Evening Star Newspaper, August 10, 1930, Page 57

News of Markets Pages 1 to 4 s FINA o pasc IaN e NCIAL AND CLASSIFIED he Sunday St Part 6—10 Pages P —— WONEN ARE TAKING BAECUTE JOBS I 1 BANKING FELD 75 Presidents, Six Board| Chairmen and Numerous Other Officials Listed. SURVEY SHOWS GROWTH " @reatest Success Scored in West, QGollege Women Advance in Profession. BY EDWARD C. STONE. Wotaen have come to the front in the | banking profession at a surprising rate | in tne more recent past until there ar now 6 women in the country who chairmen of bank boards, 75 who bank presidents, 195 vice presidents, cashiers and 2,800 assistant cashiers. Helena D. Reed of the Lincoln Na- tional Bank has been making a special study of the part women ere playing in banking and has learned some unusual- ly interesting facts. She was chairman of the National Women's Committee of the American Institute of Banking in 1925, when " there were 7,000 woman members of that organization. In the past five years there has been an in- crease of approximately 5,000 members, all engaged in active banking. Minerva A. Dean, last year's chair- man of the National Women's Commit- tee of the institute, included these fig- urés in her recent annual report on the ' number of women studying banking and | at the same time working in banks: ‘Women members during 1926-1930.... lg.szz! V' enrolled in classes... . 8 Censt are are | 280 | Women doing educational wo Women in banks in various Women Hold High Positions. The Institute of Women's Profes- sional Relations, of which Mrs. Alvin Dodd is chairman. a research organiza- tion affiliated with the American Asso- ciation of University Women, has fur- ndings in regard to responsible po- e ifed by women in banks. Its investigations show that more than 3,600 women serve as officials in banks throughout the United States, among whom are the following: ol Presidents | Vice Presidents. Cashiers ... Assistant ¢ . Secretaries .. 2 1 ant secre Sei Teasurers . : Seiatant *Lreasnrers relary and. treasurer Assistant secretary an treasurer : Auditor . . r is mos The position of trust officer is unusual for a woman, yet there are & Jeast 6 women who have won that ap- pointment. while 26 women are serving as assistant trust officers. Fullest Recognition in West. An analysis dgv(‘lop«h that in the ‘West women flg]: official recognition. lmnol.sfi jeads the entire country, with more than 330 woman bank officers listed in the Blue Book. Missouri, Kansas, ln-} diana, Texas and Iowa follow in th€\ order named, with more than 200, while California, Pennsylvania and New York, as well as M“:msnn{nd ‘Tennessee res in the nineties. ‘h;):cgfizludinz her report to the Bank- ing Institute the chairman of the Wom- | en’s Committee said that the above | group is composed of women from the | colleges who, with their broad social | and club contacts, have proven inval- | uable to their organizations because of | their ability to influence a desirable clientele. Then there are those women who advance from one position to an: other because they have shown capac: ity to do their work well, to lchxevel education and progress through the school of hard knocks.: Finally, there come the American In- stitute of Banking women, who possess the qualifications of those previously mentioned, plus ambition and urge for @' assistant more knowledge, and who spend their |J spare time in the pursuit of study and self-improvement, the chairman con- cluded. | Demand for Government Bonds. As the volume of transactions in United States Government bonds de- creases on the Stock Exchange, sales appear to be increasing in the outside market. Deals involving $250,000 to $750,000 of Liberties and Treasuries are reported daily in the over-the- | counter market. With the call money | market no longer providing lucrative | employment for surplus funds, corpora- tions and others are taking on sizable blocks of Government issues, the New | York Times remarks. Since these se- | curities are now selling well above par, debtor nations can no longer purchase them and turn them in at their face | value in lien of cash payments on their | debts to us, as was the case when the | B Liberty 3155, for example, sold well be- | low par earlier in the year. Thus the market for “Governments” is strictly | & domestic one. i GRAIN MARKET | Corn C]O‘OS—XX';@gulur'flnd Wheat Lower in Irregular Market. CHICAGO. August 9 (#).— {dly shifting market with dealings on a | Jarge scale, corn prices averaged higher | and wheat lower today. Sensationally | unfavorable crop reports as to drought | and heat injury to corn continued and | a semi-official Kansas estimate sug- gested & yield of less than 70,000.000 bushels in that State, as against 107.- | 000,000 bushels harvested last year. | Jowa damage to corn was officially esti- mated at 75.000,000 bushels. Wheat was weaker, chiefly as a result of week | end profit taking. i Corn closed irregular, ranging from | 1, cent net lower to 1 cent higher than yesterday's finish. i Wheat closed heavier, 13a’s cent off; oats, 1> cent down to 's cent advance, and provisions unchanged to a rise of | Canada, Peru, Argentina, China and Japan are using more American air- than any other foreign country. nished the following information from i":- -4 First Nat, Sts.. 4 wi | National Tea Co, S. R. Kress 195 )a. oL, 280 | Na . Z.Sgfl J. Childs | McLellan Stos 11| Western_Auto” Supp 1 | Peoples Drug |G. C. Murphy' Co + | Dia ¢ | Met [2 nn | Waidort Svs | Neisner 1 Lane hiff o { American Dept. o Exchange Buffet.. ave won the |Bickfords, Inc Win National_Shir ederal Bake Sears Safeway Stores J.C. Penney 8 8 Ki First Na National Tea Co.. § H. K W, T. Grant Willgreen _Co -In a rap- | B. WASHINGTON, B -, SUNDAY MORNING, AUGUST 10, 1930. i ] ! Pages S to - Classified Ads 10 On Vacation ROBERT V. FLEMING, President of the Riggs National Bank, who is enjoying a month’s rest at Spring Lake, N. J. He will be away during the remainder of August. Mr. Fleming is an unusually active banker and a direc- tor in many local corporations. CHAIN STORE SALES GAIINTHONTS |Increase of Over 2 Per Cent by 45 Systems—July Had 5 Per Cent Decrease. Special Dispatch to The 8t NEW YORK, August 9.— 45 chain_store companies reporting | their results for ‘the first seven months of 1930, showing aggregate sales of $1,316,024,289, against $1,282,884.857 jfor the corresponding period of 1929, an increase of 2.58 per cent. Aggregate sales of these companies for the month of July totaled $178,030,- 516, as compared with $187,397,218 for July, 1925, a decrease of 4.99 per cent. 1930, 1929. Roebuck $25.086,995 $30,528.088 ssgezs 10808343 . Penney. . 8. Kresge C & Co 1 Reeves..... tional Belias’ Hess J. Newberry....... EEH TR 35 feiville Shoet. . & W. Grand-Siiver L, g iy mond Shoe_Corp ropolitan Ch, Sts. ey tem Bros ewel Tea, 4 July ey Biyani, Co n & Lovett Groc. t_Shops. Shops. . 2 | creased activity of the automobile in- Morison_Elec. M. H. Fishman Kaybee Stores. “$178,0 +July. 1930, figure includes Shoe Co o 1July. 1930. figure includes sales of Coward hoe Co. Seven Months' Reports Compared. 1930. 1929. Roebuck (July 16) .263.008 5198, $208.715.579 152,057,254 158,331,181 142.615.883 120.761:550 97.642.705 79,331,098 Woolworth mery Ward 00.050.648 resge Co 78,340,038 tional Sts. (July 26) ress & Co. MeCrory Stores Co. Nat'l Belas Hess 3. Newberiy Schuite-United . Lerner Stores.. . McLellan Stor. Co. Diamond Shoe Co. Lane Brvant. Ine.t . R Kinney Peoples Drug Waldor! System Jewel Ten (2R wks. to July 12) American Depari- G.'C. Murphy Co Metropolitan Chain res Neisner Bros Western Auto. ... Sally Frocks Bake 2,537,910 2.538,804 2,347,087 2.360.496 1,960,618 1.087.768 1:022'425 934.447 $1.316.024.280 $1.282.884,857 | [Traveler Shoe Saies for four months in- <1 :Coward Shoe Sales for three months in- 2,003.140 2.363.937 2,217,689 1,810,835 952,652 ne Bros. Co... National Shirt Shops G Sandwich Electric M Kaybee Pishman_ | Stores NEW YORK BANK STOCKS NEW YORK, August 9 (Special) — ank stocks and trust shares opened ac- ve and lower today, then lagged. but firmed somewhat near the close. Chase National at 134’2 was off 3!5: National City, at 12115, down 2%; Corn Ex- change, 151, off 6 Guaranty, 598, off 4; Bank of America, 90, off 2; Bankers, 131, off 3';: Bank of United States, 38, off 1,: Central Hanover, 323, off 10: Chelsea. 30, off 5; Commercial, 360, off 15: Irving, 47!, off 13;; Manhattan, 101, off 3!;: Manufacturers, 80, off 1'5: Public, 95. off 3; Brooklyn Trust, 695, off 3. Chatham Phenix, 103, off 3 Chemical, 621;, off 1.; Continental. 26, off 114; Empire. 76, off 4; First tional, 4750, off 50, and New York Trust, 235, off 5 INVESTMENT TRUSTS NEW YORK, August 9 (#).—Over- the-counter market investment trust se- curities closing prices: Amer Founders Amer Founders Amer Founders Basic Industry Shares .... Corporate Trust Shares versified Trustee Shares A Diversified Trustee Shares B... Diversified Trustee Shares C... General Equits A : Jackson & Curtis Invest Assoc Leaders of Industry ... Bid, Asked sssiesve: TRYR S AEN T0th ctfs. Shares .. Spencer Trask Fund Tnc Stand Amer Trust Shares U S Elec Lt & Pr U 8 Elec Lt & Pr Shares B.. Others unchanged. ISTOCKS SHAKE OFF Merrill, | Lynch & Co. have compiled a table of 3 | day at 161, which compared with the €381 of improvement which came to light 153 | during the week.* Most notable was the {has caused the lowest percentage of} 70 pression in 1928 was due primarily to g the shutdown of the Ford plants. 5 | Now they are threatened by still furlht‘ri 96 | year brought no benefits to the farmer. | DULLNESS IN SHARP PLUNGE DOWNWARD Market Suddenly Comes to Life at End of Draggy Week’s Trading. TRADERS IGNORE SIGNS OF BUSINESS RECOVERY Pick-up in Motor Industry Fails to Offset Effects of Long Drought. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, August 9.