Evening Star Newspaper, August 7, 1930, Page 14

A—14. k= RETURN T0 NORMAL BUSINESS IS URGED| ,Gorporation Head Believes Present Depression Has Been Exaggerated. BY JOHN F. SINCLAIR. lucm Dun.m: to ‘nn Star. Sy Woodrufl ol Au.nu. 40, hfl'““fl" of the White Moter Co. which employs about 9,000 people. as ‘well as president of the Coca Cola Co, whch employs 15,000, in reviewing the busl- ness munnnn, makes this significant l&lu eneral slump in business, in my npinfil been greatly exagger- ated and cond!flolu vlfll show a decided impovement when all of us get back to normal vision, normal standards of ‘comparison and normal acting. When we adjust ourselves to conditions the conditions will improve, and the sooner we realize that business is what we make it the better off we will be. “It’s anybody's guess—this matter of Dndlcfln. how lon( the depression is last. We will probably find wfl is now pretty well along. It's cthOfilnl anyhow. If we g0 at things as we did a year eondmons would adjust themselves tpeedlly, as they always have in the e N‘ ‘Woodruff is strongly opposed to any r:ducuon in wages. Neither com- )y of which he is the head has par- {Imp'm in any reduction. ‘Mexico, having mn:ed her public debt in New York, starts her third at- tempt in 10 years to pay her way in the mtzrnlllonl\ field. Big concessions were made to Mexico by the foreign bond holders. Back in- terest, dflamx';fd for several years, was ctically W out. pr:’ut zn'un, inclus interest on both Government and railway debts, w- $348,796,000 are to be paid at th rate of $18,000,000 a year, which is w be accumulat ulated out of annulties in the next few years. In addition to the in- tan-t cancellation, about floln oonw:“:é So the Mexican delegation led by Luis Montes de Oca, u.meoutu the conference with $350,000,000 less of for- mn obligations than wher they went The theory being, as one writer puhlt, “that half a loaf is better than Zone.” ‘make it binding, the arrange- ‘N‘ mmn:d' .mdlyhthe l‘ehan: 24 ers by the first of the year. With her foreign debt out of the 'lY. lid chance to credit in the eyes of to raise wheat? acre, and chasing power of the affects every one who with him, farm machinery upecx-u now as though the wheat and hrmen will have to wait another tor & plece of luck. An un.mhtlklble ble drift toward trust eompanies is every;hm evident, in New York particularly. ‘Who 'oufi have dreamed that during the last 12 months—in a year of declin- ln( prices and uncertainties—the 26 companieswould $1,000,- 000000 in average net funds over the receding year? Today they stand at .199,978,000. one trust company earning more than $2,000,000 net a month. Guarantee Trust Co. earned more than that—$27,967,000 for the year—equal to 31.6 per cent of its average capital, or 2.36 per cent on the average net funds of $1,188,400,000. Investors in every State in the Union have helped to make such a record ible. Poese investor T know, not. wishing 1o Jet his associates in a Middle wuwm town know anything about his business affairs, has recently deposited a large sum of money in one of the New York trust compani ling $1,000,000— for the exclullve benefit of his family. And so it goes. One can hardly pic- ture a business recession by reading the figures of the New Ym'k trust com- panies’ records durln; last year. ‘While New. York is taking action to ynvem riveting on steel structures be- ore 8 a.m. and after 5 p.m., other cities are building large bulldlnn without noise via the new welding process. ‘Witness the new lsdofy bullding now being ;erected ton by the ing process; mtw one going up in lm Angeles, nearly as high, by the same method. No rat-a-tat-tat at all. Buildings in the future will be much faller than they have ever been. Many engineers vision buildings 200 stories high, designed in such a way that four of these, in turn, will be cap- ed for airplanes, which, in turn, will Ee caught as they go by, rather than land on a field. “Riveting is not necessary any longer 4t up-to-date, modern machinery is used,” said a well known engineer in discussing this matter. “No city need suffer from the riveting noise. ~Build- ings can be put up just as speedily and Just as stoutly Without any noise. A strong civic leadership can accomplish this. What city, Boston, Los Angeles or New York, is to become the real leader in this important step to demonstrate just how a noiseless skyscraper can be ilt? Whichever one does will,* and should, receive the everlasting gratitude of harassed city dwellers. (Copyright, 1930. by North American News- paper Alliance.) JUNE RAILROAD nfl:on NEW YORK, August 7 (#).