Evening Star Newspaper, September 25, 1930, Page 14

A—14 #2% FIN == D DISTRIBUTION | T0 BE DISCUSSED Problem of Supply Will Be Thrashed Out at New York Shortly. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, September 25.—When Dr. Hans Luther, president of the Reichsbank, meets the heads of the Bank of England and the Bank of France and the Federal Reserve offi- elals in New York shortly, the question of gold distribution will cause plenty of discussion. ‘The published report of the gold del- tion of the League of Nations is now :l:. Its conclusion—that there is a real ibility of a .hom‘te of xnel' gold monetary purposes ¥ ithin four years ~will be carefully analyzed and dis- eussed. George E. Roberts, vice president of the National City Bank of New York, is the American member of the com- mittee, which has just concluded its study. - Can the present gold supply, plus the annual gold production, take care of the normal growth in business in the future? answer of the committee is definitely in the negative, under ex- isting conditions. In this gold report the monetary re- quirements are calculated on four dis- tinct assumptions: (1) That & reserve of only 33 per cent is needed and that the rate of growth of demand is 2 per cent per annum; (2) that the reserve rate is 33 per cent, but the rate of wth is 3 per cent per annum; (3) t a reserve of 40 per cent is needed, but the rate of growth is 2 per cent r annum; (4) that the reserve ratio 40 per cent and the rate of growth 18 3 per cent per annum. The League Committee found, except in the case of the first assumption, that the supply of “new gold available for monetary purposes will bs inadequate by 1934, unless measures to alleviate the situation are adopted in time.” World Bank Leaders. ‘What measures can be taken to meet the problem? That's the subject, doubt- less, which will interest the world bank leaders when they meet at the Federal Reserve Bank of New York. ‘Two new faces will be seen there. One is that of Dr. Luther, who suc- distinguished 3 chancellor, and has the confidence of the business groups to a remarkable new governor of Eugene Meyer, jr., the Federal naerv;x Bohl.r.d.h:%fl b: ] figure. e a wol bt is familiar with Federal and d was brought h:lck to prt-"nr pdner a very painful process, for - is much harder to attain than . Put it this way: Inflation good time; deflation is the morn- h"l‘!:el“t:eaxt condemnation of the gold standard by the Manchester Chamber of Commerce caused many business men in England to wonder whether a new ame against the gold standard is about to open. The French are sitting pretty. Unlike the English, ':m deflated to bring the e - 3 i gh‘ H | g 28 d debt settlements. bstantial part of the reparation $200,000,000 was sold to Ameri- 90. Yesterds: o Eg 2 Tepara- s in danger of repudiation? y! Germany, under the Young plan, ‘make, during the next 37 ann payments averaging about 000,000 As the total capital value June issue was about $200,000,- resents merely a fraction of t Germany is e: $R31E S EEns ot destroy her credit at home and abroad. It would wreck her whole finagcial structure. No one knows it better than the German leade the | To minimize America’s position in this matter would be to underestimate its importance in future world affairs. Western Business. “Business in the Northwest ard the Middle West hit a low point in early September and now is definitely tending upward,” says Edward W. Decker, presi- | dent of the Northewst Bancorporation, | whose banking interests extend from | the Twin Cities to the Coast. Conditions are not so bad in the Northwest as pictured, according to Mr. | Decker. He gives two reasons why | the impression has spread that the | Northwest is in bad shape. First over- | statement in August of the effect of the drought in Minnesota, South Da-' Weshingion and. Slocecan; for o Montana, for condi- tions in these States are much better | than reports have indicated, it is said. | The other reason shows up in the | retardation of debt liquidation because | of the reluctence of the farmers to| sell their products at present low prices. ‘What really is happening is that a getl deal of these products are going to storage, to be sold, it is hoped, on a higher basis. “But the ultimate debt paying and purchasing power in these States is | only slightly reduced from last year,” | concluded this Minneapolis banker. Copyrisht, 1930, by North American News- | Daper Alliance.) RICHMOND HOLDINGS UP | $10,000,000 IN WEEK Federal Reserve Board's condi- e ‘ 'mand deposits, $30, net ttme deposits and $9.000,- borrowings from Federal Reserve | of United States oouru-’ !lb.m,m in the the the re- 000 ~Prev.1930— iy ANCIAL, NEW YORK STOCK EXCHANGE . Received by Private Wire Direct to The Star Office. (Continued From Page 13.) igh. Low. idend Rate. 51% 32% Mathieson Alkali (2) 16 132 115 Mathieson pf (7). ... 10s 61% 404 May Dept Strs (n32). 28 T% MaytagCo (1).. 21% Maytag Co pf (3). 261 Melville Shoe (2)..., 10 MengelCo (2)....... 1 16% Mexican Seaboard... 130 13% Miam! Copper (134). 50 Mich Steel (h234)... 2214 Mid-Cont Pet (2). % Middle States Ol ef 21% Midland Steel (3) 84 Midiand Steel pf (8) 81 Minn Moline Pow. 688 MinnMoline pf (614). % Minn & St Louts..... 32% Mo Kan & Texas (2). 110 8% 92% 2% 66% 14 108% 9815 145% 40 63% 49% 2 115% Missour! Pac pt (§).. 16% Mohawk Carpet ... 35 Monsanto Ch (g1%). 29% Montgom Ward (3)., 13 1 Mother Lode (20c). . 314 Motor Meter G & Ei. 341 Motor Products (2).. 18% Motor Wheel (3) 40 Mullins Mfg pf (7).. 12% Murray (B)(2% stk) 35% Myer (FE) & Br (2).. 30% Nash Motors (4).. . 31 93 Nash Chat & St L (5) 30s 10 Nat Acme ( 12 7% Nat Bella H Atk 71 Nat Biscuit (13.30).. 64 41 NatCash Reg A (t4) 30 45% Nat Dairy (32)...... 145 12% Nat Dept Stores (1). 1 % 24% NatDist Products(2) 124% Nat Lead (18). 32 Nat Pow & Lt (1) 51% Nat Steel (2).. 100% Nat Supply (5) 1061 Nat Supply pf ( 21% Natl Tea (1)........ 35% Neisner Bros (1.60).. 12% Nevada Copper (1)., 491 Newport Co (A) (3). 7% N Y Alrbrake (3.60). 150% N Y Central (8).. ... 93 NYChi&StL(6)... i 105 N Y Ch& St L pf (6). 17% N Y Invest (1.20) 174% N Y & Harlem (5). 97% N Y N H & Hart (6).. 1% N Y Rallways pf. 110 N Y Steam 1st pf % 9% Norfolk & Southern.. 213% Norf & Western (10) 1 7% North Am Aviation.. 8 87% Nor Am (b10%stk).. 229 51 North Amerof (3)... 1 100% North Am Ed pf (6).. 1 384 No Ger Lloyd (3.43). 2 66% Northern Pacific (5). 9 42 Northwest Tel (3)... 108 % Norwalk Tire & Rub. 281 Ohlo 011 Co (2).. 914 Ofl Well Supply. 86 Oil Well Sup pf (7) 815 Oliver Farm Equip. . 13% Oliver Farm Eq cv pt 62% OlivF EqpfA (6)... 2% Omnibus Corp. 55 OtisElevn (23%) 24% Otis Steel (235) . 43 Owens 111 Glass (3).. 524 Pacific Gas & El (2).. 71% Pacific Lighting (3). 130 Pacific Tel & Tel (7).250s 12% Packard Motor (1).. 401 50% Pan-Am Petrol (B), 30 4% PanhandleP&R.. 3 48% Param'nt Publix (4). 100 10% Park & Tilford. 2 1% Park Utah... = 6 Parmelee Tran (60c) 2% Pathe Exchange..... 5 Pathe Exchange (A). 14 Patino Mines. Peerless Moto: 26% Penick & Ford (1). 6% Penn Dixie Cement.. 48 Penney (JC) (3) .. 93% Penney (JC) pf A (6) 69% Penna RR (4)...... 230 . People’s Gas Ch (8). 94% Pere Marq pr pf (5).. 17% Pet Milk (1%).. 15% Petrol Corp (1%). 29% Phelps Dodge (3). 11% Phila ReadC&1.... 17 Phillips-Jones Corp. . 8% Philip Morris&Co(1) 29% Phillips Petrol (n2). 10% Phoenix Hosiery. . 19 Plerce-Arrow (A 68 Plerce-Arrow pf Plerce OIl. . 1% 1 10 12 8 s 4 2 2 3 3 1 2 2 . 3 1 Pillsbury Flour (2).. 39% Pirelli Italy (a3.14).. 82 Pittsburgh Coal pf 20% Pittston Co (76¢)..s0 20% Poor & Co (B) (2)... 21 PRAmTobA (3%), 7% PR Am Tob (B).... 81 Postal Tel & C pf (7) 324 Prairie Oil & Gas (2) 40% Prairie Pipe L (15). 6% Pressed Steel Car 52% Proct & Gamb (2. 6 29 Prod & Refiners pi 107% Pub SvE & G pf (6). 811 PubSvNJ (3.40). 91% PubS8v NJpf (5). 1063 PubSv N J pf (6). 121 Pub 8vNJ pf(7) 62 Pullman Corp (4). 1% Punta AlegreSugar.. % Punta Alegre § ctfs 18% Pure Ofl (1%). 109% Pure Oil pt (8) 3215 Radio Corp 53 67 19 » 19151 P g [STSTOPIURY 9 . 2 Radlo-Keith-Orph A. 661 70, RRSeclCstkC (4). 208 Raybestos Man 2 60. 21 100 Reading Rwy (4) 4% Reading 2d pt (2). Rem Rand (1.60) 8% Reo Motor Car (8! 28% Republic Steel 78 Republic St 21 Reynolds Metals (2). 70 Reynolds Tob A (3). 45% Reynolds Tob B (3). hfield O! ! 208 4 17 Insur (2.20 45% Royal Dutch St L-San Fran (3). 92 St L-San Fran pf ( 521 St E Southwestern . 85 St L Southwngf (5). 4% Scbulte Retail Strs. . 56. Sears Roebuck $2%. 7 Second Natl Inv. 1% Seneca Coppe 5% Servel Ine. . 16% Sharon Stl Hoop (1). 16% Sharp & Dohme..... 54 Sharp& Dopf (3%). 