Evening Star Newspaper, October 7, 1929, Page 14

S 14 ¥ER UNIT BANKS URGED T0:JOIN RESERVE/- Expert Believes Small Insti- tutions Can Meet Chain Competition. BY EDWARD C. STO One of the most interesting addresses made at the American Bankers' Asso- ciation convention was delivered by Max B. Nahm, vice president of the Citizens’ National Bank, V.. which he declared that the small unit bank in any com- munity can main- tain its independ- ence in competi- tion with any branch or chain system by becom- ing a member of the Federal Re- serve system. Mr. Nahm insisted that the unit bank is by far the best suited to the banking needs of the small community and challenged the justice of some accusa- tions of weakness that have been made against this type of bank. With membership in the Federal Re- serve system as “an anchor to wind- ward.” said Mr. Nahm, the unit bank can serve its patrons in comfort under any conditions that may arise in good banking. He added that such member- ship is the one guarantee that the unit bank can continue to exist. Referring to “the tropically luxurious growth of methods and varieties of banking”—chain banks, branch banks, group banks, holding companies, etc., as making for a *“jungle of banking confusion,” Mr. Nahm said: "I want to drive down one stob for a national banking system. revamped if need be; but, most of all, I want to sink deep the stob of the unit bank under whose care and guidance we grew up. It is time that we return to first principles.” Although out of 25000 unit banks in the period 1920-1928, 4458 national, State and private banks closed their doors, Mr. Nahm declared they would no doubt have closed their doors had they been chain, group or branch banks. Not all of them failed, he said; it was the communities in which they were located that failed. Many small com- munities have faded out or have no gmgker enough business to maintain a ank. William D. Ho Better Management Urged. As to the remedy, Mr. Nahm declared it was better banking where there is a field for a bank to thrive. There must be a scientific revision of banking prac- tices in unit banks. Industry is suc- ceeding better than banking or agri- culture, he said, because it is submit- ting itself to scientific overhauling by the smartest intellects in the world. Bankers must have training and ex- perience, banks must maintain proper secondary reserves and balanced in- vestments and adequate State banking Jaws and supervision must lend a steady- ing hand. “Absentee ownership with no com- munity love is not a cure-all,” declared Mr. Nahm, “nor is a morning letter to a manager telling him what rate to charge, what to advertise and what to say to clients. It requires a high grade of talent to operate a bank successfully in smal! towns and I know some that would be $50,000-a-year men in big citles. That grade of talent cannot be bought or hired. It must work for itself. Small banks are bankers’ uni- versities and graduate some of the world's greatest geniuses. “The relation between banker and customer in small towns is sacred. Years of association as friend and client have built uo a relation that cannot and should not be dumped into another, perhaps unfriendly, camp by purchase and sale. A customer is not a mere piece of merhandise. A bank