Evening Star Newspaper, October 8, 1929, Page 13

FINANCIAL, THE EVENING ETAR, WASHINGTON, D, ©, TUESDAY, OCTOBER 8, 1929. FINANCIAL 13 ADVANCE ON CURB EXCHANGE BROAD Many Issues Included in Gains as Trading Volume Increases. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, October 8 —Maintaining the strong tone in evidence at the opening, many sections of the curb moved higher today. Utilities and ofls were the prominent groups on the up- ward side, but specific developments in 8 number of industrials bettered that division, Aviation and investment trusts con- tinued their recovery, while motors re- mained weak and mine shats were irregular. Electric Bond & Share, after open- ing with a block of 6,500 shares at 1631%, at times got down several points irom that level, but managed to absorb profit-taking easily. Commonwealth & Southern, Associated Gas & Electric and American Superpower also were briskly bid for. Standard Oil of Kentucky was an out- standing leader in the Standard Oils as it climbed to a fresh peak on reports that the company would pay $1 extra with the regular quarterly dividend later this year. Standard Oll of Kansas opened at & new high price, while Vac- uum, and Indiana Standard were in de- mand. Cities Service common after epening with a block of 11,000 shares at 63%, a new high price, was twirled vigorously as a result of rumors about its natural gas plans, the nearncss of the rights offering an insistent covering by shorts. ‘The oil shares generally were sought on the expectation that today’s meeting of Mid-Continent Producers at Tulsa might bring a shut-down of flush production for the next month. National Public Service “B” opened 10 points higher, as did Standard Pow- er & Light and Commonwealth Edison. National Fuel Gas, which has been marked up oOn merger rumors, Wwas fractionally lower in the early part of the session. Duval Texas Sulphur, a newcomer to the curb today, opened at 161%. It 15 a subsidiary of United Gas Corpora- tion. Earlier in the year Duval sold considerably below 100. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., October 8—Poul- try, alive—Spring chickens, pound, 258 30; Leghorns, 24a26: old hens, 25a31; Leghorns, 19a21; old roosters, 18a20: ducks, 20a25; guinea fowls, cach, 40a 65; pigeons, pair, 25. Eggs—Receipts, 602 cases; native and nearby firsts, 45a47; current receipts, 35a36; hennery, whites, 50 Butter—Good to fancy, pound, 42a48; ladles, 35a3 process butter, 40adl; 30a31. creamery, Tolls, 31a82; store packed, Live Stock Market. Cattle—Receipts, 100 head; light sup- ply; market dull. ~Steers, choice to prime, none; good to choice, none; medium 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, none; good to choice, none; medium to good, 850 to 9.50; 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, 8.00 to 9.00;° medium to good, 7.50 to 8.00; fair to medium, 6.50 to 7.50; plain to fair, 5.50 to.6.50; common to plain, 4.50 to 5.50. Helfers, choice to prime, none; good fo cholce, none; medium to good, 9.00 to 9.50; fair to medium, 8.00+to 9.00; plain to fair, 7.00 to 8.00: com- mon to plain, 6.00 to 7.00. Fresh cows and springers, 60.00 to 150.00. Sheep and lJambs—Receipts, 100 head; Might supply; market steady. Sheep, 2.00 to 6.00; lambs, 6.50 to 13.75. Hogs—Receipts, 200 head; fair sup- ply; market steady. Lights, 10.80 to 11.05; heavies, 10.65 to 10.90; medium, 10.90 to 11.20; roughs, 7.55 to 9.25; light plgs, 8.00 to 10.25; pigs, 10.60 to 10.80. Calves—Receipts, 50 head; moderate gplpsl market steady, Calves, 7.00 Vegetable Prices. Potatoes, 100 pounds, 2.50a2.90; bar- rel, 1.50a4.00; sweet potato barrel. 2.50a3.50; yams, barrel, 2.00a2.25; beans, bushel, 1.00al. cabbage, hamper, 60 290; carrots, 100, 4.00a5.00; celery, crate, dozen, 15a25; 1,25a1.75; corn, lettuce, bushel, 75a1.25: lima beans, hamper, 1.25a2.00; onions, 100 pounds, 1.75a2.00; peppers, hamper, 25a36; peas, bushel, 4,50a5.50; squash, hamper, 15a35; spin- ach, hamper, 40265; tomatoes, hamper, 25a50; canners’ stocks, bushel, 40a75; tirnips, hamper. 35a50; apples, bushel, 75a2.50; cantaloupes, hamper, 75al.15: grapes, basket, 50a55; peaches, bushel, 1.25a3.00; pears, bushel, 2.50a4.00: quinces, bushel, 1.25. CHICAGO LIVE STOCK MARKET CHICAGO, October 8 (#)—United States Department of Agriculture— -Recelpts, 22,000 head, including 5,000 direct; market uneven; steady to 10 lower on hogs scaling under 230 pounds; heavier butchers and packing sows, 10 to 15 higher; top, 10.40; bulk, 170 to 250 pounds, 10.00a10.30; pack- ing sows, 8.15a8.85; butchers, medium to choice, 250 to 300 pounds, 9.00a10.25; 200 to 250 pounds, 9.65a10.48; 160 to 200 pounds, 9.75a10.40: 130 to 160 pounds, 9.25a10.25; packing sows, 7.85a 9,00; pigs, medium to choice, 90 to 130 pounds, 8.75a10.00. Cattle—Receipts, 8,000 head; calves, Técelpts, 2,500; yearlings in