Evening Star Newspaper, November 1, 1930, Page 14

Fixing FIN MELLON ANSWERS | REFUND CRITICISM i { Secretary’s Statement Gives Clear Idea of Plan Followed in Readjustments. BY JOHN F. SINCLAIR. Special Dispatch to The Star. ! NEW YORK, November 1—Secre- tary Mellon's explanation of just how | income tax refunds come about ahouldi be read by every business man. } The facts are these: The income tax | Jaw provides that every individual shall first submit his own estimate of his in- | come and inclose a check to cover the| first installment of the taxes due. Th: date for filing is fixed and definuite A alty is imposed upon any one who m to return his statement on that | d‘;fhl! done, the Bureau of Internal| Revenue audits each return. If the| return is correct, the matter is closed. | “If the taxpayer has underestimated | his tax, an additional tax is assessed, said the Secretary. “If he has over-| estimated his tax, he is entitled to the refund of the amount overpaid. If the taxpayer is dissatisfied with the de- termination of the bureau, he is en- titled to. & full hearing, or, at his op- tion, he may have recourse to the Board of Tax Appeals or to the courts. Refunds Exceeding $50,000. 11 refunds in excess of $50,000 must ‘.Asubmllted in advance of the pay- | ment and passed upon by the con- gressional joint_committee on internal Yevenue taxation, consisting of Senator Smoot of Utah, Senator Watson of In- diana, Scnator Reed of Pennsylvania, Senator Harrison of Mississippl, Rep- Tesentative Hawley of Oregon, Repre- Treadway of Massachusatts, tive Garner of Texas tive Collier of Missis- Mellon explained that by far Targest amount of these Te- funds to court decision and be- 2 easury control. Stil, the Sec- that such a P to the court the uin o mms:'éeur}uidmtmthe he total amount of addi- ts, which have resulted SaStEe ,345,000,000, while tions has been $5, s the 28 per cent of said the Secretary yemarks. All true, but neve Congress is preparing to investigate carefully the recent refund cas:s have arisen. Snowden and Tariffs. ' 15 Philip Snowden about to leave the n}l’um cabinet? This 100-pound in- valid, the ic i.nteuecl.unl' \é‘lg:{ present Labor government, . hopelessly so, over the subject of - tection. yBehlnd closed dcors, the mem- bers are carrying on a bitter struggle | inst it. g nt influences Mr. no n?w‘m. Always a freetrader, he knows why he is one. He has no illu- oo Tl of ‘special fave Tond srien 3 of [avOrs an resulting in an unholy alliance of government and business. He have nothing to do with it—ro matter ‘how successful other nations have been in building up their protective tariff Mr. Snowden will not change-not even if every dominion in the British commonwealth is converted to a pro- tective tariff policy! That means noth- ing to him. He has at least two others in the cabinet who agree with him— Mr. Graham and Mr. Alexander. If M~ Snowden goes, they will go too. Reports are becoming more and more frequent that the “iron” chancellor, the most capable and brilliant since the days when William E. Gladstone held | the treasury portfolio, is about to retire to_private life. !;:’mly be defeated, but his head is unbowed and he is unafraid. His con- duct in public office, no matter how oue feels about his policy, has been an in- spiration to the entire British people | and to the rest of the world. ‘The British Labor government will| lose its most valuable :azlr'nber lhaug‘ . Snowden retire, an may spell, | g the downfall of the MacDonaid government. U. S. Income. The income of the United States dur- ing the next six months is estimated by | the Brookmire t Economic _Service $32,604,000,000, a loss of 19 per cent! from the corresponding period of a year ago. ‘The present cash crop year income is estimated at 20 per cent below the 1929-1930 income. Certain farming sec- tions are in better shape than many others. The New f!‘!