Evening Star Newspaper, October 8, 1931, Page 15

4 ‘FINANCIAL, *2® A 15" FINANCIAL. THE EVENING STAB. WASHINGTON, D. C, THURSDAY, OCT\)BER 8, 1931 CURB PRICES FIRM | [NEW YORK CURB MAR * AFTER SLOW START Reception of Hoover Credit Plan Proves Aid to the Market. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, October 8.—Spurred by the reception accorded to Hoover bank plan, the proposals for railroad relief and the strength of foreign markets, prices on the Curb Exchange firmed up today after opening irregularly. Public Utilities led the upswing which | got under way shortly after midday. Electric Bond & Share was up more | than a point. Cities Service fractional- ly recovered. Standard Oil of Indiana | ran up about two points on rumors, that it has discussed merger possibilities with California and Jersey Standard, which have informa.ly agreed on a con- solidation. | Irregular prices prevailed at the open- ing. Gains, in point of number and size. however, exceeded early losses. ‘The late strength in London was mirrored in the fractional rise here of Ford Motor, Ltd; British-American Tobacco B and Brazilian Traction. Electric Bond & Share was up 33 at | 18. Cities Service opened a shade | lower at 615 then more than recovered its initial 10ss on the next few trad: Standard Oil of Indiana gained to 18 as traders heard some ‘‘good™ buy- ing had come into that issue. Middle West Utilities lost '; &t 9. Pitts- burgh & Lake Erie. which comes out rather seldom, opened unchanged at 65. | Pennroad Corporation also was_un- ‘changed at 3%,. Crocker Wheeler Elec- trical Manufacturing was up _slightly at 5%. Montree] Light, Heat & Power | was up at 30 and Singer Manu- | facturing gained 5 points. SILK INDUSTRY HIT. MONTREAL. October 8 (#)—The drop of the Canadian dollar, as com- pared with United States 'currency, caused serious increase in the cost of production in the silk industry, P. R. Watson, St. Catherines, Ontario, presi- dent of the Silk Association of Canada, told the sixth annual meeting of the association yesterday. The increased cost must be included in prices or the working capital of the | industry would be impaired, he said. 13 POTATO MARKET. CHICAGO. October 8 () (United States Department of Agriculture) — Potatoes—109 carloads: on track 289.: total United States shipments, 939: | slightly stronger. trading only fair: | sacked. per hundredweight, Wisconsin | Cobblers, 80a90; Minnesota, North | Dakota Cobblers, Red River section, 80 | a%0; Red River Ohio's, 80a85: Idaho | Russets No. 1, small to medium, 1.20a | 1 medium to large, 140a155: few ! higher; No. 2, 90a1.00; Commercials, | 1.00a1.10. | | BONDS ON THE CURB MARKET. Sales in DOMESTIC BONDS. | thousands. | 1 Aluminum High. Low. Noon. Co 88 '52100' Lt 48 7 10012 100 d 5s 4B 707, T8 79% Gas B! & Appalac Gas 6s B /43 15 Appalach _Pow 5s ' 1Asso Ele Ind 4'as '53 7 1Ch Dis _El 4'a 32Cities Service a 22 Comwh Edis 4s P 81 4 Comnity B&L 55 57 4 Con s Bal 4s '8 3Cn G Bal 4'zs H '70103% nsum Pow 4135 ‘58 10034 1 nt G&E 5s A 'S8 . 5 Edis El Boston 5s '33 100% A 2030 nt Pw Sec 6135 '35 C 50 nter Pw Sec is E ‘37 1 nternat! Salt' 5s '51 78 ntern Sec Am 55 '47 4 ntersta Power 38 ' nter Pac G&E 4':s F '80 953, Pacific G&E 5s_C '52103% EWSL 55 155, 81 Dividend Rate o Underwriters 1 Affiliated Prod 1.60. Alr Investors cv pf. 2 Allied Mills Inc..... Aluminum Co Ltd 1 Am Arch Co (2).. Am City P&L (A) a3 Am Cit PEL Bb10% . Am Com P A (b10%) Am Cyanamid B Am Equities. ... Am For Pow war. Am Founders. Am Gas & Elec Am Invest Inc (B). Am Invest war. Am Laundry Mel AmLt & Trac (23%) Am Maracail Am Natural Gas. Am Superp: Am Superp 1st (6)... Am Util & Gn B vte.. Am Yvette (25c).... Anglo Chil Nitrate. . Appalachian Gas. Arkansas Nat Ga“. Arkans NatGas A. .. Ark N G cu pf (60c) . Assoc Elec Ind (30¢) Atlas Utilities war. AutoVM ev pr pt 50¢. Babcock & W11 (7). . 2508 5 Blue Ridge Corp. 25 Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Bridgept Mch (25¢).. Brill Corp B Brit Am Oil % BritATcou B 1.13 WT (A)(2). pr (1.60). Canadfan Marcont Celanese pf (7). . Cent Pub Sve A b5 % Cent Stat El (b10%). Citfes Service (g30c) Cities Serv pf (5)... Claude Neon Lts Inc. Clev El Tllum (1.60). Colon OAl...... Col OI1& Gas vtc Colum Pic v.t.c. Cmwith Edison (8 Cmwlth & Sou war. . Com Wat Ser g1214¢ Consol Auto Merch.. Consol Copper Con Gas Balto (3.60) Consol Gas Util (A). “ont Shares cv pf. Copeland Pr Inc ( Cord Corp. ... Corroon&Rey pf(A). Creole Petroleum. Cresson Consol (4¢). Crocker Wheeler. Cusi Mex Mining. Dayton Air & Eng Deere & Co. De Forest Radio. .... Derby Ol Refining. . Detroit Atreraft : DressSRA (3} Dresser M{z B (2).. Driver Harris new. . Duguesne Gas Durant Motors. t Util Assocev.. lec Bond&Sh(b6 %) ec B & Sheu pl ec B & Sh pf (6) lec Pow Assoc (1). ec Pow Assoc A (1) cc P& Ltop war. . ec Products of Col, Shareholdg(b6% ) 4 Flec Sharhldg pf(a6) 1 Empire Pwr pt(2.24) Eureka Pipe L (4) . arop E Litd A (60c). vans Wallow Lead ‘alcon Lead Ferro Fiat rets Film Inspect Mach. . Foltis Fischer Corp. Ford M Can A (1.20). Ford Mot I.td 36 3-5¢ Foremost Dair “oremost Dairy pf Foundation For Shs. Fox Theater (A). Gen Aviation. . 