Evening Star Newspaper, August 15, 1930, Page 15

* INNARROW RANGE .- flarket Becomes Selective After Active Opening—Mo- tors Are Featured. BY JOHN A. CRONE. ®pecial Dispatch to The Star. NEW YORK, August 15.—After open- ing active and with mixed price irends today, the curb exchange session "«vek)pe( selectively and volume off. jc Bond & Share, American & Power and American Super- power were higher most of the session, as was Cities Service, but Standard Ofl of Indiana and Goldman Sachs eased, hl:n latter equal .g its previous minimum vel, ‘The feature of the session was Warner Brothers Picture Corporation Rights, which, after opening over on the produce exchange at 12 and going to 1%, _ finished at 1%, It ‘which level an our later they lpprl!ed on the curb. Unlike ‘Warner Brothers common, whose holders may subscribe to one new share at $20 for every four shares held, the rights fluctuated narrowly. Motor Group. Ford Motors, Ltd., in point of volume was again the leader in the motors dlvllkm. Ford Motors of Canada A xflefl ‘fi‘s‘t 30%, but the rest of Anlf:‘me-mn in the motor list was the initial bow on the curb market of American Austin Car Co., which opened at 8%. The next two sales were at .%hndlrd‘ Oil of Ohio and Ohio Oil hit new lows for the year in the 33 few minutes of trading and were ld n the miscellaneous list by Cosden Of Gult ou Corporation opened down lly despite the fact that it is m:n- Sopany pians important oil trade believes it Buckeye Pipe Line Co,, ‘?pu could be used from Celina, Ohio, , Ohio, to Toledo fl thence to veland and over to burgh. Buckeg menuy registered s -e'nu of record low Gramaphone Co., ., whlch is con- trolled by the Victor Talking Machine 3 points to a new low mark of is decline followed the weak- ness in Columbia Gramophone over on_the stock exchange. These sym- thetic mcvmenu led traders to be- that the proposed merger of Co- Jumbia Graphophone and Gramaphone has struck another snag. i i i H 8 g i - W EE 555 %mmn! ?E @, 223283382883, == o ! *, ; B 3 CeeISS. 3 9999989"'" 2o @~ BUE 38 b 999990098 2! _';- S e, 9 BeseoSSesEegusan: B 8 8% 87% . 9l 91 1% 91ta iy H ! 81 2338822 000! = 4 1 300 2 [ 3 2 3 1 3 8 2 ;«i 2 1 1 uf 2 2 2 14 1] 3 i 38 1 1 7 (] L] J=r7 5| 1 denne ok doits 5'a: 4 a2 4 Ol ‘s n mz': 102t% 102%% P&L 55 A 100 ail umn &3 «nom nu'. g% F ] '53 86 xw 9% 96° e ?E“i ’ Xnmll Po‘ er Iln'fl'lll Pn‘er [} l:} mN b L&P 55 ! G & ’1 Ve ,lfllnd Ll u ‘ 1 & L 5 3 Munitob P 5 37 Mass Gas 55 $ Mass Gas 5e) 17 Mead b 3 Mid erl Dlll i¢ West Util idignd Gas 65 8); 9815 AT R 3 }3:" 1630 1oas o 85 %51 1o 101t 1013 5', 1%1', 1021, ] m Bheel's13s 48 m 44 : 9415 5 1 Westvee Chl 5%s '37. 1021 102'% Sale- 11 FOREIGN BONDS. thor--nd: e Tow C 6lan ‘85 wi R M BX 65 81" n Mun 7 ‘47 nove «‘{lwover City I8 47ral Bup Pow €x 2 ima Oy, Per { of financial institutions, each bank fll designated by the hundred the letter s (80s) THE -share lots (2508) 'Ile -h-nlho-fi.fihh-llhd‘l*.ll! —mlm 9% 2% Dividen: lu Alr investorsv.te... 1% Afr Investors (war). 1 4 1832% 102 Ala Great Sou (7)., 26s 101 zq‘. u 1 3215 1 109% 97 6% 141 112 Ala Gt Sou pf (17) 3 % Allled Aviation..... 356 210 Aluminum Co of Am 109% 105% Alu Co of Am of (8). 99% 97 Alum Ltd cu pf(new) 6% 6% Amer Austin Car. 49 35% AmCit P&L(A)(a3) 28% 12% Am C PAL(B)(10%) 2!2 1 7 2 10 15 12 1 20% 'Am Com I’(A) ll.’ 20 1 2 6 £ 89% 52 Am Lt & Trae ll“). 4% 1% Am Maricabo. 19% T Am 39% 204 Am 7% 87T% Am IIerm b' ). 101% 94% Am Super 1stpf (6). & 20 13 Am Transfor (1.40), 75s 15% 7% Am U&Gen B vte 40 TWw< 1% Am Yvette (n) w.i... 14% 6 AnchorPF (b10%). 43% 15% Anglo Chil Nitrate. ;l:h fi\& ADD‘II&I;:GGII . 8% cturus be. 8% rhlllllNll a. . $14 Atk Nat Gas (A) 46's 304 Asso G&E A (I'I.O” T 1 Asso Laundries;, €0% 38% Asso Rayon pf (6 28% 11 Atl C'ast Fish (1.20) 9% Auto Vot Ma ev of pt T4 Aviation Securities.. 