is an intimate community alliance between customer and trusted bank officers that &hould not be bought or sold. “A small unit bank can be properly conducted and can make good loans intelligently. Local credit can thrive best in a unit bank and local capital here has its best scope and oppor- tunity.” W. D. Hoover Back From Maine. Willlam D. Hoover, president of the National Savings & Trust Co., has just returned from a month’s vacation in Maine. Mr. Hoover passed his time fish- ing in the Rangeley Lake region where he had excellent luck. His best catch was a sevenj-pound salmon. Another banker back at his desk to- day was H. L. Offutt, jr., vice president and cashier of thé District National Bank, who has been spending a month at Atlantic City. It so happened that Mr. Offutt was celebrating his birthday at the same time he was returning. ‘Thomas J. Groom, vice president and cashier of the Washington Mechanics’ Savings Bank, left here today by motor for a month's vacation at Mobile, Ala., his former home, and other points along the Gulf Coast. Adrian_ D. Waring, who has béen connected with the Federal-American National Bank for about a year and a half, has joined Crane, Parris & Co., investment bankers, to become sales manager. The move closely follows that of William Knowles Cooper, former Y. M. C. A. secretary, who became & partner in this firm on October 1. Mr. Waring was brought up in Washington, attended George Washington University and has always considered this city his home. He in business in New York several years and was in Florida during the boom. Trading Quiet on Exchange. The week started out rather quietly on the Wuhmgmn Stock Exchange to- day. It may be that the New York Stock Exchange was drawing so much attention that local investors had little time to think of home securities. Capital Traction opened with two 20- share sales at 87. Later in the day 10 more shares sold at the same figure. Lincoln National Bank stock appeared on the board today, six shares moving at 420. Riggs National opened with a five-share sale at 610 and closed with 10 shares changing hands at 607. Lanston again sold at 130, on a 25- share turnover. Potomac Power 6 per cent stock sold at 1113, and the 5% preferred at 105%. Fifteen shares of chevy Chase Dairy preferred sold at In the bond division the largest sales were in Washington Gas Light- issues and Potomac Electric Consolidated 5s. Prices were steady. Other Financial Notea. 1t is reported here that the American Ice Co. has declared the regular quar- terly dividend of $1.50 per share on the preferred stock, pny-ble October 25 to stock of record Octobr The McCrory Stores Corporltlnn re ports a gain of 7.06 per cent in Sep- tember sales over.the same period last year and an increase of 10.83 per cent in sales during the first nine months of this year, compared with the like period in 1928. In the 85 cities of the United States having a population of 100,000 or over, bullding permits issued on the first half of 1929 called for an expenditure of £1,421,106,688, according to Department of Labor. Of this amount, 64.1 per cent was for residential building. Apartments accounted for the largest part of this classification, the valuation being $353,~ 284 280. Hotels rlnked second at $243,- 45,639, surpassing diture for ily dwelling 'lhlc came third wlth a valuation of $212,357,370. Gnod fuel nvv! flhlmtmtl.n. gas have fo~m low-grade lignite mmm»mduuunuufln 3 1929-— Aado0, mign. 6'5 364% 6% 42% 23% 'Ifl% FINANCIAEL. 