Evening Star Newspaper, October 6, 1931, Page 15

FI} ANCIAL. GURB SHARES GAIN N BRISK DEALINGS White House Conferences Give Stimulating Influence to Whole Market. BY JOHN A. CRONE. Special Dispatch to The Star. % H NEW YORK, October 6.—The Curb Exchange advanced brickly today on the news that President Hoover was | holding important conferences at the White House and on the new exchange ruling that all sales of stocks and bonds must be reported whether for long or short account. Electric Bond & Share ran up about 2 points by midday. Citles Service was up a shade. Commc-nwealth Edi- son gained about 5 points. Alumirum Co. of America jumped more thaa 6 points. United Light & Power A rose over a point. Middle West Utilities responded to a | statement by Chairman Samuel Insull, which in effect said that the various companies with which he is associated reported today fully as much new busi- | ness this year as in the same period & year ago. “We have not,” Mr. Insull continued, | “sold any of the operating company | stocks held by our investment com-{ panies and in other funds controlled by us. The drop in the prices of port- folio securitles has, of course, been re- flected in the prices of securities of our holding companies. ‘The shrinkage of portfolio values, however, has not justi- fled current low prices for their prior securities.” Before the rally started, just after the first half hour. fractional recessions brought many issues to new lows, in- cluding Niagara Hudson Power, Penn- road, Ford Motor of Canada A, Lone | Star Gas, Standard Oil of Indiana, | Standard of Kentucky, Humble Oil, | Mead-Johnson, Parker Rustproof, Insull Utility, Swift Packing and Columbia Pictures. Virtually all of these shares rallied during the general u wing, which received its impulse largely from the belief that President Hoover's state- ment would be of interest to real estate men and bankers and deal with frozen loans on real estate and bonds now being carried by country banks. SHORT SELLING DRIVE BY EXCHANGE PURSUED By the Associated Press. NEW YORK, October 6.—A further step in its movement to check up on short selling in stocks was taken today by the New York Stock Exchange. The committee on business ccnduct directed that before executing any sell- ing orders, members shall ascertain and notify their fleflr brokers whether such orders are for “long” or “shcrt” account. Members having out-of-town corre- spondents were further directed to transmit this ruling to their correspend- ents immediately by wire, BONDS ON THE CURB MARKET. DOMESTIC BONDS. H High. Low. Noon. 25 Alabama Pw 4':s '67 892 89', 80'z 16 Aluminum_ Co 52 93 ° 8%, 9875 9Am Cmwih Pw 65 '40 3: 1 Amer El Pow 68 A '57 4 11 Amer G & E 55 2028 Bales n thousands. s B '3 an 55 C 38Can Cemt 5'zs A 2Can Nat Ry 4'zs 7Cen ILP S'4'as F en Pw 27Cit Serv Pow 5.5 5 Cleve Elec Tllu 55 33 Comwh Edis 4s F 19 Con Gas Balto 4s ' 4Cn G b Serv 5 1dort-Astor 3 West News Del fs "44 3¢ West Penn 55 2030... FOREIGN BONDS. 0 Buen Alr Pr 7'as '47 42'a 2 Busea Nialey Tst. 31 §Cent"mK'coes B "5i7 39% 841 bt} 4 Terni Soc 6! ww—With warrants. Without ants, xw- DNew. ) Wi—When issued. ol A French scientist has invented a motion picture camera which is capa- ble of taking between 2,000 and 3,200 single exposures every second. NEW YORK CURB MARKE ~Prev. 1931.~ High. Low. ~. 12 615 1% 54 213 Bickford's (1.20). 4 Canadian Marconi 4 Duquesne Ga 2 Elec Pow Assoc A (1) 4 Int Utilities(A) (3%) i-Italdan Superpow A.. 3 Lackawanna Sec (4) except those designated by letter “s.” Bales and = Dividend Rate Add 00, Open. High. Low. 3:55. Aero Underwriters.. 19 6% 6% 6% Affiliated Prod 1.60 Agfa Ansco pf. Afr Investors cv pf.. Allegheny Gas Corp.. Allled Mills Inc..... 1 8% Aluminum Co of Am 31758 71'% Alum Goods (1.20).. Aluminum Co Ltd... a Am Cit PEL B b10% Am Com P A (b10%) ‘Am Com Pr B(b10%) Am Corpn (f30¢). ... Am Cyanamid B. Am Equities........ Am For Pow War.... Am Founders....... 4 Am Gas & Elec (31). 252 AmGas&Elpf (6).. 4 Am Invest Inc (B).. 7 Am Laundry Mch(2) 1008 AmLt & Trac 21). 23 ‘Am Mfg Copf (5)... Am Maracaibo Am St Pu Sv (al. . Am Superpwr (p40e) Am Superp 1st (§) Am Superp pf (6)... Am Util & Gn B vte.. Am Yvette (25¢).... Anchor Post Fence.. 4 Appalachian Gas.... €6 Appalachian Gas wr. 1 Arkansas Nat Gas, Arkans Nat Gas A ArkP&Lpf (7).... Art Metal Wks (60c) Assoc Elec Ind (30¢) Asso G&EI A (b2 Asso G & Fl ct (8) Asso G & El war Atl Coast Fish Atlas Plywood Atlas Uti] Corp. Atlas Utilities wa AutoVM cv pr pt 50¢c. Bell Tel of Can (8).. 508 RBell Tel Pa pt (612).100s Beveficial J L (1%3).. 8 2 428 2 1 36 3 19 Blue Ridge Corp. . Blue Ridge cv pf(a3) Bourjois Ine (2c)... Brazil Trac Lt&P(1) BritATcou B 1.13 3-5 Buft N&EP pf (1.60 Bulova cv pf (315 Bunker Hill & Sull Burco Inc war, Butler Bros. Carman & Co A (2).. Caro Pw & Lt pf (6). Carrier Corp. 5 Cent Pub Sv Del. . Cent Pub Sve A b5.% . Cent&Swn Ut (b7%) Cent Stat El (b10%) . Cenirifug Pipe (60c) Chain Store Devel. .. Chain Stores Stock. . Cities Service (g30¢) Citles Serv pf (6)... Claude Neon Lts Inc. Clev El Illum (1.60). 1 Colombia Syndicate.. 108 Colon 011 2 Col Oi1& Gas vte Colum Pic v.t.c. f75c. Cmwlth Edison (8)..175 Cmwlth & Sou war.. 43 Com Wat Ser g12%¢. 1 Comstock Tunnel. Consol Auto Merch.. Consol Copper. 3 Con Gas Balto (3. 12 Consol Gas Utll (A), 2 Cont Shares cv pf... 4253 Copeland Pr Inc (n). = mt o8 DS heendnEnnT e oo - 2 s 1 11 5 Corp Sec Ch (b6%) .. Corroon & Reynolds. Corroon&Rey pL(A). Cour’ulds Ltd 13 3-5¢ Creole Petroleum. Crocker Wheeler..... Crown Cork Intl (A). Cumberland P L (2), Curtiss Wright war.. Darby Petroleum.... Dayton Alr & Eng... Deere & Ci De Forest Radio Derby Ofl Refining. . Detroit Afreraft. . Doehler Die Casting. DressSRA (3%)... Dresser Mfg B (2) Driver Harris new Dubilier Cond & Rad. Duke Pow (5). o L @ FRORRAN MpRE e n D e R 00w ArmrateeenSe Y 3 Durant Motor: Duval Tex Sul Eagle Picher Lead st G & I Assoc. East Sta Pow (B)... East Util Assoc (2).. East Util Assoc cv East Util Inv A. Edison Fl Bos 13.60. Eisler Electric...... Elec Bond&Sh(b6% Elec B& Shecupf 5. Elec B & Sh pt (6) Elec Pow Assoc (1). 3 s S BoFdnSBe Elec P & Lt op war. . El&hareholdg(b6%) np G & F cu pf (7). Empire Pwr pt(2.24) Empire Pub Sve (A). Eureka Pipe L (4) Fageol MOtor....... Fairchild Aviation. . Federated Metals. ... Florida P & L pf (7). 258 Foltis Fischer Corp.. 1 Ford M Can A (1.20). 67 Ford Mot Can B 1.20.2758 Ford Mot Frn37%c. 1 Ford Mot Ltd 36 3-5¢ 240 Foundation For Shs. Fox Theater (A) Franklin Mfg. Gen Alloys Gen Aviation GenE Ltd res 36 3-5¢. Gen Fireproof (2)... Gen G&E cv pf B(6).150; Gen Leather. ... . Gen Theat Eq cv pf.. Glen Alden Coal (4): Globe Underwr (15¢) Golden Center. . Goldman Sachs. ... Gold Seal Elec new. . Gorham Inc pf.. Goth Knitback Mch. Graymur Corp (1)... 1 Gt At&P T nv (163%) 80s Gt At&Pac Tea pf(7)165s Gulf Oilof Pa (1%). 16 Hall Lamp (40¢). ... Hamilton Gas v.t.c Hazeltine Corp (1).. Hecla Mining (40c). Helena Rubenstein. . Hires (CE) A (2)... Hellinger Gold(65¢) .+ Horn (A C) 1st pf... Horn & Hard (214).. Hudson Bay M &S.. Humble Oil (123).. Hygrade Food Prod., 111 Pow & Lt pf (6).. Imp Of1l of Can (50¢) Imp O Can reg (50c). Imp'l T GtB&I(1.12). Indlana Pipe Line(1) Indian Ter Illu Oil A, Insull Inv (b6%).... Ins Co ofNo Am 1234 Insurance Sec (40c). Int Cigar Mach (2%) Int Petroleum (1). .. Int Superpwr(11.10). o S M e E =B » I = ITINTSIUR - PP TONe FES 19 ar, Interstate Equities. . Inter Equ ev pf (3).. Irving Au"Chute (1). » Italian Superp war.. Kolster-Br (Am 8h). Lake Shore Mines(2) Lefcourt Real pf (3) Len Coal & Nav 1.20.. Leonard Oil... Lone Star Gas n 88c. Long Island Lt (60c) Long Isld Lt pt (7)., Long Iscu pf B(6).. Magdalena Synd..... Mangel Stores pf.... Mapes Cons Mfg(t4) Mass Util Assoc. Mead Johnson (15).. Meniph N Gas (60c). Merritt Chap & Scott - - w@E 2% 6% 6% 2 8% J 5% 2% Peop G ~Prev. 1031~ Stock and High. ‘Low. Dividend Rate 6% Mesta Machine (2).. Mid Sta Pet vt A 22¢ Mid Sta Pet vtc B.... Mid West Ut (b8% Mid W Ut cv pf xw 6 Midland Unit (b6%) Mid Wst Sts Ut b10% Mo-Kan Pipe Line. .. Miss Riv Fuel bd rts Mohawk Hud 1st(7}.125s Mont Lt HEP (1%). 12508 Moody'sISptpf (3) 1 4 Moore Drop Forg(A) 15 4 Mountain Prod (1) 2 Nat American Co.... Nat Aviation. . SNT Nat Baking pf (7)... 25s Nat Bd & S Corp (1). Nat Container pf(2). Nat El Pow A (1.80 Nat Family Stores. Nat Fuel Gas (1) Nat Investors. .. Nat Pow & Ltpf Nat Pub Sv A (1.60). Nat Pub Sv pf (7). Nat Rubber Mach. Nat Screen Sv (2). Nat Service Co. 3 Nat Sh T Sec A t60c. Nat Sugar NJ (2)... 3 16% Nat Union Radio Neisner Bros pf (7).. 50s Nelson (Herman). New Bradford Oil. ng Fuel new New Haven Clock New Jers Zine (t New Mex & Ar Land. Newmont Mining. ... N Y Hamburg (2%4). NYP&Ltpf (7)... 50s N Y Shipbuilding Cp. _8 N Y Steam Cp (2.60). *3 N Y Telpt (6%). ... 1008 N Y Transit (180¢).. 