Evening Star Newspaper, September 2, 1930, Page 14

A—14 kkk END OF BUSINESS DEPRESSION SEEN Lumher Man Believes U. S. Industry Has Reached Bot- tom-and Sees Upturn. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, September While E. L. Carpenter, Minneapolis lumber man. does not believe that business in that industry during the last quarter of 1930 will equal that of the corresponding period of 1929, he is convinced -that the worst of the business depression ’s“Y\v:‘n‘l of the opinion that we have about reached the bottom of the present economic reaction and that business ditions may be expected to improve from now on,” says Mr. Carpenter “The forces that are making for busi- ness recovery are in the ascendency, but the recovery will be more gradual than many hope-and believe, for the follow- reason: g e have, both in Canada and the United States, an accumulation of wheat from the harvests of & year ago. The prices of wheat and food grains generally are low, as the the prices of many of the standard commodities. In my judgment, because of these low commodity vaiues, we can hardly ex- pect a return to normal business activity before the middle of next year. Lumber Industry. Another well known lumber man of the Middle West gives the “severe rc- duction” in residential construction as one of the “outstanding tribulations of the industry. Contracts for th is class of building, reported for the first seven months of 1930, compared with the same period last tyur, sghowed a f 49 per cent. ‘eg‘!;.csl; ‘i‘n themhnqu of retail lumber-v men are reported as very low. ARy business that is developed will show itself in an immediate demand on the manufacturer. Many retail yards are closing out old lines and_cutting over- heads to the bone. “Dead wood™” is be- eliminated. 3 m'gl‘he forces that are holding back tlxg recovery of the lumber business today are the low volume of residential con- struction, the difficulty of financing this class of construction in certain sections, the unsatisfactory agricultural condi- tions and, in addition to this, the very great dirficulty of “keeping the produc- ticn of lumber leveled off with the de- n‘glm‘ well known lumberman, asked his opinion on the situation in lumber, 3 it as follows: !x""{fl‘:figfl that we reached the bottom of the trough in July, but are somewhat uncertain as to just how wide the bot- tom of the trough is. It is now so late in the year that we are not expecting much from the remainder of it, except a gradual betterment in the way of lq- creasing confidence, which we believe will result in considerable improvement, beginning in the early part of next year.” Bankers' Convention. The eyes of business America on Beptemb('{‘ 29 will turn to Cleveland, Ohio, when the annual meeting of the American Bankers’ Association opens. Three questions of major impcrtance will come up for discussion, according to John C. Lonsdale, president of thel Mercantile-Commerce Bank & Trust| Co., St. Louis, Mo, and president of the association. These three questions are these re- Jating to bank taxation, branch bank- ing and bank earnings. Bank taxation has been a mooted question for years. Various States have passed acts to tax banks in different ways, only to find the bankers objecting strenuously _in having their banks placed in a class by themselves for pur- s of taxation.” ‘What of branch and chain banking? will the movement be fought, or will the bankers decide to accept the hand- writing on the wall? Bank earnings are causing the coun- try banks plenty of trouble these days. Thousands of them are not paying their nses. ‘pr!nd in the lobbies and on the streets, the informal meetings of bankers will seek an answer to that ever-present question of questions today: “When will the business upturn come?” July Business. The Brookmire Economic Service has announced that July business was the Jowest since the post-war depression. Their business index declined to 83 per cent of normal in July, as against 88 per cent in June. It's the lowest figure re- corded since February, 1922, when the recovery from the 1921 depression was just getting under way. Every item in the composite list declined. The greatest recessions were in stecl, which dropped from 98 per cent of normal in June to 84 per cent in July. in pig iron, which declined from 92 per cent to 84 per cent, and in motcr ve- hicle production, which slumped from 82 per cent to 67 per cent. “Prospects are that there will be less seasonal improvement this Fall than usual, making for a decline in our sea- sonally corrected index. Any further recession, however, will be gradual and moderate,” says the service. “Improve- ment can be expected to set in around the first of 1931 and to be fairly pro- nounced by the Spring.” “Sure, business is scraping bottom right now, and we all know it, because we hear the creaking sounds from below. But those noises are going to get less frequent as the months by,” said a New York banker wh I showed him the Brockmire report, Unemployment Problem. C. B. Miller of Carson, Pirie, Scott & Co., large retail and wholesale mer- chandise distributors in Chicago, says o great increase M the volume of busi- ness can be expected until the large army of unemployed is absorbed again in industry. “Still business is improving,” says Mr. Miller. “We anticipate a_gradual in- | crease from this time on. but we don't anticipate large increased volume until the major industries employ labor more generally.” More unemployed is assuming gremter and greater importance, (Copyright, 1930. by N Daner Al RECORD IN TOBACCO SALES IS REPORTED By the Associated Press. ATLANTA, Ga, September 2—Geor- gia tobacco farmers at the close of the fifth week of the auction season had set an all-time sales record of 106,402,351 pounds, it was announced by the State Department of Agriculture, ‘The average price for the five weeks was 9.87, for a total cash value to the farmers of $10,500,117.44. The total sales in 1929 were 90,654,245 pounds at an average of 18.38, for a cash value of $16.662,622. The 1928 sales were 85,- 238,053 pounds, sold at an average of 12.81 cents a pound, for a cash return of $10,921.435.68. The fifth week of the auction brought a record low price for all time of 568 cents a pound, for 3,022,808 pounds, as compared with the sales for the fifth week of 1929 of 3,721,780 pounds, at an average of 9.93 cents a pound. . The State Department of Agriculture report said that the re}xm for the fifth and concluding week of the market was from 27 ot the 59 warehouses, one fail- ing to report and 31 others having been closed at the end of the fourth weel i th American News- sald, #cason will be issued. and more the problem of the thin & few days, the department|Total of 922,823 cars was 2.1 per cent a consolidated report for the 1930 FINANCIAL, | ~Prev 1930 Stock and High. Low. Dividend Rate. 150% N Y Central (8)..... Y Ch & St L pf (6). 4« N Y & Harlem (5)... 103 YNH&Hart (6).. 1 H&Hpt (7). 17% N Y Invest (1.20). 1y North Am Aviation.. 3 Nor Am (b10%stk). . 51 North Amer pf (3)... 66% Northern Pacific (5 42 Northwest Tel (3) 3015 Ohio Ol Co (2) 91 Oil Well Supply 6% Pacific Coast 52 Pacific Gas & Bl (2).. 713 Pacific Lighting (3). 20% Pacific Mills. ... 208 130 Pacific Tel & Tel (7).100 12% Packard Motor (1).. 10 48% Param'nt Publix (4). 101 Park & Tilford (13).. 6 Parmelee Tran (60c) 2% Pathe Exchange. .. .. 5 Pathe Exchange (A). 26'% Penick & Ford (1). 48 Penney (JC) (3), . 931 Penney (JC) pf A'(6) 61 Penn Dixie Cement % Penna RR(4).. People's Gas Ch (8).. 94% Pere Marq pr pf (5). 18 Petrol Corp (112). 1% Tet Milk (1%6) .. 2812 Phelps Dodge (3). 11% T’hila Read C & I. 815 Philip Morri 201 Phillips Petrol (n2). « Pierce Petroleum. ... Isbury Flour (2).. 9%, Pirelli Italy (a3.14) .. 4 Pitts Terminal Coal.. 20% Poor & Co (B) (2). 21 PRAmTobA(3%), 8 T RAmTob(B)..... 33% Prairie Oll & Gas (2) 44 Prairie Pipe L (15).. 616 Dressed Steel Car, 52% Proct 8114 Pub Sy ) 91% Pub Sv N J pf (5 106'% Pub Sv N J pf (6). 107% Pub Sv G pf (6). 62 Pullman Corp (4). 191 Pure Oil (135). 110% Pure Oil pf (8).. Purity Bakeries (4). 15 Radio Corp, . 2 6 Reis (Robt) Rem Rand (1.60).... Motor Car (80¢). Republic Steel (4)... Republic Steel pf (6) Revere Copper & Bi Reynolds Metals Reynolds Spring. Reynolds Tob A (3). 45% Reynolds Tob B (3).. 14% Richfield Oil (2). 15 Rio Grande Oil (2)... 27% Rossia Insur (2.20) 45% Royal Dutch a3.2165. 57% Safeway (e5)....... 33% St Joseph Lead (13). 851 St L-San Fran (8)... 92 St L-San Fran pf (6). 52% St L Southwestern 16 Savage Arms (2) 4% Schulte Retail Strs 26 Sears Roebuck $2 1% Seneca Copper. .. 5% ServellInc..... 31% Shattuck F G (+1% 14 Shell Union Oil...... 9314 Shell Un Oil pf (5%). 6% Shubert Theaters 21 Simmons Co. 18 Simms Petrol (1.60). inclair Con Ofl (2)., kelly O1l (2).. nider Packing 15 Snider Packing pf. .95% Solvay Am pf (5%).. 15 Sou P Ric Sug (1.40). 52% Southern Cal Ed (2). 108 Southern Pacific (). 75 Southern Rwy (8). 90 Southern Rwy pf (5 19% Spang-Chalfant 13% Sparks Withing (1).. 17 Spencer Kel (1.60) 14% Spicer Mfg. 10% Spiegel-May-Ster; 17 Stand Brands (1% 8414 Stand G & E (3%) 61% Stand G & . 110% Stand G & E1pf (7)., 5 Stand Invest Corp. .. 55% Stand O of Cal (2%). 30% 72 127 136% 101 27% 30% “ )ee 129 oo 67 1131 15% 5 61 (Continued From Page 13.) THE EVENT ~Prev.1930— High. Low. Prev. ' Close. Close. | 163% 163t | 106 1061 | 190 190 107 1061 120% 1201 | | Stand Of Stand Of Stewart. Stone & Studeba 191 9 115 225 9 1075 Stock and Dividend Rate. Stand Oi1 Exp pf NG STAR, WASHINGTON, D. C., NEW YORK .STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sales. Add 00. High. Low. 5 2 108% 84 39 Close. Close. il of N J (+2) il N Y (1.60). Starrett (LS) (123). Sterling Sec (A). Sterl Sec'cv pf (3). -Warner (2). Webster (4). ker Corp (3 un Of1 pf (6) uperior Oil 5 Sweets of Amer (1).. Symington (A). Texas Corp (3)... . Tex Gulf Sulph (4) Texas & P Texas Pac Land Tr atchel r Mg (1.60 hermoid Co. 5 Third A Thomy venue on Starre Thomp-Star pf (313) Tide W Timken « Timken Toba Det Ax (80c) Roller (3)... Products. Tob Prod (A) (80c).. Transamer (11.60). i Transco! Transue Tri Tri-C nt Oil (30c).. &W . “ont Corp. . nt Corp pf (6). Trico Prod (2%) Truscon Ulen & ¢ nd- ‘nion “nion ¢ Stl (g1.20).. “0 (1.60) ‘arbide ( “nion Oil of Cal ( n Pacific (10). “td Bisc Car (1.60) ft. uit (160). “td Carbon “td Cigar "td Cory p ( Ttd Corp pf Ttd Fruit (4) “td Gas & Im (1.20) td Gas “td Piecy Itd Piec 7td Story &F Frei Ind P& 1 8 Re: e e TS Stee niv Piy Tl Pow & Lt A (2 Vadasco Vanadiu; 4% 2! 