Evening Star Newspaper, October 9, 1931, Page 15

NCIAL CURB STOCKS GAIN IN BRISK BIDDING List Forges Ahea;i After Ir- regular Trend in Open- ing Sales. Bpecial Dispatch to ! NEW YORK. October 9.—Curb mar- ket stocks made substantial advances reflecting general strength on other security markets at home and abroad. Bidders were active in the morning, but offerings dwindled on the advence and as a result the volume of trading was somewhat less than on ‘Thursday. The opening was irregular and for a time the list sold off. but it met sup- pot on the decline and before noon it turncd definitely higher. Utility ks, so much depressed during the recent cip. were most active and had the largest gains. Electric Bond & Share dropped nearly a point at one time. but subsequently recovered all of the loss and went to a net gain on the day d an irregu but in subscqu s bacame heavy and the gen st ground narrowly. Electric Bond & Share. after opening unc) ged at 2 on a 7.000-share deal. dropped to A Gas & Electric was nearly a point lo at Other utilities to lose ground n Superpowe: and United er A. Cities Service was a Standard Oil of Other oils were lower n at 81 lost ov American Cya- trend at the trading ral list Light & P shade higher at 77 Indiana also gained rged or slight Aluminum Corporati 3 points. A. O. Smith namid B and other industrials we also somewhat under their previous closing prices. United Gas was a shade better, but Appalachian Gas and others were lower. In the motors, Ford Mo- tor, Ltd.. was unchanged at Pipe line shares and aviation equitics were dull. New York Cotton Bpecial Dispateh to The Star. NEW YORK. October 9.—Cotton prices were € to 9 points higher at the opening of the market today. The advance was general and was based #s much on hedge covering as on the establishment of long positions by pro- fessionals. Commission houses con- tinued 1o offer cotton in fair qu Opening prices o Octe up 7: December. 587, up 8 5.98, up 6; March, 618 up 9 €37, up 9, and July, 654, up Feather Demand Declines. ‘The demand for ostrich feather used for decorating Eugenie hats in vogue, is now on the decl Commerce Department has been advised by Trade Commisioner Samuel H. Day at Johannesburg, South Africa. Feather factories in South Africa operated at about 75 per cent of capacity during late September, Day reported. U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for were $6,227,385.06: expenditures, 575,162. balance. Customs receipts for October were $8.254,510.61. January, May, now October K BONDS ON THE CURB MARKET. Bales in thousands. 10 Alabama Pw 4s 3Am Com Pw 5 3Am Cmwh P 18 Amer G&E 55 21 2 Amer G&Pow 55 1 Amer P&L 6s 2016 1 Amer Roll Mill 5s '3 11 Appalach Gas 6s 2 Appaiach Pow 55 DOMESTIC BONDS. 4 High 3 Ass 5 1As GAE 5125 38 in cf § Associat Rayon ‘5s 2 Cent St P&L 5 Service Service rv_Gas 5lus 1 Comwh Edis 45 F 3 Federal Wat 4 Florida P & L 19 Gatineau Pow’ 5% 3 Gauneau Px 5 Gen Mot 2Gen Mot 1Gen Pub 3 Grand T} 8§ Guif o1l 1 Houst G as 1 Houst L&P 4125’ D '7i 30 Pow & Lt 65 A 11 Pow & Lt 55 C 5 Indnap P&L 55 A 1 8insull UL 6s 4Minn P & L <, 2 Miss' Pow & Lt 5 9 Narracansett Shaw W&P 41 1Shaw W&P. 4 Snider Pack 65 '3 the | $13.- | $526,039.817.98. | seven days of | { NEW YORK Stocks sold in 100-share lots except those & | ~Prev. 1931.~ Stock and Sales— High. Low. Dividend Rate, 3 AcmeSteel (2)...... 1 4 Adams Mill 1=t pf(7) B50s Aero Underwriters Afliliated Prod 1.6t Air Investors vt Allegheny Gas Corp. 4 Aluminum Co of Am 36508 AluCoof Ampf(6). 3 Aluminum Co Ltd. 4 Alum Ltd B wa o 24 Am City P&L (A) a3 1 Am Cit PRL B b10%. 10 AmComP A (b10%) 19 3% Am Cyanamid B.... 218 ! ‘% Am For Pow war. 48 Am Founder: § Am Gas & Elec (1) Am Gas & El pf (6) Am Invest war. Am Lt & Trac (2 Am Natural Gas. Am Pub Sve pt (7). Am Superpwr (pi0e ! 5 Am Superp 1st (6).. JEias Am Util& Gn B vte. . ' Am Yvette (2ic).. 105 1 4 2)e 25 3 508 212 5 6 | | I pur rt Asso Tel Ut (b8%) | 37 Atlas Util Corp. 2 Atlas Utilities war Auto Voting Mach | " AutoVM ev prpt 50¢ Rabeock & W1t (7). Bigelow- : Rlue Rid 2 Rlue Ridge cv pf(ad) i 5 Brazil Trac Lt&P(1) i Brit Am Oil T (80c)., Brit Am Oil C (80¢c) BritATcou B 1.13 3 Rrit A T reg 1.13 3 Rrit Celanese rets Rrit Col Pwr (A) PL (). > Dl (1.60). Canadian Marcont. .. ent Pub ent Stat Bl (b10%). entrifug Pipe (60c) hain Store Devel. .. hain Stores Stock. . hilds Co pf (7)..... 40s ities Service (g30c) 188 ities Serv pf (6)... 2 lark (D) (1%)..0 laude Neon Lts Inc. Tev EI Tllum (1.60) . leveland Tractor. b Aluminum Uten olon Oil. . olombia Syndicate. ‘0l Oil& Gas vte. . “olum Pic vite. {75¢. mwlth Edison (8).. Cmwlth & Sou war Com Wat Ser £12 Consol Auto Merch. . Con Gas Balto (3 60) Cont Shares cv pf. Cooper Bes Cord Corp. ... Corp Sec Ch (b6%). . Corroon & Neynold: Corroon& Re: Cosden OIl. Creole Petro Crocker Wheeler. ... Crown Cork Intl (A) b Cuban Cane pr opt w. | Cumbe | Curtiss ¥ Curtiss W | Cusi Mex Mining Davenpo Dayton Alr & Ei Deere & Co. ... .. De Forest Radio. Derby Oil Refining Detroit Alreraft. . Dow Chemical (2) DressSRA (31 Dresser M Driver Ha. Duke Pow Duquesne Durant Motors. . Fast G.& F Assoc. st Sta Pow (B). 2 Fast Util Assoc (2). Elec Bond&Sh(b6%) 936 Ilec B& Sheupf 5., ec B & Shpf (6)... ec Pow Assoc (1. ec Pow Assoc A (1) ec P& Lt op war.. Shareholdg (b6 % ) Wpire Corp. .. Eureka Pipe L (4)... Europ Elec deb rts rans Wallow Lead. lcon Lead ro Enam (94 Florida P & L pf (7). Ford M Can A (1.20). Ford Mot Can B 1.20 Ford Mot Ltd 36 3-5¢ Foundation For Sh: Fox Theater (A). Gen Aviation. nk Ltd res 36 3 proof (2). v B(§ a | « « « « « « « ‘ « « « « « « « © « « th Knitback Mch. 3 At&EP T v (16%) 4808 oc Strs Prod vte.. 14 GulfOilof Pa (115). 44 Hamilton Gasv.te... 6 Hecla Mining (40c).. 43 Hudson Bay M & g Humble Oil (12 HydroElee Hygrade Food Prod. 11 Pow & Lt pf (6).. Imp Ofl of Can (50c) Ins Co ofNo Am t2 Insurance ¢ Intercontinent Pet n. Int Petroleum (1) Int Utilities(A) ( Int Utilities B Int Utilities war. Interstate Equities. Irving Air Chute (1) Italian Superpow A.. Kirklana Kolster- Lake Shore Mines(2) : Leb Coal & Nav 1.20. Leonard Oi Libby MeX s Lone Star Gas n 88c. Lon: Island Lt (60c) Long Isld Lt pf (7).. 80; Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd.... e eFodunnh se wnamtofanwSi -3 © Add 00. Open. Hieh. Low. Close. | 15 1 80 THE EVENING STAR CURB MARKET ignated by letter “5.” WASHINGTON, Received by Private Wire Direct to The Star Office Stock and Sales~. Dividend Rate Add 00, Open. Mapes Cons Mg (14) 35% MATERY. .. o0cisecan Mavis Bottiing (A).. May Hos cum pf (4). Mead Johnon (15) Memph N Gas (60¢). Mesabi Iron. .. Mesta Machine (2).. Mid West Ut (b8%) . Mid W Ut cv pfxw 6 Mid Unit pt A (a3).. Mo-Kan Pipe Ling Miss Riv Fuel bd . Moha 'k Hud 24 (7). Mont Lt HEP (1%).. Mountain Prod (1) Mount StT & T (8).. Nat American Co Nat Aviation. . . Nat Bd & S Corp (1). Nat Family Stores. .. t Fuel Gas (1) ~Prev, 1931, High. Low. 41 32 15 80 81y 17 15 80 815 15 80 814 17 & R7% 821 27 41y 26 an i 4% Al 17 445 93 | 259 1101 o 42 26 | 11 | 10y A4 ! 107 4% 69% 5% 27 4 £ Pow & LEpf (6). t Rubber Mach. creen Sv (2). Nat Service Co...... Nat Sh T Sec A 160c. Nat Sugar NJ (2)... Nat Unfon Radio. New Jers Zine (13).. Newmont Mining. ... N Y Shipbuilding Cp. N Y Transit (180¢).. Niag-Hud Pow (40c) > Hud Pow A w.. ud Pow B w.. h Md (40¢)... Niles-Bemt-Pond (1) Nitrate Corp Chile B. oma Elec (40c) Am Aviat A war. North European Oil. Nor Ind Pub S pf (6) 258 Nor Ind PSpf (7)... 50s Nor Pipe Line (+4)..100s Nor St Pow A (8). 2 Ohio Copper so. 8T Ohio Pub SY pL A (7) T0s Outhoard Motor B... 2 PacG&EIstpfl, 2 Pac Western Ofl.. Pan Am Airways Pandem Oil. .o « Paramount Cab Mfg. Parker Rust Pr (3). Pennroad Corp (40c) Penn Wat & Pow (3) Perryman Electric Philip Morris Ine Phoenix S C pf (3)... Piedmt Hydro El wr, Pilot Rad Tube A.. Pitney Bowes (b4%) Plymouth Oil (25¢).. Powdrell & Alex 314, Premier Gold (12¢).. Prudential Invest. Pub Util Hold war, Pub Util Hold xw. Tub Ut Hold cu pf(3) Quaker Oats (7). Railroad Shares(40c) Reliance Int A. « Reliance Int B « Republic Gas Corp. ynolds Invest..... hode Is P S pf (2) .. Roan Antelope Min. Rock Lt & P (90c). Rossia Intl (10c) Ryan Consolidated. . Rezis Paper (60c) 1t Creek Prod (1).. hiff Co (2). Schulte Un Seaboard U R [T CTPTORVE -SRI PN Y »oe il (28¢). Allied Corp (1).. al L & H (ab0c).. Selected Industries. . Sle Ind al ctfs( Shawin W&Pwr ( ). ). Shenandoah Corp. Shenandoah Corp pf. lica Gel ctfs. ... Sioux C GEE pf(7).. 508 Sisto Finance Corp.. 1 Smith (A 0) (2)..... 60s Solar Refining. 5 South Penn 01l (1) “al Ed pf B (1% Sou Cal Ed pf C(1%) Southern Nat Gay. S W Gas Utilities. SW Penn P&L (1)... ieg May Stern pf.. and Ofl'of Ind( 1).. Stand Ofl of Ky 1.60. Stand Oi1 Ohio (233). Stand Pwr & Lt (2).. Stand P& L (B) (2). Starrett Corp. . Starrett Corp pf (3). Steel of Canada Stutz Motor Car. Sunray Oil. ... Swift & Co (2). Swift Internat’l Taggart Corp. . Tampa Electric (32) Technicolor Inc Teck HughesC Texas ' & L pf (1) Thatcher Sec Corp. Thermoid Co em pf.. & “Trans Air Trans. Trans Lux DL P § Tri-Utilities. ... Trunz Pork Strs (1). Tubize Chatel. B. . Tung Sol Lamp(1) Unit Corp war Unit Founders., “nit Gas Corp ‘nit Gas Corp war. Init Gas pf (7)... nit Lt& Pw A (1).. it L& Pwe B (1).. ‘nit L & Pwr pf(6). ‘mt Profit Sharing. . “nit Profit Sh pf(1). S Elec Pow ww. ... Inter Sec 1st pf.. S Lines pf 20% 1615 20 A ) a0 11% | 112% ‘nit Stores v.t.c..... ‘nit Verde Exten (1) ‘nivins (13), ‘tah P & Lt pf JUl P&Lt(at1.0235). 