Evening Star Newspaper, August 14, 1930, Page 15

PRIES ARE MINED INCURB DEALIES Oils Show Firmer Undertone. Trading Volume Con- tinues Small. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, August 14.—The activity and strength of the opening of the New York Curb Exchange today was changed to dullness and moderate irregularity as the session progressed. Although the general drift of the market was towards lower levels, only certaln groups met moderate selling, the general decline be- ing caused more by public apathy than by professional pressure. Electric Bond & Share rose over a point before meeting any profit-taking and then eased off only a fraction. American Superpower and American & Foreign Power maintained their best levels. Cities Service recovered from its early decline, but Standard Oil of Indi- ana continued its fractional drop. Ford Motors, Ltd., again was one of the most active trading issues, moving up a trifle on a brisk demand. Although the oils were not as active as in the preceding session, they dis- played a firmer undertone. Cosaen again moved lower, but Houston Oil, new in the miscellaneous group, and Vacuum Oil, in the standard division, were firm. Pressure was directed against the rails, investment trusts. and miscella- neous industrials during the forenoon. Alabama & Great Southern common, by a fract 1 decline, hit a new low d soon was fo!lowed_l by Itht; preferred stock, which d poin The }u\umflgop.gu the first invest- ment trust to enter new low territory. Selected Industries then equaled its low mark. Intercoast Trading crashed to a new bottom level. Pennsylvania Water & Power, which was driven into new low ground on the drought-inspired selling of uvenl days ago, rallied about a point and hydro- electric securities slightly firmed. Pratt & Lambert was one of the first industrials to establish a new minimum uotation. It was soon joined by Dow hemical. In contrast with these moves rt of Mead-Johnson, which a record high level of 80%. Missouri-Kansas Pipe Line, which from time to time has harbored a large short interest, turned active and up- ward at midday, which made it con- spicuous ip_the pipe line division. General Baking Cornonllon common equaled its previous low of 23, which caused traders to comment that the company’s flour contracts expiring this month adversely affected earnings, while new orders signed several weeks ago at lower wheat levels may prove profitable over the next few months. Among the higher-priced industrials Aluminum Co. of America opened down § points. Great Atlantic & Pacific Tea eased. American Metal, one of the inactives, which broke 8% points Wednesday to a new low, was slightly firmer today. The curb admitted today Line M: terial Co. common and United Busi- ness Publishers, Inc., preferred. BONDS ON THE CURB . Low. Noon. 98t “2‘ &L 3 Amer Rol M 8 3 Amer Seating 8s 137 98z 98'a 9912 331002 1001% 10902 158 100%, 100%3 1007, 158 90 '37 87 »—-B——w o 2 8 Armstrong Corp b8 6 Pirestone C M 8 Fisk Rubber 5*,» 10 Florida »* & L 85 8 Gatinea's Pow s 21 Gatineau Pow @ ‘41 bber 75 '36 3 Hygrade Pd 6s A 49 11 Indnap PL. 35 A ‘57 1001 100 7Insull ULt 65 B 4n1tn’. 1010 mx’ 11Inter Pw Sec 7s E '57 1 100 1§ Intern Sec Am bs '47 nm k] 3 Inves Co Bs A 47 ww 78 §1nv Ea 55 A 47 s lomacNen LPP 5\ 3 sn L 9 alls Pow 68 50102 ° 19 hares S1x (30 103y, 103 ’. u % Bor Ter Ut 1s 46 ww ol Pow. 10 Sonther 1 Sonthy Nat G b DAL, 65 % 2002 101% ey Mir b 1. 9% 1 Standar T 4 18 Stanassa B 0 a1y €Uni Lt & Ry 5'25 52 93 JOmiTe & Ry on B 52 101% ub 6155 33 perGpineen b F &P 1 stvac Chi 5'zs '37. 