Evening Star Newspaper, September 22, 1930, Page 14

FINANCIAL. CHANGE IN TRADE METHODS 0PPOSED Minnesota Banker Objects to Government Regulation of U. S. Industries. High. Low. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, September 22.—Lyman E. Wakefleld, president of the Pirst Na- tional Bank of Minneapolis, does not give the usual answer to the question of what is the main factor holding back business recovery. Most blame slow re- covery on fear, but his mind travels a different road. ““The uncertainty created by the con- stant threat of governmental interfer- ence with the machinery of business is the main factor,” he says. “Every in- dividual who has a deposit in a bank, is paying premiums on a life insurance policy, owns a home or is of any property whatever should wake up to the fact that every political effort to change the methods of doing business results in the necessity of some one writing off a tremendous amount of value in property. “I refer to such incidents as the re- vision of freight rates unde: the Mc- Adoo railroad administration, which, in theory, was probably right. Yet I doubt whether the benefits have in any way offset the enormous losses which were oceasioned. such as the decrease in valu~ of the textile mills of New England and the necessity for construction of an equal amount of mill capacity in other sections of the country, and the lowered value of flour mills and the necessity for building an equal amount of milling capacity at some other point in order to meet rate requirements. “In my :D?nmn. the finest thing that could happen at the present timé would be for all governmental bodies to permit business to adjust itself in some normal fashion over the next 10 years without any interference or hampering by legis- Iation.” Mr. Wakefleld apparently does not share the view of George M. Verity, American steel manufacturer, and many others that modification of ti-trust legislation in certain particulars is badly needed to give business more breathing space than it has at present. Automobile Registrations. Z Passen; automoblie registrations the 'Jn]l'ce; States declined 23.31 per cent during the first six months of 1930 in comparison with the first six months of 1929—2,156.114 car registra- tions as 1,653,605 this year. Only 3 out of 30 car manufacturers show an increase, and two of these are relatively small producers. One make of auto which last year ywed registrations of 112,000 for the first six months, showed only 13000 this year. Another 3 last year, had onlyloothu yur Anolher one had 127,000 registrations for last year as against 44,000 this year. i ‘The total output of automobiles in | the United States and Canada in 1929 amounted to 5.622,000 cars. ‘What will the output be for 19302 “Probably 3,840.000,” thinks the Brookmire Economic Service. | “Not before the second quarter ol next year will a satisfactory operating | Jevel be attained. Th“ wl.lll mean lfl;::l earnings for practically all compan! Mehs for some, more dividend cuts and probably some failures between now I-M the middle of 1931,” says this, Whll about the future of the used | ur? It is becoming more and more to the dealers, where the e car manu! rers “orced to ite more closely with n meeting this problem cludes, “the margins of on new car sales on account of g increasing cost of handling trade- | Air Rates. The Interstate Cunl'rllefl.’e mcmmu- sion has not yet seen fit to over rate- of air-travel routes. Air- travel executives are watching every move to e the br:ge ff.hll 'fll -mn the greatest number of passen- mam-tmusm:h«. In m cases the service is unusual- good. During the last 12 months constant reductions of passenger fares throughout the country has caused a great jon in air-travel . On some airways—such as the one from Miami to Havana—the big tri-motor planes are usually run- to capacit; m"?