Evening Star Newspaper, October 17, 1930, Page 15

FINANCIAL. CURB ISSUIES DROP *IN-QUIET TRADING .Dilé and Mining Groups Are . Weakest—Many New T Lows Registered. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK CURB MARKET Note—All stocks are sold in - excepting those designated by which sl one hun hows those stocks to be sold in odd lot Btock 8l Dividend Rate. Aero Underwriters.. Ainsworth Mg $2% . Als Gr Sou (17) 4 All AmGen Corp. NEW YORK, October 17.—~Curb trad- | - ing today, active at the opening and in | considerably reduced volume later, res vealed & generally lower level of prices. New lows for the year were registered in every department of the market, with the greatest emphasis shown in the oils d mining shares. Such -highly re- garded stocks As Humble Oil' and Vacuum -Ofl touched new 1930 miinis mums, Vacuum losing over 3 points. Standard Oil of Indiana dropped to within an eighth of its 1930 low on a 9,000-share - block. There was sympathetic weakness in other Standard Oil stocks, and an ac- ively lower range'in other olls sich as Gulf Oil of Pennsylvania, Houston Ofl, new, and Cities Service. The trend in the mining group was fllustrated by new low levels for Anglo-Chilean Nitrate, New Jersey Zinc and Newmont Mining. At the opening there waAs an over- night accumulation of selling orders, but when these were cleaned up the market continued the downturn in dull trading. Electric Bond & Share, which managed to hold within a fraction of ‘Thursday's close in the active opening, lost over 2 points in the subsequent @ull period. The same was true . of American & Foreign Power Warrants, United Light & Power A and trading corporation stocks. like Shenandoah preferred and Blue Ridge. Sales to noon amounted to 235,000 shares, against 270,500 on Thursday. There werc small declines in Asso- clated Gas & Electric, American Com- monwealths Power A and B, Amerlcan Gas & Electric, American Superpower, Central States Electric, Middle West 'Utilities and Utilities Power & Light. Industrials were quieter, but_there were new loans in Upited States Finish- ing & Aluminum Co. of America; The lafter dropped 4 points on the an nouncement that the European Alum- inum Cartel had reduced prices for crude aluminum. Atlentic & Pacific; Crocker-Wheeler' and 8t. Regis. Paper sagged narrowly. United States Play- ing Card sold up 3 poinis from the last #ale at 61. The previous transactions in this inactive stock revealed & drop of 22% points. Ay BETTER DELIVERIES - OF CHEMICALS NOTED Epecial Dispatch to The Star. NEW YORK, October 17.—While de- mand has improved and material gains have been recorded in heavy chemical deliveries to consuming trades in the last month, new buying has shéwn an irregular trend, reports . Chemical & Metallurgical Engineering. In some chses orders have been placed for quantity lots while other selecticns have ,'gl with' a continuance cf nd-to- mouth buying. Shipping instructions against existing contracts have in- 'esed. Although the large majority of chemi- eals underwent no guotable changes in Belce, the ersicr position of sall cpke and lower sales levels for turpentine brcught a reduction in Chemical & Metallurgical Eng'necring’s index num- ber for this month to 94.13, as compared with 9433 in September and 100.13 in October, 1929. Lead oxides and copper sulphate also were reduced. Coincident with’ the metal market’s’ price decline. lower sales schedules went into effect on the lead. éopper and tif salts. To- ward the clcse of the period, acetate of ime was marked down, and this was followed by a doynward. revision of acetic acld prices. " With these excep- mx the chemical market held a fairly dy Puluon; § Tt . % - G-nsiderable - interest is being shown | in - iorthcoming efntract alkhlis covering delivery over next. year. | A number of producers have quoted on t inquiries but have refrained from anriouneing any. general ice level. New pricés, however, are anticipated in & few days, and, according to rumors, they will be lower than prices in effect for 1930 deliveries. BONDS ON THE CURB Qissin - DOMESTIC BONDS ands. I "ll 1 u( 'g £ B st A d w 6"‘7“13 : 5 : a'.