Evening Star Newspaper, October 4, 1930, Page 12

Dr. Schacht Beglieves Read- justment of War Debt is Necessary. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, October 4.—“Watch our economic, not our political, situa- tion and you will see the key to our future,” said Dr. Hjalmar Schacht, 53, former head of the German Reichs- bank, upon his arrival in New York for an eight weeks' visit. “It's poverty and bad conditions which make more Hitlers.” It was this German banker who took charge of German finances in 1923, when 133 government printing offices equipped with 1,783 presscs, were tur : out money by the bale. He changed situation. immediately, and came “be known as a “man of iron.” Dr. speaks -in a direct pleasant manner, without frills. “You must think that if you treat & people for 10 years as the German Efiple have been treated they will con- ue to smile. How would you like to be kept in jail for 10 years? Every one syggests that the Germans must be reasonable. But how about the world itself? Should it not be reasonable, o No one who interviews Dr. Schacht ean fail to see that he belleves the burdens now resting upon Germany are far too heavy for her to carry in- definitely, Her financial burden will have to be greatly lightened before Furope can put her financial house in order. Dr. Schacht’s views will be widely imented upon in the United States ring the next eight weeks. They will 'n the eyes of many people to what real conditions are within Germany. Soviet Imports Banned. France is a practical nation. Her ople may be emotional, but when it ies to business in which they are lly interested they see facts very glearly and act upon them. . _Witness the French government's en- ergetic action yesterday in banning im- from Soviet Russia to protect her le market. France says to Russla, in substance, this: If you wish to sell sugar, wool, wood, gelatins, eggs, meats, wheat and fubber in France you must buy from mlneaulmountorgmdsmbe.v.m to Russia to-square our buying account with you. We will do business with you on no other basis. ¥ It looks as though France has started something ‘which will develop into a major problem of international business before 1930 is over. Dumping of Commodities. Problems arising from Russian dump- ing on the world market are serious. Europe is affected much more than the United States, so far. It is a new and to join farm and factory life. ~Prev.1930~ High. Low. 46's 23 14% 8% 791 24 951U T2% 104 88 80 70 BS% 454 284 T4 25% 8% 56% 437 122% 57% 118% 70'% 31% 16 13% 1215 Stock and Dividend Rate. Rem Rand (1.60).... Reo Motor Car (80c). Republic Steel...... Republic Steel pf () Revere C'& B pf (7). Reynolds Tob A (3). Reynolds Tob B (3). dichfield Oil. . Rio Grande Ofl...... Royal Dutch a3.2165. Safeway Stores (5).. St L-San Fran (8) Savage Arms (2). Schulte Retail Stri Seaboard Air Line Sears Roebuck $2% Second Natl Inv. Servel Inc. .. Snarp & Dohme. Sales— Add 00. Hig! 36 24 6 £ 1 20s 408 15 83 26 @ e lem, of international Sooner or later must be The government of Russia is supreme. Ut demands and receives a certain per cent of all production raised in the country. As it grows stronger, it can take an larger amount and give in return its own government n‘l:'ney. There is no limit to its activi- So hundreds of millions of dollars of m of one kind or another are under t control. If the government needs money badly, it can throw these goods on the world markets at bargain-coun- ter prices and demoralize exports from other nations. . Exactly that is on today, in the ease of Soviet wheat, lumber, rubber, manufactured products, matches, pe- troleum, manganese and other products. “The Soviet match monopoly is the only serious competitor which the Swedish match monopoly faces in Eu- Fope today,” sald an observer who has Just returned from continental Europe. Not only in matches, but in every other commodity which she has, Soviet Ruseia is in a position to demoralize world trade. ‘What's to be done about it? No one has an answer. Perhaps Russia rself. in the building up of her five- year program has been forced to sell goods at bargain prices in order to Tealize cash for this activity. It's & new problem—a confused, baf- fling one—for world business to face. It never has had to be faced before. No nation has ever challenged the capi- talistic system so determinedly and so powerfully as Soviet Russia is doing today. And every capitalistic country knows it. ‘Undoubtedly, the Soviet dumping now in process will accelerate the demand for still higher tariff walls in the vari- ous_countries of the world. ‘The next big struggle in the interna- tional field of business is that struggle which bas already started. It