{fl' UD:::“I{[ cost will enable us to carry round-trip passengers between New York and Washington at less than the cost of railroad fares plus Pullmln, ‘while the single trip will be only slight. Jy greater than train fare” sags Paul Collins, chief of operations for the | New York-Philadelphia Airways Cor- poration, the company planning this new service. Farmers' Income. % O. E. Reed, Federal dairy expert, tell us that from July 1, lfl'l to July 1,| 12350000000 for " thes ""‘:é&‘;u'u"“‘:i 12 50 for eir wu pmdu “our | “This was two and a hll( times the | annual value of the cotton crop, two and a half times the beef and veal erop, | more than three times the wheat crop and more than two times the hog crop,’ said Mr. Reed. Dairy products are on the increase. Milk, butter, cheese and ice cream are included more and more in the standard diet of the American family. “The problem of nhlnl ‘the general level of quality of milk and cream at the point of production, the farm, is one that must be given more consider- ation,” Mr. Reed believes. “The objects of quality improvement are to incresse consumption and provide the consus with cli-n. ‘wholesome and nutritious dairy products.” The Southern States show the lowest r capita consumption, but this condi- En will not last long. For more money is being spent for modern, up-to-date | €dairy methods in the Southern States today than in any other section of the country. (Copyright. 1930, by Morth American News- et NEW SECURITIES I NEW YORK, September 22 (). — New securities offered today include: Public Service Co. of New Hampshire, $5,279,000 4, per cent first and refund- | ing mortgage gold bonds, due October | 1, 1957, priced to yleld 4.56 per cent, by | Tucker, Anthony & Co., Pirst National Old Colnny Corporation and Hill, Joiner cny of Jersey City, N. J., $3.884.000 4% per cent gold bonds, due October 1,'1931, to 1969, priced to yield 3 to' 4.05 per cent, by a syndicate headed by International Manhattan Co. City of Yonkers, N. Y., $1,800,000 3%%, | 4% and 5 per cent gold bonds, priced | to yield 260 to 390 per cent. by a| -ymfiuu headed by First National Applhehlsn Gas Corporation, 100,000 shares of §7 preferred stock, priced at | $100. by P. W. Chapman & Co., and | Reilly Brooks & Co. CHECK TOTAL GA]JB | By the Associated Press. M on lndlvlnu-l accounts cashed centers last week Efid:lp«un&.um with Jow the Federal X : $10,637,164,000; mw& H ‘week last year, $20,195, eorwn tion news Standard Btltlltifl Co Ine New York, T Alianee.) | 16 NEW YORK STOCK EXCHANGE Received by Privale Wire Direct to The Star Office. (Continued From Page 13.) SN st at ol St B ~Prev.1930~ Btock ai 28% Minn Moline Pow... 18 M StP & SSM 1sd (4). 108 Mo Kan & Texas (2). Mo Kan & Tex pf (7) Missouri Pacific. . ... Missouri Pae pf ¢ ) Monsanto Ch (g1 Montgom Ward (l) Moon Motors. Morrell & Co (4.40). . Mother Lode (20c) . Motor Meter G & Ei. Motor Products (2).. Motor Wheel (3).... Munsingwear (4 Murray (B)(2% stk) Nash Motors (4)_. Nash Chat & St L (5) Nat Acme (1%)..... Nat Bella Hess . Nat Biscuit (13.30).. 4 Nat Biscuit pf (7). .. 1 NatCash Reg A (14) i Nat Dairy (12) Nat Dept Store: Nat Distill Prod (1 Nat Lead 118). ... % Nat Steel (2)..... Nat Supply pf (7). Nat Surety (5). Natl Tea (1). Nevada Copper (1) on Steel (2) Central (8). ¥ Chi & StL (8). Y Ch & St L pf (6). \ Y & Harlem (5). Y Invest (1.20). N Y N H & Hart (). N Y Ont & Western. . N Y Railways pf. X ¥ Steam 1st pf (7 orf & Western (10) orth Am Aviation. . ¢ Nor Am (b10%stk). . No Ger Llovd (3.43). Northern Pacifie (5). Norwalk Tire & Rub. Ohlo Ol Co (2)... Ol Well Supply. . Ofl Well Sup pf (7) Oliver Farm kquip Oliv F Eq pf A (6). Oliv Farm Eq cv pf.. Oppenheim Col (3).. Orphenm Cir pf (8).. Otis Blevn (2%) Otis Steel (2%) . 4 Pacific Gas & El (2). Pacific Lighting (3). Pacific Mills Pacific Tel & Packard Motor (1) .. Pan-Am Petrolenm. . Pan-Am Petrol (B) Panhandie P & R Param'nt Publix (4 Park Utah Parmelee Tran (§0c Pathe Exchang Patino Mines. Penick & Ford (1). Penney (I C) (3) Penn Dixie Cem pf. Penna R R (4). People's Gas Ch (8) Pere Marquette (8 Pere Marq pr pf (5). 210, Petrol Corp (1%) Pet Milk (135) . Phelps Dodge (3) Fhila Co 6% »f (3) Phila Read C&1.... Philip Morris&Co(1) Phillips Petrol (n2). Pierce-Arrow (A). ierce Oil. . Pierce Oil pf. .. Pierce Petroleum Pillsbury Flour (2).. Pirelli Italy (a3.14) Poor & Co (B) (2). PRAm Tob A (3%). PR Am Tob (B).... Postal Tel & C pt (7) Prairie Oil & Gas (2) Prairie Pipe L' (15).. Pressed Steel Car . Pressed St Cpf (7).. Proct & Gamb (2.40). Prod & Refiners. PubSv NJ (340), Pub Sv N J pf (5) Pub 8v N J pf (6) Pub Sy N T pf(7). Pub Sv N J pf (8) Pullman Corp (4) Pure Oil (1%) Pure Oil pf (8 Purity Bakerl Radio Corp Radio pt A (334). Radio Corp (B) (5) Radio-Kaith-orpn 4. 