Evening Star Newspaper, September 24, 1930, Page 14

FINANCIAL SHORT-TERM BILLS | GIVE SMALL YIELD Banks Find Difficulty in Lending Money at Profit- ; able Interest. BY PRESTON S. KRECKER. NEW YORK, September 24.—Cumu- lative effects of the cheap money policy of the Federal Reserve Board have pre- cipitated something akin to demoraliza- tion in the short term money market. Banks are almost giving money away in | their anxiety to find employment for | surplus funds. Time money is lending at 2 to 23 per cent, according to maturity. Call! money is reported to have loaned as! cheaply as 1 per cent over the counter, while Federal Reserve funds, which are credited available to member banks only, were said to have been loaned at 'z of 1 pe: cent. One must hark back some 20 years to | match such rates in Wall Street. Until | this wesk money had held up to the level of 1924, but the market has brok- o !;m‘ouzh that to about the 1910 low evel. The Federal Reserve policy. of course, 1s not the sole reason for the fact that short term credits command the lowest interest rates in 20 years. The decline of approximately 15 per cent in com- | modity prices during the last 12 months has quite a bit to do with it. The de- | pression in_business also is partly re-| sponsible. Nor should net importations of upward of $200,000,000 gold since the | first of th> year be overlooked as a factor. A conservative estimate is that each dollar of monetary gold imported | into the country means a potential in- crease of $10 in bank credit. But, after all is said and done, the eh:ap money policy of the Federsl Re- serve Board, which has resulted in the injunction of nearly $450,000,000 of Re- serve funds into a market already 3lutted with money, is regarded by bank- ers as primarily responsible for the fact that they cannot command a better price for their short term funds. Some bankers think that money in Wail Street would yield 4 per cent, but for Reserve policy. It is an open secret that commercial bankers are far from pleased with the turn of affairs. Their business is lend- ing moncy and naturally they desire to obtain as large a return as they reason- ably can. From 11, to 2 per cent, with & maximum of 3 per cent, for commer- cial paper is not their idea of a fair price for the commodity they handle. (Copyright, 1930.) Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., September 24 — Potatoes, white, 100 pounds, 1.75a2.15; barrel, 2.25a3.25; sweet potatoes, barrel, 2.50a3.00; beans, ham 50a1.40; beets, 100, 2.00a5.00; cabbage, ton, 10.00a21.00; carrots, 100, 2.00a4.00; celery, crate, | 1.25a1.75; corn, dozen, 10a30; cucum- bers, hamper, 7521.00; lima beans, bushel, 1.00a1.50; lettuce, crate, 1.25a 150: peppers, hamper, 25a50; squash, | hamper, 50a65; tomatoes, hamper, 40a 1.10; packing ctock, bushel, 50a75; ap- ples, bushel, 50a1.75; cantaloupes, ham- per, 25a1.00; peac! bushel, 1.50a4.00; pears, bushel, 50a2.50. Dairy Market. Poultry, alive — Chickens, Springers, | d, 30027; Leghomns, 18a23; old 3a16; old roost- 17a26; Leghorns, 1 3 ers, 14a15; ducks, 13a18; Guinea fowl, each, 50265 Butter — Good to fancy creamery, pound, 36a42; ladles, 28a30; rolls. 27a28; | Process, 32a34; store pack>d, 23a23%%. Hay and Grain, ‘Wheat—No. 2 red Winter, export, 84'2; No. 2 red Winter, garlicky, spot, ! 81 September, 811:; October, 817%. Corn—No. 2 domestic, yellow, new, 1.07a1.08. Cob corn, 5.00a5.25. | Rye—Nearby, 60a70. Oats—White, No. 2, new, 47; No. 3, 4. Hay—Receipts, none. market strengthening. seriously curtailed nearby crops, chang- | ing the entire situation. Sections here- tofore shipping are now asking for of- fers of hay. Good clover mixed and timothy new hay will bring from 24.00 | to 28.00 per ton. Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. i, per ton, 9.00a 10.00. 1 Live Stock Market. Cattle—Receipts, 100 head; supply: market firm. Steers—Choice to prime. none: good to choice, 8.85 to 9.00; medium to good, | 6.50 to 7.75; fair to medium, 5.50 to 6.50; plain to fair, 5.00 to 5.50; com- | mon to plain, 4.50 to 5.00. ! Bulls—Choice to prime, none; good to_choice, 5.75 to 6.00; medium to good, 550 to 5.75; fair to medium, 5.00 to | light | , 4.00 to 4.50. i hoice to prime, none; good 5.00 to 5:50; medium to good, 5.00; fair to medium, 3.50 to to fair, 2.50 to 3.50; common 200 to 2.50. | rs—Choice to prime, none; good ice, 6.00 to 7.00; medium to good, to 6.00; fair to medium, 5.00 to .50; plain to fair, 4.50 to 5:00; com- mon to plain, 4.00 to 4.50. Fresh cows and Springers, 30.00 to| 80.00. Sheep and lambs—Receipts, 200 head; light supply market higher. Sheep, 1.00 to 3.50; lambs, 4.50 to 9.25. Calves—Receipts} 50 