1023 POREIGN BONDS. 7 Buenos Aires 6 FiWhen lssued. INANCIAL. NEW YORK CURB MARKE . Divi Aero Underwriters, 11% AirInv, Ine. ev pf. 10215 Ala Great Sou (+7) 119 AlaGt ‘4 Alegheny 210 Aluminum Co of Am 108 Aluminum Co, Ltd.. 3% Am British & Coni 35% Am Cit PAL(A)(a3) 204 Am Colortype (2.40). 12% Am C PAL(B)(10%) 20% Am Com P(A) b10%, 344 Am Cwith P(B)10% % Am Control Ofl Fids, 17% Am Cynam B ( 11% Am Equities.... 104 Am Gas & Eleo (31 Am Gas&Elec pf(§ 204 Am Superpwr (1), .. 7% Am U&Gen B vte ‘.l 8% Arkansas Nat Gas. £4 Ark Nat Gas (. 7% Ark N G eu pf(60c) 304 Ass0 GEE A (a12.40) 4% Ass0o GAE (A) dbrts 97 Asso Gas&El ctfs(8) 18% Atlantic Secur Corp. 2 Auto Mu Ins A(11.10 124 Aviation Credit. . 2% Bahia Corp. . SErana Tt anme ™ g8 cv pfiad) 5% Bourjois. Ine. 8% Brasil Trae & Lt 24% Buft.N&EP pf(].60). 314 Bulova ev pf (§34). 7 BurcoIne....... 39 Burco, Inc, cv pf (3). 2 Bwana M Kubwa.... 2% Cable Radlo T v.te., 5% Can Indus Aleohol (A 190000 3 i bt 1 01 i s 3 RSN 00 e Ph Al nv (80c), 17% Chem Nat Asson-v. 104 Chicago Corp (The) 106% Childs Copf (7).... 24is Citles Service(g30c). te B 7% Col Oll & Gas vte. 31 Colum Pict vte (f: % Com’with & Sou war, . Consol Auto Merch. . 3% Consol Copper. 124 Ceons Da'ry Pr ) 10 Consol Laundries. .. 38 Cooper Bess pf A (3) 9 Corroon & Reynolds. iz CosdenOil...... 9% Crown Cork lntlAll) 11 Curtiss Wright war. 2% Dayton Air & Eng €5% Deere & Co (m1. - Dubilier Cond & Rad 7 Duquesne Gas Cp w. %% Durant Mortors. ... . 1 Durham Hoslery (B) 18% Eastn Sta Pwr B(1). T4 Eisler Eel 92% E1 Bon 0% Bl Bon . 03% E) Bond & lh » 1.). 19 Elec Power AsSo.... 16% Klee P lll 0 Ele~ Pwr & 15% Klec Shareholdg« nl 9 Emp Pwrpt (14.04), 16% Emp P Bcr A (21.80). 8% Kuro Elecdedbrts... 2 Fabries Fininshing. 46 Fajare gar o - S 20, 13% Foikker Alrerafti. . . 10 Foote B G&M (b8%) 10% Ford Mor.Ltd 37 ye. 2ia Fos Theater Cl (A). » 8- 15% Goldm 1% Gold Seal Elec new, . 1154 Gr A &P Tea pf (7). 180 GrA&PTn-vib).. 28 Guard Fire Asso(2). 115% Gulf Oll of Pat1%). #3% Heela Mining 11),,. 25 . Horn & Hara (1% 13 Houston O1 of Texas 7 Hudson Bay M & 8., 83% Hydro Elec Sec (2).. 8% Hvgrade Food Prod. 18% Imp Ofl Can ntboe), 10 imp Tob. Can (Ze), . Hl'« Indian P L n (12%).. Bk AR - BERRE—E~ HAR IR ORRE D HNE SN RO A . T NN N 53 & &3 s e wx L T L] ins Co. No Am (13). Insurance See ). % Intercontinent Pet n 17% Intl Petroleum (1). . #0% Internatl Superi (f1) 34k Int Utilities A (3%). 6% Internat] Utll 1B).. e 19% =Prev.1980.~ MWish. 14% 1 27 6% Inf 124% 124% 107% 107% k) % 10% 108 108% 26% 27 1 & 4% d 34% 34 w 4 12 125 42% 9 1% & 4 T 847 8% Sazet United WilLow " 25 d vates in ent. U 4% in stock. Plus 17 in stock CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August lfi:-—!'blb'lnl is the complete official transag- ticns in stocks en the Chicago Stock Coio: Am rup Uil P 106" 185 Am Pub CUl par nl 1o 2 HSERESS pea & 85,853 Rals 2 P 1% <F8: ,».-,g =201 Fuo Serv pl Secur Inv cif US3533- 2. 22 % 107 | thracite coal. ompson (7' Rj. 100 Time-0-Btat gont gon Transiorm welft Bt B i rein's Nel'al saunit Corp INVESTMENT TRUSTS NEW YORK, AHIHSL 14 (), —Over- the-counter market Afitiated Iny Inc Amlisted ond Tn! Sec Corp ¢ g’ lrlmh rF"cn ‘a1 ol ouun AR, Stoek and Lew. Dividend Rate. tate Equities. Moh H P 1st pf (1).. Mount Prod(1.60 Montecatini deb rts.. % Municipal Service... Nat! Amer Co. 1 Nat Fam Strs Ne: N J Zine (123%).. mont Min 2210 wport Co (2), ~H. Power (lbe) Niag Bhars 414 (400). Nipiasing (30¢). ... Noranda Mines (2).. No Am Aviat A war.. Noth Euro Ofl Corp, North St Pwr pf(6). Ohto Copper. . . Ohio Ol (t434) . Ohio Ofl new wi, Outbd Mot(A)(1.80). Pac Pub 8vo (1.30).. Pandem . Param't Cab(b8% ). . Pennroad Corp (20e), Pa Water&Pwr(3).. Petrol Corp war..... Pitney B P.n (30¢).. Pure O11 pf (8). Radio Products {2).. Rainbow Lu Prod A. Rainbow Lu Prod B.. Relter-Foster. Reybarn Co. . Rosasla Inti Corp, St Anthony Geld St Regis Paper (1).. Co.. Schulte Un be-1 St.. Sex Loek & H (50e). Sel Indust ctfs (4%) Selected Industries. . Select Ind pr(5 % Shattuck Den Min... Sheaffer Pen (13).... Shenandoah Corp. Shenan Corp bt (a3). Stliea Gel Ctis Sisto Finan e 8 Gumnm S W Bell Tel pf Standard M Stai ¢o-l Ind (3%). %) Syrae Wash Il B ‘Technleolor Ine, ... Texon O1] & Ld(25e) Todd Shipyard (4) “Tran Con Air Tran Truns Pork 8 ( Unit E] Sve pr war. Unit Found (b2-35 sh Gas Co United Gas of (7). Utd Lt & Pwr At1).. Unit La&FwriB) (1) Utd L.t & Pwr of(6), (nit Profit Sharing. Unit Shoe Mach (3% % U S Eiec Pwr ww. U S Elec Pwr ¢ C S & Inul Secul U S&Intl See 18t (5). U S Lines pf (1) 'S & Ove Unit Verde Ext (2).. United Wall Paper. . United Zinc & Smelt. Jtility & Ina Utility Prr&Li(at), Vaeuum Oil (4). Venezuela Petrolm Waltt & Bond A (2). wafliaBond.B(1.20) West Va lml& Coke Wil Low Cafeterta Zonite Products (1), bIGHTS InsCoof N A % Mo Kan Pipe... f trading less than 100 shares. a Payable in cash or stock € Adjustment’ dividend. h 3 Plus 2% 3% in stock. n Pius 8’ Received by Private Wire' Direct to The Star Office Sales— Add 00, Open. High. . 6 6% 6% 87% Interstate Pwr pf(7) 208 86 36 12 Trving Alr Chute (1), 814 [tlian Superpwr A.. Kirby Petroleum. .., Kolster-Br (Am Sh). Lackawanns Sea(4). 3% Lakey Foundry Leh C&Na nl'(l 40) Leonard Ofl... Lily Tullp Cup 1 ’A .o Lone Star Gas, n (1). Man Dearborn Corp vis Bottling. Mead Johnson 13.75.. Memphis Nat G‘l .. Met & Min. Inc(1.20) Mi8 Wst Util(b8% ). lfl: Roylty ev pf(2). 13% 134 LY 1% “ 40% 4% 31% 1% 25 3714 28% 1% 814 - w;»—.qnn:.-.. BB e @ 21% 1% 258 107% 4 10 3 % 84 6 1 10% 1 1% 21 114 SS SFounneoon SanmreSann o Su R - FoamananSHNa oil.. P ors (new) (war)... eas war. Cafate pf(4) Expire. et 1 Aug doliars based on last quarterly or semi- tPartly extra. 1Plus | b Payable in stock fPlus 5% in stock. &Plus 6% in stock. in stock. k Plus 10% in stock. m Plus © in s.ock. BY GEORGE T. HUGHES. (This is the twenty-ninth of a series of briel analyses by Mr. Hughes on railroad mend the purchase or ¥ par- ticular stock. but to give the investor sucn information as may enable him in- {eflisentiy To ‘chart his own course.) New York, Ontario & Western. The most important traffic item of New York, Ontarlo & Western is an- ‘This commodity, together with other mine products, it is esti- mated, makes up 65 per cent of freight tonnage and this is the significant fact to bear in mind when appraising the market position of the road's securities. Revival of the hard coal trade would be & great help to Ontario & Western and conversely further depression in that in- dustry would react unfavorably on the | 45 due 1992. road Th» capital structure consists of $20,427,000 in funded debt, a negligible 54,000 of preferred stock and $58,113,983 of common stock. The New Haven owns moza thon 50 per cent of the outstand- | Hogs—Receipts, 17,000 head, ing ctock. Dividends on the common have b-en irregular. Nonc is now being paid, the last disbursement having been 1 per cent on January 31, 1927. Earn- ings for 1930 are running at a ratio not quite sufficient tg cover fixed charges, so that the immediate prospect for stockholders receiving something on their investment is not bright. Probably the best medium for those who care to spaculate on the company's future is one of the two bond issues. The prior lien is the refunding mortgage These are secured by first mortgage on practically all of the com- pany's property and yet they have re- oently been selling to give around 7.7 per cent to maturity. Junior to these bonds are the seneral mortgage 4s of 1955, which sold in the market this year to yleld over 10 per cent. The property on which both bonds are a mortgage is valued greatly in excess of the amount of bonds outst>nding. It is undoubtedly of importance to the New Haven, but the earning trend has not been reassuring. “During the past eight years bond interest has been covered' on the average 1.05 times, which is o narrow margin. In the Interstate Commerce Commission’s latest consoli- dation plan the Ontario & Western is E'llc'd in the system headed by the New aven. ’ CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 14.—The follow- ing is a summary of important corpo- ration news prepared by the Standard Statistics Co,, Inc, New York, for the Associated Press: News Trend. Earnings statements make up the bulk of the day's corporate news. Of the large number of* reports published only Standard Cap & Steel showed im- provement in sha®e earnings, compared with 1929 period. Distinctly unfavor- able comparisons are shown by Butte & Superior Mining, Checker Cab Manu- facturing, National Enameling & Stamping .and National Tea. The first report of July railroad earn- ings was published by Chicago & Alton. Net operating income for the month showed some improvement over earlier | period, declining 76.5 per cent from year ago, whereas seven months net was down 87.8 per cent. Hudson Motor Car announced reductmm in prlm 0( the Hudson and Essex lin Bleel has offered stockholders rlghta " purchase additional stock at $42 in ratio 1 for 10 held. The Companies. Alr Reduction new subsidiary (Mag- nolia Airco Gas Products) formed in Texas to take over Magnolia Gas Prod- ucts. ¢ Altorfer Bros. earned 91 cents com- mon share in first half. American Solvents & Chemical had deficit $188,603 in first half. Booth Fisheries earned $4.50 on $7 preferred stock in year to May 3, against $6.49 previous year. Butte & Superior Mining had deficit $163,080, before depreci tion, in first half, against profit $24,9.1 year ago. Callahan Zinc & Lead had loss $24,- 033 in first half, against loss $32,809 year ago. Central Public Service to build 2 miles pipe line from Eastern Kentucky to Indiana territory, to cost $12,000,000. Checker Cab Manufacturing first-half earnings $1.33 common share, against $7.26 year ago. Chicago & Alton Railroad July net operating - income $144,263, against $610,666 year ago; seven months, $247,- 455, against $2,014,721. Ford Motor new Buffalo assembly plant to have capacity 400 units daily; will employ 2,500 men; comp!etlon ex- pected by next year. General Foods patent suit filed against subsidiary, General Seafoods, alleging mfi'lngemcn! patents covering “quick freezing” preserving process. Hudson Motor Car reduces Hudson prices $100 to $355, Essex $65 to $300. Lone Star Gas earned $1.60 common share in year to May 31. Marchant Calculating ‘Machine earned 62 cents common share in first half, be- fore taxes, against $1.65 year ago. Michigan Steel common stockhold- ers receive right to subscribe to new common stock at $42 a share in ratio of 1 for each 10 held. National Enameling & Stamping had deficit of $13,542 in first half, against profit of $164,686, equal to $1.06 com- mon share, year ago. National Tea first half earnings 75 cent® common share, against $2.01 year ago. Sim:]llr Consilidated Oil will retire outstanding three-year 6 per cent first lien collateral trust bonds September 2; total, about $15,400,000; payment from current funds. Standard Cap & Seal earned $1.79 common share in first half, against $1.52 year ago. Texas Power & Light surplus, after preferred dividends, 12 months to June 30, off 2 per cent. ‘Third Avenue Railway applies ta transit commission to adandon 110th street crosstown line on ground reve- nues will not meet operating exp:nses. United tes Rubber Keds ‘plant to be shut down during September; about 1,500 employes affected. Walker Mining earned 12 cents com- mon share in first half. Warner Brothers Pictures to purchase Coston Circuit in Chicago; has 11 thea-, u,;:! Also acquired 5 theaters in In- Belding Heminway Co. had denclt $1,155,381 in first half vs. profit before taxes, $191,296, equal 45 cents common share year ago. International Telephone & Teley 'j;h reduces press cable rates between Unif States and Scandinavian and Baltic countries, Miller & Hart, Inc., omits quarterly preferred dividend currently due. Outboard motor omits 45 cents quar- terly class A dividend currently due, Pittsburgh & Weat Virginia Railway Donora branch to be completed by De- cember; cost, $1,750,000. United States Gypsum earned $2.24 on 1,170,470 common shares in first half vs. $2.70 on 765,027 shares year 0. “Wnrnl‘r Bros. Pictures, Chase Securi- ties Corporation reported in financing syndicate. Western Union Telegraph reduces press_cable rate between Scandinavian and Baltic countrics and United States. Weston Electrical Instrument first- half earnings $2.65 class A share vs. $2.64, common share earning $2.15 vs. $2.14. CHICAGO LXVE STOCK MARKET CHICAGO, August 14 () (United States Department of Agrieultyre) — including market active, 15 to 25 160-230 pounds, 10.10a 10.25; top, 10.35; 240-310 pounds, 9.75a10.10. ' Packing sows mostly 8.40a 8.75. Light light, good and choice, 140~ 160 pounds, 9.50a10.25: lightweight, 160-200 pounds, 10.00a10.35: medium weight, 200-260 pounds, 9.90a10.35; beavyweight, 250-350 pounds, 9.50a Packing sows, medium and good, -500 pounds, 8.00a8.75. _Slaughter ‘w5, good and choice, 100-130 pounds, 50 9.75. le—Receipts, 5500 head: calves, 2000 head; fed sfeers, yearlings, strong to 25 higher: choice steers active, best medium weights, 10.25; yearlings sold up to 10.75; lk of steers and yearlings going at 8%50a10.00; low-price cows higher. Slaughter cattle and veal- ers: Steers, good and choice, 600-900 unds, 9.50a11.25; 900-1,100 pounds, .25a11.00; 1,100-1,300 pounds, 8.75a 10.50; 1,300-1,500 pounds, 8.50a10.26; common and medium, 600-1,300 pounds, 5.73a8.75. Helfers, good d choice, $50-850 pounds, 8.75a10.75; common and medium, 5.00a9.50, Cows, good and choice, 5.50a7.50; common and medium, 4.50a5.50; low cutter and cutter, 3.50a 4.75. Bulls (yearlings excluded), good choice beef, 6.25a7.00; cutter to medium, 5.00a7.00. Vealers (milk fed), good and choice, 11.00a13.00; medium, 9.50a11.00; cull and common, 7.00a9.50. Stocker and feeder cattle: Steers, good and choice, 500-1,050 pounds, 6.50a8.00; common and medium, 4.75a6.75. Sheep—Recelpts, 12,000 head; market active, strong to 25 higher; good and