104% 101 156 60 Va El & ‘Wabash or S bt or Sec pf (6). Rubhber. TS Rtubber 1st pf Vulean Det (4).. 3 102% 25% 105 & Im pf ( e Dye W (3 eDpf (6%). S (A). . ecur. . sht (3).. Alcohol (17) S Leather . IS Pipe & £). F 1st (1.20) 2, ty (5). 20 38% 47 170% 146% 1L Ref pf 3%, 1 1pf pe & Ttad. )i 4 35% Sales Corp.. 2 m St (14). Va-Car Chem 6% pf. 1508 908 Pow pf (6) Pt (A) Waldorf Systm (133 Ward Baking pf (7). Warner Bros Pict Warner Quinlan. ... Warren Bros (3)... . War Bros ev pf (3) Wess Oil & O &Sn pf (4).. We West Penn EIA (7).. Snow (2) . 108 West PPenn El West Penn P pf (7 Western Western Westing Westing Md... Union ( h'se A B (2) B&M (5) Weston El Instr (1).. Westvac 714 White M Wilcox Oil & € 0 Chlor ( otors (2) s Willys-Overland. Wilson & Co Woolworth Worthin Worth ' Yeliow Truck...... Youngs Spring (3) Zenith Radio. . RIGHTS EXPIRE Mich Steel .. 2 Warn Bros P. Sales of Stocks on New York Exchange. 17% | 32% 1141 | 47 | 16% 123 32% 5% % 10:30 AM 1:30 P.M Dividend rates give: al cash payments based on the latest quarterly or tions. i | per cent in’ stoci | a Paid this ve 6612 | when earned 112 | stock g Plus 6 per « 4 | 2 | per 60% 60% 60% | preferred stock. 5. 5 Unit of traing less than 100 tock. §Payab] —no_regula; Payable in ci I Plus 8 per cent in stock, cent in stock. n Plus § per cent in stock. D T Subject to approval of stockholders 40). gton Pump ump(B) (6). 37% 8 1% 2% 245 200 1,178 800 0 in 00 . 850,700 . 1320 400 ble are the annual half yearly declara- shares. tPartly extra. IPlus ¢ ip._1Plus 9 per cent In stock. b Payable in stock, d Payable ash or stock. fPlus 10 per cent in tiock.. hPlus 2 per cent in stock, X Plus 3 per cent in stock m Plus i the above t. le in scr r rate ent in 50¢ cent CORPORATION REPORTS TRENDS AND PROSPECTS OF | LEADING ORGANIZATIONS. NEW YORK, September 2.—The fol- | lowing is a summary of important cor poration news prepared by the Stand: ard Statistics Co,, Inc., New York, for | the Associated Press: Weekly News Review. The stock market continued to move | forward last week, with leading issues! advancing to their highest levels since the first week in August. The utility group, as measured by our index, gained most_ground, recovering 5.5 points. In- dustrials advanced 3.3 points and rails 3 points. Our composite index at Fri- day’s close stood at 169.7, & net in- créase of 3.5 points from previous week’s closing average and 29 points above the level of July 31. Turnover continued subnormal. Money rates were unaffected by the usual heavy month end demand. Funds on call remained at 2 per cent throughout the week, with loans outside the Stock Exchange available at 1!, per cent. Brokers' loans showed a further drop of $25.- 000.000 in the week of August 27 to total of £3,102,000,000, the lowest amount, since July, 1927. . This. is favorable tech- nical development and indicates addi-| tional investment buying. Daily average | volume of Federal Reserve credit out-| anding during the week ~decreased | $21,000,000, to - $983,000,000. Reserve ratio of Federal Reserve system contin- ued at 81.9 per gent, compared with 75.4 in the 1929 week. Evidence of Improvement. Definite evidence of ‘seasonal im- | provement -in trade and industrial ac- tivity was indicated in several reports | from business. issued ‘during the week. Estimate of ingot production in the steel industry places average output in the past week at 58 per cent of ca- pacity, against 54': per cent in the preceding week and about 56 per cent two weeks wgo. Structural steel is cur- rently in good demand, while tinpiate shipments, following definite informa- tion on drought damage, have increased substantially. These favorable factors, however, are largely offset by the continued poor de- mand from raiiroad equipment and au- tomotive industries. While some further seasonal expansion in operations is ex- pected, present indications suggest that betterment can_hardly carry to any great lengths. Sustalning influences at the moment rest largely on the excel- lent volume of steel line pipe and on relatively steady commitments in struc- tural steel, Other sources afford little promise of material improvement dur- ing the next several months, although automobiles will probably expand re- quirements slightly during early future weeks and rail kings may also enter the market to some extent. Prices con- tinued their downward trend. The Iron Age composite price for finished steel fell to 2.142 cents a pound from 2.156 in_the previous week. Railroad freight car loadings gained slightly more than the usual seasonal increase in the week ended August 16. | were the largest on record. Geograph and below any corresponding week since | 1922, Loadings of all commodities ex- cept merchandise in less than