Evening Star Newspaper, August 10, 1930, Page 60

4 BOND PRICES MOVE INNARROW RANGE Prime Group Shows Firm Un- dertone—Convertibles in Mild Recovery. BY DONALD C. BOLLES, Associated Press Financial Writer. NEW YORK, August 9.—The bond! market was sluggish today and corpora- tion issues which have found a ready demand moved within a narrow range. There was no indication of a resump- tion of the forward movement which | continued uninterrupted throughout the week until yesterday when the averages showed a small recession. Prime investment issues showed 8| firm undertone. Some seiling at a small | fraction under the previous close offset | advances made by other issues in the | railroad and utility groups and prices held steady. The foreign market Was firm with leading European govern- ments creeping forward. Liquidation of convertibles which be- came pronounced yesterday in sympathy | with the collapse of share prices was | checked and a mild recovery appeared. { United States Governments were dor- mant. Only a few issues of the group attracted any sales. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 9.—The follow- ing is a summary of important corpora- tion news prepared by the Standard Statisties Co., Inc., for the Associated Press: News Trend. Corporation news continues to be of generally unsatisfactory character. S. A. Gerrard Co. voted to omit quarterly common dividend dve at this time and Brown Fence & Wire reduced its cur- Tent quarterly disbursement to 15 cents grom 60 cents. With the exception of American Ma- chine & Foundry and Century Ribbon, all first half earnings statements show smaller returns than a year ago. The weekly business surveys find the current heat and drought has injected new and uncertain elements into the domestic price situation and, also, have further retarded wholesale and retail trade. Bank clearings for the week were 25 per cent below a year ago, but higher than in same of 1928, when conditions were more nor- mal., Commercial failures declined to 452 from 468 in the preceding week and 435 in like period 1929. The Industries. Drugs—During initial half of cur- rent y?ll’ sales of drugs, medicines and cosmetics were not ma ntained at level of year earlier. Such decline is believed to have seriously curtailed profits of s o income. of hat period. Althoug! d‘;fut and px;edmne ‘manufacturers was only moderately reduced, for the l’el- mainder of the year. improvement ’i anticipated in the drug trade. It i improbable, however, that aggrega 1930 profits of concerns operating in this field will fully equal 1929 income. Perfumers, on the other hand. will \n{x- doubtedly continue to feel the ill ea fects of reduced purchasing power ;n should report comparatively unsatisfac- rns for the full year. walffigem ‘Railroad Commission to State-wide curtailment of m rl‘)‘;o"g!‘:rcflan 75,000 to 80,000 bar- rels daily from present output of about FINANCIA L THE SUNDAY STAR, WASHINGTO - BOND . SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. —-1930—— sigh. " Low. 101.3 98.26 102.10 100.10 103.6 100.28 102. 98.30 106.17 103. 109.4 10116 113.14 109.24 UB 48 1944-5%.., US4%m1947-52, FOREIGN. 95 Argentine 5s June '59 94% Argentine 63 A '57 845 Australia s '55. 102% Austria 78'43. 92 Bank of Chil 994 k of Ch! 101% Belgium 107% Belglua 62% Bolivia 102 Bordeaux 6s ‘34 7214 Brazil § 94 Brazil 8541, 102'%4 Canada 63°52. 88 Chile Republic 68 1960. .. 21 Chinese Govt Ry b5 '51... 67% Colomba 6s 1961 Jan. 95% Copenhagen 6s '52. . 109% Czechoslovakia 8s '5. 99% Denmark § 103% Denmark 100% 10413 11l 106 94% 30 82 99% 111 101% 1068 1031s 103% 101% Dutch East Indi 97 Finland 78°50. 1124 French 78’49 118 French 7% 86% Ger Gov 5345’65 wi £416 German Bank 106% German 7s°49.. 81 Greek 651968 96 Irish Free State 55'60.... 943 Italy 7s'B1.. 101% Japanese 6% 54. .. 92 Kreug&Toll 5sct wi's9. 10% Mexico 48 1904-64. sl 85 Milan 63%8'52. 103 Netherlands 6s 72 80 New South Wale 100% Norway 6%s. 86% Orient Dev 5% 102 Paris-Lyons-Med 991 Paris Orleans b%s 19! 69 Peru 6s'60 S 91 Peru s 100 Pireili Co 92 Poland 5 95% Queensland 68 '47. 104 Queensland 7s'41. % 8 Rhine Westphalia 6s '53 93% Rio de Janeiro 8s ‘46 64% Rio Grande Do Sul 65 87 Rome 6%s ‘62 96 Sao Paulo Stat 106% Seine Dept of ¥ 75% Serbs Croats&Sl 87 Serbs Croats Slov 102% Swiss 5% 8 '46. 9814 Toho Elec Pwr 78 '55. 101% Utd Kingdom 5%s 37, 931 Uruguay 6s 1960 821 Vienna 6s 1952 70% Warsaw 78 1958. 95 Yokohama 65’61 MISCELLANEOUS. of Italy 7s '62 '60. 100% 105% 991 91 83% 98% 102% Am Agri Chem 7%s " 6214 Am Beet Sugar 68 '35. 964 Am Chain 63 1933 100 AmIGChmb3%81949... 93 Am Internation 5%s'49.. Am Natural G 6%8 '42. ... 100% Am Sm & Ref 18t & 102% Am Sugar Ref 68 ‘37 1374 Am Tel&Tel cv 4148 '39. 100% Am Tel & Telsfbs 69 Am Writ Pap 63°47. 87% Armour & Co 4%8°3 80 Armour of Del 5 100 Atlantic Ref del 102% Bell Tel (Pa) ret 99% Beth Steel p m 5836 3714 Certain-teed 5%s 1948 94 Chile Copper 58 *47 60 Colon Oll 65'88 98% Columb G & E d 83 Comm Invest 6%s 89% Comm Invest del 42 Con Coal (Md) 1stref 105% Detroit Edison ref 6: 911 Dodge 68°40. .. 96% Duquesne 438 1967, 53 East Cuba Sug 7%s'37. 967% General Cable 6% 1947 100% Gen Motors 6s ‘37, 87 108% barrels. “&gfin Tire.—With _crude rubber around 10 cents a pound and cotton at 12 or 13 cents, the two major Taw ma terials in tire business are available af evels. Some inventory losses d by tire c;:mpnn'l’em first half year, but further losses A R be obviated with cotton_and Tubber at current depressed levels. Even with favorable raw material costs, tire vuwpanies will not make a good show- ing this year, owing to unexpectedly r repiacement demand, excessive roductive capacity, price cutting and jack of competent control within the in- dustry, in reasonably near future. There is no indication demand will catch up with potential supply of tires, but the gradual elimination of small marginal Producers will relieve situation in time. Many failed last year and more will pass out this year. Retail Trade—July sales 45 chain store systems aggregated $178,030,516, decrease 5.0 per cent from year &go. Seven months sales, same units totaled $1,316,024,289, increase 2.6 per cent over 1029 period. The Companies. 2 American Machine & Foundry earnt $1.57 common share in first half, against 1.17 year ago. * B. G. Sandwich Shops, Inc, July eales up 0.7 per cent; seven moni 8.3 per cent above year &go. Bgulmnre & Ohio Railroad—Over 75 per cent holders Chicago & Alton 3158 understood to have accepted Baltimore & Ohio offer of 80. Brown Fence & Wire reduces quar- terly dividend on B stock to 15 cents from 60 cents. Ludwig Baumann & Co. July sales off 9.6 per cent. v Bufi:rd & Co. had deficit '$62,064 in first half, against profit $598,436, equal $2.17 common share year, ago. Century Ribbon Mill earned 31 cents common share, before taxes, in first half, against 24 cents year ago. Chicago, Burlington & Quincy R. R. reduction in grain rates may cut reve- nues $1,500,000 annually. Class rate changes are not expected to reduce losses to any substantial extent. Chicago Great Western R. R. reduc- tion grain rates will not materially af- fect Tevenues. Chicago, Rock Island & Pacific R. R. revenue loss of $2,000,000 from grain Tate cut will be largely offset by gain of $1.500,000 from increases in class rates. Columbia_Graphophone. Ltd., net in- come year to June 30 £580,158, against £505 Daniel Reeves, Inc., July sales off 1.2 per cent; seven months, up 3.3 per cent. Diamond Shoe July sales up 2.1 per cent; seven months, 14.4 per cent above year ago. First National sales four weeks to July 26 up 3.8 per cent; 32 weeks, 19.3 Per cent above year ago. Ford Motor reported to have reached definite agresment with Isotta Fraschini for active co-operation General Realty & Utilities earned $1.14 common share in first half. S. A. Gerrard Co. omits 37}; cents quarterly common dividend currently due. International Carriers, Ltd, liqui- dating value June 30 was $17.62, against $20.32 April 21, 1930 International Harvester reduces price Farmall tractor $50, to $825, f.0.b, Chicago. International Petroleum, Ltd, June crude output in Colombia and Peru, 2,522,317 barrels, against 2,640,366 year ago; six months, 15,268,647, against 15, 219,079, Lane Bryant, Inc., July sales up 25.5 per cent; seven months, 11 per cent above year ago. Excluding Coward Shoe sales, Juéy off 0.3 per. cent; seven months, down 1 per cent. Ludlum Steel had deficit $95422 in first half, against profit $691,396, equal $3.26 common shareé year ago. McMarr Stotes’ July sales off 3.1 per cent; seven months,’4.4 per cent above year ago. Morrison Electrical Supply July sales oft 23.6 per cent; seven months, up 14.3 ent. Mullins Manufa~turing recently re- ©z o7 £7.997.00) ‘n n-w contracts; cur- 108 106 Goodrich (BF) 6%8'47 90% Goodyear Rub 58 1957 101% Humble O & R 5%s'32. 91 Inland Steel 4% 1978.. 91 Inter Cement 97 Inter, Match b 96% Inter Mer Marin 81 Inter Paperbs A’4 105 Int Tel&Telcv 4%s'39. 756 Kendall 53848 (war). 102 Laclede5%s D '60 96 102% 103% 100% 101% 92% 129% 92% 1033% 106% 130 101 95% 86 102% 104% 1004 r, .. 91% woew’s Inc 65 ex war'4l 37 993 Midvale Steel 5: 100 Montana Power 95 Nat Dairy Prod 5%s'48 40 21% Nat Radiator 6%s 1947. 108 103% New England Tel 68 °52. 114% 111% N Y Edison 18t 63841, 101's 98% N Y Tel 4%8'39. 107% 106% N Y Tel 6841 104 99 North Amer Ed 4 104% 99% Northern States Pow 6. . 104 2 106% 102% Pan-American 6s'34 98 Para-Fam-Lasky 6s 47, 96% Philadelphia Co bs 67 91 Phil&Read C&I 68 wi s 80 Philips Petrolm 64«35 91 Postal Tel & Cab 58’33, Reming-Rand 5%s ‘47 99% Sinclair Ol 6 100% Sinclair Ol 7837, 97 Sinclair Crude Ol 943 Sinclair Pipe Lin 103 Southwes Bell Tel 100% Stand O11 N J b 95 Stand OIIN Y 4 34 Sugar Est Orie: bm'42.. 7% Tenn Copper 68 '44 B. 97 Transcon Ofl 6%s 38, 9214 United Drug 58 '53 80 U8 Rubber 1st & ref b 974 Utah Power & Light & 86 Utilitles P& L 5%s'47... 97 96% 101 100% 104% 102% 102 106% 104% 997 48 10214 o sigh; _Low. Close. Shte. 29 99% . 89 105 97 98% 1045 103% 104% 1095 1 105% 9% 100% 105% 97 Abram & Straus 534s'¢3.. 100% 110% 5% 108 1017% 108% 1013 109% 9814 831 . 101% 100% 101 80% 90 100.29 101 +.70 1022 102.6 102:31 103. 101.18 101.18 106.1 106.4 1083 108.12 11224 112.31 -1 -2 +.4 +5 +1 984 99 994 9% 87 87 103% 105% 96 97 97% 98% - FESE 09 109% %, Al VL L+ 44 FFESFEE 100% 100% 105 105% 91 1% 22 22 71 98 99% 110% 118% ¢ 101 101% 105% 106% 1021 102% 102% 102% 99% 100% 119% 119% 124% 125 86% 874 . 90 90k 105 106% 8% 6% 100 100% 9815 99 1047 105% 96% 97 12t 14 90% 90% 1051 106 83l B4k 10115 101% 90t 90'% 103% 104 10314 103% 71 Tla 91% 92% 101 101 94 94u 98% 99% 1031 104% 2 90 964 964 — 648 64% 91 91% — 4% EU LAt FEFEFLEE E SEE 2 R ARl 4400 “ 99 29 107% 107% 85% 86 96 97 105 105 100 100% 105 106% 95% 96% s6u 864 T 74 97/ 497 Ilino: FEF FEF F FEP FIEF - Balto & Ohio bs "¢ B&Oref5s'95. B & O ref 6s D 2000 Balto & Ohio 6s '95. B&OPLE&W Va 4s. B&OS W Div 5s’60. Bangor & Aroos 4s'51. Boston & Maine b8 ‘67 Broadwy & 7th Av b Brooklyn Manh 1st 68 A. . Canada National 43 s'64. Canadian Natl 4148 ‘57 Can Nat July 5s '69 Canadian Pacific deb 4s. . Central Pacific 48 '49 Central Pacific 65 1960. .., Chesapeake Corp 58 "47... Ches & Oh gen 4%5'92. .. Ches & Ohio 43893 A... ChiB&Q4%s B 17, Ch & East I1l gen b8 51 Chi Great West 48 '59. 5 ‘Walworth 65 °48 Western Union Wilson & Co 1st Youngstown Stes RAILROAD. A AT AR AR A EERTREE ERE 2R A g =r Pribaede g i Chi & West Ind con Chi & West Ind 5% . CCC&StLrf4%sE"T. CCC&StL6sD.. | Cleveland Term 55 B '73. . 4 Cleveland Term‘1al Fi3s. Colo & Sou ref 4348 '35... % Cuba R R 5s ‘52 Cuba North 5%s 42 Del & Hudson 5% Den & Rio G Den & R G Wel ‘37 Erle 1st con 4s 96 Erie gen lien 45 '96. Erle ref 5s'67 Erie con 7s 30 FondaJ &G 4%#'5: Grand Trunk s £ deb 6; Grand Trunk 78 "40 Great North 4%s '76. Great Nor gen 5%s '52. Great North gen 7s '36. Havana Elec Ry 5%s. Hudson & Man adj 6’ Hud & Man ref bs '57 nt ref 4s '55. Illinojs Central 4%s'66. . Inter Rapid Tran 655 '66... Inter Rap Tr 68 sta '66. .. Inter Rapid Tran 6s'33... 68 . i Inter Rapid Tran cv 7 100 100% 99% 100 103% 103% 621a 65% 101% 101% + ¥ 10314 103% 161% 163 4 105% 106% 8% 8% = xs wesees A R4 & - 106 102% 103 50% B0% 95% 96% 63 63 102% 102% 941 94w 991 99% 48% 50 107% 1074 9 9 3 4 101% 101% 63 53 98% 983 102% 103% 106% 106% 93 93% Ll Ex 3 +1 410 e ® - FEF ¥ 4 102% 102% 95% 95% 109% 110 5% 5% 103 103% 106% 106% 115 115 985 9814 95% 95% 40 40 101% 101% 103% 103% 98% 99 22 23 107% 107% 114% 114% 2101 101% 106% 106% 1024 102% 102% 102% 103 103 105% 105% F FFEFFEF | + — FERE F FEERFPFIESE P41+ 4 AL Sout! 9% 96 3% 98Y% 983 98% 4 1004 100% 104% 1044 1024 1024 101% 101% 105% 106% 104 104% 929 9% 34 34 101% 101% 109% 109% 98 98 82 82 | FEE FE F 2 L3 bl % 1 20 Norfolk & W en North Paelfic 3s 2047.. 4 North Pacific 48 '97. . North Pacific 58 D 2047 North Pacific r16s 2047.. Ore Wash 1st ref 4s'61... Penna cn 4% Penn gen ¢ St L Iron Mt gen SLIM&SR&G 48'33.. StL&SF prindsA0., StL&SF4%s'T 8t L & San Fr 68 B '50 St Louls S W con 4s ‘32 StPKCS Line 4%8'41 Seaboard A L ref 4s '59 Seaboard A L adj 55°49 Seaboard A L con 6s°45.. South Pacific col 48 °49... South Pacific ref ¢s South Pacific 4 %s Southern Ry gen n Ry 18t b Southern Ry gen South Ry dev Third Ave 1st r: Third Ave adj 66 Union Pacific 1st 48 ‘47 Union Pacific 48 '68 Un Pacific ref 4s 2008, Virginia Ry 1st 6s ‘62 Va Ry & Pow. Wabash 438 1978 Wabash 1st bs '39 53. Maryland 6%s'77.. Western Pacific 58 '46. Inter Gt Nor adj '65. Inter Ry Cent Am 6% Kan City South 3, Kan City South 5: 4 Kan City Ter 1st 486 Lake Shore 4s '3 Lehigh Vi Louis & Market St Ry 7s A *40 MilEI R & L 18t re? 6; MStP&SSM6k4s Mo Kan & Tex 1st Mo Pacific gen 4s°75. Mo Pacific 55 A '65. Mo Pacific 53 k. % Mo Pacific 68 G. Mobile & Ohlo 4% Nassau Elec 48 ‘51, N Y Centdeb4s'34...... N Y Cen ref imp 652013.. N Y Cent deb 65°35...... NYCh& SLret 6%8A.. NYCh&SLref6%s B NY Chi &St L 65°31. New Haven deb 4s '567 NYNH& Hart 4 %8 NYNH& Hcv deb 6s, NYNHG& Heclt 68'40 NY Ry 6865 F&EOFEF - | EEF FE& + * 113% 93% 1960. 102% ‘65 4+ 4+ L+ +1 +44 FE FESE FF PE FEFEY 1+ =y o Eo i £8 '8 + - 95% 107% 101% 9314 1033, 101% L = o B S I FFEE REETFE &R rent operations at 43 per cent capacity; employes August 4 numbered 505. il Well Supply stockholders to vote on proposal to sell business to United States Steel for $6,865,800 cash and 64,- 992 shares common stock. Pacific Gas & Electric had 40,463 pre- ferred stockholders and 26,039 common holders on. June 30. Excludes Great Western Power and San Joaquin Light & Power holders. Pennsylvania Railroad first new elec- tric_engine put into service on Phila- delphia-Trenton line. Raytheon Manufacturing had deficit $328800 in year to May 31, against deficit $33,204 previous year. Procter & Gamble Co.—$900,000 dis- tributed among workers under profit- sharing system, covering year ended June 30. Sally Frocks, Inc., July sales up 139 | per cent; seven months, 39.7 per cent above year ago. North German Lloyd plan Bremen- Philadelphia service. Thatcher Manufacturing earned 63 cents common share in first half, azainst 93 cents year ago. Triplex Safety Glass begins produc- tion of designed and colored laminated lass. ¥ nited States Rubber tires to be sold by, Kesbec Sales at service stations. United States Steel ingot production has declined 3 per cent to 61 per cent capacity since first of week. United Verde Extension Mining July refined copper output, 3,808,000 pounds, | against 3,580,000 in June and 4,470,000 | year ago. », Western Electric to install $200,000 1edio system in new Waldor{-Astoria Hotel. Winn & Lovett Grocery July sales off 11.8 per cent seven months; 8 per cent year ago. Indians Adopt Legion Commander. IDAHO FALLS, Idaho, August 9 (#).— O. L. Bodenhamer, national commander of the American Legion, was -dop;gnd POINT OF SATURATION IN AUTOS HELD NEAR Guesswork Disappearing Forecasts, Institute Says, in Presenting Figures. From ‘Though cognizant of the false alarms of other years about the “saturation point” in automobile production, the Alexandey Hamilton Institute ventures to announce the saturation point now close at hand. Barring radical changes in economic and social conditions, this factor makes production forecasts a matter of simple computation. A glance at the declining ratio of persons per car shows that the rate of decline is coming to a standstill. In 1919 there were 13.88 persons per car registered; in 1930 there are 4.53 persons per car. The figures for these and the, intervening years are Bas follows: 2 3 38 1928— 9294 1930—4.53 The trend indicates 4.48 persons per car registered in 1931 and 4.43 in 1932. On this basis the normal expectation for production in 1930 is 4,190,000 cars; for 1031, 4,548,000 carg, as compared with the record of 5,338,000 cars in 1929. May Ban Child Work in Sewers. CALCUTTA, India, August 9 () — ‘The Nationalist Congress party has as one of its aims taking the children out the sewe: ‘The use -of children to clean sewers is general, the youngsters into the Bannock and Shoshone dian tribes as Chief Tetoba at & cere- mony {‘-mdly in connection with the State Leglon convention, ing lowered Into manholes too small to admit an adult. They are said to like the work, as it makes them appear a5 heroes in 3 e5es of othyr youngerers By the Associated Press. NEW YORK, August 9.—Fall prepar- ations at both retail and wholesale con- tinue to reflect two Ahnrgly contrasting “schools of thought” on the best method of passing on the commodity decline. Retails were said to be definitely re- vising prices, but in many cases ad- mitted reluctance to lower long estab- lished levels with which consumers have become familiar, In preference, particularly by many speciality shops, improved merchandise will be offered. ‘The Midsummer lull accentuates general depression in Europe, a survey of business abroad by Business Week says. Business is operating within as narrow a volume as it has experienced sfnce the first post war recovery. Not- withstanding restricted industrial pro- duction, primary stocks continue to grow. This is particularly the case with coal, ferrous and non-ferrous metals, and textiles. Recelpt of & contract for seven signal .| lights for the city of Newburgh, N. Y., was announced by the Crouse Hinds Co. of Syracuse, N. Y. Installation is ex- pected to be made within 30 days, Business in electrical equipment markets of the country ll“rroceedlnl along moderate lines, Electrical World reports. While buying is far from lively in most centers, there are aigns in evidence that indicate a gradual up- ward adjustment. e Roadbuilding Announced. ROME, August 9 (#).—The govern- ment today announced roadbuilding gmgram. involving expenditure of $10,- 00,000 and providing employment for 37,000 workmen. The further expenditure of $2,000,- 000 for development of a railroad from Florence to logna. pro- Jected. The work will begin September 15. D. C, AUGUST 10 1930—PART _SIX FINANC NEW YORK STOCK EXCHANGE (Continued From Second Page.) Stock and dividend. Truscon Stl (§1.20)..... Underwood-ElI-Fish(5) Union Bag & Paper. .. Union Carb & C (2.60) Union Oil of Cal (32).. Union Pacifio (10). Union Pacific of (4). Union Tank Car (1.60).. United Afreraft. s United Afrcraft pf (8).. United Biscuit (1.60).,. United Biscuit pf (7). Utd Business Pub. Utd Carbon (2). United Cigar Store: United Cigar of.... United Corporation. United Corp pt (3).... United Dyewood. . United Dyewood p United Elec Coal United Fruit (4) Utd Gas & Improv (1.20) United Gas Imp pf (6).. United Paperboard..... Unit Plece Dye W (2)... Utd Plece Dywks pf 6%. United Stores A. - Wnited Stores pf U S Distributing U S Express. S & For Sec. & For Sec pf (6) Freight (3)... Hoffman Mch (2)... Indus Alcohol (17). Realty & Imp (5)... o g = z Rubber 1st of. Smelting & Ref (1). Smelt & Ref pt(3%) SSteel (7)....c..... U S Steel Corp pf (7)... U S Tobacco (4)........ Universal Leaf Tob (3) Univ Leaf Tob pt (8)... Univ Plctures 1st pf (8). Univ Pipe & Rad. . Util Pwr&Lt A (e2) RRRRAB® g, dgageccaaataacag E Vulean Detinning (4) Wabash 156 67% 95 T4% 4l . 222% 865 28l 62 67 48 127 25% 106 11% 497 =1 Hish, 89% 86 31% 54 930— Low. 70 " RSN N +1111 [ W 48 158 159% 145%x145% 63 63 23% 23% 100 100 45 45% 4 31 21 804 41 Y .. sexssfersses x Ex-dividend. T+ i+ 1414101010410 23 102 74 28 @ ® | Stoek Vaco Chlorine(2) Wextark Radio Strs. White Motors (2)... White Rock M S (t4% White Sewing Machine. White Sew Mach pt... Wilcox Ol & Ga Wilcox & Rich (A) 3% Willys- Willys-Overland f (7). Wilson & Ce. ... : Wilson & Co (A). Wilson & Co pt.... Woolworth Co (2.40) Worthington Pump Worthngton Pump Wrigley Wm (4) Yale&Towne M{g(4) Int Nickel (Aug.30).... Dividend rates as given In the above table are the payments based on the latest quarterly or half yearls declartions. 1 Partly serip. 1Plus 9% 1n stock. & Paid last in stock. d Payable when earned. e Payable in cash or stock. 1 Plus 10% in stock. g Plus 6% in stock. h Plus 3% in stock. §Plus 8% in stock. k Plus 3% In stock. n Plus 5% in stock. Ward Baking B.. Ward Baking pf (7)... ‘Warner Bros Pict.. ‘Warner Bros P pf (2.20) Warner-Quinlan (1). arren Bros (3). Wesson Oil & Snow (2). Wesson Oll & Sn pf (4). West Penn Elec A (1)... West Penn Elec pf (6) . West Penn Elec pf (7).. West Penn Po' West Penn Power pf(7). Western Dairy B. Western Maryland. Western Pacific Western Pacific pf. Western Union Tel (8).. Westinghouse Alr B (2) ingrouse E & M(5) inghse E&M pf (5) I Ppr(s). FLOEFEN L+ Overland.... FARE TR Yellow Tr & Coach pt. Young Spring (3)... Youngston Sheet & T Zenith Radlo. .. 3b% §) 120 % RIGHTS—EXPIRE. & ennual cash Plus 4% in stock. § Payable in '—no regular rate. b Pav- xtra. 3 URCESUSIG HORE CHAN STOREWAYS W. T. Grant Says Independ- ent Merchant Will Prosper Under New Conditions. “The independent merchant has sur- vived every change through all the thousands of years of history and al- ways will survive. I prophesy that the new type of independent who is coming to the fore in this new era of merchandising will not only survive but will be markedly successful.” That is what W. T. Grant, head of the chain stores by that name, said recently when asked to discuss the out- look of the independent stores and make some suggestions to help the in- dependent® strengthen their position. He added: “No type of business has any divine right to existence—except to render service, That both the chain type and the independent type of store each has g,s sphere no intelligent person can eny. “I would say that the chains are valuable in distributing low priced merchandise susceptible to standard- ization and mass production and the independent is valuable where ex- clusiveness and special service are re- quired. Merit Decides Success. “Any question must be settled on its merits and it is certain that in the final analysis it will come down to whether one or both are to the best interest of the public. “The sooner all merchants, big and little, chain or independent, can ap- roach the situation from this angle he sooner they will find the truth, see the good in the situation and qet on the route that we all must finally follow. “The problem before us today is how we can help the small merchant. begin with, we need to find out the advantages that the chain type of busi- ness seems to have over the inde-| endent type. As I see it, the chain as better buying facilities because it can place larger orders and thereby make it possible for manufacturers to purchase economically &nd make it worth while to originate new, low priced dems 0. “When I was an independent I used to spend most of my time looking at lines presented by dozens of salesmen from wholesale houses, manufacturers and calendar houses. What an ex- travagant method that is! All these salesmen with their expenses, the expenses incidental to packi shipping tiny orders involve a great duplication. New XKind of Wholesaler. “The day of the old-fashioned whole- saler is gone. But the day of the new- fashioned wholesaler is rapidly ap- proaching. There is already clear in- dication that a new order of whole- saler is coming into existence, from whom the merchant will be able to se- cure practically all of his merchandise on a minimum service charge. * “I prophesy that there will be a de- velopment of the wholesale concern which will gather a brood of inde- ndent stores under its wings as a en does it chicks.” At this point Mr. Grant expounded the principles of merchandising by which the independent merchant may profit from the experience of the chain store. “Copy the chain store method of operation, providing your business lends itself to that type of merchandising. The chain deals anly in merchandise that sells rapidly and gives a fast turn- over, which means maximum use of capital investment. “Establish a method of checking every item of merchandise in the store frequently enough to avold being out of the best selling merchandise and to push that which is not moving. Would Make Buying Easier. “Have a_bright, modern appearing | store with the merchandise so arranged that the customer can make her own selection without the embarrassment of having to ask a salesperson to pull mer- chandise from behind the counter. ““Use your selling space more effective- ly. You will find more running feet of actual sales space in the chain store than in the average independent store. Independents use a great deal of space for storing instead of selling goods. “Be alert to the latest, accepted methods of storekeeping. “Show consideration to employes. The very nature of the chain store business requires liberal treatment of employe: Vs N POTATO MARKET. CHICAGO, August 9 () (United States Department of Agriculture).— Potatoes—Receipts, 83 cars; on track, 138 cars; total United States shipments, 491 cars; weak especially on off stock; trading rather slow; Kansas and Mis- souri sacked Irish cobblers, 1.80a1.90, few 2.00; ordinary, 1.60 up; New Jer- seg/, 150-pound sacks Irish cobblers, 3.25a3.40; Minnesota sacked early Ohios, 1.75a1.90; Virginia, barrels, Irish flbbleu, 3.0023.35, according to con- To | Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, August 8.—The live poultry market is generally easy, with sufficient supply for trade wants. Good-sized colored springers, 2% pounds and over, are fairly easy to move at 25 to 30 cents a pound, although the market seems loaded with smaller stock. There was a poor market for old hens, 312 pounds and over, at 14 to 20, while Leghorns, smooth and fat, will not bring over 14 cents, and all light, poor fowls are selling slowly at 12 and 13. The demand for old roosters is slightly lower, at 13 and 14. In young ducks only full-feathered fat stock finds favor at 13 and 14, with practi- cally no buying of smaller stock. The supply of pigeons is ample, with prices in buyers' favor at 20 cents a pair for old and 15 cents for young. Receipts in the egg market are slow, due to con- tinued hot weather. Most receipts show badly under the candle, and receipts are mainly of this stock, which is slow to move out. Business on the exchange is nominal, with demand for fresh-laid quality. The market closed today at 23 cents a dozen for native and nearby firsts, with Southern stock a cent lower. Vegetable Prices. Potato supplies are moderate, with slow demand, market steady and prices a shade higher. Eastern Shore new po- tatoes are selling at 2.50 to 2.65 a bar- rel and 125 to 1.50 for No. 2s, while nearby bring 90 cents per bushel. Re- ceipts of native and nearby garden truck are light, most of the lots arriving showing the effects of the continued dry weather, with prices at the following quotations: Beans, 1.00 to 3.00 per barrel; beets, 3.00 to 4.00 per hundred; cabbage, 1.00 to 1.25 per bushel; carrots, 4.00 to 5.00 per hundred pounds: corn, 20 to 50 per dozen; cucumbers, 50 to 90 per hampe: lima beans, 125 to 2.75 per bushel; 50 to 75; peppers, 40 to 60 per hamper; squash, 50 to 75 per hamper: tomatoes, 75 to 1.25 per hamper. Live Stock Prices. ‘The live cattle market showed some- what reduced receipts and reaction on some lines. The better grades of veal calves find ready sale, while common, | rough, undersized stock is_difficult to move. Quotations today at Light Street Wharf: Beef cattle, first quality, per pound, |6 to 7; common to medium, 4 to 5; hulls, as to quality, 4 to 6. Cows, choice to fancy, 5 to 6; common to fair, 3 to 4. Oxen, as to quality, 4 to 6. Calves, veal, choice, per pound, 10; large fat, 8 to large rough, 7 to 8; commpn thin, 5 to 6. Sheep, 2 to 3; old bucks, 2 to 3; Spring lambs, fancy, 8 to 9; cholce_,’ 5'0 w’ 1. H‘m,‘ -g-;gh? 9 to 915: SOWS, ; stags, 3 live pigs, 12 to 15; shoats, 10 to 12. City Can’t Find Pretty Girl, Worcester, England, {s in a serious plight. It recently decided to make one of the features of a carnival week the coronation of a Worcester girl as beauty queen. The event was advertised. far and wide, hopes ran high, and the re- sult of the meeting of the committee appointed to select the “queen” from the photographs was awaited wtih keen interest. find there were no applications, and the members are still arguing whether to blame modesty or just plain ugliness for the omissions. FIRST You'll Over a Third dfa and s Century Without a Loss National 2100 THERE The committee met only to | channels. 69, FIRST MORTGAGES offer you this definite interest, and w improved real estate which we have conservatively appraised. A riskless investment. May be purchased in amounts from $250 up. 8. F. SAUE GO STEEL MEN SEEKING CHANCES FOR SALES Where Demand Can Be Increased Proves Puzzle to Leaders in Important Industry. Special Dispatch to The Star. PITTSBURGH, August 9—During the last week no light has been thrown on the difficult question of whence an increase in steel demand would come. That there was no satisfactory answer was long ago admitted, and those who predicted an increase fell back upon seasonal precedent and hopes of a re- vival in general businessi Isolated cases of improvement are reported, but they do not bear analysis in the sense of being found to be typical or suggestive that the same causes may work elsewhere. From Chi- cago, for instance, comes a report of improvement, but its chief basis is some large export orders for tractors and the ending of vacations at a num- ber of automobile plants. Exports of farm implements, including tractors, underwent a large decrease in the last few months and a substantial increase would not. restore conditions of early zhiAa5 ygr. 4 5 the automobile industry, the bare fact is that good news came out and proved to have little favorable ef- fect. The resumption has occurred, and it was not preceded by any ateel buy- ing sufficent to make a ‘visible impress upon steel production as a whole. There is little doubt that the pro- longed drought will lessen demand for farm implements and steel for farm use generally. There also is damage to canning crops, affecting the future of tin plate production, but this may easily be overestimated, for there is “general line” consumption of tin plate, not associated with crops. . Some of thnkvegetlhle crops already are partly packed. Finished steel prices show no tend- ency to firm up. If any, market is reported steadier than formerly, 1. e., with less ‘cutting. The explanation probably is that current orders are too small to bring out special prices. IMPROVEMEN.T IS NOTED IN SOFT COAL DEMAND Special Dispatch to The Star. NEW YORK, August 9.—Accom- panied by a marked advance in the price level of domestic, sizes, trading in the Nation’s bitumin during the past month reflected a some- what improved tone, Coal Age reports. Price advances scheduled for August initiated the buying movement in those markets where betterment was appar- ent. Retailers bought to cover them- selves, rather than from the fact that they were selling any coal*to their cus- tomers. Steam business continued to ‘anguish. Industrial depression continued to exert an adverse effect on steam coal. Stocking was conspicuous by its ab- sence and contracting was still held in abeyance. A further threat to the sta- bility of steam sizes, particularly slack, was contained in the increased produc- tion of domestic. coal, coupled with the inability and unwillingness of the in- dustrial market to absorb any addition- al coal over that taken in the past few months. MORTGAGES WHEN AN ABSOLUTELY SAFE INVESTMENT IS DESIRED find experienced individ- ual investors and large insur- ance companies, etc., choosing First Mortgages—because they represent one of the most stable ubstantial investment Our ith the principal safe in 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY s _coal markets || IAL. IARGENTINE FARM OUTLOOK BRIGHT Drought in U. S. Expected to Help Prices—Crops Are Unusually Good. Special Dispatch to The Star. NEW YORK, August 9.—The serlous drought in the United States will be re- flected in marked improvement in Argentinian conditions and much of the depression in agriculture and busi- ness may be overcome, according to ad- vices received from the Buenos Aires office of the Central Hanover Bank & Trust Co. Even at present prices for wheat the Argentine farmer can make & good profit and any increase in going quo- tations means substantial addition to the profit margin, according to the ad- vices. The wheat crop promises to be abundant. More than 3,000,000 tons of corn are still to be exported, and it is probable ‘that this tonnage will command prices far beyond anything considered possible a few weeks ago. It is estimated that Argentina will have 12,000,000 bushels of linseed available for export between now and December, of which 7,000,000 have not been sold. ‘The heavy rains during April, May and June enabled farmers to prepare their land and sow grain under the most favorable conditions. It is esti- mated that the yleld of wheat, linseed and small grains will be above the aver- age. For the first time in many years the whole country has had the benefit of heavy rainfall. Retail trade has improved and the number of failures during the past two* months is smaller than anticipated. Improvement of prices for agricultural products will increase employment, purchasing power will be higher, trade more active and circulation of money in the interior stimulated. Large or- ders for American agricultural ma- chinery and other commodities will doubtless follow the anticipated very, general improvement, . FARM BOARD .MEMBERS TO ATTEND CONFERENCE Special Dispatch to The Star. BALTIMORE, August 9.— Every phase of the problems connected with marketing farm products will be given time for discussion at the Farmers' Marketing Conference, to be held at the University of Maryland on August 12 to 15, according to Dr. T, B, Sy- mons, director of extension. Arrange- ment of a full program for the four days is almost complete, and an excep- tional number. of outstanding authori- ties have been secured to lead in the discussions and give the benefit of iheir experience. A number of mem- bers and representatives of the Federal Farm Board will be present to explain the plans and p of that agency, which has been in operation for a year and from which farmers are expecting substantial assistance in solving their marketing problems. The plan of the conference provides for general session in the forenoon of each day, at which topics will be dis- cussed which apply to the marketing of all kinds of farm products. Each afternoon those in attendance will di- vide themselves into groups and dis- cuss the problems that apply to the particular products in which they are especially interested. Nationally recognized specialists in various phases of marketing, managers of successful co-operative marketing organizations, leaders of the co-opera- tive marketing movement in Maryland, together with ample opportunity for questions and general discussion, form what those in charge bf arrangements believe is one of the strongest market- 1lng dl.)rozrlm‘ that has ever been of- ere numbered 68,624 more than Births deaths in Australia last year. 24-Hour Parking Ho: or Month. Money to Loan e revalitng. interest aads Joseph I. Weller <, First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th N.W. 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