“':lh.ml nr‘;n semo;n. for example, has prospects over the next six x‘r’wnms because of fairly high- potatoes and the favorable out- for income. Retail trade through the country as 8 whole in September was 9 per cent below the same month of a year 5 although a seasonal increase ma expected in the next 60 days. Car Joad ings for the week ending October 18 ‘were 21 per cent below that of 1929, in- dystrial employment 1915 per cent be- September of 1929, while pay rolls were 27.4 per cent less. The best indication of the business trend is thet the Brookmire business index in Sep ember stood at 81.6, com- pared to 111.2 just one year ago. Weekly Business Summary. The Department of Commerce's ‘weekly summary of business shows bank debits for the week ending October 25.' outside of New York City, increased over the preceding week, but declined from the correspcnding week of 1929. Loans and discounts of the Federal Re- serve member banks, however, were Jower than a year ago, although about the same as in the preceding week. No change occurred in the interest rates either for call or time money from a week ago, but the rates con- siderably lower than last year. Stock and bond prices were under the preceding week, while bond prices increased and stock prices declined as compared with a year ago. Wholesale prices, as measured by Pisher's index, were lower than for the same week of 1929, but showed no change from the preceding wee! ‘The Department of Commerce sum- marizes the production of major indus- tries for the week ending October 18, 1930, as follows: “Increases cccurred over the preced- ing week in the production of petroleum and lumber and in the receipts at prin- cipal markets of cattle and calves. De- clines from the previous week occurred in the production of bituminous coal and steel ingots, in the value of build- contracts awarded and in the re- of wheat and hogs at important centers.” _Nothing in the summary indicates any distinct trend either up or down. (Copyright, 1930. by North American News- paper Alliance.) ey BOND ISSUE CALLED. NEW YORK, November 1 (#).—The Western Maryland Dairy Co:poration called for redemption on Decem- has ber 1 of its first mortgage convertible 20-year bonds at 105 and accrued in terest. The privilege of converting the ‘bonds into 7 per cent prior preferred at at the close af business i | I . ! | currents generally continue irregular, | dividual branches of business, but the | least some ! sons with other years. ANCIAL. + _THE EVENING STAR. WASHINGTON, Received by Private Wire Direct to (Continued Prom Page 1 Stock and Dividend Rate Park & Tilford Pathe Excl Patino Minei Penick&Ford (11%). Pennev (J C) (3) Penn Coal & Coke Penn Dixie Cement Penna RR (4). People’s Gas Ch (8). Petrol Corp (1%) Phelps Dodge (3).... Phila Co 6% of (3). Phila Read C&1I.... Philip Morris&Co(1) Phillips Petrol (n2).. Pierce-Arrow A (2). ~Prev 1930~ Hieh. Low. 35% 10 9 24 82% 9% 55% 264 B5% 64 4 6474 212 11 231 50w 11 814 20% Pitts Unjt Cp pf(7). Prairie O1) & Gas (2) Prairie Pipe L. (15).. Pressed Steel Car .. Proct & Gamb (2.40). Prod & Refiner: Prod & Refiners pf.. Pub Sv NJ (340) Pub Sv N J pf (6) Pub Sv E & G M (6) Pullman Corp (4) 4 Punta Alegre S cifs PureOil.... + Pure Ofl pt ( Radto Corp Radio Corp (B! . ¢ Radio-Keith-Orph A. Raybestos Man 2 60. Reading Rwy (4).... Real Silk (5) Reis (Robt) & Co. Rem Rand (1.60). Reo Motor Car (80¢). Republic Steel Republic Stee! pf (6) Reynolds Metals (2). Reynolds Spring. ... Reynolds Tob B (3). Richfleld Oil (ne 40 123% 17 112 89% 1% 274 114% 69% 85 50 BRI 141% 64% 5% 46 14% 9% 954 34n % B8% 284 25% 48% 5615 6% 122% 118% T6% Rossia Insur (2. Royal Dutch a3.21 Rutland pf.. Safeway Store: 4 St L-San Fran (8) St L Southwestern, , 4 Savage Arms (2). Er LIPS RIC-PISP A P A Sears Roebuck $2% Seneca Copper. Serel Ine. Shactuck (FY Shell Union Ofl. Shubert Theater: Simmons Co. . Sinciatr Con Ol (2) Snider Packing...... 5 Solvay Am pr ww 5% Southern Pacific (6). Southern Rwy (8) Sparg-Chal pf {6) Sparks Withing (1) e - s o - tand Brands of (7) tand G & E (3%) Stand G& E pf (4).. Stand O of Cal (2%). Stana Oil Exp pf (5). Stand Oil of Kan (2) Stand Ofl of N J (12) Stand Ol N ¥ (1.60). Starrett (L S) (12%) Sterling Sec (A).... Sterl Sec cv pf (3) 8% Sterl Sec pf «120) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun Ofl (11) Sun Ofl pf Superior Stee! = M PYQESE T IOT-19 PN Sales— Add 00. High. 6 10 2 54 534 10 106% 106% 2 % 3) ~Prev 1930 ~ High. Low. Prev Close. Close. | 10 30 3% i 391, 38% 6n 4 Low. 10 Tri- Vadasco Wabash ‘Wabash Wrigley 16% Dividend rates as s Unit of tradin in stock. er cent 1 ™ 8 | Dreterred stork. cash payments based on th less than 100 Payable in scrip. Do, resular_ rate. NEW YORK STOCK EXCHANGE Stock ana Dividend Rate Telautograph (11.40) n Cop & Ch (1). as Corp (3).. Tex Gulf Sulph (4). Tide Water As (60¢) Timken Det Ax (80¢) Timken Roll Tob Prod (A) (80¢) Transamerica (1) ont Corp. . Tri-Cont Corp pf ( Trico Prod (2%) Und-Eil- Fischer (b). ) Union Carbide ( Tnion Ol1, Calif union Pacific (10) Un Tank Car (1.60). Utd Alrcraft Utd Afrcraft pf Utd Biscuit (1 Utd Cigar Stor Utd Corp (60¢). .. Utd Corp pf (3). Utd Electric Coal Utd Fruft (). . Utd Gas & Im (1.20). Utd Piece Dye W (2) Utd Stores (A). U S Distributing. Bales Corp. Vanadium Corp (3) Va-Car Chem. Va-Car Chem 6 Va El & Pow pf (6 Vulean Det (4). of. oo pr(A) (5).. vt (B) (5).. Waldorf Systm (1%) Walworth Co (2).... Ward Baking (A)... 120 Ward Baking (B) \:,'lrd Baking pf (1) 3 . 9 Warren Fdy & P (2). Wess Oil & Snow (2). Penn EI pf (§). Dairy (B).. w Western Unton (8).. Westingh'se A B (2). Westing E & M (5).. Weston El Instr (1).. Wextark Radio Strs. White Motors (2). ... Wh Rock M 8 (14%4). White SewingMach White Sew Mach Wilcox Ol & G: Willys-Overland. .., Willys-Over pf (7)., Wilson & Co (A) Woolworth (2.40) Worthington Pump. (Wm) (4).. Yale & Towne (2)... Yellow Truck....... Youngs Spring (3).. 3% Zenith Radle. . 3% 3% 38y bove tadle o lalest Guarierly of bal yearly declara: 1o Fiun "8 per Cene 1n veeks © Pazable In stock. d Payesie cash or stock. fPlus 10 per Plus 3 per siven m yable cent in n Plus 8 , o Flus § per cent in ect ‘o aporoval of stackiolders SIGNS OF RECOVERY NOTED IN BUSINESS Long Downward Trend Part- ly Halted, Say Weekly Financial Reviews. Special Dispatch to The Star. NEW YORK, November 1.—Some en- couraging signs in business appeared during the past week, although the scope of the improvement remains re- stricted, while trade and industrial according to the reviews issued yester- day by the mercantile agencies. Dun’s Review says in part: | “Fluctuation in the weekly rate of activity in any given line is of less importance than underlying forces which determine basic trends, strength- ening of the fundamental situation being regarded as essential to ultimate general revival. Progress in the latter connection does not yet show in the principal statistical barometers, but the | closer balancing of production with consumption, the working off of some surplus stocks of goods, the naming of more attractive prices and the efforts to mmz;bi umn;’ploymem are among the hopeful auguries. ““Much variation appears now, as might be expected, in reports from in- steady recession has been checked in at quarters, and in isolated cases distinctly larger transactions have resulted either from pressure of imme- diate needs or to take advantage of ex- | ceptionally low quotations. The re- newed heavy purchasing of copper is an instance of buyers’ quick response to indications of further curtaiiment of output. Cotton and some of its manu- factured products have shown more re- sistance to decline, and most other leading divisions of the textile industry disclose a seasonal betterment. Gradual Recovery Forecast. “Considering the commercial field as a whole, less than the customary Au- tumn stimulation of demand has thus far occurred, yet the prevailing circum- stances are such as to qualify compari- Nothing ap- parently foreshadows an early marked departure from the existing status, but the passing of time is calculated to add to the factors which are counted upon eventually to bring the hoped-for re- covery. “In the main, there has been a bet- ter sentiment in financial circles, while markets for the great agricultural sta- ples, although highly sensitive to specu- lative influenccs, have moved with di- minished violence. Any turn to greater stability in prices for commodities would be advantageous to trade uplift.” Bradstrect’s says in part: “In the general balancing up of re- ports for the week, wholesale and job- bing trade and industry seem a trifle quieter, while retail trade maintains its | hithert> October volume, with spurts or declines from earlier periods where weather or other conditions govern. | “That scasonal conditions are hav- ! {ng normal weight in certain lines seems | evident from the slowing down reported | in two branches of the ircn and steel | | trades, tin plate and pipe making, with resulting reports of a further slight easing off of steel plants to an even 50 i per cent average. In the notable varia- I'.ton of reports from the above trade might be mentioned the general easing . off of prices of steel scrap, over against | which have been the piacing of some heavy orders for steel rails and for a good of structural work, these ranteeing a volume of the Fall and Winter that so far experienced. work t] at 1:ast equal to 1 Lumber Production Lags. | “Among the other industries it | noted that lumber output is down il'-! apparent minimum limit, with do- is me takings apparently relied n to furnish buy! power to offset -“op;e | year. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, November 1.—No bon- fires burn brightly on Halloween in Wall Street to drive out condemned souls—dead within the year—whose wicked spirits have been bewitched into animalish forms. Saman, Druidic great lord of death, with his goblins, ghouls, hordes of cloven-hoofed brutes and witches, does not haunt the Stock Ex- change. Black cats in the financial district are almost as rare as stocks scoring daily new peak prices. Ghosts, sprites and spooks, however, in some form hover over the district each day. Anti-jinx signs, such as holding the first two and last two fin- gers together to permit evil-wishers to escape through the gap of the second and third fingers, are among the devices used by Wall Street traders to drive away wandering hexes. Many Carry Talismans. Some tape readers regard amulets, anclent beggars, certain colors, charms, numbers and the stars as ominous beckonings from Dame Misfortune. Others read in symbols signals from Lady Luck. Scarabs, rabbits’ feet and jade are| carried as talismans by some of these followers of fractions, but the most common “charm” is stipulated sum of currency. Some plungers would not think of placing an order without their “lucky grand” safely pocketed. These greenback slips of magic, according to the finger-crossers, must never be parted with, but hard-boiled margin clerks and ruthless landladies unfortunately have no superstitions about accepting Uncle Sam’s currency. Aged alms seekers, knowing that cer- tain chance takers believe that all sorts of demons pursue parsimonious persons, always are around the Street to collect their mite. | attests. GHOSTS, GOBLINS AND SPOOKS PLAY DAILY ROLE IN WALL STREET Green, so the saying is, ves un- lucky to those not born wm?t. ‘This may be true, but a certain well known Irish broker loathes the sight of green .nld finds no four-leaf clovers in that color. Casket Pools Doomed. Caskets, according to mythology, ma; possess Aladdinlike magic powers, bu{ the average bet-layer in Ticker lane with even the slightest knowledge of pools and their history shies at any shares suggestive of ~eternal sleep. Nearly every known pool in a casket company security went broke. One trader, who was a rash non-believer, bought shares in many casket corpora- tions s ly after the outbreak of the European war and for many years has }lved on the dividend checks there- rom. Numerology plays a part more im- | portant than charts and statistics in the operations of some market follow- ers. Their ideas about numbers, not altogether orthodox, as the numerolo- gist may observe, definitely put the figure 8 into any object with the slight- est suggestion of money. Sixes, so these boys ascert, are vibra- tions that always set in motion market changes. Perhaps some bear thought of that on October 26, 1929. No bears have suggested that their selling P erations this year were based on the fact that the figures 1930 total 13. Even Fractions Preferred. Many traders prefer to deal in even fractions, but they never refuse to accept an odd-fraction execution if it puts extra money in their pockets. Astrology claims many Wall street followers. ~J. P. Morgan, the elder, firmly believed in signs from the stars, as his astrologist asserts, and as the big sign of the zodiac in the floor at the entrance of the House of Morgan (Copyright. 1930.) has a quiet trend, with leather inclined | to ease with hides. “Continusd activity is reported in radio manufacturing, which may be expected to be seasonally active from now on in the distributing branch. In the leading speculative markets a slight reaction seemed visible following the notable advances in wheat, cotton and stocks throughout most of the preceding week. As a result of short swings in all of these, the general trend was ap- parently downward, canceling a good of the advances, except perhaps cotton, where a rise of 1} cents oc- curred in the last 10 days of the month. “Cotton goods have sold better, in keeping with the sharp advance in| the raw material. In the non-ferrous metals, copper was officially lowered, in keeping with the easier tone noted last | week, but some buying developed on | reports of efforts to reach an agreement among world producers to reduce pro- duction further.” Pennsylvania Stockholders. NEW YORK, November 1 (#)—Stock- holders of the Pennsylvania Railroad on October 1 numbered 212311, an| increase of 4,157 over the preceding month and 27.314 over October 1 last NEW YORK BANK STOCKS NEW YORK, November 1 (#).