2% Banhia Corp...... 50% 454 BancomitCorp(1.60) 80 70 Baumann(L) pf (7).2008 157% 146 Bell Telof Can (3).. 15! 6% Blue Ridge Cp (40e). 44%" 33% Blue Ridge ov pf(a3) £6% 83% Brazil Trac & Lt(h2) 214 Bridgept Mach (250) 2% Burmd Corp (t31¢c) 2% Bwana M Kubwa. 1 Cable&Wire (B) rets 5 Can Indus Alcohol (A 3% Canada Marconi. % Carib Syndicate 30 Carrier Eng n-v A(1) 12 Celluloid Corp. 3 Cent Atlantic State 25 Cent P8 (A) (a1.76) 19 Cent States El(kd0¢) 4% Centrifug Pipe:60e) 2% Chain Stores Dev.... 9% Chain Stores Stock. . 25 17% CI Ph Al nv (50c), 26% 17% Chem Nat Asson-v. 184% 140% Chesebr'gh Mfg (15) 44% 243 Citles Service 88 Cities Srve pt 44 45 124% 128 1 83w 5 B56% B7W BG4 2% 1% 1% 1% 80 20% 21% 20% 1 98 4 T5% 268 160% T 39% 4% 4% 891 89% 89 7 Col Ofl & Gas vt 24 Columbia Pict (f1%4) 3% Com'with & Sou war 11% Comm Wat Serv b6% % Consol Auto Merch. 8% Consol Copper...... 12 Cons Dalry Prod (2) 90% Con Gas, Balto(3.60) 21% Con Gas Utll A 2.20 10 Conso! Laundries lom 1014 Cont] G&E! pr pf(T 7L Conul Shares pf (6) 51 28 Cooper Bessemer (3 l: Cooper Bess pf A (3) 9 Co & 5 Cor & Rey vl a6 82 Cosden Oil... 20% Coty Soc An(74 4-108 5% Creole Petroleum 15 Crocker Wheeler. 9% Crown Cork IntlA(1) 1 Davis Drug Stores. 2% Davis Drug Strs pf. 2% Dayton Alr & En - oy N e Die Casting. Alr (T6e).. hemical (2). Corp 15) 140 Duke Power (i15). 7 Dugquesne Gas Cp w. 4% Durant Motors. . 18% lhlln Sta Pwr B(1). 117% 70% Ei Bond & Sh (b). 109% 103% E1 Bond & Sh of . 19 Elec Pow Asso (1)... 16% Elec Pwr Asso A (1) 28y Eler Pwr & L op war 16% Elec Shareholdg:1) 6% Empire Corporation. 29 Emp Pwrot (14.04). 16% Emp P Ser A (a1.80). Fabrics Fininshing 2% Fairey Av Ltd (12¢). 1 First Natl Copper. 18% Fokxer Alreraft. ... 28 Ford Mot Can A 1% 104 Ford Mor.Ltd 37 % 6% Gen Alloys (80¢) Gen Raking nf Gen Empire Cor| Gen G&E ev Gleaner Harv. n nn 9 Globy Underwrit 2% Golden Center. 15'¢ Goldman Sach T C... 1% Gold Seal Elec new. . 3% % Goth Knitback Mach 122 115% Gr A &P Tea pf (7). 2(% 16 Gramapho rets (20¢) 29% 2 % Guenther Law (2).. 166% 115% Gulf Ofl of Pat1%). % Happiness Candy... 83, Hecia Mining (1)... 24% Hires (CE) (A)(2). 13 Houston Ofl of Texas Hudson Bay M Humble O1l (3) %% Hygrade Food 18% Imp Of1. Can. n(b % Ind Terr 1llu O ind Terr [1lu Ot ¢B) 60 [ndus Finev of (7). £3% lusull Uil Inv th9% 16 insurance Sect140). “ I[ntercontinent Pet n 50 Inter Cigar Mach nev 17% Inti Petroleum (1). o2 » - (l) meSaxanmatn TaS8 e 100 2 ~S xon . EeBeaTons onaen 4 7 B% 36% 35% 35% 3 13 ) %o 124 1es I l;l% 118% 118% 4% 15 luN 107\ 107 20% 2!“ 404 404 18 6 “ 40% 40% 16% 2% % 16% 80% 81 21 3 1 19% 119 % 11 3 1194 87 2915 17 Sales— llfl‘ muu—.mmq- IK l% 101 101 u\ ul ll'“ 2!' 109% 109% 7 ” 6% l% 614 30w 14% n Y 20% 1"4. ll% l’&% 8% 1y 2w 2 5% 45% 4 150% uola 84 39% 12 3% 3 13% 13 % L ) % 28% 12% 12% T 95 T4 28 12% 21% 0% 40w 15 l! ww 16% % 8% 16% 2% £ n 17% W W 160 30% 21% 1 24 314 18% 5% 26% 10% 2% 1% 2 2.% L 119%) 13 23 119% 2% 122 LR BTa 2% al e Ad;unmm mvmflm P stoc) 1 EVENING STAR, WASHINGTON, D. C., st v e e STABILIZED PRICE ~Prev.1930.~ Stock and High. Low. Dividend 46% 30% Internatl Su 19% 6% Internat) Util « 14% 6% Interstate Equit! 46 38% Interst Ec ev of(3) 91 86 Interstate 9% 4% Italan Super war, 18 8% Italian Superpwr 109 100% Jer Cen P&Lt pf (7). §0s 25% 13% Lefcourt Real(11.85) B50% 30 Leh C&Nanew(1.40) 29 18% Lion Ofl Refin (2) 20% 3% Loew’s, Ine (war)... 13 MacMarr Stores (1), 28% Man Dearborn Corp.. 1 Mavis Bottling...... 42 Mayflower Asso (12) 55% Mead Johnson 13.75.. 10% Memphis Nat Gas, Add 1) ) 304 2% - 03 10 SRS 3000 e Th g i 00 13% Midland N Gas (A) 15% Midland St] P 2d pf. 50% Midvale Co (4) Mo Kan P L. bl.