571 Raybestos Man 2 60. Reading Rwy (4) Real Silk (5) 30 19 508 .130s 113 1 2 2 . 202 14 } 4 LD ST T AR wanSuimaXornle 2 » B LT [t Republic Steel (4 Republic Stee! pf (' Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3). Rhine W EI P (2.16). Richfield Oil (2). Rio Grande Oil (2). Ritter Dent Mf (13 Rossia Insur (2.20) Royal Dutch a3.2165. Safeway Stores (5).. Safeway Strs pf (7). St L-San Fran (3) .. 508 308 28 Schulte Retall 8t Segrave (1.20). Sears Roebuck $: Seneca Copper. vel Inc. Sharon StI Hoop (1). Sharp & Dohme. l!hnrp & Do pt (3% tuck (F G) (1% 31 Shell Tran (22.423) .1008 Shell Union Ofl..... 52 Shell Un Ol pf (5%) 6 Shubert Theaters. 9 Simmons Co. . 24 Simms Petrol (1.60). 16 Sinclair Con O11 ¢2). 119 Sinclair Ol pf (8). Skelly O11 (2) 4 nd Baies— Dividend Rate. Add 00. mm uw Close. ioms. sn 38 1 110h 26% so 37% Stand Of Starrett Sterling Stone & snlly Oil pf (6) . Solvay Am pr ww 6514 Sou P Ric Sug (1.40) Southern Cal Ed (2). Southern Pacifie (6). Southern Rwy (8)... Spang-Chalfant. .... Sparks Withing (1).. Spear & Co pt (7) % Spicer Mfxg. Splege)-May Stand Brands (1%).. Stand Brands pf (7). Stand Comm Tob .. dG&E(3%). d G & E pf (4) 4 G & E1 pf (6).. Stand Invest Corp. . Stand O of Cal (2% ). Stand Oil Exp pf (5). Drasek s Sale: idend Rate. A“c; llch‘ 6 lll 3 16% 57% 17 84 334 1of Kan (2) Stand Oil of N J (12) Stand Ofl N Y (1.60). (LS) (12%) Sec (A). Sterl Sec cv pf (3). Stewart- Warner (3). ebster (4). Studebaker Corp (3). Studebaker Co pf (7) 1008 Sun Ofl (11). Superior Oil. .. Superior Steel. Symington (A) ‘Tenn Cop & Ch (1) Texas PC&Ofl... Texas Corp (3).. Tex Gulf Sulph (4).. Texas Pac Land Tr. . Thatcher Mfg (1.60). ‘Thermoid Co. . 2 2 3 3 i 2 26 29 135 10 11 Third Avenue Third Nat Inv (2). Thompson Starrett. . Tide Wa ter As (60c) Tide Water As pf (§) Tide Wat Oll (pf (5). Timken et Ax (80c) Timken Roller (3). .. Und-Ell- Utd Gas Vadasco Wabash Western Western Wrigley 10:30 AM rates as 6 per 110% i Der cent in s Preferred stock. 26% Union Bag & Paper Union Carbide (2.60) Union Oil of Cal (12) Union Pacifie (10)... Union Pacific pf (4). Un Tank Car (1.60) Utd Afrcraft. ... Utd Piece Dye W (2) Utd Stores (A)...... U S Distributing. U 8 & For Secur. U 8 Freight (3). U S Ind Alcohol ("l) U S Leather. . 8 Leather (A). U S Leath prpf (7)., USPipe&F (2). U 8 Realty (5). Util Pow & Lt A (e2) \-n-amm Stl (t4) Car Chem. .. v. Car Chem Va El & Pow pt (‘r Vulcan Det (4). §hnh Payments based on the latest o sunis ot Arading tees ln.rln 100 shares, l":-u- X e--n or ver cent in noem x P ' Bubject o an “ontoval of stockholders. co Prod (21;) Cont Corp. ... .. 'ri-Cont Corp p% (6). Truax Traer (1.60).. Twin City R T pf (7). Ulen & Co (1.60) 108 1 10 4 152 Fischer (5). Utd Biscuit (1 60). Utd Carbon (2) Utd Cigar Store: Utd CigarStores pf.. Utd Corp (50¢). & 1Im (1.20). 120 a':.u?.usonu.un 35 2 582 6 Sales Corp. . . 2 160s Waldort B)'llm a%) Walworth Co (2) Ward Baking (A) Ward Baking (B) Warner Bros Pict. Warner Quinlan. Warren Bros (3). War Bros cv pf (3 Warren Fdy & P (2). Wess Oil & Snow (2). 58 O & 8n pt (4).. Penn EL A (7).. 204 st Penn Kl pf (6). 40s 240! 2 1 2 st Penn P pf (7). Western Dairy A (4) Western Dairy (B).. Western Md. .. Pacifie Pacific pr. Western Union (8 Westingh'se A B (2). Westing E& M (5).. West £ & M pt (5).. 3 577 308 wn Rock M 8 (14%). White Se Wilcox O1] & Ga Willys-Overland. vingMach. . X Wilson & Co (A) . .. Woolworth (2.40). ... Worthington Pump, (Wm) (4) 2% Yellow Truck. i Young S&T (B) stpd Youngs Spring (3). Zenith Radio. ... Sales of Stocks on New York Exchange 213,400 12:00 Noon. - 1162400 2:10 P.M. Siven in the above table are th % quarterly or half yearly declars. TPartly extra. 3Plws ¢ Plus per cent in_stock. Payable kS P tock. 3 per cent in us 3 per cent in stock. -rl'-":k s § per n stock. D Plus 50¢ cents 1n CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NI:W YORK, Sepmnbefr o2 —Th: is & summlry of importan o 'pared by the or the Associated Press: Weekly News Review. The past week witnessed further re- Prices. Guotations. o "the ‘sioek. e Quota on L ex- change reacted sharply. Our 90-stock index lost 5.9 points, or 3.5 per cent, in the six ummf sessions currently stands at the level of August 25 and ts under the September higl Bonds, with the exception of the tonlln section, continued to advance. The in. dex of 30 high-grade issues attained a new record high for the year on Satur- day. Weakness in the foreign division was largely confined to German obli- | gations, which were distu: by rumors of political unsettlement. Commodity prices were generally lower. Copper was reduced to 10}, cents a pound, the low- est level since 1897. statistical position of the industry, to- gether with the report that a number of the large companies have covered ad- vance requirements for a considerabie riod is belleved responsible for the test cut. Other important commodi- | ties to move lower vrre wheat, cotton, eom rubber, sugar, hides and ‘The llwer teil lhlrpl!, mblllh lnl & new low. Brokers’ Loans. m., be | lrmn‘louudurluthemm o thelflzuru that m-lunhmnnlnumy Resrve: Bowrd sives by m.m.m like ptdod . Total borrow- Inn m ll $3,222,000,000. Almh buying for the account of margin trad. ers has recently expanded somewhat, it of June .| cent a year ago. wholly responsible for this latest in- crease. During the period covered the quarterly income tax payments fell due; this, together with uhn, up of new is- sues. probably aceounts for a good part of the gain. The call money rate declined to 2 per cent, with funds plentiful outside the exchlnfe at 1% g; cent. Daily aver- age volume of Reserve bank credit outstanding declined to $1,008,- 000,000, a decrease of $21,000,000 from the preceding week and $436,000,000 under A& year ago. Principal chnnm in the combined statement of the 12 Federal Reserve banks were declines of $20,000,- 000 in holdings discounted bills, llfl, 000,000 in United States bonds and $22,- 000,000 in Treas notes. Holdings of bills bought in market lmr% $16,000,000, and Treasury certificaf and bills advanced $50,000,000. Latter included a $45,000,000 temporary Treas- ury certificate issued pending collection of quarterly tax payments. Rnerve ratio stood at 81.6 per cent, against 81. per cent in previous week and 73.8 pn tistics from trade and industry published during the week, on the whole, were disappointing. Operations in the steel lnflul!ry‘ v:re mufium';: At about 58 per cent of capacity, Necoraing. (5. the Tron” Ate. Reports accor n from nnx: various steel centers oflzrad little basis for expectation of any size- able advance from this level. Some buying of sheets has been noticeable from a few automobile and parts pro- ducers in preparation for new models. Tin plate manufacturers have also re- ceived supplemental orders following definite measurement of the drought damage. But for the great majority of 5:2" the Pd\ll :t;:‘tunr‘n has be:n !du.nher nd by dee current ordering. A factor in the situation sheet produ posted been almost completely lllnlnnhfl, lnd while little ldnnu to be during the o( the year, evidence is considerable that qum.luonl in general are close to bot- -wheluncm.uu-unm-u lflmfllfrfllflnluu‘nflhflll lustry ewise unfavorable. While it is expected that a mucflm and ediate future weeks, it is full normal slackness will be at close Mduu: to fs low 4, pec all bel ,000 units, or more than 30 per eent under record level o( 1920. Earnings for the indus- try have been drastically reduced from the high levels of both 1929 and un and for the full year 1930 it is doubttul that returns (excluding General Mo- tors) can equal 50 per cent of the in- come reported ceding years. Railroad freight car load: week ended September 6 declined 15.9 ber cent compared with like weeL of 1929, and were below any like period since 1922, Total of 856, 0!7 cars was 13 per cent smaller than in the vious week due mainly to Labor day oliday. Decerase, however, than_usual, Total car loa the first of the year were in a since 1922, the seven da; clined the