demand, 25 cents higher; fed steers steady to 25 cents higher, with plain weighty rough m slow; top, 16.10. — Slaughter , steers, good and choice, 1,300 to 1,500 pounds, 12.50a16.50; 1,100 to 1800 pounds, 12.50a16.50; 950 to 1,100 pounds, 12.50a16.50; common and me- dium, .850 pounds up, 8.50a12.50. Fed yearlings, good and choice, 750 to 950 pounds, 13.25a16.25. Heifers, good and choice, 850 pounds down, 12.50a14.75; common and medium, 7.50a12.25. Cows, good and choice, 8.00a10.50; common d medium, 6.25a8.00; low cutter and tter, 5.00a6.25. Bulls, good and choice ef), 8.65a10.00; cutter to medium, 7588.65. Vealers (milk-fed), good and oice, 12.50a15.00; medium, 11.50a .50; d 7.00a11.50. ice, all weights, 9.75a11.50; common and medium, 7.7589.75. ';GO’].‘TOH GINNING REPORT. By the Associated Press. “The Census Bureau announced today 5,905,850 running bales of cotton of the growth of 1929, including 169,507 round les, counted as half bales, had been ned prior to October 1. “The department said this was indi- cted by the condition of the crop on Qetober 1, which was 55.0 per cent of | A month ago production of ,000° bales: was_indicated on al. 25, tion of, September 1, which %‘:HAN '.hag:p mp normal. Last totaled 14,478,000 bales and on 1 was 54.4 per H ! CHICAGO DAIRY MARKET. # CHICAGO, October 8 (#).—Butter ly; receipts, 1,137 tubs; creamery ras, 44%; standards, 44; extra firsts, a43; firsts, 3912a41; seconds, 37a38%%. steady; receipts, 7,440 cases; extra 'sts, 3015840; graded firsts, 3812; cur- t firsts, 3612a37%; ordinary firsts, 3a3s. A “Unemployment ‘in Denmark is now Comm P optl war m Cyanamid B. Am, Cranamid rti 2 Amsterdam Trad. 18 Anchor Post Fence 3 Anglo Chil Nitra 2) Ark Nafl Gas. 95 Ark Natl Gas A 2 Ark Natl G cum pfd 7 Asso Elec Ind.. 3 e n 3 A 8 Cables & Wireless B. 2 Cables & Wireless pfd 1 Camden Fire. 3 37 Can Marron 1 Caterpil Tract.. 11 Cent "At] Sta Se c 4 Cent & Sonthw Ut n 3 37Cent Pub 8 A.... s 7 Cent States El 1. 37: Citles Ser 2 Corroon & R 31 Grocker Wheeler n 1Davton Alr 4De For R 1Dubilier C & R 1 Durant Mot 2 Earl Radio .. 11 Eisler Elec 400 EI 1E 20 3 B Tl 9l 2 1 m o 13 Flat 5ok 4 i at rets O 2384 233, a3 8 Financial Trvést N ¥ I35 301% 38 1% Firestone Tire 38815 288 * 258 B B S s T §Ford Mot Can T i 33 1Gen B 1 2Gen El.CC n'-',d 38en Trba icosl n Tndus Alco 2 Gen Laund Ma .? e Comb Har! Globe Under 25 Gold. seal Biee o, " 1 Imperial Tob 0 a 237 5 Insuil -yl ¥ A % Insull yuil 2d 1887 1987 1083 sInsir Secur, B 9. 33 4 Intl Superpower * s % h 1 ., Sk 1Metar & e 3 Middle ‘West Sais b8 b 68 Mid West Util 4% 4T% 2Mid W Util pfd ris. 17 1 17 56 Missouri Kans Pipel. 3412 33% 34 3 Moh Hud £ T'pfa.... 10334 10312 1081 12 Nt ?:'\"e"?": L 3 vestor; INat Pub. Ser e 37% 3% 3% 20 20 20 l‘;6 llfi ll% wti 405 40 127 112% 112 15 143, 15 1 2 3% A 718 A “qip 165 165 1612 57 871 813 2% 435 a3 278 313°* 919°° 17" 17 80 12 12 % 6 H 2 3 % 8 Secal Took & fe 13 : gi al Seiected Tndustries T 06 3w v Srettnator e, ot o el Seton Les th{r... 5 21 ;} ;} 08, 103 108 c‘fi ‘# F RS F R E BF ST & RRES 53, ® i § Btuts }i ’;9,% ) i%&?{""‘l %’ 3, ’ix 32 Thermoid 31% 31% lf’a ] Thomet hed &:070: B 4802 48 16 Trans Am n. 63 u‘/; 63 o ul F 3 nfi 9 a ;% i 131, | Nation-wide By i M 8e a8 £ L 1 35" 125 125 17% 117% 117% 3T i 6 6% 6 2 Uni_ Wall Pa 26 24 244 189 8 Folt I 85U 8 Lin i 1U 8 Sh 7 Uni Store: 2 Util Equil 2Util & In 50Ul P & 190U P & 2Van C P 20 Vick =2 f58cy & Salcs INDEPENDENT OIL STOCKS. i ma"f"dé' ollfid: Y o Y Leees 14 . iAm Mar ool g 3% % Am Maracaibo Co Synd 18alt Ck Prod . Sales STANDARD OIL ISSUES AND FOR- in units. MER SUBSIDIARIES—STOCKS. 100 Buckeye P L . 600 Cont Ol ... 1200 Humble O & R S0MPL ... 125‘E ). 5: Y2 100 100%s mmonw_6s '44. 11 Am Cor 118, 118 1 12 Am Gas & EI 55 2028. 91% 91% 1Y% i Washington Ticker l By the Associated Press. The strengthening of agriculture’s economic position through the fed- erating of co-operative marketing asso- clations on a Nation-wide comodity scope is expected by members of the Feder#l Farm Board to make notable progress in the near future. A group of officials of the newly formed $20,000,000 National Grain Marketing Corporation will arrive in Washington tomorrow to present their charter of organization to the board’s legal counsel for scrutiny in the final approval of a substantial loan to the organization. This will mean that a co-operative marketing organization for two of the Natlon's major crops—corn and wheat, togeth- er with lesser grains—will be set in full motion; maybe not able to work effectively in the sale of the 1929 crop, but ready for the marketing of future crops. Another major agriculfiras product—wool—also has taken definite steps toward the formation of a na- tional marketing agency. The repre- sentatives of the existing co-operative assoclations of this commodity have organized a committee to draft a plan for