9 GenE Ltd rcs 36 3-5c._ 1 Gen G&E cv pf B(6) .250s Gen Theat Ea cv pf.. 19 Glohe Underwr (15¢) 2 Golden Center...... 3 Golden State Co Litd. 1 Goldman Sac! .18 GUA&P T nv (16%) 80s Gulf Oil of Pa (1%). 2 Hecla Mining (40c).. Hellinger Gold(6be) . Hudson Bay M & S.. Humble Ofl (+214). . Hygrade Food Prod. Imp Ol of Can (50c) Indian Ter 111u Oil A Indiana Pipe Line(1) Ind P&L cu pf (613). Insull Inv (b6% ). .. Insull Utll 2d pf (6). Ins Co ofNo Am 1 Insurance S Int fach (214 4 Int Petroleum (1) Int Supernwr(11.16 1 2008 10 54 25 2 Int Utilities wa Interstate Equit Inter Equ cv pf Interstate Pw pf(7). Irving Air Chute (1) Italian Superpow A. Jer Cent P&L pf(7) Kinzs Co Lt pf B( Lackawanna See (4) Leh Coal & Nav Leonard Oil. .. - Lone Star Gasn 88c. 41 Lonx Island Lt (60c) 2 Long Isld Lt pf (7).. 103 Lonisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd ass Util Assoc. ... Mead Johnson (+5).. Meniph N Gas (60c).. Mercantile Strs (1). Mesta Machine (2 Mid Sta Pet vtc A Mid Sta Pet vic B. .. Mid West Ut (b8%). Mid'ld Steel Prod(2) Mining Corp of Can. Mo-Kan Pipe Line. .. Miss River pr pf (6). Mohawk Mining (1). 30s 2 13 508 25= 5 20 Add 00. Open. T 15% 6 315 Aluminum Co of Am 1600s 77 27 18 10914 Ria 701 79 4 317% 3 2 Stand Dred, Stand Dred: Stand Motors Stand Ofl of I Stand Ol of Ky 1.60. Stand Oi1 Ohio (215) 2508 Starrett Corp pf (3). Stutz Motor Car..... Sun Invest pf (3). Sunrav Oil (b5%)... 1 Swift & Co (2). . Swift Internat’l (t4) 4 Tageart Corp. . A Tampa Electric (32). Technicolor Inc..... Teck HughesGM 185¢ 4 Texon Oil&Land (1). Tcbacco & Al Stks. . ‘Tob Prod Bxp (10c). Trans Lux DLPS. Tri-Utllitias. .. Tubize Chatel. B Tung Sol Lamp(1) Ungerieider Fin Cp. . ‘n Gas of Canada(1) Init Gas Corp., . ‘nit Gas Corp war nit Gas pt (7).. Mit Lt& PwA (1).. nit L & Pwr B (1).. Unit L & Pwr pf(6).. Unit Profit Sharing. . Unit Profit Sh pf(1). U S Elec Pow ww U S & Intl Secur. U S Inter Sec 18t pf. . U S Playing Card 2% Unit Verde Exten (1) 2. 5 2 Util & Ind . Util & Ind pf (1) Utllity Equities. # Van Camp Pkg Van Camp Pkg pf. ... Vick Financial (30¢) Walker (H) (50¢). Watson (J W) Co. ... Wil-low Cafeterias. . 3 Woolworth(FW)Ltd Woolworth Ltd pf... Wright Har (t12%c¢) “Y" OF&Gas....... 1 RIGHTS—EXPIRE. Peop G L & C.Jan 15 rate. in doliars based on iast quarterly or semi-an- *Ex dividend. tPartly extra. iPlus 4% % BN 2% Dividend | nual payment. a Payable in cash or stock. . Plus 5% in atock. g Plus €% in, steck. B 1% iPlus 2% in stock. kPlus 10% m srock. 0 Plus 8% in siock.” p Paid last year—no regular rate. e stock | stack. KE Moore Cor,y Litd (1) Moore Ltd .§ Pt (T) Morrison El'ec. . Mountain Prod ( Nat American\Co. Nat Aviation.. % Nat Bd & S Corp» Nat Family Ster Nat Fuel Gas (1) Nat Investor: Nat Rubber Mach. Nat Service Co. . Nat Sh T Sec A 8 Nat Sugar N J (2) Nat Union Radio Nelson (Herman)... Newberry JJ pf(7).. Neht Corp (80c). .... New Eng Fuel new. . New Eng Pow pf (6). 108 New Eng T&T (8).. 508 4 New Jers Zine (13).. New Mex & Ar Land. Newmont Mining.... NYP&Lt YP& Y Shipbuilding ag-Hud Pow A w.. Niag Sh Md (40c)... Nor Am Aviat A war, rth Buropean Ofl.. 1 Nor Ind Pub S pf (6) 258 rInd PSpt(7)... r Pipe Line (t4).. 508 rStPow A (8).... 2 W Engineers (1).. Ohto Copper. Oilstocks Ltd (A).. Ykia Nat Gaspf..... Orange Crush (1%%). PacG & E1stpf1%. Pac Western Oil Pantepec Oil. Paramount C: Parke Davis (11.65). Parker Rust Pr (3).. 50s Pennroad Corp (40c) > Penn Wat & Pow (3) 1 Pepperell Mfg (4). Perryman Electrie. . Thila Co new (11. Philip Morris Inc.... Phoenix Secur Corp. Phoenix § C pf (3) Pilot Rad Tube A. ... Pitney Bowes (b4 %) Pittsburgh&LE(110)150; Tlymouth Oil (25¢).. Powdrell & Alex 315 Premier Gold (12¢c) . Prudential Invest. Pub Util Hold war Pub Util Hold xw. ... Pyrene Mfg Co (40¢c) Quaker Oats (17)... Railroad Shares(40c) Reliabie Stores. Reliance Int A Republic Gas Reybarn Co. vnolds Inves Rock Lt & P (30¢c) Rossia Intl (10c). ... Safety Car Heat & L.125s St Regis Paper (80c) Salt Creek Prod (1).. Schulte Un 5c-$1 St. . Seaboard Util (28¢). Sec Allfed Corp (1) Se¢al L & H (a50c) elected Industri e Ind al ctfs( Siet Ind prior(5s 9 Shattuck Den Min. .. 