choice native ewes and wether lambs, 9.00a9.50 to packers, several loads 9.50a 9.75, few 9.85 to shippers; bulk mostly 8.00a8.50; rangers mostly unsold. Lambs, 90 pounds down, good and choice, 8.75a10.00; medium, 7.25a8.75; all ‘weights common, 5.00a7.25. Ewes, 90-150 pounds, medium to choice, 2.25a 4.00; all weights cull and common, 1.00a2.75. Feeding lambs 50 75 pounds, good and chulce 6.25a6. FOREIGN EXCHANGES (Quotations furnished by W. B. Hibbs & Ca.) Nominai gold Selling checks e (or par). _ tods: 5,000 direct higher. Bulk, ndon. pound. “Deisa. mark. r Ficsels. erlin, urich, franc. . Athens, drachi WHE, j September FINANCIAL STOCK AND BOND AVERAGES By the Asseciated Prom Yesterdsy Low, High, 1929. Low, 1929. Today. Frevivus ‘Two years ago Three years ago, weekly aver. . High, 1930 Low, 1930. Hi, Press. 's 5:30 Edition. U. S. LOANS TO CO-OPERATIVES TOTAL $27.025,000 ON JUNE 30 By the Associated Press. Loans and discounts of the Federal intermediate credit banks aggregated $91,665,342 at the end of the second quarter of 1930. Combined assets of these 12 institutions on the same date were $133,214,853. The regular quarterly statement of the Federal Farm Loan Board reveals the banks had debentures outstanding on June 30 aggregating $65,845,000, of which $750,000 were held by the banks of issue. As with the Federal land banks, in addition to the primary lia- bility of each bank for the principal and interest of the debentures which it issues, all of the institutions are jointly liable under the conditions stated in the law for the principal and interest of all debentures issued by the 12 Fed- eial intermediate credit banks. Approximately $27,025,000 of loans to co-operative marketing associations were outstanding at the end of the quarter, in addition to more than $64,- 600,000 of notes discounted for and in- dorsed by agricultural credit corpora- tions, live stock loan companies and banking institutions. Of these amounts, $300,000 of loans and $556,000 of dis- counts had been rediscounted with other institutions, leaving a net amount of over $90,750,000. In addition, the Banks had $30,000,- 000 of capital stock subject to call from the United States Treasury and cash amounting to more than $3,640,000. Total resources of the institutions amounted to more than twice the de- bentures outstanding. While one bank carried a deficit resulting from losses sustained several years ago, the earned surplus of the 11 remaining banks amounted to nearly :2000000 Their reserves for estimated losses and con- tiagencies and their undivided profits exceeded $1,500,000. GRAIN MARKET CHICAGO, August 14 (#)—Wheat advanced late today, infiuenced by re- ports that bankers would finance the Canadian growers' pool, and that pro- vincial governments would probably guarantee the bankers' loans. It was reported also that the heavy selling which tumbled wheat prices dowri yes- terday at Winnipeg was for Chicago ac- count. Export business today in North American wheat was estimated at 1,000,~ 000 bushels, mainly from the United States, with Liverpool and Chicago prices’ widening to about 18 cents, the greatest difference so far th's season. Wheat closed firm, 7 cent to 11 cents a bushel higher than yesterday's finish. Corn closed unchanged to 3; cent lower; oats, %;a% cent up, and provi- sions unchanged to 5 cents down. Low. 77, 93t} 9975 1007 4% 90! T— December oA September Decembe CANNED FOOD OUTPUT SHOWS LARGE INCREASE By the Associated Press. ‘The Foodstuffs Division " of the De- partment of Oommuc uumnu- the Present yearly per consumption of oanned: IMI in thb Unlud States is about 115 cases, or 54 cans. Production of canned goods in the last 25 years is reported to have in- creased from about 41,000,000 cases to about 200,000,000, commercial canning beil:g reported now by all but three EARNINGS REPORTED NEW YORK, August 14 (#).—Conti- | pental Diamond Fibre Co. today re-| of European subsidiaries, of $130,729. equal to 26 cents a share, compared | Wflh $456,130, or $1.01 a lhll’ey in the like quarter last year. | Zonite Products Corporation, includ- | ng the Forhan Co. and A. C. Barnes in the first half earned 65 cents | I share on 704,771 shares, C()mpll’edl with 90 cents a share on 176,000 shares | in the first half of last year, Oxcludln" Fc-han and Barnes companies. # = NO WAGE CUTS CONSIDEBED. NEW YORK, August 14 (#).—Ralph @. Coburn, executive vice president of | General Foods Corporation, sald today | that the company had not considered any recuction in either wages or salaries of employes and does not expect to do so0. He said that employment in prac- tically all of the 48 General Foods fac- tories, located in 40 cities, is running approximately at normal. [ ©O. H. P. J Counsel A. H. BED, ROBT. k. 3% on Open Savings ported June quarter net profit, exclusive | 5, NEW YORK COTTON NEW YORK, August 14 (Special).— Though a wave of short covering stead- fed prices during morning trading, the cotton market came under pressure again today and, with a decline of $1 a bale, went into new low ground for the year. Rains in the corn belt brought pre- dictions of unsettled weather in the Northwestern cotton States, and better prospects that the protracted drought would be relieved influenced sentiment. ‘The list closed at the bottom, with both October and December below the 12- 5:nt level. lEpm.l ‘were reduced 15 points Catwn range: Qctober, uld October. new COPPER PRICE REDUCED. NEW YORK, August 14 ().—Sales of copper by custom smelters at 10% cents, a reduction of one-quarter of & cent from the level at which the do- mestic price of the metal has held for some weeks, were reported today. Targe wroducers, nowever, held at the 11-cent price. - - NEW SECURITIES. NEW YORK, August 14 (#)—New securities offered today include: City of Detroit, Mich., $15,000,000 27 per cent notes, grkced to yield 2.70 per cent, by National City Co. State of West Virginia, $5,000,000 4 and 4'2 per cent bonds, to yield from 215 to 4.25 per cent, by syndicate headed by Chase Securities Corporation. NEW YORK BANK STOCKS NEW YORK, August 14 (#).—Over- the-counter market. Bank Stocks. Bid. Asked. America L. Bk of 3914 nm-u ay an Ehat'ph City Fifth ‘Ave First Natl' N ¥ Ma Peopies Naul Bankers .. nt Hanover . Chelsen By & Tt Chem Bk & Tr Gorn Exchange ount Ginranty Irving ... \(nnulnclurer! : | Dot Bhaite Wesichester Title & Tt REAL ESTATE LOANS Made at Low Interest Rates 'I'YI.ER & RUTHEKFORD ieations invited o class dwellin, riicus on well located business properties. 7 3”8 or 10 sears. i oo desired: 1520 K St. N.W. National 0475 00D COCOA CROP HELPS AUTO SALES Trade Body Official Reveals Effect of Yield on Ecua- dorean Imports. By DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, August 14.