‘e‘rflfi.rl -'h:o. Bider £ 8 Ber wite 1t 1 1 i's 6 eSgnsgeoesSSSogenngwes ot 41 48 63 *67 10] 24 er C P4 Jer Cen PEL 5 SASST22EFRITS: £ .aZS-m-=_ : ex Cily Gas 38 as Blectric 3¢ Texns L Tri ULl 88 7 Ynlon, Guit s» "84 an Sweringen 65 Wes Tex Ut 55 A FOREIGN BONDS 2 Asr Mig Bank 1s 48 71 Mun . u f}’ 5 doza Pr 7! gCE et e 10 '8 7098 xw... 1 8kinnes 75 48 xw... —with . I Wit Fartasits. New. S When 1seurd. 4 Cons Gas Balt (3.60). Aluminum Co of Am, Alu Co of Am pf (6).. Amer Austin Car. Am British & Cont Am Capital A(t1%3), Am Capital (B) ... Am Capital prpf 8% . Am Capital pf (3). .. Am C P&L (X) (al). Am C P&L B (10%).. Am Com P A (b10%) Am Com P B (10%) Am Cyanamid (B).. Am Dept Stores..... Am For Pow (war).. Am Gas & El (11)... Am Gas & E1 pf (6).4 Am Invest Inc (B).. Am Laund Mach (4). Am Lt & Trac (2%). Am Maricabo... Am Natural Gas Am Pub Sv pf (7)... Am StPS A (1.60).. Am Superpwr 1st(6) Am Superpower..... Am Transfor (1.40) Am U & G B vic 40 Anchor P F (b10% Anglo Chil Nitrat. Appalachian G Arizona Rower Ark Nat Gas (A). Ark N G cu pf (60c). Art Metal Works (1) Ass0 Elec Ind (30c¢). Ass0 G&E A (at2.40) Ass50 GRE (A) dbrts AR%0 G & El ctfs (8). Asso Rayon pf (6) Atlas Plywaod (2) Atlas Uil Corp. Aviation Cor of Am.. Bahia Corp.....eu.e Bahia Corp pf. . Bickford's Inc p Bigelow San Cor (8). Bliss (B W) Co (1).. Bloe Ridke Cp (40¢). Blue Ridge cv pfa3.. Brazil Tr&Lt(b8%). Brill Corp (A) (85e). Bufft N&EP pf (1.60). Burco Ine (WAr) . .... Butler Bros (30¢) ... Bwana M Kubwa. ... Cable Radlo T vie. .. Cable & Wire A rets. Camden Fire Ins (1), adn Marcon! » Cent St El (k40¢).... Centrifug Pipe (80¢) Chain Stores Stock. . Chain Store Devel. .. Chat Ph Al nv (50e). Cities Berv (g30e)... Cities Serv pf (6). Cit Sy P& L Pt (6).. Clev El Illum (1.60). Col Oil & Gas vte. ... Colombia Syndicate. Com & Sou war Com Edison (8). Comstock Tunnel. ., Consol Auto Merch. . Corsol Copper. ...... N 0 X Sx» Consol Laundries(1) Consol Retail Stores Cont G & E pr pf (7). Cooper Bessemer (2) Corroon & Revnolds. Cor & Rey pf A (6) Cord Corp. Cosden Oil. Creole Petr Cresson C Crocker Wheeler Cr Cork Int A (1). Cuban Cane pr opt w. Cumberland P L t18. Cuneo Press (2%)... Curtiss Wright war, Darby Petrolm n (1) Davenport Hos (2).. Dayton Alr & Eng. Deere & Co (m1.20).. De Forest Radlo. , Detroit Alreraft. .. .. . Diamond Match new. Dia Match cu pf'(n). Dixie Gas & Uul. . Dow Chemieal (2). ., Dress S R (A) (3%, Driver Harris new. . Dubilier Cond & Rad Duquesne Gas Cp wi. Durant Motors. . Dutal Tex Sul wi.... East St Pow B.(1) East Util Inv (A) Eisler Electrie Corp £l Bond & Sh (b6) fl Bond & 8h eu pf £l Bond & Sh pf Elec Pow A#so 11). .. Elec Pow Ao A (1) Pow & Lt op war, P&L 2d pf A (7)., Flec Sharehold ($1). El Sharehold pf (a8) Emyire Corporation. mp P Ser A (al.80) zineers Gold. arop Elec deb rts Fabrics Finjshine. .. Fairey Av Ltd (12¢). Fajardo Sugar < Fiat reis (1.25). Ford Mot Can A 1% Ford Mot Can B 1% Ford Mot Ltd 273%e¢. Fox Theater Cl (A). Franklin Mfg pf (7). Garlock Pkg (1.20) General Baking. ARamanINAcsAnT SasrennLnoE BR= R e Boarm awmrioa— » o P T P T T T » S - TR » [y aR"T e P E Ltd ret (50c). n Laundry Mach. . Gen Theat Eq . Gen Th ev pf w.i.(3). Glen Alden Coal (8). Globe Underwriters. Gold Coin (new). . i Goldman Sach TG .. 24 Guardian Invest.... 55 814 it Chicago & about 720 1Il., shops nearly to capacity between November 3 | Brusse 134 1075 5 . WILL INCREASE PAY: ROLL. | NEW YORK. October 17 (#),— Gold 8eal Elec new. . Gramaph rets (20e) . Graymur Corp...... GrA&PTn-v( GrA&PTDL(T). 408 Guard Fire Asso (2). 