Evening Star Newspaper, August 28, 1930, Page 14

INTEREST IN PERU $250,000,000 Is Estimated as Total Stake for Amer- ican Capitalists. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 28.—Augusto B. ia, deposed President of Peru. was too ambitious to bring his country up to date in too short a time, according to his friends. His administration, they vas thoroughly modern. He favored ;afllll improvements, including the rebuilding of Lima, the capital; tensive road building program and the vast expansion of Peru's school system —improvements which called for great sums of money and copstant increases in the tax rates, until they reached a t too heavy for the people to bear. The overturning of the government has been followed by a military dic- tatorship, but no far-reaching changes are expected immediately. The new government has announced that it will adhere to the presenet constitution, although every officer in the cabinet is & military man. Effect on U. S. B\n‘nul.m L ‘Wha rect will the overturn have o:xegmencln business? Probably very little. Of the American mures(: there, estimated as high as $250,000,000, about $85,000,000 represents a xovu;x‘:- ment loan floated by the Nntlom}&% y Bank of New York, and Seligman mu}.l, an American inve: ment house Wwhic) has specialized in South American securities. s interests, too, are largely cm?!l:::::d‘nm Peruvian mine: ‘The Guggenheim brothers of A\(‘hc s are probably the largest, for they corc trol the North Peruvian Smelti glvex Refining Co., & large copper and s‘bles company. The All American C'; o Co., which controls t‘l';e National c] B D " owned by another erican concem—u‘;ecgntemlucm! ‘Telegrap! 3 “mn;fl&nmt interests in Peru lé: nies controlled by the Cerro » ‘Mining Co. of New York and on bstantial corporations, dom- oF two Hearst, the N by William Randolph Hearst, inated by blisher. Other A:.\uefluln interests affected are the Foundation Co. of New ‘York, now on several large construction in Lima and throughout the the International Petro- by the Imperial which in_ turn is Standard contracts e mmca.. controlled Ofl Co. of Canada, controlled by the Powerful Ol Co. of New Jersey. % Whether the change from a civil & military government means anything more than an internal struggle for pow- er will develop in the next 30 days. Surplus Farm Leaders. Even the political enemies. of Alex- - THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) oY Stock and High. Low. Dividend Rate. 22% 17% Pet Milk (1%). 27 18 Petrol (1%) 44% 29% Phelps Dodge (3) 554 50% Phila Co 6% pf (3) 25%: 11% Phtla Read C & 1. 84 Philip Morris (1) 29% Phillips ffl-flu « Py i . e TwSnesn T 1) e. 20% Pittston Co (37%0).. 8 P Rican Am To (H).. 33% Prairie Ofl & Gas(2) 44 Prairie Pipe L (1h) 615 Pressed Steel Car 52% Proctor & Gamb(2. 61 Prod & Refiners. 81l Pub Serv.N J (3.40). 91% Pub Serv N J pf (5).. 62 Pullman Corp (4)... 19% Pure Ofl (1% )...... 52 Purity Bakeries (4). 32% Radio Corp.. P ot Dt ISP ST Yo 58% 28 Raybestos Man 141% 100 Readinz Rwy (4) 6474 34% Real Silk (5)....... 271 Rels (Robt) & Co pt, 23 Rem Rand 1.60).... 814 Reo Motor Car (80c) 6 Reo Motor ctfs (80¢) 32 Repubilc Steel (4) 80 Republic Steel pt ( 3 14% Richfield Ofl (2)...0 15 Rio Grande Ol (3).. 88 Ritter Dent Mfg (13) 45% Royal Dutch a3.116i 22% 574 Safeway (es). 109% 103 Safeway Strs pf (7). 57% 33% StJoseph Lead (13). 118% 85% St L-San Fran (8) 181 - 4% Schulte Retatl Str 1212 4% Seaboard Afr Lt 14% Ti Segrave (1,20). 100% 56 Sears Roebuck(32%) 28 7 Second Naul Inv 131 5% Servel. Ire... s 54 Sharp & Do pf (3%).. 8114 Shattuck(FG)(11%) 11 40 Shell Trans (a2.423) 1008 14 Shell Union Oil...... 6 941 Shell Un O1l pf (53%4). 8% Shubert Theatres. .. 32 112 108 Sinclair Ofl pf (8) .82 41% Sloss-Sheffleld ps (7) 36% 15 Snider Packing of. 30% 15 Sou Porto Sug (L4 122 103 So Port Ric S pt (8) 72 52% Southern Cal Ed (2) 108 Southern Pacifia (8) 186% 75 Southern Rwy (8. 135% 87 SouRyM&Oet( 37% 19% Spang-Chalfant..... 30% 134 Sparks Withngtn(1) 10% 5% Spear & ci 25 17 Spencer Ke 364 52 14% Spicer Mfg... 10% Splegel-May-Stern.. 17 Stand Branas (1%).. 3% Stand Comm Tob. ... 844 Stand Gas&El (3%). 61% Stand G & E pf (4)... 96's Stand Gas& El pf(6). 56% Stand Oof Cal (23%). of the Federal e his frankness and . 'He has been & big business mfir—c most successful one. He has ‘been at his present job working many hours a day for over a year and in a recent article in Current History he summarizes his conclusions in several 4 "l:: Emf’xfi'.'x trouble with ag- riculture is lack of effective organiza- tion * * * the adjustment of production to potential market requirements has been ignored in the past * * * agricul- ture will never be on a profitable basis until the farmers, like other producers, their output, quantity and qual- ity as well, to potential market require- ts, at the same time doing what they can to extend and expand those markets.” # Later_on in the article the Farm Board chairman admits the inability to meet the problem by any stabilization operation, “which would remove the de- pressing surplus from the market to be ‘merchandized at some later date.” But on Monday at the Iowa State Fair, Chairman Legge touched upon another phase of the problem--the sur- plus of farm leaders. “One of the most difficult surpluses we find is the surplus of leaders or ‘or managers of groups that have in the past attempted to solve the problem along different lines.” ‘True. Put 100 farm leaders together, from all sections of the country, a more often than not a battle royal to policy will result. Farmers, to ad- vance their economic fortunes, must unite on one program. This is the Legge ‘contention. ‘Tariff Schedules. ‘The business man who expected to send his protest against any particular tariff schedule to Washington and have that schedule changed overnight is doomed to disappointment. Many for- elgn business interests also seem to have the same idea. To change any schedule is a difficult proceeding. - It requires an immense amount of investigation both here and abroad, testimony in detail, depositions, court appeals, if necessary, and a hun- dred and one other red tape rules laid down in the Hawley-Smoot act for the guidance of the United States Tariff ‘Commission. Only in the matter of finding out the approximate average cost per barrel of crude petroleum from the ofl fields of United States and Venezuela is the act specific in its command to the Tariff Commission. This information must be_supplied within eight months. But other schedule changes will re- quire more time—plenty more. I doubt if any schedule now in force will be changed in any substantial particular within a year. More likely any out- standing abuses in the rates will not be corrected within two years. ‘Too much should not be expected of Chairman Henry Fletcher during the first year. Wheat and Silver Prices, The Cambridge Associates, Incorpo- rated, of Boston, have been taking issue with Prof, Carver of Harvard Univer- sity, who disputed recently the conten- tion of the Cambridge Associates that there was any definite relationship be- tween wheat and silver prices. The Associates contend that when silver de- clines the buying power of the wheat- consuming people of the Far East is seriously affected. 1t is true that the eastern countries— China, India, Japan, etc.-—produce less than one-tenth of the wheat of the ;:lr'ld and consume more than one- William T. Cobb, 2d, of the Cam- Association contends that the decline in silver is not the sole, or even the chief cause of the decline in wheat, but “merely a contributary cause.” It is hard to see how Prof. Carver can take issue with this position. (Copyright, 1930, by North American News- paper Alliance.) s KEBdER REPORT- Di:NXED. NEW YORK, August 28 (#).—John M. Hancock, 8 director of both Sears, Roebuck & Co. and of the Kroger Grocery & Baking Co., today denied 98 Stand Of) Exp pf(5).. 29 Stand Otl of Kan (2) /58 Stand Ol of N J(12). 30 Stand Ofl N ¥ (1.60). 2714 Starrett (LS) (12K) terling Sec (A) 70 Stone & Webstor (4). 25% Studebaker Corp (3). 2 Superior Oil. 1214 Superior Steel. 50% Texas Corp (3) 48% Tex Gulf Sulph 4T 9% 29% 82% 13% Texas Pac Land Tr.. Sates— Add 00. High. 20 h D! 17% Tha 2 Tide Timken Timken Utd Gas v Waba Whit Wrigley 10:30 AM. 1:30 P.M. 5 tions. per cent in stock. ides te. tcher M1z ¢1.60 The Fair pf (T)..... 1 Thermoid Co. Third Avenue. Thompsan (J Tobacco Products. . . % Tobac Prod(A)(80e) Trensamer (11.60). . Transcontl Oil (30¢c). Transue & W (1). Tri-Contl Corp. Tri-Cntl Corp of (6). Trico Prod (2%). Ulen & Co (1.60) 9% Union Bag & Pape Unian Carbide (2.6 Union Oil of Cal (12) Union Pacific (J0)... Union Pacifie pf (4) .. Union T'k Car (1.60) Utd Afreraft.. . Utd Afrcraft pf (3).. Utd Biscuit (1.60) Utd Carbon (2). Utd Cigar Stores United Corp (50¢) United Corp pf (3).. Utd Electric Coal. Utd Fruit (4)... . Utd Gas & Imp(1.20) Waldorf Systm(1%)" Walworth Co (2).... Warner Bros Plet. .. War Bros P pf (2.20) ‘Warner Quinlan..... 4 Warren Bros (3) Wess oll & Snow (2) Wess O & Sn pf (4).. West Penn El A (7).. Western Dairy (B).. s Unit of traling less than 100 shares. Payable 1 per cent in_stock. per cent in stock, K Plus 3 per cent in stock m n pes preferred stock. fSubject to approval of stockholders. 4 Prev. Close. Close. 24% 244% 1061 11% 11 " Sales— Add 00. High. ). 