head: light sup- ply: market steady. Calves, 5.00 to 12.00. Hogs—Receipts, 600 head: light sup- ly: market lower. Lights, 10.00 to 0.60; heavies, 10.25 to 10.70; medium, 1025 to 10.70; roughs, 7.00 to 9 00: light pigs, 8.00 to 9.00; pigs, 9.25 to 9.75. | qd Washington Produce Butter — One-pound prints, 44a45; | tub. 43a44. Eggs — Hennery, 35a36; eeipts, 26a27. Poultry, alive—Spring chickens, larg 27a28; medium, 25a26; small, 25a2i Leghorns, 24a25: i small and medium, fowls, 15a16; roosters, keats, large, 50260; small, Home dressed—Spring chickens, large, 33a35; medium, 32a33; small, 30a32; fowls, large, 28a30; small and medium, 27a28; Leghorn fowls, 18a20; rooste: 18a20; ducks, 23a24; turkeys, 32a35. Meats, fresh killed—Beef, 19a20: veal, 18a22; lamb, 23a25; pork loins, fresh shoulders, current re- : lard, in bulk, 15; 1-pound! es, 16. | p‘f}:e'lwck—cflves. 6all; lambs, 7. Pruits—Cantaloupes, 1.00al1.25; hon- eyde 1.50a2.00; Persian melons, 2.00a 2.50; oranges, 6.50a8.50; lemons, 6.00: g grapefruit, 5.00; pears, Bartletts, 2.5023.00; Seckels, 2.00; grapes, Tokays, 1.50a1.75; Concords,, 45a60; Thompson, 1.50a1.7! apples, box stock, 2.50a3.00; pi 5.50; cranberries, 3 + Vegetables—Potatoes, 3.50: sweet po- kets, 1.00a1.50; lima beans, 1.00a1.50; s ns, 1.00; caulifiower, 2.50; kale, 1.00; spinach, 1.00; eggplant, 75; 'ppers, 1.00; carrots, cut-off, bushel 5.00; beets, per 100 bunches, 4.00a5.00; cucumbers, 1.25a1.50; broccol 2.00a -50; squash, 1.00; okra, Prev 1930— THE EVENING STAR, WASHINGTON, D. €, WEDNESDAY, SEPTEMBER 24, 1930. - NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Centinued From Page 13.) Stock and Sales— Add00. High. Low 8 54 ). ) 10 7% Middle States Oilct. 10 21% Midland Steel ¢3) . 2 84 Midland Steel pf (8). 2 103 MilElR & Lt pf (6). 10s 8% Minn Moline Pow... 20 327 Mo Kan & Texas (2). 57 ' Missouri Pacific. 161 Mohawk Carpet 35 Monsanto Ch (g13). 29% Montgom Ward (3).. 3% Moon Motor: 1 Mother Lode (20c). 3% Motor Meter G & El 3412 Motor Products (2) 20 Motor Wheel (3). Mullins Mtx. .. : Murray (B)(2% stk) 35% Myer (FE) & Br (2). 30 Nash Motors (4).. 94 N: Biscuit (13.30) at Biscuit pf (7)., at Cash Rez A (14) 7% NatE 124% Nat Lead (18). 1381, Nat Lead pf (A) (7). > Nat Pow & Lt (1), 3 Nat Radlator pf. 513 Nat Steel (2) 100% Nat Supply (5). 106 t Supply pf (7) 661 Nat Surety (5) 211 Natl Tea (1).. . vada Copper (1).. wport Co (A) (3). wton Steel (2).... Y Airbrake (3.60). N Y Central 8).. N Y & Harlem N Y N H& Har E N Y Ont & Western. . 2131 Norf & Western (10) 7l North Am Aviation.. 87t Nor Am (b10%stk).. 184 51 North Amerof (3)... 4 106% North Am Ed pf (6).. 6 66% Northern Pacifie (5). 11 42 Northwest Tel (3)... 10s 291 Ohlo Ofl Co (2). 9% Oil Well Supply. . 86 Oil Well Sup pf (7 812 Oliver Farm Equip.. 63 OMNv F EqpfA (6) 14 Oliver Farm Eq cv 2% Omnibus Corp. . 63 Orpheum Cir pf ( 55 OtisElevn (213) 118% Otis Elev pf (6), 24% Otis Steel (235) 43 OwenslllGlass(3).. 2 5215 Pacific Gas& El (2). 25 71% Pacific Lighting (3). 25 130 Pacific Tel & Tel (7).610s 116% Pac Tel & Tel pf (6). 10a 12 Packard Motor (1).. 138 51% Pan-Am Petroleum.. 1 501; Pan-Am Petrol (B), 50 4'x Panhandle P & R 485 Param'nt Publix 10%: Park & Tilford 1% ParkUtah. .. 6 Parmelee Tran ( 2% Pathe Exchange. ... 5 Pathe Cxchange (A). 14 Patino Mines : 4 Peerless Motor Car. . 26% Penick & Ford (1)... 48 Penney (JC) (3) .. 614 Penn Dixie Cement. . 697 Penna RR (4)...... 230 People’s Gas Ch (8). 95 Pere Marq pf (5).... 94% Pere Marq pr pf 175 Pet Milk (1%) 161 Petrol Corp (1% 29': Phelps Dodge (3). 11% Phila Read C& I.. 8t Philip Morris&Co(1) 29% Phillips Petrol (n2). 19 Pierce-Arrow (A). .. 68 Pierce-Arrow pf (6), 1 Pierce Ol 21 Plerce Petroleum. 27 Pillsbury Flour (2).. 39% Pirelli Italy (a3.14). 20% Poor & Co (B) (2)... 21 PRAmTobA (3%), 7% PR Am Tob (B).... 81 Postal Tel & C pf (7) 321 Prairie Ofl & Gas (2) 41% Prairie Pipe L.(15).. 615 Pressed Steel Car 50 Pressed St C pf (7). 52% Proct & Gamb (2.40). 6 Prod & Refiners. ..., 81% PubSv N J (340), . 91% PubSv NJpf (5). 106% PubSv N J pf (6). 62 Pullman Corp (4)... 18% PureOil (1%). 109% Pure Oil pf (8)...... 1 52 Purity Bakeries (4). 321; Radlo Corp Radio pf A (3%) Kadio Corp (B) (5).. Radio-Keith-Orph A.1070 Raybestos Man 2 60 Reading Rwy (4). 34% Real Silk (5) . 87% Real Silk Hos pf (7). 208 23 Rem Rand (1.60 37 81 Reo Motor Ca 28% Republic Steel...... 781 Republic Steel pf (6) 21% Reynolds Metals (2). 45% Reynolds Tob B (3). 14% Richfield Oil (2) 12% Rio Grande Oil (2).. 27% Rossia Insur (2,20).. 45% Royal Dutch a3.2165. 57% Safeway Stores (5).. 87 Safeway pf (6). 16 Savage Arms (2)... 331 St Joseph Lead (13). 84% St L-San Fran (8)... 92 St L-San Fran pt (6). 