10t 27% 63% Sales— Add 00. T Low. ~Prev.1930~ High. Low. Ul Utd Fruit (4).... Utd Gas & Im (1.20). Utd Gas & Im pf (5). Utd Piece Dye W (2) Utd Plece D pf (6%). Utd Stores (A). Utd Stores pf ( U S Distributing. U S & For Secur. 4 U S & For Sec pt (6). U S Freight (3)...... U'S Hoffman (2) . U S Ind Alcohol (17) U S Leather... U S Leather (A). W West 10:30 AM per a Paid this h ned 58' 59% | preferred stock. Stock and Dividend Rate. Shattuck(FG) (+1%) Shell Trans (a2.423).120s Shell Union Oil. ... Shell Un Oil pf (5%) . Shubert Theaters. Simms Petrol ( Simmons Co. . . Sinclair Con Ofl (2). Sinelair Oil pt (8). Skelly O11 (2)... Solvay Am pr ww 5% Sou P Ric Sug (1.40) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Sou Ry M & O ct (4). Spalding (A G) (2).. Spalding 1st pf (7).. 108 Sparks Withing (1). Spear & Copf (7).... 108 Spencer Kellog (80 4 Spicer Mfg. . Splegel-May. Stand Brands (1%). Stand Brands pf (7). 4 Stand G & E (3%). 69 Stand G & E pf (4). Stand Invest Corp. . Stand O of Cal (2%). 132 Stand Oil Exp pf (5). Stand Ol1 of Kan (2) Stand Oil of N J (f2) 610 Stand OIIN Y ( Sterling Sec (A). Sterl See pf (120). Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun Ofl (11). Superheater (13%) Superfor Ol Saperior Steel. Sweets of Amer Symington (A).. Telautog C (11.35). .. Tenn Cop & Ch (1)... Texas Corp (3).. Tex Gulf Sulph (4).. Texas P C & Ofl. . Texas Pac Land Tr Thatcher Mfg (1.60). The Fair (2.40) Thermold Co Third Avenue Third Nat Inv (2). Thompson (J R) (3). 4 Thompson Pr (2.40). ‘Thompson Starrett. . Thomp-Star pf (3%) i Tide Water As (60c) 18 Tide Wat Oll (pf (5). Timken Det Ax (80c) Timken Roller (3)... Tobacco Products. .., Tob Prod (A) (80c). . Transamerica (1). Trico Prod (2%) Tri-Cont Corp. Twin City R T Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) 284 Union Ol of Cal (12) Union Pacifie (10)... Unlon Pacific pf (4). Un Tank Car (1.60) Utd Afreraft, Utd Alrcraft p Utd Biscuit (1 60). Utd Carbon (2) Utd Cigar Store: Utd Cigar Stores pf. . Utd Corp (50c). U 8 Rubber 1st pf. U S Smelt & Ref (1). U 8 Steel (7). U 8 Steel pf (7) U 8 Tobaceo (4) Univ Leaf Tob (3 Uniy Leaf T pf (8) Univ Pie 1st pf (8).. Univ Pipe & Rad.... Util Pow & Lt A (e2) Vadasco Sales Corp. . Vadsco Sales pf (7).. Vanadium Stl (t4) Va-Car Chem. . Va El & Pow pf (6) Va Iron Coal & Coki Va Iron Coal & C pf. .345s Vulean Det (4 Wabash Waldort Systm (13%) Walworth Co (2).. .Ward Baking (B) Warner Bros Pict. Warner Quinlan Warren Bros (3). Oil & Snow (2). Penn E1 A (7). 100 Penn El pf (6). 30s West Penn El pf (7). 208 Penn Pw pf (6) 70s Western Dairy (B) Western Md. ... Western Md 2d pf, Western Pacific pf... Western Union (8) Westingh'se A B (2). Westing E & M (5) West E& M pt (5). 0 Chlor (2). Wextark Radio Strs. White Motors (2)... Wh Rock M S (14%). White SewingMach. . Wilcox Oll & Gas Willys-Overland. 2 Wilson & Co (A). Woolworth (2.40).... 3 Worthington Pump. . Worth Pump(B) (6). Wrigley (Wm) (4).. Yale & Towne (2). Yellow Truck Youngs Spring Zenith Radio. . Sales of Stocks on New York Exchange | eash payments based on tions. o Unit o trading cent in stock. §Pi . n Pl T Bubject to sppror Sales— Add 00. High. 19 78 2 11 15 11 11 34 1 2 2 = ). 2 5 n 3 . 202 2 2 17 3 16 60). 192 5 2 11 23 26 2 .. 269 69 6 2 4 4 508 16 .. 924 4 108 6 25 30 2 33 2 2 17 5 435 208 4 s 5 4 26 2 5 1 2 4 6 5 9 38 194 17% 8 3% 7 6% 37w 6% 329.000 1.740.300 12:00 Noon. 10 P.M 1,098,100 + 2,100 200 glven in the sbove table are the annual the latest quarterly or half yearly declara- than 100 shares. tPartly extra in serip. YPlus 9 per cent b Payable in stocl v stock. { Plus tPlus ¢ n § per cent in stock. p Pl val of stockholders. MARYLAND TELEPHONE SERVICE EXTENSION Speclal Dispatch to The Star. BALTIMORE, September 25.—Exten- sion of the tefephone system in Mary- land, involving expenditures of $793,200, | were announced today by officials of the Chesa) Potomac Telephone Co. | of Baltimore City following approval by its board of directors. According to Prederick J. Irish, gen- eral manager, this makes total appro- priations authorized for similar work this year of $6,393,653. In addition to the fourth-quarter routine estimate, the authorization pro- vides for extensions and betterments in the Dundalk-Riverside central office, | Baltimore, and in Wicomico, Anne, Carroll, Harford, Montgomery and Washington ties. Underground cable extensions are provided in the Silver Spring central office area, in Montgomery County. MONEY MARKET. NEW YORK, tember 25 (#).