—Over- the-counter market: Asked. T4 1% ebbing in export lines. Hardwood areas in the central valley note a rather quiet tone prevailing. Shoe manufacturing Westchest FILM EXPORTS INCREASE $719,212 IN 9 MONTHS | By the Associated Press. Exports of motion pictures during the first nine months of this year showed a gain of 8900540 linear feet and $719,212 in value over the correspond- ing period of last year. The United States shipped to all countries of the world 210,037,969 linear feet during the period, valued at $6,168,702, as compared with 201,137,.- 420 feet with a declared valuation of $5,449,491 for the same period of last C"l % Since the introduction of the sound and dialogue film Europe has become by far our largest quantity market. at ; the same time maintaining its position as our best source of revenue. For the first nine months exports to this region reached the unprecedented total of 93,.- 537,822 feet, or not far below half the total exports. INVESTMENT TRUSTS NEW YORK, November 1 (#).—Over- | the-counter market: Bid, Asked. | Amer Composite Tr Shrs. . 73 . c umulative Ti 8h Diversified Trustee Shares A... Diversified Trustee Shares B. Diversified Trustee Shares C Eauities Investors Corp com. Eauities Investors Corp units First Amer Corp. Pixed Trust Shares A ght Sec Truat. & Rail Trustee Shares d Inc United il Tru: FERer & Bov et Others unchanged. ’iano D. C. SATURDAY, STEADIER NARKET NOTED N BONDS High-Grade Issues Record Fractional Advances Short Session. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November I.—A some- what steadier market for domestic corporation bonds that have been under pressure, but soft spots in others, represented the general trend in the investment market today. There was a fair degree of activity. 7 ‘The high grade issucs were Irm with fractional advances in a limited number and more disposition to trade in the group of new legals as published estimates show earnings sufficient to cover their requiremenis to keep them in the legal list. A distinct feature ot this week’s market has been the with- drawal of offerings and the substitu- tion of bids slightly below the current range. Amusement company bonds vere firm and some of the olls were steadier. There was an improvement in tone of the Alleghany Corporation debentures, in American & Foreign Power 5s and such bonds as Erie 5s and St. Paul Gold 55. Commercial Investment Trust 6s advanced a point on more than usual activity. A weak spot in the market was Consolidation Coal 5s, which broke sharply to a price that suggests some question about the payment of the next coupon. Foreign issues were irregular. The South Americans showed losses and gains about equally divided in members of the same family groups. Liquidation seems to have been checked, but there is no snap to the rallies. Each sub- stantial advance is usually followed by & reaction. German Government 5%.s improved a point. A notable incident in this week’s market has been a 10- point decline in the State of Queens- land 7s, long regarded as one of the strongest foreign dollar bonds. This is in line with the revision of opinion as to the standing of all the Australian issues. Government securities were steady, including the Liberty 4!is and the long-term Treasury issues. There has been a heavy demand for these obliga- tions from banks recently. ‘With such a small volume of new financing last month, the market has been able to absorb liquidation of old issues more easily and is in a stronger technical condition than for some time. Present indications are that there will be comparatively little refinancing this month. KERS TRADE A PPLES By the Associated Press. NEW YORK, November 1.—Red ap- ples were traded on the New York Curb Exchange for a time yesterday. A group of the brokers rounded up several men in the financial district who were sell- ing apples on street corners for the benefit of the unemployed, and raffled off their boxes on the exchange floor to the highest bidders. Bidding was ac- tive, but the modesty of these brokers prevented the sale prices from being printed on the ticker tape or elsewhere. Washington Stock E_xchange SALES. Capital Traction 55—$1,000 at 88. ‘Washington Gas 6s “A"—$1,000 at 103, $300 at 103. ‘Washington Gas 6s 1061;. Real Estate Mtge. & Inv. pfd—40 at 62 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 413s |33 4125 '39) Am. Tel. & Te Anacostia & Ana. & Pot. guar Tel. of Vi Traction R & Suburban 5s. 53 otomac 4 Wash,, Alex. & Mt. Vern Wash., Balto_ & Annap. 5 Washington Gas 5s. Wash. Gas 6s, series A. Wash. Gas 65, series B Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. Barber & Ross. Inc.. €las Cheyy Chase Ciub §ias D. C_ Paper Mfg. s . W, M. Cold Stcrage 55 Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. capital (1%) A Golumbia 2 Commercial (stamped) ( District (8. Rigas (158) Second (9e) .. .. Washington (13) " TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (8) .. Merchants’ Bank & Trus, Natl. Savings & Trust (1 i Prince Georges Bank & Trust.. Union Trust (8§)...... c Wash. Loan & Trust (14)...000 SAVINGS BANK. Bank of Bethesda (63). Commerce & Savings (i0) East Washington (12). Potomac _(10) Security Bavings Seventh Street ( United States (30) . Wash. Mechanics’ Piremen's (8)...." " National Union’ (15) .7 TITLE INSURANCE. Columbia _(6h). . Real Esta%e (6h). Title & Inv. Co. Md. com 5 MISCELLANEOUS. Barber & Rosy, Inc.. . San B C- Fape Dist. Natl. Emer. Bro: ederal St % om Am’ Co. pfd. (6). Lanston Monotype (8)". Mer, Tr. & Stge. com. tge. & Inv. p Peoples Drug Stores Real Est & G bia. i ; 4. () Security Storage ‘er. 1. & . e (de).. Bldg. Corp. Lothrop pfd. *Ex dividend. B Books closed. n2sc extr 130c ext: i1 o w Woodward & s ¥214% #3, ex extra. tra. hac, extra. TO AID UNEMPLOYED| “B"—$1,000 at NOVEMBER 1, [ovoes woix BONDS oo s Received by Private Wire Direct to UNITED STATES. (Sales are in $1.000.) |useus ntine May "61. tine 68 Ju ‘69 Argentine 6s Oc "69 2 A 5T, Austria 7843, Bk of Chile 6% Batav Fet 41542, Belgium 68 ‘55 Belgium 638 Belglum 78 '55. ! Belgium 78 *6! Bolivar 7s ‘58 Bolivia 7s ctt Bolivia 8345 Bordeaux 6s " Brazil 618 "2 Brazil 6%~ "2 Brazil 85 °41. Canada 5s '52 C Chile s ‘61 Chile 78 *42 Christiana 6s '54 Colombia 6s Jan Copenhag 53 '62. > 4845 Czecho 8s ‘51 Czecho 98 '52... Dan Mun 83 A * Dam Mun 8s B '46. Denmark 4% Denmark 6s ‘42 Dutch East 1 6 £1 Salvador 8 - Finland 5148 '58. .. Krench 7s 49...... French Gvt Ti%s 41 German 5%s "65. German Bank 6s ‘38 German 6%s '50. .. German 7s rep '49. Greek 65'63. Haltl 63 52 s Hungary T%s "44.. Irish Free St 5: Italy 78 °51 Italy Pub S Japanese 5 1% Japanese 6155 '54. . Jugosl Bank 7s ‘57, Kreug & Toll 5359 Lyons 6s'34. .. Marsellle 65 34. Milan 633852, New So Wales Nord 6%s '50 Norway 53 '63. Norway 6s'43. Norway 6s ‘44, Norway 6s 52. Orfent dev 5%s '58. Orient dev 65 '53.., Parts-Ly M 6 Peru 6s°60. Peru 6s°61.... Peru 7s 59 Queenland 7s *41.. Rhinelbe 7s *46 ww Rhine West 78 '50. . Rio de Jan 63s '63. Rio de Jan 8s ‘46 Rome 61852, Roy D 4s 45 w' Sao Paulo 8 Sao Pau Saxon 78 45... Seine 73 '42 Serbs-Cr S17s '62.., Swiss 538 "46. Swiss Confed 83 "40 Toho El Pow 6s "33 Toho El Pow 78 '55. Toklo 5%s'61... Gtd King 5% 837.., Uruguay 6s°60.... Uruguay 8s Abitibl P & P 65 ‘53 Allegheny 65 *44. Alleghany 6s Am Beet Sug €3 '35 Am F P 5352030, . Am 1GCh5%s 49, Am Metal 5% Am Sug Ref 6; . Am T&T cv 4%8'39 Am T&T 53 °65..... Am T&T c tr 53 46, Am T&T 558t i Am T&T 5%s Am W Wks 5334 Arm & Co 4% Arm Del 514843, At Gulf 5955 At Ref deb 58 '3 Chile Cop db 5s*47. Colon Oil 65 '38 Col G&E 53 May ‘52 Com Invest 5%3'49 Com Invest 6s "48 CC Ma 1st rf 5350 ConG N Y 5%s 45 Consum Pow C Am Sug col Denver Gas 5s'51.. Det Ed rf 65 B '40 Dodge Br col "40. Duquesne 435 '67. East C Sug 7i4s ‘37 Gen Motors 63 '37... Gen Thea Eq 63 '40. Goody'r Rub b= '57. Hoe & Co 615 34.. Humble O11 58 '37.. 11 Steel 4% 5°40... Int Cement 5 Int Hydro E! Int Match 68 '47... In M M col tr 6s 41 Int Pap 6s ‘65 INtT&T 4%s8°62 Int T&T cv 43458 Int T&T bs'55. Kend 5145 48 ww Laclede 6 %3 D 60 Lautaro Nit 63 ‘54 Lig & Myers 636 Loew's 6s ex war, iorillard 5s 51 Lou G & E 5s'52. Man S 15t 1%s 42 McCormack 63 '34 Midvale Steel 55'36 Mont Pow 58 '43. Nat Dairy 5% s'48 Nat Rad 6%s ‘47, N Y Ed 15t 6%8 AN Nor St Pow 6s B '41 Pac G & El 5s*42. . Pac T&T ret 58 '52. Pan-Am Pet 6s '3 Paramount 6s Pure Ol 5%8 ‘37 Rem Arms 63 A Rem Hd5%s A R1¢hA’d O cal 63 "44 Sincl O 6%s B '38.. o ex 5% extra. elizr, extra. Unlisted Department. BONDS. Army-Navy Club 5t Cosmos Club_4bas Commercial Club Metropolitan Club 4%as. Sincl O Tscv A *37. Sincl Cr 0 6% Sinclair P L 5 Solvay Am s '42. So P R Sug 78’4 Sou Bell T&T bs Utah P& L §s Warn Br Pic 6; WEO5%s" WInRAT%s'41.. You St & T 587 61135 FOREIGN. Sales. High. 95 2 Pl L 9 AaNA DX XD~ R0 4 4 6 16 73 9 1 15 105! 135 1930. Low. 95 691s 89 105% 135 Close. 95 94% 4% 94% 95 69 1% 104% 107% 1124 62% 81% 105% 89% 99 85 1097% 109% 108% 108% 93% 101 105 % 102% MISCELLANEOUS. 2% 90% 90 83 104 125% 8% 5 83 104 81's 9! 100 100% 96% 90% 920 47% 83 1011 94% 101% 103% 145% 106% 105% 106% 108% 102 89% 7 7 6814 101 91 53 102 105% @ 103% 95%4 50 101%- 8% 4 102% 103% RAILROAD. Atchison adj 4 Attchison gen . 93% 11 9T% 1102% 9 9l 98% 102 103% 935% 97% 102% a1 PINANC Sales. High. Low. Close. .; 101% 101 e 101% 964 106 102% 108 96% 100% 101% 71 9% 9% 100 103% Ny 9% 101% 90y 100 104% 104% evils'ss., 2°60 c 6 Bklyn Elev 613, Bklyn M Bklyn Un EI Bklyn Un 1st BR& Pitt 4148 '57. Bush Ter con 58 ‘65 Can Nat 415857, Can Nat 4% Can Nat 4%s 7| Ca n Nor 6135 d Can Nor 7s de Can Pacific 4% Cent of Ga 68 C 59, Cent Pacific 45°49.. Cent Pacific 65 60.. Corp 68 '47. Ch&O4%sB 95 C& Ocon 5s°39. Ch & East 111 63 51 Ch Gr West 48 '69. . Ch M & St P 4s ‘& Ch M St P&P 58 75. Ch M & St P adj 68 Ch & NW con Ch R 1&P gn ChRI1&Prt ChR1Icv4%s’60.. ChRI1&P 4% Chi T H ine 63 '60. . Ch Un Sta 414863, Ch Un Sta 6s B '63. 52 C& W Ind 5%s ‘62 CCC&St L 4% (E) CCC&SL5s D63 CU Ter4; Clev Term & Colo & Sou 4% Colo Sou 4% Cuba Nor 548 °43.. Del & Hud rt D&RGrgnds Den&R G W 68 '55. DRG& Watis'78 2020, orey - Fla E Coast GrTrstdb “e BNAR D nha akam ANRNSANOHRR~® Gr Ner gen 7s ‘36, Hud & M adj 68 '57 Hud & M rf 5867 1y Cent 111 Cent 111 Cent 4% 111 Cent 5855, ..... 111 CCStL&N 6S A. . Int Rap Tr bs ‘6 Int Rap Tr sta * Int Rap Tr 7s 32 (nt&G Nad Kan City Sou 38’50 Kan City Ter 45'60 Lake Shore 43 “31. . Leh Val cv 482003, Long Isl rf 4s 49 L & N uni 4s°40. L&N ¢%s2003 Manh Ry 1st 4s MIIERy & L 6861 M StP&SSM con 4s. MK&T 1st 4590, MK&T4sB 62... MK & Tadj 6s'67. Mo Pac gen 48’15 Mo Pacific 5s A - » Ao —nemS 9% 95 100% 20% 95 9815 101 SuSarmarn @ 54 101% 88%% 905 89% 93% BeSrnmans Mo Pacific s F 7 Mo Pacific 5s H N&T&MSsB 98Y 99 95% 86% 96 102 107 100% 91 107 107% 101% % 95% 118 33% 6% 87 394 '6 7 NY C&StL 434578, NYC&StL5%sA NYC&StL5%sB NZCastLeés'32. NY NH&H 4%s NY NH&H ev d NY O&W gn 45 '55. NY St Ry 4348’62, NY W&B 43346 Norf South 58 ‘41 Nor & Wnev 4 Oreg-Wash 4s°61.. Penna 4s "48 Sta. Penn cv 41 60, .. Penn 4345 70, 6 - cummnan veadalShon of Por R L&P 7%s8 46 RIAr&L4%s'34 StL IM R&G St L&SF prin 68 B St L & SF gn 6 StLS W 1st 4 StLS W 6852, SanA&AP Sou P&Or 434 Sou Rwy 6 Sou Ry M&0O Term As St L 4353 Tex & Pac5sC'T9. ‘Third Av ref 4s'60 Tol St L & W ¢s "5 Un Pac 1st 4 Union Pac Un Pac rf 008 Cn Pac 434867, Va Ry 1st 5s ‘62 106% 102% | 378 tons of sulphur, valued at $36,527,- | 469, increases of 104.9 per cent for pro- 103% 1013 84% 98% 9% 9314 92% Wabash 2d 5s'39 West Md 4s°52.... West Md 5%s 77, West Pac 63 "4 Wt Sh 1st 4s 2361 Wh&LEcv4s'49. 10 SULPHUR OUTPUT GAINS 1 WITH INCREASED PRICES! By the Associated Press. The Bureau of Mines reports that seven enterprises in 1929 mined 2,439,- luction and 103.7 per cent for value over 1919, when there were four enter- prises. The industry had 297 salaried em- ployes and 1,789 wage earners in 1929, increases of 106.2 per cent for salaried employes and 58.5 per cent for wage earners over 1919. in 1929 amounted to $941,988, an increase of 128.1 per cent, while wage payments amounted to $3,308,603, an increase of 96.7 per cent in 10 years. Supplies, fuel and purchased electric current cost the industry $7,987,345 in 1929, an increase of 89.4 per cent. The percentage of cost of supplies to the value of sulphur mined was 219 in 1929, as against 23.5 in 1919. The per- centage of wages to the value of sul- f:ur mined varied but little, being 9.1 1929 and 9.4 in 1919. % NEW SECURITIES NEW YORK, November 1 (#).—New securities offered today include: O] Lincoln Park 43 gr cent bonds, due $150,- annual October 1, 1950, and priced to 1d from 3.50 to 4.20 per cent, by a syndicate headed by Halsey. Stuart & Co. CRUDE OIL.PRIC PITTSBURGH, Novem ) The price of Pennsylvania Gradeé [AL. REDISCOUNTS DROP IN FIFTH DISTRICT Chairman Hoxton Notes Liquidation of Indebtedness by Country Banks. By the Associated Press. RICHBOND, Va., November 1.