a Nation-wide organization. ‘The board also is working on plans for Nation-wide co-operatives for three other crops—potatoes, tobacco and rice. For the other agricultural products, it is expected, the co-operative marketing agencies will take the form of regional or State organizations. Members of the board feel that fruits and vege- tables. can be sold more economieally to nearby markets and therefore can find their greatest strength in State- wide or regional co-operatives. Cotton, because of its concentration in the Southern and Southwestern _States, probably will have a regional Federa- tion of Co-operative Marketing Asso- ciations, which in reality will amount to a Nation-wide organization. To date the agricultural co-operatives have applied to the board for a totat of $70,000,000 in loans, according to Chairman Legge, and his body has o 44 115% s 124 3 104%, 104 ‘EE: xfi: & 94 933 o3 34 189% 97 99 2222 §Ag2 g aro P & L ‘ent States El ‘ent Bta EI h & Nihw R 00000, 5539 2. B 3 'Q S u TR T Q0 235888 B A00: QE°::< 2500 A 4 g 3t la P & L 10 Gatineau Pow 5 Gatin Pow Ut 6s A Food s6d 10 Guif Sta ygrade 12§ e Food 6s 3 Inland ULl 6s 3¢ Co %23 '30 100 Mun SS Line 8'3s '37 116, 1Narrag 58 '57....... 9612 96'a 961, 1 Nathan Str Inc 65’38 95'a 85% 95% ANat P & L 65 A 2026. 102 102 102 1Nat Pub Ser 7% 1% 114 INYP 893 89% 89% 7 Nor 8 P M 6'as C '33102% 102" 102% 10Oswego Riv P 65 '31 97 ' 97 97 2Pac Wn Ol 4% 94 5Phila E § 1Phila Rap 3 3Sou Cal Ed 56 '52:. 98'¢ 6Sthw PEL 6s A 2022101 | 18tand Inv 5iys '39.. 98 28tand P & L 6s '57.. 2 Swi Co 55 '32 9 Ulen & Co 63 Uni Lt & Rail u R 6s RN 5153 753 A 9 § 82 9 Rumania_Inst 7 82 8 82 1Russ G S'as 2l cfsn 12 12 12 dRuss Govglsctsm. 13 12 12 n—New ww ~With warrants. STATE HELD ABLE TO CONSERVE GAS Special Dispatch to The Star. SAN FRANCISCO, October 8.—The power of the State to prevent unrea- sonable wastage of natural gas is con- ceded to be a lawful exertion of author- ity. The repeated decisions of the Su- preme Court of the United States on this very question have placed this mat- ter definitely at rest. So declared Willlam E. Colby, coun- sel for the Bradley mining interests, speaking before the Institute of Mining and Metallurgical Engineers. He warm- ly defended the Lion gas conservation laws, as yet but theoretically in effect in California. ‘The California statute differs from previous legislation on the subject in that it goes far heyond the direct pre- venting, of waste of gas and oil and the customary regulations providing for approving drilling of a fleld, such as proper spacing of wells and shuttin, off of water, etc., Mr. Bradley explained. “It looks to the future and im| gas a duty on the owners of oil ai wells to produce only a reasonable pro- portion of gas to the amount of oil issuing from the same well or wells, tentatively approved $57,000,000. The loans are divided into two major cate- gories, commodity advances to aid in marketing operations and loans to in- stall packing or storage facilities. That the board has utmost faith in the utilization of the co-operative mar- keting agencies to restore the economic health of agriculture is evidenced by the views of James C. Stone, its vice chairman. “A more orderly system for the handling and selling of agricul- tural products must be established,” Mr. Stone says, adding that through such a system the farmer can gain "eltonomic equality with other indus- tries.” “The only thing the farmer should desire in the organization and develop- ment of his own selling agency,” he as- serted, “is to place himself in & posi- tion where can intelligently develop facts pertinent to the product which he expects to sell, so that he can ask, and have a reasonable chance of receiving, a price based upon the economic condi- tlons surrounding the product.” Mr. Stone belleves the middleman marketer of farm products and the con- suming public should be brought in closer contact with the farmers’ prob- so_they can understand the lat- difficulties and aid in their solu- tion. He also feels the co-operatives have another purpose—one already by the Agriculture Department —that of advising the farmer of the needs of the consuming market in ad- surpluses shall not lems, ter's vance of plnmln&l, 80 be planted. If the low advice in planting, he would have to expect lower prices, in the vice chair- man’s opinion. ‘The plan of an organization of Amer- ican bondholders to Prm the claims of American holders of defaulted foreign bonds is in a report of the Commerce Department, issued today, which deals mainly with the ces of France in handling a simi ques- tion. The French government does not guarantee the value of proposed foreign loans, but_inspects them t! thly in advance. If the securities are defaulted. the French government in the usual mna:rkmmu its nationals in press- in; €] lalms. ';auc the National Association of French Holders of Securities is the agency, described in the Commerce De~ partment’s report as having contributed the major protection for French hold- ers of defaulted foreign securities. It brings suits in the name of its mem- bers and when diplomatic action is tak- en serves in & consultant capacity through its legal counsel. A of step great importance toward the adoption of standards for producer, consumer and distributor requirements for record and printing papers has been consummated through the Bureau of Standards. After a preliminary examina- tion of the standards for the industry the bureau and the industry’s officials to_call a national conference on 8, 1930, at which the proposed ‘will be submitted for adoption by the industry. The standards will cover 13 different kinds W. in- Boatd.cover paper e ledgers, manifold, wm card one railroads, Bureau of Rallway| Economics, an organization of had a ting in- the net operat come of $827,734,976, or an annual rate of return on rty investment of 5.5 &t cent. .the same can_be compared with period in 19 hen the mmnl?':.c‘u b 81 wer did not fol-| gyniniching, wheat prices here averaged | Mic even though the excess production of gas is utilized and not wasted in the ordinary sense,” he added. ‘“The State oll and gas supervisor is given the au- thority to determine in the first in- stance what is an unreasonable produc- tion or waste. An appeal from his order lies to & board of commissioners, and if such orders are not complied with the director of the department of nat- ural resources has the power to insti- tute proceedings to enjoin such produc- tion that is taking place in violation of his orders. “A serious question arising in con- nection with this particular act is whether this plenary authority is dele- gated to the State oil and gas com- missioners and supervisor will be up- held. The fact that the aggrieved party has his day in court would seem to relieve the act of the objection that there has been a delegation of the act of judicial power to administrative of- ficers. While the feature of this legis- lation designed to compel the interested parties to enter into co-operative agree- ments may be criticized as requiring affirmative action of an intricate na- ture, the alternative of a complete shut- down to prevent gas wastage would seem to furnish the answer.” GRAIN MARKET. CHICAGO, October 8 (#).—With ex- port demand for North American wheat apparently increasing, and with pres- sure of wheat from Argentina reported higher early today. Upturns in quota- tions were in the face of assertions that stocks of wh‘e‘nt :;rewmgsunm‘ lbrcog. Opening unchan; 3 o cago wheat reacted a little, and then scored gains all around. Corn, oats and provisions were easy, with eorn ;nl:nlnl :,éh(’fl(ntfi ¥, up, and later hold- near e range. One factor tending to lift Chicago wheat prices today was unfavorable re- ports of the crop outlook in 5 Cable advices said conditions for wheat both in Santa Fe and Cordoba Provinces of Argentina were discouraging. Fur- g::mm'ehune of the leading g“muu J,n export trade was a good T o day of Chicago wheat future de{tewrul and there were advices indicating that some export business in United States hard Winter wheat had been done over- rent that tlantic demand for wheat was and it was ex- Eu would have to come to shortly. There were est ing the 1929 Argentine equal only to about 50 per cent of last year’s total. e BROKER FIRM HEAVY LOSER. NEW YORK, October 8 (#).—A New York Stock Exchange firm, it was Te- ported in Wall Street today, lost about g8 i g 4] sugges! ‘wheat crop was tire cotton CALIFORNIA CROPS SHOW BIG GROWTH State Also Benefits by Oil and Movie Industry—Tour- ists Aid. BY JOHN F. SINCLAIR. Special Dispatch to The Star. LOS ANGELES, Calif,, October 8.— Southern California’s prosperity, head- ing up in Los Angeles, seems to be the result of its activities in four lines— citrus, ofl, movies and tourists. This is the order of their relative importance, too, according to one of their leading business men. It began as a tourist town. Many travelers, spending a Winter in Califor- nia, liked the climate so well they re- turned to make permanent homes. But, in returning, they brought with them millions in cash. This is what really gave Southern California its big start. Had the new arrivals entered the State with no cash reserves, the spec- tacular development which has been witnessed in Southern California prob- ably would have been delayed a quarter of a century. Cropk Estimate. California’s annual crops are now worth, according to recent estimates, better than $2,000,000,000. The citrus crop will develop and expand in the fu- ture to the extent that water can be made availabl~ for larger and larger areas. For v iter is the life of the farm. Without it the farmer has little