‘)‘ MissKPLv. Mount Prod(1.60) 100 99 Mount St Pwrpf (1) 104 12% 6 Natl Amer Co. 84 Natl Aviation. . » Natl Investors. . . atl Pwr&Lt pf @ 3 S BN E T D 20 Newport Co (2).. 1 % New Quincy Mining. 117% 113% N Y Tel pf (6%).... 24% 16% Niag.-H. Power (40c) 6% 4 Niag.-H. Pwr A war, 16% 8% Niag Hud Pwr B war 44% 20% Noranda Mines (2).. No Am Aviat A war.. Nor&Sou Am Corp A. 1% Noth Euro Ol Corp 1834 130 Nor Sta Pwr A(8) 102 96% North St Pwr pf 34% 22% Novadel Agene 12 1% % Ohio Copp: 34% 30% Ohio Ofl new wi. 115 108% Okla Gas & El pf (7) 100l 88% 29 OrangeCrush (1.50). 1 18% 7 Outboard Mot'(A). 10 26 Pac G&E 1st pt (l%) 2 28% Pac Pub Sve (1 2 % Pandem Ofl. 1% Pan 31 Parke Davis (Vl ). 10% P nro-d Corn (zoc) 4'% Pilot Radio Tube(A) 20% Plymouth O1l (2).... 7 Polymet Mfg (21) 38 Power Securities pf.. 815 Prince & White(26c) 36 Prince & Whit pf(3) 12% Prudential Invest... 15 Pub Ul Hold ww.. 3% Pub Util Hold war. . 98' Puget 8d P&L pf () no- 934 Pure Oll pf (§)...... i0s 6 Rainbow Lu Prod A 2% Rainbow Lu Prod B. & Red Warrior. .. T4 Reliance Intl (A) 4% Reybarn Co. 4 Reynolds Invest. 17% Rich O11,Cal, Df(l*) 18% St Regls Paper (1).. 8% Salt Creek Prod (2) 214 Schulte Un be-$1 St. 514 Seaboard Utll (50¢) 5% Selected ln‘llll!l.l. 634 Sel Indust ctfs (4%) 33 Shenan Corv of ad). 7% Shreveport Elec (D). % Spanish & Gen Reg. % Standard Motors.... 47% Stand Oil Ind «3%). 13: 30'% Stand Ol KY(11.80) 76'% Stand Ofl Ohlo(2%). 99% Std Pwr & Lt pf (7). 14 Suarrett Corp.... 9'% Strauss Roth. 1% Stuts Motor Car 39 Suninvpf(3)... 28 Swift & Conew (l). 811 Tageart Corp (1)... 26 Technieolor Inc. 8% Pexon Ofl & Ld (26¢c) 65 Tnermoid Co of (7). 175 5% Tran Con Air Tran. ., 4% TransLuxDLPS.. 21% Ungerletder F Corp. % Union Tobaceo. .. 101 Unit Carbon pf (7)., 30 United Chem pf (3). 124 United Corp rwar).. 3 15% Unit Found (b2-36 sh 112 12 United Gas Co inew) 30 5 United Gas (war)... 15 91% United Gasof (7)... 9 2715 Utd Lt & Pwr A(1).. 97% Utd Lt & Fwr of(6). 2% Unit Milk Products. 7 Unit Rt Ch pt «nn 13% US Da rv 1By 10% US Elec Pwr ww. 52 U S&Intl See ist « 11 US Lines pf (1) 13% (' 8 & Overseas 5 US Rubber Reclaim. 9 Uni Verde Bxt (2). 124 Utility & ina. 20% Util & Ind pf (1) 10% Utilty Bauitt, 144 Utility Pwr&Ltial). 76% Vacuum Ofl (4) 2 Venezuela Petrolm.. 29 Walgreen Co. 84 Walker (H) (1) ' Wenden Copper 64 Wil-Low Cafetert RIGHTS Expire # Mo Kan Pipe....Au 1% Warner Bros Plcture Dividend rates in doliars based on anual payment. s Unit of trading 10% 13% 36% 1 110 s - R e R e L e e 28 9% oy ‘1 18% K 16 a 3 e 146 Inst lens than 100 shares. e, in cash or stock 1 Plus 5% in n mxn hi in s By the Associated Press. was indicated by an analysis of the ' June 30. Mortgage loans of the 52 institutions, inciuding the three in receivership, amounted to $A08,424,638. The com- bined ascels totaled $693,172,505. ‘There is no joint Hability in this !u ing responsible only for its own obligations. In considering the condition of the banks, therefore, each individual state- ment published by the bzard necessarily must be analyzed, but a scrutiny of | these statements shows that although & | few of the institutions are confronted with difficult problems, mcst of them tare in a healthy state. FOREIGN EXCHANGES. (Quotations furnished by W. 8. Hibbs & Co.) Nominal gold Selling cherks value (or par). - today London, pound. Paris, franc Brussels, belga Beriin, mevk.... Kome, ira..... Zurich, franc.... s Tern B von ¥, Jarans ,_“".n':v e slan ¥ & 6 Athens, drachma | Madrid, vienna. | Budape: e ? jtion cf these banks is the amount of The joint stock land bank structure \“r;n} rn.:.tf held and the fons, | their total assets consistin of the country, with a few except! :r;\ Saiite. fA ll\;dy of I statements of condition shows that of Federal Farm Lcan Board's latest sta- | the 48, e e i | tistics to be in sound condition. figures cover the quarter ended last charged off The | ihelr assets 'U. 5. JOINT STOCK LAND BANK STRUCTURE IN GOOD CONDITION |3 12 include all their assets or lmonntll‘w to less ti | their tctal referred to one bank iy eit as 2.7 the 49 r cent of inks, NEW YORK, Au the counter market. mders 67 nehanged. . ! ited ping pong, e $780,500. *° having | previously acquired. | Thirty-one of the banks, or nearly two- thirds, either carried no real included rea The consolidated balance sheet, which includes in addition to the 48 banks liquidation, shows real estate owned, er outright or subject to redemption, Since nearly two-thirds ot all the real estate of these banks, however, was l::ld h'y four banks, the average percentage for the remainin, 33 banks which included real estate ll'l One lmporunt l-cwr ln Ihe condi- thc\r assets whs unly 13 per cent. INVESTMENT TRUSTS pr.. . f ¥ Int Co Ltd §3 pf. James Gibb of the Isle of Wi Chalmers Co. bs 1 nm})omon ot acquired | € e individual | Ge General no_real cstate in 3 Py Genernl Theaters Goodyea: T '? ad'sposed of or state in estate han 2 per cent of Btandard Ol vhich is in volun- “'L‘"“ Sit. "% the total assets of Westersr Electric Wheeling Steel Corp. Wheeling Steel Corp. money -muy. gust 15 (). —Over months, 2':a3; 0. Open. 6 Bz % 106% 15 314 18% 8% 13% 29 1% 60 82 13% 1% * JL | EELY 13% 6% . 36 2% 106% 15 311 18% 8% 134 184 1% 60 801 6% - * % 1% quarterly or semi- 1Partly extra b Payable in stock. | stock. & Plus 6% up 27 in stock. Kk Bhis {07 'fn Stock. m Brus 937, r $Plus in_wiock. SHORT-TERM SECURITIES. (Reported by J. & W. Beligman & Co.) IONEY MARKET. 5 —C 1 cent. elnu. 2% pe! 2% lays, 2 O s S s montis, du3%a. Prime oommsrclll paper, 3a3Y,. “Bank- ers’ acceptances unthlnled METAL MABKET EW YORK, August 15 (). —Copper u et clectrolytic ?oa‘-n ht, who ltlt St. Louls, 5. died recently, I apot Iron quiet; unch n.ed t -ndqnurby, 29.85; future, lrt. 4. Bxnumony, 187, future, ‘Tin New York, Zinc stead- St. Louis, spot and future, | I'm not. | LEVEL HELD VITAL Sir Josiah Stamp Points Out Effects of Falling Commod- ities on Business. BY JOHN F. SINCLAIR. ! Special Dispatch to The Star. NEW YORK, August 15.—“Stabiliz- ing the price level is the most practical | of all the business problems with which the world contends today,” said Sir Josiah Stamp. “It is not sufficiently realized that slowly falling prices have a deadening influence on business itself. While fal ing prices help the man working on & regular wage, they reduce the number at work because they restrict the area of profitable business. “Understand, I am not talking about a certain price level. Business can be done at any price level just so long as that level is kept stable, even. It's the transition from one level to another that does the mischief. Toll of Production. “Now with greater purchasing power of money all receivers of vast payments, such as interest on war loans, take & l:r!er toll of the national production, is very important. For if the rate of price decline of the last three years is continued over the next 10 Britain will find no relief whatever in taxation, even if both production and popula- tion increase substantially.” I wish it were possible to include all of the examples and illustrations this British banker used in explaining his points, But let Sir, Josiah continue: “All the machinery for wage settle- ments on & large scaie can be destroyed by a single year's fall or rise in the price level. Think of that, and stand appalled at the lethargy of the business and labor world, which does not de- mand a ‘stable price level.’ “Now, what’s o be done about it? In my opinion it is necessary to insure a long period of stability. Public opinion must get in the habit of asking about every question involving contractual re- lations and monetary values over long periods of time, between nations or large classes of people, with public or international policy involved” Told that the price level in the United States had decreased about 11 per cent during the last year, Sir Josiah said: “How can business be built on such a foundation? I agree with Prof. Irving Fisher that the first job is to clear away the money illusion. When that is done, stabilizing the price level will be next.” Public Improvements. “What is your opinion of the practi- cability of proposals to increase ex- penditures for public works as a means for relieving unemployment?” was the next question asked. “Neither in Great Britain, in the United States nor anywhere else will salvation come by public expenditure of money. Temporary unemployment can be modified by it, but permanent un- employment cannof You see, such a plan_does not increase the totality of purchasing power. It merely transfers the spending from private to public sources, and this does not meet the problem.” As Ernst w:gemnnn ints out in his “Economic Rhythm,” if you carry on this policy on a large scale, you must either increase taxes materially or bor- row extensively; if it isn’t carried out on a Jarge scale, it doesn’t amount to any- thing. Ralsing taxes in’ time of depres- sion is out of the question in countries with representative and party govern- ments. Borrowing either increases ten- sion in the money market or delays the rennkenln( of private business enter- prises. “Cheap money is not everything,” Sir Josiah resumed. “It will take 12 months for it to percolate back from the centers into industry, but what is needed more than anything else is to maintain the purchasing power at a level which will not cause unemploy- ment. As I have already stated, the falling price level unconsciously makes a drag on the margin of profit, but idle workers always increase on a dropping price level, because the area of profit- able business tends more and more to be restricted. That's what happened in England during the creeping pa- ralysis that came over business in the 80s, when witnesses before the Royal Commission on Trade Drepression al- leged and urged every reason except the true one. ‘Monetary Machinery. “I don’t want to be technical. I hope But to get at this picture— what is involved in the changing price level—we must look into the monetary machinery itselt and see the whole stream of production from which we draw our living and watch the allot- ment of goods to different people changing silently, arbitrarily and with- out justice—between British, French and American (for reparation and debt payments), between past lenders and present lenders, and risk takers, in the capital and interest of business and government; between providers of work by hand and brain and providers of capital, in the division of the products of industry. “In & word, public opinion must be conscious and determined to have a yardstick for its most vital relation- ships that is not made of jelly or elas- tic, such as the world of business sees today. “I have just been reading a late re- port of the Harvard economic system, and I agree with a quotation which I find in that. It is this: “ ‘By devices and arrangements now well known and with reasonable co- operation among central banks. the purchasing power of gold can be kept comparatively, though, of course, not absolutely. stable, so that if the decline cf gold production now in prospect after 1935 is followed by a serious decline of commodity pfices, this result will be due, not to inescapable economic law, but'to causes wholly within the control of human voliticn.’ “But is it possible, Sir Josiah, maintain a fairly even price level the demand for gold increasing and the dew supply becoming relatively scarcer?” He smiled. World Gold Needs. “I think that is answered in the quotation I just gave you. The world needs approximately, according to the best available figures, 4 per cent in- crease each year to maintain the ncrmal expansion of business, say 250 to 300 | miilion dollars of new gold annually. Now if new gold flelds are not dis- covered and no new processes whici will give us this amount, obviously the gold we have wiil have to be so used as to do the same work without restric- tion. It can be done. It will be done, if intelligence is used by the central bank officlals of the world and its leading bankers. Certainly, if the problem s understood. It's largely psychological, but bankers have no great reputation for being adept in psychological moves. “But the world conference for_the study of gold, of which George E. Rob- erts, vice president of the National City Bank of New York, is the Amer- ican member, was called this Summer for just that purpose. I look for a very fundamental and far-reaching report to come out of that conference.” “What about the Bank for Internc- tional Settlements? Do you see in it a great future?” “Décidedly! When the man on the street knows that the gold coming into or leeving b ; country has a pronounced bearing on his own wages and his own labor, #nd Wi n these problems come up as 1w e ¢ fact discussions in every-day life, t| ‘n the Bank for In- ternetional Selt’ nents will be repog- nized more anil more as a clearing house for world i siness problems. Its future is just s big as the vision of the world leac rs. It can be made one of the world's mntrsz institutions.” The Inte :itional Labor Conference, to FRIDAY, AUGUST 15, 1930. FINANCIAL. STOCK AND BOND AVERAGES By the Assoc From Ygpterday' STOCKS. Two years ago. Three years ago, weekly aver. High, 1930 Low, 1929... krevious day h b “Total bend baiss taday. §18.600 , 1929. *New l!lSl high. (Copyright, 1030, Standard Statistics Co.) Markets at a Glance NEW YORK, August 15 (P)—Stocks strong; pivotal issues advance 3 to 10 points. Bonds irregular; several rails reach new peaks. Curb firm; Electric Bond & Share rallied 3 points. For- elgn exchanges irregular; French franc holds steady. Cotton lower; beneficial rains central belt. Sugar easy; disap- pointing spot demand. Coflee steady; trade Luying. CHICAGO, Auxust 15 (#).—Wheat firm; bullish Canadian_ estimate and strong_cash mai favorable crop a¢ markets. Cattle irregular. to higher. SO TR CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August 15—Following is | dvices and higher cash the complete official list of transactions | P2 in stocks on the Chicago Stock Ex-|X change today: STOCKS. High. Low. S”;;Addressnhllfizr ;1! 21 10 250 Chain Helt. 180 ohi City & Cnn RY.. D... o 50 Chic 750 Chic invest pi Ry series 2. 20 w Hhnois Nmmm il 1003 00 Inland _ULl. . 600 Thsutl. vt 100 Jefterson Eiec: Kal 1z0 50 Ky Ut gt com bl 300 Libby-McNeill . 30 Lincoln = Print 200 Lion Ofl -Ref 14700 Majestic Hou Manhat' Dearborn o | Fin Serv Balt & 450 Zenith Rndio Total stock sales ‘tadgs BONDS. 7000 Insull Uil 6s 40 0 Comwith Sup_Co 5! 5000 Cont Roll & Sheet '40 081 5000 Edison 55 '53. BALTIMORE STOCKS. Special Dispatch to The Sta BALTIMORE August 15.- STOCKS. S5 Avpalachinn Gorp, Black as BONDS. 7000 United Rwy & Elec income 4s.. 39% POTATO MARKET. CHICAGO, August 15 (#) (United | States Department of Agriculture).— Potatocs, 61 cars; on track, 123; total United States shipments, 742; weak, trading fair: sacked Irish cobblers, souri, 1.90a2.00; Nebraska, 2.00a2. fancy, 2.15; New Jersey, mostly 2.00; Wisconsin, 2.00a2.10; Minnesota, sacked, early Ohios,,1.50a1.60; Idaho, sacked, Rurals, 2.10. meeting at Geneva a year ago, issued a report entitled “‘Unemployment and Monetary Fluctuation: suggested that a committee now about to under- take the study of the causes of the fluctuation and the purchasing power of gold should elaborate the study to include the other problem just as im- portant—that of unemployment and the unstable rh:e level saying that fluc- tuations urchasing power of gold are lndhpun ly one cause of un- rkets. Corn firm; un- | Hogs steady | § ) |CHRYSLER CORPORATION | sler Corporation, reporting yesterday for 4 | vear, $39,334,882 in 1929 and $21,142,689 4 | Crum & PonterAln 1ated Press. s 5:30 Bdition. 10 Utilities. *100.6 100.4 100.3 100.3 96.6 98.7 99.3 100.6 ~ GRAIN MARKET CHICAGO, August 15 (#).—Corn fu- ture deliveries scored a maximum jump of nearly 5 cents a bushel today as com- pared with early low prices. Ordinary No. 2 corn, either yellow or white, avail- able for immediate delivery, brought 1 cent to 3 cents above $1.00. Sensational | reports of continued crop damage and of failure of ears to form on stalks led to rapid upturns, especially near the end of the day. Wheat likewise made brisk late upturns in price, following the lead of corn. Corn closed nervous, bushel higher than yesterday’s finish. ‘Wheat closed unsettled, l',ta)"yc up; oats, lcallsc advanced, and pro- visions showing 15ca25c gain. 2%cad’2¢c a December March . SHOWS INCREASE IN NET Special Dispatch to The Star. NEW YORK, August 15.—The Chry- the first half year, revealed that it had increased its net earnings from $180,717, or 4 cents a share, in the first quarter of the year, to $3,228,139, or 72 cents a share, on 4,438,442 shares in the sec- ond quarter. This compares with $18,- 095,239, or $4.07 a shdre, in the first half of 1929, and $3,706,928, or 85 cents share, on 4431 465 shares, in the last half of the precedlng year. Sales of automobiles and parts for the six months amounted to $139,030,- 488, against $227,968,786 in the first half of 1929, and $94,953,734 in the corre- onding period of 1928. Gross profits from these sales were $17,783,623 this in 1928. CHICAGO DAIRY MARKET. CHICAGO, August 15 () —Butter firm; receipts, 11,203 tubs; prices un- changed. Eggs firm; receipts, 9,773 cases; extra firsts, 26; fresh graded firsts, 24’;n25 fresh current receipts, | 20a21'%; ordinary current 15a19. DIVIDENDS DECLARED NEW YORK, August 15 (#).— ‘Hidrs. of Company. e. d. Anticostia Cor pf. At&Char A L Ry Au Gear Hks Beatn & Cad M Do .. Butler ‘W | Cnryster” Corp.... Con Inv Can bf. Consol _Paper 7 Corno Mills Shares Class ss B & Quisset Mills Secord Laura Gandy hop Universal Ins P S 86 pf.. [ West Mich Steel T P DpPoPOOE0 PO0LPPD POOLPEZEL: | TInitial Alum Ltd 6% Dt 3150 Q Utd Stores pf....62" | Do 'p 5 | Pire’ Asso’ Phii receipts, | %% A_15 WARNING ON CREDIT ABUSES IS SOUNDED Present Business Slump De- clared: Partly Due to Unpaid Obligations. BY WALTER BROWN. Written for the Associated Press. CHICAGO, August 15.—The present low ebb in business is, in a great meas- ure, due to saturated credits, accord- ing to E. J. Hess of the National Asso- | clation of Credit Men. Certain large manufacturers, he said, forced their products onto the public | chiefly on credit, with the result that the public now is unable to make fur- ther purchases. Until present obliga- tions are liquidated manufacturers and merchants will be stocked with goods. This stagnation brought about re- trenchments, and further curtailment of credit. “Sad as it may seem,” Mr. Hess ad- vised the Interstate Merchants Coun- cil, “in every community, and partic- ularly in cities, a certain portion of the population is composed