Evening Star Newspaper, October 16, 1930, Page 14

PRIGES FOR CORN APPEAR T00 LOW Official Crop Estimates Re- veal Shorter Yield This Year. BY JOHN F. SINCLAIR. Bpectal Dispatch to The Star NEW YORK, October 16.—It doesn't take much study to see that the price ©f corn today is too low. ‘The official estimate of the corn crop, as of October 1, is 2,047,000,000 bushels, compared with 2,614,000,000 bushels in 1929, and a five-year average of 2,700,- 000,000 bushels. _ The drought throughout the Middle ! ‘West last Summer cut down the crop. Little corn is exported, but much of it is used to feed cattle and other live stock. In case of a shortage, what can be used as substitute? Several grains. Sorghum grain, barley and oats, for instance. Now, the United States this year produced a total of 3,865000,000 bushels of corn, and these three other grains compared with 4,252,000,000 & year ago, and a five-year average of 4,443,000,000 bushels. Check it over. It shows that under the five-year average in these four crops there is a shortage of 578,000,000 bushel: Tie this up to a short hay crop, and corn prices appear to be sur- risingly low. So do the prices for all ve stock—cattle, sheep and hogs. Now let 150,000,000 bushels of sur- plus wheat be fed to hogs and live stock, and wheat will improve in price, too! The farm situation is looking up. Bank Stocks. “Buy good bank stocks!" said a sub- stantial bank stock investor to me this week. This man thinks that form of investment is better than even the blue chip stocks on the exchange. But are they? Take the leading bank stocks of the United States and one finds that the drop in prices has been as impressive as that which has taken place in blue chip industrials. The following table indicates the trend of bank stock prices: 1929 1930 Qg 14 Aprsoc i 70 119 124 551 130 Chase National .. National City Guaranty Trust kers’ Trust .. k of America - 83 514 526 123 a0 60 | Cleveland " Trust 385 Bank stocks are directly effected by business conditions. They appear to be no worse, and no better, on the average, class of high-grade 0il Situation. Is a new oil price war in the making? ‘The Champlin Refining Co. of Enid, Okla, in announcing reductions in high-gravity oils, averaging all the way from 25 to 31 cents a barrel, may have precipitated another war among the oil giants. As this Enid company buys more than 60,000 barrels of oil in the Garber, ‘Tonkawa, Marshall Lowell level, Semi- nole and Oklahoma City fields, oil men Jook upon this latest cut with deep concern. ‘The larger companies so far have not met the price fixed by the Champlin Co., but they are expecting to take some “action one way or the other this week. Meanwhile, Wirt Franklin, president of the Independent Petroleum Associa- tion of America, is leading a movement for a tariff on crude oil from Venezuela, Mexico and other oil producing centers outside of the United States. It is con- tended that the differences in the costs of drilling wells and operations in those countries justifies the imposition of a tariff on ion are conducting an investi- gation regarding production costs in Oklahoma and Texas. Sees Business Stabilization. us W. Alexander, president of the National Industrial Conference Board, sees in the voluntary co-opera- tlon of business associations, the next mD in the advancement of civilization. Opposed, as he is, on the one hand, to old nineteenth century doctrine of lhol\luly free competition, and on the other, to the theory of compulsory ‘Government regulation, he sees in the concerted action of industrial leaders, working for the stabilization and ration- alization of industry, and th> utilization of uunnflully directed and practically applied research, a guide to the solution of the distressing problem of industry and business that now confront the world, Mr. Alexander regardfi the Sherman anti-trust act, merely “re-expression of the individualistic philospohy and re- statement of the doctrine of laissez- faire competition.” On the basis of this new formula of competition plus _co-operation,” _say: Mr. Alexander, “American industry has entered a period of