8tock a: Tow . mividend Rate. a8i4 'Abitibi Power & Pap 79 Abitibl P & P pf(8) 951 Alr Reductn (1434). . 34% Alr Wal E1 Ap(2%). 245 A; . 4 b4 12" Albany P W Paper.. ol 27% Alleghany Corp..... 9914 Alleg Corp pf (5% ).. 80% AMleg Cpf (5% )xw.. 80 Alleg pfrec 5l xw., 241 Allted Ch & Dye (6). 58 Allis Chalm (n) (2). 2216 Amerada Corp (3) 8% Am Agricul Chem 375 Am Agricui Ch p! Am Com Ale (k; .0). 23% Am Encaust Til (2).. Am & For Pw pf (7). 88 Am & For Pw 2d pf.. 24% Am Hawatlan (1)... 30 Am Hide & Lea pf. 63 Am Home Prd (3.60) 38 American Ice (3) 52% Am Internat (33) 4 AmLa F & Foam! 102% Am Locomotive (8). 4 147% Am Mach & Fay(1§). Am llMfi 7% 121% 108 70 AmP&LDIA(3)... 78 Am P&L pf A st (5). 106% Am Roll Mill (e3). 60 AmSafety Ras (15).. Am Sm & Ref of (1)- 43% Am Snuff (3).. ‘Am Tobaceo (3). ‘Am Tobacco B (8 Am Tobaceo pf (6 136% Am Ty| 67% Am Water Wk (e1), 97 Am Water W 1st(8). Am Woolen ‘Am Woolen pf. Am Writ Paper ctf 39 Am Writ Papr pf (3) 13% Am Zino LA&Sm. ... 85% Am Zinc pf (6)...... 99 Anaconda Copr ¢7) 62% Anaconda W&C (3) 43 Anchor Cap 12.40). 102 Anchor Cap pf (8% 29 Archer-Dan-M (1) 44% Andes Copper (3) 9% Armour 1l (A) 5% Armour Ill (B) 46% AtIG& WLpf (4).. 53% Atl Refining (13). 90 Atlas P 4) 221 Auburn 36'% Autosales pf (3). 10% Aviation Corp. Del 55% Baldwin Loco (new). 115% Baltimore & Ohio (7) 75 Balto & Ohio pf (4).. 64'% Bang & Aroos (3%) 31% Barnsdall (12%). 20 BeaconOil... 93% Beatrice Cream (4) 73 Beech-Nut Pack (3).. 78% Belg Nat Rys pf 5.49 9 Belding-Heminway 621 Bendix Aviation (2 53'a Best & Company. 821 Bethlehem Stee! (6). 116% Bethlehem 8t pf (7). 42% Bloomingdale Bros. . 104% Bohn Alumn&B (15). 78% Bon Ami A (15 5% Booth Fisheri 83 Borden Co (3) 56% Borg Warner (4). 85 Boston & Maine. . 35'% Briggs&Stratton(2). 115% Bristol Myers(143%). 32 Brockway MT (3)... 170 Bkiyn Union Gas (§) 36% Bruns-Balk-Col(3).. 22% Burns Bros B. 14 Bruns Ter & Ry 25% Bucyrus €rie (1). 38 Bucyrusevpf (2% 42 Bullard Co (12)..... 62% Bur Add Mach 11.80. 50 Bush Term (g2)..... 3% Butte Copper & Zine. 28 Bll!larlck Co 120% Bye: 31% By-Prod Colu ay, 12% Calif Packing (4)... 119% Calumet & Aris (10), 365 Calumet & Hecla(4). Campbell Wyant (2 Canada Dry G A (5) Canadian Pae (10). Cannon Mills (3.30).. 8 Pasco (6).. 16% Certain-teed Prod 65% Checker Cab Mfg Co, 195 Ches & Ohlo (10).... 75% Chesapeake Corp (3) 121% Columbian Clrb(fl) . 43 Com Credit «2). 45 Comm Credit A (3 62 Cong Clgars (15%4) 60 Consol Cigar (7). Contl M I.rl Cl.l) 281% Cont! Of 83 Crossley Radlo (31). 85 Crucible Steel (5)... 109 Cruetble Steel pf (7) 117 cur?;‘ ou 16 Curtjse wn;n 27% Curt ) 63 M = KRmmouRBARNC AN 3 F » N UPYOPG | JOPTON. JURUUIOTN - a0 Py o Shevrnune 2w » s PO I P ISP Tt T T aRo Low. 51% 21% )"I Close. Close. 5% 12% 269 69% 127% 143 10 4 Grand Union pf (3).. 