Evening Star Newspaper, October 16, 1929, Page 14

/ 14 ¥*=3 FINANCIAL, DECLINE IN STOCK 'PRICES RESUMED St g;: Feeble Rallies Temporarily Bploer Mtg bf (1) P & | Halt Downward Swing. Spiegel-May-St (3) .. - Siand Com'ron (. i85 0l Shares Strong. Stand Com Tob (1).. Stand Gas & El (3%) Stand G & E pf (4) Stand Inv Corp (bé FINANCIAL, TSUUNBINVESTMENT' TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE + INTEREST 1S URGED rorcem 57% ~Prev. 1929 £ Add 00 High. Low. 8 38 Abitibl Power & Pap 4 b5\ 58% 534 554 | 385 e :;\t 79 Abitii P&PDfs). 1 81 81 81 82 . : P4 5% 3 96 ] e AT o 107% 101% Mo Kan & Tex pf(1). 32 unmu.m Ru;lq) P 32 101% 6214 Missour! Pacific. 1% Ahumada Lead.. 2 1% 1% 1% ' 120 Misgsouri Pac pf (5).. 21 207% 200 200 8 8% 9% 3% Stock and Dividend Rate. Mlno High. Low. Stock and Dividend Rate. Southern Ry pf(5) Prev. | ~Prev. 1920, vidend Ra 236, cious. | Bien"1ow. 258, Giose: '!% 2:88. Close. Spang-Chalfan flEconomist Discusses Com- mon Stocks in Talk to In- vestment Bankers. BY EDWARD C. STONE. in bonds and preferred stocks &e?:“uexrts!d to assume a new attitude foward common stocks as investments %y Waddill Catchings, New York econ- |~ Tomist, at the open- Gng " business ses- 60 Mo 95% Alr Reductn (Mu) . 76 .:on::n'l;-(?hw:l: 'v'v'x‘. 93 Mont Ward (2%) 8 Swan ek e 119% 112 39% 31 Dupont d N deb (6).. East Roll Mill (134). 264% 168 Eastman 76% 52% Eaton Ax BY STANLEY W. PRENOSIL, 39% 231 Eitingon-Sc! Associated Press Pinancial Editor, NEW YORK, October 16.—The "'e- ondary reaction,” which started terday, was resumed today, with 'the ateels ‘and public utilities again feel- ing the brunt of selling pressure. 4 85% 84% 854 85U 11 817 810 3810 316 1 1224 122% 122% 122% 12 64% 624 62% 65% 19 27% 25% 25% 27% 915 9% 9% 38% 384 89 CREBIYELEI AN D aondin ~ C pf (5% Alllll&.b'o 6). 125 - 120% Allled C&Dpf (7).. % 76% 68 Allis Chalm (n) (2).. 4% Sterling Sec cv pf(3) = Stewart Warn(j3%). 9 58% % i 58 !Ix"me declines in mys °‘§, the ctive issues ranged from 15 Studebaker (15) G | points, but these were partially cut Submarine Boat. . e |down 'in an early afternoon rally led 19% | by the ofls and a few specialties. Trad- 47 |ing was only moderately heavy in 1 1 12% | volume, and showed a tendency to -hsasade 5% | turn dull on the rallies. r Short selling was again an important Telautograph t1. factor in the day’s decll.ne Many smtll traders apparently followed the advite of leading commission houses in reduf- ing long commitments or restricting netr purchases to & few special issues {|\ which favorable developments are ing until the course of the market bi comes more clearly defined. Pools sud ceeded in marking up a few issues 6) new high records, including Elect Storage Battery, Corn Products, ngz Roller Bearing and International Papd & Power A and B. 1 |, Call money renewed at 7 per cent, bu time money rates held steady. ‘While the action of the Massachusetts Public Utilities Commission in d an application of a Boston eomp-ny to split up its common stock has no direct effect on any securities listed on the “big board,” the stinging nature of the 455 | commission's decision has had a bad psychological effect-on all high priced blic utility stocks. Pacific Telephone roke 15 points, American & Foreign 274 | Fower, 915; Western Union, 9; Standard 16‘% Gas & Electric, 7%; American Water ,’%Worlu‘ICold.ludGuGlnd 554 | American Telephone, American Power 