11 24% er As (60c! Det Ax(80¢! Roller (3)..a a0 cramShanwanmon ) & Imp pf(6) 1 Jtd Plece D pf (614) 100s 4 Utd Stores (A) 1 S Smiltg & Ref (1). U S Steel (1),... U S Tobacco (4). Univ Leaf Tob (3) Univ Pipe & Rad Ut Pwr&Lit A (e2). Vadsco Sales pf (7). vanadium Stl (14) Car Chem. . Vulcan Det (4) 3 708 1 24 4 426 3 15 5 Westhse E&M pf (5) Weston El Instr (1), Motors 12). Willys-Overland Woolworth (2.40). Worth Pump. 5 Worth Pump(B) (6) (Wm) (4) Yellow Truck... . Youngs S&T stpd(5) Youngs Spring (3).. Zenith Rad1o........ RIGHTS EXPIRE Int Nickel (Aug. 30). # Mich Steel. ‘Warn Bros P.Sept 15 Sales of Stocks on New York Exchange 589 227 W 1% % 1% 214 1% 1% 1 2% Sept 28 239 400 . 980,800 12:00 Noon 2:10 P.M. . 755,200 1.101'600 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half yearly declara- tPartly extra. 3Plus ¢ | crip._Plus 9 per cent in stock r rate. b Payable in stock. d Payable in cash or stock. fPlus 10 per cent in Plus 2 per cent in stock. Plus 1 p Plus 50c cents in us § per cent in stock. CORPORATION REPORTS TRENDS AND PROSFECTS OF LEADING ORGANIZATIONS NEW YORK, August 28.—The fol- lowing is a summary ol important cor- poration news prepared by the Standard Statistics Co., Inc, for the Associated Press, News Trend. Dividend declarations and railroads earnings statements supply, the most in- teresting portion of today’s financial news. Companies announcing resump- tion of dividend payments and increased or extra disbursements include Auto Strop Safety Razor, BuTalo, Niagara & Eastern Power, Consolidated Zaun- dries and Texon Oil & Lend. A reduc- tion in quarterly rate was made by Jef- ferson Electric. Further reports from rallroads have amplified the decrease in aggregate income compared with pre- vious years. Total net operating income of the first 54 roads to report for July showed declines of 32.3 per cent from a year ago and was 115 .per cent smaller than in the 1928 month. Gross revenues for the same carriers was 17.8 per cent less than a yesr ago and 3.1 per cent below 1928. Production of electricity by electric and power industry ir the United States in the week of August 23 was 2.8 per cent below the like week in 1929, but 6 per cent above 1928 weck and 0.2 per cent above previous week. The Companies. Associated Gas & Electric Statutory Court for district of New Hampshire | decrees New Hampshire public service, until further order of court, Te- strained fromen forcing order forbidding sale of stocks and bonds of associated ‘Subsidiaries in New Hampshire. Atlantic Coast Line Railroad July net operating income off 25 per cent; 7 months, 45 per cent below year Atlantic Gulf & West Indies Steam- | ship Lines' first half earnings, $4.16 | commmon share, against $7.56 yéar ago. Autostrop Safety Razor increases class B quarterly dividend to 75¢, plidi 40 cents formerly. Bangor & Aroostook Railroad July deficit after charges, $137,852, against deficit $94,868 year ago: 7 months sur- plus after charges, $1,162,204, against surplus, $821.681. Buffalo, Niagara & Eastern Power declared fiunrterly dividend 40 cents each on class A and common shares; formerly paid 371, cents. Burns Bros. announcs coal piice ad- tember 1. Canadian National (including Cen- tral Vermont) July ne: after expenses off 40 per cent; 7 months, 47 per cent below year ago. Chemical National associates over two-thirds stockholders of = company and Chemical Bank & Trust have de- posited proxies with committee to ratify merger of associates into trust company. | Chicago & Northwestern R. R. July | net operating income off 66 per cent (excluding back mail pay $1,349,492, in- | cluded 1929, off 20 per cent); 7 months’ 46 per cent’ below year ago. | Coca Cola International first half | published reports that the plan under which Kroger will operate food depart- ments in two Sears-Roebuck stores foreshadowed a merger of the {wo com- E-nlu. He sald that'the report may ave resulted from a misinterpretation of a statement by President A. H. Mor- rill ‘of Kroger that the .plan may be extended to other Sears-Rcebuck stores if it proves successful. Mr. Hancock is & partner in Lehman Bros., bankers for Kroger. POTATO MARKET. CHU"CAGO, August 28 (#) (U. 8. De- nt of Agriculture).