Evening Star Newspaper, September 26, 1931, Page 14

FINANCIAL, ONDS smoce ecuvee] | GANNERS T0 PLAN BETTER BUSINESS Leaders of Industry in U, S. THE -EVENING STAR, WASHINGTON, D. C. SATURDAY. SEPTEMBER 26, 1931. BONDS IRREBLAR | (= B L 4th 415 3338209 104 12 104 5 104 5 . 7.8, 20195156 182 98 20 9816 98 9] 1-4C G StT. 5u iy 1S 34849 %24 0915 s ls) FaReRtorTrt o 3% 40- 100 26 100 12 100 12 | “Q QTS VIS 65 4 US3%Hs41-43. 100 31100 1R N009E | 1o s B s s _FINANCIAL. PRODUCE MARKET || NEW YORK STOCK EXCHANGE PRIGES IRREGULAR - Declining Shipments From UNITED STATES, Bales. High. . Close. (Sales are in $1.000.) I Soe sov Saa o, 921, 921 92 ~1931~ Stock and Add 00. High. 82 High. Low.' Dividena Rate. 387 16% Unit Alreraft 28% 815 Unit Carbon. 714 214 Unit Cigar Stores. 13% Unit Corp (75¢) 42 Unit Corp pf (3). 37 Unit Fruit (4). 21% Unit Gas&Im(1.20).. e in sL000)" Kan City Ter 456 es € w Close | Karstadt 65 "43 . 01 16 101 16 10116 | Krenge Found § (Continued From Page 13.) 2 2 100% 54 9 92y 14 691 Net. Chge. Stock and Bales— Dividend Rate. Add 00. High. Low. Close. 1% ‘390 Reynolds TobB (3). 20 40% 40% 40% 42% 13% Royal Dtch(m2.2789) 3 19 181 18% —1% 6915 38% Safeway Stores (5).. 53 B2 52% —1 98 Safeway Strs pf (7).. 100 6 26 23 8 101 100% 12 54 53 3 99 9 4 924 9% 115 14 4 70 69% 59, = %|Better Grade of Domestic|! % and Foreign Issues 4 . 084 1108 Farms May Be Caused by Low Values. Many of the price changes that took place in the produce market after the middle of the month appeared to be the result of disturbing conditions else- where, says the United States Depart- ment of Agriculture, Bureau of Agri- cultural Economics, Market News Serv- ice. There was much unsettlement and irregularity in the price list, but not much variation in the underlying fea- tures, including rather light shipments and the light demand shown for many products. ‘Total weekly carlots are only about three-fourt's as many as for the corresponding time last year. The decreases in some lines in which production is heavy suggest that the low prices are preventing a more active market movement. Even with such apparently necessary products as the potato, shipments have fallen off about one-third, compared with last season, yet the price is lower by about one-half this year. Potato markets ere fairly well sustained in late Sep- tember and some price gains were re- ported from Middle Western cities. Onions and cabbage lost a little of the month’s advance, but held firmly in some. markets and were nearly steady in producing .sections. Small price set- backs occurred here and there in the general list of fruits and vegetables, but the green produce markets, as a group, might be termed irregular, with advances in some of the large con- suming centers and declines in others. Celery and sweet potatoes are weak features. Pears and peaches tend wpward with rapidly decreasing sup- plies. Potato Shipments Light. Althpugh shipments - -of - main-crop potatoes have been rather light, com- pared with last season, they were in- ereasing during the second half of Sep- tember, Maine, New Jersey and Long Island supply the greater part of the Eastern potato movement this month. Prices paid to Northern Maine grow- ers have been about the lowest on official record at 40 to 60 cents per 1 measure in bulk, delivered at storage. According to usual reck- oning, the crop is unprofitable to grow- ers at these prices. Yet the crop in the North is only 2 per cent greater than last year, according to recent es- timates. Demand is slow at shipping points and it is quite probable that & large proportion of the Maine crop 1 62% 30% 20% 63% 8 StL-San Francisco. . 11% St Joseph Lead (1).. 8 Seaboard Ofl........ 42 Sears Roebuck (2%). » % Seneca Copper. 43 Servel Inc. - 4 23% 10% 4% 61 3 13% T 964 33% Tis 55% 17% % Shell Union O1l pf. .« Simmons Co. . . Simms Petroleum. Sinclair Consol Oil Skelly Ol Socony-Vacuum 1.60, South Port Rico Sug. Sou P Rico Sug pf(8) Southn Cal Ed (2)... Southern Dairies(A) Southn Pacific (6). .. Southern Rwy (m6)« Sparks Withing (1) . Spiegel-May-Stern Stand Brands (1.20) . Stand Gas&El (3% ). Stand Gas&El pf (4), Stand Gas&El pf (6). Stand Oil Cal (h2%). Stand Oil Exp pf (5). Stand Oil of Kansas., Stand OIl NJ (12). .. _ 9%, Starrett(LS) (12%). 22 Sterling Sec cv pf(3) 4% Stewart Warner..... 16! Stone& Webster(m2)., 10% Studebaker Co(1.20). 94 Sun Ol pf (6)... 11% Sweets of Amer (1) 16 Telautograph (1.40). 3 Tennessce Corpm 18 Texas Corp (2) 24 Tex Gulf Sulphur(3) 6% 215 Tex Pacific Coal&Oil. 17% 6 Tex Pacific Land Tr. 154 55 Third Avenu 9 o Water A Timken-Detroit Ax Timken Roller B(2). 18 Tobacco Products. .. 8 Tobacco Prod A f95¢, 4 Tramsamerica (40c). 41 Tri-Contl Corp...... 6414 Tri-Contl Corp pf(6) 74 Truscon Steel (60c).x 23% Twin City R Tr pf(7) 21% 3% Ulen & Co.. 16% 31 Under Ell Fisher . 72 36% Union Carb & (2.60) . 26% 12% Union Oil of Cal (2). 205% 110% Union Pacific (10)... 87 70 Union Pacific pf (4).. - 17% 1215 54y 1614 109's 657 13% 17% 20% B8% 64% 101 51% 106 19 52'% 34 40 21% 544 26 0415 15% 21'% Con 36% B5% S HRAOMATWENARNA NN B 4 14% 38% 421 75 3114 99% 81, 30% 4 4 26 12 38 7 6 2 208 1 1 126 1 2 kH 1 12% 9 + 23%—10% 4+ % 324 “1% 36% 36% —2 13% 13% + % 1173 1171 —3% % T e -3 98 Unit Gas&Im pf(5).. 10% Unit Plece D W (2) 8 U S & Forn Secur 24 U S Gypsum (1.60 24% U S Indus Alcohol. 3% U S Leather. .. 414 U S Leather (A) . 691 U S Leath pr pf (7) 11 U S Pipe & Fdry (2).. 11 U S Realty & Imp(1) +1 12% U S Smtg & Ref (1).. 67 35 USSmtg&Ref pf 3% 74% U S Steel Corpn (4).. 125% U S Steel pt (7). . 2% United Stores (A). 10 Util PEL(A) et2.15. 2 % Vadasco Sales Corp.. 76% 17 Vanadium Corp..... 17 4% Va-Car Chem 6% pf. _T1% _32% Vulcan Detin (4).... 26 6 Wabash RR........ 27T% Waldorf Sys (1%).. Igreen pf (6%) ... 4% Warn Bros Pictures. 1% Warner Quinian.... 5% Warren Bros. .. 2213 Webster-Eisenlhr pf 1214 Wesson Oil&Sno(2). 46 * Wesson O&Sno pf(4) 80% West Pa I pf (6) 84 West Pa ELpf (1) 113 West Pa Pwr pf ( 4% Western Dairy (B). 7% -Western Maryland.. 94 Western Union (8).. 17 Westinghse A B(2). 441% Westinghouse (21). 8% Weston Elec Instru.. 12% Westvaco Chlor (2).. 1% White Sewing Mach. 2 Willys-Overland.... 50 Woolworth (2.40) 26 Worthingion Pump. 8 Wright Aeronautical 180; 6614 Wrigley (Wm) (4).. 5 Yellow Truck. 6 29% Yellow Truck & C pf. 10s Sales of Stocks on New York Exchange. 10:30 AM......... 400,000 12:00 Noon. Dividend rates as given in the above table ¢sah payments based on the latest quarterly or hall-yearly declara- tions. xEx-dividend. sLess than 100 shares. tPartly extra. IPlus 4% in stock. TPlus 9% in stock. a Paid Jast year—no regular rate. bpayable in stock. e Payable in cash or stock. {Plus 8% in stock. h Plus 3% in stock. {Plus 50c in special preferred stock. k Plus 3% in stock. mPald this year—no regular rate. nPlus 5% in stock. D Plus 2%% in stock. | fairly steady at recent levels, with sales of Grimes at 65 cents a bushel, Smoke- house 60 cents and Jonathan $1. Jon- athan barrel pack was quoted at $3. Interest in the Eas SECURITY MARKETS attained for some time, perhaps a mat- ter of months. Meanwhile other cur- rencies whose ability to hold the gold standard was apaprently open to con- Jecture were subject to heavy pressure. { per cent. Well Supported. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, September 26—Bond trading today was of a highly irregular nature, wide advances contrasting with large declines in similar issues. Trad- ing was active. Money rates were un- changed, with 90-day loans firm at 2 ‘There was a moderate volume of what 1% 115 known in Wall Street parlance as| “good buying” in some of the better grade domestic and forel dollar bonds. For instance, Sout.hlezrrr‘l Pacific 4'2s of 1981, New York Central 5s and 42z5—all of which yield close to 5 per cent at current prices—were being picked up by investors. This same sort of support gate strength to the quot: tions for Baltimore & Ohio convertible 425, Rock Island 4'.s and Philadelphia Co. 5s. Other advances included: Den- ver & Rio Grande Western 5s, Dodge Brothers 6s, Northern Pacific 6s and Youngstown Sheet & Tube 6s. There were severe declines in Alle- ghany 5s, Boston & Maine 5s, Chicago g:z‘ Ngnh:emm 4%s, Goodyear 5s, rie 5s, North American . Skelly Oil 5155, W The international group moved even more widely. American I. G. Chemi- cal 5'%s dropped 6 points and then quickly recovered most of the loss. International Telephone issues were firm. Internaticnal Paper 6s dropped 2 points. Kreuger & Toll 5s and Inter- national Match 55 were firm. There is a growing belief in Wall Street that some sort of cancellation of war debts will inevitably result from the present depression and that in that case the Kreuger loans to various governments will enjoy a much better position. Canadian rallway and government bonds were weak. Loans to various gov- ernments . will enjoy a much better position. Canadian rallway and Government bonds were weak, Canadian Paeific per- petual 4s dropped another 4 points to a new low. Though Canadian exchange was steady today, nervous sellers are still inclined to let Canadian ‘securities g0 in the belief that further dips in exchange may slide them to much lower levels. Great Britain 5';s were firm. So wer German 7s and most South American descriptions. US33%s43-47, IS 3%s46-56. US4s 44-54 US4%s47- 100 103 21 106 109 Sales. 3 1 1 31 Abitibl P&P 58 Ab & St 5 Alleghany Cp Allegheny 5s'49, Allegheny 58 '50. Am F P 552030, Am G Ch5ls 49, Am Intl 5%s 49 Am N Gas 615 Am S&R 1st bs " Am Sug Ref 6 Am T &T 58 65... 118 104% Am T&T c tr 5546, 16 106% Am T&T 555 €'60. 36 1047 Am T&T 5%5°43...119 107% Am W Wks 55'34.. 2 100 Am Wat Wks 65 '75 90% Ann Arbor 4s " 45 Argenting May "61 43% Argentine 6s Ju 45 Argentine 6s Oc 44y Argentine 6s A '57. 4415 Argentine 6s B '58. 12 Arm & Co 434539, Arm Del 5335 '43, Assoc Ofl 6535 hison:gn 4895 Atchiscy 4758 4 At& Danv 45 '48. . At& Danv 2d 4s ‘48 AU CL1st4s'2,.. AtGulf 55°59. Atl Ref db 5537 Australia 4% '56. . Australia 5s Australia 3s 5’ Austria 7s'43. Austria 7857 ¢ B&O4%s"33. B&Ocy 415760 B&O 15t 5848, B & 058 D 2000, B&O 68’95, .. Bk of Chile 6% Bk Chile 635 '61.. l;alkhlm 6355 1 94% 26 Belgium 78 '5 Bell Tel Pa 55 B Berlin Cy E1 Berlin CE 615 '50. Bolivia 78’58 Bolivia 78’69..... Bolivia 8s°47... Bordeaux 6s '3. High, a1 1o ! Loew's fs ex w '41. 31 05 4105 4 09 4109 4 Low. Close. 