Evening Star Newspaper, October 16, 1931, Page 18

‘" A<]8 ‘w¥¥% -~ FINANCIAL. @ THE EVENING STAR. WASHINGTON, D. . FRII \Y, OCTOBER 16, 1931. bt R FINANCIA M e e s > e AT RALROAD ECONONY| [ NEW YORK STOCK EXCHANGE .5, BONDS ORGED] === o= BONDS s |STORES WL PUSH Received by Private Wire Direct to The Star Office. Received by Private Wire Direct to T! by (e PR i 1 High. low. Dividend Rat e L v x Lib3%s32-47. 230 9926 99 4 99 4|[ CCSILEN 4%3.. 1 48 inglon (A) I 1% L1st4%832-47 63 100 9920 9925|111 CCStLANbs A.. 1 58 et 1 BSEATES Liltard: S Lo Tennessce Corpn L 4th 4% #33-38250 100 7 100 2 100 7|11 Steel 4%8°40... 6 100 99% 100 i H ¢ " Park Utah.. 1 % 1% T C A i is- -55 208 9331 91 8 91 §|Inland Stdls 2 88% 87 85y i izati i Carrigrs Are Now Operatingi & . Fatsihiaieiay. R O Tesas Corp (2). . Advance in Federal Redis- |, 08 9341 91 8 91 8|Intana s (us A7 2 ssu 87" smi Chain Organizations Dispute : 15t 4 Patino Mines. L] ulf Sulphur(3) P uUs .43 9716 96 97 |IntRapTris 10 54% 5% 53 P . at Lowest Cost in 4% 2 Peerless Motor Car 2 2% 2% Pacific Land Tr. count Rate Reflected in JUS3%s41-43., 65 9731 96 96 [IntRapTrata’66.. 21 5k 52 5w Validity of Levies i B i Ll B G Thompson Prod 1,20, H g USsaizailip o7 %8 st - mtRapfeesdzlllo st 3 m i i - . ¥ N & e . S T'ids Water Asso Oi H i S3%mA46-] ap Tr 2 7 ’ Their History. 100 90 ¥:::ei‘)’|(:|?c::nfin(zn 1o 9zn Tids Water A8 pECS) eavy Liquidation. use 13?25 100 4 Int Cement 43 @ X by States. el Timken Roller B(2). " Gr 52% — 64 Penn Railroad (3 fostickiies v e Int & Gr Nor 6852 58 TR l'obacco Products B 5 N | 250 Peoples Gas(Chi) (8) sttt Lo BY F. H. RICHARDSON.. Bales, High. Low. 258 [ Int & G N ad 6152, 321 BY DEAN DINWOODEY. b TN o Pere Marquettepf... 20a 14 14 Bl il bssisimnmatitanael AbItib PP 5853, 1 3813 A Int Hydro El 62 °44. BB oai : When any freizint rate increase which 107r 4'c PetmCorpof Am(1) 19 5u 4% A Tri-Contl Corp. ar. Ab & St5% *43.... 9 917 | Int M Co 58 ret's1. 64 ain store owners and operators Yy freia Phelps Dodse Co.... 1 T 73 7% R 451 45 45 |Int Match 647, i NEW YORK, October 16.—United#Aileghany C 61 |have not finished their fight against on Steel (60c) . Might pe allowed by the Interstate Int MM col tr 6841 Phila&’ c e e 4 B T 7 Commerce Commission would be re- “,‘:1‘;‘;‘::“1:1‘:‘"\1(5 (‘1{ 1»1- :(fn, fl?l 3?:, 19 Twin City RTf pf(7) 20s | States Government bonds sold at new :;i:fl:::; ity It Eapicater 56 !the levy of State taxes directed particu- fected in net carnings of the roads Dhilip Morris&Co(1) 1 101 10 10w v Ulen & Co. s {levels for the year today, reflecting the | A}}FEoqnY 08 200« INCT LT 4%58 5500 45 llarly against them. despite the refusal some circles it 13 said that an in . . 2 4 < b 49 iof the Supreme Court of the United advance of 1 per cent in the rediscount | Am Chain 6533 | PLillips Petroleum 13 6 5 6 241, Under Int T&T cv 44 5'39. Crease yn rates which are not accom- | | 58% | States on Monday to reopen the case | { 8 i v ) s B 1, Union Carb & (2.60)., 86 v b 3 203 TS5’ 53 Danleg by ' curtaiiment of shipments | ok SR 1wl b et S r;:kuf‘."; it el Ll b L d e Tty 53 in which the court held constitutional 2o Be reficced immediately In the | e Ollintes s 98's Unton Pacific (10).. 1320s s per cent and heavier selling | Am 1ni1 53; Headig 86 |the Indiana chain-store tax law. the el n. However. others conten Pillsbury Flour ¢ 21, Unit Afreraft. . 57 for the account of closed banks and |Am Metal 5% first case before the high tribunal in t whle this view point is undoubt- R bier ol e L S iier e cest kel oo AN e Japanese 5 3 83 |which the issue has been raised edly mn isolated ecases, the ma- Pitts Coal 2 24 Unit Biscuit (2) ... 2 b g Am S&R 18t 5 Japanes; $'54..184 9713 97 971, Two other cases are before the court Jority he carriers would be forced to Plttatonico ORTEOARIEN. . 20 The recently issued 3s went to an 8: Am Sug Ref 6537, Jugosl Bnk 78'57.. 