Evening Star Newspaper, October 1, 1931, Page 14

A—14 wxx FINANCIAL THE EVENING STAR, WASHINGTON, D. C, THURSDAY OCTOBER 1, 1931 BEAR RADS PROVE || NEW YORK STOCK EXCHANGE | BONDS STRONGER | oo e BONDSomms] || Evervboriys . Recelved by Private Wire Direct to The Star Office. ! e BUSlneS 3 . High, Low. 2:55 MR TS idend Rate. ‘Ada oD UN BETIER BUYING eI Ty ou ahieeh 'Goodyr Rub sz 43 80 a8 T Sales. High. Low. 2:55. GrandTr sf db 6536 27 90 85 20 - Conf Page 1931~ : I3k MENAGE .I-U [;RED"’ (Contame o 10 gigh. Low. _ Dividend Rate. Add 00 High. Low. Close. Resiswed - Liguidutivh ok Lib 3%532-47. 126 101 15 101 10 101 14 | Grand Trunk 7s'40. 17 97% 95% 974 g o, mivicaat TAats; AGIIBS TSN Yow VCtase Outl 6" Rt (> & Coterpt. 108 8 &0 8" L1st4%sd2-47 39 102 101 2102 |GrtNor4%s'16D. 2 65 65 65 the Part of Europeans Is 67 57% Interst DSpfxw(7) 208 b8% 67% b7% —24 4 Remington-Kand.... 45 4% 4w 4% k: ;i L 4th 435 33-38240 102 16 102 6 102 16 | Grt Nor 434877 E. 65 64% 65 Believed Partly Respons- «“ » i 9% 21 Investors Bquity.... & 24 2% 3 ReoMotorCar(dic). & W% 3% 3% Foreign Dollar Issues Display |t St a3 WLt i R W ible for Recent Declines se 0 or ale urlng - . 99 98 22 98 27 | Grt Nor gn 7836 99 984 98 . t]l s! L M ‘ " m e oc. arket. 31 19 Island Creek Coal(4) 5 L 19 19 6 Republic St 40 6% 6 6% - TR R T T e 4 16% Republic Steel pf. 4 1T% 17 17 . Fe 100 100 100 Greek 6568 52% 52% b62% 2 H H 5 30 Jew 2 30! 3 -1 * — Financial Crises Deoried | 7% 30 Jewelzen (O sisr.™ 7 e 3w in 3% RevereCopper...... 2 4 3% 3% Improvement—Domestic ; 100 9927 9927|100 g conrnrae. 1 3k 4B% 43N 1231 99 Jones & Laugh pf(7) 108 100% 102 z% fif;:n"}g:%’r‘,‘:‘ e Z“: z,‘": z:‘: List | I . igg 2.}?“ = fl"‘;:"?j Suilal 63 60 60 by Exchange. 45 84 Kaneas City Southn. Jis 1ms 69 Reynolds TobA (3). 30s 71 70 10 Ist Irreguiar. 10615 104100016 | DU S MECSRIET S 2T el se eis 18 8 K'mann Dept Stra(1) 9 9 B e T g 108 26 10820 10820 | frumble 0 5358732, "8 1004 1001 100% h to The Star. 24% | 95 ERySer (J)CO (1) s 8% 8% 24 Rio Grande Ofl. ..... & 24 2% Sales, High. Low. 2:38 | HUn&ary 7%a"44.. 33 32 32 'mzwm 7 NORK, October 1—The| 2% 1 Kelly-Spring Tir 0 T 12 Ritter Dent Mfg 13%. 1 127 12 Abitibi P&P 58’53, 28 35% 80 80 |11l Bell Tell 55°56.. 10 105% To4t% b - # At el 26 Kelly-Spr T 8% pt 6% 8% 9 Rossia Insur (2.20). 3 9 10 A StEY% 43, 17 90K 89% 89 |1l Cent 4u'53 55 53 present agitation over “short sellfhg’ f;: Kelsey-Hayes Wheel :!« 3% Alleghany Cp bs '44 25 50% 111 Cent 4 % 61 44% 43% has to do with the Imposition of bear FINANCIAL. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, October 1.—The con: tinuance of seliing of securities is as cribed, to some extent, to reneweq liquidation for the account of Euro: BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 1.—A defi- Kelvinator Corp. 18% Royal Dtch(m2.2789) 8 18 18 pressure on markets in times of a credit erisls and not with this recognized fea- mreh in trading operations in stocks under what might be regarded as nor- mal Wall Strect conditions. Those who have insisted that “short sclling” should now be either aban- doned or controlled, and among them are governors of the New York Stock Exchange, argue that this practice tends to aggravate conditions already disturbed by sales of actual stock for domestic and foreign account. They claim that in an emergency the Stock Exchange authorities should use emer- gency measures to prevent the situation getting out of hand. Therefore, they are of the opinion that a “free market 38 less to be desired under such cir- cumstances than one that may be artificial but retains its balance. Con- sequently, they have founght for a strict supervision of all transactio having the appearance of “short sale: and have put into effect what amounts 10 a policing of the Stock Exchange and strict discipline for those members who have shown a disposition to vio- | Jate the spirit of the new policy of the | Business Conduct Committee. “Legitimate” Short Sales. There is no intention to impose prd- hibitions on those who sell stocks short when the markets are in a normal state. It is recognized that “short selling” at such times has its legitimate place; that it establishes a healthy balance against the opposite performances of the bull party. “Short selling” pro- vides a cushion that frequently protects a market against a too violent decline. A section of Wall Street today argues that had there not been such a cushion when the New York Stock Exchange opened last