Evening Star Newspaper, October 3, 1930, Page 14

> NomB4 . Meokok FINANCIAL. THE EVENING STAR, WASHINGTO , D.. G, FRIDAY, OCTOBER 3, - 1930. FINANC - 1AL - "CUBA FACES CRSS | OVER SUGAR PRE Political Unrest Follows De- . cline in Value of Prin- cipal Crop. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, October 3.—Cuba, “the Pear] of the Antilles,” is in trouble— its most serious trouble since the United States, in 1900, made the island free and independent. For 150 years sugar has been Cuba’s one crop and the barometer of its pros- perity. In 1920, it exported more than $700,000,000 worth of the raw product. After that prices began to decline. In 1922, its sugar export was but $276,000,~ 000. ' This rose to $368,000,000 in 1925, b;x; it dropped again to $199,000,000 in 1928. Decree Plan Fails. ‘The term of President Machado, 57. naugurated President in 1925, does not expire until 1933. He has many power- ful political enemies, In 1927, Cuba passed a sugar defense act, authorizing a commission of five to investigate and create a sugar export corporation. In January, 1928, the President signed a decree fixing the Cuban sugar crop at 4000,000 long tons, of which 3,300,000 were sent to the United States, and the balance to the rest of the world. But this plan didn't work. ‘There is plenty of unrest in the island. A strict censorship over the local press, and, possibly over the foreign, already | exists. The constitutional rights of their citizens may be suspended any time. Every one hopes that intervention by the United States can be avoided. Those who understand Cuban conditions real- ize, however, that the situation now is anything but encouraging: A Stephenson's Career. Rome C. Stephenson, 65, of South ‘Bend, born and bred in Indiana, the new president of the American Bankers’ Association, did not_start his business career as a banker. For 19 years he was a practicing attorney, and appeared in many cases before the Indiana Supreme urt. At first he acted merely as'a bank at- torney. Then when his interest in the St. Joseph Loan & Trust Co. of South Bend, Ind., became more substantial, he quit the law and turned to banking, He served a term in the Indiana State Benate 25 years ago. Later he was made president of the Indiana Bankers' Asso- ciation. Last year his selection of first vice president of the American Bankers’ Association made his elevation to the presidency this year a certainty. new American bank leader does not -believe that branch banking and group banking will absorb all the 21,824 unit banks, which were operating last January in the United States, independ- ent of groups. Nevertheless, he thinks branch bank- ing will assume greater and greater im- portance each year. “Branch banking and group banking W CENSUS SHOWS FAR MONY, =10,114 i N / ! coLo. +629 | L mex, | REPoRTS | INCOMPLETE | from 42 States. net loss for 42 States reporting is 233,215 units. This map shows the gains and losses of farms throughout the Nation, as reported thus far by 1930 census figures With a loss of 350,881 farms in 24 States and gains of 117,764 farms in 18 other States since 1920, the its population. Francis M. Savage, formerly president | in Vienna, he says, where one can bor- of two local savings banks, has re- row from the government money for turned from a Summer of travel and building purposes at 1 per cent and economic inquiry in Austria-Hungary | amortization fees, but the borrower has and Czechoslovakia. to pay 8 to 12 per cent to get first- Mr. Savage says that apparently the mortgage funds. Blocks of comfortable readjustment of territory following the | workingmen's apartments are being war has left Austria with a head. uslbuln with rooms and kitchenettes to represented by Vienna, with more thanirent for from $3 to $6 per room per have ceveloped too far and entrenched | themselves too firmly to be expected to withdraw,” he says. “The gcustion is whether they will occupy the entire banking field or share it with independ- ‘ent banks.” Not much encouragement for the unit banker in that statement. Ford’s Prophecy. Henry Ford believes it's the business of American industrial leaders to move Jorward toward “the greater and widely diffused prosperity ' that will abolish poverty itself.” In 1910 Henry Ford was paying 25 cents an hour for day labor. Today, a dollar an hour. In 20 vears, Mr. Ford prophecies, wages will be four times as high as today. He opposes wage reduc- tion. But how is this to be accom- plished? Here's his answer: 1. To make an ever-increasing quan- tity of goods of the best possible qual- ity, to make them in the best and most economical fashion and to force them out on the market. 2. To strive always for higher qual ity and lower prices as well as lower 3. To raise wages gradually, but con- tinuously—and never to cut them. 4. To get the goods to the consumer in the most economical manner, so that the benefits of low-cost production may reach him. Such a program will be challenged by many, who will say it's a fantastic dream. But is it? Most fantastic statements of Henry Ford have a way of being realized. He is, judged on past performances, the greatest authority and champion of high wages in history. Now he makes another prediction in the field of which he is the acknowl- edged master: “In 20 years the mini- mum wage will be $27 a day.” Twenty vears ago, when he announced is minimum wage as $5 a day, he was heralded as a madman—a wrecker of wagz scales—an undesirable citizen. But was he? He was not. He led the | world out of the wilderness of wage slavery. Then, who is there today to challenge | his latest wag= prophesy? Chain Store Problem. Chain store leaders, in. session in Chicago this week, are grappling with the most difficult problem yet faced— how to become integral parts of local ‘communities. “The duties of chain stores as citi- gens of communities in which they operate are rather closely defined,” J. C. Penney said. “Past experience in our own business has definitely proved to me that no business can reach its; highest development in any locality un- less it is community-minded.” | Chain store leaders in the past have unduly emphasized the advantages; gained by large purchases, to the ex- clusion of other equally important fac- | tors in community life. o Efficiency in life isn't everything. Selling goods even at a cheaper price at the expense of other factors can do a community harm rather than good! So large chain store operators may well concentrate on the problem of how to combine their unusual buying advan- tages with the local community needs and share with the local communities the advantages which grow out of such relationship. 2 2 Its & probl‘:m of first magnitude, and until it is fully met in every community the chain store operator will continue to have plenty of obstructions in his peth right, 1930. by N (Copyrix e by N SEES FOUNDATION NOW FOR HIGHER MARKET h American News- Bvecial Dispateh to The Star. NEW YORK, October 3.—The stock jmarket has veoently been making a firm foundation ich may possibly vide basis for a bull market P.’."m into 1983, lcwrdhg to Norman Merriman, economist for the New York Stock Exchange firm of Samuel Unger- Jeider & Co. in an article published in the current issue of the Wall Street Review, Calling attention to the enor- mous change that has taken place in ‘ the last year in both the fundamental position of the sto-k market and the public’s mental attitude as to the out- ook, Mr. Merriman says that today's: prophet of dirc disastcr is almost as certainly absolutely wrong as was last year's prophet of perpetual prosperity. NATURAL GAS CONTRACT. NEW YORK, October 3 (#).—A con- tract has been signed by the Rio Grande Oil Co. and the Ba nsdall Corporation for delivery to Southern Countles Gas Co. of & minimum of approximately 2 ;000,000 cub’ t of dry natural -)F % 10-year period, SAVAGE, .EX-BANKER, |5m.'cr s " cvidenced vy ine.ck | eser, though epeivedof . lavge port BACK EROMEEURDPE St et oty o rost | A e e e prcneint for figures said that the country was A curious financial contlition exists 85 per cent prosperous. Its future ap- pears safe, Mr. Savage thinks. Both Hungary and Czechoslovakia have am- ple food supplies, but_are short of cash for other purposes. From reports and casual observation, France is back safe and sound economically. Canvas slippers with woven-rope soles are still worn in parts of France. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev.1030~ Stock and Sales— Prev. B i ot i AR High. Low. Dividend Rate. Add 00. High. Low. Close. Close. —~Prev.1930~ Stock and Sales— Prev. [- 32" 16 Sinclair Con Ofl (2). 26 18 _17%_17% High. Low Dividend Rate ~Add 00. High. Low. Close.Close | 42 221 Skelly Ofl (2)....... 