Assorted historical stuff:
Editorial: Market reaction to Hitler's tirade in court was a crying shame: “It is a wonder, as well as a pity, that good securities must be made a football of a bombastic radical who since  has succeeded in making an ass of himself.” Germany has had a hard time since the war; Hitler has taken advantage for his own selfish purpose. He formed his present party in 1921 with no platform but opposition: to Parliament, to capitalism, to rights of the Jews, and now to the Young plan. Four months later he tried to march on Berlin to “save” Germany, which showed no interest. They are even less likely to adopt his program now that much progress has been made toward reconstruction. Hitler's testimony showed his true colors. “The almost certain reaction will be a wave of disgust that will line up the people against any further progress of his party ... it is likely that his career will prove like a glass of soda water now frothing but quickly simmering down to nothing.”
Denial of use of convict labor in Russian lumber production called absurd by Aaron Kopman, who spent 2 years in Russian prison camps from 1924-26.
W. Graham, Pres. Great Britain Bd. of Trade, notes British spend $325M/year on drinking, smoking, and betting; suggests unemployment would be much improved if they used the money to buy commodities instead.
To relieve Mexican unemployment, governors of Vera Cruz and Tobasco offer state-owned lands for colonization by jobless.
Air travel record set at Newark Airport when 114 passengers landed or departed within 2 hours.
Veteran Pony Express riders recall carrying mail between St. Louis and Sacramento in 10 days at $12/letter; now airmail takes 14 hours and costs 5 cents.
Knute Rockne, Notre Dame head coach, to join R. H. Gibson & Co. as special partner; will devote his time to brokerage business except during football season.
Market wrap: Bears, encouraged by Friday's decline below Aug. resistance level at 217, launch further drives hoping to penetrate June bottom at 211 and thereby provoke extensive liquidation. Pressure directed against coppers and rails, majors including US Steel and AT&T, and stocks displaying recent weakness including Radio, Vanadium, and GM. Traction shares continued strong. Bear operations may have been further helped by weakness in the grain markets. Some short covering and unimpressive rallying towards the close. Bond market active - high grade corp. strong; convertibles weak; govts. irregular with German and Italian down.
Week in review: stock and commodity markets very weak; bond market strong; general business shows some improvement; short term money extraordinarily easy; commercial loans and money in circulation down; foreign markets nervous.
Stop-loss orders have been popular; the resulting automatic selling has been a factor in recent market breaks.
Some banks in last few days rumored to be buying “stocks sponsored by them”, though not on large scale.
Bears are targeting GE because it has a high price-earnings ratio, but it's always sold too high on that basis and noone has ever made money shorting it long-term.
Dr. B. Anderson of Chase Nat'l. Bank criticizes Fed. Reserve use of open market operations; allows they may have been necessary to arrange war financing at low rates, but use has increased greatly since, mainly to lower rates; doing this “can generate almost incredible abnormalities in the monetary picture.”
Dr. J. Klein, Asst. Commerce Sec., predicts greatly improved business conditions by end of Oct., prices back to 1928 level by end of the year. Notes history of depressions in past 50 years; average length has been 13 months and drop in price 15% (current price drop is 11%, drop in 1921 was 25%). Says US financial position stronger than ever; savings up tremendously over past 10 years, as is purchasing power (wages up 2.1% annually while cost of living hasn't increased).
Economic news and individual company reports:
European unemployment much worse in summer of 1930 than 1929; almost all countries showed large increases in unemployed, many more than doubling.
F.W. Dodge report construction at low ebb country-wide in Aug., though NY metro area improved; slight uptrend seen first 3 weeks in Sept. Sees “slow and steady upward movement” rest of year, followed by year of moderate activity in 1931 possibly gaining momentum toward end.
Irving Fisher's index of 200 wholesale commodities for weekend ended Sept. 26 was 83.1 vs. 83.6 previous week and 96.0 average for Sept. 1929.
Wheat production in 30 countries for 1930 estimated at 2.804B bushels, up 6% over 1929.
Standard Oil of Indiana cuts retail gasoline prices 2 cents/gallon in all its territory, says due to long-term unsound condition in oil industry; Texas Co. matches cut.
Companies reporting decent earnings: International Cement, Caterpillar Tractor, Gaumont British films.
“Motorist's Wife - What lovely, fleecy clouds. I'd just like to be up there sitting on one of them. Motorist - All right: you drive ...”
+ The Boring Stuff: