Evening Star Newspaper, October 28, 1930, Page 15

FINANCIAL UPSWING ON CURB (ISLED BY UTILITIES Natural Gas Shares Featured % in Advance—O0il Issues Are Strong. . BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, October 28.—An early | rally on the Curb Exchange today held well as the session progressed. Public utilities, especially natural gas shares, led the upswing, with petroleum shares a:: nlnngr-ousuok.her sections of the list A lectric Bond & Share moved within & range of a point, but its backing and weS not followed by other power t securities. Citles Service was htly lower, but it was not typical of the trend among many of the Standard and miscellaneous oil shares. National Fuel Gas, which to Wall Btreet’s way of thinking is always as- sociated with Standard Oll of New Jer- sey interests, featured the natur: shares as it rose nearly 2 points by ’ v. _Responding to the comment of the ) Jent of the company that both ber and nine months’ profits were dbove those of a year ago, Lone Star Gas likewise advanced. United Gas in forenoon dealings was z about half a point and some of the low-priced gas stocks like Ap- palachian, improved. The latter has ac- the remaining 25 per cent of outstanding Texas common stock. Better \feelin; Gas Utllities Co. g marketwise toward due to the extra , perhaps - ration of Norfolk former company. United States Lines preferred more than recovered Monday’s loss, respond- to the earning statement, which showed net profits, from date of acqui- of various steamers to Septem- 30, 1930, of $1,538,378 after all payments on funded debts, ac- interest, $600,000 dividends on lerred shares, and reserves for all lumble Oil, which cut prices per bar- average of 25 cents in' Texas was the first of the Standard Oil to improve. It was followed by of Indiana and Standard oil lean Nitrate was the chief in the h the e be- lo-Chilean at times was T p— ‘enoon compared with 190300 SILVER QUOTATIONS. S i 3858 255 i SIS!28325!883!8!!!28!”!!“!!;; E W ) 38 ;#f-‘ 2358388 niee i, = eretes £, T 5 Dol £ 4] o OF] LIS g¥dsne . STy 5 FEEE & £k 288 Pty M EEEL TSP Y PO IYY oL ", $3088S il 3 23 gs33s88ceFEenngaEnsngsE! i g 3 3 38 e 3 lg:g g FREFEE FEE W W FEEEEE N i 2 3 2838 gisgsgfgfgffirff RS 2298 & BE%. e S5y & szszg:;:::s:zisa.-.u & 2 SEEF ;-v (3 PECh ey e Wl = Sup P> SRgsssssdse TETEE g CERR 0 P . 22288382822 PER FPRSPE, SRS - 832 35! RS Yo e = 3 ! B 1354 252288 * E ol =sx=:=asiasss=::§- s ggg N T B oot i e ee bl elewauuanuspessssaruSsselous aatusSuSamnSana Egs, FREER g8 g ) £ SETecke ggdse’ wal 81 Es ‘ ¥ F ¥ EETTER o 0033 2:?;,:- e >meg! i Q0, - 35 2 FEPTEERTT PRz T o AN i i H Ao s asAIS i B Bt ¥ ot NEW YORK CURB MARKET Note—All stocks are sold in one hundred-share lots e those in odd lots only. Sales— 44490, Open. Hish. Low. Close. Dividend Rate. Afielol Prod A Affiliated Pro Agfa Ansco pf... 98 g 101% 101% 100% 170% 170% 170% 170% 16% 16% 2% 35% Ce SoSuarBmmen Am Capital pr pt 634, Am Com P A (b10%) Am Com P B (10%).. Am Cyanamld (B).. Am Equitte; Am For Pow (war) Am Gas & EI (31) Am Invest Inc (B). Am Lt & Trac (2%) Am Maricabo, Am Natural G AmStPS A (1.60).. Am Superpower Am Superpwr ist(6) Am Superp pf (6) Am U &G B yte 40c Anchor P F (b10%) - > G & El ctfs (5). Plywood (2). Atlas Utll Corp. Axton-F Tob A 3.20. % Bahia Corp pf.. Bickford's Ine (1) Bigelow Sanford. Bliss (E W) Co (1).. Blue Ridge Cp (40¢). Blue Ridge cv pfas.. Brazil Tr&Lt(b8%).. BrillCorp B......... Buckeye PL (4)...., Bulovacv pf (33%). Burco Inc cv pf (3).. Cable Radlo T vte. .. Cable & Wire B rets. Camden Fire Ins (1). Canada Marconi Carib Syndicate. Carman & Co A (2).. Carnegie Metals. .... Cent Pub Sve A al76 Cent St El (ké0¢).... Cheesbor Mfg (153%) Chain Stores Stock. . Chat Ph Al nv (50¢).. City Sav Bk Ltd 4.19. Cities Serv (g30c) Clev Tractor (1.60). Col Oil & Gas vte. Colombia Syndicate., Col Pict vte (f1%)... Com & Sou war. Com Wat Sv (b6%).. Consol Alrcraft. Copper airy Pros Cons Gas Balt (3.60). Consol Laundries(1) Consol Retail Stores Consol Trac N J (4).1008 ContChCpevpf(3). 