Evening Star Newspaper, October 22, 1930, Page 15

FINANCIAL, DECLINE IN CURB STOCKS CONTINUES Odd-Lot Buying Partly Off- sets Steady Drop in Prices. BY JOHN A. CRONE, By the Assoclated Press, NEW YORK, October 22.—8tocks again declined on the curb exchange to- day as a slow stream of offerings con- tinued to flow in, Here and there, especially in the pivotal issues, big blocks occasionally appeared, but most sales ticked out were under 500 shares. Odd-lot buylnn uring the forenoon was said than in recent sessions. leader of the list, Electric Bond & Bhare, sold down 1% points in the forencon to 50, a new low level for 1930, This price was reached on a deal of Power, sul of Elec Bond .prénhll?e" likewise established a record low quotation, as did American Gas & Electric and electric power as- sociates. Cities Service was active, but :‘:3 within a fraction of its previous ‘Unfavorable oil statistics, such as the gain in crude production, and further price reductions brought renewed liqui- dation into petroleum division. Standard Oil of Indiana, Creole Pe- troleum, Gulf Oil of Pennsylvania and Indian Territory Illuminating A and B ‘were among the first in the ofl list to enter new low territory for the year or longer. CHICAGO DAIRY MARKET CHICAGO, October 22 (#).—Butter, 6,045 tubs; easier; creamery extras, 38, stan ; extra firsts, 36a37%; ; seconds, 20a30. Eggs, 4,244 crates; firm; extra firsts, 30; fresh graded firsts, 2815; fresh wmnt Te- ce!pb. 23a25; ordinary current receipts, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) N g B .._............ 2355an85ee RS SAEE S £t SSeens! FFE | e S 2 i 5 EERRREE 3Snnness: Sk OAF VRS W Tel saissaasssssssss get 90! 58 28282223028! ooy &I ¥ R iy cool oo EFEF R et Bunnsmnpilomtoti ot Batukeitiie. el 99999 ;s:ss 3 i i 0999 i ol =] e LT i T SIE FORNE =5, 3 o 5 iTh pgg 35 199! :355:_ T S e S e & e s 8! 5o 133 ) & F5333882833! 3c8E :. =8 23 253 CytEty gl E * ! 3 PETLTY - ™ f k) L 2 £ H i Ia] 2 & g 3 gSzge! ST Bt i 3 i 5" o, 2% 3 o (+ Q £ >t Sgg o> : SEAERw! BEE] i H ) EEY ok 5 ;‘,‘ 2| x gk o o PEELEE 538; £ ¥ >o =3 55 RREE| B 55 238 - g 2512 onrs S 22z AR SERCEE LR 5500 OB :3:-’2!:»5 & 8 i -u‘:‘&e‘.’i‘_ ,g:"?' &) & Q= 5133 s TIORS: 555 30 ':gg o " M7, - 3 67 4 - 3 i o 35» 2 FETR, . 52, 2> ) of: 38 3 9 usllinat e msinaunetboiEutinds Segngarieens1858ass 5 R SESF PRESRE 85885, 558 W RS e & suss & OF sesgsgaisSieae BunS FEREESSE & & 2R W E o SNE ST I3RS 883 w5 Note—All nouum THE EVE I\G STAR, WASHINGTON, D. C, WED NEW YORK CURB MARKET ~Prev. 1030.~ Stock and Dividend Rate. Low. Received by Private Wire Direct to The Star Office Viich shows thote s which shows those stoc] ;I'"' un~ 5% 24 Alleghany Corp war. 9% 2% Allegheny Gas.... 15% 6% Allled Mills (60c). 356 157 Aluminum Coof Am, 99% 97 Alum Ltd cum pf 6. 74 2 Amer Austin Car. 18% B AmCapltal (B), 90% 60 Am CigarCo.. 28% 8% AmCP&LB (10%), 28% 15% Am Com P A (b10%) Bou 30% Am Com P B (10%).. 10 Am Cyamamid (B).. HZ% 110 AmDTNJevpf (7). 22 9% Am Equities........ 76% 20% Am For Pow (war).. 157 87% Am Gas & El (31). 109% 104 Am Gas & Elpt (6).. 16% 5% Am Invest Inc (B).. Biu 49% Am Lt& Trac (2%4). 2 Am Pneumatic 8v. 24% Am Potash & Ch (1).. 14 Am Superpower. 94% Am Superpwr uul) 5 AmU&G B vtc 40c., 6 Anchor P F (b10%)., 7% Ark N G cu pf (60c). Dyeing&P eod. 21% Asso GEE A (at2, 2% Asso G&E (A) dbrts 89% Asso G & El ctfs (8) 89 AssoG & E pf (5) 1 Asso Laundries. 1% Asso Rayon 38% Asso Rayon 9 Atlantic Coast Fi: 10 Atlas Plywood (2). 1 Atlas Utilities war. 1 Auto Mus Inst (A).. 8 Auto Vot Mcv pf pt.. 24% Aviation Cor of Am.., 36 Axton-F Tob A 3.20 - Ed OB I D00 A 0 82% Blllc Ridge cv pfald.. 20% Brazil Tr&Lt(b8%) . 23% Brit A To B 1.78 10c., 24% Br Am Tob reg 11.20. 51 Buckeye PL (4). 24% Buftf N&EP pf (1.60 31 Bulovacvpf(3%). % Burco Inc (war). 2% Burma Corp (t31¢).. % Cable & Wire A rets. 3 Cable & Wire B rets, 3 Cable&W pf rots 19¢. 2% Canada Marcon! % Carib Syndicate. 19 Cent Pub Sve A 12 Cent 8t El (k40c) 72 Cent 8t El pf (6) xw. 4% Centritug Pipe (60c) 15% Chat Ph Al nv (50c) 22% Cities Serv (g30c) 88 Clties Serv pf (6) 8 £ 0w = .,a...........a.............-....gs - T 274 Col Plet vie (£1%)+s ug/: 234 Com Edison (8).ee..1 g 0% CoanllBllt @60, 10 17 Cons Gas Util A 2.20. 6 Cons Gas Util B vte. . 16 10 Consol Laundries(1) 5% 8 Cons Royal Ol (50c) 8% 1% Cons Theaters...... 108% 101% Cont G & E pr pf (7). 7bs 80 50 Contl Share cv pf (6)200s 25% Cooper Bessemer l!) 1 1“‘ “Mmoll....- Creole Pou-olmm M% I!fi Crocker Whee! 10 Cross & Blk D‘(’*)fl 8% Cr Cork Int A (1) 16 Cuneo Press (23%) 86 Cuneo Press pf (6%) % Curtiss Wright war.. % Cusi Mex Mining.... 6% Darby Petrolmn (1), Davenport Hos (2).. Diamond Match llrw. 24% Dia Match cu pf (p). 12% Douglas Air (76¢)... 31 DressSR(A) (3%, Dresser Mfg (B) (2), 22 EastG&F Asso. 18% East St Pow B (1) 4 East Util Inv (A) 12 Educational Pic pf. 5% Eisler Electric Corp. 17% B50% EI Bond & Sh (b6) 109% 103% El Bond & Sh pf (6) 98% 91% El Bond & Shecupf 5. 15% Elec Pow Asso (1),.. 16 Elec Pow Asso A (1). 12 Elec Sharehold (21).. 30% EBS Inc An-v (2).. 86% Emp G&F cu pf (7).. 12% Emp P Ser A (a1.80) 3% Empire Steel Corp... 22% Employ Reins (1%).. 1% Evans Wallow Lead. % Fabrics Finishing... 2 Fairchild Aviation. ., 2 Fairey Av Ltd (12c). 39% Fajardo Sugar... 5% Fedders Mfg Co (A).. 11% Finance CBaltA. ..o 89% Firemen's Fd In (5).. 9% Flintcote Co A(1%)e 18% Ford Mot Can A 11% 10% Ford Mot Ltd 37%e.. 23 Foundation For Sns.. +2% Fox Theater Cl (A).. 16% Garlock Pkg (1.20).. 8% General Aviation..., 2 General Baking...., a3 - ) ™ (ST JOpR T enu.nz'sn‘ngnnmuaueu-uuu—--»-aun-u:n.us - = - S om P ONRONN NS 26% Gen Firepr (123 55% G&E cv pt B (6) lWl 80 Gen Pub Sv pf (6)... 10 % Goldfield Consol. 9% Goldman Sach T % Goth Knitback Mch., 25% Graymur Corp.. 6% Groc Strs Prod v. 85% Gulf Oll of Pa (1 18 Guenther Law (2)... % Happiness Candy.... 8% Hecla Mining (1).... 1% Helena Rubenstein. . 24 Hires (CE) (A) (2).. 2% Horn (AC) Co. .. 26% Hydro Elec Seo 15% Imp O1l of Can (60¢) 23% Ind Ter Illu Ol (A) 54 7% Insurance Sec (1. 14 Intercontinent Petn. 8% Int Holding&InvCo 2 50% Intl Hydrocv pf3% .1”! 33% Interst Eq cv pf (l).. 1% Iron Cap Copper..... 9% Irving Air Chute (1). 4% Itallan Superp (A).. 27 18 9% 1% Italian Superp war.. 109 100% Jer Cen P&L pf (7).. l’% 10 Klein (DE) Co (1)... ter-Br (Am 8h). % Kolst mu % Koppers G&C pt (6)+ ' II% mn mu mx 9% 21% 20 87 9% 8 106% 106% 100% 106% 6% B% High, 84 434 8T 50% 27 30% 29 64% 56% 8816 5% B0Y% 49% 49% IA 23 24% 24% 51 264 31 3 2% 4 20 5% 50 104 92% 16 100% Nevada Cal % 20% Tl 180 9% | B9% 7 2?." 1% 27% 11% 64% 108 54% L’Alr Liquide (1.07). 86} Lackawanna Sec (4). 19 Lefeourt Real pf (3). 28% Leh C& Nn (1.40).. 11% Libby McNell& L. .. 17% Lily Tulip Cup (l\i) 9% Lion Oll Ref (2). 12% Loew’s Inc deb rts... 27 Lone Star Gasn (1)., 8¢ Long Isld Lt (55¢).. 1% Louisfana Lan & Ex. 96% La P& L pf (6). 10% MacMarr Stores (1). 37 Mapes C Mfg (13%). 7% Marconi 1 Mar (38¢c). 5% Mass Util Asso...... % Mavis Bottling . 4 McCord Rad&Mfg B. 66% Mead Johnson (143%) 10% Memphis Nat Gas, .. 80 MerCh&SpfAb6h. 106% 100% Met Edison pt (6)... 75 1 Met& Min Inc (1. lo) 21% Mid West Ut (b8%). 15% Mid St Pr 2d pt. . 50% Midvale Co (4). 1 % Mining Corp of Can.. & 7% Mo Kan P L (b10%). 31 % Mo Kan P L vtc. .. 8 Miss Riv Pow pt (6). 508 22% Monongahela W P P. 508 39% Moore Drop F(A)(6) 1 61 Mount Prod (1.60) 6 Municipal Servii 6 Nat American Co 1 20 1 5 & S AN R ORI o 1% Nat Rubber Mach (1) 12 Natl ST Sec A f50c. 26% Nat Sugar NJ (2) 13% Nat Transit (1) 1315 Nehi Corp (1. ® B3 ew Brad Oil (50¢).. mw New Eng Pow pf (6). 70s 14 New Haven Clock(1) 48% N J Zinc (123%) 214 New Mex&Ariz Land - 5 58% Newmont Min (f4).. § 1 1 Er™ 16% Newport Co (2)..... 16% N Y Hamburg (2%). 113% N Y Tel pf (6%)....) 268 12 Niag-Hud Pow (40c) 104 2% Niag-Hud PowAw.. 7 3% Niag-Hud PowCw., 2 Niles-Bem-Pnd t2%. 7 3 Nipissing (30c)..... 2 13% Noranda Mines (z) ool 48 1 1% Nor Europ O1] Corp.. 30 North Wevpf (3). Nor St Pow A (8).... 22%. Novadel Agene t3% .. 6% Oillstocks Ltd A 50c.. 1 5 Outboard Mot (A)... 26% Pac G&E 1st pf (1%) 23% Pao Pub8v (1.30)... 12% Pac Western Oil. % Pandem Oil... 3% Paramount Cah Mfg, 8% Pennroad Cp (20c).. 17 Penn Mex Fuel (2). . 69 Penn Wat & Pow (3). % Philip Morris Ine.... 5% Philip Morris (A). .. 20% Ple Bak of Am A (2). 6% Pitney B Pn (20c)... 108% Pitts& L E (+10) 45% Pitts Plate Gl (2).... 20% Plymouth Ofl (2)..., 35 Powdrill&Alex t4% .. % Premier Gold (24c).. % Prince & Whit (25c). 12 Prince & Whit pf (3) 4% Prod Royalty (f1)... 12% Prudential Invest. 8 Pub Ut Hold (50c). 1% Public Util Hold war 98% Puget S P & Lt p£(6) 91% Pure Ofl pf (6).. T4 Pyrene Mfg (80c). 8 Radio Products (2).. 4% R R Sh Corp (25¢)... 42 Raymond Coner (4 8 Red Bank.. . 28 Reeves (Dan'l) (1%) 2 Relter-Foster. 4 Reliance Int (A) % Reliance Int Cor (B). 5% Reliance Manag. % Repetti Candy. 2 Reybarn Co.. 15 Roan Antelope Min. . 18% Rock Lt & P (90c). 3% Roasia Int Corp. 89% Rubberoid Co (4) 403189 00 1= 19 69100 19 09 19 60 4 N0 4 i 147 106 Safety Car H&L (8).125s 106 St Regis Pap pf (7).. 16% St Regis Paper (1).. 19 50s 7% Salt Creek Prod (2) 13% SaxetCo........ 18% Schl & Zan pf (3%).. 2% Schulte Un 6c-$1 St.. 10% Schulte 5c-$1 St pf. w 4% Seaboard Util (50c) 4% Seg Lock & H (50¢).. 3% Selected Industries.; 57 Sellndallctfs(4%)« 54% Select Ind pr (5%).. 1% Sentry Safety Cont 2% Shattuck Den Min. 5% Shenandoah Corp. 33 Shenandoah Cp (a3). 10% Silica Gel ctfs. 76% Silver (Isaac) pf (1) 1008 - - = mdunum»’gusounnu 137% Smith (A O) (2)..... 208 % 80% 107 22% 15% 36% 35 2% 21% oayDigend rates in gollar: 25 Sou Penn Oil (12%).. 2 22% SoCalEdpfC(1%). 1 7% BouthldRoyalty (60c) 6% S W Gas Utilities. ... 44 SW Penn P&L (1). 33 Stand C&Sn (2.40 % Standard Motors. 40% Stand O11 Ind (2% 24 Stand Oil Ky. (11.8! Stand Oil of Ohio(5) 40% Stand Pow & Lt (2).. 1 99% St Pow & Lt pf (7)... 60s 30 StarrettCorppf ¢8). 3 10 Stein (A) & Co (1.60) 14 Strook & Co (1) 1 Stuts Motor Ca 84 Sullivan Machi; 3% Sunray Ol1 (40c) 3% Syrac ‘Wash M 13 Taggart Corp (1) 51% Tampa Electric (. 11 Technicolor Inc. 3% Tubize Chatel (B). 10 Tung Sol Lamp (1) 10% Twin St NG Apt (1 13 Ungerleider F' Corp. 6 18 US& Overseas war., 11% US & Overseas ctfs.. 58 US Playing Cards(4) 1% Utd Stores.......... @ 2 9% Util Pow & Lt (al).. 21 Util P&L B ctfs (al). 6% Utllity Equities. 59% Vacuum Oll (4)..... 6% Vic Finan Cor (40c). 16 Waitt& Bond A 2) o 18% West Air Exp (lon) - 16 West AutoS A (3)... 10% Williams R C (1.40). 30% Wilson Jones (3) 2" Woodley Petroleum. % “Y" Oll & Ga A 8 Zonite Products (1). Py --»-‘.-Sm-..-m-..ma..-.-.-qsg- e dnl'l $Plus ALY ) % 52% Stand Oil Ohlo (23). 100- 103% 103 11 55 55 | Woods, WOODSABLETOAID | mr | LS. UNENPLOYED] Hoover’s Choice as Head of Government Ag_ency De- clared Good. BY JOHN F. SINCLAIR. Speclal Dispatch to The Star, NEW YORK, October 22.—Arthur 60, ‘Harvard graduate, is the ideal man for the job of “unofficial sec- retary of unemployment.” His selection by President Hoover to take charge of the Nation-wide movement to relleve suffering during the coming Winter augurs well for an efficlent organiza- tion to meet this most serious problem. There are 3,500,000 idle workers in the United States today. Most of them have been out of work for a long time. The first task of Col. Woods will be to correlate the activities of all Federal, State and municipal employment agen- cles into a unified National Employ- ment Organization. His second task will be to find jobs for 1,000,000 of the unemployed and food and sustenance for the rest. The stagger system of work has been suggested, so s to divide each job be- tween two men, but now that the Fed- eral Government, through the President, has recognized the seriousness of the situation a much better system should | result. Exchange Memberships. New York Stock Exchange member- ships are not as eagerly sought after these days as they were last year. The market values of a membership before the crash in 1929 and today tell the story. The most recent sale of a seat reported was at $217,000 as against a high of $625,000 last year. The 1,375 seats on the exchange have now an ag- gregate market value of $298,375,000 as against $680,625,000 for the same seats at the top price during 1929. This is a drop in the total value of exchange memberships of nearly $400,000,000 in the last 12 months. ‘Why the drop? Greatly reduced vol- ume of sales, plus large overhead ex- penses. Probably half of the Stock Exchange houses today are in the red— that is, losing money. “As businass is '.odny. $200,000 is a good price for a New York Stock m- change seat. The volume of sales now does not warrnat a higher price. If ex- isting conditions were to last, one might secure a seat for $150,000 or even less. But how can these conditions continue indefinitely?” said one Stock Exchange member in discussing the present low prices of seats on the ex- change. No, stocks are not the only property ;‘g‘llc!: has depreciated in value in Wall ree Schacht’s Loan Statements. Dr. Hjalmar Schacht, former president of the German Reichsl , continues to shock his American audiences by frank statements. When he told the Foreign Policy Association in New York that all German reparation payments would be stopped unless other nations would buy German goods sufficient to 4 | square the account, the audience was surprised, but the statement is not a wild one. It is merely an economic truism. But when this German banker stated that “some German government” would breathe deflance to the disarmament provision of the treaty of Versailles unless the allied countries carried out their part of the treaty bargain and divested themselves of growing arma- ments, he challenged a side of interna- tional relationships that no outstanding citizen of Germany has mentioned, ex- oe%t ma wgu per. low much increase in foreign trade does Germany need before uhelgn con- % | tinue making payments? About 40 to 50 A &|is ennrely feasible, and in & will be practical. s based on last uu-mflr AL R ‘rs:a'g* s per cent increase, answers Dr. Schacht. And such an expansion is out of the question right now, he adds. Thinks Germany Can Pay. John Foster Dulles, New York law- yer, one-time member of the German Repmgom;’ ]C:;r:mtsslon‘ thinks Ger- many able pay her reparations at this time. He cites the fact that her expol't:l :re i'l’f“’!‘}lxg increasing and now exceed for the t time those of Great Britain. “Germany’s financial and economic burden's would not be lightened if at the same time she lost the wer to 1n5‘p1r;‘ngnfldenca in her t, with- out which no nation can prosper,” Mr. Dulles. P I Mr. Dulles advises Germany to shun those leaders “who denbenuly stimu- late a spirit of pessimism and defeat- ism in order that Germany may shed her reparation obligations.” Reports continue to come in from the dmerent capitals of Europe that a five-year moratorfum on war debts is being cooked up. The favorite argu- ment is that it will become increas- ingly hard for the allied governments to keep up payments to the United States if the German reparation pay- ments are suspended. These govern- ments contend that reparations and allied debts are closely related, but the United States refuses to admit this. New Note in Economics. Dr. Ernest M. Patterson’s new book, “The World’s Economic Dilemma,” makes extremely interesting reading. It is an attempt to study the eco- nomic question from the international, rather than the national, point of view. It strikes & new note in the fleld of social economics. Imagine discussing the pressure of population and climate as major issues on world economics. Well, this Uni- versity of Pennsylvania professor does. A chapter, too, is devoted to the gold standard and the price economy: another one to corporate growth and investment, followed by another on the economic activities of the Government. But it is in_his chapters dealing with the economic difficulties of Great Britain, Germany, France, Italy, Japan and the United ~States that Dr. Patterson touches high water mark. His plea is for a wider vision—the |Seven “Jarger selfishness” that he pleads—one that does not confine itself to national lines. No nation can continue to live unto itself. States, rich and self-contained as it is. s ‘But Dr. Patterson believes the worid's economic dilemma can be modified by an expansion of commercial treaties, based on mutual self-interest; a more scientific development of the inter- national trust; the expansion of the work of such organizations as the Inter- national Chamber of Commerce and the various worh} ‘l‘cflvltlel connected with e League of Nations. thmm; f stepping on an airplane in Berlin, after lunch today, and step- ping of frer gianer in Now York ity Ylgt that is the ambitious plan of the German air ministry in the develop- ment of ‘its new strato-sphere plane, which is being desi| to reach an :l- titude of six to eight miles in and then speed away on tbe higher uv- els into space at the rate of 600 _miles an hour. ‘This is not a dream. ent is being conducted at the present time rlin and the big test will be made ingles n is expected to give these ip on the air. men believe that such a m short. ‘When uu d.ly umm. no part of the civilized world will be 24 hours away from any other (Copyright, 1930, by North American News- paper Alliance.) e ‘The new mascot for bridge in Enfllnd | betan * + *+ Not even the United | ha' SDAY, OCTOBER 22, 1930. FINANCIAL. STOCK AND BOND AVERAGES By the Assoclated Press. TUESDAY, OCTOBER 21. (Copyright, 1030, Standard Statistics Co.) FRENCH BROKERS DISTURBED BY PROPOSED INVESTIGATION Special Dispatch to The Star. NEW YORK, October 22.—French bankers, brokers and other handlers of securities are disturbed about the pro- posed judicial investigation and prose- cution “of persons suspected of engag- ing in acts endl.nf!nnl financial mar- kets or any illegal speculation imperil- ing normal functions of the French stock exchanges. ‘The proposed inquiry, unlike a similar investigation that might be undertaken here by Congress or by a State Legis- lature, is ominous because of the close connection of banking and brokerage With the government in France. Membership Limited. ‘The present French Bourse—the word may be derived from Bruges, where merchants gathered at the home of one of their members by the name of Van Der Burse—was brought.into be by the consulate in 1801. The laws enacted required brokers, or “agents de change,” to be appointed to their public trust by the government. Originally the Bourse was limited to a membership of 80, with a security de- mfi with the government of 60,000 cs each. This number was reduced to 60 in 1816 and the security require- ment was raised to 125,000 francs. Later stock brokers were given the ivilege of introducing their successors, t before their mem r:hlps could be transferred they had to have govern- ment consent. Memheuhip was raised !rm'n 60 to 70 in 1898 to meet expand. ng business. Requirements for mem- not only restrict brokers to Prench citizenship, but they must be over 25 years of age, show evidence of necessary military service, and come highly recommended the heads of several recognized g and com- mercial concerns. Although the nominee is named either by the retiring member or by the ex- ecutors of his estate, final election must be approved by the minister of finance. The member must not only contribute personally at least one-fourth of the price of his membership, but in addi- tion must deposit with the government $50,000 as a guarantee fund. Protection for Customers, Customers are protected in their deal- ings on the officlal Bourse (1) as to the character of securities listed and (2) as to their dealings with brokers. The French government gives its official guarantee of the genuineness of securi- ties listed. Before a security can be list- ed its legality