't P&L B(at1.0214). 2 Jtil Pwr & Lt pf(7). 100; Util&Ind ....... 13 Util & Ind pf (1% Utility Equities. Van Camp Pkg. Venezuela Petro) Voght Mfg Co (1). Walgreen Co. Walker (H) (50c). Welch Gr Julce (12).1 West AutoSA (3)... 2 Western T & . . 1 Woodley Petroleum. 2 Woolworth(FW)Ltd 60 Woolworth Ltd pf. 1 k Oil & Gas. .. 2 N RIGHTS—EXPIRE. Peop G L & C.Jan15 5 4% 4% 4% 4% end rate: in doliare based on last quarterly or semi-an- nual pavment. °Ex dividend. fPartly extra. iPlus 1% in stock. A Pavable in cash or stock. bPavable In stock. e Adjustment dividend. f{Plus 5% in stock. g Plus 6% in stock. hPlus 1% in 4 | Stock JFlus 2% in stock. kPlus 10% in stock. mPlus 3% in 4| stock. nPlus 8% in s:ock. pPaid Iast year—no regular rate. 2 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 9.—The follow- ing is a summary of important corpora- Statistics Co., Inc., New York, for the 213 | Associated Press: Pub Ser 65 A ‘42 3. FOREIGN BONDS. 3 Cent Bk Ger 65 A 52 39 3Cent Bk Co 65 B '31. 40'z 1 Danish Con 5128 a2 1Ger Cons Mun 65 ' 1Ger Con Mun 7s " 5 Gesfueral 65 '53 xw 3 Hanover City 7s ‘3§ 11 Mendoza_Pr 738" 51 —With warra Without warranis. - When issiued, News Trend. Brokers' loans dropped $171,000,000 in the week ended October 7 to $1.001 000,000, the smallest total since Marc] 1, 1922. Loans made by New banks for their own account declined $150,000.000, while loans for account of out-of-town banks declined $19,00C,000 2nd loans for the account of non-bank- ing lenders were off $11,000,000. September seles of 31 chain stores, excluding restaurant and mail order groups, showed a decline of 2.2 per cent from September, 1930. This is slightly larger than the decrease re- ported by these stores for the first nine months, when sales were 2 per cent below the corresponding period of last vear. American Rolling Mill pew wage i tion news prepared by the Standard | York | schedules announced, which will result [ in reduction of about 4.6 T 1 S per cent In | EGfd Motor — Banker Winshield total payroll. Apex Electrical Manufacturing ’""““Chx!r:f::n:am:l T b income, excluding electric relrlz:rawr;M"g(., of Roosevelt - International earnings, up 20 per cent in first 9| | menths: "unit, sales of electric Washing | States and Doy Intarn romiied machines up 70 per cent. licorttenpiaten Canada Wire & Cable expected to | i) (i | cover dividend ne>ds with some margin | S ¥ K STOCKS in current year. | | Atlas_Powder cuts salaries 10 per | NEW YORK BAN cent, effective November 1. LIRS TS 8 Commercial Credit common-share | earnings on United States and Canada | | operations only; 8 months to August 31. $1.81. Fair (The) declared 25 cents quarterly common dividend; formerly pald 60 cents. Sally Frocks September sales off 8.5 per cent: 9 months’ off 4 per cent. British Celanese, Ltd.. .business re- p&rb;d lnr%eex;‘smce ':uspen:‘lon of gold standar ns patent.actions against Courtaulds, Ltd, Century Ribbon Mills’ net earnings Ghes first 8 months, including profit on preferred stock retired, totaled $113,468, Vvs. $43,504 in 1930 period; plants at 75 per cent of capacity on 5',-day week, vs. 40 per cent a year ago. Consolidated Gas of New York— Public Service Commission postpones action on permit for Albany-New York City superpower line proposed by Ni-|and market lace and needlework made agara-Hudson Power Corporation. by women and girls has just been | Copper Range acquires substantial | formed in the vun&xmnu interest in C. G. Hussey & Co., Pitts- burgh. NEW YORK, October 9 (#)—Over- | the-counter market: | BANKS, Bid. Asked. | America 39 41 |Chase ... Chat Phenix Commercial Na | First Natl N Y., Manhat Co . Natl City Public . Empire ... Guaranty Irving ... anufacturers lew York R A co-operative organization to direct D. €., 'FRIDAY AGAIN AT LOW MARK Special Dispatch to The Star. NEW YORK, October 9.—The week- ly statement of the Federal Reserve on brokers’ loans showed a decrease of $171,000,000 during the week ended Oc- tober 7, to a total of $1,001,000,000, a new record low since March 1, 1922, when the figure stood at $996,623,000. This compares with the previous 1931 low of $1,172,000,000 last week and with $2,905,000,000 on October 8, 1930. Loans for own account were $798,- 000,000 compared with $948,000,000 a week ago. Loans for out-of-town banks totaled $77,000,000 against $87,000,000, and loans for .account of others amounted to $126,000,000 contrasted with $137,000,000. Demand loans con- stituted $682,000,000 of the total against $835,000,000 a week ago, and time loans were $319,000,000 against $337,000,000. The New York Federal Reserve dis- trict_rediscount. rate was raised to 2! per cent from the previous rate of 1% per cent. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., October 9.—Po- tatoes, 100 pounds, 75a1.10; sweet po- tatoes, “bushel, 40a60: beans, bushel, 75a1.50; cabbage, bushel, 40a60; car- rots. per 100, 2.50a3.50; beets, per 100, 1.50a2.50; leituce, per crate, 50a3.50; caulifower, crate, 75a2.00; celery, crate, 1.75a2.75; lima teans, hamper, 60a85; okra, bushel, 1.50a2.00: peppers, ham- per, 25a35; onions, per 100 pounds, 1.7522.00; spinach, bushel, 65a75; to- matoes, hamper, 35a1.25; canners’ stock, bushel, 60; apples. bushel, 40al25; cantaloupes, crate, 1.00a1.75. Dairy Market. Chickens, young, 20a23; Leghorns, 18a20; old hens, 18 Leghorns, 14a 17; roosters, 12a15; ducks, 13a20; pig- eons, pair, 15 Guinea fowls, pair, Eggs—Receipts, 759 cases; current receipts, 20a26; hennery, whites, 30a32; nearby firsts, 26, Western firsts, 26. Butter —Good and fancy creamery, 31236; ladles, 20a22; process, 23a24; store packed, 15a16. Live Stock Market. Cattle—Receipts, 100 head; supply, market steady. Bfects—Choice to prime, none; good to chojce, 7.00a7.75; medium to good, 6.00a7.00; fair to medium, 5.5086.00; plain to fair, 5.0025.50; common to plain, 4.255.00. . Buils—Choice to prime, none; good to choice, 4.50a4.75; medium to good, 400a4.50; fair to medium, 3.50a4.00; plain to fair. 325a3.50; common to plain, 3.00a3.2 Cows—Cholct light to prime, noge; good to choice, 4.25450; medium to_good, 3.75a4.25; fair to medium, 3.2524.75; plain to falr, 2.25a3.25; common to plain, 1.50a2.25. Heifers—Choice to prime, none; good to choice, 6.00a6.25: medium to good, 5.75a6.00; fair to medium, 5.25a5.75; plain to fair, 4.75a525: common medium. 5.90a6.35; light plj Sheep and lambs—Receip head: light supply, market stea 1.00a3.00:_lambs, 3.50a7.25. Hogs—Receipts, 800 head: light sup- | ply. market steady: lights, 6 medium, 5.90a6.35 , 5.35a5.80; heavies, 5.40a6.10; 4.00a5.00; pigs. 5.60a6.10 Calves—Receipts, 50 head; light sup- ply: market steady; calves, 4.00a10.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, quotations; No. 2 red Winter, garlic spot, domestic, 49's; October, 49'4; November, 50% Corn—No. 2 yellow. domestic. spot, 52a53; cob corn, 2.50a3.00 per barrel Oats—No. 2 white, domestic, spot | 31232; No. 2, 30a31. Rye—Nearby, 45a50. { Hay—Recelpts, nome. New hay { starting to arrive in increasing qu | tities, but so far no official grading ha been attempted, selling being stiicil {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. 9.0029.50 per | ton; No. 1 oat, 9.00a10.00 per ton. INVESTMENT TRUSTS NEW YORK, October 9.— roughs, 2 Asked C Tr Sirs D 4 > Tr Shrs E 5T Fdrs 1-70th com Fdrs cv pf ctfs Am Pdrs_1-40th coi Am Ins Stocks Assoc_Stand OIl | ALl See pt | At Sec_wai Atl & Pac Int units | Atl & Pac com ww Atl & Pac p Bankers Nat Inv | nvest . Chain Store Inv pf Chartered Invest Chartered Chelsea Exch A Gheisca Exch B rum & Fosi 8 Crum & Fost Ins, Crum & Fost Ins 7 Depos Bk Shrs N ¥ Depos Bk Sh N Y A Depos Ins Shares Diversified Trust Diversified Trus: Diversified Trust Diversified Trust Equity Invest A B €. D | Five-Year Fixed Tru Fixed Trust Shares / Fixed Trust Shares | Fund Trust Snares | Funa_ Trust Snares | General Equity A | Granger Trade Gude Winmill Trad Incorp - Investors x Incorp Invest Equit Independ _Trust Share Int Sec Corp Amer A Int Sec Gorp Amer B Int Sec Amer 6. pf Int Sec ‘Amer 615" Inv Trust N ¥ Coil Invest ~Trustee Shares Leaders of Industry Leaders of Industry Leaders of Industry Low-Priced "Shares ... Major Carp Shares Mass Invest Trust x Mutual Inv Trust A Mutual Manage . Nation-Wide Sec 155 llllllll National Indust Shares . National Trust Shares. . N ¥ Bank Trust Share North “Amer Trust Sha Northern Secur 2 Qi Shares uniti olony Inv “Trist Old Col Tr. AStoc ... Petrol Trad A . Public Serv Tr Repres Tr Shrs Second Int Sec A Second Int Sec B . Sec Int Sec 6 1st pi Secur Corp Gen 36 pt Selected Am Sh .. Selected Income Sh . Selected Manage Trust Shawmut_Bank _..... Spencer. Trask Fund Stand Al Am Tr Shrs Stard Am Tr_Shrs Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C | T G Trustee Stand Inv D Trustee St Oll A ... Trustee St Qil Shrs B Trusteed N ¥ C Bank. Trusteed Am Bk Sh. . 20th Cent Fixed Tr. Two Year Trust Sh United Pixed Shrs . Unit_ Pdrs 1-70 Com. United Ins Shrs United Bank Tr US & Brit Int Lid A & Brit Int 53 pf lec Lt & Pow Universal Tr Sh . Cartel Is Signed. After negotiations extending over two years, 70 of the Czechoslovak starch companies, controiling 90 per cent of the potato starch output of the coun- try, have signed a cartel agreement, the Cemmerce Department has been advised. OCTOBER 9. BROKER LOAN TOTAL |HOOVER CREDIT RELIEF PLANS REVIVE CONFIDENCE OF PUBLIC BY CHARLES F. SPEARE. Speclal Dispatch to The Star, | NEW YORK, October 9.—On the | “man in the street” the Hoover credit | relief proposals have had a pronounced | psychological effect. just as did the | dramatic news last June when President, | Hoover made known to the world that | this country favored a one-year holiday on all forelgn debts. Their value has been to re-establish confidence in a situation that was rapidly drifting to- ward disaster and to disclose the fact that the administration and the bank ing leaders of the country had agreed on a plan that would gradually heal many -of the sore spots in the situation. The elaborateness and somewhat in- volved character of this plan make it difficult for the average person to com- prehend it. Its outstanding and spe- | cific feature, which will at once be ap- plicable in bringing assistance at points where it is most nceded, is the mobili- zation of banking resources amounting to $500,000,000, to which the members of the New York Clearing House Asso- ciation have already agreed to con- tribute their share, $150,000.000. It is proposed that 2 per cent of the demand and net deposits of all of the banks of the country that are now able to par- | ticipate in the pool be sct aside and administered by a central organization for the relief of those institutions in whose assets today there is too high a proportion of real estate and securities of an unmarketable character, Bond TIssue Likely. Another concrete suggestion Is an in- crease in the capital stock of the Fed- eral Land Banks, which, it is under- stood, will put an’additional $60,000,000 at work to assist agricultural commu- nitles. ~As the market for FPederal Land Bank bonds for wecks has been badly upset, the very fact that the Govern- ment ' is now showing its belief in this situation is of tremendous importance. Obviously, the machinery that will have to be set up in order to translate these pooled funds into active banking assets will be complicated and some- | what experimental. The central or- | ganization will have no_immediate re- lation to the Federal Reserve Banks, but the arrangement proposed is sim- ilar to that of the Federal system in that it contemplates regional banks in the 12 Federal Reserve districts under whose direction the relief will be ad- ministered to banks within their ter- ritorial jurisdiction. ~Some kind of debenture may be developed by these regional _institutions which will be offered for public subscription One of the'most serious problems of the past two months has been -the steady disintegration in bond values. It has been realized that until definite support could be procured for the bond market there could be no rally in stocks and that the situation of the banks and of individuals borrowing on se- curities from banks would steadily be- [INSTALLMENT BUYING IS REPORTED ACTIVE | Recent Business Conditions Have | Not Diminished Rate of Time- Payment Purchases. B the Assocjated Press | CHICAGO. October 9.—Depre |may come and go. but the Ame: public_buys proportionately the same amount of merchandise on the install- {ment plan in hard times as in prosper- ous_days. Contrary to a popular suppoition that installment purchases might read- ily increase in times of economic stress the ratio of partial-pavment buying in proportion to sales has remained vir- | tually unchanged in the last two vears The explanation, says C. C. Hanch. general manager of the National Asso- | clation of Finance Companies, lies in the fact that nearly all people whose credit standing satisfies _installment financiers in prosperous times retain that standing even during a depression Now. however, the kinds of merchan- gise being sold on installments have in- creased to a point where the associa- tion is trying to determine safe credit terms for the long list of items on which there is no standardized system ‘of partial payment. In the case of new autcmobiles, ex- plains Mr. Hanch. experience has dem- onstrated that a down payment of one- third and the balance in 12 equal pay- ments is necessary for sound practice. But only in automobile financing have any such terms come to be generally ac- cepted as “standard.” Replies to a questionnaire sent te 1,035 representative finance companies by the association reveal that install- ment financing now has been extended to such fields of merchandise as motor boats, beauty parlor equipment. oat hullers, plumbing supplies. dairy cows, farm lighting plants and divers house- hold utilities. CHICAGO DAIRY MARKET. CHICAGO. October 9 () —Butter, %917 cases: firm: creamery specials (93 score). 34-3415: extras (92 score). 3315: extra firsts (90-91 score). 30!,-321,: firsts (88-89 score), 27-28',; seconds (86-87 score), 24-26: standards (90 Score centralized car lots). 32'.. Eggs, 2.842 crates: firm: extra firsts. 26 fresh graded firsts, 241.-25: curreni Teceipts, 18-23; refrigerator firsts, 17; refrigerator extras, 1814-181;. Combating Design Piracy. NEW YORK, October 9 (#).—Ap- pointment of two companies to survey possible steps to combat design piracy in the woolen industry has been de- cided upon by representatives of 22 woolen concerns and affiliated trade | groups. The decision was reached at | a meeting held in the offices of the | Design Protection Association. From Yesterday' 50 Industrials. Today. ... Previous day. Week ago. Month ago. Year ago..... Two years ago Three years ago.. Migh, 1931..... Low, 1931, High, 1930, Low, 1930. High, 1929. Low, 1929, 1402 67.8 202.4 . 1129 252.8 13 BON 20 Industrials. 72.1 14 Previous day. Week ago. Month ago. High, 1930 Low, 193 High, 192 Low, 1929, | these institutions with funds which will | allow them to keep their bonds off the | some | fund” administered in behalf of the | the week. | posits, | phia, § Assistance for Banks in Difficulties Will Paye Way for Elimination of Sore Spots in Financial Structure. come more involved and more desperate. Under the proposed plan there is no pool that specifically sets aside a cer- tain sum to enter the bond market and plug up, so to speak, the sources of supply. However, much of the liqui- dation has been’ for the account of banks that had to sell to protect them- selves and among whose assets boads were the only securities readily ;narket- able. The banking pool can provide market and at the same time develop rediscountable basis for thefr paper and for their real estate mort- gages./ ‘There have been many rumors about the railroads growing out of the con- ferences in Washington that undoubt- cdly have been mixed up with the pro- posals announced. It has been stated, for instance, that the old ‘revolving railroads by the director general would be soon functioning again and that out of this fund could be drawn money that would assist railroads to meet obliga- tions due in 1932, This is erroncous. There is no money in the revolving fund. but it is understood some portion of the pool of banking resources, which eventually may have considerably more than $500.000,000 to work with, has in a sense been allocated to the above pur- pose, though it may be in an indirect manner, German Credits. There have also been rumors regard- ing the status of the German short- term credits held in large amount by banks in this country. One report was that these might be taken over under some kind of Government auspice: Nothing of this sort has been consid. ered. The only agency strong enough to deal with them entirely is the Fed- eral Reserve. It legally has no right to accept such paper. It is possible that this may be one of the matters for discussion between President Hoover and Premier Laval when they get to- gether for a fortnight hence. The President’s plan was well re- ceived in New York banking circles. It (had a strong effect on the markets for stocks and bonds, especially those of the railroads. Tt was accepted as the most constructive step that has so far been taken to deal with the worst financial crisis in the history of the country and of the world. The only fear that was expressed in connection with it was that some‘attempt in this crisis might be made to enlarge the powers of tre Federal Reserve banks and by broadening the scope of their rediscount privileges, weaken the system and inject an element of dangerous in- flation into it. This is one of the matters, however, with which Congress must_deal later 'in the year. It does not now prejudice the ~operation of President Hoover's plan or detract from the soundness of it (Copy: FEDERAL RESERVE EXPANDS CREDITS 1931.) Increase of $265,000,000 Is Re-! ported for the Week Ending October 7. ed Press ; average volume of Federal Reserve bank credit outstanding during the week ending October 7, as reported by the Federal Reserve banks. .was $1.757,000,000, an increase of $265,000.- 000 as compared with the preceding week and of $716.000,000.compared with the corresponding week in 1939. On October 7 total Reserve bank credit outstanding amounted to $1.839.- | 000,000, an increase of $261.000,000 for | This increase corresponds with increases of $185.000.000 in money in circulation and $54,000,000 ir unex- pended capital funds, non-member de- etc.. and decreases of $97.000 000 in monetary gold stock and §: 000,000 in Treasury currency. adjusted, offset in part by a decréase of 587 000 in member bank reserve balances Holdings of discounted bills increased 70,000,000 at the Federal Reserve Bark | of New York. $23.000,000 at Philadel- | 00,000 at Cleveland and $10,- 000,000 each at Chicago and San Fran- cisco and $135,000.000 at all Federal Reserve banks. The system's holdings of bills bought in open market increased $112,000,000 and of United States bonds | $19,000,000, while holdings of Treas certificates and bills declined $22 000,000. { NEW PLAN TO ESTIMATE STOCK VALUE PROPOSED By the Associated Press. NEW YORK, October 9.—The Com- mittee on Valuation of Securities of the National Convention of Insurance Commissioners has asked that the mar- ket value of insurance company secur- ities be obtained by averaging prices for the five quarterly periods ending September 30, last, George S. Van Schaick, New York superintendent of insurance, said yesterday. A resolution containing the request has been submitted to the Conference Executive Committce. It is based on the opinion that security prices in the open market on any one trading day do not represent the actual value of stocks and bonds. Mr. Van Schaick in a statement said the New York insurance depart- ment approved the suggestion on con- dition that the formula be adjusted to the' circumstances. He is.a member of the Committee on Valuation of securities along with the insurance superintendents of Illinois, Massachusetts, New Jersey. Connecti- cut. Kentucky, North Carolina, Wash- ington, Pennsylvania, Jowa and Kansas. STOCK AND BOND AVERAGES By the Associated Press. s 5:30 Edition. STOCKS. 20 Rails. 51.9 20 Utilities, 122.0 132 108.3 152.5 195.4 328.6 158.%7 203, 101.. 281.3 1465 353.1 156.3 DS. 20 Utilities, 9223 VOB PSYCHOLOGY [N MARKET SCORED |Standard Statistics Com- pany Warns Against Dump- ing of Securities. Special Dispatch to The Star. NEW YORXK, October 9.—The suc- cumbing of the average intelligent man to mob psychology in the securities markets during the past several weeks is scored heavily by the Standard Sta- tistics Co. of ‘New York, in its current bulletin on the outlook for the securities market. which points out that while conditions are undoubtedly bad. never in the long history of mankind have hard times lasted forever. Salient ex- cerpts from the bulletin follow: “During the recent past, and especially during the last fortnight. economic and financiai events have been moving with such rapidity, have taken such a de- cisive turn, that the mere term ‘de- pression’ has ceased 1o constitute an adequate description of, the current sit~ uation, ( “Indeed, it must be obvious to every Intelligent observer thai this country is now passing through a form of mild panic. It seems to us far the better to openly recognize this whelly unpleasant, but equally inescapable fact and, ter- porarily at least. to gear business and investment policies to it. Facts of Situation. “So far as the major facts themselves are concerned, there is absolutely noth- ing which one need go down in the basement to whisper about—nothing which any intelligent observer cannot learn for himself if he merely reads his daily ncwspapers. These major facts may be stated quite briefly. “The securities markets—the markets for common stocks, preferred stocks and other forms of indebtedness—have reached a stage which amounts to vir- tual demoralization. After due allow- ance for normal seasonal influences, do- mestic business is, at the moment, grow- ing worse rather than better, “Due to abandonment of the gold standard in numerous important coun- tries tual in some cases; merely technical, but equally effective, in oth- ers), international commerce is in a state of chaos, and promises further disturbances before the necessary a justments are made. “The hoarding of currency continues in this country, to the distress of the banking system. The banks themselves, i their natural desire to preserve a high degree of liquidity, are not being as helpful in their lending policies as might be desired. “Courageous and effective leadership. either by important financial groups acting in concert or from Washington, is thus far lacking. “These are the most essential bald facts themselves, in broad outline, and We see no purpose in trying to dodge them. Quite to the contrry, it is upon { their open and frank recognition that. under the circumstances, intelligent business and investment policy must be based. “In the shaping of such policies, we feel the . following observations be pertinent: “(1) The individual investor or busi- ness man who, under panicky condi- tions, takes his cue from the herd rather than from calm reasoning, does himself and his situation an ill service. “(2) Never in the long history of mankind, has a panic lasted forever. *(3) Panic psychology is normally worse than the facts themselves; the present _constitutes no exception. *(4) Recorded prices in the security markets at a time like the present, are meéaningless. They reflect a panicky psychology, and nothing more than that “(5) Therefore, the investor who dumps good securities on a ‘market’ such as now exists, is running with the herd rather than standing calmly by with the intelligent men. “(6) In other words. unless Amer- ica’s hour as an economic power has finally and irrevocably struck. the pan- icky dumping of good securities at this time wculd seem to be one way of in- suring oneself of a permanent loss. Caution Is Imperative. “(7) On the other hand, a situation as sericus as the present one makes conservatism and caution _absolutely imperative. A sane long-term viewpoint is one thing: recklessness in the short- term viewpoint is quite another thing. Therefore, we have no hesitancy in continuing to advocate that investors still maintain adequate cash reserves. We must assume that the average in- vestor is carrying some securities at the present time. These are being carried at a loss. That makes the necessity for caution all the more imperative. The next step in accumulation may be not far distant. But, under condi- tions stch as now prevail, it should not be taken merely on a ‘hunch.’ It should be taken for some good reason—some tangible reason. A measurably lower level of prices, brought. about by a climax of panicky liquidation, n"ushv. well constitute one ‘good reason’ for another moderate step in accumulation. The prospective development of def- initely favorable factors. either in the markets themselves. in the internation- al situation, in the domestic business or banking situations, or in domestic psychology, would constitute an even better reason for another bite in th: common stock accumulation program.’ Grain Market By the Associated Press. CHICAGO, October 9.—Influenced by stock market setbacks, grain prices averaged lower early today. Agitation for tariff enactments in Great Britain counted as a bearish factor.- Opening 1 cent off to s up., wheat later underwent a general sag. Corn started 's-!> lower and continued to point downward. Wheat price rallies after the early downturns were associated with re- coveries in securities and with buy- ing based on assertions by a Chicago grain trade authority that never before in the month of October had the world wheat situation harbored so many substantial possibilities of supply de- creases. He cited large reduction of wheat acreage in the Southern Hemis- phere, damaging drought in the Amer- jcan and Canadian Northwest still un- broken and likelihood of liberal cur- tailment of domestic Winter wheat seeding Southwest, with a poor start by fully 9,000,000 acres. An additional bullish circumstance emphasized was enlarged per capita use of wheat go- ing on at the expense of costlier foods, owing to industrial difficulties. Some of the wheat buying was ascribed to a leading speculator, who was credited with taking more than a million bushels. Continuance of serious Sino-Japanese hostilities at- tracted notice in this connection. Corn and ocats swayed with wheat, A strengthening influence helping the corn market upward from early de- clines was word that excellent demand for corn to be shipped to the Pacific Coast had become manifest. Provisions reflected a persistent un- usual percentage of light weights in hog arrivals. . MONEY RATES FIRMER. By the Associated Press. Time money average rates stiffened somewhat last week as the change was calculated by the Commerce Depart- ment, but call funds remained un- changed. The average rate for both classes of funds follows, for compara= ble periods, as measured by the de=~ partment. ‘Time, Call. Week ended September 3.. 250 1.50 Previous week .. . 175 1800 Same wc% last year...... 29