Evening Star Newspaper, September 3, 1930, Page 12

- TRADING ON CURB - EXCHANGE S QUIET!. Public Utilities and Oils Fea- fure Activity in Light " Turnover. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, September 3.—Mixed movements in the public utility division, softness in the olls, moderate strength in industrials, especially motors, and softness in copper shares marked to- day’s slow dealings on the Curb Ex- ‘The usual market leader, Electric Bond & Share, was somewhat higher, but this movement failed to creat: a uniform price trend in the utility list. Citles Service, after opening lower, re- covered and reached its previous final price, but this rally failed to stiffen petroleum shares. Ford Motors, Ltd, rose nearly a point in active forenoon dealings. The movement was linked with the name of a prominent operator and brought forth rumors that a page advertisement about the prospects of this company probably would be published soon by its market sponsors. The betterment in Ford Motors Ltd., caused a firmer opening in Ford Motors of Canada A and improved quotations of Cord Manufacturing and Durant otors. Public Utilities, as indicated by their market movements today, are meeting eross-currents that puzzle the public. alavorable factors include agitation <or rate cuts and further regulation, along with both State and Federal in- vestigations, and decreased earnings due to the drought and depression. There are, however, any number of merger deals now being discussed and the public utilities harbor a very large amateur short interest. Associated Gas & Electric was not helped by the New York State rate agitation, though this was partially offset by the opening of electrified serv- ice on the Delaware, Lackawanna & ‘Western, which will get part of its power from one of associated’s sub- sidiaries, There were early declines in Eastern States Power B, St. Regis Paper, Niagara Hudson and Niagara shares. I BONDS ON THE CURB MARKET. DOMESTIC BONDS. High. Low, s 981y 2 Sales in tho) \ds AP " a Pw 435 67 W) s 17 Amer ® & L'6s 2016, 103% 745 107%2 1 145 941, 756 101 e Gork 55 135 58, 0 B x"B! 897 168 B4y 80 Close. 9814 23 Appalach_Gas 65 lac Gas 6s B Yo ents! 2 §aaaace H 3 g o "? E (] 2R g 333%0 QOER! e 2888 2o o 828523 oy ) Qe g £A gé;;ia-u.u“ 2 = rin! E:n ofeancis 83gnnSsgeeats 582 =555znes ST S 35 L SErEE 90000 1 353 5 ot 2 B & - oSS o (i 5 3 5 £t g ] 208 P ofa o paBes: 2 RERD! s © £ fogz 53 =3uety 2 £ o) 4858 2E! sggilr.s.. % 101% 100% 56 94Y, 94% 103, 102 1047, 104 104%, '57101 10034 101 99 98 99 103% 1033z 103% 80 ° 80 ~ 80 80% 80% 9lla 9% 90 228! Eg;’i o e b 2 ] 4 $ 996 3 K ‘i 2 35 26 5 21 5 3 8 ‘; 41 2 7 1 10 i3 4 1 7 3 1 i 25 [ |3 3 80% 9lis 58 A 47 xw 1] Iowa Neb L&P 55 '57. 3 Xelvinator 6s 36 91 6 Koppers G&C 5s '47. 100% 100 9 Kopper G&C, Stas, 60 1034, 10314 10315 2 Lehigh P § 6s A 2026 106 1053¢ 10834 N& LS 4% 943 84t % 99 10012 14 ] . 99% 993, 993, 104% 104 104%s ad 65 A '40. Mid west Uil 83133 100% 1003 100% West Ut 55 '33 993 993 ] 9834 99% id West Util 55 '36 982, 982 oS REERE] BEaA g zzezx 5 25557 - ono-SamnsBus, 17 Ohio Pow 5s B '52.. 10i Riv Ed 55 . 3 Oswego Falls 65 '41° 10 & E 4%s E 51 913 P & L . 983, W O 6.8 " 96" Petin Doc ok ‘W 63 49 94 © 94" 9 Pern O E&5'as B '59 1024 102% 102% Benn O Ed 65750 xw 104 ' 104 ' 104 N 2 101% 101 01 1007 n 1007 100% 024, 102%2 102% 98" 98 98 Dividend Rate. Allegheny Ga: % Allied Aviation 8 Allied Mill 6 105% Alu Coof Am pf (6). % 97 Alum Ltd cum pf (6) 6% Amer Austin Car. 26 Am Bakeries (A) 60 Am Cigar Co. 35% Am C P&L (A) (a3). 24, Am C P&L B (10%). 0% Am Com P A (b10%) 1 Am Control Ofl Flds. 17% Am Cynam B (1.60). 3 Am Dept Stores. .. 12W Am Equities. 88% Am For Pow (war) pL(6).. Am Gas & (1), 7% Am Invest Inc (B) 2% Am Invest (war) . 3 50 Am Laund Mach (4). 75 1% Am Maricabo 3 T Am Natural Gas. 20% Am Superpow (1). 94% Am Superpwr 15t(6 7% Am U &G B vte 40c.. 15% Anglo Chil Nitrate. 8'% Appalachian Gas ‘kansas Nat Gas Nat Gas (A). 7% Ark N G cu pf (60c). 3% Asso G&E (A) dbrts 803 Asso Gas & Ele 95 le: Add 11 Corp. Cor of Am 120 Babcox & Wil (19). 215 Bahia Corp. ... 70 6% Blue Ridie Cp (40¢). 33% Blue Ridge cv pf a3 204 Blumenthal (S). . 291 Brazil Tr & Lt (h2) 7 Brillo Mfg (30c).... 24% Buff N&EP pf (1.60). 31% Bulovacv pf (3%).. 21 Burma Corp (f31c).. 2% Bwana M Kubwa. . 2% Cable Radio T vte 1y Cable & Wire B re 31 Canada Marconi % Carib Syndicate 25 Cent Pub Sve Aal75 19 Cent St El (k40¢).... 4% Centrifug Pipe (60c) 213 Chain Store Devel. .. 9% Chain Stores Stock. . 17% Chat Ph Alnv (50c) 17% Chem Nat Assonv 2414 Cities Serv (g30c). 88 Cities Serv pt (6) % Colombia Syndicate 5% Col Ol & Gas vte 81 Col Pict vte (£1%). 3% Com & Sou war. . 11% Com Wat Sv (b6%) % Consol Auto Merch. . 10 Consol Laundries(1) 71 Cont Shares pf (6) .. 200 28 Cooper Bessemer (2) 38 Cooper Bess pf A (3) 5 Copeland PrIncA... 3% Consol Copper... 6 Cord Corp. 31% Cosden Oil 5% Creole Petroleum 15_ Crocker Wheeler. # Cuban Cane pr opt 1% Curtiss Wright war % Cusi Mex Mining. 2% Dayton Air & Eng €6% Deere & Co (m1.20) 23 De Forest Radio. ... 3% Detroit Afrcraft 31 DressSR(A) (3%). 4 Dubilier Cond & Rad. 7 Duquesne Gas Cp wi. 2% Durant Motors. 1 Durh Hoslery (B 18% East St Pow B (1) 74 Eisler Elec (1) . 70% El Bond & Sh (b6) . 924 El Bond & Sh cu pf 5. 19 Elec Pow Asso (1)... 16% Klec Pow Asso A (1) 9935 Bl P&L 2d pL A (T).. 201 ¥l Pow & Lt op war.. 16% Klec Sharehold (1), 82 ¥l Sharehold pf (a6). 6 Empire Corporation. 16 Emp PSer A (a1.80) 1244 Kurop E Ltd A (60c). 14 Evans Wallow Lead. 9% 1x-Cello A & T (80c) 2 Fabrics Finishing. .. 1614 Federal Screw (3)... 27% Fire Assn Phila 1.60. 28 Ford Mot Can A t1% 10% Ford Mot Ltd 37%c.. 214 Foundation For Shs 2% Fox Theater Cl (A) 6% Gen Alloys (80c). 214 General Baking. . 27 Gen Baking pf (3)... 10% Gen E Litd ret (50c) . 18% Gen Empire Cor (1) % Gen Laundry Mach 80 Gen Pub Sv pf (6)... 20 GenW WEEA (2)... 75 Glen Alden'Coal (8). 9 Globe Underwriters 2% Gold Coin (new). 2% Golden Center 15% Goldman Sach 13 Gramaph rcts (20¢).. 180 GrA&PTn-v(5).. 115% GrA&PTpf (7).. 2214 Guenther Law (2) . 115% Guif Oll of Pa (1%%) 8% Hecla Mining (1) 12 Heyden Chem (2) » Hollinger Gold (60c) 13 Houston Oll of Tex 78 Humble Oil (2). . 31% Hydro Elec Sec 18% Imp Oil of Can (50c). 26% Ind Ter Illu Ofl (A) 26% Ind Ter 1llu Ofl (B).. 17 Ind Fin ctfs (b10%). 63 InsCoNAm (13).. : % Intercontinent Petn. 17% Int Petroleum (1). 30% Internat Super (1) 6% Interstate Kquities 331 Interst Eq cv pf (3) 12 Irving Air Chute (1 7% Italian Superp (A) 85% Lackawanna See (3). 3% Lakey Foundry 1% Leonard Oil. . 2 20 Liberty Dairy Prod 124 Toew's Inc deb rts. 3% Loew’s Inc war). 34% Lone Star Gasn (1), o a Swe amBanunInar~~Shenars * o o BunrnrnBaSeannie e v 2 [ Y R e LT Y - e 2 R 5— . Open. High. Low. Close. Py ~Prey. 1930.—~ High, Low. 5 2 10% 26 5% 1 48 only. Ly 5 874 %o 4% 8% 109% 109% 9% 7 Mo Kan tB & Newmon 4 Newport Co (2) NYP { Rio & Bu Aires. . -Hud Pow (40c) Shar Md (10¢). Novadel Tatte Fub Util Pure Uil Rainbow Rainbow teybarn Rock afeway Regis Se; Utd 1 % Utd Gas td T % 119% 2216 s 118% um v Waitt & Stock and Dividend Rate. Louisiana Lan & Ex. Mangel Stores Mangel St pf (613) Marion Steam Shov Mavis Bottling. . Mayflow Mead Johnson 13. Memphis > Met Chain Store: Mid St Pet vte Mid W St Ut (1%). Mid West Ut (b8%). Midld Nat Gas A 1.20 Mo KanPL (b10%). Monroe Chem ( Mount St Pow pf (7). 20; t Aviation. . b at American Ce t Fam St b2 % Nat Food Prod at Fuel Gas (1) t Investors. t Pow. Noranda Mines (2). No Am Aviat A war.., Nor St Pow A (8) Western Oil.... ke Davis (51 er Gold (24¢) . . & Whit (25¢). Yrudential Invest. ., aymond Con pi (3 Reiter-Foste Jteynolds Inves Lt& P (90c) Royal Type (1333). 0 Royal Cor pf (1.20).. Anthony Gold. 2 1t Creek Con (4 1t Creek Prod Scovill Mfg (4). 4 Seaboard Util (50¢). Lock & H (50¢) Seiberling Rubber Sel Ind all ctfs(4%). Shenandoah Corp. ... Shenandoah Cp (a3). Sim Bd cv bt (3).... nith (A O) (2) ou Penn Oil (123). outhland Roy (1). SW Dairy Products -Spanish & Gen R Standard Motors. Stand Oil Ind (23%).. stand Oil Ky, (11.80) and Oil Ohio (2%). d Pub S Starrett Corp. 4 Stein Cosmetics rauss Roth. Stutz Motor Car Sun Inv pt (3) Swift & Co new wift Internat (23). rac Wash M B (1), Tampa Electric (32). Teck Hughes (60c).. Tenn ELP 1st pt (7). 50 Texon Oil&Land (14). . Thatcher Sec€orp. Tran Con Afr Tra Trans Lux DL P S. . Tri-Cont Corp (war). Twin St NG A pt (1), Ungerleider F Corp. . Utd Corp (war) v Docks. 4 Utd Found b2- &Pow A (1). td Lt & Pow pf (6). td Ret Ch pf (33) Utd Ret Chem B ¢ Lines pf (1)..... & Overseas war. 3 & Int Secur. . Utd Verde Ext (2). Univ Ins (3%). Univ Pic Util Pow & Lt (al). Utility & Ind. ... Utility Equities. iezucla Petrol . Vie Finan Cor (40c). Sales— Add 00. Open. High. -Low. 11 % 2 1 1 & H % 1 Asso (12) [ 814 t Gy 14% @ B R PR P PLvte Sh ep 50c 0il (50¢) JJ) 1.10 in (£4) Lt pt (6) @ 2 8 16 41 124 1% 213 2% 150% Agene 1 s B (5). stpf (1%) v (1.30)... B ISR b e D 3 IS IS SIS B8 1 01 91 e B 23 1 4 [P CITTOTITe JOT 1% 100 17h 160 45 Hold w w. ). Lum Pr A Lum Pr B o 450 10% St war 5th. 120, CENE MR e Faper (1).. 22 101 2% 50 66 9 Al 38% 1875, 8% 2% 49 81% 75 18% 19% 7 4% 1% 39% 30% 81 = [UPETUTIPINE f S NOOTeS-§ O 4 - S Sep e el A(b8%) MR RESTARE - a0 pe (7). a arFanrScsarno=San3B~ 2 tures. . 01l (4) 78% 2% Ta Bond A 2)... Walgreen Co. .. ne Pump. . .ow Cafete Winter (Ben)). Yukon Gold. . Zonite Products (1) RIGHTS. Ins Coof NA..Oct1 Insull Ul 2% 1% # Insull U Dividend rates in anual paymen s UDit of trading less than 100 shares. tPartly extra. a Payable in cash or stock. in stock. Adjustment aividend. h Plus 1% in stock. 39% 39% Expire. til. ..Sept 15 Inpf.Sep1s 25 dollars based on last quarterly or 1% L3 semi- 1Plus in stock. in stock. b Payi 1Plus 5% in stock. & Plus 1 Plus 2% in stock. k Plus 10% in stock. m Plus 3% in stock. n Plus 8% in stock. 9414 94 94 . 1003 100% 100% B2 8112 82 SUnt Lt & Ry Stas '52 927, 923, 92% Uni Lt & Ry 6s A '52102'; 10243 102 U S Rubber 65 '33.. 