1 Niag-Hud Pow (40c) 136 Niag-Hud Pow A w., 12 Niag-Hud Pow B w.. Niag Sh Md (40¢). Nor & So Am Corp A, Nor Central Texas. . Nor Ind Pub S pf (6) 256s 6 Nor St Pow pf (7)... N W Engineers (1).. Novadel Agene (4).. Ohfo Copper.... Ohio Oil cu pf (6). 3 Okla Nat Gas pf. i Outboard Mot A... 1 Outboard Motor B. PacG&FE1stpf1%. PacG&Epf137%., Pac Western Ofl. Pan Am Airways. Pandem OIl. . 5 Paramount Cab Mfg. Parker Rust Pr (3).., Pennroad Corp (40c) Penn Mex Fuel (75¢). Penn Pw & Lt pf (7 Penn Wat & Pow (3) % Perryman Electric. . Phila Co new(11.40). Phila Elec pf (5) Philip Morris Inc. ... Phoenix Secur Corp.. Phoenix SCpf (3)... 1 Pierce Governor..... 1 Pitney Bowes (bi%) 18 Pittsburgh&LE(110)4508 Pittsbgh Plate G (2), 2 Plymouth Ofl (25¢).. 10 Polymet Mfg. . Prudental Invest.... 18 T11(8)§100par 25s N T11(8)no par 758 Pub Util Hold war. Pub Utll Hold xw. Pure Ol pf (6) Pyrene Mfg Co ( Quaker Oats (1 Radio Products 4 Rainbow Lum 4 Reiter-Foster. Reliance Int A.. Reliance Manag. Republic Gas Corp Reybarn Co Reynolds Invest. Rike Kumbler (2.20) Roan Antelope Min. . Rock Lt & P (50¢)... Roosevelt Field Ine.. Rossia Intl (10¢).... Rubberold (4)... Safety Car Heat & L. St Anthony Gold. ... St Regis Paper (60c) Salt Creek Consol. ... Salt Creek Prod 1.40. Schiff Co (2)........ Seaboard Util (28¢).. Sec Allled Corp (1).. Secu Corp Gen (40c). Sexal L & H (a50c).. Selected Industries. . Sle Ind al ctfs(514).. Slet Ind prior(5%).. Selfridge Prov Strs. ., Shawin W&Pwr (2).. Shenandoah Corp. ... Shenandoah Corp pf. Singer Mfg Co (116).250: Singer Ltd rets(28c) Sisto Finance Corp Smith (A 0) (2). Solar Refining. So Am Gold & Plat. .: South Penn O (1).. 4 SoCal Ed pf B (1%). ou Cal Ed pf C(1%); South Col Pwr A(2). Southern Nat Gas. .. So New Eng Tel (8). Southld Royalty 20c. SWG&Epf (7) . S W Gas Utilities. SW Penn P&L (1). Spleg May Stern pf. 4 Stand Oll of Ind( 1 Stand Oil of kgy 1.60.. Stand Oil Nebr (2) Stand O11 Ohio (2%). Stand Pwr & Lt (2).. Stand P& L (B) (2). Stand P & L pf (7).. 150; Starrett Corp... 3 Starrett Corp pf (3).. Stutz Motor Car..... Sun Invest.... ' Sunray Ofl (b5%)... Swift & Co (2).. Swift Internat’l (14). Tampa Electric (32). Technicolor Ine... .. Teck HughesGM 165¢ Texon Oil&Land (1). Thatcher Sec Corp Tobacco & All Stks Todd Shipyard (4) Trans Air Trans. Trans Lux DL P § Tri-Cont Corp war. Tri-Utilitl Tubize Chatel, B. Tung Sol Lamp(1 Ungerlelder Fin Cp.. Un Gas of Canada (1) 4 Union Oil Assoc (2).. Union Tobacco. . Unit Corp war. 1 ¥ 3 1 s 9 0 2 1 150 150 % 1% 59% 2% 98 1% W 1 UnitLt&Pw A (1).. Unit L & Pwr pf(6).. Unit Profit Sharing. . U S Dairy (A) (6)... U 8 Dairy (B)... ) Utah Metal & Tun... Utah P & Lt pf (7) 08 Utll P&Lt(at1.023%5). 34 Ut P&L B(at1.023%). 6 Util Pwr & Lt pf(7). 1508 Utll & Ind pf (1%) 5 Utllity Equiti Voght Mfg Co (1)... Walgreen Co........ 2% Walker (H) (50c). Wil-low Cafeterias.. 1 ‘Wil-low Cafe pt (4).150s Winter (Benj). ‘Woolworth (FW “Y” Ofl & Gas....... RIGHTS—EXPIRE. 112 112% 6! L&C.Janis 2 3 - { 16% 16% 6% ™ 1 2% 4 8% 1% an 20 6% 1% 150 160 & 1% 61 2% Received by Private Wire Direct to The Staf Office Bales— Add 00. Open. Migh. Low. 3:55. 16% 1w M A 6014 1% 1% 2% 6 % | association at IOUTLOOK IN TRADE OF WEST IMPROVES Commodity Prices Expected to Show Gain in Near Future. Special Dispatch to The Star. “KANSAS CITY, Mo, October 6—If greater activity in trade is to come dur- ing the Autumn, it is about die. In view of the low stocks on shelves of retailers. and the hand-to-mouth buy- ing, it is logical that so far as neces- saries, some of which formerly were luxuries, are concerned the movement of commodities should show a better account than for the past four months. While it is a complaint that the farm country has no ready cash, the reports from county fairs tell of crowds as large as usual, and the movies in the country towns are prospering at prices far above those of 10 years ago. Money seems plentiful to run all the motor cars, and some activity is noted in sell- ing the cheaper lines of cars. Along with this is increasing unem- ployment as farm Work for the Autumn is ‘ending and seasonal work in the towns decreases. The planning indi- cates that the unemployed will have far better care during the coming Win- ter than last year. ~Every city is al- ready making definite arrangements to handle what is expected to be an ex- ceptional burden. Extra work where possible, public improvements and some sort of labor for thése who must have aid are a part of the plans. ‘The demand for loans on local banks