Evening Star Newspaper, October 9, 1931, Page 14

A—14 ®¥¥ FINANCIAL, AUTO TRADE FACES USED CAR PROBLEN Upturn in Industry Awaits Decline in Number of 0ld Machines. BY DAVID ). WILKIE. “TROIT, October 9.—The automo- hflte’y\nflusln' secmingly has settled itself down to the conclusion that the hcped- for upturn in consumer demand still is some distance awav. One of the lat- est authoritative estimates on the prob- able total new-car fales for 1031 places the figure at “probably less than 000 units.” 2 stimate is qualified. cf course. with the statement that a “decided {mprovement” during the ~remaining months of the year would upset this estimate. At the same time there ap- | pears to be general agreement (DN, there will be no marked upturn duri the final months of the current year aside from some production stimulu the introduction cf new models may | bring in November and December. | Engineers Plan for Revival. Tt is a coincidence that at & time when business conditions have reduced motor car production to its lowest point in eral vears, automotive engineers having to do with the technical phases ©of production should assemble here to consider automobile output from every angle—excepting perhaps to debate ways and means of stimulating ccn-. sumer demand. It is the tenth national production meeting of the Society of Automotive Engineers Ex “Ihe discussions of the engineers show | they have not the slightest doubl that the motor car industry will ultimat. resume its novmal output. So far their activities in the laboratory concerned the business ~depression | never occurred, ! Earlier in the current year not a, little was heard in automobile ru"rh*sl about suspended buying and a backlog of demand that must be released when | s are | car industry's gresses with liftle evidence of a sudde; breaking loose of a theoretical jam of | ruspended buying orders. less is heard | of the potentialities of this stored-up | consumer demand. There is no dis- position to deny that any improvement | in employment conditions will be re-| flected. to some extent, in an increased | retail demand for automobiles. There is. however, no disposition now to lieve that there will result any sudden | and !arge demand for new automobiles. In considering the possibilities of th situation created by t¥o years of down- | rade operation in the industry, its gx!cun\'rg have given thought to the| fact that the approximately 2,000,000 vehicles sold this year will represent practically 100 per cent replacement { purchases. Of course. they say, Wwith business conditions different and em- ployment on the upgrade there would be a considerably larger number of such replacements. At the same time, | they agree, when wage earners’ income again permits them to purchase auto- mobiles, a large number will make their initfal investments in used cars. | Used-Car Situation. So it is that i nevery attempt to appraise conditions the industry s likely to encounter after the turn of | the year consideration is being given | more carefully than ever to the used- | car situation. A problem to the in- dustry almost since the advent of mass production, the used car promises to become an even greater perplexity in| the post-depression period. The in. dustry has been trying to anticipat much of this problem in its constant preaching to retailers against exorbi- tant allowances on traded-in cars, whether they be turned in on new vehicles or as first payment on another used machine. It appears to be the consensus of automobile authorities that factory and retail outlet will work more closely to- gether than ever in the readjustment period that will come with the approach of more normal conditions in the in- dustry. Where the factroy pressed the | retailer with constant shipments of new | cars in 1929, forcing a pace the dis- tributors could not maintain, the re- adjustment period will find the factory producing just as many units as the retailer can dispcse of and no more. It is from this permanently controlled production policy that the automobile industry hopes to bring about an en- | tirely new era in its history. It is a| policy the makers of motor cars hope | will operate for steadier all-vear em- | ployment and a more even vear-around | £pread of automobile output. i Technical Problems. | The automotive epincers in their | session here discussed most of the technical problems involved in produc ing a motor car. {rom inventory control to the preparation of sheet metal parts for enameling. Most of the engineers expect the next ouistanding radical engineering departure in motor car con- struetion to be her improvement in transmissions and gear shifting. Th2> entire elimination of the present gear shift. box is one of the things they look for in American-built cars in the not very distant future. HELP FOR RATLROADS. NEW YORK, October 9 (Special) . While there was no specific recommend- | ation in the Hoover plan of aid for the, railroads, it is believed in Wall Street | that some us> may be made of the bank- ers’ pool to assist those ecarriers that have embarrascing maturitiss in 1932 Unless the bond market has a decided | improvement, it will be cifficult on the basis of earnings to refund a number of bond issues coming due within the next 12 months. This sifuation may be aggravated if the Interstate Commerce Commission refuses to increase fretght | rates, as a majority now seem to leel ! it will. One.of the great troubles of | the banks is the shrinkage in the mar- ket value of their second-grade railroad | bonds. An improvement in these bonds | would be a direct gain in restoring bank credit. Consequently, it is believed that by one means or another a portion of the bankers' pool will be emploved in correcting the present unfavorable con- | dition in the railroad bond market. | HOARDING OF FUNDS. | NEW YORK, October 9 (A).—If con- | fidence can be sq restored that it will | break the back of the movement toward hoarding of funds in this country a big stride will have been taken in turning the tice toward rcal improve- ment. Tt is this tendensy toward tak- | ing currency out of circulation which is chiefly responsible for the plight of banks in the interior whica has made ! necessary the steps which are bemg | taken to alleviate their condition. Dis- | cussing the money outlock, authorities pointed out that much has been made of the earmarking of gold kere for for- eign account, while the tightening ef- fects of hoarding have been ignored. It is calculated that something over £700,000.000 has become tied up unpro- ductively for the holder and to the detriment not onlr of the holder but the country at large. MORE GOLD ABROAD. NEW YORK, October 9 (Special) — The statements of both the Bank of | England and the Bank of France show increases in gold. That of the French institution was substantial and of the English bank nominal. With the gold which left this country Wednesday ar- riving within the next week, the total THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE - Received by Private Wire Direct to The Star Office. (Continued From Page Stock an Dividend Rate. McCall Corp (2%). .. McCrory (B) (2). MeGraw Hill (1). Meintyre Fore M(1), McKeesport T P (4). McKesson & Rob(1). McKes&Rob pf(314) MackTrucks (2)....: Macy (RH)& Co(n3)., Magma Copper (1) Mallison & Co Mallison & Co p, ManhatElev moi Maracaibo Ol Exp Marine Midld (1.20), Marmon Motor Car. . Marshali Field (2%) Martin Parry.. Mathieson Alkill (2) Mathieson Alk pf(7) 4 May Dept Strs (2%). Moytag Co..... Maytag Co pt (3) Melville Shoe (2) Mengel Co. Miami Copper. Mid Continent Petm. Midland Steel (3) Minn Moline Pow.... MSIP &S S Marle. . Mo Kan & Snles— Add 00. 7 708 ~—1031— High, 36 51% 29 2615 10315 i 37% 437 10610 © = - 3 Lo UL L ° fmavSencunaio~ — issouri Pac pf (5).. 2 hem (1) ry Ward. . Mother Lode. .. . Motor Meter G & El., Motor Products (2).. Motor Wheel (1). Mullins Mfg...cooee Mullins Mfg pf. . Munsingwear Inc(2). Murray Corp. Nash Chat & St L(3) 15'% Nash Motors (4).. 34 Nat Acme Co. at Air Transport. Vat Bella Hess...... at Biscult (2.80)... Nat Dist I'rod (2). Nat Enam & Stamp Nat Lead ( Nat Lead pf A (7). Nat Lead pf B (6). Nat Pwr & Lt (1) Nat Radiator. Nat Steel (2). Nat Supply Co Nat Surety (2).%.0 Nat Tea (1). Neisner Brothers. ... Nev Copper (80¢c). ... Newport Co (1. wport Co (A) (3). Newport Industries. Newton Steel. . N Y Air Brake. . N Y Central (4) &StL 3 Lpte.. N Y & Harlem (5). N Y Investors.. NY N H & Hart (4) NYNH&Hpt (7).. N Y Ont & Western N Y Shipbuilding N Y Shipbldg pf(7).. N Y Steam pf (6).... Noranda Mines. . Norfolk & Southern. Norf & Westn (712). North Am Aviation. Nor Amer(b10% stk) 78 Northern Cent (4)... 191 Northern a 0 Oil. . 613 C 4 OlivFarm Eq prp 1% Omnibus Corp 13 Orpheum Cire; 201% Otis Elevator 3% Otis Steel. .. 16 Otis Steel prpf. 2013 Owens 111 Glass (2) 3 Pacific Coast 1st pf.. 2094 Pacific Gas & El (2). 35 Pacific Lizhting (3). 