chance. But the oil development since 1922 has been phenomenal. Oil was discov- ered in California away back in the 80s. But little was made of it until the Standard Ofl and other large units en- tered the field. Since then its flowing gold has made thousands of Californians rich. Today California has 10,560 wells, roducing 883,000 barrels a day. This fl more than 250,000 barrels a day above the record of one year ago. The problem of overproduction was never more acute than it is at this moment. California is wrestling now with it. But Southern California, with its cit- rus, movies and tourists, is seeking new worlds. Within five years its accom- plishments in the field of manufacture should astonish the country. Los Angeles has 15 banks that are members of the Clearing House Assc-ia- tion. In addition it has 14 banks t are not members. But they are small institutions having less than 2 per cent of the totdl receipts of the city. Leading Banks. But of the big banks, iwo stand out above the rest. They are the Security- First National Bank, which has capital assets of 100,000,000 and total resources on July 1 last of $607,000,000, and the Bank of America, whose capital assets total $33,000,000 and its resources $364,- 000,000. ‘The Security-First National has about 40 per cent of the total banking deposits of the city, for the total deposits in the City of Los Angeles on July 1 iast amounted to $979,902,000. The Security- First National had_$398,144,000 of this amount. It also had $147.402,000 in branches outside of the city. 1 total deposits were $545,546.000. ‘The Bank of America—a Giannini in- stitution—had on the same date $115.- 270,000 in deposits within the ecity limits. But it had, in addition, $213,- 493,000 outside the city. The Bank of Italy—another Giannini institution—had total deposits of $132,- 850,000 within the city limits. So in size it is second only to the Security. The two Gilannini institutions, ther fore, centering in Los Angeles have tal deposits in Los Angeles of $248,000,- 000 and outside the city $213,000,000, making a total deposit c. $461,000,000. Two other banks z:: around the $100,000,000 mark in deposits. The Citizens' National Trust and Savings Bank with $113,741,000 and the Califor- nia Bank, with $104,229,000. In bank deposits Los Angeles banks on July 1 last had $1,351,000,000—mak- ing the city a close competitor of San Francisco. Machinery on Farms. In the field of farming the problem of research and scientific method have not advanced so far. Annually 300,000 farms have been abandoned in the last decade. Why? Because of the 86,000,- 000 horsepower used on American farms today only 3,000,000 represent the prod- uct of machinery. With the transfer of horsepower to machinery the farm situation will ad- just itself. It is a problem of getting ‘men who are expert in the new machine age to give their time and effort to this | ¥ farm transformation. It is not the work of a day or a year. Perhaps 10 to 25 years will be necessary. But that it will come is as inevitable as tomorrow's sun. No airplane operator has been more successful than Harris M. Hansue, who organized the operating end of the ‘Western Air Express and flew the first air mail between Los Angeles and Salt Lake City on April 17, 1926. Up to that time nearly 400 commercial air trans- projects had been launched, but none of them was successful except through Government subsidies. And yet the Western Air Express has never had an unprofitable period or lost a single life in its commercial flying. Mr. Hansue has had a world of ex- rience. He was an automobile driver n the days when road races were run between Los Angeles and Phoenix, through the desert. At 48 he is an old hand at the motor game. Abandons Racing. wmamn-lrphne open&r lv;“ u;b:m 12 chigan, grew up ns an Kalamazoo, attended the University of ‘higan and in 1902 went to work in & Lansing automobile plant. He was me first racer to reach 65 miles per ur. In one smash-up he was laid up for 11 months. So he quit racing and went into the automobile distributing field on the Pacific Coast. But he saw what was coming in air- craft. He studied every problem in- volved in the new industry and was ready when the Western Alr Express called him to take command of their operating department. Hansue and the Western Air Express are almost synonymous terms—and both are very successful, (Copyright, 1929, by North American News- paper Alliance.) NEW YORK COTTON. this demand gave the Ao, [4 market a steady Liverpool _Cables Bombay bt and pn—wblmnu "&'fl'}‘- ing in that and said Manchester was awaiting the :uruu ‘while cloth and yarn buyers were cautious with sales moderate, : o ; 915,000 S0 Sguts of o ek its publication active a an selling by Wall Street and local operators. ‘The trade continued to buy on the ht crop indication of nearly 15,000,000 ht serve to discourage side sources. By the Associated Press. NEW YORK, October 8.