industrial progress characterized, not only by technological changes in improvements, but also by increasing mental capacily to grapple with complex problems as a result ofl the changing social and economic aspects of our civilization.” Mr. Alexander, 60, spent the first part of his business life as a designer and engineer—that is, after he completed | his studies in the University of Vienna and Gratz. Later he became consulting engineer on economic issues for several | years for the General Electric Co. But | his entire tithe during the last 14 years has been given over to the work of the National lnduslnn] Conference Board of which he is president. The Young Plan. Such a conservative paper as the ‘Wall Street Journel has expressed doubt that the world can be held in status quo much longer, in the face of drop- ping world prices. “That the Young plan can be made to work in t. - present state of com- modity price. s extremely improbable. ‘That it can be made to work in the face of further decline is clearly impos- sible,” says the Journal. There is no question but that the time has arrived for America to wake up and face the facts. The situation, with reference to debts and interna< tional obligations, is getting more ser- fous each day, and it must be met sooner or later. Why not tackle the Job right away? And the heart of this whole problem centers largely in German reparations. £Copyright, 1930. by North American News- paper Alliance) NEW SECUHIT!ES NEW YORK, October 16 (#).—New securities offered today include: Edison Electric Illuminating Co. of Boston, $30,000,000 one and two year 33, and 4 per cent coupon gold notes, ced to yleld 3.87 to 4.20 per cent, y a syndicate headed by Lee, Higgin- son & Co. City of Clifton, N. J., $1,469,000 31, per cent water system temporary bonds, dated October 15, 1930, due July 1, 1931, priced to yield 2.75 per cent, by E. J. Coulon & Co. City of Akron, Ohio, $1,010,000 4 per cent street improvement notes, due No- vember 1, 1932, and priced to yield 3.50 per cent, by R. W. Pressprich & Co. EARNINGS REPORTED. NEW YORK, October 16 (#).—Wil- liam Wrigley, Jr, Co. excluding for- eign subs les, earned third-quarter net equal to $1.69 a share on 2,000,000 shares, against $1.68 a share on 1972,- 462 lhll”el in the like quarter last year. L. A. Young Spring & Wire Corpora- third-quarter net equal to 53 cents a share, against $1.3¢ a share September quarter of 1929, " NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page ~Prev.1930~ Stock and Sales— High. Low. Dividend Rate. 3215 2614 Marine Mid (1.20)... 55 2614 Marlin-Rock (15%). 30% 64 Marmon Motor Car.. 48 8544 Marshall Field (2%) 8% 8 Martin PArry........ Mathieson Alkali (2) May Dept Strs (n2).. Maytag Co pf (3)...a 4 Melville Shoe (2) Mengel Co (2). 3 Mexican Seaboard. .. Miami Copper. Michigan Stl (h215). Mid-Cont Pet (2).... Minn Moline Pow Minn & St Louis Mo Kan & Tex (3 Mo Kan & Tex pf (7). Missouri Pacific..... Missouri Pac pf (5).. Monsanto Ch (g1%). Montgom Ward (3).. % 61% P @ > Motor Meter G & El.. 2 Motor Wheel (3). Mullins Mfg.... Mullins Mfg pf (7) Murray (B)(2% stk) Nash Motors (4).. Nash Chat & St L (5) s [RESTCYRPIEE JENIPR > THPREES - TP TP Nat Biscuit (+3.30) Nat Cash Reg A (14) NYChi&StL (6)... Nat Dairy (22)...... tDist Products(2) Nat Pow & Lt (1) Nat Steel (2). Nat Supply (5). Nat Supply pf (1) NatITea (1)....0v0 Nevada Copper (1).. s Newport Co (A) (3). Newton Steel. N Y Airbrake (3.60). ¥ Central (8).. .. Invest (1.20) Harlem (5). H & Hart (8)., H & Hpf (7)., Ont & Western N Y Raflw pf. ¢ Norfolk & Souther Norf & West pt (4) North Am Aviation Nor Am (b10%stk) No Ger Lloyd (3.43). Northern Pacific (5). Norwalk Tire & Rub. Ohio O11.Co (2).. Oliver Farm Equip. OlivF Eqpf A (6). Oliver Farm Eq ov b Omnibus Corp. . Otis Elev n (2%). Otis Steel (2%) Owens 111 Glass (3 Pacific Gas & El (2) Pacific Lighting (3). Pacific Mills. .......1608 Packard Motor (1).. 33 Param’nt Publix (4). 110 Y Y& YN YN v N N N N N Pathe Exchan, Pathe Exchange (A). Patino Mines. ... [’eerlun Motor Car. Penney (J C) (3) Penn Dixfe Cement 4 Penn Dixie Cem pf.. Penna R R (4) Peop Drug Strs (1) People’s Gas Ch (8).. Pere Marquette (18). Petrol Corp (1%) Phelps Dodge (3) Phila Read C& 1. Phillips Purol (n2). Pierce Petroleum. Pirelli Italy (a3.14) . Pitts Steel pf (7). Poor & Co (B) (2) PR Am Tob A (3%). Postal Tel & C pf (7) Prairie Oll & Gas (2) Prairie Pipe L (15).. Pressed Steel Car Proct & Gamb (2. m). Pub Sv N J (3.40) Pub Sv N J pf (8 Pullman Corp (4) Pure Oil (1%)... Pure Ofl pf (8). . Purity Bakeries (4). Radio Corp . Radio pf A (3%). Radio-Keith-Orph A. RR Sec ICstk C (4). Raybestos Man 2.60. Real Silk (5). Reis (Robt) & Co pf. Rem Rand (1.60).... Rem-Rand 1st pf (7) Reo Motor Car (80¢). Republic Steel. ..... nepnbllc Steel pt (6) ere Copper & Br. m) nolds Metals (2). Reynolds Spring.... Reynolds Tob A (3). Reynolds Tob B (3) Richfield Oil (new) Rio Grande Oll. Rossla [nsur (2.20) Royal Dutch a3.2165. Safeway Stores (5) Safeway Strs pf (7 St Joseph Lead (13). St L-San Fran (8). .. St L-San Fran pf (6) Savage Arms (2). Schulte Retail Strs Seaboard Air Line Seab'd Air Line pf... Segrave (1.20). Sears Roebuck $2% econd Natl Inv Seneca Copper Servel Inc. . Sharon Steel Hoop. . Shattuck(FG) (11%) Shell Union Oil. Shell Un O11 pf ( Shubert Theaters Simmons Co. ... Simms Petrol (1.60). 19). glRrev.s0— Sinclair Skelly O Spencer Stand G Stand G Stand G Stand O Stand Ofl of Kan (2) Stand Ofl of N J (12) Stand OIl N Y (1.60). Sterling Sterl Sec pf (1.20). Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Superh Texas P Tide Wa Tide Wa. Timken Timken Tobacco Transue Trieo Pre Un Tank Utd Dye Utd Gas U 8 Frel; Vadasco Vanadiu Va Iron Wabash Waldorf Warren Western Western Western Western Western Westing] Westing Wheelin, 67l 6612 34 10% 19% 90 Worthini Wrigley Sales of Si 10:30 AM Dividend rates as Dayments based o ¢ Flus 6 per r cent in | per 13% | preferrea stock. Stock and . Dividend Rate. Sloss-Sheft pt (7). Solvay Amprww 6% 2 Sou P Rie Sug (1.40). Southern Cal Ed (2). Sou Dairles (B)... Southern Pacific (6). Southern Rwy (8). Southern Rwy pf (5 Sparks Withing (1).. Spicer Mfg pt (3).. Spiegel-May-Stern. Stand Brands (134).. Stand Comm Tob Stand Invest Corp. Studebaker Corp (3). Sun Ol (11)... Sun Ofl pt (6 Superior Oil. . Superior Steel Symington (A).. Telautograph (11.40) Tenn Cop & Ch (1)... Texas Corp (3).. Tex Gulf Sulph (4) Texas Pac Land Tr Thermold Co. Thompson (J R) (3). Thompson Pr (2.40) .. Thompson Starrett. . Thomp-Star.pf (3%) Tob Prod (A) (80¢).. Transamerica (1). Tri-Cont Corp. . Tri-Cont Corp pf (6). Twin City R Tr (§4). Ulen & Co(1.60) Und-Ell-] Union Bag & Paper Union Carbide (2.60) Union O1l of Cal (32) Unfon Pacifie (10)... Union Pacific pt (4)., Utd Afreraft. . Utd Biscuit (1 60). Utd Carbon (2).. Utd Cigar Stor: Utd Cigar Stor Utd Corp (50¢). Utd Corp pf (3) Utd Fruit (4) Utd Piece Dye W (2) Utd Stores (A). Utd Stores pf (2 U S & For Secur. . U S Ind Alcohol (7) U S Leather. U S Leather (A) i US Leath prpf (1).. USPipe & F (2) U S Realty (5) U S Rubber. U S Rubber 1 U S Smelt & Ref (1) 2 US Steel (1) U 8 Steel of (7). Univ Leaf T pf (8).. Util Pow & Lt A (e2) 20 Va Iron Coal & C pt Vulean Det (4). Walworth Co (2). Ward Baking (A) Ward Baking (B) . Ward Baking pf (7). Warner Bros Plct War Br P pf (2.20). Warner Quinlan Warren Bros (3). Wess Oil & Snow (2). West Penn EI pf. (7). West E& M pt (5). Westvaco Chlor (2) White Motors (2) 4 Wh Rock M 8 (14%). White SewingMach White Sew Mach pf. Willys-Overland. Willys-Over pt (7). Wilson & Co. . Wilson & Co (A). Woolworth (2.40) Yale & Towne (2)... .Yellow Truck.,.... Youngs Spring'(3).. Young Sh & Tube(5) 31 Zenith Radlo..... a Paid lhll ’nr—nu regulas rlu‘ g ned Payable in cash or Iwk cent in stock, el cent in stock. ,n Plus 5 per cent in stoc T Bubject to spbroval of stockRoldere. Sates— Add 00. m.n Low. Close. 198 4% 14% 204 431 104% Con Ol (2). 11 (2). 20- 12 Kellog (80c) . o o &E (3%). &Epf (4)... & E1pt (6).0 of Cal (23%). ey Sec (A). Webster (4). 3 wnsoslreionivmuanSaRaiian N,aqafAsh:mbNuv..n—.—;s—-—:aba:.:lan«u:nmuh ter C&oOil.. ter As (80c) ter As pf (6) Det Ax (80c) Roller (2). Products. N &W (1), . od (2%4)...n Fischer (5). NRS Car (1.60) wood pf (7). & Im (1. 20). ght (3).... SalesCorp.. 2 m Corp (3). 268 Coal & Coke. 1508 508 1308 P (A) (5). 2 Systm (1%) Fdy &P (2). Dairy A (4). Dairy (B). Md........ Pacific pf. Union (8). h'se A B (2). E&M (5). g&LEDL, » gton Pum (Wm) (4). 90 con @ : i tocks on New York Exchange 280.400 £93,000 1 1,468 700 given In the above tabl D the latest quarterly O: hl:u.'. ‘l'-".“nn“:: an 100 shares. fPartly extra. tPlus ¢ JFiue 6, per cent in siock. & yable t Plus 10 atock L] ber cent in tock. & Plus 3 per cent CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 16.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Prcss: News Trend. Outstanding in the day's corporation news is the announcement that Gillette Safety Razor will absorb Auto-Strop Safety Razor by exchange of stock. Plan provides for creation of new is- sue of 310,000 shares $5 preferred siock, through conversion of block of common stock purchased for this pur- pose, and exchange of same on share for share basis for A and B Auto-Strop stock. A $20,000,000 5 per cent note issue is to be given by Gillette in pay- ment of funds borrowed for accumu- lation of common shares. Reports of unfavorable dividend ac- tions included passing of preferred dividend by American Solvents & Chemical and omission of stock divi- dend by Pickwick Corporation. Construction contracts awarded in the States east of the Rocky Mountains during the first 10 days of this month totaled $136408.000, sccording to P. Dodge Corporation.~ This was at a dlfly rate of $15,156,400 per business day, or 18.9 per cent above September average, but 11.5 per cent below daily rate of a year ago. Electricity pl‘oducuon in the United States for the week ended October 11 was 0.5 per cent above preceding week, but 4.5 per cent less than in like 1929 period. Against 1928 period output was 3.1 per cent greater. The Companies. Ajax Rubber had net loss of $663,397 in first half against loss of $504,921 in 1929 period. Amencln Metal, Ltd., acquires large interest in Rhodesian Selection Trust and Roan Antelope Copper for $1,000,- 000 cuh and 250,000 shares common i Public Utilities prior pre- ferred stock called for redemption No- vember 15, at $110 share and accrued dividends; participating preferred re- deemable same date at $105; Midland United has reopened offer to preferred holders for exchange of securities. American Solvents & Chemical passes 75-cent quarterly cumulative preferred dividends due at this time. Aviation Corporation, Delaware, At- | lanta-Los Angeles airmail service begun | by Southern Air Fast Express. Fashion Park Associates September sales, $2,407,391; nine months, $19,363- 565; excludes intercompany sales and | sales of companies controlled but not | entirely owned. Federated Department Stores 10,500 shares stock, capitalized at $10 share, | s0ld to bankers for $75,000, as compen- | sation to said bankers for services ren- { dered company. | “General electric orders received in third quarter 33.8 per cent below year 2go; nine months off 20.6 per cent. Gillette Safety Razor to merge with Auto Strop Safety Razor; latter to re- cieve new $5 Gillette preferred stock in | share for share exchange for A and B stocks; preferred created through con- version of block Gillette common shares, purchased for this purpose. | M. A. Hanna Co. third quarter earn- | ings 45 cents common share vs. $1.02 | year ago; nine months, $1.04 vs. §: Imperial Oll tires 0 be sold at serv- ice stations. Kennecott Copper: (Correction). | Chilean court grants permission to }xmup persons to sue Braden Copper, a | subsidiary to recover $1,200,000; latter denounced for infraction of law for use of stamped paper and government docu- ment stamps, Kimberly-Clark Corp. third quarter earnings, $1.18 common share vs. $1.62 year ago; nine months, $4.23 vs. $4.35. Loblaw Groceterias net profit 16 weeks to September 20, $276,727 vs. $288,819 | iod. in 1929 period. New York Central Raflroad stops heavy repair work in shops until November 3; about 6,000 men affected. Paragon Refining minority stock- holder seeks temporary injunction to prevent transfes majority stock in | Awards for new construction in the 37 Valvoline Oil to