Evening Star Newspaper, October 9, 1930, Page 12

A—12 BEARSH BROKERS BODED ON FLODR _Traders in Highly Emotional| State as Result of Steady Declinue in Prices. BY CHARLES W. STORM. NEW YORK, Octobar 9.—The steady decline in the prices of good s well as oo stocks during the last tirce weeks | placed the Strect in a highly emo- | tional condition. Not only are the pro- fessional bears booed on the floor of the Stock Exchange and insulted outside of that institution, but the memvers them- | selves became greatly cxcited yesterday | when after selling at new low prices s the market began to rally in the last haif | hour of buciness. | |corded a new low for the year, d | counted” the CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 9.—The fol- lowing is a summary of important cor= | poration news prepared by the Stand- ard Stati: s Co., Inc, New York, for the Assocla‘ed Press: News Trend. Stock prices lost further ground yes- terday. The Standard Statistics index of prices of 90 high-grade stocks r oints, or 1.2 per cent, dur- on. Based on closing ! tood at 146.1, compared | with 1020 low of 140.2. On the com- modity markets wheat, corn and cotten declined, but_the Jatter regained losses and closed slightly above level of the previous dsy. The price movements of cotton indicated the market had “dis- Government's -October 1 crop forecast, which showed an increase of 146,000 bales over estimate of a The floor element became so exhil- | month previous. Indicated cotton yield, arated that cheers resounde out the trading floor of the « United States Steel began to ward movement in the piv This feeling of hopefulness lived, however, as stocks, rally of from 1 to 3 p: lowest figures, began to rt the close. ang follow Prices at Bottom. In the last hour of trading when | prices were at the bottom, and Stecl common was selling under 151, rumors began gaining ‘currency throughout the Btreet and on the floor of the Stock Ex- | change that the be:rs were going to| break Steel common down through 150. These stories were 0 numerous thal[ they immediateiy found reflection in wild rush of floor m t. In a short the Steel post was w waiting to_see Stecl down to another only reached d crask The hea: the price down to 150' low level, but at t & quick reily. Following the ¢ became whispered ai some really larg> s the market in a number stocks. For instance, it was of the market ut that there w d 0 r 50,000 150, and another buying ord ing m (h mbers to the Steel me the crowd around |cent; nine months, 4.4 per cent below ually large, all | year ago. crificed and put at level supporting orders came in, causing | ting orders in of the pivoetal | i ?Md authority, that thers was an order | s; o sharcs of Stee! common at | rough- | bl through- | paced on condition crop October ‘1, is at actual ales in 1629, | ex orecast production, if the largsst since 1914, output in the United week ended last Satur- 14,340,000 bales, compared pbroduction of 14,528.000 However, with two other al- he | y | States in_ihe | day was @.5 per cent less than in the | | preceding week and 5 per cent below same weck @ year ago, but 3.7 per cent larger than in 1928 period. Total pro- | duction was = 1,695,072,000 kilowatt | hours, The Companies. American Piano pianos manufactured by new methods and to sell 25 per cent a | affiliates. Childs Co. Scptember sales off 11 per | Delaware, Lackawanna & Western Rallrcad higher commutation fare to take effect November 1 suspended by State Board Pu Utility ners for three months from that date pending hearings and inquiry. ¥ encral Bronze current unfilled ol it | ders about $6,000,000: expect installa- ¢ | tion labor-saving equipment will cffect seving of $200,000 annually. n | output to reach 1,200,000 units: ales to dealers were 1,899,267 units. Glidden Co. certain products Durkee 1929 0 | NATION INCREASING below former prices to be introduced by | neral Motors president expects 1930 | ol kyviuaanG DEBT TEMPORARILY Trend Turns for First Time Since War With Issuance of Short-Term Paper. BY J. C. ROYLE. 