is ascertained '.hlcu‘h a careful examination of detailed da about the company and its mnuemum.. The customer knows that when deal- ing with a broker on the Paris Bourse any sum due him will be repaid even if ~ thfi broker becomes bankrupt. Banks or persons lending money on securities are equally well protected. With such restrictions in force, it is little wonder that members of the subject to scrutiny and discipline by the minister of finance, are careful in bal- loting on a prospective member. When a broker on the Bourse fails he is ruined, in the eyes of France, morally, socially and financially. The Syndical Chamber makes a tharough investiga- tion of his bankruptcy, repaying every penny of his debu w creditors. These restrictive features, which so thorough- ly protect customers of the Bourse, are not in effect on the coulisse, or curb market, but members of the latter also are subject to considerable government supervision. (Copyright, 1930.) URGES U. 5. BANK T0 END DEFLATION Canadian Financier Suggests Purchase of $500,000,000 Bonds by Government. Special Dispatch to The Star. NEW YORK, October 22—T. B. Mluuley, wtfldent of '.hz Sun Life As- Co. of cuud- an interview pllbl(shed in the Wall Street Journal today, places the responsibility for re- lleving this country of the present ef- fects of excessive deflation squarely on the shoulders of the Federal Reserve au- thorities. His suggestion is that the Federal Reserve purchase $500,000,000 of Government bonds I:d? :m o% re; leve! business yun one of the common mcn for lanz-wm lnvest- ‘The of dlmunn hu 3«1: a has frequently ex- his faith in strong American and Canadian equities, which is based on the resources of both countries and the mechanical skill and _distributing ability of its industrial leaders. Mr. Macauley traces the decline in commodity prices in this country, which had been going on gradually between 1925 and 1929, as a result of lowered eon of mass production, improved ma- ery and other factors. The possi- bfllty '.hlt these prices would break still further until they have reached an average 15 per cent under that of a year was not taken into account after stock market panic of last year. It is to this enormous deflation in commodity prices that Mr. Macauley attributes many of the misfortunes with which this and other countries have been Consequently he believes that it is necessary to stabilize commodity prices vival in business, He argues that stabilization can be accomplished thlvugxmt.:: cy of the Federal Re- h successfully prevent- ed inflation during the period when the United States, uter 1921, was receiving an enormous amount of gold but this ‘old wu not permlmd w become addi- Hr Mmu!ey Doln'.s ml& ‘that in the months to July 31, outstanding lISD,DOO,M and current n&v’mm of the Central Bank notable one. pressed his COMMODITY INDEX DECLINES SLIGHTLY ‘The wholesale price index of the Na- tional Fertilizer Association, consisting of 476 quotations, showed a decline of only two fractional points for the week ended October 18. The index number now stands at 83.1, compared with 83.3 for the previous week and 96.4 a year ago. The index number of 100 repre- sents the average for the three years 1926 through 1928. Of the 14 groups comprising the index, 9 declined, 3 advanced and 2 showed no change for the latest week. Important commodities listed am the 30 items that declined were butter, that advances were cotton burlap, lard, eggs, hogs, tin and rul {PRINCE & WHITELY AUDIT IS MADE PUBLIC | yices By the Assoclated Press. NEW YORK, October 32.—An audited l his | ly, and ition claims of $1,098,589, against the firm. Mr. De Ronde said the ration, which was 31, 1929, rious stock exchanges whose total value as of October 16 was $4,641,910. Other securities, whose market value is not immediately ascertainable are carried at $3,711,661. Aside from the transac- tions with the insolvent brokerage firm, Mr. De Ronde said labilitles did not exceed $250,000. Great Northern Railway. NEW YORK, October 22 (#).