—Until Fri-| day, when the stock market collapsed | in a heavy wave of selling engendered | by the crop situation, together with a number of small items of adverse news, this had been one of the dullest weeks experienced by Wall Street in several years. Up to this point, the contrast in the volume of trading with that of last| August was as great as between the level of prices in the two periods. The | fever of speculation that raged 12 months ago produced an exhaustion so complete that, after a year of recupera- tion, the stock market was in a listless and indifferent mood. But at the end of the week, when cotton broke $3 a bale on publication of the bearish Government crop report, { when Warner Bros. Pictures omitted the quarterly dividend, when drought conditions had passed the point where they merely promised to be the har- bingers of higher and beneficial com- | modity prices and became the heralds of national distress, the market broke badly. Amusement Group Breaks. Ignoring the appearances of seasonal improvement in industry, the selling, | which started with Warner Bros. and | other amusement shares, broadened out | to include the entire list. Standard Statistics’ index of 90 stocks ended the | i recent high of 173.3 and the June low of 154. The liquidation was accom- panied by much increased volume, Fri- day's total of over 3,300,000 shares | traded being more than double that of any other session of the week. ‘What the market took cognizance of served to nullify many prominent signs activity in automobile plants closed dur- ing the greater part of July. This should be translated into orders for the numerous products that enter into the manufacture of cars and give an im- petus to retail trade in districts where the sluggishness of the motor industry les in the entire country. Statistics of employment and of industrial ac- tivity show that an advance or a re- cession in the motor trade has a most pronounced effect on the aggregate business of the country. The mild de- Before the market turned, the in- dustry was accompanied by a firmer market for motor stocks, a better tone | to iron and steel and the shares of the chief steel producing companies, with collateral benefits in other directions. Public utilities were buoyant at times in that is likely to be an issue in State | elections later on. Railroad shares, t0o, had some recovery, although car load- | ing forecast more poor earnings for August. i Railroads Help Corn Grower. The reduction in grain rates brings losses to the carriers that overbalance the gains from tariffs earlier revised sacrifices in the interests of the corn grower, in spite of the established fact | that low rates on export wheat into, which the railroads were forced last Gold Outflow Continues. Gold continues to go out under the | compulsion of exchange rates that 18-‘ vor it for France and Canada and tend in the same direction in England About $65,000,000 has so far been ship- | ped since the middle of July. It is not unlikely that the movement may reach | double this amount before it runs its course, This would not be a serious matter for the American money mar-| | ket, whose net gold increase in the first half of the year was $242,000,000. Bankers whose funds are earning lit- tle or nothing above the rate paid to| depoitors would welcome some reduc- tion in the surplus of credit, especially as this would at the same time benefit the countries that are now drawing our gold. No signs have as yet appeared of a seasonal tightening in money rates. They will be moderate when they do come, hut may be delayed until the end of this month instead of showing up about August 15. The current low | quotations for all classes of credit ac- commodations still favor high-grade corporation and tax-free bonds as well as preferred stocks, They have so far made little impression on junior securi- ties. There is not much evidence that they have encouraged industrial or | mercantile promotion. Such inspiration a3 there has been for this has come { from sources other than the money | market. (Copyright, BILL HOLDINGS SET NEW RECORD IN JULY Special Dispatch to The Star. NEW YORK, August 9.—Bankers' ac- ceptances held at the end of July by banks, bankers and American agencies of foreign banks totaled $200,000,000, the largest volume on record since the acceptance market was established here about 14 years ago, according to the current bulletin of the American Ac- ceptance Council, “Undoubtedly the sharpest swing to the bill market,” the bulletin adds, “oc- curred during the last two weeks of July, when, as if in concert, the banks went out after all bills available, liter- ally drying up the supply on the 25th and adding more than $50,000,000 to their holdings.” TWO DIVIDENDS VOTED. BALTIMORE, August 9 (Special).— ‘The Colonial Investors Corporation will pay the regular dividend of 50 cents a share and an extra of 20 ~ents per share on August 15. The directors report that business has been so good that the extra was warranted. It was the third con- secutive payment and will make a total disbursement of $1.45 a share so far this year. 1930.) Soviet cavier is becoming popular in Paris. spite of a conspicuous political prejudice | is Heads Big Merger OSCAR WELLS, Former president of the American Bank- ers’ Association, was made chairman of the board in the recent merger of the First National Bank and the American Traders’ National Bank of Birmingham, Ala, The new bank has resources of about $72,000,000. Capital and surplus each are $5,000,000. The bank's chief executive addressed the last convention of the District Bankers' Association. MORE AUTO PLANTS NOW IN OPERATION Five Big Producers Resume Business at Lower Speed After Vacation Closing. Special Dispatch to The Star. DETROIT, August 9.—Five automo- bile producers have resumed factory operation this week, following vacation shut-downs that have become general throughout the industry this year. This lengthens to seven the list of Michigan plants that have renewed operations— Ford, Oakland, Packard, Graham- Paige, Cadillac, Hudson and Timken- Detroit Axle. Oldsmobile and Hupmo- | bile have fortnight holidays in progress and are scheduled to within a few days. Because it ordinarily required from one to two weeks to regain the same volume as at the time of the shutdown, the plants are resuming at lower rates of operation than before. They cannot be expected to show normal output under the prevailing conditions until the final week of August or Sep- tember 1. Summer vacations in the present form are new to the auto industry, but only in a partial sense. In other years when activity has been normal the fac- tories were never able to make com- plete shutdowns of all' departments at one time. Instead, they .resorted to a “staggered” plan whereby holiday pe- riods were aMowed to one or two de- partments at a time and were extended over the months of both July and Au- gust as circumstances permitted. Manufacturing advances which have developed machinery to reduce man- power have made it possible to Ilump all the periods in one, and several of the leading executives have declared themselves in favor of making this practice an annual one, Reports as of July 1 showed first-half operations to have been about 70 per cent of the previous year covering the corresponding months, Consequently, it to be expected that the lowered start again schedules under which factories are re- | suming will be reflected in third-quar- ter returns, RUSSIA NOW SIXTH AMONG U. S. BUYERS Exports to Soviet Increase 177 Per Cent in Year, Trade Re- port Shows, Special Dispatch to The Star. NEW YORK, August 9.—Soviet Rus- sia has advanced since 1929 from seventeenth to sixth position in the list of the most important foreign customers for United States merchan- dise, according to an analysis of foreign trade statistics issued by Moody’s In- vestors' Service. months of this year United States ex- ports’ to Russia amounted to $64,424,. 521, a gain of 177.5 per cent over com- parable shipments in the correspond- ing period in 1929, and represented 3.6 per cent of the total value of our exports. On June 1 of last year, Russia was rated only twenty-third in importance among countries of destination for our exports, and by the end of 1929 had climbed to seventeenth place. In achieving the remarkable advance in 1930, while most other countries were recording sharply decreased purchases, Soviet Russia is now ranked only by Canada, United Kingdom, Germany, France and Japan. The unusual growth in volume of purchases from the United States is due chiefly to large orders of agricultural implements, tractors and electrical and industrial machinery, all obtained in furtherance of the five-year industrial plan. Moody’s also points out that imports from Soviet Russia during the first five months of 1930 were valued at only $8,511,130, or but one-eighth the value of exports to that country. No other nation except Denmark, which has a much smaller volume of com- merce, shows such a one-sided trade picture, so far as dealings with the United States are concerned. NEW YORK COTTON Trade Buying and Covering Help Market in Late Dealings. NEW YORK, August 9 (@).—After making new low records under a con- tinuation of yesterday's selling move- ment, cotton turned steadier today on trade buying and covering. The new October sold up from 12.20 to 1237 and March from 12.65 to 12.83, and the close was steady at net advances of 1 to 7 points. Futures closed steady. 1 o 7 points higher; October, 12.61; December, 12.75 a12.76; January 12.83. New contracts— October, 12.36a12.37; December, 12.53a 12.54; January, 12.62a12.64; March, 12:83° May, 12.96a12.98. Spot steady; middiing, 12.60. old new Low. Clo January, 1270 1. Junuary, March October, ne: December, December, During the first five | TRADE. DEPRESSION IS STILL ACUTE IN FOREIGN COUNTRIES Prevailing Lethargy in Indus- try Is Emphasized by Summer Dullness. RISING UNEMPLOYMENT ATTENDS TRADE SLUMP Numerous Wage Disputes Crop Out in German and French Plants. Special Dispatch to The Star. NEW YORK, August 9.—Cable dis- patches to the Business Week give the following survey of business abroad for the week ending August 9: Europe.—The Midsummer lull ac- centuates general depression. Business is operating within as narrow a_ volume }ns it has experienced since the first post-war recovery. Notwithstanding re- I stricted industrial production, primary stocks continue to grow. This is par- ticularly the case with coal—nearly 15,- 000,000 tons in all Europe—ferrous and non-ferrous metals and textiles. On the other hand, extreme conservatism in the distributive trades has resulted in low warehouse and shelf stocks, which forecasts prompt replacement, de- mand when confidence returns. No early change in conditions, however, is foreseen. Considering how widespread and long-lasting the depression has been, it is notable that large bankrupt- cies so far are exceptional. With business idle, the week has been featured by the culmination of several efforts to reintegrate various business organizations. tel, though momentarily practically | runaway markets through the establish- ment of sales comptoirs for certain products. Synthetic nitrate producers have reached a preliminary agreement which may serve as a basis for the car- telization of the entire European indus- try and prepare the way for further ne- gotiations with Chilean producers of natural nitrate for world accord. World zinc producers likewise have reached &n agreement to restrict production and stabilize prices. Only Dutch and British rubber growers have failed to reach effective agreement, Crop Conditions. Stock markets continue dull. Money |is easy. Harvests are nearing comple- tiDnland there are prospects that last year's high totals will be duplicated. But where last year's crops were evenly distributed, this year Western Europe— notably France and Italy—faces serious shortages, while Southeastern Europe— notably Rumania—is reaping an all- |time record harvest. Notwithstanding | Balkan surpluses are adequate to cover | deficiencies in Western Europe, there is every probability of larger and earlier imports and that these will come from overseas rather than from the Balkan grain states, because of immediate low carry-overs and the probable inability of the Balkans to store and finance their crops on the market. Following the increase in automobile dutfes in Spain, Ford has closed his Barcelona branch, British Depression Spreads. Great Britain—Business stagnation is unabated. A few slight 1mprov!emems in holiday shipments are stimulating the Welsh coal industry, but other fields | are still slack. Iron, steel and cotton are dull. Raw wool prices have not yet reflected recent trade activity, Wheat showed a sharp decline. Depression is spreading. Following unpleasant symptoms in home rails last week, bleak rumors of the bad position of West End retall stores are now roll- ing up. London looks at the business | of these stores as a sure index of public | spending power. Another proof of de- clining revenue is the report of dimin- ishing returns on newspaper advertise- ments. The stock markets are dead ex- cept for occasional bear selling. Rising unemployment and the virtual bankruptcy of the state insurance fund resulted in the formation of a three- party committee to advise reformation of the scheme. This is regarded as sec- ondary to the mafor problem of how to provide employment. The motor indus- | try is clamoring for retention of duties to enable them to flood the market with cheaper cars. Despite the lack of trustworthy signs, the opinion prevails that there will be a late Fall revival, but there is no real confidence that this will come without a change in administration. Wage Parleys in Germany. Germany —Political issues, elections which are now set for September 14, | Beneral reshifting of political parties, already too numerous, overshadow in public interest the week’s economic de- velopments. Business is not showing signs of betterment. Attention is centered on wage ne-~ gotiations in various industries. The threatened dispute in the Northwestern steel industry has been avoided by em- ployers and Christian trade unions, In Tecent meetings they have agreed to prolong for another year all existing wage and time agreements. Though Socialist trade unions have denounced the agreement and will refuse to adhere after October 1, this action is due mainly to tactical political motives. Ultimate seitlement is anticipated, as conditions in the labor market are too unfavorable for employes to risk an open fight &t the present moment. The government is endeavoring to stimulate depressed business by an ex- tensive program of emergency works, which will be supervised by a specially formed and government-owned German public works company. French Trade Decline. France.—Recent reports of declining activity are beginning to find statistical confirmation. ~ June totals for coal, iron and steel production, carloadings for the first half of July and railway receipts all are distinctly lower. Out- standing immediate development is the difficulty to enforce the new social in- surance laws. Previous rising living costs had already provoked labor un- rest and demands for wage revisions. At this juncture attempt to collect labor’s share of the insurance premi- ums has precipitated strikes. Labor contends that employers are adding their own premiums to prices, whereby labor pays, not only its own premium, but shares tne employer's through higher living costs. Though the law is unpopular, the main diffi- culty is that it is imperfectly under- stood and consequently is distrusted. . JUNE NET $164,879. Insuranshares Corporation of Dela- ware, an investment company of the Insuranshares group, reports for the six months ended June 30 net income of $164,879 after all Fed- eral tax. Income from dividends and interest was $185,331 and profit on sale of securities was $13,486. The European steel car- | abandoned, is making efforts to control | St. Louis Financier Is Well Known to Members of District Group. Has Had Long Hecor(i of Useful Service on Commit- tees of Association. Local members of the Investment Bankers’ Association are much inter- ested in the announcement that Henry T. Ferriss of St. Louls is slated to be president of the organization next year, committee’s choice is always equivalent to election and is considered one of the highest honors that can be offered an investment banker in this country. Mr. Ferriss is now vice president of the organization and has served three years on the association's board of gov- ernors. His committee record includes four years on the Real Estate Securities Committee, one year on Industrial Se- curities, two years as chairman of the Membership and two years as chairman of the Municipal Securities Committee. The association's next president was born in St. Louis February 25, 1882. His father, Franklin Ferriss, was for many years a judge of the Circuit Court in the city of §t. Louis and also of the Supreme Court of Missouri. The son inherited a leaning toward law and after graduation from Cornell in 1902 took a degree from the Washington FERRISS SLATED AS NEW HEAD OF U. S. INVESTMENT BANKERS the convention meeting in October. The | | HENRY T. FERRISS. | | University Law School and began law | practice in St. Louis. | In 1915 he became vice president | and counsel of the Mortgage Trust Co. | {and when that company was purchased | by the First National Bank of St. Louis | in 1920 and renamed the First National | | Co. he was elected its executive vice | president in direct charge of operations, | | & position he still holds. | _ Mr. Ferriss is a member of the St. | Louis _Country, Noonday. Commercial | and Industriai Clubs, the Episcopal Church and the Missouri Athletic As- | sociation. In 1907 he married Miss | Edith Platt of Lake Forest, Il They have four children. Wholesale Buy'mé Picks Up as Price Lures Purchasers Commodities Believed to ward Move Is Expected. BY J. C. ROYLE. Special Dispatch to The Star. ‘Wholesale buying has commenced to shake off its shackles. This has come about in response to better retail ab- sorption of goods. In turn, this latter development is credited to the fact that lower prices at retail are gradually going into effect. Some of these low prices reflect a falling off in the cost of basic com- modities, but a majority of them are due to & lessening of the cost of pr ducing and merchandising. Th ings are passed on to the public in the form of lower prices and the public is beginning to respond with increased de- mand. At the moment wholesale trade is doing better than that to the ultimate consumer, but this is due in large part to the extremely hot weather, which has discouraged shopping, especially in the carpet, house furnishings, kitchen uten- sils and clothing trades. The response, however, to garment bargain sales has been extremely satisfactory in many large shopping centers. Commodity Prices. Commodity prices have slowed down almost a standstill in their decline. After weeks of steady, though slight, decreases, they have become practically stationary. A move upward is now an- ticipated by excellent judges in nearly every line. Purchasing power, according to State executives throughout the Nation, is | but little affected so far. This is borne out by the fact that installment pay- ments have been kept up with remark- | able regularity. Manufacturers continue | to add new lines in an effort to utilize machinery to the utmost. Merchants are following sult in an effort to make their sales forces as effective as possi- | ble. Heavy construction is proceeding at an excellent pace, but the efforts to spur home-building so far have been unavailing. The steel industry is maintaining a steady, moderate level of activity, with every indication that de- mand for steel product will grow | steadily as the year progresses. This | trend is being helped this week by the renewal of activity by one of the larg- est producers of automobiles, the plants of which had been closed down tem- porarily. Improvement has not made itself strikingly evident in the non-ferrous | metals. The general trend toward a better sentiment was affected to a cer- tain extent by the news that foreign producers were combining in order to porters. Other Industries. The ice cream and soft drink manu- facturers are having a remarkable sea- son, due to the hot weather. Dairy products prices are steady and inclin- ing upward as a result of the drought. Little improvement was manifest in oil or coal oil in the week. The textile plants are only partiaily engaged. Bullding materials are advantageously priced at present for buyers. Demand for electric current continues to grow. (Copyright, 1930.) S CO0. = WEST VIRGINIA GA TO BUILD NEW PIPE LINE Special Dispatch to The Star. ner, vice president and manager of Ap- palachian Gas Corporation, announces plans for further development of the properties of West Virginia Gas Cor- acquired by Appalachian Gas Corpora- tion. Improvements include laying of a new pipe line, drilling of new wells and interlinking with pipe lines of sth- er companies in the Appalachian Gas Corporation group located in the West Virginia natural gas fields. Work will commence immediately on a new pipe line to conduct gas from the Monickel fleld, in Lincoln County, W. Va. The new line will connect the pipe line of Monickel Gas Co., subsid- fary of West Virginia Gas Corporation, extending from the Cabell County field to Huntington, W, Va,, with the Buffalo Creek fleld pipe line of Allegheny Gas Corporation. ~ Appalachian Gas Cor- poration owns a 36 per cent stock in- terest in Allegheny Gas Corporation. LEMON PRICES INCREASE dmclxu“o! lthuvy w&ge an thout an accompany - l::!nl‘n ts, Wholesalers here days , BCCOr to market reports, a prwo; 'l:‘nl‘ box having been Have Hit Bottom and Up- ‘ snatch business from the American ex- | NEW YORK, August 9—H. E. Dan- | poration, control of which was recentls| AS DEMAND GAINS HERE g INVESTMENT BOND BUYING IS STRONG: Market Reaches New High| Level During Week—High- Grade Issues Advance. | Special Dispatch to The Star. NEW YORK, August 9.—Bonds reached a new high level—the high-| est since April, 1928—during the past week, but there was no accompanying increase in volume, except in the two | last market sessions, when there was (heavy selling of convertible bonds and no little amount of forced liquidation |in_other issues, The feature of the investment situa- tion continues to be the sharp demand for high-grade bonds of all kinds, and ) ‘muny ot these are now selling at_the best levels tistics new peak on Thursday and Friday at 100.7, the chief point of strength being in years Standard Sta- one of the component indices. New Issues. New capital flotations were brought | down to a low point at $70,940,000 com- | |pared to $118,958,000 last week and | | $22,990,000 in the same 1929 week. | | This resulted in a_clearing of dealers’ | | shelves of all but the most unattractive | bonds, with a consequent marking up of prime municipals and rail equip- ments. The largest new issue was $30,000,000 Swift & Co. 10-year 5 per cent notes priced at par. The issue was popular and went quickly. Another large of- ! fering was $20,000,000 Ontario Power Service Corporation, Limited, 5': per cent closed mortgage bonds, which were sold at 94.22. These also went quickly. There was only a smattering of small municipals and these were quickly dis- tributed in a market that was strongly upheld. As in the case of Chicago a few months ago, the street is confident that Miami and other Florida centers ¥ill meet all their debts eventually. The weakness on Friday in the South American group was partly traceable to the sagging of commodities which com- pose most of the exports of Brazil, Co- | lombia and Bolivia, and partly to forced selling by distressed margin traders. The Sao Paulo government, | according to the New York bankers | who concluded the agreement under | which the recent coffee realization loan was put out, has lived up to every de- | tail of its contract. There was a feel- | ing, however, that with a considerable | portion of the coffee loan still to be re- | talled in the world markets, every ef- | fort would be made to keep the coffee | reports as attractive as possible. | French and Belgian bonds were | strong all week, the former because of French government sinking fund pur- | chases with the portions of the Young | loan subscribed in the United States | and allotted to France, and the latter because of approaching refunding and redeeming operations. In the domestic market the feature was the sagging of bonds with equity | features on Friday. This started with | a decline in Warner Bros. Pictures S5s, lnlbfl' the directors had omitted the | quarterly dividend, and spread through- out the amusement group and into the | whole convertible list. An individual feature of the domestic section was the strength of Chicago & Alton first lien 3'4s under purchasing operations on behalf of the Baltimore & Ohio, which is ecquiring control of the Alton under the Interstate Com- | merce Commission plan of consolida- tion. (Copyright. 1930.) SUBSCRIPTION RIGHTS. NEW YORK, August 9 (#)—Inter- national Printing Ink Corporation has notified the New York Stock Exchange that holders of common stock and cer- tificates of deposit for common of rec- ord August 11 will receive, subject to consummation of consolidation with the chemical division of the Newport Co., warrants entitling them to subscribe at $63 a share for additional no-par com- mon in the ratio of 0.126 of a share for each share held. s NEW YORK BANK STOCKS NEW YORK, August 8 (#).—Over- the-counter market. BANK STOCKS. Bid. Asked. America 2 Bank of U S Units. Broadway National ase Chat Phenix Cit TRUST COMPANIES. Bankers : Cent Hanover P 83 58 Tea a drop to $10, but this ‘Then came price did not continue many days, the |5 continued hot weather being ble for continued heavy deman the fruif dealers re- ported | at $12 and $13 a box. u8E Chelsea Bk & 5 B HETH of.an index of 30 bonds went to a | in the 10 railroad bonds, which form | GLASS IS EXPECTED 10 DEMAND CREDIT REINON U. 5. BANKS Senator’s Bill Would Prevent Reserve Members Borrow- ing on Own Notes HIGH MONEY RATES SEEN IF MOVE IS SUCCESSFUL Suggestion Is Made That Install- ment Paper Be Made Eligible. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 9.—When Con- gress meets again, Senator Glass of Virginia, one-time Secretary of the Treasury, is expected to push his bill to prevent member banks of the Fedetal Reserve system from being allowed to borrow on their own notes, as they have been doing since the war. Should Federal Reserve member banks be prevented finally from borrowing in this way, many observers believe that an expansion of the definition of eligibility will be necessary, if contrac- tion of credit is not to be “exceedingly drastic.” Since the Federal Reserve was or- ganized in 1913, great corporations have changed their own methods of finance ing. Today many of the larger com= panies issue very little paper. Com- mercial paper is hard to get. Fifteen years ago the larger companies were accustomed to issuing their notes with= out security for a period of 30, 60 and 90 days. These notes were attached to a statement of the company and sold by commercial paper houses to hundreds of banks, which needed quick, short term investments for their protection. But this plan of operation is barely followed today. Commercial paper is becoming harder and harder to get. So what will take the place of the bank’s note, should it be disallowed at the Federal Reserve? Some say that finance company paper should be made eligible —in a word, installment paper. Up to date it has not been allowed, except in case of certain farm paper. Should ine stallment paper be eligible, it would put 'fih' s'tlmpthort ;%prnvll on a form of nancing tha ears ago was - tically unknown. 2 1, s Health vs. Wealth. J. B. S. Haldane, English scientist and philosopher, in a recent article puls health far ahead of wealth in the ime portance of its social implications. 'We have got rid of physical starvae | tion,” he says. “We still have intele | lectual, aesthetic and spiritual starva- tion, which, to my mind, are greater | evils than any mere economic inequali~ | ties. Until our educational system is so altered as to give a fair deal to every boy and girl who desires a first-rate education and is capable of benefiting | by it, my political views are likely to remain as they are now, on the left.” On the problem of health and busie ness, Prof. Haldane brings out the fact that since 1921 the degth rate of Americans from the age of 30 up= ward has been increasing steadily, but not in England. “Whether as the result of hustle, prohibition or the spread of medical cults, whith reject the results of science, America is at present heading for_death and not for life.” ‘This is why he believes it is a mis take for all parties to put economic considerations before biological, and wealth before health. Reorganization of Turkey. Donald C. Blaisdell's admirable work on “European Financial Control in the Ottoman Empire” is one of the clear= est and most interesting books yet written on Turkish financial problems. It was in 1907, after the European financial powers had taken over the Ottoman Empire and had put a 3 per cent customs surtax on Turkey to get their money back, that the world realized that Turkey was but a cat's paw for European financiers. It was this crisis, reached 23 years ago, at a time when the rising spirit of Turkish nationalism had begun to show itself, that probably had as much to do with the reorganization of Turkey as anything else. ‘The rise of Kemal Pasha, the vigor- ous handling of their own internal problems, the elimination of European control within their own boundaries, and finally, in 1928, the conclusion of a_treaty with European powers, by which Turkey again becomes head of her own house, is told in a most graphic, attractive and scientific way by Dr. Blaisdell. ‘To those students who like to fol- low the history of the development of this amazing story, the Blaisdell work will be found indispensible. Thirteen Largest Cities. The 13 largest cities in the United State, in the order of their im- portance, are New York, Chicago, Philadelphia, Detroit, Los Angeles, Cleveland, St. Louis, Baltimore, Boston, Pittsburgh, San Francisco, Buffalo and Milwaukee. ‘The first four maintain their rating of 1920. Los Angeles moved up from tenth to fifth place. But outside of that, the relative positions of the 13 are almost the same as they were 10 years ago. As a matter of fact, these 13 cities were the largest 10 years ago and they are the largest today. But the small cities—those of 5.000 population and up—are not showing any loss, as was expected. A check was made of the first 5,000 towns, with populations of 5,000 or less. It was found that 3,395 of them showed gains, 1,608 showed losses. But together, the ‘l;;‘;- gain for the 5,000 towns was 1,861,~ (Copyright, 1930. by North American News- paper Alliance.) STEEL TONNAGE REPORT NEW YORK, August 9 (#)—Unfilled orders of the United States Steel Cor= poration increased 53,991 tons in July to a total of 4,022,055 tons on July 31. The June decrease was 91,163 tons. The Backiog on June 30, was $3,968, 064 tons: on May 31 unfilled orders ag. gfegated 4,059,227 tons. On April 30 the total unfilled tonnage was 4,354,220 tons, and on July 31, 1929, unfilled or- ders amounted to 4,088,177 tons. WILL CUT OUTPUT. NEW YORK, August 9 ().—Youngs- town Sheet & Tube Co. will reduce operations 5 per cent during the com-» ing week, the Sheet & Tube mills in the Youngstown district operating at 55 per cent. against 60 this