Evening Star Newspaper, October 30, 1929, Page 14

FINANCIAL. ottt . FINANCIALS. » IRECOVERY IN STOCK PRICES RESUMED 14 R RECORDS SHASHED DND.C. EXCHANGE —~Prev. 1020~ Stock and Sales— Pprev Dividend Rate, Add 00. High. Low. 3:15. Close. Stewar: Warn(j3%). 41 4 41 31% Stone & Webs 9 95 90 Studebaker (15)..... 15 46 Submarine Boat. s Stock and Sales— Prev. Dividend Rate. ~ Add 00. High. Low. 3:15. Close. Natl Pwr & Lt (1)... 33% 284 30 25% Natl Radiator. 3% Natl Radiator pf Not:—Owing to the tremendous trading on the New. York Exchange it is impossible to get the individual sales at this time. / ~Prev 1920— High. Low. Stock and Sales— Prev. Diyidend Rate. Add 00. High. Low. . Close. Dunhili Inter (34).. 3t 3 32 Duplan Si1K (1)..... 131% 13% 14 o iaehd B Du Pont de N(t434). 120 29 116 Prev Dividend Rate 3:15. Close. Today’s Heavy Selling Causes Many Price Rgcessions in Local Securities. BY EDWARD C. STONE. Probably the heaviest trading ses- sion ever recorded on the Washington Stock Exchange took place today. Prices broke badly in some issues, members of the exchange stating that the last few days' panic selling in New York being the cause of most of the selling here. Local holders of sound stocks were, in some instanccs, obliged to let them go to protect investments made in is- sues on the New York exchange, and sellers found good bids lacking just at this_time. There was a heavy turnover in the bond division, sales for the session to- taling nearly $40.000, mostly in $1,000 and $2,000 denominations. = As shown in the complete report of sales elsewhere in The Star's financial section, there were a number of recessions from re- cent price levels. Heavy Trading in Stocks. About 1,000 shares of the best stocks on the local board changed hands dur- ing the trading. The heaviest sales were in Mergenthaler Linotype, in which one 100-share block and another 110-share block changed hands. Mergenthaler opened at 101 and closed at 100. Last Saturday it sold at 104. Bank stocks came out in many small | sales. * The opening sale was in Com- mercial National at 258, off about 2 points. Liberty National came out at 225, Riggs National opened at 545, soi2 at 547 and closed at 550, after selling yesterday at 560 and 570. American Security & Trust sold at 430 after a single share had changed hands at 449. Twenty shares of Union Trust sold at 315, and 20 of Security Savings & ‘Commercial at 500. In the miscellaneous list Lanston sold at 120 and 118, Peoples Drug Stores preferred was down to 100, Washington Railway & Electric preferred sold at 94 and 93!; and Capital Traction at 75 and 77 The market remained open until 1:45 pm., an unheard of session compared with the average day's business, which is wound up around 12:30. Members | i expressed the opinion that improvement - sized up the situation today, j in New York would be reflected in a stronger market here tomorrow. Stock Selling Opposed Here. “Selling sound standard stocks today is like taking a dollar onto the floor of the New York Stock Exchange and ask~ ing the first person you meet to give you 75 cents for it.” - That is the way one local broker just be- fore the market opened. The opinion + in local broker houses early today was P to the effect that the crisis in the New York panic was reached and passed esterday. 