Evening Star Newspaper, October 10, 1931, Page 15

THE EVENWING STAR, NEW YORK CURB MARKE WASHINGTON, D. €., SATURD. IUTILITIES RACKET FURTHER ADVANCES IN U. S. BANK Received by Private Wire Direct to The Star Office CURB SHARES FIRM | FARM MORATORIUM ASHARKET ELOSES Rail, Pipe Line and Oil Is- sues Show Continued Firm Trend. BY JOHN A. CRONE. SBpecial Dispatch to The Star. ' NEW YORK. October 10.—After| opening irregularly and dull, today's curb market firmed up as dealings in- creaased. Electric Bond & Share and Cities Bervice both gained fractionally. Stand- ard Oil of Indiana wa: very quiet, but hig] Venezuelan Petroleum dropped 1o a new minimum, but this was not typical of the lower-priced oils. Features of the session included sus- toined strength in the rail and allied shares, firmness of pipe line and petro- leum securities, increased bidding for the motors, a uniform upward tendency in the amusements and some better- ment in investment trust and holding | corporation issues. Pennroad Corporation pointed the way up for other rail holding and car- rier shares, as Safety Car Heating & Lighting performed a similar service for the rail equipment issuce. Further talk | of distributicns, probably cash pay- ments, maintained a steady demand for pipe lines, while another scries of Standard Oil conferences here on for- cizn marketing problems kept traders interested in stocks of the bigger petro- leum concerns. Just as traders were talking about the probable cmission or reduction of the 36%5-cent dividend on Ford Motor, Ltd., the parent company in Detroit an- | nounced that the Dagenham plant. near | London, largest automotive factory in the world, started preduction today. BONDS ON THE CURB MARKET. ——— DOMESTIC BONDS. Hig| labama Pw 4l.s ‘67 93 labama Pow 55 '56. 101 labama Pow 5 4 Asso Elec Ind 4'2s TA850 G & E 412549 12 Asso Gas & Ei 68 Empire O&R. 51 3 Fairbanks Mor 55 '42 9 Florida P & L 35 5 £ A 5 Internatl Salt 55 ' 16 Intern Sec Am 1 Koppers G & C 5 5 Kopper G&C 5 1Kresge 55 '45 c 2 Laclede Gas 5ias '35 93 25 Lehizh P S 65 2026 1 Libby McN & "42 IR KL 5 u 53 ass Utilit 5s A 49 2 Memph P&L 35 A 10 Mid West Ut 55 ‘34 cv 5 Mid West Ut 55 35 n G & Lt 4! Minn P & L 43¢ Miss Pw & Lt 3s 7Mont L H&P 5s A 4 Narragansett 55 4 Nat Electric 5 '78 .. 5. 3Nt P & L 6s A 2026 TNat P & L 55 B 2030 5Nat P 8 55 '8 10 Nebraska Pw 4135 ‘1 3 Ne 56 5 N 1 17 X ot o o amamss S 42 41 8215 | 20 n Oll 5'as uper of Tilin 12 8wift Co 85 8 Bwitt ‘30 9 4i25 68 407 w1 44 FOREIGN BONDS. gota Mtg BK 7s ‘47 t M Bk 75 '4Tn 24 r Pr 7%s ‘47 y 75 4 Bk Ger 65 A '52 k Co 6s B 'S Mtg Bk 6s '3i 32529 28 0% i 413, 3313 A 3e0 s 4 Q0! tal Sup Pow 65°A '63 4 Peru 645 '58 &8 75 41 xW edellin Col 75, 51, . Mendoza_ Pr 7ias 51 i | P, 8%, 53 85 s '35 Ar auda, ¥ Lid ited El Dot e s ith wari REE i H % 75 '45. 30 55 A '35 100 r s ‘36 50 s 56 xw 51 ts. an Dividend Rate. Alexander Indust. Allegheny Gas Corp. Aluminum Co of Am. Alu Co of Am pf (6). Am Cit PAL Bb10%. Am Com P A (b10%) “ Am Corpn (f30¢).... Am Cyanamid B..., ‘Am Dept Stores. .... Am For Pow war.... 28 Am Fork & Hoe 1%5.. 238 i Am Gas & Elec (1), 27 Am Gas & El pf (6).. Am Invest war...... Am Lt & Trac (2%) % Am Maracaibo. ... Am Superpwr (p Am Util & Gn B vtc Am Yvette (25¢).... Arkansas Nat Gas... Arkans NatGasA... Assoc Elec Ind (30c) Asso GEEl A(b2. Atlas Utll Corp. Auto Voting Mach. .. AutoVM cv pr pt 60c. Bell Tel Pa pf (6%). Bickford's (1.20) Bigelow . Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brill Corp A (34c)... BritATcou B 1.13 3-5 Brit Celanese rets. .. Buft N&FP pt (1.60).100; 4 Butler Bros... 4 Cable & Wire A rcts. Canadian Marconi Carib Syndicat Cent Ind Pw pt Cent Pub Sve A b5% Cent Pub Sv Del Cent Stat El (b10 4 Citl ervice (g30c) Citles Serv pf (6)... Claude Neon Lts Inc, Clev El Tllum (1.60). Cleveland Traetor... Colon Oil. . "ol O11& Gas vie . lum Pic v.te. 17 Cmwlth & Sou war. . Com Wat Ser g12%¢. i Comstock Tunnel. .. Cou Gas Balto (3.60) Cooper Bessemer-.... Cord Corp. ... Corroon & Reynolds Creole Petroleum. Crocker Wheeler. 4 5 AT 1% 41 2% 1 5 8 05 131 Co. v Oll Refining. . Dow Chemical (2) Dresser M{g B (2).. Dubilier Cond & Rad Duke Pow (5). Duquesne Ga: Durant Motors East Sta Pow (B st Util Assoc sler Electric ec Bond&Sh (b6 % Elec B& Sh cu pf b.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war.. El Shareholdg (b6 %) » £ Emp G & F cu pf(8). Empire Pwr pt(2.24) Empire Pub Sve (A). Employ Reinsu t1.80 i Europ Elec debrts. . Evans Wallow Lead. Falcon Lead. Ford M Can A Ford Mot Ltd 36 Fox Theater (A) Gen Aviation. . Gen Fireproof (2) 4 Gen G&E cv pf B(6).100: Gen Theat Eq cv pf. Globe Underwr (15¢) Golden Center. Goldman Sachs. o 2 8 2 1 8 9 3 1 4 4 1 s 1 1 1 1 1 1 6 4 . 3 1 1 5 1 6 th Knitback Mch. % GtAt&Pac Tea pf(7) 10s Guenther Law (1)... Gulf Oil of Pa (13%) . Hecla Mining (40¢).. i Horn & Hard (213).. Hudson Bay M&S.. 7% Humble Oil (1214) Hygrade Food Prod.. Imp Ch Ind(10 2-5¢). Imp O1l of Can (50¢c). Insull Inv (b6%) . Int Petroleum (1 Int Utilit . Interstate Equi Italian Superpow A. Lone Star Gas n 88c. Long Island Lt (60c) Long Isld Lt pt (7)., 4 Magdalena Synd. ... Mavis Bottling (A).. Mead Johnson (15).. 25 36% 1123 1 Bl 113% 444 d 1n 100-share lots except these desirmated by letter “s.” ~ Stock and Sales— Add 00. Open. 2 % 2415 104% % 113 51% ~Prev, 1931, Hi Memph 10 Mer&M Mo. Nat Bd Parke I Pittsbg ossia tubberoid (4).. afety Car Heat & L. hony Gold. ... is Paper (60e) t Creek Prod (1) chulte Un Schulte Seaboard Sec Allled Corp (1) Segal L & H (a50c) t Ant CF Slet Ind prior(5%) Shawin W&Pwr ( Smith ( Southld Royalty 20e. S W Gas Utilitles Spieg May Stern pf.. Stand Ol of Ind( 1).. Stand Ofl of Ky 1.60. Stand Pwr & Lt (2)., Stand P& L (B) (2). Starrett Corp pf (3). Stromberg-Carl(1%) Stutz Motor Car. . Sun Invest Swift & Co (2 £t Internat’ Technieolor Inc Teck HughesGM 165¢ Texon Oil&Land (1). Thatcher Sec Corp... Tung Sol Unit Corp war Unit Lt & Pw A (1).. Unit Profit Sh pf(1). 7 S Dairy (A) (8) S Foil (B Unit Verde Exten (1) Univ Ins (1%) Utll P&Lt(a11.023%) Util Pwr & Lt pf(7). Util & Ind - Util & Ind pf (1%).. Utility Van Camp Pkg. .. Van Camp PKg pf. .. Venezuela Petrolm. . Willlams R C (70¢).. Woolworth (FW)Ltd 1% 14% 124 5% 3% 1% Dividend payment. [ 24 10% 245 | ai 1043 | 24 Wright % | dividend. 1 Plus 5% 4| stock. jPlus 2% in 51% | stock. n Plus 8% in Stock and Dividend Rate. (« Mesta Machine (2) Met Edison pf (6). Mid Sta Pet vic B Mid West Ut (b8%). ‘Mo-Kan Pipe Lin <an Pipe L (B) Miss Riv Fuel bd rt Miss River pr pf (6). Mock Judson Voehr. Mont Lt H&P (133).. Moore Corp Litd (1).. Mountain Prod (1). $ Nat American Co Nat Service Co. t Sh T Sec A 160c. eb Power pf (7) w Haven Clock New Jers Zine (13) Newmont Mining. . NYP&Ltpf (1) 5 N Y Shipbuilding Cp. 2 NY Telpf (6%)... 4 N Y Transit (180¢).. Niag-Hud Pow (40¢) g-Hud Pow A w.. Nipissing. Nor Am A North European Oil. Okia Nat Gas pf Pandem OIl.. Pennroad Corp (40c) Penn Wat & Pow (3) Perryman Electric: . Phila C Philip Morris Ine Plymouth Ol (26¢) 4 Prod Roalty (b10%). Pub Sve of Ind pf(7) Pub Util Hold xw QRS-De Vry.. Railroad Shares(40c) Reliance Int A. Republic G Rock Lt & Tates in dollars based on last quarter] -an- S ol rly or semi-an. avable in cash or stock. in stock. N G g Sec A 80c.. 2 1 258 1 10 5 5 1 B0s 43 ELSED N VES 1]“;.lndiana Commission Un- 24| earths Plan to Prey on Public and Industry. BY GEORGE E. DOYING. Racketeering has invaded the fleld of public utility regulation. Infoffiation reached here today of a manifestation of the practice in In- diana—at least, it was so~characterized by the Public Service Commission of | that state. ‘The ¢ commission minced no words| in throwing out of court a complaint filed against the electric, rates of the Public Service Co. of Indiana as ap- plied in the city of Franklin. A petition signed by a number of resi-| | dents of the city had been filed by an | individual representing himself as their Bt but ‘who was himself s resident | of another city. Terms of Contract. | It was learned that this individual| had entered into a contract with the City Council of PFranklin, whereby ht’ was to receive 25 per cent of the savings | for one year effected by any reduction | that might be brought about in the electric rates. When the commission | sought to secure a copy of the contract it was learned that it had been removed | .+ | from the city clerk's files. but sub- 93 & 8 Corp ( 16 258 1 1 2- . 26s 2 . 1258 8 Javis (11.65). onew(11.40). h Plate G (2). 1 Special Dispatch to The Star. NEW YORK, October 10.—The Bank of France has met Thursday's action of the Pederal Reserve Bank of New York by its own rediscount rate from 2 to 2% cent. places it at a parity with the money quotation which controls the Amer Ao ican market and is a they, like bankers in by Prench bankers that country, have been rediscounting at low a rate in irison with their neighbors. is week the bank of France state- ment showed an increage in gold of over $18,000,000, bringing the total holdings to $2,332,000,000. Another in- crease will occur next week from gold that has already left this country for Paris. It is not thought the change in the rate here or in France will have any immediate effect on the gold movement. Other Advances Forecast. Following the policy of the New York Federal Reserve Bank, it is expected that rediscount rates will be advanced gradually in all of the Federal Reserve districts of the country. Boston is now the cheapest market with a rate of 2 g’r cent, which will probably be raised the equivalent of or above the New York rate. Adjustments are likely to take place within the next few days in the 21 cent rates now quoted in Cleveland, Chicago, St. Louis and San Francisco. Ch 0 is likely to act on its rate this afternoon. The Federal AUSTRIA PLANNING sequently it was produced by the city attorney. | ““The contract in question, on its face | has all the elements of champerty” | said the commission, and declared that it would not proceed with the case| and thereby possibly impose an un- | necessary burden uFan the taxpayers of | the éity, who would have to bear the| cost of any payment that might be & | made to the agent. 