—Potatoes, 89; 8. ents, pe “ck, 196; total U. on 715, slightly weaker trading, very slow: Wikiontia ars ‘Sobblers. few earnings $6.02 common share, against | $8 year ago. Colgate-Palmolive-Pret Co., reported negotiating for acquisition of Kirkman Brooklyn, N. Y. of yn, N. Consolidated Laundiies resumes pay- ments of common stock by declaring quarterly dividend 25 cents, Denver & Rio Grande Western Rall- road July deficit after charges $20,405, against surplus $134,479 year ago; seven months’ deficit $561,043, against ~urplus $726,850. Freeport, Tex.. acquires leases on 2,000 pcres on Stratton Ridge Salt Dome, Brazoria County, Tex., where sulphur prospecting will be started. since April 1. |and in American plants abroad, | ments,” he says, vance 50 cents a ton, effective Sep- S oeives Norwegian gove nt census equipment contract; Great Britdin busi- ness in July increased 20,6 per cent over year ago. Kroger Grocery & Baking president states first half earnings equaled 12 cents common thare, against $2.41 1929 period; has liquidated $4,000,000 bank debt and cut inventories $3,905,734 First half depgeciation charges exceed those of year ago by $471,528, due mainly {p increase in rates, Marshall Pield & Co. and Wrigley interests both deny report they are negotiating for purchase New York block for department store. Missouri-] xas July. surplus, after charges, off slightly; seven months, 51 per cent below year ago. Park & Tilford first half earnings 77 cents common share, against $2.96, be- fore taxes, year ago. Pennsylvania Rallroad July net opera- ing income off 38.2 per cent; seven months, 31.5 per cent below year ago. Pittsburgh & Lake Erie Rallroad July net operating income off 1.1 per cent; seven months, 6.4 per cent below year ago. ’ Pure Oil, with Hickok plan $20,- 000,000 improvement im, $5,000, 000 to be spent on refinery and devel- oping, marine facilities and $15,000,000 on_gasoline pipe line. Radio Corporation of America R. C. A. Victor producing 2,200 radio ma- cllflnes dally, with pay roll 16,000 peo- ple. Texon Ofl & Land 'declared extra | dividend $3 and regular quarterly divi- dend 25 cents on common stock. Western Pacific Railroad Co. July net operating income off 33 per cent; seven months net operating deficit $336,180, | against income $902,754. TARIFF EQUALIZATION URGED BY SENATOR FESS By the Assoclated Press. Senator Fess of Ohio, chairman of the Republican National Committee, contends the products of American factories in foreign countries should carry a tariff that will equalize produc- tion costs here and abroad. The Senator, while not condemning American investments abroad, declares tariff legislation is for domestic inter- ests. Tariff opposition by international banks and investors in foreign lecl\l.ln(;:s 1 e be- lieves, should not be serlously consid- ered by the lawmakers. “I do not condemn these invest- “While I prefer that they should employ American rather than foreign labor, I am willing to con- cede the liberty of American citizens in such ventures. But the country will not ?en-nn the product of such in- dustries to displace in the American market, the American labor employed in competition with such foreign labor.” The Ohioan belleves the country d require such imports to bear @ duty levied to represent the differ- ence in production costs in the two countries, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co, 55 193 American Tl & Tel biag Americar, Thread §'5s altimore & O) Batayian Bell Tel X AR Celifornin Pet. Corp. 3+ i dian Nor. Rwy, 4'.s 1935,. 1 5 lnel :’(n:rk é«lllfild :;|lfi.‘1. Cl‘lgnll“)‘orlxglnllcx: s&,; General" el ot 4104 i ult Ol of gt 7 o] SSS: 583 S8 S _§§§_.. s 3 23835 = SEeseE £ 233! 23385; Bankers Will Use Sound Policies in Assisting Farmers Financiers Ready to Aid Drought Victirhs, but Must Have Security. BY J. C. ROYLE. 4 Spevial Dispatch to The Star. Bankers of the drought-stricken States are not going to deviate one step from what they consider sound bank- ing practice in their relief programs, despite the pressure brought to bear on them to extend easy credit to farmers. ‘The * banking leaders from the 11 States most affected by the failure of crops made this plain here today, in- dividually if not officially. They are looking for business and they want to help the farmers for their own sakes, but they are keeping one eye on the banking regulations of the Federal and State governmicents and the other on the profits which they feel they must show their stockholders. ‘They have made it plain that each State must assume responsibility for drought relief, must make its own smoke and kill its own snakes. The Federal agencies have no funds specific- ally available for the purpose, and de- partmengal executives declare it is up to the iMiividual Jocal banker, and that banker is going to have adequate secur- ity for every loan he makes. Credit Agencies. ‘There is much, however, which can be done through the Federal Reserve banks and agricultural credit agencies, and advantage will be taken of this by local bankers in the interests of the farmers. Alexander Legge, head of the Federal Farm Board, maintained to- day that the difficuities caused by drought had been greatly exaggerated. He maintains that if the drought was going to break any one, such a person would have been broken any way. ‘The facts set forth above under some clrcumstances might seem dispiriting for the farmer. But the banking lead- ers gathered here made it plain that they were thoroughly convinced that general business recovery would not be delayed or checked by the drought. ‘When hardheaded bankers make confi- dent statements such as that, there is every reason to believe that they see business recovery in the offing, and that in consequence their ideas as to the advisability of making loans will be decidedly liberalized. After all, the individual banker must decide to whom he will extend credit and must fix the amount and the terms. Bankers are not loath to make loans. Thence come their profits, but they want these loans returned, and they are not likely to make them unless the . D. C, THURSDAY, AUGUST 28 1930. INVESTMENT BOND MARKET IS HIGHER Easy Money Rates Continue to Aid Demand for Prime Issues. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 28.—Despite the competition of over $36,000,000 of new bonds, today’s investment market ad- vanced again under an oversupply of money. While money rates did not alter quotably, the indications were for a further postponement of the expected seasonal L&ol:!enlnl. The new 415 per cent issue for the New York, Chicago and St. Louis Rail- road was the feature of the day. The issue totals $36,600,000 and is chiefly for refunding bonds maturing next May 1, and to redeem other bonds callable on that date, The new Nickel Plate 4!:s were brought out at 97%, the price at which the comparable issue of 4!is put out in 1928 has been selling for the Pnsl two days. The old 4l;s are legal in New York State for savings banks and trust funds and it is expected that the new bonds will also enjoy that distine- tion. At any rate the issue was quickly distributed and the books closed. in the high-grade group, Atchison General 4s, Baltimore & Ohio first 4s, Union Pacific first 4s, Northern Pacific 4s, Duquesne Light 4l2s, Philadelphia Company 5s and some of the long-term U. S. Government descriptions were a shade better. Convertibles had an irregular trend, though advances had a slight numerical superfority. Warner Brothers Pictures 6s were off fractionally with the stock. Alleghany 5s, Baltimore & Ohio 4'%s (1960) and Atchison 4!is improved. In the junior rails the feature was the peculiar situation in bonds of the International Railways of Central Americ: Owing to the inactivity of the 5s, a first mortgage, the sale of two bonds caused a wide drop in the price until first mortgage 5s yield much more than do the 6%s, an_overlying credit. The steep dip of the 5s was caused by a wide spread between the bid and asked prices, owing to the general weak- ness of South and Central American securities in the past day or so. At- tempts to exchange the 6!.s at 91 for the 5s at 61, however, caused an abrupt correction of the situation. Other junior rails, such as Chicago & Great Western 4s, St. Paul adjus ments, Erie 5s, Missouri-Pacific 5% Frisco 4'2s, Southern Railway 4s and Boston & Maine 55 had small advances. Foreign bonds were stronger, short covering in Peruvian issues being re- sponsible for a point or more recovery in them, with attendant gains Chilean, Brazilian and Argentine descriptions. French issues were active and higher, the widest gains being in Berdeaux 6s, French 7s and 7';s and Seine 7s. Ger- man and Austrian credits were off a small fraction. AL 2% Washington Stock Exchange SALES. Merchants’ Bank & Trust Co.—10 at 125, 10 at 125, Bank of Bethesda—10 at 59. Federal-American Co. com.—50 at 31. Real Estate Mtge. & Guar. pfd.—100 at 6%, 100 at 61 Capital Traction—10 at 627, 10 at 6235, 10 at 623, 10 at 63. AFTER CALL. Potomac Electric 6% pfd.—10 at 111. Federal-American National Bank—5 at 275. . American Security & Trust—1 at 405. Potomac Electric 5%2% pfd.—5 at 109, 5 at 109. Capital Traction Co.—10 at 63%. Bid and Asked Prices. BONDS. mer. Tel. & Telgn. 4las '33. mer, Tel. & Tel. 4'as '39. Am. Tel. & Tel, etl ‘Anacostia & Pot. R. Ana. t. gua C. & P. Tel of Va. 5s. Capital Traction R ty & Suburban 5 Wash. Gas 6s, Wash. Rwy. & Elec. 4s. MISCELLANEOUS. arber & Ross. Inc, 6las PUBLIC UTILITY. Amer. Tel. & Tel. 214 Capital (14), olumbia Gommercial “(stamped) " (10)" A e Washington TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) g Merch. Bk. & Tr_(6) . National Sav. & Trusi (i3t) "’ Prince Georges Bank & Trust Union Trust ( & Trust (i4). Wash. Loan BAVINGS BANK. Bank of Bethesda (65)... Commerce & Savings (10) East Washington (12) Potomac (10)... . Security Sav. & Coi Seventh_Street (12) United States (30).. . Wash. Mechanics (20)....0.0 ] FIRE INSURANCE, American (12) Corcoran (10) Firemen's (8 Union ' {i5) National TITLE INSUR. Columbia (6h).... Real Estate (6h), 5 Title & Inv, Co. Md. com...... MISCELLANEOUS. Barber & Ross. Inc.. com ol DI 385 120 repayment with Interest and profit is | Ter. assured by adequate collateral. Leniency Policy. The governor of the Federal Reserve Board said, however, that he believed “leniency will be followed by all of the Reserve banks toward member banks that are in the affected districts, but that thé Federal Reserve banks are in the same position as other financial institutions and in no position to make knowingly poor loans under any condi- ns.” (Capyright, 1930.) e STEEL PLATE onn—ns. NEW YORK, August 28 (#).—PFabri- Wash. Med. Bldg Corp. Woodward & Lothrep pid. *Ex dividend. y2%% extra. B Books closed. 3% ext c e ight wi—When issued. FOREIGN EXCHANGES. tatis furnished by W. B. Hibbs & Co.) (uotons R iha1 wold Selling checks Va aday. e London, pound. Paris, 'tranc Brussel cated steel plate orders totaled 30,862 | 23, tons in July, againsts 34,073 in June and 48,963 in July last year. for the first seven months this year was 251,137 tons, compared with 333,781 in the corresponding period of 1929, PARIS BOURSE PRICES. PARIS, August 28 (#).—Prices were . Goodyear T. & R reduces salaries sales nllod office m;ee-. including :nm- . 88 168 U B Rupber 85 Joer mfin.mm Co. inE Steel Sorp: Wheel firm on the Bourse today. Three per cent rentes, 88 francs 75 centimes; 5 per cent loan, 101 francs 27 centimes; ge on London, 133 'ulv': centimes. The dollar was ~ 25 francs 41% centimes, The total | Vienn t. peng gue, crown (nom.) (Reported by J. & W. Seligman & Co.) ateMatyrity Received by Priva UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Closs. 3 101 9 101 13 1024 1021 1021 52 102 29. 102 27 102 28 3 10731 107 26 10727 2 11212 11212 11212 FOREIGN. Sales. High. Low. Close. Argentine5%s‘62. 9 95 94% Argentine, May 6 Argentine 6s Ju "5§9% Argentine 6s Oct's9 Argentine Argentine 6s B. Australia 4%1 ‘56 Australia 5s '55. . Austral Austria 7 Bank of Chile 6% Bank ot Chile 6% Belgivm 6s. 4. US4%ss2.. 12 7 21 Belgium 7s *56. Belgium 8s. .. Bolivar 7s '58. Caecho 85 °53. Deamark 4% s Denmark 5% s *55. Denmark 6s. . Dutch East Ind 47. Dutch East I 6s'62. El Salvador Finland 6%s Finlana 78 102% 109% 87 100 119% 126% 95% 87 8954 105% 104 5% 100 95% 98% 9% 934 106% 74 9T% 105% 105% 14% 16% 19 90% 85% 84aly 100% 1021 104% 1023 9% N RN NS~ s 1001 1204 1251 95% Mex 48 1904 Mex 43191 Mexico 55 asnd. Milan 63 New So W, New So Wal Norway bs Norway b1 Norway 6s ‘43 Norway 6%s ‘52 Orlent dev 63 68. . Orient Dev 6s'53. . Paris-Lyona-M s, Paris-Ly-Med 7 Paris Orleans 53 Peru 63’60 Peru 68’61 Peru 7s. Pirelll Poland Ehine Wst EP 6s'62 Rhine Westés '53. . Elo de Janeiro 6% . Rio Gr du Sul Fio Gr Du Sul o o RS BBaa mampaaaDe RenaZone =S enol 80% 9% 105 92% 106 73 28 92% 1064 8% 20 ‘ MISCELLANEOUS. Abitibl PP 68°63. 1 R6l 864% Abram&Straus 6%e 11 100% 100 Alleghany Cp 68 ‘44 17 100% 100 Alleghany 6849, .. 9 99 Allls Chalm 68°37.. & 1011 Am Agri Chem 7%a Am.For Pwr s 203(269 Am T&T cvi 39 Am T&T bs Am T&T cl tr Armour. Del.6%s. . Asso 011 6; Bell Tel, P; 106% Tel P: 110% 103 Cable 53847, Gen Gen Mot Ac Cor HumbleO& RE%s Inland Steel 434 "18 Hydro El Intl Mer Mar Intl Paper 68 *47, Intl Paper 6 . 15 Intl Tel & Tel 434s. 90 188 Laelede 5 % . Y%e D’60. Lorillard (P) 7 Manat! Sugar 7 McCrmek KR Midvale Steel bs. .. Montana Pwr db bs Morris&Co 1sté s, Nat Dairy 6% 00% | port RL&P 73 w4 Nor States Pwr Nor States Pwr Pacific Gas & £l bs. PacT&T 6s'52 Paramount 6s "47 Pathe Exchange 78 FINANCIAL. t to The Star Sales. Pub Svo G 4%s°67. 1 Pub ServG4%s"70 20 Pure Ol1 5348 '37 Rem Arms 6s"37. Rem Rand 6% s war Richfield O11 6s *44. Sinclalr O11 634 s. glno::lr 011 7 inclair Crade 5348 Sinclalr P L i Skelly Of1 6% s South Bell Tel 1. . Stand O11. NJ 46.., Stand OIL N Y.4%s. High. Low. Close. 1024 1024 102% 102% 102% 102% 100% 100% 100% 96 98% 99 87% 85 85 103% 103% 103% 104% 104 104 102% 102% 102% 102 102 102 9 9 96 96% 105 104% 105 104% 104% 104% 100 99% 100 107 107 107 103% 103% 103% 110%-110 110 9% 99 99 2 B2% 826 K2% 102 101% 102 90% 90% 90% 35 35 88 88 90 88% 391 39% 104% 104% 104% 1041 1041 104% 109% 109% 109% 18% 18% 18% 101% 101% 101% 100% 100% 100% Tex Corp v bs "44.. Transcontl Ofl 648 United Drug 5s '83. ™ § Rub 1st rf Utah Pwr&Lt bs. Utilities Pwr 548, Vertientes Sug 7s.. Westn Union 6%s. Wickw-Spen cv 7s. Willys-Ov 6148 '33. Wilson & Co 1at 6s. Win RepeatAr 734s 1 103 103 103 Youngstn S &T bs. 57 104% 104% 104% RAILROAD. Atchison adj 43 Atchison gen 4 A T&SF cv 4%’ Atl & Dan 1st 543, Atl Coast L 1st ¢s. 944 94% 9T% 9% 129 130 1 59% 59% 2 96 13 98 98 98 38 101% 100% 101% 93 101 100% 101 £ 106% 106% 106% 25 104% 104% 104% 2110 110 110 4105 105 105 10 884 884 88% 7 92 9% 9% 59 100% 100% 100% 2 101'y 101% 1014 1.9 90 90 40 99% 99% 99% 13 90w 90% 90% 7 104% 104% 104% 2 95% 95% 95% 2100 98,59 14 99% 99% 99k 16 99% 99% .99% 105 105 . 