Evening Star Newspaper, October 2, 1930, Page 15

FINANCIAL. AFTER EARLY GAIN Announcement of Suspen- sions Is Followed by Re- newal of Selling. BY JOHN A. CRONE. Special Disratch to The Star. NEW YORK, October 2.—A strong and active opening on the Curb Ex- change was erased quickly today following the announcement of two suspensions, one of which was for in- solvency. Public utilities were the first to de- cline after heading the early upswing. Petroleum shares and investment trusts continued irregular, but natural gas shares were able to show fair resistance. Electric Bond & Share was off frac- ttionally from its early gain, but Cities Service was up %. The first suspension announced was that of Samuel S. Campbell & Co., largely floor traders, for a technical violation of rules and it was for a g;rlod of only 30 da bout 11:30, wever, came the announcement of the suspension of Piperno & Co., a mod- erate-sized house with Italian clien- tele, because of its failure to meet obligations. Immediately thereafter the curb tape was filled with a series of sales made “under the rules” Metal & Mining Shares Inc. fell about 8 points before rallying while Creole Petroleum, Deere & Co., United Verde Extension, Novadel-Agene, Central States Electric and other stocks in which Piperno had a market position at the time turned active and soft, some of them breaking to_record low levels. ‘plw the increase in trading short- before midday, as a result of these Elll total transactions in the iore- noon amounted to only 255,500 shares against 330,400 in the first two hours Wednesday and 590,300 on Tuesday, ‘when the selling movement was near its crest. ! o NEW CANADIAN CUSTOMS BARRIER IS ERECTED By the Assoclated Press. Canada has effected a further cus- toms barrier. This information is con- tained in advices to the Department of Commerce which report importations into Canada beginning October 1 will «arTy increased valuations upon which duties are to be assessed on a range of fruits, vegetables, live stock, meats and m and additional or dumping duty be applied on all shipments invoiced ll lower valuations. action is taken under authority mud in the Canadian government by the recently revised provisions of the Canadian mutomn act to fix the dutiable values of any class of goods the impor- tation of which prejudicially or injuri- ously affects the interests of Canadian producers or manufacturers. Excepting in the case of ?eu:hee ind pears, the new dutiable valuations are to be in effect until otherwise ordered. tober 5; pears, 33 cents per pound until October 31; lpples 3 cents; cabbage, 1Y cents; celery, 2 cents; onions, 2 cents; mushrooms, 30 cents; tomatoes, 5 cents. On the above commodities, the valuations will be computed to include the weight of the crates or containers. BOTTOM IS REACHED, BROOKMIRE BEL|EVES ‘The darkest days of business depres- slon have been seen, says the latest Teport i-wed by the Brookmire Eco- nomic Service, and the next important will be up. The rate of recession ugust. further slump, indi- that business is starting bottom area of the depres- sion towards the upcurve. 103% 10331 1083 100% louu; loo',. 8 sarson s e TR B 29 Bery Pow 5ias K 992 G ¥ fo ol nmbl- JSteel uctme Gas sggg" el S Q=] Q. =a 3E>§3;=:=«gr=u g e nSuuSa- & FETLEISEEITIES 235253 s st o 5 New Eng G&) i New Boe G&E 5 30 . : £ | : ¥ 0l i858 ‘: f PITIVOZZ S i 3 PErrS FOREIGN BONDS. risbane City 6s ‘50 9514 2 82' Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. ~Prev. 1030.— High. Low Stock and Sales— Dividend Rate, 16% Afmiliated Prod Inc. 16% Ainsworth Mg $2%. 100 8% Alleghany Corp war. 3 Allegheny Gas. 7t Allied Mills (60¢). .. § 100 AluCoof Am pf (6) 95 Aluminum Co Ltd 36% Am Arch Co (3) 7% Am Br B fd shars 6 Am Capital (B) 35% Am C P&L (A) (a3). 12% AmCP&LB (10%). 17% Am Com P A (b10%) 12 Am Cyanamid (B) 10% Am Equitfes. .. 3014 Am For Pow (war 104 AmGas&El (31) 7% Am Invest Inc (B).. 50 Am Laund Mach (4). 755 527 Am Lt& Trac 2%). 10 1% Am Maricabo. ] 16% Am Mathis (B) 7% Am Natural Gas 17% Am Superpow (1) 87% Am Superp pf (6)... 6% Am U & G B vtc 40¢ 1% Am Yvette new wi. 6 Anchor PF (b10%).. 15% Anglo Chil Nitrate. . 12'% Apex Electric Mfg... 7% Appalachlan Gas. .. 4 Ariz Globe Copper. 