all through the Southwest is stronger counting on a continuance of this for several weeks, at least until the holi- day season, when it is felt there may be a better sentiment, with a\disposi- tion to loosen up on grain holdings and settle the season’s finances. Borrowing for feeding cattle is under way, but a new system is taking the place of the individual handler of live stock. the cattle and pay the feeder per pound for all he puts on them during the sea- son, usually 8 cents a pound. The farmer has no investment and sells his corn and wheat and other feeds at a price dependent somewhat on his ity to add to the weight of his animals cheaply. This is relieving the local banks of a considerable burden in di- rect loams, but many are buying the cattle paper issued by the companies owning the live stock. Rural banks generally are taking only short-term paper at this time, feeling that they should be prepared for any possible drain on deposit accounts later in the Autumn or Winter. (Copyrisht, 1931.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 6—The fol- lowing is a summary of important cor- poration news prepared by the Standard Statisties Co., Inc., New York, for the Associated Press: News Trend. Although the trend at this season of the year is downward, the decrease in automobile _production for the week normal seasonal decline. Actual out- put totaled 32,253 units, which com- pares with 39,186 units in the previous week and 41289 units in the corre- sponding week of 1930, according -to Gram's automotive reports. The Companies. Kaybee Stores September Sales up 1.8 per cent, nine months up 12.4 per Co. cent. September above year ago. Kayne Kelvinator Corporation 1931 earnings estimated at $1.55 a common share, vs. actual earnings of $1.35 for 1930. United States Gypsum realized profit in third quarter. American Telephone & Telegraph August gross earnings reported to I. C. C. for operating activities off 3.9 per cent, operating income up 22.2 per cent, shipments operating income up 3.4 per cent. Atchison, Topeka & Santa Fe Rail- way—Grain traffic _continues above | year ago, but all other classes lower; August expenses cut $1,711,000, com- pared with year ago. Connecticut Electric Service common share earnings based on average num- ber of shares outstanding year ended July 31, $3.72 vs. $3.49. F. & W. Grand-Silver Stores Sep- tember sales up 0.8 per cent, nine | months, up 1.1 per cent. Grand Union Co. store sales four | tangible sales up 19 per cent. Grant (W. T.) Co. September sales up 5.3 per cent; nine months, up 8.3 per_cent. Great Western Sugar—Current beet crop estimated over 700,000 tons, or 200,000 tons less than average for last three years; to pay $5 a ton minimum price for beets vs. $7 a year ago. Lerner Stores September sales up 3.7 per cent; nine months, up 6.2 per cent. STOCK REPLEDGING PRACTICE QUESTIONED Special Dispatch to The Star. BALTIMORE, October 6.—The re- ported practice of local brokers in re- hypothecating stocks, bonds and other securities deposited as collateral for loans will be brought to the attention of the attorney general's office for a ruling as to its legality, it is said. The law requires that the consent of the owner of such securities must be given before the broker may himself re-pledge them. In many cases, it is reported, the owner gives his consent by AlannEl the loan application without having the fact specifically called to his_notice. ‘Whether verbal assent to the re- hypothecation of securities is ample or ‘whether the consent must be in writing to avoid possible future question is one of the points which it is said the at- torney general's office will be requested to_consider. ‘The Maryland statute forbidding the re-hypothecation without the owner’s consent fixes a maximum fine of $5,000 and imprisonment for five years in the penitentiary for the offense. Bank Educational Campaign. By the Assoclated Press. A country-wide educational campaign to create a more accurate understand- ing on the part of the public of the operations of banking is gelng consid- erec. by the Financial Advertisers’ As- sociation. A financial authority, addressing the its last convention, pointed out that the present “is par- ticularly a time for good will and in- stitutional publicity not only for .indi- vidual ' institutions, but for banking groups and associations, in which, through paid space and public utter- ance, the essential truths about the banking business are es! in the public understanding.” METAL MARKET. NEW! YORK, October 6 (#).