—Rallroads were the outstanding purchasers of ma- chinery and machine tools in & quiet week marked by a general exodus of buyers to the show in Cleveland, Amer- ican Machinist n‘romd today. Used tools are in demand when comparatively modern ones, in good condition, are ob- tainable. No changes were reported in prices, deliveries or the class of tools ordered. Officers and employes of the Canadian National Railways have been given the opportunity of buying a portion of the company’s recent $30,000,080 bond issue, bonds to the amount of $5,000,000 hav~ ing been set aside for that purpdse. The Combustion Engineering Corpo- ration, American subsidiary of the In- ternational Combustion Engineering Co., has recelved an order from the Ford Motor Co. for two complete steam gen- erating units to be installed in the Ford- son plant at Detroit. ‘The Safe-Guard Check Writer Corpo- ration announced today that it had acquired the manufacturing and sales rights in this country and possessions for the Repeating Stamp and Duplicat- ing Corporation, organized about a year ago to produce th~ portsprint, a repro- duction device. The Safe-Guard Co. re- cently acquired the Hercules Check Certifier Co. Michael Shaap, formerly general man- ager of L. Bamberger & Co. Newark, N. J., Department Store, has bee: elected president of Bloomingdale Brothers of New York, succeeding 8. J. Bloomingdale, who becomes chairman of the board. HUGE SUMS SAVED T0 SHIPPING PUBLIC Speclal Dispatch to The Star. NEW YORK, October 8.—Asserting that few persons seem to have an ade- quate conception of the extent to which freight rates have been reduced since the war, Edward E. Loomis, president Lehigh Valley Railroad and chairman committee on public relations of the Eastern railroads, in a statement issued yesterday said that the saving to the shipping public from lowered rates since 1922 aggregated nearly $4,880,000,000. “This represents the total amount the shippers would have paid for irans- portation service in those seven years above what they actually did pay had the rate level remained at the peak of 1921,” Mr. Loomis explained. “Thus it will be seen that the rail- roads have not been the only recipients of the benefits derived from cccnomies in operation, for a large part of .hese benefits have been passed on to the shipping public in the form of reduced freight rates. Clearly ihc railroads richly deserve whatever shave of pros- perity they are allowed to enjoy. “The outstanding fact that business must have learned since the World War —if sheer performance is any fair measure of value—is that the actual cost of railroad transportation is cheaper today than it was in the geod old days. Rate schedules of vears ago never did tell the whoie story, for un- less one takes into consideration in- terest on the value of the goods for a period of one to five weeks—during the time in transit—and the cost of carry- ing a heavy inventory because of the 5 livery, one cannot get an accurate idea of what the real cost of trunsportation used to be. “By continually improving and speed- ing up their service ihe railroads sre keeping pace with the progress of busi- ness and are in turn helping Lusiness progress. The daily average movement of a freight car in July this year—the latest available report—was 53.6 per cent greater than for the correspond- ing month of 1922." New Stock Offering. NEW YORK, October 8 (#).—Public offering soon will be made of 20,000 shares of cumulative convertible class A stock and 10,000 shares of common stock of the Kaybee Stores, Inc., a chain store system, selling clothing, shoes, dry goods and other merchandise. CERMAN BONDS AND STOCKS. Special Dispatch to The Star. NEW YORK, October 8.— Jer Govt Red Loan with drawing™ - A% ctfs attached per 100 R M. Ger Govt Red Loan wi ... 59.00 61.00 uf German Gen Elect 412 pre-wi German Gen Elect 4'2s 1919 2.25 “3.00 Berlin 4s pre-wi i 450 550 Hamburg 3s, 3128 & 48 pre-war.. 10 _ 30 Hamburg ‘American Line 415 00 3300 orth German Llovd 412s. 00 33.00 Krupp 5s 1921... 25 2,00 Dusseldort 4s pre- 0 T30 Frankfort a-M 4s q0 30 Munich 4s pre-wa 0 30 (Quoted in_doliars ‘per’ share.) A E G (German Ge Elec).. ... 44.00 46.00 A E G (German Ge Elec) pf 900 11.00 Commerz and Privat Bank. 4100 43.00 I G Farben.... 4800 50.00 Disconto Gelischatt. 3800 40.00 Berliner Handles 4800 51.00 Dresdner Bank 37.00 39.00 Deutsche Bank. 3800 4000 Darmsteadter Bank. 63.50 65.00 Heyden Chem . 800 10.00 Mercur Bank Vi 2.50 350 Nor Ger Lloyd. 10.00 1200 Austrian A E G (Geéne 4.00 5.50 FLOTATION OF STOCK MAY BE CURTAILED Let-up Is Seen in Marketing of Huge Investment Trust TIssues. Special Dispatch to The Star. EW YORK, October 8.—With the amount of financing by investment trusts and trading corporations having reached a figure in excess of $2,000,000,- 000 in the first nine months of this year and the stocks of the newer trading cor- porations having been conspicuously weak in the recent market decline, it is believed that a let-up in the flotation of this popular type of security will be witnessed. One of the effects of such a rapid and extensive emission of trading cor- poration stocks has been to flood the market and to bring about a condition of “undigested securitles.” This invari- ably is the sequel of a period of ex- travagant response to & public demand for a particular tyPe of stock or bond. It led to trouble in the early part of 1928, when there was an urgent de- mand for 4!, per cent corporation mortgage bonds. After approximately $1,000,000 of them had been underwrit- ten and offered to the public their mar- ket faded away and is now many points below the original level. Recent estimates that there would be additional investment trust and trading corporation financing in the last quar- ter of 1929 amounting to $2,500,000,000 have had to be revised within the past week, or since it was possible to buy many of the newer stocks at a heavy discount from prices at which they were offered in August and in Septem- ber. Plans for bringing out new finance corporation stocks have been abandoned temporarily and now wait on the action of the general market following the break which culminated on Friday and was followed by the sharp rallies of Sat- urday and yesterday. For the nine months to September 30 the total amount of new capital raised in the American market approximates $8,000,000,000. This includes not only ts | delays and uncertainty of railroad de- | d: domestic stocks and bonds, but foreign issues and nearly $900,000,000 of mu- nicipal bonds. significant item in the domestic total is that of common and preferred s which so far overshadow bonds that the latter have been lost sight of in the public craze for “equities.” - In the nine months the total stock issues of domestic corporations floated amounts to approximately $4,600,000,- 000, compared with about $1,800,000,000 of new capital raised through the me- dium of long and short-term bonds and notes. Neither item takes into account seeurities issued for refunding pur- poses. Nearly 45 per cent of all the stock issued represented the obligations of investment trusts, trading corpora- tions or other financing organizations. ‘With this ratio of stock financing to bond financing more than 21, to 1, it is clearly evident that the houses that have been for years specializing bonds have not readjusted themselves to the new fashions in securities and | tages. have had a difficult time of it. They find some hope in the break that has occurred in the stock market lately, which has turned the minds of invest- ors back to securities that are less vola- tile than stocks and pay a larger return on capital invested than do the popu- lar high-priced industrials, public utili- tles or even rails. There has been evi- dence of an improved demand for bonds of the higher grades within the last few ays. The problem of the bond men who have stuck to their legitimate trade throughout the past two years of tran- sition from bond to stock popularity will have an important place in the program of the Investment Bankers' Association convention, which is to be held in Quebec next week. - W. T. Grant Sales. NEW YORK, October 8 (#).—W. T. Grant Co.’s sales for September totaled $4.776,599, as against $4,707,762 in the fame month last year, an increase of 1.4 per cent. DIVIDENDS. Regular. Pe- Rate. riod Company. Bruns-Balke-Coll .....75¢ Q Community Power ‘and Lt lst . {‘LM Q Nov 1 Oct 19 % Q Dec 15 Dec 1 % Q *Mar 15 Mar 1 Q Nov 1 Oct 15 Q Nov 1 Oct 15 M Nov 1 Oct 15 M Nov 1 Oct 15 M Nov 1 Oct 15 - Homestake M M Oct 25 Oct 19 Hussman-Ligonier . Q Oct 15 Oct 1 Il _Pacific Gls A Q Nov 1 Oct 20 Do B . Q Nov 1 Oct 20 Landay Q Nov 1 Oct 15 Malone L & Q Nov 1 Oct 15 Q Nov 1 Oct 21 Y 2 Q Oct 15 Oct 11 No N Y Util pf. Q Nov 1 Oct 10 Oilstocks Ltd A. Q Nov 15 Oct 31 Q Nov 15 Oct 31 Q Dec 1 Nov 9 uper Mald. . Q Nov 1 Oct 21 Tide Water Oll pf..51.76 Q Nov15 Oct 18 Union Oil of Cal....50c Q Nov 9 Oct 17 Utah Apex Mini; 50c — Nov 1 Oct 15 ‘White 'w Mach pf..§1 Q Nov 1 Oct 19 Stock. Union Ol of Cal...... 1% Q Nov 9 Oct 17 nitial. Tri-Cont All 6% pf..75¢ Q Nov 15 Oct 25 Univ Leaf Tob n..... Q Nov. 1 0Oct. 21 Rio Tinto Ltd. 1930, FURTHER CUT IN OIL PRODUCTION REPORTED By the Associated Press. TULSA, Okla., October 8.