week, while European mar- kets were generally closed, there would have been a much more serious decline | here. Short covering then represented | 2 considerable ratio of the total pur- | chases. In two days' operations it is estimated that the outstanding short | interest was reduced by several million | shares. The professional Wall Street attitude on the present Stock Exchange inhibi- tions of speculative selling is that if a halter is now to be put around the necks of the bears, why should not the same treatment have been accorded to the bulls in a market such as that of Au- gust and September, 1929? The answer is, of course, that rap- 1dly rising prices of stocks do not creat= immediate financial crises among indi- viduals or_institutions, although their ultimate effects may be harmful. On| the other hand, “short selling” in a; period of panic by just so much in- creases the possibility of institutional fallures while is brings financial distress to tens of thousands of ndividuals who have invested their capital in good se- curities, which securities are made to| appear almost worthless by the large daily declines in them. Terrified hold- ers who own them outright or are carry- ing them on borrowed capital are led| to sell out and to lose practically all of their equity. Theoretically, . there is no more reason why the Stock Exchange authorities should permit the exploita- tion of stocks, as it did in 1929 than; prohibit “short selling” in 1931. From | a practoical, and perhaps from the stand | point of public policy, it could not do! otherwise than put up the bars against the bears to a level where they could not easily be hurdled. An _analogous situation to that in Wall Street is to be found in_the mar- ket for sterling exchange. Here also! there has been “short selling,” which depressed the pound until at one time | Jast week it touched a figure 30 per cent below parity. Again it is the emer- gency that creates the policy and opin- | jon toward bear operations in sterling, | and not the normal state of affairs. Snowden's Warning. | Chancellor of the Exchequer Snowden has made it plain that those who sell sterling “well below its intrinsic value will incur serious risks.” This ig the same sort of implied threat made to bears on the New York Stock Exchange | who do not follow the injunctions of its policing force concerning artificial sales of stocks. An old Wall Street rhyme runs: “He who sells what isn't hisn must buy it back or go to prison.” There will undoubtedly be active ef- fort in Washington this Winter to curb “short selling” both of securities and of commodities. A great deal of vio- 17 101 70 4374 106% 2% & 61 39 Kendall Co pf (6)., Kennecott Copper (1) Kimberly Clark 2% .. Kinney (G R) Co.... Kinney (G R) Co pf. Kresge Dept Stores. Kresge (S 8S) (1.60).. Kresge (SS) pf (7).. Kreuger & Toll 1.61). Kroger Grocery (1) Laclede Gas (8). 4 Lambert Co (8). Lane Bryant (1) Lee Rubber & Tire. Leh Port Cement. Lehigh Valley Coal. . Lehigh Valley R R. ., Lehman Corp (3). Lehn & Fink (3). Libbey Owens Gl Liggett & Myers(15) Ligg & Myers B (15) Lima Locomot (m2). Link Belt (1.60)..... Liquid Carbonic (2). Loew’s Inc (3)...... Loew’s Inc pf (6%).. Loft Inc. .. Loose-Wil Loose-Wiles 1st (7). Lorrillard (P) Co. Louisiana Oil........ Lou Gas&El A (1%). Louis&Nashville(5) . Ludlum Steel McAnd & Forbes (2) McCall Corp (23%) ... McCrory Strs A (2).. McCrory Strs pf (6). McCrory (B) (2).... McIntyre Porc M(1). 1031 £40'% McKeesport TP (4). Tl McKesson & Rob(1). 3 McLellan Stores. ... 42 McLellan St pf A(6). MackTrucks (2) Macy (RH)& Co(n! Magma Copper (1).. Mandell Brothers. .. Manhat Elev gtd (7). ManhatElev mod gtd Marine Midld (1.20). Marmon Motor Car. . Marshall Field (2%) Mathieson Alkill (2) Mathieson Alk pf(7) May Dept Strs (2%) Muytag Co.... Maytag Co pf (3). Maytag Co 1st pf (6) Melville Shoe (2). Mengel Co....... Mengel Copf (7).... Met-Gold Pic pf 1.89. Miami Copper....... Mid Continent Petm. Midland Steel (3)... Midland Steel pf (8). Minn Moline Pow. .. Mo Kan & Texas. ... 4 Mo Kan & Tex pf (7) Missour! Pacific. . ... Missouri Pac pf (5). Mohawk Carpet Monsanto Chem (1% Montgomery Ward.. Morrell (J) & Co (3). Mother Lode . Motor Meter G & El. Motor Products (2) Motor Wheel (1). Mullins Mfg..... %30 Mullins Mfg .. 13 Munsingwear Inc(2). 64 Murray Corp E sh Motors (4). at Acme Co. . 