2 . Shawin W&Pwr (2). Shenandoah Corp. Shenandoah Corp pf. Silica Gel etfs. ger Mg Co (116).160; Sisto Finance Corp Smith (A 0) (2). Solar Refining. So Am Gold & Plat South Penn O11 (1).. 4 SoCalEdpt A (1%). S0 Cal Ed pf B (134). Sou Cal Ed pf C(1%) Southern Nat Received by Private Wire Direct to The Star Office k and 8. Sal 5 9% o8 — > Add 00. Open. Hish, Low. 81 30 30u 29 OF O INCREAES 32|Mark of 400,000 Barrels 3| Daily Exceeded—Further Curtailment Planned. 3 3 3 8% 3% 3k Ix 3% 25 % 15 3 % 1). 25 By the Associated Press. m' DALLAS, Tex., October 8.—The East M | Texas ofl field has brimmed again and 274 | flowed over ‘the mark of 400,000 bar- 1% |rels dally set as an unofficial produc- tion limit, but members of the Texas Raflroad Commission assure Gov. R. S. Sterling they will take steps toward furWer curtellment in the huge oil pool. This quieted the fears of oll men that another production orgy might follow, such as that last Spring which threatened the price structure of the American oil market. They were more concerned immediately with re- ports of salt-water intrusions in 19 wells on the western edge of the field. Gov. Stefling said he had been as- sured by members of the Railroad |Commission that the allowable output in the fleld would be reduced from 185 barrels per well daily to 150 barrels « |85 soon as all members of the commis- sion could reach the capital. . D. Parker, chief of the oil and | gas division of the commission, said | that at present there were approxi- | mately 2200 wells in the field whose | production, at 150 barrels per well, | would amou- . to around 330,000 bar- | o) rels daily. Figures announced October *"\Brig. Gen. Jacob F. Wolters, * jlwommandant in the East Texas oil field | iea, showed production for that day | as' 405,883 barrels from 2,192 wells. "Ahe drilling and bringing in of many | new wells was blamed for the increase | in production. When Gov. Sterling| placed the field under martial law Au-i gust N7 to halt waste until proration | orders qinder the new State conserva- tion la'v could be put into effect, there were 1,0)) producing wells in the field. When mwtial lJaw was modified several weeks lato’ to permit production under % |the new .xiles, nearly 300 new wells had been iWided to the total. The grip ca martial law, still in effect, | at last had swhicved order in the field, | which onily # few months ago defied civil restraint. Productian af, the rate of 225 barrels per well daily, | rmitted when the new order first went into effect, rapidly equaled and excesd'ed the mark of 400,- 000 barrels daily, ‘wich members of the Railroad Commission regarded as a reasonable field allowable. As a remedy the per well allowxble output was slashed to 185 barrels daily. Drilling restriction on an acre.we basis still did not, halt the field's exppansion, and the | furfher cut to 150 barres per well men- % | tioned by Gov. Sterling v s regarded as 11% | certain. 5 13| Unofficial Teports last week showed | 33 (129 wells were being drilled Jn the field 71| and 175 new locations had Azen made. 41, [ To meet this situation, leading oil op- 1 | erators appealed for voluntary curtail- 2 | ment of drilling. The Sun Oil \Co. and 7y | the Humble Oil & Refining Co. beth an- a7, | nounced they would reduce @rilling 1% | operations by half and the other large 38 | operators were expectd to follow suit. 9 | Charles Roeser, acting president of tha | Texas Oil & Gas Conservation Assod. tion, issued an appeal to operators Jo | i+ immediately cease unnecessary drilling, | 11w asserting 1800 members favored this | 23, step as an emergency measure to avoid ) 164% | waste and keep production within mar- 5 [ket demand. : 72 Gen. Wolters injected a new matter | 1674 | of concern into the picture by reporting | 114 | that 19 wells along a 50-mile trip on | 12% | the Western edge of the field were be- 28 |ginning to show salt water, some of | 25% | them as much at 1.5 per cent. | 60 an E 50 1 1 10 23 1 P (8)... 508 pr (7 1508 e 24 114 ' 8 8% 1 9 10 21 2 4 1 35 758 27 6 4 H ANERS R AARA AR NE RN~ 35 Special Dispateh to The Star. BALTIMORE, Md.. October 8 —Po- . 100 pounds, 75a1.10; sweet po- bushel, 40a60: beans, bushel, 75a1.50; cabbage, bushel, 40a60: car- 713 rots, per 100, 2.50a3.50; beets, per 100, 11 |1.50a2.50: lettuce, per crate, 50a3.50; 32 | caulifiower, crate, 75a2.00; _celery, crate, 1.75a2.75; lima beans, hamper, 221; | 60a85: okra, bushel, 1.50a2.00: peppers, 3012 | hamper. 25a35; onions. per 100 pounds, 5 |1.75a2.00; spinach, bushel. 65a75: to- 31 |matoes. hamper. 