1 Contl Share cv pf (6)250s Copeland Pr Inc A Cord Corp...... . Corp Sec Ch (b6%).. Corroon & Reynolds., Cor & Rey pf A (6).. en Of1 Creole Petroleum. ... Crocker Wheeler. Crown Cent Petrol Cufberland P L 118, Cusi Mex Mining.... Davenport Hos (2).. Dayton Alr & Eng... Deere & Co (m1.20). De Forest Radio Derby Oil Refining. Detroit Afrcraft. . Diamond Match new. Dia Match cu pf (n). Dictaphone Corp (3) Dixie Gas & U Driver Harris new Douglas Afr (75¢) Dow Chemical (2). Durant Motors. East St Pow B (1)... Elsler Electric Corp. Elec Bond & Sh (b6). Bl Bond & 8h pf (6).. % El Pow & Lt op war., Elec Pow Asso (1)..v Elec Pow Asso A (1). Elec Sharehold (31).. Empire Corporation. Empire Corp (war).. Emp P Ser A (al1.80) Engineers Gold. Europ Elec deb rts Evans Wallow Lead. Fabrics Finishing. Fageol Motor. Fandango Corp. - o PR O NN DA RS DA ® 1 17 » =TIt ® L1 TOTSTRRR TN Jye - T T PN PN CISTert- P g o 1 20 5000 1 0000 1 10 0010 O 1 W BN e NN NS D T DI OO B TN O N O 6910 8010 10 00 ROV O Ca I 1t - Fox Theater Cl (A)ss Gen Alloys (30¢)...0 oy Gen Empire Cor (1) » “Gen G&E cv pf B (6) 50s Gen TheatEqwi... 4 GenThevpf w.i(3). 8 Gen Tire & Rub (16) lo; 2% 354 . 65 %1% Y% 17% 18% 144 118% 118% 8% 8% 17% 43% 4 25 25 193% 193% 117 97 Guard Fire Asso (2). 24 Gulf Oll of Pa (1%) Hecla Mining (1), Hudson Bay M & 8 Humble O1] (2). Hygrade Food Prod.. Imp Ol of Can (50¢) Ind Pipe Line n (+3), Ind Ter Illu OIl (A).. Insull Ut (1b10% %). InsCo N Am (13).... Insurance Sec (1.40) Int Petroleum (1). .. Internat Products. Intl U1 pt pt (7) Interst Eq cv pf (3).. Irving Afr Chute (1). Irving Air Chu war., Italian Superp (A). Jefferson Elec (2).. Kirby Petroleum. ... Kolster-Br (Am 8h). Lackawanna Sec (4). Lefcourt Real 11.85. . 117 97 25% 84 w 9 15%. 15% 4 4 99 9% 18% 14 NG'STAR, WASHINGTON, D. C., TUESDAY, OCTOBER 28, 1930. Stock and Dividend Rate. Leh C& N n (1.40) Leonard O1l. Libby McN Lily Tulip Cup (1%) Lion Ofl Ref (2). Loew's Inc deb rt: Loew’s Inc war). Lone Star Gasn (1).. Louisiana Lan & Ex. MacMarr Stores (1). M'Millan Petroleu Magdalena Synd. Mapes C Mg (13 M ottling. . May Hos cum pf McCord Rad&M g Mead Johnson (t4%) ev. 1930.~ Low. 28% 1 11% 17 98 16% 2% 35% 104 16% 24 | 35% 10% 65w 18% 36 1% 9 18% 36 11% 9 25% 97 674 51% 1% 8% 19% 15% Met Chain Stores. Met 5 to 50c Strs pf.. Mid St Pet vtc B. MIAWSt Ut (1%)... 4 Mid West Ut (b8%). Mining Corp of Can.. Mo KanPL (b10%). Mo Kan P L vte.. Miss Riv Fuel bd rt: Moh H P 1st pf (7) Moh HP 2d pf (7). Mtg BC Am sh 3.82 Mount & Gulf (8¢)... Mount Prod (1.60). Nat American Co Nat Aviation. . Nat Fam St b2% % Nat Fuel Gas (1) Nat Investors. Nat Pow & Lt pf (6), Natl S T Sec A 15067, Nat Sugar N J (2). 4 Nat Transit (1).. Neisner Bros pf (7) Nevada Cal Elec. Newberry (JJ) 1.10., Newberry JJ pf (7).. New Brad Ofl (50¢) New Eng Pow pf (6 N J Zinc (12%).. Newmont Min (£4) Newnort Co (2)..... N Y Transit (11.80). Niag-Hud Pow (40¢c) Niag-Hud Pow A w. Niagara Sh, Md(40¢c) Noranda Mines (2).. No Am Aviat A war., Nor Europ 011 Corp.. Nor St Pow pf (6)... Ohio Power pf (6). .. Orange Crush (1.50). Pac Pub Sv (1.30) Pac Western Ofl. .. Pandem Ofl..... Pantepec OIl. Paramount Cah Parke Davis (11.65 Pender DGr A (3%). Pennroad Cp (20¢).. Peop L & P A a2.40., Perfect Stove (4%).. Petrol Corp war. Philip Morris Ine Philippe (L) B 11.80. Ple Bak of Am A (2). Pitts Plate Gl (2).... Plymouth Ol (2) Prince & Whit (26¢). Prince & Whit pf (3) Prod Royalty (f1)... Prudential Invest Pub Ut Hold (50¢).. Public Util Hold war Pub Util Hold x.w. .. Pure Ofl pf (6). Reiter-Foster. . Reliance Manag. Reybarn Co. . Reynolds Invest. Rossia Int Corp. ... Safety Car H&L (8). SouthldRoyalty (60¢) 8 W Gas Utiliti Standard Motor: Stand O1l Ind (2% Stand Of1 Ky, (11.80. Stand Oil of Ohlo(5) . Starrett Corp......e Starrett Corp pf (3). Stutz Motor Car. SunInv..... Sun Inv pf (3 Sunray Oll (40c). Swift & Co new (2) Swift Intl (13%).... Syracuse Wash Ma B Technlcolor Inc. . Thatcher Sec Corp. Thermold Co pt (7) Tran Con Air Tran. Trans Lux DL P Tri-Cont Corp (war ‘Trunz Pork 8 (1.60) . ‘Tubize Chatel (B) ‘Tung Sol Lamp (1) Ungerleider F Corp. U 8 & Int Sec 1st U S Lines pf (1). Util P&L B ctfs (a1) Utility & Ind. Util & Ind pt Vacuum Ofl (4).. Veeder Root (2%). Vie Finan Cor (40c) Walgreen Co. Winter (Benj). Zonite Products RIGHTS. Com Edison .Jan 15 based payment. *Ex dividend. tPar! cash or stock. §% n stock % in stock. 