4 Intl Cmb Eng of (1). Stock and Dividend Rate. * Ch Du Pont ‘Ni'l\il. Duquesne 1st pf (5). Fast Roll Mill (1%). Kaptman Kodak(18). N ® =t JTOPY- TR - Endicétt-John ( Eng Pub Serv (1) Eng Pub Sve pf (). Eng Pub Sve uf (514 ) gflu"lhll Bldg(3%) Frie RR 1st of Fureks Vac Cl (. Evans Auto L(12%). Fairbanka Morse (3) Fash Pk Asso of (7). Fed Lt & Tre (31%). Fed Motor Tr (80c) Fed Watr Ser A 2.40 Fid Phen F Ins (2) 2 =2 Follansbee (12%) Foster Wheeler (1) Foundation Co. Fox Film A (4), Fresport-Texas (4. Gabriel Snub A. Gamewell Co (5. @ o= o Gen Asphalt. . Gen Bronze (2). o 9 Gen Gas&El A (e13) Gen Mills (13%). Gen Mills pf (8) Gen Motors (13.30) Gen Motora pf (7)... Gen Outd Adv A (4). Gen Outd Ad vie (2). . A NP IR AR AN e AN IR AR NN OV NI~ N DANTANN - DBBSAN—D 4 Goodyear Tire (5). Goodyear 1st pf (7).. Granby Copper (8) .+ Granite City Stl (3).. Grant WT (1)..c..o Grt North pf (5). Grt North of et (5 Grt West Sug (2.30 BB S0 o = Gulf Mo & North. Gulf Sta Steel (4) Habn Dept Store: Hahn Dept 8 pL(834) Hartman A (3). Hartman B (1.30). .. Hayes Body b3 % stk Hershey Chocolate. . hey Choo pf (4). Hershey Ch pr pt(§ Hoe (R) & Co. Holland Furn ( Hollander & Son ® o RZsudoatarnrnmnnSoana oan Prd (14). Houston Ofl...... Howe Sound (t4%).. Hudson & Man (23). Hudson Motor Hupp Motor (3. 111inots Central (7).. Independ O11 & G (3) Indlan Motor Cycl Indian Refining. - FITINETY Intl Harvester (23%). Intl Harv pf (T)..... Int Hydro El A (e2). Intl Mateh pf (3.20). Int Mer Marine etfs.. Int Nickel of Can(1). Intl Pap & P A(2.40 Intl Pap & Pwr B. Intl Pap & Pwr C.. Intl Pap & Pwr pi(7) Intl Print Ink (2%). Int 8hoe (23)...... Int Tel & Teleg (2).. Investors Equity(2). lsiand Creek Coal(4) Jowel Tea (3).....00 Johns-Manville (3). Jordan Motor Car.... Kan City Sou (5).... S R e s 2auutSBuTasncianos - o~ @ Y T - T =) Kayser Julius (4)... Keith-Albes-Orph. .. Keith-Albee-O pf (7) Kraft Ph Ch pf (§%) Kresge 88 (1.80), Kroger Grllll(el\. Lago Oil & Trans. Lee Rubber & Tire. . Lambert Co (8). Leh Port Cem (234). Lehigh Valley Coal.. Lehigh Val 3%) Lehn & Fink (l) bey O Lorillard (P) Co.. Lorillard (P) pf (7). LoulsianaOll......e LouG & ETA (1%). Louis & Nash (7). Ludlum Steel (3). . Ludlum Sti of (6%) Mac A & Fo McCall Corp McLellan Strs (20e). Mack Trucks (6).... Macy (RH)&Co(et3) n-al-u Sa G (1%). Magma Copper (6).. Mallinson & Co. Mandel Brothe Man Elee Bupply. Man Shirt «3). gel Co. Metro Gold pf (1. “) Mezican Seaboard. .. Miami Copner (4). Prev. | —1929-— Low. Close. Close. | High. Low. Divi 50% B2 B0 192 199 "192 163% | 123% 64 43% 14 | Firmer; receipts, L E Stock and Sales— idend Rate. Midland Stl pf(t12). % Miller Rubber.... Minn Honeywll 13 Minn Moline Pwr. M!ml Monn; of ‘!‘; . 321 225 28% 102 1% 65% 107% Missouri Pac pf (5).. Mohawk Carpet 12§ Mont Ward (2% ),.. Moon Moto - = ruaab=PeevaSnnemn- » Motor Products (17). Motor Whesl (4).... Mullins Mfg........ Munsingwear (t314) Murraay Corp (k3).. Myer(FE)& Bre (3 aRen 1% . Hess(31), Nat Biscuit (17%)., Natl Biscuit pf (7). . Natl Cash Reg A (14) Natl Rys Mex 24 DL . Natl Supply (18).... Natl Surety (5)., Natl ’l‘ll (1%) cBuanBenmanmdacn 12 PSS PTEIVY PEPRSTUIN—IeY. JOpes . 