91 Pacific Mills. 100% Pacific Tel&Teleg (7) 4 Packard Motor (40c) 10% Paramt-P(m1.62%p) “a Park Utah.........o 11x Parmelee Transport. 3, Pathe Exchange. .... 21, Pathe Exchange (A). 41y Patino Mines. . 2 Peerless Motor 22 Penick & Ford (1)... 2815 Penney (J C) (2.40).. 90 Penney(JC) pf A (6) 1 Penn Dixie Cement.. 2074 Penn Railroad (3)... 3 Peop Drug Strs (1) 129 Peoples Gas(Chi)( 1314 Pere Marquette Ry.. 15 Pere Marquette pf... 20 Tere Marquette pr pf 41 Petm Corp of Am(1) 6'x Phelps Dodge Co. . 46% Phila Co 6% pf (3) 3% Phila&Reading C & I 9 hillp Morris&Co(1) 40_ Phillips-Jones pf (1) 4% Phillips Petroleum 51a Plerce-Arro: 13 Pierce Ofl. 51x Plerce Oil pf 74 Pierce Petroleum. . 201 Pillsbury Flour (2).. 2613 Pireili (A) (m3.13).. 35 Pitts Coal pf.... 364 Pitts Steel % Pitts United Corp. Pitts United pf (7) Pittsbgh & West Va. Poor & Co (B) Port Ric Am Tob(A). Port R Am Tcb (B) . 9 Postal Tel&Cable pf. 515 Prairie Ofl & Ga. 7% Prairie Pipe Line 1% Pressed Steel Car. ... % Proct & Gaml /2.40), 5% Prod & Refiners pf. 517 Public Sve NJ(3.40)., 90 Public Sve N, Public Sve Public § Pallman Corp (4). % Punta Alegre Sugar. 5 PureOil. 6415 Pure Oil pf (8 45 16 3 Radio Corp (B) (5).. Radio-Keith-Orph A. 2 Sec [C stk C(4). vhestos Man (1.60) Reading Rwy (4)... 4 Readi Ry 2d pf(2), Real Silk Hosiery Rels (Robt) & Co Remington-kand. .., Reo Motor Car(40¢). Republic Steel. .. Republic Steel pf.... Revere Copper. Reynolds Metls(134) Reynolds Tob B (3)., Lichfield OIl. Rio Grande Oil. . Ritter Dent Mfg 1% . 26 9 Rossia Insur (2.20). 42% 131 Royal Dich(m2.2789) s Safeway Stores (5).. Safeway Strs pf (6)r, Safeway Strs pf (7). St Joseph Lead (1) StL-San Francisco StL-San Fran pf(6).. St Lowis Southwn. Savage Arms (1).. Schulte Retail Stores 21 1% 9 89% EIe 61 '3 0% % 4 TOBACCO PRICES FIRM IN CAROLINA MARKET By the Associated Press. OXFORD, N. C., October 9 (United States Department of Agricuiture).— Offerings were light in volume at Ox- ford, Henderson. and Fuquay Springs yesterday, with Wendell reporiing fairly heavy volume., Prices were generally firm. Lemon sides of medium-grade leaf avcraged about 17 per cent higher in prices than orange sides, while lemon sides of first and second ‘quality lugs averaged about the same as orange lugs. | High. Low. Close. Chge. 23 5 1% 10814 — ~—1931— High. Low. 51 1% 20% 631 1% 13.) Net. 22 19% 15 16% 46 8 2214 19% 6414 22 20 15 163 461 8 o4 - 190 641g 9 1% 12 16 0 +2% -2 81 11 4 Shubert Stock and Dividend Rate. 3813 Scott Paper (11.40).. % Seaboard Alr Line. . 513, Seaboard OIl. ... Sears Roebuck (2%) x 156 40% % Seneca Copper. 2 ? 30 Servel Inc. . 3% Sharp & Dohme. .. .. Shattuck (FG) (t1%) 314 Shell Union Oil...... 23% Shell Union Oil pf... Sales— N Add 00. Hizh. Low. Close. Chi 408 38'% 384 88W — W 8T - WE WS R 41 8% 8% 8k — % 39% % % 54 2 Theate, 813 Simmons Co. 4% Simms Petroleum. 513 Sinclait Consol Oll. . 314 Skelly Oil. . 10 Skelly Ofl pf ww. Snider Packing Socony-Vacuum 1.60. Solv Am pf ww %). South Port Rico Sug. Southn Cal Ed ( Southn Pacific (6). .. Southern Rwy (m6). Southern Ry pf (5).. Spald(AG)ist pf(7). arks Withing (1). Spear & Spencer Kellog(80c) Spicer M, Spicer Mfg p! Splexel- Stand Brand and ¢ nd Oil Cal (h2 and Ol Exp pf (5). and Of] of Kansas. Stand Of1 NJ (12). Starrett(LS) (12%). Sterling Secur (A) .. Sterling Secur pf Sterling Sec cv pf(3) Stewart W. Co : May-Stern o PSP FOO, -3 ooy as&ISl (3 S&II P (4). 1pf (6). pf ( orp - rner. . Stone& Webster(m2), udebaker Co(1.20). Studebaker pf (7). Sun Ol Wi Superheater ( Superior OI1 Tennessce Corpn. ... Texas Coip (2)... ex Gul ex Pacific ¢ phur(3) )al&OiL £ Su Tex Pacific Land Tr. Thatcher Mfg Co The Fair 1). Thermoid Co. . Third Avenue " Third Nat Inv(méic) 'hompson (J R) (1), hompson Prod 1.20. Thompson Starrett. , Tide Water Asgo Oil. Tide Water As pf(6) de Wat Oil pf () Tihken mken -Detroit Axle Roller B(2). obacco Products. obarco Prod A t9ie Transamerica Corp. . Transue & Williams. I ‘ontl Corp. Trico Product 32 Twin Tlen 82 Inder 100% 125 Co tty Ra I Fisher (4). nion Bag & Paper. . . “nion C: rb & (2.60). 10f Cal ( cific (10). ‘nit Alrcraft. . E Init Alreraft pf (3). ‘nit Am Bosch : "nit Biscuft (2) Unit Carbon Unit Cigar S Unit Corp res. 5¢). Unit Corp pf (3). Unit Dyewood pf (7) Unit Electric Coal. .. Unit Fruit (4). Init Gas&Im (1.2 0).. Unit Gas&lm pf(5).. Unit Piece D W (2).. Unit Plece DWpf 6% USD £ 14% 11 e Distributin & Forn Secur. Freight... Gypsum (1.4 Hoffman. - dus Alcohol. .. ributing. 4 S Leather. . Leather (A). I S Leath prpf (7). 1S Pipe & Fdry (2 $ s s s Pipe&Fy 1st 1 Realty & Imp(1) Rubber Rubber 1st pf. Smtg & Ref (1).. Steel Corpn (4).. U S Steel pf (7). U 8 Tobacco (4.40) United Stores (A)... United Stores pf (4). Univ Leaf Tob (3).. Univ Pipe & Rad pf., Util P&L adasco Sales Vanadium Corp. 108 38 2 93 A)et2.15. Corp. Van Raalte 1st pf. Va-( Va- ro Chem. r Chem 6% pf. Va-Caro Chem pf (7) 4 2 2 Va Elec&Fwr pf (6). 1708 Vulcan Detin (4) 51z Wabash RR Wabash RRR (A). Waldort Sys (1%) Walworth Co. Ward Baking (B). Warn Bros Pictures. 10 Warner Warren Wesson Wesson West Pa Elec A (7). West Pa West Pa El pf (7). West Pa Pwr pf (6). West Pa Pwr pf (7). 2108 42 22 3 14 120 Quinian. Br 3 Oil&Sno(2). O&Sno pf(4) 1 108 . 1208 708 10s 508 31 pf (6). Western Dairy (A).. Western Dairy (B).. Western Maryiand 2 Western Md 2d pf. Western Pacific. Western Pacific pf. .. Western Union (8).. g Westinghse A B(2).. Westinghouse (214). Wsthse Weston EM 1st m3% Elec Instru.. Westvaco Chlor (2).. Wheeling Steel...... Wheeling Steel pf (6) % White Motors White Sewing Vilcox-O1l & Gas. ... Iys-Overland Wiison & Co ilson & Co ( Wilson & Co pf. Woolworth (2.40)... \Worthington Pump.. rigley (Wm) (4) “Yellow Truck 17 Yellow Truck & C pf. 100s sstwn Zenith Radio. 7 Zonite Prod Corp (1) 1 5 53 Sheet&Tube. 1% 81 Sales of Stocks on New York Exchange. 10:30 AN 1:30 P.M. DI 500,000 12 00,000 1,700,000 ,700,000 nd rates as given in the mbove table are the annual cash payments based on the latest quarterly or half-ysarly declara- | tions. xEx-dividend. sLess than 100 shares. tPartly extra. IPlus a Paid last year—no regular rate. bie in cash or stock. fPiys 8% in s Plus 50 in special preferred stock. K Plus 3 4 this year—no regular rate. nPlus 5% in 2%2% 1n stock,’ | about 16 per cent higher in prises than ! orange sider. i Average prices as compiled by | tobacco_market service of the Un States Department of Agricull | low: Orange leaf—Fourth quality, fifth quality, $9.50; sixth quality, §3.80; | seventh quality, $1.80. Orange lugs—First quality, second "quality, $13.80: third qualil {$9.10; fourth quality, $3.90. | Checking Liquidation. | NEW YORK, October 9 (Special).— |1t is generally remarked in financial " circles that the primary value of the Hoover plan is to re-establish confi- {dence on the part of holders of secur- | ities and depositors in banks and to | check liquidation. What Wall Street most wants to see is the end of the of the Bank of France as of the middle | Lemon sides of lower-leaf grades aver- | decline in the markets, It is not so of October, will be well above the figure at which it stood when England went - xe gold basis a month earlier. aged about 20 per cent higher in prices than the orange sides. Lemon sides medium to lower lug grades averaged much interested at present in a sus- bond market has been stabilized. 'REDUCTION IN TOBACCO " FREIGHT RATES GRANTED By the Associated Press. Authority to reduce its rates on leaf tobacco from Lynchburg to Norfolk, iimond and other Eastern Virginia cints to 27 conts per hunidred pounds | was granted by the Interstate Commerce ;Commlssion to the Southern Railway. | Present rates range from 21%% to 3812 | cents. . | Thenew rate was asked by the South- | ern to place it on equality with the Nor- | folk & Western, recently ‘granted a re- | duction to 27 cents on tobacco ship- | ments from Durham and intermediate points, including Lynchbusg. Other points to which the new rates substantial amount of cash from a cus- Grand Trunk {tained rise in stocks until after he |apply are Newport News, Portsmouth, tomer in England, Suffolk and Pinners Point, | + %4 Corcoran (10 B.C. 'FRIDAY, IADVANGE IN BOND 0c PRIGES RESUMES Market Goes Steadily For- ward—Junior Issues Espe- cially Strong. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, Octbber 9.—Bonds ad- vanced strongly today under the stimu- Ius of a higher range of stock prices, an advance in the New York Federal Reserve rediscount rate and the progress in the development of President Hoover's revolving credit plan. The entire list, foreign and domestic, par- ticipated in the improvement, whici had been forecast by the market open- ings in London, Paris and Berlin. Time ::'el;rlmy rates were firm around 3 per The opening was higher, with most of the emphasis laid on railroad bonds. Wall Street was generally expecting a decision from the Interstate Commerce Commission on Saturday in regard to | the carriers' application for a frexght rate Increase. Most guesses were that & 10 per cent rise would be granted. Many junfor bonds advanced to levels from 10 to 12 points above their recent lows. Most notable of the gains were in Missouri-Pacific_5s and 5'.s, Erie | 55, International Great Northern ad- prior lien A 45 and 415, St. Paul ad- Justments, St. Paul 5s, Rock Island convertible 4135 and 4':s of 1952, Chicago & Northwestern 47%s, Chicago Great Western 4s. Their gains today ranged from 2 to 6 points. In the prime carrier list advances were of smaller size, but they were equally unanimous. ‘Theve were rises of 1 to 2 points in Atchison peneral 4. Baltimore & Ohio first 4s, Norfolk & Western 4s, Northern Pacific 3s and 6s and Union Pacific senior description \nThe market was higher at, the open- ng. The rise in the Federal reserve redis- count rate was a definitely constructive factor in that it will tend to offset the | conversion of exchange premiums into cash profits in sterling. the Canadian dollar and other depreciated currencies, German dollar bonds. British issue: Australian and Canadian descriptions {and others of the foreign group were higher by fractions to more than a |point. The exception was the Italian were recorded. In the domestic department railroad bonds’ responded to fresh reports of a favorable rate decision to be given Sat- urday or early next week. FErie 5s, Mis- souri-Pacific 55 and other junior issues gained fractionally. Prime bonds were firm, |Washington Stock Exchange SALES. | Capital Traetion Co.—10 at 25 1255, | Potomac Electr | Washington R 9202 Lanston Monotype—10 703, s 5 at - pfd.—5 at 107 & Electric pfd.—5 5 at at 70%, at AFTER CALL. Potomac Electric 514 pfd.— Columbla Title Insyrance Co. Potomac Electric *Cons. 5 1017, at | at 251 Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer_ Tel. & Tel { Am. ‘Tel. & Tel B.R s Anacostia' & Pot stiu & Potomac Guar C. & P. Tel. of Va. s Capitai Traction R. R. 5s City & Suburoan > Georzetow Potomac Bid Asked 1o, . 10512 68 30 etl, r. 8¢ h. Gas 6s, series AL... Wash' Gas 6s. series B Wash. Rwy. & Elec. 4 MISCELLANEOUS. 0ss. Inc.. 6les.. e Club 5iac ountry Club 5i3¢ Paper Mfe. 65 Cold Storage 55 STOCKS. PUBLIC UTILITY. & Tel. (9).... i Barber & R Chevy CI y Gk | Columbia C D. C W. M. Amer. Tel Capital (14) Columbia (12 Second (9} | Washington (13) TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6} Natl. Sav. & Tr_ (121} Prince Georges Bk & Tr (6) {Tnion Trust (8s) Wash. Loan & Trust (14).. SAVINGS BANK. Bank of Bethesda (6§) { Com. & Savinas (1) East’ Washington (12) Potomac (10 Sec. Sav. & Com. BK. (17 Seventh Street (12) United States (30) Wash. Mechanics (20} .. FIRE INSURANCE. az).. . 280 Lo 15 *200 S 21 *190 . 400 58 . 830 50 American National Union {i5) TITLE INSURANCE. | Columbia (6hy cvmave¥ 7 Real Estate (6h)....." D145 MISCELLANEOUS. ol Medical Bldg, Curp, (8) Col. 8and & Gravel pfd. D - Paper Mtz pid.. Dist. Natl. Sec. pfd Emer. Bromo-Seiz Federal Storage pfd Fed.-Am. Co. com. (1.30() Fed-Am. Co. pfd. (6).. Lanston Monotype (7) Mer. Tr. & Stge. com. ({0} Mer. Tr. & Stge. pfd. (7). Merzenthaler Linotype (61 Natl. Mtge. & inv Peoples Drug Stores Real Est. M. & G. pfd. Security Storage (4¢)... Ter. Ref. & Wh. Corp. (3} The Carpel Corp. (2. . W. Mech. Mtge, com. 6) Wash. Med. Bldg. Corp. Woodward & Lothrop com. (1 Woodward & Lothrop pfd. (1) *Ex dividend 527 extra. bBooks closed. ¥2137 extra. nasc extra. 377 ‘extra. 130 extra. 4% extra. §17 extra. 5% extra. elia% extia, City Loan Refina)\ced.. NEW YORK, October 9 ().—The city of Greensboro. N. C., which faces a maturity of $3,310,000 of bond antici- pation notes next Thursday, has com- pleted arrangements with a group head- ed by the Chase, Harris, Forbes Cor- poration and the National City Co., whereby the bankers will undertake to sell refunding bonds of the city, as soon as market conditions permit, to take care of the maturing paper. Mean- while holders of the notes will be asked to accept renewals until the bonds can be sold. The banking group also in- cludes Stranahan, Harris & Co. and the North Carolina Corporation of Raleigh. A 8) 07 25 .. 107 FOREIGN OPERATIONS. NEW YORK, October 9 (#).