—Call money steady; :m cent all day. Time loans, 30 da; i 60 days, 2-2Y;; 90 days, 2%-2%: 4 to 6 months, 21;-2% T cent. com! paper, gf!%. ‘Bankers’ acceptances unchanged. h-yl Pipe Line Interest. Queen | & NEW YORK BANK STOCKS NEW YORK, September 25 (#).— Over-the-counter market— Bank Stocks. Bid. Asked. Amerfps ......... A Bank of U 8 units Broadway Natl Chase .. Ghat Phenix 371% 9 . 133% 105 148 825 30% 105 136 it gty To... 151 Fifth Avenue 3025 Fust Natl N Y. 5050 Harriman .. Manhat Co Peoples Nati Trust Companies. 1615 110% 500 Bankers ... Cent Hanover Tr. Corn Exchange County Guaranty rvin CERS Manufacturers New York United Sta NEW YORK, September 25 (#).— Copper dull; electrolytic, spot and fu- ture, 10%-10%. Iron quiet; unchanged. Tin easy; spot and nearby, 29.55; fu- ture, 20.75. Lead steady; spot, New York, 5.50; East St. Louls, 5.35. Zinc sion steady; East St. Louis, spot and future, 4.25-4.30, Antimony, 1. Quick sil- ver, 114.00, NEW SECURITIES NEW YORK, September 25 (&).—|B;° New securities offered today include: Chicago District Electric Generating Corporation $23,000,000 4'2, 5 and 5'% | La; per cent debentures, due December 1, 1930, and May 1, 1931, priced to yield from 478 to 5% per cent, by Halsey, | b, Stuart & Co. Cincinnati Union Terminal Co. $12,- 000,000 42 per cent first mortgage bonds, series A, priced at 102, to yleld 4.39 per cent, by J. P. Morgan & Co. and Kuhn, Loeb & Co. Westchester County, N. Y. $3,163,- 000 certificates of indebtedness, to yield 2.25 per cent, by First National Bank | ! and Salomon Bros. & Hutzler. PARIS BOURSE PRICES. PARIS, September 25 (#).—Prices moved irregularly on the Bourse today. ‘Three per cent rentes, 88 francs 45 centimes; 5 per cent loan, 101 francs 75_centimes. A Exchange on London, 123 francs 'l!'/g it centimes. The dollar was quoted at 2! francs 47 centimes. R R EMPLOYES BUY STOCK. NEW YORK, September 25 (#).—Em- ployes of the United States Steel Cor- tion and its subsidiaries subscribed 98,321 shares of common stock under the offer made January 14 last, which involved an amount not - ing 100,000 shares at $189 & share, IS AGAIN' HIGHER 98 101 11 1027 1025 176 103 8 110123 10122 1 10 1024 . 1024 50 10812 10812 108 12 11 11226 11222 11226 FOREIGN. Bal German Government Obliga- tions Continue Advance. Others Also Improve. US4es'44.... US4¥s's2.. Argentine bs 45 BY F. H. RICHARDSON. et o Special Dispatch to The S NEW YORK, September 25.—Though attention was diverted from it by the bolling condition of New York City traction securities, the most significant feature on the bond market today was the impressive recovery made by foreigh dollar bonds, particularly those of Germany. The heavily traded German govern- ment 53s, though their gain today was not wide, are now selling more than 3 points above their recent low. Similar- ly the reparations 7s made a consistent climb, while such credits as German Central Bank 6s jumped 3 or more points, Money was unchanged. Volume, ow- ing to the activity in tractions, was considerably greater and at a new high for the current market, or since March. Foreign issues that were heavily bought and made advances were: United Kingdom 5%s, at a new high for the current movement, Greek 6s, Austrian 7s, Serbian 7s, Tokio 515 and a long list of South Americans. ‘Trading in foreigns, which totaled close to $3,000,000 on the New York Stock Exchange on Wednesday, passed well above that mark toda: In the New York City traction group the buying was based on the election of four new directors to the board of the Interborough Rapid Transit Co. These four all favor the plan of com- bining the traction systems under the city and the market now anticipates an early agreement on prices for the Interborough and Brooklyn-Manhattan transit systems. Since all tractions— underground, elevated and surface—are expected to benefit, all these securities were affected. The conservative Brook- lyn-Manhattan 6s went up & point. Interborough refunding 5s gained 11, points to a new high. Third Avenue Rallroad 4s and the adjustments of the same company made smaller advances, also to new highs. Manhattan Railway 4s were up 3 points and at a new 1930 peak. Nassau Electric 4s, ordinarily