951, 95% 950a L8l 91% 1%, 102% 102 102 8 65 97 - Swnd Pk 65 an_Sweringen 6s '35 Va E & P 55 A ’S5.. 1 Wal 8 Wi BELEHE. 75 95 94ia 943 4 Westvac Chl 5%s '37103 102% 1023, FOREIGN BONDS. 4 Baden Con Mn 75 '51 B Brisbane City 6s 50 4 Buen Alr Proy 7s /52 30 Buen Air Pr 7Tigs '47 99 1 Cent Bi L) , 83 23Com Pr Bk 5l3s 37 89% 5Danish Con 5is 35101 1Danzig Port 6ljs 57 T8y 18 3 st Bo GV 75 Gen Cons 19 Ge: 953 963 953, 953 95 N wartats. xv-_Without warrasts, Witinen istued. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, September 3.—The fol- lowing is a summary of_important cor- poration news preparediby the Stand- ard Statistics Co., Inc, New York, for the Assoclated Press: News Trend. Railroad freight car loadings in the week of August 23 registered another larger-than-seasonal increase over the preceding week. Total of 940,549 cars wa. 17,726 greater than in the previous week, but below any like week since 1922. Compared with the 1929 period, decline was 197,417 cars, while against 1928 week decrease 140,149 cars. Pre- inary figures on last week’s domes- roduction indicate output was reduced 2,245 barrels from the g::- ceding week. An increase of 7,220 - rels daily in Oklahoma fields was largely ?flult. by reductions in Texas and Cali- ornia. Corporation news is comprised chiefly of , all of which show he 1929, of any month The Companies. Art Metal Construction unfilled orders Ritomatic Washer first halt earnings 47 cenis preferred shave, against $4.78 year ago, Colorado & Southern (including Fort Worth & Denver City and Wichita Val- ley) July and seven months' net oper- 3iis ntl;:g income 32 per cent below year | General Motors adds two new Prigid- | alre models to low price household Lne. | General Theaters Equipment equity earnings in holdings, not included first | half report, equivalent 47 cents common share; current market value of holdings | $20,000,000 in excess of cost. Grief Bros. Cooperage earned $2.12 common share in nine months to July 31, against $5 in 1929 period, International Printing Ink first half sales 12 per cent below year ago. Louisiana Ol Refining currently pro- gl-lfil;lg about 12,500 barrels crude oil uol\::lrlneh Midlfllt'ld buys 20,000 addi- | shares stock of Union Trust Rochester, at $200 share. = Montgomery Ward & Co. August sales off 15.9 per cent; eight months, up | 1.3 per cent over year ago. National Bellas Hess August sales off 422 per cent; eight months, 293 per cent below year ago. Excluding receipts from units not operated year ago, d crease for elght months is 35.2 per cent. New Yark Airbrake first half earnings ago. Elstree studio of British & Dominion Flims; plan £4,000,000 ten-year English production program. Pittsburgh Forgings earned $1.39 com- mon share in first half. Pure Oil and Hickok Oil have bought 80 acres land for $5,000,000 refinery de- velopment from Standard Oil of Ohio. United Retail Chemists business at all new stores suspended following filing of involuntary bankruptey petition. Willys-Overland Co. reopens Toledo pllnktj has 6,500 workers on five-day wveel TREASURY CERTIFICATES. « 't Y. fEE i $1.78 common share, against $2.14 year | Ofter. 6232 | 30_centimg 78 Mar 15, 3128 Sept. 15, Dec.” 1932, INSURANCE STOCKS LOWER IN AUGUST |Month Closes With Index Below Average at End of July. The New York City market for in- | surance stocks closed on August 29 well above the low for the month, but was lower in comparison with August 1 prices. The Hoit, Rose ‘Troster weighted index of 20 leading issues opened on ‘August 1 at 63, declined to 60 on August 12 and closed for the month at 62. ‘The range for the month was as fol- lows: Aug 1. Aug. 29. 138 i Actna Cas. & 129 sur. ire. . . Paramount Publix reported will lease | Gl us National Liberty. Prov. Washington Springfield ¥. & M. Travelers U. 8. Ci U 8. P Westchester Fire.... Welghted averai . PARIS BOURSE PRICES. PARIS, September 3 (#).—Prices were firm on the Bourse today. Three per €ent rentes, 89 francs 25 centimes; 5 per cent loan, 101 francs Exchange on London. 123 francs 77 centimes. The dollar was quoted at 25 francs 43%3 centimes, + | just before R. T.s letter arrived with a 1, sponsible. 7% 1 57000,000 shares of stock have been bor- * | public buying enables that 2% | ment would be a thing of the past 3 s | gestion. ., WEDNESDAY, SEPTEM FOR STOCKS LRGED Business Man Urges Prohi- bition of Short Selling for Year. BY JOHN F. SINCLAIR. Spectal Dispatch to The Star. NEW YORK, September 3 —"Frankly, do you believe the stock market, with its frequent ups and downs today, has any real effect on the business of the country?” asks R. T. of California. 1 had been discussing this matter well known business man whose net gain in the stock market in the last five years has been rerorted in eight figures. This business man belisves that while the crash of last Fall did bring disaster to both poor and rich alike, few have idle funds today to buy stock. The re- sult is that the bears can depress almost any stock exchange security “by offer- ing large blocks of stock without fear | of being unable to cover their sales at lower prices. So every time there is a | éip in the market quofations, people be- come convinced that bad times are ahead and strict economy is practiced. As a result, the buying of absolute needs is the order of the day.” ‘When I asked him how he would meet this problem, he replied: “It is a vicious circle, and in my opinion the bear operators of the New !York Stock Exchange are largely re- It is estimated that about rowed by the shorts to deliver against sales. The sales of stock, which the shorts do not own, in the absence of crew to de. ress stocl rices almost at will an rpnlke hugekprrt':flts, while destroying pub- lic confidenc> and thereby undermining our industries and business generall; “But what can be done about it?” “ believe that if Congress enacted a law making it illegal, for a period not longer than one year, to sell_securities not actually owned by the seller, secu- rity values would be stabilized, public confidence restored and increased de- mand for commodities would restore production_to normal and unemploy- within a reasonably short time.” There is much merit in such & sug-| \ Standard Wage System. William Green's Labor day address centered about two problems—unem- ployment and old-age pensions. In the field of unemployment, the president of the American Federation of Labor proposed to American business | men that an annual wage system for in- dustrial workers should be developed as a vital factor to relieve business de- pression. L) “Steady, continuous