—Cocoa and motor cars seemingly should represent two extremes to the lay mind. To Robert C. Graham, chairman of the Export Committee of the National Au-~ tomobile Chamber of Commerce, how- ever, they are closely related, as are other primary products of certain coun- tries in which the automobile industry is secking to further the use of Ameri- can-made cars. Pointing out that the purchasing power of the people of foreign coun= erl depends to a large extent on the income they derive from the sale of their own ucts, Mr. Graham ex- plains that ause of better prices now pervail for cocoa produced Ecuador that country is showing signs of an im- proving demand for American-made obiles. The same is true of other les where some betterment has been Woted in the market for home- produced commodities. Sees Gain in Exports. A healthy fundamental situation and the probability of a gradual upward trend in exports is seen by Mr. Graham as the re: of the gradual disposal of stocks of cars overseas. “The automobile industry,” Mr. Graham said, “is fully aware of the importance of the export business and through the National Automobile Chamber of Commerce is organizing committees, which are made Ilg of ex- port .spechllau to help solve the prob- lems of the various markets or to re- vise practices and guiding data in ex- panld‘:ng transport throughout the world.” Total output for July will show a marked flllln&ofl’ but it is lnuruunz to note that pite the closing of main plant of the Ford Motor Co. here during most of last month, the com- pn 's world production dmpped only ightly as compared with the pre- vious month. This was accomplished by keeping assembly plants throughout the country in operation, using uprnru manufactured fore the The total July production of the Ford Co., was 133,035 cars and trucks, only 41,493 fewer units than were produced during June. Few of the factories, in- cluding the Ford, are working on full schedule time, and pln time employ- ment continues to be the rule in most of the plants. Price Reduction Rumored. Perhaps no industry in the world is as subject to rumor as is the automo- bile industry. One of the latest in cir- culation is that a leading manufacturer of low-priced cars is planning a price reduction. Efforts to get the manufac- turer to affirm or deny the repor; have been unsuccessful. Meanwhile the Oakland Motor Car Co., has announced a reduction in the price of Oakland eights and Pontiac sixes and the Hudson Motor Car Co‘ has reduced the price of the Hudso: 54 Bom madie, Cusieng utiiend Al new models are t out during the Winter. s .. A steel plant being constructed in Ontario, Canada, will have an annual clplcity of 1,200,000 boxes of tw 30,000 tons of galvanized sh 24-Ho||r Parki; Money to Loan red by first deed estate. Frevaling interest. l-""'u'-.-m'm Joseph L Weller ‘vish & # " Mortgage Money ; e 6% BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 3100 National Metropolitan Bank 1814—OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA—1930 15th- Street Opposite U. S. ,Trensury WHOLE CENTURY'’S as big. BANKING EXPERIENCE —and more, underlies our service—enables The Metro- politan to offer the maximum in facilities and security. {'The advantages of such a banking connection are open to depositors, little as well 'YOUR Payday deposits will be appreciated. For quick response to your OFFICERS: GEO. W. WHITE, President. 'OHNSON, Vice Pres. A. A. HOEHLING, Vice Pres., Genl. and Trust Oficer. C. F. JACOBSEN, Cashier. R._P. HOLLINGSWORTH, Asst. Trust Officer. | C. E. BRIGHT, Asst. Cashier. FORD, Asst. Cashier, C. L. ECKLOFF, Asst. Cashier. BRIGGS, Asst. Cashier. F.E. HILDEBRAND, Asst. Cashier. F. V. N. COOK, Auditor. Until 5:30 P.M. August Fifteenth inquiries, Telephone National 1308