Evening Star Newspaper, August 21, 1930, Page 14

THURSDAY, AUGUST 21, 1930. FINANCIAL. | (oo v BONDSmossaanas] [[0TTON RATE FINANCIAL., D, €, BOND PRICES FIRM A—I4 wxn STAR, WASHINGTON, ETHLEHEN BONUS | 'HE - EVENING NEW YORK STOCK EXCHANGE PENSION 1S SEEN System Probably Will Be Re- vamped if Steel Merger Is Approved. BY JOHN F. SINCLAIR. The Bethlehem Steel Co.’s “bonus system,” through which half a dozen higher-up officials of that company re- ceived millions of dollars in extra com- pensation during 1929, probably will b revised, no matter whether the Bethle- | hem Steel-Younstown Tube merger is! finally approved or not. H Harry G. Dalton of Cleveland, a di-| rector in both the Youngstown and Beth- | lehem companies, said on the witness | stand that he thought the system “should be revamped if the merger is finally approved.” “If you had known that Mr. Grace was getting $1,600,000 in 1929, and the high executive officers collectively were get- ting about $3,400,000, would that have made any difference to you?” Mr. Dal- vas asked. o onit think so,” replied the Cleve- land capitalist, explaining that Mr. Grace and his associates had trans- formed the Bethlechem Steel from a “war time” concern to a “peace”’ in- stitution in a way most satisfactory to 2 stockholders. o oubect in the business world has been discussed more widely since the Bethlehem - Youngstown fight began than this bonus system. Judge David G. Jenkins, who heard the testimony, said that the question of the amount of bonus paid to Mr. Grace and the other officials has “absolutely nothing to do with the questions at issue—namely, whether or not all information regard- ing the bonus should have been given to the Youngstown directors “before they passed on this merger,’ and “to the stockholders before they voted on its ratification.” So the bitter tinues. e vey S. Firestone’s emphasis on -‘bf?f,;..as readjustment” in his address before New England business men shows the trend of business. Some have top- heavy inventories; some, too restric(('_fl ki others, too heavy executive still others, too much ld.le cash. Every business, in these days, requires frequent individual examina- tion and overhauling, for business read- Jjustment is the order of the day. E. R. Johnston, former greslden'. of the Victor Co., champions high indus- trial wages to enable the country to “gnap out of the present slump.’ “All Europe, with the exception of France and Holland, is in a state of gen- eral business depression,” says Mr. Johnston. “One of the reasons why Holland and France are more prosper- ous than the others is that they manu- facture specialties. They do not go in for mass production. They also are fur- ther developed on a firm agricultural basis.” 2 American business recovery will be much more rapid than .European, be- cause America “is made up of free in- dividuals, filled with personal ambition, whose requirements and demands know no bounds,” Mr. Johnston thinks. “High wages is the secret of Amer- fean prosperity,” said_Secretary Davis of the Department of Labor in a recent article, and advised the rest of the world to “enrich itself” by such methods. “As I see it, the main need is to get the wage scale up, to increase pur- chasing power, to enlarge the market, to help more people to consume more and finer things,” wrote the secretary. Fine, in a great free trade zone like the United States, where mass produc- tion methods can be applied. But, the statement of Mr. Johnston, quoted above, that Holland and France were prosperous above other European nations because they did not go in for mass production, but for specialties, shows the other side of the problem. Europe would like to pay more wages. Bhe would like to sell more goods. No nation desires low wages and growing unemployment. Her leaders are’ aware of the difficulties involved, but the mar- kets all through are so restricted that the mass production basis hasn't any chance to develop. Another thing! Wages even in the United States cannot be maintained if unemployment continues. Says the conservative Commercial and Financial Chronicle: “Unemployment in time will force wages down. No employer listening to the false plea of ‘consuming power' can pay more wages than the conditions of his own busin and the conditions of the country warrant. No union can continue to exact tribute against pro- | longed general depressicn. “If, as is 5o often said, the United States is in a period of readjustment after a period of inflation, the country | must expect wages to follow the trend | and respond to the new era.’ More wage reductions took place last week than increases. In several cam-‘! munities around New York, for example, members of the building trades are paid full union scale wages each week, but refunds to employers are made on the following Monday. In this way, the formal union wage scale is maintained and the work goes Eaton-Grace fight con- investment guaran- * market, a term which refers in ntostment circles to the sale of new #¢ urity issues below the public offering (Continued From Page —_— Revere Copper & Br. Reyriolds Metals (2). Reynolds Spring. . Reynolds Tob B (3). Richfleld Ofl (2). Rio Grande O11 (2 Rossia Insur (2.20). . Royal Dutch a3.2165 Safeway tes St Joseph Lead (13). St L-San Fran (8). Savage Arms (2) Seneca Copper. Serval. Ire. ........ Shattuek(FG)(+1%) Shell Trans (a2 423) 2608 Shell Unfon Oil..... 109 Shell Un Ol pf (5%) Shubert Ti, Skelly Ofl (2)....... 3 Sloss-ShefMe!d pr (7) 1308 Solvay Am pf(53%).. Sou Porto Sug (1.40) Southern Cal £4 (2). Sou Dalrtes (B) Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Sou Ry M & O ct (4). Sparks Withngtn(1). Splegel-May.Stern. . Stand Brands (1%). StandG& B (3%)... Stand G & E of (4) and Gasg&E| pf (7). nd Invest Corp. tand O of Cal (2%). Stand O1l Exp pf(5). Stand O1l of Kan (2) Stand Ol of N J(12). d O1l N Y (1.60). Sterling Sec (A).... Sterling Sec ev pf(3) Stewart-Warner (2) Stone & Webster (4). Studebaker Corp (3). Superior Ofl. Superior Steel Symington (A)...... ‘Tenn Cop & Ch (1).. Texas Corp (3)...... Tex Gulf Sulphur(4) Texas PC&O1l.. Texas Pac Land T Thatcher pf (3.60)..: Thermoid Co. ‘Fhird Avenue. ... Thompson (J R) (3). Thomp-Star pf (3% ) Tide Water As (60c). Timken Roller (3). Trensamer (11.60). . Transcontl Ol (30c) . Tri-Contl Corp. .. Tri-Cntl Corp pf (6). 15% 47 49% 17% 894 25% 24 204 9414 19 16% 9% 894 9414 13) Close. C| 84 Uni Utd Car! alwort Warner rner wWarren Webster: Wess oil Wess O West Pe t Willys Woolwo! Wrigley Yale&T: Youngs " Warn Bi 87% | cas 0w | o 147 | 67w | 21% | 18 ayments based 5 Unit of trading per ‘cent in stock. a Paid this year—no when earned preferred stock. T Subject to approval of stockholdes Western Dairy (B).. Western Md. . Western Pacific pf. . Westinghse E&M (5) 134 thse E&M pf (5) 208 Overland. Wiison & Co. Worth Pump. Worth Pump(A) (7). Worth Pump(B) (6 Yellow Truck....... ) Zenith Radio. RIGHTS EXPIRE Int Nickel (Aug. 30). s given in on the lates! §Payable in scrip. e Payable in cash or stock. stock. & Plus 6 per cent in stock. JPlus 8 per cent in stock. per cent in atock. n Plus 3 per cent in stock. p Plus 50c cents in Recelved by Private Wire Direct to The Star. Office. Union O of Cal (12) Pacifie (10)... Utd Alreraft Utd Business Pub. bon (2). United Corp (50¢). United Corp pf (3) Utd Electric Coal Utd Stores Ttd Strs pf (623%c¢).. 166% 146 2 Vulcan Det (4)..... ¢ Waldorf Svatm(1%) th Co (2). Bros Plet War Bros P pf (2.20) Quinian. Bros (3). 13 -Eisenlohr p1 20s & Snow (2). 2 & Sn of (4) nn Pw pf(6) 100s 1 3 1 146 139% ewing Mach. 4 7 q rth (2.40) 9 29 1 (Wm) (4). owne Mfg(4) 22% 130 % 1 1 102 S&T stpd ) 1 9 ros P.Sept 15 450 % L Y Sales of Stocks on New York Exchange . 781,000 . 1.302'500 the above table are the annual t quarterly or half yearly declara- tPartly extra. iPlus & 9Plus 9 per cent In stock. b Payable in stock. d Pavable 1Plus 10 per cent in hPlus 2 per cent in stock. k Plus 3 per cent in_stock. m Plus 1 less than 100 shares. regular rate. CANADIANGRONERS N SEROUS PLEAT Pool May Cut Payment for No. 1 Wheat From $1 to 70 Cents a Bushel. BY J. C. ROYLE. Special Dispatch to The Sta MONTREAL, August 21.—Among per- sons giving serious thought to tneir economic prospects, probably none is thinking harder than the Canadian wheat farmer today. He has just come through a year which, despite the fact that he has em- ployed all of his indusiry and every economy, has left him barely solvent. And now he is told that worse is to come—the threat lying in the promise of increased surpluses in Russia, Aus- tralia and Argentine, where acreage ex- pansion is rapid. The Canadian wheat pool last year made an initial payment of $1 a bushel 0 its members for No. 1 Northern wheat. This year its payment is ex- ’pecud to be 70 cents. Thus the farmer starts under an initial handicap of 30 per cent, which can only be overtaken by an increased yield., This is in_proc- pect, but hot to an extent sufficient to overcome the price difference. Insurance Firms Invelved. Just how serfous this handicap s, can best be realized in the light of the fact that' during the past year, when the pool was making an initial disbursement of §1, close to 800,000 acres reverted into the hands of insurance company mortgages, who were forced to take po session to protect their equity. Nearly all great Canadian insurance companies, as well as two prominent Canadian trust companies, are involved in this phase of Western depression. ; The prospect is not an encouraging one, and the western grower is facing it thoughtfully. Probably no circum- stance in his situation is more signifi- cant than his own changed outlook. A few vears ago his confidence was im- plicit that in the formation of the wheat pool he had evolved the final solution of his economic difficulties. He believed in it as an agency able to affect world prices and bring about the orderly mar- keting essential not only to price sta- bility, but also to maintain stable prices at a high enough level to insure a fair return, rice to certain buyers who agree to| old them for a period of time, will! have to be changed. | This has grown rapidly in recent| years, coincident with the vast expan-| sion of securties offered and soid. The | original object was to prevent gluts on | the securities market, for the aim was | 1o assist in an orderly marketing of the varfous securities offered. But it hasn't worked out. Roland A ‘Wilbur of Mitchell, Herrick & Co., who is heading a committee of the Invest- ment Bankers’ Association, wants the practice ended upon the ground that it “threatens the orderly conduct of syn-| dicate and retail distribution of securi- ™ The investment guaranteed market is pretty well loaded up now and has!