5% Arkansas Nat Gas. T4 Ark Nat Gas (A). 7% Ark N G cu pf (60 4% Asso Elec Ind (JOC). 28% Asso Gas & Elec.... 89 AssoG&EDpf (5)... 30 Asso GRE A (at2.40) 33 2% Asso G&E (A) dbrts 8 92 AssoG & El ctfs (8). 258 2 Asso Rayon 8 38% Asso Rayonpf (6)... 1 14% Atlas Plywood (2)... 7% Atlas Util Corp. 8 Auto Vot Mcv pf pt 24% Aviation Cor of Am. 36 ' Axton-F Tob A 3.2 2% Bahia Corp. 447% Bancom Corp ). 146 Bell Tel of Can (!) . 25 17 Bliss (E W) Co (1).. 6% Blue Ridge Cp (40c). 33% Blue Ridge cv nfasd.. 19% Blumenthal (S)..... 291 Brazil Tr & Lt (h2).. 243 Buf! N&EP pf (1.60). 314 Canada Marcont. . 26% Carnation Co (J1%) % Carib Syndicat 59% Celanese 1st pf 19% Cent Pub Sve A al.76 so 17% Cent St El (k40c). ... 9% Chain Stores Stock. . 8 17% Chat Ph Alnv (50c).. 4 9 Chicago Corp (The).. 1 106% Childs Co pf (7)..... 40s 24% Citles Serv (g30c)... 253 88 Cities Serv pf (6). 50% Clev El Illum (1.60). 7% Clev Tractor (1.60).. % Colombia Syndicate. 5% Col Oil & Gas vte.... 81 Col Pict vtc (f134) 2% Corn & Sou war. 11% Cown Wat Sv (b6%).. 1 108 3 0 4 1 1 1 8 = x 22 2 17 o FuananBoanasra 2 Consol Coppe: Gas Util A 2. Royal Oil (50¢) 101% Cont G & E pr pf (7). 25: 28 Cooper Bessemer (2) 4 Copeland PrInc A, Courtaulds Lt 43c. . 4% Creole Petroleum. 91 Cr Cork Int A (1)... 30 Crown Cork pf(2.70) 125, 16 Cuneo Press (2%)... 2 Curtiss Airports % Curtiss Wright war. 2% Dayton Alr & Eng.... 60 Deere & Co (m1.20).. 2% Dé Forest Radio..... 6% DeH Air Ltd ret so-:, 214 Detroit Afrcraft. . 14 Diamond Mateh new. 24% Dia Match cu pf (n). 8% Doehler Die Casting. 12% Douglas Afr (75¢). .. 60 Draper Corp (15).... 31 DressSR(A) (3%). 31 Dresser Mfg (B) (2), 41 D r Harris new 2 Dubllier Cond & Rad. 7 Duquesne Gas Cp wi. 2% Durant Motor: 24 EastG&F Asso.... 18% East St Pow B (1)... 6 East Util Inv (A).... 5% Eisler Electric Corp. 6344 El Bond & Sh (b6)... 103% El Bond & Sh pf (6). 92% El Bond & Sh cu pf 5. 19 Elec Pow Asso (1)... 16% Elec Pow Asso A (1) 28'% El Pow & Lt op war.. 14% Elec Sharehold (31 82 El Sharehold pf (a6) 4% Empire Corporation. 11 Empire Fire Ins. . 86% Emp G&F cu pt (7)., 38% Emp Pwr pt (14.60)., 1% Evans Wallow Lead. 2 Fabrics Finishing... 8 Fairchild Aviation 42 Fajardo Sugas 11% Fiat rets (1.25) 3. Foltis Fischer Corp.. 114 Fokker Afrcraft..... 22% Ford Mot Can A t1% 10% Ford Mot Ltd 37%c.. 214 Fox Theater Cl (A).. 2% Galena Ofl Corp. 17% «Garlock Pkg (1.20) .. 2 General Baking. 27 Gen Baking pf (3) 40 Gen Capital Corp 10% Gen E Ltd ret (50¢). 17 Gen Empire Cor (1)., 67% Gen G&E cv pf B (6) 233 Gen Laundry Mach. . 28% Gen Petroleum w 9 Globe Underwriter: 6 Goldberg Stores (1 1 Golden Center. 1% Gold Seal Elec new. . 15 Goldman SachTC.. % Goth Knitback Mch. 29 Gray mur\orp“ 180 GrA&PTn-v(5).. 308 98 Guilf Oil of Pa ll*). 118 8 Hall Lamp (60c) 3 82 Hartford E1L (2%).100s 18 Hazeltine Corp (2) 2 8% Hecla Mining (1). 35 Horn & Hard (2%).. 12% Houston Oil of Tex. . 5% Hudson Bay M &S. 75% Humble Ol (2)...... 31% Hvdro Elee Sec (2).. 2% Hygrade Food Prod.. 18 Imp Ofl of Can (50c) 14 Ind Fin ctfs (b10%). 26% Ind Ter Illu Ofl (A).. 51 Insull Ut (161015 %) 9% Insurance Sec (1.40) % Intercontinent Petn 16% Int Petroleum (1) 34 Int Utilities A (3% % Internat Util (B). 3314 Interst Eqcv pf (3 3 Int Util war (new). . 9% Irving Alr Chute (1). 5% Italian Superp (A).. 3% Lakey Foundry..... 21% Lane Bryant (2).... 11% Lefcourt Real 11.85. 1 Leonard Ofl. 11% Libby McNeil & L. " o @ E - - i p BB ie A b B R R R B e UL S ennimhes o W DO R i e S R e e - a_ 7 1 48 - o BHLBH ANANNNSENREND BRan Add 00. Open. High. Low. 16!( 1 Alabama Pwr pf (6). 50s 10’«4 100% 80% 9% 36 THE EVENING STAR, “'ASHINGTON, D. C., THURSDAY, %BURB”ISSUES DROP |[NEW YORK CURB MARKET ~Prev. 1930.—~ High. Low. 30% 29 Stose. 7 109% 109% 102 102 354 35% Th T 6 6 3814 38% | 13% 1 18 184 503 12% 12%[ 36% 13% 10% ‘11 | 107'% 103 33 35% | 264 22% % % 8% 21% 21% 1315 Mid We Mo Kan 124% 12% Nevada 4 % N Y Tel Nordon Nor Ind Pandem 66% 2 12% 20% T 130 106 27% 20% % % 15% 7% 34% 12% 11% 1% 8 108% 267 91y 51 11 £ g 108% fosy 264 26% % 8% 36% 34 12% % 3 3% 3% 106% 106% 31 31 4 4 6% 64 8% 8% 10 4% 12% % 9% 34% 25% 2 Rolls-R 8% 147 210 2% 109% 10 18 8 14% 2% 4% 29 414 4t 63% 34 23 25% 5 614 65% 67 108% 1084 | 108! 