314 Nat Bella Hess. 378 Nat Biscuit (2.80) 15% Nat Cash Reg A 1% 22 Nat Dairy (2.60) 13 Nat Dept Stores 19% Nat Dist Irod (2) 85 Nat Lead (5) at Lead pLA ( at Lead pf B (6) at Pwr & Lt (1).. at Steel (2) at Supply Co. at Surety (2) at Tea (1).... ev Copper (80c ewport Co (1). . ewport Co (A) (3). ton Steel Air Brake. ntral (4). . { Y Chicago & St L Y & Harlem (5) Y Investor, NH&HDpf (T).. N Y Ont & Western. . Y Shipbuilding. Y Shipbldg pf(7) Y Steam pf (6). 30 11 24 23 38% Safeway Stores (5).. 102 80 Safeway Strspf (6). 20s 95 Safeway Strs pf (7). 1208 10 StJoseph Lead (1).. 2 8 StL-San Franci=co.. 3 13% StL-San Fran pf(6).x 6 4 Schulte Retall Stores 26 Schulte Stores pf (8) 208 Scott Paper (11.40).. 408 Seaboard Air Line 12 Seaboard Ofl........ 66 Seagrave (40¢c). ... 1 Sears Roebuck (235). 235 Second Natl Inv. . Second Natl Inv pf.. Seneca Copper. . Servel Inc.... - Sharon Steel Hoop.. Sharp & Dohm: . Shattuck (FG) (t1%) Shell Union OIl. Shell Union O1l pf Simmons Co. Simms Petroleum Sinclair Consol Oil. Skelly Oil Skelly Oil pf ww Sloss ShefTield Steel. Snider Packing pf... 3 Socony-Vacuum 1.60 207 South Port Rico Sug 15 Sou P Rico Sug pf(8) 1008 Southn Cal Ed (2) 43 Southn Pacific (6) 37 Southern Rwy (m6). 12 Spalding (AG) (1).. b Spald (AG)1stpf(7). 10s Sparks Withing (1).. 21 Spencer Kellog(80c). 3 Splcer Mfgt........ 3 Spicer Mfg pf (3)...x 2 124 Stand Brands (1.20). 476 321 Stand Gas&El (3%).x 66 425 Stand Gas&E! pf (4). 78 Stand Gas&El pf (7). 29% Stand Oil Cal (h234). 90 Stand O1l Exp pf (5) 8% Stand Oil of Kans: 28% Stand OIINJ (13)... 9% Starrett(LS) (12). 1t Sterling Secur (A).. Sterling Secur pf. Sterling Sec cv pf( Stewart Warner.... Stone& Webster(m2). debaker Co(1.20) tudebaker pf (7)... Sun Ot1 (). Sun Of1 pf (6).. Superheater (23). Superior O1l. . Superior Steel. . Sweets of Amer (1) Symington. . Symington (A). lautograph ( 2% Tennessee Corpi 16 Texas Corp (2)..... 20% Tex Gulf Sulphur(3) 213 Tex Paclfic Coal&Oil 5% Tex Pacific Land Tr. The Fair (2.40)..... 2 Thermoid Co 5's Third Avenue. . 13 Third Nat Inv(m55c) 16% Thompson (J R) (1). 6% Thompson Prod 1.20. 1% Thompson Starrett. . 314 Tide Water Asso Oil. 201 Tide Water As pf(6) 4 Timken-Detroit Axle 213 Timken Roller B(2). 1% Tobacco Products. .. 7 Tobacco Prod A t95¢ 3% Transamerica Corp. . 513 Transue & Williams 3% Tri-Contl Corp...... 584 Tri-Contl Corp pf(6) 3% Trico Products(2% ). Truscon Steel (60c). Twin City Rap Tran. 20 TwinCity RTrpf(7) 30s 3 . cese 5 26, Under Ell Fisher (4). 18 118 Und Ell-Fish pf(7).. 10s 84 Union Bag & Paper.. 1 31% Union Carb & (2.60). 84 11% Union Oilof Cal (2). 30 110'¢ Union Pacific (10)... 29 70 Union Pacificpf (4). 3 Un Tank Car (1.60) 18 Unit Afreraft. . 145 Unit Afrcraft pf (3). 4 Unit Biscult (2) Unit Carbon. 20 Unit Cigar St 11% Unit Corp (75¢) 351 Unit Corp pf (3). 3 Unit Electric Coal 33 Unit Fruit (4).. 20 Unit Gas&Im(1.20) 964 Unit Gas&Im pf(5).. 96 Unit Plece DWpf 6% 590s 1% U S & Forn Secur 30 10% U S Freight. ... 23813 U SGypsum (1.60) 5 USHoffman..... 43 80 951 10% 9 134% 4 401 43% 19 6% 4y 1% 10% 1t 2%, 221y 3 15 9 101 100 30% 26% 20 20 % W 11 s 1 16 2% 16 200 28 5% 9% 21 7 14 16 1% 4 22 3 231 2 T 4 6 4 61 25% 251 T T 4 3%, 204 20 3% 3 29 26 118 18 9 8, 341 31% 12% 11% 117 110% T4 T4 19 19 16 144 443 4 26 6% 111 3519 315 33 20 53% —1% 188 — 4 18% 1 a1 nitely better tone, with sharply higher prices in some issues, marked trading in bonds today. The improvement was best In the foreign dollar descriptions, especially those whose currencies have shown the greatest weakness in the last week or s0. Canadian National Railway guar- anteed bonds and Canadian govern ment obligations, for instance, ran up 1 to 3 points. German government 51s were a point or more higher. Great Britain 5%s, Italy 7s, Belgian 7s and Brazilian and Argentinian credits were all stronger. Better Tone in Sterling. ‘The upturn in foreign bonds co- incided with a better tone in foreign exchanges. Sterling advanced above the $4 mark. Canadian dollars at one time were 11 bid and none offered against the 14 per cent discount on Wednesday. There was a simple ex- planation for the strength. Canada today had interest payments to make of about $10,000,000 in New York funds. Germany had a similar amount. Vari- ous British dollar bonds paid interest todav. . All through the foreign list there were interest payments due in New York funds today The total was estimated at between $60,000,000 and $70,000,000. Since the break in ex- changes was of comparatively recent origin many of these debtors found themselves without sufficient