound sacks Danish type, mostly around 2.00. Celery—Supplies light; demand light, market steady; New York, two-third crates early varleties, best, mostly around 2.25; fair quality and condition, 1.6522.00. Grapes—Supplies light; demand slow, market weaker; New York and Mich- igan, 12-quart climax baskets Concords, U. 8. No. 1, 50a55. Lettuce—Supplies of Western stock light; demand light, market steady; Colorado and Calilornia, crates Iceberg type, 4 to 5 dozen, 4.75a5.00. Onions—Supplies moderaf light, market steady. All United States No. 1, medium to large size, New York, 100-pound sacks, yellows, 2.00a2.25; In- diana, Ohio, 100-pound sacks, yellows, mostly around 2.25. Peaches—Supplies very light; demand light, market steady. New York, bushel baskets, Elbertas, United States No. 1, medium to large size, 3.50a3.75. Pears—Eastern stock; supplies very light; demand light, market steady. New York, bushel baskets, Seckels, fancy, 3.5084.50. 3 Potatoes—Supplies liberal; demand | light, market about steady. Maine, | 150-pound sacks, Cobblers, United States No. 1, mostly around 4.50. Sweet potatoes—Suppliss very light; demand_light, market steady. East Shore, Va., cloth-top barrels, yellows, No. 1, mostly around 3.25; East Shore, Md., bushel hampers, yellows, No. 1, 1.00a1.25. String beans—Supplies moderate; demand moderate, market slightly weaker. North Carolina, bushel ham- pers, green, 1.50; Norfolk section, bushel hampers, green, 1.25a1.50. Lima beans—Supplies very light: de- Md., bushel hampers, 4.5025.00. Tomatoes—Supplies light; light, market about steady. Nearby Maryland, one-half bushel hampers, 1.25; few 1.50; California lugs, ripes, 6x6, best, 1.50a2.00; wasty, 1.00. SHARP & DOHME. EBALTIMORE, Octobér 4 (Special) — Sharp & Dohme, Inc., reports for two months ended August 31, 1929, net profit of $246,982 after depreciation, | Federal taxes, etc., equivalent, after al- | lowing for dividend_requirements for | two months on 162,500 no-par shares | of $350 preference stock, to 31 cents a | share on 485,000 no-par shares of com- mon stock now outstanding. | plfiflaoinh = ENTERS INVESTMENT FIEI.D.‘? BALTIMORE, October 4 (Special).— John E. Cullen, well known in news- | paper circles in the East, has entered | the banking field here. Mr. Cullen, in | association with Horace D. Brigstocke, who has been connected with Alexander Brown & Sons for 17 years, has formed a firm, to_be known as the Cullen- | Brigstocke Co., to deal in securities. ’ Mr. Cullen is a native of Beltimore and started in the newspaper_business here over 25 years ago. In 1913 he was the managing_editor of the Evening | demand FINANCTIAL. GRAIN MARKET. CHICAGO, October 4 ().—Helped by comparative firmness of the Liver- pool market, wheat prices here rallied today after showing early downturns. Notice was taken of Washington denials that che Farm Relief Board would not be in position to do anything for farm- ers on this year’s crop. Opening un- changed to % off, Chicago wheat un- derwent some setback all around and then scored gains. Corn displayed an independent upward trend, starting un- changed to % higher and subsequently keeping near the initial figures, Oats were easy. Provisions pointed higher. With the Liverpool wheat market giv- ing evidence of some relative strength, and with indications that concerted measures were taken to relieve conges- tion of grain storage facilities at Liver- pool, wheat prices in Chicago developed considerable firmness at times today. Meanwhile, Washington dispatches were at hand quoting a member of the Fed- eral Farm Relief Board as discrediting recent advices that the board could do nothing to assist domestic wheat grow- ers.this season. Liverpool cables received here today sald there were few sellers of wheat on decline in prices, and that on the contrary rather more demand at Liver- pool was apparent. The fact was also noted that all tenders of wheat on Liverpol October contracts, so far had been taken up by merchants and others against sales of December and later months. The tenders referred aggregate 512 vessel loads. NEW YORK COTTON. NEW YORK, October 4 (#).—Cotton opened steady today at an advapce of. 2 to 5 points, with active months sell- ing about 6 to 8 points net higher dur- | ing the early trading on relatively steady cables and prospects for showers in the Central belt and western sec- tions of the Eastern belt. This ad- vance carried December up to 18.88 and March to 19.17, but the market met considerable realizing at these figures | and there was a little more selling later on talk of larger private crop figures. By the end of the first half hour prices were back to about yesterday's closing quotations under liquidation and Southern selling. Private reports published early placed the condition of the crop at 52 per cent and the indicated yleld at 14,562,000 bales, but later there was a report mak- ing the condition 54.6 and the indica- tion yield 14,990,000 bales. Liverpool cables reported that London and Bombay buying had been supplied by hedging in the market there. STOCK SPLIT PROPOSED. NEW. YORK, October 4 ().