—Copper electrolytic, spot and luw;;, E X than usual at this date, and banks are | The cattle companies ship out | ended October 3 was greater than the | | mors in circulation as never before the weeks to September 26 up 1.3 per cent; |8 |4 : Everybody BY DR. MAX WINKLER. NEW YORK, October 6.—It would seem almost futile to call upon the American investing public to reason clearly and logical ‘They appear at the moment incapable of doing this. Vague fears as to what is hanging over the securities market, the whole country and the entire world have taken tco firm a hold on them to render them susceptible to national deductions. Those who refuse to believe that the world has come to an end are not listened to. Only the prophet of woe is heeded. Since time immemorial it has been the false prophet who commanded at- tention and respect. In the long run, however, fundamentals will triumph and reason will once more hold sway instead of fear and superstition, and those who sacrifice securities today and Mtore up specie will pay dearly for their folly. ¥ Banks Dispose of Holdings. The continued lack of confidence is forcing banking institutions throughout | the United States to dispose of large blocks of their holdings. So-called | second-grade securities, or such as do not enjoy very ready marketability, have already to a very appreciable ex tent been thrown on the market at | prices which in but few, if any, in- stances were representative of their inherent value. The presemt wave of selling applies, therefore, largely to the bonds. The principal aim of the banks is, naturally, to get into as liquid a posi- them by depositors. While the indi- vidual may imagine himself in a state | of bliss if he obtains his deposits and | converts them into cash, which he | hoards in happy thoughtlessness, he | does not stop to appreciate the grave | consequences of such tacties. If the tendency of withdrawals and subsequent conversion into sterile cash | continues, the bulk of the banks of | the country will have their assets in | cash, call loans, Government securities and prime paper. The chief agency of | financing the country's Rusiness will thus be either eliminated Sltogether or greatly impaired, ‘The importance of tackling the bank- ing situation is apparent, and it is in- cumbent upon the Federal Reserve Board, the large commercial banks and leading business enterprises to devise | ways and means of giving the matter | immediate attention, with a view to | correcting it before the situation gets | beyond control. In Position to Stage Comeback. Eliminating the 40 per cent stock dividend, United States Steel common | is selling at the lowest levels since the \early stages of the war boom. If ac- count is taken of the stock dividend in June, 1927, prevailing prices of about | 62 are actually equivalent to a quota- tion of more than 86. ‘While it is true that the immediate outlook for improvement in Steel com- | pany earnings cannot be viewed with too much optimism, one musg not lose i sight of the fact that an &normous equity has been created by the cor- | poration and that it is in an unusual better class securities, both shares and | tion as possible in order to handle | whatever demand may be made upon | FINANCIAL. ’s Business Investors Heed Only Prophet of Woe, But in the ' Long Run Reason Will Hold Sway and They Will Pay Dearly for Folly. position to stage & comeback, which is sure to come, as the present crisis was inevitable after the wild orgy of specu- lation in which the whole world had become engulfed. Todd in Good Condition, Another instance of the absurdity which characterizes quotations is af- forded by the shares of Todd Shipyards Corporation, outstanding at 217,679 and representing the only capital liabiliiy of the company. At the beginning of the current fiscal year, April 1, the en- terprise had cash and accounts receiv- able of close to $19 a share, earnings prior to depreciation amounted for the year ended March 31 to $6.93 per net profits applicable to the common amounting to $4.26. Eliminating en- tirely the valuable fixed assets of Todd, the company has cash and equivalent to well over 60 per cent of the present selling price of its entire capitalization. Would Restore Confidence. Of the numerous recommendations | creation of a national economic council is perhaps the most