8% in stock. ‘stock. 38 H Frz"f&"?‘, 14 BALTIMORE, Md., October 28.—Po tatoes, white, 100 pounds, 1.50a2.00; yams, barrel, 2.50a3.00; beans, 1.5082. beets, 100, 2.00a4. esbbngs‘ ton, 18.00a20.00; carrots, 100, 2.00a4.00; wer, crate, 1.00a2.00; celery, 1.25a1.75; eggplant, crate, 2.50a 3.00; lettuge, crate, 50a1.00; lima beans, .0021.50; peppers, hamper, in: 1, 75285 - Dairy Market. , alive—Chickens, tadt; - Laghorns, 1030 - o 17a24; Leghorns, 13a16; roosters, 13a15; ducks, 13a18; S\';lnel fowls, each, frsts, 38a40; hennery, white, = irsts, 45a48; Southern, firsts, 34a35; current receipts, 34a38. 20. pma.uuz-ha:u- Process, 32a34; store packed, Live Stock Market, Catile—] 100 head; i Receipts, light sup- to choice, 8.5049.50; medium to 7.00a8.25; Bulls, choice to prime, none; good to choice, 5.50a6.00; medium to good, 5.25a 5.50; fair "n fair, 4.25a4.75; common to plain, 3.75a .25. » Cows, choice to prime, none; good to choice, 5.00a5.50; medium to good, 4.25a 4.75; fair n; g;ir. 2.75a3.25; common to plain, 2.00 82.75. Helfers, choice to prime, none; good to_choice, 6.0026.50; plain to plain, 4.00a4. Sheep and lambs—Receipts, 700 head; falr supply; market 1.00a3.30; lamb, 4.50a8.25. Hogs—Receipts, 1,000 head; ply; market lower; light, , 9.75810.15; medium, hs, 7.00a9 pigs, 10.00a1 Calves—Recelpts, 50 head; ply; market steady; calves, supj heavies, roug! Hay—Receipts, 35 tons. _General hy seriously u:n entire situation. T g ofers af good, fair to medium, 6.00a6.75; 5.25a5.75; common to 83; October, Corn—No. to medium, 4.75a5.25; plain 3, 45. to medium, 3.75a4.25; plain . 6.75a7.50; medium to , fair to medium, 5.255.75; fair, 4.50a5.00; common to steady; Py light T6a10.15; le Stockhol light pigs, .25; 0.35. Hay and Grain. t has Drough! ‘Sactions hers- Sales— Add 00. Open. High. Law. 1 30% 30% 30% NY Telpf (6%).... 2 [ [T r - 3 PN Puget S P & Lt pf(6) 2 Stand O11 Ohio (23%).200s Stand O Ohlo f (7). 130s 1 Expire, .Feb 2 Received by Private Wire Direct to The Star Office Close. 0% WHOLESALE PRICES IN STEADY TREND Group Shows Signs of Sta- bilization After Long Period of Decline. L4 Holders of the staple farm products had time to take breath near the end of October during an end or let-up in the long price decline, says the United States Department of Agriculture Bu- reau of Agricultural Economics' Market News Service. Wholesale prices as a group were fairly steady, although there were weak points, Lambs, dressed poul- try and some fruits and vegetables were at lowest prices of October. Aver- age values and production-of commodi- ties had dropped rather close to the level of 1921, and some farm products, including grain and cotton, were selling near the average price of the years just befort the war. Some fields of business activity were showing improvement and there was a slightly more cheerful tone in the business world. Prices, however, were still falling slightly in various countries of Europe. Potatoes Gain Slightly. Prices at most potato shipping points were firm to slightly higher toward the end of October, but Chicago and other city markets were unsetled with Mid- western round whites and Idaho russets lower. Maine shipments increased, but some other districts reported lighter output. i Celery prices held firmly at Western New York country shipping points. There was considerable damage by freezing in trucking districts of Min- nesota and other north central sections, resulting in advances of cabbage prices at shipping points. Western New York cabbage shippers still received from $11 to $13 per ton bulk. City markets showed a general