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FINANCIAL, CURB SSUES MOVE | * INNARROW RANGE Market Turns Irregular Aft- er Rallying in the First Hour. BY JOHN A. CRONE. Speclal Dispatch to The Star. NEW YORK, October 17.—The Curb Exchange, after an irregular owening, moved toward higher levels today, only to slip off around the end of the first hour. Electric Bond & Share showed firm- ness, as did Cities Service. Standard Oil of Indiana eased and Gulf Oil was off fractionally, which was true also of International Petroleum, but Impe- rial Oil advanced. The advance in coal quotations in this and neighboring States caused an incréased demand for Glen Alden Coal, which lifted the stock more than 8 point. The company's earnings dur- ing the Summer are understood to have been at a rate which covered that por- tion of the $4 annual dividend on the capital stock. Declaration of an extra dividend of 25 cents by Charis Corporation, in addition to the regular 50-cent quar- terly payment and the usual 75 cent quarterly common dividend on Penn- Mex Fuel Co., had a bracing effect Ofis the miscellaneous industrials and oils. Packing shares like Swift and Swift International bettered. Carnation Co. was moderately active but unchanged. Chain Store Stocks, Inc., softened, but some of the grocery .chains, notably Great Atlantic & Pacific Tea, moved upward. Fox Theaters and General Theaters Equipment preferred led the advance in amusements. Western Maryland pre- ferred. which netted a gain of 10 points Friday, lost half of it on its first sale today. Pennroad Corporation was a shade higher. National Fuel & Gas firmed and Cord Corporation and Durant Metors were little changed, but Stutz Motor lost 3; after its recent rise, based on official statements about the company's reorganization progress. BONDS ON THE CURB MARKET. DOMESTIC BONDS. ousands. High. Low. Close. 7Alabama Pw 4'zs '€7 89 ' 83 89 3 Alabama Pow S '68 98'4 9814 14 Alumy Co, 85 52100t les in O ks e S, 50 t Inv 5s A '54 3 s Boston S5s 33 1 & L 55 A 2030 1 Empire Dist El 55 '52 77 5 Empire O&R 5'as '42 1 Federal Wat 5'3s 18 Florida P & L 5 '54. 3 Gatineau Fow 53 136 7 Gatlneau Pow 65 '41. 56 4 Gatineau Pw 65 B "4l 4Gen Bronze 65 '40.. 3 11Intern Sec Am 5s '47 1Intersta Power 7 16 Intersta_Power 65 ' 23 Interst P'S 41.5 58 F B 2Towa Pub Sery 5s '57 T 2 Jer Cen P&L 55 B '47 Ken Ttilit ist 55 12 Kopper G&C _5'35 1Kresge 55 " 4 Lenigh P ibby McN & I, §s L 58 '57 g o aanarusane. RRRRZRRRZX 22 61 9114 013, 9 e H Wat 4las eftield Stl 5'is 48 U e 2 W 3 G 3 Staley Mg 65 '42.. 2Stand Gas & E 65 d G&E cv o cv. Union Guif s " Uni Lt & Ry §las '52. Lt & Ry s a2 < dcc Sl w 'Pb Ser a5 A '46 Q0T {-Astor T8 34s t_Penn 5s 2030... Tex Ut 88 A '8 FOREIGN BONDS, 47 25 n i '’ r 882 e RSN e shumEgNanEne 348 —With warrants. Iw_Without warrants. Fi-When tssued. 2 | missions, is suggested to take over all a ! functions. 97a NEW YORK CURB MARKE Stock and Dividend Rate. g’k Michigan Gas & Oil.. Stocks sold in 100-share ~Prev. 1931~ Stocl High. Low. 24% 1% 3% % 224 70 102 25 60 2y 60 11 10 2% 17 4 12% 3% 315 4% 5t 1 97% 324 5% % 5 % 1'% 2% 2 Dividend Rate. Affiliated Prod 1.60.. 1 Allegheny Gas Corp. 1 Aluminum Co of Am 900s Aluminum Co Ltd 1 Am Cyanamid B. ., Am For Pow war. Am Founders . Am Gas & Elec (31). Am Natural Gas..... Am Superpwr (p40c) Am Util & Gn B vte., Anglo Chil Nitrate.. Appalachian Gas Arkansas Nat Gas. Arkans NatGasA... 4 Assoc Elec Ind (30c) Asso G&EI A (b2-25). Atlas Uti] Corp. Atlas Utilities war.. AutoVM cv pr pt 50¢. Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit A T reg 1.13 3-5., Burma rets 127 3-5c., Canadian Marconi 4 Carib Syndicat Carnation Co (J1%). Cent Stat El (b10%). Cent West PS Aall Chain Stores Stock. . Citles Service (g30c) Citles Serv pf (6)... Claude Neon Lts Inc. Clev El Illum pt (6). Col O11& Gas vtc. ... Cmwith & Sou war.. Com Wat Ser g12%c. Con Gas Balto(3.60) Cont Shares pf (B).. Copeland Pr In¢ (n). 4 Cord Corp...c..uss Creole Petroleum Cuban Cane pr opt w. Cumberland P L (2. Curtiss Airports vtc. Curtiss Wright war. De Forest Radio. Derby Ofl Refining. . Detroit Alrcraft Duquesne Gas. -Durant Motors . East Sta Pow (B)... East Util Assoc cv Elec Bond&Sh (b6 %) Elec B& Shcupf 6.. Elec B & Sh pt (6)... Elec Pow Assoc (1). : Elec Pow Assoc A (1) Europ Elec deb rts. ,. Federated Metals. ... Ford Mot Ltd 36 3-5¢ Fox Theater (A).... Gen Aviation. . . GenE Ltd res 36 3-5¢ Gen G&E cv pt B(6).300 Gen Leather 5 Gen Theat Eq cv pt.. Glen Alden Coal (4). 4 4 Goldman Sachs..... ' 4 Gt At&P T nv (16) aod 3 4 Gulf Oil of Pa (1%). HydroElec Sec(1.20) Hygrade Food Prod. Imp Ofl of Can (50c) Ind P&L cu pt (6%). Ins Co ofNo Am Insurance Sec (40c). Intercontinent Pet n, Int Petroleum (1). .. Int Superpwr(+1.10) . i Int Utilitles(A)(312) Int Utilities B. .. . Inter Equ cv pf (3) .. Irving Air Chute (1) Jer Cent P&L pf(7).. Klein (DE) Co (1).. Lake Shore M (12.80) Lone'Star Gas n 8sc. Long Iscupf B(6).. Magdalena Synd. .... Mass Util Assoc. 4 Mead Johnson (15).. ta Meniph N Gas (60¢) .. lots except those desirmated b: k and Bales— Add 00. ou'z. High. !fs' Close. THE EVENING -STAR, WASHINGTON, D. . SATURDAY, OCTOBER 17, -1931 HEAD OF MINE FIRM WARNS AGAINST COMMODITY INFLATION tter “5," ~Prev. 1031~ Hi h. Low. 16% 16% 22% Nat Bd 2 Natsh 7% Neison Prudent Pub Ut Reybar! St Regi 11% Nat Fuel Gas (1).... 1% Nat Service Co...... 60 New Eng Pow pf (6). - 25% New Jers Zinc (13).. New Mex & Ar Land. Nor Am Aviat A war. Nor Ind Pub S pf () Novadel Agene (4) Pantepec Oll. ... Pennroad Corp (40¢c) Penn Wat & Pow (3) Perryman Electric Petrol Corp war. Philip Morris Inc. Phoenix Secur Cos Pilot Rad Tube A, Pittsbgh Plate G (2). Plymouth Ofl (26e).. Polymet Mfg........ Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. A i Mid West Ut (b8%) . 60% Mid W Ut cvpfxw 6 11% Midland Uait (b6%) 1% Mid Wit Sts U(b2%) 4 'Miss Riv Fuel bd rts. 10 Moody's I8 ptpf (3) € . Mtg Bk.Col Am S 96¢ 2% Mountain Prod (1) 1% Nat American Co.... 13 2% 6 10% 3 3% 1% 23% 15% 1% T Sec A 360¢c. 3% (Herman)... 52 29% % 16% 8y 1 4% ~ W & 8 Corp (1). tial Inv pf(6) 50 Pub Util Hold war... Pub Uti] Hold xw. .. Hold cu pf(3) Quaker Oats vt (6)... Reliance Int B. Republic Gas Corp. .- nCo...., St Anthony Gold s Paper (60c) Bec Allled Corp (1).. Segal L & H (as0c).. Selected Industries. . 4 Kle Ind alctfs(5%4).. Shattuck Den Min... Shenandoah Corp. ... Shenandoah Corp pf. 1 Singer Mfg Co (116).200s 164 il of Ky 1.60. Stand Sioux 2 e L] SoCalEdpf B (1%). SW Penn P&L (1)... Spanish & Gen rcts Spleg May Stern pf.. Stand Ofl of Ind( 1) .. Stand O11 Ohio (2 Stand Pwr & Lt ( . Starrett Corp pf (3). Stutz Motor Car, Sunray oil. Swift & Co ( Switt Internat Technicolor Inc Teck HughesGM t65c Texon Ofl&Land (1). Trans Ajr Trana. Trans Lux DL PS.. Un Gas of Canada (1) Unit Corp war. Unit Founder: Unit Gas Corp. Unit Gi Init Gas pf (7).. UnitLt& Pw A (1) US Elec Pow ww.. s Corp war U S Inter Sec 1st pf.. Unit Verde Exten (1) 4 Unit Wall Paper...., Utll P&Lt(at1.02%). Util& Ind .. Van Camp Pkg pf. Walker (H) (50¢). Wenden Copper. . W VaC Western MA pf...... Woolworth(FW)Ltd 85 12% 2% 4« “Y" Oil Dividend rates in nual payment. 9% 99% I 4% 2% 5214 5% 4% 28, 52% 5% dividend. stock. jFlus 2% in stock. 1 Plus 8% in *Ex dividend. fPartly extr aPavable in cash or stock. b Payable in £Plus 8% in atock. 0al & Coke &G doliars based on last quarterly or sem! Plus 4% In stock. tock. e Adjustment g Plus 6% in stock hPlus 1% in Plus 10% in stock. m Plus 3% in stock, ock. D Pald last year—no regular rate. GOVERNMENT RAIL SYSTEM PROPOSED Limit on Income From Utili- ties Is Also Urged by Progressives. BY GEORGE E. DOYING. A definite legal limit upon the in- come an individual may be permitted to receive from his ownership or man. agement of a public utility and the es. tablishment of a Government railway system to supplement and compete with the privately-owned raliroads are but| two of the radical proposals included in a report of the Committee on Public Utilities of the Progressive Conference made public by Senator George W. Nor- ris of Nebraska. ‘The report is signed by Donald R. Richberg of Chicago, as chairman of the committee, but does not disclose Wwhether the other 23 members partici- pated in its preparation or agree with its recommendations. It was sent to Senator Norris as chairman of the Progressive Conference, held here last March, at which time the Committee on Public Utilities was appointed. Speculative Gain Decried. The individual income from public utllity operations, which the re| pro- poses should be limited by law, would be permitted to- include “a generous compensation for actual personal serv- ice and a moderate compensation for actual investment.” “Such a limitation” the report says, “might destroy a strong incentive to private interest in public services—the hope of speculative gain. . But this in- centive is unalterably hostile to the public’ interest and draws into public business persons poorly qualified for positions of public trust.” ‘The proposed ' compefitive Govern- ment railway system should be estab- lished, it is stated, to improve the transportation service of the Nation and to establish standards of service and rates which can be applied in the regulation of private enterprises. The Interstate Commerce Commission would be empowered to fix and distribute charges . for transportation service in proportion to their cost, including a fair return on the prudent investment. For the electric power business, the report proposes the creation-of a Fed- eral Commission, with authority com- parable to that of the Interstate Com- merce Commission over railroads, but the new body would be co-ordinated with State regulation, so as to pre- D serve, 50 far as possible, the powers |Blue Rib of local self-government, “without per- mitting corporations and their activi- tiss which are beyond State authority to relieve themselves of effective public control.” “The Federal and State govern- ments,” says the report, “should co- operate in' establishing enterprises for substantial number of channels for the use of non-profit-making institutions, such as educational, political, labor and fraternal organizations. (Copyright. 1931.) SAFE HARBOR POWER CARRIED OVER RIVER Special Dispatch to The Star. SAFE HARBOR, Pa., October 17.— ‘Wire-stringing crews of the Pennsyl- vania Water & Power Co. have begun the difficult task of carrying the trans- mission lines from the Safe Harbor hydro-electric _development across the Susquehanna River. ‘The crossing, which is over two rail- roads and a mile stretch of river, is between hills some 300 feet in height. ‘The length of cable required from the switching station on the Lancaster County side of the river to the first of the towers on the York County side is 6,000 feet. There are two spans of 3,000 feet each between a tower on an isiand near the middle of the river and those on the high hills on either side. The dif- ference in elevation between the ‘cross- arm of the island tower and those of the towers on the hills is over 200 feet. In all, 10 cables are to cross the river. 0il Agreement Made. LONDON, October 17 (#).—The An- glo-Persian and Royal Duch Shell ofl groups yesterday announced the forma- tion of a company to insure the closest co-operation in the distribution of their products throughout the United King- dom and Ireland. The business at pres- | al ent is conducted by the British Petro- 1;:,;:00% and the Shell Oil Co, of DIVIDENDS DECLARED NEW YORK, October 17 (#).— Pe- . " Raterion, wole, T Extra. aris Corp.........28e .. ot G o Reduced. Rtlg'; g-',?:‘-p’ 26¢c Q Nov. 1 Company. Nov. Oct. 23 Oct. 18 Oct. 10 Oct. 26 Art Metal Wks. Cap Utl Corp. & A S8 Interim. 5% Burmah Ofl Ltd. Charis Corp. Cumberland & Lt pf. the production and . distribution of | De electric power wherever fezsible and |Equitabl thereby create standards of service and of rates which can be applied in regu- lation of privately owned and operated electric utilities.” Another Federal commission, also to be co-ordinated with the .State com- regulation of interstate communicztion by wire or wireless and relieve the Interstate Commerce Commission, the Depertment of Comme:ce and the Fed- eral Radio Commission of their present Freedom of the Air. To preserve the freedom cf the afr, it is proposed,’this commission should be forbidden to create or grart zny rights which may become vested in vate persons to contrcl channels of com- munication, and there be pre- se: free from c use, a t. Oct. 15 | Fov. 12 oet: 15 (B Oet. 31 Oct. 14 SRSt O Sioit Rriqet 63 BL. Super_Corp o Tr Shrs A.. *One. FRWER STRUGTURE N TRADE 1 SEEN |Dun’s Survey of Says Production Costs Must Drop. Special Dispatch to The Star. NEW YORK, October 17.—The dura- tion of the present period of quiet busi- ness, falling prices and increasing un- employment has exceeded the expecta- tions of many observers, says Dun's Re- view of Industry for the third quarter of 1931. In the course of economic changes in the United States during the past two years the principle of the vicious cycle is well exemplified. Con- tracting markets have led to still lower prices and further reduced industrial activity. These factors have induced wage and salary cuts and increased un- employment. The buying power of the public has been decreased in proj ion and the sales of goods of all kinds have receded further. During an era in which forces of this kind are constantly at work the business structure is gradually being strength- ened. Concerns which are able only to operate profitably in periods of expan- sion and inflation withdraw from busi- ness and leave the field to those which are equipped with sufficient capital and managerial skill to withstand adversity. Prices, forced unreasonably high by in- discriminate buying, gradually seek lev- els where they more truly reflect in- trinsic values. Consumer demand, which had previously been satisfied by goods of all kinds and all qualities, once again is primarily for essentials, with careful attention being given to thf relationship between quality and ice. mshzce 80 many adverse influences are at work concurrently, the adjustment of industry to the changing conditions is painful and slow. e productive ca- pacity of many industries is in excess even of the demands of the preeceding expansion period, and the profitable utilization of this excess equipment is a problem of the first magnitude. Pro- cuction costs, even though decreased by the decline in prices, must be further reduced to yield a reasonable profit {from the drastically curtailed volume of business available. ~Marketing cam- must be copducted in accordance the changed psychology and pur- chasing power of the buying public. Clearly, American industry has many important problems to solve, and it 20| must solve them under unfavorable conditions. Much has been accom- plished in the last two years to correct weakness in the business structure and to lay a firm foundation for future prosperity. A great deal still remains to be done, and of necessity more time must elapse before all is completed. Disappointment at delay must be offset bfi e heartening thought that, once foas ihausisy Wil be & Tar ‘dtromger ican indust n a far s position than ever in the past. e Interest Rates Announced. NEW YORK, October 17 (#).—The Committee of Bankers on Foreign De- posits in New York advanced the maxi- mum interest rates payable on foreign deposits yesterday by one-half of 1 per -cent. *'The new demand deposit rates are 1 per cent for balances of ks, bankers, corporations, and individuals and 1!7 per cent on de- posits of central banks and foreign gov- ernments. The new rate on time de- posits is 2 per cent for. all classes of 1 ccounts. It is estimated that net foreign bal- ances in New . York, inol short- uding 3 term investmentg, aggegate $600,000,000 Industry| BIG BANKING FUND MEANS NEW ERA Confidence Bound to Be Help- ed by Hoover Move, Econ- omist Declares. Special Dispatch to The Star. NEW YORK, October 17.—The Na- tion's leading economists and financial observers, among whom is usually to be noted a vigorous individuality of out- iook, are unanimous in believing that President Hoover’s plan to mobilize the banking resources of the country strikes at an important cause of our present difficulties—namely, lack of confidence in the banking system—and promises to replace mistrust with growing confi- dence, according to Gage P. Wright, economist. “Bank runs, the hoarding of money and the current low prices for bank stocks reflect clearly the unre: fear which has prevailed in recent months,” Mr. Wright pointed out. “To cope with this situation, banks have been compelled to liquidate marketable assets in order to achieve a position of extreme liquidity. “As banks hold large amounts of bonds in their portfolios and as bonds possess a higher degree of marketability than loans or mortgages, the weight of bank liquidation has fallen most heavily ) the bond market. Prices have de- clined precipitately in recent weeks, im- pairing confidence still further. Thus a vicious circle has been established: fear has caused liquidation;. liquidation has increased fear. “Assuming that the bankers co-oper- | ate fully in carrying out the details of | the President's plan—and there is good reason to believe that they will do so— this viclous circle should be reversed.| In effect, an agency will be set up to| advance loans to banks on collateral | not now acceptable to the Reserve banks. Thus the necessity for much of | the recent liquidation by banks will be | eliminated; depositors, assured that the | strength of the banking system is be- hind the individual bank, will be re- assured. In short, confidence will sup- plant fear, and an important obstacle to business recovery will disappear. | “Few authorities expect a rapid re-| covery in business, however. The opin- | ion prevails that improvement must be | gradual, for confidence cannot be es- tablished overnight.” Baltimore Markets | | Special Dispatch to The Star. BALTIMORE, Md., October 17.— Potatoes, 100 pounds, 75a1.00; sweet | potatoes, bushel, 35a50; beans, bushel, | 1.00a1.50; yams, barrel, 1.00a1.25; beets, per 100, 1.50a2.50; cabbage, bushel, 40a | 60; carrots, per 100, 2.50a3.50; lettuce, | per crate, 3.00a3.50; caulifiower, crate, 1.00a1.50; celery, crate, 1.7582.75; lima beans, hamper, 65a2.00; okra, 2.01a2.50; peppers, hamper, 25a35; onfons, per 100 pounds, 1.75a2.00; spinach, bushel, 40a | 60; tomatoes, hamper, 25a75; canners’ stock, 40260; apples, bushel, 50a1.25; cantaloupes, crate, 1.25a1.75. Dairy Market. Chickens, young. 20a22; Leghorns, 18a20; old hens, 18a24; Leghorns, old, 12a16; roosters, 12al4; ducks, 12a20; ' pigeons, pair, 15a20; guinea fowls, pair, 25a55. | Eggs—Recelpts, 601 cases: 18a26; hennery whites, 34a3 firsts, 28; Western firsts, 28. current, | nearby | 32037 | packed, 15a16. New York Cotton | Special Dispatch to The Btar. | NEW YORK, October 17.—Under | the largest volume of business of any short session this vear, cotton prices today moved steadily upward $1 a bale and closed around the top, 18 to 22 points higher than Priday. December sold at 6.44, compared with the low rec- | ord made last week of 5.47, an improve- ment of nearly a cent s pound. Block after block of contracts were taken from the ring at advancing quo- | tations. Foreign interests were heavy | buy;;( Spots were advanced 25 points to Cotton range: Special Dispatch to The Star. NEW YORK, October 17.—John 8. PBurke, president of the Midas Lode Corporation, has {ssued an urgent plea to mining indusiry of this country out the danger of a pro- noun: inflation movement in the United States and especially emphasiz- ing the part which 16-to-1 silver would play in this movement. He favors 60-cent rather than $1.290 silver and says this can be achieved in the imme- diate future through an agreement be- tween the three leading countries and lally with the British-Indian office. “It should be obvious especially to the producer,” according to this au- thority, “that the movement for 16-to-1 silver comes from the advocates of in- flation who previously have been the aworn enemies of higher silver prices and that any movement that tends to elevate commodity prices in this country above those of competing coun- tries is against our best interests and especially against the profitable pro- duction of the precious metals. Greatest Period of Prosperity. “The greatest period of positive pros- perity in this country was from 1923 to 1929 when it was one of compara- tive commodity price stability with mining costs at a gradually decreasing ratio. This was due, in large part, to a truer working of the gold standard Failure to recognize the importance of a higher rather than a lower silver rice doomed any attempt of the Brit- h-Indian office to maintain higher sterling at the sacrifice of the white metal. If the British-Indlan office had not embarked upon its rather unique departure as a ‘producer’ of silver, ie., removing it from the Indian treasury for the purpose of de] g silver prices and below the agreed minimum of 44 cents, most of England’s present troubles would have been avoided. FINANCIAL “The lower price of silver has not been determined by increased produc- tion or by decreased normal consump- tion, but by this method of debasing the silver currencies of India. The ex- cess supply is that silver which should have been held in the British-India treasury, or, in other words, England was unwise in attempting to maintain :’t]erlln: at a higher point by debasing ver, “With commodity prices in this coun- try 30 to 36 cent below the highest vels in 1929, mining production is on ore table basis. And, of course, these lower commodity prices enhance our world competitive position and likewise they are conducive to sounder— especially better consumption—condi: tions in this country. Effect on Commodities. “Operations of the gold standard in the 1923-1929 period operated to reduce commodity prices at the rate of about 2 per cent yearly. This would have implied a net reduction in averages of 16 per cent up to the end of 1931, rather than the 30 or 36 per cent re- duction that confronts us now. On this basis a recovery of 14 or 20 per cent would be justified, but this is a some- what academic attitude and the per- centage of recovery now should be on the basis of the commodity price re- duction in non-gold staadard countries. “It is recognized generally among most foreign exchange experts that an immediate return to a $1.29 silver price would demoralize, rather than improve, the Far Eastern markets. It is agreed among many that & 60-cent price would be the most practical and that the 16-to-1 ratio could be achieved over a long period. “However, we should not rush into any trap set by countries that are un- able to operate on a gold standard, | which, after all, is a sound money basis {that includes silver.” RETENTION OF STEEL DIVIDEND RATE IS SEEN By the Associated Press. NEW YORK, October 17.—Dow, Jones & Co. says it is considered probable that the $4-a-share annual rate on United States Steel Corporation common stock, established three months ago, when the rate was reduced from $7, will be main- tained by declaration of a quarterly dividend of $1, at the quarterly meet- ing of the Finance Committee and di- rectors Tuesday. “The management of the corpora-| tion,” Dow, Jones says, “delayed reduc- (tion of the common dividend much longer than was justified by earning, and when the cut was made, it was to a $4 annual rate, compared with $5 a share, which had been anticipated even in some authoritative quarters. In view of this conservatism, it is logical to be- lieve that another reduction will not be | made at this time. “Factors which will carry consider- able weight with the Finance Commit- tee and the directors include indications in the past two weeks of moderate im- provement in steel buying, as inquiries have grown somewhat larger than the average in recent months, and the fact that the corporation will again have a special income item in the third quar- ter which may permit a balance being earned on the junior shares.” GERMAN EMPLOYMENT IN FURTHER DECREASE The number of persons employed in | German industry declined during Au- | gust by 3.4 per cent compared with | July of this year, while the number of | hours of empioyment declined at the | same time by 6 per cent showing that many plants have been doing on short time, according to a report received by the Commerce Department from Assistant Commercial Attache Douglas Miller at Berlin. Miller said these figures have been | compiled by the Government Statisti- cal Office and that it was apparent that employment in industries of many | producers’ goods had fallen off in Au- gust about twice as much as in those industries making consumers' goods. This is apparent, he added, not only in the building trade but in iron and steel, leather and other branches. An exception to the reduction in em- ployment is made by the furniture in- dustry, which reflects a recent ten- dency of investors to put their spare cash into furniture in fear of a possible inflation. ‘The figures cover 6,000 plants em- | ploying 3,500,000 persons normally. —————— Shanghai, China, reports that silk | sales to Europe and America are im- proving. STOCK AND BOND AVERAGES By the Assoclated Press. SATURDAY, OCTOBER 17. STOCKS. 0 BONDS. 20 ln‘nllr;sl& -..ca%, INED 233328828 *% A—15 FAVORABLE TRADE NEWS AIDS STOCKS Market Displays a Steady Tendency During Week’s Operations. BY JOHN L. COOLE Associated Press Financial NEW YORK, October 17.—Heavy shipments of gold, a tightening of money rates and completion of the ma- chinery which is to operate the National Credit Corporation, occupied the atten- tion of the financial world this week. Banking circles felt there had been considerable improvement in confidence as a result of activities toward a loosen- ing of frozen credit. The large New York City banks have been urged by the Federal Reserve to extend the fulle: measure of co-operation to their i terior correspondents and are said to have already done much work in that direction. ‘The week's business news contains certain favorable elements. There were, however, numerous small bank suspen- slons throughout tke country, while the bond market, at least early in the week, plainly indicat>d that banks were liqui- 1ying their positions, partly because of currency hoarding. The circulation in- crease was less rapid, amounting to $42.000.000 compared with a rise of $185,000,000 in the previous week, but the total is nearly a billion dollars larger than a year ago. Market Tone Steady. The stock market, on the whole, be- h; well. By losing half of its early fober gains™ it completed what is technically called a secondary reaction, and then met support, which was en- couraging to those who had feared fur- ther liquidation. It was apparent to some that the market needed fresh in- centives to rally, but these were sup- plied in ,'Yl:pol’fs lrgm ‘Washington con- cerning the probability of ear; wvl}}e‘]phthe Eallrmds.y e ether or not the rise in the New York Federal Reserve Bank's rediscount rate to 3); per cent was intended to apply the brakes to the gold movement, which had been proceeding at record speed, there seemed to be reason enough for the higher rate in the fact that the easy-money program had failed to ac- complish its purposes. There was no demand for Reserve credit during the many months of low interest rates, and banks found it hard to get a return out of idle funds. It is believed the more normal money rates will be helpful through giving the banks an incentive to put money to work. Gold exports of more than $600.000.- 000 since the British suspension of free payments mean, bankers point out, that the redistribution so ardently desired before it came with a rush is at last taking place. There has been no su; gestion that the amount losi was en- dangering America’s reserves, which even now are comparable to those of the Spring of 1929 when the specula- tive fever was running high. Some of the withdrawal doubtless reflects the same passion for currency hoarding abroad that is being experienced here, a psychological aspect of the times. Steel Demand. A more active demand for some steel materials is offsetting qullness in other lines and, although the result is about & standoff, the industry feels more cheerful. Automobile production is ex- pected to be resumed on a larger scale as the time for new models arrives, and farm equipment makers are showing somewhat greater interest. Building continues to lag. BANKERS TO STUDY STATUS OF FARMERS Mortgage Experts Will Also Con- sider Best Ways to Sell Property. riter. Special Dispatch to The Star. CHICAGO, October 17.—The eco- nomic well-being of the Nation as ine fluenced by the condition of agricule ture will command principal attention at the eighteenth annual convention of the Mortgage Bankers' Association of America, to be held at Dallas, Tex, October 27-29. “An Economic Policy for Agriculture™ is the title of an address by T. A. Mur= phy of the Lincoln National Life Insurance Co., Fort Wayne, Ind., and “PFinancing the Farmer,” by Deane W. Trick, Bankers' Life Company, Des Moines, Iowa, both speaking from the viewpoint of the life insurance com- panies of the country, which institu- y 00,000 invested in farm mortgages. David L. Wickens, economist of the United States Department of Agricul- ture, will speak on “An Economic Sur= vey of Farm Mortgage Financing,” in which he will comment upon recent studies of the sources of farm mortgage funds, percentage of farms mortgaged, ratio of debt to value of farms and interest rates. In an open forum discussion the dele- gates will exchange information on the best methods of rehabilitating, renting and selling farm properties that have been acquired involuntarily by mortgage investors. Including leading farm mort- gage bankers of the agricultural States, about 400 to 500 delegates are expected from the 40 States in which the asso« ciation has members. WARM WEATHER DELAYS BITUMINOUS RECOVERY Special Dispatch to The Star. NEW YORK, October 17.—Warm weather kept the bituminous coal mar- kets of the country under its thumb in September and delayed the expected upturn in domestic business until the last week in the month, Coal Age reports. In spite of the prevailing temperatures, however, s slight but definite improvement in the domestio situation was noticeable. Dealers showed some disposition to replenish stocks and price advances gave promise of a more satisfactory realization in the coming months. The steam trade continued in its long- standing slump. Slack and screenings quotations were surprisingly firm, how= ever, easing off in only a limited num- ber of cases. September proved to be a slow month in the principal anthracite markets of the country. Warm weath- er, coupled with extensive stock re- plenishments in August, slowed the movement from the mines and pre- vented the usual Fall recovery. Buck- wheat and rice were the favored sizes, and stove displaced egg as the most active domestic size. Chestnut im- proved its position slightly. Pea was neglected, and decreased consumption m?:zd barley soft. tons, but a X from the total in September, 1930. An- thracite production is estimated at 4,352,000 net tons for iber. compares with 4,314,000 tons in the g;et:dln‘ month and 5,199,000 tons in mber, a year ago. ‘The Coal Age index