4 a1 | Liz & Myers 75’44, 10 3 Lorillard 58 '51. Lorillard 7s '44. A& Ark 5x'6 Ed L L& N uni 48 40 1 1 1 3 Manh Ry 1st 4=" Market St 7540 Marseille 65 ‘34, Midvale Stl 553 73 L] Mi) El Ry& Lt 55 *71 M StP&SSMends. . MK & T 15t 45 '90. MK&T prIn 55462 Mo Pac gn 4s'7 Mo Pac 58 F ‘77, Mo Pac 58 H '80. Mo Pac rf bs Mo Pac 515 Mont Pow Montevideo 6 Mor&Co 1st 41, 12 99% - 98, 12! 91 2 87% 2 1067 1067 1067, 39 1.102% 1 4 100 5 69 100 3t 1234 1231 9 20 0 871 871 29 39 02% 10214 95 a8 100 63 41 89 100 7 1004 100 66 661, 100 s 671 1043 1045, 993, 2 1101 1104 110 A 15 NYNH&H cd 65'48, NY Rys inc 6s ' NY Rys 65 A '65. NY Tel 43539 Nord 615 '50 Nor & Wnev No Am Co b 6 2 Not Am E 5% NorOT&L 6s'47. Nor Pac 3s 2047.,... Nor Pac 45 '97. Nor'Pacr Nor St Pw 55 A "41. Nor St Pw 65 B'41. Norway 58°'63. Norway 5%s Norway 6s ‘43, Norway 6s ‘44, Norway 6s'52., 35 16 14 1004 1% 41 89% 921 4 93% 933, 933 19 92% 92% 99% 100'5 1 102% 102% 102% 1% 4t 1% 4t 1 103% 103'% 1031 100 95 100 95 23 88% 874 BT 6 9215 921 9214 | was no overproduction 4100 99 99 1041 104'5 60% 60% - 17 90% 904 904 17 981 98 6 1021 102 7 1061 106 98 102 106 891 92v 933, 92% 92% 88% 92% 2% Will Confer on Trade Revival. By the Associated Press sentatives of the Nation's cane ustry will mest in New York neyt week with the cbiective of elee e the low:red morale of the busi stacks, the indusery overated in 1921 to bring about & riaflsqd ¢k, smounting in some cent, as compared with _7ear. The net result has been & fusther mwrsnlzl of lhhe price level un= +i now parallels the prewar average. Price indices of the Labor Depart= {ment for August revealed canned I peaches selling below the prewar figure, the index standng at 75.6 as against 78.3 in 1913, based on representing the 1926 average as 100. String beans stood at 714 last month, as compared with 1194 before the war, this product be= ng comparatively new in th ns_'r:i at that time. e omatoes wer> selling at index figure 90.7 before the war, whereas last nnw':m the average was 76.7. Both corn and peas, other major canned foods, pre= sented a better showing. selling at 91.6 last month, compared with 70.4 for corn iand 659 for peas before the war. The present year's pack of mafor veg etables will “approximate 50,000,000 cases, in the opinion of the National | Canners’ Association, as compared with | a total pack last year of about 75,000,- 000 cases. The pea pack dropped off from 22.000.000 cases Jast year to about 13,000.000 cases in 1931. California peaches, which constitute approximately 95 per cent of the entire pack. declined from 13,000.000 cases to 8,000.000 cases; tomatoes are expected to show a de- cline of 35 per cent from the 17,000,000~ case pack of last year, with snap beans Off about 18 per cent from the 8,000,000 cases in 1930. Corn was expected to show l;::llm gain over the 15,000,000« The Canners’ Association said thers in canned veges neither would any the industry as a tables this year, but profit be shown by whole. o R “White” Rhinooeros. ‘The white rhinoceros of Africa almost _exterminated, but ‘In recent years these animals have been given full protection by the government, and it is hoped that the next time a cene sus of the herds is taken it will show & tern peach situa- | Ogden&L Ch 4s Orient dev 5138’58 Orient dev 63 '53... Pac G&E 5342 Pac T&T 1st 5 Pan-Am Pet will be put into storage in preference to shipping very heavily at these price levels. Shippers in Long Island pro- ducing sections are selling Cobblers at 75 to 80 cents per 100 pounds, sacked, with demand limited. Wisconsin mar- kets are dull and steady, with mod- erate haulings by growers. Western markets have been dull, steady and quiet since the middle of the month. Large city markets report moderate supplies and slow to fair demand. New Jersey Cobblers sold at 75 cents to $1 per 100 pounds at Eastern cities and 2ine Cobblers at 85 cents to $1.10. Pennsylvania stock was fairly steady 2 59 59 77 81% 8l 14 86% 85% 4 1025% 1021 1024 7 10615 105 1061 16 101% 101% 101% 8 100% 100% 100% 59 |great increase in their number. The 814 | Wword white is a misnomer in this fne 86% | stance, for there is very little difference in color when compared with the black. They are both a slate gray, but there is an unmistakable sheen about the coat of the white animal that makes it at once recognizable. There is a great difference, however, in their character- istics. The white animal is the milder and less aggressive. In fact, they do not seem to pay much attention to the reoednce _1:_{1 u?,fl'kum Fested. e black el when it gets its eyes o:l‘r'a m’l‘%{ White species are found in two tion centers in Western New York, where | prices have been advancing in late| Acceptances Reduced. Heavy selling of bankers' acceptances here, originating with foreign banks, forced two price reductions during the week, and there was a distinctly firmer tone to time money. Whether the Federal Reserve Bank will raise its re- discount rate appears problematical and considerable difference of opinion exists. Some bankers think there will be no change if conditions remain about as they were this week. Decision of investment bankers and other powerful interests