Evening Star Newspaper, October 1, 1930, Page 14

Temporary Restriction on Bears Would Stabilize Mar- ket, He Believes. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. 3 NEW YORK, October 1—“I’s a far worse thing for an American to seli| American stocks short than for the So- viet the rnment to sell wheat short on pit,” was the cryptic com- ment of Rudolph Spreckels, American!. 44" financier. ! Mr.. Spreckels thinks the primary | Teason for bad economic conditions now 1s largely due to “bear operations on the Btock Exchange.” He analyzes the sit-| g7 uation in this fashion: During the stock market boom every one was talking stocks and many buying them. When the crash brought disaster to rich and poor alike, few found themselves left with idle funds. | “As a result, the bears can depress | almost any Stock Exchange security by offering large blocks of stock without fear of being unable to cover their sales at lower prices,” says Mr. Spreckels. “Unfortunately, 'the public still looks upon stock quotations as an index to the condition of business. Consequently, every time there is a dip in the market quotations people become convinced that bad times are ahead, and strict economy is practiced. Buying of abso- lute needs is the order of !rh':udl)', "De; creased buying means cu ment of production, and reduced production means more men and women deprived of employment, and their buying power stroyed. “It Iglvidn\u circle, and those primarily yesponsible for these conditions, in my opinion, are the bear operatois on the Stock Exchange. It is estimated that about 5,000,000 shares of*stock have been borrowed by the shorts to deliver against sales. The sale of stock which the shorts do not own, in the absence of public buying, enables that crew to de- press stock prices almost at will and make huge profits, while destroying public confidence, and thereby under- mining our industries and general busi- “What is your remedy,” I asked. *“I believe that if Congress enacted 8 law making it illegal, for a period longer than one year, to sell se- curities not actually owned by the seli- er, security values would be stabilized, blic confidence restored and increased for commodities would restore to normal and within a rea- & thing of the past.” Mr. Spreckels suggests this as emer- gency- legislation only. Raskob Opposes Idea. John J. Raskob, financier and chair- Thifioc, 1 bpposed o the Spreckels iden. , is °d to the el . m'“i‘:"a‘wfim short, so I have interest in the matter. My g is, however, that if the pub- nd bad could be LR % there rest in the market with prices is short interest would supply definite buying power when the market_started falling because people uld be u; stocks wo purchasing the way down in order establish their profits, thus making the decline more orderly and asked him to make this point more “When you think of it, there is really for selling 100 shares of W) you have, than for selling 100 shares which think the price time of the sale than to be at some time in the tries really sell short. hen the Du Pont Co. to supply dynamite or for a ;&lb'uy g;: ;:m.i definite r pound over ng year, company is selling most of that because not only do they not have the dynamite on hand which will be de- livered 4, 6, 9 and 12 months ', ,but they do not even have Taw materials on hand, so when they fix the price of & finished product, they are speculating . i ot “But do you not think that the bears can depress the present market ot will?” I asked. point after whioh very definite buyi came in. The decrease in mlllurnl{ New York Stock Exchange today is $50 per zhare, this means that 90,000,000 shares of stock have been pure . mot on margin, but pald for outright, and the purchase price has been used to pay off these loans. “Brokers' loans aggregated about $8.000,000,000° at the peak. Using $50 per share as the average value of shares on the exchange (I merely pick this figure out of the air, as I do not ow what the average is), means that there must have been about 160,000,000 shares of stock on the speculative side ©f the market which it would have been necessary to sell in order to liquidate all of the loans. Therefore, the 90,- 000,000 shares, as related to the total of 160,000,000 shares, seems to indicate that 90,000,000 shares really is a huge amount of stock to have been handled on balance in a depression.” “But you do think the psychological ctor is & big one in any market?” was asked. “I thoroughly