1y NYNH&Hof (1), N Y Ont & Wes: Norfolk&Wstn(+10). North Am (b10% stk)’ North Am pf (3).. Nor Ger Lloyd(3.41). Northern Vae (5). North Pac et (§) Ofl Well Supply..... Oliver Farm Equip.. Olivr Fr Ep ev pt(3), Ollvr Fr Eq pf A(8).. Oppenheim Col (5). . Omnibus Corp. Otis Elevator (8 Otis Steel (25).,4,0 Owens 111 Glass (4).. Pacific Lighting (3). Packard Motor. ..., Pan-Am Petroleum. . B. = c2n® Park & Tilford (33). Park Utah.... Patino Mines (3.39) Peerless Motor Car.. Penick & Ford. ..... Pennsylvania RR(4) Penn Dixie Cement. . People’s Gas Chi (3) Pere Marquette (t! & Pet Milk (1%) Pnilip Morris (1). Pnillips Pete (134).. Plerce-Arrow A. Pi Plerce Petroleum. .. Pillsbury F1 (123%).. Pirelli Co A (2 88) Pittsbgh Screw 1.40. Pitts & W Va (6) Poor & Co (12) P Rican Am To P Rican Am To (B). Prairie Oil&Gas 121§ Prairie l’lp- L1e%.. Punta Alegre Sugar. Pure Ol (1%)... Purity Bakeries (4 Radlo Corp Radio pf A Radio-Keith-Orph A. Rallway & Exp (2).. Raybestos Manhatn, Reading (4)..... Reading 1st nl (l).. Reading 2d pf (2)... Real Siik (5) Rell (R) & Co. Romm:ton Rand. Reo Motors (11.60 Rhin. West (1.92) Richfeld 011 (2). Rio Grande Oil (k2). a Ins (2 20) Royal Dutch (a: Sateway Stores (3).. St Joseph Lead (13) St L-San Fran (3)... St L-San Fran pf (6) St L South! Savage Arm: Schulte Retall St: Seaboard Alr Lin Seaboard Afr Line pf Seagrave (e1.20).... Sears Roebck (32%). Seneca Copper. . Servel Ine... Sharon Steel H (l)- . Shattuck (F 3) (1).. Shell T&Tra(a2.40). Shell Union (1.40)... Shubert Theater (5). Simmons Co (3). Simms Pet (1.60). ine 8i 01l (1! Skelly Ofl (2).... Add 00. High. 41% 40 Sweets 26 18% 20% 16 1% 6% . BBk 65% 23% 14% ‘The F Tide W Timkn 100% FINANCIAL St (3).. Stand Brands (1%). Stand Com Tob (1).. Stand Gas & E1 (3%) Stand G & E pf (4)... Stand Ol Calif (13). Stand Ol N J (12)... Stand Ol N Y (1.60). Sterling Sec A) Sterling Sec pf(1.20). Sterling Sec ev pf(3) Submarine Boat. Sun O1l (g1). Superior Oi of Amer nl.. Symington A. L r (2.40) 2'hompson J R (3.60) Tide Wi ter Asso t Asso pf(§) 5) ‘Tide Water Oil p! Det Axl Timken Roller (3 Tobacca Prod 1 ‘Tob Prod ctfs 1.4 Tobacco Pr A (1.40 Tob Prod.ctfs A 1.40. Transcontinental. ... Trico Prod (2% Truax Traer (1.60) 20 | Truscon Steel(£1.0).. 37% 49% Underw-E1-Fish(4).. Union Bag & Paper.. 84 5 4 Union Carbide(2.60). United 27% 11 16% 8 5% 58% 49% 45 81'a 30 15815 109% | 59% 44w 961 928 26% 9% 48 35 23 12% 97 Ti% 72 50 134 101% 49% 297 226% 128 35% 174 61% 29% | s 170 | 67n 43 292% 1374 4« Wilcox Yale & Yellow Utd 1 IOAIL.... | eash payments based laration. eat= o [t s Baid i in stock. i In stock. ¢ 0% Soe | {Elam s 2 U S Tobacco (4). Univ Leaf Tob (3)... Univ Pipe & Rad..... Util Pwr & Lt A (e2) Vadsco Sale: Vanadium (14) . Vick Chemical(2%). Virginia-Car Chem. . Virginia-Car 6% ot.. ginia-Car pf (7).. N 6 Pne G&E (A). Oct 21 2 Pac G&E (P) .Oct 21 Bl tuck FG .Oct 21 1% nCarb&C -...Oct 21 610 3% Unit of tradis (SUBIt of trading lass than 100 shares. Fagavle wh Union Ol Calif (2) Union Pacific (10)... Unlon Pacific pf (4).. Utd Afrcraft&Tran: Utd Afrcraft&T of 3. Utd Biscuit (1.60). Carbon... Utd Cigar Stores(1 9@ @ caStunmanscSonnuiananceann o o) 2 ST OTOPRTV PRIE 4 2 28 38 White Eagle O1l ¢ White Motor (1).. White Sw Mch pf(4) Wilcox Vil & Gas. Rich(A)2% Wilcox Rich B (c2). Willys-Over (¢1.20). Wilson & Co. Wilson & Co A. Wilson & Co pf.... Woolworth (2.49). Worthington Pump.. Worth Pump A (7) Wrigley Wm (6).... Towne (4) Truck & C. Young Spring (3) Young Sheet & T (5) Zenith Radlo (2).... RIGHTS EXPIRE Am Com Ale. .Oct Beth Steel % 5% rbon ..Oct— 7 o 8% Sales of Stocks on New York Ixmln. 747,100 12:00 Noon 2:10 P.M. siven in 4 tven he « 1,799.