to support safe bonds was hailed as a constructive de- September for the comparatively light supply remaining. The fruit is sometimes not holding up well, but sales of desirable stock are being made at a premium. High point of $1 per bushel was reached for a few cars of 2-inch Elbertas in the Rochester district, but the prevailing price range was 75 to 85 cents. carlot movement has barely reached one-third the number shipped a year ago, but movement by motor truck is heavier than last year, and much fruit Bklyn Un 1st Buenos A 6s'61 BR&Pitt 43857, Bush T Bldg 55°60., Canada 4s 60 Canada 4% Canada 58 52 Can N: END HECTIC WEEK Wall Street Hopes Uncer- tainty in Business World Is Nearly Over. Washington Produce ‘Buu.er—orne-pound prints, 35; tub, 3 | Eggs—Hennery, 30a32; ceipts, 20222, Poultry, alive—Spring broilers, 3 pounds and over, 26a28; 2 to 2% pounds, 25a27; 135 to 2 pounds, 23a24: Leghorns, 22a24; hens, large, 23a24; small, 21a22; roosters, 14al5. curren & ks Pathe Exch Penn 41,5 D ‘31 Penncv 4%s 60, Penn gn 436! Penn 4148°70. Penn 4%s Penn 55 '64. 954 94y 95 2 791 T9% 79% 3 91% 904 90, 9 at 58 Oct ‘69, 5101 99 99% a similar range of prices in Phila- hia, Baltimore and Pittsburgh. been sold direct from the orchards. rtlett pears w_an_upward price tendency in late September be- By the Assoctated Pretu, NEW YORK, September 26.—One of velopment. Bonds have been sold at heavy sacrifices, reaching levels which Dressed—Spring broilers, 3 pounds and over, 32a23; 2 to 2!; pounds, 298 30; 1% to 2 pounds, 27a28; Leghorns, or43s’35... Can Nor 6135 db '46 Can Nor 7sdb '40. . Penn 6345 '36. Penn P&L 4%s '81. Peoples’ Gas 53 '47. 8 21 105 1041, 105 941 924 94u in Africa, west of the Nile, not far from g_\““‘;“d' and south of the Zambesi f Green Mountains for Janu- : : : e cause of decreasing supplies. Sales in the 'most strentous ‘weeks in" recent | in probably a large majority of ca: 27a28; hens, large, 25; small, 21:|Can Pacdb gs. : 1043 10414 1041 -y delivery held about -steady, but e price on October delivery is & iile lower than quoted near the mid- 2= of the month. . Sweet potatoes have been selling at mparatively low prices in recent ceks, although most markets report ly moderate carlot supplies. Mary- nd and Delaware sweets range 50 to 5 cents per bushel in Eastern, cities 40 to 50 cents at Eastern Shore ping points, from which about half “daily market supply is being re- ~ved. Jersey stock sells. at 75 'nts to $1 in Eastern cities. The bar- 21 pack is quoted $1.25 to $1.75. Onion Market Sags. A part of the gains of preceding cks was lost during the fourth week ! September, when onions declined 5 5 10 cents per 50 pounds in some mar- ts. Fairly steady conditions were re- orted in Eastern producing sections, ‘though demand was limited. Sizes in he Rochester district, as in most other mion sections, are not averaging as iarge as last season, although the aver- age is better than in most districts of\ the Middle West. Carlot sales of 50- pound sacks ranging from 50 to 75 per cent 2-inch size or larger have been made at 85 to 95 cents. Shipments so far this season have béen a little lighter from Western New York than to the same time last year. New York yellow onions average a little lower in Eastern markets, with jobbing range 90 cents to $1.10 per 50 pounds. Boston advanced slightly and Philadelphia and Pitts- burgh declined about 5 cents. Demand at most city markets is slow. Con- siderable aetivity is reported in Mid- western onion sections, but as yet ship- ments have been light. Growers report that harvesting is well along and much of the stock going into storage, Cabbage and Celery. Arrivals of cabbage are moderately liberal in the large markets and de- mand generally light. Price trend .is very irregular, some Midwestern mar- kets advancing sharply since the middle of the month, while a slight downward tendency continued at Eastern cabbage shipping points. Wisconsin cabbage s0ld up to $30 per ton in bulk in some Midwestern cities, while domestic cab- bage brought only $8 in the Rochester, N. Y, district, and Danish cabbage $15. Nearly steady markets prevailed in the Rocky Mountain producing districts. Celery has shown a declining price tendency since the middle of Septem- ber. Demand is light in producing sections. Smaller sizes have been offered rather freely. at $1.75 per crate at country shipping points and $2.25 seemed to be about top for the larger sizes. The early season is drawing to a close and interest will soon shift to the Golden Self-blanching, which shows heavier acreage this seazqn than a year ago. Harvesting starts near October 1. Declining prices on New York celery were the rule in Eastern markets with Jobbing price range $1.75 to $2.50, Apple Market Unsettied. The price trend in the apple market appeared to be steadier after the mid- dle of the month, following a period of declines at some Eastern shipping points. Fairly active demand was re- ported for Wealthys in Western New York producing sections with sales at 70 to 75¢ a bushel. McIntosh sold for future delivery at $1.25. Eastern markets quote the Wealthy at 75¢ to $1. McIntosh brought $1 to $1.50 in New York City, with barrel sales at the Rochester district range $1.60 to| $1.75 per bushel, and many of the llr'ei city markets quoted tops around $2.