4 At thg opening today, better buying appeared evident and discouraged local speculators and investors took renewed courage. More margin selling was evi- dent, however, and it was a hectic day as hundreds stood in the boardrcoms and followed the irregular quotations. Local broker houses were even more jammed with customers than yesterday, the bad weather having the effect of keeping people from watching to see whether their money was gone or might be salvaging something in the wreck. Customers’ men were advising against the sale of stocks at or near the bot- tom of a panic and said they considered dividend paying stocks a purchase. Bankers Reduce Margins on Loans. Washington bankers were intensely interested in reports from New York that a material step had been taken by the leading New York banks to relieve the stock market tension by easing mar- ginal requirements on their street loans to customers. In most cases they agreed not to require more than 25 per cent margin on clvsm’g quotations. Explanation of this action was con- tained in two statements, one from J. P. Morgan & Co. listing some of the banks which had agreed on this plan, and the other from high banking quarters iden- tified with the group engaged in stabil- izing the stock market, reassuring the financial community regarding the money situation. “There is no money problem involved in the present situation,” the announce- ment explained. “There is plenty of money, and it will be loaned freely.” ‘The statement continued: “As indicating that bankers are feel- ing that present price levels are safe- it may be said authoritatively that cer: tain of the large banks in the Wall Street district revised margin require- ments as of last night/making a re- quirement of 25 per cent margin on closing quotations, instead-of the prev- ious practice of 40 per cent margin or of setting arbitrary prices from which a somewhat lower margin was required. “It is understood also that many ] Stock Exchange houses have also fol- lowed the changs.” New York Exchange Criticized. Some local bankers are severely | criticizing the New York Stock EX- change for not closing when business became completely demoralized. The claim is made that when the ticker got three and four hours b:‘hflndl the market the exchange was virtually closed. It simply was not functioning and gave buyers and sellers no idea how they stood. The objection toyclosing the market is that it stops a frkfl market for stocks and has a bad effect on sentiment. Dankers claim that the effect on senti- wopld have been nothing in com- | pa'gin®with stopping a market in the 2ist of a panic, thereby giving thou- d+ and thousands of people holding s.ccks a chance to calm down and per- Zjand' the opportunity to save part of their money. Had the exchange closed for two or three days or a week, some of the frenzied selling might have been checked, in the opinion of several local financiers. They are glad to see the speculative mania checked, but not with sich heavy losses to people outside of ‘Wall Street. Earnings Show Marked Increases. One of the first preliminary complia- tions of published corporation net earn- ings for nine months this year appeared today in the bulletin of Ernst & Ernst, accountants, and showed substantial in- creases over earnings for nine months of last year in industrials, utilities and railroads. For 163 industrials, aggregate net earnings totaling $993,621,805 were 25.31 per cent greater than in nine months of last year. For 13 utilities, earnings were 14.30 per cent greater. For 73 railroads, earnings were 14.77 per cent greater. Of the 163 industrials included in this compilation 143 reported increased earn- ings and 20 reported decreased earn- ings nine months of this year as com- pared with last year. These percentages are based on earn- ings reports published to date by those corporations which are included in a key list whose earnings figures for nine months of last year also are available. Later reports may change the percent- ages of increase somewhat, but the com- pilation includes representative corpora- tions in many industrial lines and is said to be a fair cross section. Such large corporations are American Tele- phone & Telegraph, General Motors and 57% 38 65 248% 100 67% 40 { 3l 31 Abitib) Power & 84% Adams Exp pf (5)... 7 Aa Rumley 15 Advance Rumley pf., % Ahumada Lead...... 954 Air Reductn (14%).. 214 Ajax Rubber. 415 Alaska Juneau 5 Albany P W Paper. 1814 Alleghany Corp. 801 Alleg C pf (53 )xw., 204% Allled Ch & Dye (6). 120w AllledC&Dpf (7).. 374 Allis Chalm (n) (2).. 29 Alpha Port Cemt(3). 17% Amerada Corp (2)... 4 Am Agricul Chem. 25% Am Agricui Ch pf. 109' Am Bank Note(ft3). 46 Am Beet Sugar pf... 30 Am Bosch Magneto. . 44's Am Brake Shoe 2.40. 4% Am Brown Bov Elec. 107% Amer Can (15)..aees 136% Am Can pf (7). 76 Am Car & Fdy (6)... 70% Am Chain pf (T)...u 35 AmChicle (2)... . 20 Am Com Alc (k1.60). 50 Am & For Power..... 104 Am & For Pw pf (7). 87 Am & For Pw 2d pf.. 21% Am Hawallan (1)... 4314 Am Home Prd (3.60) 30 American Ice (3).... 30 Am Internat (32) 214 Am La F & Foamite. 99 Am Locomotive (8)., 112 Am Locopf (T)..... 147% Am Mach & Fdy(t5). 4 41% Am Metal (3) . 314 Am Plano. 73% Am Pow & 9214 Am Pow & Lt pf ( AmP&LpfA(3). Am P&L Df A 8t (5).. Am Ra&Std San 1%. Am Safety Ras (16 29% Am Seating (2).... 81 Am Sm & Ref (4) 40 Am Stores (12%) Am Sugar Rfg (5). Am Sugar Rfg pf(7). 115 Am Tobacco pf (6 185 Am Ty . 65 Am Water Wka (c1 97 Am Water W 1st(6). 5% Am Woolen. 84 Am Zinc Ld&Sm. 5% Anaconda Copr 7). 25 Anchor Cap 12.40). 102% Anchor Cap pf (6%). 30 Andes Copper (3)...: 22% Archer-Dan-M (2)... Armour Del pf (7). § AsSoDry G (2%)..e3 195% Atch T & S Fe (10). 99 Atch T&SF pf (6) 165 Atl Coast Line (t: 324 AtIG& W Ind! 45% At1G& W Lipt 30 Atl Refining (13). 80 Atlas Powder (4) 120 Auburn Asto (14) 4 Austin Nichols...... 51% Austrian Cred (4.49). 22 Autosale: . 36 Autosales pf (3 377% Auto-Strop Raz (3) 6 Aviation Corp. Del. 15 Baldwin Loco (new). 112 Baltimore & Ohio (7) 4 75 Balto & Ohio pf (4) Bang & Arcos (3%) Beatrice Cream (4).. B’trice Cream pf (7). 67 Beech-Nut Pack (3).. 7 Belding-Heminway.. 28% Bendix Aviation (2). 323 Best & Company.... 80 Bethlehem Steel (6). 116% Bethlehem St pf (7). 30 Bloomingdale Bros. . 47% ,Bohn Alumn&B (16). 19% Brockway M T (3). 40 Bklyn-Manhat (4). 51 Bklyn&Queens pf(4 Bklyn Unfon Gas (5). 36 Brown Shoe (2%). 27% Bruns-Balk-Col(3) 4% Bruns Ter& Ry S 14 Bucyrus Erie (1) 264 Bucyruscv pf (234). 9 Budd (EG) (1%)... 29 Bur Add Mach 11.80 35 Bush Term (g2). 214 Butte Copper & Zinc. 5 Butte & Superior (2). 60 Byers (AM)... 20 By-Prod Coke (1)..a 6314 Calif Packing (4)..e 1 CallahanZinc & L... 97 Calumet & Ariz (10). 25 Calumet & Hecla(4). 22 Campbell Wyant (2). 50 Canada Dry G A (5). 191% Canadian Pac (10).., 35 Cannon Miils (2.80).. 31 Cap Adminstratn A 200 Case (J I) (6) 34 Celotex (3). 21 Cent Aguirre As 1%.. 37 Cent Alloy Steel (2). 3 Century Rib Mills. 73% Cerro de Pasco (6) 13 Certain-teed Prod. 4714 Certain-teed pf..... 18 Checker Cab Mfg Co. 195 Ches & Ohlo (10).. 9 ChiGreat West. 22 ChiGreat W 20 30 22 Chi Pneu Tool. 48% Chi Pneu T pf (3%). 110 ChiR1&Pac(7).... 105% Chi R1& Pacpf (7). 29 Chickasha C Ofl (R).; 60 Chile Copper (15). 28Y% Chrysler Corp (3). 40 City Ice & F (3.60) 74 City Stores (1).. 38% Cluett Peabody (5).. 4 120% Coea-Cola (4). 46 CocaCola A (3). 16 Collins & Afkman. 35% Colo Fuel & lron. 52% Col Gas & El (2). 61 Col Gas&E f pd rets. % 17% Columb Graph(87c).. 119 Columbian Carb(15). 24% Com Credit i2)...... 311 Comm Invest Trust.. Com Inv Tr pf(6%) 20% Comm Solvents ( 10 Commé&So(bb%stk). 46 Conde Nast Pub (2).. 11 40 16% Consol Film pf (3 8814 Consol Gas (3).. 95 Consol Gas of (5) ... 50 Consol RR Cub f (6) Consol Textile Cont) Baking A. 6% Contl Baking B..... 884 Contl Baking pf (8).. 50 Contl Insurance (2).. 6% Contl Motors (80¢) .. 256 Contl Oll of Del. 82 Corn Prod (13% 20% Coty Ino (g2). 256 Crossley Radlo 40 Crown Cork & Seal. .. 181 Crown Zellerbach (1) 80 Crucible Steel (6) 11% Cuba Co. 9 Cuban-A Z dahy Packing (4). 8 1124 Curtis Publish pf(7) 04 7% Curtiss Wright Corp United States Steel are included. CHICAGO DAIRY MARKET. CHICAGO, October. 30 (#).