105 105 105 17 101% 101% 101% 1 111% 111% 111% 33 901 89% 0% 1 99% '99% 99% 12 103% 103% 103% 1 104% 104% 104% 1 101% 101% {01% 6 9613 96% 96% 1 104% 1042 10416 2 113% 113% 113% Bang&Aroos 4s '51. Boston & M 63 1955 Boston & Maine bs. Bkiyn Elev 61 Bklyn Manhat 6s. . Bklyn Un 1st 5850, Bklyn Un EI s '50 Buff R & Pitts 4%, Can Nat 438 10 Can Nat 6s, July’ Can Nat 8. Oct " Can Nor4%s'35... Can Northern 7s. Canadian Pac db 4 Can Pac 4348 *46. Can Pacific 63 '54. . Can Pacific ctfs 6. Cent of Ga 65C 69.. Cent Pacific 45 '49 Cent Pac 1st 58 °90. CRR NJ gen 55 '87. 59% | 4 96 [ o BONDS e eca] N CREDIT FRMS MAY AID FARMERS Drought Gives Rise to Plan for Financing Rural Districts. BY FRANK I. WELLER. (Associated Press Farm Editor.) This year's drought may be influ- ential in the creation of additional credit corporations to serve the farmer and tc enable established Federal agen- cles to function more fully. The drought has served to magnify inadequate credit ®facilities for the farmer, whose credit already has been limited during the last two or three years by the closing of commercial banks in country districts and accumu- lation of frozen assets in other country Government Machinery, The Government’s machinery for get- ticg both production and marketing credit into the farmers’ hands operates through the Federal Farm Loan Board and the Federal Farm Board, t neither can deal with the individual ex- cept through his local credit corpora- on. H. Paul Bestor, executive head of the Farm Loan Board, says the maximam usefulness of such corporations has not yet been employed. ~ It is the Farm Loan Board which supervises the 12 Feceral intermediate credit banks, primary sources of farm credit for production and marketing purposes. The chief direct service the system has given the co-operative marketing associations has been through advances made on staple commodities secured by warehouse receipts. The Farm Board makes the supple- mented loan, an amount determined more or less by what it believes the commodity to be worth above the prie mary loan advanced by the interme diate credit bank. Production credit is obtained by a little different route. It is in this field that the rutflt need is felt for development of additional credit cor~ porations. Credit Banks, * In many instances the drought has made it necessary for farmers to borrow money to feed live stock and to plant their next season’s crops. tained for those purposes. S The intermediate credit banks are’ Ches Corp bs *47... Ches & O 4%8°'93 A Ches & O 4% 8 B'95 CB&Qi1strf Chi& E 11l g Chi1 Gr West Chi Ind & L ref Chi MII&StP 4%8 B Chis M&SLP 4% ChiMIIStP&P 68'16 CM&StP Pac adj bi Chi NW 4%s 203 Chi& N W con 4%s Chicago Rwys 11 100% 100% 100% 3 101 100% 101 34 101 101 101 1 109% 109% 109% 39 51% 50% 651w 2 100% 100% 100% 48 100% 100% 100% 1 99 79 19 2 115% 115% 115% 2 92% 92% 2% 8 100% 100% 100% 35 101 100% 101 7 105 104% 104% 44 102% 102% 102 1 106% 106% 106% 2 109% 109% 1095 20 100% 100% 100% 7 99% ¥9 99 5 69 671 67 4 T34 TON T34 1 52% 5l% Bl b5 95% 95% 95% 8 106% 105% 105% 25 96 961 9% 9% YK 99N 864 864 8214 94 14 o 92% 4 Lf01 112% 1158 112% Rsdés 7 1121 1121 112% Fla East C6a'74 11 44 4“ “ Gr Trunk st deb 3 107% 107 107% 10 111% 111% 111% 1L 99% 994 991 1 106% 1058 105% 16 112% 111% 111% 17 100% 100% 100% 3 68 68 68 14 83% 83 4101 101 101 1 93% 93% 93 25 91% 91 9% 23 944 93% 9w 26 106% 105% 105% 9 674 66% 66% 41 67% 66% 67 1 50 50 50 4 B8% B8% 884 3 93% 93y 93 1104 104 104 21 874 BTW 8T 8 59% 62 2 1 9 21 97% 98 6 80 79% 80 5 102% 102% 102% 4 944 93% 93% 15 93% 93% 93y 7 98% 93% 93% 10 100% 100% 100% 3 984 ©BY 984 1106 106 106 CCC&StL 4348 (E). CCC&StL 6s (D)... Clev Term 4 %877, Clev Term bs. .. Clev Term b % Del& Hud ret 48 ‘43 Del & Hud 6%8.... Den & Rio G cn 4 D R G&Wst 68 '78. Det United 43 Gulf Mo b8 (B). Hav El Ry bs'52 Hud & Man ad) Hud & Man ref 6 Int & Gt Nor 6s'58. Int & G Nor 1st 6s. . Int & Gt Nor adj és Int RysC Am bs. .. Int Rys CA 6%sre. Kan City Ft S ds... Kan City Sou Kam City Sou 6 Kan City Term 4 ManRy 1s! 0... Mill El Ry&L 5861, M StP&SSM con és. M StP&SSM bs gtd. 5 504 50% 504 15 1024 1004 102% 15 ¥9% 894 89K 5 9% g 1 83% 21 90% 5 93 1 100 Mo Pacific gen Mo Pacific bs A Mo Pac 6s ¥ ;‘l 21 102 31 101% 101% 101% 5 101% 101% 101% Mo Pac 5%s 49 ev. Nassau El 48°51... N O Tex & Mbs B.. 48 1084 107% 107% 12 50% 60% 50% 4 100% 100% 1003 2 102% 102% 102% 2 85 85 2 95% 95 95 9 100% 100 100% 11 100% 100% 100% 81 9T% 97 9% 5 107% 1074 107% 24 108% 108% 1084 9 1024 102 102% 4 102% 102%.102% 1- 80% 80% 80% 7 964 96 96 23 1256 123% 124 106 106 a1 41 4 904% 0% 90y 3 9T 91U 9TH% 1 70 704 704 8 95% 95% 95% 1 106% 106% 106% 11 94 94 94 3 98, 98 98 186 103% 103 103 12 101% 101% 101% 70 98% 9813 98% 8 104% 1047 1047% 8 110% 110% 110% 19 11044 109% 110 1 101% 101% 101% Nor Pacifie Ore Wash 1st Penna 4s 48 Sta. n 4% 83 | authorized to advance production credil but the service has been handica by lack of sufficient security. Legislation bearing on a f:nenl Te- vision of the farm loan act is expected to be asked of the next by several national farm organizations. . Special Dispatch to The Star. BALTIMORE, Md. August 28— Potatoes, white, 100 poun 75a2.00; barrel, 2.00a’ sweet potatoes, bare 2.00a6.5 beans, hamper, 2.258" .00; beets, 100, 4.00a4.25; cabbage, basket, 1.00a1.15; carots, 100, 3.00 a4.00; celery, crate, 125a2.00; corn, dozen, 15a45; cucumbers, hamper, 1.00 22.00; lima beans, bushel, 3.00a4.00; let- tuce, crate, 75a1.00; peppers, hamper, 50a60; squash, hamper, 90a1.25; to- matoes, hamper, 60a1.00; packing stock, bushel, 90a1.15; blackberries, quart, 158 16; cantaloupes, .00a1.50; huckleberries, bushel, 1.25a3. watermelons, 100, 10.00a14.00. Dairy Market, alive—Chickens, Springers, ; _Leghorns, 15a24;. old horns, 13a16; old- roosters, 13al4; ducks, 12a18; guinea - fowl, ewg:e:ja;ls: B ns, pair, 15a30. Eggs—] pts, cases; . nearby | firsts, 25a27; Southern firsts, 24a26; current receipts, 23a25. Butter—Good to fancy creamery, pound, 36a42; ladles, 28a30; rolls, I7a 28; process, 33a34; store packed, 5. Hay and Grain. Wheat—No. 2 red Winter, e 93; No. 2 Winter, garlicky, spot, 3 | August delivery, l"%: September, 90; October, 92 Corn—No. 2 domestic, yellow, new, 1.15a1.16; cob corn, 5.25a5.50. X Rye—Nearby, 65a72. 3 Oats—White, No. 2, new, 49a50; No. 3. 48ad9. - Hay—Receipts, 96 tons. General hay market = strengthening. Drought has seriously curtailed nearby crops, chang- ing the entire situation. Sections here- tofore shipping are now for offers 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 tom, 9.00 210.00. Live Stock Market. © Cattle—Receipts, 1,200 | head; fair supply, market activ: and'stronger. Steers—Choice to prime, none; to_choice 8.50 to 9.50; medium to good, 7.50 to 8.50; fair to medium, 6.50 to 7.50; plain ‘to_fair, 5.50 to 6.50; com- mon to plain, 5.00 to 5.50. Bulls—Choice to prime, none; good to choice, 6.25 to 6.50; medium to good, 6.00 to 6.25; fair to medium, 5.50 to 6.00; plain to fair, 5.00 to 5.50; common to plain, 4.50 to 5.00. Cows—Choice to prime, none; good to choice, 5.25 to 5.50; medium to good, 475 to 5.25; fair to .medium, 3.75 to 4.75; plain to fair, 3.00 to 3.75; com- mon to plain, 2.50 to 3.00. Helifers—Choice to prime, 7.50 to 8.00; good to choice, 7.00 to 7.50; good, 6.50 to 7.00; fair to medium, 6.00 to 6.50; plain to fair, 5.50 to 6.00; com- mon to plain, 5.00 to 5. fresh cows and -Springers, 40.00 to 70.00. Sheep and Iambs—Receipts, 3,000 head; light supply, market lower; sheep, 1.00 to 3.50; lambs, 4.00 to 10.25. Hogs—Receipts, 500 head; light sup- ply, market lower; lights, 1140 to 11.90; heavies, 725 to 9.00; medium, 11.75 to 121 roughs, 7.15 to 8.40: light pigs. 9.50'to 10.75; pigs, 1000 to 11.: Calves—Receipts, 100 head; light sup- ply, market steady; calves, 5.00 to 11.50. —— U. 8. TREASURY RECEIPTS. The United States balance announced today as of close of business August 26 was $112,880,153.27. Customs SR e T fures, §3.167,225.00. . g Close. 30 504 42 Sales. High. Low. Seabd AL adj 5™ 1 30 30 Seaboard AL.enés. 11 50% 50% SBANFIaés'36A 1 42 Sou Paec ref 4s... 6% Sou Pac 4%s rets. . e 994 Sou Pac 415%'69 ww 22 100% 100% 100% So P & Ore 41:8°77. 75 101 100% 101% Sou Rwy gen ds. 11 891 891 89% Sou Rwy con 6t 1 110% 110% 110% 8 6 1 116% 115% 115% 1 88% 881 8uiy 5 95% 96% 96% 1 1104 110% 110% Pitts W Va4l PCC&SIL Port EIPL6s..... Port RL & P 6sd2. PortR L 6 10 100% 100% 100% 2 106 106 106 16 102 101% 102 15 102 101% 102 5 95% 94% 95% 12 101 100% 100% 16 99% 99% 99% Reading gen 4% a. Reading 4% Rio Gr Wat 1, StLIM&SS StL IM&S R&G 4s StL&SF plasA.. SIL&SF4%eTs. . StL&SanF §s B S&LASF gen 6831. 1 101 101 101 1 90% 90K 90% 2 101 101% 1013 08% 108% 53 102% 101% 102% | Texas & 6 100% 100% 100% | T¢ Union Pac ¢¥%#. Va RR 4%8'62 Virginia Ky ist 6s. Va Ry & Pwr . Va Southwn con §s. Wabash 4 %8 ‘78, abash I:fll Western 556 122 121% 122 5 92% 921 92% 1112 112 112 13 103% 103% 103% 0 16 51 50 51 60 33% 321 33% 22 9% 994 99% 26 92% 92% 92% T 101% 101 101 5 101 101 10M) 5 107 107% 1074 1 102% 102w 1024 1 B6% 863 26% MY 04y 3 103% 103% 103% 7 101% 1014 101% 1043 104% 104% 5 87 B B