E. W. Edwards, presi- dent; allege sale Valvoline stock is lllegal and not for best interests Paragon. Pickwick Corporation passes 2 per ¢ent quarterly stock dividend due at this time, Plerce-Arrow Motor Car exports ship- | & ments in first nine months 7 per cent above year ago. Standard Ol of Ohio reduces price gasoline 3 cents a gallon. St. Louls-San Francisco Railway. al- lowed to intervene in cotton belt ac- quisition proceedings of Southern Pacific. Teck-Hughes gold mines production averaging about $470,000 monthly. Texas & Pacific Railway asks 1.C.C. authority to acquire control of Texas & Pacific Northern Railway, by purchase of caital stock at par for $350,000. United Biscuit of America third quarter earnings $1.08 common share V. $1.42 year ago; nine months $2.99 vs. $3.03. Zonite Products third quarter earn- ings, including Forhan Co. and A. C. Barnes & Co., in 1930 only, equal 31 cents common share vs. 41 cents year ago; nine months 96 cents vs. $1.31: sales October to date, 15 per cent ahead of year ago. CONSTRUCTION AWARDS. NEW YORK, October 16 (P).— States east of the Rocky Mountains during the period from October 1 to October 10, inclusive, were at a daily rate higher than in September, P. W. Dodge Corporation reports. The total for the period was $136,408,000, a daily rate of $15.156400 per business day, | Fe compared with a dally rate of $12. 764,000 in September and $17,140,100 in October last year. Awards for the year to October 10 totaled $3,821,131,- 500, against $4,785.123,000 in the cor- responding period last year. Flyer Knltl in Java. BATAVIA, Java, October 16 (#)— C. W. Hill, who is flying from England| 'h%u Australia, wd here for i‘n h:‘:t r today, proceeding e digection of Sourabaya. D. C, THURSDAY, OCTOBER. 16, 19%0. [iox e vone BONDSsroex mxcmavee] (W00DY CONFIDENT RECOVERY IN BOND PRIGES CONTINUES South American Group Re- cords Gains—Domestic List Firm. BY F. H. RICHARDSON. Special Dispatch to ‘The Star. NEW YORK, October 16.—Bonds con- tinued their recovery in a broad manner today, the improvement extending not only to foreign dollar issues, but to the secondary amd third grade domestic types and the prime list. The best improvement was in the South American group, following the re- ceipt from Brazil of a few uncensored dispatches, which, while oulining a rev- olution situation worse than that re- vealed in the official communiques, were , nevertheless reassuring, inasmuch as it was the lack of information here- tofore that had created nervousness. Brazilian, Peruvian, Bolivian, Chilean and Argentinian obligations had ad- vances ranging from 2 to 4 points. Money rates were unchanged. Vol- ume was about equal to that of Wed- nesday. The feature at the opening was an accumulation of overnight buying or- ders for German bonds, following the apparent success of Chancellor Bruen- ing in solidifying his position at the opening of the Reichstag. German gov- ernment_515s, reparations 7s, German Central Bank 6s, Berlin 6!,s and United Steel Works 6'2s advanced, the last two issues by over 3 points. French, Belgian and British loans and the central European groups were firm. Polish issues were higher, despite news advices of renewed political unrest in_that country. The feature of the-convertibles was the 6-point advance of Warner Br Pictures 6s in response toa parallel move ment in the stock. Other strong issues were Alleghany 5s, Chicago & North- western 4%s and Southern Pacific 415s. In the high-grade group there were small improvements in all United States Government, issues, in Canadian Na- tional 5s, Chicago, Burlington & Quincy 4s, American Telephone 51:s, Standard Oil of New York 4125, Phila- delphia Co. 55 and Western Union 5s. American & Foreign Power 5s were active and fractionally higher—5 points above their recent low. International Telephone & Telegraph 55 (1955) sold 812 points above their low of the year. While both of these companies are af- fected by foreign political developments, the market gave a convincing demon- stration that the selling of their bonds had been overdone. TWIN COACH REPORTS RECORD IN SEPTEMBER Special Dispatch to The Star. KENT, Ohio, October 16.