Evening Star Newspaper, November 13, 1930, Page 15

FINANCIAL SURPLUS OF GRAIN SUPPLY EXPECTED Corn Crop Damage Was Less STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 8:30 Bdition. vy it Direct te The Star Office NEW YORK CURB MARKET : (hose designased by ne letien o (h0wy (2509 | HeR Lo ot BT, s gy P X hich o those stocks to be sold in odd lots only. % a2 High. ll":;‘ = Dividend ‘Rate, ~ Ad4'. Open. High. Low. Close e . 13% ro "o‘ors 20% 10% AfMlial OUTLOOK FOR AUTO .| TRADE IMPROVING 14| Leaders of Industry See d St Prod n (2. Midvale Co (4) Utilities, Coppers, and Other Groups Partici- pate in Price Advance. BY JOHN A. CRONE. @pecial Dispatch to The Star. 3 NEW YORK, November 13.—The ourb market today resumed the rally that marked the ciose of Wednesday's ‘Under the leadership of public utili- , s, motors and miscellaneous , the list worked toward higher levels, but simultancously there e a score or more of pivotal issues t tered new lows for the year. “ Electric Bond & Share rose more than a point by mid-day and so did United Light & Power A, Newmont Mining, American & Foreign Power. Pennroad Corporation gained fraction- ally while Standard Oil of Indiana, United Founders and American Super- power moved in the opposite direction. Suspension of the firm of Smith Brothers & Co., of Philadelphia, from associate curb membership followed the declaration of insolvency by that con- cern. The house had relatively few accounts with the public, so the an- nouncement had little market effect. The cheerful tone of Berlin, London and Paris brought buying into inter- national issues. % % Brazilian, Traction & Light, Interna- tional Petroleum, Hydro-Electric Securi~ tles and the shares all showed rement. m)'imvm shares mirrored optimistic trade advices. Ford Motor, Ltd.; Ford of France, Ford of Canada A were the leaders in this upward surge. Midland Steel Products, however, opened off fractionally, despite the announcement of the booking of $1,000,000 of new orders from two large automobile com- penies for frames and wheel brakes and reorders from regular customers. "The rise of the coppers forecast an- other price advance in that metal fol- lowing the 11-cent quotation in London. Hudson Bay Mining was one of the most active of the lower-priced shares in this section, but the best gains were scored by Newmont Mining and Noranda mines. Grief Bros. preferred, with a rise of 3 points, attained a new high for the year. Spiegel May Stern preferred, one of the weaker store stocks recently, ral- lled more than 4 points. NEW +0RK BANK STOCKS NEW YORK, November 13 (#).—Over- the-counter market: it BANK STOCKS. HHY 55:2535 i s 58 £l B> i~ E 8o ST ELUETTPERTES = PEFS 3 N 03! 99999 H g? o 13 3 s H 1852!5'?5- EagSuom 52 pange sSegenctansansinssinaies: s o rg A &5 £) £ 8| 3 4 i 3 {3 § w2, Q L H gn 2 ) Y ) L] e v of : 2 328832823028333235208 212323888 28! > o 3 2% ] anal 2L 2! 20 EEED 23353 b 23% 9% 15'% 356 24% ™ 461y 1% 3 98% 281 26 141 21 54% 2 11 1 5 150 13 Alr Investors vte. % All AmGen Corp % Allegheny Ga: Allled Mills (60¢)... Aluminum Co of Am. Alum Goods (1.20).. 1% Amer Austin Car .., Am Bakeries pf (7). 4% Am Br B fd shar: 5 27 6 Am Capital (B) ... Am C P&EL (A) (a3). Am C P&L B (10%). 13% Am Com P A (b10%) 30% Am Com P B (10%). 10 2 Am Cyanamld (B) Am Dept Stores. 614 Am Equitles. ... 18! 4 Am For Pow (wa 74 Am Gas & E) (31)... 4% Am In 1% Am Inv it Ine (B) t (war),... Am Laund Mach (4). Am Lt & Trac (2%). 10% Am Superpower..... 2% Am U &G B vte 40c. 4% Anchor PF (b10%). 18% Anglo Chil Nitrat 6 Appalachian Gas 5% Arkansas Nat Gas. . 4% Ark Nat Gas (A).... 4% As=o El Ind Ltd 30c. 17 Asso Gas & Elec. 16% Asso GRE A (at2 1% Ass0 GRE (A) dbrts 1% Asso G&EI pur rt 89 19 .10 109% Babcox & Wil (19) As50G & Epf (5)... 5l Asso Tel Util (b8%). Atlas Plywood (2). 1% Bahia Corp. . 1% Bahia Corp pf, 32 Bigelow-Sann; 13% Bliss (E W) Co (1) 3% Blue Ridge Cp (40c). 30% 3lue Ridge ev pf al. 8 20% Bry 5 5 Bower Roll Bear (1). 11 Tr&Lt(h8%). Brill Corp (A) (85¢). Brillo Mfg (30c).... 1% Br Celanese rets. ... 20 Brown F&W A 0 24% Buff N&EP pf (1.60). 2% Burma Corp (t31c) Bwana M Kubwa. ... % Cable Radlo T vte. 14 Cable & Wire B ret 80% Can Hy El 1st pf(6). 2% Canada Marconi. % Carib Syndicate. .. 23% Carnation Co (§1%). 48 19 % Cent Atlantic States. 8 16% Cent & SW Ut b6%. . 4% Centrifug Pipe (60c) 61 Chain Stores Stock. . 87% Citles Serv pf (6) 8 Clup Aluminum Uten 8% . 2% Colon Of1 5% Col Ofl & Gas vte. 20% Col Pict vte (f1%).. 14% Cent Pub Sve A a1.76 Celanese 1st pf (7%) Cent Pub Sv Del. o Cent 8t El (k40c).... Ph Al nv (50c). Cheeseborough 5% . Citfes Serv (gi0c) a B~ a2 S e PR 335% 233 Com Edison (8).... 1% Com & Sou war. ... % Comstock Tunnel 6% 1 8% 9T% 18% 87U 160 30% 82% Cons Gi 10 49 Consol Copper...... Balt (3.60). Cons Gas Util A 2.20. Cons Gas Util B vte. Consol Laundries(1) 6 Contl Share cv pf (6)100s 21% Cooper Bessemer (2) 6 35 4 10 6% Cr Cork Int A (1)... & Cuban Cane propt w. % Curtiss Wright war. % Cusi Mex Mining. ... 4% Darby Petrolm n (1) 10% Davenport Hos (2).. 1% Dayron Alr & Eng 46 14% Corp Sec Ch (b6%). 1% Cosden Ofl. . 3% Creole Petroleum. .. 7% Crocker Wheeler. Cooper Bess pf A (3) Cord Corp. Cross & Blk pf(3%). , o amaomn Rl won Deere & Co (£1.20).. 2% D Forest Radio .. 124 Delsel W Gilb (1%). 1% Detroit Afreraft, .. .. 11% Diamond Match new. 24% Dia Match cu pf (0). 10 4 2 125 Dixie Gas & Util. .., Dow Chemical (2). 20% Dresser Mfg (B) (1)’ Dubilier Cond & Rad Duke Power (it5) 1% Durant Motors. 2 19% EastC & F Asso 14% East St Pow B (1) 64 East Utl] Asso ev., 2% East Util Inv (A)... 4% Fisler Electric Corp 38% Elec Bond & Sh (bS). 103% E) Bond & Sh pf (6). 12 1 19% FI Pow & Lt op war. ? 214 Empire Corporation. 31% Emp Pwr pt (14.60). 2214 Employ Reins (1%4). 31% Fureka Pipe L (4)... 1% Europ Elec deb rts. . % Evans Wallow Lead. 18% Ford Mot Can A t1% 6% Ford Mot France 28c 2315 10% Ford Mot Ltd 37%e 2 214 Fox Theater Cl (A). 14% Garlock Pke (120).. 6% General Aviation. .. 1% General Baking. 27 1% Gen Cable (war). 9% Duval Tex Sul wi., - 3 Flee Pow Asso (1).. Elec Pow Asso A (1) Elec Shareholdg (1). 2 3 - paBan Selisnnad BeTunnasBanBunans Foundation For Shs. - - Baking pf ( E Ltd ret (50e Firepr (12%) Gen G&E cv pf B ( Gen Theat Eq w.1 32% Gen Thev pf w.i. 100 15 9! 14 7 ey Gen Tire & Rub (16) 10s Gen W W&AE A (2).. 1 Gilbert (AC) (1).... Gleaner Harv n (2).. % Globe Undwritrs 30¢ 7 Gold Seal Elec pew .. 1 Golden Center. .. 7% Goldman SachTC .. 101 % Goth Knitback Mch. 1 155 90 20 75 Grt At&Pac nv 16.25. 408 Grief & Br pf X (7). 1505 Guard Fire Asso (2). 4 GuifOllof Pa (1%). 10 8% Hecla Mintng (1)... § 69 23 Hollinger Gold (60c) 2 % Hvdro ElecSec (2).. 15% Imp O11 of Can (60c) 15 17 36 76 1% [mp Oil Can reg(50c) 14 [nd Ter 111u O/ (A). tosull Ut (1h10% %) Insull Util 2d of(6). . 48% InsCo N Am (t3) . 7% Insurance Secur 70c. % intercontinent Petn 49% Intl Hydro v pf 3% 13 2 9! 23 5 2 % (nt Petroleum (1) T Internat Products. .. 1 Int Saf Raz B (121%) Internat Super (f1). Tnternat Util «B), . nt Utl]l war (new). . 79% Int] U] pt pt (7). 4 31 5 i 1 1 1 % Interstate Equitie: % Interst Eqev pf (3). Interst Hose Mills. . 1% trving Alr Chute (1) % Irving Air Chu w 35 Ttalian Superp (A). . % [talian Superp war. . 35% Lackawanna See (4) Lefcourt Real t1 on 30 Lerner Stores (2) 11% Libby McNell & L. .. 16% Lily Tulip Cup (1% 20% Lone Star Ga g n (1) % Louisiana Lan & Bx Mo Kan P L (b! Moody's 18 pt pf (3) Morrison Elec (f1 Mtg BC Am sh 3 Mount Prod (1.60) Nachman Spring. Nat American Co.... Nat Aviation. Nat B & Sh cp 60c. .. NatDPrpf A (7).. Nat Fuel Gas (1). Natl S T Sec A £50¢. Nat Sugar N J. (2) Nat Transit (1)..... Nebel (Osc) (62%e). Nehi Corp (1.30).... NJZinc (12%)..... New Mex&Ariz Land Newmont Min (£4).. Newpogt Co (2). ... N Y Hamburg (2%). N Y Steam Cpn w.i.. Niag-Hud Pow (40¢) Py o Niag-Hud Pow Bw.. Niagara Sh. Md(40¢) Niles-Bem-Pnd t2% Noma El Corp (80¢). Noranda Mines (2).. Nordon Corp Ltd. ... No Am Aviat A wa NeAmL &P (b8%). Nor Central Texas. North W ev pt (3)... Nor Europ O1l Corp. Nor Ind Pwr Svc(§) Nor 8t Pow pf (6 N W Engineer (2)... Novadel Agene t3% . Ohio B Tel cu pf (7). Ohio Brass (B) (16) a @ 0 3897 T300 2360 50 20 T3 10 0 ek k1 1t 805 <2100 1 80 00 e 9 o 53 = % Ohlo Copper. ... .. 4 Philip Morris (A 4 Reliance Manag. 4 Seton Leather (1). 4 Tri-Cont Corp (war) 4 Un NG of Can 11.60, Ohio Ofl n cu pf(6).. Oflstocks Ltd A 50c.. Oflstocks Ld B 50c. Outboard Mot (A) Outboard Mot (B)... Overseas Secur (1).. Pac Pub Sv (1.30)... Pac Western Oil. Pandem Oll... . Paramount Cab Mfg. Pennroad Cp (20c) P =100 NP Perryman Elec Philip Morris In Philippe (L) A t Pitney B P n (20¢) Pitts Plate G1(2). .. Polymet Mfg (b4%). Poterero Sugar....,. Pratt & Lamb (15) Prince & Whit (25¢). Prince & Whit pf (3) Prod Royalty (f1).. Prudential Invest. ., Pub Ut Hold (60¢).., Public Util Hold war Puget Sd P&L pf(6). Pure O1l pf (6)... Pyrene Mfg (80¢). Radlo Products (2).. R R 8h Corp (26c). . Reeves (Dan'l) (1%) Reter-Foster. Reliance Int (A) 1S O e 01 1k 00 80 1 38 = 82 . B FETTTTT PPN~ = Reybarn Co. . Rich Ofl Cal pt (1%) Roan Antelope Min Rock Lt & P (30¢). Roosevelt Field Ine Ryerson (J) (2)..... Sa: ay 8 w(2d)(C) St Regis Paper (1).. Salt Creek Prod (2). 8axetCo........i0u. Schulte Un e-$1 St.. Schutter J Can (A).. Seaboard Util (50¢). Seaman Bros (3) Sec Corp Gen «40¢) Sez Lock & H (50¢) . Selberling Rubber. .. Selected Industri Selec In all ctfs(4% Select ind pr (5%). . Selfridge Store(27¢) Sentry Safety Cont.. w2 Shattuck Den Min. Shenandoah Corp. Shenandoah Cp (a3). Sherwin Will p£(8). Silica Gel ctfs...... Singer Mfg (119%). So Am Gold & Plat. . Sou Penn Of) (12%). SoCal Ed pf C (1%). So Col Pow (A) (2).. Southern Corp. .. So Pipe Line (12) Spanish & Gen re SW Dairy Products. S W Gas Utllitles Spleg M St pf (63%). Stand C & Sn (2.40), Standard Motor: Stand Ol Ind (23). Stand Ol Ky. (11.80) Stand Oil Neb(13%). Stand Oil Ohlo (2%). Stand O Ohio pf (7). Stand Oil of Ohlo(5) Std Pub Sve A(b8%) Starrett Corp....... Starrett Corp pf (3). Stein (A) Copf 6% Stein Cosmetics Strauss Roth. . Strook & Co (1) Sunray Ol (40¢c) . Swift & Co new (2) Swift Intl (+3%). SyracuseWM(B)( Taggart Corp (1).... Tampa Electrie (33). Technicolor Inc. ... Teck Hughes (60c).. Texon Oil&Land (14) Tobaceo Pr Exports. Tran Con Afr Tra: Trans Lux DL P ® S = CL T 2 e T e N T LT T 3 Triplex Safety Glass Tri Utilities (31.20). Trunz Pork 8 (1.60). Tubize Chatel (B)... Tung Sol Lamp (1).. Ungerleider i Corp. . Union Of1 Asso (§2).. Union Tobacco. Utd Chem pf (3). Utd Corp (war) Utd Dry Dock: Unit Eiec Sve (1.41). Utd Found b2-35 sh. Utd Gas Co (new)... Utd Gas (war)...... Utd Gas pf (7). Utd Lt & Pow A (1). Utd Lt & Pow pf (6). Utd Ret Ch pf (3%). U S Elec Pow ww U 8 Foll (B) (1 b o BRB N BB NN RON— AR B D NNNNRA N US Playing Cards Utd Verde Ext (2).. Ut Pow & Lt (a1). d Vacuum (t4%). Venesuela Petrol . Vie Finan Cor (40e). WalgreenCo....... Walgreen Co (war). Walker (H) (1) ‘Walker Min (7%e! Watson (J W) Co. Wenden Copper West Auto B A (3).. White Eag O db rts. . Wil-Low Cafeterias. Wilson Jones (3).... 113% 60 n % 104% b4 5 “% 2 5% 5 % » 12% M 18% 12% L uartefly or somi-snnual TPlus 4% in 5 234 118% 112% 60 60 L Y 104% 104% Much Better Prospect in Coming Months, BY DAVID J. WILKIE, Associated Press Steft Writer. DETROIT, November 12.—Although the lessons learned during a year of ad- verse business conditions are not to be ignored, leaders of the automobile in- dustry generally are looking forward and not backward. Pointing out that their faith in the business future of the coun- try has been expressed not only in words but by deeds in the form of millions of dollars invested in new models during the last year, the industry’s executives today probably are more encouraged over the outlook than they have been at any time since the slump curtailed the buying of new cars, Confident of Future. Joining with other executives in en- deavoring to visualize the end of the business depression is Willlam J. Me- Aneeny, president and general manager of the Hudson Motor Car Co. Mr. Mc- Aneceny is one of the executives who be- lieves the automobile industry again will be a leader in renewed business activity and hasten the return to prosperity. The automobile industry, he said, was the biggest customer of the railroads, the steel and the textile industries fn 1929. Each of these industries, he added, will feel the effect of the new model pro- grams now In operation. Regardless of whether the return of normal business conditions begins next week, next month or next' year, leaders of the industry are confident that the future of the automobile is secure. Aside from the fact that it long ago became a necessity instead of a luxury, they claim it is one of the few manufactured products that has been consistently im- proved in quality and steadily reduced in_price. New models of most of the more widely known types of cars have been brought out or announced during the last few months, so that little remains for introduction at the national shows in January. The fact that so many new models were brought out during a pe- riod of slack demand, and that a sus- tained period of selling activity will be needed before it will return the huge sums their production involved, has led to guesses that there will be few new models offered next year. One seem- * ingly plausible conjecture is that most of the new models introduced this year will hold throughout 1931 and until the automobile shows a year from next Jan- uary. Trading one used car for another, at a reasonable price, and continuing the trading process until most of the orig- inal allowance has been recovered and the car on hand has little or no further sale value is & plan adopted by some dealers to reduce their used car in- ventories. Pinally, as the manager of one dealers’ association explained, only a “junker” is left and the dealer pays to have it carted away. Most authori- ties are agreed, however, that this plan remedies the used car problem only in so far as individual dealers are con- cerned and that its real solution still is to be devised. They point out that very few motorists keep their cars until no trade-in value remains; instead, the ultimate disposal of the worn-out ve- hicle is brought right back to the in- dustry itself. Production Decreased. October production in the automobile industry has been estimated at 156,743 units by the Natlonal Automobile Chamber of Cozmerce. This is the lowest October production in many years. It is accounted for in part, at least, by the fact that Chevrolet was out of production for part of the month in preparing for the production of new models. Chevrolet’s new models were brought out several weeks ahead of the date originally planned. 5% 5 4% 2 GRAIN MARKET. CHICAGO, November 13 (Special).— The wheat market was fractionally hig er today on buying influenced by firme ness in Buenos Aires and the unfavorable weather in the Argentine. The market jgnored the heavy Russian exports, which totaled 7,552,000 bushels. De- cember, old, opened 72 to 72%; mnew, 723% to 724 : March, old, T4% to T4%4; new, 74%: May, old, 76%% to 763;; new, 76% to 76%. After first half hour December, old, 72%; new, 72'¢; March, old and new, M%; May, old, T6%; new, 76%. Corn was firm with wheat. Decem- ber, old, opened 72% to 72Y: 72%; March, old, 75; new, 75; old, 77% to 77; mew, 77% to 7% After first half hour December, old and new, 723,; March, old, 75%: new, 76Y: May, old, 77%: new, 77%. Oats were a shade higher with other grains. December, old, 313 to 31%; new, 31%: March, old, 333%: May, old, 34% to 347%. After first half hour December, old, 31%: new, 31l%; March, old, 3335; May, old, 347%. Provisions were lower with hogs. NEW YORK, November 13 (Special). —Opening cotton prices today were 4 points lower to 1 higher. Trading was moderately active, with trade buyers making extensive purchases of near months. Ring sentiment was more op- timistic than in recent sessions, Opening prices were: December, old. 11.08, off 4; December, new, 11.10, off January, new, 11.27, off 2; Ma; J\&l); 1191, off 2, and off 3. 2, 11.82, up October, 12.13, Scott Paper Co. | | . NEW YORK, November 13 (#).— Scott Paper Co. reported October net | sales of 3614.“{. an increase of 43.6 | per cent over sales of $587,890 reported | for October last year. Sales for the | first 10 months this year totaled $7,- {334,164, an increase of 13.8 per cent over $6,439.898 in the corresponding period of 1929. DIVIDENDS DECLARED NEW YORK, November 13 (#).— A Do. and . 31.50 Holli Con Go Mi Ltd.5c Hunt Wat 7% pf.”$1.75 I i cicnan S IR e A b - Previous day. Week o Three years ago, High, 1930 Lot PRICES HELD (Copyright 1930 Standard Statisties Co.) STRENGTHENING OF COMMODITY VITAL TO TRADE Decline in Values of Raw Materials Affects Wages. Real Estate and General Business Conditions. fourth in nt busine: and Nort series of situation mertcan Note—This is t] articles on the p written for The § Newspaper Alliance. Special Dispatch to The Star. NEW YORK, November 13.—In the three previous articles it has been shown that much of the severity of the present depression could have been avoided if the general level of com- modity prices had been_supported by an appropriate Federal Reserve bank- ing_policy. This has not been done. The Amer- ican people are confronted with a do- nothing policy that has engulfed the Federal Reserve system, and the watch- ful walting in Washington and else- where continues. Not that the open-market policy is anything new. The Federal Reserve has been handling major operations in the purchase and sale of Government securities for many years. For example: From January, 1922, to May, 1922, it bought $400,000,000 in Government securities. From June, 1922, to July, 1923, it sold $525,000,000. From December 1923, to September, 1924, it bought $510,000,000 worth. From _November. 1924, to March, 1925, it sold $260,000,000. In April, 1926, it purchased $65,- 000,000. From August, 1926, to September, 1926, it sold $75,000,000. So the plan contemplates mno de- parture for the Federal Rezerve system. Policy Explained. Dr. W. Randolph Burgess, deputy governor of the New York Federal Re- serve Bank, in his book, “The Reserve and the Money Market,” says: hases business recessions and price weakness, and have usually been followed by credit conditions which may be de- scribed as & borrower’s market. “Sales of Government securities have usually been made in periods of very active business, rising prices and heavy speculation, and have usually been fol- lowed by credit conditions which may be ascribed as a lender's market. Now if_this premise is correct, it is evident that the only countries which have been in a position to adopt a policy of anti-deflation are France and the United States. Actual inflation has been going on in France due to the influx of gold. ... Fifteen per cert in- crease in note circulation last year. The fact that this condition did not ex- tend into other countries must pe ac- counted for by the present unwilling- ness of French investors to interest themselves in the securities of other nations. “But money is cheap, very cheap, in the United States, d why should we try to make it more of a drug on the market than ever?” demanded one banker. “Yes, money is cheap, In that there is accumulated at the principal finan- cial centers a large amount of short- term money seeking investment in cal loans. But even so the average call loan rate during October was no lower than the average rate for July, 1924, when conditions were practically normal. “Interest rates have naturally been high since 1914, due to war conditions and heavy borrowings for rehabilitation. Before the war present call loan rates would have been considered normal even under prospercus conditions. Long-Term Money. “But it is long-term money that must be made cheap before we can expect & business revivzl, and we have so far had no satisfactory bond market; in fact, prices are no higher than in 1928, and are well below levels of. say, 1926. Speaking generally, money in the United States is not plentiful. It has become {a by-word in the market: “Yes, money is cheap but try an’ get it.'” | Eight or nine months ago three- months’ money, secured by high-class stock exc! e collateral, could be bor- rowed M Paris at a rate of t.\'lr!;-m:::k; ters of 1 per cent annuni. o s ‘Fate has ‘veen Teched in the’ United States. Present rates in toth Paris and London for all classes of money are much lower than in New York. The organization of the Bank of France is such that it cannot influence the financial situation in the same way as the Bank of England o the Federal Reserve Bank. Therefore, while France can justly be charged with hoarding 1d, it would certainly seem that she gg! been confronted with a set of con- ditions which may be overcome only gradually. She has not yet become & world money center. The Dollar Basis. But_how about the United States? The Right Honorable Reginald Mc- Kenna, chairman of the Midland Bank, greatest in the British Empire, has again pointed out that the principal countries are now on a dollar basis, not a gold basis. That is no exaggera- tion. The United States is in a posi- tion to dominate the gold price level of the world, because it has more than f of the monetary gold supply of the world and can attract gold at any time. The United States has therefore a distinct and uni%ue responsibility in this matter, much more far-reaching than that of any other nation. The responsibility cannot be evaded. The world’s richest nation finds itself with world responsibilities as well as world privileges. There are some who argue that it “FIRST TRUST THOS. E. JARRELL CO. REALTORS 721 10th Street N.W. has been necessary “to get prices down,” then something will ~have been accomplished when deflation is ended. Business can go ahead on an even keel. But let's look into this ar- gument a little. It is evident that if commodity prices are to remain at their present level the price of real estate must fall, and with it rent. The latter is usually fixed on & long-time basis. It is certainly a great injustice to a lessee that he must now pay rentals in money which is worth 15 per cent more in purc] power than at the time when he signed, one year ago. That injustice must continue for years. The United States Government has properly displayed a great ingerest in the welfare of the farmer. But a whole set of new adverse conditions is being created for the farmer by the dro&ptu price level. If the general level is not to be restored to the stabilized level of, say, 1922 to 1928, the farmer faces more serious blems than ever before. The value of farm land will fall-again and the weight of the mortgages, al very heavy, will be still harder to bear. It's a poor prospect. Industrial Situation. ‘Turn to the industrial situation. Take companies employing a large amount of labor. It is apparent that these com- panies cannot Aflin earn normal profits until the wage level has been adjusted in line with the recent drop in general prices. But it is plain it such a movement could only be brought abnut by a long period of depression and un- employment, with shutouts, strikes and violence. Once more, let us take the - ment of inflation. Critics ?filh Mm banking policy will say that it is noth- lnfl but a policy of pure inflation which will lead to the same serjous quences and adjustments in the - level as we have been seeing. is further from the truth. quired now is stability, and the present rice level represents & d?m" from stability. It is much easier and less wasteful to restore the former level of commodity prices than it is to re- adjust real estate values, rents and wi to a lower level. level repre- |sents “an abnormal condition, wWhy should not that condition be brought back to normal? Why the charge of inflation be raised inst those who::d belhi:vi: t.hntu t:t: auwm of & year and a } ago r supes to the disorganized condition of today? (Copyright, 1930. by North American News- Daper Alllance.) RECORD BUSINESS YEAR SEEN AT PATENT OFFICE By the Associated Press. Ten months’ receipts for this year in- dicates the biggest year in the history of the Patent Office. Last year was the previous peak, but 1930, up to November 1, has seen nearly 500 more patent applications than in the corresponding amounting to 75,868. period there has been an increase of more than 1,300 applications marks, and a slight falling off of ap- plications for dellgl patents.” The office is making good use of the additional examiners provided by the last Congress, as may be seen from the fact that during the last six weeks the number of applications awaiting action has been decreased by over 5,000. Spe- cial attention is being given to those divisions further in arrears so as to re- duce the maximum period cases. RER IR FORD BUSINES GAINS. NEW YORK, November 13 (#).—Sir Percival Perry, European director of Ford Motors Co., Ltd.; Maurice Dollfu, French director, and Dr. Karl Wilhelm Hauss, German director, have arrived from Europe. Comment on the cur- rent outlook of Ford in Europe, Sir Percival said that in all countries, with the exception of Italy, where Ford com- panies are operating business to date was running ahead of last year. LA SR R A P . The Shoreham Building offers unusual facilities Aside from the loc: tion, which is very im- portant in its conveni- ence and accessibility— it offers facilities, equip- Than Forecast, Statis- tics Show. BY OWEN L. 3COTT. Special Dispatch to The Star. CHICAGO, November 13.—A statis- " tical appraisal of the effect of last Sum« mer’s drought, afforded by the present Government estimate on corn ylelds, suggests damage less devastating than reports indicated at the time. While the corn crop is the smallest since 1901, at 2,094,000,000 bushels, com- pared with 2,614,307,000 & year 1t bushels ary estimates and 1 of higher than tvernx quality. The survey shows too, that the most severe damage oc- curred in less important corn-growing States. Since other grains were not af- fected to any extent, the economic con= sequences would seem to fall short of the proportions of a national calamity. Corn Price Decline. A reflection of this changed outlook 18 afforded by the price of ~orn, which has fallen in recent weeks to 1 new low for the year—over 30 cents under the top established when the drought scare was a% its height. a trade belief that is nearly 100,000,000 This indicates there will be more than enough grain on the “Substitution of wheat has hurt the corn market without being of any help to the wheat market,” observed James E. Bennett, a trade authority, “The amount that can be substituted in the big world wheat crop is just a drop in the bucket, whereas in view of the fact that usually not more than 15 to 20 per cent of the corn crop leaves the farm, this. taking away the corn market is detrimental to corn prices and of con- siderable damage to the producer.” the helght of the agitation, States in the corn belt were expecting little more than half a crop. Yet the Government report now shows that Towa, the largest producer, will have a yield of 360,750,000 bushels, com| With 417,137,999, the five-yesr Illinois, next in line, has & 231,000,000-bushel crop, pared with 326,691,000, the five-year av . Ne- gl 1 L G e , Wi 492,000, with 214,381,000 ls. o Large Planting Planned. ‘The prospect of the lowest prices in more than a quarter of a cenwry, , have a;:t hd::zml f:hrmen from pn&tnnc plant another huge acerage to Winter :hen, The Farm Board cam for {OATS Made Up to $300.00 On your own signature and personal security Legal interest only charged for actual time the money is used. No Fees, Fines Investigations and No Endorsers Required Maryland Personal Bankers 8405 Georgia Ave,, Sllver Spring, Me. Phones: Public Small Loan Co. Rosslyn, Va. Phone: West 2443 Bethesda Personal Bankers 6982 Wisconsin Ave. Bethesda, Md. Phons: Wisconsin 4374 ment and service that you will appreciate and enjoy. It constitutes a busi- ness community distin- guished for the high type of occupants—neighbor- ing with whom is a d tinct asset. You'll find it easy to adapt avail. able space to your needs — whatever they may be, in gize and ar- rangement — and your immediate inspection is solicited. 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