agree that depressions sre aggravated and made more severe by people retrenching more than they should. Generally speaking, however. consumption has gone ahead apace and ot only have our shelves become very bare, but I think the reserves at home in the way of extra suits of clothes, putomobiles, etc., have been materially reduced through wear and all of this will have to be replaced just as soon ®&s the turn comes.” Here are two big business leaders ‘who disagree as to methods of con- trolling stock speculation. Both sides wre given in order that the American people may understand the complexity of the problem. ACopyright, 19: by North American News- Der Alliance.) EARLY TRADE RECOVERY IS SEEN BY SENATOR By the Associated Press. In discussing the world-wide business depression, Senator Fess says the United States has felt overproduction in copper, zinc and coal. “Business in this country is about 14 per cent off in contrast with a 45 per | cent slump in former depressions,” the Senator said. “With basic elements of American production upon a sound foundation, our recovery should not be long delayed. In a former depression over 2000 strikes were recorded, in- volving a bitter warfare betwaen worker and employer, but there is a (otal ab- gence of that spirit today. Labor is o-operating without making undue de- mands and no threat of strikes,” he said. U. 5. TREASURY BALANCE. 80% 128 THE EVENING STAR. WASHINGTON, D. C. WEDNESDAY. OCTOBER 1. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued Prom Page 13). Stock and Dividend Rate 55% Lehigh Val (t4%). 7% Lehigh Valley Coal. . 2214 Leh Val Coal pf (3).. 6615 Lehman Corp (3).... 22% Lehn & Fink (3).... 17 LibOwens F Gl (1).. 85 Lig& Myers B (15).. 20 Lima Locomotivi 52% Liquid Carbonie (4). 4214 Loew's Inc (3)...... 84 Loew'spfxw (6%).. 3 Loft Inc.. Sl 50% Loose-Wiles (+2.80). 16 Lorillard (P) Co 7 Loulsiana Ofl 80% Louls Oil pf ( 51% 33 LouG&E(A) 138% 115 Louis & h (T) 16% Ludlum Steel. .. 72 Ludlum Stpf (6%%).. Mac And & F (12.85). MeCall Corp (2%)... McCrory (B) (2 McCrory pf (6) 5 McKeespt T P (15 14% McKesson & Rob ( 35 McKes& R pf (3% 12 McLellan Stores 88's 46% Mack Trucks (6).... 51% 159% 109 Macy RH & Co (nt3) 12015 614 Madison Sq Gar (1) TV 28% Magma Copper (3).. 24 Man Elev mod g (d5) 346 46% Manhat Elev gtd (7) 1508 11 Manhat Shirt (1)... 10 28 Marine Mid (1.20). 10 17 MarketStRy prpf.. 1 2915 Marlin-Rock (15% ). 7% Marmon Motor Car.. 35% Marshall Field (23) 3 rtin Parry 32% Mathieson Alkall (2) 40 May Dept Strs (n2).. 71 Maytag Co 1st pf (6) 9 MengelCo (2)...... 23% Metro Gold pf ( 16% Mexican Seaboard. Sales— Add 00. High. 3 56 12 9% 2 25% 15, 687 2° 283, 17 94% 2213 61 72 847 171 3715 974 36 3114 114% 491 81% 965% 9 6% 0% 281 12 90 T 20 3 4 % 99% 84 Midiand Steel pf (8). 614 Minn Moline Pow. .. 48 Min Hon'w Reg (14). % Minn & St Louis 15 MStP&SSM, 29% Mo Kan & Texas (2). 92 Mo Kan & Tex pf (7) 51% Missourt Pacific. .. 13 Missouri Pac pf (5). 16 Mohawk Carpet. ... 30% Monsanto Ch (g1%). 27% Montgom Ward (3) 3% Moon Motors Morrell & Co (4.40).. % Mother Lode (20c). . 2% Motor Meter G & El. 18 Motor Wheel (3). 8 Mullins Mfg. . . 11% Murray (B)(2% stk) 35% Myer (FE) & Br (2). 204 h Motors (4).. 93 Nash Chat & St L (5) 915 Nat Acme (1%) 4% Nat Bella Hess. + 71 Nat Biscuit (13.30). . 38% Nat Cash Reg A (14) 45% Nat Dairy (32) 2413 NatDist Products(2) 32 Nat Pow & Lt (1) % Nat Ry Mex 2d 50 Nat Steel (2). 96% Nat Supply (5). 66% 108% 9815 . 145% 1 40 63% 49% 72 2 i Y ewport Co (A) (3). Newton Steel. 17% N Y Invest (1.20). 95% N Y N H & Hart (6). 10) 89% 83 Norf & West pf (4).. 15% 6% North Am Aviation % 87% Nor Am (b10%stk).. 51 North Amer pf (3).. 62% Northern Pacific (5). 37% No Ger Lloyd (3.43). % Norwalk Tire & Rub. 223 Ohlo Of1 Co (2) 9% Oil Well Supp!: 86 Oll Well Sup pf 64 Oliver Farm Equip. 52 OUVFEqQDPLA (6)... 12% Oliver Farm Eq cv pt 2% Omnibus Corp. . 73% Omnibus pf (A) ( 36 Oppenheim Col (3).. 63 Orpheum Cir pt (8) 55 OusElevn (23%). 118% Otfs Elev pf (6) 38% 20% Otis Steel (234) . 60% 40% Owens L1l GI 19% 6% Pacific Coast 74% 52% Pacific Gas & £l (2) 62 65 3 2 24% 109% 34% 0% 464 8% 95 56 99% 107% 71% Pacific Lighting (3). 178 23% 64% 674% 130 10% Packard Motor (1). 51% Pan-Am Petroleum. . 501 -Am Petrol (B) 2 48% Param'nt Publix (4). 104 10 Park & Tilford. 1% Park Utah....... 5 Parmelee Tran (60c) 2% Exchan i3 5 Pathe Exchange (A) 9% Patino Mines 14 3% Peerless Motor Car 55% 26% Penick & Ford (1) 80 47% Penney (JC) (3) 12 5 Penn Dixie Cement. 