| become a real handicap in recent bond | distribution { (Copyright, 1930.) BALTIMORE HAS LINES TO ALL BUT TWO PORTS' Bpecial Dispatch to The Star BALTIMORE. August 21.—The port of aBltimore, snow a terminal for 12 coastal and intracoastal steamship lines with the forthcoming addition of the| Newtex Steamship Corporation’s Balti- more-Houston service, is in direct water communication with every major port in the United States except Mobile and New Orleans, according to G. H. Pouder, director of the Export and Im- port Bureau. Steamship services from this port to the Alabama and Louisiana coastal cities may be looked for in the near future, Mr. Pouder said. With the ac- quisition of Mobile and New Orleans steamer lines, he added, Baltimore's port will be a terminal for water-borne cor'merce that may be directed to any Atantic, Gulf or Pacific port of im- portance. CHICAGO DAIRY MARKET. CHICAGO, August 21 (&) .—Butler, 5.075 tubs, steady: prices unchanged. Eggs, 4,852 cases, firm: extra firsts, 27: fresh-graded firsts, 26; fresh current receipts, 22a23; ordinary current re- ceipts, 15a21. Poultry, alive, 2 cars, 28 trucks, easy: fowls, 5 pounds and over, 22; general run, 20a20',; Springs over 3 pounds, 24a25; broilers, 3 pounds and under. 22; roosters, 15; turkeys, 15a18; Spring ducks, 15220; young geese, 14, Today this outlook no longer prevails. It is not that the farmer has lost faith Canadian crop no longer is the deter- mining factor in world prices and that the pool must, accordingly, modify what has been its strategy in the past, in the light of this fact. Course Is Uncertain, Just what course the prairie grain grower will adopt in an effort to im- prove his position is uncertain. The re- cent general election in which the Pro- gressive party—traditionally agricul- porters of, the protectionist Conservative party elected in its stead was illuminat- ing as revealing the farmers' growing interest in a protective tariff. Previ- ously the western farmer has looked more to the co-operative movement than to the government for a solution of his troubles. But he had experi- mented with politics after 1921 by cre- ating an agricultu-al bloc in the House of Commons. Its achievements disappointing. Wheat played an important role the election by which the Liberal gov- ernment in Canada has just lost power after nine years in office. During the past year the impression grew in Great Britain that the Canadian wheat pool was withholding its grain from the market in an effort to raise the price of bread to the British consumer. A prejudice against Canadian wheat which at one time threatened to de- ticeable among British buyers. The Liberal government, cent campaign, proposed to overcom the Canadian market. It that ences in | was thought » matter of reciprocity. Liberals Rejocted in West. te th: ing the response any and criticized granting of preferences specific reciprocal agreement The West, not because want a_preference for it did not more reliance on the party’s policy of specific bargaining, re- jected the Liberal Government’s pro Dosals. Premier Bennett, will have as one of his important mi: slons at the Economic and Imperial Con'\ average crude output 105610 barrels, had deposits of $520,000, tural—was about eliminated and sup- | were, in velop into a boycott, then became no- t = I e oree| at 1929 level. this prejudice by extending freely to British manufacturers important pref- such a concession | upon Canada’s part would ensure a cor- | dial preference for Canadian wheat as| Sk 5 e party was frankly without any its wheat in| division Great Britain, but because it placed | changing conditions said to make it in- Conservative | expedient to effect merger accordingly, | stock. Bpecial Dispatch to The Star. DANVILLE, Va., August 21.—The| consolidation of the Bassett furniture | interests of Henry County, unanimously | approved at a meeting of stockholders | | yesterday, represents one of the largest | industrial mergers ever to take place in | Southside Virginia. Stcckholders of J. D. Bassett Manu- | facturing Co. of Bassett and the W. M. Basselt Furniture Corporation of Mar- | tinsville, adopted the consolidation plan, by which a holding corporation. called Bassett Furniture Industries, | Inc., is to be formed, with a combined invested capital of about $5,000,000. This represents the conservative value of the assets of the companies, With- out increase for good will or earning ability. The new company will operate six factories in Henry County, with an output of about $12,000,000 worth of furniture yearly. The officers of the new concern are J. D. Bassett, presi- dent; J. D. Bassett, jr., vice president, and W. M. Bassett, secretary and treasurer. FURNITURE MERGER IN DANVILLE | GIVES SOUTH BIGGEST FACTORY The merger represents the formation of the largest furniture factory in the South and one of the largest in the Nation. The report of the Schofield Engi- neering Co. of Philadelphia on a sur- vey of two proposals for the purchase of the