—Twin Coach Corporation reports that sales for September make that month the best in the history of' the company. Deliveries for the month are valued at more than $500,000, & gain of more than $100,000, or 30 per cent over the value of deliv- eries in Sep{emher 1929. CHICAGO DAIRY MARKET. CHICAGO, October 16 (#).—Butter, Teceipts, 6202 tubs; firm; creamery extras, 38; standards, 3515; evtra firsts, 36a37; first, 32a33; seconds, 2913a30. Eges, receipts, 3,754 cases; steady; prices unchlngad Washington Stock Exchange SALES. Capital Traction 55—$1,000 at 90. Potomac Electric Cons. 5s—$1,000 at wnshmgwn Gas 6s $500 at 103, $200 at 103, $1,000 at 103. ‘Washington Rwy. & Electric 45—$2,000 at 8955, $1,000 at 89%;. Capital Traction Co.—5 at 5215, 25 at 5215, 10 at 5212, 5 at 521, 10 at 521, 30 at 52, 10 at 52, 15 at 52, Potomac Electric 6% pfd.—10 at 1101;. Washington Rwy. & Electric pfd.—10 at 9875, 10 at 9835, 10 at 98%, 70 at 983, 10 at 9875, 10 at 98%, 10 at 95: 10 at 987, 10 at 987, 50 at 98 American Security & Trust Co.—1 at 375. Mergenthaler Linotype—10 at 92'2, 5 at 9215, Nnnnnll Mtge. & Inv. pfd.—100 at 5, 50 at 5. Rell Estate Mtge. & Inv. pfd.—200 at AFTER CAI-L Wlshlngwn Rwy. & Electric pld —100 at 987, Wlshlnnwn Gas 6s “A"—$300 at 103'3. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Asked Amer. Tel 3 el Capital Tr; City & Suburban 5s Wik Rk et MISCELLANEOUS. Barber & Ross. Inc.. 6as.. Chevy Chase Club 5 D. C. Paper Mig. 6s. M. Cold Storage 55 h. Cons Title 6s... STOCKS. PUBLIC UTILITY. Amer. Tel. & > tal Traction oo il Wash. Rwy. & El NATIONAL BANK. ital (14) ... Gofumbta (12 Gommercial (stamped)’ District (8) Federal-American (107, (i0j (9€) Washinston (13). TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) Merchants' Bank & Trust (6 Natl. Savings & Trust (121).. 4 Prince Georges Bank & Trust. Union Trust (8g) 2 Washington Loan & Trist (14). SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings (10} East Washington (12) Potomac (10) Security Snvmn"& Com. "{i7). Washington Mechanics' (200 ] FIRE INSURANCE. American (12). Gorcoran (10" Firemen's Natione "union (18) TITLE INSURANCE. Columbla, (6. e &, ‘G wal. com MISCELLANEOUS. Som Gol, Sand & Gravel pfd. T Mfg B, C Paper prd Bist Natl Bec. mid (1) Emer Bromo-Selz. “A ieral Storage pfd. -Am. Co. pfd (6 l..mmm N{oréolybe (8. B Books closed. Rase extra. : [30c ext) i ll'll'l. % ex ella% extia. B Received by Private Wire Direct UNITED STATES. (Saled are in $L008) Sales. High. Close. . 352 1018 lols 1016 . 30 10212 10212 10212 s, 187 10814 10812 10318 47.. 51 10213 10211 10211 . 410618 10618 10618 US4%s’52.. 60 11225 11223 11225 FOREIGN. Bales. Australia 43 66, Australia 58 ‘57 Australia 6s 5| Austria Ts43. Bk of Chile 8% s ‘57 Bk of Chile 6%s 61 Batav Pet l%- 42, Belgium 7s 56 Belgium 88 *41 Bolivar 78 '58. Bolivia 7s ctfs’ Bolivia Bordeaux 65 34, Brazll 6155 '26. Brazil 6% 827, . Brazil T: Brazil 8s°41. Bremen 75 '35 0 Chile s ’CI. .. Chile Ta 42 Chin Gvi Ry 68 Colombia_6s Jan " Con Pow Japan 7s. Copenhag 4%s '53.. Copenhag s '62.... Czecho Czecho 98 '52 Dan Mun Dan Mun Denmark 4 Denmark 6 2 Dutch East I Nov Dutch East I 63 '47. Dutch East I 6s'62. Fl Salvador 85 "48 Flat 78 ex war *46, Finland 5% ‘68 Finland 6s 45 Fram ID 7% French 7s ‘49, French Gvt 738 ‘41 German 5% s ‘65 German 614’50 German 7s rep 43, 82 Greek Haitl Italy 78 '51 Italy Pub §: Japanese 4s'31. Japanese 514865, Japanese 6148 '54 Jugosl Bank 7 9274 7% 66 95 1054 1051 121 82 Karstadt 6s°43.... 3. Kreug & Toll 58 ‘59 Lyons 6s '34. Marseille 65 ‘34. Mex 4s asstd 1910. Milan 68 '52. Montevideo 7s 52 85 Netherlands 6s '72. 104% New So Wales ‘57 79 Nord 6%s ‘50 105% Norway 6s '43. 104% Norway 68 "44. 104% 100 Norway 6s 52. 101% Orlent dev 5% ’5| Orlent dev 6s ‘63 Paris-Ly M Paris-Ly M 7. Paris-Or-5% Peru 6s'60. Peru 6s"61. Peru 7s'59. Pi % . Queenland 7s '41.. Rhinelbe 75 '46 ww Rhine West 65 ‘52. Rhine West 6s " Rio Rio de Jan s R Gr De Sul 63"68. R Gr De Sul8s "4 Rome 6%s '52. Roy D 4s 45 w- Sao Paulo 85°36 Sao Paulo 83 '50 Serbs-Cr-S1 85’62 Solssons 6s " Sweden 5% s Swiss 515s "46. Swiss Confed 8: Toho EI Pow Toho El Pow Tcklo 58 '52 Toklo 5%8'61. Utd King 5% 837, 203 Uruguay 6s '60. 