1 3 11 1508 12 Gulf Ol of Pa (1%). orn & Hard pf (7). Houston Ofl of Tex. ., Hudson Bay M&S. . Humble OI1 (2), Hydro Elec See (2).. Horn & Hard (23).. Imp Oll of Can (60¢) Ind Ter Illu Ol (A). insull Ut (tb10%4 %) Insul Ut In 2d pf (6) s Co N Am (13). .. Insurance See (1.40) Intercontinent Pet n Intl Hydro cv pf 31 . int Petroleum (1)... internat Util (B), Int Util war (new)., Interstate Equities. . fnterst Eacv of (3). Ken-Rad Tube (A).. Klein H pt of (j1.20) Kolster-Br «Am Sh). Lefeourt Real t1 85 Lefeourt el pf (3) Leh C& N n (1.40).. Leonard Ol e Ley (FT) &Cp (1), T.ibby McNeil & L... tion Ofl Ref (2)..., l.oew’s Ine war)..., Lone Star Gasn (1), Long Inl Lt pf 7). .. Louisiana Lan & Ex. Alten Railroad plans to add employes to its Bloomington, | force and increase operations | Fangon: pound aris, ' frane bels, 'l snd 15. The employes to'be réinstated | Berlin. mark. have been tions were idle since July, when opera- | Zgric reduced. Athe TREASURY CERTIFICATES. (Report sl crtomitey c. 15, “byl Q‘W. Benmln.h ) o 3 dred-share lots the letter s (80s) (2508) ts only. FOREIGN E: CHANGE. | (Quotatiuna furnighed i value, 1% 33:33| Mlipino farmers are being urged to 792 e ‘more nics and comn * ~Prev, 1930.~ High. Loy 21% ie_lh or sLo b 2% in stock % i stock Receiyed by Private Wire Dbu'u'l’h!hrola Stook and Marcont | Mar (38¢). 00 0! - Mid Roy ov pf (2). Mid1d Nat Gas A 1.20 MidlandUnited war Mintng Corp of Can Mo Kan P L (b10%). Mo Kun P L vte. . Moh H P 2d pf (7). Mont Lt HI&P (1%). Mount Prod (1.60). Nat Amerfean C Nat Aviatio Nat Food Prod IR Nat Mfgs & Stores. . Nat Pow & Lt pt (6). Nat Pub Sv A (1.60). Natl 8T Seo A f50c.. vat St Corp (war). § B ikt o A e o BB b Nehi Corp (1.30) . Nelson(Herman) (1) Neptune Meter (A)., w Brad Oil (50¢). . New Eng Pow pf (6). N J Zine (123%) h: 'wmont Min (. b [UIOTVPS - -4 § # Nipissing (30c)..... Noma El Corp (30c). Noranda Mines (2).. Nordon Mines (2). No Am Aviat A war.. NoAm L &P (b8%). Nor Europ Oll Corp Nor Ind Pwr Sve(6) NorInd P 8 pf (7) Nor 8t Pow A (8)... 4 Nor 8t Pow pt (6)... Novadel Agene 1334 . Onto Copper. . 1 Outboard Mot (B)... Pac G&E 18t pf (1%) Parke Davis (11.65) Pennroad Cp (20¢). . Penn Gas&El (al1%). Penn Wat & Pow (3) Peop L& P A a2.40.. Petrol Corp war. . Pie Bak of Am A (2). Pitney B P n (20c).. Pitts Plate G1 (2) Plymouth O11 (2) Polymet Mfg (b4%). Power Securities pf Pratt & Lamb (15). Premier Gold (24c) Prince & Whit (25¢). Prince & Whit pf (3) Prudential Inve; Pub Ut Hold (50¢). 4 Publie Util Hold war Pure Oil pf (§)... Radio Products (2) R R Sh Corp (25¢) Repetti Candy Reybarn Co. Reynolds Invest. . .. Rich Oll Cal pf (1%) Rich Rad eum pf. ... Rike Kumbler (2.20). Root Ref v pr pf. Ronsia Int Corp Rubberoid Co (4). 4 Bafety Car H&L (8). 8t Regis Paper (1).. 8t Regis Pap pf (1) Halt Creek Prod (2) Saxet Co % Schulte R s . Schuite Un Ge-31 8t.. Seaboard Utll (50¢). Sec Corp Gen (40¢). . Seg Lock & H (50¢) . o WE AN e e § a5 B 3 S - doah Corp Shenandoah Cp (a3). Bilica Gel etfs. . . Bing Mfg Ltd (23¢).. 8mith (A 0) (2).... Bou Penn Ol (2%). SouthldRoyalty (§0c) B W Gas Dtilitie Spauish & Gen ret 8tand Inv of (51 Standard Moto Stana O Ind 5 Stand Ol1 Ky. (1.80) 8tand Oll, Neb(t314) Stand Ol Ohlo (2%) 3 §tand O Ohlo pf (7). 8108 Starrett Corppf (3). 2 Stein (A) Co pt 87 Btutz Motor Bunray Oll (40¢). Swan Finch O (30¢). Bwift & Co new (2).. Tampa Electrie (32). Technicolor Inc. . ... “Tenn EI P 18t pf (7). Texon Ofl&Land (14) Thateher See Corp. . ‘Thermold Co pf (7). Tinh Realty & Con. . Toledo Ed cu pf (7). % Tran Con Alr Tran. . Trans Lus DLF§.. Tri-Cont Corp (war) Trunz Pork 8 (1.60). Tubize Chatel (B)... Ungerleider F Corp. . Un N G of Can t160. Unien Tobaceo Utd Corp (war Utd El 8v pr war. Utd Found b2-35 sh. Utd Gas Co (new) Utd Gas (war). Utd Gas pf (1), 14 Lt & Pow A (1), td Lt & Pow B (1), 14 Lt & Pow pf 16) U S Dairy (A) (5)... U S Elec Pow ww & U8 Finishing U S & Int Seeur U S Lines of (1).... 118 & Overseas ctfs. ng Cards(4)2008 U S Radlator (2).... Utd Stores. . > mBSuumn SR unteuniatianEannd Y Cullity Equities Vacunm 01 (4) :ian Camp Packing. Vie Finan Cor (40¢). WalgreenCo ..., Walker (H) (1), Wayne Pumyp. . Went Auto B A ( Winter (Ben)) . Woodley Petroleum. 8% Zonite Produets (1), Dividend rates in dollars bAse on (ast auarterly or semi-annual *Ex dividend tPartly extra tPlus 4% iIn stock & P pavable in stoek *o ustment mvmn‘-""fin’fl h Vg in stock ' 1 Blus m P s 6% in stoek kPlus 10% in stock Tus 3% in stock o Plus 3n annm—es am2aR B R in stock & Pi INVESTMENT TRUSTS NEW YORK, October 17 (#).—Over- Yoid S Enedis i8Sl ey | thescounter market: Askea 18 B ren of A ool ) 08" British Ini G Lid 48 pi.. 3% ———. ‘ Edward G. Budd Manufacturing omits 25 cents quarterly common divi- dend due at this time. SHORTAGE IN APPLE GROP IS REVEALED Shipments, Mostly From West, Are Averaging 1,200 to 1,500 Cars Daily. Shipments ©f apples since the middle of the month have been at the rate of 1,200 to 1,500 cars daily, says the United States Department of Agricul- ture, Bureau of Agricultural Economics, Market News Service. Much of the supply has been coming from far West- ern sources. The crop shortage was se- vere in the Southern apple section, also in the Midwestern States and in.some parts of the Rocky Mountain area. City consuming markets report mod- erate to liberal supplies, slow demand and fairly steady prices. Eastern Grimes still range $1.25 to $1.50 per bushel on jobbing sales. A range of $1 to $1.50 is quoted for New York Graven- steins, Greenings and various Fall va- rieties. Sales of York in West Virginia rl’od\lclnl sections rule $1.30 by the car- lond. A few Ben Davis have sold in that .50 per barrel, with Black Twigs $4¢ and Staymans $4.50. A few lots of Winesaps brought $4.60 to $5. A slow market and moderate export de- mand prevails. Prices Steady. Conditions at shipping points in Western New York and Western Mich- igan indicate slow demand at steady prices. A well sustained export demand for Ben Davis apples and Kieffer pears was reported in the Rochester district, and some sales have been made as high as $4.25 for the export k of Ben % | Davis, compared with general price range for the variety at $3.75 to $4. Kieffer pears in bulk have been selling at 85 cents to $1 per hundredweight. About twice as many apples have been shipped out from New York producing sections as at the same date last season. The grape season in Eastern shipping sections is about over. The juice fac- % | tories are no Jonger, taking much fruit, and market shipments are decreasing. % | The output from New York State seems to be "about the same as last ll‘ek::oyn. Prevalling prices have been near $40 to $45 per ton for juice Con- cords and 11 to 11'; cents per two- quart basket in carload lots. S ipments. of pears from Western New York have been nearly five times as heavy as last season. The present activity is mostly in the Kieffer variety. Vegetables at Low Prices. Nearly all the ‘lendingh thl:.ls products are selling lower than a ¥ 2g0 and general tendency of prices has been downward around the middle of the month, owing to liberal market supplies. Five leading Fall truck crops— onions, cabbage, lettuce, celery and pep- pers—all show incre: production, compared with last season. Most gains are due to large acreage rather than to the yield per acre. Liberal poduc. tion in the West and North hds offset considerable shortage in the midcou: sectigns. mrouw markets showed generally lib- eral to heavy supplies in mid-October and slow demand. Tendency afffle« was downward most of the time during the first half of October. mar- kets have held somewhat better than Western. The midmonth range of prices on Pennsylvania round whites was $1.65 to $2.15 in'several large Eas ern markets, showing slight decline over the week before. ine Green Moun- tains have been selling at $1.70 to$2 in Northern markets. New York round ‘whites followed similar range of jobbing prices in Philadelphia, Baltimore and ‘Washington. Green Mountains dWA ped 10c a 100 pounds near the middle of October at Northern Maine shlp% points, where light® haulings and 1] markets were Yeported. Dealers in the Rochester, N. Y., district were buylnf from the growers at 75c per bushel, compared with $1.15 to $1.20 a year #go and with 30c to 35c two years ago. Carlot sales by dealers at New York shipping points ranged $2.35 to $2.40 for 150-pound sacks of No. 1 stock. Production in Western New York is es- timated to be not much different from that of last season, but on Long Island this year's crop will be about double that of 1929. Estimated production of swest pota- toes showed some improvement in the October crop report, but the probable output is still 20 per cent below last year and 9 per cent below the 5-year average. Much of the improvement was in the Southern shipping States. There was little change in Virginia, and con- dition declined further during Septem- ber in Maryland. The group of States comprising Delaware, Virginia, West Virginia and Maryland decreased 182,- 000 bushels in estimated production since September 1 and rates 38 per cent below the 5-year average and 48 per-cent less than the 1929 production for these States. New Jersey also showed a decrease, losing 96,000 bush- els, compared with September estimates. Supplies of sweet potatoes are mod- erate to liberal in city markets, with sluggish demand. Virginia yellow va- rieties sold at $2 to $3 per barrel in Norther nmarkets in mid-October. North Carolina red yams brought $2.50 to $3 in New York. New Jersey yellows sold at $1.25 to $1.56 & bushel in Easf ern citles, while Delaware and Ea. Shore yellow sweets brought $1 to $1.25. General :flce trend has been slightly downward. Onlons and Cabbage Lower. light further declines in onion prfi:eg took place after the middle of the month in important Western New York producing sections. Yellow stock sold at 90 to 95 cents per 100 pounds sacked. Dealers reported limited de- mand, with prices hard to maintain. New York leads other late crop onlon States, according to October production estimates. Yield is indicated at 456 i ts from hels per acre. Onion shipmen! 4 ':;‘l.mur'cp:l continue to excesd 200 cars ily. Supplies are liberal from New 'gfl:)fl)( lndpledvln(ern sources. City markets nearly all report supplies mod erate, but rather liberal receipts are re- ported at Boston and Baltimore. - mand is continued generally slow and dull. Eastern ~yellow stock :l‘l:k::mum markets at $1 to $1.25 per 100 pounds. e 5 0, st e Bl rom mh uéing Danish ww.:finn-nucofuunwm keeping varieties having been nearly completed. The market has weakened somewhat_under slow demand. Recent sales at Western New York l:l;pg: b low as $10 to $12 load. sypplies and vei ind. Sal o‘f New York late keeping varieties range $14 to $22 in Easteri markets. Pennsylvania R.:’nllh fl:.ckln & w:l.ag to $1.75 per pounds in g nu‘ w-:r?len(mn in mid-October. Celery Market Dull. Shipments of celery from leading pro- ducing sections have been meeting dull markets and low prices. cents per crate in mid-October and the late varieties at $1 to $1.20. Shipments are a little heavier than last season, but | cold storage holdings as yet somewhat lighter. - First report from cold storage | houses in Western New York indicates 184,000 crates of celery stored in that section, compared with 196.800 a year| ago. Most of it is of the early varieties.; PARIS BOURSE PRICES. PARIS, October 17 (). - Price nul::nm were irregular on the Bourse ay. Three per cent rentes, 87 francs 10 cent Five per ‘cent loan, 101 francs 80 centimes. ' Exchange on London, 133 francs 88'; centimes. The dollar was quoted st 35 franes 497 centimes, Early kinds | St sold n Western New York at 70 to 80| 5°8'R) AND BOND AVERAGES * By the Auociated Press. - - Prom Yesterdar's 8:30 Edition. - Twe years ago. Three years ago, weekly aver. . ‘Three years ago, weekly aver. High, 1930, IOWA FARMER USES AIRPLANE IN 400-MILE By the Associated Press. DENISON, Iowa, October 17.