balances in New York to meet the payments and, in the case of England, Canada, Italy and the other nations that are tech- nically on a gold basis, but are actually releasing no gold, specie payments were not available, so that the necessary New York funds had to be purchased in the open market. This accounted for the steep dips in Canadian, Sterling and South American exchanges the last few days, and naturally the release of the pressure allowed the market to assert some of its natural buoyancy. Canada had to meet a $14,000,000 internal matuiity today and, though there was some doubt as to whether this would be met with gold on de- mand—as the indenture provided for— the market interpreted Prime Minis- ter Bennett's statement that Canada would meet all obligations regularly as meaning this. Tokio shipped 70.000.000 yen in gold. The market hailed this as refuting rumors that Japan was wavering in her adherence to the gold standard. Japanese issues were steady. Domestic Market. In the domestic market trading was more selective. Lacking other influ- ences than the lead of the stock mar- ket, there was a downward tendency in the morning which was replaced with firmness around midday as stocks fluctuated irregularly. There were sharp dips in some of the rails. Chesa- peake Corporation 5s and Erie general lien 4s were off 3 points each. There were _smaller declines in Alleghany 5s, St. Paul 5s, Missouri-Pacific 5s and 51,5 and Pere Marquette 5s. On the other hand, strength was shown by Atchison general 4s. Baltimore & Ohio senior obligations, Chicago Great West- ern 4s, Great Northern 7s, Wabash 4155 and New York Central 3iss. Broker Firm Suspended. NEW YORK, October 1 (Special).— The Stock Exchange announced the suspension for insolvency of the broker- age firm of Curtis & Sanger at noon today. WashinAQVt'on' s'tock E)Echange SALES. Potomac Electric Cons. 100':, $9,000 at 100°.. Washington Gas —$1,000 at 101. 55—$1,000 at Washington Gas és “B"—S100 at 1047, | $100 at 1043,. Capital Traction Co.—10 at 27. Potomac Electric 5'.% pfd.—3 at 107, 5 at 107, 10 at 107 { Lanston Monotype—10 at 74, 10 at 733, 10 at 7312, 10 at 73!4. 10 at 73, 10 at 72%, 10 at 7213, 10 at 7214, 10 at 72, 10 at 7134, 10 at 7172, 10 at 71, 10 at 70!, 10 at 7014, 230 at 70, 90 at 70. Real Estate Mtge. & Guar. pfd.—80 shares, 50 shares. Security Storage Co.—10 at 103. AFTER CALL. Lanston Mcnotype—10 at 70%, 10 at} Alleg) Allegheny 68°60... 17 Am Beet Sug 68'35. 2 Am Chain 6s'33.... 10 96 95% AmF P552030.... 40 51 49% AmIGChb6%s'49, 77 4% Am Intl5%8°49.... 5% 6% Am Metal 548 34.. 661 66'% 14 12's Am S&R 1st 9915 98% Am Sug Ref 65 '37. 102 102 Am T&Tcv 4%s'39 63 116% 112 Am T & T 55 °65... 183 102% 101% Am T&T c tr 65 *46. 43 106% 105% Am T&T 5s s f'60.. 82 102% 101% Am T&T 5%s°43. 105% 104 Am W Wks s '34 94'5 Am Wat Wks 6s " 89% Arpentine 514862, 347 Argentine May '61. 82 39% Argentine 6sJu's9. 9 39% Argentine 65 Oc'59. 5 39% Argentine 63 A '57. 13 40 Argentine 6s B'58. 17 40% Arm & Co 4%5°39 Arm Del 5338 "43. Atchison gn Atchizcy 4% Atch Ariz 4} At CL1stds AtICLecl4s At Gulf 58°59 Atl Ref db 58°37. Australia 4%5 '56.. Australia 58 '35 Australia 58 '57 Austria 7s'43. Austria 78 '57 ctf; B&O4s'48.. y68'49... 12 39 38 31% 30 31k 31 B & O Toledo 45 '59 Bk of Chile 6% '67 Bk Chile 635 61. . Batav Pet 4138 '42 Belgium 65 ° - Beigium 635 '49. .. Belgium 78 ‘55, Belgium 78 '56. Bell Tel Pa 5s B'48 4 | Bell Tell Pa bs C'60 B Ind Loan C 6546 Berlin Cy EI 68 Beth Stl pm 55'36. Beth StIrf 513842, 6 Bolivia 78’58 Bolivia 78 6! Bolivia 854 Bost & Me Bos & Me 58 Bos &Me i8¢ | Brazil s '26. | Brazil 6328 '27, Brazil 85 4 Bremen 78 '35 | Bk Ed gn A 55°49.. 2 | Bklyn'Elev 634s. Bklyn Man 6s ‘68 Bklyn Un 1st 58'50, Buenos A 6561 Pv. Budapest 6s '62 . Buft Gen El 413831 Bush Ter con 55 '55 Bush T Bldg és'60.. Calif Packing 58 "40 Canada 45 6v...... Canada 4138 '36. ... Canaua ds Can Nat 448 54.... Can Nat Ry 434856 Can Nat 435 e Can Nat 428 '68... Can Nat 4585 . Can Nat uly'6y, Can Nat 58 Oct '65.. Can Nat 58 '70..... Can Nor 635 db '46 Can Nor 78 db '40 Can Pacdb 4s. .. Can Pac 435 '60. 54, | Car Clin & 0 65 Cent 11l G&E 58’51 Cent Pac 45 '43. Cent Pac 55 '6u.... Cert-td db 5328 '48, Ches Corp bs " C&Ogendizs’yz,, C&O4%sB'Y C B&Q 15t 1t bs Chi & kst 111 55'51. . Chi Grt West 45’69, Chi M&StP4 CM&SLP 4% C M StP&P 53°'75.. CM&St Padj5s.. C&NW 4145 C 2037, Chi& NW cn 4%s. . are 111 Cent 6345 * 11l CCStL&N 4%s.. 11l CCStL&N 68 A. . 