carload lots and live stock recorded improve ment compared with the week previous. | Shipments of grain and grain products ically, the “Southwestern region con-| tinues to make the best showing com- pared with a year ago, while results for the Allegheny region are the poorest. July earnings statements published | during the week in a number of in-| stances showed the effects of reduced | operating and maintenance charges. | Net operating income of the first 73| roads reporting was 32.4 per cent| smaller than a year ago, while June net for all carriers fell 34.1 per cent and| May 332 per cent. If the heavy non-| recurring retroactive mail payments | credited last year were eliminated from | the June and July returns, a substan- | tially better showing would result. Petroleum Industry. Latest figures from the petroleum in- dustry are mixed, with gasoline stocks showing another large reduction, but crude ofl output expanding moderately. The statistical position of this industry, for the moment, at least, is in the most healthy state aitained this year. Pro- duction of crude is averaging around 2,500,000 barrels daily, the lowest point reached since 1928, and ‘with proration in all active territories throughout the | country stocks are being moderately re- duced.. In the refining division al runs of crude have been cut, and heavy | withdrawals from gasoline storage have | reduced stocks to the lowest since De- cember last year. While the dangers surrounding the voluntary nature of icduction are still present, the ma- jority opinfon in the industry points to continued adequate _restriction during the near future. Despite this more | promising situation, through balancing supply with demand, reflection in an | improved price structure has been en- tirely lacking. Gasoline quotations have been under constant pressure, and cur- rent levels are well below both the high | for 1930 and prices prevailing a year ago. Under these adverse conditions profit margins, particularly in the refin- ing and_marketing fields, are exlrflmrl, narrow, and it is becoming increasingl apparent that earnings of the great majority of oil companies for the full year will be distinctly disappointing. Electricity Output. Electricity output in week ended Au- | gust 23 registered an increase of 0.2 per | cent over previous week: this, howeve less than normal seasonal expect tions. Compared with the 1929 week to. tal was 2.8 per cent smaller but 6 per cent above 1928 period. Building contracts awarded in_week August 22 as reported by F. W. Dodge Corporation averaged $17,769.967, & moderate increase over average in re- cent weeks. Automobile production, which in July reached the lowest levels so far this year, has beenr gradually increased since reopening of the plants, but present levels are well below the rates in force before the plant shutdown. Demand for cars is currently at a low cbb, and but moderate expansion is expected during the Fall months. Business remains on an _extremely competitive basis and profit margins, in most cases, are slight. Returns of 19 representative manufactarers during first half showed with 1929 period; excluding General Motors, earnings recession amounted to above the previous week, but 16.3 per cent below the like period last year « contraction of 48 per cent compared | S from wreck Texas special estimated $1,000,000. . Sears, Roebuck & Co. financing sup- plying material for and supervising con- struction 100 small homes at Masca. pequa Park, Long Island. Seiberling Rubber cuts salaries of sales and office employes 10 percent. Swift & Co. to extend marketing quick frozen meats in New York City. United Retail Chemists involuntary petition in bankruptcy filed in Federal Court, New York, against Neve Drug Stores, subsidiary. Petitioners United Cigar Stores of America, which controls United Retail, Consolidated Dairy Prod- ucts and H. Kelly, Jr., Inc. ‘Western Alr Express has 45 planes in operation vs. 40 last year. Western Union Telegraph new high speed ticker placed in operation. General Motors August Buick produc- tion 20,004 cars vs. 15,600 in July and 28971 year ago. New Haven Clock reduces quarterly common dividend to 25 cents; formerly paid 3715 cents. New York Air Brake purchased 30,000 shares company's common stock in open market in first half year. Montgomery Ward Sales. CHICAGO, September 2 (#).— Montgomery Ward & Co. today an- nounced sales for August, 1930, were $20,966,819 as compared with $24,955,- | 313 for the same month last year. For the first 8 months of this year the company's sales were $169,820,545. Last year for the same months sales were '$167,571,196. HET;L MARKET. NEW YORK, September 2 ().—Cop- er quiet; electrolytic, spot and future, 1034a11 Iron quiet; No. 2, f. o. b. Eastern Pennsylvania, 18.00a19.00; Buf- falo, 16.00; Alabama, 11.50a14.00. * Tin easy; spot and nearby, 20.80; future, 30.i0. Lead steady: spot, New York. 5.50: East St. Louls, 5.35. Zinc steady: East St. Louis, spot_and future, 4.30a | poy Fed. 4.32 119.00. Antimony, 7.62. Quicksilver, BANK CLEARINGS. NEW YORK, September 2 (Special) —New York bank clearings, today, $868,000,000; a year ago, $856,000,000 New Yorg bank salaness, today, $150,- 000,000; a year ago, $148,000,00¢ York Federal Reserve credit balances today, $119,000,000; a year ago, $140,- 000,000. NEW YORK BANK STOCKS NEW YORK, September 2 #).