Evening Star Newspaper, August 11, 1930, Page 12

BUSINESS LEADERS | LOOK FOR UPTURN Present Depression Is Only Phase of Economic Cycle in Industry. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. | NEW YORK. August 11.—“Business has been sici It still feels pretty tough, but it's getting on its feet again, 2nd soon we'll have forgotten the busi- ness headache we've had for a few months.’ This was the view of “R. S.” as ex- pressed in a letter to me. It set me thinking. Here we have had nearly a year of major depression, evidenced by a dropping commodity and stock price level, unemployment, slack- ening trade—both foreign and domes- | tic—and wage reductions. What about it? Will it be over soon? If not, why? 8 R. G. Dun & Co. compiles each week a summary of wholesale prices of 294 | stable commodities of domestic and [ world commerce. It showed 63 com- modities—or 20 per cent of the list— for a recent week which feli either be- low or near pre-war levels. “Thirty- of these price quotations were actually below pre-war levels. Think of wheat, rye, barley, coffee, coco, sugar, cotton, sik, rayon, bay, hides, rubber, copper, tin, zinc, silver, coal at the pre-war price level—several of these now below any level since 1907 and sugar below any known levels! Period of Decline. The entire United States list is only 28 per cent above the 1913 level, while the level in Great Britain Is only 17 per cent above. Are prices going back to the 1913 Jevel? Is the old 19)3 mark to be smashed? True, some prices have sunk below those of 1913. But will the aver- age of the 294 commodittes on the Dun list smash the 1913-14 record? What is the end to be? . We are in a period of major de- cline, * * * Have been in a period of commodity price decline for about five vears, Will we have anotner five years of declining prices? 1f we do—— A chart of the Federal Reserve Board giving the peaks of wholesale prices from 1800 tb 1930 shows that the \ three big peaks were in 1812, 1865 and 1920—all war inflation. From 1812 o 1820 saw a decline from about 240 to 110 per cent. From 1820 to 1835 prices were fairly even. Then they be- 8an to rise, up to 1837. Bang! Down went prices then until 1842. Again a fairly even level till 1860, ‘The Civil War came and again prices shot up. Prom 1865 until 1896 America was in a period of declining prices. They were terribly hard years. Some made money, but the great masses were suffering. Low purchasing mer. growing unemployment in cities, industrial conditions generally. It was probably the most difficult period 4America had gone through. Rise During War. ‘Then, from 1896, prices rose, until 1914, The war saw a rise in the whole- sale price level from 100 in 1914 to 240 in 1320. The dollar was worth about 40 cents, as compared Wwith six years before. Again a violent price decline | in 1921—the most violent in American history in one year—and since that time a fairly even price level. But now we are in for another long, severe decline of the price level. Eevry one wants to know. Depression ! talk is heard everywhere. When will' the depression be over? - Who or what started it? “What changes must the crash bring to business, and what changes ta! labor?” asks a reader. “Will it put an end to conditions which permit the ‘operation of factories at capacity for a few months a year, and their closing| the rest of the year? Will it result in| the employment of fewer men, but in their employment the year round? “Since the war business had been having an easy time of it. The spread 4 THE EVEN NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 11 les— Dividend Rate., Add 00. High. Park Utah.......... Parmeles Trans 1% ., Pathe Exchange Penick & Ford (1) Penney (J C) (3).. Penn Dixle Cmt pf. Penna R R (4) Pere Marq or p Pet Milk (13%).. Petrol Corp (1% ) Phila Read C& I.... Phillips Petrm (n2) Phoenix Hoslery. Plerce O11. Plerce Petroleum. . Pilisbury Flour (2) Pirelli, Italy (3.14). Pitts Steel pf (7). Poor & Co (B) (2) PR Am Tob A (3%). P Rican Am To (B).. Postal Tel & C pf(7) % P Ol & Gas(2) Prairie Pive L (15). Pressed Steel Car.... Proctor & Gamb (2.40 Prod & Refiners pf ... Pub Serv.N J (3.40). Pub Serv N J pf (b). Pullman Corp (4)... Punta Alegre Sugar. s PureOll (1%)...,.. Purity Bakeries (4). Radlo Corp. ........ 955 Radio pf A (3%) 1 Radio Corp (B) ( 1 Radifo-Keith-Orph A. 194 R R Sec ICstk C(4). 308 Raybestos Man 2.60. 2 Real Silk (5). 27 Rem Rand (1.60). Reo Motor Car (80; Republic Steel (4) Republic Steel pf (6) Revere C&B (A) (4). Reynolds Metals (2). Reynolds Spring. ... Reynoids Tob B (3). Richfield Ol (2).... Rio Grande Ol Rossfa Insur (2.20 Royal Dutch a3.2165 L Sateway (ef) . Safeway pf (6) St Joseph Lead (13). St L-San Fran (8). St L Soutnwestern Schulte Retail Strs. . Sears Roebuck($2%) 100 Seneca Copper. 2 Servel. In¢......e0n. 37 Shattuck(FG)(11%) 5 Shell Unton (1.40)... 111 Shell Un O1l pf (5%) 1 Shubert Theatres 5 Simmons Co. . Simms Petrm (1.60). Sinclair Con O1l (2).. Sinclalr Oil pf (8)... 4 Skelly O} (2)....... Sloss Sheffield Steel. 2 Sloss-Sheflleld pr (1) 508 Sou Porto Sug (1.40) 3 Southern Cal £4 (2). 16 Southern Pacific (6). 9 Southern Rwy (8)... 67 Spalding (AG) (2).. 1 Spang-Chalfant. 1 Sparks Withngtn 88 Spicer Mfg k Splegel-May-Stern. . Stand Brands (1%).. Stand Comm Tob. ... Stand G & B (3% )... Stand G & E pf (4) Stand Invest Corp... Stand O of Cal (2%9. Stand Oil Exp pf(5).. 8 Stand Ofl of Kan (2) 3 Stand Ofl of N J(12). 361 Stand Ofl N Y (160). 26 Starrett (LS) (12%) Sterling Sec (A). Sterling Sec ev pf Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun O11 (§1) Sun O1l pf (6) Superheater ( Superior O1l. Symington. Symington (A) 15% Telautog’ 10% Tenn Cop & 504 Texas Corp 484 Tex Guif Su 8§14 Texas PC& 13% 17% 24% 11 24y 9 10% 12% 55t 2% 19 16, 1% o 894 The Fair (2. mken Det Srnlan s Trico Prod ( Twin City R -1 Union Pacif 15 Union Pacific pf (4). Utd Biscuit United Corp United Corp Utd Dyewoor Utd Electric Utd Fruit (4 Utd Stores ( Utd Stores p: S Expres: Freight Alcohol s s s s 8 S Leather s U U v u u U U u u S Realty ¢ U S Rubber U'S Smitg & U 8 Steel pt Univ Pipe & Vadasco Sa . v Vi o Wabash Waldorf 17 14 81 T Warren Fdy estern Dal. stinghse stinghse 59 1 39 1 % Wilzon & Co. Yellow Trucl Youngs Spri annua) payment. *Ex dividend. cash or stock. holders. stock. hBlus 1% U S Steel (7) Ch ). . 3)... Iphur(4) otl.. Texas Pac Land Tr.. Thatcher Mfx (1.60). 40). o Thermoid Co. . Third Nat Inv (2) Thompson Starrett. Tide Water As (60c). Ax(80c). mken Roller (3). Tobacco Products. Trensamer (31.60). . ‘Transcont] Oll (30¢). Transue & W (1). Tri-Contl Corp. Tri-Cntl Corp of (6). 2%).... T of (T) Und-Ell-Fischer (5). Union Carbide (2.60) c (10)... Union T’k Car (1.60) . Utd Alrcraft. (1.60) Utd Carbon (2). Utd Cigar Stores: (50e) of (3).. e Coal.. Yo Utd Gas & Imp(1.20) A) f... U S Distributing & For Secur. & For Sec pf(§) 3). Hoffman (2) (1) Plpe & F (2)...., 8).. I’ S Rubber 1st pf. Ref (1). ; s T Utll PWr&Lt A (e2). s Corp. Walworth Co (3). Ward Baking (A)... 1208 Ward Baking (B).... Ward Baking pf (7). Warner Bros Piet. ., 1011 Warner-Quinian (1). Warren Bros (3) West Penn El A ( West Penn EI pf (6). 10s &P (2). ry (B).. + B(2). E&M (5) Woolworth (2.40)... Worth Pump. ... Wrigley (Wm) (4).. Yale&Towne M{g(4) el ng (3).. nith Radio. Sales of Stocks on New York Exchange 247.100 s 1.235,200 Divicend rates in dollars based on last quarter)y or semi- +Partly extra; ¥Plus 4% 1n stock. aPayable in bPayable in stock. dSubject to approval of djustment dividend. _fPlus 5% in stock. in stock, stock. mPlus 1%2% in stock 3Plus nPlus 233 2: 18 1 adium Stl (14).. 1809 r Chem. .. .Caro Chem 6% pf Vulcan Det (4) 5 6 2608 9 5 3 1 1 6 6 208 3 West Penn Pw pf(6). 10s West Penn Pw pf(7). 10s 19 13 2 1 240 6 Westhse E&M pf (5) 160s White Motors (2)... White Rek MS(14%) White Sewine Mach. White Sew Mach pf. Willys-Overland 190 2 29 w7 00 Noon. 10 P.M. 2% instoek. 8% m stock. 384 166 38 139 131 31% 45% 5l 16 6 3% B87% 113% 5 39% 21% 33 % 45% 1 5 6 6 3% 574 114% 74 39 21% 35 ™ 890,600 410 900 LK~ &Plus 6% kPlus 10% in in trend, and there is no reason to expect strength in the commercial and ingdus- trial groups. 4 Several automobile producers and manufacturers of parts resumed oper tions last week, but plants are operat- ing at a lower level than before close- CORPORATION REPORTS down. certificates, NEW SECURITIES series L, include: Railways, $2,000,- 000 47 per cent equipment trust gold 1930, due from NEW YORK, August 11 (#).—New se- curities offered toda Canadian Nation, MONDAY, AUGUST 11, 1930. FINANC BONDS AR STRONE | (= = BONDS o] UNITED STATES. (Sales are in $1.000.) i ;:luln. Low. Close. AT QUIET SESSION Junior Rails Prove Weak Fea- ture—Speculative Indus- trials Lower. 10030 101 1 1026 1026 103 1031 10117 10117 10121 101 21 1064 1064 1086 1036 11226 113 Lib3%s ib 1st 4% 1b 4th 4% 1026 031 10117 10121 106 4 1086 1132 FOREIGN. Sales. High. 29 9% 6 18 3 5 21 26 7 4 18 12 2 3 7 - Low. Close. oty 911y 98w 9RY 8% 99 4% 94N Q01 99% 98% TR R6% R61s 6% 981y 981 95 9! 103% 104% 109% 109% 114% 114% 110 110 10915 109% 0% 0% RR% B8% 1065 106% 75% 76 , Lt 8815 8814 1004 100% 1021 1024 4 105% 105'% 90% 90% 102% 10 % T6% T 10015 101 9% 99% 109 109 109% 109% 931, ~9314 101 101% 106% 106% 1024 1024 91 91 861y KT 972 93 A 99T 1081 1081, 119% 119% 124% 124% “ 95% T 8Tl 901 i 105% 851 a5% 7 98% 974 92 922 1047 105% 74% 96% 964 1064 106% 13% 13% 16 Argentine 5s. .. Argentine, May *61. Argentine 6s Ju 69 Argentine 5%s ‘62, BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 11.—Bonds re- lapsed today into the qulet condition that seems normal in current sessions, but prices, which had lest some ground last Priday and Saturday through forced selling, were strong except in the junior rails. Bond dealers, while satisfied to a large extent with the current trend, as counter trading is still fairly active for Midsummer, are disappointed because the rising and active market indicated early last week has been checked by the decline in stocks. Money rates’ were unchanged, with indications that a slight easing in rates is imminent. New capital is- sues amounted to only $2,600,000. Some Issues Higher, High-grade issues ranged higher by fractions, leaving Atchison general ds, Northern Pacific 4s, Great Northern 7. Chesapeake & Ohio 4's, Philadelphia Co. 55 and Western Union 5s at their highest prices of the year. Convertible bonds were featureless, with fractional losses offsetting equal sized gains. Junior rails were a weak feature, partly because of the emergency cut- ting of rail rates in the drought situa- tion and partly because of belated margin calling "set in motion by last Friday’s stock slide. Chicago Creat Western 4s lost a point and so did St. Paul adjustments, Erie 5s, Internation- al Great Northern adjustments and Rock Island 4!s eased. Missouri-Pa- cific 4s and Frisco 412s, however, made small gains. Speculative industrials were lower Pathe 7s dropped 2': points. Certain- teed 525 and Goodyear 5s were frac- tionally down. In the tractions there was moderately heavy selling of Brook- lyn-Manhattan Transit 6s and Hudson & Manhattan income 5s, both lower Interborough refunding 5s were also weal Ar Aust Australia 6 Australia & Bank of Ch Bank of Chile 6% Batavian Pet 4%3 Belgtum fs. .. Belgium 6%s. Belglum 7555 Belgium 7 Belgium 8s. 3 Bolivia 7s ctfs '69.. Bolivia 83 Bordeaux 6 Brazil 6148 26 Brazfl 6148 ‘27 Brazil 4. Brazil & Bremen e 78, Canada bs '52. Chile 63 '61 Chile 7s *43 Colombla 6 Con Pwr Japan 7s. Copenhagen 6s rcts Danish Munic 8s A. Danish Munic 8s B. Denmark 4% Denmark 6%s Denmark Dutch East 1 63 Fiat 7s ex war *4 Finland 6%s. Finland s f 6s Finland 7s. Ty French 7% Gelsenkir Min 6s ‘34 Ger 5% 5'30-"35 rets German Bank 6s ‘3. German 7 Greek 63'63.. Haitl 6s. Holland-Am 6s..... Italy 7s, Japanese 4s. Japanese 5% 8 '65. Japanese 6% Karstadt 6s "43 Kreuger&Toll 68 ct. Marseflle 6; Mex 45 1904 a; Mex 431910 asst. Mexico bs asnd. Milan 6% New So Wales '57 New So Wales 58. .. ! Netherlands 6s'72. Nord 6%s Norway 6s'63.. Norway 5%s... Norway 6s 43 Norway 6s ‘4 Norway 6%s Orient dev 5 6! Orient Dev 6s 53.. Foreign List. ‘The foreign department was dull with an indeterminate price trend. Japanese bonds were off a shade and so were French railroad and Belgian government issues. French govern- ments were firm. German issues did not move importantly. There were small losses in United Kingdom 5%as and -Australia 5s (1955). The only new issue of importance was $2,000,000 Canadian National Railways 412 per cent equipment trust certificates, series L, due 1939 to 1945. They were priced to vield 4.70 for all maturities. The bonds are uncondi- tionally guaranteed by the Canadian National Railways, which is owned by the Canadian government. 2 106% 105'% 105'% 99% 100 102 102% 104% 104% 104% 104% 102% 103 Washington Stock achange SALES. Washington Gas 6s “B"—$400 at 104. Capital Traction Co.—10 at 64, 2 at 64, 4 at 64, Continental Trust Co.—10 at 120, 10 at 120. Merchants' Transfer & Storage pfd.— 10 at 9515, Washington Mech. Mtge. com.—10 at 9, lt: l“t 9, 10 at 9, 10 at 9, 10 at 9, 50 at 815, 921 10015 9214 100% 5% Pirelli 7s 52 | Poland 6s 40 | ®oland 7s (rets) | Poland 8s Porto Alegre Queensland 6s. Queenland 7s Rhine Wst EP 6553 Rhine Westés ‘63. . Rio Gr du Sul 65'48 Rio de Janeiro 6%. Rio 4e Jan 8s '46 Rio Gr Du Sul Rome 6143. . LE R'y’l Duteh 4% sww Suo Paulo 83 '36 Sao Paulo '50 Saxon (PW) 7 Seine 78 *42 Serbs Cr Slov 7s... Serbs-Crot-Slo 8 AFTER CALL. Washington Gas 6s “B"—$300 at 104. Capital Traction 55—$2,000 at 937 $500 at 93%, $500 at 93%. Mergenthaler Linotype—7 at 97. Peoples Drug Stores pfd.—5 at 104. Washington Gas 6s “A"—$100 at 102'5. Bid and Asked Prices. BONDS. 108 86 108 85% 96 96Y 8L 87 Direct to The Star Office Bales. High. Low. Close. 11115 1111 1113 5 1034 1034 103% 17 105% 1047 104% 5103 103 103 1031 102% 1024 105% 105% 105% 103%% 108t 103 i 99 991 101% 101 101 9615 901 96% 96 95% 95 104 104 104 9314 BT 934% 934 8714 8T4 101% 101% 101'% 100% 100% 100% 997 997 99% 929 9 99 100 100 100 103% 1034 1031 104t 1041 104% 1021 102% 1024 101% 101'% 101 9 96 96 98 98 98 10.% 105% 105% 105% 105% 105% 104% 104 104 9915 99% 994 33 33 33 101% 101% 1013 106% 106% 106% 104 103% 103% 109% 1091 1093 98 97% 9T% 821 82 62 1013 100% 10115 90 891 894 35 35 35 87 87 87 891 884 B88Y 105 101 1 105 104'% 105 104% 104% 104% 58 58 58 20 /20 - 20 101 101 101 9915 991, 991 103 103 103 103% 102% 102% RAILROAD. Ann Arbor 4s 1 83 Atchison aff) . T 9% Atchison gen 4 ¥ 96 A T&SFcv4las4s 25 129 Atl & Dan 1st 45’43, 1 60 Atl Coast Line 4s.. 10 92 Atl Coast L 1st 2z 95% B&Ogold 4 13 964 95% 95% B&Ocv4%s'33... 45 101 _100% 101 B &0 4%5°60..... 108 1011 100% 101 B & O 1st 68 ret: 3 107 1061 107 B & O 68 2000 ( 11033 103% 103% B&Oref 11041 104 104% B & O ref 65 95 25 110 108% 110% Bang&Aroos4s'6l. 2 91k 91y 9l Boston & M 581955 7 9% 991 93% Boston & Matne bs. 37 100% 100 100% Brdway&7th Av6s. 7 101 104 10% Bklyn Elev 6%s. 90 90 Bkiyn Manhat 6a. . 98% 99 Bklyn Un 1st 5850, 915 ROl H9L Bklyn Un E15860. 11 108% 103n 103% Buff R & Pitts 4%s. 12 935 931 93% Can Nat4%s 64... 8 98% 98'% 981 Can Nat 4348°57... 7 98 9813 981 Can Nat 4%s'68... 55 984 9, 98 Can Nat 435570 2 104% 104% 104% Can Nat 6s. July 69. 6 1043 104 104% Can Nat bs. Oct 13 104% 103% 104% Can Nor 4%s°35... 7 100% 100 100 Can Nor 634 15 117% 117%-117% Canada Sou & 4 106% 106% 106% Canadian Pacdb ¢s. 1 89% 893 895 Can Pac 4448°46... 7 10004 99% 99% Can Pacific 53 '64.. 15 103% 103% 103%s Can Pacific ctfsbs. 7 105 104% 104% Car Clinch& O 5s.. 3 102 102 102 CarClin & 0 63°52. 2 107% 107% 107% Centof Ga 5% 2105 105 10, Cent Pac 1 1105 104% 105 Ches Corp 53'47.... 14 100 100 100 Ches & O gen 4% 6 10215 10215 10214 Ches& O4%3'93A 6 995 99'; 99 Ches& O 4%3s B 95 99% Yyl 99% Chi & Alton 3358, 9% T94% 794 Chi & £ 11l gn bs 61. Tl Tl Chi Gr West 4859 Ti% 7213 ChiMIISLP&P 68'75. Baly 8dly CM&StP Pac adj 6s. 501 51 Chi& N W con 4%s 99% 100 ChiR1&Prt 4 9s% 99 ChiR lcv 4%4s60.. 1 97 98 Chi Rk Isl 4338 A.. 96% 97 Cé& W Ind 638 '62. 105 105 CCC&SLL 438 (E). 994 997% Clev Term 6. 105 106 Col So4l3s 101 101 Cuba R K 68 1 68% 685 68'% CubaNorbs'42. 152 52 52 Del & Hud 6%s. 4 1045 104% 10415 Den & Rio Gen4s.. 15 9615 96l 96y N-Y Tel 6549 North Am Ed 63, Nor Ohlo Tr&L Pacific Gas & EI 6s. PacT&T 6 '52. Pan Amer Pete Paramount 6s 4% Phila Co b Phila & Read Phillips Pet 6 3 Pilisbury F' M 6s°43 Postal Tel & C 54 e Pressed Stl Car 5: Pub Sve G 4348 67. Pub Serv G 4% '10 Pure Oil 5%8°37... Rem Arms 63737.., Sinelair O1l Sinciair O11 Sinclair Of1 Stnclatr Cre Sincials P L bi Skelly Of1 6% Solvay Amer bs 43. South Bell Tel 6a Southwest Bell Stand OfL. NJ *4i Stnd OIL N ¥.4% Sug Es Orient 7s. .. Tenn Cop 68 B 44. . Tenn K1 Pwr 63°47. Tex Corp cv bi Transcontl Of1 638 United Drug 68 °53. ™S Rub 1st rf bs. Utat Pwr&Lt 6 18 Walworth 6s 45 Warn Bros P Western Elec bs. .. Westn Unlon 6s'51. White Eagle 5%s. . White Sew Macn Wickw-Spen ev 7 Willys-Ov 6%s'33. Wilson & Co 18t 6 Win RepeatAr 7%s Youngstn S &T 6., 83 94 96% n 129 60% 60% o 92 95% 95% 21 20 - 52 11 100 25 99 86 98 13 97 2 105 17 100 2 106 ¥ 101 | 1AL NEWBANKINGERA SEENBY LONSDALE Association Head Advises Members to Plan for Changed Conditions. Special Dispatch to The Star. NEW YORK. August 11.—American banking is on the threshold of & new era wherein the daiy routine of the banking business is (kely to be af- fected by new laws, new circumstances and perhaps a modified public opinion, according to John G, Lonsdale, presi~ dent of the American Bankers’ Associa~ tion. In a statement issued yesterday to members of the association through the American Bangers' Association Journal, Mr. Lonsdale urges all bankers to participate in the convention to be held in Cleveland, Ohio, from Septem- ber 29 to October 2. Declares Banking Sound. “This year, perhaps as never before.” Mr. Lonsdale says, “the convention should appeal to bankers, for never be- fore has the banking business in the United States been confronted by sim- ilar_circumstances and conditions. “Banking is fundamentally sound. The achievements of the business as a whole in the Jast decade have been in- comparable. It has been the painspring in a season of unparalleled ¥prosperity and it has hedd firm, sound and un- moved in the recent period of stock market deflation. Lying before it are greater opportunities for public service than have ever before been possible in banking, and it is our privilege and our duty to develop these oppoftunities. But notwithstanding all that, the ra pidity of modern business change, the strength and daring of business enter- prise, the tendency of large-scale oper- atlons, both within snd without bank- ing, have brought us to the threshold of a new era of banking wherein our daily routine is likely to be affected by new laws, new circumstances and per- haps a modified public opinion. New Problems. “There Ar gislative hearings and investigations 6f banking pending that may lead we know not where. Earnest men in official*and in private life are conscientiously trying to find the right ! of many questions, trying to find the | correct answers to strange and perplex- ing problems. It is the duty of all of us in the profession to help so that public opinion may be clear, and not confused, that our business and all business may pursue a course during the coming years that will retain the prosperity our Nation possesses and that will mutliply that prosperity. “This new era should be better and happier than its predecessor. My only fear in connection with it is that we may fail to think hard enough about it, that we shall fall short in our esti- mate of its possibilities; that we shall not do our full part in marking out the course of bidsiness ard of banking, but shall leave it to other and less experi- enced hands. “The expressions, deliberations and findings of the coming convention should exert a positive and_ beneficial influence on banking thought in the ensuing year, and even down through the years. The general public will give sharp attention to tne proceedings of the association in convention. ~ TImportance of Convention. “He is, indeed, a rare banker who, in these days of deep-set and powerful trends in banking, rapid changes in business that create new conditions with which banks must cope, changing methods in manufacture and in na- tional habits, needs not the counsel and the advice of fellow bankers—who can- not benefit from conference with his fellows. “The program L}hemg planned to make the conventiod a place of oppor- tunity, and of profit to the man who is confronted with special as well as with the general problems of the business. It therefore behooves every bank execu- tive who can to participate, both for the good of banking as a whole and for his own especial benefit.” | Normal operations are not ex- | June 1, 1939, to 1945, at prices to yield PUBLIC UTILITY. Shineyetsu 6%s '62 Den&RGW b3 25 93w 93w 934 betweenl production cost and selling gm:e had been so great that business adn’t had to worry muck about idle time. The public which paid the ex- orbintant profits and the laborers who were out of work when the plants! pected to be reached before the begin- ning of September. ‘The week’s oil statistics were neutral. Crude output averaged 2,515,300 barrels daily, an increase of 26,600 barrels over | TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 11.—The fol- 4.70 per cent, by Wood, Gundy & Co. Texas Bitulithic Co., $1,000,000 5 per cent certificates, to yield 5 to 5.30 per ceal. by Old Charter Financial Corpo- ration. Solssons 6s Sweeden 5348. ... Swissb5%s'46. . Toho El Pwr 63 '32 Toho El Pwr 78 Amer. Tel. & Telga. 4135 '33.. Ame:. Tel. & Telga. 4'25 ‘39 Am. Tel. & Tel. ctl. tr. 5s.... Anscostia & Pot. R. R. 55. Ane & Pot. guat. 55 . . C. & P. Tei of Va. 5 Capital Traction 106% 106% 106 106 D R G&Wst b T 915 Y0k 91 Baltimore Markets E Tenn Va&Ga 5s.. 3 105% 105% 105 Erie conv 48 (A) 2 ¥6% B6% n6% krie gen 4 82l 813 81% Erle bs, 1967, 9l 9% 9% Special Dispatch to The Star. BALTIMORE, Md, August 11—Po- previous week, while gasoline stocks | were cut 651,000 barrels to 44,100,000, the lowest total since January 11, 1930. Refineries; operated at 69.6 per cent | during the week, compared with 71.4 per cent in previous week and -about 81 per cent year ago. Earnings statements continued to dominate corporate news. Of the 94 | additional reports published during the week, but 16 showed increased net in- tatoes—White, barrel, 1.25a2.50; beans, hamper, 2.50a2.75; beets, 100, 3.00a4.00; cabbage, hamper, 1.00a1.25; carrots, 100 pounds, 4.00a5.00; celery, crate, 1.40a 1.50; corn, dozen, 20a50; lettuce, crate, 24a85: onions, bushel, 1.25a1.50; pep- pers, hamper, 50a60; peas, bushel, 1.508 2.00; tomatoes, hamper, 50a1.50; apples, bushel, 50a1.20; blackberries, quart, 15; watermelons, 100, 15.00a40.00. 1 Erie 68, 1975. 52 92 91 91% Fla EastC68'%4... 3 46 46 46 Gr Trunk st deb 65. 2 106% 106% 106% Grand Trunk 7s 1 111% 111% 111% Gt Nor 4%5'7 AR e 99 98, GrtNor4k%s (E).. 17 99 95% 9% Great Nor gen 7 12 1115 111% 11 Hocking Val4%4s.. 1100 100 100 Hud & Man ad) 6s. . Tokio 6%s '61. Utd Kingm 518 '37 Utd SS Copen 6 Uruguay 6s ‘60 Uruguay 8s. Vienna 6s ‘62 Warsaw 7s '52. Yokohama 6s closed were the only ones to suffer. lowing is today’s summary of important | “Will we get back to those conditions, | Corporation news prepared by Standard | or will managers be forced so to gauge | Statistics Co., Inc., New York, for the (hflr’markrl as to keep running 12|Associated Press: months a year during the overproduc- g . i tion slack months to take = Pisaity. Sie e evion: are of e4-| ynfluenced largely by the adverse sonal markets?” egics i i t X crop reports, stock prices in past weel Believe Worst I experienced their sharpest decline since The letter continue: the June reaction. Bond prices, on the other hand, continued to advarice, our City & Suburban 5: Georzetown Gas Ist Elec. cons. 5° Elec. 65 1953 Alex & Mt Ver. cif Baito. & Annap. 5s Washingion Gas 5s.... Wash. Gas 6s, series A. Wash. Gas 6s. series B.. Wash. Rwy. & Elec. 4s el MISCELLANEOUS. Barber & Ross. Inc., 6'as..... Cheyy Chase Club 5%as........ 105% 100 96% 107 86% 731 97 INVESTMENT TRUSTS NEW YORK, August 11 (#).—Over- the-counter market: Amliated Inv Inc..... Affiliated Inv New ‘Uniti Alex Hamilton Inv A Alliance Inv Corp. .. Amer & Cont Corp.. Amer & Gen_ Secur. 9614 107 86% 73% Over. s 07 ‘Many men who 8 81% #l 8l were thrown out of work this Spring are back on the farms for the présent. Will they stay there? Are they per- manently lost to industry, or are they merely competing in another over- crowded industry to add to the farm Dmbulem? “If some permanent changes are to be made in the economic and social structure of the country by the present lltfiflcfl I‘hart are they?” lese are frank, straight questio: about which people lre“lhlnf‘ng. Sn: let us begin by saying that some stu- dents believe the bottom has already been reached and that the worst of the b%mnuwm is over. usiness Week rocently gave eight solid facts that point to a bgusi- hess upturn: (1) Expanding bank credit, (2) idle money seeking a job, (3) bare shelves, (4) sustained public buying power, (5) farm income pros- cts, (6) raw material imports, (7) lome-building, (8) automobile outlook. R. W. McNeel, Boston, makes his re- marks a little more personal to those who are interested in the stock market by saying “Those who hold good and sound stocks, or purchase them at current levels, can therefore look ahead con- fidently to receiving sometime in the future substantially higher prices for :hem regardless of immediate fluctua- ions This opinion is fairly widely held at the moment. Others believe that business may be a littie slow in coming back; with good prospects, however, that it will be back 1o normal in a few months The Brookmire Economic Service, in 8 recent summary of business condi- tions, says \ 1. Business has entered upon the last stage of the 1929-30 decline. The bot- tom will probably be found well below June level. 2. Unless the decline becomes sharper, ending in a veriiable slump, there will g little or no recovery before Novem- 3 3. The whole of the third quarter will probably fall below the average for the second quarter. 4. The return to fully normal business conditions will be deferred to some pe- riod during the first half of 1931. Sees Improvement. Dr. W. Randoiph Burgess, Federal Reserve Bank of New York, said recent- ly that improvement in the business world could be expected before many months because.of two factors: First. The actual decline in volume of business activity is nothing like as severe as might be assumed from much of the public discussion—the decrease in business since May of lasi year has been about 12 per cent. ' Second. While production is consider- | ably depressed, consumption is very little depressed. s Then this New York banker said: “It is the continuation of the consumption of goods at a fairly even pace by 120,- 000,000 people, requiring a continued flow of goods from the wholesaler to the consumer and from the producer to the wholesaler, which gives us as- surance that just &s in former times the economic maladjustments of this period will be ironed out before many months have eiapsed.” &m"- tu’m. 1930, by North Am, paper Alliance.) i index of 30 representative issues touch- ing another new high point on Thurs- ay. by the unfavorable crop news, were strong, several commodities sell- ing at the best devels of the year. Other | commodities, changed or moved lower. 000, to $3,214.000,000, August 6. This total i5 $11,000,000 above the 1930 low, established July 9, and, | with “this _exception, September, total is close to the lowest level in three | years is indicative of the slight exteni of public speculative stock market at this time. were somewhat firmer early in the week, when call loans increased to cent, but later relaxed. ment of condition of the 12 Federal Re- serve banks combined average volume of Federal Reserve Bank | credit oustanding in_the week ended August 6 increased $54,000.000 over the previous week, to $988,000,000. This to- tal is $400,000,000 below year ago. Hold- | $9,000,000, bought $3.000,000 and Treasury notes $1,000, 000, cent, against 83.5 per cent in previous | week and 74.6 per cent year ago. the week indicated activity in several important Steel operations declined to the lowest | MMountains aggregated $367,528,400, i". come, as compared with the like 1929 period. Average losses in the aggregate | were no greater than those previously at Farm products prices, stimulated | hang, and for the combined total, 383 | concerns, decline from a year ago re-| mains ufichanged at 24 per cent. The T | decline in industrial profits has n remained un- | iohtly extended, now amounting to 27 | per_cent for 339 companies. Utility ¢ | eamnings remain unchanged, with com- | bined gain of 2 per cent shewn for 16 | companies. The railroads’ showing has been slightly improved, 28 roads now porting decline of 36 per cent. Financial and business interest during | ¢ | the past week was mainly centered on | the agricultural situation. While defi- nite forecast of the effects of the cur- rent drought condition on the crops and business in general is obviously impos- sible at this time, analysis of the gen- eral situation leads to the opinion lhht’ | the farm populace as a whole, or busi- ness at large, will not be benefited by the crop shrinkage. This conclusion is | based on the fact that drought condi- | tions are resulting in least correction to | Those crops where the greatest contrac- S oerensed | tion is necessary, nctably wheat and of pills | cotton. It is believed that any benefits increased | Of price advance accruing to a relatively | | few farmers will be more than offset by | the damage done to the crops and stock | of a great number of others. From a business viewpoint crop de-| pletion cannot but adversely affect those industries which depend in important measures on the farmer as a source of trade. Thus, railroad traffic in the ag- | ricultural sections will be reduced, mail dustry as & whole averaged 54 per cent | OFd°r sales should sufier 1o Some et of thearetical capacity compared With | G, ool be affected, and meat pack- 56 per ieant i the four previous w | ers will run the risk of live stock dump- | Int Pipe line demand continues in good | i "y ML RN G can manufac- | it bookings | ) | o > turing industries have experienced little have fallen off, and resumption in Mo- | yequction in business because of the 2 AR i Ll | drought, and leading trade executives lated any appreciable expansion in de- b e binG SvaTs mand. Apparently manufacturers are | IPort that the outlool using surplus material on hand. The | United. States Steel Corporation’s July | The Companies. 31 unfilled bookings totaled 4,022.055| American Giue sells businesses of tons, af increass of 53,991 tons from | rendering subsidiaries, Lysander Kemp end of June. This is the first increase | & Sons, N. Ward Co.. and John C. Dow in orders since February and is ascribed | Co, acquires Essex Gelatine plant ac- to the sharp falling off in operations | count ahd good will. curing the month. Rate of output in | American Telephone & Telegraph | the industry during July averaged 56.4 | June operating income off = 13.4_ per | per cent capacity, compared with 68.7 | cent; six months, 13.0 per cent below | per cent in June and 95.1 in July, 1929. | year ago. Railroad freight car loadings for the |~ Consolidated Gas of New York City week ended July 26 recorded the sharp- | to oppose adoption proposed schedule est decline, compared with year earlier, | reducing electricity rates from 7 to 5 since the traffic recession began. Total | cents kilowatt hour, with minimum of 919,349 cars was 16.6 per cent below | charge of 60 cents a month, on ground vear ago and the lowest of any like | new rates woulgyincrease bill of 59 per period since 1922. cent of consumers $2,600,000 a year. Building contracts awarded during | Naumkeag Steam Cotton introduces July in the 37 States east of the Rocky | new line sheets. Ame; however, Brokers’ loans were reduced $14,000, in the week of At the lowest since | 1927. The fact that that |l interest in the Money rates | per tate- 2 Latest indicates daily discounted _bills while holdings open market ngs of in Reserve ratio stood at 83.1 per! Reports from industry issued during lines has receded further. | level of the year. Output for the in- Nas: [\t Reyl W. Dodge Corporation reports. Total is 39 per cent smaller than in pre- ceding month and 44 pericent under year ago. Up to July only the splendid advance made by public works and utilities construction enabled the indus- try as a whole to present any sort comparison with last year. Now that the activities of this temporary leading division are declining, as evidenced by the July recession of 54 per cent from June and 41 per cent from July, 1929, the outlook for the entire industry is less encouraging. Residential construc- tion, which had been looked to for im- provement, still follows a downward FOREIGN EXCHANGES. « tativns furnished by W. 8. Hibbs & Co.) s Nomital gold Selling checks value ‘07:!?). l $4.8665 3913 London, pound. . Paris, France Brussels, bel Berlin, mark Rome. ura Zurich, = franc. Athens. drachma. mhagen, crown Oslo. crown ... Btockholm, crown Amer Amer Amer Anier Amer Amer | Amer Crum Investors Jaskson Mutual Super Con State St Trustee Stand Ol d Oil Founder r T & Se Sec: Amer & Gen Secur B Amer & Gen Secur 6/ Brit & Cont 6 Founders. . pt. s § T Founders 6% 2nd B Founderx 7« bf. Founder 1-70th cifs. . Pounders conv pf cifs Founders Amer Founders 1-40th com Amer Ins Stocks. . : Am Uil & Gen A -0 Am Utll & Gen Allot cif Assoc Stand Oil Shares. At} Sec pt.. 2 Sec War. . : Atl & Pac Int Unitd Atl & Pac pf war... Bankers’ Bansicilla Corp. Basic Industry Shares British Capital Manage.... . 0. Chain & Gen Equities. Chain & Gen Equi Chain Store Inve Chain_ Store Invi Chartered Invest . . Chartered Invest pi Chelsea Zxchange A Chelsea Exchange B Cont Metro Bank_Shares A Corporate Trust Shares Crum & Foster Ins B Foster Ins bi Crum & Foster Inc B. Crum & Foster Inc 8% Deposited Bank Share Ser.. Ptosited Bank Share Ser B.. Diversified Trustee Shares A Diversified Trustee Bhares B. Diversified Trustee Sh Federated Cap 5 | Federated Cep’ Units First Amer Corp. s Fixed Trust Shares Fixed Truet Shares B General Equity A Granger Trade. Guardian Invest Guardian Invest pf Guardian Invest ww' Gude Winmill Trad. .. Tnvestors Equities .. Tncorporated Investor Insurance Trusl Shar Int Secur Corp Am Cirp Am Corp Am 6 Int Sccur Corp Am 615 Int Sec Corp Am 7% Investment Co of Am Investment Co of Am bt Investment Trust Associaies . Investment Trust of N Y.... Trustee Shares & Curtis Tnvest As Jackson & Gurtis Secur Cor Joint Tnvestors °... Leaders of Indusiry Mass Investors Trust ... Mu.wal Tnv Trust class A Mohawk _Invest Manazement war..... Nat Inv pe Invest 6127 'pi. ot . i ot bt com sau Manege Corp.... 1 Investors Shares barn Co Nation Wide Secur ... | Nor & South Am Corp B! Nor Am Trust Shares Northern Secur " Old Colony Invest Trusi Old Colony Trust Assoc. Qil, Shares, Tnc u 7 nits d_A Power & Light Sec Trusi Power & Rail Tr Shrs Secur Corp gen BI. Second Int Secur Corp | Second Int Secur Corp B Second Int Sec Corp 6% 1st Bl Shawmut Bank ;i Selected Am Shares Spencer Trask Fund Inc. Stand Am Trust Share Stand_Oil Trust Shares 8 W Strauss Invest units. Super Corp of Am Tr Shr; of Am Tr Shrs invest_Cor) Bares s * | Columbia % |Lincoln (12) g -+ | Barber & Ross, Inc., com . D. C Paper Mfg. 6s W. M. Cold Storage 53 Wash' Cons. Title 6s.... STOCKS. Amer. Tel. & Tel G Capttal Traction Co. (4i. .. Wash. Gas Lt. Co. (18). N. & W. Steamboat (12} Pot. Elec. Power 6 pfd Pou. Elec. Power 513 pfd. ... Wash. Rwy. & Elec. com. (7). Wash. Rwy. & EL pfd. (5) NATIONAL BANK. ADItIbl P&P 658 '63. Alleghany Cp bs ‘44 Allis Chaim 58 37. Am Agri Chem 738 Am Chain 6s°'33. .. Am For Pwr 6s 2030 Am 1GChbl%se9. Am Int Cor 6% s ' B Am Nat Gas 6%5'42 Am Smit & R 18t 63 Am Sugar Ref 6s. . am T&T cv4 48’39 Am T&T 63 '65 Am T&T el tr 5 Am T&T s f bs. Am T&T 6%s. Am Water Wks bs. Armour&Co 4% s'39 Armour. Del.§ Atl Gulf s '59. Atl Refining 58 | Bell Tel. Pa. bs (B) | Bell Tel Pa 6s (C).. Bethienm Sl pm 53 Beth Steel rf 5s. Brklyn Edison 5; Bush Term Bldg Certn-Td 63s rcts. Chile Copper b Col G&EI 63.May’62 Com Invest £%3 49 Com Invest 63 48 ConGasN Y 6% Cuban Am Sugar Det Edison 5s'40. . Det Edison Dodge 6s 3 Donner Steel 7. Duquesne 4%s ‘6 Gen Cable 6143 *47. Gen Mot Ac Cor Gen St Cast 5% Gen Thea Eq Goodrich 6% Goodyer 6s rets, Humble O & R bs. Humble O & R 5%s Ili Bel} Tel = Inland Steel 4% '78 intl Cem: 6348.. Intl Mer Mar 6s. Intl Mateh bs 47 Intl Paper 5847 Intl Paper 6: Int] Tel & Tel 4348. Intl T&T 43%scv.. Capital (14)............ (12) Commercial (stamped) i District (8). .. .. Pederal-Americah (10} Liberty (15)........ 10} 220 Metropolitan Riges (15). Second (98} Washington (13)...."") 4 TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6)........... | Merchants’ Bank & Trust (6} National Savings & Trust (12{) Prince Georges Bank & Trust Dnion Trust (8%)............. Wash. Loan & Trist (14} !]! SAVING BANK. Bank of Bethesda (6i).... Commerce & Savings (10} East Washington (12)..... Potomac (10)... . Sec. 8av. & Com “Bank (i Seventh Street (12).... United States (30). | Washington Mechanics (20} FIRE INSURANCE. a2 390 525 216 260 ), 415 140 150 ) American Corcoran, (16). . Firemen'§ 8. National Union (15).. TITLE INS Columbia (6h) . S Real Estate (6i) Title & Inv. Co. Md com. ... MISCELLANEOUS. URANCE. Chevy Chase ¥ bld. (1) Col. Band & Gravel pfd. (1) Col. Medical Bldg Corp. D C. Paper Mfg pfd Dist. Natl. Sec. pfd, Ei Bromo-Selz, “A" -Am’ Co pfd (6. Lanston Monotype (8). " Mer. Tr. & Stge, com ii0 Mer. Tr. & Stge. pfd. (1) Mergenthaler Linotype (6| Natl. Mtge. & Inv. pfq. ... . Peoples Drug Stores pfd.” (613). Real Est M. & G. pfd. (8). Security Storage (4e).. . Ter. Ref. & Wh. Corp. (3) The Carpel Corp (1.50) W. Mech. Mtge. com. (8) Wash Med. Bldg Corp.. . Woodward & Lothrop pfd. (7). *Ex dividen ¥212% extra. B Books clos B3 extra. n25c extra. h4% extra, 130c extra. 5% extra. §1% extrd x rights. el1a% extra. When issued. 52% extra. NEW YORK BANK STOCKS ‘NEW YORK, August 11 (#)—Bid and asked prices oft stocks of leading New York 'national banks and trust companies follow: NATIONAL BANKS. Bank of Ameris National .." . Chatham & Phenix First Natioral. ... Manhattan Company. National City....... TRUST COMPANIES. KanG & B 6s°53... Kendall 56%8'43 ww Laclede Gas &s Lacl b%e Lacledo 5§38 D Lautaro Nitrau Ligr&Myers b3 '51. Loew's, Inc. 6s..... Loew's 63 w o war. Lorfllard 6s. Larillard 6% Lorillard (P) Lou Gas&El b McC'rmck ER 65'34 Midvale Steel Alontana Pwr Montana Pwr d| Morris&Co 1st4%s. Nat Dairy 63 N Y Edison 6s '44. . Bid. Asked. 90 92 333 228 Guaranty Irvin 14 86 9974 103 104 1011 88 106% 98% 13 2 106 T 107 102% 102% 1051 957 101% 101 997 Intl Tel&Tel 68 '65. 2 MISCELLANEOUS. 8% 85% a9l 993 103 103 104 104 101% 101% 881y KR 106 106% 98% 8% 96 96%% 7 Ty 1021 102% 10316 10313 161 162 106% 10615 106t 106 1064 103 108 1013 101% 92% 92% 82 82y 3% T4 103 103 106% 106% 109% 1091 103 103 1044 1041 105% 105% 102 102 50 50 6% 96% 1025 102% 941, 941 9915 991, 106t 106% 93 93 104% 104%; 107 931 94 1034 103 101% 10 98 9 103'% 103 101% 101% 937 9415 106% 106% 9n 93% 1024 1024 102% 102% 105% 105% 95% 95% 101 101% 100 101 995 99% B4y Baly 874 87 907 907 1095 109% 9T 9T 106 106 5 15 102 102% 10:2% 102% 103 103 Hud & Man ref 6s.. 111 Cent 4s *52 Lii Cent 43 '63 . 3 914 iCent 4%8°66.... 15 101 101 10k 111 Cent Ch1 4 %5, 1 99% 99% 99% [U-C-C-StL&NO6s. 2 107 107 107 fut Rapid Traps6s. 7 67 66 67 Int Rap Trbsstpd. 6 66l 664 66'% int & Gt Nor 6s'56. 931s 93ix 9iie Int & G Nor Ist 6s.. 3 103k 10315 103t 16s. 36 88 X7l 8Tl Int & Gt Nor Int RysCA 6%sre. 2 91% 91l 91k .10 200 @ 20% Towa Cent 1st § Kan City Sou 63 1 101% 101% 101% Kan City Term 4s.. 15 93% 93 93 Lake Shore 3%s. Lake Shore 48 '31 Leh1 Val con Long 1si rf 4s'4 L& N uni ¢s. L&Nb5%s Market St 7s°40. M1l El Ry&Lt Mill EI Ry&L 68'61. Minn & StL ref 4s. . M StP&SSM bs gud. M StP&SSM 6%s. M K & Tex Ist 4 M K&T pr in 63(A) Mo Pacific gen & Mo Pacific 63 A dio Pac bs ¥ *17 Mo Pac 3G ‘18 Nassau Fl 43°51... Nat iy Mex 4%s... 15 8% 8% 8y, NOTex& MbsB.. 1 99 99 99 N Y Cenref 65..... 34 1081 108% 1084 N ¥ Cen deb 6: 24 106% 106%; 106% NYCenLSci3%s. 1 81 81 81 Y C & StL deb 4s. 1 100% 100% 100t Chi&StL 43578 6 98 W 98 C&StLbWEA 2 1014 1u7% 107% C&Sties’3l.. 2 101% 101% 101% NH&H ¢%2°67. 28 95% 95 95 NH&H cv db 6s 29 1225 122 122 Ont& Wistés 4 48 N Y Railway 6 5 5 NY Sus&Wngenbs 4 Tl 9 89 8s% B9 NYW&B4% “ } Nor Pacific 88 2027. 2z 68% 675 68% 10 94% 793% 93l Nor Pacific 4 Nor Pacific ref 6 3 113% 113% 113% 5 93 93 93 Ore Washb 1st 4 96% 964 96% 1 102% 1028 1028 2 101% 101% 101% 32 95 9T 9TH 2 1011 1014 101y T 110% 110 110% 3 1047 104 1041, 1 109% 1092 1095 25 101 101 101 e TR T 21 95% 94N 94% 9 100% 100% 100% 2 93 93 My 91y 1 100% 100% 100% 3 90% HOM 90% 11 91% 91% 91 2 6% 96, 963 4106 106 106 192 92 92 5 101% 101% 101% X9 9 9 3 941 94 9414 30 100% 100% 100! 1 B8% 88% Bt 6 104 1039 1037 L 18 9% 19 79y 4 101% 101% 1013 29 101% 101 1013 5 100% 100% 100% 5 50% 50% 50% z 2 227 722 i e 5 5 T z Poilippl Pitts W Va 418 C 83 83 106% 1061 17 11 98 981 8816 8814 95% 95 110 110 1034 10315 10214 102% 101% 10174 1031 103% 103 103 98% 987 1054 105% 114% 114% 107% 107% 101% 101% 106% 107% Port EI P L 6 . 1 98% 98u 9¥T. 3 83K R3IK M3/ 2 101% 101% 101% | 4TH 4T | Dairy Products. Poultry, _alive—Chickens, _Springers. ! pound, "17a30; old hens, 14a2l; old | roosters, 13al4; ducks, 11al5; pigeons, pair, 15a20. | Eggs—Receipts, 2,076 cases; mearby | firsts, 24a25; Southern firsts, 23. | " Buiter—Good to fancy creamery, | pound. 36a39; ladles, 26a37: rolls, 24 | 26: process, 31a32; store packed, 22a23. | Hay and Grain. Wheat—No. 2 red Winter, export, 9615; No. 2 Winter, garlicky, spot, 937 | August delivery, 937, ; September, 9473; | October, 967 Corn—No. 2 domestic, 1.15; cob corn, 4.50a4.75. Rye—Nearby, 65a72. | _ Oats—White, No. 2, new, 51a52; No. 3, 50a51. Hay—Receipts, none. | market; continues quiet. | Live Stock Market. Cattle—Receipts, 500 head: light sup- ply, market steady and active. Steers—Choice to prime, 7.50 to 8.00; good to choice, 7.00 to 7.50; medium to | Bood, 6.00 tb 6.75; fair to medium, 5.50 to 6.00; plain to fair, 5.00 to 5.50; com- ! mon to plain, 4.50 to 5.00. | Bulls—Choice to prime, none; good | to choice, 6.25 to 6.50; medium to | good, 6.00 to 6.25; fair to medium, 5.50 | 0 6.00; plain to fair, 5.00 to 5.50; com- | mon to plain, 4.50 to 5.00. Cows—Choice to prime, none; good to_choice, 4.75 10 5.00; medium to good, 450 to 4.75; fair to medium, 3.50 to { 4.00; plain to fair, 3.00 to 3.25; com- mon to plain, 2.25'to 2.75. 3 Heifers—Cholce to prime, none; good ! to choice, 6.25 to 6.75; medium to good, 5.75 to 6.25; fair to medium, 5.25 | to 5.15; plain to fair, 4.75 to 5.25; com- | mon to plain, 4.25 to 4.75. | goETesh cows and springers, 30.00 to 60.00. E Sheep and lambs—Receipts, 7,700 head; good supply, market steady; sheep. 1.00 to0 3.50; lambs, 4.00 to 9.00. Hogs—Receipts, 2,200 head; moderate supply, market stronger; lights, 10.25 to 10.50; heavies, 9.25 to 10.25; medium, 10.50 to 10.75: roughs, 6.75 to 8.25; light pigs, 9.00 to 9.75; pigs, 9.75 to 10.15. TREASURY CERTIFICATES. (Keported by J & W Sell; Rate—Maturity ':'3‘ Sco) yellow, new, No change in 2%s June 15, 1931 3135 Mar. 15 1932 3ias Sept. 15, 1932 3'ss Dec 15." 1932 Port RL & P b#’42. Reading gen 4% A. 11101 100% 100% 14 100% 100% 100% 12 94 94 94 10 86% 86% 86% 13 100% 100% 100%s 7 101% 101 101 8 9915 99% 9y15 6 91y 9L 9l 10 93 9un 92, 2 1014 101y 1014 3 103% 103% 103% 1 100% 100% 100% 1107 107 107 6 51% b1 bl A 6 43k 43 @ Sou Pac el 7 944, 94 94 Sou Pac 434, 13 99’ 99u 99y Sou Pac 44969 ww 11 100 99% 100 StP Un Dep b: Seaboard AL en SBAll F A w. Sou Rwy 6458 Term Asso SL 4 Tex & Pac b5 C Third Ave ref Third Ave ad) b: Unlon Pac .. Union Pac 1st ¢s.. Union Pac 4% Virginta Ry 1st Va Ry & Pwr bs. Wabash 4%s 78 Watash s Western Md West Pacific Wheel&L! Wis Cen gn 43 ¢3. 14 128% 123% 123% 1 92 92-. 92 18 102% 1024 102% 3 48y 48 4xy <2 28 28 28 31 918 91y 91y 3 9T 974 97w 7 101% 101 101 7 1074 1074 107% 4 101% 101% 101% 19 934 934 934 103% 86 29 95 4%