11l Steel 434540, ., Inland St 4% s A'78 Inland St 4%s B'81 Int Rap Tr Gs '66. . Int Rap Tr sta 66. . Int Rap Tr 6s°32 Int Rap Tr 7832, Int Cement 65 48 . Int& G N ad 6s '52. Int Hydro El 44 Int M Co 58 ret'4l. . Int Match 58°47... Int MM col tr 6s %41 Int Pap 58 A 47... Int Pap 6s'56 Int Ry C A 6s IntT&T4% Int T&T cv 4%8'39 Int T &T 68°65. Italy 78 '51.. Italy Pub S 78 '62. Japanese 51%s '65. . Japanese 6125 '54. .3 Jugosl Bk 7s '57. Kan City Son 3s'60. 9 Kan City Sou 58'50. 4 Kan City Ter 4s'60. 20 Kan G&E 455 '80. Karstadt 6s°43.... Kresge Found 65'36 Kreug & Toll 55'59. Lackaw St 58 '50 Lac G St L 5834 Laclede 5%s C'S: Laclede 535 D '60. Lake Shore 3% s '97 Lautaro Nit 63 ‘54. Leh Val cv 45 2003, Leh Valley 552003, Lig & Myers 55 '51. Loew's 65 ex w Lorillard 551, ... Lorillard 535 '37.. La & Ark 55°60. ... Lou G & El 53 '52., L & N uni 45 '40. L&N41%82003. .. L&N 15t 51452008, Lvons 65 '34. ... McKes & R 5% 550, Manh Ry 1st 45'90, Market St 7s'40 Marseille 65 '34. Mex 45 astd 1910 Midvale St 53 '36. . Milan 64852, .... Mil E Ry & L 5861 M StP&SSM cn 4s. ., MK & T 1st 4590 MK&T4sB'62 MK o Pac gn 4 Mo Pac 55 A Mo Pac 5s F Mo Pac 5s G " Mo Pac 5s H '80. Mo Pacrf 53°81... 155 Mo Pac 5338 A Mont Pow Gs'43 Mont P db 5s A "62. Montevideo 6s Anaulaman o = Lok Mor&Co 1st 4% 839 12 Nassau Elec 45'51. 43 Nat Rad 614s47. . at Steel 58 '56. ... Netherlands Gs ¥ Eng T 1st 55 '52 Nw S Wales 55 '57. Nw S Wales 55 '58. N Y Cgn3s'er.. N Y Cent4s'98.... N Y Cent db 4s ‘34. ¥ Y Cent 4345 2013. NY Cnrf 4%s2013. 'C rfim 582013, N Y Centdb 6s'35. C&StL 4% 8'78. StL5338A'T4. C&StL 6s'32.. N Y Fdisn 58 B'44. . ' Fd 18t 614541, H&P 45'49., NY NH&H 434567 Y o BhnieZoZulea mBewuileaaSanes o » VH&H cd 6548 &W 1st 45'92. ' Rys inc 6s '6; Rys 6s A 65 N B Nor & Wnev 4 No Am Co b3 61 Nor AmE5%s Nor O T & L 63 "47. or Pac 33 2047, Nor Pac 45’91 87 49 551 99% 851 85 52U 5215 87 45 55 99% 85 85 50 49 25 70 65 30 4z 57 55 51 60 40 531 47 50 50 feans. Considerable selling is also be- leved to have taken place for Cana- dian account. At any rate, organiza- tions with important European and Canadian connections seem to-be of this opinion Abandonment of the gold standard by a number of countries, led by Great Britain, together with a feeling of un- certainty concerning the future outlook in the United States, appears to have induced Europe to dispose of substan- tial portions of its holdings for the pur- pose of converting the proceeds into gold. This may account for the in- crease in the amount of earmarked gold and the renewal of shipments of the yellow metal to European centers. Fear that the loss of gold is likely to result in higher money rates was held as groundless by no less an au- thority than Albert H. Wiggin, chair- man of the Governing Board of the Chase National Bank. The registering of lower price levels, the averages being some 35 points down as compared with Jun: figures, naturally has given rise to all sorts of fantastic prophecies. Among these are featured the belief, entirely unfounded, of course, that more countries will abandon the gold standard, that foreign trade is not likely to show any im- provement, that wholesale defaults on public and private debts will occur, and that social disturbances are unavoid- able. Those familiar witk stock mar- ket history know full well that all these ideas would disappear immedftely and that the present hysteria would subside s 500n as a sizable rally develops. This cannot be very far off. Railroad Shares. Railroad shares, which have once more given a fairly good account of themselves in ‘the market, despite the general weakness, are believed to dis- count pending favorable developments. These are understood to include, among others, the ironing out of difficulties between the New York Central and the Pennsylvania in connection with the consolidation of the Eastern roads, and with respect to which an important an- nouncement may be made after the conference to be held today. Textile Industry. The textile industry in the United States, one of the first to become en- gulfed in a depression of its own as far back as 1925, is today in a better posi- tion to regain prosperity than almost |any other industry, according to Leavelle McCampbell, president of the Associa- tlon of Cotton Textile Merchants. . Buy at present prices and hold or regret the lost opportunity later, is Mr. McCampbell's advice. He views very otimistically the outlook for the ind: try in the next two decades. Reciprocal Trade. The delay in the revival of reciprocal trade, which is so essential to business recovery throughout the world, is due in a large measure to Government-im- posed restraints on business, according to T. J. Caldwell, vice president of the | Union National Bank of Houston, Tex. Mr, Caldwell is of the opinion that the economic welfare of all nations would be better served if governments | would eliminate, in so far as possible, !all unnecessary restraints and hard- | ships on reciprocal trade. He regards the underlying causes of the present crisis as governmental interference with the full flow of commerce in the form of protective tariffs, embargoes and sub- sidies, all of which result in uneconomic production, unsound capitalization and credit inflation. (Copyright. by the North American Motor Plant to Resume. NEW YORK, October 1 (#).—Buick Motor Co. plans to resume production October 5, after a shutdown during Sep- tember for inventory. Operators will be on a five-day-week basis. Sao Pau 7s'40 ret.. Sao Paulo 8s '36. Sao Paulo 8s'50. . .. Saxon P W 6348'51. Saxon 7845 Seab A L 4s . Seab A L cv 63 '45.. Sea All Fla 6s,A'35. Seine 7s'42. . Serbs-Cr-S17s '62 Serbs-Cr-S1 88 '62. . lent language has already been used it | characterization of the chronic bear. In view of this situation it is well to keep | 70z, 10 at 7074, 10 at 70, 10 at 7014 | Mergenthaler Linotype—10 at 67. Shell Un Ol 5s 4 Shell Un Ofl s 49. Shinyetsu 6%s Y Steam 15t pf(7). 1025 102s 2 oranda Mines. ... 10% * orf & Westn (112). 128 4% U S Indus Alcohol. 25 Chi&NW rf 58 J S Leather. 31 1& NW 634536, in mind that there are times and situ- | atlons in which “short selling” is legiti- mate. There are other times and con- ditions when it creates alarm and is an agency for panic. It must then be dealt with by the proper authorities in a way that may temporarily injure a few, but | be of great benefit to the majority af-; fected by it. (Copyright, 1931 Closing for Inventory. NEW YORK, October 1 (#.—Dodge Bros. Corporation plans to close at the | end of this week for inventory and will remain closed for two weeks. DIVIDENDS DECLARED NEW YORK, Otmbrpre} (»). Company. Extra. (Evanston) . .81 Increased. ..50c. @ Irregular. Wileox-Rich B 15¢ Managed Invest.. .2 s Reduced. 14th 8t Bk of Pitts. .31 Q Magnin (I) & Co..20c Q Omitted. Mach.50c k Tran- Carpel Corp... Cinn Millin Fairmount - i et (U Imperial Bk of Can. 1 Keith (GE.) Co pf.$1.75 Ohio, Steel Foundry nd pf. ... 7 Prairie” Pipe Line. 75¢ Deferred. Mex Lt & Pow % pf......3380 8 Led 7% of .80 8 o pt a“:zun le(ch 5% Interim Regular. Adam Hoffman Co.. i1 ntic Tee ‘Mz .82 Brad Knit 1st pf.51.75 Brookline Trust 53 Canadian Lt & P’ 80 Cp P AL Charle: ii“ jzRP%(m;rr‘x:rn hesapeake ChrerPBatt) Bl 31.18 North Am Aviation. or Amer (b10%stk) orth Amer pf (3). . Yorth Am Ed pf (6). orthern Pacific 3). orthwest Tele (3) orwalk Tire & Rub. Norwalk Tire & R pf. Ohio Of1 Omnibus Corp. ..... Omnibus pt (A) (8).. Orpheym Circuit pf. Otis Hfbvator (2%) Otis Elev pf (6). Otis Steel. .. Otis Steel pr pf. Outlet Co (4). Owens 111 Glass (2). Pacific Gas & El (2). Pacific Lighting (3). Pacific Mills. . 100s 4 Pacific Tel&Teleg(7)1050s Pacific T & T pf (6).. Packard Motor (40¢) Pan-Am Petrol(40c). Pan-Am Pet B (80c). Panhandle P& R pf. Paramt-P(m1.62%p) Park & Tilford Park Utah. Parmelee Transport. Pathe Exchange. ... Pathe Exchange (A) Patino Mines. - Peerless Motor Car Penick & Ford (1) Penney (J C) (2.4 Penn Dixie Cement. Penn Railroad (3). Peop Drug Strs (1).. Peoples D'S pf (6%3) Peoples Gas(Chi) (8) Petm Corp of Am(1) Phelps Dodge Co. Phila&Reading C Philip Morris&Co(1)x 14 Phillips Petroleum.. 106 Phoenix Hos pf (7).. 590s Pierce Ofl. aee Pierce Ofl pf, Pierce Fetroleum Pillsbury Flour (2 Pirelli (A) (m3.13) Pittsbgh & West Va. s Pittston Co. Poor & Co (B)...... Port Ric Am Tob(A). Postal Tel&Cable pf. Prairie Ofl & Ga: 152% 150 1% 9% 52 41% (578 4 T6% 60 3% 17 T1% 109 1% Ld 26 e 27% 98% 15 8% 5714 20% U us e 11 U S Pipe & Fdry (2). 14% U S Pipe&Fy 1st 1.20 10% U S Realty & Imp(1) 5% US Rubber. .. 10 U S Rubber 1st pf 12% U S Smtg & Ref (1). 36 USSmtg&Refpt3t 69% U S Steel Corpn (4).. 118 U S Steel pf (7) 60 U S Tobacco (4.40) 17 United Stores (A). 211 United Stores pf (4). 20 Unlv Leaf Tob (3).. Univ Pic 1st pf (8) Univ Pipe & Rad. 16% Vanadium Corp..... 78 22% Van Raalte 1st pf.... 208 Va-CaroChem...... 11 Va-Car Chem 6% pf. 5 Va-Caro Chempf (7) 3 Va Elec&Pwr pt (6). 10s 32 Vulcan Detin (4).... 1408 82 Vulcan Detinpf (7). 