Evening Star Newspaper, September 29, 1930, Page 14

MIYANCIAL MAY BE CHANGED Convention to Hear Report of Committee on Group and Chain Plans. BY JOQHN F. SINCLAIR, Bpecial Dispateh to The Star. NEW YORK, September 29.— The banking world turns its attention today to Cleveland, where the American Bankers' Association opens its annual meeting. Thousands of delegates from every one of the 48 States and from several foreign countries are in at- tendance. A year ago, when the bankers met in Sen Francisco, everything was rosy. Stocks were selling high, call money on Wall Street was at a premium, bank earnings were the most. substantial in history. It looked as if the golden era had really arrived. A month later, in October, 1929, the | stock market shed. A world-wide depression set in. Industry lagged. Money became cheap, business -slow, unemployment great, bank earnings | fell off. What can b2 done about it? Can the bankers help in any way? If so, how? > ‘These are some of the questions that will be asked at Cleveland during (hei mext three days. The high-water mark of the conven- tion will be the report of the Economic Committee on Banking Changes, under the chairmanship of Robert Hecht of New Orleans. Last year this committee brought in a comprehensive report showing the great expansion in bank- ing and chain banking in the United, States. After another year of study by a dis- tinguished committee of American bankers, this report is expected to make definite suggestions on group, chain and branch banking. It should be an epoch-making gather- ing. Rail Mergers Held Necessary. Willlam Z. Ripley, Harvard Univer- sity professor, who laid out 10 years ago the first plan of railroad consoli- dation for the Interstate Commerce Commission, declares in World's Work this month that consolidation in trunk * line territory is necessary if the rail- Toads are to continue to operate. Other forms of transportation, he | says, are becoming a real menace to the integrity of railroad property. Wa- terways, bus highways, pipe lines for gas and oil and the electrical super- power systems are among those men- tioned. Think of a ‘new motor speedway be- tween New York and New Haven to cost $200,000,000—good for speed, bad for raiiroad: revenue! Think of the hundreds of millions being spent yearly in better highways for bus transporta- tion, and hundreds of millions more expected to go into the 15-year hfllndl waterways program, “which will ulti- mately cost the United States mare than the entire construction of the Panama Canal!” Prof. Ripley has changed his mind in uveul particulars since he wrote his first report on railroad consolida- tion. He now approves, for example, | the merger of the Great Northern and the Northern Pacific. He previously recommended merging the Great North- ern with the Milwaukee and the North- ern Pacific with the Burlington. Basically, the contention of Prof. Ripley is that the competition from new forms of transportation is grow- ing greater each year, and therefore consolidations in trunk line territory has become a necessity “in order that railroads may not only stand firmly on their feet, but nl.m that they may be enabled to run. It will be good news to the friends of Prof. Ripléy to learn that he has fully ueoverefl from his long and severe illness. His future contributions in the fleld of railroad consolidation should be invaluable. I Copper prices have again declined and | are now around the .10-cent-a-pound level, as against 18 cents sik months ago. Surplus copper piles up. A “tariffi on copper” ‘movement is under way in vigorous style. The re- cent development in the production of elmlyflr_ eoppel from the new re- fineries of Canada, which are largely owned by British and Canadian capital, has had something to do with the new agitation. It seems these latest refineries have mmd work in the Canadian copper mines, in some of which a large amount of nickel is also present. The copper is being produced in many cases as a_by- product and at a very cheap cost. It is now coming to the American market. Along with this, there are rumors of mergers of various copper companies in a new effort to stabilize the industry. An American tariff on copper is being more widely discussed in big circles to- day than ever before. (Copyright, 1930. by North American News- Ppeper Alllance.) Washington Produce ‘Butter — One-pound prints, tub, 43a44. ‘Eggs — Hennery, 35a36; current re- ceipts, 26a27. Poultry, alive—Spring chickens, large, 27a28; small, 25a26; Leghorns, 24a25 fowls, large, 22a23: small, 18a20; Leg- horn fowls, 13al4; roosters, 14al5; ‘ ducks, 15; keats, large, 50a60; small, | 25a30. Home dressed—Spring chickens, large, 33a35; medium, 22a25; small, 20a22; Leghorns, 28: fowls, Jarge, 27a28; small and medium, 23a25; Leghorn 18a19; roosters, 18al19; ducks, ; turkeys, 33a35. Meats, fresh killed—Beef, 19a20; veal, 18a22; lamb, 20a22; pork loins, 28; ! fresh hams, 25: fresh ‘shoulders, 22; smoked hams, 28; smoked shoulders. 20; bacon, 28; lard, in bulk, 15; 1-pound packages, 16. Live stock—Calves, 6all; lambs, 712 Fruits—Cantaloupes, 1.00a1.25; honey , 1.5082.00; Persian melons, 2.00a 6.50a8.50 lemogs. ‘g.fih 7.00; grapefruit, 5.00; pears, Bartletts, Fr Seckels, 2.00; grapes, Tokays, ; Ribiers, 2.00; 44245 3.00; eapples, 5. A berries, ~3.50; damsons, 1.00a1.50; peaches, 2.00a4.00. Vegetables—Potatoes, 3.50; tatoes, 3.5023.75; tomatoes, Kets, 1.00a1.50¢ lima beans, 1.00a1.50 string beans, 1.00; caulifiower, 2.50; | kale, 1.00; spinach. 1.00; eggplant. 75 ppers, 1.00; carrots, cut-off, bushel kets, 1.00; per 100 bunches, 4.00a 5.00; beets, per 100 bunches, 4.00a5.00; cucumbers, 1.25a1.50; broccoli, 2.00a2.50; squash, 1.00; okra, pony basket, 1.00 CHECK TOTAL DECREASES By the Associated Press. Checks honored by Federal Reserve Banks on individual accounts decreased 9 per cent last weck as compared with the previous period, and remained 43 per cent under the corresponding period of last year. The following totals for comparable periods were announced by leral Reserve Board: ended September 24 w e me week last year CANNED PEA PRODUCTION. By the Associated Press. sweet po- -peck bas 817,679,000 ‘fi‘fi"""'”“ 391,018,000 ~Prev 1930~ Hi & 115% Missour] Pae p: 2 11% 81 34 20% 5314 25% 491 581% 264 83 116 417% 6214 98% 32% 192% 144 110% 324 32 128% 1351 325 i Production of canned peas in 1930 amounted to 22,035,212 cases, as com- pared with 18,530,000 in 1929, the Bu- reau of Foreign and Domest Com- nzeree lnnouncem A case col ts of 2 ‘The Bureau made the survey at the nquut of the canning industry, ad the total is based on guestionnaires returned by all but four canners, Wl 141% about o 4% 99% per cent of the total pack. 16415 125 THE EVENING STAR, WASHINGT NEW YORK STOCK EXCHANGE Recefved' by Private Wire Diréet to The Star Office.’ (Continued From Page 13). Stock ai Dividend 'Rate. Ada 0.3 Hish. Johns-Manville (3).. 22 80% Jones&Laugh pf (7).170s 121 Jordan Motor Car.... 2 1% KCP&L 1st pf B (6). Kans City Sou (5). .. Kans City Sou pf (4) KaufmannD 8 (1%) Kayser Jullus (21). Keith-Alb-Or pt (7)., Kelly-Spring Tire. Kelsey Hayes (2). Kelvinator Corp Kend Co pf (16.37) ennecott Copper nney (GR) pt Kolster Radio. . Kresga (SS) Co 1.60. Kresge Dept Stores. . Kress (SH) Co (p1). Kreug & Toll (1.60) . Krog Gr & Bak (nl1).. Lambert Co (8). : f.ee Rubber & Tire Lehish Port Cmt ) Leh Port Cem pf (7). Lehigh Valley Conl.. Lehigh Val (1434) Lehman Corp (3). 221 Lehn & Fink (3) 171 LibOwens F GI (1).. 85 (Lisgett & Myer (15). 85 Lig & Myers B (15).. 20 Lima Locomotiv 37 Link Belt (2.60)...., 52% Liquid Carbonic (4) 421y Loew's Ine (3) 85% Loew’s Ino pf (635). 84 Loew'spfxw (6%).. 3 Loftlnc..... 501 Loose-Wiles (+2. lfl). 16% Lorillard (P) Co Lorillard (P) pf Louisiana Oil. .. Lou G & B (A) (1%) Louls & Nash (7). Ludlum Steel. .. 208 114% 10 63% 6 67% 1 184 3 22y 1105 21 1031 9%, 58 B 3 z 117% 18% 25 181 8% 15% 3% 51% 1 121 3 8 24 Mac And & F (12.85). 12 McLellan Stores. . 61 Mciceespt T P(153%). 141 McKesson & Rob (1), 35 McKes& R pf (3%) 46% Mack Trucks () 109 Macy RH & Co (nt3) 9 Madison Sq Gar (1) 28% Magma Cogpper (3)., 5 Mallison & Co 24 Man Elev mod g (45) 4612 Manhat Elev gtd (7). 11% Manhat Shirt (1). 4 Maracaibo Ofl Exp. 28% Marine Mid (1.20)..4 % Market St Ry.. 17 Market St RY pr pt. 30% Marlin-Rock (5% 7% Marmon Motor Car. 8514 Marshall Field (23%). 32% Mathieson Alkali (2) 40'% May Dept Strs (n2).. 7 MaytagCo (1)...... 26 Melville Shoe (2). 9y Mengel Co (2). 23'%: Metro Gold pf (1.89). 16% Mexican Seaboard 12 Miami Copper (1%) 50 Mich Steel (h2%)... 20% Mid-Cont Pet (2) 21% Midland Steel (3) 8% Minn Moline Pow 68 MinnMoline pf (634). 32% Mo Kan & Texas (2). 92 Mo Kan & Tex pf (7). 55% Missouri Pacific. P Lt LU L T =T e P e 5).. 35 Monsanto Ch (g1%). 29% Montgom Ward (3).. 3% Moon Motors........ 1 Mother Lode (20c).. 34 Motor Meter G &.El. 34% Motor Products. 18 Motor Wheel (3) 8 Mullins Mfg........ 36 Munsingwear (14).. 1213 Murray (B)(2% stk) 35% Myer (FE) & Br (2). 29% Nash Motors (4) 9% Nat Acme (1% 7% Nat Bella Hy 1 Nat Biscuit 42% Nat Biscuit pf (1) 40 Nat Cash Reg A (N) Low. 74% 120% 1 ey 63 67% 184 22 105 2% 284 0% 664 2814 7614 21 108 9% Hn 17 24% 131 6% 154 37 49% n7 814 284 4l 36 66 11 4 28% 1% 201 30% T4 374 37% 11% 27% P 119% Nat Radiator. .. % Nat Ry Mex 2d pf. 106'; Nat Supply pf (7). .IWI 21 Natl Tea (1). 51 Newton Steel 661 Nat Surety (5 AI% Nevada Copper N OTex & Mex (7) 49% Newport Co (A) (3). 27 Newton Steel (2) 150% N ¥ Central (8).. 93 NYChi&SeL(8)... 104% NYCh&StLpf (6). 2 174% N Y & Harlem (5)... 1108 17% N Y Invest (1.20). 1 96% N Y N H & Hart (8 116 NYNH&Hof (7)., 8 NYOnt& Western . 744 North Am Aviation.. 8712 Nor Am (b10%stk)., 51 North Amer of (3) 100% North Am Ed pt (6 66% Northern Pacifie (5). 42 Northwest Tel (3)... 25 Ohlo Oil Co (2). 9% Oil Well Supply..,,. 7% Oliver Farm Equip.. 58 OlivF EqpfA (6)... 12% Oliver Farm Eq ev pt 2% Omnibus Corp. 55 ©usFElevn (2%). 118% Otis Elev pf (6) 22 Otis Steel (235) .., 41% Owens 11l Glass (3), 52t 20% Pacific Mills. Pacific Tel & s 104 Packard Motor (1).. 51% Ia 'm Petroleum. . 50t: Pan-Am Petrol (B), 3% Panhandle P& R.... 48% Param’nt Publix (4). 10% Park & Tilford 1% Park Utah. . 6 Parmelee Tran (60c) 2% Pathe Exchange... 5 Pathe Exchange (A). 12 Patino Mines 4 Peerless Motor Car. 26% Penick & Ford (1) 48 Penney (J C) (3) 93% ney (JC) pf A 5 Penn Dixie Cement. . 69% Penna RR (4).. 35 Peop Drug Strs (1).. 225 People's Gas Ch (8). Pere Marquette (18) . 94% Pere Marq prpf (5). 14 Petrol Corp (1%4) 17% Pet Milk (1%).. 29 Phelps Dodge (3). 11% Phila Read C& 1. ... R4 Philip Morris&Co(1) 15 Phillips-Jones Corp. . 26% Phillips Petro) (n2). 80 Phoenix Hos pf (7). 19 Pierce-Arrow (A) 68 Plerce-Arrow pf (6). 1 Ilerce Ofl. 20 Pierce Oil p 125 1 22 8 30 2 35 3 232 5 125 208 99 15 19% 287 164 104 14 268 83 28 3 70% 28 2 40 108 4 2 15 1 201 4 ry Flour (1) Pitts Screw (1.40). 4 Pitis Steel pf (7 200 Plttston Co (Tie) 20% Poor & Co (B) (2). 20 URAmTahA (3%4), 5% PR Am I 81 l‘omll'l'elhcvf(” 28% Prairie Oll & Gas (2) 36 Prairie Pipe L (15).. 5% Pressed Steel Car . 50 Pressed St C pf (7)., 52% Proct & Gamb (2.40). 5l Prod & Refiners. 8114 Pub Sv N J (3.40) 91% Pub Sv N J pf (5) 2 10612 Pub Sv N J pf (6) 121 PubSv N J pf(7) 143 PubSv N J pf (8), 107% Pub Sv E & G pf (6). 62 Pullman Corp (4)... 16% Pur 4 109% Pure Oil pf (8 52 Purity Bakeries (4). 27% Radio Corp 53 RadiopfA (8 55 Wadio Corp (B) li).. 19 Radio-Keith-Orph A. 24'% Raybestos Man 2 60, 100 Reading Rwy (4). “34% Real Stlk (5).... 3014 174 96 50 0% B9 981, 133 110% 6314 17% 61 53% b7% 26 38% 1g Ly 108% 21 51% 70 11 125% 53 32% Prev Close. Close. 4% TR 120% 121% 1 pLA 114% 114% 2] 10815 wt 9t 99, 58 681, 2614 19% 814 35 38 121 13% 36% 38 30 30% ! 10 6% Tip T8 9% 151 150% 39% 404 48 49% 11% 124 27% 277 119% 120% 38% 39 1y 1% %1 10813 1081 21 21 51% 70 T 11 118 12:-. 125 32y M 150% 153%, 93 93 1815 10 51t 2 10315 105 182 18 186 17% 96% 97 Y 118% 119% 7 8 % 105 1% 1% 105 115% 116 4 221% 222 i 128% 128 fifl 229 125 14% 19%, 28 4% 10% 13 70 i 20% 35 30 1714 96 21 50 5 87 98 116%: 116% 1165 115% 133 154% 1544 15414 1103 6015 16% 1094 109% 1091 1099 60 59 0% 27% 28 53% 55 190 28y 26% 7 221, 23 10 1004 u‘m: 100% 102% 89 % 92% a4y 55 55 5 105 67" 68% 48 49 24% 25 20% 201 M ™ 55 b8 1314 4 59 881 7Y% 60 2L i 42 4% 54 54w 72 73% 20% 21% 133% 1348 10% 4 70 1 20% 30, 30 174% 96 21 5% 87 9814 BTy 98 133 183 151% 110% 110% 601y 6315 17t 165 b9 281 534 BA% 65 574 26% 27% 26 g Da,cent, in stor and ate. Real §1k Hos Readilg 2d pe (2). .. Rem Rand (1.60) Keo Motor Car (30c). Reo Motor ctf (80c). Republic Steel. Republic Steel-pt (6) Iievere Copper & Br. Revere C& B pf (7). Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3).. Rhine W E1 P (2.16). Itichfield Ol (2 Rio Grande ©il. Ritter Dent Mf (y:n‘ Rossia Insur Royal Dutch zus. Safeway Stores (5). . StJdoseph Lead (13) St Le-Sun Fran (8) St L Southweb: Schulte Retall Strs. . Schulte Retail pt (8) Segrave (1.20), . Sears Roebuck 12%. Sencen Copper Servel Inc. Sharon Steel Hoop. « Snarp & Dohme. ... 4 Snell Un 01l pt Shubert Theater: Stmmons Co. .. Simms Petrol (1.60). Smélair Con Ol (2).. Sinclair Oil pf (8)..» Skelly Ol (2).... Skelly Oil pt (6) Sloss-Shefl pt (7)., Snider Packing. Solvay Am pr ww 61j Sou P Ric Sug (1.40). Southern Cal d (2). Sou Dairles (B). Southern Pacific Southern Rwy (8)... Southern Rwy pf (5) Spalding (A G) (2).. Spang-Chal p (6) Sparks Withing (1) Spear & Co pt (7). Spicer Mig Spiegel-May-Stern. ., Stand Brands (1%). Stand G & £ (3%) Stand G & K pt (4) Stand G & ELpt (7). Stand O of Cal (23) Stand Oil Exp pf (5). Stand Oil of Kan (2) Stand Oil of NJ (12) Stand OIL N ¥ (1.60). Starrett (L 8) (12%) Sterling See (A).... Sterl Sec cv pf (3) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sales— Add . men. Low. Close. pe ). 20- 93 92% 667x 9 . 112% 112% 10 6 Studebaker Co pt (7) 1008 1 Superheater ("%). . Superior Oil. Superior Steel. . Sweets of Amer (1). Symington (A). Symington....... Telautograph (11.40) “Tenn Cop & Ch (1)... Texas Corp (3). The Fair (2.40). Thermoid Co Third Avenus Third Nat Inv (2)... Tide Water As (60c) Tide Water As pt (6) Tide Wat Oil (pf (5). ‘timken Det Ax (80c) Timken Roller (3) % Tobacco Products. Transamerica (1) Transue &W (1) Tri-Cont Corp. T'ri-Cont Corp p! Trico Prod (2%) Truscon Stl (g1.20).. Twin City RTr (§4).. Und-Ell-Fischer (5). Union Bag & Pap Union Carbide (2.60) Union Oil of Cal (32) Union Pacific (10)... Un Tank Car (1.60).. Utd Afreraft.... Utd Afreraft pf (3).. Utd Biscuit (1 60) Utd Biscuit pf (7) Utd Business Pub, Utd Carbon (2) Utd Cigar Stor Utd Corp.(50e) Utd Corp pf (3). Utd Dyewood pf Utd Blectiic Coal. Utd Fruit (4). . Utd Gas & Im (1.20). Utd Gas & Im'pf (5). Utd Piece Dye W (2) 56 065 ‘24 5604 10532 24% % 57w 56% 1 107% 107% > 2 Bufesar-Ruannnn ® » aefenaes memw Fre Utd Piece D pf (6% ). 1.\"! Utd Stores (A). . Utd Stores pt (2%). U 8 Distributing. U 8 & For Secur. ... U 8 & For Sec pf (6). U 8 Freight (3). U S Hoffman (2) U 8'Ind Alcohol (17) & US Leather...... U S Pipe & F (2) U S Realty (5) U 8 Lubber. U S Rubber 1st pf. .. U S Smelt & Ref (1). U 8 Steel (7).... & 8 Steel pt (7). ¢ U S Tobacco (4). Univ Leaf Tob ( Univ Pipe & Rad Util Pow & Lt A 361 198% 15 l% 1500 141 68 Vadasco Sales Corp. Vadsco Sales pf (7) Vanadium Stl (14) Va-Car Chem. Va-Car Chem §% pf. Va-Car Chem pf (7). Va Iron Coal & C pf. Vulcan Det (4). Waldorf Systm (1%) Walworth Co«2). Ward Baking (A) Ward Baking (B) Warner Bros Pic Wag Br P pf (2,20 Warner Quinla Warren Bros (3). War Bros cv pf (3). Warren Fdy & P (2). Webster Eisen(new) Wess Oil & Snow (2), » Wess O & Sn pf (4).. West Penn El A (7). West Penn Kl pf (6). est Penn kI pf (7). stern Dairy (B).. Western Md. . Western Pacific Western Pacific pf. Western Union (8).. Westingh'se A B (2). Westing E & M (5), White Motors n") . Wh Rock M 8 (1414). Wilcos Oil & Gas. . Willys-Overland. Woolworth (2.40) Worthington Pump. , Worth Pump (A) (7) Worth Pump(B) (6), Wrigley (Wm) (4).. 124 Yellow Truck. ... 32 Youngs Spring (3).. 5} Zenith Radio...... 10:30 AM 1:30 P.M 860.100 - 1907.900 39% 38% 6 151% 149 617 26 3 33% 61% 257 £ Sales of Stocks on New York Exchange 2:00 Noon. 1.162,500 . 2,464 900 Dividsnd rates as wiven in e above table are Tlerly of Balyeariy cash payments based oo Lh uons. s 0nit of trading less than 100 shares. 1Plus Plnlh ML ln Mk dhylb‘l in stock. §Pavable r3oo resuls od e Tazanie $'Bs & Tor ®, ey Jot 18 % Stock, Fits's ger sant ¥Bubiect to sppron in ser rate. cash TPartly extr: I 3750 SRt 1 SOtk A el % | Merchants’ BONDS ARE STEADY, WITH FEW CHANGES Rail Group Strong at Open- ing—Industrials in Nar- row Range. BY F. H. RICHARDSON, Srecial Dispateh to The Star. YORK, September 29.--Bond trading today brought out some heavy selling n a long list of foreign dollar bonds and in a few domestic issues of secondary or tertiary merit, but iIn general high-grade issues stood firm or even advanced fractionally. Some of the selling was attributed to belated margin calling, but this could not have been of more than small pro- portions, and the liquidation of foreigns was obviously last-minute dumping by nervous continental investors. At the opening it became apparent that money rates were apt to dip lower, when call money opened at 1!, per cent, the lowest renewal rate in 15 years, Time money was in plentiful supply at 2 to 2!, per cent for 90- day loans, Volume was heavy, particularly in the forelgn department. German issues, as was the case last week, were the main object of attack. German government 5%s and Reparations 7s, however, held within a point of their closing levels of Saturday, and it was in the lesser well secured German municipals and corporate credits that selling was hav- ing the widest effect. Many of these bonds, such as Cologne 61s, Berlin | 6145, United Steel Works A 6,s and Saxon State 7s, which went to new lows for the year, have a narrow market and it took but a few sales to cause drops of 3 to 4! points. German Central Bank 6s were off narrowly and so were Deutsche Bank 6s. Other foreign issues that were lower included Jugoslav Mortgage Bank 7s, Lautaro Nitrate 6s, the Japanese group and scme of the Italians. Rome 6':s were again at a new low and 1, point off on the day, while Italy 7s and Milan 6';s both impraved slightly. South Americans were quiet and un- Washlngton Stock Exchanqe SALES. Washington Gas 55—$1,500 at 10415, Washington Gas 6s “A"—$300 at 102, $200 at 102%,. Capital Traction Co.—10 at 55‘«. 10 at 58%, 10 at 584, 10 at 5815, 10 at 58" , 10 at 5815, 10 at 58, 10 at 58. Potomac Electric 54 % p(d——d at 108Y5. Washington Gas Light—10 at 122, 5 at 125. Bank of Bethesda—10 at 58. {Lanston Monotype—10 at 114%, 5 at 11412, 10 at 114, 5 at 114, "ranster & BStorage com..— 10'at 10215, 10 at 1021;. Mernmhlln Linotype—1Q at 95, 10 at’ 95, 10 at 9574, AFTER CALL. Mergenthaler Linotype—20 at 953. Wuhing(on Rwy. & Electric pfd.—5 at Clnlhl Traction Co.—7 at 58, 3 at 58, 10 at 58, 10 at 58, 10 at 58, 10 at 58, 10 at 58, 10 at 58, 10 at 58, 10 at 58, National Mtge. & Inv. pfd.—200 at 5. ‘Washington Gas 5s—$500 at 105. Wlshln‘wn Rwy. & Electric pfd.—10 Amerlcln Security & Trust Co.—10 at Nl'.mn!l Mtge. & Inv. pfd.—25 at 5, 25 at 5, 25 at 5. Anacostia & Potomac R.lllrmd 58— $1,000 at 954, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga 418 '33... Te Vas 39, o0 8 Gatial Traction 5. Gity & Suburban 5 ow! H Series eries B Rwy. % Elec. 45,0 MISCELLANEOUS. rber & Ross, Inc.. Snevs 'c‘:me Trab 315 ¢, Paper - Waoh Sons e STOCKS. PUBLIC UTILITY. Amer Tel. & Tel (9) Capital l'rncnon coid Washington Gas Lt 'co; (16 & W. nmbo:v. uzd. Wash. Rwy. NATIONAL !ANK. Capital 3 e, Columbia (1! Commercial (sidmned;” {i0) rict ( American Sec. & Trust Co. (15). 388 Continental Trust (6)' Merchants' Bank & Trust National Sav. & Trust (120) Erince Georgés Bank & i Union Trust (8g) . Wash. Loan & Bank of Bethesda (61). Gommerce & Savings (i Washington Mechaniés ‘( FIRE INSURANCE. American (12) Corcoran (10). remen’ s (8 lN-uonn otnton (18 TITLE INSURANCE. Colun:bia (6h). Real Estate (6h) Title & Inv. Co. Md. com. .. MISCELLANEOUS, Barber & Ross. Inc. com. « *Ex dividend. B Books closed. nase extra. 30c extra. £1% extra extra. dEX Tights When issued. elia% extra. FOBEIGN EXCHANGES (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, pound. Farie, iranc Brigsels, beiga. Berll o os o aars sn-—uq-a-—-ugau‘u_ = ome." lirg . #urich. franc Athens, drachi Madrid, peset schilling ey i %0, ue crown (nom'} Warsaw, zloty .- Gopenhagen. ~ ciof Stockholm, gg=n=-euunu=:' S oo crow TBEASUIY CEETIFICATES (Reported by J. & W. Seligman & Co.) RateoMaturicy, ",% m 11 3%s Dee. 15, 2;:- fine 18 g1 3 1 s Mar 131 0 3;«3 & M He R i Bl i 188 S{IntT & T ba 'S5, [ oo o BONDS o rena] | ATOMOBILE TRADE Received by Private Wire UNITED STATES. (Bales are 1n $1,000.) Salen. 1017 102 10 103 14 1022 102 14 106 20 108 29 136 FOREIGN. Hizh. Low, Cldse. Argentine 6 *45. 201, A% 9013 Argentine 5145 ‘62, Argentine May 61. Argentine 63 Ju '59. Arkentine 6s Oc '5) 951 9615 Mh 84 108% xo 7 9% 9 961, 97 95% 95% 104 104 1081 109 114 114 10845 10815 108% 1085, 65 65% 64 64 80 Austria T8 "43.. . Bk of Chile 61,857, Bk of Chile 6% s *61 Batav Pet 415542, Belglum 6855 Belglum 61 s " Belgium 7 Belgium 7s Belgium 8s Bolivar 7s ' Bolivin 7s ctfs'69. Bplivia 8845 Bordeaux 6s '34. Brazil 6158 '26 Rrazil 014827y Brazil 7s. Brazil §5°41. Bremen 7s '35, Canada 68’31, 931 93Y% 100 100 100 100% 106% 84% 85 99 6874 100% 100% 94t 94 99% 100% 109% 109% 108% 108% 1085 1089 911 941, 101y X Colombla. 64 ian"é1 Con Pow Japan 7s Copenhag 4%s 53 Copenhag 5s °6: Czeeho 83 ‘51 £ Dan Mun 8s A *46. . Dan Mun 8s B "46. | Denmark 412562, Denmark §%s 'G5. . Denmark 6s '42. Dutch East 1 Nov. Dutch East I 6s°47. Dutch East I 6562, El Salvador 8s '48.", Fiat 7s ex war "4 Finland 5= ‘58, Finland 65 '45. Finland 7s '50. Krench 7549, French Gvt 73, Gelsenkir Min 6334 27 German 5%s'65... 17 German Bank 6538 33 German 6% '50 German 7s rep * Ger Gen El 75 45 Greek 65°63. Haitl 65 %52 Hungary 7%s "44.. Italy 78 61.. Italy Pub Sy Japanese 4 Japanese 514 ‘65. Japanese 615 Jugosl Bank 7s '57. Karstadt 6s *43. Kreug & Toll 58 5 Marseille 6s ‘34, Mex 45 asstd 190. Mex 4s asstd 1910 Milan 6348 '52. 100% 9414 1004 110 1088 1085 94% 101% 105% 1102% 102% 102 110 8814 841 2% 102'5 1024 102 102 110 110 881 884 84 84y 120 125‘1 126 901 90% 102% 102% 102%% 87 87 9% 95 100% 100% 9N 9474 1l 91 7% 9TH 93% 94 105% 105% 81% 81% 14% 14% 17 834 83y Direct to Man S 18t 738’42 Mid St & O 6s "26 Mont Pow b Mont P db 58 A Mor & Co 18t 4 Nat Dairy 6% u.‘lu NYEAdbssB 44 N Y Ed 1st6%s 41, NY ELH&P 484 NY ELH&P 6548, N Y Tel 6549, Nor Am Ed 6 Nor St Pow Pac G & FI 6 " Pac T&Tist 68 '37. Pac T&T ref 58 '52. Pan-Am Pet 6534, Paramount 6: Puthe Exch 7837, Phila Co 5s '67 Phila & R Phil Pet 5 Plilsb F M P’os Te) & C 5 Pressed St ¢ Pub SvG 4 67. . Pure Ol 5%s'37.. Rem Arms 63 A '37. Sincl 0 648 B Sinel O T cv A '37 Sincl Cr O 5148 38, Sinelair P L, Skelly Of1 6539 Solvay Am 68 '42, 100% 100% | S0 P R Sug 7s'41... 105% 10544 | Sou Bell T&T 55 41 StOINJ 6u's StOIN Y 43551, ‘Tenn Cop 6s B b Tenn kil P 63 A ‘47 Tex Corp ev b 44 Trans Oil 635 '38. . Utd Drug cv 53 °53. U S Rublst 5847, . Utah P& L 58 '44. . Util Pow 6% Vert Sug 1st 7 Warn Br Ple 6339, Warn Quin 6539, West E1 deb En'{l:. West Un Tel b "5 West Un T 638 'x ov Wil & Co 15t facal, WinRATY You St & T 55 18, RAILROAD. s Atchison ad) 4. Atchison gen 4s Atchison cv 43 At & Bir 4533 104% 10441 Bq & 7th 831 83, 106 106 104% 104% Norway 6s '44 Norway 68 52.. Norway 6s *6: Norway 5 Orlent dev Orient dev e 99 99y 102% 92y 924 99 99 103% 103': 103% Paris-Ly M 7s ‘58 Paris-Or-513s '68. . 101% ml". 77 100‘11 012 70 8314 87% 3 'S PRRBE BB ND oS Prague 7 ’53 *b2 Queenland 6s’47. Queenland s '41. Rhine West 65 '52. 1021 102% 831 834 8! 82 100 T4 8B% 61 88% 84 90% 922 871 92 % 107% 107% 821% 83 94%s 941 105 105 106 106 104% 105 4 106 106% 4 10015 100% 82 82 92‘4 2% 105% 105% 3 Sao Paulo 8s Sao Paulo 83 '50. Saxon 7 Seine 7542 Serbs-Cr S1 7 Serbs-Cr-S1 88 Solssons 6s '36 Sweden §158'54. Swiss 5148 "46. Swiss Confed 8. Toho EI r'ow 6532, Tokio 5 Tokio 5%s "61. Utd King 5% l'l'l. . Uruguay 6s 60 Uruguay 8s°46.. Vienna 6s ‘52 Warsaw 7s ' 4 70 70 Yokohama 6s '61 21 98 98 MISCELLANEOUS. AbitibI P& 6853 24 85% 85 85 Ab & St 5158 "4 2 1011 101% 101% Adams Exp 48 1 91% 9% 9% Allegheny 6s'44... 6 9% 9914 Alleghany 5s°49... 19 9815 99 AmAgCh7%s"41.. 6 104% 104% Am Chain 6s'33. 6 1 Am F P55 2030. . 9. 93 3 10415 104% 8615 8615 31 2 1 27 Am Int Cor 5% Am Metal 535 '34. Am N Gas 6158’42, Am S&R 1st 58 Am Sug Ref 65'37.. AmT&T cv 4%8'39. AmT&T 6s '65 Am T&T c tr 65 46, Am T&T 5a s '60. 10215 1021 & 103% 108% 15814 168% 107% 108 1051 105% i 107% 1074 109 1091 10214 10215 7815 T8I 9%a 93N T8 8 T T8 4 1021 1023 T 107% 107% 102 10214 106% 106% % 104% 1041 43% 43% 95 95 65 651 102% 10814 9615 96% % 1024 1024 45 AmWrit Pap Sard7, Arm & Co 41839 Arm DAMI'.'AJ At Rt deb 5:':1 Bell Tel Pa 5» B *48, Beth St p m 55 '36. Bk Fd &0 A 55 '4 Bush T Bldg bs '60. | Cert-td deb 514548 Chile Cop db 5847, Colon Oil 63 38. ... Col G&E 55 May '52 Com Invest 51849 Com Invest 6s ‘48 ConG N Y 5lis 45, Consum Pow 58 52. € Am Sug col 8s'31. Det Ed rf 6s B '40.. Dodge Br col ‘40. Duquesne 4%s ¢ | Fisk Rub 8s "41 | Gen Cavle 51es ‘47, Gen Motors 80‘31.. Gen PSv 5is 39, Gen Thea a 6340, Good 15t 6%s 47, ., Goody'r Rub 58 '57. Hum O&R 6%s'62. HNBTIistptbsA.. 11l Steel 436840, . . [nland Steel 414578 Int Cement 5s Int Hydro El 65 '44. Int Match 5847, .. In M M col tr 68 N Int Pap bs i mu, 106% 105% 1054 954 95% 106% 107 91 91 3 1031 108% 661 6614 97 97 1034 10354 971y 105 102%, 1023 5% 10574 1057% 101% 1014 101 101% 101% 1014 Bl 814 % 15 86 86 100 100 931 94 961 9674 4 106% 105% 75 -~ B 5. Int T&T cv 41n 3 Kan Gas&E 43%s 'S0 Kan C P&L 53 A '62 104% 104% 104 104% 75% 76 104% 104% 102, 102t 102 102% 92% 99 105% 105% BR&Pitt 43 Can Nat 415 57 “an Nat 415 '68. Can Nat 55 July db Can !\or 78 deb 10. . Can Pacific db 4 Can Pac 4345 '46 Can Pacific 4155 '60 Can Pacific 58 ‘54, Cent of Ga 5% s '59 Cent Pacific 4s 49 Cent Pacific 5s 60 Ches Corp 53 Ch&Qgn4i Ch&O4%sB 95. Chi & Alt 3 CB&Q4%s CB&Q Il dv 4s'49. Ch & East 111 5 Ch Gr West s ChlIn&L gn is'56. ("leSlPil Ry Ch M&StP 4% 589, Ch N&STP 4358 C Ch M St P&P 5875, Ch M & St P adj 6s. Ch & NW con 4% Ch & NW 6453 Ch Rwys 5827, ChRI&Pgnds ChRI&Prf4s's ChR1cv4}s’60, ChRI&P4%nA Ch TH&SE in bs ChiI T H 1ne 65 '60. Ch Un Sta 43 Ch Un Sta 5s Ch Un Sta 6145 '6: C& W indcv 4s 5. CCC&SLL b 4 CCC&StL 4148 Clev Term 55 Clev Term 514 Colo & Sou 414 Colo Sou 4% Cuba RR 6 ctf '3 Cuba Nor 645 42, Del & Hud rt 4 D&RGr4ls Den & RG W 58’55 DRG& W st 5878, Erie 53 1975, Fla F: Const 5 *74 Fonda J&G 4 Gr Trunk 7 Gr Nor4%s Gr Nor bs 73 Gr Nor gn 5348 '52 Gr Ner gen 75 '36, Green Bay deb B HavERL&P5s. . | Hav El Ry sr,. *51. [ Hock Val'4ss Hud & M adj 6. n7. Hud & M rf 5857, . I1t Cent ref 4s " 11 Cent 4% 5 °66. 111 CCStL&N 58 A Int Rap Tr 6s '66 Int Rap Tr st Int Rap Tr 6s ‘32 Int Rap Tr 7s 32, Int & Gr Nor int & Gr Nor Int& G Nad Int RysC A5 Kan Cit 8 ‘50, Kan Clty Ter 4s ' Lake Shore 48 '31, Leh Valcv 48 2003 Leh Vev 41582003, L & N uni 4540, L&N 4152003, L&N istrf 5y, o Market St 7s M &SL 18t rf 48 39, MIIE Ry & L Mil E'Ry & L 5 M StP&SSM con 4s. M StP&SSM bs [ul MK & T 15t 45 '90. M K & M M Mo Pac gen 475, Mo Pacific 63 F '77. 104% 104% 1281 128% 120 120 101 101 24 110t 110% 10z 102 Lorillurd 518 '37. . Lorillard 78 '€4. McCormack 6s '3 Mo Pacific 55 G 78 Mo Pacific 55 H '80. Mo Pac 533 ev '49. Mob & Oh 4471, Mont Tr Ist 58 41, NChe s _ Nessau 0. 10 89 Bush Ter con 55 '55. Nlt 5s Oel *69.. '35 E Tenn Va&Ga bs. , Gulf Mobile &s '50. . Kan C FtS&M 4 ‘36 -ll. h. o Gll‘ B ey 26 106 1004 loe 85 86 85 101 100% 101 5 1051 1055 10614 114% 1140 1144 98 97 98 110% 110% 110% 103 102% 102% 1074 107 10734 11K 111 111 104% 104% 104% 1041 1035 103% 106% 106% 106% 10315 1031 10815 105% 105% 105% 1081 103% 103% 104% 104k 104% 1074 106% 107% 104 103% 104 100'; 100% 100% 52 52 103 1024 1024 98 98 96% 97 106 106 K975 90 88 LLE) 1024, 1027 99% 100 9615 9615 98% 98 98 831, 821, 82 103% 103% 1039 10413 104% 104} 1021 1024, 102 10216 10212 1021, 96% .96 96% 99% 9915 995, 104 104 104 105 104% 10 104% 103% 103% 10015 100 100 100% 100% 100% 107 107 107 102% 101% 102 109% 1093 109% 100% 1004 1004 827, 828, 827 102% 102 102% 9% 90% 91% 40% 400 40% 88 88 88 95% 9515 b1 85 TR T8y 6y 761y 1041 104 104% 5105 104% 105 105% 1057 105% 110% 110~ 110 1034 103% 1034 18% 184 181 100% 100% 100% 103 103 103 104% 1048 104% 6 102% 100 9615 28 49 12 T UL Bk 4 1 94% 94% 95% 87 94% 96 9BY 8 2 9“6 944 944 .18 98 97% 9% 100 100 % 101% 101% 108 108 104% 105 7 104% 104% 104% . 8 109% 109% 109% 16 106 105 106 89 89 10 92y 923 923 13 1023 1021 102% 1 103% 103': 103% T T9% 81 165 101% 100% 101% 4 104% 104)5 1041 9 93w 93% 93y 3 9 957 96 11 101% 101 101% 7 99% 995 99y 16 100 99% 997, 9 105% 105% 105% 27 105% 105% 105% 6 101% 101% 101% 6 118% 118% 118% 5 112% 11214 1124 24 90 8974 90 7 100% 100% 100% 10 100 99% 99% -+ 23 104% 104 104% 13 101% 101 . 101 « 1106 105 105 17 97% 97 974 11 106% 106 106 + 161 100%: 100% 100% . 26 106% 105 105% 30 102y 102% 102y 2. 12 12 41 mg's lfla'n ll”' fll 604, 55 BD 28 T4h 4% T4% G 1028 l02‘~, 1021 86 8815 161 50% R'll 49' 8714 IW z uox. llUl- llll'u 7 'y ’IR s 8% 6 4 103% 10815 103% 1 104% 104% 104% 1 116% 116% 116% 93 93 93 2 100% 100% 100% 1 102% 1023, 1023 48 104 104 104% 12 103% 10315 108% 4 1075 1071 107 3110 110 110 2 101% 1001 10014 23 100% 100% 100% 62 4 92 92 g2y 1 llflh 110\. 110% 893 88%, 88N B4y 94 9% | ."4 26 18 841 943 941y 9 45 45 17 34 33 8 1123 1125 112y 27 100% 100%, 100% | 1 1075 107% 1078 1 111% 119% 1115 17 1124 112 112 18 26 26- 26 4100 100 100 5 65 65 65 4 48 48 48 103% 103% 1081 | 76 B4N 841 B4y 16 101 101 101 8 93u 93n o3 31014 1007 1014 | S 1 106°% 1067, mm 105 T4 3B Tan 51 68 73 9614 13 103% 103 21 86 85% 85w SRR S 11 97 978 81 81 Hi 81 15 108y 1 Toag 6 95 95 7 100% 1003 1004 1 938 93 gy, 2 1031 1031 10314 3981, 981 9gy 101024 1023, 1028, 2 106% 106% 106y M 5T 5T 7 1 g 4 24 1 1050 wsu msl 5 1034 1028, 1031 13 915 a1y it 2 97 m 8 92 5in g 1 93% 93% a3 5 100% 100 10015 1 104% 104% 1045 11014 10144 101y <101 82 R1y sig 40 102% 102% 1025 110215 1024 10215 8: l:& 107% 107% 107% 15 954 95 abu 10 100% 100% 1001 9% 961 96N 10 57 81 61 | RECOVERY 1S SEE Industry Declared ~in. Line for Brisk Revival—Heavy Replacements Due. By the Assoclated Press. CLEVELAND, September 20.—The| saturation point in the automobile in-| dustry has not been reached and as matter of fact the industry is in con- dition now for a vigorous revival, thel Midland Bank of Cleveland has found in a survey. The facts that there hn been s long and drastic period Qf curtallment| and that sales of cars relative to pro- duction has been far above normal this| year foreshadow a recovery on a large scale, the report, written by D. C.