Ja; moderate expansion in probable of the year. Domu'.h: and Ca- for the Rocky Mountains, for mont S beal current th of ness T cent daily rate In Augusf De .m.lkfi; :hp.t': cent below Sqnelnher 1929, rate. Based complete data for the month, ll. is apparent industrial pro- duction in August fell to the lowest level in the current recession. After correction for seasonal variation, our index of industrial activity stood at the lnwen. nt of any month since August, R‘tune from July was of ugust | today. Three & Foreign $2.73 common share in yesr to June 30, is|against $3.43 previous sales will be reported in | o 3 MIOI'IM $13,536,600 per | cial) BONDS ARE HEAVY:; GERMAN LIST WEAK Anxiety Over Political Situa- tion Causes Further Selling Pressure. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, -September 22.—Dom- inated by the lnxht.y over the foreign situation and influenced by the weak- ness in stocks, the bond market today was heavy for the investment descrip- tions and lower for the more specu- lative obligations. ‘The feature was the offerings of Ger- man and South American bonds. There was no fresh news of adverse import from Berlin, but German issues were pressed upon a market unwilling to re- celve them, except at concessions. Traders were made nervous by the rel- atively greater weakness in these Ger- ‘man ds in London. The New York market has always looked to London for guidance in these matters and it did not help sentiment here when the new German 515s sold at a larger dis- count from the “offering price abroad than they did here. New lows were made today in this market by the Gemnn 5128 and the German 7s. loss in the former could be pxplulmd partially by the fact that they had not been well placed, either on this side or in Great Britain but German 7s, the old Dawes plai bonds, sold down to 12, or under the call price. south Ameflcan issues were heavy in to the reports of disturbances ln chfle and in Uruguay. All the Chi- lean obligations were down a point or two and Uruguay 6s and Montivideo 6s were depressed. Some of the selling may have been for short account, but it had the same effect as if it had been real liquidation. Province of Santa Pe 7s was the weakest of the Argentine bonds, dropping over 3 points.. At 87 they equaled their previous 1930 low. Foreign corporate securitles went down with the government obligations, Iiseder Steel 6s being a case in point. A curi- ous exception to the trend was the Do- minican Rew 5%s of 1942, which advanced al rolnu from the previous sale on a ll‘\l string of trans- actions. Domestic bonds were irregular with, however, more declines than advances. Local tractions were supported for a time. In the raillroad list there was buying of Western Maryland 4s in suffi- clent volume to put the issue to a new high for the year. Nashville, Chatta- & St. Louls 4s also made a new high. Convertible bonds went down with their respective stocks, with International Telephone 41;s one of the most active. ing in the market as & whole was larger thln on Saturday. ‘Washin_gton Stock Exchanoe SALES. Washington Gas 6s “A"—3§1,000 at | Lanston Monotype—10 at 115,10 at 115, 5 at 115, % Drug Stores ptd.—10 at 101%. AFTER CALL. Capital Tracticu Co_.—3 at 61. ac Electric 5i5% pld. 108%, 10 at 108, 10 at 108 1081/, ‘Clplul Traction Co.—50 at 60. y Washington Gl.‘u 6s “B"—3$500 at 10614, 2,000 at 1067 W:ahl.nnnn RWy. & Blec. 45—$1,000 W i h].nlwn s 6s “B"—$500 at 106'3, $500 at 106%, $500 at 106)2, $500 at 106%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & Telgn. 4% .um Tel, & Telgn. ":h Aoo Saphtat 'r.‘;'-euun R R. eit's Suburban 55 lown Gas NATIONAL BANK. | capital 14 Columbia (13 Go ) Vethiheton (i TRUST COMPANY. jcan Sec. & Trust Co. (15). con“"rimnm st ¢ Wash. Loan & Trust ( BAVINGS BANK. Bank of Bethesda (81) . ity Com. Seventh Street g United States (30 Washington Meehanics ' { FIRE INSURANCE. American (13) Pir recorded TITLE INSURANCE. production for the year is ex- | golus Estate ( Title & Tv. G5, Wi, com: " umc!nunoum Barber & Ross. Inc ¢ Che ity oid. (1) %‘?(fi:v’.’lc:m @ - cor, in either of two pre. m e ‘ “" Ig‘hmn a5 Woodward & those l’ruk 4% 87 extra. wi—When lssued. NEW xoms PLAN BA]I'K NEW YORK, Se ber 22 (Spe- .—Opening of 180th industrial banking institution to bear the Morris Plan name was announced today by the Industrial Finance Corporation, coinci- dent with the formation of the Morris Plan Co. of Orange County at Ana- heim, Otuf.h‘l'}‘le Industrial Hnlnc; Corporation e parent. company of & number of large Morris Plan banks. Mon-h Plan banks and companies are now. opera In 148 cities in 33 States and the of Columbia, with total resources of more than $209,000,000. PARIS BOURSE PRICES. PARIS, September —Price changes were irregular on - t‘r‘: Bourse “r cent rvnteA 88 francs 85 mumu ive p-r cent loan, 101 h-nn Lon. dfln. 1u funn 78 o-:ume-. The 5 francs 47 cen- | Tokio 51 s°61 | MeCormaek [ovows o BONDS o s FINANCI Received by Private Wire Direct to The Star Ofice UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Lib3%s. Lib 1st 43w, Lib 4th 418 US3xs4T,, 1 101 58 102 5 204 1036 50 1021 101 108 FOREIGN. Sales. Argentine 5145 '62. Argentine May '61. Argentine 6s Ju '5: Argentine s Oc '59, Argentine 63 A '57. Argentine 6s B '58, Australia 4% = ‘58 Australia 55 '55. Australia s '57. Austria 78 "43. Bk of Chile 6% 8 '57 Rk of Chile 6% = "61 Batav Pet 415842, Belgium 6s* : Belzium 638 '49. . Belgium 7s '55. Belgium 7s 56 Belzium 8x 41 Bolivar 7s'58. Bolivia Ts ctfs'69. Bolivia 8s Bordeaux 6s 34 Brazil 6158 *26 Rrazil 614827 Brazil 7s, . Brazil $s°41.., Bremen 7s '35, Canada 58°31, Canada 5= 52, Chile 6 Chile s '61. Chin Gvt Ry 5 Colombia 6x Jan *61 Copenhag 4% =53, . Copenhag 5= '52 Czecho Rs 51, Czecho 98 '52. Dan Mun 8= B Denmark 43562 Denmark 511 ‘55 Denmark 6s *4; Duteh Fast I Nov Duteh Fast T 64 Dutch Kast T 6s'6 Flat 7s ex war '46. , Finland 7a'50. ... Fram 1D 71842 French 7s " French Gvt 7348 41 Gelsenkir Min 6s ‘34 German 515 s ‘65 German Bank 38 1024 4 1021 15 1021 9% 993 10814 i 120% «'i 26 . 563 12 German Terep ‘49, 183 Ger Gen Greek 6s Irish Free St s '60. Taly 78’51, Ttaly Pub Sv 7s '52. Japanese 514w 65, . Japanese 614 '54 Jugosl Bank 7s '57. 17845, .. 29 7 6 35 57 Kreug & Toll 5s '59.264 Lyons 6s'34. .. Marseille 6s ‘34, Mex 4 asstd 19 Mex 45 asstd 1910 Milan 6%s '52 Netherlands §s New So Wales 57 New So Wales ‘58 Nord 6% 50 Norway 5 63| Norway K15 s 65, Norwayv fs 42 Norway 6s 52 Orfent dev 534’58, Orient dev 65 '63. Parfs-Ly M fa'58. Paris-Ly M 7s '8 Paris-Or-51 68 Peru 640 Peru 6s'61 Pirelll 75 Poland 6 Poland 7: Poland 8’50, .. . Porto Alegre R« '61. Prague 714y Queeniand 6x 1., Queenland 7s 41, Rhine West 6y "5z, Rhine West 65’53, Rhine West 7a %50, Rin de Tan 6168 '53 R Gr De Sul 6s°68 P Gr De Sulfs 46 Rome 614x '52 Roy D 45 45 w Seine s '42 Serbs-Cr 8] 75 *6. Serbs-Cr-S] 8« '62 Swiss 514546, Swiss Confed 8540 Toho El Pow 6= '32, Toho Fl Pow 7s '55. Tokio 5 '52 Utd King 5% «"37, . Uruguay 6s'60. Vienna 6s'52. Warsaw 7s ‘58 Yokohamn 6s '61. 105% 1051 2 154 181 87 104% 834 R3Y 1061 1001 4 125% 93 80 8614 10215 103% 8614 9914 97y 95 935 105% 841 97% 105% 105% 15% 17% 8614 104% /3% /3% 106% 100% 4 10214 2 !l\i" 2% 991, 103% 104% 1021 925 991, 103y 105% 102% 89 104% 4 1001 108y 106% 1004 4 100 10 A1 2% 1055 87 % 98% MISCELLANEOUS. Abitib! P & P hx ‘53 Ab & St 51843 Adams Exp 484 Allegheny 5s '44 Alleghany 5s 49 Allis-Chalm 5 '37, Am Ag Ch Tt%s"41, AmTF P 51582030, . AmTGChbl%s4n. Am Int Cor 5% s *49 Am Metal 5148 '34. Am N Gas 6345 '42 Am S&R 18t 65 47 Am T&T cv 4148 Am T&T 58 *65 Am T&T e tr 5 *46 Am T&T 5s s f 60 Am T&T 5% 243 ., AmWrit Pap 6547, Arm & Co 4148 *39 Arm Del Flis 43 Asso Ofl 6536 At Gulf 595 '5. Bell Tel Pa 5 Beth St p m 5= ‘26 Bush T Bldg fs'§0. Cert-td deb 5% 5 *48 Chile Cop db 53 *47. Col G&F 5= May '52 Com Invest 51 %49 Com Invest s 48 ConG N Y 534845, C Am Sug col 8= 31, De Edison 5840, Det Fid rf 63 B '40. . Dodge Br col ‘40 Duquesne 414 x 6 Fast C Sug 7% Gen Cable 514847, . Gen Motors 6s'37. .7 Gen St Can 51 Gen Thea Fa Good 15t 618 Goody'r Rub 58 '57. Hoe & Co 615834, Humble 011 5 4 Hum O&R 51862, MBTIistpf6sA.. Inland Steel 414 s'78 Int Cement 5s'48 Int Hydro EI Int Mateh § IntT&T4%a'52. . Int T&T cv 474530 TNt T & TEa'55. ... Kan C P&L 5w A ‘52 Kan Gas&E 415 x 'R0 Laclede 51%s C53. . Lautaro Nit 6x Lig & Myers 7s Loew's 63 ex war Lorillard 5s '51 Lorillard 5% Lorillard 7a 44 T.ou G & F1 58 '52 Mont P db 5 A K Mor & Co 18t 4% Nat Dairy 514 8'48 NY EdbsB'44 N Y Ed 1st 6% NY ELH&P 5: Nor Am Nor Am Kd & NorOT & L. Nor 8t Pow fis A Nor St Fow 63 B 'ol PacG&EI6s'42 11 87% 101 92 a9 98 5 1024 1041 R9% 10614 9% PTE @ ~aZtnn ~3080aS nac 1054 961 105% 5% 104% 74 7 1231 122% 1234 100% 91 96 33 111 6 105 1 102y 110 1025 3 "N\i 104 104% 5 103y 11 85% 16 1007 1 1051} 710l 1 109 " 17 102 17 107 874 101 a1 9915 98 102y 104 100% 91 96 111 105 102 102 1 1001 105Y 141 1091 109% 102% 07 1025 102 102 90 998 10814 120% 125% 91 0% R6Y, 103 1081 864 291 7% 95 93 105% 84y 9% 105% 105% 15% 17% 8614 104% 104% 102% 928 9% 103% 100% 91 9 | | 106 102% 102 103% | 85% 100% 105% Sales. Wi Low. Close. 1 IOI.. 101 101 66 56 66 1 3 106 104% 106 31 1024 102% 102% 84 100 99% 99% 21 9% 9% 9T% 2 83% 83% 834 18 92 9% 9% PubSvG4i4s'67.., 1 1024 1021 102% PubSvG4%a°70.. 3 102% 102% 102% sA37. 11 97% 96 96 %E AT, 27 100 995 99N Richn'd O cal 68 44. 1 8§ 8§ SinclO6%s B 38.. 6 108% 108% 108% SinclOTsev A 7 104% 104% 104% 14 loaw 109% 102 2. Pos Tel & C 63 53, Skelly Ol1 535°39 SW Bell T 5 19 104% 104 104 6100 100 100 1 28 28 28 « 15 107% 107% 107% 28 108% 103 103 Tenn EI P 65 A "47 Tex Corp cv bs "4¢ 3 lM)K 100% 100% 20 83% 83 83 4 1024 102 102% Utll Pow 5% 8°47... 10 1% 901 91% Wn\worth 2 89 89 89 Wal 9% West EI deb 58 '44. . West Un Tel 55 51. West Un T 638 " '. Wh Sew Mch 2 40 40 40 Wil & Co 1st ln'u. 8 101% 101% 101% YouSt& T 6s'78... 22 104% 104 104% RAILROAD. Ann Arbor 4s '52 6 86K 86 86 Atchison adj 4s 6 98% 98N 93N Atchison gen 4s 24 9% 9T 9% Atchison ev 4% 10 128% 128 128 At & Danv 2d 45 8! 52 52 AtC L col 4s 52 94 94 96 96 1102 102 102 L1797 96w o7 21 101% 101 101 32 101% 101% 1014 5 104% 104'% 1043 11 110% 110% 110% 6 96k 96% 964 2 104% 104% 104% 2 891 9% 89% 2 102% 102% 102% . 4104 108% 104 BA& Tth Av ‘l"' - 8 9 9 b Bkiyn Man 62 '68...126 100% 100 100% Bkiyn Un El b 25 104% 104% 1048 Bkiyn Un 1st b5 '50. 6 93% 93% BR&PICAKS ST, 24 96% oo 954 Can Nat 434854 9% 99% Can Nat 43s 57, 991 993 Can Nat 4358 " 99 99% Can Nat 4%#'10 4 106 105% 106% Can Nat 58 Oct '65.. 19 105% 105% 105% Can Nor 6% s db 2118 118 118 Can Nor 7sdeh'40.. 3 1124 112 1124 105 21 105% 105 105 4 110 109% 110 PEWV és'il. '50 0 Bos & Me 65 1955, Bos & Me b5 67 ‘an Pacific 4% Car Clin & O 55 '38. 105 105 964 96% 96% 20 105% 105% 105% - 16 101 100% 100% 3101 101 101 9 101% 101 58. . :t 1;;% 9% 9% aee 4 10 1 (‘thlldrlu- l & fu 5 CB&Q 111 dv 45 "4 1 D‘I% Chhhlllllsn’ll 6 70% Ch Gr West 48'59.. 10 74y ChM&sStpP 2 86% 96% ChMStP&Pbs'5 12 1o 61 88 Ch M & St P ad) 6 i+ 96% 96% 100% 100% 88% 8RY% 40 53K 52% 52% 3 93% 931 93y - 25 99% 993 2 100% 100% 100% 1109 109 109 15 109% 109% 109% 6 941 'l'é MY - 11 99 94 1 1025 102% 102% 6106 105 105 <11 116 115% 115% 6 92 2% 921 66 101% 101% 101% 10 104% 1045 1045 9 110% 110 110% 2 lfll% 101 101% 994 9% 691 72 50% ShUnStabas.... Un Sta 634 63 . C& W Inders *53. CCC&StL 4% (B CCC&SL5sD % Clev Term 63872, Colo & Sou 4345 '35, Colo Sou 4% s '80. .. Con Ry 415 st "51. . Cuba R R b8 '52 Cuba RRrf 7448 ‘3§ Cuba Nor 534 42. Del & Hud rf 45 '“ Del & Hud cv 58 '35. D&RGren4s'36.. 25 Den& R G W 55 '55. 39 DRG& W st 5s'78. 1 96% 9634 2 1014 1004 1003 97U 96% 7% 9 92 It 895, 89% 87% 87% 843 95% 94% 2 112% 112% 112% 2 45% 45% 4By .18 30 30 xo 3 106% 106% 10 3 112y 112u nzu 10 1 9% 99% 14 um 1% 111% 5102 102 15 86% 85 % 8101 100% 101 70 101% 101% 101% 11 99 99 99 T4% 73y 4% 1% 58 573 58 am 2 dew 4 um, 103% ww. Erie con 4s A '53. Erie conv 4s (B). Er! Fla E Coast bs "74 Fonda J&G 4148 GrTrsfdb6s'se Gr Trunk 7s ‘40, Gr Nor 4% s '17 (E) Gr Nor gen 783 Hock Val 414 s 9! Hud & M ad)j 6: Hud & M rf 58 '57. I11 Cept 4% s '66 11 CCStL&N 415, Int Rap Tr b Int Rap Tr sta '66 Int Rap Tr 6s ‘32, Int Rap Tr 78 '32. Int & Gr Nor 5x 5| Int & Gr Nor 6s '52 . 3% 3% AL/ ECONOMY PROGRAM FOR U. . EXPECTED Decision to Retire More Than Billion of Public Debt In- dicates Retrenchment. BY J. C. ROYLE. Congress has been provided with pair of fish-hook pockets, but it awm:wnm:nmunu The latest move of the partment in announcing that a and & will be March has left in whqnult can put yh . 