commendable. | While one must admit that such coun- cil could not perform miracles and bring about a complete change in con- ditions overnight, it should go a long way toward restoring confidence in the inherent soundness of the United States |and its institutions. The formation of the council should therefore be pro- ceeded with immediately. % Auburn Shipments Double. Shipments of Auburn and Cord cars for September are approximately double those of September, 1930, according to R. H. Faulkner, president of the Au- burn Automobile Co. The total number of cars shipped for | the first nine months of the current | year amounted o 32,896, as compared iwlth 13,693 shipped during the corre- sponding perlod in 1930, a gainf more | than 140 per cent. Curious tHough it | may seem, the effect upon the shares of Auburn has been exactly the opposite of what normally would have been ex- gecv.ed and of what normally would av taken place, Employers Can Help. If responsible American employers will elfl flatly to their present employes | that these employes can depend upon their present employment, that action /'will put a stabilization basis under a large section of the American retail | market, according to Matthew Woll, | vice president of the American Federa- tion of Labor. Mr. Woll adds that such action will | be bound to stimulate the withheld de- mand for goods into an activity which | will give a much needed reason for in- dustrial movement. | _Edward D. Duffield, president of the Prudential Insurance Co., seems to meet the above denfand at least as regards | his own company. Mr. Duffield is per- fectly willing to state that it is the | intention of the Prudential to retain, s0 far as possible, its present employes in its employ, and as far as is feasible .f'i l:'l: wage or salary scale now in | effect. | (Coprright 1931. by the North American wspaper Alliance, Inc.) l Brokers’ Comment | houses today called the wave of liqui- | dation “hysterical.” A sharp technical ‘rebound. some said, was likely to occur at any time. Redmond & Co.—In assituation where reason has given way to hysteria, it is useless to speculate how far the re- action will carry. Current prices may | prove to be ridiculously cheap a year, or two years, from now, but that is no assurance .that they will not sell lower. | We prefer to let the tape tell its own | story and to defer new purchases until |it is apparent that discouraged and | necessitous liquidation is out of the | way. | Hornblower & Weeks—We would | watch the action of the market itself eight months’ gross off 3.1 per cent, for a clue to the termination of the | current phase of liquidation, believing | that technical considerations rather | than outside developments should form the basis for the next important upturn when it occurs. Shields & Co.—With confusing ru- smart trader is maintaining as liquid position as possible angd confining oper- ations to quick trades. The number of potential investment buyers is increas- ing daily, buf this demand will not be enjoyed until the market settles down | and there is definite indications that | iquidation has run its course. E. F. Hutton & Co.—The market has gone to unexpected extremes in defla- tion as it did to unexpected extremes in inflation, but the level of quotations lsl no more a measure of values in the| present case than it was during the | 1929 boom. The purpose of many small investors and haphazard speculators will be best served by waiting out the decline until dependable signs of sta- bility are visible. Those able, desirous | and willing. to take advantage of pres- ent buying opportunities should do so.| From the trading standpoint it is our feeling that a sudden turn is likely at almost any time. Paine, Weber.—Suggest that traders keep close watch for a climactic flush of selling, out of which an automatic rally, such as occurred two weeks ago, might easily develop within a matter of hours. N CHICAGO DAIRY MARKET. CHICAGO, October 6 (#)—Butter, 8,070 tubs; firm; prices unchanged. Eggs, 3,708 cases; firm; extra firsts, 2414; fresh graded firsts, 2312; current receipts, 18a21%%. “The tangelo, a citrus product of Flor- ida, is a cross between the tangerine and grapefruit. By the Asso From Yesterday .60. Iron Lead steady; spot, New York, Bact 5t Loui m.:&’:fl‘mmw Antimony, 660, . . i s s et NEW YORK, October 6—Brokerage Grain Market By the Associated Press. CHICAGO, October 6.—Upturns ih grain prices early today accompanied brisk rallies shown by securities. There were also reports that the amount of wheat afloat for Europe was now only sufficient for two or three weeks re-| quirements. | Opening at Ijal-cent advance, wheat | afterward gained further. Corn started unchanged at % higher and continued to point upward. Besides the stimulus given to wheat | as a result of stock market jumps, buy- ing received momentum on account of drought advices from Western Kansas. With 25 per cent of the wheat acreage said growers had stopped planting and would do no more until it rained. An- other bullish factor was word that sced- ing was slow in parts of Russia, that seaboard receipts in Rumania were de- creasing, and that a falling off in Black Sea shipments appeared likely. On the other hand, tremendous stocks of wheat were reported to be held at present in Great Britain, almost | 100 per cent more tnan was the case a month ago. A leading unofficial au- thority was also quoted as saying little change was apparent that European continental countries would make any appreciable modification in import duties or milling quotas before 1932. Corn and oats were strengthened by a forecast of showers dver the main corn belt following heavy rains in Eastern Nebraska and Western Iowa. Provisions responded to grain strength, despite lower quotations on hogs. DIVIDEND CHANGES. NEW YORK, October 6 (Special).— ‘While this has been one of the most disturbing weeks in the year, it has been a quiet one in the matter of changes of important dividend rates. ‘The Baltimore & Ohio declaration was larger than had been anticipated, though $1 a share under the previous payment. It had been a foregone con- clusion that the rate on Columbia Gas & Electric would be lowered. This has been more harmful to the 6 per cent preferred stock than to the common, the latter having advanced and the for- mer having dropped to a level about 30 points under its high of the year. Allis Chalmers has had its dividend cut from $2 a share to $1, which had also been foreshadowed in the break in the price below 15. During Septem- ber, 106 dividends were reduced and 128 passed. This brings the total changes for the last nine months, according to Standard Statistics, to 684 decreases and 991 omissions, AND BOND AVERAGES Tated Press. 's 5:30 Edition, share and depreciation to $2.67, leaving | made by the United States Chamber of | Commerce the one pertaining to the | in that section still unseeded, reports | 1.5, GRAIN MARKET LACKS LEADERSHIP Speculation Has . Nearly Ceased Pending Lack of Constructive News. BY FRANK I. WELLER. Carried to new lows for the season ! b7 almost a week of consecutive de- | clines, the grain market is looking for speculative leadership. Strength in the securities market might produce it. There must be some i development to restore confidence in the low levels if speculative buying is to return. At the close of the last trading period May wheat had established an all-record bottom at Chicago. There is some solace in the fact that cash wheat did not follow the decline in futures. Receipts of Winter wheat )8t the principal Southwestern markets were cut to 1,578 cars less than the previous week. Marketings of - soft Winter wheat were very light and con- | tinued light offerings of Spring wheat {held cash prices about unchanged at Minneapolis and Duluth. Consumption Is Good. Although prevailing low prices do not seem to attract new buyers or stimulate {demand, there is more inclination to ook to future developments than to | existing * conditions. _ Unquestionably wheat s cheap enough to_ encourage | consumption and curtail production. It ! daily becomes more evident that the { world's 1931-32 outturn off bread grains will be less than last séason’s. Con- sumption keeps up, as evidenced by the { world shipment of 3,000,000 bushels moré wheat from August 1 through September 26 than for the same period 0. Meanwhile North American wheat, the only high-grade milling grain avail- able, is on the Bargain counter. It is popularly said to be selling abroad at practically the lowest prices in 700 years. Liverpcol quoted October wheat at the equivalent of 48}, cents a bushel and December at 513, cents. Russia continues ‘to dominate the European markets, but there are com- plaints that much of the Soviet grain is inferior. Russian shipments have been nearly three times larger than last year. Danubian shipments have been ~ more