—Over the counter market: BANK STOCKS. Asked. Americs .....o..iiiis Bank of U S Units... aiway National Phenix Avenue. . ] al N [ Peoples Nationui. TRUST 285uats rving 2295 7 Manufacinrers’ N Prev. ‘?flu New York. TUESDAY, SEPTEMBER 2, 1930, FINANCIA IBONDS AR STEADY | [oxsex o BONDS roce secnane] IN QUIET TRADING Hardening of Money Rates and New Financing Affect Market. & BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, September 2.—A slight hardening of money rates, combined with reports that about $75,000,000 of new bond financing will be brought out this week, proved counter influences to~ day to the reinvestment demand which normally would cause an advance in bonds. Nevertheless, the list had a firm tone and recessions proved small and were offset by numerically equal gains. In the prime group, for instance, Atchison general 4s, Union Pacific first 4s, American Telephone 5':s, Standard Oil of New York 4':s, Standard Oil of New Jersey 5s, Utilities Power & Light 5135 and American & Foreign Power 5s were fractionally higher, while Pennsylvania 4'4s, Prisco “A” 4s, Great Northern 7s, Inland Steel 4':s and Dugquesne Light 4'.s dropped a little. ‘The chief item of new financing an- nounced is a $40,000,000 issue of first and refunding 4': per cent bonds soon to be brought out on behalf of the new- ly formed Portland General Electric Co. These, however, will not offer much competition to outstanding bonds, as $29,000,000 of 5, 5%, 6 and 7', per cent mortgage bonds against the electrical properties of Pacific Northwest Public Service—the parent concern—will be retired. The new bonds will fall due in 1960 and will be priced at 93% to yield 4.90 per cent. Another issue soon to be offered consists of $2,264,000 New York Water Service Corporation first mortgage 5 per cent bonds. Convertible and stock-option de- scriptions moved irregulasly, reflecting the uncertain tone of stocks. Alle- gheny 5s were active and a shade higher, There was heavy trading in Baltimore & Ohio 4!2s (1960), which resulted in an early decline, subse- quently - retraced. Chicago & North- western 4%s, American Telephone 4!:s, General Theaters Equipment 6s and International Cement 5s were lower. Southern Pacific 4'is, International Telephone 4';s, Texas Corporation and Warner Bros. Pictures 6s made small improvements. Second-grade rail issues and indus- trials of a comparable type were irreg- ular, with losses predominating. One feature of the market was the strength of issues such as Oities Bervice convertible 5s, which were 2 points higher. Interest had turned- to this type of bond with the establishing of scarcity values for prime credits. Foreign bonds were marked by the continuance of short selling in South Americans, but the professionals were having a hard time showing a profit, as there was plenty of buying money in the market for Argentine 6s, Peruvian 6s, Uruguay 6s and Colombian 6s—all more or less effected by last week's po- litical developments. German issues sagged slightly. Other European credits were virtually unchanged. Japanese bonds were again strong. Washington Stock Exchange SALES. Washington Gas 8s “A"—$100 at 1021, Capital Traction Co.—100 &t 63. AFTER CALL. Ren"l el;'.\taie Mtge. & Guar. pfd.—40 . w:;:;mé'wn Rwy. & Elec. pfd.—30 at Y. Riggs National Bank—10 at 476, Mergenthaler Linotype—1Q at 965, at 9655, 10 at 96';, 20 at 963, 96%,-10 at 965;, 10 at 36%. Federal-American Co. com.—10 at 3075, b7 at 307 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tolga. 4125 '3 1. 4ta8 '3 10 5 at Bid. Asked. 101 & Te c . Tel’ of Va. 55 Capital Traction R. R. City & Suburban 5s. Georgetown Gas 1st otomac Elec. cons. Potomac Elec, 65 ash., Alex. & Mt. Ve Wash Baito_ & Annap. 5 Washington Gas 5s.. Wash. Gas 63, series 6 series B & Elec. 45 MISCELLANEOUS. Barber & Ross. Inc. 84 Chevy Clase Ciub 51 D. C_Paper Mg. 65 W. M. Cold Storage & Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. bs Pot. Elec. Power 5! Wash, Rwy. & Elec. Wash, Rwy. & EL pfd. (5)... NATIONAL BANK. Capital (14). Columbta (12) """ Commercial (stamped) (10) District (&) R Federal-American’ (10} Liberty (78) Lincoln (12) 9. Washington (13). . St TRUST COMPANY. Amer. Security & Trust Co. (13) Continental Trust (6).. 1 Merch. & Tr (6). National & Trust ' (i2i | Prince Georges Bank & Trust Wash, Loan & Trust (14)... SAVINGS BANI Bank of Bethesda (65) merce & Savings (10) Washington (12). mac (10)... ... Security Sav. & Ce Seventh_Street (i2).. United States (30) Wash Mechanics (30} FIRE INSURANCE. ] D31 Firemen's (8) . National Union (i3 i TITLE INSURANCE. Columbla (6h).... s Real Estate (6h),"" Title & Inv. Co. Md. com../ MISCELLANEOUS. Barber & Ross. Inc., com Chevy Chase Dairy ‘pfd. (1) Col. Band & Gravel pfd. (7 Col. Medical Bldg. Corp.. D’ C Paper Mfg. pfd.... Dist. Natl. Sec. pfd, (7) Emer. Bromo-Selz. “A” td. (8) Natl. Mtge. & Inv. pld. Peoples Drug Stores pfd. (8 al Fst. M & G. pfd (8). e e Med. Bldg. Corp.. .. 