advance. Onions de- clined a little, the New York loading price ranging from 80 cents to 90 cents per hundred pounds. Virginia sweet potatoes remained steady at $2 to $3.75 per barrel in city markets, but New Jer- sey and Southern sweets tended slightly h!gl‘en California lettuce was lower as total shipments increased. Apple Prices Strengthen. Bushel baskets strengthened slightly in price in the Eastern cities toward the first of November. Most of the crop is in storage, and the market tendency usually is upward in the cold storage season. Western New York Baldwins and Rhode Island Greenings brought $1.30 per bushel at country shipping points, and barrels ranged mostly $3.50 to $4.25, compared with $4 and $4.25 in the Potomac-Shenandoah Valley are: Much fruit of good quality and size arriving from the Pacific Northwest. Eastern grapes advanced in the large city markets. Butter Markets Steady. Eastern butter markets recorded few changes near the end of October, de- spite the stronger feeling resulting from good demand and production decreas- ing, as compared with preceding weeks and a_year ago. Business continued quite limited except in the better grades. The proportion of fancy butter in the fresh arrivals continued small. Dealers were inclined to expect no great iqprovement until general business’and n&ket conditions become better. Turkey Crop Reluced. Although the season’s turkey supply 1is likely to be about 3 per cent less|pa than that of last season, the production is larger than either the 1928 or the 1927 season, according to present esti- mates, and there is nothing like a shortage in prospect. A decrease of about 10 per cent is re) from States from the Dakotas to Texas westward. Decreases were mostly in the East Central States. The dry, hot season proved quite favorable for raising young turkeys. Fully half the crop is ex- pected to be ready for the Tha v- ing market. The most favorable fea- ture of the October poultry market is the good demand which seems to have followed the general low level of prices compared with last year. Price tend- ency has been downward through the month, and there was no very active buying for storage. Farmers at country shipping points complain of low prices and are reported consuming more poul- try on the home table and canning con- siderable quantities for later use. The storage situation is somewhat better l% from @ market point of view and shows 8% 14% 1% 1% 'la “Wock. o Flts timothy new hay will bring from 24.00 to_28.00 per ton. t—No. 2 red Winter, 83; No. 2 red Winter, garlicky, spot, export, November, 83%p. domestic, yellow, old, 96a97; cob corn, 5.0085.25. Rye—Nearby, 60a65. Oats—White, No. 2, new, 46; No. ‘Wheat straw, No. 1, per ton, 9.00a ig%; oats straw, No. 1, per ton, 9.00a FOREIGN EXCHANGE. (Quotations furnished by W. Hibbs & Co.) Belling checks today. i, 4| difference between storage 145 ©on last quarterly or semi-annual extra IPlus 4% In stock. a Pa; , Adjustment atvidend: 13 stock. m Plus holdings less than those of a year ago by 15,000,000 pounds, which would be considerably below the five-year aver- age. This shortage appears to be in- creasing on account of the light storage of this n.l:onthn.mm . . rregular. Egg mll!k'etl have continued lar throughout the month with slightly up- ward tendency on standard lines of fresh receipts. Storage stocks are still large, with the daily receipts running only slightly less than those of a year ago. This section of the egg market seems likely to suffer from: oversupply for the rest of the year. Co; g de- mand for eggs seems to be larger than it was last year at this time, The Krll:e and eggs is unusually great. Live Stock Prices. Sharp price fluctuations featured all branches of the live stock trade during late October. The uneven distribution of supplies had an important bearing on the trend of values. About as many kinds of markets developed in the cattle as there were kinds of cattle. Lower temperatures, a_broadened shipper de- mand and