| Carlot sales of Seckels in producing sec- tions held near $1.50. Kieffers have been selling in a few consuming mar- | kets around 75 cents per bushel. New | York Bosc and Anjou sold in Philadel- | phia at $1.25 to $1.80. The grape harvest is getting under way in Central New York rroduc.lnx sections. Carlots have been loaded in the Chautauqua-Erie and the Finger Lake districts,. Wordens in 12-quart baskets have been selling at shipping golnu mostly around '$30 per ton, Wi Jjuice grapes in bulk in California. Del- awares brought $37.50 per ton in 12-| quart baskets in the Finger Lake dis- trict the fourth week of September. Haulings were still ll{h‘, demand lim- ited and market weak. Fairly steady conditions prevailed in West Michigan | grape districts, although prices dropped about 1 cent on four-quart baskets. Markets at a Glance NEW YORK, September 26 (A).— Stocks—Strong; trading slackens. Bonds—Irregular; foreigners gain. Curb—Steady; changes narrow. Foreign exchanges—Irregular; Ster- ling rallies. Cotton—Lower—Southern selling. Sugar-Holiday. Coffee—Holiday. ‘The New York Coffee and Sugar Ex- change announces that the world vis- ible supply of coffee, including stocks in the interior warehouses fof Brazil, reached a new high record of 30,214,728 bags on September 1. This figure com- pares with 27,986,952 on August 1 and 29,209,978 on September 1, 1930. | PR financial history closes today with Wall | Street groping through a fog of un- certainty, although the mists were felt ‘l'; of the British by many to be thinnin ry suspensio ‘Tempora: gold standard and wage reductions by corporations | were steps that met at least two im- | portant economic issues, although both immediate reaction | was a broad rally which reflected the uncer- 4 O Sirwever; | Wednesday's gains disaj red and yes- not far from the price prevailing for | ¢orq Dl"}::t!g:mpped Eg"md v | Y extreme confusion as speculative traders many large American decisions created new problems. security markets’ removal of some long-standin tainties. In a quick reversal, 3 tried to decide on a course of action. Short Selling Ban. The Stock Exchange acted promptly | to prevent demoralization here following week end news upon the momentous bore no relationship to their real curity of value, and with this state <f mind governing the investment market it was pointed out that the g:‘;erll financial situation was bound to suffer. New York Cotton Special Dispatch to The Star. NEW YORK, September 26.—Influ- enced by a sharp decline abroad, prices on the Cotton Exchange lost 7 to 9 | points here today, and October made a new low record for tife year at 6.02. Trading quieted do considerably when compared with the previous ac- tivity this week and the market de- veloped resistance under an accumu- lation of scale buying orders for trade account, Spots were reduced 10 points from London. With all important European exchanges except the Paris | Bourse closed on Monday, the New York financial leaders decided to let business go on as usual, although they provided an important safeguard against panicky conditions by prohibiting short selling. The result was that heavy offerings from foreign and domestic sources werz absorbed shortly after the Monday | opening by substantial short covering | and the market gave a good account of itself. ‘With Tuesday’s continued steadiness as a background, stock and bond prices rolled upward on Wednesday, aided, it appeared, by the announcement of wage cuts in the steel and other industries. But the markets apparently overstepped the limits of their strength there | was a collapse of values on Thursday. | Firming credit rates and badly upset | foreign _exchanges were prominent in the week's happenings. Sterling strug- gled hard to find a level, h it is not believed that a steady basis can be | SILVER PRICE GA BY JOHN L. COOLEY,: Associated Press Pinancial Writer. NEW YORK, September 26.—The old saw.about the silver 1ining to the dark- est, clouds has had a rather literal sig- | nificance this week. Active speculation in bar silver, | which only & few months ago was friendless, is following the suspension of gold payments by Great Britain. Fu- tures have risen more than 3 cents an ounce in a few days. Although silver has obviously profited by gold's temporary adversity, there is no serious expectation in Wall Street financial prominence which may find it necessary to back away from gold will adopt the lesser of the two precious metals as the foundation for its money and credit. 1It's still & gold world, the leading Wall Street bankers say, and it’s likely to Temain one. Silver Demand May Grow. The question of bimetalism has al- ready been. revived in some quarters, but apparently is receiving little serious consideration from banking _quarters. That issue, it is pointed out, has prob- $4.25 to $4.50. Virginia Grimes have been selling at 65c to $1 in Baltimore, Pittsburgh and Washington. Maryland Grimes sold at $4.50 per barrel in Atlanta. Southern Fruit Injured. Estimated commercial apple crop for Maryland, Pennsylvania, Virginia and West, Virginia exceeds that of any other season by over half a million barrels, but weather and insect damage have been 80 serious that the pack may not turn out more than 40 per cent of No. 1 fruit. Fully three-fourths the Grimes crop has been harvested and a consid- erable quantity has gon storage because ‘of poor demand. Ex- ports from the section are almost at & standstill because of the foreign financial situation. South America’s restrictions hampered the demand for ‘Pastern apples. The Yorks are being harvested, but ecome general until the second week of October and the same is true of . The Ben Davis and | business will gravitate to New York Gano crop is light this season. Lack dmt:ummubkmdo(mnnn of color is a complaint regarding 7 | instability. varieties of this section, owing w’flt’ of cool weather at time of maturity. Apples are selling slowly in andoah Valley region, picking is not likely to | Britain, the Shene ably had its day and the pros and cons were threshed out years ago. ‘While a flight from gold does not necessarily mean a silver basis, it is felt the demand for silver may become more active. Those who take this view say that some peoples, = particularly those in the Far East, seeing the confusion into which current trou- bles have thrown the world, will be- come even closer hoarders of silver. For almost countless centuries the natives of India and China have treasured ths White metal, and it scarcely seems prob: able to these observers that the East e into cold | fondness for it will diminish, especially | prices being offered, but in a majority in times when hard money has an ap- | peal. Rather, the reverse may well be true, it is pointed out. ‘There is a diversity of opinion as to whether countries, especially those do|=fi 2 large business with Great, Il follow sterling off the gold basis. One result, however—and there is general agreement on this—is tha thé burden of the world’s financial Return o Gold Seen. other country of | eyt and | facturers and retailers said today they INS AS GOLD STANDARD LAPSES IN BRITAIN | to return to gold when the readjust-| ments incident to her recent financial crisis have been completed. It is be- | lieved the pound will probably be re-| valued at a lower rate, since the post- war restofjtion to old levels proved a top-heavy burden. What the new rate | is likely’ to be remains problematical and can only be determined by the course of economic events. I Business Notes I NEW YORK, September 26.—Manu- expected a greater volume of new office equipment would be sold this week than | in any similar period since the business slump began. They said that contrary | to expectations the better type of goods are in best demand. Companles moving | into smaller.quarters are making up for | the restrictions by investing in more | elaborate office equipment. Reorders on vacuum cleaners, wash- |ing machines and smaller electrical | | housewares were received this week | from many retailers, who report an ex- ceptional demand for electric labor-sav- ing devices from consumers, Stores | conducting housewares. promotional events have been giving special atten- | tion to the sale of the larger pleces of | equipment, Inquiry here indicates that consumer | buying for Fall is rather a selective | process that is not likely to help mate- | rially the profit showing of stores for the period. Retail executives said cus- | tomers were showing marked interest in tandard quality items at the low sales of cases are not extending their buy- ing beyond these items. In other words, the bulk of the turnover is on goods which net the stores a slim profit. Despite unseasonable weather, goods wholesalers placed a larger vol- ume of orders in the local markets this week than during the-previous week. Their commitments were dry to 6.20. Cotton range: o | October . December Brokers’ Comment NEW YORK, September 26.—Broker- age house comment today pointed to | the stock market’s nervous gyrations as_reasons for a conservative trading policy. Some encouragement was de- rived from yesterday's raily. Edward B. Smith & Co—We ad- vise further delay in adding to port- folios pending an improved tone in the bond market, or definite betterment of the business outlook, with its prom- ise of expanding corporate earning power. Clark Wiiliams & Co.—The action of the market during the last few weeks, when it was forced to absorb a sub- stantial volume of foreign liquidation, which it did in fairly orderly fashion, demonstrates that it” would take little in the way of constructive news to restore market values of securities of those companies who have weathered the depression and maintained a good lnnll.rl‘d.‘ position to more equitable evels. Shields & Co~—The best that can| be hoped for from the market for the time being is that. it will narrow down to a dull, meaningless affair. Run- ups under artificldl technical influ- ences, such as yesterday afternoon, only leave the list in & more dangerous posi- tion, and as there is little or no warn- ing of their termination are too haz- ardous to be followed. Redmond & Oo—The situation calls for extreme cautfon and discrimina- tion, in whiéh securities should be judged by intrinsic worth rather than market -action. ‘Whil¢ we feel that statistically many issues are still high priced and likely to be deflated further, we see no reason for dumping securities of corporations ‘that are in a strong position and edruing their current divi- dends by & comfortable margin. On the other hand, we would be inclined to restrict new long commitments until the market has experienced a period of comparative stability and some of the current uncertainties have been cleared up. Hornblower - & Weeks.—We believe the drastic selling witnessed yesterday, due to an . unfavorable report which was later denied, gave the market a remarkable test, and we believe the ability of the market to weather such heavy liquidation indicated the estab- lishment of a firmer foundation upon which the orderly purchase of in- trinsically cheap stacks cam be made. Hamershlag, Borg & Co.—Because of the uncertainty of present world conditions reflected in a nervous stock market, we believe that commitments should be made only on & conservative basis and that purchases of securities should be outright. Speculative ven- tures are apt to be upset by unex- pected news and should be avoided until the present period of rapid and passed. In | inpredictable developments has Miss Tsobel Craif Watson recently flew her plane from Edinburgh, Scot- Bankers stress the point that Eng- but prices are 1and, as she has done before, is expected land, to Aberdeen, enjoyed a cup of tea with her sister, mi’no ¥mu-u¢ l?ome | ! be, roosters, 15; Long Island ducks, 21a22. Meats—Beef, prime, 16a16l;; choice, 15a1512; good, 14al15; medium, 11la 12';: cow, 8',a9; veal top, 16al6ls; medium, 12!,a13; lamb, top, 17: medium, 14a16; pork loins, 8 to 10 pounds, 20a21; 8 to 12 pounds, 18a19: 12 to 14 pounds, 15a16; fresh hams, 19; smoked hams, 21; strip bacon, 22a | 23; lard, bulk, 9; packages, 9'2a10. . Live stock—Hogs, heavy, 5.00a5.60; medium, 5.40a5.75; light, 5.10a5.50; pigs, 5.50; roughs, 3.25a4.25; calves, 7.00a 9.00; lambs, 4.00a7.50. Pruits—Watermelons, 15a35; canta- loupes, Colorado flats, 1.35a1.50; honey- dews, 1.75a2.00; Persian melons, 2.00a 2.75; oranges, 3.5085.50; lemons, 10.00a 12.00; limes, per 100, 1.75; apples, bushel baskets, 50a1.00; box stock, 2.25a2.50; pears, 3.00; Seckels, per bushel, 2.00; 18-pound baskets, 35a50; peaches, 75a1.25; grapes, Concords, crates, 1.00; bushel baskets, 75a1.00; Tokays, 1 2.00; Thompson, seedless, H apples, 4.00a4.50; prunes, 1.00; figs, 4.50; damsons, two-peck baskets, 1.00a1.25; grapefruit, 5.00a5.50; bananas, 1.75a %gg, persimmons, 1.00; cranberries, Vegetables—Potatoes, per barrel, 1.75a 2.00; sweet, per bushel, 50a75; toes, 50a75; string beans, 50a75; 1.50a2.00; cabbage, 50875 kale, 50; spin- ach, 50a75; corn, 75a1.00; cucumbers, 1.50a1.75; celery, 3.75a4.0¢ 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, 75a1.00; peppers, 65a | 75; squash, 50a75; mushrooms, 60a1.00. | BY GEORGE T. HUGHES. If we are to have money to invest most of us will have to accumulate it | slowly. Now and then, of course, we may have a windfall in the way of a | legacy or some other unexpected good | fortune, but in the natural course of | events that is the exception and not | the rule. 758 | €] Can Pacific 4% " Can Pac 4%s 60, Can Pac 55 "44 Can Pac 5554, Cent Pac 45 '49 Cert-td db 5%s Ches Corp 5s *47. Chi Grt West 4559 . Chi M&StP 415 E. C M StP&P 6875, . C M & St Padj 5s. . “hi & NW gn 45’87, C&NW 415 C 2037, Chi & NW cn 4%s. . o ®Ch s cSna NI OREEONNRS AN Chi RI1&P 4%s Chi Un St 55 '44.. C& W Ind 5%s ‘62, Chil Chile 65’61 Chile 7s "4 Chile Cop db Cologne 6335 % Y 433 ¥ 5138 45, | Con Pwr Jap 634 Con Po: Cuba RRrf 73 Cuba Nor 515 Czecho 8s Czecho 8s Del & Hud rf 45 ‘34, leoa | Denmark 41 Denmark 5335’55 Denmark 65 '42 D& R Gren 453, D&RG W bs Det E G&R4 14 5 Det Edison rf Deutsche Bk Dodge Br el 6 It is tedious business saving money | out of income and the chances are that | we shall. not get immensely rich that way, but these articles are not for the | immensely rich or those who expect t . but for the average run-of-the: mill man. For them theére is no other | way to get ahead than the making| of a budget. Right here, however, most of us make the fatal mistake, Our budgets are too elaborate, contain too much detall. They are so finely drawn that we are unable to stay with them for any length of time. It is like New- year resolutions. They do well for‘ a week or two and then they are for-; gotten for another year. It is practical, however, to allot one's weekly or monthly stipend to tne vari- ous essential uses to which it must be put and generally to have some sur- plus, no matter how small, for saving. It is true there are individuals, and more of them than in years past, who have absolutely no margin over and above a bare living in their earnings. To such all that can be said is that granted youth, physical fitness and a certain degree of mental aptitude there are surely better things ahead. Others who are more fortunate must decide how they will use such savings as they are able to make. Probably the best method of saving is to take a certain amount for one of the compulsory payments such as the building and loan or life insurance. The balance should be put in a sav- ings bank until the amount is large enough to invest elsewhere at a higher return. Ai{ extra income, whether from securilies already hel or from any other source, should go in this same savings account where it will draw interest. It does not make any difference how small the sum so set aside. It is the habit that counts, and persistence will work wonders, (Copyright, 1931.) BALTIMORE STOCKS. ‘BALTIMORE, September 26.