€00 - 3.332,800 the annuai it yearly dec- tParity extra. 1Plus in Dreferred stock. regular rate. -nnm Iln'l.::lluk e)‘lu. 3 ca: rne s e lnn.nnct b Pl 3% I Business Notes By the Associated Press, NEW YORK, October 7.—Quotations on animal, vegetable and fish oils, fats | and greases had a downward trend dur- ing the week ending October 5, accord- ing to the.Oll, Paint & Drug Reporter. The index number of prices was 131.5 (100 in August, 1914), against 131.8 a week ago and 1458 a year ago. Trade ‘was reported on a fair scale. The door plant of the Edward G. Budd Manufacturing Co., makers of al i: steel automobile bodies, produced 1,653, 732 doors during the first nine months of the current year, the company an- nounced today. This compares with | 1,317,517 doors during the entire year of 1928. John Z. Lowe, chlinlun of the Amur- 1?’:% jcan Department Stores announced today that Le Roy L. Jay d J. W. Jay had resigned as president and secretary, respectively, of the cor- poration and all subsidiary companies, effective October 3. . CHICAGO DAIRY MARKET. CHICAGO, October 7 (#).—Butter— 12,277 tubs; creamery 15; standard, 44: extra firsts firsts, 39%!4: "uwn‘dzn 37238 Eggs—Steady; _receipts, cases; prices mw_hy thn firsts, 39%: graded firsts, 38% current firsts, 36%a 37%; ordinary firsts, 32a35. e Bus Hearing Postponed. BALTIMORE, October 7 (Special).— | Hearing on the nvpuuunn of the Nevin | Bus Lines, Inc., and the Pennsylvania General Transit Co. to do an intrastate ess between the Mary- WORLD WHEAT DEMANDS MAY EXCEED SUPPLIES, BY J. C. ROYLE. Epecial Dispatch to The Star. NEW YORK, October 7.—World de- mand for wheat promises to exceed world supply. But despite this fact, never have farm storage, country ele- vator and terminal market facilities been so severely taxed as they are to- day in some sections. ‘The total wheat crop of the United States, according to the corn belt farm dailies, a statistical autiority, is placed at 786,000,000 bushels, a drop of 116,~ 000,000 from that of 1928. The Cana- dian crop, according to Dominion gov- erment reports, will show a drop to 204,000,000 bushels as compared with ! 567,000,000 last year. Many farmers sold wheat heav] Y in July and August, but. there is al huge quantity to be disposed of. And never before have loans to farmers in' the Spring wheat belt of the Northwest been made on such a large scale. North Dakota, South Dakota, Montana and Minnesota are 99,295,000 bushels be- hind yast year's wheat crops. Wheat stocks on farms, however, and in coun- try and terminal markets are more th- twice as at as at this time last Grain from the Southwest was p ped in quantities and this further com plicated storage problems. As a resull stores of grain at Minneapolis and Du- luth-Superior elevators total nearly 75.- 000,000 bushels. This compares with 21,000,000 bushels a year ago. firm on the Bourse today. cent rentes, 80 francs 40 centimes. Five per cent loan, 105 francs 35 céntimes. . Exchangé on London, 123 francs centimes. | The dollar was quoted 25 hmu o centimes. iea G e S ¢ Wall Street Briefs | By the Assoclated Press. | vestment trust in whose management officers of several railroads are partici- pating, will have an authorized capitali- zation of 4,000,000 common shares, of | which 1,500,000 will be outstanding