Evening Star Newspaper, August 2, 1930, Page 17

FINANCIAL. FURTHER GROWTH Absorption of Harris, Forbes & Co. Is Step in Expan- sion Program. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 2—Although it is the world’s largest bank, the Chase Natlonal Bank is not letting any grass grow under its feet. The announcement of its purchase of the entire capital stock of Harris, Forbes & Co. brings into the Chase group one of the world's most powerful retal This consummated since the stock market smash of last Fall. It resembles the Bancamerica-Blair merger of last year. “The Chase National has never, up to now, engaged in retailing securities,” said one of the Chase officers yester- day. “This is the initial step. We have been wholesalers and underwrisers of various securities, but now we aré going one step further. With the purchase of Harris, Forbes & Co. which has| over 50 retail and distributing of- fices throughout the world, the business is expected to expand in a substantial way. No corporate change is contem- plated.” Bonds that have a rating below A are not selling as bond dealers hoped they would when money became plenti- ful. The market for first-class bonds is good. But for the second-class bonds it is T, "Pmnllly. I would much rather have a first-class common stock pay- ing me below the rate I can get on a first-class bond than have my money invested in a second-class bond, which pays more and is not supposed to have as much risk,” said a well known bond dealer to me yesterday. “Understand me, I am all for an in- erease in the bond business. But if I had $100,000 to invest right now I should personally prefer to put it into first-class common stock and take a chance on the appreciation or deprecia- tion in that stock, rather than to put it into a second-class bond, which may or may not have the liquidability features. ot ccm-:eM.1 Imb:nd tt‘l,c ksuppoud to be ore liquid tl a s 3 m"m?flflcully with the banking situa- tion today is that too many banks are loaded up with second-class bonds, which, if liquidated, represent substan- tial loss.” Not all bankers take this position. For the swing from stocks to bonds is proceeding. Many people who invested in stocks last year have quit and gone back to bonds, because of the belief in the public mind that bond interest in times like these is surer than dividends. The National City Bank's compilation, Just issued, bears out this contention. It Shows a decline of 24.4 per cent in the net profits of industrial corporations during the first half of the present year as compared with the first six months of 1929. In the 275 industrial corporations in- eluded in the figures the net profits for the first half of 1930 amounted $633,608,000, llmwglr;::nhg":lfi’;gu.- e 5 B e %t worse probably than most of them, showing a 33 per cent de- crease in net earnings. Such checkings, of course, are very misleading, for the reason that 1929 ‘was the year that more high industrial records were broken than in any other in history. p".l:d. mlflerryo( fact, the results for the first six months of this year are very little short of those for the first six months of 1928. This question presents itself: Must dividends be reduced to the levels of 19287 If so, it means & decline of about 37 per cent from the present levels. The corporations that are standing up in these days are those that carry plenty of cash reserves on hand and are ready to meet any situation that ‘l}stfil-oon now, however, as if business during the last quarter of 1930 will show up better than the last quarter of 1929. American business for the week which ended July 26, based on the volume of checks presented for payment in the TUnited States, declined from the pre- ceding week and was below the level of the week which ended July 27 last year, according to the latest report of the Department of Commerce. Wholesale prices, as measured by Pisher'’s index, were 16 per cent lower than the corresponding period of Con last year. One encouraging ,situation is the price of bonds. Over both prior periods bond prices record increases. Building and engineering projects Bales. 47 Lib ¢th ¢ %s.. FOR! Argentine bs. Argentine, May Bank of Chile 6% Bank of Chile 6% Batavian Pet 433 Belgium Belgium 6% Belgium 78 '55. Bremen State 7s. Canada 6s'31... Chile 7843 Copenhagen 4%s Copenh: Denmark 4 % . Denmark 6%s '55. . Dutch East Ind 47. Dutch East I 6s°62. Gelsenkir Min 6s ‘34 Ger 6%3'30-"35 rcts German Bank German1?s........ Ger Gen Klec 7s. . Italy 7s. Jugoslavia Bank 7s Karstadt 68°43. ... Kreuger&Toll 6 ct. Norway 6%s'52. Orient dev 53 §8. 53 Rhine Wst EP Rio de Janeiro 6%. Rio de Jan $5°46 Rome 6%s. . R'y’l Duteh 4% sww 1o | Sao Paulo 8s '3 Pa Warsaw 7852, ...0 Abitibi P&P Alleghany Cp i Alleghany 68 ‘4! Am Metal 5% AmSmlt & R 1. Am Sugar Ref . Am T&T cvi%s'3d Am T&T 6s "65 Bethlehm £tl pm s Certn-Td §3%s rets. Chile Copper bs. ... Col G&EI 55, May’S: Com Invest 53849 L] Cuban Am Sugar Denver Gas 5 and the activity of the steel mills for the period which ended July 19 showed marked gains over the period which ended July 12, but compared with the similar period of 1928 both registered oo perceptible change in business o perceptible ¥ ene way or the other, is indicated. 3 News- (Copyright, 1930, by North American News GERMAN DEMOCRATS TO AID SECOND PARTY Political Faction Is Reported to Be Planning Dissolution at Autumn Session. By the Associsted Press. 3 £ i BERLIN, August 2—A committee of the Democratic party has voted 300 to 4 to “place the Democratic party’s entire organization at the disposal of the new Commonwealth party,” in the coming national election. 4 The move was made following upon a report of the impending dissolution of the Democratic party which, it was Dodge Duquesne ¢ %8s East Cuba Sug T%s Goodyer §s rets. Humble O &R E%s Intl Paper 68 ‘47, Int] Tel & Tel 4%8 Int] TET é%8cv.. Int] Tel&Tel 68 ‘56. Loe! Larillard 6% Midvale St Montana Pwr ‘43 Montana Pwr db b8 Morris&Co 1sté%| Nat Dairy 6%s. said last night, was not expected to N take place before the Democratic con- vention in the Autumn. WEEKLY BANK CLEARINGS. Bank _ clearings continue to swamped by the extremely heavy rec- ords of last year. The total this week at leading cities in the United States, as reported to Dun's Review of $9,- 81,779,000 is 28.4 per cent below that of a year ago. At New York City clearings of $6,255,000,000 are 31.2 per cent under last year's, while the aggre- gate at leading centers outside of New York of $2,756,179,000 is 21.1 per cent less. There i little of encouragement in this week’s figures. The heavy de- cline at New York and at some of the other large centers, Teflect conditions in the financial markets: in fact, the entire report is very largely influenced by the change this year in that respect. Somewhat lower commodity prices also reduce this year’s figures Clearings for the week, as reported 0 R. G. Dun & Co., and average daily bank clearings for the last three months wre compared herewith: ‘Week Per July 31, 1930 $474,000,000 T ;-- L 8333338: 2397 Fa53as Pathe Exchange 78 Phila Co 68 67 Phila & Read 68°¢9 Phillips Pet 63%s. . Por Ric Am Tob 6s. Pub Sve G 4%s 67 Sinclair Crde 638 Sinelair P L Skelly Ofl 6%48.... Solvay Amer b8 '43. Southwest Bell §s.. Stand OIL NJ * Stand OIL N Y.4% Tenn E] Pwr 68°4T. Tex Corp cv United Drug §: " 8 Rub 1st rf Utat Pwr&Lt Vertientes Sug 7s. ‘Wilson & Co 1st Youngstn 8 &T bs. Atchison gen 4s... 333333 BErEBLE.RIERRERRRSSE. ittt Beattle 8% FRRTREREFTRRNRER T o York Total all g 8 o Sa RS High. Low. 1026 1022 EIGN. Sales. High. B 102% 100 e N PR anonD anannren vanBas Do aAn0a 124% 96 86% 90% 2 - N CANNTNNB SANRNANY LA ANHNA ND RT=AN O Hh NS B B 14 106% 2 108 5 87 4 5% MI,C:.I-I-AK!OUI. “83. . Brrmane~r 1024 102% 108 103% 162% 16215 10615 106% 105% 105% 106 105% 108% 1084 101 101 92% 92 81% 102 102% 102% 52 B2 96% 96% 1021 102% 95 95 99% 9% 50 49% 10615 10614 93% 931 100% 100% 104% 104% 93 924 101% 101% 55 53 103 102% 100 100 9 95% 106% 106% 93% 93 102% 102% 105% 105% 100% 100 100% 100% 99% 995 8415 Ray 90% 908, 109'5 1094 975 97% 101% 101% 103% 1031 108 103 8315 83 100 100 9% 954 101% 10 10315 103% 103 103 831 831 98% 981 114% 114% 101% 101% 106% 106% 1113% 111% 102% 102% 103% 103% 102% 102% 106 106 103 102% 103% 103% 101% 101% 61% 614 101 100% 99 99 96% 96 85% 854 100% 100% 9815 98% 100% 1004 104 104 104% 1041 102% 102% 101% 101% 96 95 98 98 105% 105% 1043 104 99% 99% 106% 106% 104% 104% 98% 98 8215 8215 100% 100% 36 36 89 89y 96Y% 95 5 81 81 2 104 104% 3 110 109% PENSTT L N RSP ©Sunnhron s anben S cenn e SRS ARAND NN BN NND NANAHNIRD BD o= ANDN S e 2 14 100% 100% 100% .16 103 103 RAILROAD. 20 96% 96 7 100% 100% . 21 101% 101% Close. 0: 20 1031 10231 1031 26 119% 1 102% 105% 100 1067% 104% 98 821 100% 110 103 THE EVENING STAR, WASHINGTON, CHASE BANK PLANS | (== = BONDS o) |BOND PRCES FIRW Received by Private Wire Direct to The UNITED STATES. Bales. High. Low. Close. Bklyn Manhat6s... 3 99 09 99 Bklyn Un 1s 0. 1 88% 281 Bklyn Un El 68 ' 1103% 103% Buf R& Pitts4%s. 3 92% Can Nat4%s 84... I5 97% ChiMiIStP&P 68'75. CM&StP Pac adj 5s. Chi &N W con ¢%s ChiR1&Prf 4 C& W Ind con C& W Ind 6% CCC&StL 4 CubaNor5 %842, Del& Hud ref 4s 43 Den & Rio G en 4s.. Den&RGW 68 ‘55 D R G&Wst Det United 4% Erle 1st con ¢s. Erte gen 4s. Erle Genesses Rs Gr Trunk st de Grand Trunk % Gt Nor 4%876(D). Grt Nor 1st bs. Great Nor gen 7 Gulf Mo 58 (B) Hud & Man ad) Hud & Man ref 111 Cent 4% s "66. 111 Cent Chi 434s. .. Int Rapid Trans 6s. Int Rap Tr bs stpd. Int Rys C Am 6 Kan City Term ¢s.. Lehi Val con 4s. Long Isl 58°37. L&Nunt Mill El Ry&L 58’61, M StP&SSM con 4s. M StP&SSM b8 gtd. M StP&SSM 6%4s. MK & Tex adj bs. M K&T prin bs(A) Mo Pacific P M Ao e RA NS NROEN NN RN D0 0 MNABANBR R RN AR ARG R CENOEARDS aeN - o 2222 222222 a 5nnn'< o Y WaBeys Nort&Sou gn 6864, Norf & Wn con 4s. . Nor Pacifio 3s 3037 Nor Pacific Nor Pac 4%8 2037, Nor Pacifio ret Ore Wash 1st ¢ Penna 4% 1970 Penna con 4% Penna gen ¢3 Penna 4% Penna gen b Port EIPL Port RL 684 Port RL&EP T%s'46. StLIM&SS StL IM&S R&G 41 StL&SFDI4sA... SiL&SF 4 18 StL&SanF s B StL&SF gen 65 '31.. Seaboard AL cn 6 » Sou Pac 434869 ww Sou Rwy Sou Rwy 635 103% . 85% 85% SR, CANADIAN GIRL TO WED SCOTS GUARDS OFFICER For Third Time in Three Years Aide to Governor General Picks Domirion Bride. By the Assoclated Press. OTTAWA, Ontario, August 2.—For the third time in three years an aide-de- camp at Rideau Hall, residence of Can- ada’s Governor-General, has won the heart of a Canadian girl. The engagement is announced of Helen, daughter of Mr. and Mrs, Guthrie, to Capt. Victor Blundell of the Scots Guards. Capt. Blundell came to Omnada last February as aide-de-camp t Viscount Willingdon. Margot Fleming of Ottawa married Viscount Hardinge in February, 1928, and Elizabeth Lawson's marriage to Capt. Derek Murphy took place the next March. Both came from London ;ll aides at the “Canadian White ouse.” WHITE MOTOR CO. NEW YORK, August 2 (Special).— Directors of the White Motor Co. of Cleveland in a meeting held here re- ported net earnings of the company for the first six months ended June 30 of 31,048,000, equal to $1.31 a share on 860,000 shares of common stock, against $1,404,000 for the same period last year. The earnings are approxi- mately $250,000 in excess of the regu- lar dividend requirements for the period. The directors also declared the regular quarterly dividend of 50 cents a share, which was doubled from 25 cents late last year, payable Septem- ber 30 to stock 'of record at the close of business September 12, 1930. DIVIDENDS DECLARED NEW YORK, August 2 (#).— Regular. Pe- Pay- Rate. riod. able. . BM Sep. 1 Bep. Company. Am ‘News Corp pf. """ '$1.15 Cellul Corp 15 'pt.31.78 Do s7pf. .. " 5178 City Ice & Fuei’ " 80c Do, 8%5% pi 316212 Qleveland Quarries. 180 Komp Film Morison El New, Do. Wagner ~ Electric. Western News) Union 7% Western Rovalty Wheeling Steel. SE8 SEERaEE SREREIIRL02 * oEo 0pooOED DROOOODOE! oy Cleveland Quarries. . Btand Otlen‘!I N J;'l: 55 Reduced. Hencock Ofl Cal A.3%¢ Q .28c Q Stoek. Morison El Bupply.1%% Q Omitted. Borin-Vivt P1.81.38 SA Due Aug. 18. Bon ek B Ml ¥ BuAuE B ON LIGHT TRADING High-Grade Issues Continue Steady—~Rail Group in Demand. BY F. H. RICHARDSON., Special Dispatch to The Sta NEW YORK, August 2.—Bonds were quiet with strength in high-grade issues today. The characteristic of the cur- | rent investment demand—the difficulty of supplying prime issues to satisfy in- quiries for them—continued to force these descriptions to new highs. Over a period of weeks the gain in the prime group is wide, though the daily appreciation is so narrow as not to be noticeable much of the time. But the fact cannot be ignored that bonds like Atchison general 4s, Canadian Pa- cific 4s, Pennsylvania 4;s, Southern Pacific 4125, American Telephone 5%5s, Standard of New York 4!5s, Standard of New Jersey 5s, DeQuesne Light 413s, Utah Power & Light 5s and New York Telephone 4!2s are all selling at their best prices since 1928. United States Government bonds also continued to hover near their best prices in two years, though trading was uiet. i Volume today was a little more than half that of Friday. The usual Satur- day stagnancy was aggravated by the approach of the August bank holiday in England, thus drying up the English demand in this market. Money rates were unchanged. Convertibles were dull and featureless with the stock market. Warner Pic- tures 6s advanced 1'2 points, while the complementary stock was dropping. However, since the bond carries a 6 per cent coupon, and the price at which the stock warrants can be exercised is away out of line at $75, when the stock is selling around $36, the stock’s move- ments for the moment have ceased to have a direct effect on the bonds. Junior rails were irregular and gave evidence of again being played by spec- ulative operators. It was only the com- paratively poor bonds, which in the past have shown wide fluctuations, that gained, such as Chicago Great Western 4s, St. Paul adjustments, International Great Northern adjustments and Sea- board Air Line 6s. Better grade junior ralls sagged, like St. Paul 5s, Rock Island 4%:s, Erie general lien 4s and refunding 5s and Southern Railway 4s. Industrials pursued an indeterminate course. Chile Copper 5s, United States Rubber 5s, American Sugar Refining 6s and Anglo-Chilean Nitrate 7s showed firmness, while Certainteed 5!;s, Hud- son Coal 5s, Goodyear 5s, Phillips Pe- troleum 5%s. Pan-American Petroleum 6s, Skelly Oil 528 and Shell Union 5s sold off. EGG MEN PLAN C0-OP TO AID POULTRY TRADE By the Associated Press. SEATTLE, August 2—Faced with a veritable deluge of powdered eggs in th: first six months of 1930, Washing- ton egg producers have proposed a na- tional co-operative. ‘The co-operative would unite all egg arnd poultry associations in the United States in opposition to Oriental pow- dered eggs. Hopes for tariff relief were blasted | by the Smoot-Hawley bill, said officials| of the Washington Co-operative Poultry and Egg Assoclation. ‘The new act raised duties on shell and frozen products, “ut did not affect powdered or dried eggs, which, they said, constitute the greatest menace to the industry. BANK CLEARINGS. NEW YORK, August 2 (Special).— New York bank clearings today, $1,471,- 000,000; a year ago, $1,649,000,000. New York bank balances today, $180,000,000; a year ago, $182,000,000. New York Federal Reserve credit balances today, $158,000,000; a year ago, $162,000,000. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August 2.—Following is the complete official list of transactions CI Stock Ex- 100 Banco K. 1450 Bastian-Blessing 800 Bendix Aviation 750 Borg-Warner . 150 Burnham Traf 800 Butler Bros . co MIE .. 100 Cent Pub_Serv ‘A D . c Corp 'pt.. 100 Chic Invest pf. SRS RL 898088, 700 Elec Research 1000 Foote G & M 100 Gen Thea Ea.. Gen Wat Wks A 150 Gt Lakes Aircraft 1400 Grigsby-Grunow . 150 Hall Print..... 0 Manhat Dearborn. 200 Marshall Field . gy 100 No West Bancorp... 250 Polymet._ ... S 28 Public Bery n & R B M ad ‘Sh 2 Reliance Int 400 Reliance Mfg 50 RollinsHos 50 Ryerson & Son . 100 Vortex Gup 200 Wextark Radio . 150 Zenith Radio Btock sales today, 45,100 shares. 'BONDS. $1000 Insull 6s "40. . $5000 Northwest EI ‘Bond sales today, 102% 102 s BALTIMORE STOCKS, Special Dispatch to The Star. BALTIMORE, August 2. b | th P. Telephone, :rllu, pid 2C. 13 Consolidated Gas cor D. C, SATURDAY, AUGUST 2, FORECAST OF BETTER BUSINESS ISMADE BY MANY AUTHORITIES Actual Volume Has Shown Little Improve- ment Recently, but Attitude of Trade Experts Is Optimistic. COMMODITY PRICE DROP IS CONTINUED No Rapid Recovery Seen, but Changes Are Small Dur- ing Week. BY H. N. McGILL. Editor McGill Commodity Bervice. AUBURNDALE, Mass., August 2 (#).— Price changes during the past week were merely a repetition of the sagging trend so pronounced in recent months. All commodities in the course of three years have declined 25 per cent. A check-up on 15 individual groups last week shows that eight are lower, five remain un- changed and two moderately higher. Little change was noted in the rate of industrial activity, although the closing week of July did not register a sharp decrease, as was the case earlier in the month. Major industries, such as automobile, building, iron and steel, are marking time, patiently waiting for an upturn in industrial activity. It is the opinion of practically every eco- nomic bureau that business will experi- ence a favorable seasonal upturn dur- ing the closing months of this year. There is also a general agreement that the stage is not set for a rapid recovery nor any sign of a boom. All Commodity Prices. All commodity prices again broke into new low ground. The lower price level was caused by a further slump in such groups as industrial commodities, live tock, hides and leather, textiles and vegetable oils. Industrial Commedity Pri Prices of industrial commodities were lower despite a slight firming-up in the non-ferrous metal group. The fact re- mains that while stocks of finished goods are limited supplies of raw ma- terials continue sharply over average. Agricultural Prices. One of the two groups to advance were agricultural. July established new records for heat waves in the West. De- terioration took place in leading groups. August 1 production estimates will be revised downward. This will help ma- terially to realign a more healthy rela- tionship between supply and demand. Non-Ferrous Metals. Non-ferrous metals recorded the first advance in several months. This was due to a moderate firming up in zinc, antimony and tin. Other products re- main close to the lows recently estab- lished. Textile Prices. Both coarse and fine textile prices were lower. Cotton last week estab- lished a new low. Coarse fibers in par- !};ulllr are weak, particularly hemp and sisal. Most important price changes: This Previous Week. 76.0° 8.1 05 993 708 All commoditie Industrial ural Hides and leather. Textiles, fine Textiles. coal Vegetabie oils .. *Revised. —_— ‘Three hundred plants in South Africa are producing coaches and wagons. 1930. BY J. C. ROYLE. The trend of business, according to many well informed authorities, is likely to be upward from this time on. The actual volume of business has shown a comparatively small improve- ment during the week, but the attitude of business men has improved mate- rially. No little of this feeling is to be traced to the statement of the finance committee of the United States Steel Corporation, which declared that indi- cations in the industry pointed to an increase in operations throughout the remainder of the third and fourth quarters of the year. Steel Barometer. ‘The steel industry is the galvanom- eter which measures the slightest change in volume of direction of busi- ness in this country. Only a few lines of endeavor are not connected with the steel industry in some way or are not affected by that industry. Conse- quently this optimistic statement on the part of hard-headed and conserva- tive financiers thoroughly familiar with the steel industry carries great weight with business men in_ general. More and more observers are ex- pressing the belief that the present business depression is a psychological rather than a natural one. Gov. Em- merson of Illinois declares America is on the verge of an upturn in business and that the arrival of this upturn is | entirely dependent on the reversal of the mental attitude of the people. He adds that there is just as much buying power as there was six months ago, but it is not now being exercised. Otto H. Kahn has expressed similar senti- ments, warning the business men of the Nation against both greed and fear. ‘The automobile industry is feeling this attitude of uncertainty on the part of the buyer, but replacement de- mand is being maintained at a pace which assures fairly steady production for the remainder of the year, even if sales to new customers do not increase. Further mergers are indicated in the petroleum industry. Production from the less profitable properties under these mergers is being restricted and costs are being materially reduced. Daily crude oil production is falling slowly but surely. Coal mining has shown some betterment, due largely to the increased use of mining machinery rather than to expansion of markets, |although the drought has resulted in more extensive operation of stham- | generated electrical plants. Textile Industry. Textile mills have foufd nothing to frighten them in the announcement of the new styles from Paris this week. They anticipate that requirements for fabrics will be fully as large as;those of last year. Sales of non-ferrous metals are dull and sporadic efforts to assist the silver market and advance quotations for the white metal have proved of little avail so far. ‘The farm situation is still dependent on the weather and not sufficient FINANCI moisture has fallen in many localities to place the crops out of danger. This is especially so in the case of corn. The so-called luxury buying is show- ing signs of picking up. At least the fur manufacturers are buying raw pelts in satisfactory quantities and paying prices which ‘are fairly satisfactory to the sellers. Radio manufacturers are increasing their output and are making preparations for a tremendous last quarter volume of sales. In nearly every instance the amusement business will do excellently considering the time of year and the extremely hot weather. Many observers believe there would have been a decided pick-up in busi- ness this week had it not been for the continued hot spells, which discouraged shopping excursions and delayed pur- chases. These purchases, however, have only been delayed and not aban- doned. (Copyright, 1930.) REICHSRAT 0.K.’S TAX ON DEBTORS TO U. S. New Levy of 15 Per Cent Plus 7.5 Interest Variable as Restitu- tion of Property Occurs. By the Assoclated Press. BERLIN, August 2.—The Reichsrat | has approved an order of the gov- ernment empowering the Reich to impose upon German debtors to the United States an annual tax of 15 per cent of their individual debts, plus 7.5 per cent interest. Germany, ac- cording to the decision of the German- American Mixed Commission, is ob- ligated to pay the United States 40,- 000,000 marks a year from 1930 to 1981, in satisfaction of claims. The new levy can be wholly or partly rescinded or increased under conditions favorable for the debtor as restitution isx'm':de of his property from the United ates. NEW TOWEL SUPPLY CO. VIRGINIA BEACH, Va., August 2 (#).—Laundry owners of Maryland, District of Columbia and Virginia, meeting here, organized the Jefferson Linen & Towel Supply Corporation, & half-million-dollar company, to en- gage in the linen and towel supply business on a national scale. The fol- lowing were elected officers: President, William H. Clarke, Wash- ington: vice presidents, O. L. Roach, Danville; R. L. Branner, Richmond; C. W. Cooper, Baltimore; secretary- treasurer, J. R. Hutchinson, Rich- mond. Members of the board of directors elected were: A. W. Field, Baltimore; Herbert J. Gerst, Norfolk; F. W. Mac- kenzie, Wash: ; Webb Minor, Char- lottesville; R. E. Vincent, Washington, D. C. B. ton. . G 1, & pres 'ADVANCE IN BONDS IS NOW FORECAST Former Depression History Held to Show Good Upswing Within Next Year. AL. Special Dispatch to The Star. NEW YORK, August 2.—The bond market is now at the time of year when the decisive turn came in the depres- sions of 1921 and 1924, West & Co. point out in a review of the investment markets. “The current recession 8o far most resembles 1921,” the bankers say. “While bond prices advanced 21 per cent from July 20, 1920, to Septem-~* ber, 1922, over 91 per cent of this gain. was accomplished in the 15 months | from June, 1921, to September, 1922.° On this theory we are now entering an- other period of advancing bond prices,’ with the most substantial increases oc- curring within the next year. - “Statistics reveal that in every pe-" riod following a depression when busi-« ness actually touched bottom and com- modity prices became _stable, bond: prices steadily advanced for about & year. With commodity prices at the- lowest level since 1914, and an abund-~ ance of funds available for investment,” it would appear that the present time:: presents the most advantageous period since 1921 to purchase bonds. Not.- only are bonds selling on an attrac-’ tive income basis, but offer an unusual opportunity for steady enhancement:* in price at more than a normal rate” within a comparatively short time.” KANSANS MAKE PROFIT ON WHEAT AT 65 CENTS: By the Associated Press. 5 s CENTER, Kans., August 3.—- Two lawyers who harvested their first " crop this year refute the contention that wheat can’t be grown profitably for less than $1 a bushel. Arthur and Theodore Relihan have marketed 2,641 bushels of wheat from. 154 acres. They received 65 cents a bushel, a total of $1,716. : Their cash outlay for seed, planting, harvesting and hauling amounted to :‘xleoxq‘w“oo’ making their profits exceed Baltimore Markets |~ Specisl Dispatch to The Sta: BALTIMORE, Md., August 2.—Poul-_ try, alive—Chickens, spr‘i:nn. pound, 20a24; old hens, 23; old roosters, 14 ducks, 12a16; pigeons, pair, 23. Eggs—Receipts, 1,100 cases; firsts, 23; Southern firsts, 22. Butter- to fancy creamery,~ pound, 34a39: ladles, 24a58; rolls, 24a”, 25; process, 30a31; store packed, 20a21. Vegetable Prices. Potatoes, white, 100 po 1.00a - 150; new, barrel, 1.25al.f beans, % hamper, 5041.40; beets, 100, 2.00a3.00: " cabbage, basket, 75a1.25; carrots, 100+ pounds, 3.00a4.00; celery, crate, 2.00a™ 2.50; corn, dozen, 8a30; cucumbers, hamper, 40a65; lima beans, bushel, 75a'# 1.00; lettuce, crate, 25a75; onions,” bushel, 50a75; peppers, hamper, 65a75; « peas, Lushel, 1.75a2.50; squash, 35a50; tomatoes, crat bushel, 35a50; blackbe: 20; italo nearby 75a1.14 ; peaches, - watermelons, 100, 7 DRIVE A GOOD USED CAR F the brakes don’t hold . : . if the motor hits on one or two cylinders . . . if the top lets the rain and sun peep through . . . if the fenders look like an accordion—it’s time to get a good used car. Very often drivers continue to operate cars that are un- fit for highway use, cars that are a menace to safety, for the reason The next best thing is a good used car.” There are many good used cars in the showrooms of that they Washington’s transportation merchants . . . cannot afford a new car. cars that are me- chanically perfect and reasonably priced far below their original purchase READ TH price. E. UISED: CAR ADVERTISEMENTS IN THE CLASSIFIED: SECTIGN: OF THE Che GREAT NEWSPAPER OF Star THE w NATION’S CAPITAL