85 St L Southwn pf (5), 4% Schulte Retall Str; 4% Seaboard Alr Line 77 Segrave (1.20)...... 56 Sears Roebuck 12%. 7 Second Natl Inv. 1% Seneca Copper. 5% Servel Inc. 16% Sharp & Dohme. 311 Shattuck(FG) (1 40 131 Shell Union Ofl. 8% Shubert Theater: 49 B5) 25 25 Prev Close. 5. ~Prev.1930~ High. Low. 21 18 83 1 95% Stock and Dividend Rate. Simmons Co........ Simms Petrol (1.60). 19% Sinclair Con Oil (2). 26'5 Skelly O (2)....... Skelly Oil pf (6) 2415 Sloss Sheffield Steel a1y Sales— Add 00. High. 7 31 174 4 Sou P Ric Sug (1.40) 52% 3 Southern Cal Ed (2). Sou Dairies (B) Southern Pacific (6). Southern Rwy (8)... Spang-Chal pt (6) Sparks Withing (1). Spear & Co pf (7). Spiegel-May-Stern. . Stand Brands (1%). Stand Comm Tob. ... Stand G & E (3%) % Stand G & E pf (4) Stand G & El pf (1 Stand Invest Corp 4 Stand O of Ca Stand 011 Exp pf 2% 5). 4 Stand Ofl of Kan (2) Stand Oil of N J (t2) Stand Ol N Y (1.60). S) (12%) Sterling Sec (A).... Sterl Sec cv pf (3)... 9% Stewart-Warner (2). % Stone & Webster (4). Studebaker Corp (3). Submarine Boat. Sun Ol (11). 102 38 ;‘1 8lg 15% 10% 50 Sun Ofl pf (6 Superheater (1. Superior O1l. ..... Superior Steel. . Sweets of Amer (1). Telautog C (11.35) Tenn Cop & Ch (1) Texas Corp (3)...... Tex Gulf Sulph (4).. Texas PC&Oil..... Texas Pac Land Tr.. Texas & Pacific (5).. ‘Thatcher Mfg (1.60) Thermotd Co & Third Avenue. Third Nat Inv (2)... Thompson Starrett. . P EETS PP P- =T o Tide Water As (60c) Timken Det Ax (80c) Timken Roller (3)... Tobacco Products. Tob Prod (A) (80¢).. Transamerica (1)... Transue &W (1)...., Trico Prod (2%) ., Tri-Cont Corp....... Tri-Cont Corp pf (6). Twin City R Tr (§4). Ulen & Co (1.60) Und-Ell-Fischer (5) . Union Bag & Paper. . Union Carbide .60) Union Oil of Cal (32) Unlon Pacific (10)... jon Pacific pt (4). Un Tank Car (1.60).. Utd Afrcraft, .. Utd Aircraft pf (3).. Utd Biscuit (1 60)... 4 Utd Carbon (2) Utd Cigar Store; Utd Cigar Stores 4 Utd Corp (50¢). . Utd Corp pf (3). Utd Dyewood pf (7). Utd Elecuic Coal. .., Utd Fruit (4)....... % Utd Gas & Im (1.20). Utd Gas & Im pt (5). Utd Piece Dye W (2) & Utd Stores (A)...... Utd Stores pf (23%).. U S Distributing U S & For Secur..... 9 US Ind Alcohol (17) % U S Leather (A). USPipe & F (2) U S Realty (5) U S Steel (7). U S Steel pf (7). . U S Tobaceo pf (7).. Univ Pipe & Rad Util Pow & Lt A (e2) 2 42 Vadasco Sales Corp. . vanadium Stl (t4) Va-Car Chem........ Va-Car Chem 6% pf Vulcan Det (4) Wabash..... Waldorf Systm (1) Walworth Co (2). 21% 4% 2414 361y 107x 401 16% 50 23% 41, 2 104% 9 18% 16% 38 150% 365 124% 126 27% 36 4% 27 bl 3 T 515 674 670 a8 12% 32u 5% We W 10:30 A.M. 1:30 P.M. Ward Baking (A). Ward Baking (B), Warner Bros Plet. War Br P pf (2.20) Warner Quinlan. . Warren Bros (3) Warren Bros 1st War Bros cv pf (3) Warren Fdy & P (2). Webster-Eisenlohr. . West Penn Pw pf (6) Western Dairy (B).. Western Md. . Western Pacific. Western Pacific p! Western Unfon (8) Westing e A B (2), sting B & M (5) st E & M pt (5) Dividend rates cash tons. given payments based on the lalest White Motors (2).... Wh Rock M S (1414). White SewingMach. . Wilcox Rich A (2%) Willys-Overland Wilson & Co. Wilson & Co . . Woolworth (2.40). ... Worthington Pump. . Wrigley (Wm) (4) Yale & Towne (2)... Yellow Truck. . Youngs Spring (3).. Zenith Radio. . Sales of Stocks on T0% 39 174 37% 6% New York Exchang 216,500 12:00 Noon . 868,800 2,727 100 in th 8Unit of trading less than 100 share p. per cent in- stock. & Paid this year—no when earned stock g Plus 6 14% i preferred stock. e Payable in per cent in_stock. JPlus 8 per cent in stock. k Pl er cent in stock n Plus 8 per cent In stock T Bubject to epproval of stockholders. §Payable In scrij ock. ' d Payable Der cent in 2 per cent In stock lus 3 per cent in_stock. m Plus i D Plus 50¢ cents in ar cash ‘Carr Special Dispatch to The Star. | NEW YORK. September 24.—Secre- tary Hyde's attacks on Soviet wheat operations on 1l | Trade are hard to explain, unless based | “short selling”? ; on political and not economic considera- | since the Board of Trade was estab- | When Secretary Hyde called Chicago Board of Trade | tions, 3 ‘Wheat sold last January for $1.38 a|upon and has steadily dropped to|authorities to make provision “for the 80 cents and under, in spite of all the | protection of our American farmers bushel. 