| Elliott, economist for the bank, said. He even looks for the industry to gol ahead of previous record: The chief revivifying agencies will be export and replacement demands, the report saying that, roughly, 24,- 000,000 cars and trucks will be serap- ped in the ceven years from 1930 through 1936, making the average an- nual output for replacement 3,400,000 cars and trucks. The export market offers a large fleld for American cars, but there is stiff European competition coupled with recent measures aimed against them, the report said. Elliott found there has been a defi- nite slackening in the annual increase in automobile output caused primarily by reduction of “new and multiple buying.’ The number of new and multiple car buyers has declined from nearly { three million in 1923 to less than two million in 1929, he added. Manufzcturers, as a result of com- petition, have intended to rely on in- creased sales to make a profit on Jow margins, Elliott said, “but because sales have not increased profits in some in stances have been reduced almost to the vanishing point™ RAW SILK FUTURES NEW YORK, Stptember 29 (Spe- clal) —All positions of raw siik futures made new record lows at the opemlig today, losses ranging from 4 to points. Yokohama was off 38 to up points and Kobe 6 to 11 below last week's finals. Today was first notice day on October, but no notices were issued. Uptown operators appeared on both sides of the local market, while commission house interests were mod- erate buyers, with importing intercsts and houses with trade connections moderate sellers. J(OHEY !ARKET. YORK, September 29 (#). Call money renewed at 1! per cent to- day for the first time in 15 years, The lower renewal rate resulted in_con- siderable loan calling by banks. There was no money available in the outside market below the offical rate, in con- trast to offerings in volume in the out- side market at 1 per cent last week, Time money was quiet and un- changed. Commercial paper was active and unchanged. Demand for bankers acceptances was good and asking rates were steady and unchanged. e i POTATO MARKET. CHICAGO, September 29 (United States Department of Agriculture).~— Potatoes—Recelpts, 284 cars; on 451; total United States shipments Sal urday, 1,206 cars; sundny 47; about steady; trading just ‘Wisconsin sacked Irish cowleu. 2. 15!2 30; Minne- sola-North Dakota sacked Red River Ohios, 1.90a2,10; sand land Ohios. 1.60a1.75, few higher; Western sacked Bliss Triumphs, best, mostly 2.00a2.20; Idaho sacket russets, 2.50a2.65: Coloradc nocok:d Brown Beauties and McClures, The expression, “I escaped by the skin of my teeth,” is taken almost direct from the Bible. Sales. High. Low. Close. at Ry M 4%s " SR LR T R T & M55 A Cendthe'r. Cen 4598, Cent db 45 ‘34 Cent 4145 2013 Cre im 552013 Y Cent db 68 ‘35 . NYCLScl3% NYC&StL4s'37.. NY C&SIL 414878 NYC&StL5%nA. NYC&StL6s'31, NTC&StL6s"32. NY NH & H 48 '55. . NY NH&H db 4s 57 NY NH&H 4%8'67. NY NH&H cv db 6s. NY NH & H clt 65, NY O&W 1st4s NY Rys inc 656 NY St Ry 61456 NY S&W 15t b8 ‘37, NY S&W gn 5s "4 NY W&B 435 4| Norf South 5s " o Y Y Y Y X ZZZ2ZZ2774 1 107% 2 848 40 9)1‘4 1 10 12 1024 1 102% 18T 3 820 10 981 | T0% Nor Pacific 4s'97.. 49 96's Nor Pacri6s2047. 9 114% Ogden&T, Ch 4s 48, Oreg-Wash 45 '61.. Penna 4s'48 Sta. .. Penncv 4%s ‘60 Penn gen 415 '65. Penn 4% s 63, n 438 70 Penn gen 5. Penna fs Penn 6% PaOh&D4% Pere Mar 4155 '80. Pere M 1st is '56. 24 95% 1 99 5 105'% 4 1035 27 103 Por R L&P %8546 2 lm'l't. Read zen 4148 A *97 4» lo:;\ Read Jer (‘en 48 Rio Gr W 1st 45 '39, Rio Gr W elt 4549, 12 RIAr& L 4%s 34, St L Ir M'nt 68°31.. StL IM R&G 45’33, StL&SFindsA. 108% 103 9% 943 89% 101 9015 1101 1 101% 18 100 Pis Senb A L 48 55 Seab A L cv 63 4. Seab Al ' 63 A '35, Sou Pac ref 4s ‘G5, Sou Pac 4% 68 .., Sou P 4l6s 69 w Sou P& Or 416% 77, Sou Pacific 45" Sou Rwy b8 94 Sou Rwy 63 '56..... Sou Rwy 616856 . Sou Ry M&O 4s'38. 6 95 Term AsSt Li4s 63 2 941 Term As St L is ‘44 23 106 Tex & 1 1st bs 2000, 4 112 Tex & Pac 5s C'1 6 1034 Third Averef 45’60 2 521, Third Avad) 5s'60. 32 337 Un Pac ist4s'47... 11 99. Union Pac 4; 2' 9314 Un Pac rf 4s 2008. . 97% €n Pac 4%s 67, ll 101% Va Ry Ist bs ‘62, 28 109Y Va8 Wevbs b E LY Wahash 4148 ‘78 60 94% Wah; 3 104 81 1001 351008 15 1021 1 891, 9 111 7 116'% 17 123 1001 1001, 102 101% 108% 904 9414 104% 1024 10214 |