in- active, were marked up a point. Trad ing in all these issues was the heaviest seen in months, The rest of the domestic list was marked by strength. In the prime group issues like New York Central 4s, Northern Pacific 4s, Great Northern 7s, Inland Steel 4'¢s, American Telephone 5'%s, Standard Oil of New York 41s, Duquesne Light 414s, Philadelphia C 5s, Columbia Gas 5s, Laclede Gas C 514s and Utah Power & Light 5s all made advances, some of them to new tops for the movement. United States Govern- ment obligations were active and close to their best prices. Convertibles were generally ragged, influenced by the erratic market for stocks. Second-grade obligations of the carriers and the semi-speculative group of industrials were quiet. Oil company bonds failed to reflect the early weak- ness in their common stocks. A total of nearly $38,000,000 of new bonds today was readily absorbed. Oc 59, Austr. Austria 7s 43, %s 61 Batav Pet 4155 '42. B Brazil 618 Brazil 615827 Chile s ‘61 Chile 7= *42 Chin Gvt Ry 58 '51. Colombia 6s Jan '61 Con Pow Japan 7s. . Copenhag 4%s'53 Copenhag 5= '62. Czecho 95 '52 Dan Mun 8s B 46 Denmark 434862, Denmark s '55. . Denmark 6s42. .. . Dutch East I 6s"47. Dutch East 1'6s 62, El Salvador 8s'48. Fiat 7= war, . Finland 5% s ‘58 Finland 6s'45. Fram I D 7%s'42. Krench 7s'49. French Gvt 7%, German Bank 6s ‘38 German 6%s 50 Ger Gen EI 7, Greek 6563, Halt 65 '52. Hungary 7%s "44.., Irish Free St 5s'60. Italy 7851, Italy Pub Sv 7 45 Gisn Jugosl Bank 7. Kreug & Toll bs'5 Lyons 6s ‘34 Marseille 65 °34. Mex 4s asstd 1 Netherlands 6s '72. New So Wales '57 New So Wales ‘58 Norway s 6 Norway 6s 4 Norway 6s 52. Orfent dev 534 s " Orient dev 6s ‘53 Paris-Ly M 6558 %8 6! Washington Stock Exchange SALES. Capital Traction Co.—10 at 59V, 9 Nl:t'in‘?fl Savings & Trust Co.—10 at 45. National Mtge. & Inv. pfd.—200 at 8. AFTER CALL. WuWn Rwy. & Elec. 45—$1,000 at 895, Potomac Electric 6% pfd.—10 at 112. Bank of Bethesda—8 at 55. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Paris-O: R Gr De Sul 6s'68’ B Gr De Sul8s *46. Rome 6%4s'52. ..., Roy D 4s'45 ww. Sao Paulo 8s '3 Saxon 7. Cr S1 78 '62. . Serbs-Cr-S1 88 62, Swedem 514854, .. Swiss 5345 '46. Swiss Confed 85 Toho EI Pow 7 Tokio 5%s'61. Utd King 6% 837 . Utd SS Copen s '37 Uruguay 6s ‘60 Uruguay A Tel, Capital’ Traction. City & Buburban o8 A & Elec. 45. S MISCELLANEOUS, Barber & Ross, Inc. 3 ghevy Chase, Club, Pay fx ¥ S Goia ‘Stor Wash. Cong. Title 0s. STOCKS. PUBLIC UTILITY, Yokohama 6s ‘61 MISCELLANEOUS, Abitibl P & P 58 '53 Adams Exp 4843, Allegheny 6s ‘44 Alleghany 58 *4 Am Ag Ch 714 ! Am Chain 653 1d, © st NATIONAL BANK. Capital (14).... A Columbia (13)..""" Commercial (siamped Am1 o m Int Cor 6148 Federal-Ameri o ooz, m;: _“i Am N Gas 6145 42 Am S&R 15t b8 47, Am T&T v 414" Am T&T 68 '65 Am T&T ¢ tr 65 Am T&T 6s st Am T&T 5348 ‘43 Am W Wks 6834, , Arm & Co 448 '3: Arm Del 514n '43 At Gulf 5985 ! Bell Tel Paa g - - Bell Tel Pa 5s C '60. | Beth St rf 5842, ! Bush T Bldg 58 "60. Cert-td deb 6% Chile Cop db bs 4 Colon Oil 65 '38 can’'(10). TRUST COMPANY. American See. & Trust Co. (15). BAVINGS BANK. Bank of Bethesda (88). .. Savi East Washington (12).. P Potomac Savings Bank (10) Security Savings & Com. (17) Seventh Street (12), United States (30).. Washington Mechanics (20). . FIRE INSURANCE. American (12).... | Col G& 55 May Corcoran (10) . . . . ; Com Invest 514= 49 TITLE INSURANCE. lf‘om Invest 6s '48 CC Md 1st rf 68 '50. . ConG N Y5i4e5, C Am Sug col 85 21 De FEdison 53 '40. ., | Det Ed rf 6s B '40. . Dodge Br col "40. Donner St 7s *42 Duguesne 415 ‘¢ East C Sug 7%s'37. Fisk Rub8s 41, ., Gen Cable 5%s ‘47, Gen Motors 6s '3 Gen PSv 5839 Gen St Cas 514849, Gen Thea Eq Good Ist 61m 47, ., Goody'r Rub 58 '§7. Humble Of1 6537, , ' Hum O&R 6% INIBTIistpfssA Inland Steel 414578 Int Hydro EI 65 ‘44 Int Match §s'47. .. 56 al Estate (6h) : Title & Inv. Co. Md. comn. . MISCELLANEO! Barber & Ross, Inc., com, Chevy' Chase Dairy bid. Col ' Medical Bldg Cor Col, Band & Grilv. o Real Est & G. p Security Storage (4e). .. Ter. Ref. & Wh. Cflrgfl 3 The Carpel Corp (1. W. Mech. Mtge. com. (8] Wash. ldg. Corp. Woodward & Lothrop pfd. (7) *Ex dividend. 52% extra. B Books closed. 21t 125¢ A, !"‘: Wi—When ' issued. e1%a% extra. INVESTMENT TRUSTS NEW YORK, September 25 (#).