65% 97% 122 115% 159% 105 87T 11 48% 30 22% % % 1 10 3% 34% 28 381 30 98 T 86'% Strauss Swift & Triplex 28 28 195 195% | 9?’4. | | 0% T 16% 161 | 94 | 36 13% s s s s Walker 21% » ut. ?;‘« TTEx @ividena. 2% in sock: :Plu) 12 8% in stock. Stock and Dividend Rate. \7|s Lily Tulip Cup (1%) Lion O11 Ref (2). Lone Star Gas n (1). Long Isld Lt (55c) Long Isl Lt pf (7)... Louisiana Lan & Ex. Magdalena Synd. . Marconi I Mar (..sc}. Mass Util Asso Mavis Bottling. Memphis Nat Ga Met & Min Inc (1.20). & 2 Mexico Ohjo Ofl... .. Mid W St Ut (1% West Afr Exp (60c) Wheatsworth (t1%) Wil-Low Cafeteria. . Wil Low Cafe pf(4). 8% Zonite Products (1).. aymidend rates in dollars based on last quarterly or semi-annual TRartly extra Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. 3 2314 22 1% 225 36 Low. 224 101 32 32 36 36 1097% 109 118 Close. 224 11% 4 11014 1% 81 (b8%) . Midld Nat Gas A 1.20 Midvale Co (4).. P L (b10%). Miss Riv Pow pf (). Monongahela W P P. Montecatini deb rts. . % Mount & Gulf (8c) Mount Prod (1.60) Nat American Co. Nat Aviation. . Nat B & Sh cp G0c. Nat Fam Stb2% %.. Nat Fam St pf (2)... 4 Nat Investors. Nat Pow & Lt pi t Rubber ‘\Inrh(l) t1S T Sec A Nat Sugar N Oc. A New Eng Pow pf (6). Newmont Min (f4) Newport Co (2). N Y Rio & Bu Afres. . PL(6%).... Niag-Hud Pow (40c) Niag-Hud Pow A w. Niag-Hud Pow B w. Niag-Hud Pow C w. Niagara Sh, Niles-Bem-Pnd t. Nipissing (30c). Noma El Corp (80c Noranda Mines (2) Md(40¢) Mines, Ltd 2 No Am Aviat A wa Nor Europ Oil Corp. Pwr Sve(6). Nor St Pow A (8) Nor St Pow pf (6). Ohio Copper % ©Ohlo Ofl n cu nf(6) 4 Ohio Pub Sv pf A (7) ©Outboard Mot (B)... 4 Pac G&E 1st pf (1%) % Fac Pub Sv (1.30) Pac Western Ofl. 4 lnw. 105% 109 2% oil Pantepec Oil. Paramount Cah Mfg. Parke Davis (11.65). Pennroad Corp (20¢) Penn Wat & Pow (3) Petrol Corp war. % Philip Morris Inc. Plerce Gov (13) Pitney BPn (20¢). Pitts & L E (110) Plymouth Oi1 (2) Premier Gold (24c).. Prince & Whit (25¢). Prince & Whit pf (3) Prudential Invest. Pub Ut Hold (50c).. Public Util Hold war R R Sh Corp (25¢). Relter-Foster. .. i Reliable St (b5%) . Relignce Int Cor (B). Rich Oil Cal pf (1%) Richman Bros (3). Rock Lt & P (30¢c). 3 14 8 Ltd ret t50c, Roosevelt Field Inc Root Ref cv pr pf Ross Stores Inec. .. Royal Corp pf (1.8 Ryan Consolidated. . Safety Car H&L (8). Safeway Sors war 2d St Regis Paper (1).. Salt Creek Prod (2) Saxet Co... Schulte Un 5c-$1 St. Seaboard Util (50c). Sec Corp Gen (40c).. Sel Ind all ctfs(4% Select Ind pr (53%) Sentry Safety Cont Shattuck Den Min. Shenandoah Corp. Shenandoah Cp (a3). Silica Gel ctfs. . . Sou Penn Ol (12%).. SoCal Ed pt B (134). So Cal E So Col Pow (A) (2) 4 Southern Corp...... SouthldRoyalty (60c) Spanish & Gen rets. . Standard Motors. Stand Ofl Ind (23).. Stand Oil Ky, (11.80) Stand Oil Ohio (2%). Stand O Ohlo pt (7) Stand Screw (8). Starrett Corp. Starrett Corp dpfC (1%). Roth. Stutz Motor C: Sunray Oil (40c). Conew (2).. Swift Internat (2%). Tampa Electric (12). Teck Hughes (60c).. Technicolor Inc..... Texon Oil&Land (14). Thatcher Sec Corp. .; Tish Realty & Con. Tobacco Pr Exporti 4 Todd Shipyard (4 Tran Con Air Tran. Trans Lux DL P S. Tri-Cont Corp (wal Safety Gl Trunz Pork § (1.60 Twin St NG A pt (1). 4 Union Am Invest.... Un Oil of Calif db rts Union Tobacco. . Utd Chem pf (3). Utd Found b2-: % Utd Gas Co (new). Utd Gas (war). Utd Gas pf (7). Utd Lt & Pow A (1) Utd Lt & Pow pf (6). 4 Utd Milk Products. .. Unit Molasses, Ltd S Foil (B) (1). Gypsum (1.60) & Int Secur Lines pf (1). & Overseas war Utility Equit! Vacuum O11 (4) Vic Finan Cor (40c). Walgreen Co... Walgreen Co (w (H) (1).. 3016 32% 414 20% 9% 20% 2 9% 9% 3Plus 4% In stock. Pa o Adjustment mv‘den?gl;hl:‘: lm ln stock. h Plus stock. § Plus 10% in stock. HPXIII % ‘B llDCl.nPlfll CORPORATION REPORTS TRENDS AND PRSPECTS OF I.ZAD‘NG ORGANIZATIONS NEW YORK, October 2.