employment, with | an annual income for wage €arners, | said the labor leader, “would largely | eliminate the social evil of unemploy- ment” and the resultant economic con- '“3?3‘ ions—millions of words nsions—; i have b:eg: \?:ed talking about this sub- ject, but little has been done in the Untted States about the growing dis- crimination against workers after they, reach the age of 40 or 45 by large in- dustrial enterprises. “As forced retirement is imposed upon workers 20 years in advance of assumed physical incapacity, then retirement an- nuities must be provided to adequately meet such a situation, through the leg- islative enactment of a practical and comprehensive retirement plan,” accord- ing to Mr Green. Frank Morrison, secretary of the Federation, ldvlocn!ed much of the same ram at Baltimore. pr?}‘eorce L. Berry, a vice president of the organizatjon, attributed slow busi- ness conditions to the intervention of labor-saving devices, “the extraordinary ingenuity in financing business,” which has “created a complex economic situa- tiom,” and the “post-war arrogance of American business, whic- hhas reduced export trade.” Mr. Berry is not one of those who believe prosperity “is just around the corner.” Unemployment _insurance undoubt- | edly will be a major subject before | many State Legislatures and Congress this Winter. Financial Tmperialism. Dr. H. Parker Willis, New York editor, kept up his fire against “finan- cial imperialism” in a Paris interview while on his way to Rumania, where he has gone on a financial mission. “The gold movement to France,” said the New York editor, “must be ex- pected to go on. France is wise in in- sisting on the continued transfer of gold and refusing to participate in the grandiose schemes in retaining gold in Great Britain and the United States subject to "earmarking. * * * French banks, by conserving an outstandingly good economic position, will be able to placs France in an even more positive position of command and above all, but free of financial imperialism, originat- ing in other corntries, with regrettable | results elsewhere.” " The Federal Reserve probably has no more insistent critic than this Columbia University professor. He was a secre- tary of the first Federal Reserve Board and one of the organizers of the Federal Reserve System. But the inflationary movement, from 1922 to 1929, Dr. Willis violently op- posed, with every resource at his com- ! mand. He had plenty of opportunity to say “I told you so,” after the crash, but his writings since that time have been re- markahkly free from any such boastful spirit. It costs about $420 for any Japanese business man to get a telephone in- stalled in Japan. ‘The demand for telephones in certain citles of Japan has been so strong that the government each year holds a lot- tery and the holders of the lucky num- bers receive the privilege of having a telephone upon the payment of about $420. Last June, 766 applications were received in Yokohama. When the lot- tery was completed, 320 persons won telephones. The only other method of obtaining a telephone requires the services of one of the six licensed brokers in the city, the payment of a sum fixed by the gov- ernment, $424, and the premium de- manded by the licensed operator. If you get a telephone