—In view of the part which foreign operations have been playing in our markets of late it is encouraging to note that there are signs of increasing interest from that direction on the buying side of stocks. One large house, not especially prominent by reason of its foreign business, has opened its first new for- eign account in nearly two years. This house was the recipient overnight of a with instructions to American stocks. pick up certain gosd lj\L(L!r!nts. Wabash D 55 and 5145, Frisco | section, where losses of 1 to 2 points | | Capital Traction Co.—8 at 251, 200 | 'TOBER 9. 1931. FINANCIAL., l N NEW YORK BONDS STOCK EXFKANGEI Star Office Received by Private Wire Direct to T UNITED STATES, (Sales are in $1,000.) Sales. High. Low. 2:55 t 4483247 10 101 101 101 h 4% s 33-38264 101 31 10126 101 26 J.8.351951-55 329 197 18 96 8 9614 %Hs'49.... 44 99 98 3 9816 %s40-43. 40 100 R 9931 9931 %5 41-43. 120 100 10 99 27 100 1 %s 43-47. 263 100 16 99 24 100 S4s 44- 22 104 16 103 30 103 30 s 4 59 108 16 108 6 108 6 are wih cdgaa nunnnn v e Bales. High. Low. 2:55 10 40 3712 39 9 50 4R 13 4 15 39 4 250 1 95 . 44 514 9. 12 78 T1:77 5 68 4 13 Ab tibl P&P 5853, Alleghany Cp 5s ‘44 Alizgheny 5549 Allegheny 58 ‘50 Am Beet Sug 6s Am Chain 65'33, Am F P 552030, AmIGChbls” Am Intl 515549 Am Metal 5% 34, Am N Gas 615842, Am S&R 1st5s5'47. 5 99% Am Sug Ref 65'37.. 6 1031 AmTET cv 415830 36 117% Am T & T 55°65.... 84 104 Am T&T c tr 6s '46. 16 106 Am T&T 5s 5 1'60.., 23 104 A T&T 5%s 85 107% Am W Wks 55'34.. 11 91 Am Wat Wks 6575 12 K7 Am WrPap 6s'47.. 1 40 Arpentine51;8'62.. 6 36 Argentine 6sJu's9. 6 40%; Argentine 6s Oc'59, 4 40'y Argentine 65 A '37. 8 41)y 58. 14 417 26 69% 3 bR 1 1021 25 963 31 105 9 100 5 93% . 8 98 ‘56.. 22 37% Arm Del 5135 '43 Assoe Ol 65 '35 Atchison gn 4s ‘85 Atchiscy 4158 '48. Atch Ariz 4153562, At CL1st 48’52 Atl Refdb 55°37 Australia 415 Australia 58" Australia s | Austria 7s'43. B&O4s'48 B&O 43833, [B&OCcvars B&O IS5 "48.... B&Ort 58’95 B &0 5s D 2000, B& O 65°9) 11 & O Toledo 45 " Bk of Chile 655 Rk Chile 63561 Ratayv Pet 4135 42, Belgium 65 '55 Beigium 6% Belgium 7s Belgium 7s Bell Tel Pa Bell Tell Pa bs Berlin Cy El 65 Berlin C Beth Beth Bolivia T Bolivia 7s Bolivia 85°47..., | Bordeaux 65 '34. Bost & Me 43,561, Bos & Me 55 '67 Brazil 6135 '26 100 93 5 49 91 B'48 15 1075 "60 98, 1001 92 8 11t 96 10014 9 8 1013 96 A1 83 6 105 95 94 Bklyn Man 65 ‘5. . 50. 67 10314 | BKlyn Un 1st Buenos A 6561 Pv., Budapest 6s | Buff Gen El 4 | BR& Pitt 4357 Bush Ter con 55 Calif Packing 5 Canada 4s 6 | Canada 433 " . 2 Can Nat4%s ‘an Nat Ry 4 ‘an Nat 4338 ‘an Nat 4155 68 an Nor isdb '40. . an P'ac db 4s. "an Pacific 415 '46 | : Chi M & St P 4589, Chi M& StP 4128 C Chi M&StP 471 C M StP&P 58 Chi & NW 6145 °36.. 10 &Prf4s’'34179 cv 415860 100 8315 Sta 4135 63, Chi Un Sta 58 B '63. Chi Un Sta 615563 C & W Ind cn 4852, C& W Ind 514s'62. Chile 6560, . CiMle 65 '61. . Chile 6s'63. . . Chile Cop db 55 '47. CCC &St L s D63 Clev Term 4 Clev Term Colomb 6s Jan '61.. Colomb 6s'61 Oct. Colon Oil 6s'38 Colo & Sou 4158°35, Colo & Sou 445" “0l G&E 58 May'52. <ol G&E cou s 61, Com Inves 5345 "49. € C Md 1st rf 5850, Con G NY 414s'51..165 ConG N Y 513845, 11 Con Pwr Jap 6%3.. Con Pow Japan 7s.. Consum Pow 5s '52. Copenhag 4%s '53.. Copenhag 58 '52.... Cuba 5184 Cuba R R 58 Cuba RR 6s ctf Cuba Nor 5138 Czecho 8s'51. Del Pwr&L 4%s 71 Del & Hud rf 4s Del & Hud cv §s Del & Hud 5%s '37. Denmark 434 " Denmark 533 Denmark 6542 D& R Gren 4s'36.. D&RG W 5s DRG& W 5s'T8 Det E G&R4%48'61. Det Edison rf 58’49, Deutsche Bk 6s Dodge Br cl 6s'40.. Duquesne 4346 Dutch East16s'47. 3 East CSug 172837 7 Erie 1st con 4s'96.. 14 Erie con 4% A '53... 26 Erieconv4s B.... 349 Erfe gen 4s 30 57 5614 9T 52 23 7 104 90's 110 1141 441 9314 54 101 89% 16 33% 43 2% 41 58% 44 50 70% 81% 97 Erie 5875 Erie & Jer 6s'55. Finland 7s '50 Fisk Rub 8s'4 Fla E Coast 58'74.. Fond J&G 4155’52 ! Fram 1D 7%s"42 French 7s'49. French 71;s 41 Gelsenk’hen 6s'34.. 5 45 Gen Baking 5%s°40 1 93 Gen Cable 5% « 3 54 Gen Motors 6s'37., 45 10114 GenPSv5%s'39.. 5 89% Gen Th Eq 65'40... 28 17 German 5%s '65...141 357 German Bk 6s'38.. 18 45 Ger Cen Bk 68’60 J 14 43% Ger Cen Bk 63°60 0 24 42 German Tsrep’49.. 25 59 German Bank 75’50 5' 46 Goodrich ev 6s "45. 51 Good 1st 63,847, TI% Goodyr Rub 58'57. 8414 GrandTr sf db 65’36 19 97% 40, 21 101% 100% 101% Grt Nor 4% E. 4 9% 7 79% GrtNorgn5%s's2 '8 91 90 91 3 100 9014 111 9014 110 1141 444 931 54 10135 89% 16 3314 45 43% 42 58% 46 51 T0% 8415 97 Sales. High. Low 2:55 26 102 101 102 2 4w 53 53 3 76% 76l T6% 87 62 59% 60 1492 90 92 27 101% 101 101 54 100% 100% 100% 12 39% 39% 1 105 105 10 58 60 45 491 54 49% a9y, 88 57 58 35 TRY% 66 6814 25% 60 68 6514 56% 59 41 54 Grt Nor gn 75 "36. Greek 65°68. . Halt! 6552, S Hud & M ad) 5s *67. Hud & M rf 5557 Humble Ol 55 ‘37 Humble O 5% Hungary 7%s '44 HY Bell Tell 55°56.. 111 Cent 4% '33. TI1 Cent 4% *66. [ CCStL&N 4%s.. 111 Steel 4358 '40. Inlurd 8t 44 s B'81 Int Rap Tr 55 '66. . Int Rap Tr sta '66. . Int Rap Tr 6s'32. .. Int Rap Tr 7s 32 Int Cement 55 ‘48 Int & Gr Nor 6552, Int & G N ad 65 '52. Int Hydro El 65 °44. Int M Co bs ret'd41.. Int Match 5547 Int MM col tr 6541 Int Pap 53 A 47 Int Pap 65’55 Int Ry C A 5 IntT&T4%s Int T&T cv 4145'39.15 Int T & T 68 5. Irish Free St 55 '60. Ttaly 7s°51. Italy Pub S 78 '52 Tapanese 5345 "65..166 Japanese 635 '54..146 Kan CFtS&M 45'36. 2 Kan City Sou 55'50. KKarstadt 6s '43.... Kreug & Toll 55'59. Lackaw St 5 Lac G StL 5 Laclede 514 C'53 Laclede 5%s D '80.. Lautaro Nit 6s'54.. TLeh Val cv 4s 2003, Liz & Myers 5 Lig & Myer Loew's 65 ex w '41. Long Islrf 4s°4 Long Isldb 5837, Lezillara 5s Lorillard 5% Lorillard 7s '44. . La & Ark s Lou G & Bl b= L & N uni 4540 McKes & R51%50, Manh Ry 1st 45'30 Market St 7s'40 Marseille 63 '34. Mex 4s asstd 1904 Mex 45 astd 1910°45 Midvale St Milan 6355 MK & T adj MK&T prIn Mo Pac gn 45 '75. Mo Pae 55 A 6. Mo Pac 55 F '17. Mo Pac 58 G '78. Mo Pac 55 H '80 Mo Pac rf 5s ‘31 Mo Pac 5135 A "49 Mont Pow 5s'43. Montevideo fs Montevideo 7= Mor&Co 1st 4% 8'39 Nat Dairy 5% = *48. Nat Steel 55'56. Netherlands 6s " NEng T 1st 58’5 Nw S Wales 58 '57. Nw S Wales 5s '58. N Y Cent db 45 ‘34. N Y Cent db 63 NYC & St L 453’ NY CAStL 4148 H&H 35 NH&H 43867 NH&H clt 65'40, Nfa Sh Md 5% Nord 615 = 50 rf South 58 No Am Co 55 '61. .. Nor Am Fd s C '69 Nor Am E 51863, Nor O T & L 6= "47, Nor Pac 3% 2047... Nor Pac 4='97. Nor Pac 413 204 r Pacri6s 2047, Nor St Pw 55 A "41. Nor St Pw 65 B '41. ] eiix amnlaanis-SelaRale nCuuianie 5 Norway fs Norway 6s Oreg-Wash 4s"61. . Orfent dev 5% ='58. Orient dev 65°'53.. Pac G&E 542, Pac T&T rf 5s'52, Pan-Am Pet 6s'34. Pan Am Pet 6540 Paramount 6s'47.. Paris-TLy M 6s ‘58 Paris-Ly M 7s '58. . ] Paris-Or 5145 '68. . Penn 4% s D '81. Penn gn 415565 Penn 4%s'70, Penn 4%s'63 Penn 58 '64 Penn gen 68. Penn 634536 Penn P&T, 4355 '81. Peoples’ Gas 55 "47, Pere Mar 4145 '80. Deru 6560, Peru 6561, Peru 7s'59. Phila Co 58 Phila Eiec 48’71 Phil & Read 6s 4 Philllp Pet 53 s Pillsb F M 6543 PCC&StL 4%s P C C&StL 55 A '70, PCC&St L 5s B '75. Poland s '40 Poland 7s 47 Poland 8s°50...... Port Gn E14%5'60. Pos Tel & C 55'53. . Prague 7%4s '52, Prussia 6s'52. Public Serv 4s'71. Pub Sv G 415567, Pub Sv G 4%s°70.. Queenstana 6547, Queenstana 7s*41.. Reaa gn 4%s A 97 Reading 4% s B ‘97, Rem R6%s A "47.. Rhinelbe 7s ‘46 Rhine West 6s Rhine West 6: Rhine West 7s "50 Rich Oil Cal 6s Rinde Jan 6%s'53. Riode Jan 8s'46 R Gr Do Sul 6568 R Gr Do Sul 83 46, RIAr&L4%s’'34. Rome 6148’52, Roy D 4845 ww. StL IM R&G 4833 SUL&SF in 48 A '50 55 StL&SF {148'78.149 StL&SF p155B'50 2 StLS Wistds'ss, 7 StLS W bs'52 San A & AP 4s’43.. 10 Sao Pau7s'40rct.. 2 Sao Paulo 8550, Saxon P W 6%8'51. Saxon 7s 45, Seab A Lirf 4 Seab A L cv 6 Seine 7s'42... Serbs-Cr-Sl 8s Shell Un Ol 55 '47. Shell Un Oll 58°43. 16 Sinclair Ofl 614838 7 SincO TsgNA'ST., B GROWTH OF TRUST BUSINESS TRACED Bank President Says Servioe Has Increased With Public Demand. Speetal Dispatch to The Sta ATLANTIC CITY, N. The trust business is a natural develop~ ment from public demand and not of financial institutions secking a new ave- nue to profit, J. Stewart Baker, presi- dent Bark of Manhattan Trust Co., New York, pointed out to the trust company |d!vlslon of the American Bankers' Asso- ciation at its meeting at the convention yhere this afternoon. “The public cre- ated the trust business,” s3id Mr. Baker, “it was not a business extension device conceived by financial men and foisted upon the public in order to gain more profits. The order was the other way about—humah need required a service that virtually compelled the creation of institutions which could render it and they came into being. It is no affectation to say that the perfectly legitimate mo- tive of business profits has been rather remarkably subordinated in the develop- ment of trust service. Its social values have been so much more conspicuous. Public interest is intrinsic in everything that you do.” Mr. Baker traced the origin of the { modern idea of the trust to Capt. Robert | Richard Randall, founder of Sailors’ Snug Harbor in New York, who with his lawyers, Alexander Hamilton, first Secretary of the Treasury of the United States, and Daniel