—The follow~ ing is today’s summary of important corporation news prepared by Stand- ard Statistics Co., Inc, New York, for the Assoclated Press. News Trend. Reversing the trend of the previous six trading sessions, stock and com- midity prices staged a sharp recovery in yesterday’s markets. The Standard Statisties price index of 90 listed stock issues regained 6.6 points, or 4.5 per cem Buying was rather nneul in and represented both ol short sales by professional sndm ¢ and commitments by investment buy- ers. Most of the principal commodities also rebounded from .their low points of the preceding day; wheat, corn and rye each gained more than 2 cents, cotton advanced 18 to 23 points, while sugar and cocoa were also higher. Crude rubber, however, was an excep- :‘l,on, prices of all futures recording new ws. ‘The day’s corporate news is largely of an adverse character, but includes sev- eral favorable itemg among which are higher earnings for Fox Film and Wal ren Bros, and an increased cash divi- dend disbursement and 100 per cent stock dividend by Jantzen Knitting mills. Unfavorable items include poor September sales for Montgomery Ward lnd dividend omissions by Sally Frocks and United States Rubber Reclaiming. C. C. Julian Oil & Royalties, whlch recently instituted action t Ok- lahoma Corporation Commisision seek- ing to prevent enlorumznt of proration by that body in Oklahoma City fields, has asked the Oklahoma Supreme Court to dismiss suit. The Companies. |, American Rolling Mill September bookings were 25 per cent above July's. American Water Works & Electric | surplus, after charges 12 months to August 31, up 5 per cent over previous year. Celotex Co.—Sufficient common stock deposited under 5-year voting trust to make financial reorganization plan ef- fective. Central Public Service class A stock- holders total 30,000; largest number on record. Chrysler Corporation’s assembling plant at Johannestha!, German market. . Commercial Credit of Baltimore City—Ninety-one per cent credit alli- ance class A and common stock de- posited in acceptance of exchange offer. Consumers Power net income, 12 months to August 31, up 2.3 per cent over previous year, Phill Germany, to be | ENE§ O, S closed because of reduced busiriess in | S READY FOR UPTURN Surplus Stocks Sharply Re- duced Through Clit in Pro- duction Schedule. BY DAVID J. WILKIE, ' Associnted Press Stafl Writer. | DETROIT, October 2—Just a year ago the automobile industry, going at top speed in an effort to set a new one-year production record, discovered that it had manufactured in_nine months more passenger cars and trucks than it ever before had made in a full year. It had turned out more than 4,800,000 vehicles. Storerooms of dealers were filled with new cars and the protests of retailers that they were being overstocked be- came more and more insistent. It was, tas most automobile production en- gineers now will admit, production gone wild. Although the industry was going too fast to shut off production suddenly, OCTOBER 2, IAUTOMOBILE TRADE: the sharp contrast in conditions today as they affect retailers generally tells how effectively the brakes were applied. Dealers’ storerooms generally have been cleaned out of new merchandice and it may be said that the industry has placed itself in the best possible posi- tion to take full advantage of the in- evitable upturn in consumer demand, whether it comes within the next few months or whether it is delayed until next Spring. Inventories Reduced. As a general proposition the automo- bile industry, first to feel the effects of a business depression, also is the Tirst to recover from it and thus lead in the revival of general industrial condi- tions. Because inventories have been reduced almost to the smallest possible workable minimum, and because some lines have shown encouraging improve- ment in certain sections of the country, the feeling has become more or less general that the worst Dhlse of the depression has been passed. A markedly different relationship be- tween manufacturer and distributor in the future is one of the developments looked for by most retailers as a result of the experience of 1929-30 in the au- tomobile industry. In the the dealer, as a rule, was left pretty much to work out his own destiny; he took as many cars as the producer chose to ship and if they were more than he could handle thzlr disposition was his own problem. Moreover, he had certain sales quota requirements to meet or lose his dealer franchise. In in this connection the dastic steps taken by some automobile manufac- turers back in 1920 and 1921, sometimes called the industry's “leanest” years, are recalled. One prominent