through a broker, you pay an additional fee of $286 for putting it in your house or office, and thereafter you pay about a cent and a half for every local call made over the wire, as well as for the stipu- lated toll charges outside of the Yoko- hama area. The government, however, announces that the public trading of telephones on the market is decreasing, since the user must wait three months for an installa- tion. The cost of waiting is not worth the difference in price between the gov- ernment figure and the broker amount. Still it's a novel scheme at that. (Copyright, 1930. by the North American Newspaper Alliance.) NEW SECURITIES NEW YORK, September 3 (#).—New securities offered today include: Portland General Electric Co. $40,- 000,000 41> per cent bonds, priced at s and due in 1960, by a syndicate headed by Harris, Forbes & Co. New York Water Service Corporation $2,264,000 5 per cent bonds, priced at 99, by G. L. Qhrstrom & Co. Province of Saskatchewan $2,000,000 412 per cent bonds, priced at 994, by Eyndiuu headed by Bancamerica-Blair jon CHICAGO DAIRY HAI.RKET. CHICAGO, September 3 (#).—Butter —Receipts, 13,923 tubs, steady; prices un; Receipts, 13,610 cases, firm; extra firsts, 28; fresh graded firsts, 27; fresh current receipts. 25a26; ordinary current receipts, 16a22, I AND BOND ' By the Associated Pres. From Yesterday's 8:30 Edition. STOCKS. 50 Industrials. < {8 167.5 Three years ago, weekiy aver. . High, 1930. . Low, 193 High, 1929 Low, 1929. GRAIN MARKET CHICAGO, September 3 (#).—Weak- ness of Winnipeg wheat quotations and considerable hedging pressure served to undermine confidence in the Chicago wheat pii today and the market was generally unsettled. Setbacks started shortly after the opening, but they were checked by a rally. The advances failed to hold well and prices quickly dropped to new low levels for the sea- son. The September delivery sold at 821, at one time, 9 _under the previous low price established yester- day. Corn was affected by wheat weak- ness, although there was some_ buying on the possibility of frosts in the low- lands of Northern Iowa, parts of Min- nesota and Wisconsin tonight. Oats and rye were influenced by other grains. Provisions were uneven. Wheat closed unsettled %ally mnet lower than yesterday's finish. Corn closed 1,a7 down and oats from Y lower to 1% higher. WHEAT— September December March May C Low. ‘Close. ‘827, 83y COR September . TIGHTEN MONEY MARKET Special Dispatch to The Star. NEW YORK, September 3.—Two fac- tors at this season that tend to tighten money are the increase in commercial loans and the ,expansion of money in circulation. These factors usually are fairly predictable, but two other items, the volume of security loans and the size of gold movements cannot be pro- jected with accuracy. The rate of busi- ness activity and trend of commodities are uncertainties surrounding the ex- pansion of commercial loans. Gains in the latter as well as in gold exports and money in circulation tend to tighten money because they reduce member banks’ reserve funds. Whether money becomes tight or easy depends on the extent of the open-market oper- ations of the Federal Reserve, which offset the effects of the above-mentioned influences. METAL MARKET. NEW YORK, September 3 (#).