Evening Star Newspaper, August 5, 1930, Page 14

' S JGUST 1930> FINANCGIAL. HINGTON., D. C, TUESDAY, A [ooww vore BONDSmoexwsenner] [[ALLSINSTALLMENT Received by Private Wire Direct to The Star Office THE EVENING STAR, WA NEW YORK STOCK EXCHANGE . Recelved by Private Wire Direct to The Star Office., —14 FINANCIAL, OIL OUTPUT GAINS '/ v IBONDS IRREGULAR INLARGER TRADING Low. Close 1000 100% 104 104 108% 1024 UNITED STATES. are 1 $1.000.3 Sales High. Low Close 10030 100 31 1026 1026 St and Sales. High Dividend Rate. 3 190% 10% Tide Water As (§06). 78 Tide Water As pt (6) Sates— Add 00. High. 28 1 BUYING VINDICATED (Continued From Page 13). Stock and ~Prev.1930—~ Sates— vidend Rate. ~ Add 00. Bigh. High. Low. Sinciair Crde 5348 U SLIGHTLY IN WEEK 'Decrease in Light Fuel Is Off- set by Increase ‘in Heavy Supply. By the Associated Press. . TULSA, Okla., August 5.—While the timated daily average production of ht oil in the United States decreased 18,034 barrels in the week ended Au- gust 2, the output of heavy oil in- creased 3§.548 barrels, making for an increase of 20,514 barrels in the total daily average production, the Oil and Gas Journal says in its current report. The total daily average production ‘was .placed at 2498363 barrels, com pared with, 2,477,849 barrels in the pre- ding week. With Oklahoma setting the pace, de- #pite a big increase in the Oklahoma City pool, light ofl production was re- duced 8,126 barrels in the midcontinent rea, the total for the area being given at ,287,519 barrels. Although the ouput of the Oklahoma City field was 100.385 barrels, a gain of 22,915 barrels, Okla- Homa’s production dropped to 554,005 Parrels, a decline of 11,135 barrels. “West Texas was one of the few lighter atreas showing increases, its production M’fi!nc 298,620 barrels, or up 2,348 bar- el A decline of 735 barrels was recorded in Kansas, which had a daily average of 116,210 barrels. ‘The big. jump in heavy oll production Was in Southwest Texas, where the output was 133,701 barrels, an increase of 37,795 barrels. Eastern Production. Eastern light oil production was down 5000 barrels, at 122,000 barrels, while the Rocky Mountain area showed & drop of 908 barrels, with an output of 105,577 barrels. A decline of 4,000 barrels was regis- tered in California lighter oil produc- tion, which was placed at 516,100 bar- rels. California heavy oil produetion was unchanged, at 86,000 barrels, BUILDING INDUSTRY i 103 90 Postal Tel &C pf(7) 54 5% Prairie Ol & Gas(2). 44w Prairie Pipe L (45).. 614 Pressed Steel Car... 525 Proctor & Gamb(2.40 811 Pub Serv.N J (3.40), 91% Pub Serv N J of (5) Pullman Corp (4) 19% Pure Ol (1%) 52 Purity Bakerie 3214 Radio Corp . 68 Radio Corp (B) {6).. 19 Radio-Kelth-Orph A 33% Rand Mines (3 04)... 28 Raybestos Man 2.60. 34% Real Silk (5) 23 Rem Rand (1.60). 814 Reo Motor Car (30c) 371 Republic Steel (4) 86 Republic Steel of 3 Reynolds Metals (2 « Reynolds Tob B '« Richfield Ofl (1) 15% Rio Grande Ofl ¢ 27% Rossia Insur (2.30).. 49% Royal Dutch a3.2165. 58': Safeway (el 90 Safeway of (6)..... 1 103 Safeway Strs pf (7). 331 St Josbph Lead (13). 851 St L-San Fran (8)... 92 SrL-San Fran pf (§) 524 St L Southwestern. ., 4% Schulte Retall Strs.. 59% Sears Roebuck(32%) 1% Seneca Copper. 6'4 Servel. Ire. 31% Shattuck( 3 42% Shell Trans (a2.423) 80s Shell Union (1.40) 13 - BRI ™ Simms Petrm (1. Sinclair Con O1) (2). Sinclair Ofl pf (8)... 28% SkellyOfl (2)....040 - 9 95% Solvay Am pf(5%).. 15% Sou Porto Sug (1.40) 31 Sou Dairies (B)..... 108 Southern Pacific (6). 851 Southern Rwy (8)... 90% Southern Rwy pf (5) 19% Spang-Chalfant..... 13% Sparks Withngta(1). O 191 PO} TR IVIRIN - 3 84% Srand G& E (3% " STILL IN DOLDRUMS Activities Lag, Although Public Projects Have Been Speeded Up Recently. By the Assoclated Press. NEW YORK, August 5.—The build- ing industry, which has been rather poorly for' more than two years, refuses to respond to treatment long recom- nded by specialists. During the business boom -of 1928 and 1929 building was a tender spot rubbed raw by the burden of high money. This isolajed sore spot was re- garded as about the only serious weak- ness in the business structure. . #*The stock market crash last Autumn, together with the subsequent reduction of rediscount rates by the Federal Re- serve banks, let loose a flood of credit hhht. had been dammed up by specu- tion. 7 Cheapening of credit, together with the encouragement of public works and heavy construction projects, was ex- pected to bring an immediate revival of the building industry. Most of the business forecasters last January pointed to this long ailing industry as mow under the treatment would prove s ‘The: c“lr:l. be igns of improve. 3 Te have been s - ment in building from time to_ tithe @uring the past seven oconstruction has been in large volume. Municipalities and public utilities re- sponded quickly to the improved bond market and to the plea to undertake large projects to hurry iness re- covery. Building statistics have been slow in recording improvement, however, for yesidential construction, which accounts for about half the normal volume, re- mained sluggish—in fact, continued to recede. But the figures for June even showed signs of recovery there. Washington Produce Butter—One-pound prints, 41a42; tub, 39a40. Eggs—Hennery, 24a25; current Te- eeipts, quality inferior, prices not quoted. - Poultry—Spring broilers, large, 30a 32; medium, 27a28; small, 23a24; Leg- horns, 20a23; fowls, larg a23; small, 20a21: Leghorn fowls, 14a15; ducks, 15. Dressed, , shipped-in, iced—Spring broilers, l-rge, 3&32: small and medium. 23a25; Leghorns, 22a24: fowls, heavy, 25 small, medium and Leghorns, 15a17. Jobbers’ prices, home-dressed—Spring brotlers, large, 35a36; medium, 33a34, Emall, 28a30; Leghorns, 27a28; fowls, '26a27; Leghorn fowls, 18a20; ducks, 23a25; turkeys, 32a35. Meats, fresh killed—Beef, 18a20; veal, 23; pork loins, 25a28; Tresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoulaers, n: bacon, 27; lard, in packages, 12; in Ik, 11 *“ Live stock—Lambs, 8a9; calves, 8a8%. Fruits—Watermelons, 35a70; canta- fornia rs, ice ‘crates, ; oranges, 6.5028.50; 12.00; honeydews, 2.50a3.00; honey] , 1.75a4.75; plums, 1.50a2.50; Persian ‘melons, 2.50a3.50; cherries, 16-pound ‘boxes, 3.00; blackberries, 6.50; huckle- ‘berries, 4.00a6.50; limes, per 100, 2.50. Vegetables—Potatoes, 3.00; sweet potatoes, 6.50a7.50; tomatoes, 1.00a1.50; seconds and culls, 35a60; spinach, New Zealand, 1.00; kale, 1.00; beets, per 100 bunches, 4.00a6.00; car- rots, per 100 bunches, 3.00a6.00; peas, 40-pound crates, 4.00; squash, 175 cucumbers, 1.75; cabbage, per barrel, 3.00: peppers, 1.75 2.00; turnips, per bushel, 2.00. « By the Associated Press NEW YORK, August 5.—With less than & month remaining before Labor day, both buyers' arrivals and pur- dhases for Fali in the New York mar- et continue substantially below & year 4go. Resident offices feported that a rivals Monday were under expectations, Indicating that this week will bring no fevival of the trend since the start of the wholesale season. | The slight pick-up which has de- Yeloped in_ the purchase of women's shoes for the Fall has emphasized the strong position of blacks for the new geason. indicated that at ieast 60 per cent of the business is in black shoes, 25 per cent in brown and the remainder scattered over greens, blues and wine tones. No immediate reductions in the price of percales are contemplated by the Jeading factors of the trade, a canvass of large producers has disclosed. While some quarters regard it as advisable to wait until the new lines are opened, about September 1, there is a strong mwuy that action to revise prices Estimates 61% Stand G & B pf (4) 55% Stand O of Cal (3%). 29 Stand Oil of Kan (3). 58 Stand Oil of N J(42). 30 StandOIIN Y (160). 271% Starrett (LS) (12%) 9% Sterling Seq (A).... 36 Sterling Sec ev pf(3) 19t Stewart-Warner (2). 70% Stone & Webster (4). 254 Studebaker Corp (3). 116 Studehaker Co pf(7). 50 SunOll (11). 4 102% Sun Oil of (6). . 38 Superheater (13%).. 2 Superior Oil. 7% Symington (A 40. Thatcher pf (3.60) 11 Thermoid Co... 36 Thompson (J R) (3). SIGNS MORE HOPEFUL IN MACHINERY TRADE Special Dispatch to The Star. NEW_ YORK, August 5.—Machine- tool and machinery markets throughout the country continue to suffer t;?:‘n fi ters are a true gauge tions, the industry is due for a definite upturn about Labor day and the period following election time, American Ma- chinist reports. An occasional center now the re of inquiries more a year old, with the possi- bility of sales when the looked-for im- t sets in. p'gm:nmmwymmmu reports inquiries are picking up%? ness in the Cincinnati area is attributed by dealers to the intense heat, although a few inquiries are coming in. Detroit automobile builders, in vir- tual control of the machine tool situa- tion there, seem to be the 0% 55 Timken Roller (3)... 37% 5% 5% 2115 16% 1% 9% % Transue Tri-Cntl Union Union T" Utd Atres Utd Bisc Utd Cigas United ¢ Utd Gas Utd Gas Utd Plec: % Utd Stor U S Aleol U S Pipe Rei Waldorf Wess oil Wrigley 47 16% 32% 5% 9% 52%4 §8% 22% 24 42% 12% ° 38 as n 3 : tock. 38 pock. Utd Afreraft pf (3) Utd Biscuit (1.60). VulcanDet (4)..... Wabash..... . Wabash pf (A) (5).. 72 Wileox Oil & Gas. Willys-Overland. Wilson & Ce. Wilson & Co (A). Wilson & Co pf.... % Woolworth (2.40).... Worth Pump. 2% Yellow Truck.... Young Sheet & T (5). Youngs Spring (3)... Zenith Radlo. Sales of Stocks on New York Exchange A {E¥hcHin.” thtus 0% Payable in si0ck %00 TPIus 8% 10 sl Tob Prod A (new) . .. Trensamer (11.60) ‘Transcontl O1l (30¢). & W (1) Tri-Contl Cor Corp Und-Eil-Fiscner % Union Bag & Paper % Union Carbide (2.6 Union Pacifie (10 4 222% 220% 86 85% 28 28% 61% 61% 67 65 48 48 127 128 ifie of (4) .. k Car (1.60) raft. uit pf (T)... 4 Utd Carbon (2).. r Stores. ... Jorp (50¢). United Corp pf (3).. & Imp(1.20) & Imp pf(5). e Dye W (2) (A) Utd Stores pf.. U S Distributin, hol (17). &F(3).. 33% 54% i 169 145% 145% 454 4 100'%; 101% 4% 10215 824 33% 2 38% Svatm(13%4) 4 Walworth Co (2).... Warner Bros Plo (4). Warren Bros (3).. Warren Fdy & P (2). 4815 48% 32 32 & Snow (2). West Penn El ptf (8 1173 115% 1% 1% 24% 241 171 171% 39 38k 148% 149% 36 35% 10% 11 a1M 325 16% 16% 6% 6% 4 3% 0% 9 4T 47 59% 59% 128 129% 19 78% 25% 25% 120 112 36% 34% % 9 (Wan| - 634,300 830,100 2:10 P.M. 1 970100 in the above table are the nual cash eat Quarterly or haif veatly declarations. an 100 shi 1y !l'-l‘-‘ 1:'“' 4% st sear— shares. tPart! in 0y ible when earned. 3. 2 g 3 tock Pl % 1) ok, “Fhlus §% 15 stock” @ s in 1 Plus 10% 1 UPWARD SWING IN AUTOMOBILE OUTPUT RESUMED AT DETROIT BY E. Y. WATSON. Special Dispatch to The Star. DETROIT, August 5.—After reaching what is believed to be the low produc- tion level of this year, automobile man- :l.uturln; took an upward swing to- y. bfl:‘;fle ‘major flmflmel lrr;ngned work, f x| 0 Back (o thel Jobs. The den Taid Ford o - ving lengthened its mum last three weeks instead of two, as orig- inally scheduled. List of Operations. For the most part the operation schedules will be on a limited basis, as compared with the volume of cars com- passing on D\lhml indifference to muflfl Southern pyospects are there Iswmeevmneeottmrp?uxln s apparent in New Improvement is England machine tool markets, al- though limited to miscellaneous lines at . Em] it there market is on the fence. ity of tool manufacturers there is being counterbalanced by increasing slowness in steel orders and the inactivity of motor car producers. WAITRESS DOES NURSING FOR TEMPERATURE LADY NEW YORK (N.AN.A).—A social worker, dressed in a strong-minded way, established herself at a tea room hle. “My milk, as usual,” she said, with emphasis, “but not so warm today— just the chill taken off. Chicken soup, and be careful to see that it is not too hot. No, you needn't take away the ice water this time. Merely bring me a cup of hot water.” It was brought. She dumped twc spoonfuls of the hot water into the cold water and drank. “Now another glass of ‘milk, still ‘The other was not to my “That dame,’ said the waitress when she had gone, “thinks I'm a trained nurse and that all I got to do is go around taking temperatures for her.” BANK CLEARINGS. NEW YORK, August 5 .(Special).— New York bank clearings, today, $1.- 080,000,000; a year ago, $1,656,000,000. New York bank balances, today, $175,- 000,000: a year ago, $175,000,000. Ni York Federal Reserve credit today, $153,000,000; a year ago, $170,- +E SIS T A granite firm of Leicestershire, Eng- land, is distributing samples of its prod- uct by dropping them from airplanes over principal cities of the country. Prom Yesterds: Two years ago. Three years ago, weekly aver. .. High (1930) .. o Low (1930). High (19! Low (1929). ing from the plants up t July 1. De- spite general business slackness the in- dustry as a whole was maintaining an average of 100,000 units a week up to that time. As compared with last year, this rate was about 70 per cent of 1929 volume, which recorded an all- peal ‘The list of plants resuming, the re- spective numbers of men returning to work and the weekly periods of opera- tion follow: Ford, 100,000 employes, on a basis of four days a week. Oakland Motor Car Co., 5300 em- ployes, two to. five days a week. Packard, 8,500 workers, five days. Graham-Paige, 1,150 men, five days. Timken Detroit Axle Co., 2,000 men, four to five and one-half days in various dea-br-zmenu ARG ervers of ndustry point out that automobile mnnuu:muremhu not experienced any general vacation period in which virtually all plants have par- ticipated for 10 years. The only Pljevloul period that can be likened to it was 1920 and 1921, when the post- war deflation was in progress. - At that time not only production, but car prices u; nt the most severe slump the automobile makers have ever known. Modernized Methods. about & changed condition. Moder: of manufacturing have cut down the hours of labor nec: to turn out a given volume of cars. This has come about through the greater use of automatic machines and less hand labor. It also has made possible the turning over of a factory inventory from 20 to 25 times a year, as com: pared with 4 and 5 times yearly under the older and slower plans of operation, It is being predicted that the ex- perience of present year may lead the auto factory executives to schedule annual vacation periods in the future. Other plants that already have tried out the plan and have found that it works satisfactorily are Cadillac, Hud- sop and Oldsmobile. Hupmobile started & two-week vacation period today. ‘While vacations are in progress small forces are maintained to take inven- make machinery repairs. 1930, by North American News- paper_Alliance.) tories and (Copyright, NEW YORK BANK STOCKS NEW YORK, August 5 (#).—Over the counter market: BANK STOCKS, America ... of U 8 Unit: Broadway Natio Chase . Asked. 9 97 4 41% TRUST COMPANIES. Pupils Study Too PARIS (#).—French children spend t00 much time over their school books, an investigating committee appointed by the minister of education reports. More outdoor play was recommended for scholars of all ages. PECHRIEEE Road-building, now one of America’s largest industriés, has averaged $80,- STOCK AND BOND AVERAGES By the Associated Press. STOCKS. 000,000 annually since 1920. 6:30 Edition, Wall Street Briefs By the Associated Press. the announced plan of the Standard Oil Co. of New Jersey and certain other retallers of gasoline and oil to enter the retail automobile tire business in con- nection with their service stations in- volved purchase of the Fisk Rubber Co. ‘The oll companies declined to enlarge upon the original statement that the tires would be sold were the products of A maker of standard advertised brands. Bankers for the rubber company de- clined to comment, and officials of the Pisk Co. could not be reached., Burton A. Howe, president of Ameri- can Equities Co., announced acquisition of a large block of class B common stock of the Intercontinents Power Co., which, together with present holdings, gives American Equities a substantial majority interest. Payment for the stock was made partly in cash and partly in stock of American Equities. First public offering of certificates of Independence Trust shares, a fixed in- vestment, trust, was made today. Each share represents a 1/1,000th participat- ing non-voting ownership in a deposit unit of one share each of 50 common stocks deposited with the trustee. The board of directors of the North Star Insurance Co., a member of the General Alllance group, has declared a stock dividend of 100 per cent, increas- ing the capital of the company from $400,000 to $800,000. ‘The firm of Sutro & Co. of San Francisco, which recently was suspended from the New York Stock Exchange, today discontinued its New York offices. SHORT-TERM SECURITIES. (Reportea by J. & W. Sellsman & Co.) Bid. Offer. 1081 il ¥ u Gen. Mot, Genizal Pet eaters Wall Street reports today said that | Wi Brisk Demand for Municipals of Better Grade Is Continued. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 5.—After a slow opening. bond trading picked up today and prices fluctuated irregularly in a volume of business almost twice that of Monday. Midsummer dullness continued to af- fect all markets, but with the conti- nental bourses again doing business, there was a revival of foreign buying. Money did not reveal any tightening despiie further heavy gold shipments France and Canada. The street clings_to the opinion that the Fed- eral Reserve policy to keep money cheap will offset the tendency towards somewhat higher rates engendered by the metal shipments. New Issues. There was nearly $38,000.000 of new issues. of which the largest was $20,- 000,000 Ontario Power Service Corpora- tion Limited 5'; per cent sinking fund bonds,‘priced at $94.22 to yield 6 per cent. There was also $15,000,000 Para- mount Publix Corporation 5, per cent sinking fund bonds maturing in 1950. The latter issue was priced at 941, to yield 5.97 per cent. The issue is for the purpose of financing the purchase of new theater chains and the exten- sion of plant and equipment. The feature of the investment mar- ket continues to be the brisk demand for prime municipals in counter trad- ing. * Prices are at their highest of the year and dealers are well satisfied with the turnover of bonds. The virtual scareity in this part of the market has resulted in a range of yields from 5.50 to 4.07 per cent. One house today of- fered $4,000.000 of such municipals, all yielding within those limits. Railroad equipment bonds are in similar popu- Tarity and are selling on a 3.25 to 4.75 per cent basis, according to maturity. Listed bonds, while transactions showed about an even number of ad- vances and declines, actually kept close to their best levels of the year. In the we group Pennsylvania 4l5s. Prisco ‘A” 4s, American Telephone 5%5s, Co- lumbia Gas and American & Foreign Power 5s had small gains. Fractional declines were shown by Baltimore & Ohio first 4s, Canadian' National 5s, Great Northern 7s, Chicago, Burlington & Quincy 4s: Inland Steel, 415s and Philadelphia Co. 5s, but in no case did these fall more than a very small frac- tion below their peak prices of the cur- rent movement. Speculative Group. More speculative types of bonds were less in favor and, with the exception of a few junior railroad descriptions, did not have sigpificant price changes. St. Paul adjustments, after early weak- ness, recovered to a small gain on the day. There were also narrow improve- ments in St. Paul 5s, Rock Island 42s, Erle General lien 4s and Erie 5s. In the foreign department, German and Central European bonds were un- der pressure, German 5'>s dropping fractionally to a 3!3-point discount and Austrian 7s losing a similar amount to a 134-point discount. Their weak- ness affected Berlin 6!,s. Batavia Pe- troleum 4l5s, Hungary 71%s, Jugo-Slav Mortgage Bank 7s, Silesian Bank 6s and Ppland 8s. Japanese and French 10231 20.101 20 1061 1083 11224 10231 1224 Low. Close. 907% 99 98% K8 104% 5. Belgium 7s 5 Belgium Bolivar 7s '58. Bo)ivia Txetfs Bolivia 83 Rrazil 7 Brazil & Bremen State 7 Canada 6s'31. Canada 6 Christiana 6s . Colombia 6s.Jan ‘61 Copenhagen 6s rets Czecho 8s ‘51 Czecho 2 Denmark ¢ % Denmark 5% Denmark Dutch Fa Dutch East I Fiat 75 ex wa Finland s £ 63°45. .. Finland 7s. Framerican 7% French 7a. French 7% Gelsenkir Min 6534 15 gersi/.-'xo-'zs ctw 136 stalian Pub Japan, 9T 97% 92150 92 % 105% via Bank7s 6 Kreuger&Toll Ssct 41 Lyon: o Mex 451904 asnd Milan 6%s. Montevideo T: Netherlands 6s *72.. Norway 63%s Orlent dev 5% Orient Dev 6553 Paris-Lyons-M 6, bonds ‘were again strong, French gov-|Q: ernment 7'5s touching a fresh peak. South Americans were dull. i Washington Stock Exchange SALES. 3 Capital Traction 55—$1,000 at 94, £1,000 at 933, $1,000 at 933, $1,000 at 93%. ‘Washi n Gas 6s $200 at 102, $100 at 102. ‘The passing of a decade has brought | Norfolk & Washington Steamboat rts. 2 at 165 Potomac Electric 5% % pfd.—5 at 109, 1 at 10813, ‘Washington Rwy. & Elec. pfd.—3 at 98, 10 at 98'4 American Security & Trust Co.—5 at Fedéral-American Co. pfd.—5 at 9. Lanston Monotype—10 at 118'3. Mergenthaler Linotype—10 at 97%, 20 at 97%. AFTER CALL. Capital Traction 5s—$500 at 93%. Washington Rwy. & Elec. 45—3%1,000 at 89, Norfolk & Washington Steamboat rts. —2 at 16. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bi Amer. Tel. & Telga. 4% 133... 102 Amer. Tel. & Tel % Am. Tel & Tel ctl. R. R. 5 Asked. Gapltal Tracti R. a action Glty ‘& Suburban 5. . Georretown Gas 1st 35 Potomac Elec. cons, 5 Eolomac Eiec, ‘G 'io3 Wash. Ga: seri Wagh, Rwy. & Elec. 45.... ... MISCELLANEOUS. & Ross. Inc.. 6% Chase Club 5i:: Paper Mfg. 6s Cold Storage 5 Cons. Title 6s. STOCKS. PUBLIC UTILITY. Tel. & Tel, (9) Traction Co. i4). Gas Lt Co. (18).. .. N. & W. Steamboat (di2} N. & W. Steamboat rts wi Pot. Elec. Power 6% pfd. Bot: Eiee' Poer blar Bid;::: ash. Rwy. . com. (7300, Wash, Rwy. & Elec. pfd .(5). .. Barber Chevy D.C W. M. Wi Amer. Capi Federal-Amei Liberty (7%) Lincoln (12 Metropolitan Riggs (15) ond (9 Washington ' (i3) .. g TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6).......... 120 hants' Bank & Trust (6). s & Trust (121 Bank & Trust Union Trust ( Wash. Loan & Trust (14).." SAVINGS BANK. L Bank of Bethesdn (61, i mer. Commerce & East Washing Potomac (10) Security Sav. Firemen's ( dsns National Union (18)... S FIRE INSURANCE. Columbia (6h)............ Real Estate (6h) Title & Inv. Co. Md. com 5 MISCELLANEOUS. Barber & Ross, Inc. com. Ghevy Ch. Daiiy bfd (7). Col. Medical Bids. Corp I._Sand & el prd. ()] 107% 100 100 Ny MISCELLANEOUS. Abitibl P&P 68 ‘63. % Abram&Straus 5%s Alleghany Cp 58 ‘44 Alleghany 68°¢9. .. Allis Chalm 58°37.. Am Agri Cliem 7% 8 Am Beet Sugar 6s.. Am Cotton Ol 5a. ... Am For Pwr 65 2030 Am Int Cor 6% 8 49 86% 100 Armour&Co 4%s'39 Armour. Del§%s. . Asso Ofl 6 Atl Refining 5 Bell Tel Pa 8 (C).. Brklyn Edison bs. . Certn-Td6%s rets. Chile Copper bs. ... Col G&E) bs,May's3 Com Invest E1s 49 East Cuba Sug T%» Fisk Rubber §s » Inland Steel 4% '78 intl Cement 68 48.. Intl Match 6» 247 Intl Paper 68 ‘47 Intl Tel & Tel 4%, Intl T&T 4%sev.. Int) Tel&Te Laclede 5%s ‘53 Laelede 5%s D Lautaro Nitrat: ® » McC'rmek ER 63’34 Midvale Steel b; ® SomaSnand ann nSambice Xmou 106% 45 1034 Nor States Pwr 5 Pac T & T 1st b 1% - oy l Sineialr P L i ‘Tenn El Pwr 6 ‘Tex Corp ev bs "4 4 Transcont] Oll 6158 United Drug 3. TS Rub It ¢f bs... Utah Pwr&Lt b Utilitles Pwr 51, Vertientes Sug 7s.. Waliworth s 45. Warn Bros P » War Quin 6s '39. Warner Sug Ts "41.. Western Elec 5 Westn Unfon bs's Westn Unfon 6% Wilson & Co 1t 6 Win RepeatAr 7} Youngstn S &T ba.. 1 RAILR Atchison gen 4s... 23 A TESKcv4%Ae4s 4% At Coast L 1st At& Bir4s'33..... B & O gold 4s. B&Ocvays B&O4%s 60 B& O ref b8. . B & O 53 2000 (D). B & O ref 6s "9 s B & O Toledo i Bang&Aroos 43 '51. 25 Boston & M 53 1955 11 Bosion & Matne 6s. 10 BKklyn Elev 6%s. .. Bklyn Manhat 6s. Bklyn Un 1st 5350, Bklyn Un EI 53 '50. Buff R & Pitts 4%s. Bush Term con b Can Nat4%s 1 1 1 1 9 1 1 3 2 Can Pac 438’46, .. Can Pacific 55 '54 Car Clin &0 Central Pacific 4 gnnt Pac 1st 58 & O« Chi & Alt3s. . Chi & Alton 3. it Chi Ind & L ref Ch. M&StP 4% ChiMIIStP&P 68'75. CM&StP Pac ad) 53.165 Chi & NW gen Chi NW 43582037, % Chi Rk sl 4%8 A.. Chi Un Sta 4348..... Chi Un Sta 5s 44 C& W Indcon 4s.. CCC&StL 4%3 (E). CCC&StL 58 (D) Clev Term ¢%8 17 Clev Term 6 90% | Cuba R R 734, Deld Hud ref 4. Del & Hud 5%s. Den & Rio G cn 4; Den&RGW ba '65. Erle gen 43 Erle 63, 1967 Erie b8, 197 Fia East C63'74 Gr Trunk st deb Gulf Mo 58 (B). Hud & Man adj Hud & Man ref 111 Cent 4s ‘52 LI Cent 4% 8. 111 Cent Cb1 4 %! 111-C-C-StL&N Int Rapid Tran Int Rap Tr b8 Int Rapid Tran; int Rapid TransTs. Int Rys C Am 5 Kan City Sou 5 Kan City Term 4; Lehi Valcon ds, ... Lehigh Val cun ¢%s L&N 41482003, L&N5Y%s. ManRy 1st 43°90. .. Man Ry 2d 48 2013.. Mich Cent 434579, 2! M K & Tex 1st 4s. MK&T4%s 3. Mo Pacific ¥en 4 dio Pae 68 ¥ 117 Mo Pac6sG'78.... Mo Pacb¥%s 4dcv.. Nat Ry Mex ¢% N ¥ Cen gen 3%s. . N Y C& StL ded N Y Cent 43"98.... ¥ Cen rf im 4348, Cen ret b 1 B g LA 1] £ 5 s &StLE%sB & StL 6s'31.. &StLAs '3 PELET Z Q0a0 H&H & W gen 48’55 nt & W 1st 48 J &B4% Norf & Wn con és. . Nor Pacifio 3s 2027. Nor Pacific ¢s. Nor Paeific 53 (D). Nor Pacific ref Ore Shoft L 58 gtd. 22227 2222727 «nn; 590% 3 -3 - & . z s Rio Gr Wat 1st 4 Rio G West col 4. RLATK& L ¢}4s... StLIM&S StL 1M&S R&G & StL & SF pi ¢ StL&S F 4% . S&L&SF gen bs 31. StL&SankF 65 B St LS Weonés'33 StL S W bs‘58..... StP & KC ShL ¢ 34w, Seaboard AL cn 6s. B All Fla 633 Sou Pac elt Sou Pac ref 4s.... Sou Pac UA-’?." . Tex Ark P8 54550 X s B11. Third Ave ref Third Ave ad) b 111% ; Unlon Pac 43%s. 102% | wabash 4%s 78, OAD. 101 9014 105% 1043, 99 1067 4 104%, 94ty Aty 104% 1045, 104 10974 100% 103% 103% 9615 142 961y 8% 9614 109% 98 8215 101 90 35 s8n” 933, 811y 104% 1047 1044 10974 10044 1034 103 9614 150 95% 8% 9514 100% 10115 103% 1034 110 870 90% 9% 100 90 9874 *8 4 103% 99% 981 974 977k 103% 104 17 % 111% 101% 90% 89% 9% 103 107% 101% 93 90% 4 100% 10035 106 834 101 90 3.4 88% 91te 811% 104% 104% 104! 1097% 100" 10 103 965 132 96's 8% 964 100% 10115 104 104 110y 874 90 99%, Arthur Morris Says Plan Has Weathered Acid Test in Present Depression.’ Special Dispatch to The Star. CHARLOTTESVILLE, Va., August 5. —Installment financing, having succes- fully weathered the “acid test” of the recent business depression and conse« quent unemployment, has definitely established itself as a sound and vital factor in the American industrial pat- tern, the Institute of Public Affairs was told today by Arthur J. Morris, president of the Industrial Finance Corporation and founder of the Morris Plan, who opened the institute’s round table discussion today on ‘Consumer Credit.” Bankers, manufacturers and distribu- tors from throughout the country are here for the' credit discussions. In answer to critics of the installment system of merchandising who had fore- cast dire results for the country in the ‘event of depression, Mr. Morris pointed to the present soundness of the large installment financing organizations. cit- ing the large annual operations of his own companies as an example. “The increase in delinquent collec- tions from people who have bought producis on the deferred payment plan has been much less than our organiza- tion had expected in the event of so much unemployment,” he said. “As a matter ot fact, industrial bank- ng is teaching the masses financial management and the value of personal credit. The absence of serious Com- % |- munistic tendencies in American labor circles is gdmittedly due to the sense cof ownership which has come to Amer- ican workers by the n of homes, automobiles, radios and other productive articles — yet installment credit has made this mass possession possible. Abundant Cheap Money Needed. “Had money remained ample for the 101% 93 90% 100% 100% 106 50% 47 4 101% % 113% 105% 93 9715 101 4 101% i 105 8ok 995, 98l 1 4% 86% 997 101% 9914 9114 93 101 102% 100% 934 1031 100% 1087 8515 894 9B% 943 88 109% 00 1 485 29% 97 9% 931 100% 9312 1031 U. 5. TREASURY BALANCE. proper financing qf consumer credit, national . consumption would not have declined, production would not have fallep off and employment ‘would not have followed. The present business recession is due to the failure of eur banking machinery to make a contin- uous supply of cheap money available for business uses. “For the past two years, legitimate ‘business has had to compete with Wall Street gamblers for maney and the gamblers were willing to pay exorbis tant prices while the speculative mania persisted. The answer lies with the Federal Reserve system. To make a continuous supply of reasonable money available the Pederal Reserve Act should be amended so as to make consumer credit or installment paper eligible for rediscount, or so that bankers holding such paper could *put it into action through the Federal Reserve instead of having to hold it in portfolio, as necessi- tated at present. This would insure an adequate volume of banking credit to sustain manufacturing and distribution, regardless of the stock market demand for call loans. Sees Plan Expanding. “Cheap money now prevailing will inevitably restart the wheels of com- merce, but we will inevitably have recurrence of the present re un= mr banking machinery is ration- Mr. Morris concluded with the pre- diction that the next 10 years would witness an expansion in the volume of consumer credit, or installment financ- ing, fully comparable to the expansion that has occurred during the past decade, pointing out that it is estimated at present that consumer credit- now totals $8.000,000.000 annually, or 12% of the Nation’s total retai] sales. | Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., August 5—Pota- toes, white, 100 pounds, 90a1.00; beans, hamper, 1.25a1.35; beets, 100, 1.00a2.00; cabbage, basket, 75a1.00; carrots, 100~ 'pound sacks, 3.00a4.00; celery, crate, 2.00a2.25; corn, dozen, 15a30; cucum- bers, hamper, 40265; lima beans, bushel, 1.50a2. lettuce, crate, 40a75; onions, bushel, 1.25a1.50; peppers, ham- per, 65a75; peas, bushel, 1.50a1.75; squash, hamper, 30a50; tomatoes, ham- per, bushel, 45a75; blackberries, quart, 14a16; cantaloupes, hamper, 25a1.00; huckleberries, quart, 15al8; peaches, bushel, 1.25a1.50; watermelons, 100, 20.00235.00. Dairy Market. Poultry, alive—Chickens, Springers, pound, 23a32; old hens, 23; old roosters, 13a15; ducks, 14a20; pigeons, pair, 23 Eggs—Recelpts, 877 _cases; I firsts, 20a21; Southern firsts, 23. Butter—Good to fancy creamery, pound, 36a3fl,; ladles, 24a26; rolls, 24a26;" procest, 29a29'2; store-packed, 821, Hay and Grain. ‘Wheat—No. 2 red Winter, export, 93%; No. 2 Winter, garlicky, spot, 903; August delivery, 90%; September, 92%. Corn—No. 2 domestic, yellow, new, 1.05; cob corn, 5.00. Rye—Nefiby, 60a72. Oats—White, No. 2, 46a4’ 45a46. Hay—Receipts, none. market; continues quiet. Live Stock Market, Cattle—Receipts, 150 head; light supply; market dull. Steers—Choice to prime, none; good to choice, 6.50a7.25; medium to , 6.2586.75; ir to medium, 5.75a6.25: plain to fair, 5.25a5.75; common to plain, 4.7585.75. Bulls—Choice to prime, none; good to choice, 6.25a6.50; medium to good, 6.0026.25; fair to medium, 5.5026.00; plain to fair, 5.00a5.50; common to plain, 4.5025.00. Cows—Choice to prime, none; good to choice, 4.75a5.00; medium to good, 4.50a4.75; fair to medium, 3.5024.00: plain to fair. 3.00a3.25; common to plain, 2.25a2.75. Heifers—Choice to prime, none; good to choice, 6.25a6.75; medium to good, ; fair to medium, 5.2525.75; plain to fair, 4.75a5.25; common to Pplain, 4.25a4.75. Fresh cows No. 3, No change in "and springers, 30.00a 60.00. Sheep and lambs — Receipts, 400 head; good supply; market higher; sheep, 1.00a3.50; Jambs, 4.00a10.25, Corporation Expands. NEW YORK, August 5 (#).—Aq A sition of Joint Investors, Inc., & :e:qe;l:l management company, with assets of gore than $1,750,000, by the Yosemite olding Corporation, was announced today by Luther D. Thomas, president. This latest acquisition is the third ma- Jjor step in the expansion program of Yosemite, which previously acquired Union Investors and a substantial in- terest in British Type Investors. ———— POTATO MARKET. CHICAGO, August 5 (#) (U. S. De- partment of Agriculture) . —Potatoes— 42 cars; on track, 230; total U. S. ship ments, 364; trading fair, market steady: Kansas and Missouri sacked Irish Cob- 40a1.55; Minnesota sacked ear)! Vi and Maryla mostly 2.75, few 2.80a2.90; decayed stock, 2.00° up. - ward will be taker before that date, the trade believes. It was said that the present time is not too pro- pitious for cuts. . 1‘9';,‘! The United’States Treasury balance, 101 | announced today as of close of business 100% | August 2, was $187,491,393.25. Customs ' 9% receipts for the month to date were :g;: g.u:,m. Total expenditures, TREASURY CERTIFICATES. b 0 Pure Ol §%8 37 Rem Rand % s war Richfield O1l §a "¢4., 10 ext dEx rights. wi—When issued. Se233ssaitareit 130c. ext; - §1% extra elia% extra. 02% extra. A boy was arrested recently at Cassel, Germany, zfter starting 21 sevious fres | s the pleasure of watching the flames. k.. Cooh sa3 ~