—Butter receipts, 3,358 tubs; creamery extra firsts, second: y; receipts, 3,326 cases; xrices unchanged. ? weak; extras, 40; standards, 40; 39a3914; firsts, 37a37%; 361;. Eggs stea 37% 14 Curt Wright Corp A. 121% 584 Cut am (3%)... 126'% 63 Cuyamel Fruit... 69 21% Davison Chem...... 226 142 Delaware & Hud (9). 169% 1204 Del Lack & W (17).. 64% 36% Devne & Ray A (13). 61 Dome Mines (1) 54% 12 Dominion Stra( 126% 71 Drug Corpn (4). s, 3 221 83 2091 2: 55% 105 864 19% a1 29 38 214 101% 100 115 114 174% 161 49% 46% 3 80 1% 4415 40% 45 67 100% 2614 210 19415 185% 200 185% 117 117 135 1 78 5 10215 10215 10 B4 221 22 235% 101 165% 69 54% 534 25 33% 220% 9 34% 30U 175 160 145% 145% Dupont d N deb (6).. East Roll Mill (134). Eastman Kodak(18). Eaton Axle &S (3). Eitingon-Sch (2%) LEitingon pf (6% ) Elec Auto Lite (6). Electric Boat. - E) Pwr & Lt (1) El Pwr & Ltof (7).. Elec Stor Bat (5). Elk Horn Coal. : Endicott-John pf (7) Eng Pub Serv (f1).. Eng Pub Sve pf (5).. Eng Pub Sve of (5% ) Equitable BlAg(2%). Erfe R R Erte R R Eureka Vac C1 (4)... Fairbanks Morse (3) Fed M&S pf (7).... Fed Motor Tr (80¢) Fid Phen F Ins (2). Filene's Sons. First Nat Stores 1%. Fisk Rubber. Florsheim Shoe A. .. Florsheim Shoe pf 6. Follansbee Bros (3). Foster Wheeler (1) Foundation Co. Fox Film A (4 Freenort-Texa: Fuller pr pf (18.68) Gamewell Co (6). Gardner Motor. Gen Am Tnk Car(34) Gen Asphalt. . Gen Bronze (2). Gen Cable. Gen Cable A (4) Gen Cigar (4).. Gen Electric (16) Gen Elec spec (60 Gen'l Food Corpn (3) Gen Gas&FEl A (e1%) Gen Mills (13%4). Gen Motors (13.30 Gen Moto: Gen Refrac (t4).... Gillette Saf Raz(c5). Gimbel Brothers. Glidden Co (m2). Goodyear Tire (5). .1 Goodyear 1st vf (7).. Gotham Silk H (2%) Gould Coupler. . Graham-Paige Graham-Paigi 5 Granby Copper (8 Grand Stores (1). Grand Unlon. .... Grand Unfon pf (3 Granite City §t] (4), Grant (W.T.) new Grt North pf (6).... Grt North pf et (5). Grt Nor Ore (a1% Grt West Sug (2.80). Grigsby Grunow (2). Gulf Mo & North.... Fahn Dept Stor Hahn Dept S pf (! Hartman A (2). Hartman B (1.20) Hawaliari Pine 123 .. Hayes Bodv b8 % stk Helme (G W) (47). .2 Hercules Mot (1.80). Hershey Chocolate. . Hershey Choo of (4). Holland Furn (e2%). 4 Houd Hersh B (1%). Hsehld Fin pf 13.10.. Houston Ofl..... Howe Sound (4% Hud & Man Ry 3.50. Hudson Manh pf(5) Hudson Motor (5)... Hupp Motor (£2). Illinots Central (7).. Independ O11 & G (2) 4 Indlan Motor Cycle. . Indian Refining. Indian Refining Industrial Rayon. Ingersoll-Rand 16 Inland Steel (3%) Inspiration (4). Interboro Rap T . Intercontinental Rub Intl Agricultural. Intl Agri pr pf (1) Intl Cement (4) Int Combustion, Intl Cmb Eng vf (1).. Intl Harvester (2%4). Int Hydro Bl A (e2). Intl Match pf (3.20)., Int Mer Marine etfs.. Int Nickel of Can(1). Intl Pap & P A(2.40). Int Tel & Teleg Inter Dept St (2). Intertype (ft13%) Investors Equity(2). Island Creek Coal(4) Jewel Tea (3)....... Johns-Manville (3).. Kan City Sou (5). Kaufmann D8 (1%). Kelly-Spring Tire. Kelsey Hayes (2) Kelvinator Corp. Kennecott (5). . Kimberly Clrk(2%).. Kolster Radfo. ...... Kraft PhCh (1%)... Kraft Ph Ch pf (6%) Kresge S S (1.60) Kresge Dept Stores Kress (SH)Co (n1).. 4 Kreuger & Tol(1.34). 0% 1% Kroger Gr&Bak(c1). Lambert Co (8) Lu T Li Liggett & My (15). Liggett & My B (16). Liq Carbonic (+4%)a Loew's Ine (2). LoftInc.... Long Bell Lumb A. Loose-Wiles (2.60) Lorillard (P) Co... Loutsiana Ofl......« LouG & E1A (1%) Louts & Nash (7) Mac A & Forb(12.85) McCall Corp (4). MeCrory B (2) AMcCrory pf (6 McGraw-Hill (2), McKesson & Rob (2) McKes & Rb pf(3% ). McLellan Strs (20¢) . Mack Trucks (6). Macy (RH)&Co(ct3) Magma Copper (5)... Mandel Brothers. ... Man Elev mod (d5) Man Shirt (2).... Marlin Rock (13%) Marmon Motor (4). Martin-Parry.. Mathieson Alk (e3) 4 May Dept Stors(c2’ Maytag Co (12) Melville Shoe (1 Miami Coprer (4) .. Michigan Steel (13). Mid-Continent P (2), Middie States OMl. . .. Middle States Ofl et. Midland Stl pf(t12). Minn Moline Pwr. Mo Kan & Tex pf(T). Missourt Pacific. .... Missouri Pac pf (5). Mohawk Carpet 12% Monsanto Ch (g1%). Montgomry Ward(3) Morrell J (3.60).... Mother Lode (40¢). Motor Meter G & E. Motor Wheel (4). Munsingwear (13%) Murraay Corp (k3).. Myver(FE'& Bro (2). Nasn Motors (8) Nat Acme (1%) Nat: Air Trans Natl Bella Hess(31), Nat Biseuit (11%) .., Natl Biscuit Natl Cash Reg A (14) Natl Dairy(e1%)..e Natl Dept Stores. .. Natl Distill Natl Lead (5) 12 2 4 Natl Supply (18). 19 254 21 26% 15 148 146 148 143 Natl Tea (1%).. Nevada Copper (3). Newton Steel (3).... N Y Air Brake (3) N Y Central (8). Norfolk&Wstn(110). North Am(b10%stk) North Am pf (3) North Am Ed pf (6 Northern Pac (5). Nor Ger Lloyd(3.41), Norwalk Tire & Rb.. Oliver Farm Equip. » Olivr Fr Ep ev pt(3) Omnibus Corp. Omntbus pf A . Otis Elevator (t5).. 55 31 Otis Steel (2%)..... 89'% Owens 111 Glass (4).. 98% Pacific Gas & E (2).. 14614 Pacific Lighting (3).. 1% % Pacific Ofl stubs..... Packard Motor. . 4 Jpan-Am Petroleum. . 'an-Am Pete B....., Paramount-F-L (3).. Park & Tilford (33) Park Utah. Pathe Exchang: Pathe Exchange Patino Mines (3.89). Peerless Motor Car. Penick & Ford . Fenn Coal & Coke. ... Penn Dixie Cement. . Penn Dixie Cm pf(7) Pennsylvania RR(4) Penney (J C). G People’s Gas Chi (8). Phelps Dodge (3). Phila & Read C& I. Phillp Morris (1). 4 Phillips Pete (1%4).. Phoenix Hoslery Plerce-Arrow A. 1erce Ofl. Plerce Petre . Pillsbury F1 (123% Pirelli Co A (2.88) Pittsburgh Coal. Poor & Co (12)...... Postal Tel & Cpf(7). Prairie O1I&Gas 123 Prairie Pipe L 14%.. Proc & Gamble (2). .. Pub Sve NJ (2.60)... 4 Pub Sve NJ pf (7) Pub Sve NJ pf (8) Pullman Corp (4).... Punta Alegre Sugar. Pure Ol (1%)......: Purity Bakerfes (4).. Rad1o Corp.....eeem Radio pf B (5) - Radio-Keith-Orph A, Railway & Exp (2).. 4 Raybestos Manhatn. Reading (4).. Reading 1st pf (2)..3 Reading 2d pf (2)... Rels (R) & Co. Remington-Rand. 4 Reo Motors (11.60)., Repub Ir & Steel(¢) Rep Ir & Stl pf (7) Reynolds Spring. Reynolds Tb B(2.40), 7% Rhine West (1.92)... Richfleld O11 (2). ... Rio Grande Ofl (k2). Rosala Ins (2 20). 4 Royal Dutch (a3.20). Rutland pf.. Safeway Stores (3).y St Joseph Lead (13) St L-San Fran (8) St L Southwes! . St L Southwn pf (5). Schulte Retail St Seaboard Air Line. Seagrave (e1.20)..... Sears Roebck (32%). ServelInC........ea Sharon Steel H (3).. Shattuck (FG) (1).. Shell Unfon (1.40) Shubert Theater (5). Simmons Co (3) Simms Pet (1.60). SinclairOfl (12%) Sinclair O11 pf (8) Skelly O11 (2). Snider Packing. . Solvay Am In pf § So Porto R Sug t3%. Southern Cal Ed (2). Southern Dairies B.. Southern Pacific (8). Southern Rwy (8) Spang-Chalfant. . Sparks Withngtn(1). Spicer Mfg Spicer Mfg pf (3). Stand Brands (1%) Stand Com Tob (1).. Stand Gas & Fl (3%) Stand OII N Y (1.60). 4 Stand Plate Glass.... Sterling Sec A). Sterling Sec pf(1.20). Sterling Sec cv pf(3) Sun Ol Tex: Utd Ga. % United addgaaaacaaca White Yale & Yellow 8 sEes sEETEE A 0 P.M... Dividénd cash payments based n. m stock. §Plus Paid this in_stock. d Payable Plus 10% in stock. lus 8% n stock. Superlor Oil. con 8% Telautograph t1.05 Tenn Cop & Ch (1). ‘Texas Corp (3) Tex Gulf Sul (4). & Pac (5)..... Texas P C & Ofl (b5) Texas Pac Land Tr.. Thatcher Mfg. . Thatcher pf (3.60). The Fair (2.40)..... Thompson J R (3.60) Tide Water Asso. Timkn Det Axle t80c Timken Roller (3)... Tobacco Prod 1.40. Tobacco Pr A (1.40). ‘Transcontinental. ... 4 Trico Prod (2%) Truscon Stl (f1 Underw. Union Carbide(2.60). 4 Un Oil of Cal (32)... Unlon Pacific (10)... Union Pacific pf (4).. Unlon Tank Car(5) Utd Afrcraft&Tran: Utd Biscuit (1.60). Utd Cigar Stores(1). Unit'd Cig St. ctf (1) Utd Fruit (c4). Utd Paperboard..... Utd Piece Dye Wks. . S & For Sec pf(6). S Freight (3). s s s : S Plpe & Fdry (2), S Pipe 1st pf (1.20) S Pipe 2d pt (1.20). S Realty (5).. €5 8 Rubber .. S Smelt Ref (33). S Steel (18) Util Pwr & Lt A (e! 28 Vadsco Sales........ K4 Vadsco Sales nf (7).. Vanadium (14) \ van Raalte......... riid Vick Chemical(2%) .. 35 Virginia-Car Chem. . 5% Virginia-Car 6% of.. Virginia-Car pf (7).. 74 Wabash. sosses Waldorf Systm (1%) Walworth (1.20). ... Ward Baking B. Warner Bros Pic (4),. Warn Br P pf(2.20).. Warner-Quinlan (2). Warren Bros (16)... Warren Fdry & Pipe Webster-Eisenlohr. . Wess Of1 & Snow(2). gmoasn of (4).. Western Pacif pf. Western Union (8).. Westngh Air Brk(2). Weatngh E1&M (4).. Weston El A (2).... Westvaco Chlor (2). Wextark Radio (e2). White Eagle Ofl (2)... White Sewing Mach. Wrigley Wm (4) Young Spring (3)... Young Sheet & T (5) RIGHTS EXPIRE Am. Roll. M.Nov. 15 Arch-Dan M .Nov 12 Bangor&Aroos Nov 9 Bucyrus Erie. .Dec 3 Jase (J) .. Col Carbon Domin. Gen. Asphalt.Nov. 27 Gimbel Bros.Nov. 6 May Dept St..Nov.15 No Am Co...Nov 15 i) Sales of Stocks on New York Exchange. ates as given in the above i Tatert ‘auarierls "or ey Soaris>aus: | sUnit of trading iass than I " 1% (p1). 68% Fish(4).. s & Imp & Im pt(§ Stores A. . 2814 183 11% 13% 15% - 18% 25% 34% 314° 36l 176% 184% 140% 140% sg% 65 59% 501 15% 47 Motor (1).... Towns (4)... Truck & C... FEER .Nov 18 Nov. 11 Strs. .Nov. 8 —a - FEFEFET 1,945,900 972,100 12:00 Noon.... 2:10 P.M... 5,576,300 8.738,800 on_the ity extra. $Plus 33 In fel oo sk ‘when earned. e & Plus 6% in l&. k Plus 3% In TODAY'S CORPORATION NEWS NEW YORK, October 30.—The fol- lowing is today’s summary of all im- portant corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Pre: NEWS TREND. Outstanding items in the day's corporate news were the declaration of extra dividends of $1 each by United States Steel and American Co., two of the so-called Morgan-Baker com- panies. While such declarations are probably not sufficient to improve public sentiment to any great extent at this time, they nevertheless tend to emphasize the sound position of our larger corporations. Freight car loading and oil output figures were also of a favorable nature, with car loadings for week ended Oc- tober 19 reversing trend of past two weeks in showing a gain of 22,375, or approximately 2 per cent, over cor- responding week of 1928. Ofl produc- tion dropped 33,550 barrels daily for week ended October 26 to 2,869,700 bar- rels daily. The decrease was largely con- tributed by Oklahoma, although Cali- fornia and West Texas also reported moderate declines. THE COMPANIES. Alabama Power 12 months to Septem- above year ago. Amaryic:m Can declares $1 extra $4 from $3. Associated Oil earned $2.32 per share in 9 months against $2.42 year ago. Blauner’s first 8 months’ 17.8 per cent .bove year ago. Budd Wheel earns $6.81 per share mn 9 months to September 30. Century Ribbon Mills earned 23 cents per share in 9 months against 27 cents year ago. Cities Service meeting of directors called to vote on withdrawing offering of rights to additional stock at $45. Commercial Credit chairman states 9 months’ earnings were at annual rate of $4.97 per common share. Consolidated Cigar earned $6.54 per share in 9 months against $7.65 year 0. l‘culfl Cane Sugar placed in perma- nent receivership. Georgia Power, 12 months to Septem- ber 30 balance (before reserves), off 13 per cent from year ago. F. & W. Grand 5-10-25 cent stores— Merger with Isaac Silvers & Sons ar- ranged through new holding company, F. & W. Grand-Silvers Stores, Inc, Hartman Corporation president ex- pects plan for merger with Moptgomery ‘Ward to fail. Jackson & Curtis Investment Asso- clates ear;:‘:d $4.70 per share in first | Chicago; unfinished business on hand ber 30 net after taxes up 11.5 per cent | dividend and increases annual rate to | ct O A merican sales up | September net up slightly; nine months, 227 per cent above year ago. National Public Service proposes cre- ation of $70,000 