86% 684 Penna RR (4)...... 325 221 People’s Gas Ch (8). 164% 125 Pere Marquette (18). 2% 19% Pet Milk (1%). 14% Petrol Corp (1% 28 Phelps Dodge (3) 50% Phila Co 6% pf (3 11% Phila Read C& 1. 8% Philip Morris&Co(1) 24% Phillips Petrol (n2). 10 Phoenix Hosjery. 19 Plerce-Arrow (A) i 2734 44% 56% 25% 15% s 19% Pierce Oil pf. 2% Pierce Petroleum 27 Pllisbury Flour (2). 39 Pirelli Italy (a3.14). 17 Pitts Screw (1.40). 93% Pitts Steel pf (7). 4 Pitts Terminal Coal. 20% Pittston Co (75¢). ... 20% Poor & Co (B) (2). 16 PR Am Tob A (3%) 5% PR Am Tob (B). 80 Postal Tel & C pf (7) 27% Prairie Oll & Gas (2) 81% Pub Sv N J (3.40) 91% Pub 8v NJ pf (5) 4 106% PubSv N J pf (6) 121 Pub Sv N J pf(7) 107% Pub SvE & G pf (6). 59% Pullman Corp (4)... 1% Punta AlegreSugar. 16% Pure Ofl (1%). 109% Pure Oil pf (8). 52 Purity Bake: 26% Radio Corp 53 Radgg pfA (3 55 Radio Corp (B) (5).. 20 19 Radio-Keith-Orph A, 395 22 Raybestos Man 2 60. 5815 30% 52% 5616 5 26% 58% 24% 141% 57 { {2 37 46% 100% 14% Reading 2d pf (2). al Sk (5). . : Reis (Robt) & Co pf. 23 Rem Rand (1.60).... 92 Rem-Rand 1st pf (7) 84 Reo Motor Car (80c). 24% Republic Steel 73% Republic Steel pf (6) 10 Revere Copper & Br. 1 88 Revere C&Bpf (7). 108 16 Reynolds Metals (2). 15 70 Reynolds Tob A (3). 45% Reynolds Tob B (3). 10% Richfield Oil (2) 8% Rio Grande Oil 27% Rossla Insur (2.20). 65% 43% Royal Dutch a3.2165. 122% 57% Safeway Stores (5). 14 NEW YORK, October 1 (#).—Copper steady: electrolytic, spot and future, 10.00. " Tron ' quiet, g | Fast_St. Louls, 5.20. Zinc easy: The United States Treasury balance meed today as of close of business " X 330,024,379.44. Cus- to d: “volal ordinary ex- - 3 for P ’fluu #1,677,489.15, e £ Antimony, 7.37. In its native staf will lay from 40 to lays usually 112% 1 16 East St. Louis, spot and future, 4.22a4.25.|(neo: Prev. Low. Close. Close. 55% 56 854 8% 9% 25% 68 99% 57% 118% 101 76% 31 131 481 51% 114% 1205 112% T T T 26% 254 37 60% 33y | 284 4% | INVESTMENT TRUSTS NEW YORK, October 1 (#).—Over- le-counter market: porated Equitl corporated, Investors estment Trust Associs son & Curtis Invest lers_of Industry Leaders o & python | Major Shares Corp ) hawk The snake "'“i‘,,'='= e ex-di ~Prev.1930~ High. Low. 109% 100 10:30 A.M e per cent | 61% 64% 62 preterrea stock Stock and Anles Dividend Rate. Add Safeway pf (6)..... 8t Safeway Strs pf (7).140s 33% St Joseph Lead (13). 2 72 St L-San Fran (8)... 10 9114 St L-San Fran pf (6) 2 St L Southwestern Savage Arms (2).... Schulte Retail Strs. Scott Paper (11.40) Seaboard Afr Lin egrave (1.20). ears Roebuck § Second Natl Inv eneca Copper. Servel Inc..... Sharon Steel Hoop. . Sharp & Dohme Sharp & Do pt (3% Shattuck(FG) (+135) Shell Trans (a2.423). Shell Union Ofl Shell Un Ofl pf (53%) Shubert Theaters. .. Simmons Co. . . Simms Petrol (1.60). Sinclair Con Ol (2). 144 Skelly O11 (2). . 6 4 Sloss-Sheff pf (7). .. 5008 Solvay Am pr ww 5% 10 Sou Dairles (B) 2 Sou P Ric Sug ( 4 Sou P Ric Sug pf (8) 40x Southern Cal Bd (2). 22 Southern Pacific (6). 19 Southern Rwy (8)... 18 Southern Rwy pf (5) 8 Spalding (AG) (2).. 2 palding 1st pf (7). Spang-Chalfant. . Sparks Withing (1). Spear & Co..... Spear & Co pf (7).... 408 Splcer Mfg......... 18 Stand Brands (1%).. 64 Stand Brands pf (7). Stand Comm Tob Stand G & E (3%) Stand G & E pf (4). Stand G & El pt (7) Stand Invest Corp Stand O of Cal (234). Stand Ol Exp pf (5). Stand O1l of Kan (%) Stand Oll of N J (t2) Stand OILN Y (1 60) Starrett (L 8) ( Sterling Sec (A) Sterl Sec cv pf (3) 4 Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun O11 (11).. 87 85 31 10s 2 8 108 Symington. .. Symington (A). Telautograph (11.40) Tenn Cop & Ch (1).. Texas Corp (3)... .. Tex Gulf Sulph (4).. Texas PC&OIl..... Texas Pac Land Tr.. Third Avenue. ... Third Nat Inv (2). ., Thompson Pr (2.40). Thompson Starrett. . Timken Det Ax (80¢) Timken Roller (3) Tobacco Products. .. Tob Prod (A) (80¢). Transamerica (1) Transue &W (1) Tri-Cont Corp. Tri-Cont Corp Trico Prod (2% ) Truax Traer (1.60).. Truscon Stl (g1.20).. Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) Union Ofl of Cal (32) Unfon Pacifie (10). ., Union Pacific pf (4). Un Tank Car (1.60) Utd Alrcraft Utd Aircraft Utd Biscuit (1 60) Utd Biscult pf (7) Utd Carbon (2). Utd Dyewood pf (7) Utd Electric Coal. Utd Fruit (4)....... Utd Gas & Im (1.20). Utd Gas & Im pf (5). Utd Piece Dye W (2) Utd Stores (A). .. Utd Stores pf (2%) U S Express. . U S Freight (3). U S Hoftman (2).... U 8 Ind Alcohol (17) U S Leather.... h propf (7). USPive&F (2).. . USP&F 1st (1.20). U S Realty (5) U S Rubber. .. U S Rubber 1st pf. .. U S Smelt & Ref (1). U 8 Steel (7). U S Steel pf (7). U S Tobacco (4) Univ Leaf Tob (3) Univ Ple 1st pf (8). 