1 For the first time since the World War the United States is increasing rather than retiring its public debt. This is not a permanent trend. It is | temporary and probably will be reversed | by next March, when the Treasury De- partment is expected to issue long-term securities and retire some of its short- term obligations. The trend is shown by the recent an- nouncement of the issue of $:00,000;000 in Treasury bills to be sold on a dis-| count basis. These bills ' matute De- cember 16 and 17. On December 15 {he Government has other maturing. oblt- gations which total same. $483,000,000. With the two combined there will ma- ture about the middle- of -December $583,000,000 which must be provided for.” Between now and December I5' the running expenses of the Government are conservatively estimated’ at $300,- | 000,000, Income taxes and.alher . reve- | nues which will come due the middle of Decémber will probably amount to- $80.- | 000,000. The discovery of the trend is| a mere matter of elemental arithmetic. | Public Little Tnterested. | There is not the slightest doubt that the altest offering of the Treasury will be oversubseribed. The =Government | probably will have to pay no more than | 173 per cent interest, if -that, - The Treasury knows this, for to all intents and purposss this is not a public of- fering. That is, it is not one in which the general investing public is interest- ed or likely to participate widely. In the first place, no offering of less than $1,000 will be considered. - In the sec- ond place, when the last issues of cer- tificates and Tréasury Bills were pat out, four great financial Institutions | took practically the entire offermg. Just how widely they redistributed the sccurities is not known, but it is prac- tically certain that the major part of the present offering will go to not more than six banks. There is no question that it is an S1AR, WASiH1NGTON, The banks are full of money. The bankers are reluctant to lend their funds unless they have seeurities with the gilt on the edges so thick they look like stacks of gold coins. The Treasury issue gives the banks an cpportunity to put their funds in a safe place, where they can be cxhumed at a moment's notice and where they will at léast earn something. Expect Large Response, When business conditions improve these funds will be called back for com- mercial and industrial uses. Meantime, | the Government is financing its needs at a low figure. By the time it comes to issue its long-term securities, next March, it is believed conditions will have improved to such an extent that the funds for_investment of the coun- try in gencral outside the banks will flow freely into the offered charmels. A succesful issue of long-term Gov- ernment securities could not help hav- ling an effect on the bond market in general. It is believed by Government financiers that the general bond list | would be improved by the buying trend and this in_turn would have an en- couraging effect on stock prices. A move of this sort would mean a rising market in fixed investments, according to local representatives of New York financial houses. However, the issues {of the Latin American tountries arc [lump sum {not-likely to follow the general trend |operatcr to assume all repair expenses because of the uncertainty which has Farfsen in conncction with recent polit- ical changes. (Copyr NEW SECURITIES NEW YORK, October 9 (#).