Evening Star Newspaper, October 23, 1930, Page 12

RALBONDS WEAK | (e B A—J2 %x% IN QUIET MARKET Drop in Earnings of Carriers Results in Heavy Selling. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 23.— Acute weakness in railroad bonds featured trading on the investment market today. The situation brought about by the long-continued decline in rail earnings, at a crux just now with the first of the September reports being made public, ‘was emphasized today by wide declines in virtually all of the bonds of the Van Sweringen group of railroad secu- rities. Money rates were unchanged. Vol- ‘ume wli at about a $10,000,000 total for the day. ‘The nfi}". break occurred after the ‘opening on the Curb Market, when Van Sweringen 6 per cent five-year notes ‘were marked down over 10 points in as many sales, hitting a 25-point discount. Only Wednesday it was announced that the collateral securing these notes had been added to in accordance with pro- visions on the indenture. The same additional protection had ‘been given Alleghany Corporation 5s of the 1944, 1949 and 1950 maturities, but these dropped to new lows, down 2 to 4 points on the day, over 12 points be- low levels earlier in the week and over 15 points from their highs of the year. The selling spread to Nickel Plate {ssues, the 415s of 1978 dropping to a new 1930 botfom, over 5 points below Monday's high level and nearly 10 points ~ from the year's best price. ‘Chesapeake & Ohio issues moved more , but the general 425 were over 3 points below recent level. There was heavy selling of Missouri-Pacific descriptions, the general 4s going to a fresh low, off a point on the day and 4 points below Monday’s price. The 525 iwere off 9 points from their 1930 high. ! The F 5s and the A 5s were both down guuomllm Erie issues were quieter, ough also weak. ! These situations, together with a poor ‘earnings report published for September traffic on the St. Louis-San Francisco, generated heaviness in the entire rail- road group. Chicago Great Western 4s, St. Paul adjustments, Rock Island4’zs, International Great Northern adjust- ments, Southern Railway 4s, Wabash 4%s and Boston & Maine 5s were down new minimums on the movement. gllh-cnde rail mortgages were firm to & shade off. TREASURY CERTIFICATES. by J. 5 ) rted by J. & W. Seligman & Co) . 100 6-32 -32 22-32 00 31-32 s e e i SHORT-TERM SECURITIES. (Reported by J. & W Seligman & Co.) - Bid. Offer. 102 102% 109 102 01% 96 05 0; Washington Stock Exchange SALES. Anacostia_& Potomac R. R. 55—$1,000 at 83, $1,000 at 83. ashington Gas 6s “A"—8$100 at 103%. tal Traction Co.—10 at 50%, 8 at 50% ashington Rwy. & Elec. pfd.—10 at 981, 10 at 9872, 10 at 9812, National Mtge. & Inv. pfd.—80 at 5. AFTER CALL. ital Traction Co.—10 at 51, 10 at 51, at 51. Potomac Electric 6% pfd.—10 at 11132, Bid and Asked Prices. . Tel, 4ias - > Tel. & Tel. ctl. tr. Ss. Anacostia & Poi. R. R. 5. acos! s 6s 1953 & Mt. Vernon ctf. & Annap. 3¢ 5. . , Ine., Ross, Inc., 6428, Shave" i’ b STOCKS. PUBLIC UTILITY. er. Tel. & Tel (9) pital Traction Co (4) ash. Gas L ot “Elcc. Power gt p Elec. Power 5lz% pid: & El. com. (T) c El. ptd. NATIONAL BANK. po 1 (1) . iunvia (12) mmercial (stamped) ncoln (13 etropolitan (14) ggs (158) ... ond _(9e) ashington (13). TRUST COMPANY. er. Bec. & Tr. Co. (15). ntinental Trust (6) P jerchants’ Bank & Trust (6) atl. Ssvings & Trust (121).. 