smaller supplies of strictly good and choice long feed steers and yearlings gave strength to the market on such klndsm, br‘il: there was not much net change e. ‘The Chlcgao hog market was sensi- tive to receipts and the receipts were responsive to price changes. Producers seem inclined to hold back supplies on every decline. Quality is running gen- erally good. Pigs and overweights are in large supply. Apparently the country prefers to feed out immature and un- finished stock. Scarcity of pigs in Chi- cago market held that end of the trade about steady, well above $9. ‘The recent price at Chicago on de- sirable native ewe and wether lambs was $7.50 to $7.75, with a few of the best at $8.25, contrasted with $9.50 not long before. Grain Market Firm. Domestic grain markets developed a slightly firmer tone near the end of Oc- tober. Good demand prevailed for the light supply of most grains. White corn was selling at a sharp premium and appéared scarce. Oats, and barley ‘were steady to firm. Mills were pressing offerings of wheat feeds at Chicago, where bran was quoted October 25 at $20 a ton, standard mid- dlings at $19 and flour middlings, and gray shorts at $23 per ton. Cotton seed meal prices were unchanged or slightly lower at the principal Southern mar- kets, but Central, Western and Northern markets were stronger with colder weather and 4i per cent meal brought $32.50 at Chicago. Linseed meal tended lower at practically all markets. or yellow hominy feed met slow demand at h1l;ll¢huy lower figures, reaching $27 at c: 'fln.g,t.hy hay and prairie hay sold steady or slightly higher in a few mar- kets, with light supply and good demand. Alfalfa prices were generally about steady, with some signs of better de- mand since the colder weather, particu- larly in the North Central section. Pas- tures in Northeast and Central West- ern areas were greatly benefited by rains during late October, but droughty condi- tions remained over most of the Middle Atlantic area. ® [END OF DEPRESSION IS SEEN ON STOCK BREAK ANNIVERSARY Period of Recovery Has Been Long in IN u"- INDUSIRY Making It's Appearance After Drastic Liquidation in Wall Street. BY CLAUDE A. JAGGER. Associated Press Financial Editor. NEW YORK, October 28.—One year ago today occurred the most drastic de- flation in equity share values ever seen, and in examining the records of that hectic period, the failure of Wall Street to comprehend its significance appears at this date as one of its most strik- ing_phenomena. The predictions emanating from high places a year ago, and again last Spring, went so wide of the mark, that economists find it requires genuine courage to issue optimistic surveys of the business and financial situation at this time, although it may be reason- able to suppose that having had a year in which to perfect their aim, they should be more accurate now. On the last Tuesday of October, 1920, a two-day decline in the stock market blew itself out with a turnover of 16,- 410,000 shares, which doubles anything. experienced since. In these two sessions, the composite price index of 90 leading shares tumbled 42 points. About 20 per cent of the quoted value of listed stocks was lopped off in 48 hours. Bankers Powerless. This Monday-Tuesday nosedive came upon the heels of a drop of about 20 points on Wednesday and Thursday of the preceding week. On Friday and Saturday the hastily formed bankers’ consortium seemed to be in control of the situation, s othe fresh and more violent decline was astonishing and stunning. It had been thought that the bottom had already dropped out of the market. Commission house clerks, untangling the snarl in which their accounts had been left by the first crash, however, had discovered over the week end that the situation was quite otherwise, that the bottom had only broken loose. The impairment of marginal accounts had greatly exceeded estimates and large opergtors who had been expected quick- ly to bolster their accounts with more cash were not he