manufac- turer, reported at the time as facing a financial crisis, placed his plant in ca- pacity production and shipped cars to dealers throughout the country, inform- ing them that the cars must be paid for upon delivery, that they must accept as many cars as the factory decided to ship or lose their agency franchises. Many dealers failed, but most of them pulled through and the manufacturer’s strategy averted financial difficulties for his company. In the introduction of “controlled” production’the manuufacturing division of the industry initiated the beginning of a new policy between producer and retailer and by producing fewer cars than the dealers sold during the past year carried out a promise to these re- tailers that production in the future would be governed by demand. Barring something entirely unforeseen ‘“‘con- trolled” production has come to stay in the automobile industry and the manu- facturer has assumed a larger respon- sibility in the ultimate placing of the product New Models. ‘The new Reo Royale is making its initial public appearance this week but, contrary tc custom, is being shown pub- licly first at the Paris Bllon de 1'Auto- mobile, opening y. Pirst public showings 1n lhe United States will be made a week hence. The Paris show heretofore has been regarded: as the greatest exhibition of motor cars in the world. This year, however, it lacks an exhibit by General Motors, that corpo- ration having withdrawn as & protest | against the space allotments. ‘Three new .eights and a six by the “|Nash Co. also are expected within the next week or two. ‘The Parkard Motor Car Co. announced today that an airplane equipped with one of its Diesel motors had flown the en- tire distance of the recent national air tour, 4,935 miles, at a total cost of $37.15 for 437 gallons of fuel oil. Ac- tual flying time for the distance was given as 50 hours and 30 minutes. It also was announced that several minor changes have been made in the motor since it was first brought out by the late Capt. L. M. Woolson. The en- gine’s speed is understood to have been % | increased by slightly changing the tim- ing and it is claimed the objection that the fuel oil exhaust had made riding unpleasant also has been overcome, GRAIN MARKET CHICAGO, October 2 (Special).—The wheat market was higher today under general buying influenced by the strength in Liverpool. Liverpool was 4 to 43 higher at 3:15 pm., on buying caused by the strength in North Amer- ica Wednesday and drought reports in Australia, December opened 82 to 815, March, 85% to 85%; May, 87 to 88. After the first half hour, December, 8134, March, 85%; May, 88. Strength in wheat caused short cov- ering and buying of corn and prices were sharply higher. December opened 831, to 84; March, 8515; May, 66%. After the first half hour December 837, March, 8453; May, 8614 Oats_ were hlflher with other grains. Decembcr opened 39% to 3815; erch /s to 423, After the first Provisions were strong. .. ‘WHOLESALE PRICES. By the Associated Press. General prices comtinued last week to show a downward trend, as their change was_calculated by the Depart- ment of Commerce. res which follow give the index for the week and comparable periods, based on represent- ing 1926 average wholesale selling prices as 100. In addition, selling prices for a composite ton of steel products at like periods is given: All commodities. Steel Week ended Sept. 27.. 83.1 Previous week. 836 Same week last year.. 95.8 SHORT-TERM SECURITIES. (Reported by J. & W. Selixman & Co.) Allis-Chalmers Co, Ss Tel. & Tel a Goodvear T & . Grand Trunk of c-n-d: (5 SHimble Off 812 10, umble, Ofl 8353 Inter) Match Cor 5 553 Co. 5158 i OIIN. gersey 35 1948 Standurd Qi N York'atys 1 T.'Tr. Mk & 80, Ry Southwestern 193 828232882828 2882, Eoarsszsssz E“? I P / ‘ 'y 1930. ‘STOCK AND BOND AVERAGES By the Associated Press. Today. . Previcus day. eek High, 1930. Low, 1930. High, 1929, Low, 1929. Previous day Two years ago. Three years ago, weel (Copyright, 1930, Standard Statistics Co.) BANKS INCREASING SECURITIES LOANS Total Has Gained Since Last Fall, While Brokers’ Figures Drop. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, October 2.