0% ince’ Georses Bank & Trust Tust (86 .. achington Loan & Trust (14} +450 SAVINGS BANK. nk of Bethesda (6) merce & Bavings (10) n (12) Nited Biates (30) fash. Mechanics (20).01.000 FIRE INSURANCE. Amerfcan (12). Corcoran (10) emen's (8) p:flflw Union (15). waee TITLE INSURANCE. lumbia (6)......... al Batate (8h). . itle & Inv. Co. Md. com....... MISCELLANEOUS. be! Ross, Inc., com....oue Baehe” Shave Dairy pid. (L ¢ "ediesl Blde. Corp.. .. I Band & Oravel prd. (7 " C Faper ik, el e Bromo-gelz. A ( Storage pid. (&) . (1.201) . 8% 155 20 104 044 i extra. extra. exura. 2Ex dividend. ks closed. extra. extra. R o .....| Int Cement FINANCIAL, UNITED (Sales are in Sales. Lib3%s. .. . Lib 1st 4%s. Lib 4th 4148 US3¥sé US4 17 1017 STATES. $1.000.) High. Low. Wire Close. 1015 101§ 74 10216 10210 102 10 69 10316 103 14 10815 . 2 1028 1028 1028 1 10816 10816 10816 10 11228 11226 11225 FOREIGN. Argentine 5%s 62. Argentine May '61. Argentine 6s Ju 59 Argentine 6s Oc ‘59 A BT, B'58. Australia s 'b Australia 68 ‘56 Australia b ;i Bk of Chile 6%s ‘57 Batav Pet 4348 '42. Belgium 68 ‘55 Belgium 6%8 49 Belgium 7s '65 Belgium 7s Chin Gvt Ry 58 Colombia 6sJan ‘6 Con Pow Japan 7s. Copenhag ¢35 '53. Copenhag 53 '62. Czecho 88 '61 Czecho 98 v Dan Mun 8s A *46. . Dan Mun B'46. Denmark 4 Dutch East 1 El Salvador 8s '48. Flat 7s ex war " German 5%s " German Bank 6 German 7s rep "49. Ger Gen E‘l 7845 Haitl 6s'52..... Hungary 738 "44. . Irish Free St 55 60 ltaly 78 '61 e Italy Pub Sv 7s '62. B, oeus Norway 638 65. .. Norway 6s '43. Norway 6s '44. Norway 6s 52. Orfent dev 6348 Orfent dev 65 '63. Prague 7348 ‘52 Queenland 6s ‘47 1thine West 68 5! Rhine West 68 '53. Rio de Jan 6%s '53. Swiss Confed 8s ‘40 Toho EI Pow 6s 32 ‘Toho El Pow 78 '55. ‘Tokio 58 °52.... Tokio 5%s ‘61, Utd King 5% Uruguay 6s '60 Uruguay 8s '46. Sales. High. 814 e ® mopoh ~GoneRo~ Low 881 94% 94% 1 3 EScwancanaas 108% 108% 987 CER. ¢ 61.. 24 MISCELLANEOUS. ADIUDIP & P b Allegheny 6s *4: Alleghany 6s " Allis-Chalm s Am AgCh 7%s Am Beet Sug Am Chain 6s'33. Am F P 5%8 20; Am 1GCh6%s Am Int Cor 6% Am N Gas 6%s ‘42 Am S&R 1st 68°47. Am Sug Ref 6s°37. Am T&Tctrbs Am T&T bssf'60. Am T&T 6%s '43. . Arm&Co 4% Arm Del 5% At Gulf 598°5 Bell Tel Pa 58 B 48 Bell Tel Pa 6s C 60 Beth Strf 68'42... Cert-td deb 5% Chile Cop db b Col G&E 6s May 'l Com Invest Com Invest Duquesne ¢3%s "6’ East C Sug 7%8 '37 Gen Cable b8 ‘47. Gen Motors 6s '37. Gen PSv 5%s39. . Gen St Cas 5%s '49 Gen Thea Ea 6 Goodrich 614s. Goody'r Rub b8 ‘67 Hoe & Co 6145 '34.. Hum O&K %8 '62. MBTIstpfbsA. inland Steel 4%8'7§ 53 Int Hydro El 68 Int Match 6s ‘47 In M M col tr 6s 41 Int Pap6s A47... Int Pap 6s 65..... IntT&T 4%s'52. Kan C P&L 58 A 52 Kan Gas&B ¢ %8 '8( 4. . 10 128% 123% McCormack Midvale Steel Mont P db 6s A '62. Mor & Co 18t 4%s. Nat Dairy 5% 848 NYEdSsB 44... . @ 20 1 9 2 102% 102 3 103% 103% 47 18 93% 92% 1 67 67 28 102% 102 28 103% 103% 10 144 142 42 106% 106% . 15 106% 106 5 106% 106 67 109 108% 2 89% 89 7 106% 1064 1 111% 111% 1103 103 1 103% 103% 12 102 102 4 39 39 93 90% 01% 100% 67 94 92 28 103 103 1 3564 35 23 106% 106 10 1044 104% 9 9% 95 1 102% 102% 1 1034 103% 5 86% 85% 4108 103 5 103% 103% 1 40 40 5 974 9Th 7 102% 102% 94 94 2 102% 102% 6 105% 105% 24 97 95 8 98 98 8 90 88 . 42 100% 100% 7 101% 101% 4 9% T9% 5 0% 704 86% 7 105% 105% 23 954 95 1 60 60 20 104% 104 7 108% 103 36 64 62 7101 10 3 90 90 2 106% 106% 1 104% 104% 7 33w 38 1 100% 100% 2101 101 1 102% 102% 3299 W 89 100 99% 12 106% 106% 5 118% 118% LR 11024 1024 18 106% 1 06% 1 8 1 3 110% 110% 3 1035 109% Close. 88% 9Th 102% 94 102% 105% 95 98 88 100% 101% 9% 0% 93% 86% 106% 95% 60 104 103 64 123% 101 90 106% 104% 334 100% 101 102% ki 9% 106% #HE EvENING Direct to The Sales High NorOT& L6s'47. 10 106% Nor St Pow 412 1 1034 Nor St Pow 68 B 41" 1 105% PacG & E168°43. . 102% Pac T&T1st 6537, 104% Pac T&T ref b8 '62. Pan-Am Pet 6s '3 7 Low. 106% 103% 105% 17 10 104% %8 '70.. Pure Oll 5%s37... Rem Arms 65 A ‘37 Rem R'd 5%s A 47 Richfi’d O cal 65 *44 1 Sincl O 6%s B '38 Sincl O 7scv A "37. Sincl Cr O 6%s 38. Skelly Of1 535 °39. So P R Suz 78 '41.. StOIINJ6s'46... 8 StOfIN Y 4%s'51. 21 Tenn Cop 6s B "44. . Tenn £ P 68 Utd Drug cv b U 8 Rublst 6s 47 Utah P& L 58 "¢4 Vert Sug 1st 7s '42. Walworth 6s A *45. 8 Warn Br Pic 6s'39. 41 Warn Quin 6s 39 West Ei deb 55 44 West Un T 615 ‘36 W1l & Co 1st 65 41 WinRA7%s'41.. 8 YouSt& T 58'78.. 35 10314 RAILROAD. Atchison gen 4s'95 Atch’on ev 4 At & Danv 4s48... AtC L 1st 45’52 B&O 4s"48.. Can Nor 7s deh '40. Can South 6s "62... Can Pacific 4%s'60 Can Pacific 53 '54. . Can Pac 58 ctfs 44, Car Clin & O 6s'52. Cent of Ga 55 C '59. Cent Pacific 45°49. Cent Pacific 55 60. C'n Ry NJ gn 55'87 Ches Corp 53 *47 1. CB&Q 11dv 3%8'49 C B&Q 111 dv 4549, Ch M&StP4s 89, Ch M&StP 4%S E. . Ch M&StP 4% s 89, Ch M St P&P 68 76. Ch M & St Padj 5s Ch & NW 4%m 2037 Chi NW 41 8C 2037 Ch & NW con 4% Chi&N W gen 4% C U Ter 4%s 2020.. Clev Term 43%s '77. Clev Term 5%s 7. Colo Sou 4% Con Ry 4%s st '51 Cuba R R 68 '52. Del & Hud rf 4; Del & Hud 6%s'37. D& R Gr n 43 "3 D& R Gr43%s'36. Den&R G W 68 55, DRG& W st5s'78 14 Du S Sh & At 5s'37 E Tenn Va&Ga 5 Erie 1st con 45’96 Erie con 4s A 53, Erfe conv 4s (B). Erie Gen 4 Erfe 68 1967, Erfe 55 1975....... Fia E Coast 58 "74. Fond J&G 4%s '62. GrTrefdb6s Gr Trunk 7840, Gr Nor 4%s'76 (D) Gr Nor 4%s 17 (E) Grt Nor 18t bs. ... Gr Nor gn 5%s '52. Gr Nrr gen 7 . Gulf Mobile 55 '50. Hav El Ry 6%s '51. Hock Val 4%5°99. . Hud & M adj 68 '57. Hud & M rf 58 '57.. 111 Cent 45 '6 2 I1l Cent ref 45 °55. . Il Cent 4% s '66. .. 111 CCStL&N 55 A Int Rap Tr 65 '66. . Int Rap Tr Int & Gr Nor 68 Int & Gr Nor 6 ‘62 Int & G N ad 6s 52 Int RysC A 6872, Towa Cen 1st 58 ‘38 Kan CFtS&M 45’36 Kan City Sou Kan City Ter 4s'60 Lake Shore 3%s '97 Lake Shore 48 ‘31, . Leh Valcv 45 2003. Leh Vv 43%82003 Long Isl rf 48 49 L & N uni 4s°40. .. L &N 4%s2003.. L&N1strf5%s.. Manh Ry 1st 45°90 MER&L4%s'31. Ml ERy & L 68 Mil ERy & L 6861 M StP&SSM con 48 M StP&SSM bs gtd M StP&SSM 6%s. . MK & T 1st 45 90, MEK&T4ésB62.. MEK&T4%s MK&Toprin . Mo Pac gen 4s '76. .118 Mo Pacific 68 A ‘6. 16 Mo Pactfic s F *71. 58 66 ‘86. Mo Pacific 68 H Mo Pac 6%scv NOT&MEbs A '35 N&T&MG5sB 54, N YCgn3%n"9T 118% 97 102% 06% 110% 108% » 102% 1 ONDS o ] Close. 106% 1084 105% 02% 104% 106% 102% 96% 45 105 100% 91% 93 % | backed up with their stock market col- 106% 106% 111 29 99 110% 1107 29 41 100 8% 29 88Y 891% 97 100 68% STAR, WASLINGTUN, MEETING OF BAN LEADERS UNLIKELY Failure of Dr. Luther to At- tend Session May Cause Postponement. BY JOHN F. SINCLAIR. Special Dispatch to The Star. Luther, president of the Reichsbank, has canceled his passage to the United States “for_the present.” American business leaders, who have been preparing for this visit of former German chancellor, successor to Dr. Hjalmar Schacht as president of the Reichsbank, will be surprised at this announcement. Just what caused this sudden change in Dr. Luther's plans has not been stated, but many factors may have in- fluenced him. The vote of confidence in Premier Bruening in his first Reichs- tag test may have led Dr. Luther to de- cide to remain in Germany until the more important financial questions in- volved in the drastic cuts in government expenses have been take care of. An- other factor may have been the pos- sible embarrassment caused by the omission of some of the larger Ameri- can banking houses in the new $125,- 000,000 German short-time loan. No matter what the reason was, the proposed meeting of the central bank leaders of the world In New York is very likely to be called off. Eugene Meyer, governor of the Federal Reserve Board, announced almost immediately after his appointment that he would not attend any meetings of the central bank leaders. However, with Dr. Luther ab- sent, New York Federal Reserve Bank officials can confer with the officials of the Bank of England and the Bank of France. And it is not at all sure yet that the governors of the Bank of France will attend. So the meeting is gradually fading away. Bank Leans on Stock. A. T. Miller, New York economist, that the banks have a stake of from $10,000,000,000 to $15,000,000,000 in the future of the stock markets of the country has had a disquieting effect both in and out of Wall Street.” Banks are interested in the stock market, not as cwners of stocks as some people seem to think, but as so-called “potential” owners. An example will show how banks be- come interested in the stock market. Say Mr. Jones has $10,000 in cash and decides to buy 200 shares of a certain stock .quoted on the New York Stock Exchahge at $100 a share, the total cost being $20,000. The stock is a high- grade stock, earning big money, and so Mr. Jones’ bank agrees to loan him the $10,000 he needs and take the $20,000 in stock as collateral for his note. Let us further suppose that Mr. Jones is a salaried man, making $400 a month, with living expenses of $300 a month. So he agrees to pay $100 a month to- ward liquidating his indebtedness, Now let’s suppose that this note was made just beiore the break last Fall. Mr. Jones’ stock keeps dropping in price from $100 to $90, to $80, to $70, to $60. When it reaches that point—perhaps a little before—the banker becomes in- terested. Mr. Jones has no more money 1o put up. What's the banker to do? Should he agree to carry that loan without any margin of collateral, or should the banker tell Mr. Jones that he would have to have more collateral, or that the bank would have to sell the Jones’ stock at the market price? The banks of the United States loaned hundreds of millions of dollars on Stock Exchange collateral last year. has been a problem ever since. Every time a stock goes down one or two points in value from the present levels it brings new complications. ‘When one talks about banking sup- port coming in to help the market it really means that the banks have de- cided to carry over certain customers, lateral, in the hope that market prices will improve. So is statement of Mr. Miller’s, that between $10,000,000,000 and $15,- 000,000,000 is the stake of the banks in the present stock market, is not an overstatement of the real situation. Sound Movies. Europe, too, has gone wild over sound movies. A year ago 650 European the- aters were wired for the “talkies.” Now over 4950, including all of the first- run theaters, are “sound” equipped. Outside of Europe, the United States |and Canada there are about 1,850 the- |aters that have installed sound equip- | ment. ! What effect will this development | have on the American motion picture |sales abroad? It means far greater competition in the non-English-speak- ‘tng countries than ever before. { N. D. Golden, motion picture expert of the United States Department of | Commerce. estimates that European studios will produce some 300 features in their own language this year. The growing nationalism is another aid to !local pictures. In countries such as Prance and Germany the language barrier will tend to cut down the popu- larity of American films and give Eu- producers a better chance to ropean | ell_thelr products than _ever befor | Bales. High. Low. Close. Nor Pac 4%s2047. 1 100 100 100 Nor Pacr16s2047. 7 11214 1124 112% Ogden&L Ch4s'48 1 9% 79% Oreg-Wash 4s'61.. 17 93 93 Penna 45 '48 Sta 98 98 Penn gen 4% 10115 101% 63 100% 100% 9714 104% 109% 100% 100% 104% 23% 110% 9614 96 104 106% 108 997 7915 94 98 101% Pere M 1st 55 ‘66 | Pnilippine RR 4s. . PCC&StL5sB.. P&WV4%sB P& W V435 C'60. Port Elec 68°47..... Port Ry 65 '42. Por RL&P 7% Read gen 4345 A'97 RIAr& L4ls 34 | Rlo Gr W clt 4849 | St L Ir M'nt6s°31. STL IM R&G 4s'33 StL&SFindsA. StL&SF4%s'18. StL&SF prinss B StLS W 1st 4889, s Sou Pac ret Sou Pac 4%s°68. .. | Sou P 4348769 ww. Sou Pacific 5s " Sou P&Or 43577 Sou Rwy gen 45’66 Sou Rwy 6894 107% NEW YORK, October 23—Dr. Hans | Sou Rwy Sou Rwy 6% Tex & P 1st 58 2000 Tex & Pac 68 C'19. Third Av ad) bi Tol St L& W 45 '50 Un Pac 1st 4847 Union Pac 48 Cn Pac 4%8'67. Un P 18t rf 6s 2008. | VaRR 4%s'62 Wabash 434878 .. Wabash 18t 6s '39. Wabash 2d b 3 111% 118 1001 100 29% 904 98% 91 101 11 100% 87% 108% 101% 94 9% 101 83y 99 | 98% 924 third 50% D. C, THUKSDAY, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 23.—The fol- lowing is & summary of important cor- poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Construction contracts awarded in the seven States east of the Rocky Mountains d\ll’lns week ended October 17 aggregated $83,882,900, according to . W. Dodge Corporation. _Average daily rate of placements was $15,735,100, compared with September rate of $12,- 764,000 and $17,140,000 in October yea: ago. The trend of building construction during the first half of October has ‘the | turned moderately upward, as compared with last year. Valuation of September contracts about 25 per cent below 1929, whereas awards in current month have fallen only about 10 per cent un- der last year. For year to date, awards in this territory totaled $3,905,014,400 against $4,868,138,000 in 1929 period, a decline of 19.8 per cent. ‘The day's assemblage of third-quarter earnings statements is uniformly un- favorably contrasted with the 1929 showings for the nine-month period. Houston Oil of Texas showed moderate- ly higher share returns. A reduction in quarterly dividend rate was made by Follansbee Bros. Acquisitions were re- ported by Phillips Petroleum and Na- tional Dairy Products. The Companies. American Glue to declare $25. Com- mon dividend out of surplus; disbursed $30 October 15. Atlas Powder third quarter earnings 82 cents common share, against $2.75 year ago; nine months, $2.56, against $6.29. Auto Strop Safety Razor to pay 25 cents adjustment dividend on class A stock covering month of October, dividends on new Gillette preferred stock to be carried from November 1. Bohn Aluminum & Brass third quar- ter earnings 1 cent common share, against $1.97 year ago; nine months, $1.97, against $7.03. Butler Bros. subsidiary, Scott Stores, opens four new stores, increasing num- ber in operation to 82; has 102 locations leased. Colonial Beacon Oil awarded contract for 3,570,000 gallons fuel oil for Boston City Hospital; price, $1.04 barrel. Commercial Solvents third quarter earnings 25 cents common chare, against 42 cents year ago; nine months, 84 cents, against $1.17. Consumers’ Natural Gas recently or- ganized to acquire control of Pecos Val- ley Gas, Gas Co. of New Mexico, Okla- homa General Gas and Pioneer Gas Utilities. Management supervision to be exercised by Southern Union Gas which has substantial stock interest in new company. E. I du Pont de Nemours third quar- ter earnings $1.05 common share, against $1.80 year ago; 9 months, $3.88, against $5.64. Eaton Axle & Spring earned $2.19 common share in first nine months. Empire Steel W. H. Davey stock hold- ings in company acquired by Pickands, Mather & Co., other large stockholders to place holdings in hands voting trustees. Follansbee Bros. reduces quarterly common dividend to 25 cents; paid 50 cents in previous quarter. Ford Motor, Ltd., loses first of two patent suits against Junkers Co. for infringement of patent for construction of a!]rplane fuselages from corrugated metal. g Gould Coupler had deficit $83,649 in third quarter, against profit $52 345 year ago; nine months’ profit $226,394, against profit $131,144. Hudson & Manhattan Railroad third quarter earnings, 17 cents common share, against 92 cents year ago; nine months, $3.22, against $3.37. Houston Oil of Texas third quarter earnings, 63 cents common share, against $1.35 year ago; nine months, $3.62, against $3.40. Kroger Grocery & Baking September sales averaged $11 per store above year ago. Missouri-Kansas-Texas Railroad con- sidering reduction of rates on gasoline shipments in order to improve competi= tive position as related to pipe lines. National Cash Register earned 42 cents class A share in third quarter, against $1.71 year ago; nine months, $1.84, against $5.41. National Dairy Products has arranged with Florida Citrus Exchange for dis- tribution of fresh Florida orange juice; will deliver latter to customers with house-to-house milk deliveries. To ac- quire assets of R. G. Miller & Sons, Inc, of Hartford, Conn., for 7,220 shares common and $180,500 of 5% per cent debentures. New England Tel. & Tel. authorizes expenditure of $1,753,525 for new con=- struction and improvements in plant. Phillips Petroleum to issue 3,378 shares stock in acquisition of 17 service stations of Gilliland Oil of New Mexico. Public Service Corporation of New Jersey net income 12 months to Sep- tember 30 was $29,620,857, against $28,- 969,176 in previous year. Richfield Oil of California sells $1,- 500,000 fuel oil to Shell Oil. St. Louis-San Francisco Railway considering reduction of rates on gaso- line shipments in order to improve competitive position as related to pipe lines. Sherwin-Williams Co. earned $4.14 common share in year to August 3, vs. $8.26 in previous year. Superior Steel had deficit of $96,262 in third quarter, vs. profit of $13,073 year ago; nine months, deficit $278,621, vs. profit $194,450. Sweets Co. of America third quarter earnings 50 cents common share, Vs. 55 cents year ago; nine months, $1.01, vs. $1.06. ‘Texas Corporation president does not look for any change in company's divi- dend policy. United States Steel subsidiary, Fed- eral Shipbuilding & Drydock, low bid- der on construction of four new ves- sels for W. R. Grace & Co.; bid was $3,980,000 for each boat. Virginia Iron, Coal & Coke had net loss of $282 in third quarter, against loss of $11,929 a year; nine months, loss $110,502, against loss $39,893. Warner-Quinlan Co. had deficit of $114,689 in third quarter, against profit of $740,687 year ago; nine months, deficit $285,060, against profit $1,822,559. ‘Youngstown Sheet & Tube new $3,- 000,000 electric pipe mill went into com- mercial operation yesterday. EARNINGS REPORTED. NEW YORK, October 23 (#).—Hershey Chocolate Corporation and affiliated companies for the September quarter re- ported net income of $1,961,293, equal to $2.25 a share on 706,520 shares of common _stock, against $2,102,330, or $2.49 a share on 650,000 shares of com- mon, in the September quarter last year. The Allis Chalmers Manufacturing Co. reported September quarter net profit of $682,982, equal to 54 cents a share on the common stock, against $1,200,252, or 95 cents a share, in the third quarter last year. Phflflpl Petroleum Co. had third- quarter net profit of $3,026,369, equal to 90 cents a share on 3,367,366 sharss outstanding at the end of the period. In the third quarter last year the cam- pany reported profit of $6,518,781 after charges and Federal taxes, but before depreciation and depletion. Frank Phil- 1ips, president, in a letter to stockhold- ers, said it is the unanimous opinion of directors that the usual quarterly divi- dend of 50 cents shall be declared at the meeting in the latter part of No- vember. Gulf States Steel ended the Septem- ber quarter with net loss of $191,751, against net profit of $226,975 in the third quarter of 1929. Net loss for the year to date is $201,288, against profit of $1,086,860 a year Mid-Continent Petroleum Corporation reports net profit of $1,200,387 for the quarter, equal to 69 cents a share, ehuipued with same 1 period. A OCTOBER 23, 1430. FINANCIAL. RUSSIA CURTAILS U. S. TRADE. AFTER SHORT-SELLING DISPUTE BY J. C. ROYLE. Special Dispgtch to The Star. NEW YORK, October 23.—Orders anticipated by American manufacturers from the Soviet government have not materialized. Russia has been a con- sistent purchaser of domestic products for many months, but those purchases have been sharply curtailed and are not likely to be resumed, at least in the near future. News has begun to percolate to American financiers from Russian sources and from other trading centers in Europe that the reason for this is the opposition which was aroused by the short selling of wheat on the part of the Russian government through agencies in this country. Soviet Attitude. The Russian government takes the stand that it was not its intention to depress American wheat. It was “hedg- ing,” its representatives say, and merely saw what it thought was an op- portunity to make a very sizable profit in market speculation. The fact that the operation was not viewed in this light, it is reported from Europe, has aroused considerable animosity in Mos- cow. To this animosity has been added the resentment felt over the activities of the Pish Committee investigating Com- munist activities, which has been hold- ing hearings in various parts of the country. The present Russian govern- ment takes itself most seriously, and the results of the activities in the grain market have had a decided effect on Russian purchases. Moscow's policy now seems to be to do as little business with the United States as possible. Wherever it is feasible to do so, Russian purchases will be made in other countries. Russian products will be sold here only when other markets show a decided lack of advantage. It has become known in well informed international circles that the Russian operations also contemplated huge pur- chases of cotton, t which Russia was prepared to In other words, Russia intended to buy American cot- ton at present low prices and to pro- tect itself against lower prices by hedging. This would have started a movement of cotton which would have been of some benefit to American grow- ers, since cotton has not been moving freely, but would not have helped the price, because the purchases were to be counteracted by the hedges. Practices Stopped. _When the results of the grain opera- tions became evident the Russian bank- ers and their advisers prevailed on the Soviet government to avold such deal- ings, pointing out that they were full of dynamite. It was also pointed out that the net profit of the Russian wheat deal amounted to less than $500,000 and that it was not worth while to play with fire for such a sum. International bankers feel that Ger- many probably will benefit most from the switch of Russian trade away from the United States. Russia, it is felt, also believes she carh draw on Germany for all the technical men she needs and can dispense with the services of Amer- ican engineers and industrial experts. Russian governmental circles are de- clared to belleve that it is perfectly possible to take the American machin- ery already sold them and duplicate it themselves. In this they are mistaken, according to American engineers, be- cause a vital part of the necessary in- formation given Russia is lacking. (Copyright. 