—June net eperating income of 172 Class 1 rail- roads aggregated $68,881473, a return ©of 3.3 per cent on property investment, eompared with $105,817,808, a return of 5.2 per cent, in June last year. The re- turn for the first six months this year ‘was 3.6 per cent, against 5.5 per cent a year ago. — INVESTMENT TRUSTS NEW YORK, August 7 (#).—Over- the-counter market— mer & Gen Secur 6% pf. Amer Bounders 6% pf g:ur Pounders conv bf ctll nkers Nat Inv gont Metro Bank Eh-ru A corparated Investor, xm ur Corp ackson & Curlis Iny As. i Shares Tre unit ts £:cond Int Secur ¢ Int Secur Cflrp:’ FINANCIAL THE EVENING STAR, WASHINGTON, D. C, THURSDAY, AUGUST 7, 1930 IBOND MARKET FIRM Cox-sex som BONDSsmoex xcuwve] | CREIT BUISINESS NEW YORK STOCK EXCHANGE Received by Private Wire Direet to The Star Office. 11w Phila Read G & 28 29% Phillips Petrm (ll).. 31 1 PlerceOfl..... 2 27 Pilisbury Flour Ill- 20% Pittston.Co (37%¢).. u P RAm Tob A (3%). Am To (B).. IG% PI‘IH‘OII & Gas). 44% Prairie PipeL (15) . 78% b2% Proctor & Gamb(2.4¢ 107% 106 Proc & Gamble pf(5) 128% 511 Pub Serv,NJ (3.40). 98} 91% Pub Serv NJ pf (5). 62 Pullman Corp (4). 1% Punta Alegre Sugar.. 2 3 4 11 2 8 3 32% Radio Corp.... 53 Radio p(A;l* 28 Rayl luh 100 Reading Rwy (4).... 34% Real Silk (5). 23 Rem Rand (1.60) 92 Rem-Rand 1st pf(7). 95 Rem-Rand 2d pf(8).. 8% Reo Motor Car (80¢) 387% Republic Steel (4) 86 Republic Steel pt 3 Reynolds Spring. 45% Reynoids Tob B ( 14% Richfieid O1l (3). 15% Rio Grande Uil (2 49% Royal Dutch a3.2: 58% Safeway tes) 99% 90 Safeway pf (6) 109% 103 Safeway Strs pf (7). 100! 57% 33% St Joseph Lead (13). 118% 85% 8t L-San Fran (3). 8% 13% 124 200% 28 82% 13% 2% b2 26% 106% 5 9% 87 82 10 4 508 10 r] au%...%nm—om - 95 Shell Un Ofl pf (Hfi) 8% Shubert ‘l'nucu » Sadani ampmpa® 20 Sinclair Con Ofl l!) .- 42 28% Skelly O1l (2) 9% 8 36% 18 30% 16 Snider Packing pf. 95% Solvay Am prib%). . 15% Sou Porto Sug (1.40), 2 52% Southern Cal 23 (3). 101 30% 13% Sparks Withngtn(1) 71 Spear&Copt (7).. 17 Stand Brands (1%).. 84% StandG& E (3%). 9615 Stand Gas& E1 pf(6). 5 Stand Invest Corp. 56% Stand Oof Cal (234). 27% Starrett (LS) (123%). 9% Sterling See (A).... 36 Sterling Seo ev pf(3) 19% Stewart-Warner (2). & Webster (4). Corp (3). Boat 17% 7% Symington 17 10% ‘l'.nlleofll'a (Un 60% Texas (3)eeaes 50% Corp ¢ 24 67% 484 Tex Gulf Sulphur(4) 24 and d Rate. mu.Iln.u' viden 8% Texas PC&OIll..... 13% Texas Pac Land 17% Thatcher Mfg (1.60). ‘Thermoid Co. . 6% Third Avenue 36 Thompson (J Thomp-Star pf (3%) ‘Tide Water As (80c). Det Ax(80¢) ‘Timken Roller (3) ‘Transamer (31.60) ‘Transcontl O1l (30¢). a1 Timl gaacqcaaaaq RRNNRBRR® 8 Alcohol (17) Leather (A)..... Leather pr pf(7). Pipe & F (2) Pipe & F 1w i g H Smitg & Ref (l B Univ Leaf Tob (3). Univ Leaf Tob pf(8) 20- Rad. Utll PwraLt A (o). Vadasco Sales Corp.. Vanadium Stl (14) 61 Tr. . lB'l 12 . 11 Tri-Cntl Corp bf (6). % Union Bag & Paper. . Union Carbide (3.60) Union Oil of Cal (32) Union Pacific (10)... Union Pacific pt “v))' United Corporati United Corp pf (3) Utd Dyewood of (7). 10s Imp(1.20) ° 59 Utd Piece D pf (6%) 1008 Utd Stores (A) L Y T TP STy} 1 ](l Wabash..... Wabash pf (A) (5).. Waldor? Systm(1%) al . ‘Warner Bros Plo (4). 845 AM PM. 3 31 2 e 11% 524 u’;". [ r‘gfi" War Bros P pf (2.20) Warner-Quinlan (1). Warren Bros (3).... W'ren Bros cv pf (3) Warren Fdy & P (2). r-Eisenlohr. . H'il %uod on l!';: hml 2 7 b 08 Whll. Motors (2)... White Rek MS(14%) White Sewing Mach.. Willys-Overland.... Willys-Over pf (7) Wilson & Co. .. Wilson & Co (A) Woolworth (2.40). Worth PUmp......e. Wrigley (Wm) (4) Yale&Towne Mfg(4) Yellow Truck... Zenith Radio. RIGHTS EXPIRE % Int Nickelrts... Sales of Stocks on New York Exchange . 869,700 .211 500 annual cash 271,600 12:00 Noen., us 700 2:10 P.M. above tabl he haif year Plus Y 1 bPlnble in ‘stock. nron le -lg,en earns ek T | 10% Pius 8% In @ lus 6% in 8l $5'10 UPSWING PREDICTED IN FOURTH QUARTER ‘Though business slum to new low levels in both June and July, there is as yet no assurance t the ntreme bottom has been reached, in the opi ion of The Brookmire Economic Bu'vlce. Inc, whose latest report on the situa- tion continues: “We do feel, however, that (1) the downward pl is over; (2) any fure ther decline be moderate, and that (3) business is now near the bottom. Of more significance than timing the ex- treme low point is (onmlnn( the time for the beginning of definite and sub- stantial recovery. °We' do not expect this before the fourth quarter.” e GENERAL MOTORS CASH RESERVES INCREASED By the Associated Press. DETROIT, August 7.