108 Wabash RR. 11 4% Waldorf Sys 13 Walgreen pf (6%)... Walworth Co. . Ward Baking (B).... Ward Baking pf (7). Warn Bros Plctures. Warner Bros pf 3.85. Warner Quinian. ... Warren Bros........ Warren Bros cv pf 3. 3 Webster Eisenlohr. . s Wesson O11&Sno(2). Wesson O&Sno pf(4) West Pa Elec A (7) 65 West Pa El pf (6). 65 West PaElpt (7). 113% 103% West Pa Pwr pf (6). 120 107% West Pa Pwr pf (7). 44% 12% 19% 20 14% 31% | 150% 361 107% 119% 28 40 94 14% Western Dairy (A) 4% Western Dairy (B).. 7% Western Maryland 8 Western Md 2d pf. 3% Western Paciflc. ... 63 Western Pacific pf. 90% Western Union (8) 16% Westinghse A B(2).. 434 Westinghouse (2%). 75% Wsthse EM 1st m3% 61 Weston Elec Instru. 8% Westvaco Chlor (2). 45 Wheeling & Lake E.. 45 Wheeling & L E pf. Leather an, 12% 14% 1% 6% 12 101, 15% 14% 3Ty 371 69% 1171 60 93 2% 2ty 33 6 17 1% 5% 151 1% 13% 12% 45 45 65 64 68 65 70 65 103% 108 110 107% 15 15 4% 4y 8% Th 8% 8 4 3% 8 64 93% 90% 17% 16% 45% 43% 85 82% 8 6% 10% 8% 45 45 45 45 6% 8% 45 45 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4@ Am. Tel. & Tel. ctl. tr. Anacostia & Pot. R. R 5s .. . Anacostia & Pot. R.R. Guar. 8s. C. & P. Tel. of Va. 5s 2 Capital Traction R. R. bs. City & Suburban 5s.. Georgetown Gas_1st 55 Elec. Cons. 5%. Poto Elec. 65 1953..... Wash.. Alex. & Mt_Vernon ctf Washington' Gas 413s... ... Washington Gas 55 Wash. Gas 6s, series A series B Rwy. & Elec. 4s o MISCELLANEQUS. Barber & Ross. Inc.. 6'as. Chevy Chase Club $1as.. Columbia Country Club 5is. D. C. Paper Mfg. 6: W. M. Cold Storage STOCKS. PUBLIC UTILITY. American Tel. & ‘Tel. (9) - Capital Traction Co. (4) Wash. Gas Light Co. (il N. & W. Steamboat (12 Pot. Elec. Power 6% pfd. Pot. Elec. Pow. 5127 pfd... Wash. Rwy. & Elec. com. (7). Wash! Rwy. & Elec. pfd. (3)... NATIONAL BANK. Wash Capital (14) Columbia (12} Commercial ‘stamped) (10} District (8) ... Fed.-Amer. Nati. Bk & T Liberty (7 Lincoln (12)..."" Metropolitan (14) Riggs (155)... ... Second (9e)..." .. Washington (13). 5 TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6). Natl. Sav. & Tr. (121) Prince Georges Bk. & Tr. Union Trust (88)........ Wash. Loan & Trust (14). ' BAVINGS BANK. Bank of Bethesda (6%) Com. & Savings (10) East Washington (12).. Potomac (10! 5 . Sec. Sav. & Com. BK. (i7). Seventh_Street (12). . United States (30 . Washington Mechanics (20).. . FIRE INSURANCE. American (12). Corcoran (107 Firemen's (3). . TITLE INSURANCE. Columbia (6h). ... Real Estate (6h) MISCELLANEOUS. Chi R1& P r1 4s ‘34 Chi R lcv4is’s ChiRI1&P 43853 H&SE 1n 5560, Chi Un Sta 6%s ‘63, e Chile Cop db 55 '47. CCC&St L 4348 E'T7 Clev Term s Clev Term 5%s Cologne 6%s°50.., Colomb 6s Jan '61., Colomb 6s'61 Oct. “olo & Sou 4148 Col G&E 53 May'52. Col G&E cou 58 '61. Com Inves 51549, CC Md 1st rf 55'50. Con G NY 4%s°51.. ConG N Y 5%85 46, Con Pwr Jap 6%4s. . Con Pow Japan 7 Consum Pow bs '52. Copenhag 5s 62, Cuba 5%s '45. Cuba R R 58 Cuba Nor 53 Czecho 8s '51. . 101 Caecho 88 '52. 1014 Del Pwr&L 4348 71. 95% Del & Hud rf 45 "34. 90 Del & Hud 536537, 6 100% Denmark 41%5'62.. 9 66 Denmark 518 '55. . 74 Denmark 65 42.... 85" D&RG W b65°55.. 3215 DRG & W 5578 40y Det E G&R41%5'61. 988, Det Unit 4345 '32. . 95 Deutsche Bk 65 ‘32, 8315 Dodge Brcl 65 *40. 8414 Donner St 7s *42 9435 94 Duquesne 4% s 100% 93 Dutch East I Mar., 86 86 Dutch East I 65'47. 88 88 874 East C Sug 7% 10 El Salvador 8 19% Erie 1st con 4s'96.. 7% Erie con 48 A 54 Erieconv 4sB... 54 Erfe gen 4s. 54% Erfe cv 5567 56 Erle 575, 52 Fiat 7s war. 73 Finland 68 40 Finland 6%8'56. .. 46 Finland 7s '60. 39% Nreccannaokn nenbluabatBoulonarovatlruarny Norway 6s'52.. Oreg-Wash 4s°61.. Orient dev 5%48'58. Pac G&E 58 8 Pac T&T 1st 58'37. Pac T&T rf 6s°52.. Pan-Am Pet 68 '34. Pan Am Pet 65 '40. Paramount 6s'47. . Paris-Ly M 6s°'68. Paris-Ly M 7s ‘58 Penn 43 s D '81. Penn cv 4135 '60 Penn gn 433 '65 Penn 4%s'63.. Penn 68 '6: Penn gen bs'68. Penn 6345 '36. Penn PEL 4%8'81. 