'LARGE VISIBLE WHEAT SUPPLY HELD CAUSE OF LOW PRICES y-Over Expectéd to Be Greater Than in 1929 on Account of Smaller Exports. BY JOHN F. SINCLAIR. | the Chicago Board of | lished. buying the Federal Farm Board did to| from boister up the price. Secretary Hyde's | known condemnation of | always the such activity” such that gone on, two and one-half million bushels & day for three days, to depress the market—Iless than 5 per | cent of the total sales? | But why all the discussion about It has existed ever ‘Was that enough he operations pit apparently rests on the fact that|in France, England and Canada, the Russians sold “short” seven and | one-half millions or more bushels of | wheat to the United States and thus wheat, and so seriously depressed wheat | prices in the United States, | Somebody must be wrong. E. Y. Belitsky, treasurer of the All-Russian Textile Syndicate, has stated that only on Sep- tember 9, 10 and 11 were such opera- tions carried on. Furthermore, he said he ludrgiven the United States Depart- ment of Agri 1.00a2.00; | jt asked, told it exactly the nature of apples, 5.008 the Soviet “hedging” operations, named damsons, 1258 ' the brokers through whom the sales had been made, and offered to give the Government all other information deal- tatoes, 3.50a3.75; tomatoes, 2-peck bas- ing with the matter. | baskets, about 60,000,000. i are correct, thel Let’s analyze it a litte. ‘The Chicago Board of Trade is the ts, 1.00; per 100 bunches, 4.00a | largest grain market in the world. ohsg often vice president and culture all the information illegal. Capacity of Market. It had wheat sales of 100,000, bushels day. The average is If the Soviet figures sales e . does =mot. Granting that Russia cannot ship has no intention of delivering Russian wheat on these commitments thus sold, she can sell her wheat in England or | Italy or France or to some other Euro- | pean nation. Is it unreasonable to suppose that she might not find it profitable to “hedge” stocks of wheat on hand in anticipation of such sales in other countiies? often been done before in even larger volume than the present. “Hedging” has never been considered Few buyers of raw materials are willing to take a chance. has been a vital part of the business system since the open market became a factor in the buying and selling of commodities. 8o the Secretary's refer- ence to “hedging sales” is without point and meaningless. For example, take the miller, who buys millions of bushels of wheat a year to grind into flour. averaged about & chance? Does he He must have have not by the Soviet the Soviet's operations in the Chicago | groups alone, but by powerful operators “Hedging" It's always “hedged” his operations by sell- ing short as many bushels of wheat as he has bought for grinding into flour to protect himself against loss in his milling operations if the price of wheat and flour should drop. No, the selling of a few million bushels of wheat by the Soviet govern- ment or any corporation or individual in any part of the world on the Chi- cago Board of Trade is not the major reason for the drop in prices. The visible supply of United States wheat today stands at 202,620,000 bushels—the largest on record. Broom- hall, British wheat authority, has esti- mated that the United States wheat ex- ports this yéar will not equal the 156,- 000,000 bushels exported last year, and as the crop is a little larger the carry- over will be considerably more. a “bear” factor of large importance. There are others far more important than the Soviet's operations. On the other hand, if the suggestion of the Federal Farm Board is followed in a large way by the dairy farmers, and wheat instead of corn is fed to live stock, the situation may be brought Northern and Oregon-Washington R. R. & Navigation make application to I. C. C. for authority to acquire and oper- ate 25 miles Longview, Portland & Northern Ry. from Longview to Vader Junction, Wash Plerce Arrow Motor Car president esti- mates net profit for first nine months at Sl.«'igg.ooo against $2,456,673 in 1929 T Public Service Electric & Gas reduces gas rates to large users. Radio Corporation of America report- ed Camden plants making 4,600 sets daily, will attain capacity output of 9,000 sets in few weeks with pay roll 25,000 employes. Republic Stamping & Enameling first quarter earnings in excess dividend re- quirements; rations slightly below year ago, but above 1928 period. St. Louis-San Francisco Railway August surplus after charges off 54 rm cent; eight months, 41 per cent below year ago. Southern Railway Federated Crafts, kmen of road, take bas representing 8,000 worl of That's | M NCIAL.) FOREIGN BOND LIST | [~ == x BONDS 7o s Received by Privs UNITED STATES. SUGHTLY FRNER Senior Issues, Including Ger- man Group,'Show Gains in Brisk Trading. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, September 24.