1930.) ik g S BANK CLEARINGS. NEW YORK, October 23 (CP.A).— New York bank clearings, today, $1,- 051,000,000; & year ago, $1,877,000.000. New York bank balances, today, $148,- 000,000; & year ago, $257,000,000. New York Federal Reserve Bank credits, g;ogaoy.osm.ooo,ooo; a year ago, $186,- ,000. HECHT TELLS BANKERS HOW TO MEET PROBLEMS The address “Problems We livered by R. S. Defore ‘the"Ameriah Betie: Assocla efore ican " - tion at Cleveland, presenting the analy- sis of recent economic changes that was accepted as the chief factor in bringing about the adjustment of the assogia- &m’l ?echrulnmuon branch 3 conform to existing conditions, been publishes ‘in booklet form. h‘l: text covers the questions of bank fal ures, developments in respect to umit banking versus branch and group bank- laf. and also the dulnh‘ll{;oor main- ning the dual State and national banking system. Coples ma; obtained from the Ameficlg l-nk);l:? Associa- tion, 110 East Forty-second street York City. b iy New BANK OF FRANCE GOLD RESERVE GAINS HEAVILY Special Cable Dispatch to The Star. Al tober 23.—The Bank of France statement issued this shows a gold reserve approximating 50, 000,000,000 francs, representing an in- crease of 20,0000,000,000 since June, 1928, when the franc was stabilized. As the bank must issue equal paj for each gold import, the fiduciary fif flation results in a constant increase in retail prices. With the cost of lis index the highest known in France with reports that retail prices are fall ing in several Furopean countries, the consumer who is ignorant of economi¢ laws fails to understand the situatioy here and is becoming more and mory outspoken in his complaints. Apparently under government stimu- lation, the French press is publishing interpretative articles for the pu of stilling alarm. There is no attempt to conceal the hope that the gold tide will turn soon, for otherwise the cost of living is likely to be the chief factor in the parliamentary elections early in 1932, for which the political parties are already preparing. (Copyright 1930.) One-fifth of the silver fllagree jewelry of Italy is sold in the United States. * * * * SUGGESTIONS for Coid Mornings WAFFLES- to Make Appetites Appetites of all ages grow younger and keener in anticipa- tion of crisp, golden-brown waffles with plenty of butter and syrup. They're easy to make on an Electric Waffle Iron . . . right at the table. You’ll want one of the new Manning-Bow- man waffle makers, with automatic heat indicator and nonm- tarnishing finish. Waffle Irons—Aranium Finish SPECIAL-59.95 $2.95 down . . . balance on monthly light bills Other models up to $25.00 —and for the balance The NEW $1.00 for Your Old Iron toward the purchase of of the month- PROC" 'OR Regardless of the age, type or condition of your old iron, we will allow you $1.00 for it on the purchase of the New Proctor, the iron that can be set at just the right temperature for ironing wool, silk, cotton or linen. You pay only $1.00 down, then $1.00 monthly on 6 ST ELECTRIC light bills. Ceo 29 A 14th. and C. Phon:"NAtionol 8800