— Over-the-counter market: ' e Kan Gas. LacGStLés L Laclede 5% s C'53., d. A ank Share Se: ted Bank Share Ser B Mid St & O 6 Mont Pow 68 '43. Ts unchanged. Mor & Co 18t 4% SILVER QUOTATIONS. .—Bar mu:’w' 'Y*'O‘E ‘Beptember 25 (). Ju '59.188 AmF P 51482030, 123 AmIGChbis'49. 28 9 29 1 e Sumn conRovann® 1 1 1 » e NS =R mas e 1 1204, 125% Gelsenkir Min 6s°34 6 German 5%s'65. .. 367 75 1 German 7srep "49. 119 105 105 1 102% 108% 104% 104% 1043 UNITED STATES. (Sates are tn $1.000.) Sales. High Low. Close. 101 1026 1038 0123 1024 101 103 5 04 95 96% 95 103 103 94y 95 96% 96% 954 95k 104% 104% 108% 109 114 114 109% 109% 1081 1081 6714 68 6612 661 834 834 105 105 4% 75 2% 3% 83% 83% 95 95% 100 100 100% 100% 105 105% 85% 86 85% 86% 100 100 24 24 70 0% 4 100% 100% 94 94 100 100 110 110 108% 108% 94 94 101% 1013 106% 1051 102 . 102 102 102% 1081 1083 90 90 854 86% 984 93y 107% 107% 1204 1204 125% 126% 93 98 82 8215 85% 88 881, 88y 103% 103y 103% 104 8T 87U 96 96 9% 99% 100 100 9T 9TH 924 92y 93% 93 105% 105% 824 821 97U 9T 105 105 105 105 16 16 181 221 85 97 83%, 9514 00% 00% 051 90 85% 93% 0714 3% 8214 971 82% 82y 82y FINANCIAL FOREIGN BOND LST| [ e BONDS ] UTO) SALES CAN Sales High. Low. Close. 2 102% 1024 102 107% 107 107 111% 111% 111% 103% 108% 108% 104 104 104 106% 106% 106% 103% 103% 1034 105% 106% 105% 108% 108 103% 104% 104 104 106% 1065 106% 104% 104% 104% 100% 100% b4% b4 106 105 103 102% 102% 99 98% 99% | 9% 97 97 106 106 106 83 ® N Y Tel 4%s°39. NY 41 -5 Nor Am Ed 58 87, Nor Am Ed § NorOT& L 68'47. Nor 8t Pow s A ‘41 Nor St Pow 6s B "¢1 PacG & Elbs'4z... Pac T&TI1st bs'37. Peoples'Gas bs. Phila Co b8 '67. Phila & Read 63 °43. Phil Pet5%s'39. .. Pilisb F M 68 ‘43 Por R Tam 6s'42.. Pos Te! & C 58 '53. . Pressed St C 633, Pub SvG 4% PubSv G 4% Pure O1l 5%s ‘37 Rem R'A 6% A '47. Richfi'd O cal 68 *44 Sincl O 6%s B'38.. Sinci O Tscv A ‘3 Sincl Cr O 5%s ‘38 Sinelair P L Skelly Ofl b Solvay Am bs Sou Bell T&T 68 "4 SW Bell T bs A '54. StOIINJbs'46.... St Ol N Y 4148 '51. Sug EsOr 78 '42. Tenn Cop 6s B '44.. Tenn k) P 68 A 47 Tex Corp cv bs "44 Trans Oil 6% Utd Drug cv 68 '53. U S Rublst 58 47.. Utll Pow 5%s°47.. Vert Sug 1st 78 '42. Walworth 68 A *45. Warn Br Pic 6s'39. Warn Quin 6s'39... Warner Sug 7s 41 West El deb 58 West Un Tel b West Un T 615 '36. WEOB%s'3T ww., Wil-Ov 15t 6%s '33. Wil & Co 1st 6541, WinRA7T%s'41... 2108 103 103 YouSt&Tbs" 14 104% 104% 104% RAILROAD. Atchison 45 1905-65 2 93% 93% 93% Atchisonadj4s’'95. 15 95 95 95 Atchison gen 45'95. 51 98 97% 98% Atchison cv 4145’48 7 127 127 At&Danv2d4s'48. 5 52 52 AtCL 1st 4s'62 22 97 96% B&O4s"8. .. 2 9T% 9T 94 B&Ocv4is'ad.,. 25 101% 101 101 &0 414860, 16 101% 101% 101% Ol1stbs’48.... 32 109 107% 109 ref bs 13 104% 104% 104% 22 105 104% 1047 . 2 110 109% 109% PEWV 4s'dl. 1 96% 96% 96% &OSwndv5s’s0 1 105% 106% 106% Ban & Arook 4s’51 1 92% 92 92% Bos & Me 53'1955.. 20 102'5 1024 102% Bd & Tth Av 6543 5 8 % % Brooklyn Elec 6s 4 81 81 81 Bklyn Elev 633s... 19 83 80% 80% Bkiyn Man 6s ‘68...374 101% 100% 101% Bkiyn Un E 5350, 16 104% 104% 104% Bkiyn Un 1st5s'50. 16 94 93% 94 BR&Pitt 4%s'57. 11 95% 95% 95% Bush Tercon5s'55. 1 101 101 101 Can Nat 4% 2 100 100 100 n Nat 43 . 29 99% 99% 99% Nat414s’68... 15 99% 99% 995 Can Nat 418 70 2 105% 1058 1057% Can Nat 5sJuly '89. 2 105% 105% 105% Can Nat 58 Oct 69.. 14 105% 105% 105% R2%ummwantamnea~ Pre 89 10: 02% 102% 102% 102% 100% 100% 100% 991 99% 99% 84% 84 84 103% 103% 103% 104% 104% 104% 102% 102% 102'% 102% 102% 102% 96% 96 961 99 991 99% 105 104% 104% 106% 106 106% 104% 104% 104% 100% 100 100 27 27 27 101% 101% 101% 107% 1074 107% 103 102% 102% 109% 109% 109% 100% 1004 100% 83 82% 82% 0% 9% 40 40 88 88 85Y% BBY 78l T84 104% 1041 104% 104% 104% 104% 105 105 105 110% 110 110% 104 103 103 101% 101% 101% 14 101% 101 101 » . 10 22 13 34 20 16 33 16 H %L g v 162 18 67 66 1% B B& B&O B&O B&O B&O B 83 83 83 100% 100% 100% 104% 104% 104% 103% 104 1024 103 103% 924 921 99 99 104 104 102% 102y 64% 6374 63 63 93 99% 89 89 103% 103% 100% 100% 100% 1054 106% 100% 2 1 1 2 41 1 1 37 4 106 86 86 100% 67% 95 6214 938 8514 90% 67% 943 614 93% 85% 90% 92 92 91 o1 107% 107% 824 83 954 95% 106 106 105% 105% 106% 106% 1004 100% 92% 92% 105% 105% 101 101 93% 94 104% 104% 86% 87 1% T1% 981 981 931 01 94 0415 87 1% 9814 87% 91% 87 9% 01% 1017 1017% /8% 8715 88 05% 105 105% 981 981, 965 965 T 17 10215 10235 4 15814 158% 1078 107% 105 1063 107% 107% 109% 1091 1024 108 934 93y 9% 79% 3% 73% 107% 107% 12 112 4 104 104% 104% 104% 4an 4an 951 96 65 108% 1034 967 97 | 101% 101% 46 46 106% 1061 95 95% 1054 105% 1061 106% 931% 9374 104 104 4 1081 1081 52 52 Y% T2 96% 96% 1085 108% 2% 92% 102% 102% 102 102% 106% 1052 95% 96% 103 108 104% 104% % 9% 1028 102% 104% 104% 85% 85% 100% 100% 20! 