wil be between Soviet Russia on the one hand, and the capitalistic nations on the other. Leadership Needed. “Wiat Europe needs is leaders. What is a leader anyhow?” asked Henry Ford. He snswers the question: “A mdn who visualizes what the people want and goes alead and produces it.” Mr, Pord has been telling Europe that there 15 no such thing as overproduction. | ‘The thing people call overproduction is rull{e “a lack of production of what people want.” As in the United States. Henry Ford 1s good copy in Europe. His sayings are front page news, not only in Germany where he has been, but in nearly ail other countries of Europe. And why? Because he's a big business leader that's different. He's not or- thodox. Germany’s business leaders are reported to be intrigued and fascinated by his ideas of mass production, but they hesitate. They think tha. the great Detroit manufacturer does not un- derstand the amazing complex and the handicaps of European business. ‘Tariff walls—high ones—rise up ir. more | than 20 nations in Europe to obstruct | trade progress. This fact is rarely understccd and ap- preciated by Americans. Amegican Standards. Probably John W. Barton, Minneapo- lis banker, did not realize that he would cauce such a sensation when he made the assertion to the American Bankers' Association that American standards of living should be lowered That caught the eye of the President on his way to Cleveland and he chal- Jenged it vigoroutly in his address be- fore the bankers. The reply of President Hoover con- Sharp & Do pf (3%). Shattuck(FG) (11%) Shell Union Ofl. Shubert Theate: 4 Simmons Co. . Simms Petrol (1.60). Sinclair Con Ofl (2) Skelly Ol (2)... Sou P Ric Sug (1.40), Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8) Sparks Withing (1) Spicer Mfg. ... Spicer Mfg pf (3). Splegel-May-Stern. . Stand Brands (1%).. Stand G & B (3%) Stand G & E pf (4).. Stand G & EI1 pf (6). Stand G & EI pf (7). Stand O of Cal (2%). Stand Ol of N J (12) Stand Ol N Y (1.60). Sterling Sec (A).... Ster} Sec pf (1.20). Sterl Sec cv pf (3). Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun Ofl pf (6)... Superheater (13%). Telautograph (11.40) Tenn Cop & Ch (1).. Texas Corp (3).., Tex Gulf Sulph (4 Texas P C & Ofl. Texas Pac Land Ti Thatcher Mfg (1.60). Third Nat Inv (2)... Tide Water As (60c) Timken Det Ax (80c) Timken Roller (3). Tob Prod (A) (80¢c) Transamerica (1)... o P poRasmmrReheb s~ BniRaran ne e FYSTOIR - PO 75 2z 40% 14% 48 47 113% 4Tl 10813 4504 26% 17 603 €% 14% 32% 36% 46% 17% 21% 89% 13% 25% 3 25 10 1024 35% 15% 2 . 43% 48% 6% 13% 17% 24 10% 10% 554 e 19 61 (Continued From Page 11.) 125 NG STAR, WASHINGTON, D. C, DRIVE ON GERMAN . ~Prev.1930— Hizh. Low. 20% 9% 19% 9% 106% 604 242% 200 99 1% h. Low. Close. 1o 24% 24% 124 12% 26 26 74% T4% 9[4)4 58% 721 T4%| 54 4T 8% 10% 45% 6714 72 19 6% 3 59% % 5% 20% 58 33 12% 12 19% 15 - U S u Will; 28 37% | 19 | 9% | 46% | 55% | T | 184 | 184 | 28 11 | per cent in stoc aPaid this year- when earned e 60 | 21 | oreferred stock. Industrialized farming with powered machinery (upper left) has been given added impetus by Henry Ford’s plan Thomas D. Campbell (lower left) now heads two large-scale farm projects. shown with President Hoover, who is for the individualized farmer. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Dividerd Rate. Tri-Cont Corp. .. Union Bag & Paper Union Carbide (2.60) 146 Union Pacifie (10). Utd Alreraft. .. d Afrcraft pf (3) Utd Biscuit (1 60). Utd Carbon (2). Utd Cigar Stores p! Utd Corp (50¢c). Utd Corp pf (3) Utd Fruit (4)..... Utd Gas & Im (1.20). Utd Piece Dye W (2) 1 U S Ind Alcohol (17) U S Leather. U S Leather US Pipe & F (2). U S Realty (5). U S Rubber. ., U S Rubber 1st pf melt Ref pf 335 eel (7) U S Steel pf (7) Univ Leaf Tob (3)... Univ Pic 1st pf (8). Util Pow & Lt A (e2) Vadasco Sales Corp. . Vanadium Stl (t4). Vulean Det (4). Wabash. ... Wabash pf (A) (5).. Waldorf Systm (1%) Walworth Co (2). Warner Bros Pict Warner Quinlan. .. Warren Bros (3) ., Webster Eisen(new) Wess O & Sn pf (4)., West Penn El pf (7). 20s West Penn Pw pf (6) 2505 Western Md. . Western Unlon (8) Westing E& M (5).. 165 Weston El Instr (1).. White Motors (2). ... Wh Rock M S (14%). Wilcox Rich A (23). Willys-Overland. s-Over pf (7) Wilson & Co pf, Woolworth (2.40) Worthington Pump. . Worth Pump(B) (6). Wrigley (Wm) (4).. Yellow Truck. .. Youngs Spring (3). Zenith Radio. .. Dividend rates as given In th, cash payments based on the latest qu s0Unit of trafing less than 100 shar ¥Payanie’ in srip i PN o resular rate; able | stock “g’Plus 6° per ‘cent in 117 | 1 Plus 8 per cent in stock. k Plus 3 Der cent in stock. n Plus § per cent T Subect to spproval of stock Ford is Bales— Add 00, Hish. Low. 11:30, Clae 10% 10% 10 17'% 17% 71% 70 208 1 70 a2y | 8% | 113 | 30% | Jeauan 8% 425 | 4% 564 111% 10974 195 | 2 31 12 90 69% 15% 364 36 6% 5% sbove table are the annuai rierly or balf yearly declara- 15% | Uy extra. Plus ¢ cent 1n b Payable In’ stock. ~ d Payacte cash or stock. {Plus 10 per cent in stock. b Plus 2 per cent In stock per cent in_stock. m Plus 1 In stock. p Plus 50e cents tn holders. . in GAIN IN AUTO SALES IS PREDICTED SOON| Ford Officials Expect Final Quarter | Will Show Indications of Uptrend. By the Associated Press. DETROIT, October 4.