2 53's 53 535 |today in which chain-store owners are :lr’: thefladitional revenue at once for BotEle ARITOH Y. ORI GigarBbnes 2 point discount, the 315 to more than & | Am T & T 55 ‘65 100% 100'; | Kan CRtS&M 4 2 76 75 76 |diSputing the validity of levies made o rm,t x':‘\ ?fm::r?ex\"t‘“ll]‘ex‘a"cc Postal Tel&Cable pf. 2 Unit Corp (75¢)unns 229 7': per cent discount, the 3%s to & 4| Am '11'&1‘:" 5546, 10485 104% | Kan City Sou 3s'50, 4 663 66 66 'Tn‘r;a:m:ln:th U{:l‘ll(“;pla'a\r;x; :xan La;;- ope! s. or Corp pf (3). . _ Am T&T 58 s 1760, . Kan C g 78 7 73 Mississippi. These cases are In conncetion it was said that I e Pt |and 3 per cont dizcount and the Treas | T ogn o5 Kan City o omags 28 03 10, I3 |scheduled for argument within the next n ope oeen: el- Proct & Gamb #2.40). it Gas&Im( ¢ Arpentine 5356 Kerd5is'48 ww.. 2 51'; 51 S dL e Slaves o dgsen aintenance of way, struc- Proc/ECRAIDPICE).. Mt GAs& Im pI(5) ,(r)l(o%_grzx:zrb‘;rr‘h;se represented declines | X1iChiine 6550, Kidisoibonriarenae s 3% o |larger taxes against chain stores than e, B i minm Pro& Refiners... I RIeCRbRVi(2) {° Foreign_ and. domestic speculative is- Kreug & Toll 5859, 31 S0y sl BN SRR Sty 20-celicg unlli siores R et Public Sve NJ (3.40). < Distributing pf s A e spechintiver Easkavisisaite i will probably not be handed down, how- . t. on the basis of test oy Public Sve NT pf (8) OTISEEUT v e TiSing stock merhet 'and | AEentine 6s B 58, LacGSUD S8 80 9 ever. before the end of R [nierstaics Comnence JCom. Public Sve NJ pf (6) um (1.60) i Enrnt o ook IALLEl UG Armi@Cod%u'a9:. Lak %597 1 P o Missj i< that the carriers are now Public Sve N J pt(7) | the improvement in the foreign situa- | Arm Del 5745 '43 s hore 314597 1 criminating _ agains stores {Peratigly more economically than ever Ll L [ Uon. 'particularly in Germany. HIgh- | Atchison gn ¢ : A whether legally or illegally. have delayed lore history. Some of the econ- Pub Sve G&E f (5) . grade corporations issues, however, were | Atchix cv 4158 '48. . Lig & Mscrabs o1 o5 the enforcement of their new I omies Which are now in effect can be DURATICOEDHA) ower with governments. Atch Ariz 413862, Bkt the action of the Supreme Cou maintafled indefinitely, it was said be- Sy ‘Wall Street naturally expected, after | At) ¢ L 1st 45 ‘52, .. DEg e Indiana case. This hesitation of taxing fore commission e et b |{%o successive ndvances in the redis- | At Rtef db 58°37. . 5 il officials may indicate some doubt in levidence, both supporting and b count rate, some extensive readjust-:Australia 434s 56, - 11 their minds as to the validity of their ODposiny the petition by the carriers 10% Radlo Corp. s jment of prices in treaguries. But to- | Australia 58 '55.. s L | statutes for anMincrease in rates. is now being| 60 25', Radio Corp (B) (5) nte& Ref pf 3% day’s decline, coming after two sessions | Austraiia 55 Lou G & El 5352 .. 4- Now that the Supreme Court has cony d by the Interstate Commerce | 241, 65, Radlo-Kelth-Orph A. p SLERTICukin (4)> ,10f falling quotations, was larger than |Austria 7s 43 ,“,\.',([6‘,, <2008 2| finally disposed of the Indiana case Commigsion. Announcement of the| 61 20 RRSeclCstkC(4). | 150 118 S Steel pE (7). ..nn expected. It placed most United States | Austria 78'57 ctf L opsie .':’ v and no further appeal to that tribunal find! is expected shortly 291, Raybestos Man(1.60) 8§71 24 UnivPic Lstnf (83, | Government long-term securities on a |4 0y iy en 2 being possible, States having recently . - Real Silk Hosfery... 4 15 Univ Pipe & Rad. 4 per cent or higher yield basis. Bids B&O 61 McKes & R5%4 x50, placed on their statute bobks somewhat -MPA AUTHORITIES Remington-Iiand. ... a1 8 ULl P&I(A) e for large blocks of governments were B&Ocy ¢l Manh Ry 1st 45'90. similar laws will make assessments un- ESE AR Rem-Rand 1st pf (1) —. i reported in the market. but bidders |} & ¢y {28 Market St 75 '40. der them, the chain stores will con- 10' Reo Motor Car(40¢c) . |2 ey 0 Bsles Coth 1 showed no tendency to take portions of B&Obs D 2000 Marseille 68 3¢ test these levies, and new cases w OPEN BANKS IN MUKDEN| 25 Tepubilc Steal 76% 131 Vanadium Corp .| the ‘amounts bid “for and kept their |} &0 22 il Mex 45 assid 1904 undoubtedly arise involving not or 5¢ RepublioSteslpr. 60 Van Rualte 1st pf 3% bids well below existing quotations, 4 Mex 4sastd 191046 the constitutionality of the statutes B&OP&WV 4841 B&O Swdyis 50, Bk of Chile 635 '57 5 R e eTe ConELICAD 71% 48 Va-Caro Chem pf (7) 1 Midvale § B o Revere Copper ( .. idvale Stl 65 '36.. Some of these bids were encountered ation, but their interpr L |on the decline, and after the early dip ; Ostensibly designed for the ec&l'wr pt (6). 708 Reynolds Metls(1%) 208 Japancce authorities in the Mukden | 22% Milan 6158 '52 2 e 1% 32 Vulcan Detin (4). tat v Mil E Ry Sl the Dresent battieground of the| 54 Leynolds Tob B (3) R 1 quotations improted a small amount. | bk oo GPie 62 MIIE Ry & L 361 of raising revenue, the laws t I oo dkpute anmounced they | 10% Kio Grande Ol 26 513 Wabash R 1 The market was heavy at the open- | Laisfumm gotss. M CHe ool islomstor Sl s b ._bave opened the provincial and fron-| 26 Rossla Insur (2.20) 51 10 Wabash | % | ing. Beiglum 6138 "49... b (ot e e 2789) MSP&SSM 5155 78, MK & T 15t 45°90. . MK&T prln 5sA'62 Mo Pac gn 45’75, Mo Pac 55 A '65 Mo Pac 58 F 77 Mo Pac 55 G Mo Pac s H '80. under the supervision of the | 42% 13': Royal Dich(m! Mukden Administration Committee, the | Commerce Department has been ad-| 691, 38% Vised. 97' 75 Safeway Strspf (6). According 0 a cablegram from | 08, Safeway Strs pf (7). Trade Commissioner Christopherson at| 30% 91 St Joseph Lead (1).. Mukden, payments are to be made in| 62& 63 StL-San Francisco.. paper and only limited withdrawals | 713 StL-San Fran pf(6) » 17% Waldorf S 8% 2 Ward Baking (B) 57! 24 Ward Bakinz pf ( 20% 4% Warn Bros Plctur 40's 10% Warner Bros pf 3.85. 5 Warren Bros. 1315 Warren Fd&Pipe 61 1214 Wesson Oil&Sno( The most active losses were in high- grade issues, such as United States Governments, Atchison general 4s, American Telephone 5s and 5',s and prime municipals and rail equipments. Speculative bonds lost some of their gains of Thursday. but this was due 2| to the absence of the hinted announce- have been enacted by State Legisa- tures with the purpose in view of mak- ing it less difficult for the local inde- pendent merchant compete with chains often controlled and operated by _persons living outside the State. The trend toward Jegislation is evidenced by the fact that during the Belgium 78°56..... Bell Tel Pa 55 B 48 7 Bell Tell Pa 55 C'60 afeway Stores (5).. e ol , % Wes: 3 £(4) 34 s Mo Pacrf 5s's1 8 f t ture will be permitted. 7 St Louis Southwn... » 44l Wesson O&Sno pf(4) 1 2 |ment from Washington on the railroad | petn St v ac r: . Spring sessions of State Legislatures 1'r'hc- l‘r'\". argo on the removal of sil- 4 Schulte Retail Stores 61 West Pa ElI pf (6) 1008 3 |situation rather than to any change in L: 'v?.“" Mo Pachlzs A49. . a total of 53 bills to tax the ownership ver from Mukden is to be continued. 40 hulte Stores pf (8) 61 West ’a Elec A (7) 108 | money rates. Bolivia Mobile-Ohio 5% '28. h according 10 Christopherson. He added | % Seaboard Alr Line. .. 90 West Fa Pwr pf (5). 1708 4 Foreign dollar issues reflected the In- | Loty ia 44+ 55 MontHowkbstie=. than the tax on the o That the opening of these banks is eaboard Air Line pt 1415 Western Dairy (A). ternational situation with firmer prices. | Bordeaux 61 34 Nat Dalry 614543, {one store were introduced in 25 Stafe expected f0 result in some improve- Seaboard Oil 4 Weste | German_dollar _descriptions gained s | Bost & Me 4 % ‘61,100 Nat Steel 55 56 | Bills, each proposing a 00 ment In the currency situation. He ! 31 Sears Roebuck (2 » Western Mary iand. % | Point. British 5!55 were firm. French | Bos & Me o8 Netherlands ¢s | per store, were introduces sa asserted that merchants are changing rvel Inc.... 3'¢ Western Pacifc m:imflxlmn bonds were unchanged. | Brazi! 63826 v K | Ilinois. Pennsylvania. W ins prices to a silver or Shanghai-dollar harp & Dolime. ... 612 Western Pacific South Americans were inactive, Brasil 85 4. 515 54 and Wisconsin. A measure in the basis. hattuck(FG)(1134) £3t Western Union (6). | 2 g & Hiewi _M“?,hh‘,g,m{ Legulature even pro- hell Union Oil. 5 Westinzhse A B " e | posed a tax of $2.700 per store. g Shell Union Oil pf. 390 Westinghouse ( Washington Stock Exchange |iixiya bies evi: nean s, { (Copyrtent, 1011 PROBABLE OIL DEMAND i e i SALES. Bkiyn Un 1t 58°50, N X Centdb 4n s : . o 5a « Wes 1o ¥ 3 61 P N YCent4}in2013. AHOMA! & 7 46 Wie Steelip 2 W??dungd & Lothrop com.—10 at 30, | Cakyiectimiit. NY Cnrf 43482013, “|BANK CLEARINGS LOWER IS FIXED IN OKL. 30 0ss Sheflield Steel, 75 White Motors. o at 30. NYC rf im 58 2013, - & 5 221, te Itoc 15). 2 TE| N Y Ca 5 e e ALTotE e Preas o ~Vacuurn 160 3" Wilcox Ol & Gan. » Potomac Electric Cons. 55—$1.000 at NY CASIL ¢35m 78 e —— TULSA, October 16.—The State-wide olv Am pe W (535) 1% Wiliys-Overland. 1 102%, . I NY C&St 1. 6 By the Associated Press. Proration Committee vesterday fixed Port Itico Sug 4212 Woolworth (71.40). 11, | Potomac Electric 67 pfd.—2 at 110, 5 | Canada ¢ °6: NY Edisn 5s B'a4.. NEW YORK. October 16 the “probable demand” for Oklahoma r0 Sug pf(8) Worthington Pump. 2 at 11012, 10 at 1107;. Canada 4338 NY Fd 1st 614s'41, clearings are again T oil from November 1 through Decem- 1 outhn Cal £d (2)... Wright A ) 73 13, | Capital Traction Co.—5 at 2. Cankamon b NY ELH&P 45 '49 duced. The total t ber 21 at 545.000 barrels daily and ad- 45 uthn Pacific (6). « Wrigiey (Wm) (4 60 A . o NY ELH&P 58 '48. . ing cities in nited States feated taking of new potentials from 14 Southern Rwy (mé) . sl & il Sl Bid and Asked Prices. o sl Ly ported to Dun view, was the Seminole field. 9 Spencer Kellog (80c) o M i N BONDS. Can Nat 4138 e 4% 67 430,000 and shows a loss of Okiahoma flush wells were ‘reopened 6 Spicer Mfg... 21 21 21 5 Can Nat 43;5°68 Ny cent, compared with the sam PUBLIC UTILITY. ‘an Nat 4 1214 Stand Brands (1.20)% t week by Gov. W. H. Murray, who| last vear. At New Yi sed production with martial law for tand Gas&El (3% ). Zonite Prod Corp (1) 1 Th T % — 'l amer w1 & Ter Bi4. Asked. | Can Nat NYO&W 1at 4532 STonat was $41331 0601000 & A e aTCGovesessatent vo Stand Gas&El pf (4) Sales of Stocks on New York Exchange. rer e k' 30 BT | Can NatBa Oct 6y, KRt T of 31.4 per cent from that of a ve rease the price of oil to a dollar Stand Oil Cal (h23%). 200,000 12:00 Noon....... 700,000 0% e o o 68 23 i“'"'\'“ s'70... 2 %8 While the total 10t the SIes outaiar o el. Purchasing companics are and Oil NJ (12) 400,000 1,100,000 | C & P Tol of Va5 Jhee I ||eERNGETEdDHUS Nia Sh Md 5% s '50. | New York of $1.965470,000 was below aving a tax of 70 cents $) (12%). 1d rates ac y : are they annwal al Traction R. R 9% qp || CEDERcabg Nord 67, 7 | that of last year by 29.7 per cent. The committee's “‘probable demand” Sterling Secur (A).. :lo"hA payments based on the latest quarterly or half- 1y decl: & Sub: l(l“.Y: I\iL :‘;7 0 | « -\_0If. | week, both this year and last, compris 1.000 barrels less than the daily terling Sec cv pt(3) T 3ns 15 Sl [Can Pacdias’ Nor & Wnev 4n 56, ;. |only five business davs at nearly evers allowable fixed for Oklahoma in a tri- tewart \Warner... . 4% 10 stock. Pius 90 siok. Pa E c s { Car Clin & O o No Am Co 53 61 { city reporting, hence the very heavy re- 4 State compact with Kansas and Texas. tone& \Webster(m e e oony * nYaD i GREL GL ALOCkar Blus Bt in)stock: & M Vernon it Car Clin & 0 65 Nor Am E B duction that appears this week com- A public hearing to fix allowables for Studebaker Co(1.20) 3+ in stock 4 this year—uo regular rate. nPius 8% in on Gas Cent Luois = NorAm E 513863, pared with the preceding week. The A1l prorated fields will be held at Okla- Sun Oil pf (6) ok o Wash. Gae co s Nor O T & L 6347, LB M e Nor Pac 4s'97. ., Nor Pacri6s2047. Nor St Pw b5 A 41 Norway 55°63 Norway 533m " Norway 6543 Norway 6844 Norway 68'52..... Ore Sh 1, fs gtd '46 Oreg-Wash 4s61. . Orient dev 5335'58. oma City October 26. sawssovss reces | 1) ) PANNERS ADD RAISE IN REDISCOUNT RATE |, vt [ e e85 rancs %5 contimgar 5 MAKES LOANS MORE PROFITABLE | &/ % a7 5 P per cent loan. 101 francs 25 centimes; | < : CB&QISLIfH Exchange on London. 98 francs 25 cen- e e STOCKS. CB&Q L dv 4s tmes. The dollar was quoted at 25 . " - _ " s 7 3 Chi& Est 11 58% il centimes, | BY CLAUDE A. JAGGER, ket money conditions. While there| ~ ~ PUBLIC UTILITY. e Tht Grt West 43 genters, wk |at & number of the Southern cities tr percentage of loss in bank clearings again below that shown in th Bank clearings for the week. {ported to R. G. Dun & Co., = | decreases compared with the same pe- siriod a year ago (Totais Ogen4izs sz, Chi& Al Associated Press Financial Editor. has been in recent months a vast sur- ChiM& St Pds” - ei L NEW YORK. October 16.—The New blus of idle funds in this market tend- 110 Lt Ma StP 41a8C Orient dev 6s°53... Philndelphia TREASURY CERTIFICATES. T York Federal Reserve Bank retreated NS to depress mones rates. this sur- i, g |CMswariad Pac G&E 5842 n T 0 W Bl & Co further from its cheap credit policy ng. or will be, reduced by P, BhijCM&stPad)s Pac T&T 1st 5 Rate bt a8 ofter Thousands of Jobless Turn vesterday by advancing its rediscount {he outflow of gold. the' sale of the % Chi& NW gnds Pac T&T rf 68 /52 notes of the new National Credit Cor- | Wash. R¥y. & Flec i7as Dec. 15 1931 90 hI&NW 43 rate—the rate which member banks Pan-Am Pet 6s '34. " 28- 00 H r' NATIONA AN v { Cleveland 31,3 Dec’ 15. 1931.32. 100 2 | to’a level of 31 per cent. This was on tive Government borrowing to meet | coRity . ')y, 2o 232 |Chi&NwWend Parig-Ly M St Louis 1'3s Sept. 15. 1032 9 24-32 Livelihood | top of last week's advance to 2!, from the Widening Treasury deficit. to make rcial (stamped) 10} 200 | Chi& rf5s Paris-Or 5 oa e . — for Livelihood. 1175 per cent. loans to rallroads or for other con- B B T 210 |h1& NW 634836, . Penn 41,3 D 81, . ? INVESTMENT TRUSTS | le Reserve authorities. in keeping | StFuctive purposes under consideration. | fiyesiy™s5i, " Lt N Chi RI&P gn 4s 38, 11 Penn cv 435860 | with their fixed policy, declined to Cheap Rate Fails, neoln «10) 2. O e 00 Penn gn 4135 '65. NEW YORK. October 16 (). —Over- | Special Dispatch to The Star. | comment, it was said in high banking Raornaan S t:hIJ: l:‘v;‘:- 60. 1 Penn 433870, 852 2 Dallas | San Francisée” P d (5) The cheap money policy. through | BI85 /125 i which the rate was reduced 1 per gton (13 180 205 ChiUn Stos'4 Penn 43,563, the-courter market. SAN FRANCISCO. October 10.—In- circles that the Reserve was at the same 2 2 enn 4 Bid Asked | 4\ ations are that California’s gold pro- | time urging member banks freely to A B C Tr Shrs ‘D B S ] cent last June, the lowest in the his- y i Cui Un Sta os 18 63, Pen ; G TSt el R extend credit to clients for all needful (CNt last June. ti y TRUST COMPANY. enn gen 63 ‘65, . S e e H 13'% | duction during 1931 will be found to nr legitimate demands, and explain- :or,\ of the Reserve System. has failed [ smer. sec & Tr. Co. 115) 209 315 | Chile6s’6l... Penn 6145 '36. an 3 - | have been increased over previous vears fng that the higher sediscount. jate {0 increase ‘commercial borrowing or | &S L I3 lCSe Penn O&D 4158 17, Am 25 by between one and two million dollars | should not be interpreted as indicating | 1% SURUEIe trade. lflnd has had some A 1 Penn P&L 4138 I s Am 35, A e cho @ desire to restrict credit. not to cur- fdverse eflects, such as reducing the 190 200 | Chile Cop db 68 Peoples’ Gas 53 "4 Sl Am 4+ _4%|by an army of 10,000 unemployed who & I Hiemlier benik borrowings | interest which banks could pay on s D400 o | Ll Pere M 1st 45 '3 | Am Fd 3 3 |have been industriously panning streams | i p | deposits and removing an_inducement SAVINGS BANK. CCCESE L4 s £ Pere Mar 4135 Qeiober 1o dnte ... 11362827 A e 4c 8 Explanations for Raise. | to_keep money in the banks. sda. (85) lev T4 Al Peru 6s°60.,. A P 3068 A e iEe";‘&;fi?fii’%u’r'fi.vé"&m“é’.‘i’é“s’\’,‘,'mfii‘fir The following explanations for the _ The Reserve Bank's daily statement | Com' & Savimee (107 O [Sipydermanaiic 2 Peru 7s ‘59 e R T Am I 2, .| cold nights in the high altitudes are higher rate were offered in prominent | {f 80ld movements showed the smallest | EAit, Weshipston (12) B | ClevTerm s Phila Co 58 Fror e TS P 24’ 28| now making life in the open a hard- ,banking quarters: | foss in sometime, amounting to $18,- | sec. Bav. & Com. Bk 500 | Cologne 618 '50... Phila Elec 48°11, ... S A « 1 |ship for all but the hardiest, and| (1) The 3'; per cent rate will| ?“r“&"“,"v 1,;’h°°m“5! to $48.000.000 yes- | Seventh Street 112) 430" | Colomb 65 Jan '61.. 11 Phil & Read 6 '49 %" .| Autumn rains will soon end the gold cause an incresse in open market| (STO3Y. he days transactions inciua- | WIS a0 Colomb 65'61 Oct., 32 Philippine R 4'37. GENERAL ELECTRIC. ~ Ve , but cone ons for money rat and make it more pro! o | ' y 3 ol il ‘38...0 3 Pl i ¢ g | Tyt e exceptionally favorable | ble for banks to losn money 7o in- | $4.446.900 to Holland and $2.493.800 tg FIRE INSURANCE. Colo & Sou 434850 11 Pl R e SR TN S a0 ety 32| to the thousands who this vear turned | dustrial and commercial purposes. It P:;x:l\;lfivm llLLe]rnnlmn}:\l bankers ‘saiq [Smecican GD)...... ' ol | Col G&E 58 May's2. 26 Pirelli 75 '52. ... Ql‘ec‘(’;x’c ';‘fii“nfii"cé’f-p?'fi? d?\?xg:;a! 2 s f finding a living. The should tend to overcome ultra-conserv- foreign balances here were rapidly | Firemen's (8.0 407" | Col G&E cou 58 '61. 58 PCC&: % d 2| e for “the most "part has been | atism in extending credit. = While he | being depleted by the large purchmses | Navmel Dion (18 ./ . ol et L s ok requirements on_its common stock this | e ithout, rains, and the streams higher rate makes it more expensive’ Of gold, and that regardless of the rec TITLE INSURANCE. Con G XY 4348'51. 108 Poland 65°40. . .. .. st B A Al o g 67, | and rivers have been low, allowing sec- | for banks to borrow at the Reserve, their | discount rate, the movement should | Columbia (6n: . 7 10%[Con G N Y 513845, 58 Poland 75 '47 September s $1.07 & share. com- 212 | fions of gravel to be worked that have Reserve borrowings are normally much | begin to slacken. The higher redis- | Resi Esiate (6. UM 160 Con PwrJap Sks.. 8 Poland 8550 S e et 5 | not been available for vears. | smaller than their extensions of credit count rate, of course, tends to increase MISCELLANEOUS. Con Pow Japan 7s. 20 Port Gn E1 415560, AEANAEAT ot e e 18 A0 walter BT IeGISRemines SOB HEORELRIIL B e | moncy rates @enernlly, making it more | ol Medical Blds. Corp (81 30 ;.. | Consum Pow 5753 1¢ Por R Am T 65 '42.. b e L & yos 8 Bt 3 a8 |is authority for the statement that the| (2) The increase to 3'. per cent able for ers to leave their | (ol Sand & Gravel'pfd, (7 Copenhag 4% '53.. 16 Pos Tel & C 5853, . 5 = Ehim & Foxr e ” 18 20 | gleanings of the unemployed horde will should have a stimulating effect upon | funds here. Bist Crlunes Mip, Bl ... © o3 |Copennagsasz.... 2 Prague 734 s '52. “‘;1'"’6”;0[‘_2“‘,3:‘8?"}.[':3{"g‘,c‘c’fr"g“iz“;‘;‘ Crum & Fost Ins 7 of 3, " | “make an appreciable increase in Cali- | bank stocks, through increasing po-| A distinctly encouraging item in the | Emer. Bromocsels A (2 28 | Cubab3s 4b..u... 11 Prussia 655 s 8 Cents siate in tha Do Abe e Bepos Bk Sh Ny A .74 .| fornia's annual gold production.” Mr.| tential bank earnings, s did lnst week’s | Weekly Federal Reserve statements, it | Ecdertl Sigroee nd, (a0 13 |cubarkee7 1 Public Serv 4271 ter ‘to cover the present dividend. of Depos 37 | Bradley, who has just returned from|increase to 2': per cent. This should | was pointed out in high banking quar- | Fed -Am. Co. pfd. (6) 102 |Cuba Nor5%s'42.. 10 PubSv G 413867, $1.60 A share per annum. In spite of Dlversifed T¢ B &' . | the mining country, says that the un- | tend to Testore public confidence mi ters, Wwas an increase of currency in | Lnsion Monotive (8 71 [ SRR 1 I the falling off in_earnings. General Diversified Tr € 3 employed panners have washed out banks. circulation for the entire country of | Mer: Tr. & Stee. pia. (D 90 | Del Pwr&L 4%s71 17 Queenstana o8 47 Electric shareholders have increased in Div ed Tr D i from 40 to 50 cents to $3 or $4 a day.| (3) While leading bankers have not| only $42,000,000, against $185,000,000 | Mergenthaler Linotspe (6 6 4 - “ . 45000 - Eaulty Taves 2 He thinks the average is not over $2.(been averse to the large cxports of | last weck and $82,000,000 in the pre- | NAtl Mixe. & fnv. od (8 1, | Del& Hud ££ 48724, 39 Queenstand 7x'dl.. the past year by 42,000, or 30 per cent. 98 *| Del & Hud 53837 7 6% | Denmark 414s°62.. 38 105 | Denmark 5%38°55.. 15 20 | Denmark 6s’42.... 15 Fauity Invest pf Fauity Trust Shr Five-Year Fixed Fixed Trust_&h Fixed Trust Sh B . Find Tr sars A und Tr Shrs General” Eauity A Read Jer Cn 45 '51.. Rem Arms 6s A '37. Rem R5%s A "47. Rnine West 65’52 Rhine West 6553 r i v i td. i85 The estimated total production s thus |gold from this country in the past four | ceding week. This was interpreted as | heoh guChe® o0 "5e8 placed at about a million and three | weeks, they recognize that the outflow | tangible evidence of a return of public %::"]',‘?’; “E""(S?.“cé'r'm' e e Ret. o ‘Th Sales. High. Talwan EP5Ks71 2 69 Tenn EI P 6s A '47. 2 102% Texas Corp 58°44.. 24 8313 tavtersidollars . | has been so rapid as to cause some | confidence, probably attributable to the The thousands of gold searchers have | misgivings and misinterpretations on | formation of the National Credit been scattered over the four or five|the part of the public, both at home | Corporation, while increases in circula- | Wi 5 tion in normal times indicate greater | Waoodward & Lothroo pid. (11" . Denver Gas 58 '51.. 5 35 |DERG Wbs'65... 6 12 a : hundred miles from Central California |and abroad, and feel that a higher B LE LR Rhine West 6355 D Te 6120000 ‘2 a6 G inmin Trad to the Oregon line, being particularly | rate will tend to retard the movement. | business ~activity, bankers say . that | we o i B el O e Rhine West 75 ‘50 e PhcbeB 11, & 68 Incorp Inves: . numerous in the legendary Mother Lode | (4) The increase in the rate brings f recent increases reflect to a large degree | bBooks closed. 321, extri Deutsche Bk 6s'32. 31 Rich Ofl Cal 68°44. Tex& P5sD'80... 4 69 e T district. They went into the hills in it in line with more normal open mar- | the hoarding of currency. 125 extra. 37 extrs Dodge Brcl 65'40.. 2 Riode Jan 6%s'53. 15 Third Avrf 43°60.. 18 45 Int Bec corp Am A.. the early Summer from olties, towns — §17 extin % extr Dugquesne 43%38 '67. 105 Blodensianice: o ¢ Third Avadj 5860, 20 281 Int Sec Coro Am B and country districts, equipped with | e o RGrDoSul6s'68., 4 12 Bl esia P Intomee A o bt camping outfits and grub. Some went | EXPORTS OF CHEMICAL | Creole Carrots. East CSug 74 Rio Gr W clt 4549, 1 Toho El Pw RIAr&L4%s'3¢. 2 75 2 | Tokio 5s 52 5 Ny con At 44 "'$% in singly on foot and wrapped up in a res Trus: Shares Lefona Int gec A Seeond, W 87 1% ut Seur"Cotn Gen_$6 B t Trustee Sh .. I | blanket at night, without shelter. Others SPECIALTIES INCREASE Cook some young carrots in bolling| SHORT-TERM SECURITIES. |iriegen s Rome 6148 °52. ... 16 Tokio 5%s ‘61 Leaders of Indust 3 3 il | barged into the hills with broken down | salted water until tender but not soft.| (Reported by J. & W. Seligman & Co) [Eriecv 58’67 Roy D 45°45 ww 4 e navAn 4y Leaders of Tndust © 37 Piicars and canvas shelters, while still| T Remove the seeds and fiber from | anis- " Rig; ofer. | Brtwsn®7s. StL IM R&G 4533, 20 bkl Low Priced Shrs £0 824! Gihers rolled in fine cars with elaborate | United Stat é Allis-Chalmers Co. 5s 1937 91T, 931 = 2 ; Un Pac Major Corp Sh fi1 31| others rolled in fine cars with elaborate | _un ates exports of chemical green pepper. Cut the carrots, green | American Ghain Co. 63 1933 " 94 * 98 ”|¢int 7s war... StULESFIn4sA’§0 6 4 Un Pacrf 43 Mass Invest T: . 1z 20's | camping equipment. gly, | specialties during the first half of 1931 | d iihsrte i American Sk Tel_Skis 1043 1081 108% | Fintand 5348 58... 11 StL&SF 4%s'78.131 32 9 g Un Pac 448 6 Mutal Inv Tr A ..f.. G, jand threes in some cases entire fam- | amounted to $2,783,000 from $2,715,000 | PepPer and a pimento into thin strips. | ATEr, Wat, Wes. & EL G2 1 $ 9% |Finland 6545, 1 SUL&SFp16sB'50 1 Unit Dre ¢ Muruel Masaee i 4o lilies, they have spent their days orky|during the corresponding period of | Heat a little fat in a frying pan, add |Belding Hemingway fo. 85 1o Finland 6 StLS W ist4s'89. 3 6 Utd King 5 Natl“Indust Shrs = 1 {ing sand and gravel for gold dust and | 1930. according to the Commerce De- | the carrots and green pepper and cook | Eohishem Steel Cord | 55”13 Fia E Coast b3 5 SUS Wen 48°32 1 Un St W 6% A" Matl TS o . | fiakes. . e | PRIUMeENt's Chemical Division. |slowly for 10 minutes. Do not brown, |Chi. Northwestern K. R.3s 1933 . Fond J&G 4138 1 StLS W 58'52... Ud St W 5%sC'51.. umym';kTT‘S!m':’" : 3 M The minimum l:qmpmtntl is a shovel Many countries shared the increase, Add the pimento and some salt and |Chicago Rock Island 4s 1934... Fram I D7%8%42.. 2 San A& A P 4843 Uruguay 6s'60. Norern secur 5 T jand a gold miner's pan. which about with the United Kingdom as the lead- pepper to taste, Mix well, When serv- | Slieado% & Wheeling 5 1633 French 784 34 Sao Pau Ta'40ret.. 18 50t 4813 50% | Uruguay 656 Ol Bhares uniis . 2 2 | foot and a half in diameter, resembles | ing market. Total exports to this mar: ing, sprinkle with chopped parsley. Commereial Credit Go. 1os 1935 . French 7%s'¢1.... 19 Sao Paulo 8s 36 4 40 40 40 |yuruguay 8s'4 Qld ol oy rrust Assoc. 1: 20 !a big frying pan without a handle.| ket amounted to $1,232.000. in com- ¢ 5 o Ehi] Delaware & Hudson Co. 85 1933 30 |Uiah P& L58'44.. Bedraienm . Trad. A : 13 |Many built rude rockers with whxch;p,mm with $871,000 in the 1930 | Denver & ‘Rio Grande 4'2s 1038 Gelsenk'hen 65'34.. g 35 | Ut Pws 9 ww:. 1 Public Service Trust H 15 |they could work larger quantities of | perjod. | NEW YORK BANK STOCKS |Genera ey %‘;’,‘;6 & 1540 Gen Cable 5%8°47. 1 Util Pow 5%8 47« o B 105 1 46 44 45 [vienna s 39 6415 634 63% [ vaRy4ls'62. Gen Motors 6837, 44 Gen StCas5%s49. 6 65°40... 28 Gen Th Eq 177 'gravel, and a few, where more Water = The industrial chemical specialties | General Public Service o Seine 78 '42. ‘jwu available, utilized small sections of | exported included insecticides, rubber| NEW YORK, October 18 (#).—Over- | (iand Trunk of Cana Serbs-Cr-S17s'62 Shell Un O11 b8 "47 Vanadium St 5541, 8 sluices and mined on even & larger | accelerators, textile chemicals, water the-counter merket: HEmbe gt $128 scale. In the Sierra towns gold dust! gofteners a; Laclede Gas Light Ci German 5%s '65. et e Bnared.. i< "still mot an_extraordinary. medium | Songre 5, A0 purifiers, - polishes and BANKS. New' York" Gent. & 7. 4 German Bk 63 °38.. 10 Shell Un Ol Gs 65 Va Ry 1st 68 '62. electe hares s Eants. Ty Pl Bid, Asked. | New York. Chi. & Bt L. 6s 1033 65603 18 e v 2 Selected Manage of exchange. many merchants having i e | America 3817 40'; | Northwestern Telep. 4%5s 1034.. 10004 Ger Cen Bk 63 Sinc O 7scv A '37 8115 Wabash 4% 2 Shave e o8 puind permits to buy and sell the metal. These = Chase 4z 500 [BaT'R ; 1934 ioa4 Ger Cen Bk 6860 0 35 i e S 5 5% wabasnist Standara Allsamer Tr 8 +i merchants have had a good Summer | Charge on Commodities. | Ghat phenis 1 1% 33 | portiand General lec” 531635 103 German Ts rep 4. 83 e o 3 a5 | wabasnssBze.. Stand Aot ust +,in spite of the world depression, trading| gAvANNAH, Ga., October 16 (#).— | First Nations] N Y. Sinclair Crude OIl Co. 813 1938 97 Gainan Bank?8 OV o Solssons 6336 9917 99 69| Wabash5sD'30. .. 50 ! bacon and beans and other recessities, 432 { for the gold brought in by thousands of 412| new cuccomers. Ger Gen Ei Goodrich cv 6 Good 1st 638 '47 Southern railroads, reaching from Nor- | Natioas" Citye. | folk, Va., to Gulport, Miss, have put ! Public 101% 101 101 | Walworth 6s A '45. " . . | Warn Br Pic 6s'39. 193 109 d0as | Warn Br e 8T e " 1y Sou SW Sou Pac col 4 State Street Invest Super of Amer Trust' A Super of Amer Trusi B Super of Amer Trusi C 9 Southern Pacific 55 1934 o 2 St. L IMS Ry.R. &£ Q. & l:l! 83 Giion Elec L & Pow.’ 58 1033 100 nion Oil Co. of Cal 95! Sou R: “Go on” was the usual permission. | gold production by 15 per cent. And Hud & Mrf£5s'57.. 23 89 8813 883 g pyg “There isnt much gold there, but ine 1"’{000 Tinve ‘earien st Jeast their | e i It r:yflecl.; theuhu}g; ghlnmen“ 1r0m | umble O11 55°37.. 2 100 100 100 | Se 01N ;‘h.. you're welcome to whatever you can get ' pacon and beans for a whole Summer Exports of raw silk from Japan in.the United States which since Septem- ' j,m 00 5%8°32, 32 1004 100% 1004 | S OiIN Y 4148 '61., 7 98t 92% 92% Yokohamn 65°61... o e s ; |into effect a charge of 5 cents per 5 . SeH i b Super gf Amer, Tt e ety Government. oped. | hUndred pounds on CommOGIties trans- pyyers: 57| Wabash Rws. Go. 85 Tos o SO Fat an oaii 3 Sou Pacref 4 Ba sau 83w | GATe I8 100 Thusiee” Standaza oy €100 %) but in many. chses gravel has been Ported by truck to and from their port- Brooivn - . 280 st o i Grand Trunk 7840, 13 Sou Pac 4% 77" 167 a7 NEEEEIEE o Frustee Bland Inv D. | Worked on privately owned property. |o¥ned terminals. Sontinental Bank & A LD Hi Grt Nor 43876 D. 14 BouPdus'esww. 10 78 76 7RE| ol g 0 Thistee 8t Ol Sharer s ! Ovmers genérally have recognized that | | Eorh "ERehanee. Bom GO OLDINGS. Grt Nor 43817 E. 2 e 8 e ] Wastesotaras ; : . ner i — xe B B : ou P&OF 4%sTT. 1 89 BEN &9 i Trusteed N ¥ C Bank o s | Empire 331 381 EW October pec s, W 51, TEEd, Amer Banl Sidies e unomoased mud. have Teesty” given | yastied out datly for 3 months by 10,000 usrinty S B e incteaseln getd Howings of (hé | GFs Nor em1a/déi; 32 SouRysndstse... § 65 86 55 | WO UNOR LNl Y 2 Century X st M pei 1S 'S ITTINES 14 3 - Bl . L. ;e gro-Year Trust Shares...... them permission to enter. | pessibly to increase California’s annual Manuiaciurers 33’4 jas'|Bank of France shown yesterday Was|yi.qs Madj5s’s7. 6 e - “| Wes: Un 6323 °36. . 2 T4 T 70 | wnSew Mch6srid. . I e 1ot WEACe st 8s a1, United Fixed Sharcs S i Uhited Foundry 1-70th com the largest for any one week in months. Tnited Tns- Shares United Bank Trust won penoleratinomEEaR auen oBeamn— U 8 & mritieh Int Lid A " I the first half of this year wers 55 per ber 16 have amouhted to over $636,- 15 g T & LR T out. Even thst. in this day and age, it is 3 Hungary 1%48'44... 3 40 404 40 | gl g 16 98 93° 93 TesnmSLTssA'TE. 2 8l 81 U £ AR LiEn & Bower Tn by far the most cases there wasn't generally agreed. is something. cent greater than for the corresponding 000.000. The Bank of Bugland indicated & 1585 7 101% 101 101 . Ygstn S&T 5s B'70. 831 8% 824 S0l T dhres much, but when even & little gold i (Copirisnt, 1931 period of 1930, - s moderate gain in mBa1Tel s 1408 10k loi Swised ¢ N