—A further drop in crude ofl production was vecorded last week, the Nation’s total dally output showing a reduction of 18,621 barrels from the figure for the preceding week, the Oil and Gas Journal says y. Total daily average produtcion for the week ended October 5 was estimated at 2,883,041 barrels, compared with 2,901,662 barrels for the week ended September 28. ‘With the Oklahoma City pool already pinched in, the total daily averag: light crude oil production for Oklahoma dropped 28,215 barrels. main de- crease was in the Seminole fleld. The daily light crude production in the entire mid-continent area declined approximately 23,696 barrels. Heavy crude in this area remained constant. All other major areas with the ex- ception of Southwestern Texas crude, which dropped approximately 2,000 barrels, remained either constant or "E"umr;ng' rings, deep drilling anta prings, deep area in California, which has demonstrated peculiar fluctuation during the past few months, added 2,000 barrels to its daily production. INCREASE IN BANK ACCOUNTS REPORTED Payment of Workers by Checks Has Aided Growth of Deposits. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, October 8 —American citizens are carrying more of their money in their bank accounts and less in their pockets today than ever before, according to banking authorities. Opening of bank accounts has be- come an almost universal practice which has been given stimulus by the policy of paying employes by check. For a long time there was strong op- position to this from labor leaders and working men and women, but this op- position seems to be passing. Workers are sufficiently prosperous to open bank accounts and are paid and do their own paying by check. ‘The trend is shown unmistakably in the announcement of the Post Office Department that postal employes in more than 100 offices throughout the country hereafter will be paid by check. The department believes this policy will facilitate the handling of such pay- ments and reduce the cost of the ac- counting involved. In the other Gov- ernment departments in Washington, the employes can be paid by check or in cash as they elect. A littie more than 50 per cent take cash, but the per- centage is gradually declining. It is admitted by bankers that pay- ment of workers in cash has advan- The cashing of checks by those who have no bank account is some- what complicated, although banks have specialized in handling payrolls dis- charged in this fashion. Often banks are closed before the employe can reach them and he then has to wait for his money. ‘There are distinct physical difficul- ties and dangers in the handling of large sums in cash by employers, the Department of Labor states, and there 1s also the factor of safety for the em- ploye. Employers say the check meth- od eliminates the temptation to petty thefts in the offices and obviates dis~ putes as to the amount actually received by the employe. One factor not over- looked is that it keeps the worker from being bothered with requests for loans from fellow employes, often hard to re- fuse with the cash actually in hand. Pay roll robberies undoubtedly have been decreased by reason of the check method of payment and employes have been given an added protection against thugs and highwaymen. The main dis- advantage of the system formerly was that many workers had to cash their checks at stores where they either had to make a purchase or receive a dis- count. Opening of their own bank counts has decreased this disadvantage materially. hopwevg, is increasing, ac- Forgery, cording Surety Co. executive. more than $200,000,000 is lost annually in this country through forged and raised checks. PARIS BOURSE PRICES. PARIS, October 8 (#).—Price changes were irregular on the Bourse today. Three per cent rentes, 80 francs 10 centimes. Five per cent loan, 105 francs 45 centimes. Exchange on Lon- don, 123 francs 87 centimes. The dol- lar was quoted at 25 francs 48 centimes. -— BUILDING PERMITS. NEW YORK, October 8 (#).—Build- ing permits issued in 15 leading cities of the country in September called for an expenditure of $96,920,807, com- pared with $136,107,473 in the cor- responding month last year, a decline of 29 per cent, S. W. Straus & Co. re~ ported today. The heaviest decrease was in New York City, where the amount dropped from $57,549,387 to $31,474,925. H No. 1 of a series of advertisements suggested by dur:lious we are asked What About Marketability ? Marketability means more than mere liquidity. It implies also a constancy of value—a dependable worth. During the past several days thousands of investors have learned to their sorrow that so-called marketable securities.can depreciate in value amazingly fast. OQur First Mortgages secured against valuable Real Estate have always maintained a constant value—backed by real, tangible security. It will mean much to your peace of mind to have your funds invested in a security which will always be worth what you paid for it. Safety of principal, constancy of value and a generous in- come are assured 365 days of the year. Consult us for detailed information and recommendations. First M&flpge' Investments by 1435 K Street N.W. National 2345 vt U -