120 Univ Pipe & Rad. ... Util Pow & Lt A (e2) Vadasco Sales Corp. . Vanadium Stl (t4). . ¢ Va-Car Chem....... Car Chem 6% pf. r Chem pf (7). Va El & Pow pf ()., Va Iron Coal & C pf, .15 Vulean Det (4). Wabash..........., Waldorf Systm (1%) Walworth Co (2).... Ward Baking (A).., 4 Ward Baking (B) | Warner Bros Pic Warner Quinlan. ... Warren Bros (3). . Warren Fdy & P (2), Webster Eisen(new) 2 Wess 01l & Snow (2) 11 West Penn El pf (6). 10s West Penn El pf (7). 2 West Penn Pw pt (6) 100, Western Dairy A (4) Western Dairy (B)., tern Md. . 3 15 2 347 11 5 . 242 West E& M pt (5).. 50x Weston El Instr (1), Westvaco Chlor (2). Wheeling & L Fri . Wheeling & L ¥ pt, White Motors (2). .. Wh Rock M'S (1434), White SewingMach Wilcox Ol & Ga. Wilcox Rich A (2% Willys-Overland. Woolworth (2.40) Worthington Pump, Wrigley (Wm) (4). Yale & Towne (2). ., Yellow Truck. , YellowTruck pf. Youngs Spring (3). . Zenith Radio Sales of Stocks on New Yo 505,800 2.151.400 51% 674 67% a8 12% 72 32% 5% % tess than 100 si Payavle in scri egular abie in cash® or Nt in stock. e T cent In stock stock ' Blos's per 2t = 00. Hig! 01 h 951 100 34 74 904 56 18 610 504 3% 8 62% 7 110% "110% 5 4 124 05 54% 111ty 6 57% 1 % 37 21% 72 28 55 063 3% 2 8% 2l 6% 18% 9 46% 55% T 41 25 10% 10% 26% 1% 9% 10% 954 33 12 25% 86 16% T0% 36 20714 871 160% 106% 70 68% 381 15% 801 a8 6% Low. 94 7 33% 2% 20 54% 18 5% 504 3 8 60% 7 &l 12 105 5315 109 N 111% 6 5% 35% 204 681 26 55 106% 36 1% ™ 2% 6% 18 87 441 53% % 4% 241 10 9% 24 16% 8 10% 10% 55% 3% 11% Prev. Close. Close. 951y 98 19% - 9% 9% 95 23 12 25'% 85 16 66% 3% 208% 87% 156% 50% 61 257 78% 106% 70 13% 8014 5% 5% 1% 25% 5% 641y 971y 68l 3814 15% BOY 37 6% rk Exchange « 1,881,700 .~ 2,461 800 12:00 Noon. 2:10 P.M. ver le In stock. d Payable stock. ek, LP1us 10 per cent 1 155% 150% 9114 50% 171 6 50 3% 8 < | some secondary domestic rail Second 3 | Washington ‘(13) | columbia c6n) o i @ a 9, 5 i ) L] NEW YORK, October 1 (A).—Call money renewed at 2 per cent today and was s ly in the face of light demand. The market in bankers' acceptances Wwas comparatively quiet, with rates un- changed. Time money and commercial paper also were unchanged. s A broadcasting station is to be oper. I-, (“ted on the top of a new 24-slory-bulld- ¥ g in Sao Bawe, Barsil. - necklace was IBUNIJS ARE STRONG 1 INHEAVY TRADING Forced Liquidation Dries Up| as Stock List Shows Advance. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, October 1.—Apart from | the foreign list, which was still nub]ecll to considerable nervous selling, and issues, bonds had a strong tendency today for the first time this week. ‘The early strength of stocks dried up most of the forced liquidation and & large part of the selling from over- seas ceased with the stronger tone in London and Berlin. Money rates | were unchanged. Volume was again of record proportions. Two features were apparent at the opening. Fipst, there was quite sizable buying of high-grade public utilities, such as American Telephone 5'%s, Du- quesne Light 414s, Philadelphia Co. 5s, Columbia Gas 55, Utah Power & Light 5s and Utilities Power & Light 5125. These all advanced fractionally. Secondly, it was evident that the wide declines in the earnings of most rail- roads had turned sentiment against carrier bonds. Even those of good grade, such, as Canadian N; al 58, Canadian Pacific_4s, Frisco 4s and Great Northern 7s, were off slightly. In the second rail group declines were wide, as large blocks of bonds were offered at losses ranging from 1 to 4% points. The chief sufferers were the descriptions of Florida roads. Seaboard Alrline 6s were off 45 poirlts to a new low. Seaboard All Florida “A" 6s dropped 2 points. Florida East Coast 6s were at a new low. Losses were also . shown by Chicago & Eastern Illinois 5s, Chicago Great Western 4s, Denver & Rio Grande Western 5s, Erie General Lien 4s, Frisco 438 and Wabash 1‘/35,| Though the general tone of foreign dollar credits was downward, there were enough gains to indicate the turn- ing of the current movement. Indi- vidual features included a wide advance Dominican Republic Bonds, the first 5%2s gaining 5'4 points. Italian issues, after a weak start, turned upward. Japanese bonds showed strength. German Government 5155 early made & new low, but later retraced the lost ground. German Central Agricultural Bank 6s (1939) were off a point. Ber- lin 6%5s lost 2 points and there were smaller losses in United Steel Works 6%2s, Bavaria 6l5s and Cologne 615s. German Reparations 7s, however, made 2 small improvement. French issues were lower and Argentine Bonds were llbolfl 3 to 4 points below their recent evels, Washin;ton Stock Exchange SALES. Wash. Gas 55—8$500 at 1047, $2,000 at 10435, $1,000 at 1043, $1,000 at 1043, Wash. Gas 65 A—$4,000 at 102% . Wash. Gas 6s B—$1,000 at 106, $500 at 106, Wash. R. & E. 45—$500 at 89%%. Pot. Elec. 6% ptd.4-5 at 111 2 ld—5 at 108, 5 at m.