3 24% 231 23%_ 23% 48 354 Marshall Fleld (2%) 5 884 37% Solvay Amprww 5% 9 110% 110%7110% 3 Martin Parry....... 5 48 1y Sou P Ric Sug (1.40) 3 11% 1% 12 51% 32% Mathieson Alkalf (2) 8 381 37 Sou P Ric Sug pf (8) 40 105% 105% 105% 613 40 May Dept Strs (n2).. 5 42 40% Southern Cal Ed (2). 8 b54% 54% 54 40'; 20 Maytag Co pf (3). 1780 a8 Southern Dairies(A) 1 20 20 20 23% 9 Mengel Co (2). 1 8% 9y Southern Pacific (6). 4 112 111 109% 921; 80% Mengel Copf (7)..., 508 80 80 Southern Rwy (8)... 29 76 3% T6% 2 1% Metro Gold pf (1.89). 2 25% 25% % Sparks Withing (1).. 10 16% 16% 164 182 Mex Petrolm (132).. 70s 154 150 Spear & Copf (7).... 408 79 7 17 37 16% Mexican Seaboard... 26 19 184 Spencer Kellog(80c). 13 14% 14 1% 77 49% Mich Steel (h2%)... 2 b4% b4 54 Spicer Mg pf (3).... 1 374 3% 28 33 19% Mid-ContPet (2).... 2 21% 21% 21% 21 | 52 104 Splegel-May-Stern 12 12 10% 53 21% Midland Steel (3) 26 26 26 . Stand Brands (1%).. 25 18% 18% 184 110 84 Midland Steel pf (8). 4 B88% 88% 88% Stand Brands of (7). 2 120 120 120 28% 6% Minn MolinePow.... 11 10 9 9% 1 4u 4% 4% 2% % Minn&StLouis..... 4 % % % 13 66% 29% Mo Kan & Texas (2). 2 31 301 31 2 108% 92 MoKan& Texpf (7). b5 93u 92% 92% 92| 114% 1101 Stand G & El pt (7) 2 9816, 50% Missour| Pacific..... 4 53 52 52 51 | 15% 5 Stand invest Corp. 2 145% 110 Missouri Pac pf (5).. Stand O of Cal (2% 7 40 16 Mohawk Carpet. ... Stand Oll Exppf (5). 1 63% 30% Monsanto Ch (g13). Stand Oil of NJ (12) 105 49, 275, Montgom Ward (3).. Stand OII N Y (1.60). 20 16's 3% Moon Motors Starrett (L 8) (124) 2 2 % Mother Lode (2| Stering Sec (A). 6 11% ~ 112 Motor Meter G & El.. Ster] Sec pt (1.20)... 2 34 17% Motor Wheel (3).... Sterl Beccvpt (3)... 1 20% 8 Mullins Mfg........ Stewart-Warner (2). 17 25% 11% Murray (B)(2% stk) Stone & Webster (4). 13 58% 294 Nash Motors (4).. Studebaker Corp (3). 25 26% 9'a Nat Acme (1%). s Submarine Boat. 2 93 71 Nat Biscuit (13.30).. Sun Ol (11) 1 831 384 NatCash Reg A (14). 12 40% 39% 39% 39 {-108' 103% Sun Ofl pf (6) 608 62 45% Nat Dairy ($2)...... 67 51 48% 50% 491| 45% 35'% Superheater (133%4).. 3 2412 11 NatDeptStores (1). 1 11% 11% 11% 11%| 9% 1% Superior Oil.. v i 39% 241 NatDist Products(2) o B, om0 zm‘ 17% - 6% Symingion (A 6 58% 32 Nat Pow &Lt (1) 28 41% 40 40% 39| 19 % Tenn 19,0 8 41 1% Nat Radiator. . b e Rt B L Bl b 1l % Nat Ry Mex 2d pf. e, Mo M1 ET% 481 Tex GulIf Sulph (4) 23 621 50 Nat Steel (2).. 3 50% 50% 50% 50%| ®14i0 g1 TexasP C& Ofl., 116 106' Nat Supply pf (7)... 20s 109 109 109 108 323 98% 661 Nat Surety (5) 41% 20% Natl Tea (1). 32% 10% Nevada Copper (1).. 8 192% 150 N ¥ Central (8). 54 144 92% NYChi&StL (6). 1 e 4 152% 151 151 1524 | gen 24 1 324 174% N Y & Harlem (5)...100s 208 199 207% 190 32 17% N ¥ Invest (120).... 3 18% 18 18 17%| jqu 128% 95% NYNHG&Hart(6).. 23 101 100 101 101 135% 116 NYNH&Hp£(7).. 3 119% 119 119% 118% 17% 6% NYOnt& Western.. 7 6 61 63 7 | 265 213% Norf & Western (10) 2 222% 220 222% 220 i Xy : 15% 6% North Am Aviation.. 6 253, 57 51 North Amer pf (3).. 4 41% 30% Trico Prod (2%) 97 61 Northern Pacific (5) 4 371 25' Truscon St} (g1.20) .. 50% 42 Northwest Tel (3) s 79 o 80 TwinCity RT pf 4 7 Norwalk Tire & Rub. 1 32 22'% Ohlo O11 Co (2) s 38 » ?;fig-:':zchlr (8) 24% 95 Oil Well Supply. 4 2 347 6% Oliver Farm Equip.. 4 81 bn:on g‘firb:d(;n .(’ 90% 45% OlivF Eqpf A (6 . 3 46% ‘nion of (32) 46 122 Oliver Farm Eq cv pt 3 13 Union Pacifie (10). 99% 63 Orpheum Cir pf (8).. 208 75 80% 55 OtisElevn (2%).... 11 62% 60% 40% OwenslllGlass (3).. 2 41 74% 52% Pacific Gas& El (2).. 16 541 30 2014 Pacific Mills. 107% 71t Pacific Light 178 130 Pacific Tel & Tel (7) 5 10% Packard Motor (1) 31 1% 11 511x Pan-Am Petroleum.. 1 52 52% 52 3lx Panhandle P& R.... 10 4% 3% 4% 48% Param'nt Publix (4). 36 547 524 53% 10 Park & Tilford £ 1M 1z 12 1% Park Utah.......... 8 1% 1% 1% 23%, parmelee ' 8 6% 6% 6% ] g - 35 Tathe Lxchangecsen & 3% B4 o UtdStores Gh)oos0l 8 B Ba Be | W 9% Patino Mines 1 14 1% 13% U Dbt Yo aoe 55% 261 Penick & Ford (1) 4 38 31% 38 UG L 80 47 Penney (JC) (3), ... 2 49% 49 49% 48U le } 1% U 5 & For Sec Di 2 9315 93 93 94 101% 93 Penney (JC) pfA (6) 1100 100 100 100%| 103 3714 17 § Bretght i3, « A 86% 68% PenmaRR (4)...... 13 71% 70% 71% 70%| jogy 50" 118 Ina Aleohol (7). 1 o8 66 63 825 221 People'sGasCh(8)., 1289 239 239 2884| '\Bi: 7 1S Leather. L8 8% % 8% % 164% 125 Pere Marquette (18). 2127 127 121 121 { 58" - g- U B Leather (A)rerrr ¢ 110 11° 108 100 101 94% Pere Marq prpf (5).. 60s 98% 96% 981 98| ap e A A 274 141 Petrol Corp (1%). 7 15% 16 16% 15 | 7pis 4 e I T 44% 271 Phelps Dodge (3). 2 28% 28 28 28%| g2° o' g o e 564 504 PhilaCo6%pf (3).. 3 B6% 56 56U 56| gar 915 U7 S Rubber1stpf. .. & 25% 11% Phila RendC&L... 7 16 5% 16% 16%| goe J78 pgguor e oePlos- 3 443 20% Phillips Petrol (n3).. 9 2T% 26% 26% 26% | 5.0 o U §Smelt Refpt3% 1 ot ol G I e A R H . 375 2% % Pler 3 : T 2k Pleraebeasionm.... 10 & 8% - ax . x| EUCTEL USSRSETOl. .. a3 37% 27 Pillsbury Flour (3).. 8 32% 31 32% 31 B g b 3 110 82 Pittsburgh Coal pt pw-m B om | B N e, : 17 Pitts Screw (1.40) 1 17% 17% 17% . 1% D 5% PRAmTob (B)..... 1 64 64 6% 64| T4 1% VadascoSalesCorp.. 2 78 Postal Tel&Cpf(1). 1 77% 77 77 70 | 143% 49% Vanadium Stl (14)... 357 54 27% PrairieOil&Gas (2) 11 28 27 27% 2T%| 84 2% Va-CarChem........ 1 €0 36 PrairiePipeL (16).. 6 38 36% (37 37T%| 344 21% Va-CarChem 6% pf. 13 16% 2 6% &% 5% b%| 70% 38 ValronCoal&Cpf.. 108 78% 52% Proct & Gamb (2 & 70% 69 0% 69%| 166 60 VuicanDet (4).....:2008 Bl 18 ik 67% 25 Wabash o 2 Hiyd Bl odoe B9% Son o | 31% 24% WaldorfSystm 1%) 2 5 9% 115% 1063 PubSvYNJpf(6)... 6 117 116% 117 116% 112 107% Pub Sv E & G pt (6) 89% 591 Pullman Corp (4) % 16% Pure Ol (1%) 4 Pure Ol pf (8) Purity Bakerl, 26% Radlo Corp 54k Radio Corp (B) (5). 19 Radio-Keith-Orph A. 2: 221, Raybestos Man 2 60. % 34% Real Silk (5) 46% 23 Rem Rand (1.60). 14% 8% Reo Motor Car (80c). 791; 24 Republic Steel....., 95% 72% Republic Steel pt (6) 30 10 Revere Copper & Br. 104 88 Revere C&Bpt (7). 60y 34% 16 Reynolds Metals (2). 80 70 Reynolds Tob A (3). 00, §8% 454 Reynolds Tob B (3) 28% T's Richfield Ol (2)... 25% 8% Rio Grande Oil. 3 62% 62 62 61% 10s 110 110 110 109% 2 60% 60 60' 561 chulte Retall Strs. 8 6% Bl 6% 6% ig*a 5 55 Schulte Retail pf (8) 30s 628 62% 62% 68 121, 2% Seaboard Air Line... 10 3 2% 3 2% 100% 56 Sears Roebuck 32%.. 23 63 60l 61% 62 3): 1% Seneca Copper. 2 1% ‘1% 1% 1% 1312 4% Servel Inc. 13% Texas Pac Land Tr Thatcher M{g (1.60). The Fair (2.40) ‘Thermold Co. o ‘Third Nat Inv . £10% 103% NYCh&StLpe(6). 1 103% 103% 103% 108% | 3g0¢ 33 qpompson (TR) (0« 187~ 7% Thompson Starrett. . 10% Tide Water As (60c) 94« 83 Tide Wat Oil (pf (5). 21% 10% Timken Det Ax (80c) 89'% 55% Timken Roller (3)... 13 75 Tob Prod (A) (80c). . Utd Corp (50¢). Utd Corp pf (3) d Dyewood. . 8 Utd Dyewood pf (7). 1308 Utd Electric Coal Utd Fruit (4)... ' Utd Gas&Im (1.20). 43 34% 34 34% 33% d Piece D pf (6%).100s 104 104 104 107 4% 20 WalworthCo (3).... , 4 21% Ward Baking (A). 2 110% 1106 110 10w | 57, 5% WI BACNE SN % & 61 i 1%| 80w 194 Warner Bros Pict.... 20 22% 21% 20 18% 17% 184 17%| 701 361, WarBrPpf(2.20).. 3 36 36 27 8% Warner Quinlan..... 6315 39% Warren Bros (3).... 8 43% 42% . 314 294 28% 28% | 297, 2215 WessOfl& Snow (2). 6 25 24k 1 Wess O & Sn pf (4).. 2 56% 6564 West Penn EI pf (§). 108 102 102 West Penn EI pf (7). 20s 111% 111% West Penn Pw pf (6)100s 109% 109% 109% Western Dalry A (4). 2 30 30 30 Western Dairy (B).. Western Md. Western Md 2« . Western Union (8) tingh'se A B ( ting E & M (5) E&MDpt (5)... 208 130 129% 130 . Weston El Instr (1).. 7 27 264 27 White Motors (2).... £ 8 30 29% 29% WhRock M8 (1434). 3 45 44 4d% White SewingMach.. 2 4% 4 4 Willys-Overland 169 67% Worthington Pump.. 35 98% 96% 95% 57% Safeway Stores (5).. 2 67% 66. 664 65 % 2% Wilson & Co. 97 Safeway Strs pf (7). 50s 102% 102% 102% 100 72% 51% Woolworth (2.40). 331 StJosephLead (13). 1 34 34 34 34 7014 St L-San Fran (8). 15 728 TI% T2W T2 81 67% Wrigley (Wm) (4).. 4 70 69% 69% 1 avage Arms (2) 2 19 18% 19 18% 12% Yellow Truck. 32 Youngs Spring Sales of Stocks on New York Exchange 0 E » 1 O NN WA A D s N O D 0 0 8 30 119 - » = . 6 24 22% 244 134% 130% 132% « 10 5% 6 5% 1 Dividend rates as given in the 3248, 15 Sharon Steel Hoop 1 14% 14% 14% 15'% | cash payments based on the latest @ 27% 16% Sharp & Dohme...... 37 1215 20 21% 20% b2 30' Shattuck(FG)(11%) 6 34 32y 33% 324 251; 11 Shell Union O11 . 18 10614 86 Shell Un Ol pf 35 854 Shubert Theates 94's 181 Stmmons Co. .81 14 Simms Petrol (1. { 1% 12% 11% id this 87 | wher tions. $Tnit of trading less than 100 shares, fPartly extra. iFiws ¢ per cent in stock. §Payable in Plug 8 DeE cent In stock ate. or i 3 . D Pl S FOREIGN BOND LIST | (o o BONDS e v Received by Private Wire Direct to The Star Office HAS FIRMER TONE Action in Speculative Group Seems to Indicate Bottom Has Been Reached. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 3.—Bonds had a much more cheerful tone today. In addition to the strength in high-grade issues which, of course, has been a persistent feature of investment trans- actlons for weeks, foreign dollar credits showed a strong tendency to recover their recent losses and even' in the semi-speculative domestic industrials there was the hint that the bottom had been reached. Money rates were unchanged. Volume was considerably off from that of Thursday, though the flotation of $30,- 000,000 in new bonds today contributed to this diversion of funds to other centers. The upturn in foreign bonds was | apparent from the opening, much of it coming by way of reaction from the wave of pessimism that has recently swept Europe, tog:ther with news of strong markets in London, Paris and Berlin. German Government 51.s were up fractionally to a new high on the recovery. Berlin 6'4s, United Steel Works A" 6135, Saxon State 7s and Bavarian 6155 went along. Industrials that had a better tone were Certainteed 5'%s, National Dairy Products 5%4s, Armour of Delaware 5155 and Cuban-American Sugar 8s. Fonda, Johnsto & Gloversville Railway 415s continued their advance to a new high for the year on news that the road has come to an agreement with the New York Central regarding its securities. ‘The road was allotted to the New York Central system in arbitration proceed- ings a year ago. A few junior rail securities like Chi- cago & Eastern Illinois 5s, International Great Northern adjustments and ‘Wabash 4l2s were up somewhat from their lowest prices, but in general this part of the list had a down trend. In the oils Richfield Oil of California 6s were off another 3 points to a new low, reflecting a poor earnings report and the omission of the quarterly dividend on the common shares. New York City tractions droppsd back from their highs. Of the day's budget of new issues, $20,000,000 consisted of Shawinigan Water & Power Co. first mortgage and collateral trust sinking fund bonds, due 1970 and priced at 971, to yield 4.63 per cent. The company is one of the iargest hydroelectric power corporations in the world and supplies the city of Montreal and district. Canadian se- curities have had a wide demand in this market for scme weeks at steadily climbing prices. Their popularity has not escaped the attention of the Ca- nadian federal authorities, and nego- tiations are under way, the Street hears, to float a $100,000,000 Canadian government loan here soon to take care of maturities around December 1 and early next ye: WAGE AGREEMENT RENEWED. BALTIMORE, October 3 (Special).— The wage and working agreement be- tween longshoremen and employing stevedores was renewed for another year yesterday after a conference here,” In Baltimore it affects 3,000 men. Under the agreement the men ‘will receive 85 cents an hour and $1.30 an hour over- time for longshoremen, and $6.50 a day ,In'hd $1.30 l;lahoul' lovartime for checkers. lere are 13 employing stevedore firms in this port. o . —— MONEY RATES EASIER. By the Associated Press. Money rates grew weaker last week as their change was calculated by the De- partment of Commerce. The averages llurd::m time and (é:ll funds follow for eading money centers for c o B omparable Week ended September 27 TR S Previous week. 325 225 me week last year 8313 das Washington Stock Exchange SALES. Washington Gas 6s “A”—8$1,000 at 103, $200 at 102, ashington Rwy. & Electric 4s—$500 at 893, e ¢ Electric Cons. 55—$1,000 at 2. Potomac Electric 6% pfd.—10 at 11114, 5 at 112 !"e’d_f;fl -American National Bank—10 at . Lincoln National Bank—1 at 400, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel me; id, Asked. 10182 . el & Tely <3 Am. el & Tel. AR Anscogtiy & Fot. R 8" a1 Ana. & Pot. guer. $s % %8 . Tel of Va. 8311111 10215 Traction R R. 530000 ita; City & Suburban 8s Georgetown Gas 1st 53 Fotomac Elec. cons. 5" ot PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Tiaction Co. Commercl st Fed m Libe: 75) Lineoln (12 ua 400 515 260 Sec. & Tri 'rchants’ Banl ‘Trust ( 113% Natl. Savings & Trust (13%) 10 Prince Georges Bk. & Tr. 38 Union Trust (8g). 300 ‘Washington Loan & Trusi . 500 SAVINGS BANK. Bank of Bethesda (6§). 65 Commerce & Savings (10). 