32 | & mhb Stone & Webster, North Amer- 961 | ican, Columbia Gas, General Public 11% and Southern California Edison i sold off 4 to 83 points. Business news was mixed in character. $oy | Orude Ol production showed a drop of 313 | nearly 50,000 barrels in the-daily aver- lze last week. This was ina !wer demand for me oil shares, fi:g 9% 94 Ofl moving up 4 .points to a new e 3% 843, while Standard Ofls and New 56 52% Jersey * Californis, - Houston and 119% 113% Royal mu:h advanced 2 points or 5% 5% more. 6 384" 364 Weekly steel trade reviews 283% 2264 the falling off in output, due 1 to reduced automotive demands. Age. pointed out .that steel are now the lowes'. m S. Steel col more than 5 , Al 3 Elk Horn Coal. mmerson-Brn sion of the Invest- 57% Endicott-John (5 ent Bankers' As- . 63% b59% b59% 64% 47 iation of Amer- . 85 Baw s SEu 90 a at Quebec yes- Ve 7% 16 16 17% 924 Eng Pub Sve pf(534) rdey. He ex- o 184 173% 166% 186% 178% 31% Equitable BIdg(3%) ressed the belief g 106% 91% 2 94% 93% 93% 95 64 ErieRR. % hat members of 3 ot 95 57 ErfeRR1st Df ll) he . a scs ) c;fif’o’:\\ 4 46% Am Chicle (2). - z: 56 Erie R R 2d pf (4)... et aWa) 4 Com Ale ( Epeculative mterest I AB Soedr 284 284 37 Evans Auto L(32%). § 32 Sommon stocks SR 40% Fairbanks Morse (3) [ *nd develcp greater 764 Am & For Power. 305 168 101 141 160 d sounder invest- 108% 104 Am & For Pwpf (7). 3 106% 106% lflG’/. lusv. §dment interest I 03 88 Am&ForPw2dpf.. 3 99% 97 98 4+ Xhese securities. 24% Am Hawailan (1)... Sl% 12 § 2 At the same ses- 62% Am Home Prd (3.60) 643% Watr Ser A 2.4 h: !Ion 1ogts|?u\l; reg- 38 American Ice (3) an zg* i::]a Phen F Inx (2) tion of invest- 92 ene’s Sons ‘_xl:nt, companies by 83% 70 Filenes (ctfs). State or national authorities was em- 3% Am La F & Foamite. 4 4 4% 62 First Nat Storea1%. phatically declared to be unnecessary at 102% Am Locomotive (8).. 4 115% 113 113 115% 6% Fisk Rubber this time in a report presented to the | 2794 147 Am Mach & Fay(t6). 1 265 267% 57% Follansbee Bros(13)- association. The conclusions reached by | “g1 w4 68 68% 61% Foster Wheeler (1).. the investment companies committee m Fo L 8 Founda on Co were - ‘ox Film s First. That the majority of the larger, 98% AmPow &Ltof (6). 2 102% 101% 101% 101k 37% Freeport-Texas (4), well managed true investment com- 70 AmP&LDIA()... 1 76 15 75 T4% 99 Fuller pr pf (18.68).. panies are today soundly set up and in 78 AmP&LDfAst(B). 4 S81% Si% S81% 823 75 Gamewell Co (8) the hands of capable, conservative 40% Am Ra&StdSan1%. 36 46 454 45% 46y managements who fully recognize their 2 39% 33 38 39 Tesponsibilities, and that while those 43 136% 129 129 135% companies have made great progress 2 64% 63% 63u 67% during the last year they are in a 3 331, 33 33 33% position to withstand the turn in the 1112 108% 108% 1124 market, which is bound to come sooner 1 135% 135% 135% 1354 i, o L e s econd. That holding companies, fnance. companies, trading_companies. 1 6% 60w dou 6 ete., while ewhrmay be perfectly god in the hands of proper managem should not be confused with the pure| 60 % Am - o 70 well-diversified investment company. Third. That there is nothing con- structive to be gained in the present situation by regulatory action aimed at the investment trust field. The bankers feel that such evils as inflation will best be remedied by nat- ural economlct;‘lw! ;tnd‘ the mcerne‘uedmu 16 13 12% 13% willingness on the part of manag R vl of investment companies to give ade- Am Writ Pn:; ot (3) P L N R quate information such as is required 263 113 110" 110w 113 by the New York Stock Exchange. 8% 78 18 78 However, the committee incorpo: % % 73 18% in its report a statement to the effect: 60% 40w 49% &1 “We more than ever before that 2% 414 4l 42% at this time investors and dealers alike 10% 10% 10% 10% scrutinize each security from the point 5% 5% 5% of view of both value and management. 226, 22% 22% Delegates from Washington at the 8% 48% 48% 49 convention include Y. . _Booker, | ge Dry G 4 49% 48 48% 50 Charles C. Morgan, Kenneth S. Wales 11 279% 275% 277 282 and Paul V. Keyser, the latter being 1 108% 103% 103% 103 DEENES I RO AS R NN W 0 BN D ( Tex Gulf Sul ( )...-. Texas P C & Oil (b) Fed M&Spf (7).. Motor Tr (80c).. Franklin H. Ellis. o Tide Wat Asso pf(6) Tide Water O11(80¢c). Tide Water O11 pf(6) Timkn Det Axle t30e Timken Roller (3) Tobacco Prod 1.40 ‘Tob Prod ctfs 1.40. Tohaeco Pr A (1.40). ‘Tob Prod ctfs A 1.40, Transcontinental, Trico Prod (3%). Truax Traer (1.60). Underw-E1-Fish (4) ° T TSP PR, Foundation Co. - B me 191 Norfolk&Wstn(110). 90% North Am(b10%stk) 51% North Am pf (3) 9514 Northern Rae (5). 95% North Pac ct (5) Oliver Farm Equip. 48% Olivr Fr Ep v nt( 85 Olivr Fr Eq pf A(6). 69 Oppenheim Col (5) 276 Otis Elevator (6). o - o - waa a®o a3 pvem cRe SRS uNlonRnan~e Utd Biscuit (1.60) Utd Business Pub. ... Uhited Carbon...... Utd Cigar Stores(1). Htd Cgr Stor ctfs(1). Utd Corporation. 3 Utd Corp pf (3) Utd Electrie Coal (3) Utd Fruit (c4). 53% Pacific Gas& B (l). . Pacific Lighting (3) .. 73 221% 218% 213% 221% 1116 116 116 116% 2161 161 161 163 |° 19 165 152 153% 167% 2 14% 4% 144 14% 2 34% 33 33 344 Gan Outd Adv A (4). 404 Pan-Am Patroleum. ! 27 Gen Outd Ad vtc (2). 6% Paramonne oL (3., 57 ' Gen Public Serv(bs) 43 Park & Tilford (33). 126% 931 Gen Ry Signal (5)... Gen Refrac (t4). Gillette Saf Raz(c5). Gimbel Brother; 36% Glidden Co (m32). 24% Gobel (Adolf). Gold Dust (214). 64% Goodrich B F (4) 934 Goodyear Tire (5). Goodyear 1st pf (7).. Gotham Silk H (2%) Gould Coupler. 130% 120% 49 45% 2w Piece D pI(6%4) . Plpe & Fdry (2). Pipe 1st pf (1.20) 56% Phelps Dodg 17% Phfla & R eral Direetors of an_extra dmdeflu of 8 $1a mm Columbian Carbon (ell 14% ’m Auburn Auto, 11; 1015, and Wstlnihoun !Iecfi'lc Johns- Manville and others sold off. 4 s ® JemePerrSacorcn Grand Stor pf (63). Grand Union. Grand Union pf (3) 43% Granite City Stl (4). 114% Grant W T (1). Rubber 15t pf Smelt Ref (3%). Smelt Ref pf 3% S Steel (7). u $ Steel pt (7) S Tobacco (4) umv Pipe & Rad, UUIPwr& LtA es. lesDf (7)., 1 * vanédium (14).. 11 Vick Chemical(3%). 3 2 1 ) BalrBrucravassnmoucSuoanunmSanmoncn K . wRuRELEInnene F legal counsel for the asSociation. ‘2 :g’\: Za: ;::2 80% 4 58% Type Stocks Exchange Leaders. 11 131% 125% 128% 130 Merganthaler Linotype led trading on 5 4 420 398 lfi: 42«_; the local Stock Exchange today, 63 Y sh:m changing hands, the stock open-| 65 5% Austrian Cred (4.49) 56 6% / 35% 224 AUtOSRIES.........s 29 29 ing at 105 and closing at 104%. Lans-| §0% 354 Auto-Strop Ras () ). 43 43w ton Monotype figured in sales of 58| 20 10% Aviation Corp. Del... 11% 10% 10% 11% shares, opening and closing at 130%.| 66% 55% Baldwin Loco (new). 55% 521 521 B6w 1605 130 Baliimorc & Onlo (1) 36 1345 131% 1330 150 Prices of other stocks as well as bonds | 145% 115% Baltimore & Ohlo (1) 8¢ 134% 131% 131% 132 were little changed from yesterdny. 90% 64% Bang & Aroos (3%4).. 30 86% 83u &34 86w The board of governors voted to list 13 34% 33% 33% 3d% for trading mmo(nmv 22,500 shares of common stock of e Cl-l'pel - tion, a local concern dealing W‘m The listing is mumnn and important because the bu; lers from that cqecaccacgacaac 1% Pierce Ofl. 30 Plerce Ol p; 3% Plerce Petrol 394 Pillsbury F1 (12% ) - ® 50% Pirell Co A (2. 54% Pittsburgh Coal. 83% Pittsburgh Coal pt. 23 Pittsbgh Screw 1.4 26 Poor &Co (12).. 23 P Rican Am To (B).. 50% Prairie Oll&Gas 133 53% Prairie Pipe L t4%.. 12% Pressed Steel Car. 65'% Pressed Stl C of (7). 80 Proc & Gamble (2).. Grt Nor Ore (a1%).. Grt West Sug (2.80). Greene Can Cop (8) . Grigsby Grunow (2). Guantaname Sugar, Gulf Mo & North. Guif Sta Steel (4) Hahn Dept Stores. Hahn Dept 8 pf(6%) Hartman B (1.20)... Hawalian Pine 121 . Hayes Body b8 % stk Hershey Chocolate. . POTATO MARKET. CECAGO October 16 (P (Uh;fl Pohtoes—meelpfi 105 W‘l. on M United States 484; | total 1,299 cars; hevl!mvll!ddle ‘weak, other isconsin, sacked, mund occasional shad higher; ta, tth.kn'A-fl ed, round whites, 2.30 to 2.40; sacked Red River Ohio’s, 3.40 to2.55; South Dakota, sacked, round whites, 2.35' to 2.40; sacked early Ohio’s, 2.60; Idaho, ekzd Russets, 3.20 to 3.40. Pt mvmms. [ETCTUPAIEE. 5% PP T A I SR Uy 9 . Virginia-Car Chem.. Virginia-Car 6% pt.. aldorf Systm (13%) 13 Walworth (1.20).... 4 _ Ward Baking pf (7). 1 Warners Bros P t3% 22 Warn Br P pf(2.20)... 3 Warner-Quinlan (2). 10 Warren Bros (15)... 8 Warren Fdry & Pipe, Wess Ofl & Snow(32), :u:.ol Sn pf (4)., ‘estn Dairy A (4).. Dafry 19 = o o3 - % 9 ' Belding-Heminway.. 2 10% 104 10% 9% 84% 784 Belg Nat Rys pt :’I)i 4 ;:t Z!& a& z:z v 104% 6214 Bendix Avistion (3). :::rukgmor;nbzhg exmothe'r!-nm having | 160% 534 Best & Company. 26 58% 56% 56% 58 140% 82%4 Bethlehem Steel (§).. 156 116% 112 1123 116% Bond Club Meets Tomorrow. i 128 116% n.wn—ng e 3 gx 128% 128% 128% dale Bros. . Pranklin H. Ellis, the president, will | 61% 424 Blooming call the first meeting of the season to | 136% 103% Bohn Alumn&B (15). 8 1044 m:a lg:‘lz 1::: order tomorrow noon at 12:30. Mr. 5% 5% 51 Bl Ellis was elected president of the club sen si sm at the annual meeting last Spring. Lawrence M. the 13. Teported today that the attendance will be very large, judging by the num- ber of requests for seats. The guest speaker will be William Peter Hamilton, editor of the Wall Street Journal and author of uvenl books dealing with ‘finance. It is expected that he will dis- cuss the bond market situation and also make some timely references to stocks. It will be interesting to see if he holds views similar to those expressed by Rollin A. Wilbur, head of the In- vestment Bankers' 'Association. Wilbur declared yesterday that he is personally convinced that the time is rapidly approaching when the bond market will return to its own. “The ebb in the bond business has carried senior securities below their proper level,” he said. 41 192% 120% Byers (A M) More National City Bank Rumors. 47% 31% By-Prod Cok The National City Bank is always in| 84% 72% Calif Packing (4 the limelight. Here is what the New| 4 1% CallahanZinc & York Herald-Tribune says about a pos- | 136% 119% Calumet & Ariz (10). sible stock split-up: 61% 86% Calumet & Hecla(4). “Bank rumors began to circulate Campbell Wyant (2). through the financial district in t e s L ik T na . numbers yesterday, with the Na & Miits (3.80) Celotex (3).....o Cent Aguirre As 1% Cant Alloy Steel (2). Cerro de Pasco (8).. Certain-teed Prod. .. o 13 23% Pure Oil (1%).... 109% Purity Bakeries (43.. 684 Radio Corp.. 19 Radio-Keith-Orph A 49 Rallway & Exp (2).. 49% Raybestos Manhatn, @ o 288 Baelunn r ma . 18 L 15 Qct. 18 Qet. 18 Westagh Alf Brk(5), Westngh EI&M (4).. Weston El Instru. .. Wextark Radio (€2). 304 White Eagle Ol (2). White Motor (1).... White Rock M 8 (3). White Sw Mch pf(4) Wilcox Ofl & Gas. ... Wilcox Rich B (c2).. Willys-Over (c1.20). Willys-Over of {1 s Ison ‘0. Rlverfldz Wilson & Co Do. 1st ghm % = ' 88% Hupp Motor (f2). 1531& 131‘4 lllllolloou 1 (7). 1 28 Remington-Rand 90% Reming-Rnd 1st (1)- 16% Reo Motors (11.6 41 Rep Brass Corp. 79% Repub Ir & Steel(4).. 108% Rep Ir & Stl pf (7)... 53 Reynolds Tb B(3. l). 54 Rhine West (1. 37 Richfield Ol (2)..... 26% Rio Grande O11 (k3). 63 Rosaia Ins (2.20) 49% Royal Dutch (a . 154% Safeway Stores (3).. 591 St Joseph Lead (13). . o IS T - FEEE BalRERR .5 BBt G e b1% 50% 50% 504 36% 36 36% 37T% 16% 16%. 16% 18 29% 28% 28% 20% 40% 40% 40% 40% Mr. 22 20% 21% 224 53% 524 b52% 534 93% 884 89 934 31% 31 31 31 8% b57% 5T% 59 3% 3% 3% 2. & EEEETT CEEE = onSalranaboaBoSean SRanRver N gwnmn £ H o woSonlcnavssad 47% Int Hydro El A (e2). 65% Intl Match pf (3.20). 26% Int Mer Marine etfs.. 40% Int Nickel of Can(1). z 22 g8 Yale & Towne (4)... Yellow Truck & C... Young Spring (3)... Zenith Radio (2).... EXPIRE 3% Butte Copper & 12% 6% Butte & Superior (2) 28 Butterick Co, 3% No PRGN O-ARNON TR -P BN 16% Seaboard Afr Line pf 13 Seagrave (e120).... 139% Sears Roebek (323). 158 Second Nat Inv Corp. 4 Seneca Copper 15% Servel Ine... 64 Sharp & Do pf-(3%). 41 Sharon Steel H (3).. 56% Shattuck (FF Q) fl).. 25 Shell Union ( 76 Simmo: 18% Stmms Pet (1.60). 31% SinclairOfl (13% 107% Sinclair Ol pf (8 32% Skelly Ofl (2). 33 Snider Packing pf. 104 Solvay Am In pf §3%. 34 SoPorto R Sug 12%. 53% Southern Cal Ed (2). 5 Southern Dairfes B.. 124 Southern Pacific (8). 138 Southern Rwy (8)... g"? O the, Gtk Brhet it 0 high? STOCK VALUATION | BASIS IS CHANGED 55 - i 1913 Xevelwm' what will it do? as expecting a drastic drop, soomer or later, of from 50 to 60 points in the general market level. At the same time 1 was quoted to the contrary. The disagreements between. us were real, but they were very greatly exaggerated in m public min I believe that the principle of the in- vuunem trusts is sound and the public . julémed in pl.n.lclpn,uu in t.he:a with due regard to the character BY IRVING FISHER. Teputation or business *judgment of | ex Special Dispatch to The Star. aou fio:nductln( mth? But u’l‘me! NEW YORK, October 16.—The fact Babson that many marl that investment trusts have enormous- | SPrAors had better get out of debt and out of margin account, that there ly increased their resources during the Lo > is some unwarranted s tion, and past few years; that they have floated | that the market may at its peak more. than a billion doliars of invest- now and for several months to come. ment trust securities within & year and | Ever since the Hoover election there have made large profits, combined with 222 Allis Chalm ..Oct — 82 Bangor&Aroos Dec Beth Stoel . 0% 21 356 Bucyrus Erie .Dec 2 4 Jase (JI) ....Novis 17 No Am Co...Nov1§ § Pac GRE (A). Oct 21 63 Pac.G&E (P) .Oct 21 56 R aae Shattuck FG .Oct 21 28 214 nually in cash and 3% i Stck: UnCarb&cC ...Oct 31 375 bt 3 iod ot ¢ mniie eRatag O Utd Carbon ..Oct — 31 6% u B and after October 15 and be- Sales of Stocks on New York Exchange. fore 0 A.M... .o Ill!l)g Intl Pap & Pwr pf(7) 43% Intl Print Ink (2%).. razs Do. 6%% pf. THid Nab Imbestors. Wisconsin In pf new Founders. . i % 159% 118 149% 78 89% 8 93% 53% Inter Dept St (2).... 217% 216 215 2184 | 72% 56 Investors Equity(2). 214 41% - 42 42% 48 Island Creek Coal(4) 53% 54 544 | 84 57% Jewel Tea (3) 324 3824 33 | 242% 152% Johns-Manvil 56 56 B84 | 161 4 Jordan Motor Car. 88% 88% 92 Kan City Sou (). . et e 63% Kan City Sou pf (4 which the rumor-mongers contend are Checker Cab Mfg Co. 24% Kaufmann D8 (ns’ contemplated by the exceedingly able 2100 we . Chea & OBlo (10y-rvs 50 27015 204 zg: 262 and active head of the National City| 92 2 e R nrgam:lauml\ Ex‘-e a rou;-for-o&e snllt-l:p = :a 0% 9% of Naticnal City stock, an increase in : the bank’s capital to $150.000,000, and | 23% 12% ChiGreat gmcrni. 16k 16% possibly a bank stock holding ‘company | 63% 38 ChiGreat Westn pt.. el which would accumulate shares of pros- 44% 27% Chi Ml St m"'i e perous’ out-of-fown banks in prepara- | 68% 46% Chi Ml St PAPao pf. b ton for the day when district-wide or | 108% S0 9 98 o -| 4% 28 eu Tool A nation-wide branch banking wil be per %55% Ghi Poeu T ot (%) e % 143% 115 ChiR1& Pas (7).... Addison on A. B. A. Committees. 50 34 lek is announfimm"the Amfl:fllln l;g'l- = ankers’ Journal t Francis G. Addi- 26 son, jr., now a member of the executive | 62% 49 City lulr‘(ll)‘u).. “7,‘ 120 council of the American Bankers’ As-| 27 14 City Stores(1). % 477 sociation, has been®appointed & mem- | 72% 41 Cluett Peabody (5) i85 4Th 41w s - ber of the committee on federal Jegis- 154 i ':},fi 77% Lehigh Valley (3%). Ihop, e, mppolniment ho doudt som | T 35" Colfnesalimen:s 1 3k den i 37 50 Libboy Owans (10..: committee of the Distvict Bankers: As. | 108% 88 Collins & Alk pf (1) 81w Liggett& My B (15). soclation and bis familiarity with con- Bl I ek 42w Lima Locomotive. .- ressional proced dling suc] N nk Belt (3.60). ol el o i 199 S e e % tluvc'fr?onlr'l"l“). Mr. Addison 'is also chairman for the 4 oew's Ine el District of the Federal legislative coun- 924 Loew’s Inc pf ““)" cil. His name also appears on cther e 1 committees, including the group on taxation. The State chairman for Maryland on the State legislatiop coun- cil is Willlam S. Gordy, cashier of the Salisbury National Bank, and Virginia is represented on the same committee by C. E. Tiffany, president of the Fau- quier National Bank of Warrenton. The name of President Robert V. Flem- ing appears as a member of the special committee or section 5219, United States Revised Statutes. .4 334 e bl i ganization materialized late yesterday in the announcement of the uniform trust plan of the City Bank Farmers| 120 Trust Co. Among the future steps ,2 Browd MA-NSE BAN BSN INVEST YOUR SURPLUS FUNDS,IN OUR 6% GUAR- ANTEED FIRST MORTGAGE _ NOTES 140% 1485 149 40% 2 151% 151 am <t in popuhrmng investment in common a good influence? Has tion of the mar- ‘speculation” Secured on income producing prpperties in the District of ‘Columbia and nearby Mary- land: 57 us;fi 135 Kress (SH)Co (n1).. 33% Kreuger & Tol(1.3¢). 75% Kroger Gr&Bak(e1). Lago Ofl & Trans. Lambert Co (8) Payment of interest principal guaranteed on date \ due, backed by resources of more than $1,000,000.00. ~ Cxlo~CoonannaBmumne Economist Points to Different Factors Now Influencing Market. - DISTRICT NATIONAL SECURITIES CORPORATION 1406 G St. N.W., Washington, D.C, - 84% Lorillard (P) pf (1). 10% Loufsiana Ofl....... n 28% CmwlIth&S(b10%sk) 35% LouG & El A "‘)" :;a g::oé::::;l:llr; 154% 138% Louis & Nash (7). 108% 66% Ludlum Steel (3) Consol Cigar o Consol Film (2). 46 34 Mac A & Forb(13. T1% MeCall Corp (4). MeCrory B (2) the basis of 100 for .1 the corresponding mélath.of 1055, ercy to 2005 for August, 1929, Tha at the high for all ‘time, I Will Sell ! Gas pf (5). 961 Consol ot i Heard in Financial District. ‘William Knowles Cooper, partner in Crane, Parris & Co., lectured at York, Pa., last night in connection with a series of weekly talks on current events which he arranged to give before en- tering the financial field. Electric Storage Battery stockholders have received word that the company has just received a record order from the New York Central, the batteries to be used in 35 powerful switch engines. CHICAGO DAIRY MARKET. CHICAGO, October 16 (#).—Butter about steady; receipts, 5204 tubs; creamery extras, 45; standards, 4315; extra firsts, 42)ca44: fll’m 39a40%5; seconds, 37a38',. Eggs, fii . 3,237 cases; extra firsts, 41‘“ firsts, 41; current firsts, 38a39; firsts, 34a37. Poultry, alive—Hens steady; receipts, 5 cars; tnwu, 21026; Springs, 23; roosters, 20; turkeys, 208 30: ducks, 20a24; geese, .20, Consol %n Cub pf(8) 2% 2% 20% \ 20% 8 8% 59% | 114% 255‘/. 82‘/0 37% 128% 101 3% 25 46% McKesson & Rob (3) 43 McLellan Strs (200). 91 Mack Trucks (6).... 148 Macy(RH)&Co(ct3) 16 Madison Sa G (1%). 60 Magma Copper (§).. 23% Man Elee Supply. ... 31% Man Elev mod (d5).. 25% Man Shirt (2)... aracaibo Oil Exp riin Rock (13%).. Marmon Motor (4).. 8% May DeptStrs (4)... 30% Mia-Continent 1% Middle States Ol). ... 1% Middle States Ofl et.. 225 Midland Stl pf(+12). Minn Honeywll 13 Minn Moline B v 191 0 0 e e e 1 DU L IS =L e the fact that they are not yet sub- ected to public requirements of pub- city, is responsible for the crop of rumors that they are playing the stock market at the expense of the public. High banking authorities, like Mr. Paul M. Warburg, hlV:1 denoamud ltbg:i "ls:ocl: xchange debauch” and ascr! e w‘e"wme of the subtlest elemznu o! mfl-tmn—\neorponuc stock call ‘investment . High lative |utlmmu uke noting tzun mndl by the end lative eanmm“ on banking and tnvest- ment trusts, announces that com- mmumyrmnlnhvorn{mzulfln these ornnlnuom ‘to publi thelr and the contents of M port- ' h&“%dlflmm would not attempt to make any exact forecast of the future. The best fore- caster I know is Karl G. Karsten of the Karsten Statistical Laboratory of New Haven, the work of which is more scientific than any ot.her that I know. Mr. Karsten says mz market from the \mderlylng cnrrmudolt‘n money, _trade and , an oring _entirely the so-called or the prior to the September-October break in the market. Bid"the Tigh ieve of “stock during August repnunl an market? e ho regard the stock market as very lnmled point to the high-price earnings ratics of many stocks and say that it must come ‘down to '.he old :vm:eu;e’lln!loml. But there easons why it should seldom come back to that a fags t-3 §E§5 200 Shares or Any Part Vasco Products 8% Pfd. agiéig =130z Stock To Yield 12.3% Thomas L. Hume 1412G s: