Evening Star Newspaper, September 25, 1931, Page 15

* TRITIES FEATURE “TRADING ON CURB Selling Waves Followed by Buying, With Price Move- ment Irregular. BY JOHN A. CRONE. Epectal Dispatch to The Star. NEW YORK, September 25.—Curb ‘exchange stocks went through several selling waves today, losing from 1 to 3 points during the movements, which were checked somewhat around midday by what appeared to be support. Electric Bond & Share started out fractionally higher, rose almost 2 points ‘s some of the shorts covered, then lost all of that gain. It got down to 20%, at which level inside buying came in. The movements of this stock, on a varying scale, were typical of those in such other leaders as Citles Service, Swift International and United Light & Power A. Firmness of the London market was offset by weakness in Paris—following bank failures in that city—and the ac- tive and wide dealings in most of the foreign exchanges here, which made s2curity arbitrage very much of a min- ute-to-minute proposition. ‘Woolworth, Ltd., shuttled back and forth swiftly, despite the statement from. President Parson that more than 85 per .cent. of the goods sold in the company’s stores is of British manufacture and therefore would not be affected by price fluctuations, as the company will main- tain the same scale. Forty-five new stores are being opened by the firm before the year end. Utllitiess Power & Light, which has been fluctuating as a result of the Brit- ish gold suspension, will not be affected by the gyrations of the pound, officials explained today, since advances to the English properties were made on a dol- lar basis. British earnings are being carried to surplus and being re-invested in extensions and additional properties. Ford Motor, ., steadied after its earlier decline and fluctuations in Gen- been rather inactive Canadian Auto Output. OTTAWA, Ontario, September 25 (). Producticn of automobiles in Canada ccmpared with 419.150 imported and 31,390 the corresponding last year, cus- " CHICAGO STOCK MARKET s;§§§s§!; EnEé . Bl {1 w o s st ity kb 2BES e RS F 5% ! S3eEy 30 70 600 50 4150 20 100 100 4400 100 200 700 40 40 400 - 250 150 !d;{@iuu“! IS 338888 - o 2 38Eugntt Tifees » Sod! o8 5n" He! meh Corp b 2 utiulenbu! . 228 85 £ a 3 ssey s 358° idland United id Ut 7% A D! id_Ut 6% Dl o-Kans _Pive uncle Gear A s8ssd X 5208 ot Spec ¢ Battery t Pow 22% s 33! 0 st E358 (RZAAR2Z o1 u s 3 %§§§ sansuzEne ’g: pi annes i 2 PR R P RPRRPPT. esLagEEes FH g 29 2 Zenith Radio . 2 B0 Bales today. 170,000 shares. BONDS, 6s 40 ... 62% 104 060 3 I 11 Util 87000 Toeul 'Ha %5 %% Bond sales today, $61. BALTIMORE STOCKS. Special Dispateh to The Star. 50% 104 Mai . % 130 B Pl et Tyl Ty Pidelity & Guaranty Rwy & Elec 1st ds. Rwy & Eiec incomes 4., . to W. J. Ander-! recent of Y A o the. malier uumma“ku‘mflffi»an W% 4 1 Co. 3 43 - Jo8 il e 20 30 NCIAL, NEW YORK CURB MARKET Stocks sold in 100-share lois except those desigmated by letter “s.” Add 00, Open. High. Low. 18 [3 6 ~Prev. 1031~ and High. Low. Dividend Rate. 6% Acme Wire. .. 7 Ainsworth Mfg. 6% Air Investors cv pf.. % Allegheny Gas Corp. 14 Allied Prod cv (A)... 90 Aluminum Co of Am 187! 91 AluCoof Ampf (§). 2 10 Alum Goods (1.20).. 4 Alum Ltd B war. 1% Am Austin Car. 60% Am Capital pr 51% Am Cigar Co. 20 Am City P&L 2% Am Cit P&L B b10% . 6 Am Com P A (b10 2 - Am Corpn (£30c) 3% Am Cyanamid B 1 Am Dept Stor 2% Am Equities. 6% Am For Pow 1% Am Founders. 9% Am Gas & Elec 25 Am Hardware (4) 2% Am Invest Inc (B) 23% Am Lt & Trac (2%) 40% Am Mfg Co pf (5) 3% 3 11 %) 31 2 5% 97% 3 52 3 5% Am Superpwr (p40c) 165 74 Am Superp 1st (6) 3 % Am Util & Gn B vte. 1 Am Yvette (25¢)..... 214 Anchor Post Fegce. . 1 Anglo Chil Nit: 1% Appalachian Ga 2% Arkansas Nat G 215 Arkans Nat Gas A 15% Armstrong Cork (1). 2% Assoc Elec Ind (30c) 6% Asso G&EI A (b2-25). 1% Asso G & El war, 3 AtlCoast Fish 5% Atl Secur Corp 3 Atlas Plywood 3% Atlas Uti1 Corp.....s 5% AutoVM cv pr pt 50c. 69% Babcock & Wit (7)... 13% Beneficial IL (1%).. ) Brit AT rg 1.17 4-5¢c. 2b% Buft N&EP pf (1.60) 24 Bunker Hill &g 2 Burco Inc. 1% Burma rets 3 Butler Bro: 1% Cable & Wire B rets.. 13 Canadian Marconi 1 Carib Syndicate..... 4% Cent Pub Sve A b6%. 2 CentStat El (b10%). 4 Centrifug Pipe (60c) 4 1 Chain Store Devel... 1 6% Cities Service (g30c) 175 58% Cities Serv pf (8). 1 63 CitSvP &L pf (6) 2 Claude Neon Lts Inc 35 Clev El Illum (1.60) 3 Cleveland Tractos 1 11 14 18 85 11 45 ounh? " 3 PNIBANAIT = f 2% Crown Cork Intl (A). 2 Cuban Tob vot tr cfs. % Curtiss Wright war. 1% # Cusi Mex Mining.. 2% % Dayton Air & Eng. 44% 12% Deere & Co.... % 815 6% % 2 @ a - s 2 o223 16% EastG & F Assoc 88% EastG & F Aspf(6). 4 East Sta Pow (B)... 4% East Ut{l Assoccv..: 2 Eisler Electric...... 18% Elec Bond&Sh (b6%) 64% Elec B & Sh cu pf5.. 86 ElecB& Shpt (6)... 7% Elec Pow Assoc (1).. 6 Elec Pow Assoc A (1) 8% Elec P& Lt op w 5% EI Shareholdg (b 68 Elec Sharhldg pt(as) % Empire Corp. ... 2% Fansteel Products 7 Fiatrets (34%c). 1% Foltis Fischer Corp., 10% Ford M Can A (1.20). 5% Ford Mot Ltd 36 3-5¢ 1% Fox Theater (A) 8= 8 w¥Eean~ whendanBee aSemnabie e T - - 500 1 01 50 1 13 A NG 4 GenE Ltd res 36 3-5c. 14 Gen Empire (1). 30 Gen G&E cv pf B(6) 2% Gen Theat Eqcv pf.. 95% Georgla Pw pt (6) 32 Gilbert (A C)pf 3%.. 24, Glen Alden Coal (4) 6% Globe Underwr (15¢) 2% Goldman Sachs.....: % Gold Seal Elec new. . 1)... 1% 29% 17 Graymur C 260 18 6% Guenther Law (1)... 75% 88 GulfOllof Pa (1%). 6 1% Hamilton Gas v.t. 2% 1% Hand P p pf (p25c 7% 4 Hecla Mining (40c, 32% 223 Hires (CE) A (2).. 8% 4% Hollinger Gold(85¢) 84 Horn & Hard (23%). 2% Hudson Bay M &S 49% Humble Ol (123%) 10 HydroElec Sec(1.20 2% Hygrade Food Prod.. 8% Imp Ofl of Can (50¢). 7 Indiana Pipe Line(1) 12 Insull Inv (b8%).... 85% Ins Co ofNo Am 12% 4% Insurance Sec (40c). % Intercontinent Petn 35 IntHydrocvpf3% 8% Int Petroleum (1) 2 IntSaf Razor B(1 17 Int Superp (11.10) 3 IntUtilities B 1 Interstate Equ 68% Interstate Pw pf( 234 Itallan Superpow A.. % Kolster-Br (Am Sh). 10 Kress SH sp pf 60c. . 29 Lackawanna Sec (4). Land Co of Florida. . 19% Lefcourt Real pt (3), % Leonhrd Oil.. 10% Lerner Stores ( 8% Lone Star Gas n 88c. 17 Long Island Lt (60c) % Louisiana Lan & Ex. 15 Magdalena Synd. 215 Mangel Stor 315 Mass Util Assoc..... 1% Mavis Bottling (A).. 2 U 4 ) = a3 » Bt b e bbb ENR SERS v shue m oo LT 4 7 % 5% Fo 2s¥R2 2 2E -y Eapu orp (1) 2 16% 167% Gt At&P T nv (16%) 1408 log THE EVENING STAR, WASHINGTON, D. €., FRIDAY, SEPTEMBER 25, 1931 High. Close. 1% Mexico % Mo: 15 12% 25 2 27 B4 7% ‘Nelson 20% Newber! 16 % 18 109% 46% 113% 5% 1% 3% 6% Pitts Pl Plymou Pub Ut Pub Ut Quaker Salt Ci Sec Alli Segal L LIP3 7 en 3 Newmont Mining. N Y Hamburg (2 NYP&Ltpf () N Y Steam Cp (2.60). NYTelpf (6%).... N Y Transit (180c) 7% Niag-Hud Pow (40: Niag-Hud Pow A w.. 43% Niag Sh Md (40¢). Niles-Bemt-Pond ( Nipissing. Noma Elec Nor Am Aviat A North Buropean Of Nor St Pow A (8) Ner St Pow pt (6 Novadel Agene (4) Ohlo Oll cu pf (6)..~ PacG&E1stpf1%. Pac Light pf (6). Pac Western Oil. Pandem Ofl. ... Parke Davis (11.65). Pennroad Corp (40c) Penn Pw & Lt pf (7) 50s Penn Wat & Pow (3) Pepperell Mfg.(6)... 108 Perryman Blectric. . Petrol Corp war. Philip Morris Inc Pittsburgh&LE(110) Powdrell & Alex 3% . Premier Gold (12¢).. Prod Roalty (b10%). Prudential Inve: d Pure O1l pf (6).. Railroad Shares(40c) Rwy & Lt Secur (13) Reliable Stores Reliance Int B. Republic Gas Corp. Ronsia Intl (10c). ... Rubberoid (4)... . Safety Car Heat & L. 7 St Regls Paper (§0 Received by Private Wire Direct to The Star Office stock sna Bales— Dividend Rate, Add 00, Ohio Oil. 1% Mid Sta Pet vtc A % Mid Sta Pet vtc B. 8 Mid West Ut (b8%) . 69 Mtd W Utcvpfxwé 21% Mid W Sts Ut b10%.. 12% Mid'ld Steel Prod( 2 Mo-Kan Pipe Lin 15% Moore Drop Forg( Gold Mines. 3% Mountain Prod (1).. 1% Nat American Co % Nat Aviation.... 18 Nat El Pow A (1. % Nat Family Stores % Nat Food Prod B Fuel Gas (1) 2% Nat Investors. Nat Pub Sv A Nat Pub Sv B (12 16% Nat Screen Sv (2 1% Nat Service Co Nat Sh T Sec A Nat Sugar NJ (2). Neisner Bros pf (7) (Herman). ry (JJ) 1.10 » k3 ol S S T AN NUNA NN RSO~ AN SR 3 8% 1 3% 4% 9 1% 4 % 8§ 9614 98Y4 38 894 5 27% 100s 100% 100% 3 4% 4% * & 24% 24% 50 54 4% 4% 107% 1071 R 4 - 3 NANNHIENE 0o ate G1 (2)... th Ofl (26¢) .. 1 Hold wai 1 Hold xw . 808 40s 1 258 YO 5 Ottts pf (6).. 4 1 1 9 1 7 4 b8 31 k Pro(1.40 ed Corp (1) & H (a50c) Selected Industries. Sle Ind al ctfe(5%) Sict Ind prior(5%) Shattuck Den Min. Shenandoah pf (a3) Sherwin Wik(+4%).. 508 Silica Gel ctfs. .. Singer Mfg Co (116). b/ Smith (A O) (2).... 1608 Solar Refining. .. SoCalEdpfB (1%). Sou Cal Edpf C(1%), South Corp. . Southern Nat Gi Southld SW Bell Tell pf (7) SW Penn P&L (1). Spanish & Gen rets. . Spieg May Stern pf, Stand Motors. ... Stand Ofl of Ind( 1) Stand Oil of Ky 1.60. Stand Of1 Ohio (2%). 50s Starrett Corp......., Starrett Corp pt (3). Stytz Motor Car..... Sullivan Machinery . 125: Sun Invest pf (3). Sunray Swift & 2 5% 17 184 7 3% 44% 1% 1% 5 21% 7 Un Ga: 4% 2% 3% 59% 10% 3% 59 9 2% k) % % 16% 12% 1% 63 2% 5 3% 40 6% 12% 5% 1% Wright % “¥” ol Walker 20% Y% 20 % 15% 9% | 25% % 4% Peop G Dividend rates in nual payment. 9% 26% % % 1% 3% 1% % 1% 34 1% 1% 34 1% 1% 3% 1% stock. jPlus 3% in stock. HOPEFUL TRADE SIGN OBSERVED BY BANK By the Assoclated Press. CHICAGO, September 25.—A hopeful sign of better times was noted in the October digest of trade conditions issued by the Central Republic Bank & Trust . today with evidences of increased operations in some hundreds of smaller companies. “More than a little business improve- ment and demand for goods, however, must occur before increased operations of large plants are justified,” the report tepping up production in the huge iron and steel plants represents large tures, and could only be Production may be increased in a smaller plant employing a few Hands within the week and profit- able operations may be possible when a dollars in orders are on books. “And 50 it is that the first eviden business betterment usually come *Ex dividend. » Pa: in cash or stock. bPayable in stock. dividend. fPlus 5% l'r‘no::u. Plus n Plus 8% in stock. p Paid Royalty 20c. 4 4 1 119% 119% 1 1% 25 96 32 s 1 4 1 s o Ofl (b5%)... Co (2). Swift Internat’l (14). Tampa Electric (12). Technicolor Inc... ‘Teck Hughes (60c) 1% Trans Lux DL P 8 Tri-Cont Corp war. Tri-Utilitie 3% Tubize Chatel, B. Ungerielder Fin Cp.. of Canada(1) 12% Union Oil Assoc (2).. 3% Urit Carr Fast (10¢), Utl] PELt(at1.02%). Ut PAL B(at1.02%). 9 Util Pwr & Lt pf(7) . 1508 Utll & Ind pf (1%) 1 Utllity Equities. Util Equity pf(5%).. 50s -Van Camp Pkg. Vick Financial (H) (50¢)... ‘Welch Gr Juice (12). Williams R C (70¢).. Wil-low Cafepf (4). 2 Woolworth(FW)Ltd 113 1 Har (t12%¢) 3 &GpS...oo.. 2 RIGHTS—EXPIRE. L&C.Janls 6 4% 4% 3% 3% doliars based on last quarterly or semi-an- {Partly extra. :Plus 4% in stoc e Adjustment % in stock. hPlus 1% in k Plus 10% in stock. m Plus 3% in last year—no regular rate. % the improvement be in ope: , this ds 1 into - sustained, rations presently exten the fleld of big business MACHINE-TOOL SALES ARE REPORTED DULL Special Dispatch to The Star. NEW YORK, September 25.—While automotive commitments have increased | September machine-tool sales totals in some districts, the past week developed ncthing new to indicate a change from the dullness which has gripped the in- | dustry for so long, American Machinist mobile purchases have helped Cleve- land’s market tone, and a school list of 37 tools has been released there. reports one dealer with a gain in orders and inquiries; others re- port no change. Buffalo conditions are ving slowly, one dealer having sold two 18-inch lathes and a drill press to customers who first inquired about them eight months ago. New England shows slight improvement in industrial sched- ules, but completion of automotive or- ders is rapidly being approached. Phila- fi.lihh has o;lly munlch.llmlnd indus- orders, inquiries having declined .u.nuy'.‘ A i Spirits of Chicago machinery dealers fell with the report ‘that the Board of Education there will not purchase the expected $500,000 list of tools. Milfvau- kee has had a few aul cultural purchases iness for light gear-millers. SHARP & DOHME. tors of Sharp & Dohme have declared the regular quarterly dividend of 87%% cents on the preferred A stock, payable November 1 to holders of record Oc- “Baby’ fire ™ sutomobiles +# | ing reduction of salaries, % 19,00} 1ambs, 4.00a7.50. % | 1oupes, Colorado flats, 1.35a1.50; honey- 15 | 75812 WAGE CUT VIEWS - ARE CONFLICTING "% Opinion in Capital Is Sharply Divided on Wisdom of - Reductions. By the Associated Press. Marked evidence of coniicting views regarding the merits of wage cutting by large corporations is seen in official and unofficial utterances by Govern- ment executives. ‘There is none to deny that the ld-l ministration’s opposition to wage cul-l ting has sustained purchasing power, maintained the morale of workers and } effected curtailment in channels least felt in orderly functioning of the eoun- try’s economic structure. These are the highlights in arguments against wage cutting. However, there are economists in the Government who ' personally believe those industries which have just an- nounced wage cuts have placed them- selves in a much stronger position. In defense of their acts, it was said the drastic step was taken only after all other measures toward deflation had been applied. In this connection it was said that inventories have been nadjusted prop- erly to bare demand through price cuts, wasteful and extravagant Dbabits elimi- nated, surplus manufacturers obliterat- ed, and methods of efficiency out into operation on a plane higher than ever before. Working personnel in most lines of industry has been' curtailed materially, and dividends on common stocks have also suffered in the general course of readjustment. The move is regarded in unofficial i statements as a consideration to stock- | holders which was granted only after faflure of every other recourse, includ- which has been widespread for months. Hastening of steady and full time employment was considered in some quarters likely with the lower wage scale, without material effect on the purchasing power of the country. Railroad officials in the Capital say any move to cut wages will not be effected by the carriers, owing to the present working agreement in existence. When this agreement expires some re- adjustment undoubtedly will be made, it