—Officials of the Ford Motor Co. profess to see indi- | cations of an increase in business dur- | ing the final quarter of 1930. Sales of cars and trucks during Sep- tember were slightly in excess of 90, 000. Production, exclusive of the Canadian branch, during the current| week was 22,000 units, about 50 per| cent of the weekly production at this| time last year. | on a three-day week basis. | Officials of the company said that| while figures on production and sales | compare unfavorably with those of last | year, sales in September exceeded ex- pectations. “Reports from dealers in- | dicate that sales will climb higher as| the season advances,” one official said. | Markets at a Glance NEW YORK, October 4 (#)—Stocks irreguiar; New York Central lines low- est since 1927. Bonds frregular: doi investment issues generally | firm. Curb irregular; list sags under | late selling. Foreign <xchanges steady; Britain firm. _Cotton lower. | 40a50; lima beans, | packing stock tomatoe: The employment roster at the Ford4” | company’s main plant at River Rouge | ! totals 80,000, but most departments are Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md. October 4.—Po- tatoes, white, 100 pounds, 1.50a2.10; barrel, 2.25a3.25; sweet potatoes, bar- rel, 3.00a3.75; yams, barrel, 3.25a3.75; beans, hamper, 75a1.40; beets, 100, 2.0024.00; cabbage, ton, 15.00a23.00; carrots, 100, 2.00a4.00; celery, crate, 1.00a1.50; .caulifiower, crate, 1.25a2.00; corn, dozen, 15a45; eggplants, hamper, bushel, 1.00a1.80; lettuce, crate, 1.00a1.50; onions, 100 pounds, 1.00a1.25; peppers, hamper, 25a50; peas, bushel, 3.25a3.50; spinach, bushel, 75a1.00; tomatoes, hamper, 25a50; savoy cabbage, bushel, 75a85; bushel, 25240; apples, bushel, 50al1.75; cantaloupes, crate, 1.00a1.75; damsons, bushel, 1.75a 2.00; grapes, basket, 1lal4; peaches, bushel, 1.00a2.50; pears, bushel, 50a1.75. Dairy Market. Poultry—Alive, chickens, pound, 20a27; Leghorns, 18a23; old hens, ' 17a25; Leghorns, 13a16; old roosters, 14al5; ducks, 13a20; guinea fowls, edch, 50a65; pigeons, pair, 20. Eggs—Recelpts, 490 cases; nearby hennery, whites, firsts, 40; firsts, 30: Southern firsts, 28; current receipts, 25a27. Butter—Good to Springers, fancy creamery, | pound, 36a42; ladles, 28a30; rolls, 27a28; | process, 32a3: store packed, 23. DOUBLES WORKING FORCE, TRIPLES PRODUCTION Special Dispatch to The Star. FOET WAYNE, Ind, October 4.—H. E. Capehart, president of the Capehart | here today by an official in the offices REDUCED INTEREST FOR SAVINGS SEEN, U. S. Official Believes Action of | New York Banks Will Be- come General. By the Associated Press. Belief that a reduction of the inter- est rat> on savings deposits, which started in New York City this week would become general was expressed of the contreller of the currency. Speaking unofficially, and merely "as'| an expert observer, inasmuch as the controller’s office does not have super- visory powers over savings institutions outside the District of Columbia, the commentator declared in his cpinion the banks would be compelled to reduce their rates if unprofitable operations were to be avoided. Attention was called to the low rates | prevailing in the time and call money | markets, both less than 3 per cent dur- ing the week ended September 27, and to the low rates prevailing on bankers’ acceptances. “In view cf these subnor- mal returns, the cut in New York from 415 to 4 per cent would seem a fair rate under present conditions, but still out of proportion to related monstary chargss,” it was said. Under regulations governing the ad- ministration of savings banks the rate for any quarter can be anncunced at any time during the quarter, making it retroactive to the beginning of the | quarter. The unccrtain condition of the stock BONDS IS RESUMED Government 5 1-2s Sell at Discount on Reports of New Financing. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 4.