7 Peoples’ Gas b8 *47. Peor & E 1st 4 '40. Pere M 1st 55 '56. . Peru 6s '60 Peru 6561 Peru 7s'59.. Phila Co 5567 Phil & Read 6s Phila Elec 4571 Phillip Pet 5%s '39. Philippine R 4s'37. Pillsb F M 6843, .. PCC&StL 4%5'77 Poland 6s'40. Poland 7s 47 Poland 8s'50. Port Gn E143%5'60.. Porto Alegre 8s'61.. Por RAm T 6s'42 Pos Tel & C 5s'53. Prague 7148 '52.. Pressed St C 58'33.. Prussia 6s 52 Public Serv 4s'71 Pub Sv G 414567 Pub Sv G 4%s'70 Pure Ofl 53537, Queensiana Queensland 7s "41 Reaa gn 4348 A '97. Rem Arms 6s A *37. Sinclair Ofl 6348'38 Sinc O 7scv A '37.. Sine Cr 0 5345 '38.. SincPLb8'42..... Skelly Oil 6% Solvay Am 5s'42. . Sou Bell T&T 58 '41 SW Bell T 55 A '54. Sou Pac ref 4s’55.. Sou Pac 415 '68. Sou P 4%s'69 ww. Sou Pac 434581 Sou P&Or 43%s'77. Sou Ry &n 45 '56. .. Sou Ry 55°94...... Sou Ry 6148 '56. ... Sou Ry M&O 4s'38. StOIl N J 58°46 StOINY 4%s” Sweden 5% s ‘54 Swiss5%5'46 Tatwan EP 53471 ‘Tenn E1 P 6s A '47.. Tex & Ark 53s'50.. Texas Corp 5s ‘44 Tex&P 1st bs 2000.. Tex&P5sD'80... Third Avrf 4s°60.. Third Av adj 58 '60. ‘Toho El Pw 6s'32.. Toho El Pw 7s '55.. Tokio 618 '61 Tokio El Lt 6s°53.. 3 ‘Tol St L&W 4s'50. Un Pac 18t 45 "47 Un Pac 43 '68. 2 Un Pac rf 4s 2003.. Un Pac 43%48'67. ... Unit Drg cv 58°63.. 11 Utd King 5%s'37..188 US Rub1st5s'47.. 4 UASt WE%sC51.. 5 UnStWeEKsA'4T.. 4 UdSt W 6%sA'51.. 4 Unit SS Cop 65'37. 5 Uruguay 6s°60 143 Uruguay 6s 6 Uruguay 8s 46 Utah P& L 5s 44.. Utll Pw 55 '59 ww. 47 Util Pow 5%8"47.. 51 Vanadium St 58'41. 6114 Vienna 62 5! . 63% Va Ry & Pw 65 '34. 993 Va Ry 1st 5862 96% 36 Wabash 65 40 Wabash 5s D '80. 38 Wabash 53%8'75. 42 N Laaraianhy s 888 BHEIRB-5n Colonial Tr (Piits). Consol Litho A..... Fidelity Natl Bank of Wallingford .....$2.50 Florida Natl Bk (Jack- sonville) - ais 0 reen Ol ‘pass Ry 31,50 Hartford Elec ‘Lt 8834 Hercules Powd pf.$1.15 Holyoke Water Pow.§3 Nat Elec Power A .45¢ New Hamp Pow Df. 52 New Jersey Zinc.. 50c pitts United 7% pf ¥1.78 Pollard & Bagby or (Rich).. ... Pub Ul Inv $5'Df . ¥1.25 Rellable Str 1st pf $1.75 Second Natl Bk o 9% White Motors....... 10% 9% 10 Barber & Rogs. Inc., com. 2, WhiteToak AV T8 28 a0t 2 | Hedel At o 1% White Sewing Mach. 1% 1% 1% B c" Baper Mig pid . 0 2% White Sewing Ma pf. 2% 2% 2% — % | Disto Natl. Sec, pfd. 3 Wilcox Ofl & Gas. ... TP R 2 19 ®19% 2 7% Prairie Pipe Line. 1% Pressed Steel Car 815 Pressed Steel Car pf.. 39% Proct & Gamb 2.40). 148 1% Pro & Refiners. 54% Public Sve NJ (3. 90 Public Sve NJ pf (5) 97 Public Sve NJ pf (6) x 113 Public Sve N J pf(7) 135% Public Sve N J pf(8) 97 Pub Sve G&E of (5). 22 Pullman Corp (4) ‘Walworth 63 A "45. 35 Warn Br Pic 68'39. 38, ‘Warn Quin 6s'39.. 3815 Warner Sug 7s"41. 16 10413 Warsaw 75 ‘58 39 West E1db5s°44.. 1 101 West Md 45 '52.. .. 60 West Md 5%s°77.. 5814 West Pac 55 '46.... 58 Wt Sh 1st 45 2341, /3 West Union 58 '51.. 23 97'% West Union 58 '60. 6. Wes: Un 6348'36.. 2 10415 WEO5%8"37 ww. 5 102 Wick S cv et 7' 3% Wil & Co 18t 63°41. S8 83% Win RA T1s'41 30 30 Wis Cent gen 4 44§ a4y 4@ Yokohamsa 6s *61... 27 831; | 82% | 8215 Ygstn S&T 6s A'78. 1 80 . 180 f80@ Xgsto S&T 55 B'70. _ 2 81 4 7a80% 280% Li+1+01 oo Fond J&G 4%s '63. 12 Fram 1D T%s'42. 91 French 7849, 118 French 7%s '41. 6 115% Gelsenk'hen 6534 51 Gen Baking 5%s '40 95% Gen Cable 5345 '47. 5514 Gen Motors 68 '37.. 99% Gen P Sv5l38'39.. 841 Gen St Cas 5%8'49. 66 Gen Th Eq 6s '40 15 German 5%s '65. .. 34 German Bk 65 '38. 1 491 Ger Cen Bk 6: 48 Ger Cen Bk 48 |StL&SF4%s German 7srep '49.. 56 "StL&SF plbsB'60 German Bank 7s '50 b51% StP&KC SL 4%s'41 Ger Gen El 78 '45. 56% StSWends'3a.... Goodrich ev s *45. 441 StL S W 68’632, Good 18t 6% 847,03 81% SanA&AP4s'43.. 10 Rhine West 6s 565, Rhine West Rich Ol Cai Rio de Jan 6% Rio de Jan 8s°46. R Gr Do Sul 6s68.. R Gr Do Sul 8s°46. Rio Gr W 1st 45 '39 Rio Gr W clt 4549, 41 seessssees 19% Wilcox Rich A (2%). 19% 17 Willys-Overland. . 1% 1% 20 Willys-Overland pf.. 20 20 20 1 Wilson & Co.. T .2 Wilson&Co(Adeees 8 24 2 2% Wilson & Co pf. 19 1T 1% 45% Woolworth (2.40). don a5 41 P 213, Worthingtop Pump. 231 21% 2 5% Pure Ofl. 551 Wrigley (Wm) (4) 591 55l 56 T el o, o 66% Pure Oil p e W Meeh tge. com. (8} 1214 Purity B ‘ ‘ 30 16 YVale & Towne (2)... 16 16 16 —1%|W. Mech Mige com (8} 12 Radio Corp Lo e ] T IR Ll LI e UL i'fl'&'&v:fi‘ & D i é : 767 174 Yellow Truck €Cpf. 2108 217 174 18 —6% 267% Radio Corp (B) (5) 14 Young Spr&Wire(2). 14 14 14 14 sEx dividend, 527% ext 7% Radio-Keith-Orph A. 168 78 22 Ygstwn Sheet&Tube. 14 24% 22 22 -3 bBooks closed: © ¥2%% extra. 913 Raybestos-Man 1. 10 5% 1% Zenith Radio........ 2 1% 1% nase extra. 3% extra. 1% 4 3 130C extra. 4% extra. 45 Reading Rwy (4) 9 14 . 7% Zonite Prod Corp (1) 4 % T t ¥ i er. Tr. & Stge. com. er. Tr. & Stge. pfd. (7). Mergenthaler Linotype (8 fatl. Mtge. & Inv. pfd. (8). Peoples Drug Stores pid. (6i3). Real Est. M. & G. pfd. (8). Securify ‘Storage (4e). StL IM R&G 45'33. St L&SF in 45 A ‘50 Fla E Coast 55°74. 9% { ate CEvanston) ... Bummit_Wholesale 'Groc pr pf......87" Trat 100 000 © D 0 ODO DOOOOOOD © O OOO OPO' OO> RiliifE WA