—Ralph Weberg, farmer and stockman near here, lists the airplane as “an imple- ment” in his business. He jumps in his plane and flies across two States to Chicago, for' example, to sell cattle which he has shipped. He arrives in Chicago four and one- half hours after he takes off from the private landing field on his farm. The trip requires 12 hours or more on a train. ‘With the plane he can ally supervise the marketing of his ecattle and return home the same day, if nec- essary. His speclalty for years has been prime beef cattle. Flying is more necessary for the farmer, he thinks, than it is for the city business man, because time often is more important, and distances, espe- clally in the West, sometimes are long. Some day he expects to be able to take advantage of early market reports by radio, Tun a load of cattle or hogs into a large plane, fly to Chicago to catch that day's market and return home in the afternoon ‘with his check. BULLISH POSITION | TAKEN BY ECONOMIST| Gage Wright Believes Definite Revival in Business Is Very Near. Special Dispatch to The Star. NEW YORK, October 17.—Various stock market observers continue to view the immediate course of prices with a diminishing amount of apprehension | despite the fact that those who have | viewed the business outlook with airea- sonable amount of optimism have been forced to set ahead the time when a revival in business activity would -take place, declares Gage P, Wright, New ¥ork business and investment counselor, who points out that the longer a busi- ness depression lasts the more economic adjustments there are to bé made. “Although there still exists some ap- rehension over the near-turn outlook for stock prices,” says Mr. Wright, “the bullish long-pull attitude appears justi- flably based on the following: wu;e‘me business dflvrudnn appears on bottom, and signs of improvement are in_evidence; (2) a definite revival ap- pears to be just around the corner—that is, revival should become apparent soon after the turn of the year; (3) the b2st time to buy or hold stocks is when conditions look the darkest and probabilities favor the necessity of paying premiums over cur- rent prices when concrete evidence of Tecovery appears. It is generally l,reed that. we are in the final stages of depression—a time when nearly every one is looking for signs_which definitely point to revival. Mr. Wright states: “Studies of recent upturns in business disclose fact that revival has almost always been led by the construction and auto- mobile industries. Iron and steel, as well as retail sales, have usually been late in recovering—that is. they have usually cm’illlr:uh.. to d;cllne after a val i oS revival in the con- can be industry should be apparent :fi"fi'-‘nmn and soon therafter in the | automobile. industry.” - * % NEW YORK COTTON NEW RK, October 17 (Special).— Cotton rioes were steady at the open- ing y, following Thursday's de~| Southern selling was again in | o eads. e Liver | le. - B Boariet was dulet And_ featureless. Op*R were: October, new, 10.13, up 2: December, old, 10.35, up 3; December, new, 10.35, up 3; Janua new, 10.46, uncha 10.71, up 3; May, 1090, July, 11.07, off 1. BANK CLEARINGS. NEW YORK, October 17 (Special) — New York bank clearings, today, $1.- 202,000,000; a year 8g0, u,nn.m‘ooa.i New York bank balances, today, $190.- 000,000; & year ago; $250,000,000. New York Federal Reserve Bank credits, today, $168,000,000; a year ago, $199.- 000,000, As near as unchanged; DIVIDENDS DECLARED NEW YORK, October 17 (#).— Regular. e Tok Oct. Hidrs. of reeord. Qet. 1 1630 Eoatern Theniers itd G Fire Assur. Guardial - T + = S SEBBESTITERTY D0ODDOOOODOLOOOEORROODOOOOOD §223e3e E3IeeEsaITIn EEEH A% AT i Willioms (R € &"Go.$5¢ Extra. Plercé Petroleum 'Co..10c — Nov. Stock Incorporated Inv...2%% SA Oct. Poremost Dajry Pr pf.40c @ Due Oet. 1 e @ bt d3%e * ‘completio EEY ¥ Deferred. Rt Tt -ty FINANCIAL. MARKET TRIPS Butter — One-pound prints, 43a44; tub, 41';a421%;, Eggs—Hennery, 40; current receipts, 30a32. Poultry, alive—Turkeys, young, 358 36; old, 28a30; Spring chickens, large, 27a28; small, 25a26; Leghorns, 24a25; fowls, large; 24a25; Leghorn fowls, 15a 16; 'roosters, 14a15; ducks, 15; keats, large, 50a60; small, 25a30. Dr Turkeys, young, 38a40; old, Spring chickens, large, 33a35; medium, 32a33; small, 28a30; fowls, large, 28a30; medium and 26a27; Leghorn fowls, 24a26; 23a25; roosters, 19a20. Live stock—Calves, 12; lambs, 8. Pruits — Cantaloupes, 1.50; Persian melons, 1.50a2.00; honeydews, 1.75; oranges, California, 8.00210.00; Florida, 6.50; lemons, 4.5085.50; limes, per 100, apples, per 3 50; box stock, 2.75a3.23; | aches, 2.00; grapes, Thompson seed- | jess, 1.75; Tokays, 1.85; Conecords, 50a | 55; quinces, New York, 2.00a2.25; cran- berries, 3.25a3.50; pears, Bartletts, 2.75a 3.00; Seckels, bushel baskets, 2.00a2.25; kegs, 2.7523.00. : | Vegetables — Potatoes, 150 - pound sacks, 3.25a3.50; sweet potatoes, per barrel, 3.50a3.7: cabbage, per 100 pounds, 1.25a1.50; tomatoes, 2-peck | baskets, 1.00a1.25; spinach, 1.00al.25; kale, 1.25; carrots, per 100 bunches, 3.00a4.00; peas, 3.00a3.50; string beans, 1.75a2.00; parsnips, 1.00; turnips, 1.00; mushrooms, 75a1.00; squash, 1.00 caulifiower, 1.25; cucumbers, 2.50a3.00; lima beans, 2.00a2.50. | AR CHICAGO LIVE STOCK MARKET| CHICAGO, October 17 (#) (United Stat:s Department of Agriculture) Hogs, receipts, 18,000 head: includin 6,000 head direet; active; mostly 15a2: higher than yesterday's average; bulk, 160-250 'pounds, 9.80a10.20; top, 10.25; packing sows, 8.5089.25; smooth SOrts to 9.65; light light, good and choice, 140- 160 pounds, 9.60a9.90; light weight, 160~ 200 pounds, 9.70a10.10; medium weight, 200-250 pounds, 9.90a10.25; heavy wejght, 250-350 pounds, 9.75a10.25; packing sows, medium and , 275 500 pounds, 8.40a9.65; slau pigs, and choice, 1002130 pounds, .10a9.65. Cattle, receipts, 2,000 head; calves, receipts, 1,000 head: generally steady on all classes; not much b-ef in run: best weighty steers, 11.50; no choice + sprinkling selling at ; fat cows fairly active but grassy butcher heifers and heifer- ettes sclling 7.50 dowh to 5.50: very dull; slaughter cattle and vealers. good and choice 600-900 10.75a13.25; 900-1,100 pounds, 10.2: .25; 1,100-1,300 pounds, 9.75a 12.80; 1,300-1,500 pounds, 9.50a12 Bheep—Receipts, 15,000 head mostly 15825 higher; spots up more; sheep sharing upturn and feeders strong: strictly choice Idahos, 8.75 to killers: fed natives held at same price; | bulk, native ewe and wether lambs, | 8.00a8.25 to packers; lambs, 90 pounds | down, good and choice, 7.7588.75; medium, 6.25a7.75; all weights, com- mon, 4.75a6.25; ewes, 90-150 pounds, medium to choice, 2.25a4.00; all weights, cull ‘and comman, 1.00a2.75; feeding lambs, 60-75 pounds, good and choice, 6.50a7.25. small, ducks, el RERs Motor bus, transportation on the new roads in China has been greatly ham- { Continuing pessimistic v {have been reports of upturn, | climbing out of the pe wus A_18 8BILLION SLUMP INLABOR'S WAGES Average Yearly Income Has Dropped From $1,700 to $1,580 During Past Year. Special Dispatch to The NEW YORK, October 17.—Because of labor's increasing shaze of the total national income, unemployment is by far the dominant factor in intensifty~ ing and prolonging the current de- pression. ‘Wi ‘earners’ underconsump- tion, or inability to consume outputs, has been evaluated by the Standard Statistics Co. at $8,853,000,- 000 (exclusive of Government and agri- cultural workers) as nomp-rd with a year ago. avel early income of labor has declined fi’!’)ln l’l."flfl to $1,580 during the past 12 months. Bx- ts from & current survey by Stand Statistics follow: “Raw_material values and average wholesale prices have declined substan- tially, but relatively little of the bene- fits of this retail quotations. Greater reductions in prices of goods and services must in- evitably be made in order to enable wage earners to increase purc! wages are a large component part of such costs, the process involves an iron- ing out of the irregularity which has s0 far characterized wage changes, and we expect further wage cuts in oer- tain directions. ‘The trend of real wages in this country has always been upward, and completion of the readjustment to & lower basis of dollar values will enable labor as a whole to