—Cash reserves of the General Motors Corporation of June 30 amounted to $175,693,782, compared with $127,351,530 on Decem- ber 31, 1929, according o the financial statement issued by President Alfred P. Sloan, jr. Net working capital was from $251,287,782 '0 $290,577,234. During the first six months of 1930, General Motors delivered 657,829 cars to consumers in the United States. This compares with 847,751 for the same period of 1929. Sales to dealers in the United States totaled 679,572, compared with 929,384 the first six months, last year. GRAIN MARKET CHICAGO, August 7 (Special).—The wheat market was sharply higher again today under general buying influenced by unfavorable crop mews from Canada and strength in Winnipeg. September opened 97% to 977, Decémber, 103%; to 104%;; March, 109%. After first half hour Sepwmber 9832; December, 1047 ; March, 110%;. Corn also mlde new highs under fur- ther buying influenced: by continued Jack of rain over much of the corn belt. September opened 10115: December 98 to 98%: March, 101 to 102, After first half hour Srpttmbfl', 10234; Decrmber 99; March, 102. Oats sold off a little under hedgln[ pressure. September opened 4314 to 43; December, 47 to 46Y%; March, 497, After first half hour, September, 43’ December, 46%: March, 497, Provisions were higher. All grains advanced sharply into new | high ground during the early trade, as the public continued to enter a sen- sational speculative situation. How- ever, local professionals took advan- tage of the situation to accept profits, and they were joined by Eastern longs, with the result that values moved back over the ground gained earlier. Northwest crop reports were bullish and this inspired buying of wheat. Over corn territory rains fell in many im- portant areas, breaking the drought temporarily, at least, and removing partially the cause for' the more ex- treme form of bullishness. There still is_the prospect for a fair crop. In wheat prices opened sharply higher in the face of disappointment over the action of the Liv )l market. Buy- ing credited to public account and ab- sence of pressure to sell accounted for the strength. Later advances in Minneapolis and ‘Winnipeg brought in additional bu; ‘This _inspired and Eastern longs to take profits and before midday much of the gain m been erased. At mid- day Septem! 1.02%; Mnrch lfll llly. 1.10%. METAL uuxm NEW YORK, August 7 (@) June net openunx income of 172 class 1 railroads was $68,881,473, as return of 33 per cent on property investment, against $105,817,808 in June, 1929, & re- wrn of 52 per cent; six months’ re- “ent, against 5.5 per cent a .—Coppe! uiet; electrolytic, spot and futures, ll ?ron quiet, unchanged. Tin m-ay. spot and nearby, 30.25; future, 30.55. Lead steady; York, GAIN IN MILL ACTIVITY FORECAST IN ALABAMA By the Associated Press. BIRMINGHAM, Ala.,, August 7.—Re- newed textile activity in Alabama, be- ginning this month and reaching ca- pacity operation at some mills by Sep- tember 1, was predicted today by of- ficlals of leverll hoslery mills of the State whose plants will increase oper- ations soon. Plants which will increase their pro- duction ‘and which officials expect to reach full capacity by the flut of next month include the W. C. Davis & Son ums at Fort Payne; the Davis & All- , Gadsden; the Attalla l-loslery llllll. A"All-l. and the Tuscaloosa He sie) l{'flh at Tuscalogsa. 9 " Shugart, nnen manager of the muh sald, while production at present. is at & low ebb, increased op- erations are expected soon. A. G. Patterson, president of the as | Alabama Hoslery Mills, at Decatur, said additional machinery is being installed there which should double the output and increase the number of employes from 100 to 300 during the next year. TU. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of closg of business Augus', 5 was $169,140,261.69. Customs eceipts for the month to date were ‘5 593,840.26. Total ordinary expendi- tures, $10,164,721.73. SILVER QUOTATIONS. NEW YORK, August 7 (#)—Bar silver, 345, Pay Roll Increased. NEW _YORK, August 7 (#).—Reo Motor Car Co. has added 600 men to its pay rolls and plans to add 500 ad- ditional men within 10 days. o Zine Stocks Increase. NEW YORK, August 7 (#).—Stocks of slab zinc in the hands of American producers July 31 totaled 117,381 tons, an increasp of 7,803 tons over stocks of 109,578 tons June 30, the American Zinc Institute ‘reports. July shipments tou‘,led 32,235 tons, against 36,670 tons in June. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominat .Ellu )ulunl&huk; London, pound Paris, 'tranc Brussels, 2 :s:s::;:x':» Stockndion cm-’n SHOBTJ.‘EB.I SECURITIEB. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co, 5 1937. American Tel. & Tel. §ias i merica Tar altimore & ile gty Pt on s, 8 Geniral Pet. Gor 1 Theate 6816 Goodrenr 1k . g dost: Srvna “Frunk of Canada es 1636 1 QUi ol of Pa- 5a 1937 1 ude et Orude Louis, 5. £ lmnl. mt lnd futures, 4. MILK PRICES INCREASED IN NEW YORK CITY By the Associated Press. NEW YORK, August 7.—The Dairy- men's League Co-operative Association, which SIIPBIUQS approximately half the ‘milk used in New York City, announced an increase today in the wholesale prlees on class 1 milk of 37 cents per 100 pounds and-a 20-cent r 100~ pound increase in class 2 m The prices are effective August 11. The widespread drought, which has dried up the ures and necessitated the feeding of grain and hay to cows, made mcemrfdflu increase, the an- nouncement sal The increase brings the milk price back to the level of last May, when prices were reduced by the same amount. Although the league could not speak for the retailers, it said that when last May's decrease in wholesale prices was made the retaflers decreased the price to consumers 1 cent a quart.- EARNINGS REPORTED. NEW YORK, August 7 (#).—Western net profit for the first half at $210,649, or $1.07 a share, against $122,739, or 62 cents a share, in the same 1929 period. Interstate Department * Stores net profit for the first six months was $482,- 232, or $1.65 a common share, against $496,376, or $1.71 a year ago. Indian Motor Cycle ended the first half with net loss of $368,793, compared with met loss of $378,201 in the same period of 1929 CHICAGO LIVE STOCK MARKET CHIOAGO, August 7 (#).—(United States Department of Agriculture).— | £ Hogs—Receipts, 23,000 head, lnclufllng 10-15 down; others steady, spot strong; ., 9.80; bulk, 160-210 pounds sold 9.60a9.70; light light, good and choice, 140-160 pounds, 9.25a10.00; lightweight, 160-200 pounds, 9.50a9.85; medium weight, 200-250 pounds, 9.3589.75; heavyweight, 250-350 pounds, 8.75a9.50; packing sows, medium and good, 275+ 500 pounds, 7.2588.25; slaughter pigs, md and choice, 100-130 pounds, 8.258 C!!tle—Recelpu 4,500 head; calves, 2,000; yearlings were again strong to % higher; top, 11.00, few loads 9.25a 10.50: all little stuff at sharp premium over top grade heavies; weighty steers absent, - between grades slow, bulk at 8.0009.25; feeders, 50a1.00 up. Slaugh- ter caitle and vealers: Steers, good and choice, 600-900 pounds, 9.50a11.25; 900-1,100 pounds, 9.00a11.00; 1,100~ 1,300 pounds, 8.50a10.75; pounds, 8.25a10.50; common medium, 600-1,300 pounds, 5.75a9.00; heifers, good and choice, 550-850 pounds, 8.75a10.75; common and me- dium, 5.0009.50; cows, good and chnh.e 5.50a7.75; common and medium, 3.7 5.50; low cutter and cutter, 2.7! bulls (yearlings _excluded), choice_(beef), and 6.25a6.75; cutter to me- and choice, 11.00213.00; medium, 9.50a 11.00; cull and common, 7.00a9.50; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 6.50a7.25; common and medium, 4.75af Sheep—Receipts, 15,000 head; native lambs steady to 4 down; better grades holding steady, bulk good and choice, 9.25; top, 9.50; sheep steady, Westerns unsold. Lambs, 90 pounds down, good and cholce, 8.5089.75; medium, 7.00a 8.50; “Wh‘a. common, 5.00a7.00; ewes, 90-150 pounds, medium to c:holce 2.25a4.00; all weights, cull and common, X ! feeding llmbl 56‘75 pounds, good and choice, 'CHICAGO DAIRY HABKET CHICAGO, August 7 (#).—Butter— Receipts, 4,874 packages; firm: cream- ery extras, 37; standards, 37; extra frats, 353436 frsts, 33%4a34%%; sec- onds, 30a32%;. Receipts, 5660 cases; steady; e exu-"nrm 2415a25; fresh graded firsts, H RIS 3 24; current receipts, .lofll':fi. current receipts, 15al! Auto Supply Co. of Kansas City reports W Ni good and ON EASIER MONEY) New Issues Act as Check on Any General Price Gain. BY F. H. RICHARDSON, Special Dispatch to The Star. YORK August 7.—Bond trading was fairly active today and prices main- tained their high levels to a large de- gree, though there were some recessions among the junior rails and the specu- lative industrials. There was a very large oveuupply o( time money, and rates eased to l,. 2% per cent for 90-day I advance that would normall follbvl such an easing in money, however, was checked by the putting out of over $30,- 000,000 in new bonds and the depressing influence of a.lower range of stock prices. The new bonds consisted of $30,000,000 Swift & Co. 10-year 5 per cent notes, priced at par, and a number of small municipal issues. The Swift issue proved popular shortly after being opened. Foreign List Strong. Foreign bonds were again strong. Some explanation of the great strength manifested by French government bonds was found iri the announcement from Paris that the government sinking fund had purchased about 900,000,000 francs worth of French 7s with ‘the portion of the Young loan subscribed in the United States and allotted to France. French 7s have clung persistently to tl'l!h' high price around 120, with the /,s also at a recorgd peak around 125 screnxm in French municipals like Bordeaux 6s and Soissons 6s reflected this firmness today. There was an unusual degree of ac- tivity in United Kingdom 5%,s and Irish 58, the buying being l"l’lbuud to sink- ing fund opernuons and to overseas ac- count. German 5l,s were fractionally higher and so were Austrian 7s. In the South American list, Chilean, Uru- guayan, Brazillan and Colombian ‘de- scriptions continued to advance. Jap- anese credits were strong. Domestic Issues Quiet. Prime domestic issues were quieter, with the chief strength in Great North- erns 7s, Standard Oll of New York 4}2s and Laclede Gas “C” 5'2s. Declines in stocks kept convertibles below their closing levels of Wednesday, American I. G Chemical 5'2s and Texas Corporg- tion 5s being -the only exceptions. International Great Northern adjust- ments, with a gain of over a point, featured the second-grade carrier group, the price going to within 2 points of its high for the year. However, most of the bonds in this class were lower, the losses being widest in St. Paul adjust- ments, Denver & Rio_Grande Western 5s, Erie 5s, Missouri-Pacific 4s, Frisco 4,5, Seaboard Alr Line 6s bash 415s. such as Anglo-Chilean Wa- Industrials, 7s, Armour of Delaware 555, Goodyear 55 and U. S. Rubber 55 were also off. In the oil group, gains in Pan-American Petroleum 5s and Richfield Oil 6s were offset by losses in Transcontinental Oil 613s and Shell Union Ofl 5s. Traction issues dipped. Washington siock Exchange SALES. wumnzmn Gas 6s 10333, Wlshinflnn Rwy. & Elec. pfd—8 at 9875, mremen; Insurance Co—25 at 34, 25 at 4. AFTER CALL. Washington Rwy. & Elec. 4s—$1,000 ‘at 89';, $3,000 at 8915, $1,000 at 895, $1,000 at 89%, $1,000 at 39%, $2,000 at 893, Potomac _ Electric 5'2% pfd.—5 at 10915, 5 at 10914, 10 at 109%. Mergenthaler Linotype—4 at 97. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tels: 33 1 Amer, Ttl dL Tell Anl & C. Tel Clnlhl 'l'rncuon City & Suburban Georgetown Gas 1 MISCELLANEOUS. Barber & Ross bn“' 64 Pa & Pt o em..e s Wash Eons. STOCKS. Tel, & Tel. () ction_ Co. Co. (18) o. boat (12) Ame ta A . !JE: com .‘ gz; &Zl ptd. lbr NATIONAL BANK. ital (14) ";F mbia .n: Sisticr Fvflernl-Anxrlnn 10) Washington TRU! Amer. Bttu]rlly & Trust Co. uaw }go 7,000 direct; market active, lightweights | Prin 3 SAVINGS BANK. Bank of Bethesda (65) . Commerce & Savings (i East Washington (12). 00 |qnt1 Match 68 *47. American Corcoran (16) Firemen's (8 Rutiona "unton ‘(15). TITLE IN! Columbia (6h).... Real Estate (61) Title & Inv. Co. ISCELLANEOUS. Barber & Rosm Inc., com Chevy Chase Dairy i Col. Sand & Gravel pm @ Col, Mrdtc-) Bids. Corp. 1,300-1,500 B st ks e ISLmAn Did, (&) '! ".m com. (1.201)" m G5 bid. (@) n Monotype (8) - & Btae. com. (10 td. (7). P ndtype (6 v, DAt dium, 5.0086.75; vealers (milk fed), gooq | Ter. 'rm Carel, Corp, (1.80) Mech, Mige. com: (8} Wash: Med. Bids Woodward & Lothrop bfd. *Ex dividend. B Books closéd. s, dEx rights. b wi—When issued. 82% extra. o Woolen Co. Head May Retire. NEW YORK, August 7 (#).—It is re- ported in_ textile circles that Andrew G. Plerce, president of the American ‘Woolen Co., is asking that he be allowed to retire from active direction of the company. Richard Lennihan, treasurer of the Hamilton Woolen Co., has been linked with the rumors as a possible successor. Mr. Plerce has been con- nected with the American Woolen Co. since its organization, in 1899, and was vice president and a director when he ylelded to the pressure of nwckholderl and financial interests h succeed the late Willlam W. wood 24, “A"—$1,000 at | g, FINANCIAL. Received UNITED .TAT!I. (Sales are tn $1.000.) mmn.uvchn 1011 101 011 11022 1022 1022 Lib 4th 4% USs'4s. 7 110 FOHIIGN. s. High. Low. 1% 91% 985 98% 947 991 9% 8814, 881 104% 98 95 103% 110 114% 109% Australia Austria 7s Bank of Chile Batavian Pet 4% Belgium &: nd_the books were closed | Gary Dutch East | El Salvador 8 1094 91 861 1004 108 119% 124% German EI P 634, German 7 Irish Free State 5s. Italy 7s. . 11 stalian Pub Svo 7s. 11 lelnests% 65.. 109 Japanese 61 . 34 Jugoslavia Bank 78 5 Kreuger&Toll 5sct 17 Lyons Milan 6%s New Sn Wales 58 1001 99 95% 923 105% 8518 97 1065 914 2414 Norway I%- 52. Ortent Dev 6 53. . Paris-Lyons- M 6; Paris-Ly-Med 7 Paris Orleans 5% Peru 63'60...... » » Rio de Janeiro 63 Rio Gr du Sul ok Saalnun mBralrumpmad o SenaSoa oo o Serbs-Crot-Slo Sotssons 6 Swiss 5148 ‘46 Swiss Conted & Toho El Pwr 7s Tokio 518 ‘61 Utd Kingm 6%s Uruguay 65 60. Yokohama Warsaw 78 '52. MISC Abitib! P&P bs Abram&Straus 6%s 10 Alleghany 63 ¢9... 19 Allis Chaim 68 37, 2 Am Agri Chem 7% Am Beet Sugar 6s.. 1 Am For Pwr bs 2030193 Am Int Cor 6%3 49. S5 meomee a Armour&Co 4%s'39 Armour. Del.5%s Ass0 O1l 6s. D Brkiyn Edison bs. Bush Term Bldg b8 Certn-Td 6%s rets. Chile Copper bs. Colon Ol 6s ‘38 Col G&E] b3, May’53 Com Invest 6% Com Invest Con Coal. Md, & ConGasN ¥ 5% s Pwr b Cuban Am Sugar $3 106% 1054 93 104% 107% 9315 101% 98% 103 1007% 101% 95% 93% 102% 102% 105%9105% 9 Dodge Dugquesne 4% Gen Cable 53 Gen Mot Ac Cor Gen Pub Sve 6%, Gen St Cast 6%8'49 Gen Thea Eq 6 Goodyer bs rcts HMumble O & R 6%s 1li Bell Tel 6s. . Inland Steel 4% ntl Cement 6s 48 101% 98Y 5 101 100% 9974 99%, Int] Mer Mar 6: % 100% Intl Paper 58 °¢7. Intl Paper Intl Tel & Tel 4% Intl T&T ¢%sev.. Int] Tel&Tel bs 55 Kan City PA L' bs. Kan Lacle -5% u Laclede %8 D Lou Gas&El bs '52. McC'rmek R 6 Manati Sugar 7 103% 102% 40 101% 103% 84 98% 107% 1047 106% 110% Morris&Co Nat Dairy 6% New Eng Tel bs N Y Edison 58 ¢4, I B R AC = —® NS S Nor Ohjo Tr&L Nor States Pwr Nor States Pwr 68 Pacific Gas & El 68 PacT&T1 8 R @ = ISR T 1T S -1 T Por Ric Am Tob 6s Postal Tel & C5%e Preased Sti Car bs. Pub 8ve G 4%s ‘67, Pub Serv G 438 10 Pure Oi) 5148 37, Rem Rand 6348 war Richfield O1) 6: Stnelair O Sinclair O11 Sinclair Of1 Sinclatr Cru Sinclair P L Skelly Ofl §3 TR TS o 2 .l‘ “h 4 100% I 43 1031 10231 1081 1084 110 Close. 91% 98% 98% 94% 99% 9% 88, ¥8'% 105 981 9514 108% 110 114% 109% 109% 72 71 884 100 9814 | 89 1004 103% 1045 1024 Sales High. Solvay Amer b *42. South Bell Tel Stand OfL NJ *46... Stand OfL N Y.4 %8 Tenn Cop 6s B Tenn El Pwr Tex Corp ev Transcontl OI 6% Onited Drug §s*53. * S Rub 1st rf 6 Utah Pwr&Lt ba Vertientes Sug 7 Warn Bros P 6 Warner Sug 7s 41 Western Elec b» Westn Unfon bs'51. Westn Unfon 6%s. White Sew Mach. Willys-Ov 638 33. Wilson & Co 1st 12 99% 991 99% Youngstn 8 &T bs. 9 103% 103% 103% RAILROAD. « Atchison gends... 10 96% 96% 96% A, T&SF cv 4% 8’48 122 129% 127 127 5 96 96 96 23 100% 100% 100% +112 101% 101 101% .. 34 1047% 104 104% 22 104% 103% 104% 1 106% 106% 106% 961 96% 91 91 991 994 100% 100% 90 90 8% 98% 103} 103% 98% 984 9% 9% 974 97% 104% 104% 104% 104% 104 104 100 100 117% 117% 111% 111% * 8% 90 Low. Close. 98 98% 106% 106% 104% 104! oo "omie 101% 101% 106% 1074 104% 104% 1093 109% 98% 981 82% 8214 101 101 %5 35 92 921 104% 105 105 105 104% 104% 109%a108% 1095 59 59 59 100% 100 100 6 10 101% 107% 104% 109% B & O 53 2000 (D) Bang&Aroos 4 Boston & M 68 1955 Boston & Maine 68 Bkiyn Elev 6%, Bklyn Manhat 6 Biiyn Un Bl 5s 80, 17 103% 5 984 12 9T 6 97% 1 104% Canadian Pac db 48 WEATHERS SLUMP Reports Show Stock Market Break Had Little Effect on Contracts. BY PRESTON S. KRECKER. Special Dispatch to The BU NEW YORK, August 7.—Installment credit, long anathema to old-school * bankers, has weathered the bunm- slump, if the record of one of the est installment finance companies the business is an index. The Com- mercial Investment Trust has reported this week the largest net profits ever earned in a six months’ period for the half year ended June 30 last. When the stock market panic broke llk‘e’ a bo}:.n out of the blue last Autumn and pess were trying to every possible repercussion from um. untoward event they picked on the , installment credit situation as a poten- tial factor of great evil. Attention was , drawn to the enormous amount of bank. credit, estimated at between two and three billions of dollars, tied up in in- stallment paper, and wholesale defaults were visualized. Borrowing Trouble. X It seems, however, that those who . professed such great fears were bor: rowing trouble. One of the most favor- able features of the present situation is the manner in which hun- dreds of thousands of small borrowe: who buy goods on the partial payment plan have met their obligations. It js 10 months since the stock market break Can Pac 4448 "46 Car Clin & O 6s '52. Centrai Pacific 4s. . Cent Pac 1st 63 ‘90, Cent of Ga 6C 69. . Cent of Ga 6% Ches Corp 58 '47 2 99% 99% 99y 3 107% 107% 107% 2 95% 95% 954 12 1044 104% 104% 13 100% 100% 100% 2105 105 105 3 100% 100 100% B 95% 95% 95% 1 100% 100% 100% 5 108% 108% 98% 16 3% 73 13 38 18 2% 2% 5 1024 102% 1024 1 95% 95%° 95% 10 99 99% 9y 31 85% 854 854 74 54 52 52% 12 92u 91% 91 52 100% 100% 100% 49 1074 1043 1078 Ch. M&SLP 4% s 'l’ ChiMIISLP&P 68°76. CM&SLP Pac adj bs. Chi & NW gen 4 Chi& N W con 4 Chi& N W gend¥s Chicago Kwys b ChiR1&Prf Cé& W ind 5%s 62, CCC&StL 4%s (E). CCC&S1L 58 (D. Clev Term 4%s ‘77, Clev Term 6s. Clev Term 5%s Col So 4138 A '80. Cuba R Koa... Del& Hud ret Del & Hud 6% Den & Rio G en Den&Rio G 4% 8 ‘36 Den&RGW b3 56. D RG&Wst 68'78.. Erie 1st con 48 104% 104% 48 100 993 100 b 104% 104% 1043% 1 1000 1007 100% 1 106% 106% 106+~ 1108 . 108% 108% 30 98la 98l Y84 z W 0% 0% 6 4% 9% 9% a 104% 1043 104% 96! Yol 99 93% 9% 861 8213 Ert 9o% Erie 6a, 1975, 92% Fia East C 68 "74. Fonda J&G 4%35 '52 Gr Trunk st deb 6 Grand Trunk Gt Nor 4348'76(D).. Gt Northern 6%s. . Great Nor gen 7a.. Gulf Mo 6s (B). Hud & Man adj 5 Hud & Man ref i 111 Cent 4 '52. 111 Cent 4% 5 66 111 Cent Chi 4 %8 111-C-C-StL&NO bs Int Rapld Trans ba. Int Rap Tr 6sstpd. Int Rapid Tra; Int Rapid Trans Int & Gt Nor ad} 6 Kan City F1 8 4s. Kan City Sou bs. . Kan City Term 4s. . Lake Shore 3 % 48% 5 106% 106 -1z 11l 111 1 ¥9 u9 2 111 111 11 111% 111 5 99m 99% 89N 16 82 81% 81% 3 100% 100% 100% 6 93w 93K 93% 97 10 15 101% 101% | 2 100 160 100 14 6 63 52 51 89 89 8yl 89 96% 96% 96% l 102 102 10 16 93% 93% 93% 5 80% 80% 80% 2 90% 0% 90% 3 1007 100% 1003 1 100% 100% 100% 2 96% 96% 96% 17 50% 50 50% 10 93% 92 92% 1 101% 101% 101% 12 100% 100% 100% 12 101% 101% 101% 15 88w 88 88 5 100% 100% 100% 4 89% 89% 89% 674 67 68 68 52 83 89 Market St 75 40 Mich Cent 4348 7 Mill El Ry&Lt 4 %8 Mill Ei Ry&L b8 M StP&SSM con M StP&SSM 6% MK & Tex st ds.. MK & Tex 48 (B)., MEK&T4%s873... M K&T pr in 65(A) Mo Pacific gen ¢s.. Mo Pacific 68 A Mo PacBs I *77.... 34 101% 101 9 101% 100% 101 4 109% 109% 109% 3 50 50 50 1 7% T T4 4 102 102% 102% 7 83, 82% 834 1 93% 93% 93% b 991 991 9918 2 101% 101% 1014 3 108% 108% 10 14 1071 107 107 98 98 98 1 107w 107% 107 3 101% 101% 101% 2 102% 1025 102% 1 78% T8% 784 5 85% 85k W54 8 94% 9% 94% 10 122 122 122 2 49 49 9 1 13 sidk 2 7 Il hi&StL 4% 878 C&StLb%sA C & StL 6s'31.. C &SLL 3.. NH&H 3%s '68. N H&H 4568, . NH&H 43067, NH&H ov db 63 Ont & W 1st ¢a 2222222272227 HuaOw e 10% 82 89 Nor Pacific 38 67% Nor Pacific 94 Nor Pac 4% Nor Pacific 49 113% 113% 113% 10 93% 93 93 5 91 91 9 95 98 9T% 9T% 9 101% 101% 101t 5 101% 10l% 101% 3 100% 104% 104% 20 109% 109% 109% 10 100 100 _ 100 2 941 944 94 5L 9bW 94T 95W 1 99% 99% 99% 5101 101- 101 10 100% 100% 100% 5.101% 101 101% 23 99% 99 9y SIL&SFpI4sA... 2 91% 91N 91% SIL&SF 4%s78.. 29 93% 934 934 StL&SanF bs B 1 103% 103% 103% . 3 38l HBly ¥8ly 5 99% 991 995 Pere M 413 1980. . Pitts W Va 413s B, Pitts W Va 4%sC, Port EI P L 6 Port R L & P 5843, Reading 4%s B. StL1M&sss 94% 94% 45 45 514 514 93 93% 95 954 99 99y, 99% 100 0% 90k 904 13 117 117 117 B 1233, 123% 123% Sou Rwy Mo& O s 17 95% 951 95% Term AssoSL4s.. 4 91 913% 91% Texas & Pac 18 29 111 111 111 Tex & PacbsC*79. 10 103 102y 103 Third Averef 4w'60 14 d48% 484 45% Third Ave ad) bi 5 29% 29% 29% Union Pac 1st ¢48.. 16 97% 97 97 Union Pac 48 '68... 10 913 9i% 91% 4 100% 100% 1003 2 109% 109% 109% 24 107 1064 10¢ 6 101 101k 101% 5 104% 107% 1074 | precipitated the most acute business, depression the country has experienced in nearly 10 years, and the pubu: has yet to hear of the collapse of install- ment credit. . might be contended that insuf-. nclent time has elapsed to reach any . final conclusion. The experience of ) companies, however, has been. that the average installment credit runs for a year or less. Nearly all, if not all, of the imstallment-paper now out-. standing is paper that has been drawn den. therciore. that the peak "ot ‘h ent, therefore, o test has been - One of the fallacies popularly. enter- tained about the installmeni c business is that people rush in to on the installment plan when they are out of work or are fer other reasons. unable to buy for cash. The facts- seem to be that when times are hard- the public economizes on installment:: buying, just as’it does on -cash .pure chases. 1In the case of the uestion the volume of sale stallment credit fell off 21 per cent: during the first six months of the year. It is significant that this is about the| average percentzge of decline in total volume of business. Defaunlted Payments. Another popular fallacy is that when,. men are out of work or are on reduced- income they default in their mu That also is disproved by stat course, there has been more normal amount. of defaults, hut it m not been found ne or ‘finance companies to make any nnnun. in- creases in the amount of resérves set up to cover losses from defaults, Such reserves set up as of June 30 by the hr(e finance company mentioned were oniy 1.86 per cent of the total volume of paper outstanding. In other words the company at the worst does not- ex- pect as much as 2 per cent defauits. One secret of the strength of the installment. credit ‘business undoubtedly il.s 1: ‘: dl’i“n"y Moreover, it is widely scattered. geographically . and * occupa- | tionally—purchasers in cludhg doctors, merchants, -salesmen, - chanics -and’ housewives, vn.h 10 -great wtmnzln:"ru "kl one line 'gl employntent. e 50 thoroug! Te: ultimate loss is bound to ylp i (Copyright. {20y Small: Baltimore Markets Speclal Dispatch to The Star. | BALTIMORE, Md., August 1—?\71; toes, white, 100 poundl 90a1.00; beans, hamper, 1.00a1.25; beets, 1 4.00; cabbage, basket, 75a1.25; 100 ' pounds sacks, '4.0085.00; | crate, 1.75a2.25; corn, dm. | cucumbers, hamper, bushel, 1.90a2.50; l.flfl.~nnlm, bushel, 1.25al hamper, 50a60; peas, bushel, squash, hamper, 40a50; per, bushel, 75a1.00; blackberries, quart, 12al4; cantaloupes, hamper, 5081.25; huckleberries, quart, 15a20; peaches, l;:tgael, 100. ‘watermelons, 100, 25.00a Poultry, pound, 24a3: mkuzlz-’l.hlfi' dunh 14a18; . pigeons, pai zu'—lueel ts, 1,190 cases; nearby firsts, 20; sou{h firsts, 22. £ Butter- to fancy cretllm pound, 36a37; ladles, 26a27; rolls, 2¢s 26; process, 31a32; store packed, Hay and Grain, - 1.00; No. 2 Winte: [‘tlh:k! Aumfi dellvery 97; Bewllbfl, .l 1.05;- cob_corn, 5.00. Rye—Nearby, 62a70. “%w—wmu No. 2, G'IMG. No, 3, a. Hay—Receipts, 9 wm nomn. ul market; jues quiet, Live Stock MIM Cattle—Receipts, 700 head; ].I‘ht -up- ply; ml-rket muue Steers, prime, none; good to choice, 650 m '1.25 medium to good, 6.25 to 6.75; fair to medium, 5.75 to 6.25; plain to fair, 5.25 to 5.55; com: mon to plain, 4.55 to 5.75. Bulls, choice to prime, none; 'ood 'h choice, 6.25 to 6.50; medium to good, 6.00 to 6.25; fair to medium, 550 to 6.00; plain to fair, 5.00 to 5.50; common to plain, 4.50 to 5.00. Cows, choice to prime, none; good to choice, 4.75 to 5.00; medium to , 4.50 to 4.75; fair to medium, 3.50 to 4.00; plain to fair, 3.00 to 3.35; common to pllln 2.25 to 2.75. Heifers, choice to prime, none; good to_choice, fiZSwG"fi medium to good, 575 to 6.25; fair to medium, 5.25 to 5.75; lllnlolnr 4.75 to 5.25; common to D|I|n 4.25 to 4.75. goElesh’ cows and Springers, 30.00 to Sheep and lambs—Receipf 1,500 head; good surply mnrket lowe: me!w. 1.00 to 3.50; lambs, 'I! Hogs—Receipts, 1. 000 Mld r sup- gly market euler lights, 10.00 to 10.30; eavies, 9.25 to 10.25; medlum 10.45 to 10.70; roughs, 7.00 to 8. it pf 8.75 to 9.75: pigs, 75'010 5. Calves—Receipts, 75 head; i Ply, market Bigher calves, 400 o 1100 oo POTATO MARKET. CHICAGO, August 7 (#).—(United States Department of Agriculture).— 126; total Uniied State lhlnmenon s strong on whites, about i m umphs; di souri sacked 14 ordinary to T, 1.50a1.70; New sey sacked Irish cobblers, - 2. Colorado and Idaho sacked él ‘Tri. umphs, 240a250; Virginia barreled’ gr‘l’nnh’crgblerl, best, 3.25a3.35; N’dlnll'!. A .10 ‘The excavating for the founda the American Security & Tr\ul':hgon: big addition is nearly completed. The work attracts a great deal ol attention from passers-by on Fifteenth street.. - The Federal Reserve 5 loou 100 100% 984 98y