from. Brokers found themselves with such an enormous amount of stocks to be sold that the machinery of the Stock Exchange seemed wholly inadequate. Members of the exchange marvel to this day that the machinery did not completely break down. As it was, several active stocks did not trade at all, owing to a complete lack of bids, and hundreds of orders were lost and never executed. Opinions Discredited. Despite the cataclysmic character of this collapse in equity shares, many competent observers felt that its effects upon business would be dissipated within a few months at most, that luxury lines, jamb resulting in the highest rates in years broken, the depressed building industry would be able to go forward and that a better and sounder pros- perity would result. What the actual course of events has been is well known. Business recorded substantial gains early in the year and complete recovery seemed romised by Spring. By late march, covery had failed. During June the situation was aggravated - by rapldly falling commodity prices and stocks went into a protracted decline, carry- ing them close to the lows of the preceding Autumn. A rally in the market in July came to grief in early August when the drought became a serious threat to the farm States, With the depression in both stocks and business having endured nearly a year, however, it seemed reasonable to suppose that 'substantial seasonal covery might come in ‘the Autumn. Gains in steel mill operations and re- ports of a turn in retail sales seemed to promise it, and stocks started upward again, only to turn downward early in September, when business and trade statistics foreshadowed that expecta- tions of recovery would again be disap- pointed. Share prices continued down- hill until levels well below those of a year ago were established. At last week’s bottom the general level of share prices was the lowest in about three years. Depressions Are Similar, ‘There is much to be said in the way of alibi for the overoptimistic expecta- tions of November, or again last Spring, and still again in August. Each depres- sion in economic history has manifested about the same symptoms, but the diag- nosis in each case has finally discov- ered distinctive ailments, and, in the present case, the causes of the trouble have been obscure and the diagnosis has been extremely difficult. In the first place, the crash was not preceded by any serious cases of in- solvency such as had provided warning signals in the past. Purthermore, the preceding depression was eight years old, and the salient weakness of that time, huge and burdensome stocks of merchandise, was lacking. The situation was obviously different. Going farther back into Wall Street experience. it was necessary to go back to 1907 to make any sort of comparl- son, for such troubles as occurred in the years 1914-20 ‘were attributable to the "extraordinary influences of World War, and were therefore clearly not_comparable. The history of 1907 did not helger:uch, for the banking situation had 'n so vastly improved since that time as to lead to the conclusion that the troubles of 1907 could never again be experi- enced. Going still farther back, the troubles of 1890's were largely at- tributable to instability of the currency, and the threats to the gold standard. The basic dlflc\llfl:lh-glt;hzh 11“’!” period appear, now sityal has been more thoroughly analyzed, to be due to over-expansion of plant ca- rlc"y. Save in a few instances, main- ly ra wmaterials, there have been no burdensome inventories of merchandise on hand. End of Slump Seen. But productive. capacity has been speeded up beyond the requirements of consumptive capacity. There has been very plentiful capital, and it fias been freely invested in the bullding of fac- tories and the digging of mines. It was suddenly discovered that the goods could not be consumed as fast as pro- duced, so production was curtailed and & painful period of correction and ad- Jjustment has ensued. At least in point of