Danvile utilities plants, to en- lighten the City Council on which of the offers_embodies the best advan- tages for Danville, made to the coun- cil at a special meeting last night, failed to see any specific recommenda- tion made as desired. A large number of leaders, both for and against the sale, were on hand, and a consensus was that a “strad- dling” position had been taken, the Tri-Utilities Corporation being fa- vored in respect to certain types of in- dustry, while the Western Power, Light & Telephone Co,, the other bidder, was favored in other instances. The council referred the report to the Finance Committee. The survey was made at & cost of $7,500 to the city. | | ference of the British Empire, to be held in late September and October in | London, the conclusion of some ar- | rangement favorable to the marketing| | of Canadian wheat in Great Britain. | Meanwhile the pool has sent Andrew | Cairns, its chief statistician, to Russia | | to study not only the production pros-| | pects, but also the growing mechani- | zation which the wheat-growing enter- prise is undergoing there. The hope of the growers, it may be stated, is turn- ing largely from marketing to a lower- ing of production costs. (Copyright, 1930.) | | NEW YORK, August 21.—-The fol- lowing is today’s summary of important | corporation news prepared by Standard | Statistics Co., Inc, New York, for the | Associated Press: | News Trend. | Earnings statements and dividend an- nouncements contribute the items of outstanding interest in the day's cor- poration news. Of the large number of | earnings reports only three show better | results than a year ago. These are Va- nadium Corp, Atlas Plywood and | Northern Paper Mills. A distinctly poor showing has been made by Nickel Plate, | with July net income declining 93.4 per | cent and seven months 832 per cent | from the 1929 periods. This reduction is largely the result of the slackness in movements of automobiles and miscel- in the pool. Rather, he realizes that the | Janeous manufactures from which this | ond quarter. road derives a substantial portion of its | revenues. Unfayorable dividend actions were taken by Shell Union Oil and Hudson Motor Car. The former passed | quarterly payment due September 30, | while Hudson declared dividend of 75 ocents, compared with former quarterly | disbursement of $1.25. An initial divi- dend was declared by International a) Electricity output, which is one of the | | accepted indicators of indust-ial activi- | | ty, was 0.5 per cent smaller in week | ended August 16 than in previous week. | Compared 1929 period, output was 2.8 | per cent lower, but against 1928 week, | 9 per cent larger. The Companies. American Austin Car unfilled orders June 30 totaled 184,117 units, with retail | value $81,930,000. At Metal Construction first half earnings 37 cents common skare, against 5131 :car ago, Auas Plywood earned $3.38 common share in year to Junc 30, against $2.65 previous year. Atlas Stores sales first half 34.1 per cent above year ago. | " Aviation Corporation (Delaware) air- mail carried in July by American air- ways 109,467 pounds, against 103,219 in | June. Revenue increase was $10,179. :| “"Chicago Yellow Cab first half earn- | ines $2.38 common share, against $2.99 year ago. Ford Motor of Canada current sales | Central Asphalt July daily average | crude production 1467 barrels, against | 1,550 in June and 1,223 year ago. Gulf Oil July daily “average crude| production 63,087 barrels, against 61,- 567 year ago. Hudson Motor Car declares 75 cents dividend _on common stock; formerly | paid $1.25 quarterly International Hydroelectric electric o | output first half 10’ per cent above year +| ago; 12 months to June 30 up 18 per ent International Printing Ink proposed merger with_dyestuffs and _chemical of Newport Co. abandoned; International Salt declares -| dividend 75 cents on new common initial | against 115,578 in June and 87,956 year ago. H. R. Mallinson & Co. had deficit $374,286 in first half, against $132,790 year ago. New York, Chicago & St. Louis Rail- way July net income $35,171, against $516,502 year ago: seven months, $681,- 485, against $4,010,885. North Central Texas Oil first-half earnings 26 cents common share, against 52 cents year ago. Northern Paper Mills earned $2.93 common share in first half, against $2.76 a year ago. Raybestos Manhattan first-half earn- ings $1.22 common share, against $3.10 year ago. Remington-Rand, Inc., earned 31 cents common share in June quarter, against 79 cents year ago. Schulte Retail Stores advances prices popular brands of cigarettes in car- tons to $1.19; package prices remain two for 25 cents. « Scott Paper July Sales $441,008, against $532,377 year ago. Sears, Roebuck & Co. rescinds in- creases in tire prices made in Fall and Winter general catalogue; will continue rices quoted in Summer scale cata- ogue until end of year. Opens new store in Brooklyn, N. Y. Shell Union OIl passes 35 cents quar- terly common dividend due Septem- ber 30. Standard Oil of New Jersey buys fleet of Kinner airplanes to use in aviation sales and promotion. Stinson Afrcraft reported sold 22.3 per cent of all commercial airplanes manufactured in United States in sec- Southern California Edison