20% 20% 109% 109% 109% 3 11 105% 105% 1084 14% 114%. 114% Can Nor 63%sdb 46 8 118% 118% 118% Can Paclfic db 4s. 6 89% 891 B9 Can Pac 4%s'46... 13 100% 100% 1007 Can Pacific 445’60 86 99% 99% 99% Can Pacific 55°64... 17 104% 10415 10415 Can Pac 5s ctfs '44. 18 106% 106% 106% Can South 65 '62 10 109 109 109 Centof GabsC'59. 17 102 102 102 Cent Pacific4s'49.. 1 96% 9615 96 Cent Pacific 65 60.. 1 106 106 106 Cen Ry NJ gn5s'87 5 115 115 115 Ches Corp 5s'47.., 20 1005 100% 100% Ch&Ogn 4%s'92.. 20 104% 104% 10415 Ch&O4%sB 95.. 104 1021 102 102 CB&Qgen 4s'58 T 9T% 9TY 9% C B&Q 1st rf 58 " 2 109% 109 1094 1S FOREGAST SOON Leading Manufacturers Ar Preparing for Better Market in 1931, BY DAVID J. WILKIE, Associated Press Sta®% W DETROIT, September 25.—Declaring that a huge backlog nf deferred motor sales is steadily accumulating, the Mich- igan Manufacturer & Pinancial Record In its current issue, says that leading manufacturers already are beginning to lay plsn‘a' ;T & better-t| ~average mar- ‘The market for automobiles, it say: has become cufficiently stabilized over & period of years to indicate a normal de- mand for upwards of 4,600,000 vehicles annually. If, as now seems likely, the output this year goes io a total of only 4,000,000 or less, it is evident the normal requirements of the market have not been taken care of, and are setting up backlog which should make its appear= ance with better conditions in 1931, Elaborating this prognosic, the period- ical says: “Demands for service and rejuven tion of cars of ancient vintage reported from all sections of the country, coupled Wwith sales persistence expericnced by the sales forces of the industry, reveal that tens of thousands of wornout cars, that ordinarily would have been traded in during the last year, are being continued in use by their owners until the business uncertainty is erased. 'he replacement demands of the in- dustry are ever growing and when held in abeyance as in the present situation, only mean a piling up of potential busi- ness which must be taken care of sooner or later.” Authoritative estimates ot the total production of passenger cars and trucks for 1930 range between 3,800,000 and 4,000,000 units, Taking into considers tion all the predictions of a gradual re- laxation of sales resistance and the com- ing of orders for long deferred replace- ments, several automobile executives are preaicting a total output in 1931 of 5,000,000 units or more. The 1929 all time record was 5,621,709 for the United States and Canad: Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, Scptember 28— Potatoes, white, 100 pounds, 1.75a2.1 barrel, 2.25a3.25; sweet potatoes, bar- rel, 2.50a3.00; beans, hamper, 50a1.3 beets, 100, 2.00a5.00; ‘cabbage, ton, 10.00 220.00; carrots, 100, 2.00a4.0( crate, 1.25a1.75; corn, dozen, 1 cumbers, hamper, 75a1.00; lima beans, bushel, 1.00a1.50; lottuce, crate, 1.25a 1.50; peppers, hamper, 25a50; squash, hamper, 50a65; tomatoes, hamper, 40a 1.00; packing stock, bushel, 50a60: ay ples, bushel, 50a1.75; camtaloupes, ham- per, 25a1.00; peaches, bushel, 1.50a4.00; pears, bushel, 50a2.50, Dairy Market, Poultry, allve—Chickens, pound, 20a27; Leghorns, 18a23; old hens, 17a26; Leghorns, 13a16: ald roosters, 14al5; ducks, 13a18: Guinea fowl, each, 50a60; pigeons, pair, 20, Eggs—Receipts, 814 cases: nearby i hennery, whites, firsts, 35; firsts, 30; | Southern firsts, 28; current receipts, 27. Butter—Good to fancy creamery, pound, 36a42; ladles, 28a30: rolls, 27a 28; process, 32a34; store packed, 238231, Hay and Grain. Wheat—No. 2 red Winter export, 86; No. 2 red Winter, garlicky, spot, 83; September, 83; October, 8315, Corn—No. 2 domestic, yellow, new, 1.06a1.07. Cob corn, 5.0025.25, Rye—Nearby, 60a70. Oate—White, No. 2, new, 47; No. 3, 46. Springers, Ch&EustI1158'51. 2 68% 67% 67.% Ch Gr West 45°69..100 74% 74 4% ChIn&Lgnbs'56. 3 102% 102% 102% ChIn&Lrfbs'47.. 7 108% 108% 103% Ch M & St P 4589 6 87% B86% 86% Ch M&STP4%sC.. 10 97 97 97 Ch M&StP 4%s'89, 15 101% 101 101% ChMStP&P5s75. 