3 cpzee : h. Mechanics’ (20) 60 FIRE INSURANCE. American (1) Corcoran (10 Firemen's \§).."" National Union’ (i TITLE INSURANCE. # | cotumbia_cem) 12 3 812 11 Real Estate (6h 155 170 Title & Inv. Co. ¥d. com’ 30 B, & Paper Dist. Natl. Sec. pfd. (7). Emer. Bromo-Selz, “A" Federal Storage pid. (8) Fed.-Am. 3 815 Wash. Med. Bldg. Corp. .98 Woodward & Lothrop pd.” (13" 108 o i 2% % extra. Py i 3 nase ex L 0 dEx righ 58 1.’ 1930, eli30, extra. ed. % extra. 3 102 15 103 15 106 19 108 28 Lib 4th 4%s, US4%s'sz. Argentine 545 '62.. Argentine May '61. Argentine 6s Ju '59. Argentine 6s Oc '59. Argentine 63 A '57. Australia 4748 '56. . Australia bs Australia 5s Austria s '43. Bk of Chile 61857 Bk of Chile 6% s 61 Batav Pet 414842, Belgium 6s'55 Belgium 6%3 ‘49 Belgium 7s '55 6 Bolivar 7s ‘58 Bolivia 7s ctf. Bolivia 8s 45 Canada 5531 Christiana 6s ‘54 Colombia 6s Jan Con Pow Japan Copenhag 4%s 5 PLYOUTIFR-Se Dan Mun 85 A *46. Denmark 4148 Denmark 5% Denmark 6s '42. Dutch East I M: Dutch East I 6 Dutch East I Fiat 7s ex war » aanoes om Finlana 7s '50. Fram I D 7%s"42. French 7s'49. French Gvt 7%s'41 38 Greek 6363, Hungary 73%s *44. Irish Free St 55 '60. Japanese 63,5 Jugosl Bank Karstadt 65 '43. ... Kreug & Toll 55 '59. g 8°62. Montevideo 7s'52. Netherlands 6s '7 New So Wales ‘57 SeElwonme » Bk | Parts-Ly M 6558, Paris-Ly M 7s ‘58, 93] Bunande e PPN NBRS Rhine West 63 Rhine West 7s Rio de Jan 634 Rio de Jan 85 *46 19 Sao Paulo 8836 Saxon 7s "45. Serbs-Cr S1 75’62, Serbs-Cr-S1 8s Soissons 65 "36. Sweden 5355 Swiss 535 '46. Toho El Pow 75 '55. CUtd King 6% Uruguay 6s '60. Warsaw 7s '58 AbitibI P& P 5853 11 Ab & St 534843, Adams Exp 48 4] Allegheny b3 Alleghany 55 ‘49 Am Chain 6s ‘33, Am Cot O db 5s " AmF P 5352030, . Am Sug Ref 6s°37,, Am T&T cv 4%, 6 Am T&T 6s s %6; Am W Wks 5534, Arm & Co 4%s°39 Bell Tel Pa 53 B *4; Bell Tel Pa 55 C '60. Beth St pm 6s'36. . Beth St rf 55 '42 Bk Ed gn A 55°49.. 10 Cert-td deb 634548 9 Chile Cop db 6s *47. 130 Col G&E §s May 6848 rt ConG N Y538 "45. C Am Sug col 85 °31. De Edison §5°40. ... Det £d rf 63 B '40.. Duquesne 438 '67.. Fisk Rub 8s "41. Gen Cable 5% s ‘47 Gen Motors 6s'37.. Gen PSv5%s 39, Gen St Cas 513" Gen Thea Eq 65 *40. Good 1st 6365 °47. .. Goody'r Rub 53 '57. Humble Ol 58 '37. . NIBTI1stpfGsA. 111 Steel 435 *40. Inland Steel 4 Int Match bs InM M col tr 6s°41. A Int Pap 65 '55 IntT &T 68’55 Kan Gas&E 4%8 Lac G St L 65 °34 Laclede 5%s C'53. Mont Pow 68 4 Mont P db 58 A '62 Mor & Co 18t 4% Nat Dairy 63 8'48. Nat Rad 638 4o UNITED STATES. (Sales are in $1.000.) Low 1014 10211 103 13 106 18 108 28 1132 FOREIGN. High. 881% MISCELLANEOUS, 81% 81% 101% 10134 913, 98y 987% 984 104% 104 5014 101% 101% 100% 100% 87% 87% 103% 102% 102% 102% 103% 103% 169 107% 107% 106 107% 107% 109% 109 102% 102% 94 8 4 734 102 107% 107% 11215 112% 102% 102% 104% 104 105' 105% 45 95 65% 654 103% 103% 102% 102% 105% 105% 1067% 106 103% 103% 57 87 971 971 103! 1034 9716 103 921 92 997 92% 1017 102 12 10314 106 18 108 28 1132 1ow Close 8815 93% 991 i 100% 108% 9415 101% 105% 9235 102% 102% 102% 106471063 1087 101% 101% 98%, 987% 86 85% 991 981 99% 9% 91 1% »” . 10215 102% 104% 104%, 104% 104% 2% 69 105 123% 123% 123% 101 101 20 90 93% 93 93% 104% 104 104 1023 102% 10214 104% 104% 104% 104% 104% 104% 84 8 1014 101 101 204 20 20 NYEd5sB'4 NY BLH&P 4 | NY ELH&P 5848 N Y Tel 6341 o3 N Y Tel 63 '49 . Nor Am Ed 5s '57.. Nor Am Ed 5%s ‘63 Pac G & El 5542 P Por RTam 6s'42. . Pos Tej & C 58°53. . Pressed St C 58 "33, Pub Sv G 415570, . Pure O11 6%s "37 Rem Arms 6s A *37. Rem R'dbl%s A 47, Richfi'd O ca) b= Sincl O 6% s B '38. . Sincl O'Tscv A '37. SinclCr O 5%s 3 Sinclair P L 58 Skelly Ofl 51339, Solvay Am 53 '42 0 P R Sug 75 '41 Sou Bell T&T 5i 3 103% 103% 103% 05 StOIN Y 4%s'51 Tenn EI P 61 A *47 Tex Corp cv 58 "4 Trans Oil 6%s "38.. U S Rublst 5847 Utll Pow 6%s°47... Warn Br Pic 6839, West E) deb b: & 9 105 104% 10! West Un T 6% Wil-Ov 18t 635 "33, W1l & Co 1st 6541, Win RA 714841 ¥ YouSt& T 5s'78... 27 RAILROAD. Ann Arbor 4s'52. . Atchison adj 43 '95. Atchison gen 48°95. h4 99 98 981 Atchisoncv 4145’48 23 126 126 126 Atch Ariz 4%s 62, AtCL1st4s'52.... 10 97% 96% 97% 1 9% 9% 9T% 24 101% 100 100% 9 101% 101% 101% 8 108% 108% 108% 12 104% 10415 104% 7 105% 104% 105% 6 110% 109% 130% 1 105% 105% 1057 '50. 20 891 89 89L 1 921 921 92 6 102% 102 1021 8 103% 108 108% 3 76% 761 76'%| By the Associated Press. 68 D 2000.... B&OSwndv B & O Toledo 4 Ban & Aroos 4s ‘51, Bos & Me 55 1955. s Brooklyn Elec Bklyn Un EI 55 '50.. BR&Pitt4%s°67.. 12 96 16 100% 100 100% 3 To0% }gg }% last year. Non: 12 100% 3 -1 26 108% 108% 1039 | siumped 1n volume by $341,000,000, and 1'1 106 106% }00:* . 19 106 105% 2 118% 118% 118% | this year u_'p to the middle of September 11 112% 113 112% 574, pared Can Pacific 4% s '60 Can Pacific §s '64... 1 Cen Ry NJ gn 5x°'87 Cent Pacific 43 '49 19 74 73 T4 98 16 109% 109% 109% 6 96 95% £ Indcvdes’s2, Qaaq Qew #lCccasLssDes Cin U Ter 41452020 10 104 104 104 Colo & Sou 43 Cuba RRrf7%s 36 Cuba Nor 6%s"42.. Del & Hudrf4s'43, 18 97% 97 974% %8°37 2 105% 105% 105% 2 97% 9T 97 Den& R G W b DRG&Wst5 Det Utd 414532 Erie conv 4s (B) Erle Gen 4s. .. Erfe 55 1967. Erfe 53 1975, Fla E Coast 58 °74.. 27 Fonda J&G 4%s'52. 50 Gr Trunk 7s 40, Gr Nor 43576 Gr Nor 4%5°77 (E) Gr Nor gn 5% 52 Gr Nor gen 783 Hud & M adj Hud & M rf 58 '57.. 111 Cent 4s 53 111 CCStL&N s A. . Int Rap Tr 68 23 96 Int & Gr Nor 6s'52. % 100 Int & G Nad 6s'52. Kan CFtS&M4s'36 3 98 Kan City Sou 3s '50, o :8 Kan City Ter Lake Shore 45'31. ., Leh Valcv 45 2003., Leh Vev 43482008, Leh Val 5s 2000, L &N uni 4s°40. L&N1strf5%s, 1 100% 100% 100% 3103 103 103 2 9% 914 9% 12 101% 101% 101% 1.92 98 92 1 104% 104% 104% 8 100% 1004 100% 26 81 80% 81 26 102% 101% 101% 1102 102 102 '80. 26 102% 101% 1024 7 107% 107 107% T 9T 96% 974 Nassau Elec 45°51., 21 6 997 99% 99% 10 96% 96% 96% 1100 100 100 im 63 2013. 12 109 108% 109 2 107 107 107 2 84% B84% 841 2 98% 98% 98% 31 44 100% 100% 100% . T4 9TH 9TU 9T 1 107% 107% 107% 1. 32 102% 102% 102% 1 801 804 804 Waba 9. ‘ent db 4s’34. . Cent db 65°35. . NY NH&H 3% NY NH&H db Nor & Wn c¥"s '96. Nor Pacific 38 2057. 18 704 n % Hieh Low Close 105% 105 105'% 114% 114% 114% 081, 9814 98Y 109% 109% 107 107% 111 110°% 110% 1041 104% 104'% 104 104 104 10316 1031¢ 10815 1003, 10015 100% 1054 105% 105 102% 102% 102% 97 9T% 97U OUTLOOK IN COPPER INDUSTRY BRIGHTER American Mining Congress Believes Prices Will Rise as Stocks Are Sold. 95% 95% 95% | By the Associated Press. 105% 105% 105% 83 83 83 - 8T 86 W 88 8R 88 103 102% 103 99% 99% 99% 96 96 96 9% 97N 97N 7 69 75 103% 103% 108% 104 104% 1044 102 102 102 1025 102% 102% 96% 96 963 100 100 100 105 105 Despite the lowest market in more than 20 years, the outlook for the cop- per industry of the country is viewed optimistically by the American Mining Congress. Nor does the advent of Canadian and Rhodesian producing areas now coming into production appear menacing to the congress, which declares there will be consumption enough for all as Ameri- can :iandards of living become more general through the utilization of elec- tric power devices. The metal can be fairly described as the handmaiden of the electrical age. 1064 1041 1041 100% 100% 107 107% 107% 10210 101% 102% Foreign countries, principally Europe, are now coming back into the market, despite their curtailed purchasing pow- ers. Recently one day's foreign sales of copper amounted to 4,500,000 pounds, 1097 109% 109% | ‘J:thl Germany taking three-fifths of the 7 v 101 100% 101 79% 78 78 102 102% 102'% 90 90 90 81 80 80 104% 1047 10 109% 109% 109% 101 101 101 100t 100% 100% 103 103 103 104% 104% 104% L. 9N 1 | 96Y% 964 96Y 1 104 104% 104'% 79 9 79 30 101% 100% 101% 5 94 94 94 4 1045 Wf‘: 13:% volume in the same part of last year . During the same week one of America’s leading electrical firms placed orders for approximately four months in advance, actuated by the current prices. Producers last year, according to the congress, spent approximately $40,000,- 000 for equipment, material and up- plies with which to produce 2,002,000, 000 pounds of copper. During the year United States imports amounted to 947,312,201 pounds, largely in the form of eopper ore concentrates and black blister, and exported 992,895,119 pounds, largely in the form of refined copper. The- current market is slightly above 10 cents a pound. A suryey made by the Tariff Commission covering 96 per cent of this country's total primary cop= per output showed that the average cost ‘was 11.81 cents per pound last year, as against 1027 cents in 1928. Curtail- ment of production at present is about 20 per cent, and while the per-unit cost should theoretically rise, the congress believes the price will do likewise a8 the supply is reduced and the demand increased. PUBLIC WORKS EXCEED VOLUME OF LAST YEAR Construction of public works and util- itles in the United States up to the middle of last month has exceeded the by $147,000,000. Other building construction has made & miserable showing in comparison with lentlal building has residential building by $698,000,000. Total building contracts for all classes were $3,574,000,000, to be comj 90% 90 9014 | with $4,467,000,000 in the corresponding 16 101 101 101 00 99% 100 8 1 5 105% 105 105% 1 losvv/: 105% 105% | In this form of construction there have 3 101w 101 1014 | recently. 