July net, before depreciation, up 10 per cent: seven months, off 0.8 per cent from year ago. Southern Natural Gas to supply Southwestern Gas & Electric with nat- ural gas for distribution on Mississippt coast. Western Pipe & Steel of California receives two pipe orders, valued at $400,000. R The Industries. Cotton—Census Bureau reports 34,- 030,706 cotton spindles in place in United States July 31, of which 26,464, | 444 were operated some time during month, against 27,642,158 in June and 30,397,190 year ago. Based on an ac- | tivity of 8.88 hours day average num-| ber spindles operated during month was | 22,944,203 or 67.4 per cent capacity on | singie-shift basis, against 76.3 per cent Glass—July production polished plate glass was 8,326,176 square feet, against 9,128,216 in June and 13,057,098 year ago, plate glass manufacturers report. Public utility—Electricity output by light and power industry of United States in week ended August 16 totaled 1,671,393,000 kilowatt hours; decrease, 05 per cent from previous week; 2.8 per cent below vear ago, but 9 per cent above 1928 period. Railroad—Western carriers ask I. C. C. to postpone from October 1, 1930, to Jdnuary 1, 1931. effective date of order reducing grain rates in Western area; contend order means complete revision of grain rate structure, which would be impossible to comply with by October Cotton rates applying to Mississippi Valley reduced to equalize them with Eastern rates; Southwestern territory placed on basis 10 per cent higher; ex- port rates to Texas seaports adjusted for length haul. Sugar—Further reduction 5 points in price refined sugar to 4.35 cents pound announced by principal refinery; lowest price since 1914. Ohio Bank Closes. COLUMBUS, Ohlo. August 21 (&) The Dollar Savings Bank of St. Clair: . Ohlo, was closed today by the State Banking Department. Frozen as- Lago Ofl & Transport July daily sets was given as the cause. The bank for June and 100.3 per cent in July, | 1929 | F ON ACTIVE MARKET Tightening of Money Rates Fails to Be Reflected in Investment Trading. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 21.—Though there was a slight tightening of money rates today, bonds hardly reflected it. Price levels were firm and in point of volume trade was more active than for some weeks. Once again the total of new issues was small, only $3.000,000, of which all but $365,000 consisted of the refunding of a City of Bergen, Nor- way, iss With the demand for good bonds daily becoming more insistent as deal- ers’ shelves became denuded of their recently so plentiful stocks, there is a tendency to disregard money rates even in the case of prime municipals and legal railroad ana public utility credits. Convertibles Trregula: As a result, Atchison general 4s, Baltimore & Ohio first 4s, Canadian National 5s, American Telephone 5'is and Philadelphia Co. 5s all sold today at their 1930 peak prices. There were minor_ recessions in Southern Pacific 415 Union Pacific first 4s, Northern Pacific 4s, Great Northern 7s and In- land Steel 4':s, but even then these last named issues were selling within one-eighth or one-quarter of their high- est_levels. Convertibles had a more irregular trend, with stock displaying the same indeterminate activity. = Baltimore & Ohio 4':s (1960), Commercial Invest- ment Trust 5';s, Southern Pacific 41:s (1969) and American Telephone 4':s were marked up in active trading, but the gains were offset by losses in Philadelphia & Reading Coal and Iron 6s, Texas Corporation 5s, General The- ater Equipment 6s, Loew's 6s and War- ner Bros.’ Pictures 6s. In the junior rail group fluctuations on either side were confined by a dull- ness in trading. Erie General Lien 4s, Erie 55 and Western Maryland 4s were strong. Chicago & Great Western 4s and Southern Railway 4s sold off slight- 1y, Most of the speculative indusirtsls displayed a strong tone. National Dairy Products 5'4s were most active and gained fractionally. Dodge Brothers 6s. Armour of Delaware 5155, U. . Rubber 5s and Brooklyn-Manhattan Transit 6s were all improved. German Bonds Firm. There was little of interest in the foreign department beyond the mod- erately heavy trading of German bonds at firm prices and the strength of the cla Austrian 7s. which were at their best price of the current movement and since the new 7s were brought out. The latter sold at a 2'4-point discount, or unchanged. French government bonds continued in demand, presumably under the Prench government’s policy of purchas- ing French dollar bonds with surplus funds to its credit in New York through the recent reparations subscriptions. Belgium, too,’has been buying some of ite dollar bonds and with most of these issues close to their call prices, some announcement of refunding operations, or possibly the outright retirement of one of the small loans is confidently ex- pected. (Copyright, 1930.) Washington Stock Exchange 'SALES. Pollg;l:nc Electric Cons. 55—8$1,000 at Washington Gas 6s “A"—$500 at 103, $100 at 1027, $1,000 at 1027 AFTER CALL. Potomac Electric 6% pfd.—1 at 110, 10 at 110%;. Georgetcwn Gas 55—$500 at 103. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Telga. 4128 133... 