pres- ently. The corporation. is acqui securities of railroad co; holding companies cwnlnl shares and of operating companies in th States and Cana b The wmplny formed three years ago by Ulen & Co., engineering organization | amfilinted wlth 'Stone & Webster and the | Bank of Athens to construct and oper- ate a modern water supply systet for | the city of Athens, has declared a divi- | dend of 5,350,000 drachmas, equal to $7 & share on the capital stock. American engineers who supervised the installa- tion of the system re having util- ized an aqueduct t 2,000 years ago by the Roman Emperor Hadrian in bringing water from the plains of lel- ‘hon to the city of Athens. The annual meeting of the American ’etroleum Instjtute will be hem at Chi- -ago during the first week in December. he usual committee meetings are ex- sected to occupy several days before he opening of the formal sessions. Heavy orders, one of which calls for | Brssy 1,000,000 tubes to be delivered before A new organization, known as Emer- son's Bromo Seltzer, Inc, has been dormed as all of the ou!lllndlnl Lond Raflroad Shares Corporation, an in-/ rporations, of | O holding company to acquire i Hevden RECOVERY IN STOCK PRIGES CONTINUES ; Market Dlsplays Strength in Profit-Taking—Many Issues Gain. . BY STANLEY W. PRENOSIL. Associated Press Financial Edicor. NEW YORK, October 7.—Stock prices made further recovery in today's mar- ket, but several soft spots developed as shares bought for supporting purposes last week were thrown back into the market. Scores of issues were marked up 2 to 10 points, and Columbian Car- bon soared 35% to a new high record at 335'2. Trading was in fairly heavy volume, with the ticker showing an av- erage delay of about 20 minutes during the morning. Credit Conditions Easier. While most observers were agreed that last week's shake-out, one of the most drastic on record, had materially improved the market's position, opin- ion was still widely divided as to the future course of prices. A renewal of liquidation was looked for in some quarters within the next week, while in others it was felt that last Friday's lows would stand for some time to come. Credit conditions were somewhat {easier. Call money dropped from 6'; to i 6 per cent, and the ‘time money market displayed an easier undertone. The weekly Federal Reserve brokers’ loan | statement is awaited with considerable interest in the hope that it will throw some light on the extent of real liqui- dation in last week's break. New financing, which has been held up by the recent decline in prices, as again | making its appearance on a large scale, the $60,000,000 Marine Midland Corporation issue being advertised this mnlndr‘nln(, with all the stock reported as Recovery Is Resumed. ‘The recovery in prices, which set in Saturday, was resumed at the npemng United Gas Improvement a. International Combustion showed inltfll gains of 2 points or more. Johns- Manville, A. M. Byers, American Power & Light and National-Dairy Products advanced a point or so on opening salss. Lorillard Tobacco opened with a ‘block of 10,000 shares at 29, off 5. Saturday's impressive recovery help- ed to restore speculative confidence which had been badly shaken by the sharp decline earlier in the week. ‘While several commission