—German bonds were again a weak feature of the investment market today. The German government 5%4s dropped back to a 10- point discount and other German issues sold off sympathetically on the an- nouncement that a further loan of $125,000,000 would be sought in inter- national markets at an early date. The market looked with skepticism on the f)rosp:cls for a further German dollar loan. Moncy rates were unchanged. Volume was good. Local bankers have reports that the new German financing, the purpose of which is to support temporarily the new financial program of the Bruening government, will be in the form of six months’ notes renewable for a maximuth term of two years, and that the notes will carry a 4% per cent coupon, Even with the notes in an attractive short- term form, bankers are inclined to the view that they will hardly be market- able on less than a 6 per cent yield basis, as the long-term 5!5s are cur- rently quoted at over a 7 per cent ma- turity yield basis, They estimate that the notes will be marketed at 97.50 to 99.50, according to maturity. Other foreign bonds were dull, though there was some seling activity in Rio Grande do Sul issues on reports of & revolution in that Brazilian state, Prime domestic bonds higher, led by Canadian National 5s, Inland Steel 4'is, Standard Oil of New Jersey 5s, Philadelphia Co, 5s, Columbia Gas 5s, Utilities Power & Light 5's, Laclede Gas “C” 5135 and American & Foreign Power 5s. United Statcs Gov- ernment obligations were strong, though trading was only in small volume. Con- vertibles were irregular with the stock market, Only the best of the industrial and Jjunior rail groups came in for any atten- tion. National Dairy Products 5,s were turned over in large volume at steady prices. Brooklyn-Manhattan Transit 6s dropped fractionally. | Washington Stock E}change SALES. Washington Rwy. & Elec. pfd—2 at 9815, 10 at 9815, 10 at 98, 5 at 95, | Lanston Monotype—5 at 11415, Mergenthaler Linotype—3 at 95. Riggs National Bank—1 at 475. AFTER CALL. Washington Gas 5s “A”—$500 at 103V;. Washington Rwy, & Electric 45—$§3,000 at 897, $2,000 at 897, Washington Gas 6s “A"—$200 at 102%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4!35 '33 Amer. Tel. & Telga. 4i2s '30 Am. Tel. & Tel. ctl. tr. 5s Anacostia & Pot. R. R. b & Pot. guer. 85, C. & P. Tei of Va. 5s,.. Capital Traction R. R. City & Suburban 5s.. Georgetown Gas 1st 55, Potomac Elec. cons. Potomac Elec. 6s 1953 Wash. Gas g5, series A ash. Gas 6s, series B. Wash. Rwy. & Elec. 45.. H MISCELLANEOUS. Barber & Ross, Inc., 6%as...... Chevy Chase Club $1as. D C. Paper Mfz. 6 W. M. Cold Storage 35. Wash. Cons. Title 6. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capjtal Traction Co. Wash. Gas Light Co. (18 N. & W. Steamboat (12) Pot. Elec. Power 6% pfd Pot. Elec. Power 5!3% pid..... Wash. Rwy. & El com. (7).. Wash! Rwy. & EL pfd. (5) NATIONAL BANK Capital (14) . | Columbia (13} | Com: reial (sl Dist, 8 aues Federal-American (10) Liberty (75).. Lincoln (12)....". Metropolitan (i4). Riggs (15%). Second (9e). "’ Washington ' (i3} TRU Amer. Sec. & Trust Co. Conti Prince Georges Bk. & Tr. Union Trust (8g)... | Wash. Loen & Trist' (i) SAVINGS BANK. Bank of Bethesda (65) . e Commerce & Savings (10} East Washington (12, Potomac (10).......... Security Savings & Com. Seventh Street (13). United States (30) Wash. Mechanics' (26)...0000]] FIRE INSURANCE. American (12)..... Corcoran (10 Firemen's (8)." National Unton’ (i5). 450 TITLE INSURANCE. Columbia (6h) # Real Estate (6h) , Title & Inv. Co. Md. com’ MISCELLANEOU: Barber & Ross. Inc., com. Chevy Chase Dairy pfd. (1) Columbia Med. Bidg. Corp,.... Col. Sand & Gravel pfd .(7)... D. C. Paper MIg. pfd. ... Federal St E Fed.-Am. com (1.201)" Fed.-Am. Co. pfd. (6) Lanston Monotype (8). Mer. Tr. & Stze. com. Mer. Tr. & Stge pfd. (7). . Mergzenthaler Linotype (6) Natl. Mtge. & Inv. pfd...... ... Peoples Drug Stores pfd, (6i3).) Real Est. M- & G. pfd. (8)..... Security Storage (4e).... Ter. Ref. & Wh. Corp. The Carpel Corp. (1.50) W. Mech. Mige. ‘com. (8). Wash. Med. Bldg. Corp. ... .. 95 Woodward & Lothrop pfd.’ (7).. 106 *Ex dividend. el extra. B Books closed. 827 extra n2sc extra. ¥215% extra, 130c extra. §37 extra, §1% extra. h% extr 5% extr FOI&IGN iSXCHANGES. (Quotations furnished ty W. B._Hibbs & Co.) Nominal gold Selling checks value. today. 34.8565 | 34.86 3913 | 39210 1391c ;1. 23.:82¢ (10) 109 London, pound.. Paris, franc... Brussels, beiga Berlin, ' mark. Rome. " lira i franc drachma Madrid, oeseta . Viem a. schilling Budapest, pengo.. .