—New securities offered today include: City of Passaic, N. J., $2,940,000 4, per .cent. water system bonds, due 1932 To 1970. inclusive, priced to yield 3.25 zht. 1930.) $0-4.06 per cent, by a syndicate headed | by _Bancamerica-Blair Corporation. Dallas County, Tex.. §1,000,000 4% per cent road district No. 1 bonds, in- cluding the City of Dallas, maturing April 10, 1936 to 1960, inclusive, and priced to yield from 4.05 to 4.15 per ent, by Hayris, Forbes & Co. cup. More D. C., 'THURSDAY, GULF PORT SHIP LINE | AGREEMENT REACHED Dixie Mediterranean and Texas Compahies Unite and Will Have New Orleans Office. { By the Associated Press. | 'The Shipping Board yesterday nounced the compietion of an operating agreement with the Dixie Mediterranean Line of New Orleans and-the Texas | Mediterranean Line of Galveston, to be | known in the future as the Gulf Medi- | | terranean Line, with headquarters at | New Orleans. | _The new line will be operated by the | Dixie Steamship Co. and the Tampa Interoceanic Steamship Co. will have |a 50 per cent interest. The Tampa | company owns the Gulf West Mediter- | ranean Line. The merging of the Dixie and Texas | Lines involves 11 ships, and the board, {under the agreement, has granted a of $9,500 per voyage, the over $2,000 a voyage. . | 'The new Gulf Mediterranean Line operates from New Orleans and Texas | ports to ports in the Mediterranean. In | reacking the agreement, the board an- | nounced that lines under its supervi- sion have been reduced to 10. jBANK OF FRANCE STATEMENT. | PARIS, October 9 (#).—The weekly statement of the Bank of France shows the following changes in francs: Gold increased 670,000,000; sight balances | id abroad decreased- 5,000,000; bills dis- ‘cnumcd at _home decreased 1,139,00¢ | 000: bills discounted abroad increas | 5,000,000, advances decreased 149,000, 000; circulation increased 1,463,000,00 current accounts decreased 1,849,000,000, Rate of discount 2': per cent, Only through 4 generations’ experience is it possible to get the deep, rich flavor of Boscul oven-fresh in your delicious and satisfying. Try it OCLruBrR 9, Big 19¢ and 2 1930. 3 | 4 B¢ Sale! An exceptional opportunity to buy items needed every day—at real Savings! Teke full advantage of this Special Sale—your dollars will buy more! Note Carefully These 19c and 25c Values! 19¢ CO "' Peasc 19¢ Selected Ref. 11c 45C0 California Golden Kraut Sardines | Syrup 19¢ (2 3:19¢ | 2 = 19¢ Oval cans V-.niIIrMnnllm_ullows. <.v...2 pkgs. 19¢|Choice Calif. Apricots. .. .....big can 19¢ Spiced Cello Strings. ....2 pkgs. 19¢| Hom-de-Lite Mayonnaise. . . .%:-pt. jar 19¢ Richardson’s Creamy Mints. . . .2 pkgs. 19c| 4SC0 Sandwich Spread. ... .3%-pt. jar 19¢ Tasty Peanut Butter...... . .1b. 19¢| @500 Royal Anne Cherries. .. .tall can 19c ¥ Robinetta Fingers ~ 25¢ Libby’s No. 2% Can More Big 25¢ Values! Crosse & Blackwell Pickles..................jar25¢ Del Monte Bartlett Pears.................bigcan25¢c ASCO0 Hawaiian Sliced Pineapple.... « . .bigcan 25¢ Skidoo Creamy Cleanser. ........ .3 cans 25¢ Reg. 25¢ Finest Tiny Reg. 21c Peanut Butter = Reg. 23¢ Galvanized Buckets - 19¢ |2 big cans Reg. 15¢ 45C0 Finest Crushed Golden Bantam or Country Gentleman Famous Focds to be distributed by Gen- | day. | eral Poods, focay advantageous time to borfow nioney The knowledge that thcse b orders were in the ma: ing influsnce and sent the knowing | brokers home in a bctter. frame of mind | than they have been for weoks. Other Large Orders. | Another development | was the quiet solicitation by a large mn- | vestment house of brokers, asking for | offerings_of blocks of 20,000 and 25,000 shares of certain stocks at the current market prices, the transactions to be put over-the-counter instead of over- the-floor of the stock exchange. At least three stock exchange