'l Woodward & Lothrop pfd. i7) . | *Ex dividend. Private Wire UNITED STATES. (Bales are in $1,000.) Sales. High. Low. Close. Lfb3%s..... 51011 10030 10030 Lib1st4%8.. 32 1026 1021 1026 Lib 4th 4% 8.. 125 10231 10227 10229 Us3% 2 10116 10116 10116 uUss 10 11220 11218 11218 FOREIGN. Sales. High, Low. Close. Argentine 5%8'62.. 5 92 92 92 Argentine May '$1. 5 s Ju'sy. 21 97 Australia 4148 '56 Australia b Australia b Austria7s'43. Bk of Chile 638’57, Bk of Chile 6% 561, Batav Pet 4148 '42 Belgium 7s '35 Belgium 7s '56 Belgium 8= 41 Bollvar 78 '58. Bolivia 7s ctfs'é Bolivia 85 '45.... Bremen 78 '35, Canada 5531, Canada 58 '52. Chile 6560 Con Pow Japa Copenhag 41 Copenhag 6s Czecho 8s Czecho 95 '52. Dan Mun 85 A "46... Dan Mun 8s B 46 Denmark 41486 Denmark 5% '55. Denmark 65 '42. Dutch East T Ma Dutch East I 65’62, Finland 5%s '58. . Finland 6s 45, Finland 7= '50. French 75’49, French Gvt 714 Gelsenkir Min 65 '34 110% 1071 110% 109% 110% 10914 110 reek 6863, . Haiti 65 '52. . ‘ree St 5860, Italy 7851 B Italy Pub Sw7s’52, Japanese 45 '3 Japanese 5% s Japanese §1;s Jugosl Bank 7s Karstadt 643 Kreug & Toll 55 Lyons 6s '34 Marseille 65 °34. Mex 45 asstd 1904 Mex 4s asstd 1910, , 100% 981y 95 s %9714 938, 41105% 84% TAY 9% 105% | B Books closed. 25¢ ext nev ex 150 extry dEX rights. wi—When issued. 52% extra. BANKRUPTCY LAWS. BALTIMORE, September 2 (Special). —Maryland is free from abuses of bankruptey laws reported. to exist in New York City, according to a bulletin Just issued by the Baltimore Association of Credit Men. Referring to President Hoover's order for a commission to study bankruptcy conditions throughout the country, the assoclation says the action was inspired by a report by Willlam J. Donovan formerly Assistant Attorney General in the Coolidge administtion. Selected by bar associations in New York to make a | general investigation, Mr. Donovan I made a report indicating deplorable conditions, but the credit men’s bulletin says much of the Donovan report can- not be applied to outside of PacG&El Mexico 55 A "45. . Milan 6158 Monteviden New So Wales '57. New So Wales ' Norway 6s 52 - Orlentdev 5145 '58. Orient dev 6s '53. ... Paris-I. Peru 65’60 Peru 6s '61 Pirelll s Queenland 6s47. Queenland 7s"41. Rhine West 65 Rhine West 6s Rio de Jan 615 '5. Rio de Jan 8s'46. R Gr De Sul 65’68 R Gr De Sulss 46 Rome 61,5 '52 5 Roy D 48 '45 ww.... Sao Paulo 8s'36.... Sao Paulo 8s Saxon 7s 4. Seine 7842, Serbs-Cr 81 7s Serbs-Cr-Sl 8s '62 Shinyetsu 6155 '52 Soissons 65 '36 Sweden 5348 "54. .. . Swiss 51,8 '46 . 161 Swiss Confed 8540 11 Toho El Pow 78’55, 3 Tokio 5% 5 '61. Utd King 5% 37 Uruguay 6s°60. ., Uruguay 8s'46... Vienna 6s " Warsaw 7s '58 8% Yokohama 6s '61. ... 9813 MISCELLANEOUS, Abitibi P & P 58 '53 Alleghany 5849, .. Am AgChTs 41, Am F P55 2030. . AmIGChbls’49, Am Metal 538 '34 Am N Gas 6l%s " Am S&R 1st 58" Am Sug Ref 6s'37., Am T&T cv 44 8' Am T&T 58’ Am T&T c tr 55 46 Am T&T 5s s 1’60 Am T&T 5358 '43. Am W Wks 58 AmWrit Pap 6s " Arm & Co i’ Arm Del 5 Ass0 Oil 65 At Gult 59s Bell Tel Pa 55 C '60. Beth St p m 55 '36 Beth St rf 5s'4 BN A 58’49, Cert-td deb 514548, Chile Cop db b " Col G&E 58 May Com Invest 5Y; Com Invest 65 '48 ConG NY5lgs45. T C Am Sug co1 85 '31. Det Ed rf 63 B '40. Dodge Br col 40 Duquesne 415 '6 47 104% 1041 106 1001 91% 106% 100% 92 1056% 934, 106 86% 105% 931; 106 864 734 98 Gen Thea Eq 6540 Good Ist 61as 47. Goody'r Rub 5s " Hoe & Co 6158 '3 Humble Oil 5 Hum O&R 518 " 1B T 1st pf 55 A Inland Steel 415 Int Cement 58 '48. Int Match 68 '47.... In M, M col tr 65 41. Int Pap s A4 Int Pap 65 105% 971 101% GAs&E 415580 Kan C P&L 5s A Laclede 5% C'53., Laclede 535 D '60. . Lautaro Nit 65 '54 Loew's 65 ex war. Lorillard 538 37. . Lorillard 7s'44. MeCormack 65 '34 ont Pow 58 °43. . ont P db 58 A '62. Nat Dairy 5% s'4! NYEdssB'44. t Rad 6% '47 ng T 18t 68 95% 105 105% 103y 4 Nor Am Ed 514 '63 NorOT& L 6s'47. Nor St Pow 65 B 41 42 Paramount 68 '47.., 104% 104% 105% 106 108 103 100% 1003 Direct to Sales. 7. 13 25 101% 101% 101% 49 101% 100% 100% - 40 297 96% 97 1 7861 861 86l o8 94 881 88% Pathe Exch Phil Pet 535’39 Por R T am 6s°42. Pos Tel & C 58’534 22 94 Presded St C 5833 27 88% SVG4%8'6T.0 1 102% Pub Sv G4 Pure DIl 5% Rem R'd 534 Richi'd O cal 6844, . 5 86 Sincl06%sB'38.4 8 108% Sincl O Ta cv A '37 Sincl Cr O 6% s '38 Sinclair P L 102% 108% 104 104 102% 102% 102 Solvay Am b8 '42 Sou Bell T&T 5841, SW Bell T b8 A "54.. St OIIN J b8 "4 StOIFN Y 4%s 51 SugBeOr7s’42.... 2 30 Tex Corp cv 58’44, , 80 103% 108% 103% Trans Oil 6%8°'38., 9 110 109% 109% Utd Drug cv 5s'53.. 6 995 99 99y US Rublst58'47... 25 831 82% 8315 Util Pow 5348°47... 6 90% 90% 903 Utah P& L5s'44... 5102 102 102 35 Vert Sug 1st 78 *4; 35 20% 80 80 3 West EI deb 58 '44 104% 104% ‘West Un Tel 58°51.. 10415 104'% West UnT 658 '36. 34 109% 109% 1097 Wil-OVv 1st 634533, 2 101% 1017 101% You St & T 58'78... 16 104% 1045 104% RAILROAD. Atchfson gen 45 '95. 23 ALC L 15t 43752 AtCL col 45’52 B&O 4548, B&Qevdl 120 101% 100% 101 B&O4%560 « 15 101% 101 101 B&O1st5s'48..... 