—Though the selling of many foreign dollar issues was kept up in volume on the bond market today, Wall Street generally was convinced that the “blue ruin” cry that featured the liquidation of Monday and o | Tuesday here and abroad had been much overdone. As a result senior foreign bonds made some recovery, with German Government 5'5s up 11, points, German Reparations 7s up 7y, Austrian 7s up % and Cologne 6!55 up 19; points. Money rates were unchanged, with 90-day money going at 2%, to 215 per cent and showing little disposition to move. Supplies were adequate. Trad- ing was heavy in the first two hours and then quieted somewhat, though the lplcel ran along on about a $10,000,000 evel. Prime domestic issues moved to new highs as overseas buying came into the local market. Generally speaking the foreign de- partment was bolstered by professional speculators who realized that the cur- rent selling had something of unfound- ed fear behind it and must dry up when the dire events predicted for Ger- many as a result of her elections, for South America as a result of political unrest, for Australia because of her over-extended fiscal position, and for other parts of the world as a result of business depression, prove to be too darkly drawn. Issues that still showed weakness were Brazil 8s, off over a point; Poland 8s, Berlin 6'5s and Jugoslav Mortgage Bank 7s, but there were moderate advances in Sao Paulo 7s, Peru 6s, Japanese 615s, Royal Dutch 4s, Lyons 6s, French and 7';s, Denmark 4)5s, Oriental De- velopment 51;s, Italy 7s, Rome 6%s and Gelsenkirchen 6s. In the domestic section activity was largely confined to the high grade group. ‘There was active purchasing of United States Government obligations at slight- ly higher prices. There were gains in Union Pacific first 4s, Northern Pacific 4s, Chicago, Burlington & Quincy 4s, Inland Steel 4!3s, Standard Oil of New Jersey 5s, Duquesne Light 4’5s, Laclede Gas C 5!.s and National Dairy Products 51is. Convertibles were largely un- changed. Baltimore & Ohio convertible 4!5s were active and a shade better. International Telephone & Telegraph convertible 4'>s went to a new low. Junior rails and semi-speculative indus- trials moved narrowly in dull trading. Washington Siock Exchange SALES. Wash. Gas 6s A—$1,000 at 103!, $500 at 1027%. Cap. Tract. 55—$1,000 at 931, $5,500 at 93 Cap. Tract. Co—10 at 60, 10 at 60, 30 at 60. Pot. Elec. 515% pfd.—5 at 108%. Dist. Nat. Bank—10 at 211. Wash. Loan & Tr. Co.—4 at 475, Fed.-Amer. Co. com.—10 at 31%5. Mergenthaler Linotype—10 at 95, 10 at 943, 10 at 94%. AFTER CALL. Pot. Elec. cons. 55—8$2,000 at 103. Wash. Gas 55—8$1,000 at 104%, $2,000 at 1043, $500 at 10455, Pot. Elec. 5'2% pid.—10 at 10814, 10 at 108%, 5 at 108%. Fed.-Amer, Co. com.—10 at 313, Pot. Elec. 6% pfd.—10 at 111's, 5 at 11105, Merch. Bk. & Tr. Co.—10 at 11215. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid, Asked. Tel. & Telga 4'as :g . 10114 Tel. & Telga. 4'as 15t Tel & Tel. ctl. tr. 5. & 55. Amer. Amer. Am, A Georgetown Potomac Elec. c Potomac_ Elec. 6s Wash., Alex. & M Wash., Balt. & Washinglon G Wash. Gas 6 PUBLIC UTILITY. & Telga. (9) raction Co. ¢ . & Elec. com_(T) Rwy. & EL pfd (5). NATIONAL BANK. Gapital (14) Columbia (12) Commercial District (8) 3 . Federal-American (10) Liberty (75) Lincoln (12) Metropolitan Riggs (15).. Second (9e) Washington (i3) TRUST COMPANY. . & Trust Co. (15). 388 Sominemar Truet 81 Pt @) & Trust (121).... 545 s Bank & Trust . Union Trust (88) .............. 360 Wash Loan & Trusi (i4). SAVINGS BANK. Bank of Bethesda (88) . Commerce & Savings (10). East Washington (12)..... 0 Potomac Savings Bank (10} 5 Security Savings & Com. (17).. Seventh Street (12). 315 United States (30)."." . Washington Mechanics (30). FIRE INSURANCE. American (12) TITLE INSURANCE. Columbia (6h) Real Estate (6) Barber & Ross, Inc., com.. Chevy Chase Dairy pfd. (7) Col. Medical Bidg. Corp.. gol, Sand & Grav. ptd. (1) Fed.-Am. Co. ptd. (6) Lanston Monotype (8 N nv. pfd. . Peoples Stores pfd (814 Real Est. M. & G. pfd (8).. Security ‘Storage (4e).. . Ter. Ref. & Wh. Corp, (Sales are in $1.000.) Bales. High. Low Lib3%s..... 112 101 Libist43s.. 23 1026 Lib 4th 4%s. 282 1036 US3 103 18 11222 FOREIGN. Sales. High. Argentine 58°45... 17 90 Argentine May '61. 2 9674 Argentine 6s Ju'59. 15 96% Argentine 6s Oc'59. 3 96% Argentine 6s A '57. 9718 Argentine 6s B'58.. 