— Sales. STOCKS. 130 Arunde!l Corporation 758 Baltimore Trust c&P Y 5 Amste) C 380 0°5 Fldeiity & cusrant BONDS. 34,000 United Rwy & 1st 9,000 United Rwy & 5‘{: s 40., Donner St 7s '42 Duquesne 435 Dutch East 1 6; Dutch East 1 | Eriecv s '67 Flat 7s war, Finland 6s " Fla K Coast 58 7 Fond J&G 4%s Fram 1 D 7% French 7s'4y French 7%s 41 Gelsenk’hen 65" Gen Th Eq 65'40... German 5% 65, Gepman Bk 68°38.. | Ger Cen Bk 65°60J g | Ger Cen Bk 6560 O 23 German 7srep49. 47 German Bank 75’50 3 Ger Gen EI 78'45.. 12 Goodrich cv 65 45, Good 15t 6% '47 Goodyr Rub 58’57 GrandTr sf db 6 Grand Trunk 75'40. Grt Nor gn 5%8°52 Grt Nor gn 7536 Greek 6568 Hait! 63" Hoe & 0 61 Hud & M adj § Hud & M rf 5. Humble Ol 5 Humble O 5% s '32. 111 Bell Tell 111 Cent 4 3% |11l Cent 635 '36 | 111 CCStL&N 111 Steel 41284 Inland St 4%s A'78 11 Int Rap Tr o8 " Int Rap Tr sta '66.. 29 Int Rap Tr 6s°3 Int Ce o8 101% 105% 53 Int Hyd Int M Co 5s ret'4l.. 36 Int Match 5s '47 34 Int Pap 65 '55 IntT&T4%s'52.. 6 Int T&T cv 4 48'39. 23 INtT & T 68°55.... 51 Irish Free St 55°60. 4 Italy 7s ‘51 241 Italy Pub S 78'52.. 14 Japanese 5138 '65.. 84 Japan . 65 Jugos! Kan City Sou 9% 102 3 815 815 81y 8% 8ly 6 964 94% 94% Philippine R 45'37. Phillip Pet 5% '39. Pirelli 75 '52 PCC&StL 7. PCC&StL 58 B'75. Poland 75 '47, Poland 85°50. ... Port Gn El 4% 860, Pos Tel & C 55'53 Prague T34s Prussia 65 '52 Public Serv 45 '71., Pub Sv G 4%5 67 Pub Sv G 4%s'70 Pure Ofl 5%8'37... Queensiand 75'41.. Rem R51%84'47.. Rhineibe 75 '46 Rnine West 6s '52.. Rhine West 6s°53.. 40 2 6 19 11 102 9% 53 58 41 45 48 59% 30 101 100 93% | g, 61 80 82 9% 364 1004 104 9% 84 95 104 93 ‘93 53 1054% 52 91 5% 102y 851 B3y [ 51% 634y 60 40 53 68 61 88 91 6 214 101% 10 37 & " 1% 7 " Rhine West 65 '55. . Rich Ofl Cal 6544, Rio de Jan 6345 '53 R Gr Do Sul 63 R Gr Do Sul RIAr& L 4%s'34. Rome 635 '52 Roy D 45°45 ww. StL IM R&G 45'33. St L&SF in 45 A ‘30 StL&SF p 1 55 B '50 StL&SF 44%s'78. StP&KC SL 45541 StP Un Dep bs '72. San A& AP 4s'43. Sao Pau 78'40 ret. Sao Paulo 85 '50 5 T8N 5 9% 15 103% 2 83w Saxon 7s '45 Seab A L rf Seab A L cv 6s " Sea All Fla 6s,A4'35. Seine 7s "4z 9 1045 11 36 37 66% 66% 59% 83 88 9915 964, 581, Shell Un Oil 53 '47. Shell Un Oil 5 Shinyetsu 6% Sinciair Oil 6%8'38 Sine O 7sev A '37., SincCr Q535 '38 Sinc P L 5842, Skelly Qil 5% Soissons 65 '36.... Sou Bell T&T &8 '41 SW Bell T 58 A "54. 7 105 21 106% 13 80 16 B0 5 90% 6 62!5 Sou Pac 4135 '81. Sou P&Or 4%s'17. 6 1 85 103 1 99% 53 37 87 39 103 45 85 16 105 5 85 87 Sweden 5% Swis Talwan £ P 5%#71 Tenn E1 P 68 A ‘47 Tex & ATk 5 %850 Texas Corp 68 '44. . Tex & Pac o8 B '17. Third Av rt 45’6 Third AvPad 5 3 - s Toklo El Lt 68 "63.. Utd King % U8 ftub 1nt Ud St W 6%, 17 8t W b lsC'61 Uruguny s 60, u 30 33 99 49 2 99% 1 101 2 364 9515 ‘a Ry 1nt bs Va Ry & I'w 0n 34, Wabash 4148 '18... W Wabash bn Wabnsh e D ‘80, Wabneh b8 'Th Walworth Warn Br Ple 6s' Warner Bug ia'41. Warsaw 15 68, o Went BIdb b8 44, Weat Union o8 ‘ol Weat Unjon bn 80, WO T ww, WIL& Coint6n'4l, 18 WHLO Lot 8yen 00 ;nlmhlmn COX} 4 1 6 0 1 43 6 1041 B6A l Montevideo, Uriguay, hes 91% [ special tax on automoblles, the proceeds 102 9% 51 5 40 40% 9 474 46 1 45% 45% 45% 8% 89 57 344 6% 1087 & 104% 35 105 106 80 80 903 62 87 1024 993 2t 85 102% 843, 10435 85 101 364 95ty 40 39 401, 31w 104 9 Bl 91 KDy " 87 9! 25 331 251 254 20 961 96 3 1021 102 961y 102 102 9% 51 57 41 45 46 8% il 4 51% 505 s1n (AN 57 35 76U 108 83ia 104 35 37 % 2 6615 | Basic 1 100t 100% 100% 105 1064 80 80 90% 62 19 100% 100% 100% 87 1024 i 99% 214 | B2 857% 102% 14 B 1041 85 89 5% 45 364 9513 40 40"y 2 1064 105's 105% 33 104 98'y 971 97w | SuDe: 2 1028 10218 102% | Trost Shes of B6' E B9y 86 Ly placed a to be spent I wages to 1,000 men who city, 'lflchunstmm-umollp- Fireworks for the Chinese. While the Chinese have for ceme turies been making and using fire- crackers, they are totally unfamiliar Wwith fireworks as we know them. An Englishman named Priestly, who had visited the country frequently for the giv- Celestials an exhibif fireworks. As a paying enurpufl.(:;l t:: ;f::‘n was ‘:nd‘lg & success. .On the occasion the { e fomes crowds refused to tool ing the —— e INVESTMENT TRUSTS ‘. wda8 BluuniN.d YauebuliB.u8 8538, Sy dT i Speatatiy 0uuBuwesauwsSHER ) xed Trust Sh B. Pund Tr Shrs A. Fund Tr Shrs B.. | General Equity A Grenger Trade ... 1111 Gude Winmill Trad . jacorp Tnvestory ccorp Invest Eaquit Independ Tr Shrs.. Sec aunfiS a8 woSrE e TP 7% o Shawmut Bank _... .. Spencer Trask Pund Stand Am Tr Sars jat_Trust State Street Iavest Super of Am Tr A Super of Am v of Am, r of Am Tr D. 35755 oasars Wsinastasies an. ey ¥ Trustee Stand L83, d $25% ¥ 4 g ¥