101 ot. guar. Bs.. . Tel_ of Va. 5s.. apital Traction R. R 5t ty & Suburban 5 Potomac Elec Wash., Alex & Wash. Balto n Wash. 65, series B Wash. Rwy. & Elec. ds.. 11100 MISCELLANEOUS. Ross. Inc.. 6'a Barber & sh. Cons. Title 6 STOCKS. S Amer. Tel. & Tel. (9) Wash, Rwy. & El Wash, Rwy. & EI NATIONAL BANK Capital (14) olumbia (12 Federal-Ameiican (10" Liberty (78)..... Lincoln (12) Metropolitan {14 Righs (15) ... Second (9e) . Washington {13y TRUST COMPANY. Amer. Security & Trust Co. (15) 385 Continental Trust (8)... " Merchants' Bank & Trust (6).. 125 Natl. Sav. & Trust (12:) i Prince Georges Benk & Tr. Co. 35 nion Trust (8%).. "\ 283 Wash. Loan & 0. SAVINGS v. & Com. BK. Seventh Street (12) United States (30) . Washington Mechanics’ (20) FIRE INSURANCE. American (12). Corcoran (10). Firemen's (8) Naticnal Union (15) ‘TITLE INSURANCE. Columbia (6h) ... i Real Estate (60)..."" : Title & Iny. Co., Md. com MISCELLANEOUS. Ross. Inc.. com.. Barber & Mer. Tr. Mergenthaler Linotype (6) Natl Mtge. & Inv. p # Peoples Drug Stores pfd. (6 Real Est M. & G. pid. ¢ The, W Wash. Med. C Woodward & Lothrop pfd. i7) *Ex dividend. ¥213% extra, B Books closed. 3% extra. 4% extra. 15°% dEx hts. el14 extia. wi—When issued. 52% extra. BANK 0;‘ FRANCE STATEMENT. PARIS, August 21 (#).—The weekly statement of the Bank of France shows the following changes in francs: Gold increased 296,000,000, sight balances abroad decreased. $9,000,000, bills dis- counted at home decreased 124,000,000, bills_discounted abroad decreased 25.- 000,000 advances decreased 37,000,000 circulation decreased 292,000,000, cur- rent accounts increased 35,000,000, Rate of discount, 2!z per cent. iy - UNITED STATES. ! (Sales are in $1.000.) Bales. High. Low. Close. 23 1024 1021 1021 52 10231 102 28 10230 110116 10116 10116 1 10731 107 31 107 31 FOREIGN. Sales. Argentine 5%s ‘62, ; Lib 18t 4% Lib étb 4% US3%s'43.. USes'H.... . Low. Close. 9 51 Belgium 7 Belgium Bolivar 7s'58. DB R R M RANNONNNN SR NR N AD RN RSN SRNRA 100% 105'% a1 9% 1007 105 91 9114 1014 21 78% 101 9915 4 110% 110% 110 Colombia 6s.Jan '6 Con Pwr Japan 7s. . Copenhagen bs rets Czecho 8= ‘K1 Czecho 8s ‘52 Danish Munic s A. Danish Munie 8s B. Denmark 4 s. . . Denmark 5% s ‘55 0 DEI5%s.Nov 63, Dutch East 1 68 63. 12 23 9 21 14 1 20 2 1 22 22 53 Ger 5158°30-"35 rets 34 German Bank 2 stallan Pub 8vo 7s. Japanese 4 Japanese 51 Kreuger&Toll 5s ct Mex 45 1910 asst. Milan 6%s..... Netherlands 6s*72. N Wi 57 A strong group of market operators have shifted their activity from Va- nadium to United Aircraft, feeling that it is enough of a mystery stock to sell far out of line with actual earnings, as it now does. Norway 6348 ‘52 Ortent dev 53 Parts-Lyons-M P-m-s.y-uoa 7, 1025 90% 104 105% 1034 718 9.1 Poland 6 *40 . Poland 7s (rets). Poland 8s. Porto Alegre 8 Rhine Wst EP 6s'53 Rhine Westés '53. Rio de Jane!ro 634.. ul 65°48 R'y’l Duteh 4% sww Sao Paulo 8536 Sao Paulo '60 Saxon (PW) Seine 78 '42. Serbs Cr Slov Serbs-Crot-8) Swiss 5%s "4 Toho El Pwr 65°32. 10 Tokio 5%8'61...... 5 Utd Kingm 6% 8 '37 Utd SS Copen 65°37. Uruguay 60..... Uruguay . Vienna 20 149 4 2 7 1 6 2 MISCELLANEOUS, ADbItib! P&P 68 ‘53, Alleghany Cp 68 44 Alleghany Am Agri Chem 7% Am For Pwr 68 203C 68 Armour&Co 4 % Armour. Del.5%s. . Atl Refining bs.... Bell Tel, Pa, 63 (B) Bell Tel Pa 63 (C). Bethl, Beth St Bush Term Bldg bs Chile Copper b M. 102% 9714 1025 97 102% 94, 99% 107 105 9314 104% 106% 945 1023 60% 9614 1084 102% 923, 106% 931y 1021 102 Consumers Pwr Cuban Am Sugar 83 Det Edison 58 *40... Det Edison " Dodge Duquesne ¢%s"67.. 104% 107 94% 10214 63 9614 oy = o 1 [T 4 Gen Cable 5%s 47, Gen Mot Ac Cor Gen St Cast 6%8'49 Gen Thea Eq 6s *¢ Goodrich 6% @oodyer 68 reti Humble O & R Humble O & R Inland Steel 4% *78 Intl Cement 6s 4% . Int Hydro El 6s '44. Intl Mateh 7. Intl Mer M: Intl Paper 68°47... Intl Tel & Tel 4% Intl T&T é%sev.. Int] Tel&Tel bn ‘55 Gan Gas&El 4153 80 Lacleds Ga Laclede 5348 Lautaro Nitrate 6; Loew’s. Inc. . Loew's 63 w o war. Lorillard i ey 106% 985 102% 1025 » R Ga xeRaR~ ombmiE Lorillard (P) ¥ Lou Gas&El bs '62. Nontana Pwr *43 110 104 104 110% 104 104 1034 » 99 1071 105% 114% 1011 107 101 10814 103% 103% 103% 103% 100 103% 1014 9% 96% 93% 101% 100 96% 9814 8 108% 10415 1024 102' 96% 98% 105 106% 1044 9% & 100% 114% 1011% 107 101 1034 1034 % 103% 103% 1031 100 s % Belueranlan il Nor States Pwr Pacific Gas & EI PacT&T 1st © BanEemm Phila & Read Phillips Pet 634s. . Postal Tel & C5%e Pub Serv G 4348 '10 Pure O11 538 ‘37 Rem Arms 65 '37 Rem Rand 6 Richfield O11 Sinclair O11 6348, Sinclair O11 7, Stnclair Cru Sinclair P L 6 Skelly O11 6% Solvay Amer South Bell Te 6 Southwest Bell 68, BStand O1l. NJ "48 Stand OI1. N Y. Tenn Cop 68 B "¢ 1o N S 1081 1041y 1024 Received by Private Wire Direct to The Star Office . Low. Close. 107% 107% 104% 104 104 110% 110% 110% 98% 98y 98, 83 82% K% 1 101% 101% 101% 90 90 90 Tex Corp ev Transcont] O1l 6%s 22 United Drug 8583, § " S Rub st 7f be... 22 Utah PwraLt Utilities Pwr 6%, Warn Bros P ¢ War Quin 6s ‘3! Warner Sug 7 Warner@ug rn Eles 90 89 894 80% 80% 80% 424 42% 42% 105 104% 104% 104% 104% 104% 104 104 104 Wilson & Co 18t 6s. 100% 100% 100% Win RepeatAr T%s 1031 10344 103 Youngstn § &T 5s.. 26 103% 103% 103% RAILROAD. . 50 94 93% 94 97% 97 Atch Ariz 4% Atl Coast Line 4s. At] Coast L 1at 4 AtICL4%s"64 9 95% 96 9 1031 101% 103% . 