} continued | SATURDAY, OCTOBER 4, 1930. FINANCIAL, Received by Private Wire Direct to The Star Office UNITED 'T;?LF? (Bal 1.000. Sales. Hish Low. Close. Lib3%s Lip1st4%s. Lib 4th 43s, US4%s's2.. Argeiftine 65 Ju '59. Argentine 6s Oc "69. Argentine 6s A '57. Argentine 6s B ‘58, Australia 4 %s "56.. Australia 68’55 Australia 5s ‘57 Austria 7s 43 Bk of Chile 6% '57 Bk of Chile 635 61 Belgium 68'55..... Belglum 7s '55. Belgium 75 '56. Belgium 8s'41. Bolivia 7s ct{s'69 Bolivia 8s ‘45 Bordeaux 6s Brazil 616826, Brazil 6% Brazil 7s Brazil 8s41.. Bremen 7s '35 Canada 55 "52. Chile 6s°60.... | Chile 6561, Chile 78 "42, . Chin Gvt Ry 68 '51. Copenhag 4%s '53.. Czecho 8s '51. Dan Mun §s A Dan Mun 8s B 46 Denmark 434562, . Denmark 6% '55. . Denmark 6s'42.... Dutch East I 6s'62. El Salvador 8s 48, . Flat 7s ex war '46.", Einlana 7s '50 Fram [ D 73842, Krench 7s 4v...... French Gvt Tgs 41 Gelsenk!ir Min 6s°34 German b33 '65. ... | German Bank 6538 German German 7 Ger Gen Greek 6s Hungary 7%s "44.. Irish Free St 5860, Iealy 98150, o ovos ltaly Pub Sv 7 Japanese 4s ‘31 Japanese 534s ‘65 Japanese 6izs ‘54 Jugosl Bank 78 57 Kreug & Toll 58 '69. Mex 45 asstd 1910., Milan 6148 '52 Montevideo 7s Netherlands 6s 72, New So Wales 38.. Norway b3 '63 Norway 5148 '65. Norway 65’43 Norway 6s 44 Norway 6s 52.. Orlent dev 65 '63... Paris-Ly M 63'58., Paris-Ly M 1s'58.. Paris-Or-5348 '68. . Peru 6s 60, Peru 6s'61. Peru 7559, Poland 6s'40 Poland 7s 47, Poland 85 '50. Queenland 7s°41... Khine West 6s ‘b Rhine West 6s '53. Rhine West 75 '50. . Rio de Jan 6%s 53, Rio de Jan 8s g R Gr De Sul 6s'68.. Rome 613852 .. Roy D 4545 ww... Sao Paulo 8s'36. Sao Paulo 8s 50, Saxon 7s '45 Seine 7s '4 Serbs-Cr § SWiss 515 '46..... Swiss Confed 8s ‘40 Toho El Pow 75 '55. Tekio bs '52 Toklo 535 61 Utd King 5% 847 . Utd'SS Copen 65 ‘37 Uruguay 6s'60. Uruguay 8s'46. Vienna 6s ‘52 Warsaw 7s * Yokohama 6s Abitibl P & P 55,'53 Allegheny 55 44 Alleghany 5549, .. Allis-Chalm s '37.. Am Ag Ch 7%s 41, | Am Chain 6s'33.... Am F P 5152030 Am 1GChb5%%s 49, Am Int Cor 5%s *49 Am Metal 535 '34.. Am S&R st 58 *47. Am Sug Ref 6537, Am T&T cv 4%5'39. Am T&T 55 '65 . Am T&T 6851 60.. Am T&T 5%s Am W Wks 58 Arm & Co 4%8°39, Arm Del 535 °43... Asso Oil 6535 AtGulf 598’5 ¢ At Ref deb 55 '37... Bell Tel Pa 55 C '60. Beth St rf 5842 Beth Stpm 2 Chile Cop db 5s'47 Col G&E 55:May '52 Com Invest 51849 Com Invest 6s ‘48 CC Md 1st rf 55 '50. ConG N Y 5%s 45 C Am Sug col §5°31. Denver Gas s '51 -Det Ed rf 6s B '40 Duquesne 435 '67. . East C Sug 7148 '37. Fisk Rub 8s 41 Gen Cable 5%5°47.. Gen Motors 65 '37 Gen P Sv514s'39... Gen St Cas 532840, Gen Thea Eq 6s’40. Good 15t 6%5°47. .. Goody'r Ruh 58 Humble Ol s '37 Hum O&R 58 '62. MBTIstpf5sA.. inland Steel 4145’78 Int Cement 5s'48. Int Hydro El 63 ‘44 Int Match 58 '47.... Int Pap 58 A '47.... Int Pap 6s '55. Int T & T 4%s ‘52 Int T&T cv 4145 ‘39 Int T & T 6s'55. Kan Gas&E 4 %s '80 Lac G St L 53 '34... Laclede 5%s C '53. . Lautaro Nit 6s ‘64. . Lig & Myers 5s'51. Lig & Myers 7s '44. Loew's 63 ex war... LoriHard 5%s'37 Lou G & Ei bs'52... Mont P db 53 A "62. 15 017 1016 2 10213 10211 10213 25 10314 10313 10313 18 1136 1132 FOREIGN. Sales. [ 11 6 15 1 2 1 1 23 9 9195900 = 1017 132 Close 94% 95 High. 94% 95 94% 95 kil 82% 82 105 931% 96% 104 118% 108% 10w 94 95 9414 1054 81 MISCELLANEOUS. 81% 98%, 98% 102 104% 102% 8% 8114 981, 984, 102 1041 10215 871y 103% 95 96% 101% 1034 | Un Pac rf 4s 2008, . Sales. High. Low. Close. 13 101 100% 101 15 78 78 18 3 10216 202% 102% 90% 90% 90% 86 86 86 81 9% 79 7% 6% 105 105 1047% 104% 101 101 101 101 104% 104% RAILROAD. Ann Arbor 4s '5: 2 87TH% Atchison gen 4s '95. 23 9815 Atchison cv 4%s'48 10 126 B&O 4348, 977 B&Ocv4l%s'3s 101% B&O 41%s'60. 101% 105% 1104 6 105% Utd Drug cv 58 '63. U S Rublist 55°47.. Utah P & L 58 "44.. Util Pow 5%5'47. .. Walworth 6s A *45. Warn Br Pic 6s'39. Warn Quin 6s°39. . West Ei deb 5s '44 West Un Tel 58 ' Wil-Ov 1st 615s ‘33, Wil & Co 1st 6341, You St & T 55 '78. 5 33 .12 87% 981, 126 9715 100 101% 104% s & Mo bs 1 Fos & Me 65 °67. Bush Ter con 58 '65. Can Nat 4158 ‘87 “an Nat 4148 "68. .. Nat 6s July '69. Nat 5s Oct 69 Nor 6155 db '46. "an Nor 7s deb 40, “an Pacific db 4s. “an Pac 48 '46 n Pactfic 4%s "an Pacific 53 % Cent of Ga §s C '59. Cent Pacific 45°49.. Cent Pactfic 65 60.. “hes Corp 58 '47 100% 106 102 981 c C o o *h Gr West 4s P&P 5s 75. P adj bs. Ch & NW gn 45 '$7. Ch & NW 4145 2037, Sta 5s "4 Ind cv 45 Cin U Ter 41 Clev Term 47 v Texm 5573, “olo & Sou 4145 '35. Cuba RRrf 738 ‘36 Cuba Nor 5%s 428 Del & Hud rf 45’43 Del & Hud 5%s'37. D& R Gr gn 4536, . Den & R G W 58 '55. DRG & W st 5378 Erie 15t con 45'96. . Erieconv 4s (B). Erie Gen 4s. rie 53 1967. . Erfe 55 1975.. Erie & Jer 65 Erie Gen R 65 Fla E Coast 58'74., Fonda J&G 4%s '52 Gr Nor gn 515 '52. . Gr Ner gen 7s '36. Hock Val 41599 Hud & M ad) 6857, Hud & M rf is 57 111 Cent 4s'52. . 111 Cent ref 45 '55 111 Cent 4% s '66 Il Cent 612836, ... 