—The will spe improvements in 3 exclusive of M.WO,DOO to be used on the Klamath Falls extension. TREASURY cnmc‘m ‘R'Ff"“ by J. & W. Selleman & Co 100 635" 100 gt B S ko NEW YORK BANK STOCKS NEW YORK, October 22 (#).— America Bank of recommends that the Federal Relerve Pifth A directors, in order to restore modlty pflce level purchase $500, ooo %00 of Umted Stad bonds. The effect of sees it, on the mere an- nmmcemem ot such’ an intention by the Federal Reserve would “to bring heavy buying in all lines of business, for the large purchases of materials are ap- parently 1ivi f from hand to mouth on the chance of being able to buy more cheaply later. Confidence would imme- diately replace gloom and the outlook would improve rapidly.” (Copyright, 1930.) — DAIRY PRODUCTS CO. i First Natl N/ ¥.0 Harriman Manhat Co’ Peoples Na INVESTMENT TRUSTS NEW YORK, October 22 ().—Over- the-counter market: Asked. ls Gen Sec & Gen Becur 5'/' Comnnnn.e Tr EXPANDS IN BALTIMORE g',',‘., to | Special Dispatch to The Star. BALTIMORE, October 22.—Consider- able interest in affairs of the National Dalry Products Corporation is shown in the local financial district. ‘The company, through its !uhldhry, the Chestnut Farms Dairy of Washing- ton, recently purchned a buudlnf site and s $1,000,000 dairy will l.hD y pul in operation. Research company have been loflhd here (flt some time. ldandmrymucuhcneolthe Inves the dairy busi- Sout eund in 1929 by acquisition of Kraft- henix Cheese. 'This deal provided Na- tlonll Dairy Products with a string of subsidiaries extending from Washington i.nb_lc‘bhlhe South. e company terests from Philadelphia northward, 8o that Bl.lfll:‘fliflull to now has pro- m vided a gap uou tic seabpard, 1 being | Boderated Eauitles ‘Investors Corp com.. nénwn Corp units! Fixea Trust Shares Fixed Trust Shares B. General Utility A fhaporated. Bault Incorporated Invesi Independence Trust Shares. Jat Secur corp Am B ot estment tment_Trust Investors Trustee r Shares Co: v also has extensive in- | 5! 8. Great Northern Rallway nd Shot $35,000,000 for maintenance and | D&% #x% A_I5 FURTHER OIL PRICE CUTS THREATENED Independent Firms May Com- pel Large Producers to Re- vise Schedules Again. BY BENNETT WOLFE, Associated Press Staft Writer. ‘TULSA, Okla,, October 32.—As inde- pendent refining concerns continue to hammer away at the mid-continent crude oil market, the threat of a gen- eral crumbling of the price structure casts another shadow across the path of producers. ‘While the first announced reductions in prices had been anticipated because of scattered sales of oil at below posted figures and a drop in the gasoline mar- ket, oll men now belleve that a general price cut may follow. They say that other independent refiners will be forced to follow the lower schedules and that producers will not be able to shift con- nections to the larger buyers because the latter have been decreasing rather than increasing their purchases. Producers’ Explanation. ‘The ordering of lower price schedu'es by several Oklahoma and Texas refiners was explainéd by them as an attempt to place their prices in line with refinery Tevenues so they can at ieast break even in their o] tions. In statements an- nouncing reductions, they said posted crude schedules had been out of line with the refinery market for sev- eral months. Most of the refiners in- volved either do not produce crude oil or their production is small when com= pared to their total purchases. Uncertainty as to the future of the crude oil market had been felt for the last few weeks, but did not become of direct concern to mid-continent refiners until the Champlin Refining Co. nounced reductions of from 25 to quantities of oil from the Oklahoma Clty fleld ravloluly had been offered at gz posted schedules of t.he major In North Texas several independent re- llmyrlnl h“t M;{‘. t?: their crude ies a! p‘_rcx;‘ qu ns the posted Oil Runs Reduced. While the reflnlnl branch of the pe- troleum industry has been en in & concerted move to restore stability by reducing runs of crude ofl to stills and thereby bringing a shrinkage in surplus gasoline stocks, refinery operatives now are agreed largely that no general im- provement may be expected in refinery markets so long as indications st mduct, lower thedr prices to ob- class of business. Whue observers assert the position of the cut-price jobbers is not so strong s in the Summer months, they will not vumu—s an opinion as to what may be the consequences of this type of com- petition. On the other lu.nd. leaders of the in< dustry, I future, regard the re uctwns in the production of crude oil and its refined lucts as & factor that cannot fail to flemd in a stronger market structure in 1931. Calls Situation More Favorable. ‘The Skelly News, published the Skelly Oil Co., says in the cumn:”ulue. “With consumption grea ter than last jong | year, pl’oducflan mnch less and stocks lower than in 1929, the crude oil situa- tion is much more favorable than it has been for some time past.” . "NEW YORK COTTON NEW YOR&nOcfiober 22 (Bpodfl).— noum Iom to 2 bringing out more cotton and mained about unchanged. October, light, however. old, T, new, 10. 27, De- 10.35, unchanged; Octobe off 3; December, old, 10.52, up 2; cember, new, 10.50, unchanged; Ji “lr: new, 10.62 off 2; March, 10.84, off May, 11.09, unchanged, and July, 11.29, ices re- ‘was CH.ICAGO LIVESTOCK MARKET. CHICAGO, October 22 (#) (United States Department of Agriculture).— Hogs—Recelpts, 17,000 head, including 4,000 head direct; 10-15 h!‘he!, slow at advance; packing sows, 15825 or more up; bulk, 180-300 pounds, 9.40a 9.60; Qop, 9.75; packing sows, loou'ls smooth sorts to 9.00; light light, mod and choice 140-160 pounds, 9.15a940; lightweight 160-200 pounds, 9.25a9.55; medium weight 200-250 pounds, 9.40a 9.75; heavyweight 250-350 pounds, 9.40a 9.75; packing sows, medium and good 275-500 unds, 17.75a9.00; slaughter and choice 100-130 pounds, Cattle, 11,000 head; calves, 2,000 head; strictly grain-fed steers lnd yearlings strong to 25 higher; fairl active; lower nmdes slow, but utmdy she stock mostly steady; better tone to general market; several loads year- ings held around 13.00; best welghty bull , 12.00; several loads, 11.25a 00. 12.00. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 10. 75! 900-1,100 pounds, _9.75a13.: Wllndl. 9.25a12.50; 8.7589.35. ) 00-1,300 1500 pounds, 9.25a12.00; common Ind medium, 600-1,300 pounds, 6.0089.50; heifers, and choice, pounds,, 9.75a12.50; common and me- 5a9.75; cows, good and choice, ; common and medium, 4.00 25.50; low cutter and cutter, 3.00a4.00; bulls (yearlings excluded), good and choice (beef), 5.75a6.75; cutter to me- dium, 4.2526.25; vealers (milk fed), Stocker and_feeder cattle, and choice, 500-1,050 pounds, 7. common and medium, 5.007.00. Sheep, 26,000 head; weak to 35 lower; decline on fat l]ambs; early bulk natives, 8.75 to packers; top to city butchers, 9.25; bucks, 7.5088.25; fat rangers un- sold; white-faced feeding lambs, 6.50a 7.00; lambs, 90 pounds down, good and choice, 8.0029.35; medium, ' 7.00a8.00; all weights, common, 5.50a7.00; ewes, 90-150 ds, medium to choice, 2.25a 4.00; weights, cull and common, 1.00a2.75; feeding lambs, 60-75 pounds, good and choice, 6.75a7.50. ey Sherwin-Williams Co. CLEVELAND, October 22 (#).—The Sherwin-Williams Co. had net of $3,551,204.29 for its fiscal ing August 31 last, acco statement issued today. This compared with net earnings of $6,019,004.75 for the previous year, which, however, ln- cluded a special refund of Federal fax and several other non-recurrent imu, it wl.s ndded. for the previous yec FREIGHT LOADINGS. By the Associated Press. Loading of revenue freight recorded @ further slump durlnc the week ended Octoper 11, 88 was calou- uu Amrlun way Asso- plrlofi I'l ldh are given as ws: ended October 11, 954,874 cars; nvlaua x.mem same weel