was said. In the meantime, carriers are attempting to solve the problem by curtailing labor personnel, which has resulted in only about 40 per cent being employed on full time, and by salary reductions. Close observers point out that the recent action is quite the reverse of that formerly employed in retrenching. Heretofore, the first stqp was a reduc- tion in salaries and wages, followed 1y economies in operation, in distribu- tion and in sales. Washington Prodace naumr——one-po\md prints, 34; tub, Eggs—Hennery, 30a32; current re- ceipts, 20a22 Poultry, alive—Spring broilers, 3 pounds and over, 26a28; ‘2 to 2% pounds, 25a27; 1'2 to 2 pounds, 23a24; Leghorns, 22a24; hens, large, 23a24; small, 21a22; roosters, 14al5. I Dressed—Spring broilers, 3 pounds and over, 32a23; 2 to 2!; pounds, 29a 30; 1% to 2 pounds, 27a28; Leghorns, 27a28; hens, large, 25; small, 21; roosters, 15; Long Island ducks, 21a22. Meats—Beef, prime, 16a1613; choice, s 14a15; medium, 11}5a veal top, 16a16%; W, 1 lamb, top, 17 1y 215a13; pounds, 20a21; 8 to 12 pounds, 18a19: 12 to 14 19; smoke: 23; lard, bulk, 9; packages, 912810, Live stock—Hogs, heavy, 5.00a5.60; medium, 5.40a5.75; light, 5.10a5.50; pigs, 5.50; roughs, 3.25a4.25; calves, 7.00: canta- Fruits—Watermelons, 15a35; dews, 1.7582.00; Persian melons, 2.00a % | 2.75:" oranges, 3.505.50; lemons, 10.00a | Kew Or! 12.00; limes, per 100, 1.75; apples, bushel baskets, 50a1.00; box stock, 2.25: pears, 3.00; Seckels, per bushel, 1.00a 2.00; 18-pound baskets, 35a50; peaches, grapes, Concords, crates, 1.00; bushel baskets, 75a1.00; Tokays, 1.75a 2.00; Thompson, seedless, 2.00; pine- apples, 4.00a4.50; prunes, 1.00; , 4.50; damsons, two-peck baskets, 1.00a1.25; grapefruit, 5.00a5.50; bananas, 1.75a 250; persimmons, 1.00; cranberries, 3.75. Vegetables—Potatoes, per barrel, 1.75a 2.00; sweet, per bushel, 50a75; toma- toes, 50a75; string beans, 50a75; limas, 1.50a2.00; cabbage, 50a75; kale, 50; spin- ach, ,50a75; corn, 75a1.00; cucumbers, 1.50a1.75; celery, 3.75a4.00; lettuce, Ice- berg, 3.00a3.25; New York, 50a1.00; car- rots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00; eggplant, 75; okra, two-peck baskets, 7521.00; peppers, 65a 75; squash, 50a75; mushrooms, 60a1.00. CHICAGO LIVE STOCK MARKET CHICAGO, September 25 (#) (United States Department of Agriculture).— Hogs—Receipts, 24,000 head, including 6,000 head direct; 10al5 lower; active at decline; packing sows steady to 10 lower; 200-280 pounds, 5.3525.45; top, 5.50; 140-180 pounds, 4.85a5.35; pigs, 4.2534.65; ki sows, 4.00a450; smooth sorts, 4.60a4.75; light light, good and choice, 140-160 pounds, 4.85a 5.20; light-weight, 160-200 pounds, 5.00a 5.45; medium-weight, 200-250 pounds, 5.35a5.50; heavy-weight, 250-350 pounds, 4.75a5.50; packing sows, medium and good, 275-500 pounds, _ 3.90a4.85; slaughter pigs, good and chois 130 pounds, 4.15a4.75. Cattle—Receipts, 1,000 head; calves, 700 head; generally steady on all classes; load medium-weight steers, 9.85; most steers and yearlings eligible to less than 8.00; selected vealers upward to 10.00. Slaughter cattle and vealers— Steers, good and choice, 600-900 pounds, 1.75a10.25; 900-1,100 pounds, 7.75a10.00; 1,100-1,300 pounds, 7.75a10.25; 1,300~ 1,500 pounds, 7.75a10.25; common and medium, 600-1,300 pounds, 4.00a7.75. Heifers; good and choice, 550-850 pounds, 7.00a9.75; common and medium, 3.00a7.00. Cows, good and choice, 3.75a 5.50; common and medium, 2.75a3.75; low cutter and cutter, 1.75a2.75. Bulls (yearlings excluded), good and choice (beef), 4.25a5.50; cutter to medium, 3.2524.50. Vealers (milk fed), good and choice, 8.00a10.00; medium, 6.5028.00; cull and common, 4.50a6.50. and feeder cattle, steers, good and choice, 500-1,050 pounds, 5.0086.75; common and medium, 3.50a5.00. Sheep—24,000; generally steady to strong with yesterday's close; spots higher; choice range lambs, 7.25; na- tives largely 6.00a6.50 to packers; out- !lt;-e‘r!. 6.509!08.35; some&l;e!d higher. a mbs—90 ' pounds down, good choice, E.75l7.3n5; ‘medium, 9,75!&75;’“;“ weights, common, 3,50a4.75. Ewes, 150 pounds, medium to choice, 1.00a2.25; all weights, cull and common, 50a1.50; feeding lambs, 50-75 pounds, good and choice, 4.75a5.60. NEW YORK BANK STOCKS 14a16; pork loins, 8 to 10 g unds, 15a16; fresh hams, | Baltim hams, 21; strip bacon, 22a | By a | St. Loui 22.50; nd Seattle BY CHARLES F. SPEA! Special Dispatch to The Star. NEW YORK, September 25.—The dis- solution of relations bétween groups of FINANCI/ believe that it has been tested and found to be valuable in a banking crisis such as this country has experienced in the past two years. There is likely to be considerable discussion of it at the an- banks, investment houses and security | nual convention of the American Bank- affiliates which has taken place in con- nection with the new control of the | Transamerica Co., with other similar transactions announced yesterday, sug- gests a change in the banking world of great significance and 'a return there to the old order of things. In other words, banks are steadily getting back to their primary function of banking. Many Affiliates Formed. ‘The craze for securities between the years 1924 and 1929 had the effect of promoting connections between banks and agencies for the creatlon and dis- tribution of stocks and bonds. Out of this grew the security affiliates of nu- merous national and State banks and trust companies and the absorption by them of investment houses. Justifica- tion for this development was given by the banks in a demand on the part of their clients for investment service and advice, which seemed to be a legitimate part of their functions. Unfortunately, it was carried too far, so that today no small patt of the embarrassment of banks throughout the country and the depreciation in their stocks is due to their identity with the market for se- curities. The security afiliate of the great banks has been attacked in congres- sional investigations of banking condi- tions. There has been no change in the banking laws to divorce it from parent companies. It is doubtless true that the need for so much attention on the part of the banks in behalf of their security affillates has been to the dis- advantage of the proper functions of those departments which are essentially concerned with deposits and discounts. Branch Banking. One of the reasons given to stock- holders of the Transamerica Co. for the radical change in its program is con- tained in the statement of the corpora- tion to the effect “that there is no ap- parent likelihood that Nation-wide branch banking will be authorized by law in the future.” So far as is known, however, there has been no suggestion that the branch banking idea has been abandoned. It has advocates. There are many who ers’ Association in Atlantic City next month. It does not interfere with le- gitimate banking and is not an essen- tial factor in a situation where banki is tied up with security promotion ane distribution. A phase of the latter that also prom- ises to be abandoned is the sponsorship by banks or trust companies of invest- ment trusts, which in numérous in- stances have carried corporation titles identifying them closely with their banking affiliates. This has been found to be an embarrassment under cond:- tions where a heavy depreciation in sc- | eurities has been the basis of the pub- lic’'s bearishness on individual bank stocks or those of a community. The situation with regard to chain banking is quite different from that re- lating to branch banking. The chain bank ventures of 1928 and 1929, grow- ing out of the rampant speculatian of that period, have not, as a whole, been successful. Stockholders in numerous small banks that were encouraged to change their shares for those of a hold- ing and managing company would be extremely pleased to have their old shares returned to them today on the basis at which they released them to their new friends. Depregiation in Stocks. ‘The depreciation in the stocks of the chain banks has been extremely heavy, for they have suffered not only from quantity but on_ account of the large number of speculative holders of them. The latter have quite a different atti- tude toward these issues than has the bwner of a stock.in a small community to his local institution. Some of the greatest tragedies of the past two years have'been among holders of chain bank stocks who originally were well-to-do possessors of the shares of banks in their home towns { Among the evidences, therefore, that are daily appearing of a more construc- tive character is that which relates to the legitimate and primary side of banking and in which bankers stick to the business of banking and divorce themselves from a field in which they have too little experience and one in which they do not properly belong. (Copyright, 1931.) U. S. BANK CLEARINGS AGAIN SHOW DECLINE By the Associated Press. NEW YORK, September 25.—Bank clearings again reflect some additional payments through the banks. The total this week for the leading cities in the United States, as reported to Dun's Re- view, of $7,226,306,000 was 15.8 per cent less than that of last year. At New York City the amount was $5,022,577,000, a decline of 14.2 per cent, while for all cities outside of New York $2,203,729,000 showed a reduction of 19.3 per cent. Clearings this week were only slightly less than the exceptionally heavy total of last week, and with that exception were the largest for any week back to the middle of July. The decline from last week was only $75,780,000, or 1.1 per cent. Larger stock dealings are re- flected in the clearings at New York City. At a number of the leading out- side centers the decline from a year'ago ‘was very much smaller than it has been for many months past, notably at the | M: Eastern and some of the Southeérn cen- ters, while at Cincinnati a substantial increase appears. Bank clearings for the week, as re- ported to R. G. Dun & Co., showing de- creases compared with same period a year ago, follow: (In thousands.) Week September 24, 1931, ton .. 5325.000 407,000 eEeSE L "‘.-Frr.o?.:g S2o5ahar - R R guuygougys S8 Sa 5 2 Ko s SESEREERN R & 3 First quarter BROKER LOAN TOTAL DECLINES FOR WEEK Speclal Dispatch to The Star. NEW YORK, September 25.—The weekly statement of the Federal Reserve on brokers' loans showed a decrease of $64,000,000 during the week ended Sep- tember 16 to a total of $1,207,000,000, & new low since December 12, 1923, when the figure stood at $1,195,114,000. This compares with the previous 1931 low of $1,271,000,000, made last week, and with $3,222,000,000 on September 24, 1930. Loans for own account were $921,000,- 000, compared with $913,000,000 a week ago. Loans for out-of-town banks to- taled $145,000,000 against $203,000,000, and loans for account of others amount- ed to $141,000,000, contrasted with $155,- 000,000. Demand loans constituted $853,000,000 of the total, against $904,~ 000,000 a week ago, and time loans were $354,000,000, against $367,000,000. The New York Federal Reserve Dis. trict rediscount rate remains unchanged at 1% per cent. Increase in Savings. NEW YORK, September 25 (Spe. cial).—A net increase of $3,664,518 in savings held by the savings and loan associations of New York State was shown in figures for August released by the New York State League of Savings and Loan Associations. The number of savings accounts decreased 226 for the month, but there is a net gain of 4,677 for the year. Grain Market By the Associated Press. CHICAGO, September 25—Sterling exchange rallied equal to 2%, cents a bushel on wheat after the Liverpool market had closed today and helped grain price recoveries here. There were also bullish reports that locusts were spreading in Argentina. Continued ab- sence of rain in dry sections of the United States’ Winter wheat belt South- west caused further delay to seeding. ‘Wheat closed nervous, unchanged to 1 cent higher; corn, Ysa7 up; oats at Ysalz advance, and provisions varying from 20 cents decline to 10 cents gain. New York Cotton Special Dispatch to The Star. NEW YORK, September 25.—under a large volume of husiness, cotton prices fluctuated nervously over a range of 20 to 30 points today and ended with a loss of 6 to 13 points on the day. . October sold back to the low prices of Monday under heavy liquidation for foreign account, and rumors the solvency of a French bank, to- geflwl’ with the erratic movement of he stock market, kept the tonc fever- ish throughout. There was less hedge selling and more trade buying today. Spots were reduced 5 points to 6:30, BANKERS’ ACCEPTANCE BUYING RATE IS RAISED By the Assoclated Press. NEW YORK, Se New York Federal ber 25— the open market rate of 114 per cent established yesterday. ‘The advance is equivalent to a re- duction in price of bankers' accept- ances. gui s o POUND AT NEW LOW. NEW YORK, September 25 (#).—A new low mark for the dollar value of the British pound sterling for recent years was established today, when it was quoted at $3.45, an overnight drop of 37 cents. 3 Scandinavian exchanges were weak. Norwegian krone declined 3 cents and there was a similar drop in Danish krone. cent. The Swedish krona sagged & PARIS BOURSE PRICES. PARIS, September 25 (#).—Three per cent rentes, 86 francs 30 centimes. Five per cent loan, 101 francs 25 cen- times. Exchange on London, 88 francs 25 centimes. The dollar was quoted at 25 francs 39 centimes. STOCK AND BOND AVERAGES By the Associated Press. FRIDAY, SEPTEMBER 25, “eeaa2528 oo 141 NEW YORK, September 25 (P).—| Over-the-counter market: BALTIMORE, September 25.—Direc- |} * New 1931 lows. 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W £ o = RO S55Esernssonunerasian s3zmzssagnseessis i SR CRRRZ3288382088288 W i3 55! IS 58228 D &F W SN R B e Ed &S F [ EA REEE & - o) FEETI LR Faa ES 3 314 43 65 '37. 10114 101 20 Wash W & Po 55 1 West News Del 6 160 R4 Po 4s 3 Westvac Chl 5ls 1 wis L bs E 328 Buen Air Proy 7s 52 1Buen Air Pr_Tis 47 Mtg B 78 47, 0 68 B '5i Col A 13 Geont Bx G 1gnile Mtg 65 31 7 Com Pr. Y 4 Cuban 2 Danziz_Port % Tel Thag A BEN i EEERARSRLTANBEN LY _ s gnuSsnsen ) 104% 104% FOREIGN BONDS. gota Mte Bk 7s 47 k 75 ‘47 1 25% 20% 28 3 3 W 1 i IS s o = & n.-.s‘_'ssgss W i S588RIR2BNLLL, S ¥ B8RSR 8LY SR Eares METAL MARKET. 25 (#).— NEW YORK, September Copper dull; electrolytic spot and fu- tures, 7. Tin Nearly two-thirds of the Zealand ed into New from America. t and nearby, cars fmport. year \