19 97% Australia 4%s ‘56 Australia 68’55 Australia 5s '57.. Austria7s"43 Bk of Chile 6158 57 Bk of Chile 6% s '61 Batav Pet 4158 '42 Belgium 6s " Belgium 615 12 103% 93 96% 94% 105 108% Belzium Bolivar 7s ‘58 8 Bollvia s ctfs'69. . Bolivia 8s'45. Bordeaux 6s '34 Brazil 614826, Rrazil 615827, Brazil 7s. Rrazil 8s 41 Bremen 75 '35 Canada 58’31, Canada 5s '52. Chile 6s°60. Chile fs 'a1. Chile 7¢ . Chin Gvt Ry 5s'51. Colombia_6s Jan '61 Con Pow Japan 7s. . Copenhagz 4= '53 Copenhax 5= ‘62 Czecho Rs * Czecho 9s Dan Mun Rs A 46 Dan Mun 8= B "46. .. Denmark 414562, . Denmark G148 '55 Dutch East T Mar Dutch East T 6s *4 Dutch East I 6s°6 Fiat 75 ex war '48 Finland 514 = '58 Finland 7s '50 » The Carpel Corp. (1.50) Wi i Northern Pacific Raflway with Great | B,500K % extra. dEX right wi—When issued. ella%e ext . U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness September 22 was $334848,283.38. Customs receipts for the month to date ‘were $26,671,270.03. Total ordinary ex- penditures, $10,914,638.48. common dividend to 15 cents; pald 25 cants previously. Standard Oll Indiana share exchange offer to Pan-American Petroleum & Transport of 6 shares latter for 7 shares Standard to be received from October 1 to November. 15. Standard Oil New Jersey reduces price, gasoline 2 cents gallon through- out territory: kerosene also was cut 2 cents in of territory but West Vi Stinson Aircraft advances price, four place cabin monoplane to $5,995 from $5.975 and of otor transport to $25,900 from Fram I D 7%, French 7s ‘4 i 8 French Gvt 7%s°41 89 Gelsenkir Min s34 German G165 German Rank 6: German Taren *49, 195 Ger Gen F17s45... 19 Greek 6s'63 Halt! 6= % Hungary 71 Ttaly 751, .. Ttaly Pub Sv 7s ‘52, Japanese 4= ‘31 Japanese 514 Japanese 615% °54. . Jugosl Bank 7s ‘57, Karstadt 6243 ... Kreug & Toll bs 59 Lyons 6s 34 Marseille 65 ‘34 Mex 4nasstd 1804, . Mex 4= asstd 1910 Milan 638’52 Netherlands 6 RonSu nendBum mmulan~ 100 30 1025 50 1023 1023 101 1025 4 1035 1023 19 11219 Low Close. 881 90 967 967 96% 9674 96% 96% 9% 9TH 96% 9674 % 1% 87 87 R5 85Y% 103% 103% b3 9614 110% 4 1085 108 9414 & 100% 104% 8314 v 105% Norway 51 65, Norway 6s 43 Norway 6s 52 Orfent dev 5% ‘58 Orlent dev 6s '53. Paris-Ly M 6858, Paris-Ty M 7s 58 . Paris-Or-51;'68 Peru s '40. Peru fs 61 Peru 7s* Poland 7s*47. Poland 8s '50. Queenland 6s*47... Rhinelbe 7546 ww. Rhine West 6s “52. Rhine West 6353, Rio dé Tan 614s 53, Rio de Jan 8 "46. R Gr De Sul 6868 R Gr De Sulss 46 Rome 61552, , Roy D 45 *45 ww. Sao Panlo 8s '50 SRouavNa ~ B n? 1 8% 62 Shinyetsn §14x 52, Soissons fs * Sweden 5155 Swiss 5148 4 . Swiss Confed 8s *40 Toho I Pow 6s *32, Toho El Pow 7s '55. Tokio 5s '52 Tokio 51561, Utd King 6% 837 . Utd SS Copen 6s'37 Uruguay 6s'60 Uruguay 8846 Vienna 6s ‘52 Warsaw 7s ‘58 Yokohama 6s 61 ) w3 8N vnaaaRnma = 5 12 15 4 98% 1004 1024 5 104% 1021 928 99 4 102% 4 105 4 1024 4| Ch & NW con 4%s. 106% 1004 98% MISCELLANEOUS, 878 AbItibI P& P58 ‘53 18 . 1% Adams Exp 4s'48.. 24 Allegheny 5s Alleghany §s 49 Am Ag Ch 7% Am Chain 6s ‘33, Am F P 5182030, AmIGCh 5849, Am Int Cor 5148 *49 Am Metal 51s ‘34 Am N Gas 6148 42 Am S&R 1st 58 *47 Am T&T cv 4245'39. Am T&T 68 °65. . vy Am T&T e tr 63 46, Am T&T 68 s f 60, Am T&T 5%s43. .. AmWrit Pap 6847, Arm & Co 4%s"39, Arm Del 58 '43 Asso Of) 6835, , . At Gulf 59s At Ret deb bs ‘37 Bell Tel Pa 65 B '48. Bell Tel Pa 65 C '60. Beth St p m 5s '36. . Beth St rf 5s 42 Bk Ed &n A 5 A Bush T Bldg 6s '60. Cert-td deb 53 s *48 Chile Cop db 55 *47, Colon Ol 65°38. .. . Col G&E bs May ‘63 Com Invest 5% 849 Com Invest 6s '48 C C Md 1st rf 58 ‘50, ConG N Y 53845, Consum Pow 6s 62. C Am Sug col 8s '31, De Edison 5s 4 Det Ed rf 65 Dodge Br col Duquesne 4% s '67., East CSug 7%s'37, Fisk Rub 8s°41...., Gen Cable 635847, Gen Motors 6s'37. . Gen Thea Eq 65 '40. Good 18t 63847, ., Goody'r Rub 68 ‘57, Hum O&R 5% s °62. NIBTI1stpfos A, 111 Steel 4% 5 '40. Inland Steel 41;5'78 Int Cement 5s'48. Int Hydro EI 65 *44. Int Match 68’47, In M M col tr 65 Int Pap 53 A 47 s 6| 63 % Int T&T cv 418 Int T & T 63°55. Kan C P&L 58 A Lac G St L 5s ‘34 Laclede 51,8 C 6; ) Lorillard b3 *51. Man 8 1st 7158 '42 McCormack 6s ‘34 &0 874 1% 99 98 % 104% 1081 53 2% 4« 97 103% 935, 105% 924 102% 105% 101% 954 1054 105% 95% 95% 1021 10214 104% 104% 1041 104% 18 123% 128w i1 17 100% 106% 90 90 4 «u % 10214 10214 1024 102%° NY Cl“fi’ Direct to The Star Office High. 8 104% 33 104% 85% Low. Close. 104% 104% 104 104 85% 86% 100% 1007 20% 20% 105% 105'% 114% 114% 102% 102% 107 107 111% 111% 104 104% 106% 107 103% 108% 8 105% 105 105% 1 _102%_103% 27106%7106% 106} 5 104% 104%104% 6 101 _100%7101_ 2 106 1105 6 102% 102%°102% » 98Y% 99% 9T 9% 106 106 83 83 17 91% 90% 90N 9 B9 89% BN 2 102% 102' 102'% Pub SvG 4%s'70 11 102% 102'% 102 Rem R'A6%s A7, 31 99% 99 99% Richfi'd Ocal 6s'44. 3 85's 854 85% SinclO6%sB'38.. 5 103% 103% 103% Sincl O 7Tscv A '37.. 25 104% 104% 104% Sincl Cr O 6358 °38.. 28 102% 102 1024 Sinclair P L 58 °42.. 34 102% 102% 102% Skelly Oil 5%8°39.. 47 967 96% 96%4 1. 8 106% 105 105% . 1106 106 106 .. 16 104% 104% 104% StOIIN Y 4%s°51.. 11 100 100 100 Tenn Cop 6s B'44.. 34 101% 101 101% Tenn KI P 68 A *47.. 