50 88% 88% 881 ChM&StPadjbs. 26 52% 51% B51% Ch & NW con 4%s. 106 100% 991 9914 Ch&NW6%s'36.. 8110 110 110 ChRI&ZPgn4s'88 12 04% 94% 94% ChRI&Prfd4s'se. 26 99% 99y% 99y ChRIcv4%s’60.. 30 98% 98% 98% PaksA.. 10 98 978 97% ta 6s B'63.. 2 105% 105% 105% '52. 39 98 93 93 2 9106 106 105 (E) 16 102% 102 102 63 2 106 104% 105 $3 1034 1034 103% 3107 107 107 2110 110 110 3 101% 101% 101% 108 100 100 100 68 68 68 50 50 50 96% 964 9615 M 9T 95% 92 98% By 954 94% 945 10 113% 113% 118% 5101 101 101 3 456 45 45 74 36 334 334 10 107% 107 107% 9 1124 112 1124 19 100% 100% 100% 26 107% 107% 107% 99% 9914 111% 112 111% 112 T 100% 100% 100% 20 102% 102 102% 25 B4 B4% B4y 6 101% 101% 101% 28 0% 93% 94 1 101% 101% 101% 5 99 99 99 8 107 106 107 Clev Term 5% Colo & Sou 48 '35, Colo Sou 4148 ‘80 Cuba R R 58 '62.... Cuba Nor 6%s '¢2.. .Del & Hud rf 45’43 D& R Grgn4s'36. Den & RG W 6a '55. 3. DRG& W st 5378 Det Utd 4%s'32. Erie Gen 4s Erfe 58 1967, Krie 58 1975. rie & Jer 65 '55. .. Erie Pa clt tr 48 ‘51. Fla F Coast 58°'74. . Fonda J&G 448 °52. GrTrsfdb6s'36.. Gr Trunk 78 '40.. .. Gr Nor 4% 877 (E) Gulf Mobile 58 '50. . Hock Val 434599, . Hud & M adj Hud & M rf 111 Cent ref 111 Cent 4% 111 CCStL&N 4338, . 111 CCStL&N 5s A. . Int Rap Tr 65 '66...240 75% 73% 74% Int Rap Trsta '66..826 751 784 T4y Int Rap Tr 6s'32... 76 611 63 Int Rap Tr 78 '32... 49 95 Int & Gr Nor §s '56. Int & Gr Nor s '52. Int & G N ad 6s '52. Int Rys C A 51’72 Towa Cent rf 4s'51. Kan City Sou 3s '50. Kan City Sou Kan City Ter Lake Shore 3% 2 7% MU 1% SR | t BULE | 16 80% 80 80 2 108% 108% 108 . 37 95% 94% 95 2 85 8 85 Lake . 1 100% 100% 100% Leh Valev 452003, 28 93% 931 9315 Leh Vev 4142003, 18 1023 101 101 Leh Val bs 2000 5 110% 110% 110% Long 1s] rf 48 49 5 95 94y 95 L&Nunids'40.... 25 98% 981y 9815 L&N 4182003 51 1021 1024 102% L &N5sB2003 3 106% 106% 106% Hay Receipts, none. General market strengthening. Drought has serlously curtailed nearby crops, chang- |ni the entire situation. = Sections here- tofore shipping are now asking for offers 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 10.4 oat straw, No. 1, , 9.4 1000 0. 1, per ton, 9.00a Live Stock Market, Cattle—Receipts, 500 head; fair sup- plg hx:m-ket hnotironlm rs—Choice to prime, ; good to to cholce, 8.50a9.50; medh:‘:ln:o good, 1_‘2"]51.”' s 8. .50; common to plain, ulls—Choice to prime, ; good choice, 5.75a6.00; n?edlumntaone:ood, 5.;% A5.75 fair to medium, 5.0025.50; plain ‘Az :alr. 4.50a5.00; common to plain, 4.00 Cows—Choice to prime, none; choice, 5.00a5.50; medium to , 4.508 5.00; fair to medfum, 3.5024.5 ; plain to 2“5‘:)" 2.5023.50; common to pll(:. 2.00a Calves—Receipts, 100 head: 1 ht sup- Ply, market steady Calves, s.’gou;&. to NY NH&H ev ap NY NH& Hclt 6s. . NY Rys inc 6565, . NY W&E 414546, . Norf South s 41, . Nor Pacific 3s 2047, Nor Pacific 4597, , Nor Pacr 1682047, 14% 114% 114% Ore Short L 5s gtd. 6 107% 107% 10 Oreg-Wasn 4n61.. 116 95 94t 95° Penna 4848 Sta. 97% 98% Penncv 414s '60. 47 Penn 4% s 63 oo 99% W Ciose 68 123 12114 121% 5 1084 1064 108% 1 Perin 4348 '70. Penn gen bs ‘68 Penna bs ‘64 Penn 6% '36. . PaOh & D 4%s 77, Peor & E 1st 4s '40. Pere M 1st 45 '56. . Pere Mar 415 '80 Pere M 1st 5s 56..., PCC&StLbs P&WViysc Port Elec Teeee Port Ry 6s'42..... Por R L&P 7348 46 Read gen 4345 A *97 Rio Gr W clt 4549, RIAr& L 4ls 34, St L Ir M'nt 68 °31.., StL IM R&G 48’33, StL&SF 4%s'78, StL.SF 4%'78 w.1. StL&SF prinbs B W ist 4 crnnn Man Ry 2d 4s 201 Market St 75 '40 Manh Ry 18t 48°90. 104 57% 54% 55% 2 50 50 .8 102% 102% 102% M StP&SSM con 4s. 19 91 90% 90% M StP&SSM bs grd. M StP&SSM MK&T ist 4 MK&Tprin MK & T adj 5 Mo Pac gen Mo Pacific 58 A '65. Mo Pacific 68 F '7 Mo Pacific bs G T Mo Pacific 5s H '80. Mo Pac 5% s cv'49. Mob & Oh 4% 6 1021 102% 102% 11 102% 102% 1021 30 102% 102% 102% 22 108% 108 108 7 9% 95 9% . 50 96 0 96% 7 100% 100% 100% 27 103% 102% 103% 4 109 108% 108% 28 97T% 9T 9T 6 107% 107% 107%) 6 1024 1024 1024 9 102% 102% 102% 'Y NH&H 4 %8 7.114 974 984 9% 2 272222227 Sou Pé%s ww.. SouP & Or 4%s"17. x Tex & Pat c Third Ave re! Third Av adj 6 Un Pae 18t 48 '47 Union Pae 4 1087% 108% 1021 102'% 44 94d Waba Wabash 68 ‘75 West Md 48 b West MA 54 West P Wh&LE-cv 4 W&LErf 4%s 1 WiksB & E1stbs. 4 101% 101% 105' 10514 R/R 881 1024 102% 09%, 9914 L 95 86% BBl r“