houses con- tinued to urge caution, others ex- pressed the opinion that Friday's low prices would stand for some time, and that the market was in & much strengthened technical ition. Buying orders in today's early trad- ing were distributed over a fairly broad list, with the public utilities, rails, oils and office appliances giving the best demonstrations of group strength. Some s | profit taking also was apparent, Ameri- can Tobacco B, which soared nearly 40 points Saturday, dropping back 5 points, Early Favorites. Allied Chemical and Westinghduse Electric led the early advance with gains of 7 points each. Underwood Elliott Fisher ran up 4': points and American Telephone 3%. erican Bank Note, American International, Burroughs Adding Machine. Consoli- dated Gas, May Department Stores and Public Service of New Jersev sold 2 or more points above last week's final quo- tations. Foreign Exchanges opened steady. :'latg:‘ sterling cables a shade lower at 8614, TOBACCO STOCKS AIDED BY ENDING OF TRADE WAR Special Dispatch to The Star. NEW YORK, October 7.—The settle- ment of the tobacco price war and the consequent rise in all tobacco stocks 56% | means more to Lorrillard than to any of the other producers, for the fight was, in a measure, precipitated by this company and it had its severest effect on Lorillard securities, both the stocks and the bonds. American Tobacco and Reynolds were able to show good earn- ings while the battle was on, and Lig- gett & Myers reasonably good results at the lower prices. It is believed that the entrance into the retail tobacco situa- tion of new interests noted for their ability to bring together different groups of industrialists, was an important fac- lordln developing peace in the tobacco rade. | RAIL PRESIDENT RESIGNS. { CHICAGO, October 7 (#.—Col. N. L. Howard, president of - the Chicago, Great Western Railroad for the -last four years, resigned today. He was succeeded by V. V. Boatner, president of the Pedria and Pekin Union Rail- way. Mr. Boatner will assume entire direction of the Great Western opera=- tions immediately. under the guidance of the executive committee. health was given as Col. Howard's reason for retirement. POTATO MARKET. CHICAGO, October 7 (United States Department of Agriculture).—Potatoes, 234 cars; on track, 427; total United States shipments, Saturday, 1.456; Sun- 69 cars; trading fair, market barely ea ‘Wisconsin sacked round whites, 2.25a2.50; Minnesota, North Dakota sacked Red River Ohids, 2.00a2.15; sacked round whites mostly 2.10a2.1 Holland-Ale, 2.30a2.40: cke Russets, 2.50a2.90; mostly around 2.7 g‘;l;!-h Dakota sacked early Ohios’ 2. FOREIGN EXCHANGE. (Quotations h.ll’nlllllfd by W. B. Hibbs & Co. Nominal gold Selling cmcn value (or pary. Rome ' nra.. Zurich, franc. Athers: drachia ! Madrid, pese Vinna: Feniit Budapest Stocknoim. erown. TREASURY CERTIFICATES. (Reported by J & W Seligman & Co.) mu_u-mmy Bid. Offer. 4148 Dec. 15, 1 1 2 100 100 8-32 2100 3-33 9716-33 87 143 97 14°3; GERMAN Bons AND STOCKS. Special Dispatch to The Star. NEW YORK, October 7.— Ger Govt Red Loan with duwln('m' LAsked: oitn atrached ber M. 59.00 6100 Toar withsit Red ctfs per 1, M. 24 in dollars’ per million, mnn 35.00 . . 9930 100 3 1001 L ’ SrunBBiEas: £ 3383333383 ::‘;'s's‘iszst'-: 8 Sesusssans