duration, previous periods of depression have had much in common, and comparisohs indicate that the present periog must be ap- proaching its fag end. STEADY GAINS FORECAST BY BIG CORPORATIONS Billipn-dollar companies once were few. 1In 1919 there were only seven such corporations, and their combined assets were $10,847,000,000. The United States during the current year, however, n boast of 24 such companies, of hich nine are financial institutions. ‘The total assets of these 24 ts reach almost $41,000,000,000, or it 12 per cent of the entire wealth of the country. Industry cannot always continue to expand without experiencing some pe- riods of inventory taking. Those who are prone, says Banking Trends, to conclude that present unfavorable busi- ness conditions will be slow to right themselves should bear n mind that previous periods of depression have never more than momentarily checked the continued progress of these corporations, Over a period of 30 years this growth, though interrupted from time to time, has been consistently maintained, but remarkable as this con- tinued development has been, it cannof wmrn with the growth of the coun- try itself. GRAIN MARKET CHICAGO, October 28 (Special).— The wheat market was firm today un- der scattered buying influenced by the firmness in Liverpool. December, old, opened 7812 to 78%; new, 8% to 78%; March, old, 83; new, 83%; May, old, 841 to 841%; new, 8415 to 84%. After first half hour: December, old, 78%: new, 79; March, old, 83; new, 83%; May, old, 84%; new, 84 Corn' was higher With wheat. De- cember, old, opened 78% to 78)%; new, 8% to 7812; March, old, 80; new, 80%; May, old, 8214 to 82%; new, 82%. After the first half hour: -December, old, 8% new, 78 May, old, 82%; new, 82% Oats were quiet but firm. December, l, ned 365%; May, old, 39%. the first half hour: December, old, 36%; May, old, 39%. Provisions were firm. SHORT INTEREST TIMID. NEW YORK, October 28 (Special).— The public criticism of short selling and attention that has been given to this phase of speculation by Stock Ex- change autherities and by Gove: officials, have made the bears id. There is less activity among the pro- fessional operators for & d e than in weeks. This is evidenced in the small volume of trading. It has its effect in keeping the market on an even keel, when unfavorable developments occur. It is rumored that some of the promi- nent bears have been talked to quite intedly and that their assistance in elping the general market and busi- ness situation to recover has solicited. STOCK AND BOND ent | 1 $7,000,000 MAILED IN DIVIDEND CHECKS Special Dispatch to The St NEW YORK, . October 28.—The Transamerica Corporation malled divi- dend checks approximating $7,000,000 to 210,000 stockholders situated through- out the United States and in more than 25 foreign countries.. This disbursement Tepresents a quaterly cash payment of 25 cents per share, ‘The number of lents is greater by more than 15, than when the last quarterly payment was made, in July, and discloses that Transam 'S roster of stockholders has risen above 200,000. after the creation of the cor ition, it had 115,000 stockholders. mount, reac] 168,000 and 175,000 hhlr‘Apru. " ,NEW YORK COTTON NEW YORK, October 28 (S Cotton prices were close to m:m- at the opening of the y. January old contracts received same position. 'Trade buyers were active and there was a fair demand from Liverpool. ‘The South again supplied contracts and more cotton came out on the advance. Opening prices were December, , 11.27, up 12; December, new, 11.28, up 14: January, old, 11.45, up 19; January, 1 19; March, 11.69, up 14; and July, 12.05, up POTATO MARKET. CHICAGO, October 28 (#) (United States Department of Agriculture).