—10 at 30%, 10 at Mergenthaler Linotype—10 at 941, Natl. Mige. & Inv. prd.—200 at %, 100! Al 3 R.E. Mtge. ‘The Ca at 3434 AFTER CALL. The Carpel Corp.—3 at 24%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telgn. 41is Amer, Tel, & Telga. 4133 Am. “Tel. Anacostia Ana. & Inv. pfd.—100 at 6%, 100 0 at 6%, 100 at 615, 10 at 615, Corp.—50 at 24, 7 at 24, 50 . & P. Tel of Vi Capital Traction . City & Suburban 55 18t B3l Cons. Title STOCKS. PUBLIC UTILITY. NATIONAL BANK. Capital (14) (Se) TRUST COMPANY. Amer. Sec. & Trust Co. (15). Continentai Trust (6) . * Merchants' Bank & Trust ( National Sav. njon Trust (8g)...... Wash. Loan & Trust (14 2 BAVINGS BANK. Bank of Bethesda (61)... K & Com. (17). 12) remen’s (8) National Union (15)."." TITLE INS) Real Estate (6h) Title & Inv. Co. Md ‘com MISCELLANEOUS. 1930. FINANC [owows o BONDS o s Received by Private Wire Direct to The Star Office Sales. High Lib3%s. Lib1st4Ys Lib 4th 4% s 117 113 FOREIGN. Sales Argentine 51562, Australia 4% 56. . Australia 58 °55. ... Austria 78 '43. . Bk of Chile 64857 Bk of Chile 6%s '61 Batav Pet 4135’42 Belgium 68 '55 Belgium 6%5 Belgium 78 '55. Belgium s '56. Belgium §s '41. Bolivar 7s ‘58 Bolivia 7s ctfs'69 Bolivia 83 '45 Bordeaux 65 '34 Brazil 6168 '26. Brazil 615527, Brazil 7s. Brazil 8541 Bremen 7s '35 Canada 5531 Canada 55 '52 Chile 65 °60. Chile 6s 6 Chile 7s 42, ... Chin Gvt Ry 585 Colombia 65 Jan '61 Con Pow Japan 7s. . Copenhag 4%s '53. . Czecho 85 '51. Czecho 9s '52. Dan Mun 8s A *46 Dan Mun 85 B4 Denmark 458" Denmark 51 Denmark 6s ‘42 Dutch I Dutch East 1 6s°47. Dutch East 1 6s '62. El Salvador 8548, . Fiat 7s war. p Fiat 7s ex war '46. . 55, 3 2 6 7 7 R French 7s ‘49 26 French Gvt 71 10 Gelsenkir Min 65 ‘34 25 German 6%s '85. .. 130 German Bank German 6% German Ts rep ‘49. Ger Gen E 78 '45 Greek 63 '63 Hungary 7145 *44 Italy 7s°51. Italy Pub Sv 7s Japanese 5% s '65. . 329 Japanese 6148 '54.. 70 Jugosl Bank 7s '57. Karstadt 6s *43 Kreug & Toll 58 '59. 81 Lyons 6534 Marseille 6s'34. ... Mex 4s asstd 1904. . Mex 4s asstd 1910. . Mexico 55 A *46 Milan 6%s '52 Montevideo 7 . New So Wales '68. . Nord 6%s '50 . Norway 5148 '65. Norway 5863.... Norway 6s '44. Norway 6s 52. Orfent dev 5%s '58. Orient dev 6s '53. . . Paris-Ly M Paris- Peru 6560, Peru 6s 61, Poland 7s *47. Poland 8s '50. A Porto Alegre 85 '61. Prague 7% '52 Queenland 6547 Queenland 7s *41 Rhine West 7s '50, . Rio de.Tan 63s '53. Rio de Jan 8s v R Gr De Sul 6 R Gr De Sul8s '46. , Rome 6155 '52. Roy D 4s'45 ww... Sao Paulo 8s'36. .., Sao Paulo 85 '50. ... Saxon 7545 Seine 75 '42 Serbs-Cr S1 Soissons 6s Swiss 5155 46, Swiss Confed 85 *40 Toho El Pow 65 32, Toho El Pow 78 55, Toklo bs 52 Toklo 5% s '61. Utd King 5% s 47 Uruguay 6s°60. . Uruguay 8s '46. Vienna 6s ‘52, Warsaw 7s '8 Yokohama 6s '61. AbiUbBI P& P 5853 28 Ab & St 5%s " Allegheny 63 Alleghany 6s 4 Allis-Chalm 58 '37. . Am Ag Ch 73841, Am Beet Sug 65 '35, Am Chain 6s '33 83 99 20 AmIGChb5%s"49. 122 Am Int Cor5%s'49 17 Am Metal 5%s '34. , Am S&R 1st 534 Am T&T 6881 60. . Am T&T 53%5'43. .. Am W Wks 58°'34. . AmWrit Pap 6s 47, Arm & Co 4155 '39 Arm Del 5148 '43. At Gulf 5985 % At Ref deb 55 '37. .. Bell Tel Pa 53 B "48 Bell Tel Pa 55 C '60. Beth St rf 58 '42 Beth St p m Bush T Bldg 58 '60. Cert-td deb 5% s *48, Barber & Ross. Inc., com. . brd. (7] Chevy Chase Dair: Golumbia Med. Bldg. Corp Col. Sand & Gravel pfd .(7) © Paver Mic. p Dist. Natl. Sec. ptd. er, Bromo-Selz. A Federal Storage pfd 125 Fed.-Am. Co. 32 101 11 107 100 5% 102 6% . com Mer: Tr. & Stge. pfd, (1) Nati. Mige. & Inv. pfd...". Driss” Stores pfd. (65" M. & G. pfd. (8) Ter. Ret. & Wh. The Carpel Corp. W. Mech *Ex dividend. B Books closed. 5c ext ssued. 38 paid Oet. 1, per hundred. PARIS, October 1 (#).—Price changes were irregular on the Bourse today. ‘Three per cent rentes, 88 francs 5 centimes. PFive per cent loan, 101 francs 80 centimes. Exchange on London, 123 francs 83 centimes. The dollar was quoted at 25 francs 48% centimes. BANK CLEARINGS. NEW YORK, October 1 ¢Special). New York bank clearings, today, $1,- 771,000,000; & year ago, $2,429,000,000. New York bank balances, today, $198, ,000: a year ago, $281,000.000. New Yor:: Federal Reserve Bank credits, today, $193,000,000; a year ago, $216,- 000,000, Valued at $7,500, & diamond and ruby aslost tn the m:euuot Loni- o from. Hungars, - e & Chile Cop db 55 "47. Colon Ol 6s 38, Com Invest 5% Com Invest 6s C C Md 1st rf 68 '60, ConG N Y 5%s *45. Consum Pow b5 52. C Am Sug col §x ‘31 Det Ed rf 65 B "40.. Dodge Br col *40. Duquesne 4143 '67. ., East € Sug 71837, Fisk 1tub 8s "4 Gen Cable 51 Gen Motors 6s Gen St Cas 548" Gen Thea Eq 6 Good 1st 6%s Goody'r Rub § Humble O11 68 '37 Hum O&R 6%s '62. MIBTistpfbs A 111 Steel 44540 Inland Ste: Int Cement Int Hydro El Int Match 6s ‘47 In M M col t Int Pap 55 A *47 Int Pap 6s ‘55 IntT&T4%s'62.. 11 Int T&T cv 4348 39 162 IntT & T 68’5 38 Kan Gas&E 4%s'80 7 Lackaw St 55 '50. Laclede 6348 C 63 s Lou G & F1 b8 52... 2 104% Man 8 15t 734842, 81 34, 1015 8.0 1025 Mor & Co 15t 4%, s4n Nat Datry S4a'43.. 66 101% 98% 101% UNITED STATES. (Sales are in $1.000.) Low Close. 278 1016 1018 1014 82 10215 10210 10212 58 10315 10811 10811 26 10620 106 15 106 15 253 108 26 10823 10823 11228 11228 125% 2015 MISCELLANEOUS. 8215 101% 1015 98 987% 101% 102% 9214 102% 102% 106% 101% 98% 100% 9714 100% 1011 81 5% 76 861 287 99 “99 M 911 96% 96% 103% 103% 104% 104% 123% 1234 100% 1004 88% 881 934 9345 111 104% 104% 30 n 101% 101% 102 1023, 84N 84% 101 - 101% N Y Ed 15t 635 41 NY ELH&P 43'49 NY ELH&P 58 N Y Tel 6541, Nor Am Ed 55 '8! Nor Am Ed 5148 NorOT & L 6s'47 Nor St Pow 58 A 4 Pac G & I b . Pac T&T1st 58 '37. Paramount 6s *47. Pathe Exch 7s'37. Phila Co 5% '87. Phila & Read 63 49. Phil Pet 54 s ‘39 Por R T am 634 Pos Te! & C b8 '53. . Pressed St C 58 '3 Pub Sv G 438 '67 Pub Sv G 43 7, Pure Oil 5%s 37. Rem R'd5%s A 7. Richfi'd O cal 63 "44 Sinel O 6% s B'38. . Sincl O Tscv A '37.. 42, Skelly Oil 53539, . Stnelair P L 5 Solvay Am 5s '42. SoP R Sug 78 '41... Sou Bell T&T 55 4 SW Bell T 55 A '54 StOIINJ bs 46 StOIl N Y 43, Tenn Cop 6s B Tenn K) P 68 A 47, Trans Oll 6% '38. . Utd Drug cv 5s 53 U S Rublst 5s '47 Utah P & L bs "44 Util Pow 5847 Vert Sug 1st 7s "42. Walworth 6s A *45 Walworth 6% Warn Br Pic 63 ‘39, Warner Sug West El deb 58 4 West Un Tel 585 WEOB5%5'37 ww. Wil & Co 15t 6541 You St& T 58°78. Ann Arbor 4s Atchison gen 4s Atch Ariz 4158 62 At& Danv 4s ‘48, At & Danv 2d 454, AtCLcol 4552, AtCL 1st 4552, Bkiyn Man 6s Bklyn Un El 58 Bklyn Un 1st BR&Pitt4% 5 Bush Ter con 58 '55. Can Nat 43%s'54. .. Can Nat 438§ Can Nat 4%s'6 Can Nat 55 July Can Nat 58 Oct '69 Can Nbr 4148 '35 Can Nor 6% s db Can South 5s '62 Can Pacific db 4 Can Pac 435 "4 Can Pacifie 55 5: Car Clin & O 65 Cent Pacific 4s'49 Cent Pacific bs 60 Cen Ry NJ gn bs Ches Corp 58 '47. Ch& O gn 43%s9: Ch&O4%sA‘03 Ch&O4%sB 95 CB & Q gen 4; Ch & East I11 58 '5. Ch M&STP 4148 C. Ch M St P&P 55 Ch & NW 4% s 203’ Ch Rwys 58 ‘27 ChRI&Pref 4 4 C& W Ind cv 4s CCC&StLé6s (C Clev Term 5s '72., Clev Term 53s '7; Colo & Sou 4% Colo Sou 435 ‘80 Cuba R R 55 '52 Cuba RRrf 73 Del & Hud 5% D& R Gren 4 Den& R G W 68 '5 Erle con 4s A *53. conv 4s (B). Irle 55 1975 Fla E Coast 5s 74 Fonda J&G 438 5! Gr Trunk 7840 Gr Nor 41 Gr Nor 55 '13. Gr Nor gn 534 Gr Nor gen s Gulf Mobile 58 '50 HavERL& P bs. Hock Val 43899 Hud & M adj 68 '57 Hud & M rf 58 '57. Ilinols Cent 4s ‘51 111 Cent 4% 5 '66 111 Cent 6155 '36 111 CCStL&N §s A Int Rap Tr 5566 Int & Gr Nor 6s | Int Rys C A 58'72. Lake Shore 45 '31. Leh Val cv 4s 2003 Long Isldb 5s ‘31, Long Il rf 4s 49, L &N 4%s 2003 Manh Ry 1st 4; Market St 7s "40 MilE Ry & L 68 M &SL 1st rf 4 M St PASSM 5%s MK&T4sB MK &Tprn Mo Pac gen Mo Pacific 6 A ‘65 Mo Pacific 58 F '17 Mo Pacific 58 H '80 Mont Tr 1st 6841, Nassau E: z -] ggon sa% atex siat ‘ent 438 2013 227222227 MR g 2200000 4 aa T NY N z 2z g Z = &H 3% &H 438 NY NH & H elt NY O&W 1st NY Rys ine 6 NY St Ry 438 NY S&W 18t b8 '3 NY W&B 438 "4 Can Nor 7s deb '40. . Can Pacific 415’60 40 100 Cent of Ga 58 C '59. Cent of Ga 5% '59. Ch M&StP 4%sE. . Ch M & St P adj bs. Ch & NW con 4%s. Ch & NW rf 5s 2037 52. C& W Ind 5%s'62 CCC&St L 4%s (E) 109 1025% 1021% 102% CCC&SL5sD'63 Cin U Ter 4145'2020 Clev Term 41577, 36 Cuba Nor 5%s 42.. 17 (E) Kan C FtS&M 4s ‘36 Kan City Sou 3s '50. Kan City Sou 65 '50. Kan City Ter 43 '60. ‘90, 39 M StP&SSM con 4s. 1 Mo Pac 638 v 49, NCh&StL4s'8., c 4851, Sales High Low Close <12 114% 114% 114% L 13 98 9NW 98w 10¢% 109% 109% 1071 107 1074 104'5 104% 104'% 1043 104 104 1074 107 107 103% 103% 1081 103% 103 103 1047% 104% 104% 1003 100% 100% 521, 431 434 103% 103 108 981y 9TV 9Bk 964 96 96 8N g 87 874 874 878 87% 87% 0 103% 3 108 99% 99% SB%I 98% 9% 98% | 80 8 T8 103% 103% 103% 104% 1045 1041 | 10215 102% 10214 963 951 95% 100 100 100 104 104 104 1043 1045 104% 1064 106% 106% 104% 104 104 100% 1004 100% 101 100 100 107% 107% 107% 102! 101% 1021 109% 109% 109% 101 100% 101 82 B0 ROV 10215 102% 102 91 89 89 40 40 40 86 86 86 95% 951 951 82 791 82 104% 104% 104% 105 105 105 105% 105 105 1034 1034 103% X 100% 1001 100 104% 104 1042 13 1 ~0 wamm o b CRENABAIRARS ABBm s E RS = Tex Corp cv 5s *44 5 =3 2uw PallES »% RAILROAD. 6 86 5. 33 98a, 1 104% 104% 1041 5 5T% BT 5T% 3 52 52 2 4 94y 2 96% 869 96% 96% 2 97 9% 97Y% - 7L 100% 100 100% 28 101% 101% 101% 18 108 108 108 21 104% 10415 104% 4 109% 109% 109% 4 106 105% 105% 1 894 891 89% 10 92% 92% 92 6 102 101% 102 - 80 103% 103% 103% 15 80 79 79 -104 101% 100% 101 2 104% 104% 104% 8 93% 93 93 17 96 95% 95 1101 101 101 18 100 100 100 14 100% 100 100 10 100% 99% 99% 11 105% 105% 1 10 105% 105% 105 3101 101 101 2 118% 118 118% 3 1121 112% 112% 15 109% 109% 1094 <108 90% 90% 90% 9 100% 100% 100% 99% 100 1105 105 105 2 108 108 108 16 101% 101 101 2105 105 105 6 98 9T 9TH 9 105% 105' 105% 5 115 114% 115 27 100% 100 100% . 13 105% 105 105% 16 102% 102% 1024 50 102% 102% 102% 1 9% 9T% 9% 7 1 2 102% 1021 102% 1 86% R6% 86% « 9 101% 100% 101% 7 9% 9% 965, 968 86% 86% 44% 48% 99% 100% 981 981 108% 108% X 78 18 4. 11 99% 99% 99y . 20 87 118 48 7. 17 100% ChRIcv4%s'60.. 30 99 1 104% 104% 104% 3 93 93 93 10 105 104% 104% 4 105% 104% 104% ). 3 103% 103% 103% 5 104% 104% 10414 5 104 103% 10314 1 106% 106% 106% 7 110 110 110 27 101% 101% 101% 55 100% 100% 100% 3 68 68 68 T -9E -y 5 49 49 49 6 105% 105% 105% L9 9TH 96M ATy 5.132 94% 94% 9 86% 87 838 9216 92% 41 3 10 1124 112 112 20 100% 100% 100% 1 108% 108% 108y © 8 111% 111% 111% 13 112 1118 111% 30 100 99% 100 . B 6 6 65 + 7 108% 1031 1031 © 22 83% 831 831 - 19 101% 101% 101% - 3 981 emy 9gy 21 101% 101 101% 10 110% 110% 110% 4107 106% 7414 2% 4% 631 66 9315 94 15 102% 101% 10214 U G e 1 9 98 97x o7y 6 80% RO% 801 12 104 1031 104 63 96 951 95y « 41 100% 100% 100% . 27 94 93% w3y « 1.100% 100% 100% o1 4% 94y 9qw 10 102% 102% 102% 8 B5% 55% 5 19 95 94y 9¢ 7 103% 1084 103% 5 8 8 8 91 3 82 19 03% 93y 4 100% 100% 100% 12 101% 100% 1004 5 104% 104% 104% 39 81% 81 81 . 7103 103 108 30 1021% 102% 102% 1 101% 101% 101% 12 102% 102 10214 17 107% 107% 107% « 1 100% 100% 100% B 96% 96 96w 51 584 57 584% 1034 864 9674 13 100% 100% 10614 16 103'5 103% 1031 27 109 108% 109 21 107% 107% 107% 99 1004 91 82 98Y% | 933, | ¢ 1AL. CUT IN VIRGINA - CORN CROP SEEN Reserve Bank Also Notes Drop in Other Yields Due to Drought. By the Associated Press. RICHMOND, Va., October 1.—Vir- ginia’s corn crop today was forecast to be 16,607,000 bushels, compared with the forecast of 21,518,000 bushels as of August 1 and a yield of 44,138,000 last year, by the Fifth District Federal Re~ serve Bank monthly reviey that re- ported Virginia crops declined 3.8 per jcent during August following the rec- ord drop of 25.2 in July. The drop in all crops, the review said, was attributed to the drought which has continued since early Summer. The review figures showed that oats turned out better than had been ex- pected, with a yield forecast.of 3,774,- 000 bushels. Potato Crop Smaller, A decline of 14 per cent was noted in the late potato crop since the 1st of August. The total production of pota- toes, including the early crop, was ex- pected by district officials to be 15,244,- 000 bushels, compared with 17,461,000 bushels in 1929. Shipments of early potatoes to Sep- tember 1 amounted to 21,345 cars, com- pared with 21,051 cars shipped to the same date last year. The Virginia sweet potato crop declined during Au-~ gust, and on September 1 was forecast. to be 3,220,000 bushels, compared with 4,600,000 forecast a month earlier and a yleld last year of 6,705,000 bushels. Hay fields declined further in condi~ tion during August, the Review said, and a crop of only 623,000 tons was ex= pected, compared with 1,373,000 tons cut in 1929, Pastures in all sections of {the State except in the Southwest showed heavy declines, the Review