13 Uruguay 8s '46 Vienna 6s°52... Warsaw 7s '58. 6 56 5 Yokohama 6s'61.. 3 96! 96 MISCELLANEOUS. ADbItiBI P& P 5 7 Allegheny 6s 44 Alleghany 5s 49 Allis-Chalm 653 Am Ag Ch 7% Am Chain 6533, ., AmF P 5%s2030.. AmIGCh5%s'49. 13 Am Int Cor 514849 25 Am Metal 5% '34. Am N Gas 615842, Am S&R 15t 5547, Am Sug Ref 65°37. Am T&T cv 4143839 Am T&T 53 6 Am T&T c tr 58 4 Am T&T 5s s £ 60, Am T&T 515 ‘43 Am W Wks58°34.. AmWrit Pap 6s°47. Arm & Co 4148 '39 Arm Del 6358 '43. . At Gulf 598 '5 . At Ref deb 53 37 Bell Tel Pa 58 B *48 Bell Tel Pa 5s C '60 Beth St pm 6s°36. . Beth St rf 6s'42... Cert-1d deb 5% *43 Chile Cop db 6s "47. Colon Oil 6s '38 Col G&E 5s May 53 Com Invest 5%s°49 18 Com Invest 6 10 CC Md 1st rf 5. ConGN Y53 Consum Pow C Am Sug col Denver Gas 68 '51.. 103 Det Ed rf 65 B "40.. 106% Dodge Br col '40. .. 5 85 Duquesne 43 '67. 1025 Fisk Rub 85 ‘41 50 Gen Cable 6% 9614 Gen Motors 65 '37. 10215 Gen St Cas 5348 ‘49 1001 Gen Thea Eq 6s 40 89% Good I1st 6%s 47.. 99% Goody'r Rub 68 '57. 55 88% 88 Humble Ofl 58 '37. . 102 Hum O&R 538 '62. 1024 MBTIstpfEsA. 105% inland Steel 4%5'78 11 Int Hydro El 6544 48 Int Match 6s°47... 24 InM M col tr 63 41 Int Pap 53 A "47. Int Pap 6s ‘55 IntT & T 4% o nt T&T cv 4148 '39 158 Int T&T6s"66.... 24 Kan C P&L 63 A 52 2 Kan Gas&E 4%s '8 17 Kend 518 48 ww.. 2 Laclede 6%s C ' Lacleds iNv.- D '60. 9% 10515 8612 100% 9" 8% ‘I)lh 1o 106% 10815 1021 7O 1031 1024 354 106% 105 95 108 10314 9414 106 10414 95 Loew’s 63 ex war. Lorlllard 68 6. Lorillard 5% Lorillard 7s Lou G & EI Man S 1st 7% McCormack 6s ‘34, Mid St & O 5836 3720 Mont Pow 5s°43... Mont P db 63 A “6: Mor & Co 13t 43 Nat Dairy 63 N Eng T 1st bt NYEd6sB'4 Pac T&T1st 68 '37 ;lo T&T ref b8 5! Phil Pet 514839, Pillsb F M 3 Pure O11 5%s 37, Rem R'd 6% s A 47 Richf'd O cal 65 *44 Sincl O 6%s B '3 Sincl O Ts cv A *37. Sinel Cr O 6%s '38. 108 Sinclair P L 68 °42.. 40 3 3 10 21 10 SCOUN ¥ ¢%s Tenn Cop 68 B '44. . Tex Corp cv Trans Ol 6% s ’u Utd Drug cv 6s 53, U S Rublst & Utah P& L 584 Utll Pow 6343 "4 Vert Sug 1st 7 Walworth 6s A *45. Warn Br Ple 6; Warn Quin 639, West El deb West Un Tel Wick Spen ev WIL-Ov 18t 6%s "33 Wil & Co 15t 6541, WinRA 73 Atch'on 48 19 Atchison ad) 4s ‘95, Atchison gen 45 ‘95 Atch'on cv 414 Atch Ariz 4 ;s 6. AtC L col 4s'52 Bos & Me bs 67. Brooklyn Elec 6; 68, Bklyn Un 1st 55’50 Bkiyn Un E 6 Bush Ter con Can Nat 6s July Can Nat G Oct " Can Nor 3145 db'46 Can South 55 '62 Can Pacific db 4 Can Pacific 415560 Can Pac 5s ctfs ‘4. Can Pacific 63 ‘54 Ch & Enst i1l 68 u Ch Gr West 48 '59. ChIn& Lrfbs'47. Ch MRStP 4% 89, Ch M&STP 433 C. Ch M&SIP 4% s E, Ch M St P&P b8 75. 24 Ch M & St P adj 65.100 Ch & NW 4%52037 35 Ch & NW con 4%s. 15 Ch Rwys 5827 Ch R I&P gn 4 ChRI1&Prfas'ss ChR1cv4%s" ChRI&P4%sA Ch Un Sta 4%s '63. Ch Un Sta 6 44 C& W Ind cv 48’52 CCC&St L 438 (E) CCC&SL5s D63 C U Ter 4155 202 Clev Term 4%3 17, Clev Term 5873 Colo & Sou 4%s '35 Colo Sou 415 '80. . Cuba R R 53 '52. Cuba Nor 6%s 4! Del & Hud rf 4543 D& RGr 4% D& R Gren 45 '36. Den&R G W 58 '55. Det Utd 4%s '32 Erie conv 4s (B) Erie 63 1967, Erie 55 1975, Fla E Coast 55 '74 GrTrsfdb Gr Nor 4% *77 (E) Gr Nor gn 5%s 52, Gr Nor gen 7a"36. . Gulf Moblle 58 '50. Hav El Ry 5%s '51. Hud & M adj 55 '517. Hud & M rf 58 '57.. 111 Cent 45’52, 11 Cent 4s *53. 111 Cent ref 4555 . 111 Cent 4% s '66. 11 CCStL&N 5s A, Int Rap Tr 68.°66. . Int Rap Tr sta '66. Int Rap Tr 78 Int & Gr Nor.6s ‘52, Int &G Nad 6s'52. Int RysC A 6572, Int Ry CA 6%s 47 lowa Cent f 4s '51. Kan CFtS&M 4s'36 Kan City Sou 35’50 Kan City Sou 55’50 Kan City Ter 45'60 Lake Shore 3%s '97 Lake Shore 48 ‘31.. Leh Valcv 45 2003. Leh Vev 43452003, Leh Val 55 2000. L & N uni 4540 L&NIlstrf5%s.. Manh Ry 1st 4s ‘90, Market St 75°40. .. Mil E Ry & L b: Minn & StL en M StP&SSM con 4 M StP&SSM 6s gtd. M StP&SSM 6%s. . MK & T 1st 4590, MEK&ToprinésA. MK & T adj 65 '67. Mo Pac gen 45 ‘75 Mo Pacific 63 A '65. Mo Pacific 53 F'"11. Mo Pacific 55 G *78. Mo Pacific 5s H '80 Mo Pac 6%scv 49, NCh &St L4378, 36 1 l“% l““ 104 101 loo\t lol\ 114% .’IM l IW 0‘ 106% 105% 102% 104% 105% 1031 9% 994 