35a1.25: canner: « | stock, bushel, 60; apples, bushel, 1.25; cantaloupes, crate, 1.00a1.75. Dairy Market. Chickens, young, 20a23; Leghorns, 18a20: old hens, 18a25; Leghorns, l4a o 17; Toosters, 12a ducks, 13a20; pigeons, pair, 15a20; guinea fowls, pair, 25a50. Eggs — Receipts,’ 584 cases: current receipts, 18a24; hennery whites, 30a32; nearby firsts, 26; Western firsts, 26. | Butter—Good and fancy creamery, | 31a36: ladles, 20a22; process, 23a24; store packed, 15a16. Live Stock Market." Cattle—Receipts, 350 head; supply, market dull. Steers—Choice to prime, none; good to choice, 7.00a7.50; medium to good, 6.00a7.00; fair to medium, 5.50a6.00; plain to fair, 5.00a5.50; common to plain, 4.25a5.00. Buils—Choice to prime. none; good to choice, 4.50a4.75; medium to good, 4.00a4.50; fair to medium, 3.5024.00; plain to fair, 3.25a3.50; common to plain, 3.00a3.25. Cows—Choice to prime, none; good to choice, 4.25a4.50; medium to good, 3.754.25; fair to medium, 3.25a4.75; plain to fair, 2.25a3.25; common to light | TTEXAS PRODUCTION (LAND BANKS HOLD pounds and over, Everybody’s - siness Hoover's Proposed Meas- ures, Although Year Late, Adopted in Time to Bene- ' fit United States and Rest of World. BY DR. MAX WINKLER. NEW YORK, October 8.—The atmes- phere prevalling in the realm of busi- ness and finance seems to have assumed a somewhat more encouraging aspect. ‘While it is true that many of the diffi- culties confronting the United States might have been avoided had the meas- ures 'hlc:;\"nl’r-ldnll"”"l;.1 Hoover has just roposed a year ago, nev- ntrthelul considerable encouragement is R s en in time still of genu- ot Ml Tne Sastatance, pot alone to the United 5!‘];&! but to the rest of the world as ‘The President’s manifesto embodies a lefinite program of action, and it is in this respect that it differs from most of the previous suggestions which have SHRONG PLSTON Expansiont, of Institutions Believed® Likely to Aid Farmiry1 Sections. By the Associated Prerd". No fear is entea tained in Federal Farm Loan Bureau \circles concerning the ability of Federal),land banks to re- tain their solvency dAring the present emergency which confaonts agriculture. On the contrary, they are encouraged by the proposal of Pra sident Hoover, supported by his congrea sional confer- ees, to expand the banks of aiding the recovery of fa rmers. Despite the fact that box'ds of these | institutions have sold dowal in sym-| pathy with the entire list, 4"Mcials of | the bureau declare the banks \ re adapt- | ed to surmount farm difficud les inci-| 2;2':‘., ::'mm:fi?.&fe flu tuations | emenateq from the White House. Federal land hank bonds are ot ob“i Bank Failures Problem. ligations e vernment, ‘T _are| As has been pointed out on numerous ;1heyfl gll;‘-nl::edwl‘:;l &tfi (!)n 2“ &D}g::\ occasipns, the principal difficulty with sponsored farm loah ayetem which: 0D~ | oot meter el o i e s raeeat e L SLbeL il o ook e kefol bank atir aud Cle t n d, conditions wou a division of the Treasury, but not 40| gr:;:/hn'vl:mub;(uu drastic steps would be confused with the Federal Farm!| be taken to improve them. President Bu-r(l!, e . | Hoover advocates, therefore, above all, Govelnment sic should be. Jecking ) widh: resourees. of $500000,000, whoee cvent of an emergency facing the Fed- ychiet function will be the rediscounting eral land banks, particularly in view | q ¢ banking assets which are not eligible of the maral obligation involved. "In & present for rediscount at the Federal this connection it is recalled that at| I3i'serve banks. the inauguration of the banks' system| .'n this way the financial institutions the Government owned all the stock.' th# ughout the country will be assured Cvet, the Bart, subecrioea. by the Gy | St Sacity anct sl be Sanblod 1o o "y 4 5 ) e 0 cessity, and wi e ena 0 con- T.f‘c‘fi""‘m"? been replaced P!nrgcli'a:y their business without the restric- s sold to the National Farm Loan Associations, which are the farmers’ vehicle in dealing with the land banks, The Government has never surrendered any part of its entire ownership of the Federal intermediate credit banks, which are affiliated with the Federal land banks. The latest report of condition of these banks, for the quarter ended with June, showed a slight increase in liquid items, together with a slight increase in gross delinquencies. During the quarter there was an appreciable increase in reserves, | but & small contraction in net worth. of ne tinue? their a ssets. Consy derable aid is also expected from tr\® proposed recommendations to Congr rmit the broadening of the Fedcaal Reserve act pertaining to the eligibf ity provisions. Such changes should resglt in a great liquidity for bank assets' and a greater assurance to the bankers) in the granting of credits by making A possible for them to ob- tain legitina te accommodations on sound securitfa s in times of stress. Intergoy rnmental Debts. steps to put its (s vn house in order, the solution of the g» oblems of the world. of which Americs is now an integral rt, could be un'dertaken with the E:De of achieving ®" least & fair meas- ure of success. The President’s ra:ssage contains a reference to the fordhcoming visit to the United States of )>remier Laval of France, with whom Wiushington expects to take up the question yelative to such further changes in the a atus of inter- governmental debts as m 2y seem im- perative during the perio! of depres- sion. An extension of f\e one-year moratorium, proj in Juue, is co fidently anticipal Those Whe Sell BeneA t. Analysis of securities in timas of | narmal conditions affords little, if dependable guidance as regards 4 ' day November quotations. In }l cf sometimes seems then as if a sta is bound to go down whenever all faa tors appertaining thereto point to a rise. It will be recalled that two years ago tiyose who bought stocks indiscriminafa ly were the ones who profited most. \'t required skill to select stocks which di\l not advance. Today those who sell indiscriminately are the chief bene— ficlaries, and it requires genius to select an issue which does not decline, an alyses to the contrary notwithstanding These are not sufficient to offset de- One is remindec of an old | Light Tells Time at Night. A nocturnal sundial, using light in- stead of shadow to tell the time and | expanded to relatively gigantic propor- tions, is to be installed by the munici- | pality of Guayaquill, Republic of Ecua- dor. The light source will be an electric searchlight which, Ievolving once every 12 hours, will indicate the time by | illuminating surrounding landmarks at the same time each night. | Guayaquil is at present constructing beautiful gardens along the water front | of the port. In the center of these gardens a Moorish tower is being | erected to hold a historic clock dating ' back to 1841. A large beacon | will be mounted on top ef this tower | and will make one complete revolution avery 12 hours. fhe beacon, a 24-inch unit with a ..000-watt lamp. was purchased from the International General Electric Co. Impulses from a telechron electric clock will be transmitted to a solenoid-oper- ated turning mechanism every five sec- onds through the medium of a standard traffic timer. Thus, the beacon, as it turns, will indicate the time by illumj- Mating various landmarks at the same sime each night. Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 32a33; current re- ceipts, 20824. i Poultry, alive—Spring broilers, 3 27a28; 2 to 2': pounds, 22a23; 1; to 2 pounds, 24a25; hens, large, 23a24; small, 17a18; Leg- horn hens, 15a16; roosters, 14al5. Poultry, dressed—Spring broilers, 3 pounds and over 27a28; 2 to 21| pounds, 25a27; 1!z to 2 pounds, 27a28; hens, large, 24a25; small, “Here lies the body of Hiram Gray, | Who was killed while maintaining his | right of way. He wul right, dead right, as he sped | along, But he's just as dead as if he had been wrong.” i No one rang the bell in the Fall of | 1929 announcing the collapse of the boom: no one will ring the bell an- nouncing the end of the downward | trend. It is bound to come, and will | in all probability come when least ex- pected. It may have come alre horn hens, 17a18: roosters, 3 JLong | Guarantees Employment. Island ducks, 21422 turkeys, old 10MS, | Gerard gwope, president of the Gen- | Moats—Beet, _prime. 16a17; choice, | ¢ral Electric Co. is not concerned over | Siin o mmedium. 1215a13; | the future of the electrical industry. He | fair, 1:a12; cow, 815a9; lamb. wp? 7: | is firmly of the belief that the electrical | medium, 15a16; veal, top, 17: needs of 125000000 people in ' the 15a16: pork loins, 8 to 10 ted States, especially with the in- 23; 10 to 12 pounds, 18a19; creasing demand in the home, will keep : the industry alive. ds, 15a16; fresh hams, Pame, 21: strip bacon, 22623 Mr. Swope adds that if General Elec- 2a10; tric is to be in a position to secure a bul.'915810; in packages, 1075 fair share of the available business, i | medium, 5.5085.75; heavy, is essential that the company’s workers | igs, 5.0085.50; roughs, maintain the quality of its products; | pf:‘ 4.0029.00: lambs, 6.00a7.00. that the engineers continue to make O o™ Rocky _ Fords, | Progress in the design of apparatus, and | flats, 1.15a1.25; apples, Delicious, 2.75; :"u':mf‘“ management supervise effi- Winier Banans, 175; ‘nearby, 2381.00! | "SIl ese points in view, the com- | B posopmrd Io: | pany has just given to all shop workers | limes, ; ‘honeydews, 1.25a | 3 Virtual guaranty of six months' em- 175: Persian meions, 115a2.25; cran- | bioyment, beginning the first of next berries, 25 pounds, 2.00a2.25: grapes.| month. ‘Tokays, 2.00a2.25; Malagas. 2.00; Ribiers, 2.25; Cornichons, 1.75. Concords, 12- quart baskets. 40a45: Thompson, seed- less, 2.00: plums, 2.50; casabas, 2.25; quinces, 1.75. Vegetables — Potatoes, pound sacks, 1.50a1.75; 1.75a1.90; - Idaho bakers. sacks. 50a2.75: tomat 2 - peck baskets, 75a1.25; caulifiower. 150a .75; carrots, crates, 3.50: per dozen | bunches. 75: beets, 100 bunches, Juicy Power Comtract. Considerable benefits are expected to | be derived by the Consolidated Gas, | Electric Light & Power Co. of Balti- more as a result of a contract from the | Pennsylvania Railroad to supply all the . power required for use from the Sus- quebanna River to Havre de Grace, Md. The contract is one of the most sub- stantial of the kind ever made at one time, and will run for 20 years. It should be reflected in the quotation of nearby, 150- Long Island, 100 - pound | tion A their credit or the sacrifice of | Once the Unn'ted States has taken | b 214 ey 4% 2% % R 2% * 10 2 4% 4% 4 an in stock, ® Adjustment o Bl 3% 18 b Payable in stock. CORPORATION of Havre de Grace-Washington McLellan Stores September sales off ries of more than $3,000 a year 5 to 25 per cent. Art Metal Construction has cut wages: 4% to choice, 6.0026.25; 3% 15.7526.00; plain, 1.50a2.25. Heifers—Choice to prime, none; good medium _to , fair to medium, 5.25a5.75; plain to fair, 4.75a5.25; common to medium, 5.90a6.35; light pigs, 5.35a5.80; ers, 30.00a60.00. Sheep and lambs—Receipts, 250 head; light supply, market lower; sheep, 1.00a 3.00: lambs, 3.50a7.25. ‘Hogs—Receipts, 1,200 head; light suggly. market higher; lights, 5.85a6.1 medium, 5.90a6.35; light pige, 5.35a5.8( heavies, 5.40a6.10; roughs, 4.00a5.00; pigs, 5.6026.10. Calves—Receipts, 75 head; light sup- ply; market steady; calves, 4.00a10.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 48%4; October, 48%4; No- vember, 491, Corn—No. 2 yellow, domestic, spot, per 2.00a3.00; string beans, 75a1.25; limas, 1.00a2.50; eggplants, 1.00a1.25: mush- rooms, 40a65; squash, per bushel, 3.00a 3.50; peppers, 1.00; celery, small crates, 50a1.00; turnips, 7581.00; sweet pota- toes, yellow, 50a75: Nancy Halls, 75a85; Porto Rican, 75a85. PARIS BOURSE PRICES. | PARIS, October 8 (#).—Three per| cent rentes 82 francs 85 centimes. Five | per cent loan, 101 francs 40 centimes. Exchange on London, 97 francs. The | al;:lllr was quoted at 25 francs 39 cen- | es. STOCK AND *BOND By the Associated Press. From Yesterday's 5:30 Edition. the shares of Consolidated, which are selling currently at about 60 per cent of the high for the current year, re- turning on the basis of the present divi- dend rate substantially in excess df 515 per cent. Considering the quality of the sbares, this yield may be regarded as reasonably liberal. (Copyright. 1931. by the North American Newspaper Alliance, Inc.) e Descending in a dense cloud at Mon- tagnac, France, white butterflies were piled a foot deep on the ground. and automobiles had to stop, their radiators | being covered with the insects. AVERAGES STABLITY OF 01D BASS S STRESSED Bankers Believe Nations Will Return to Former Currency Standard. BY DONALD C. BOLLES. (Written for the Associated Press.) NEW YORK, October 8.—Wall Street bankers find distinct encouragement in the determination of foreign countries to keep their currencies anchored to gold where possible. Currency inflation has traditionally been regarded in Wall Street as an eco- nomic evil eventually bringing serious consequences, despite the fact that it | may bring a temporary boom. England’s temporary suspension of the Bold standard was viewed in many quar ters as constructive, in that it may cor- Tect an untenable situation resulting from what is now widely regarded as an overambitious effort to return the peund to pre-war gold parity in 1925, May Help England. . The suspension of the gold standard, however, is viewed as constructive only as it may help England to find a sup- portable ‘level at which it can again hitch its currency to gold. It was not surprising to Wall Street that the Scan- dinavian countries followed England's example, in view of thejr close financial relationship to London. But the d termination of such countries as Hol- land and Japan to stick to gold ha been regarded as gratifying. The late Benjamin Strong, who guided the New York Federal Reserve Bank from its birth to a stature far beyond what had been conceived for it by its founders, asserted in 1926 that “one of the