said, and on September 1 were 28 per cent normal. Peanut Prospects Declining. Peanut prospects were set forth as de- clining about 21 per cent during Au- gust and on September 1 was forecast as 117,600,000 pounds, compared with 146,080,000 pounds harves last year. ‘The commercial apple crop in Vire ginia was forecast to be 1,950,000 bare rels, compared with 3.100,000 barre} gathered in 1929. The fruit, while con« siderably under size, was said to be good, both as to quality and color. There was very little damage from insects, but in many sections the drop was heavy. Outlook in Maryland. Compared with the total Virginia crop drop of 29 per cent, the Review gave Maryland prospects as declining an average of 8.6 per cent in August, with the composite condition on Sep« tember 1 at 74.1. In West Virginia the crop condition figures on September 1 averaged 574 per cent of the 10-year figure, the sec« ond lowest composite rercentue Te- ported for any State in the United States. North Carolina crops temained un- changed in average condition durln’ August, the composite condition of 94. per cent on sapkm:er 1 ::e!lnc the same figure reported on August 1. ‘gcuth Carolina’s composite condition figure on September 1 was 1139 per cent of the 10-year average, the Stats being exceeded only by two States, Georgia and Arizona. Washington Produce 44a45; current Te Butter — One-pound prints, tub, 43ad4. Eggs—Hennery, 35a36; ceipts, 26a27. Poultry, alive—Spring chickens, large, keats, large, Home dressed—Spring chickens, 33a35; medium, 22a25; small, ; Leghorns, 28; fowls, large, 27a28; and medium, 23a25; Leghorn 18a19; roosters, 18a19; ducks, ; turkeys, 33a35, Meats, fresh killed—Beef, 19a20; veal, 18a22; lamb, 20; pork loins, 27; fresh hams, 25; fresh shoulders, 22; smoked hams, 28; smoked shoulders, 20; bacon, 28; lard, in bulk, 15; 1-pound pack- ages, 16. Live stock—Calves, 1114; lambs, 715/ Cantaloupes, Colorado, flats, 1258 1.75; Oregon, jumbos, 1.50a2.00; honey- dews, 1.50a2. honeyballs, 6.00. Per~ sian melons, 1.75a2.50. Oranges, 8.50a 9.50. Lemons, 6.00a6.50. Grapefruit, 3.00a4.50. Peaches, 1.25a4.50. =Grapes, Concords, 50a60; Ribiers, 1.75; Zinfandel, 1.50a2.00; Malagas, 1.10a1.50. Prunes, -peck basket, 2.00. Vegetables — Potatoes, 150 - pound sacks, 3.50a3.7: sweet potatoes, per bushel, 1.25a1.50; lima beans, 1.50a2.00; string beans, 1.50a1.75; cauliflower, 2.50; beets, per 100 bumches, 3.00a5.00; carrots, per 100 bunches, 00 spinach, 1.00; kale, 1.00; eggplant, 1.00a1.25; broccoli, baskets, 1.00; Western, crate: corn, per dozen, 25a35; cabbage, pound containers, 1.50a1.75; peas, 5.80 86.00; squash, 2-peck baskets, 1.25. Low Close. 70 170 96% 97 95% 96 99. 99 103% 104 100 100% 102% 111% 112 105 108 110% 110% 102% 102% 26 26 89 89 95 95 10215 102% 12 112 9615 96 105 105 105% 103% 105 108 108% 108% 103 108 96 96 8O%, B9 101 101 101 100 9015 91 92% 92 103% 10814 101 101 91 91 2% 102% 1024 110% 110% 96 96 36 36 20% 30 5% 96% 96% 1004 1004 % 100t 1005 4 1024 1024 89 80y 111% 111% 116 116 123 123 95 95 50% 32% 9914 235 Nor Pacific 35 2047, Nor Pacific 48 '97.. Oreg-Wash 45 '61. Penna 4s '48 Sta Penn gen 41%s Penn 435 '70. Penn 4%s 63 Penn gen bs Penna 53 °64 Penn 614836, PaOh & D 4%s 17, Peor & Kuin Peor & E 1st Pere M 1st 45 ‘56 Pere Mar 435 '80. . PCC&StL5sB.. P& WV 4%s B0 Port Elec 6s'47. Port Ry 68"42..... Port Ry L&P 68 °47. Por R L&P T%s '46 Reading 4%s B. Read Jer Cen 4s '61 Rio Gr W clt 4849, RIAr& L 4%s'34. St L Ir M'nt 68 '31., StL IM R&G 4533, StL&SFIndsA. . StL&SF4%s'78. 200 927 StL&SFprinbsB 5 1031 S&L&SF gen 63 3 6 108% 60 1031 6 96 5 R9% 2101 9 101 101 100 Y. 9. San A & A P4as'43.. Seab A L rf 4s'49. . Seab A L, cv 6345, Seab Al F16s A '35 Seab All F'I 63 B '35, Sou Pac col 4s 49.. A Sou P & Or 41877 Sou Rwy gen 45 '56. Sou Rwy 68'94.... Sou Rwy 63 '66 Sou Rwy 6%3 ‘56 Sou Ry M&O 4s'38. Third Ave ref 4s '60 B1% Third Av adj 5 32 82% Un Pac 18 <1 99y Union Pae 45 3 04 501 7. 61 NY NH&H ev db 6s. 8. .. 54| Un Pac rf 4s 2008. . 13 1075 10715 107)s | Un Pac ¢ 3%8°67.... 2 1021 1024 10214 g 4 102i% 10215 1021 :'.:’_;':;'. : 2 80% 80% 80% | wabash ist 6830, My 97 97 Wabash 68 B 76. 4 121% 121% 121% | Wabash 63 D '80... 4 106% 105% 106% | wabash 6%8'75... 1 49 49% 49% | West MA 4552 ,l‘fi ;‘,I T9% 80 Wast Sh 1st 4s 8814 884 Node \VIKsB & IS st by L1 9T 91K 974 WisCengn 4 1 974 51 101% 5 108% A GR gt < b W T4 MU 9K 101% 101% 108% 108% 93 104% 1056 100% 101% 100% 101% 104 104 8715 88" 102 102 991 9914 Py For "