— Potatoes, 126 cars; on track, 402; United States shipments, 890; dull, trading rather slow. Wisconsin sacked round whites, 1.55a. Minnesota sacked round whites, 1.50a1.65; North Dakota sacked round whites, 1.55a17 sacked Red River Ohio’s, 1.70al South Dakota sacked round whites, 1.50a1.60; poor, 1.25a1.40; Idaho sacked russets, No. 1, 2.00a2.15; No. 2, 1.75a .80; Colprado sacked brown beauties and McClures, 1.90a2.00. -— PARIS BOURSE PRICES. PARIS, October 28 (F)—Trading was qulet and prices were stead: Bourse tod: waeioe lay. / Three per cent rentes, 86 francss 80 centimes. Five per cent loan, 101 francs 80 _centimes. Exchange on London, 123 francs 81 centimes. “The dollar was quoted at 25 francs 48, centimes. AVERAGES By the Associated Press. MONDAY, OCTOBER 27, i | § i i matnions L sz E URGES FREE MOVES | Curtailment Schemes Scored by Dr. Haney as Hurting Present Situation. Special Dispatch to Th NEW YORK, Octol .—The ofl in- | dustry will be benefited more quickly and more surely by nomic law of supply have immediate and unmolested full swing, than by the operation of any curtailment or proration schemes that seem to have been paramount in the minds of ofl producers for the last year or two, according to Dr. Lewis Haney, director of New York University bure: of business research and former econo= mist of the Federal Trade Commission. “Proration merely prolongs uneer- tainty, depression and inadequate prof- its,” said Dr. Haney. nly way to shut down production effectively and legally is to let market price fall a cording to the law of supply and de- mand. Low prices make it unprofitable to drill more wells, for they remove the incentive to produce. +“Earnings in the industry are low because the price of the chief product, gasoline, is low. Now comes & cut in the price of the crude oil in the Texas Panhandle. “Yet it is now more reasonable to hope for ultimate improyement in the o%lnd\utry than it has been in a long while. Slowly but surely the hldunry is being driven to a realization that it must resort to old-fashioned remedies for over-production. The idea that it can keep prices up and at the same time hold production down is passing. The ‘proration’ policy is being de- bunked. “For a long while, ofl leaders have been struggling to enforce agreements among producers, according to which the output of a pool is restricted each producér is limited to a certain percentage of the Jjotal. This is proe ::l:tn' It is a sort of ‘pooling agrees “But they can't beat the law of and demand. Like most pooling m:neo- ments, proration breaks down beoa those in the pool try to and some producers wan money by producing more agreement allows. “Of course, low et resutt. TR 1o why . is why we may be. gin to get hopeful about / try, now that prices are bei Dr. Haney was in gasoline investigation f¢ ‘Trade Commission and a member of ad of the commission C. & P. NETS $243,919 IN BALTIMORE AREA Report for September Also Shows _ Nine Months’ Profit at $2,232,163, peake & Pol Tel R At ,177,087, the of tons just filed with the Maryland Commission shows. Ex= period were $8,320,f revenues $2,232,163. el lone 12 months ‘en amounted to $14,112,482. this period ‘were $11,076, net revenues equivalent to average erty Service c;wmhn as De'e:lmm 31, 1984, 30 was $46,608.408, O T ber were $113, ‘gfl Septem| X increase of $3,061 September, In December, 1928, shortly|$! period were $2,013,282, additions $2,509,359. Net addi to plant and equipment for the 12 months e September 30 amounted $3,310,056. YORK, October 28 (s)etmlu City Steel Co. today $1. first nine $689,159, equal to $2.36 a share, Sl,!fl.:l,:, or n‘:sll:“lm the responding pe year. Radio - Keith - Orpheum and subsidiaries for the first months has net it of $3,052,571, equal to $1.28 a re on the class A stock outstanding, compared with $1,e 637,900, equal to 69 cents a share, inj last year, qu net was $1,006,437, against $1,141,532 in the third quar ter last year. Prairie Pipe Line Co. and had Se?ohembe Saainet 55,358.380 $1.31 mu.m the third quarter last yur.. h NEW YORK, October 28.—Further ::uunmyunotvmthemu-mhnhl sons for under! strength stock market. b " Hornblower and staples—fhese developments are it helping to revive optimism. | Redmond & Co—The rally, RORd- ‘which