Evening Star Newspaper, October 10, 1931, Page 14

A—14 *» FIN TARIFF REDUCTION URGED BY MOODY Economist Also Suggests War Debt Cancellation to Aid Trade Recovery. Special Dispatch to The Star. LAFAYETTE, Ind., October 10.—Sub- stantial business recovery is impossitle until several vital problems now block- ing the restoration of world confidence are successfully disposed of, the Second Industrial Research Conference, meet- ing at Purdue University, was told today by John Moody, president of Moody's Investors Service. Mr. Moody, who addressed the con- ference on “The Trouble With the Business World,” vigorously attacked what he termed superficial remedies for the depression and declared that revival will be delayed until tariffs are reduced, interallied debts cut or canceled, and armament and other governmental ex- nditures greatly contracted, both at gzme and abroad. The United States must forego the policy of attempting to lure prosperity by appropriating im- mense funds from public treasuries in seeking to bolster up industry, he added. ‘While sounding a pessimistic note as he warned that we are reaping the whirlwind of post-war inflation and that the United States must witness further grief before the process is complete, the financier declared that there is no rea- son to doubt that the bottom will be reached in time. “But confidence can- not be restored overnight, regardless of official pronouncements,” he said. Restoration of Confidence. “Though the entire civilized world is desperately sick, I do not want to join the anvil chorus of calamity-howlers who see nothing but further disaster ahead. At the same time, one should look facts in the face and not delude oneself with the notion that a return to stability and prosperity is to be achieved by superficial means. “For nearly two years now we have been told by economists, politicians, bankers and professional soothsayers, that the one thing needed to Tevive business in this country is ‘a restoration ANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 1. Stock and Bales— . Dividend Rate. Add 00. 38% Safeway Stores (5).. 11 75 Safeway St £ (6). 89% Safeway Strs pf (7). 9% St Joseph Lead (1).. 6% StL-San Francisco. . T4 StL-San Fran pf(6).. 7 St Louis Southwn... 5 Savage Arms (1) 4 Schulte Retall Stores % Seaboard Alr Line. 513 Seaboard Oll........ 81 Sears Roebuck (2%). 14 Seneca Coppe! 3% Servel Inc. 314 Sharp & Dohme. 11 Shattuck(FG)(t 9% Shell Tra(m1.73 1-5). 3% Shell Union Oil. 23% Shell Union Ofl pf... 815 Simmons Co. 5% Sinclair Consol Of % Snider Packing. 2 ider Packing pf. .. 121 Socony-Vacuum 1.60. 5215 Solv Am pf ww (5% ). 7 South Port Rico Sug. Southn Cal Ed (2)... Southn Pacific (6)... % Southern Rwy (m6). 4 Sparks Withing (1).. Spencer Kellog(80c). Spicer Mfg. Stand Branc A and Brands pf (7). Stand Gas&El (3% ). Stand Gas&El pf (4). Stand Invest Corp. .. Stand Ofl Cal (h2%). 1% Stand OfI NJ (12).... Sterling Secur (A).. Stewart Warner..... Stone&Webster (m2). 9 Studebaker Co(1.20). 26% Sun 01l (1) . % Telautograph (1.40). 25 Tennessee Corpn. 15 Texas Corp (2)...... 20% Tex Guif Sulphur(3) 21, Tex Pacific Coal&Oil. 4% Tex Pacific Land Tr. 2 Thermold Co........ 13 Third Nat Inv(m55c) 14% Thompson (J R) (1). 6% Thompson Prod 1.20. 315 Tide Water Asso Oil at Ol pf (5). 19% Timken Roller B(2) 1% Tobacco Products 315 Transamerica Cor 515 Transue & Willlams. 3 Tri-Contl Corp 27 Ulen & Co. 97% 1084 0% 62% % 381 20% 114 of confidence’ But we are not told, with any definiteness, how eonfidence can be restored. President Hoover can- not_restore it by telling us every little while that ‘things are getting better’; nor can appeals to the people to buy goods, when their purchasing power is gone. Serious diseases are never cured by poultice plasters. The present world-wide disease has, like & cancer, been undermining us for years. Its causes can be traced back to the World War. Three years ago we thought the effects of the war wers receding into the background; but now we know that this was not so. “Western civilization was wrecked at the close of the conflict, but with intel- ligent and constructive leadership at. home and abroad, we might have avert- 2414 Under Ell Fisher (4). 3 27% Union Carb & (2.60) .. 3 11% Union Oil of Cal (2). 1 981 Union Pacific (10) 20 11 12% Unit Afrcraft. 57 1 High. Low. Close. Ch 61 5 THE EVENING 3.) Net. 4915 8 95% £ -2 + % 62 U S Steel 114 U S Steel 3 Vadasco 17% 215 2 % 5 THi++++1 West Pa 4 Western Western Western Western U Wil 50% Wrigley 4 4% 2 3 5% 35 5% 15% 93, 1178 1193 6le 15% 15% % h g‘ in stock. m Pal STAR, Stock and Dividend 40 Unit Afrcraft pt (3). 35% Unit Corp pf (3). 40% Unit Dyewood pf (7) "'9 US Realty & Imp(1) 5% U S Rubbe: . 12% U 8 Smtg 35 USSmtg&Ref pf3t 71% 60 U S Tobacco (4.40). 1% United Stor: 8 Utll P&L(A) et2.16. 5% Wabash RR. 10 Wabash RR (A)..... Waldorf Sys (1%)... Walworth Co. .. . Ward Baking (B). Warn Bros Plcture: Warren Bros. . West Pa Pwr pf (6 Westinghse A B(2).. 4 Westinghouse (234). Wsthse EM 1st m3% Weston Elec Instru.. Westvaco Chlor (2).. White Motors. . Wilcox Oll & Gas Willys-Overland n & Co. Wilson & Co (. Woolworth (2.40)... Worthington Pump.. 3% Yellow Truck... . 17% Yellow Truck & C pf. 7 Zonite Prod Corp (1) Dividend rates as given in t cash payments based on the latest tions. -divie d. _sLess than 100 tPartly extra. 4 RTINS 024N 0P 2%l Tal: ! ar Tate: b payable in fl.flt'olev @ Payable in in m stock. © Plus 315% in s Sales— Rate. Add 00. 2 WASHINGTON, D. JAX, BONDS IRRERULAR | (o= = BONDS oeems] HOOVERPLAN ACTS OCTUBER, 1 AT SHORT SESSION by Domestic Rail Group Is Fea- Corpa (4).. PE(T)ucne (A)... ales Corp.. Pwr pt (7). Maryland Pacific. Pacific pf. Union (8).. (Wm) (4).. + % 27 + % the snnwal terly or half-yearly declara- Plus cash or sock. § Plus 8 e in special Dréterred stock. 2 Plus us Tus this year—no resular rate. took. n I3 5% Everybody’s Business Hoover Plan Regarded More Likely to Stimulate Busi- ness Revival Than Money ed the present calamity. If armaments had been then reduced, war debts mu- tually canceled, and trade barriers cur- tailed, we would not find the world to- day tottering under a credit crises, with governments defaulting on their obli- gations, industries shut down, trade stagnant, wages being reduced and mil- lions of unemployed in every country. “Evils grow by what they feed on, and the policy of world-wide inflation in commodity prices, in debts, taxes, tariffs and governmental extravagance, which was adhered to after the war, brought on the long era of expansion, speculation, corporate capitalization and financial greed—and feverish desire of our entire population to ‘get rich quick’ —which culminated in the crash of two years ago. “Today we are reaping the whirl- wind—and I fear the country must see mor: grief before the process is com- plete. But that the bottom will be reached, and & full recovery come—in time—there is little reason to doubt. How soon that day will arrive depends altogether on the willingness and abil ity of constructive leadership in America and Europe to apply the proper remedies. Suggests Remedies. “What are the remedies? First of all, a frank redognition that tariff barriers must be lowered, interallied debts heavily reduced or canceled, armament and other governme: expenditures greatly contracted, both at home and abroad, and, in our own country, aban- donment of the mistaken policy of try- ing to create prosperity by appropriat- ing huge sums from public treasuries to bolster up industry. Our Federal Gov- ernment, today is facing & budget deficit in the billions, and it will be much larger next year. “Until these big fundamental prob- lems, mainly international in their scope, are definitely on the way to set- tlement, world confidence cannot be re- stored and no sustained revival of gen- eral business is possible, either in this or any other country. Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 32a33; eurrent re- ceipts, 20a24. g Poultry, alive— Turkeys,. old toms, 20a25; young toms #nd hens, 25a35; chickens, 3 pounds and over, 20; 2 to 2% pounds, 22; 1% to 2 pounds, 2! hens, large, 20a22; small, 14a16; Le; horn hens, 14al5; roosters, 10a12; Feats, young, 40a50; old, 35a40. Poultry, dressed—Turkeys, old_toms, 25a30; young toms and hens, 35a40; chickens, 3 pounds and over, 24; 2 to 2% pounds, 25; 1'; to 2 pounds, 28a30; hens, large, 25; small, 17a20; Leghorn hens, 17a19; roosters, 15a17; ducks, 18al9; keats, ng, 75; old, 40a55. o —Beef, prime, 16al7; choice, good, 14al5: medium, 1215a13; al12; cow, 81;a9; lamb, top, 17; medium, 15a16; veal, top, 17; 15a16; pork loins, 8 to 10 23; 10 to 12 pounds, 18al9; 14 to pounds, 15a16; fresh hams, 19; smoked hams, 21; strip bacon, 22a23; lard, in bulk, 9'5a10; in packages, 10%5a11. Fruits—Cantaloupes, Rocky Fords, flats, 1.15a1.25; apples, Delicious, 2.7 Winter Banana, 1.75; nearby, 25a1.0 pears, 3.00a3.25: peaches, 125a1.75; oranges, 3.75a5.00; lemons, 6.50a8.5( limes, per 100, 1.75; honeydews, 1.25a 1.75; Persian melons, 25; cran- jes, 25 pounds, 2.0083.25; grapes, ‘Tokays, 2.00a2.25; Malagas. 2.00; Ribiers, 2.25; Cornichons, 1.75; Concords, 1 quart baskets, 35a40; Thompson, seed. less, 2.00; plums, 2.50; casabas, 2.2! quinces, 1.75; pineapples, 4.50; mons, - 2.25a2.50; bananas, 1.50a2.00. Vegetables — Potatoes, nearby, 150- pound sacks, 1.50a1.75; Long Island, 1.75a1.90; Idaho bakers, 100 - pound sacks, 2.50a2. caulifiower, 1.50a1.75; carrots, crates, 3.50; per dozen bunches, 75; beets, per 100 bunches, 2.00a3.0( string beans, 75a1.00; limas, 1.25a1.5( eggplants, 1.00a1.25; mushrooms, 60a90; squash, per bushel, 3.00a3.50; peppers, 1.00; celery, smell crates, 50a1.00; tur- nips, 75a1.00; sweet potatoes, yellow, 50a75; Nancy Halls, 75a85; Porto Rican, 75a85; cabbage, 100 pounds, 1.25; to- matoes, two-peck baskets, 50a75; Cali- fornia lugs, 30 gounds, 2.0082.50; kale, 50; spinach, 1.00. e ‘Will Increase Pay Roll. ASHLAND, Mass., October 10 (P).— Increased orders will make necessary the. addition of a second shift of work- ers next week, the Warren Telechron Co.,, makers of electric clocks, an- nounced yesterda; Employes will be increased by one- i 5w, i ad 5R worl a e in pay. Long | boy Rates Kept Low by Arti- feial Means. BY DR. MAX WINKLER. NEW YORK, October 10,—Low money rates are not synonymous With easy money. This has been the situa- tion in the United States as regards monetary conditions. Despite the fact that the rediscount rate of 115 per cent had been the low- est on record, accommodations for busi- [ ness and finance were not readily ob-| tainable. Consequently, the low rate had, fcl;nall practical purposes, only H!-‘ icance. na’rgl:nprmm $500,000,000 institution embodied in the Hoover plan, is re-| garded by credit authoritles as more, likely to stimulate financial and busi- | ness revival than money rates which are kept low by artificial means. For | these reasons, an advance of 1 per cent| in the rate should tend to improve the level of bank earning power, particu-| larly in the larger centers where msu—‘ tutions hold relatively large amounts of | Delay Is Dangerous. In order to produce the salutary ef fects which business and finance ex-| ect as a result of the Hoover plan, it| is essential that it be put into opera- tion forthwith. Delay is dangerous. This is borne out by reports of fur- ther bank failures which, as has been stated so often, constitutes one of the most serious . problems facing the Na-| tion. Several institutions have just been ordered closed. To be sure, most of them are small, with the possible | excepticn of one bank of Philadelphia, with deposits of about $7,500,000, and one in Detroit, which held more than $6,500,000 deposits, and which was| headed by Mrs. Matilda R. Wilson, | elected chairman only recently. FHowever, the hardships upon the | community as a result of the failure, of & small institution are often greater than those which result from the clos- ing of =a relatively larger establish- ment. One of the main purposes of the Hoover plan is to put a stop to the continuance of bank failures. In or-| der that the public may not lose con- fidence in the highly constructive char-| \acter of the plan, it is necessary to| put it to work at once. There are good reasons for believing that this will be done. Plan Should Succeed. Following the great war, Sir George conceived a plan to effect a speedy re- habilitation of a war-torn world. The of a bank with a capitalization of $1,000,000,000, died before it was even . The reason for this does not neces- sarily lie in the fact’that the plan was racial animosities were still too pro- nounced to permit of any constructive measure being put through. Sir George | endeavored to save the world from the effects of war. President Hoover is endeavoring to save it from the effects of peace imme- diately following & war. The difficul- ties experienced everywhere through- out the past two years are doubtless directly traceable to the cataclysm |} hich commenced with the shooting of :’n “Auatrh.n archduke in the streets of Sarajevo. Asjn result of the President’s recom- mendations, there will be inco: ted an institution for the purpose of aid- banks throughout the United States {’.3‘,,.4“,, their resources and credit so cial and economic conditions, and to enable them better to serve their re- spective communities. The scheme has merit and the support of business and finance. There is no reason why it/ should not succeed. Swayne Sees Prosperity. Improvement in general business conditions will begin in 1932 and lead | as a result of the recently proposed Hoover plan, according to Alfred H. Swayne, vice president of the General Motors Corporation. | the outlook for the motor industry may be regarded as promising, even though at the moment business is somewhat depressed. Sales ‘of General Motoxs of September. This is particularly true of the foreign business which, for the past,K month, shows a decline of | tember, 1930, and one of more than 30 this year. ‘The relatively larger shrinkage fin for- eign sales may be attributed to juncer- tainties in copnection with fore ex- bills and other paper. ; constituent states, to Paish, prominent British economist, | project, which related to the creation | B¢ not sound. National antagonisms and | B to the restoration of prosperity largely y 8 Mr. Swayne is also of the opinion thaf. 8 per cent as compared with August of v change and standard countries. Canada Dry Prospers. ‘The financial situation of Canada Dry Ginger Ale, Inc., was never better, according to P. D. Saylor, president. Mr. Saylor also points out that for the fiscal year ending September 30 the company had more than earned the full dividend. Prevailing quota- tions would, therefore, seem to be| equivalent to six times annual earnings Action on Rates Seen. With the administration in earnest to promote business revival, it is gen- erally felt that action will be taken in | the not distant future on the question | of an increase in rates for which appli- | cation has been made by the coun- try’s railroads. This feeling was doubtless responsible for the marked strength in railway shares, with repre- sentative issues registering gains of 1 | to several points. Weakness Unwarranted. ‘The continued weakness in Austral- ian bonds does not seem altogether warranted. For the current fiscal year the commonwealth reports a favorable trade balance of £41,480303, as com- pared with an adverse balance of al- most £6,000,000 in 1929-30. Of the Australian states which have borrowed in the American market, New South Wales reports an excess of ex- ports over imports of about £5,600,000, while Queensland's favorable merchan- dise balance exceeds £11,000,000. These figures appear sufficient to enable the commonwealth, as well as the various discharge their | contractual obligations and take care of | other engagements abroad. (Copyright, 1931. by the North fewspaper Alliance, Inc. suspension of the gold in a number of European ) American INVESTMENT TRUSTS NEW YORK, October 10 (#).— Bid. Asked. 3 8, an® AB A Am Am c T Am & Gen Sec B. Am & Gen Sec 53 pf. Am ‘o Bf. Am Tr s. Am Am Am Am Am Am oc Atl Sec Atl Sec_war. Atl & Pac In British Type Inv Century Tr Shrs .. Chain & Gen Equitiy Chain Store Inves Chain Store Inv pf. t SubuLuselt |} o k! i Loan 38-20 313-20 T T 90 nr: 5 sh N Depos Ins Shrs Diversified Tr A . Diversified Tr B . Diversified Tr C Diversified Tr D Eauity Invest Equity Invest pf General Equity A Granger ‘Trade Gude Winmill Trad . Incorp Investors Incorp Invest Eaquii . Independ Tr Shrs Y Coll Invest Trustee Sh . Leaders of Indust Priced Shrs Major Corp Shrs Mass Invest Tr . Mutual Inv Tr A" Mutual Manage . Nation Wide Sec as to further the stabilization of finan- | Natl Indust both domestic and foreign, have shown ¥ an appreciable shrinkage for the month wo over 26 per cent as compared with Sep- | Unit ect. Comment NEW YORK, October 10.—Brokerage houses today generally expressed satis- faction with the market's performance, but many advised against following up rallies. E. F. Hutton & Co.—The only basis for purchasing securities at this time is to analyze individual corporations and accumulate unhurriedly securities that measure up intrinsically to fun- damental tests, return a good yield and that have apparently a major amount of liquidation in the back- ground. Paine, Webber & Co.—Believe the major force of rally has now been spent, although a return to yesterday's top or slightly higher may well occur before any important downturn gets under way. Hamershlag, Borg & Co.—It seems to us that tl week's developments have been distinctly constructive and that the rise in security markets was well justified. While many issues are } | ture of Market—U. S. Is- sues Lower. BY F. H. RICHARDSON. Special Dispatch toThe Star. NEW YORK, October 10.—Bonds were irregular today, though the tone of the market was firm. Domestic railroad descriptions scored the best advances. ‘Whenever the decision of the Inter- state Commerce Commission on freight rates is announced, Wall Street is now convinced that it will be in the nature of a compromise which will benefit the ralls. In any event, shorts in rail stocks were unwilling to keep thejr positions over the two-day holiday and speculative buyers made extensive pur- s of junior rail bonds, such as Erie 5s, Nickel Plate 4!3s, Frisco 4%s, St. Paul 5s, Alleghany 5s and Interna- tional Great Northern adjustments. Higher grade rail bonds were not so responsive. Atchison General 4s, Bal- timore & Ohio first 55 and Norfolk & Western 4s were firm. New York Cen- tral issues were heavily sold, paralleling weakness in the stock. Industrials were generally steady and utilities received good support. There was a brisk demand for American Tele- phone 5.5, New York Telephone 414s, Consolidated Gas 4!;s and 625 and many other high-grade investments were higher. Detroit Edison bonds rose % to 11 points. In the foreign department British and German bonds were firm. The steadiness of sterling and Reichsmark exchange has brought about a buying movement in these dollar bonds. French issues were off at the start, a sympathetic move generated by the sudden drop in Banque de France stock in Paris. But subsequently French 7s and 712s, French municipals and corpo- ration bonds recovered most of the losses. Other European issues were generally quiet and little changed, ex- t in the Italian group, where heavy erings resulted in declines of 1 to 2 points in Italy 7s, Rome 6%s and Milan 6%;s. South American bonds were steady. The Province of Mendoza, Argentina, announced that funds had been received in New York for the full December 1 interest and sinking fund payments on he 71, per cent external bonds due June 1, 1951. United States Government bonds ‘were still being offered in large blocks. Drops of one-half to a full point fol- lowed the declines of Friday. Most issues are now at a 3.60 to 3.70 per cent yield basis, against yields of less than 3 per cent during the height of the demand for these descriptions earlier in the year. Washington Stock Exchange SALES. Capital Traction Co.—1 at 25%, 1 at 28Y,. AFTER CALL. Potomac Elec. Cons. 55—$1,000 at 102. Capital Traction Co.—14 at 25 Washington Gas 6s “A"—$1,000 at 101, $500 at 101, $500 at 101. Notice—This exchange will be closed Monday next, Columbus Day. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4's '39 . Tel. & Tel. ctl.tr. 5s R. R. Amer. Tel. Am. & 550 e still in a buying range and outright purc] that considerable risk still attends spec- ulative positions. Redmond & Co.—We believe the re- covery may carry further, but do not advise the purchase of stocks on sharp | rallies from this level. Clark Williams & Co.—Such sharp price recoveries as occurred in bonds and stocks duri) the past weck are natural after the long period of drastic liquidation to which the securities mar- kets have been subjected. We antici- pate those markets in their present technical position to continue to very sensitive to news developments and would suggest profit-taking on further sharp upswings and the ugurchnnng ?n technical setbacks, whic! or. Edward B. Smith & Co.—The transition from possibly the greatest bear market in history to a new period of advancing prices seems likely to be slow and uc]lou!. It should afford ample opportunity for accumulation under the more favorable conditions of a relatively quiet market with only small day-to-day fluctuations. NEW YORK, October 10 (#).— steady; fluctuations narrow. irregular; changes narrow. Curb steady; trading dull. Foreign ex- changes steady; Dutch florin at new 1931 high. Cotton higher; absence hedge selling. Sugar, holiday. Coffee, holiday. STOCK RALLY SETS MARK IN EXCHANGE HISTORY Special Dispatch to The Star. NEW YORK, October 10.—The per- centage of advance from Monday's low- est prices was described today as one of the largest for so short a period in the history of the exchange. It amounted to about 23 per cent in the industrial averages, with a general gain in the market of between 15 and 20 points. Technically, this amount of recovery places the market in a position ‘where traders would be disposed to take profits, and, if there were no inhibi- tions, to put out short contracts. Wall Street recognizes, however, that the scope of the relief measures is so broad that what might be good ti tice in other times would be unprofi able-in the present situation, where the element of public buying has now be- come prominent. Consolidated Gas of Baltimore. BALTIMORE, October 10 (Special).— In a letter to shareholders, Herbert A. ‘Wagner, president of the Gas, Electric Light & Power Co. of Bal- timore, states that construction of the hydro-electric development on the Sus- quehanna River at Safe Harbor is well ahead of schedule. “!el:,mtver dlr%m the nle;r_' l1‘7hn|: is sched- for delivery ear] is Winter over the transmission by the Pennsylvania Water & Power Co. to connect the Safe Harbor plant with of Batimore. ‘The Arusdel Gormanm of more. e Arundel Cor is constructing th b e dam. T. 8. TREASURY BALANCE. ‘The United States Treasury bals announced today as of close of husl:ll: Tyt ni $9,419,543.10. Total o o tures were $15,885,757.30. Canadian Railway Revenue. GM'I‘AWA, o;:umo..mmm 10 (&)— iToss revenue for $201321,050 during the " st aeven months of this year, a decrease of $48,- 704,390 from the corresponding Universal Tr . . Others unchansed: period in 1930, were shown in a state; - sued by the Bureau of Etfl.mumen‘ = we look Wi rading prac- M it- | Wood appear attractive, we believe | ! B . & Mt. Ve Washington Gas 4'zs Washington 5 Wash. Gas 65, series A Wash. Gas 6s. series B... Wash. Rwy. & Elec. 45 MISCELLANEOUS. Barber & Ross, Inc., 6lss... Chevy Chase Club blas Golumbla Country Club 31 . C" Paper Mfs. 6s... W. M. Cold Storage 851! STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel Capital Traction Co. Wash. Gas Lt. Co. (18) N. & W. Steamboat (12) Pot. Rwy. & EL com. (7 ash. Rwy. & Elec. pfd. (5) NATIONAL BANK. Metropolitan Riggs (15s) nd (9. Washington (i3} 5 TRUST COMPANY. Amer. Sec. & Tr. Co. (15).... Continental Trust (6)...... Natl. Sav. & Tr_ (121).. Prince Georges Bk & Tt (6). Union Trust (8s)........ 3 Wash. Loan & Trust (14). SAVINGS BANK. Bank of Bethesda (6§) Com. & Bavings (10).. East Washington (12) Potomac (10). . Sec. Bav. & Com. Seventh Btreet (12) United States (30) Wash. Mechanics (20). FIRE INSURANCE. American (12) Corcoran (10 Firemen's (8 National Union '(15)" TITLE INSURANCE. Columbia (6h’ Real Estate MISCELLANEOUS. Col. Medical Blde. Corp, Col. 8and & Gravel pfd. Bint O E00EE Miy; BId ist. Natl. Emer. Ped.-Am. Co. pfd. (§). Lanston Morotype (7). Mer. Tr. & Stge. com. (10} Mer. Tr. & Stge. pfd. (7). Mergenthaier Linotybe. (6 Jatl, Mige. & Inv. prd, 8}, ;- Peoples Drug Stores pfd. (612). al Est. M. & G. pfd. (8) ward & Lotl m. (1. Woodward & Lothrop pid. (1 *Ex dividend, bBooks closed. n3sc extra. Unlisted Department. ” BONDS. Bid. Asked. 90 . otel Metropolitan_Club 4 Natl. Press Bldg. 1s Anacostia Ban] line now being built | hi lidated Gas Co. | Fri Park Raleigh Hotel Co. %Ilhlnflgn B Whihineion £ ‘Woodridge-Lan: BALTIMORE STOCKS. BALTIMORE, October 10.—~ Savings b New Ai 10808 Faelity & A 3 China’s silk industry has flourished for 4,000 years. «v ~ UNITED (Sales are Sales. %832-47.. 37 L, 18t 4% 8 32-47 25 4th 4% s 3338181 45 Abitibl P&P bs'53. 2 Sthig 43.... Cp 6844 it y b5 '49 Allegheny 68 '50. Am Chain 6s'33. Am F P 65 2030. AmIGChb%s'49. Am Intl 5%s 49 Am Metal 5%8 34 Am N Gas 6348’42, Am S&R 1st bs'47. Am Sug Ref 65'37.. Am T&T cv4%s'39 AmT&T 5865 Am T&T c tr bs Am T&T 5581260 Assoc Ofl 6s '3 Atchiscy 434848 At Gulf 65 °59 Atl Ref db 58°37. Australia 4%s'66 Australia 58 Australia 6s ‘67 Austria 7s'43. Austria 7857 B&O4s’4s. B&O4%s'33 B&Ocv4%s'60. B&O18t5s'48 Beiglum 6% Belgium 7865 Belgium 78 66 Bell Tell Pa 55 C'60 B Ind Loan C 6546 Berlin Cy El 6855 Berlin CE 633 '50. Beth Stl pm 58 '36 Bolivia 78 °65. Bordeaux 68 '34 Bost & Me 4% s Bos &Me 5867, Bremen 7s '35 Bk Ed gn A bs v 6% Rizuyn Un Buenos A Budapest 65 '62 Buft Gen El 4% Calif Packing 5540 Canada 4s 60 Canada 4%s '36 Canada 65 '52. . Can Nat 4% 5 54 Can N Cen Nor 6% d| Can Nor 7s db '40. Can Pac db 4s. Can Pacific 4355 46 .| Can Pac 43560 CB&Qgen 4s'58 CB&Q4%8'77.. Chi Grt W Chi M&StP 4s C M StP&P o8 C M & St P adj Chi& NW §%5°36. ChiRI&Prf 4s'34 0. Chile Cop db 5: CCC&St L 4%s Clev Term 4%s'77. Clev Term 53572, Colomb 6s Jan '61.. Colomb 6861 Oct. . Colon Oil 65'38...., Colo & Sou 435 '80. '6 51 Con G N Y 5%s 45, Con Pwr Jap 6% Con Pow Japan Copenhag 43 '53 Del Pwr&L 4%s 71. Del & Hud rf 45 '34. Del & Hud 53 '37. Denmark 4%s'62.. 65 Det E G&R4%5'61. Det Edison rf 55’49 Deutsche Bk 6s '32, Dodge Br cl 65 "40. Duquesne 4% s '67. Dutch East 1 Mar. . Dutch East 1 6547, East C Sug 77 Erle 18t con Erle con 45 A ‘63 Erie conv 45 B Erle gen Erfe cv 686 Erle 58°75. Erie & Jer 65 Fiat 7s war Finland 6 %! 6 Finland 78 °60...... Fla E Coast 58°74.. Fond J&G 4%s'52. Fram I D 7%s'42.. French 7s°49. French 7%s '41. German Bk 63 Ger Cen Bk 65 '60 J Ger Cen Bk 6360 O German 7s rep '49.. German Bank 7-550 GrandTr st db 65'3 Grand Trunk 7s'40. Hungary 73%s "4 111 Bell Tell 5556 111 Cent 4u 5 STATES. in $1,000.) Hign. Low. CI 8 100 81 101 20 100 28 1 101 18 101 3 1 96 4 96 98 97 6 99 24 9910 99 30 9916 9930 99 16 102 100 16 1 103 107 16 106 28 1 2 01 40 50 29 1 102% 102 84 8315 95 96 85% 1 t 4859, 1 5 51 6 10114 79 100 2| 998, 5 106% 674 5ty 5 62 7 39 8 47 5 105 17 102 14 98Y% 34 114% 5 42 2% 100% 39 104% 55 60 53 86 734 2L ose, 00 8 00 28 01 5 96 2 97 10 99 10 99 16 99 22 00 16 102 102 06 30 Bales. High. Low. Close. 40 39 40 30 1024 84 8314 95 96% B5% 85 854 85% 884 101% 79 271y 27 104% 55 60 b54% FINANCIAL Bales. High Il CCStL&N 4%s.. 8 50 111 Steel 415840 Int Rap Tr 6s°66. . Int Rap Tr . Int & G N ad 65’52 Int Hydro E1 65°44. 14 61 Int M Co bs ret'41 Int Match bs *47 Int MM col tr 65’41 Int Pap 6s A "47. Int Ry C A 5572 3 53% IntT&T4%s'52.. 26 56% Int T&T cv 4%45'39.134 62% INtT&TS . 45 60 Irish Free St6s'60. 2 85 1 .38 82% %! . 72 89% 6%s'54..225 100 Kan CFtS&M 45'36. 10 76% Kan City Sou 58’50, 9 178% Kan City Ter 4560, 19 92 Kan G&E 4%s '80. . Karstadt 6s'43. ... Kreug & Toll 58'69. Lackaw St Lautaro Nit 6s'54.. Leh Val cv 45 2003, Leh Vcn 4%8 2003, Loew's 65 ex w '41.. Loeillard 7s ‘44.... La & Ark 556 Lou G & E1 55 '52. L&N 1st 5% 2003. Lyons 65°'34....... McKes & R5%550., Manh Ry 1st 45'90. Midvale Stl 65'36. . Milan 6348°52..... MilE Ry & L 5561 Mil El Ry&Lt b5 *71 M StP&SSM cn 4s.., MK & T 15t 4890 MK & T ad) 55 °67.. MK&T prln 5sA'62. Mo Pac gn 4576 Mo Pac 5s A "65. Mo Pac bs F '77. Mo Pac 53 G '78. Mo Pac 5s H '80. Mo Pac rf 5581, Mo Pac 5%8 A 49, NY C&St L 6s'32. ., Montevideo 65 '59. Montevideo 75 '52. aLDalry 63(s"48. 21 974 . 13 8215 1 101% 3 40% 1 88y 11 857% 86 Y Cent db 6s '35 Y C&StL 43487 YC&StLE%8A'T4. 20 58 Y Edisn 68 B'44.. 15 106 Y Ed 1st 63%s'41, 12 113 Y ELH&P 55 '48., 1 107% YNH&H 4%3'67. 15 821 13 104 H&H cd 6543 4 Y O&W 1st 48’92 Y Rys 65 A '65 Y St Ry 43%s 6! Y S&W gn NY W&B %146, . Nord 6348 °50. . Norf South 5s '61. . Nor & Wnev 4 No Am Co §s 6. or Pac 3s 2047..., or Pac r 168 2047, or St Pw 58 A 41, Norway 65’43, Norway 6s°44. Ore Sh L 55 gtd '46. Oreg-Wash 45 °61. . Orlent dev 5345'58. Orient dev 6s 53 Pac G&E 58 '42.... Pac T&T rf 68 '52. Pan-Am Pet 65 '34. Paramount 6s *47.. 70. Penn 4% '63. Penn 5564 Penn gen 5s'68. Penn 6335 °36. Penn P&L 4388 Pere M 1st 45 '56 Pere M 1st 55 '56. . Peru 6s'60. Peru 6s 61 Peru 75’59 Phila Co Phila Elec Phil & Read 65°49.. 2 Pillsb F M 6s°43. .. PCC&StL 4%s'77., Poland 6s 40 Poland 7s '47 Poland 8550 Port Gn Et 4345'60 Pos Tel & C 55'53. Prague 7%s Prussia 6s '52. Public Serv 457 Pub SvG 4%8'67.. Pub Sv G 4%s'70.. 53 102y Queensiana 6s°47.. 11 41% Queensiand 7s°41.. 1 6215 RemR5%SA 7., 28 55 Rnine West 63’52, Rhine West 65’53, Rhine West 63 '56 Rhinelbe 7s '46. Rhine West s Rich O1l Cal 6s"44. Rio de Jan 63s '53. Rio de Jan 8s '46 R Gr Do Sul 65 '68. R Gr Do Sul 8s'46. 2 5% Rome 6%s'62..... 28 68 StL IM R&G 45'33.. 2 89 St L&SF in 48 A'60 52 527% StL&SF 43%s'78.127 331y StL&SF pl5sB'50 4 604 StP&KC SL 4%s41 1 70 StLS Wist4s'89. 7 62 25 95% 19 10214 19 1% 1 29 843, Sao Pau 7540 ret. . Sao Paulo 85 '36. .. Saxon P W §%8'51. Saxon 7s'45. Seab A L cv 6545 Seine 7s *42.. Serbs-Cr-S17s"62.. Serb: X Shell Un Of1 Shell Un O11 9. Shinyetsu 6348 '52.. SincO7scv A '37.. Sine Cr 0 5%s 38, Sinc P L 5s'42.. Skelly Ol 5%s 39, Soissons 6s ‘36, Solvay Am 5s'42. Sou Bell T&T 58 41 Sou Pac ref 4s '55.. Sou Pac 4%s 68 Sou P 4148 '69 w Sou Pac 4%s ‘81 Sou P&OT 4%s'17. Sou Ry gn 4s '56... Ry 55'94 . 20 2 2 104% Sug EsOr 78 '42..., Taiwan EP 534871 Tenn E1 P 6s A 47, Tex & Pac b3 Tex & P 5s D Third Av adj Tokio El Lt 6 Tol St L&W 48 °50.. Ulst&D6sct’28.. 16 3 Un Pac 4% Unit Drg cv 68 °63.. 26 Utd King 6%8'37.. 27 US Rub1stbs'47.. 8 Un St Wek%s A7, 2 UdSt W 6%sA51.. & Unit S8 Cop 6537 . Close. 50 100 56 67% 8% 924 20% 51% 100 99% 89 13% 67 75 88 110 47 103% 99% 29 4 39% 9" 100% 100% 53 78 581 83 AT% 674 384 3% 4 96 21 8814 92 61% 62% 54 44 45 444 381 5314 14% 13% 18 11% 29 5% 66% 89 5114 32 60 102 8014 0 31 31 33 7% 104% 46% 48 63% 65t 62 78 82 98 98 60 98% 85 103% 88 T9% 9% e 9415 102% 3 3 103% 29% 31 321 AS MARKET TONIG Securities Respond at Once With Broadest Gain in Months. BY JOHN L. COOLEY, Associated Press Pinancial Writer. NEW YORK, October 10.—The rcad back to confidence was opened for trafe fic this week, and the security markets celebrated with the biggest splurge in two years. President Hoover's plan for immedi- ate credit relief cut at one of the most obstinate/roots of the situation—frozen bank assets—and the speed with which his proposed $500,000,000 Emergency Corporation was formed gave assurance that the practicability of his program ‘would be tested without delay. ‘Wall Street went home in fear after the close of business on Monday: stocks and bonds had dropped dizzily, and there seemed to be no bottom. Banking circles were alarmed, brokerage rouses frightend. Twenty-four later the finan- cial community closed its offices after the largest one-day advance the stock market had had since November 14, 1929, and in point of percentage gain the largest loss indicated in available records covering many years. Recent Decline Extensive. Seldom in recent market history has there been so complete a psychological reversal. When it became apparent that the fruits of prolonged White House conferences among banking and political leaders were to be made public, inferring that a constructive plan had been worked out, securities stampeded upward without waiting for details. Tuesday's gain in the stock averages was nearly 9 points, although it wes not until late that night that the Presi- dent’s long statement, outlining broad recuperative measures, was issued. ‘While Wall Street dared to hope that the corner had been turned, it was em- hasized in many quarters that tl plan for relieving banks, however valu- able it might prove to be as a restor: tive, did not constitute an immediata cure-all. Nevertheless the point was stressed that the corner stone of recov= ery was confidence, especially in the banks which have suffered severely from withdrawals and the market de- preciation of thelr security assets. Hence the development of means for their pro- tection was widely acclaimed. Events Abroad. Events abroad were obscured by the swiftly moving scene at home. Great Britain is to have an election late this month. Germany has been forced to tighten her regulations governing for- eign exchange and has suffered heavy losses of gold. Indications are that any move for an extension of the debt moratorium will be opposed in France, however much it may be desired in some circles here. With the increase in the New York Federal Reserve Bank rediscount rate to 2!, per cent, some observers see an end to the period of artificially cheap money, although none expect funds to become particularly firm. When the rise was announced it was said bankers hoped there would be no interruption in the outward flow of gold; if that movement continues the Federal Reserve would probably offset any possible effect by expanding its out- standing credit, which has already been swelled by more than $700,000,000 in less than a month. Bankers believe the firming money rates will prove helpful. The extreme easiness of recent months proved in- effectual as an offset to extremely ad- verse influences in the bond market, nor did it encourage lending; it may have encouraged withdrawals of deposits. The slight trend upward, it is felt, brings the level nearer to normal and allows the banks a fairer return with- tout imposing any undue hardships on seekers of credit. Cautious Attitude. Some brokerage houses are adopt- ing a “wait and see” attitude toward 4 the stock market recovery. They polnt out that whatever the in in confi- dence already achieved, there are still obstacles to be surmounted and that a better idea of just how much is being accomplished will be obtainable when the recent buying fever has abated. Business Notes NEW YORK, October 10.—With cool weather prevailing, some improvement in retail sales in New York was reported at the end of the week and hopes were held out for a brisk consumer demand. ‘The first four days of the week, how- ever, contributed little to turnover and the sales figures on seasonal apparel were below those of the preceding week. Coat departments have been particular~ :ly hard hit by the continued warm spell until this comparatively late date and hardly a store in New York City was said to have achieved sales com- parable with the corresponding week & year ago. Contrary to seasonal expectations, the demand for flat glass ucts for uilding showed a decline in the first week of this month as com- pared with September, the American Glass Review says. Sales are much below the October, 1930, mark as well as under the 10-year average. Usually warm weather in the Northern States, where biilding has been most active, is blamed for the fall in demand from September. A suggestion that manufacturers dis- continue use of terms “American ori- ental” or “domestic oriental” in describ- washed rugs was made to members of the Institute of Carpet Manufactur- ers of American, Inc., in a letter sent out by Herbert Gutterson, president. The terms are regarded as ambiguous and likely to be misleading and con- fusing to both the trade and the con- suming public. Despite the large volume of business being placed on men’s fancy half hose in the primary market, competition con- tinues very severe on these numbers, and prices have been driven to new-lows on some classes of goods, reports from selling agents indicated. This is par- ticularly true on merchandise priced to retail at 25 cents a pair and under, it Motor trucks crowd camels from his- toric Egyptian caravan trails. Bai UtahP&LEs'44.. 1 Utll Pw 5s '59 ww.. Util Pow 5%8"47.. Vanadium St 6841, Vert Sug 15t 78 "42. 49 54% 68% 50% 55 70 20 64 9% 98 35 Wabash b ‘Wabash 5s D '80. Wi 2 Un 6% °36 ‘Wilks B & E 1st 5s. Wil & Co 1st 684 Yokohama 6s 6 Ygstn S&T 65 A'78. Ygstn S&T 5s B'70.