106% 1011 1091 9% 6915 101% 87% 40 85 5% 70 1041 10315 16 % 1007% 100% 102 102% 87% 7% 941y 971y 12215 & 104% 3 97 99 1014 103% 104% 109% 104 911 101% 102% 70 T4% 99% 917% 104% 101 995, 91% 1041 101 99% 937% 9613 81 39 99 964 T5% 941y 106% 4 111% 9914 1101 111% 988 100 | SLL'S W cv 4832, s FINANCIATL ~ OVER LONG TERM Economist, However, Ex pects No Quick Revival, Firm Foundation Being Lald. —_— Special Dispatch to The Star. ROCHESTER, tual return of the United States to economic prosperity, in an sddress &lven here by John Moody, president of Moody's Investment Service, Mr. Moody asserted that many un- usual opportunities are now nted for the investment of capital, but add- “ui. 2'-;““ “mm-um trader, or spec- Toior: Tl do wisely o keep his money | Official — pronouncements of unwar- ranted enthusiasm were decried by Mr. Moody, who declared that it is foolish to imagine that the prices of securi- :;:er'?gry‘:d."yigllzwn will re- Sover very Tepi e near future. conditi right itself for some time to come. There may, indeed, be another six months of doubt and uncertainty be- fore the skies again begin to clear, or it may take even longer than that.” Mr. Moody discussed the values of the inflated capitalization of the boom era, and remarked that eur- rent earnings are generally below those. of either of the past two years. "This shrinkage in profits must bt Tegarded 1929 one. It is not l\kelv to return in country for many years. Longer Outlook Better, “The longer outlook, however, is one to give encouragement and confidence, and already there are signs throughout the entire country of the building up of new reserves of capital, creating a sound Xoundnlnn for our next period of pros- The psychological factor was blamed by Mr. Moody for the market decling of last week. “Thousands of le, who did not need to do so at have been throwing their security holdings on the mlrket reflnflm of price,” he said. a t the quotations for many o( the highest grade secus.ties, both “domestic and foreign, have re- cently reached levels which are cer- anv far below intrinsic value. “This is a time when the long-pull in- vestor who has available funds and is able to pay for his purc] will prob- ably make no mistake in investing in these great reactions in the high-grade security market. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., October 16.—Po- tatces, white, benu. hl.mpe’r 7581.25; beets, 100, 3.00 bhue ton, 15, oonooo. urrou hamper, 60a70; peppers, hamper, 35260 spinach, bushel, 26a90; tomatoes, ham- per, 25a75; packing stock, bushel, 25a 50; apples, bushel, 65a1.75; cantaloupes, cuu lMl 75; “ut“otfiw hel, 1.75a pes, basket 260; peaches, Mlah!l 2 50a2.75; pears, bushel, 90a2.50. Dairy Market. Poultry, lllve—cmckeml'.flzvflnlm - 13a15; roosters, 13al5; dllcll‘ Eggs—Receipts, 'mn cases; nearby firsts, 31a33; hennery whites, first, 40a 42; pullet eggs, 23:25 Southern firsts, 28a30; current Teceipts, 28a30. Butter—Good to pound, 36a42; ladles, 28a30; 38; pmcen 32a34; mked zznng. INVESTMENT TRUSTS NEW YORK, October 16 (#).—Over the counter market: Amer Foundes Amer Founde Atoc Biund ‘Ol sharee, soc Stan ares. Deposited Sales. High. NY O&Wgn4s’s5. 1 36 NY St Ry 43%s’62 NY W&B 414846 Nort South 58 4 Nor & Wn cv 4 Nor Pacific 48 °97. Nor Pacr16s2047. Oreg-Wash s Penn cv 43%s'60. . Penn gen 4%s Penn 4% 863, Penn 4%s 10. BaRwmeon 111% 105 an M Pere M 1st bs 'l P& W V4%sCr60. Port Elec Port Ry bs*4! Por RL&P 7% Read gen 4%s A'97 Reading 4%8 B. .. RIAr&L4%s 34, St L Ir M'nt 65 31, StL IM R&G 4s ‘33 StL&SFin 4s A" 3 manBiiaBesh o vo~BraSoaRBen o StL&SF prinss B 25 Seab A L rl 48°49, Seab A L 4s st '50. Seab A L cv 68 '45. Seab Al F16s A'35 Sou Pac col 4s 49. Sou Pag ref 45 '5. 8 " | Sou Pac 4348 Sou Rwy 6s'94.... Sou Rwy 6s'66. ... Sou Rwy 6% Sou Ry M&O 4s '38. | Term As St L 4s ‘53 Tex & Pac 55C*19. Third Av ref 45’60 Third Av adj 55 °60 Un Pac ist4s'47.. Union Pac 43 6 Un Pac rf 45 200 Un Pac 4%8°67. Va RR 4%58°62.... Va Ry 1st b8 62... 95% | » hash 418 78 1024 8% 96% 96% 119% 120 105% 105% 1st 68 °39. Wlbllh 24 68 '39. Wabash & 7 16 W o 4 Wat Sh'1st 4s 2361 11 WilksB & E 1st 65, 9§ WisCengn s’ 4