12 107% 107% 107% Tex Corpev 68’44, 122 103 102% 102% Trans Oi1 6%s°38.. 5 109% 109% 109% Utd Drug cv 53 '53.. 23 100% 100% 100% USRublst5s'47.. 37 83 83 83 Utah P& L 58 '44... 10 102% 102 Utll Pow 6%8°47... 156 91% 91 Walworth 6s A'45.. 5 88% 88 Walworth 6158'35.. 1 95% 951 Warn Br Plc 63°39. 17 87 874 87% WarnQuin6s‘39... 6 79 79 79 West Eldeb 5s'44.. 1 104% 104% 104% West Un Tel 68'51. 14 106 105 105 West UnT 6%8°36. 6 110 110 110 Wick Spen 1st 78’35 3 184 184 184 Wil& Co 1st 6s°'41.. 15 102 101 1011 WinRA7%s"41... 1 103% 103% 108% TouSt&T5s'78... 43 104% 104% 104% RAILROAD. Atchison adj 4s'95.. 17 94 Atchison gen 48'95. T4 98 97% 98 Atchison cv 4% 41 128 126% 126Y% 33 103% 103 103% 10 58% 58 58 L 12 96% 96 96% 8 94% 94u 944 2102 102 102 96% 97% 101 Mont Pow 6s'43... Mont P db 53 A '62. Mor & Co 1st 4% Nat Dairy 614 #'48 6 107% 2 111% 63 13 104% 11 107 Nor St Pow 58 A 41 6 103% Nor St Pow 6s B "(1 _108 106 'Gi N Phila Co 68’67 Phi Phil Pet 5 Pillsb F M 65 '43. Por RT am 6842 Pos Te! & C 68 '53 10214 N% 88 9515 9% 94 8 1047 104% 104% «s 10 104% 104% 104% .29 110% 109% 110% 3 96% 96% 96% 105% 105% 8 89% 89% 894 18 92% 92% 92% « 14 102% 102% 102% 2104 104 104 9 81 80% 81 9 83 821 83 « 41 100% 100% 100% 6 104% 104% 104% 6 9 938, 94 4 95% 95% 95% g: B & O Swn dv 58 '50 B & O Toledo 45'50. Ban & Aroos 4s ‘51, Can Nat 434864, Can Nat 434857, 3 Can Nat 435 '68. % 99% 99 8 105% 106% 105% 4 118% 118 18 8 112% 111% 1124 101%: 101% Cent Pacific 105% 105% Ches Corp 58 *47 100% 100% Ch&Ogn4%s'92.. 47 105 104% 105 Ch&O4%sA'93... 3 101% 101% 101% Ch&O4%sB 9 48 101% 101% 101% 9 1 104% 104% 104% n 72 72 72 CB&Qgends'ss.. 12 97 97% 97% CB&Q4%s'77.... 30 103 102% 103 Ch&East1l15s'61. 14 69 69 69 Ch Gr West 48'59..109 744 74 74 10 102% 102% 1027 9.. 38 87 86% 87 38 101% 101 101 26 97 97 7 43 88% 88U 88y ChM&StPad) . 42 B3 61% 52 Ch & NW 4%82037. 2 100% 100% 100% 26 100% 100 Chi& N W gen 4Xs 11 107% 107 Ch & NW rf s 203 5 109 109 11 109% 109% 109% %% 9% T9% % 9% 9% 99%, 993, 98Y 98y 9715 98 5 941 941y 5 102% 102% 102% «o 15 104% 104% 104% 2 1054 106% 105% 5 92% 9 92% 24 101% 101% 1015 11 103% 102% 1027 . 6107% 107 107 Colo & Sou 4% 5 '35. 22 101% 101% 101% Colo Sou 4%s ‘80 8 99% 991, 99y CubaRR6s'52.... § 69% Cuba RRrf 718’36 3 T Cuba Nor 6%s 42.. 50 Del & Hud rf 96 D&RGrgniés 974 Den & RG W 68 ‘65, 14 95 DRG& W st 55'78, 10 92% F Tenn Va&Ga 5s.. 3 107 107 Eri 1 20 Erie con 4s A '53 87 87 Erie Gen 8415 84% Erie 531967, . 46 95% 95% 95% Krie 5s 1975. 17T 4% 944 94% Erie Gen R 6s'57 1 112% 112% 112% Fla E Coast 5s'7. 1 46 46 46 Fonda J&G 4% .16 33 32 32 GrTrsfdb6s'36.. 19 1064 106% 106 GrTrunk 78°40.... 1 1124 112% 112% Gr Nordls (D) 6 100% 100 100% Gr Nor 4%s'77 (E) 57 101 100% 100% Gr Nor 6s°'73 . 18 107% 106% 107% Gr Norgn 5% 44 112 111% 112 Gr Ner gen 78°36... 21 111% 111% 111% Gulf Mob! .. 14 100% 100'% 100% Hud & M adj 68’57, 48 85% 84% 851 Hud & Mrf5s’67... 8 101 101 101 111 Cent 48 '52 . B4 94 941 941 . T 90% 90% 90% 3 11 101% 101% 101% il Cent 6325 °36.... 3110 110 110 I CCStL&N 4%s.. 5 99 99 99 111 CCStL&N 5s A.. 3 105% 105% 105% Int Rap Tr bs 48 738 128, Int Rap Tr st Int Rap Tr 68 Int Rap Tr7s ‘32 Int & Gr Nor b5 ‘56, Int & Gr Nor 68 '52.. Int &G Nad IntRysCAGs8'12.. 1 72 Kan CFiS&M 4538 12 97% 97% 97% Kan City Sou 5350, 26 103% 103 103 Kan City Ter 60. 12 95 94% 95 Lake Shore 48'31.. 10 100% 100% 100% Leh Valev 48 2003, 208 94 9315 uas Leh Vov4%s2003. 16 10214 102 1024 LongIsirf4s 49... 5 9 95 95 Long 1s1db5s°37.. 3101 101 101 L&Nunids'40.... 24 98 9815 9815 L &N 41552003, 2 102% 102 1023, L& N 0 B 2003 3 106% 106% 106% Manh Ry 18 54% Market St 7 Mich Cent 43¢ Mil E Ry & L 68’61, 16 103 M&SL1strf4s'39. 12 8 8 M StP&SSM con 4s, 17 91 91 M StP&SSM 68'38.. 7 9315 93w M SIP&SSMEsgtd. 4 98% 98% 981 M StP&SSM 63%8.. 33 101% xg}r. 101% 91 MK&TI1st4s’90.. 1 MK& 91 91 MK & MK CCC&St L 418 (E) Clev Term 418 77, 102% 103 8 N 9 TésB 10 91 95 100% 99% 100% 8 104% 104 104% T 82 81% 82 11 102% 102% 102 Mo Pacific 65 G*78. 16 1023 1021 10214 Mo Pacific 5% H '80. 21 1023 102% 1021, Mo Pac5igmev 49, 60 1081 108%: 1081 Mont Tr1st 5s'41.. 3 100% 100% 100% NCh&StLx 2 MW 9w S4% NOT&Mb% 1103 103 108 5 8 N Y Cent . 3 ¥ Cen 4 N Y Cent db « NYCentdry Mo Pac gen 4875 Mo Pacific 5s F *17. 85 97y 9% 9w 43 951, 7 1021 10214 102 13 109 . 108% 108% W 5% v.’:'al CORPORATION REPORTS TRENDS AND PROSPECTS d LEADING ORGANIZATIONS NEW YORK, September 24.—The following is a summary of important corporation news prepared by the Standard Statistics Co., Inc, for the Associated Press, News Trend. Becurity prices rallied sharply yester- day, the Standard Statistics’ price inw dex of 90 leading stocks recovering approximately 50 per cent of Monday's loss. Commodity prices, however, con~ tinued their down trend with wheat, cotton, oats, rye, crude rubber and TAw uui) establishing new record or season Freight car loadings for the week ended September 13 again were the lowest of any like week since 1922. ‘Total 965,713 cars was increase 109,- 076 cars over preceding weeck, which included Labor day, but compared with year ago was decline 187,561 cars and against 1928 period decrease 172,347. News of the oll industry is largely unfavorable. Crude oil output in the week ended September 20, increased 2,050 barrels over the preceding week to daily average production 2,421,800 barrels. This adverse development, however, was somewhat offset by re- duction 571,000 barrels of gasoline stocks to lowest point since November 30, 1929. Unsettlement in the retajl division of the industry continues with Standard Oil N. J.. and Warner-Quin- lan reducing gasoline prices 2 cents gallon in past day. It is belleved these reductions foreshadow general cut throughout the country. Outstanding developments in corpora~ tion news are announcements of divi~ dend reductions or omissions by Edison Bros. Stores, Gladding, McBean & Co,, Southern Royalty, Republic Steel and Alexander Hamilton Institute. A re- ceivership action has been instituted against Celotex Co, The Companies. Alexander Hamilton Institute omitted $1.25 common dividend due to ha beeAl;npn;ld J“I]’ 15. erican Ice August net profit be= fore taxes and depreciation ?klcludlng .;\f:ld;\:fln), $1,008,717 against $920,917 T ago. Ann Arbor Railroad August surplus after charges, $1 against mr,?u: 1.0w. Cloge. 107% 107% 978 100% 9714 107% 108 1024 102% :.mnlh.!, $65,872 nst $404,836 year 0. 4 Aviation Coroporation service between ::Ell;gnry. to be discontinued Septem- Brooklyn-Manhattan Transit A months, 22 per cent below year aj Brooklyn-Queens Transit August :& per cent below year ago. Brown Shoe current production aboug y. Bush Terminal ~Subsidiary, Bush 26 European distributing com- panles; acquisition increases number A. M. Byers Co. net $12,000, wrought iron plant to be Iom:l;‘; Celotex Co. rec: in Superior Court, Chicago, by stock Edison Bros. stores reduces quarterly previously. Gladding, McBean & Co. omits semj- 75 cents cash dividend declared. International Railways of Cent 44 per cent; 8 months, 1 N low year ago. e u“ 70 cents common National Standard earnings’ year to share against $5.17 in previous National Tea buys stock and n’ifiies ing these units currently has 1 against 1,627 end 1629, a5 Electric & Manufacturing over $900,000 sales for 'Ne:! Em‘: Clock. file report, recommending abandonment Oneida and Rome lines convznfgn and installation passenger rej fare box: reproduction v’-lue p cceedm: —_—— e Sales. High. NYC&StL4s'37.. 1 NY C&StL db 4s ‘31" 12 NYC&StLbY%sA, NYC&StL5%sB. Cleveland and Chicago, operated by surplus after charges off 19 per cent, 2 income off 1.8 per cent; 2 months, 5.8 80 per cent capacit; Service, concludes negotiations for con- European offices to 400. 1 opened October 8. ership action filed holder, charges insolvency. dividend to 18%; cents; paid 25 cents annual stock dividend due at this time; America August net after taxes Leland flectflcmg' half earnings, September 30, estimated at $4 common of 22 stores of National Grover. Includ- New Haven Clock with ‘Westinghouse New York States Railways receivers Rochester line to one-man type service $67,300,093. N Y Centdb6s'35.. 13 10 NY C&StL 4%8/78. 49 NYC& 10 s A NY St Ry 4% NY S&W 1st NY W&B 4%s'46. . Nor & Wn cv 45 '96. Nor Pacific 35 2047, Nor Pacific 4597 Nor Pac 55 D 2047, Nor Pacr{6s2047.. Ogden&L Ch 4s '48, Oreg-Wash 4s '61.. Penn ev 4348 '60. Penn gen 434565 Penn 4% s 63 Penn 4343 '70 Penn gen §s Penna 65 '64 Penn 614536 PaOh& D4 Pere Mar 414 '80 PCC&StLbsA PCC&StLbsB.. P& W V4%sB'59, P& W V4l4sCr60, Port Elec 65 '47.... Por R L&P 7%s5 '46 Read gen 4348 A 97 Reading 4%s B Rio Gr W 1st 4 104% 103 4 1017 984 1111 105 110 100% 101% 105 105 108% 108% 102 %103 " % 10214 102% 4% 94% 90 101 101% 100 RIAr &L 43%s'34. St L Ir M'nt 6s ‘31 StL IM R&G StL&SFin StL&SF 4% SILSF 4% 1014 H 100 Seab A L 4s 8t'50. . Seab A L cv 6: Seab All Fl 63 Sou Pac col Sou Pac ref Sou Pac 414 Sou P & Or 4%517.1 Sou Rwy gen 43 '6. 21 Sou Rwy 6894, Sou Rwy 63 '66. Sou Rwy 6155 '56 Sou Ry M&O 4s '35, Term As St L 48 53 Term As St L 55 44 Tex & Ark 5158 " Tex & Pac 55 0"79. . Third Ave ref 4s ‘60 Third Av 1st 8337, Third Avad) 6s 66, Ulst & De §s ull"fll. Un Pac rf 45 2008. . Un Pac4%s 67 . Va Ry 18t 562, Va Ry & Pow b: VasS Wevbinis... Wahash 4168 78 e Smmma mman Ba%Be £ : 101% 1094 108% 1025, 1021 90 vo 043 1047 1064 K614 4% SUTEN 10615 West S} 15t 4 W&LE L ¢