6 107 106% 107 B&Oref 5595, 6 104% 104'5 104% B & O 5s D 2000 30 104% 104'% 104 B&O6s'95.. . 41 110% 110 110% B&OSwndv5s'50. 1 1045 104% 104% Ban & Aroos 4s'51, 5 924 92% 92 Bos & Me 55 1955.., 10 101 100% 101 Bos & Me b5 6 2 101% 101% 101% Bklvn Elev 6% 8 90 90 90 Bklyn Man.6s '6! 9 995 991, 9914 BKlyn Un E158'50., 1 104 10415 104% Bkiyn Un 1st5s'50. 8 91 90 90 BR&PItt4%s8'57.. 2 95 95% 96% Bush Ter con 5855, 2 1008 100% 100% Can Nat41%s'57..,.42 9915 99 9915 Can Nut 41568 9 99 105 105 104% 105 2 105 10474 105 4 1181 118% 118% 2 111% 111% 111 8 901z 89% 90% 8 100% 100% 100% 9 104% 104% 7 106% 106% 106% 4 104% 104% 99% 997 3 30 2., 9 9714 968, 93 93 96%, 96% 978 96% Can Nor 7s deh "40. . Can Pacific db 4s. Can Pac 4%s'46 Can Pheific 58’5 Cent 6f Ga 5 ('59 Cent Pacific 4849 Cent Pacific 59 60.. 8 105 Cen Ry NJ gn 55'87 11 114 Ches Corp 58 "47.... 26 100% Ch&Ogn4s'92,, Ch&O4%sA "9 Ch&O4%sB 9 CB&Qgen4s'ss., CB&Q 18t rf ha'71. Ch & Fast 111 55 '51, Ch Gr West 4s ChIn&Lrfbs 8 10 6 96% 96% 96% 114 114 100% 100% 5 101 100% 101 ooo 41 101% 100% 100% 1 96% 96% 96% 3.0 71 7 !;l ‘lz;? 73 T8Y% .. 4 102% 102% Ch MESP 4% s°89.. 1 100% 100% 100% Ch M&StP 4158 5 95% 95% 95% ChMStP&P5s'75 26 85 84% 85 ChM&StPadj5s. 30 51% 51 Ch & NW 43452037, 12 100% 100 100 Ch & NW con 4%s.. 12 1003 100% 100% Ch & NW rf 55 2037. 15 108% 108% 108% 109 994" 991 98 99% 971 97T% 2. 10 92% 2 CCC & SUL b 4%, CCC&SIL 4348 (K1 Clev Term 4787 Clev Term 53%s°72. 10 109% 109% 109% Colo & Sou 4148 *35. 15 101% 101 Colo Sou 4145'80... 4 987 98% ConRy4%s's1.... 27 99 99 Con Ry 4138 st 51, ¢ 100 Cuba R R 58 1 67% 67% Cuba Nor 5%s 42.. 7 51 Del & Hud rf 48°43, 21 95% Den & R G W 6855, 93 DRG& W st 5578, 9% Erle gen ds... 83 934 93 92% 92% 5 106% 105% 105% 2 100% 100% 100% 15 101 6 3 5 20 1 112% 112% 112% 2 45% 45% 45% 93% % Erie &.Jer 6s'55.... Fla EGoast 55 '74.. Gr Tr s £db 65°36 Gr Trunk 7s '40 Gr Nor 4%s Gr Nor 4% Gr Nor 55 '73. Gr Nor gn 5148 Gr Nor gen 75 '36 Gulf Mobile Hock Val 4145’99 Hud & M adj 58 Hud & M rf 58 '57. 111 Cent 45 '53.. 111 Cent ref 4s '55 111 Cent 4% 5 '66 111 Cent 5s '55 Int Rap Tr sta '66 Int Rap Tr 68 '32. Int Rap Tr 7s '32. Int & Gr Nor 58 5 Int & Gr Nor 6; Int & G N ad 6s Int Rys C A 58 Int Ry C A 63%s'47. Kan C FtS&M 4s'36 10 Kan City Sou 3s 50, Kan City Ter 45 '60. ake Shore 3158 97 .eh Val cv 452003, Long Islrf4s 49... Manh Ry 1st 4590, M &SL 15t rf 4839, Minn & StL en 5 M S{P&SSM con 5107 107 107 1 111% 111% 111% 5100 100 100 4 99% 991, 99% 3 106 106 106 1 110% 110% 110% 13 111% 111% 111% 1 100': 100% 100% 1 100% 100% 1001 36 831 8315 831 9 100% 100% 100% . 5 9% 91 9% - 20 93% 93% 933 « 3101% 101% 101% - 15 1061 106% 106% 9% 9% 9315 Mo Pac gen 43 Mo Pacific 55 F Mo Paeific 55 G Mo Pac5lisev 4., Nat Ry M 414857 YCgn3tes's Y Cen 45 '98 Y Centdb 4s 5201 2013, 1 N Y Cent db 68 ‘35 NY C&StL 434578, NYC&StL5%s A, NY C&StL5%sB. NYC&StL6s'31. NYC&StL6s'3 80 12 101% 101% 1015 15 10115 101% 10174 3 10812 1081 108% 834 85 4 108': 108" 1 106% 106% 106% 17 9T% 97% 9T 3 1075 107% 107T% 80 87 871 8714 H&H 4155 '67. H&H cv db 6s. NY NH& H clt 6s. . NY O&W 1st 4892, 954 124 5 10615 106 2 50 50 1 73 26 901, 5 704 .25 954 95% 951 10 1012 101 10114 4 106 106'¢ 10615 17 113% 118% 1187 1 98 98 98 2103 103 103 7 101% 101 10114 34 98% 981 98% S210 105 104% 1u4w 1 110% 110% 110% 1101 101 101 17 961 96% 9616 .10 104% 104% 104% 5107 107 107 4 102 102 102 31 102 102 102 «o 14 101 1007 1007 5 9 91% 91% 836 93w 93 93 9 103% 103% 103% 101 101 91 9 99% 99% 101% 102 99 99 08, 9474 95% 124 50 40 73 9014 0% NY W&B 4155 '46. . Nor Pacific 35 2047, or Pacific 48'97. . or Pac 4158 2047 Nor Pacr 165 2047 Penna 45 '48 Sta Penn gen 4%s Penn 435 '63. .. Penn 41,570, Penna Gs 64 Reading wen 4% a. Reading 4%s B. StL IrM'nt 58°3 St.&8F L ds A StL&SF 4%s'78. StL&SFprinbsB. S&L&SF gen b8 31, StLS W 1st 48’89, StLSWev4n'a2,, < StLSWbs'52. ..., 13 102 StP&KCSLd%s. 3 99 St P Un Dep 58'72. . San A& A P 48’43, Seab A Lirf4s'49.. 3 9 1 108% 108% 1 4% 56 8 1087 10315 1037 1 107% 107% 107% 101% 101% 1041 10415 3 103% 103% 103% 1 109% 109% 109% 51% 1 104% 104% 104% 100% 1007 13 102% 102'% 102% 106 | EARLY FALL BUYING: - SEASON UNDER WAY Seasonal Requirements in Clothing and Other Lines # - Will Aid Trade. B BY J. €. ROYLE. One of the major retail buying pe=- riods of the business year started today. Next to the Christmas holiday shopping period the early Fall buying is the major movement of the retailers’ year. The vacation season officially ends with Labor day. The move back from the Summer resorts to the cities which began today is nearly always marked by a tremendous volume of bu; of furniture, floor coverings, h: kitchen utensils and household furnla‘l‘-‘ ings. There is a period of repairing, repainting and refurnishing and clean- ing which involves the ex mfiflofl‘ of dollars, peiiiEr Wardrobe Purchases. The replenishing of wardrobes also accounts for hundreds of millions of dollars. Within the next mopth “at least 50,000,000 pairs of shoes will be purchased. The preparation of the younger members of the communities for the school or college year can be counted on by merchants to keep the cash registers a-jingle constantly for lha_l:mx! three weeks. ere are over 24,000,000 young peo- ple between 8 and 18 yemyot :ce in this country. Practicaily all of them attend school and some expenditure is necessary for each.