shares of new preferred stock inf§five series and reduction in present series A preferred to 130,000 shares; rights offered class A and B holders in ratio of one new $3 pre- ferred (with warrant attached to buy one-half share of class B at $60 a share) plus one-half share of class B n,g'u a unit for each 12 A or B shares held. Pittsburgh & Lake Erie September net up 19 per cent; nine months, 13 per cent above year ago. Ritter Dental Manufacturing earn $5.46, per share in nine months again: $4.21 year ago. Frank @. Shattuck earned $1.61 per share in nine months against $1.39 year ago. A. O. Smith increases common divi- dend from $1.20 to $2 annually. Starrett Corporation to acquire com- mon stcok of Starrett Building Co. of September 30 was $59,309,490 against $34,820985 year ago. Tide Water Oil earned $2.09 per com- year ago. United States Steel declares extra common dividend of $1 per share; earned $15.82 per share in nine months against $8.18 year ago; option on Columbia Steel property extended to October 31. Wall Street Briefs By the Associated Press. The eleventh annual Midwinter trust | conference under the auspices of the Bankers' Assoclation will be held in| New York February 18, 19 and 20, Il" was announced today. ‘The Motor and Equipment Association reported today that manufacturers of | parts, accessories and garage repair equipment, who have been enjoying record business during the first eight months of the year, are now curtailing operations in & moderate way and wil continue on slightly reduced schedules throughout this month and next. The American States Public Service Co. has increased its national chain of moreland Water Co. of California. kept pace with the improvement in ;eur;ll‘ce ccording to the Index, economic which adds that “not once in the past eight years have the railroads as a whole equaled the return of 53, per ent established by the Interstate Com- | merce Commission.” Rather, the review |, states, the average earnings have been less than 415 per cent. SILVER QUOTATIONS. mon share in nine months against $2.93 | subsidiaries by acquisition of u:ehwut- Berlin, Railroad earnings have by no means | At on of the New York Trust Co., | & crown . | Stocknolm, crown FISHER SAYS MARKET | HAS HIT BOTTOM | Economist Reviews Break in Prices| of Last Week—Sees Many Bargains. By the Assoclated Press. NEW HAVEN, Conn., October 30.— Prof. Irving T. Pisher of Yale, speaking before the New England division of the National Association of Credit Men at the convention banquet here last night, expressed the opinion that the stock market yesterday struck bottom. “For the last week,” he said, “we have witnessed an example of mob panic. When bears made their raid on the Street last Tuesday they caught small holders of marginal accounts unpre- pared and precipitated a crash that has continued for the past week. Prices on the market now are absurdly low. We now have the most wonderful bar- 8ain ever offered to the American peo- e THe prevailing opinion that the mar- ket is inflated is unsup ble, he con- tinied, pointing out thht money was stable and that earnings have been in- creasing. He attributed the crash to an unstable credit structure, fo the cal- culated maneuvers of bear operators and to small shareholders to whom credit had been too leniently extended.” STEEL INGOT PRODUCTION. NEW YORK, October 30.—Production of steel ingots is practically unchanged from last week and the industry will enter November operating on an ave- rage of 80 per cent of rated capacity, against 80 per cent last week and 79 per_cent two weeks ago, Dow, Jones & Co. Teports. A ‘fractional reduction | by Uhited States Steel Corporation, has been nearly offset by a small in- crease among independents. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibl Nominal gold delhog London, pound Paris, franc. . pen; . crown (nom.) zloty. pennagen. + however. Market Again Points Higher as Distress Selling Ap- pears Completed. By the Associated Press. NEW YORK, October 30.—Panicky selling of stocks, which has been sweepe ing the markets of the country for the last week, subsided today and prices rallied briskly as strong investment sup~ port made its appearance. A few new soft spots were ferreted out, but stocks generally sold much higher, gains in many of the active issues ranging from 5 to 30 points. Bankers, meeting in informal conference at the offices of J. P. Morgan & Co. this noon, privately expressed the view that the situation had materially improved. Declaration of extra dividends by the United States Steel and American Can companies yesterday, followed by special § disbursements today by the dictaphone and Bon Ami companies and an in- crease in the regular dividend of A. O. Smith Co., coupled with other favorable developmen&s. aided the advance. Record in Clearings. New York bank clearances set a new high record at $3500,000,000 today as a result of yesterday's record-breaking ' stock market session. Call money renewed at 6 per cent, as against 5 yesterday, with time money uoted at 6 per cent for all maturities, 'he stiffening of the rate today was due to heavy month-end demands for funds, and possibly some withdrawals from the call money market for invest- ment in high-grade securities. ‘Total sales crossed the 5,500,000-share mark before midday, with the ticker then about an hour late. Rally at Opening. Rallying tendencies were evident at the opening, United States Steel rising 3 points to 177, American Telephone 7 | points to 121 and Canadian Paeific 814 points. Radio opened with a block of 10,000 shares at 39, up one-half, and New Haven rose 2 points. ing con- tinued in huge volume, with many blocks of 10,000 to 20,000 shares appearing, Consolidated Gas opened with a block of 20,000 at 9214, up three-quarters, and International Nickel opened with a like block at 33, up 2. Standard Oll of Cali~ fornia, however, sagged 12 points, and a block of 20,000 shares of American Can was taken at 11913, off one-half. The rally which developed late in yesterday’s riotous session was carried forward with increasing vigor in tae first half hour. Statements of .leading bankers and heads of investment trusts \ that they were heavy purchasers of stocks yesterday brought in a large ac- cumulation of overnight buying orders. A little selling cropped out here and there, but it failed to make an impres- sion’ on the strong upward movement. United States Steel soon extended its gain to 7Y, touching 181';. American Can, after sagging a fraction, turned ) upward and soon showed a gain of 2 points, at 122, but then slipped back to 119. American Telephone rose 10 points to 214 Westinghouse Electric rose 4 points and North Americaa 10. ml’:;:ml Electric soon touched 230, up 8 points. Overnight News. The overnight news included the favorable third-quarter ea Te- port of United States Steel, showing net almost equal to that of the second quarter, despite the slackening of ac- tivity. Also, Steel directors declared an extra dividend of $1 and Ame Can directors declared a like extra ~hile raising the annual rate from $3 to $4. Trading was in large volume and at, 10 o'clock the ticker was nearly 15 min- utes behind. The early transactions were far less wild than yesterday’s, ‘Total sales to 10:30 were 1,- 945,900, in contrast to more than 3,- 000,000 in the same period yesterday. Foreign exchanges were steady, with sterling cables at $4.877% —_— Fifty-two per cent of the students in medical schools of Russia are women, compared with 28 per cent in 1913. NEVER A WORRY ° —of losing a penny when you place your funds in safe and sound— 6% ARANTY FIRST , MORTGAGE NOTES AND BONDS . 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