of irrational people, usually the small wage earner of that community, who possesses no ability to plan ahead, but who ess. every desire for things far ond financial reach. “This type is forever seeking credit. He owes the grocer, the butcher, is slow in paying his rent, wants an automo- bile, a radio, perhl})s a piano. - He will secure all of these if he can get by the credit man without any thought or conception of how, or when his pay- ments will be made. Ultimately he finds himself unable to meet these and his next step is to borrow from high-' rate small-loan companies to meet the obligations which he has undertaken. Such aimless persons Rhnuld never be considered as credit risks.” NEW YORK COTTON NEW YORK, August 15 (Special).— Under the heaviest selling of the year, cotton prices broke over a quarter of a cent on the market today to lower levels than were reached in the record crop year of 1926. A strong stock market and recovery in both wheat and corn started a wave of covering in_the last hour, which wiped out much of the morning loss and left prices 2 to 13 points lower than on_Thursday. Reports of serlous deterloration came from the Southwest, where drought has not been relieved. Spots were reducec 15 points to 11.90. Low. clnw 11.6° 1.90 l'l 86 Open. Qctober, old.... October. December, December, January, 3, 1 2. January) 1 reh 2. 2. 2! FRENCH GOLD RESERVE INCREASES $24,000,000 Special Dispatch to The Star. PARIS, France, July 15.—The weekly balance of the Bank of France, issued today, shows a new substantial increase of $24,000,000 in the French gold re- serve, which now amounts to a total of $1,866,000,000. The French bank note, accor .| this balance, is covered 51.69 per cent by gold reserve in ingot and bullion and more than 100 per cent by gold reserve and reserve in foreign currencies. i LINT COTTON SUPPLY. | By the Assoclated Press. The supply of lint cotton in the United States for the cotton year which ended July 31 was announced today by the Census Bureau as 17,217,372 bales, compared with 17.272,928 bales the previous year, and the distribution ag- zregated 17,347,896 bales, compared with 17,458,282 bales for the previous year. Crown Cork & Seal. NEW YORK, August 15 (#).—Direc- tors of Crown Cork & Seal Co. today 3 | declared an initial quarterly dividend of 60 cents in cash on the common stock, payable September 15 to stock of rec ord September 2, and in addition de- clared a special stock dividend of 10 per cent in common on the common shares, payable October 14 to stock of 0 | record September 29, A statement by the company said the special stock distribution was being made in lieu of earlier cash distribu- tions on the common. INTEREST RATES. By the Assoclated Press. Time money remained unchanged last week, but call funds strengthened slight- ly as their change was calculated by the Census Bureay records from impor- tant centers. The following table gives the average for comparable periods: ‘Time. Call. Week ended August 9. Previous week . 5 | Same week last ye: Let THE STAR follow you into Vacationland o 5 Washington . . . Summer addres: Simply leave your add: with the same dispatch home in Washington. e g The simplest way to know what's going on in and all the other worthwhile news is to have THE STAR delivered by mail to your ress or itinerary at the Business office and you will receive THE STAR if you were in your own Rates by Mail—Postage Paid Payable in One month. One week.......... All Other States— One month. ... The employment Sir Jolilh heartily agreed. (Copyright. 1930, by North American News- Advance Maryland and Virginia— Frenine Sunday. Evening. Sunday. B5c 800 400 25¢ 1Se 10 veee..$100 7S¢ 25¢ Star 50c THE GREAT NEWSPAPER OF THE NATION'S CAPITAL