houss were asked if they had such offerings of stocks and this started the street guessing as to whether these inquiries meant that a big pool had been formed in the mmarket or whether the inquiries | reflect>d the aclivities of a big profes- sional bear to cover quietiy without run- ning the prices of the stocks desired up on himself. The ex=cution of such orders wouid undoubtedly cause sharp advances in the stocks wanted owing to the large short intorest in the marvket. Coolidge in Wall Street. Simultaneously with the rally in the market, under the leadership of U. S.| Bteel, it became whispered about the Street that former President Calvin Coolidge had had lunch at the First National Benk. The Street remem- bered that while the Chief Executive of this country Calvin Coolidge was the owner of 50 shares of U. S. Steel Cor- | poration common stock, but that a re- cent perusal of the stockholders’ list failed to locate his name. The mad wags of the Street found time during their apprehension to ask whether Cal was at the bank wondering if Steel had declined far enough to repurchase his stock. Steel's heaviness was due to lower operations reported for the steel indus- for last week and a sharp falling in: pig iron production for Sep- tember. [ Important bankers say there is no mistake about business being better, but add that there is an excess of stock offered over the demand. encouraging BANK OF ENGLAND REPORT. LONDON, October 9 (#).—The weekly | statement of the Ban': of England shows | the following changes in pounds: Total | reserve increased 1,707,000; circulation 113,000; bullion increased other securities decreased public deposits decreased 8,784,000; other deposits increased 4,591,000; notes reserve increased 1,685,~ 000; government securities increased 130,000. ‘The proportion of the bank’'s reserve to liability is 52.06 per cent, compared with 48.76 last week. 60 cents quarterly class A common div- idend currently due. per cent; nine months, 24.6 per cent above vear ago. sale; 7 per cent above year ago, but slightly below August this year. | cent. sales off 34.5 per cent; nine months, 1.7 per_cent below year ago. est in history; six range $795 to $895; on | above year ago. International Paper & Power passed | Kaybee Stores September sales up 0.7 Kelly - Springfield Tire September Lane Bryant, Inc. Scptember sales up 14.9 per cent; nine months, 10.7 per cent above year ago. Nineteen-thirty fisures included sales Coward Shoe since May. Metropolitan Chain Stores sales nine months to Sept:mber 30 off 5.6 per Includes American stores only; Canadian units were sold recently. Morison Electric Supply September Nash Motors—Prices new models low- eights, $955 to $1,025. New York Steam stockholders to vote increasing authorized common shares from 30,000 to 500,000 and dis- tribution of- 700 per cent stock divi- dend. If approved will receive rights to purchase 120,000 shares at $50 share. Subscription on pro rata basis. Paragon Refining class A preference stock to be redeemed at $50 plus ac- crued dividend to October 1. Parmelee Transportation, representa- tives of taxicab industry vote to create own board to study industry and sub- mit report to public officials. Procter & Gamble president states sales and profits in first fiscal quarter were slightly above 1929 period. Sally Frocks September sales up 12.2 per cent; nine months, 32.5 per cent above year ago. Skelly Ol contracts to furnish Utili- ties Gas & Electric all butane gas re- quirements, totaling 4,000,000 gallons an- nually; has purchased stock interest in Utilities Gag & Electric. Southern California Edison authorized by Railroad Commission to sell 120,000 shares 51, per cent preferred stock, pro- ceeds for reimbursement uncapitalized capital