purchase as many, if not more, units of goods as in earlier prosperous times. As a substantial im- provement in business must be precipi- tated by consumer purchasing as a pre- liminary to industrial and con- sequent price stability, reduc- tions in prices of necessaries is an és- sentlal prerequisite. All depends, there- fore, on the rapidity with which the re. mainder of the readjustment to lower values is effected. We expect that in- dustrial employment will continue af low ebb through the Winter, at least. Our estimates of the number of workers and their earnings in 1929 and 1930 (exclusive of agricultural and Gov- ernment employes) follow: 1929. 26,376,762 ar TRADING TURNS SPOTTY IN MACHINERY MARKETS Special Dispatch to The Star. ¥ & Short perlod of ‘advaneing_sates of adva es inquiries, trading in the Nation's ma- chinery and machine-tool markets again relapsed into spottiness du: the past week, reports American last week’s. stock market dec] and the year-end exhaustion of budgets are all combining to make such orders as are persistent. | being obtained the prizes for pounding. New York’s market is still in the dol- drums. New England’s expectations were not fulfilled in September, and October so far is unchanged. L;!;murfi domestic buyers are holding back. Cur- rent buying activity in Indianapolis. machinery markets is for replacement neéds. Demand from the iron and steel and coal industries and for export is counterbalancing lack of interest on the part of automobile builders. In the Cincinnati territory, manu- facturers report improvement in some . u' .buly L ;qulflu.' ‘:I:G bat agents are on ve fe'; orders. Southetit district h-ln—" - is reported munY . particular} the !ouuwepn‘ wm"p'.he‘ ‘majority of orders booked bei for small tools. ukee are securi the outlook there, as in Canada, appears more prom! . The machine-tool market in Seattle reflects the slowness of the lumber industry there. DECLARES CANDY SALES INDICATE TRADE UPTURN Taking the ground that the eonfec- tionery industry usually is one of the first to feel an improvement in con- sumer confidence, Edward V. mhr:f{ general sales manager of W. F. Scl 't & Sons Corporation of Boston, one of the world’s largest confectionery manu- facturers, belleves that gerieral busi- ness has turned the corper and is now of depression that prevailed during the past few months. Mr. Hickey came here today accompanied by Alfred P. Barry, sales promotion manager, and John M. Glea- son, advertising manager of the Schrafft corporation, to attend a méeting of job- bers distributing the Schrafft products in this {erritory. “Candy is purchased in such small units and at such frequent intervals,” he said, “that sales of this product are & quick index of the consumer’s ability to buy. Shipments during September from the Schrafft factory in Boston were ahead of September a year ago and our unfilled orders show an even greater increase.” GRAIN MARKET CHICAGO, October 17 (Special).— The wheat market was steady today because of the better tone to the Liver- pool market and the continued unfavor- able weather in the C: West. Prices later rallied with Winnipeg. December, old, opened 77 to 76%:: new 77; March, old, 807 to 81; new, old, 82': new, 83. A May. old, 83'4; new, 84 Corn was lower under liquidation the start, but rallied later with wheat. December, oid, opened 755 to 76; new, 76 to 75%; March, old, 771%; new, 174 to 773;: May, old, 80 to 80%;: new, 80Y; to 801;. After the first half hour, December, old, 7635: new, 767 ; March, old and new, 78%;; may, old and new, other grains. Decem- ned 36 new, May, old, 39% to . After the first 1. Oats followed ber, old, March, old, %"rih. old, 38; May, old, 39%; mew, Provisions were easier. it Johnson was sentenced to a month in jail by a for pered by military restrictions. stealing apples worth 32 cents. MONEY TO LOAN 6% INTEREST HON}ES BUSINESS PROPERTY Also Funds Available for Construction Loans WM. H. SAUNDERS CO., Inc. District 1016 1519 K Street N.W.