—Re- discounts for member banks held by the Federal Reserve Bank of ‘Rich~ mond declined by $1,471,000 between September 15 and October 15, this year, the monthly review of the fifth Federal Reserve district, compiled by Willlam W. Hoxton, chairman, shows today. Mr. Hoxton, ‘who is chairman and Federal Reserve agent of the Bank of Richmond, asserted that the Fall liqui- dation of indebtedness by country banks more than balanced a small increase in city bank borrowing. Increase in Borrowings. ‘The review pointed out that at this season of the year banks serving agri- cultural sections repay rediscounts with funds received from crop marketing, 5. | While city banks tend to increase bor- rowing to meet the needs of merchant customers in connection with their pur- chases of Fall and Winter merchandise. During the past month the Rich= mond bank, the review sald, also de- creased its portfolio of open market paper by $1,887.000. This decrease, with the declines in rediscount holdings, lowered the total earning assets $3,358,000, or 7.2 per cent, the review asserted. A seasonal increase in the circulation of Federal Reserve notes amounting to $2,283,000 occurred between the middle of September and the middle of Octo- ber, but member bank reserve deposits showed only a daily fluctuation, in- creasing by $240,000 between the two dates selected for com) n. These changes, with others of less importance, Mr. Hoxton said, gave a net of $5954,000 in total cash reserves of the Federal Reserve Bank of Richmond luring the month, and raised the ratio of cash reserves to note and deposit labilities combined by 1.57 points. In a comparison of the figures on the statement for October 15, 1930, with corresponding figures reported on tober, 1929, the review showed greater changes in every item than occurred during the past month. Rediscounts for member banks declined $33,150,000 during the year, a drop of 64.8 per cent, and the bank holdings of open market paper decreased by $8,775,000, or 51.1 per cent, in the same period. Holdings of U. S. Securities. Meanwhile holdis of Government securities rose by $15,174,000. The re- ductions in rediscounts and open mar- ket paper were greater than the in- crease in Government securities, and the Richmond bank's total earning as- sets declined $26,751,000, or 38.1 per cent, between October 15, 1929, and October 15, 1930. The circulation of Federal Reserve notes at the middle of October this year showed a decline of $17.879,000 in com with the circulation on the corresponding date a year ago. The decrease, the review said, was ly due” to lower price levels this year, | especially for many iltural prod- ucts, and to a generally lower level of creased $1,733,000 during the year under review, larger reserves being re- t increased ired its this g:lr. the review said. The changes in the items resulted in a net increase in cash rmrv-ddurlu ';'l‘lhl n:;’ w: 792,000, and raised -the ra gurvu to note and deposit labilities combined by.14.35 points. o A B. & 0. ORDERS CARS. NEW YORK, November 1 (#).—The lSlmdlrd Steel Car Co. has received an order for 1,000 box cars from the IBlmmore & Ohio Railroad and 10 cement cars from the Hercules Co., Railwa reports. Pressed Steel Car Coy hgemwegw uv‘n‘;‘“lfn lo;‘:et: dola cars from eeling &on and the American Car & minal Railroad. | | CHICAGO STBCK MARKET * | By the Associated Press. CHICAGO, November 1.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchan; today: | Sales ' in_hundreds. 100 Allied_Mot Ind Radio. 450 Borg-Warn pf. 2200 Borin Vivitone 50 Brown F & 150 Burnham Trad. 15 Canal Const; 50 Gleaner 50 Gt Lakes Alrcrafi. 100 Gt Lakes Dredge. 00 Greyhound 00 Har 50 50 Il Brick. 50 T ti 4850 Insull UL 300 Tron ruf 200 Libby-McNeill 100 Lincoln Print 750 Majestic ‘Houss Marshall Field 100 Material Serv 200 McGraw Electric 100 Merch & M{rs A 6800 Mid West ULil... 100 Mid W Ut 87 pf ‘Al 100 Mid W Ut W 1350 Midland Nat Gi 150 Midland United 30 Mid i Ut 20 Monroe - Chem onroe 50 Musk Mot Spec’ A. 1 Secur In: e S B0sBannE22, 3 058 85 Oil was cué today by Mnflm ing agencies for the second 3 two weeks. Pennsylvania grade in ork 2% | Distriet we 2 96% . 96% . 96% others.were reduced ’.ln.mn Brad in National Transit Li: 10 a barrel and th 15 cents.