—The recent decline in the stock market has revived discussion of the position of bank loans on securities. It is well known that those loans are high. The Federal Re- serve Board has issued a report show- ing that as of September 24 they reached an aggregate of $8,461,000,000. They had increased $741,000,000 com- pared with a year ago and apparently are in an upward trend, as the statistics show that they rose $57,000,000 in the week ended that date. The figures show that those loans have not deciined in the ratio of brokers’ loans, which a year ago were more than | a; twice o5 large as they are at present. In FINANCIAL. *¥F A_15 “BEAUTY" BUSINESS HAS RAPID GROWTH Gross Turnover of Billion Dollars a Year Estimated by U. S. Official. BY J. C. ROYLE. "Ha' do I look?” That question has pplanted “How do you feel?” and "When do we eat?" in the American vocabulary and built up a billion-dole lar-a-year business. This new industry now ranks among the first 10, along | With steel, construction, the production and sale of automobiles, motion pictures and the fuels as a leading factor in American business. xploitation of personal hygiene as an l id to beauty, along with xucouslul selling appeal, has developed an in try which is described by the Depar §397,056,633 PAID IN GASH DIVIDEND September Dishursements Far Ahead of August Total in Various Groups. Special Dispatch to The Star. NEW YORK, October 2.—Cash divi- dends received by stockholders of Amer- lcan corporations in September totaled $397,096,633, a considerable amount in excess of the $257,437,545 reported for August, according to the Standard Sta- tistics Co. Petroleum corporations, with $78,280,388 in September against $8,139,691 in August, accounted for the largest single item. Following are the September figures, divided by industrial Div. paid printing and pub- o 52,308,804 2748214 other viords, bank loans on securities | APp: " have gained, while brokers’ loans have dropped. 1t is a prevalent theory that a large portion of the loans formerly re- ported as brokers' loans now are ad- vanced directly by banks. Thus there has been a partial shifting of stock mar- ket credit instead of such an extinguish- ment of it as might be imagined from the statistics on brokers’ loans. Another item of bank credit which has been rising steadily is investments. That lncrel.u during the last nine months has amounted to approximately $800,000,000 and has been sufficent nearly to offset the decline in commer- cial loans. While criticized in some quarters for buying bonds as freely as they have, there is no question that | OmC! the banks have contributed materially towards supplying the capital which has been actively in demand to effect new bond financing this year. The total volume of new issues, exclusive of refunding lolnx. during the first eight months of this year, is estimated by the Federal Reserve Bank of New York to have been about $1,450.000,000 larger then in the corresponding period of last year. Unsecured bank loans have decreased about $300,000,000 since last Spring and as yet have shown no upward trend, such as usually appears about this season of the year. The figures g0 to show that Autumn business re- covery has not gone very (u' as yet. _ (Copyrisht. 1930 NEW YORK COTTON NEW YORK, October 2 (Special).— Cotton prices were 2 to 4 points higher at the opening of the market today. The active covering of Wednesday was presumed to have largely corrected the market’s technical position and con- tracts were freely offered in all posi- tions at the opening, but trade and some professional buying proved large enough, combined with some belated short purchases, to force an initial ad- vancs, pening prices were: October, old. mco up 4; December, old, mev up 4; Dec!mber new, 10.65, up uary new, 10.75, up 3; March, mn up 2; May, 11.11, up 4, and July, 1126 up 4. Preferred Stocks BY GEORGE T. HUGHES. AMERICAN TOBACCO. (This is the eighth of a series of fudies in preferred stocks by Mr. Hughes for the benefit of his readers He analyzes the technical provisions of the "stocks discussed and _gives facts about the corporations behind the se- gurities, rne chief purpose is to exply t slytical process. certain securities of“high srade beins used for the mlus- trations.) Another corporation which has paid | Fo; dividends on its preferred stock with unfailing regularity since organization is the American Tobacco Co. This 6 per cent cumuiative $100 par issue out- standing to the amount of 526,997 shares hu paid its regular rate since 1904, and the stock sel yield approximately 4.75 per cent. This is in recognition not only of the con- tinuity of dividends, but of the sus- tained preferred nfi holds in the capital structure and outlook for the future. In the last 10 years net available for the preferred has ranged from $28.75 a share to $57.27 a share, the smaller amount in 1920 and the larger in 1929. ‘There is only a relatively negligible amount of funded debt ahead of the preferred, consisting of two small issues totaling $1,087,350. Interest charges and preferred dividends taken together were earned last year 9.4 times, which is an unusually high margin of safety. Another point in favor of the invest- ment and one that is responsible to ee for the high market price is ?r fact that the stock cannot be re- deemed ‘There is therefore no bar to an advance in the quotation to a level commensurate ith the investment rating. Tlg holders of American Tobacco preferred stock are entitled to two votes for each share held, against one vote for each share of common stock. This is because in 1924 the par value of the common was changed from $100 to $50 and two shares of new stock issued for one share of old. To preserve the relative voting power the preferred was given two votes at that time. American Tobacco maintains an ex- traordinarily financial position. As of December 31, last, all current liabilities were only $3,458, Ill and against this there was cash 20, 490,152 and call loans of ”1792!2 Working capital at the date of the{ last statement was almost thrée times the par value of the preferred stock outstanding. Finally, the tobacco in- dustry has proved itself depréssion- roof and American Tobacco is one of ghe leaders in the trade. xoneom! wm SALES. . —Mont- mery Ward & Co.'s lflu for Septem- fir."l’uo. amounted to $21,332,576, compared to $26,127,589 in thfl eorre- 100 sponding month last year. repre; 10015 | sents a decrease of “’llbfl“ orlln‘ r cent. The showing for the year up October 1 is $191,153,121, compared to $193,698,785 for the same time decrease last s of $2,- Bisiésd, o 131 pay eent: e on a basis to| Jasu! power, the place the u Automobile par Automobile tires . Banks 13,906,865 d' real ‘estate (G090 6,146,862 36 Cotton_gooids 1,273,845 Electrical equipment . 1,032,733 Fertilizers " Food products (excy Househotd broducts Investment trusts, finance companies Lead and zing Insurance . Leather and 7200 and 1880850 50,170 234T414 331 531854 522,550 5,141,261 23327,655 2,386,084 2,001,375 289! 370,449 29,120,100 2.383.161 300,001 19, zu.uu hoiding 2838 10,9371 Sonnen, zllclnc fignt etc Utilities. teleph nd Utllities, ection” ag bm""“ goods 83.760.6 4.742.812 Sl 704305 397,006,633 —_— e BANK CLEARINGS., NEW YORK, October 2 (Special).— New York bank clearings, _tod: $1,728,000,000; a year ago, $1,936, 000,000. New York blnk balances, to- day $194,000,000; a year ago, $254,- 000,000. 'New York Federal Reserve Bank credits, today, $178, year ‘ago, $196,000, om’p Uil DIVIDENDS DECLARED NEW YORK, October 2 »)— Regular. Pe- Pay- Aero &an P4 Bt o’m""“ o m ln 1‘,}: Hidrs. of (5 "l .3 . 30 30 . 20 . 20 30 _E 2 15 15 20 29 28! 20 0 10 30 P BB 85 Bl B GSS SEREEEEEEERELE B2 C - Parmers Tr C d) ‘ole. 0 pL.si, '0 Sec Ltd pf. %Se.u- o J’ 1ha, Ind u- cn”fi Assn ., ltll Invest o hb," cum ot BB R 3 0000D00ODOREDHOO000OODORD %'coni 0900 D 0OOPPOOHODODOOOOLOOOOOOPD DOOD o!é"?’;pnnm: ;.. 