expenditures, Stone & Webster, Inc., business of subsidiary, Stone & Webster Engineer- ing, in 12 months to Augyst 31, was 35 per cent above average volume in four preceding years: uncompleted contracts August 31 totaled $60,000,000. John R. Thompson Co. September sales off 5.2 per cent; nine months, 4.6 per cent below year ago. United Verde Extension Mining Sep- tember copper production totaled 3,772,- 000 pounds, against 4,028,000 in August. ‘Walgreen Co. September sales up 3.9 per cent; nine months, 16.8 per cent A railway in Ireland has started a service of collecting and delivering Rate of discount 3 per cent. 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IT 1is, unnecessary, to pay, more thun:5¢ for lhe;world’s:bést; free- vo e s vy B o running, gryslall_l_l_ls salt.} Askyour, grocer for Widj g’ e} s gray International e PLAIN or:IODIZED INTERNATIONAL SALT CO., INC. SCRANTON, PA. We Will Deliver One on Trial STOCKETT- FISK PRODUGING STATIONERS WASHINGTON'D-C We Want Your Business THIS NEW AND GREATER 70 YOU BY THE WORLD'S INTERNATIONAL'S PLANTS. REFINERIES AND LABORATORIES ARE UNRIVALLED The ALL-STAR “Kitchen-tested” Recipe for JAM CAKE As prepared by Betty Crocker, noted expert y not now All-Star ““Kitchen- tested” Recipe by Betty Crocker, noted Cooking Expert. This and n erastingly fiel Do _/ Rochaster,N.T. Why pa mo;,eehqn / A — SALT VALUE IS PRESENTED LARGEST SALT PRODUCER. 14 other ALL-STAR . Betty Crocker*“Kitchen-tested” Recipes inside every sack of GOLD MEDAL “"Kitchen -tested” FLOUR Sold in all sizes, includi ng 2, 5 and 12-1b. Pkgs. Princess Assorted Jellies. . . .. .3 tumbs 25¢ Sugar Corn 2 == 25¢ g;:' Sweet Mixed, Sour or Dill Pickles - Best Pintle SREION - iine £ 480 s sua s o dhovie 585 Sidlne oo b Norwegian Sardines (Monte Cristo or Bravo Brand) Gorton’s Ready-to-Fry Codfish Cakes. Fancy Large California Prunes. ...... Delicious California Apricots. . i Smithfield’s Apple Sauce...... A Aunt Jemima Pancake Flour. .. ¢ Pillsbury’s Pancake Flour..... Hecker’s Buckwheat Flour. .. Farmdale Tender Peas. ......... Delicious Cooked Sweet Potatoes. Farmdale Stringless Beans......... Reg. 15¢ Fancy Cut . Wax 2 g 2 sc Evaporated Beans Milk New Pack Red Ripe Tomatoes 3 = 25¢ | P. & G. Naphtha Soap. ..... eenien aaie o7 cakes RBe Chipso Soap Flakes. .. .....uueseneoas.. .3 Pkgs 25¢ Fruit Puddine (assorted flavors), .. .........2 pkgs.25¢ 25¢ + Your Choice qt. jar med. cans Campbell’s Beans with Pork...3 cans 25¢ ASCO Self-rising Buckwheat. . .3 pkgs 25¢ Apricots 3 pkgs 25¢ AS5C0 Sparkling Ginger Ale ( o222 Farmdale 25¢ New Crop Calif. 4SC0 Pancake Flour. .. ... 3 cans 25¢ ustooButter - 49¢ *tall Evaporated ) 2 5 C Choice Cut Stringless Beans. «J'3 bots 25¢ Longer Loaf—costs no more! The Finest Butter in America! Victor.. ) Bread ™ loai carton = 4le twelve C Richland Butter . ......»H 45¢ = 29¢ 39¢—29¢=10e Saved! Victor Coffee. .......Ib. 25¢ Acme Brand Coffee . b tin 35¢ Highest Quality Meats! Genuine Spring Lamb | Fancy Cuts of Rownd Shoulder Chops b 28¢ | Chuck Roast. . .... Bone 1b. 23(: Shoulder Lamb Chops . - 25¢ Shoulder Lamb Roasts . 21c | Fancy Young 33 Lean Stewing Lamb, 2 bs. 25¢ | Frying Chickens. ... ™ C Fresh Picnic Shoulders . . . Ib., 19¢ Fancy Croakers ) = weg | “Kingan's” Reliable = 15¢ Blue Fish Finest Fresh Produce! s=i” Potatoes 10 = 33¢ Pan Trout “Real Good Stock From Long Island” 5 s=Eggs The Pick of the Nests! Selected Eggs. . ...... d2 33¢c “Kingan’s” Reliable Small Skinned Hams......lb, 27c Whole or Shank Half Red o= Yellow Sweet Potatoes 4:21¢ s Yellow Onions 4= 17c Cauliflower = 19¢ Cabbage 4-15¢ What a satisfaction it is to be able to buy Finest Quality Foods and Table Needs at ASC0 Prices—a saving on each item Medium-Size Heads Hard Clean Fresh 0%0%¢%46%e%e%e°