—A five for-one split-up of the common stock of the Preferred Accident Insurance Co. probably will be acted upon at 2 meeting 5 the board of directors of the company next week, it was learned today The ou standing capitalization consists of 35.- 000 shares of $100 par Value common stock. C. & P. TO EXPAND. The Chesapeake & Potomac Tele- phone Co. of Virginia was authorizad today by the Interstate Commerce Com: mission to acquire the property of Cul- peper Telephone Co., which operatos telephone exchanges at Culpeper, Madi- son, Orange and Sperryville, Va. COMMODITY PRICE INDEX. By the Associated Press. A decrease in the wholesale com- modity price index was recorded dur- ing the week ending September under the preceding week, and at the same time there was a drop in the pl’icf for a ton of fabricated iron and steel. ‘The comparative figures, as reported 28 | AMERICAN BANKING SYSTEM IS PRAISED Davison Comments on Individual ism as Strong Factor in Finance. Special Dispatch to The Star. SAN FRANCISCO, October 4.—Thszt America has the best banking system in the world, the most flexible and bet ter adapted than the vanking systen of any other country fo *he enhance- ment of the economic weifare of al’ the people, was the leading thought of an address, “Banking Evolution i, America,” delivered by George W Davison, president of the Central Han over Bank & Trust Co., at the Ameri- can_ Bahkers’ Association convention. “I know of nothing in our nationa! econcmy which seems to me to stanc s0 signally for the preservation of equality of opportunity as our indi- vidual banking system. Individualism is being submerged in other economi- flelds, as it is in politics. Our bankine system is the stronghold >f individual- sm. Economically, it may yet be th~ last citadel,” Mr. Davison declared, and continued: “The statement that we should take lessons from European banking systems and concentrate into a relatively few large banks through the country at large with manifold branches 1s mot well founded. The vastness of our country, with its great geographicai distances and varying sectional inter- ests, pride and prejudice, presents a problem wholly different from that of any European nation. “The branch manager of the English banks would be unacceptable to the American citizen. Nor can the French system, which centers in Paris, be presented as desirable to And in Germany—another wholl different picture offers. No European system has any real part in our banking life as a whole. “I believe in bank mergers, up to the point where they are not restrictive of interbank competition and up io the point where independence can be 1e- tained and relations with customers do not become mechanical or stercotyped. I believe in branch banking in limited Jocal areas, where the closest kind of contact can be kept with the main office and, of much greater importance, where the main office h close and ct knowledge of local business con= s and local people. 'The development of the holding company for the ownership of bank stocks, even as an interim step toward a branch banking expansion which may be legalized, I believe to be a develop- ment_ without promise. Do we want g 5o _monopolized that a shall be alized as a source of ute only, th 'ts indus- trics and merc ts not regarded as individuals and with remote control able to lay its heavy hand on local industry and trade?” | CHICAGO, October 4 (United States Department of Agricuiture).—Potatoes —Receipts, 45 cars; on track, 133 cars; total U. S. shipments, 1266 cars; trad- |ing _clow, market about steady; | Northern ' Wisconsin sacked round | whites, 2.35 to 2.45; central section, 2.20 to 2.35; Minneso'a sacked round hites, 2.00 to 2.40; Minnesota and North Dakota sacked Red River Ohios, 190 to 2.20; Idaho sacked russets, best, 2.65 to 2.85, some low as 2.40. | FORD OUTPUT GAINS. NEW YORK, October 4 (P).—Passenger and commercial cars produced by the Star, from 1915 to 1918 he was manag- | by the Census Bureau, for the two Ford Motor Co. during September to- ing editor and afterward advertising manager and business manager of the New York Mail. In November, 1918, he returned to Baltimore as an official of the United Railways & Electric Co. to | 33a35: fresh| help in the solution of the post-war | Preceding week problems of that company. indices were: Wholcsale Iron & Commodity . Index Steel Price Week ending Sept. 28 958 $36.44 961 $36.52 Same weck a year ago 993 $35.29 | taled 161.305, a large increase over the | same month last year. Production for the first nine months of the current ear aggregated 1633498 units. Ad- | vance schedules indicate that the 2, | 000,000 mark will be exceeded by the | end of the year. 0000000000000 000000000