8 B 's g% Oct. 1 Sep. 15 Sep: 28 ov. 1R RO - 1) B, e 1 e 1 G5 G2 G G et B u Stereht Br 8t p Stor Plirn bt .28¢ 7% prATe -rmtnz _ Rovalty ] 5 7 Int Babcock & Wil Ltd.1% .. s Initial Mch & Pdy n_35c Q Intl_Ci i Un n'a"“"< i nfl)c 2 s2c Hun it onon ( R A Pyl Nay'Co Btoek, - Nor Ath Lt & Pow..2% Q@ Nov. 16 Omitted. xum.’;;-'l.l & .:Dv i;"’: ment of Commerce s -constant: oF nhockproor That means the depart- ards it as among the essentials. Formerly it was said that people must eat, wear clothes and have shelter, but now it must be added that they must look their best. Benefits to Health. As a result the “beauty” business now has a gross turnover of over $1,000,000,~ WO l yur and thrusts its influence into of lines which once could afford !n 1gnore it. This estimate was made y by C. C. Conconnon, chief of the Chemlcul Division of the Department of Commerce. The element of ne and !hu introduction of absolute cleanliness cosmotology have co itributed to brin this about, with a consequent continuously beneficial effect on health and looks. It has resulted in an enor- mous expansion in the use of tollet ar- ticles, perfumes, cosmetics and, most of all, soaps, as well as a rapid develop- ment in the fleld of beauty services in- volving barbers, hairdressers and mani- curists. While the business has been affected to a miror degree by the worldwide de- pression, with reduced sales of higher priced perfumes and cosmetics, the gen- eral demand for beauty aids has re- main>d as constant as that for food, clothing or shelter, according to the Commerce Department. Value of Perfumes.’ The approximate wholesale value of perfumes, cosmetics and toilet prepara- tions cold in the United States in the last r was $250,000,000. servatively figured that their retail value should be increased 50 per cent, which would Lring the sum to $375,000,000. Add to this the cost of personal services of the beauty parlors, dermatologisty baths 2nd barber shops and the money spent for curling irons, bath cabinets, mechanical massage machines, vibrators, dryers and other articles and the sum will closely aproximate a billion dollars. Some 4.000,000 women are believed to account for the expenditure of 50 per cent of this sum. The field is a wide one since there are over 40,000,000 women in the country. The increasing personal consciousness of men has also bmldened the business immeasurably. Many universities are now offerin courses in the study and preparation of cosmetic and pharmaceutical products. (Copyright, 1930:) TAX PLAN OPPOSED BY COAL INTERESTS | Standerdization Plan of Revenue Bureau Is Not Legal, Says Brief. })emm] hyi By the Associated Press. Proposal of the Internal Revenue Bureau to standardize depreciation rates for the bituminous coal industry has met with opposition by the National Coal Association, the governing body of the industry. In a brief filed with the bureau the position is taken that such standardi- zation is not intended by the internal revenue laws, that such rates are im- practicable in the coal industry because of the carrying conditions in the fields and the mines in each, and that down- ward revision of the rates, as eontem- plated as a result from the nuon pmposluon, ‘would impose an ln- tax on the coal interests in the rm uf the policy of the Government to reduce taxes on industry generally. Reference is made to the law, which prescribes “a reasonable allowance for depreciation of improvements, accord- ing to the conditions in each case.” The National Coal Association says that bituminous operators have regard- ed equitable the results of a lylng de- precht(on on that basis and 1o a) standard rates would be to “ ect the earning power of the Indul- try, which is already under very serious hlndlelpl." Washington Produce Butter — One-pound prints, Ml' tub 43244, s—Hennery, 35a36; 26‘2" current re- ducks, 15; keats, ]lr[e 25230, Home dressed—Spring chickens, lam. 33a35; medium, 22a25; small, lflhm’m 28; fowls, llr'e 27a28; and medium, 23a25; horn fowls, 18a19; roosters, 18a19; ducks, 23a 24; turkeys, 33a35. fl smoked shoulders, 20; bacon, “ , in bulk, 15; 1l-pound pack- Live stock—Calves, 111%; lambs, 7. Pruits—Cantaloupes, flats, 1.5081.75; honeydews, 1.50a2.00; Persian melons, 2.00a2.50; oranges, 8.00a9.50; lemons, 6.00a6.50; grapefruit, 3.0024.00; dam- sons, 2-peck huke , 1.00a1.25; prunes, 2-peck baskets, a2.50; grapes, Con- 3.50; sweet potatoes, per barrel, 5.00; tomatoes, 2-peck baskets, 75a1.00; n.rln[ beans, 1.00a1.25; caulifiower, .75- .00; beets, per 100 hunches, 3.00a carrots, per 100 bunches, 3.00a 00 kale, 1.50; spinach, 75a1.00; okra, 2-peck baskets, 1.25a2.00; eggplant, 758 1.00; squash, 2-peck baskets, 1.50; pep- 29;;. per bushel, 75a1.00; peas, 3.75a FOREIGN EXCHARGES London. pound Baris, " cfanc. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & ooy