great menaces to the trade of a country like the United States is de- preciating foreign exchange.” Strong who probably more than any other American helped nurse the cur- rency. systems of foreign nations. de- bilitated by the World War, back to health, said that unstable money con- ditions have the effect of reducing the real wages of labor and temporarily end artificlally increasing the margin of profit on export goods. “In every case where stable monetary conditions can be established through- out the world,” he once said, “that menace of an artificially and unhealthv stimulated competition in export goods will be reduced. It is & type of com- petition for which the workingman alone pays, and is one of the cruelest injustices which the world has suf- fered as a result of the war." Strong contended that the impor- tance of re-establishing currencies on a gold basis. especially England, could not be exaggerated, and asserted that, it meant “the elimination of specu- lative hazards in international pur- chases and sales of goods which have been & restricting and withering influ- ence upon trade ever since the war | started.” Gold ' Basis Almost Universal. The stability of currencies by the nations of the world was gradually jachieved and by 1929, when the stock |market crashed. all but two or three { nations had placed their currencies {on a fixed basis of exchange in gold. |A manufacturer in the United States |selling goods to & customer in a for- |eign country for delivery six months {hence knew exactly what he would re- |ceive for his merchandise. If he did | not wish to accept the customer's for- eign currency he could tak it to the vountry's central bank anc -onvert it Anto gold, and, if he de:.:6. ship it hame or buy American dollars. Aduring the last two years the -flush of slealth has gone from the cheeks of the ' economic world and governments, like ymany banks, have found the de= mands upon them too severe. The flight »Of capital from foreign countries has depleted supplies of gold that in normal times were adequate. The re- sult has* been that all but six nations of the world that were on the gold standard in 1929 have been forced temporarily to desert it. ‘Wide flua uations in the dollar value of the pour\l sterling and other cur- rencies divorad from the gold standard have resulted. A popular pastime these days is to gudss at what level the pound sterling will eveatually settle, Some have suggasted $3, cthers believe it will be at mot Jess thar 75 per cent of its old parity or $4.86%. Production Costs Reducéd. No important Wall Street banker has thus far expressed amy belief that Eng- land and other countries will not come back into the fold as soon as conditions permit, but many eye rather dubiously the effect of the period of uncertainty upon world trade recovery. Production costs, most “important of which is wages, have been reduced in countries that have cut loose from the gold standard, giving them an ad- vantage in exports, but tending to cur- tail imports. But, if history repeats, prices will rise in those countries, wages also will advance and ultimately :)‘::h; vantage in world markets will New York Cotton Special Dispatch to The Star. pflNEw Y()'Ri(o, Ioorwiber 8.—Cotton ces were points lower todav on profit-taking and hedge selln:g. Buyers were in the market, but eon- fined their operations to scale-down purchesss in moderate quantitics. Opening prices were: October, 5.50, off 9; December, 5.63, off 8; January, 5.73, off 9; March, 591, off 10; May, 6.10, off 10, and July, 6.27, off 10. Prices broke to a net loss of over g1 a bale after the announcement of the Government crop report. An estimated crop of 16,284,000 bales as_of October 1 compared with 15.- 685,000 on September 1 and the 1930 final of 13,932,000. Condition was placed at 69.3 per cent, against 68 per cent on September 1. Grain Market By the Assoclated Press. CHICAGO, October 8.—Grain prices tended upward early today. helped by | 167 per cent; nine months off 8.1 per | cent. | | Winn & Lovett Grocery September | additional 10 per cenmt. Associated Gas & Electric stock market gains end by Liverpool reports of better milling demand for wheat. Bleck Sea wheat shipments REPORTS 52; cob corn, 2.75a3.00 per barrel. STOCKS. Oats—No. 2 wi domestic, spot, gas ontmn‘ 0 2 Sou Cal Gas 10 Southern N G, 6s 43 G&E 2 West News Del 65’44 3 Wes Tex Ut 55 A 2 Ger Cons Mun_ 78 ‘4 8 Gesfueral 6s '53 xw 1 Ham ES&U 5155 © 11sarco Hyd EI 7s 1 Ital Sup Pow 65 A 14 Mendoza_Pr 7, 1Parana Bragil Stinnes s '36 xw 10nit Indust 6%s ww—With warrants. xW_Without warrants, n—New. ®wi—When issued. TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 8—The follow- |~} | sales up 7.8 per cent; nine months, off | 8.5 per cent. American Waterworks & Electric net income, 12 months to AuBust 31, off .1 per cent. Ferro Enamel Corporztion—First nine ing is a summary of important corpora- ' months’ sales volume up 4.9 per cent. | tion news prepared by the Standard | | Statistics Co., Inc., New York, for the ! Associated Press. |m News Trend. 3 | 1t is generally expected that the report |off 237 per cent: Holly Sugar—Only 300,000 bags of 30 crop remain in warehouse. Homestake Mining declared 65 cents onthly dividend; formerly pald 50 September sales nine months off | cents. Lane Bryant, In of the unfilled orders of the United 7.2 per eent. States Stecl Corporation as of Septem- | ber 39, which will be published on Sat- | o National Bellas Hess September net Teceipts off 9.6 per cent; 9 months buying in Au- off 4 per cent; advance urday, will show a decrease from those | gugt and hot weather affected Septem- reported on hand August 31. Although production last month was at a low level, averaging about 28 per cent, it is | not belleved that the incoming orders '™ equalled the cutput, however, the de- | cline should not be as large as was re-, ported for August 30, when bookings Quarterly. dropped 239,359 tons frcm th? previous month end. Consolidated Gas, Electric Light & Power of Baltimore—About $4,000,000 al :revenue expected from contract frofi Pennsylvania Railroad for electri- terly August 1. ber business: receipts in August and 3 per cent above 1930 onths. Ml:'l;:na Manufacturing omits prefer- idends; previously paid $1.75 und Power & L'ght August Soi | electric output off 9 per cent. renc Manufacturing passed quar- Y common ; psid 10 cents Tennessee Pre oducts passed quarterly preferred dividend; paid $1 July 10. Rapid Transit Twin City it cuts sala- £ | of system, 12 months ended August 31, off 0.1 per cent. Bunker Hill and Sullivan Mining &i| Concentrating August profit before de- preciation and depletion, $130,991, vs. $220,246; 8 months, $896,369, Vs.. $1,770,915. Du Pont (E. 1) de Nemours & Co.— | Pive-day week established for salaried| personnel; salaries cut 10 per.cent. ) Lynn Gas & Electric—Cuts gas heat- ing rate $2.80 per 10,000 feet a month. New England Power Association—Sep- tember electric output up 11 per cent. Proctor & Gamble—Salaries and, wages reduced between 10 per cent and in refrigera gllenum in first year of operations, October 1, 1930, to September 30, 1931, totaled $9),000. Peoples Drug Stores—September sales up 3.9 per cent; 9 months up 4.4 per Alllance Inivestment Corporation (Phil- adelphia)—Takes no on semi-an- nual’ preferred dir d; pald $3 April 1, [t 31a31%5; No. 2 30a30':. Rye—Nearby. 45a50. Hay—Receipts, none. New hay is starting to arrive in increasing quan- titles, but so far no official grading has been attempted, selling being strictly on merit. Demand .for old hay slow and market is dull and quiet, with prices in buyers’ favor at a range of 14.00a18.00 per ton. Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. >S\mdny in Stockholm. all the people. Dgt time the home of wild deer, which ave it its name, later it t] ome of royal navy men, Gustav III and Karl XIV. Johan laid it out as a park, whase stately oaks, green mead- Two years ago Three years ago. High, 1931 Low, 1931 High, 1930 Low, 1930 High, 1929 Low, 1929 ows and bo'd rocks now make the spot so much a favorite with the people. Here, if you will make your trip on a you will sec how Swedes enjoy ves, for it has inp amusement and affords an interesting insight into the lighter side of Stock- holm life. showed a decrease both as compared with & week and a year ago. Opening 4-'z cent up, wheat later kept near the initial limits. Corn started at a shade decline to 5 vance and afterward gained all around. Sharp curtailment of Russian wheat exports attracted particular notice, and elicited comment that she pr-~~-sed dis- tinctly less wheat than ls car for t abroad. London advices said Soviet chartering of vessels was only 8] lic, that this week's wheat ex- ports were only 3,072,000 bushels, against 3,368,000 a week previous, and that pressure of offerings appeared ltke- 1y to be less severe from now on. Primary domestic Teceipts of Wwheat diminished greatly, totaling but 715,000 bushels, ed with 1,266,000 & week ago and 1,114,000 at this time last year. Large amounts of wheat were reported fed to live stock, for- warded to terminal markets. On the other hand, corn arrivals in Chicago exhibited a surprising inc: § ght, 1931, Standard Statistics Co.) ‘weak- Oats held rela- tively firm. Provisions reflected upturns fn hog