111 CCStL&N 4% s 111 CCSTL&N 55 A Int Rap Tr? 32... Int Rap Tr 85 '66. . Int Rap Tr sta "66 Kan Cit Kan Cit 0. Kan Clty Ter 45 '60. Leh Val cv 4s 2003, Leh V cv 4%s 2003, L&Nunf4s°40.... L &N 4%s2003.. Market St 75 *40 Mil E Ry & L 58’51, Mil E Ry & L 5561, M &SL 1st rf 45 °39. M StP&SSM con 4s. 103% 107% 1011% 0 @ bt EYSTopey o YO erne WRRRRRDEIRD RARD SO NN oA SR Mo Pac gen 4s'7 Mo Pacific 55 A * © Npo Pacifc 5s H '80. Mo Pac 54scv 9. N Y Cen 4s'98..... N Y Cent db 4s'34.. N Y Creim 5s2013. N Y Cent db 6s°35.. cl31s 93, tL db 4s'31 ! tL 415578, NYC&StL5lksA. Y C &St L6s'31. C&StL6s'32. NH&H 314854, H&H 3138 '56. NY NH & H 4s " NY NH & H 4856 NH&H db 45 '57 NH&H cv db 63, NY NH & H clt 6s D& W 15t 45 '9 O&W gn 45 °55.. Y S&W gn 5s 43 Jor Pacific 3s 2047. Yor Pacific 43 '97. Oreg-Wash 4s'61. Penn cv 43%s 60 Penn gen 4%5'65. . Penn 435 Penn 6%s ‘36 P& W V4ksC Port Ry 5s 42, Por R L&P 7%s *46 Read gen 438 A 97 Reading 4348 B... Rio Gr W clt 4549, StL&SFindsA StL&SF4%s'T NY C& o t L&SF prin5s B ¢ L&SF gen 53 31. StP&KCSL4lks. San A & A P 4s'43 Seab A Lirf 4s°49.., Seab A Lcv 6s'4 Seab Al F16s A '35. Sou Pac ref 45 '55.. Sou Pac 415 '68 Sou P 43%8°60 ww Sou P& Or 4%s 77, Sou Rwy gen 4s'56. Sou Rwy 5594 Sou Rwy 6s 56 Third Ave ret 4s '60 Third Av ad) 58 '60. Third Av 1st 58 ‘37, Union Pac 45 '68... 103% 101 9974 ol ari | 28% 973 100% : 100% | 1024 | 89% 111% 116 51 291 98% | 93% | 97 101% 101% | 103 103 | 12 Un Pac 41567, Va Ry & Pow 55’34 25 103 STREET INDIGNANT AT SHORT SELLFRS Further Raiding of Stocks Held Likely to Retard Trade Recovery. BY CHARLES W. STORM, Editor the News Service of Wall Street. Speclal Dispatch to The Sta NEW YORK, October 4.—The fur- ther rally in the stock market, placing prices of the most active stocks at levels from 5 to 10 points above the lows of this week, has been so rapid that the biggest professional traders in the Street are uncertain as to what should be expected from now on with regard to price fluctuations. The uncertainty among these big operators is now greater than it has been for some time, and because of their indecision as to what to expect in the immediate future, many of them have decided to stand on the side lines and wait for the general list to fur- h. an indication of the probable trend. Indignation Against Shorts, ‘The recent decline in the prices of stocks, accompanied as it was with considerable professional short selling and attacks on specific issues, ¥ result- ing In a growing wave of indignation against the professional shorts apd there is much talk heard in the finan- cial district as to the advisability of taking some measures as would greatly reduce such practi This indigna- tion against short selling has reached the point where caustic remarks are made about professional traders who are constantly appearing as sellers of stocks. Short selling is considered a necessary evil and in many instances the buying by ssional shorts prevents the cre- ation of acute weakness and possible | collapse of stocks, but it is generaily felt in the Street that people have been hurt in the market and are now in such a weakened financial position that future raiding of stocks is nothing short of financial homicide. Wheat Advance Helps. _ One source of gptimism was the con- tinued advance in"the price of wheat, as predicted in this column following 'tn- | terviews with a number of prominent people interested in the wheat market. It Is felt in Wall Street that continued im= | provement in the price of commodities, cspecially wheat, would do much toward eliminating the apprehension existing | With regard to the future stability of the sicck market. ‘A fear market” is now declared to zist in_connection with stocks at this time. Stocks of farm machinery com- paniss naturally showed futul provement in the price of wheat, High- er prices for wheat would improve col- lections by the farm implement com- panies and naturally do mucl | their f:rancial position. K ek Good Buying of Coppers. Quiet, but good absorption of the best copper shares is reported to be going on in the market at this time. It has no r:lation to the improvement reported in the demand for T metal, the buying being for the account of a certain group which has an envi- able record for its ability to pick- out stocks selling at low prices which usu- ally expericnce marked improvement over a period of time. The group which has been the chief buyers of the copper, is familiar with the conditions in the industry as they have larg> investments in_South African copper mines. There were the usual rumors of Wall Street firms being in trouble a the daily reports relative to the stilbility of the present dividends on certain stocks. In this connection Montgomery= Ward was sold, particular stress being given the reduction of slightly more than 18 per c:nt in September sales. One discouraging development late in. the day was the reappearancs of foreign selling. These offerings were responsi- ble for the easing off of quotations | toward the close. (Copyright, 1930. by North American News- paper Alliance.) UNEMPLOYED SEEKING ALMS IN WALL STREET Special Dispatch to The Star. NEW YORK, October 4 —Police and social agencies are engaged today in an effort to sort out seasoned and pro: fessional mendicants from the increas- ing number of unemployed who solicit 2id on the streets, and nowhere are they rhore noticeable in larger numbers than in the downtown financial district: ‘The beggars, say the police, are tak- ing advantage of public sympathy for the unemployed and New York is get- ting more than its share of those who make begging their life work, many of whom, according to Police Commis- sioner Mulrooney, have snug little for- | tunes tucked away. Periods of depres- { sion are their harvest days. In his day's work the policeman of the mendicant squad tags the follow- ing: “Timbers"—Men who pretend to sell lead pencils, “Blinky"—Blind man or one feigning blindness. “Moocher”—The man who exploits some physical deformity. 2 . ‘Plinger"—The expert of the pitiful | tle ‘who has a job if he can get $1.63 bus fare to get to it. “Lush diver"—Specialist in “muscling” drunks. Fake paralytic. “Phony sti Bank clearings this week cover a part of the heavy. payménts incident to the first of the month, and consequently show a larger volume of settlements through the banks than in recent pre- ceding weeks. There remains, Rowever, a considerable reduction in comparison with the exceptionally heavy amount of a year ago. Total clearings for the present week at leading cities in the United States, as reported to Dun’s Re- view, of $11,324,475,000 are 29 per cent below those of last year. At New York City, clearings of $8,081,000,000 are 32 per cent under last year's, while the aggregate at leading centers out- side of New York of $3,243,475,000 is 20.1 per cent less. Practically all of the cities included show considerable declines from the figures for a year ago, as well as from those for the correspond- ing week in 1928, but at a number of them the reduction is somewhat smaller than it has been for the last t months, at least. i Clearings for the week, as reported to R. G. Dun & Co., and average daily tained this statement: “Any reireat | Great Corporation, announces that his com-| -0 | Nat Dairy 6448 Wabash 4%s78... 11 93% 93 931 | DANK clearings for the last three months, from our American philosophy of con- stantly increasing standards of living becomes a retreat into perpetual un- employment and the acceptance of a cesspool of poverty fcr some large part of our people.” _ Probably Mr. Barton was micunder- stood by the President. Perhaps Mr. Barton meant that in such times as we are going through the American people should cut down on all luxuries and live closer to their incomes. But, even if this is Mr. Barton's po- eition, the President took issue when he said, “Our economic system is but en instrument of the social advance- ment of the American people.” ‘The President’s extemporaneous ap- peal for the better security and rich- ness of life for every individual was not only the high-water mark of hh: own speech, but that of the bankers convention as well. 3 0, by North American News- (Copyrieht. 1030oe? Alfiance) - Foil Mill to Resume. NEW YORK, Octch'r 4 (&) Ddgewater, N. J., foil mill of the Alumi- Sugar holiday. Coffee holiday. BANK CLEARINGS. NEW YORK, Cctober 4.— Today. A year ago. New York bank $1,200,000,000 $1,802,000,000 192,000,000 238,000,000 162,000,000 197,000,000 | pany Las doubled its factory force and | | matic phonograpts, | NEW YORK BA tripled its production, effective Octcber | 1. The company has elso installed new equipment to expecite mass production. ‘The corporation manufactures auto- redip equipment and sound-amplifying devices. > NK STOCKS NEW YORK, October 3 (#).—Over the counter market. U. 8. TREASURY BALANCE. | The United States Treasury balance announced today as of close of business October 2 was $308,690,884.38. Customs receipts for the month to date were $2,540,227.61. Total ordinary expendi- tures, $25,200,550.48. Portable Cotton in Mexico. HOUSTON, Tex., October 4 (#).—In- stead of taking the cotton to the gin- ning plant, the ginning plant is being —The | taken to the cotton along the West |Corn Exchange . Coast of Mexico, A gin operating in a num Co. of America will resume opera- tions October 6 with cne shift and will 29 en three thif & o5 s2on 65 incressed Wiziness warranis continuous operation. BANK STOCKS. Bid 8 .38 D132 Asked, 92 a8 135 103 America -+ Bank of U. 8. Ui Chase .. | Cha. Phenix . |City " . | Fiftn | ‘s, Harriman . Manhattan 'Co. 5 People's Nat.. . 400 TRUST COMPANIES, % 140 319 26 L% l163% L 215 oL 800 | Bankers B Cent. Hi v Chelsea Bk. & Ti | Ghem _Bk. & Tr. | County .. railway box car has been introduced to Mexican cotton raiscrs b an American firm. Tt elimirates the cilon high roct of wansporlng siapie for glaaing. Guaranty . Irving ... | Manuf, R 453, o 135 Tt | Westchester Title' & Tr. Y i) - and the poor return offered by other herctofore popular avenues of investment, have focused the attention cf depositors to the relatively high rate of return offered by savings institutions, and the result has been an almost un- precedented increase in total deposits. This, in turn, has worked a hardship on the depositary under prevailing money. market conditions on account of the difficulty faced in investing the funds on a profitable basis. Commercial banks, generally, are not expected to eut their rates at this time, las th-s: institutions which maintain | savings departments gencrally pay a | smalier rate than the purely savings | banks. RAW SILK FUTURAES. NEW YORK, October 4 (Special).— The opening for raw silk futures was steady today, with quotations unchanged to 3 points higher. This reflected better cables, with Yokohama 8 to 24 higher |and Kobe up 24 to 33. A commission houss representing one of the large up- Allis-Chalmers Co, 5s 1937 American Tel. & Tel. 51 American Thread 5125 1938, .. Baltimore & Ohio 4'35 1933} . Batavian Pet. Corp. 4)as 194 Bell Tel. of Canads 55 California Pet. Corp. 19 Ganadian_Nor. Rwy. 4's 1935. Chicago Rock Island ds” 1934 Chile Copper Co. 55 1947 " 4 Cudahy Packing Co. 5%as 1987 Gen. Mot. Accep. Corp. s 1037 General Pet. Corp. 55 1940..., General Theaters Eg. 63 1940 Goodyear T. & R. 55 1957. Grand_ Trunk of Ci Guif Oil of Pa 55 192 Humble Ol 5iss 1932, Internat. Match Corp. 85 94 Marland Oil 5s 1932 New York, Chi. & St. L85 Ehillips Fet. Co. $is 939 Eure Qil Coip, 5's 1937, Sheli Union Oil Co. 5s_i94 I il Co. 51rs s . gersey q 35 SegeRSSESTsss town dealers was reported to be a pur- chaser of the forward positions of 1931. Houses with Japanese and local trade connestions were sellors, with som: pro- | fessionals operatlng on the rise. York 41 . L. Ir. Mt. & So. Ry. St. L., Southwestern Ry. 4s Swift'& Co, 55 1932 Union ‘OIl Co. of Calif. 85 1935. United Drug Co. 3s 1953 U. S Rubber 55 1047 Western FElectric Whenrtine Steel Coip. Alas 194k ¥ Wheeiing Steel Corp. 4125 1983, 93 Nat Rad 6%s '47 N Y Ed1st 63541, NY ELH&P 45'49.. N Y Tel 4168°39.... N Y Tel 6541 N Y Tel 63°49...... Nor Am Ed 5%s '63 NorOT & L 6s°47. Nor St Pow 53 A ‘41 Pac T&T ref 5s '62. Paramount 6s '47. . Phila Co 55 '67. ... Phila & Read 65 '49. Phil Pet 5% '39. Pierce Oil deb 8s... Pos Te) & C 5s '63.. Pub Sv G 4%8'67.. Pure Ol 5%8 '37... Rem R'd 6%5 A *47. | Richi'd O cal 63 *44 Sincl O 6%s B '38.. Sincl O 7scv A '37.. Sincl Cr O 5%s '38. Sinclair P L 5 Skelly Oi1 5% Solvay Am 53 '42. .. Sou Bell T&T 5841 SW Bell T 6s A 'G4. St Oil N J b8 "46. Tenn E1 P 68 A '47. Tex Corp cv bs '44 Trans Ofl 6 g5 28 39.. Som mRunan®n~ @ 103% 107 103% 106% 100% 102% 9T 95 106 86l 103% 9% 98 75 W 103% 1044 102 4 102% 95% i 100 105% 5 106% 104% 107% 102 1007, 109% 169% Wabash 5 B ‘76 Wabash 5s D '80 61 100% 6 101 100% 101 100% 101 are compared herewith: Week Per Wabash 515s 7 West Md 45 ‘52 WilksB & E 1st 5. Wis Cen gn 45 °36.. BANK LOANS GAIN. By the Associated Press. Bank loans and discounts gained a fractional point during the week ended September 27 as compared to the pre- vious week. The totals prepared by the Department of Commerce give the changes for comparable periods, -based on calculating 1923-25 averages as 100 Week ended September 27. 135.3 previous week... Same week last year. INVESTMENT TRUSTS NEW YORK, October 4 (#).— American Founders . 8 Amer Founders 6% pf... Amer Founders 6% 2nd pi. ‘Amer Founders 7% pf. Amer Founders conv pf ssoc Stand Oil Shares 2nd versified Trustee Shares B.. 8. S, Elec Lt & Pr Shares A.. Bhited 01l Trust Shares H U J Elsc Lt & Pr Shares...... 15 104% 87 104% 104% 7 871 8TH 1 5 1 cent. Boston Dec. Philadel Baltimore . Pittsburgh Buffalo Chicago Detroit. Clevela; Cincinnati St. Louis, Kansas City. Omaha Minneap Richmond Atlanta Loulsviile New Orleans Dallas San Fra Portland . Seattle . Total New York. Total all. 55,120,000 595.915000 1 an oo igars o 85580 0B8RS R IR BENGS! P tadatagttata St n e 2| $3,243,475.000 851805080 $11,324,475,000 Alfalfa Good in Drought. KNOXVILLE, Tenn., October 4 (#).— Alfalfa is the most dependable hay crop grown in the South, Tennessee farm- ers learned during the drought, accord- ing to J. C. McAmis, economist of the University of Tennessee. Its depth of Toot, he says, engbles it to withstand dry weather,