- This may run as high as” several thousand dollars, but certainly the average is more than $25 each. It means a certain revenue to the garment manufacturers, the hosiery knitters, the underwear manufacturers, the millinery trade and scores of other lines, which include paper manufac- turers, book publishers and pen and P The Infiience of o and influence of the college high school buying will continue for months, since the students of those institutions set the styles for the younger genera- tion. The impetus of the early Fall is likely to be heightened by “‘:u’f]:‘ that apparel prices, and indeed those for commodities in general, are low, and hence should spur purchases. [ e Buyers Are Busy. lesalers and jobbers have already felt the increased demand from retail- ers, but the latter have bought on & hand-to-mouth basis and stocks are small. Buyers, however, have flocked to marketing centers and they are pre- pared to demand rush filling of re- orders the moment the trade warrants a lers have become so used to :eottul;ge lpr:)llnpt deuvetnn ‘um many do e necessity o ining PR et e le. beginning today will gleven another spur when moley} wenherbe gins to make itself felt. That factor should carry things along until the Christmas buying begins to develop. The mail order houses have already begun to feel the improvement and the manufacturers who supply them are speeding up operations. = Wool con- sumption is already showing a steady increase, manufacturers having been preparing for the Fall demand Special Dispatch to The Star: BALTIMORE, Md. September 2.— Potatoes, white, 100 Douxpxd.l, 75.2?00: barrel, 82.50; sweet potatoes, barrel, 2.00a6.50; beans, -hamper, ! beets, 100, 4.00a4.25; cabbage, basket, 1.00a1.15; carrots, 100, 2.50a3.50; celery, crate, 1.25a2.00; corn, dozen, 15a45; cucumbers, hamper, 1.00a2.00; beans, bushel, 3.00a4.00; lettuce, crate, 75a1.00; = peppers, hamper, 60a75; squash, - hamper, 90a1.25; tomatoes, hamper, 60a1.00; packing stock, bushel, 90a1.15; blackberries, quart, 15a16; cantaloupes, hamper, 1.00a1.50; huckle- berries, quart, 18a20: peaches, bushel, 1.25a3.50; watermelons, 100, 10.00240.00. Dairy Market. Poultry, alive—Chickens, pound, 220;30: Springers, 15a24; ers, 13al4: ducks, 12a18; guinea fowl, each, 65a75; pigeons, pair, 15a20. Eggs—Receipts, 1721 cases; nearby firsts, 25a27; Southern firsts, 24a26; current receipts, 23a25. Butter—Good to fancy creamery, pound, 36a42: ladles, 28a30: rolls, 27a 28; process, 33a34; store packed, 25. Hay and Grain. ‘Wheat—No. 2 red Winter, export, 92%; No. 2 Winter, garlicky. 89%; September, 891;; October, 91%. Corn—No. 2 domestic, yellow, new, 1.15a1.16: cob corn, 5.25a5.50. Rye—Nearby, 68a75. 90!!‘-—Wh"¢. No. 2, new, 50; No. 3, Hay—Receipts, 111 tons. Geenral hay market strengthening. Drought has seriously curtailed nearby crops, chang- the entire situation. ~ Sections here- tofore shipping are now asking for offers of hay. Good clover mixed and timothy new hay will bring from 22.00 to £8.00 per ton. Wheat straw, No. 1, per ton, 9.00a 4 4| 10.00; oat straw, No. 1, per ton, 9.00a | 10.00 Live Stock Market. Cattle—Receipts, 100 head; light sup- ply; market steady. Steers—Choics to prime, none; good to choice, 9.00 to 10.00; medium to good, 8.00 to 9.00; fair to medium, 7.00 to 8.00; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Bulls—Choice to prime, none; good to | choice, 6.25 to 6.50; medium to good, 16.00 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, 5.50 to 6.00; medium to good, 5.00 to 5.50; fair to medium, 4.00 to 5.00; plain to fair, 3.00 to 4.00; common to plain, 2.50 to-3.00. Heifers—Choice to prime. none; good to choice, 7.00 to 8.00; medium to good, 6.50 to 7.00; fair to medium, 6.00 to 6.50; plain to 5.00 to 6.00; common to plain, 4.00 to 5.00. Springers, 30.00 to . Fresh cows and 80.00. Sheep and lambs—Receipts, 300 head; liht supply; market steady; sheep, 1.00 to 3.50: lambs, 4.00 to 9.50. ‘Hogs—Receipts, 500 head; light sup- ply; market lower; lights, 11.15 to 11 55; heavies, 10.50 to 11.50; medium, 11.25 to 11.80; voughs, 7.00 to 9.00: light pigs, 9.25 to 1v.09; vigs, 10.25 to 10.75. Calves—Recew... 75 head: light sup- ply: market steady; calves, 5.00 to 11.59, a— High 5 100t 101% Low Close 100% 1014 89 111 115% 121% 108% 112 108 103% 33 Sou P 414569 ww. Sou P & Or 478 " Sou Rwy gen 4s ‘36, Sou Rwy 58’94 Sou Rwy 6s '56 Tex & Ark Tex & P 1 Tex & Pac 5s Tex & Pac 53 C Third Av adj 58 '60. Un Pac 1st 4847, Union Pac 4s '68. .. Un Pac ref 4s 2008. UnPistrf Va Ry 1st 5s ' Wabash 415s Wabash 2d 103% 32% 29 9214 9% 1% 108 0414 100% Bmowwn wma =58 Seaboard A L 4s sta Seab A-L adj 58 *49. SeabA L ev6s'45.. Seao AJLF) 68 A '35, sdu ac Sou Pag fgss 571 oY) = Wabash 5s B Wabash 515 West Md 4s West Pac s '46. ... West Sh 1st s 2361 ‘Wis Cen gn 45 '38.,. 101% 10415 8715 993 1 93y 1 93 o