37 96% 964 964 9101 101 101 30 101% 101 101 25 104% 104% 104% 1 106% 106% 106% 19 110% 109% 110% « 16 105% 105 105% . b 88% 88% 884 Bang&Aroos ¢s'S1. 13 93 9214 92% Boston & M 68 1955 9 100% 100% 1003 Boston & Maine 10 101% 101% 101% Bklyn Elev 63 6 914 914 9% Bklyn Manha 59 99% 9915 991 11 104% 104 13:'5 Bush Term con Can Nat 4%9°57... 17 99'% 98% 99% 16 99% 99 99% 18 105 1047 1047 MAY HAMPER RS Freight Reductions Efi("é'f'i'!’é}d to Lower Earnings J&ar- riers in South. By the Associated Press. Sweeping revision of cotton freight rates in the South, announced today by the Interstate Commerce Commis. slon, effective January 10, are expected to lower slightly rail earnings from the cotton traffc. The new adjustment left schedufes on the commodities in the Southeast unchanged, but reduced Mississippi Val- ley schedules to equal those of eastern portion and placed rates in the Bolnhwetst at a l;lolnt approximating 30 per cent more than those applyi the valley and the East. G It contemplates removing discrinii- nation which cotton shipments were said to have encountered in reachirg Mobile as compared with New Orleans: 1t alters the basis of export charges on cotton moving via Texas ports, increes- :r;‘z rl'r,es for short hauls and decreasing ose for longer hauls, giving Okl lower tariff. soee A The decision resulted from complairts of cotton co-operatives and from the commission’s own investigation. In the Mississippi Valley the new mileage scale fixed a charge of 18 cents per hundred pounds for shipment jof 1 111% 111% 111% . 6106 106 106 Canadian Pacdb ¢s. 19 90 89% 90 Can Pacificctfsbs. 2 104 104 104 4 3 100% 100% 100% .4 101% 101% 101% RR NJT gen 55’87, 7 11315 113 113% Cent Pac 1st 53°90. 1105 105 105 Ches Corp 58°47.... 16 100% 100¢ 100% Ches& O 4%s'93 A 3 100% 100% 100% Ches &0 ¢%s B°95 31 100% 100's 100% 3 79% 9% T9% 5 101% 101% 101% 1.9 9 9 72 86 99%, 961 2% 86 49% 961 2% 86V 99% 9514 841y Bdu B4 CM&StP Pac adj 50% 50% 50% Chi & N Weon ¢%s 13 1005 100% 1005 ChiRI1&Prfds 19 991, 99 9% Chi R1cv ¢34 8 98% Ch, M&StP 4% Chi MII&StP 4%3 B 61 5 105% 105 105% CCC&StL 4%s (E). 51 100% 100% 100% CCC&StL 6s (D)... 15 105 105 105 Clev Term 4%#'77. 1 1017% 1017 1017% Colo & Sou 4% 1 100% 100% 100% Col 80438 A'80.. 99 9 9 CubaNors%s'42. . Del& Hud ref ¢ 92U Fla East C 5874 Gr Trunk st deh ¢, Grt Nor 4%s (E).. Gt Northern 5% Gulf Mo b3 (B). Hav El Rv 5%8 '51. Hocking Val 4% Hud & Man adj 5, 111 Cent 4= *53. M Cent 4% T} Cent ref 68 '65. . 111 Cent Chi 4%s. Int Rapld Tran 17 107% 107 107 3 99w 99u 99 7 1104 110% 110% 12 1124 112 11 2 100% 100% 100% 3 43 43 43 10 101 101 101 821 £21 82 3 90% 90% 90% 30 101 101% 101% 9 106% 106% 106% 1100 100 100 6614 8| Int RysC Am bs... Kan City F't 8 4 12 80% 79N T9% 2 102% 102% 102% T 93% 93% 93% 10 824 82u 82y Ll 13 100% 100% 100% Lehigh Valcon4%s 1103 103 103 L&N unds.. 2,197 91 97 L &N ¢%82003. 5 101% 101 101 Mill E] Rv&L 5861, 9 10214 102 102% M StP&SSM con 4s. 25 B89% 881, 88k M StP&SSM bs gtd. 10 95% 95% 95% M StP&SSM 6%s.. 8 100% 100% 100% MEK & Tex B 1 911 91y 91y MK&T4% 5 99 99u 994 MK & Tex adi 5 101' 101'% 101% M K&T prinSs(A) 3 104% 1041 104% Mo Pacific gen ¢s.. 25 79% 79% 79% Mo Pac s I "17. 40 101's 100% 1001 9ov. 111 108 107% 107% 1 60 50 50 1 99% NOTex& M6sB.. 12 99 Tex & M 6%s. 1 1031 103% .103% 84 B4 841 4 100% 100% 27 102% 100% 1005 32 108% 108% 108% X 106'% 106% 106%s 10 82 82 82 14 98 9T 9TH% 22 101% 101% 101% 2 102% 102% 102% 3 804 804 80% 53 96 95% 96 16 123% 123 128% 1106 106 106 25 89% 89% 89 51 51 97 97 69 70 9415 9414 5 106% 106'3 106% 6 114% 114% 114% 198 98 98 6 104 103% 104 103 103 98 9815 26 101% 100% 100% 1 110% 110% 110% 4105 104% 1043 32 1104 109 4 101' 100% 1014 5 100% 100% 100% 3105 105 105 17 111 110% 110% 5 111% 1114 111% 9 99% 95% 95% 10 95% 96k 95 2100 100 100 1100 100 100 2100 99% 100 1 101% 101% 101% 6 101% 101% 101% 9 8 89 89 8 99% 99% 99% 8 91 911y 911 48 93 921 9274 6 102% 102% 1023 5 101% 101% 10(% 3 88 B8 RETA 6 997 99% 99y 18 101 100% 101 2 107% 1074 107% 9 514 50 60 5 43 43 43 2 43 43 43 @4 96 96 96 13 99% 99% 99% Sou Pac 4149'69 ww 52 100% 100% 1004 So P &Ore 4348’77, 9 100% 100% 100 - 23 89 881 89 10 1101 110% 110% 20 123% 121% 121% 7 108 102% 108 2 481 4814 48i 90 304 29% 304 20 98% 98 i 91 928 921 92 2 101% 101% 101% | 6 1073 1074 107% 25 4% 94 94 1 102% 103% 103% 3101 101 101 29 104% 104% 104% 19 86% 86l 86w | 1100 101 101 T 99% 99N 99N RATES ON SILVER. LONDON, August 21 (#).—Bar silver, 167:d per ounce; money, 1!2 per cent. Discount rates, short bills, 2!4a23-16 per cent; three months, 23-16a2Y, per -0 h1&StL 4%8'78 C & StL ¢s'31.. N YC&SIL 6s'23. N Y NH&H 4 NY NH&H ¢% NY NH&H ov db &8 N Y NH&H elt NYWaBy Norf&Sou gn 5 Norf & Wn con & Nor Pacifie 3s 2037, Nor Pacific 4s. ... Nor Pacific 5s (D). Nor Pacific ref 6s.. Penna 4s'48 Sta. ZZZZZZLZY, QFraran Ws. . Penna O&Det Pere M 438 19! Pere Mara 1st bs. PCC&StLEs(A). P C C&StL 53 B'16 Pltts W Va 4 %8 B, Pitts W Va 4%4aC Port EIPL Port R L& P 5530 Port RL 68 '47.... Reading xen ¢% A.. Reading %8 B RioG W StL IM&S R&G 4 A StL&SanF 5s B S&L&SF gen 6831, 2 SB All Fla Sou Pac ref ¢s.. Sou Pac 4% s rets. Tex & Pac 6s BTT. Third Ave ref 48" Third Ave ad) bs... Union Pac 1 Unton Pa Union Pac 4% virginia Ry 1st 8 five miles. This increases to 35 cents for distances of 50 miles; to 82 ce; for 500 miles, and to $1.09 for 1,!%‘0 miles. Variations were provided for ship- ments across territorial lines and tl Southwestern scales contemplate - pensation for two-line movements. e compared with single-line movements. commission said the Oklahoma rates on cotton to Texas ports, which now range from $1.02 to $1.07'% cents, would range from 84 cents to $1 a the_adjustment. L] The present schedules fix a blanket charge ‘of 81 cents for cotton ccm- pressed in transit to the Texas ports for all distances over 210 miles. The new scale grades the charges so after 300 miles they increase in proportign to a total of 97 cents for 600 miles, . Flat rates also were made for the movement of cotton raised on irrigated lands to the Pacific Coast. In the Mobile-New Orleans adjustment rail- roads were instructed to make identical rates to both ports from points where distances do not vary more than 25 per cent. Baltimore Markets BALTIMORE, August 21.—Potatoes, white, 100 pounds, 75a2.10; barrel, 2.50a 3.00; sweet potatoes, barrel, 2.00a6.50; beans, hamper, 3.25a3.75; beets, 100, 4.00a5.00; cabbage, basket, 1.00al1.15; | carrots, 100 pounds, 4.00a5.00; celery, crate, 1.50a2.25; corn, dozen, 20a45; cu- cumbers, hamper, 50a75; lima beans, bushel, 3.00a5.00; lettuce, crate, 25a1.00; onlons, 100 pounds, 2.00a2.25; peppers, hamper, 50a75; squash, hamper, 75a 1.00; tomatoes, hamper, 60a90; pack- ing stock, bushel, 90a1.15; blackberries, quart, 13al6; cantaloupes, hamper, 50a 1.25; huckleberries, quart, 15al16; peaches, bushel, 2.00a3.75; watermelons, {100, 10.00240.00. Poultry, alive—Chickens, pound, 20a30; Leghorns, 15a23; old hens, 15a22; Leghorns, 12a15; old roosters, 13al4; ducks, 11al5; Guinea fowl, each, 65a75; pigeons, pair, 15a20. Eggs—Receipts, 1514 cases; nearby firsts, 23a24; Southern firsts, 22; cur- rent receipts, 20a21. Butter—Good to fancy creamery, pound, 36a41; ladles, 28a29; rolls, 27a28; process, 321:a33; store packed, 23a24. Hay and Grain, Wheat—No. 2 red Winter, export, 9412; No. 2, Winter, sarlicky, spot, 911, August delivery, 91°; September, 9213 October, 9415, | Corn—No. 2 domestic, yellow new, 1.14a1.15; cob corn, 5.2585.50. Rye—Nearby, 65a72. Oats—White, No. 2, new, No. 3, 49'%a50. Hay—Receipts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chang= ing the entire situation. Sections here« tofore shipping are now asking for of- fers of hay. Good clover mixed and timothy new hay will bring from 22.00 to 28.00 per ton. ‘Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. Springers, 5012a51; Live Stock Market. Cattle—Recelpts, 500 head; supply: market dull. Bheeis—Choice to prime, none: good to choice (grass fed), 7.50a8.50; me- dium to good. 7.00a7.50; fair to me- dium, 6.50a7.00; plain to fair, 5.608 6.50; common to plain, 4.50a5.50. Bulls—Choice to prime, none; g to choice, 6.25a6.50; medium to good, 6.0026.25; fair to medium, 5.50a6.00; plain to fair, 5.005.50; common to plain, 4.50a5.00. Cows—Choice to prime, none; good to choice, 47585.00; common to good, 4308 4.75; fair to medium, 3,50a4.50; plairt to fair, 3.00a3.50; common to plain, 2.25 23.00. Heifers—Choice to prime, none; good to choice, 6.50a7.00; medium to geod. 6.00a6.50; fair, to medium, 55026:00; plain to fair,* 5.00a5.50; commbn, to plain, 4.5085.00. 3¢ Fresh cows and Springers, “30.00a 60. - 00. 5 Sheep and lambs—Receipts, - 8,000 head; fair supply; market: Hteady. Sheep, 1.00a3.50; lambs, 4.00a10.50. Hogs—Receipts, 400 head: Hght sup- ply, market higher. Lights, '32.00a 12.40; heavies, 10.75a12.25; jum, 12.00a12.60; roughs, 7.50a9.50: % light pigs, 10.00a11.25; pigs, 11.00a12:09. Calves—Receipts, 75 head; light sup- ply, market steady. Calves, 5D0&100. light Butter — One-pound prints, 43a44; tub, 42a43. Eggs—Hennery, 30; current receipts, loss off, 22a24. Poultry, alive—Spring broilers, large, 31a33; medium, 28a29; smlll{}ggfil Leghorns, 23a25; fowls, 18a20: m fowls, 14a15; ducks, 15. Dressed— Shipped in, iced, Spring broilers, 81a33; medium and small, 28a30; fowls, héavy, 23a24; medium, 23a24; small,.J3al5, Jobbers' home-dressed Spring broilers, large, 37a38; medium, 34a35: small, 30a32; Leghorns, 27a28; fowls, 25a26; medium fowls, 24a25; Leghorn fowls, 20a22; ducks, 24a25; turkeys, “'}‘t Meats, fresh killed—Beef, 182203 veal, 15a16; lamb, 20a23; pork lol 2 36; fresh hams, 25; fresh shoulders,’ 18a20; mzo k:d h-nzx_s'. ]27:d .umokedkah ,d!e,rs. ; bacon, 27; lard, ckage, | ¥3'2; in bulk, 13. T Live stock—Calves, 9; lambs, 8. 25a60; canta- Rocky Fords, flats, 1.00a1.25; nearby, jumbos, 2.00a2.50; honeydews, 1.25a1.50; honeyballs, 3.00a4.00; Persian melons, 1.50a1.75; oranges, 6.00a8.00; lemons, 8.0029.50; limes, per 100, 2.00; grapefruit, 8.00; apples, 50a1.50; box stock, Gravensteins, 2.75; peaches, 2.00a 3.50; pears, box, 2.50a3.00; grapes, Thompson seedless, 1.50; Concords and Delawares, crates, 2.00; figs, per crate, 5.0085.50. Vegetables—Potatoes, 3.25a3.50; sweet potatoes, 7.00a7.50; cabbage, 90-pound sacks, 2.25a2.50; turnips, 2.00; carrots, per 100 bunches, 5.0086.00: beets, per 100 bunches, 5.0026.00; cauliflower, 2.50; tomatoes, 1.00a1.50; corn, 5-dozen sacks, 2.33: pter?fl’:“'be” ;‘glo:)fi.m' 3.50a 2.00a2.25, v o