71| _The commission, Rowever, announced | 41| that it would act on its own motion in | 1 | an investigation of the electric rate sit- 13 | uation in Pranklin and would recognize and preserve all the rights of the orig- inal petitioners, but would have no dealings with the agent. ‘This proceeding, it was pointed out here, seems to be an enlargement of a practice that has prevailed in some of the larger cities for many years, par- ticularly with respect to electric rates. It is customary for the electric uml-‘ ties to have in effect at the same time | two or more rate schedules—optional | rates—especially designed for .commer- | cial users. In some instances a small business man may not select the sched- | ule which would produce the lower bills, | and this has resulted in the building up | s | Of & lucrative business for more than % | one enterprising citizen. Optional Rate Schedules. A proposition to secure a refund from the electric company for failing to bl | the customer at the lower rate, the| | agent to receive a percentage of the re- | | fund, finds numerous willing listener. | who have something to gain and not| 5141 ing to lose. An inspection of the month- |1y bills, if it discloses that another | schedule would have produced lower total charges, is followed by a complaint 514 |t the regulatory commission—unless | the utility is willing to settle and make 5% | reparation for the ovarcharge. 43| ‘Some of the leading State commis- | 31| sions are themselves in disagreement as 1% | o the propriety of optional rate sched- ules. The New York Public Service Commission recently declared that un- less a public utility will see to it that each customer receives the rate best | sulted to his needs it may well be that 2 | optional schedules should be prohibited. 23| The Pennsylvania_commission, on_ the | s, | other hand, has asserted that the urlm{ 54 | i5 under no such obligation, but thal, | 10 | the customer must look after his cwn 5 | interests. 604 Intl (10¢). T ek » =R 2 1 3% z (5% ) 40 42 24 [ 11% 2% ce Cor| 5 A0) (2). s e ANNE AN AN NN RN T DT B NN AR S mp(1).. w 12% 3% 60 214 EiH ) (30¢). | f pi (Copyright, 1931.) | | Equities. . New York Cotton Special Dispatch to The Star. | NEW YORK, Octcber 10.—The im- | provement recorded in the cotton mar- ket in the past two days became more pronounced today. After easing off a few points following the opening, prices moved upward $1 a bale under steady accumulation of contracts by trade and speculative interests and the list | [ 6y 8 8 215 Har (t12%¢) 21 21 TPartly extra. iPlus 4% in stock. b Payi in stock. e Adjustment € Plus 6% in stock. hPlus 1% in| k Plus 10% 1n mPlus 3% in © Paid last year—ne recular rate. stock. oc! DEFICIT N FRENCH BUDGET FORECAST Effect of Poincare’s Thrift Campaigns Lessened by | | ot only eliminated all the surplus, but | began to make inroads on future reve- nues. The present budget will show an over- draft of $80,000,000, while another $80,- 000,000 will be lost to revenue by the application of the Hoover debt holiday. Legislation already enacted represents additional appropriations of some $100,- 000,000. So that when Parliament meets will be to consider how to raise $250,- 000,000 more than last year. Elections Make Solutions Harder. ‘The solution of the problem is self- | evide'ii: Either increase taxation or re- closed sround the top 10 to 15 points higher than Friday. The volume of | trading was again unusually heavy. | Spots were advanced 15 points to 5.95. | Cottcn range: CHICAGO STOCK MARKET By the Associated Press. CHICAGO, October 10.—Following is! the complete official list of transactions ' 3 in stocks on the Chicago Stock Ex-| change today: 13 Baltimore Markets 10 Am Pub Ser pi ,230 Assoc Tel Uil 2100 Bendix Aviation . 1050 Borg-Warner . 50 Cent Cold Storage .. 1 I Pub Ser bt Special Dispatch to The Star. BALTIMORE, Md. October 10.— 75a1.10; sweet gocctecs FIKED MONEY RATE Government Proposes Control Foreign Exchange Through National Bank. | The Austrian gqvernment proposes to | control foreign exéhange by the Nation- | al Bank, including compulsory sale of foreign exchange at official rates, ac- | | cording to a cable received today by the | | Commerce Department from Commer- |cial ~ Attache Gardner Richardson at Vienna. to RATES ARE EXPECTED SHORTLY Reserve districts of Philadelphia, Rich- mond, Atlanta, Kansas City and Dallas have been on a 3 per cent rediscount basis ever since New ork went to 11 per cent early in the year. As was to be expected the advance in the rediscount rate here was fol- lowed by higher bill rates today. Deal- ers quoted 90-day bills at % to 1 pm cent above Thursduy's bid. There was also some stiffening in the rates for time money, which lately have gone frora 2 per cent to 2% per cent and were yesterday quoted firm at 3 per cent for collaterial loans. 1t _had been lusv.poud that the call monéy rate yesterday would reflect the higher terms quoted by the Federal e Bank, and although the day rate was not announced until after the usual time, it was again 1% per cent, the figure that has been in operation ~with almost no change throughout this year. There is a decided difference of opinion concerning the effect of .the rediscount rate advance on the banking situation and on the investment market. to & correspondent bank in depositing its funds in & central reserve district. With a nominal demand and a mini- mum rate for call loans this once pro- fitable avenue for the surplus funds of banks has been shut off. The argu- | ment, however, that an increase in the | rediscount rate from 1'; to 2, per cent will re-attract to the banks those deposits which they have lost, is not to_be sound. While there has been a considerable transfer of deposits from commercial | banks to savings banks in order to obtain the higher interest rates of the of incre rather than applies part] m: of safety le amount of return. This icularly to the deposits of individuals. Corporations whose de- posit rate had dropped down to a mini- mum, and, therefore, were compelled to purchase short term paper, may be less disposed to follow out this policy when | the readjustment in the deposit rates of banks is made to the 2'. per cent rediscount rate of the Federal Reserve. Effect on Investment Market. Ordinarily an advance in rediscount rates is construed as bearish on the investment market. Conversely, a T duction is accepted as bullish. How- ever, the succession of cuts in the re. discount rate in New York did not pro- duce the improvement anticipated in bonds, which steadily declined as rates dropped, but not for reasons identified with the money market. Richardson said serious import Te-| | ductions are anticipated as a result of the decree, which is expected to be placed immediately. His cable stated that it is also proposed to place an embargo on schilling exports, and ra- tioning by the bank of foreign ex- change is to continue, with heavy fines for illegal traffic. Imported goods are to be classified, the commercial attache said, according w0 importance and desirability, by a | governmental committee, and the bank must allocate exchange in accordance | with the committee's rules. Swedish Rate Reduction. ‘The Commerce Department also was advised today that the Swedish Riks- | bank decreased the discount rate of | 7 per cent, effective Thursday, and | commercial ~ banks followed. Trade Commissioner Basil P. Dahl at Stock- | holm, in advising the department of | the rate decrease, reported the general situation continued uncertain. Meantime the department was ad- vised by Commercial Attache Alexander V. Dye and Consul Avra M. Warren at Buenos Alres that an Argentine decree, | which went into effect Thursday, in- creased the rate of duty on more than 100 miscellaneous items. including | among other goods, passenger automo- | biles and trucks, automobile parts and accessories, except tires, motor cycles and sidecars, mineral ofls and lubricants and phonograph records. According to the cable, the rate of | import duty on passenger automobiles, ' trucks »nd automobile parts and acces- . sories except tires, is increased from 32 per cent to 47 per cent, surtax in- cluded. | ‘The New Zealand Government has inereased the import duties on gasolinc | and tobacco, effective this week, ac- cording to advices received by the de- partment from Trade Commissioner Julian B. Foster at Wellington. L. W. Grove, commercial attache at Berlin, has informed the department by cable that the German demand for rayon’ yarn declined considerably dur- ing August as a direct result of the bank erisis in July. Higher costs of credit. Grove said, and the general uncertainty of the economic and political situation forced consumers to postpone purchases as far as possible. Furthermore, he said, the price level for textile manufactures declined. The collapse of cotton prices also had a certain influence as the | price * difference between rayon yarn | and corresponding creased considerably, cotton _yarn ~ in- rayon industry, namely that rayon yarn | was only slightly more expensive than | cotton yarn, the cable stated. Prices, as fixed by the Viscose Rayon Syndicate, remained unchanged since July 12, when an advance ranging from 2 to 5 per cent was introduced. thereby cutting | out one of the chief arguments of the | Public Bounties. | du~> expenditures, or do both. In nor- ;mll times any of these methods might | present no insuperable difficulties, but 3 ind Pow Pub Ser i Bec or 1l sec . co V2 ‘ot Potatoes, 100 pounds. potatoes, bushel, 35a50: beams, bushel, 75a1.25; cababge, bushel, 40a60; car- |GOTHAM PLANS WELCOME Special Cable tu The Btar. | PARIS, October 10.—What does France intend to do with all hergold? | ‘Will she continue to play the part of banker to th2 world? Or may she not have sore need of it herself? These questions are being asked today as it becomes more and more evident that the next French budget will not balance. Gold, it has been proved in recent months, is a very powerful instrument of policy. The fact that he was in a position to dictate to his poorer neigh- bors produced for some_time in the mind of the average Frenchman a feeling of elation. “See,” he said in effect, “what it is to be_industrious and thrifty. Go and do likewise.” Economists meanwhile pointed out that gold—or its equivalent—is the final dictator nowadays. When holders of money have confidence all goes well. When they lose confidence cabinets fall, monarchs _interrupt their vacations, mobs manifest in the streets. So that both the average man and the economis.s agree that a balanced budget is the first requisite of any coun- try. There is nothing new in this, but | the upheavals of the last decades have | led to the rediscovery of elementary | truths. And it is coming home to the | French, as they revert to serious matters after the Summer vacations, that the | coming budget will show a deficit of | some $250,000,000 when the preliminary | figures are laid before Parliament. Raids Sweep Away Surplus. As the incarnation of Prench industry and thrift, Raymond Poincare not only | saved the franc the inflation of 1926, but he initiated the policy of accumulat- | ing gold that has resulted in placing Prance for the moment in the forefront of nations. Poincare’s prestige was such that, despite his outward display of deferential respect for the parllamen- tary regime, he was virtually dictator for several years. The merest hint that he might resign alarmed the country, which brought pressure to bear on its elected representatives and compelled them to vote as Poincare desired. A heavy burden of taxation was accepted without undue recrimination and econ- omy became the watchward both na- tionally and individually. ‘Then Raymond Poincare, broken in health, had to leave office. His suc- cessors, lacking his prestige, were pow- erless to apply his policy and raids be- ,ln on the public funds. Bonuses to former soldiers, schemes of social in- surance, increases in pensions and sal- ',"fi' help to d(::flclwry failroads u’?g similar ~expenditures, "together w elackening trade, caused by heavy taxes, | | | and various subsidies. | tions, additional imposts or suppression | | of benefits must prove highly unpopular these are not normal times, in that' par- liamentary elections take place rnex May, and on the mood of the electorate some seven months hence will depend both the re-election of legislators and the life of the cabinet. _That electorate has been told repeat- | edly in recent years that tite limit of | taxation has been reached. Simultane- ously, it has been promised such bene- fits as increased pensions, more bonuses In these condi- measures. Moreover, Deputies will be discussing the budget a few weeks before they face their electors, in consequence of the vote obtained by Andre Tardieu, when he was premier, whereby the financial year was made to begin on April 1 instead of January 1, as heretofore. It is admitted generally that in these conditions the temptation will be very great on the part of the legislators to consider the budget chiefly in its relation to the clections rather than to the strict wel- fare of the country. However that may be, the fact re- mains that $250,000,000 has to be found. There is another solution—inflation— but that is pregnant with dangers, not the least of which would be the loss of that gold which has been proving such a valuable instrument of policy. (Copyrisht, 1931.) e NEW BOND OFFERINGS IN NOTABLE INCREASE Hpeeial Dispatch to The Star. CHICAGO, October 10.—Active mu- nicipal and railroad finaneing provided the impetus for a noticeable increase in new security offerings for September, w5 compared with the low levels of Au- Kust, ufl'flllnz to the monthly review of lawrence Btern & Co., investment ers “Munieipsl bonds" the Teview states, gained 68 cent over August and reached & total of $118,000,000; while ralirosd financing expanded consider- ably shove recent months, principally because of single $50,000,000 issue. Another ering in the public utiliy ¢ large field also helped to raise thls ton well above the total of the previous month, “Otherwise, the review continues, “there were few eu?tmu to the pre- valling lack of confidence in the se- curity field, with distribution practically at a standstill.” S Prench Indla is in ares. A some 200 square miles hot | rots, per 100, 2.50a3.50; beets, per 100, \.50‘2‘?;0' lettuce, per crate, 25a3.50; Caulifio crate, 75a2.00; celery, crate, 1.75a2.75: lima beans. hamper, 60a1.75; okra, bushel, 1.50a2.00; pep- pers, hamper, 25a35; onions, per 100 pounds, 1.75a2.00; spinach, bushel, 50a 65; tomatoes, hamper, 25a1.00; canners’ stock, bushel, 50a65; apples, bushel, 40a 1.25; cantaloupes, crate, 75a1.75. Dairy Market. Chickens—Young, 20a23; _Leghorns, “*{18a20; old hens, 18a24; Leghorns, 12a 16; roosters, 12al4; ducks, 12a20; pigeons. pair, 15a20; guinea fowls, pair, 25a50. .5 a BB 250805 600 Gt ‘Lakes Dredge. 450 Grl : 30 Sl e o | 30 Houdal | Eggs—Receipts, 239 cases: current receipts, 18a24; hennery, whites, 30a 32; nearby firsts, 26; Western firsts, 26. Butter—Good and fancy creamery, 32037; ladles, 20a22; process, 23a24; store packed, 15a16. | - | 100 Kel | y | 7380 Livby | "150 Lou | o | an30 . | 't Ut . Seventeen parties are represented in | 30 M o i, 1}, | the Parliament of Czechoslovakia. 100 i 3 o Tt | By the As 280 19 b it \ 15 |:h I: i v 1% pf. 40 20 Puh 100 QRN Do SS3Ee 55 - SEBE=Na. Y, ORI 8 s inscerses Pttt 5 L - 00 B il 1 : wriex Oup Wa . . 0 Walereen Co 1 Waukesha Mot 10 Weatern Cont” til. enith Radio ... | BONDS. I”‘m Ghie B Ous 3o 1031 48 ity Ry 8s 1927 48 e OHRYSLER EXPORTS GAIN. NEW YORK, October 10.—The Chrysler Corporation reported exports of passenger automobiles built by Ohrysler increased from 16.8 per cent to 10.3 per cent of the unit exports of the automobile industry, exclusive of Ford, during the first eight months this o&/ur. as compared with the like period of last year. . 10 a0 00 STOCK AND BOND AVERAGES FOR FRENCH PREMIER Laval to Be Escorted Up Brondway to City Hall—Stimson to Greet Visitor at Battery. By the Associated Press. NEW YORK, October 10.—The city has completed plans for the reception | to Premier Laval cf France. Maj. William F. Deegan, chairman of the Mayor's Committee, announced to- day that the French premier, who is due to arrive October 22, will be met at quarantine and escorted to the Battery. where Secretary of State Stimson will | greet him personally in behalf of the United States. . John Lord will represent President Hoover. A parade of Army, Navy, Marine and police_detachments will escort him to City Hall, for a welcome by Mayor Walker. iated Press. SATURDAY, OCTOBER 10. - g: B gaug, sssaa2 (14433414444 (Copyright, 1931, Btandard Btatisties Co.) “Ydeputies and expression of the business conditions of the country, would be more beneficial to the bond market than a 1, per cent rate reflecting an almost absolute stagnation in commercial lines. The point at which the higher redis- |count rate does affect the investment market is where it touches Government financing. This is extremely sensitive to the ups and downs of the official money market. It has be:n during the period of 112 per cent rediscount rate | that the Treasury has been able to sell | its short-time bills to greatest advan- tage. The 2!; per cent rate now in effect will doubtless demand some change in the terms proposed for this | same kind of financing in the next 30 days and in the important operations that must be put through before the end of the year. (Copyright, 1931.) latter, the main ":mm has been that | 1S HELD UNLIKELY Strengthening of Land Banks Declared Purpose of Hoover Plan. | By tne Associated Press. ‘The administration -oruntly does not propose a moratorium on the farm mortgage debt of the country, as in some quarters. Such at least is the interpretation long | generally put upon that part of Presi- dent Hoover's relief plan which sug- gested _strengthening of the Federal Land Banks to accommodate further the farmer. | Tecommendation, as construed | here, is to permit banks which sre already “ " & large number of farmers, ‘because of the current de- linquency on interest payments, to con- | tinue to function and to meet the in- | terest on the Federal Land Bank bonds outstanding. For several years prices of farm com- modities have been at such an unsat- isfactorily low level it has been increas- | ingly difficult for farmers to meet their | interest payments. Consequently more delinquency interest payments than normally havé accrued in all farm | mortgage lending agencies. | President Hoover, however, justified | his recommendation on additional grounds. When the Federal Land | Banks were created provision was made for the organization of 12 institutions, maintaining a certain ratio between the %flll stock and bonds outstand- ing. erefore, Congress voted $750,000 stock subscriptions to each bank. This was to be reglld gradually out of the | regular " stock subscriptions to the |banks. 1In the meantime the banks sold other stock to farm loan asso- | ciations, which are corporations char- tered by the Federal Farm Loan Bu- reau of the Treasury. | The Government made an original {investment of about $9,000,000 in stock of the land banks. This has all been paid back except about one-half of 1 per cent, or about $200,000 worth of stock now held by the Treasury. The National Associations, :h]l;h uutome;lo by farmer-borrowers, old about ,000,000 of the the 12 land benks. el Thus the administration finds precedent for suggesting that the Gov- ernment invest in some stock in these | banks, so they may more easily weather the economic sf 3 | On one other occasion the Federal | Government has stepped in and aided these institutions. This was during the |World War, when it bought a large number of the banks' bonds to main- ‘!-lin a market for them, and sibly | to keep them off the market at (Eo!st!me |of the Liberty loan issues. | The banks have large commitments iflumndfinl in the form of their own ‘bonda. Upon these they must continue |to pay interest. as always. It is said here that President Hoover's proposal does not contemplate an easing off in the demand by the banks that farm- ers pay their installments and live up to their commitments; it is more of an effort on his part, it is said, to rec- |ommend action whereby the system |will be permitted to function on & [ Outlas of Eden By Peter B. Kyne INSTALLMENT XXVI ’ HE Forlorn Valley Irregation District proceeded at once to the task of concreting its huge diversion canal. The job was completed by November 1. Al- most from the beginning the diversion canal ran half full, and Lake Babson commenced to take form. The snowfall vas unusually heavy that year also, but Spring came early, and the run-off due to the melting snow commenced about the middle of January. | _'This was the season of overflow in Eden Valley Creek, the season of God's gift of free irrigation to the Circle K and the Bar H, and Nate Tichenor, watching_the water's rise, knew that in another 24 hours the freshet would be on, so he and Rube Tenney and half |a dozen armed men opened the flood- gates, in deflance of the ditch-tender's | protest, and the flood roared on down Eden Valley. The ditch-tender imme- diately mounted his horse and rode down to Valley Center to report this |act of vandalism to Silas Babson, who | motored into Gold Run and, as presi- trict petitioned the judge of the County | Superior Court for an order restraining Nathan Tichenor et al. from interfer- |ing with the orderly diversion of the |flood waters of Eden Valley Creek to |the canal of the Forlorn Valley Irriga- |tion District. | To Babson's amazement the judge eclined to issue the restnimng I hold, Babson,” he informed the lat- ter, “that the law under which the State Water Commission has been empowered to allocate to non-riparian owners the flood or waste waters of riparian owners is unconstitutional, and that, hence, Forlorn Valley has no legal right to the flood waters of Eden Valley Creek.” “Well, Judge.” Babson replied, “per- haps you're right, but we don't think s0. We have counsel as eminent in the |law as this court, and our counsel ad- |vises us we are quite within the law.” | “They are eatitled, of course, to their u&eflor Court judges this State have order. | opinion. Several S in_other counties |and given verds accordingly; half |2 dozen Superior Court judges have e: fight up to the Supreme Cour A week has gone by since Nate Tich- jenor and his men had opened the |fiood-gates up in the Handle and as yet Babson had not been able to secure legal relief. Upon his return to Gold Run, _therefore, he called upon the sheriff of the county and requested that official to take half a dozen of his uard the employes of the Forlorn Valley Irrigation District against attack by Nathan Tichenor et al. when the former closed the flood- gates in deflance of Tichenor's dictum. In the interest of peace, the sheriff consented, and the following day the ates were closed without interference rom Nate Tichenor and his men. In- deed, not one of them appeared to pro- test the closing of the gates. i ‘The next morning Nate Tichenor dropped in at the Bank of Valley Cen- ter and said to Babson: “I merely dropped in to tell you, Babson, that while you were scurrying around & whole week seeking an in- Junction against my wife a me you couldn’t get, our lands d a grand ng from that week’s overflow. We would have liked another week of it. but when you brought the sheriff and his deputies around I concluded it was the part of wisdom to be satisfled with the water we had already received. But as Summer advances I warn you we'll have to have our share of that water, and if we do not get it I'm going to put a couple of hundred pounds of dynamite under that con- crete diversion dam of yours and blow it out.” bson . “Only my kind forbearance has kept you out of it. Do not forget Pitt River Charley. You do not know where he is, but' I do. I may bring him back to testify against you. “You couldn't cvnflc:.’.” ‘Perhaps not, but I ‘shake public confidence in you, you smug hypocrite. ruled that the law is constitutional h 1You realize. of course, that when the |Forlorn Valley Irrigation District was formed and a deed of trust on all of the lands embraced in the district was |given, with a San Prancisco trust com- |pany as trustee to secure the bond |issue the district floated, all of the first mortgages and deeds of trust on |lands within the district given to your bank to secure prior loans have now be- come second liens against those lands. | You realize, do you, that if the Forlorn | Valley Irrigation District should go bust the foreclosure of the deed of trust (given by the district will automatically | wipe out the second liens held by your | bank?"” “I do. But the Forlorn Valley Irri- |gation District will not go bust, and with the increased fertility and, conse- quently, the doubling in value of the |lands “and _their increasing earning | power, this bank's security will be am- |ple and the mortgages and deeds of |trust will be paid. If not, they can be | foreclosed, and the bank can take over |the lands, sutject, of course, to the bond issue against them. And they can then be sold very readily. I have no apprehensions on that score, and if you are trying to frighten me you are |not making a very successful job of it.” | Nate Tichenor inted through the (open door of the bank to a lot across the street where a gang of workmen were engaged erecting a one-story building of cream brick. “That lot and ilhll building are mine,” Tichenor in- |formed the banker lightly. “I'm going |to start & bank there with a million |dollars capital.” “You'll have to prove a genuine need for another bank, and you'll have to rove that your bank- has some sound pes for success. And you cannot do |that while the Bank of Valley Center continues to function as resent.” “Well, Tll bc all set, ready to take over the wreck of your bank, Babson. I'm patient. I can wait.” As Tichenor walked out, Babson turned to Henry Rookby. “Henry, that fellow's s0 raitled he doesn't know what to do. He'd like to start an in- Junction suit Ifllnlt the district, but e's not all certain he can win. Henry, he's actually erecting a bank building across the street, hoping to sScare me into a compromise to save his face. Can you beat him?” ““He's small chan, 2 Forget him.” plied disdainfully. . But Mr. Rookby's airy advice failed to brlns.the measure of comfort for which bson yearned. Even his own |assurances vresently failed him. Noth- |ing in life is more dhtraulnf than un- | certainty, and the uncertainty as to whether Nate Tichenor and Lorry Ker- shaw would apply for an injunction restraining the Forlorn Valley Irriga- tion District {rom diverting water from Eden Valley Creek was a profound un- certainty, indeed. Babson wondered whether Tichenor was really depressed over the situation. really disinclined to a fight in the courts. at. possibly, could have been the proposition Nate Tichenor had tried to put before that mass meeting in the plaza a year and more ago? Had he been bluffing then, playing for time, trying to create doubts and marshal sufficient doubters and malcontents to bring upon Babson at the election to decide whether the district should be organized or not? Or had the fellow meant kindly by Forlorn Valley. after |all2 . " “Babsan wished now he had not set Henry Rookby to heckle the man, to interrupt him, to manhandle him and sflence him. That night Sflas Babson went home with a violent headache. He did not sleep well,. either, and the following night he was very weary, indeed. The third night he was still sleepless and then his old enemy insomnia claimed him and he had a nervous breakdown. In the interim Forlorn Valley had seen very little of Lorry. Sundry citi- zens, catch: ;&l:z of her as she mo- tored valley in her ex- nsive limousine, thought she carrled grand lady business off very well her lmdlnfly. only to ‘through on horse. with a drove of 2-year-old steers. just as she had wont to do in the days before Nate Tichenor had married her, (To Be Continued)