1 101% 101% 101% i 1 115% 115% 1154 | detached one and two family dwell- 9% % 100 1081 105 tion " 2 m;’t ters do not view with alarm the heavy 5 1021% 102% 102% | the situation is coming nto a healthy 66 102 1021 1023 | state due to the ehmguunn of mi 2 71 71 71 | speculative construs 6 97% 97% 975 | rampant during the last two years. 1 109% 109% 109% 58% 58 58 47 82% 82% 824 99% 99% 99% 983 9814 96 99! % 50 98% 981 98% 18 97% 97K 9T% 94 93¢ 63.. 12 ;:4 13:\« 104 5% 105% 105% 1 { pow- 2 92% 924 925 in the manufacture of that class of po 4106 106 105 1 100% 100% 100% 1105 105 105 2 110% 110% 110% 1 101% 101% 101% 1} 100% 100 100% 100 100 100 2 70 70 70 5 46% 45% 45% 4% 934 94u 9% 91% 91 99 99 99 86% 86% ° 86l% 86Y% 8415 84 84y 93% 92y 93 3% 92% 93y 40 384 40 34 2 1124 112 112 2101 101 101 100% 100% 100% ta.. 14 1126 11% 112 | O o6 24 112 111% 111% 6100 99 99% 8 83% 83u 83% 1 101% 101% 101% 238 91 91 91 9 101% 101% 101% 5 110% 110% 110% ; 8 106% 10615 106% | Penn 638 '3 5T T4 T4 T4 5 66 65 65 6 L 82 94% 93% 93y [PCC&SLLESA... 6112 112 112 96% |P& W V4%sB'59. 13 96% 96% 96% 20 101% 101% 101% | P& W V434sC'60.. 19 973 97 97 36 78% 78 18 1 80% 80% 0. 20 95% 95% 95% | Reading 4%sB. 1 100% 100% 100% 32 93%. 93% 93 1 102% 102% 102% 1 110% 110% 110% | St L Ir M'nt 5s°31.. 20 101% 101 101% 6 984 981 981 | StL IM R&G 9% 4 102% 102% 102% [StL&SFin 10 106% 1061 106% | StL & S F 433578 5 106% 106% 10634 | StL.S F 4% Manh Ry 1st4s°90. 10 65% b5 55 | S MER&L4%s'31. MIIE Ry & L bs"61. M StP&SSM con 4s. M StP&SSM s gtd. M StP&SSM 6 MK&T 1st 4 MK&TprinssA. MK & T adj b3 '67.. Mo Pac gen 4 Mo Pacifle 63 F "7 Mo Pacific 53 G 78, Mo Pacific bs H Mo Pac 6% s ev 97N 97T 973 59% 58% 59% 83 82% 83 961y e vy 114% 118% 1144 part of 1929, and with $5,126,000,000 in the same part of 1928. The greatest de- crease has been in residential building. indications of a moderate revival o rly in _construction association headquar- uch ction, which has been INCREASE IN VALUE OF MACHINE OUTPUT By the Associated Press. The Bureau of the Census reports the value of machine tools made in the United States in ll’i: b&:mblh!‘;fléenfi engaged primarily manufacture of such prod\lm.tl -maun” % ted totfl.?&:;- 996, increase of 60.9 per cent - with $107,101,652 reported for 1927, the last census year. Miscellaneous: products and receipts for r?nr work amounting to & total of $67,~ 742,968 were lso reported for 1929. industry under discussion em- establishments engaged primarily er-driven machines generally covered y the Cesignation “machine tools,” but does not_include certain types of ma- s metal wovking mackings, E et metal worl A S e e DIVIDEND OMITTED. NEW YORK, October 3 (#).—The hfield Oil Co. of California has omitted the quarterly dividend of 50 cents due on the common at this time. J. A. Talbot, chairman, said that in the “interest of conservatism and in the light of present business conditions the board omitted the dividend to permit the bullding up of cash reserves.” ‘The cucumber usually has & tempera- ture 1 degree lower than that of the surrounding atmosphere. Hence the expression “cool as a cucumber.” Sales. High, Low. Close. 1109 109 109 Oreg-Wash 4s'61.. 11 95% 954 95% Penna 48 48 Sta. 3 99 98 99 1106 106 106 8 104% 103% 104% 53 100% 100 100 2 102% 102% 102% 2112 112 12 . 13 105% 105 105% 9 110% 1104 1104 14 89% 894 89% Peor & E 1st Port Ry 58 °42...... 2 105% 105% 103% Port Elec 6s°47 Por RL&P T%s"46. 3 108% 108% 108% - 51031 103 108% Read Jer Cen 4s°'51. 15 961 96% 96% RioGr Welt4s’49. 1 88 88 88 RIAr&L4%s'34. 7 101 100% 100% 78 w1, L&SF gen 63 3 StLS W Ist 4s '8 StP&KCSL 4%, St P Un Dep 63 '12.. SanA & A P4s'43. Seab All F16s A '35. Seab A1l FI 63 B '35. Sou Pac col 4s 49, Term AsStL ¢s’s Tex & Pac 68 B 77.. Third Av 18t 68 '37. Third Av adj 58 Un Pac4%8°67.... 32 101% 101% 101% Va Ry 1st 4 108% 108% 108% Va R & P 8 1021 1021 102% Waba: 11 934 93 93y 10 104% 104% 1044 5108 108 108 0o oo West Sh 1st 45 2361 2 94 944 94 WhaLEcvis4s. 4 o0 9% ohe Wis Cen gn 48