6 109% 109% 109% g of the puhllf. debt l«lllt the gt Department can retire within reason. Butflchumuneyknocmwwl-l Oonln- well appropriate 1. Conseque h ltlk:ny wmfln the mmuum ment. course, one thing that can be done uwlnmuethginme tax rate, m would bring in funds which could W appropriated, but whether it would be regarded as a wise political maneuver is another question which Congress must answer for itself. Senator Reed of Pennnylunh has de- clared that such a tax increase is ine vestors of America can be counted on to absorb the rclullmn( issues withous difficulty. These issues will be long-term "utufl" and will not - be [y It is obvious tha ment officials ew * lllxly vestment An offering of such size, heavy oversubscri) of recent 1 mn:, it 1s mol.l..ry" y s [y market will also since iy sound - ity such as thi ‘woul ‘The trend has uxud{ made Ilull apparent in some lines. insurance world, who control the h-vb est buying of securities of any individ- ual class, forecast a trend toward ferred stocks, especially those con into common at advantageous rates, | whereas the tendency heretofore in this line has been to bonds. In the cases where ‘this move has not gone there is a noticeable pn!mnee lor de- henturu convertible into stock. - Bank- ers recognize these as ercouraging in- dications. v + (Copyright, 1930.) Baltimore Markets Special Dispateh to The Star. IALTD(ORI Md., September 22.— Potatoes, white, 100 pounds, 75a2. hlnel 32“! 25; ';'let 100 200!500 c-rrou, 100, 2. mb 1.00a1.50, lll:. per, 1.00a1.50; lima beans, 1.00a1.50; lmuezes, (;folta lml. 3 lnnlper A jus ing s bushel, 50a1.75; canta 1.00; peaches, _bushel pears, bushel, 1.00a2.50, Dairy Market. nllve—ch.l&en to pound, 36a42; ladles, 2.!!0 rolls, 27a 28; process, 33a35; store packed, 23a24, Hay and Grain, .m'"x:”_zmv'v 2" Winter, 0. llrllekv September, 84%; October, 85 m Corn—No. 2 domestic, » mew, 1.08a1.09, Cob corn, 5.3545.50. Rye—Nearby, 65: . c:;.u‘?y:vmu No. z ‘new, 48a48%; No, y—Receipts, 76 tons. General ha; mrnt astrengthen! ' 22 88y 83\'. fiflu 85 2 6% G% W 2 9% 91N 9Ty 7 108% 102% 103% 8 94% 941 94y 4 B4M 84K Baw Int & G N ad 6s '52. Int RysC A 3 Towa Cent rf 4s '51. C FS&M 45 '36 Kan City Sou 58 '50. Kan City Ter 45 '60. Lake Shore 3% s '97 Liake Shore 48 °31.. 11 100% 100% 100% Leh Valev 452003. 6 93y . 100% 102 Leh Vev4les2003. 11 102 Long Isivtds 49... 7 95% 95% 9s% 9 98% 98 y8 L & N uni 45°40. Manh Ry 1st 48 2 Bd% 54! Man Ry 24 5 47 47“ f;* Mich Cent 4 5 102% 102% 102% MIlE Ry & L b8 2 108% 1021 1021 M StP&SSM eon 21 9% 91n 91y M StP&SSM 5s'38. 10 93% 93y 934 M SIP&SSM bsgud. 1 97% 981 981 M StP&SSM 6%s. . MK &T 15t 4590, MK&T4%s 78 MK & T ad) bs MK&TprinésA. Mo Pac gen 43 '75. . Mo Pacific 53 A "65. Mo Pacific 6 F '77, Mo Pacific 58 G 78, Mo Pacific 5 H '80. Mo Pac 5% scv 49, Mob & O gen 4s'38. Mob & Oh 414577, , NCh&StL4s'? Nat Ry M 438 '57, 2 101% 101% 101% 11 90% 90% 908 1 99% 99% o9y 2 101% 101% 101% 3 104% 104% 104% 95 821 82 824 5 1021 1021 102% 8 102% 1023 102% 12 104 10214 10234 3 1025 1024 102y 1 108 108 1084 10 4% s Sis S22 95 4% 94% 10 O 9 100 100 7104 o9 104 5 85% 85 85 1 100% 1004 100% 13. 11024 102% 1025 2013 64 109 108% 109 5., 1 107% 107% 107% 3 98 o1 98 3 107% 107% 107% 31021 1024 10214 21024 102% 102 Z 227222222722 Y NH&H 3% s ‘54. NY St Ry 4%5 62, NY S&W 15t bs " NY S&W gn bs NY W&B 43| Nort South b8 ‘41 Nor & Wn ev 4s 2% 92U 2% 56% 114% 102% 107 1 111% 111w 111K 6 1034, NIM. 1083 04 11 108% ve Wi 106% 103% 104 107% 1081 1064 108% 56% 6. 97 97 Nor Pacific 38 2047. Ql\é 70 Nor Pacific 4s°97. 2047, 12 lldVa Ill!«. llM‘ 5 9% MY % 2 98% 97T 98% 981 1 111% 111% 111% 10 110 109% 110 seriously curtailed nearby dnmo the ;nl;;;.nunmn. - tofore sl are now for ofe fers of hay. .‘:fld timothy new huy will bring from “Cl to 28.00 per ton, Wheat straw, No. 1, per ton, 9.008 1ooo~ oat straw, No. 1, per ton, 9.008 Recent tests in England have shown that soil is benefited and steril- 1zed by the application of heat. J & Port Ry L&P 68 °47. Por R LEP T%s 46 Rio Gr W 1st RIAT &L 4%s'34. St L Ir M'nt 631, StL IM R&G 4s'33. StL&SFin Sou Rwy 6% Term As St L 4 Un Pae 15t Union P Wi West Sh 1st 48 2361 ‘Wis Cen gn 4836, .