D. Tompkins, who became Vice President of the United States, took steps to make certain that his property should function indefinitely in the future. It was many years, how- | ever, before this n-w and vital principle | began to be applied to other affairs, he said. “The corporate fiduciary idea was not #0ld’ to the public by any aggression nf the institutions rendering it—not until | comparatively receni yvears.” said Mr. Baker. “because it restea almost inert through the era of smaH affairs before the advent of the railroad and of steam cwer in industry. but when public need called for its services it arose. Techni- cally, it may have been invented by | Hamilton and Tompkins, but generically it was created by the public. Therefore, | to the public as a whole. as well as to | its individual trusters or beneficiaries, it owes its real allegiance.” | Mr. Baker said that in this machine | age, when the trust idea nas developsd | %0 rapidly. one very human call 45 in- | creasing, the call for confidence. Trust | service, he said. however much its ef- ficlency may suggest the machinery, | must be human at its very c-re in that it must be true to its name and inspire | human trust. He ponted out that so thoroughly segregated have been the as- sés of the trusts, so careful has been their administration. so complete their safeguarding by law that the thousands of financial institutions rendering this service have preserved their trusts in- violate during th> present troubled pe- riod. Even where the affairs cf the in- stitution itself have become involved, he noted, its trusts have remained se- ‘(’UTTB- t 1 Tust service is really based upon | Jooking ehead and_cannot avold s responsibility, Mr. Baker declared. Ifs duty is that of reducing contingency. He said that at a time when depression, | shrinkage and distrust have lain like & | pall over the face of ec-nomic affairs, trust service has shown a growth that, would be calculated to attract attention even in a period of prosperity. Business Notes NEW YORK. October 9. —Despite | several adverse factors which have com- bined to hold down the volume of busi- ness this week, the general price situa- tion in the women's apparel trade has undergone no radical weakness, accord- ing to trade comments in New York. The comparatively stable situation was attributed to the absence of substantial stocks in hands of dress and coat producers and also to the growing practice of not sacrificing regular lines for sales purposes. Novelty jewelry of aluminum has come to the fore strongly in recent business and promises to be one of the most active items of the season, it was re- ported in New York.' A wide range of separate types is now being made of the lightweight metal. including necklaces, bracelets and dress clips. One line fea- tures application of chromium plate to the merchandise. While the apparel continues highl credit situation ) spotty, an indirect im- provement in the situation was foreseen as likely to result from President Hoover's recent action aimed at banking stabilization. Many retailers, prrticularly specialty shops, in a number of towns have been affected by banking diffi- culties and also inability to make business loans. Sales. High. Low. 17 9715 97 19 98 10 60 104 105 9 79ty 8014 9215 2:55. Sine Cr 0 515538 Sinc P L 6u°42 Skelly Ofl 5138 39. Sou Bell T&T 5s '41 SW Bell T 55 A '54. Sou Pac 415 '68. SouP 4%8'69 ww. Sou Pac 4%s'81. Sou P&OT 4%s 'T7. Sou Ry &n 45 '56. Sou Ry 6% 56.. StOIl N J53'46. ... SLOIIN Y 4%5 51, Sweden 514 . | Swiss 5%s'46.. Talwan EP 53871 Tenn E1 P 63 A '47. Tex & Ark 5% . Texas Corp 5844 Tex&P 1st s 200 Tex &P 5sC Third Av adj 55'60. Third Av 15t 55'3 Toho El Pw 65 '32 Toho El Pw 75 '35 Toklo 5 *52. . Tokio 5% '61 Toklo El Lt 65 ‘ Tlst & D5sc Un Pac 18t 48 Un Pac 4568 Un Pac rf 45 2003 Un Pac 4%s '67. Un Pistrf5s Unit Drg ev 65 '53 Utd King 5%8'37 U S Rub 18t 58 47 Un St W 6%s AT, Ud St W 6% SA'51 Jruguay 6 Urugnay 8s 46 Utah P& L 5s'44.. Utll Pw 55’59 ww Util Pow 53%58 47 Vanadium St 5s'41. Vert Sug 1st 78 '42. Vienna 62 52...... va Ry & Pw 5534, Va Ry 1st b5 '62 Wabash 4%s 18 Wabash 1st 6839 Wabash 5s D '80. abash 545 °75... worth 6s A '45. B B @ » auR~nean aafine afoo~ Warn Quin 6s Warner Sug 7s "4 Warsaw 7s ‘58 Wt Sh 1st 4s 2341, @ = £ West Md 45 '52. West Md 5%s'77. West Pac 58 °46. . West Union 5s ] mamR©eS W EO5%s'37 ww. Wilks B& E 1st 5s. Wil & Co 1st 63 °41. Wis Cent gen 45 '38 Yokohama 6s '61 Ygatn S&T 55 A'T8.