Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-11
SELLING OF STOCKS
IS LAID TO FEAR
RumorS of Failure Add to
Uncertainty in Wall
Street. ).
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, October 11.-Fear ruled
the stock market for the greater part
of yesterday. Rumors flew thick and
fast in the Wall Street district. Various
companies were reported to be in
trouble, and these reports added to the
confusion.
Fear is terrible thing. Most of the
troubles of the world spring from It.
If the business world could eliminate
the element of fear, the problem of or
ganizing for prosperity relatively would
be simple.
Late in the afternoon a better feel
ing in the market prevailed and United
States Steel-the leader-cloSed at
149lR. 3 points above the opening. Gen
eral Electric closed at 582s, an increase
of 3ss points over Thursdays closing.
Paramount went up a point and three
quarters to 4924, while American Can
closed at 118l2, rise of 4 points dur
ing the day.
Violent Swings.
However, this does not tell the story
of the violent ups and downs in certain
stocks Take Fox Film, for example.
It opened at 38, dropped to 20 plus and
then shot back to 37-a down and up
spread of II points. Still few traders
were nimble enough to get in and out.
Selling throughout the day was order
ly and very heavy. with over $4,000
shares traded in--the record day for the
year In contrast to the weak closing
on Thursday, yesterdays closing was
strong and vigorous.
The amount of stock offered, how
ever, was very large. 1t indicates that
there is still plenty for sale, although
the way the various issues were alb
sorbed will have a tendency to breed
confidence in future trading.
When nasty rumors die down and
the nervous tension which exists at the
present time is relieved the profits now
being made by the nimble traders on
the quick, fast turns will likewise die
away.
However, vast majority of traders
during recent weeks are "in the red"
Warehouse Rebates.
For years it has been the practice
of various railroads to give certain
warehouses rebate on business brought
to them.
Several independent warehouse own
ers in ladelphia-"outSide the fold
-petitioned the Interstate Commerce
Commission for an order prohibiting
railroads from giving such rebates to
their competitors The commission in
forbade the payment of special al
lowances" by the Pennsylvania, the
Reading and the Baltimore g. Ohio
Railroads to "a warehouses in that
city.
The case was appealed by the "a
warehouses and these were backed up
by the Beard of Trade, the Grocers
and Importers Exchange and the As
ISOLATION of Manufacturers of Phila-
IaIY1l1io commanded that If
the order of the Interstate Commerce
Commission was approved it would up
set practices which had been built up
for more than 40 years.
But Judge Burlington, giving the
opinion of the Federal Circuit Court,
termed the allowances of the rebates
strictly illegal and declared if there
were serious business disturbances
caused thereby the affected warehouse
men should seek relief. not from the
Federal Court, but from Congress.
One of the basic troubles with the
railroads today is their fixed rate
schedules, which have been built up
through years of practice. Changing
such rate Observation-Disclosures very
unjust to many communicates rarely
practiced and then only after the
closest study by the Interstate Com
merce Commission. Yet undoubtedly
hundreds of unjust freight rate sched-
ules exist.
But how to change them without
affecting other communities IS prob
lem no man so far has dared to tackle.
DIR. Woods Address.
Only a man of courage and vision
could say what DIR. A. F. Woods, d.
rector of scientific research of the
United States Department of Agricul-
ture. told the New Jersey agricul-
%,,ral iste Of R1YfCerS University the other
day.
He paid tribute to the agricultural
experiment stations, because they had
gradually changed the whole aspect OF
agriculture from haphazard rule OF
thumb work for peasants TO dignihed
interesting and successful enterprise
ready TO hold its own and render EN-
Gent service to civilized society"
Now farming. some time in the fu-
ture may be all these things-dignifleo
and interesting and Successful-bui
there are a lot of farmers today that
do not exactly feel that way about it.
George Russell, famous Irish writer
and co-operator, is in the United States
now in an attempt TO revive interest In
farm life.
But it will not revive itself. There
is one way to bring farm life back, anc
only one-that is, by making farm life
pay in dollars and cents.
Pianos and Radios.
1t must pull the heartstrings of man!
old piano workers to learn that seven o
the leading piano companies of tn
United States have been forced "by thu
competition of radio sales" TO abandoi
the old handmade piano entirely ant
adopt a modern manufacturing methot
of construction which has been evolved
by DR.. c. N. Hickman of the Bell Tele
phone Co.
Berthold Neuer, vice president of Viii
liam Knabe 81 Co, tells the story:
Since Joseph Chickering made th'
first overstrung piano in 1882, tn
methods produced by DR.. Hickman ar
the first radical changes made in tn
piano. The new pianos. which will b
placed on the market, will have create
beauty and tone than the manufacture
was able to produce before: they cal
be repaired easily because of the inter
changeability of parts and every plan
of type will have the same qualities.
So, one by one, the old handmad
instruments will give place to the neN
kind. A saving of about Is per cen
in the retail prices will result.
(Copyright, 1880 by North American News
paper Alliance.1