than 7,000,000 bushels larger and Argentine and Australian €xports around 10,000,000 larger. Simul- taneously, North ' American shipments have been 30,000,000 bushels smaller for the season to date than last year. Unless there is fresh export business in hard ‘Winters, traders question whether the wheat market is in position to withstand increased hedging pressure. August exports of wheat and flour, in terms of wheat, totaled only 11,970,000 bushels, compared with 24,167,000 bush- els in August, 1930. The new lows in corn are believed sufficient to seriously restrict country selling of the new crop. Otherwise, and unless there 1s a decided improvement in cash demand, the trade sees little n the corn siluation to warrant higher | prices. Crop Ahead of Time. The crop is fully three weeks ahead of time, considering the average date of maturity, and its present condition is such that it promises to keep rea- sonably well if cribbed. Farm’ stocks of old corn are estimated at about 10,000,- 000 bushels less than last year. First arrivals of new corn were re- ported at Chicago and St. Louis. One of the cars at the former markeét was from Iilinois, graded sample white, weighed 48.5 pounds to the bushel, with {22 per cent moisture, and sold at 22 {cents a bushel. A car from Indiana graded No. 6 yellow, weighed 53 pounds, with 228 per cent moisture, and sold cents. approaching movement of the op, increased offerings and slow 'mand caused corn to decline rather sharply. Oats and barley were weak with corn, but price declines were less. Rye had some independent strength as ia result of light offerings. Corn ar- irivals at Chicago were about 50 per | cent larger than those of the previous | week and cash prices declined 2 to 3 cents. The Milwaukee market lost 4 to 5 cents, but a better demand de- veloped at the lower range of prices. { The drop was about 4 cents at St. Louis, Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 32a33; current re- | ceipts, 20a24. | Poultry, alive—Spring broilers, 3 pounds and over, 24a25: 2 to 21§ pounds, 22a23; 1% to 2 pounds, 24a25; hens, large, 23a24; small, 17a18: Leg- horn hens, 15a16; roosters, 14al5. dressed—Spring broilers, 3 ver 27a28; 2 to 1l to 2 pounds, 27a28; s, large, 24a25; small, 19a20; Leg- horn hen: roosters, 15; Long nd ducks ; turkeys, old toms, 30a32; young toms, 36a38. Meats—Beef, prime, 16al7; choice, 15al6; good, 14al5; medium, 1213a13; fair, 1ial12; cow, 8!2a9; lamb, top, 17; medium, 15a16; veal, top, 17; good, 15a16; pork loins, 8 to 10 pounds, 22a 23; 10 to 12 pounds, 18a19; 14 to 16 pounds, fresh hams, 19; smoked * bams, 21; strip bacon, 22a23:'lard, in bulk, 9',a10; in packages. 10'2all. light, 5.25a5.60; heav: 5.00a5.50; roughs, 3.00a4.00; .00; lambs, 6.00a7.00. Fruits—Cantaloupes, 1.50a3.00; ap- ples, Delicious, 2.75: Winter Banana, 1.75; nearby, 25a1.00; pears, 3.00a3.25; peaches, 1.25a1.75; oranges, 3.75a25.00; lemons, 6.50a8.50; limes, per 100, 1.75; honeydews, 1.25a1.75; Persian melons, 1.75a2.25; cranberries, 25 pounds, 2.00a 2.25; grapes, Tokays, 2.00a2.25; Mala~ gas, 2.00; Ribiers, 2.25; Cornichons, 1.75; plums, 2.50. Vegetables — Potatoes, nearby, 150~ pound sacks, 1.50a1.75; Long Island, Idaho bakers, 100 - pound 75: tomatoes, 2 - peck .25; caulifiower, 1.50a carrots, crates, 3.50; per dozen 75; beets, per 100 bunches, string beans, 75a1.25; limas, .00a2. eggplants, 1.00a1.25; mush- rooms, 40a65; squash, per bushel, 3.00a 3.50; peppers, 1.00; celery, small crates, 50a1.00; turnips, 75a1.00; sweet pota- toes, yellow, 50a75; Nancy Halls, T5a85; Porto Rican, 75a85. 1.75; New York Cotton Special Dispatch t6 The Star. NEW YORK, October 6.—Opening cotton prices today were steady. A small amount of hedge covering in Oc- tober served to offset selling and in distant months there was little activity on either side of the market. Opening prices were October, 5.35, up 1; December, 5.50, off 1; January, 5.59, off 1; March, 5.78, unchanged; May, 5.97, off 1, and July, 6.15, unchanged. Hegasit Stock Brokers Suspended. MONTREAL, . October 6 (#).—Wat- son & Chambers, stock brokers, were suspended by the Montreal Stock Ex- change today. The firm was suspended under the rule invoked yesterday in the suspension of the firms of McDougal & Cowans, and Greenshields & Co. The suspension of the firms followed the filing of petitions in bankruptcy. e St. Petersburg, Fla., claims to have established the first open-air post £ the pited States.