—Cop-~ per quiet; electrolytic, spot and future, 10%all. Iron quiet; unchanged. Tin quiet; spot and nearby, 29.75; future, 30.00. Lead steady; spot, New York, 5.50; East St. Louls, 5.35. Zinc steady; East St. Louis, spot and future, 4.30a 4.35. Antimony, 7.75a7.87. . Agents of American manufacturers in Berlin, Germany, number 486. / | 10.90a11.05. | Light light, good and choice, 140-160 | 550 * 200 pounds, 10.50a11.00; medium weight, | heavy- | ! ‘AVERAGES NEW YORK COTTON NEW YORK, September 3 (Special).— | ‘Afler selling today at 25 to 28 points | above Tuesday's close, the cotton mar- ket showed some irregularity and be- came easier in the late trading under Southern selling, with the close steady at net advances of 10 to 15 points. Spots were 10 higher at 11.40. Cotton range: Open. o g I2BULRENE October, October, December, December, January, old January, new oy g2s8aha8y! o et 883292383z [T - e 328ISHT23 23 | | | CHICAGO LIVE STOCK MARKET CHICAGO, September 2 (United | States Department of Jgrculture)® (). —Hogs, 17,000 head, including 2,000 directs; good and choice, 180-210-pound | average, 10a25 lower; other budghars, | weights mostly steady; sows went t 10 | | lower; pigs dull; top, 11.10; bulk, good and choice, 180-240-pound averages, | pounds, 10.00a10.85; light weight, 160~ 200-250 pounds, 10.65a11.10; weight, 2502350 pounds, 10.00a10.90; | | packing sows, medium and good, 275- go;;d and choice, 100-130 pounds, 8.25a Cattle, 12,000 head; calves, 3,000 head; active strong to 25 higher; market on | light yearlings and light better-grade | | light steer; trade active at advance. | | strictly good and choice, heavy steady: others slow, weak; she stock slow steady. to weak; grass fed stock cows selling 6.00 downward to dominating; grass fed yearlings, 11.60a12.35. Slaughter cattle and vealers—=Steers, good and choice, 600-900 pounds, 10.50a | 12.75; 900-1,100 pounds, 10.50a12.75; 1,100-1,300 pounds, 10.00a12.50; 1,300~ 1,500 pounds, 10.00a12.50; eommon and medium, 600-1,300 pounds, 6.50a10.50. Heifers, good and choice, 550-850 | pounds, 10.25a12.25; common and me- | dium, 6.00a10.50. Cows, good and choice, 5.25a8.00; common and medium, 4.25a 5.25; low cutter and cutter, 3.00a4.25 (bulls, yearlings excluded); good and choice beef, 6.00a7.00; cutter to medi- um, 4.25a6.50. Vealers, milk fed, good | and choice, 10.50a12.00; medium, 9.00a | 10.50; cull and, common, 7.50a9.00. Stocker. and feeder cattle steers, good and choice, 500-1,050 pounds, 7.25a9.00; common and medium, 5.50a7.25 { Sheep—Receipts, 23,000 head; market steady to 25¢ lower decline on lambs; {bulk native packers, 8.25a8.50; several |loads, 8.75a9.00 to city butchers; fat| {ewes, 3.00a4.00; range lambs unsold. | | Slaughter sheep and lambs—Lambs, | 90 pounds down, good and choice, 8.00a 9.10; medium, 6.50a8.00; all weights, | common, 4.50a6.50. Ewes, 90-150 -pounds, | { medium to choice, 2.50a4.25; all weights, cull and common, 1.50a3.00. Feecding lambs, 60-75 pounds, good and choice, | 6.75a7.60. ” BANK CLEARINGS. NEW YORK, September 3 (Special), ~New York bank clearings today, | $1,254,000,000; « year ago, $8,077,0004 000. New- York bank balances today, $144,000,000; a year ago, $182,000,000, New York Federal Reserve credit bal- ances today, $140,000,000; & year 8go, $178,000,000. SYLVER QUOTATIONS, NEW YORK, September 3 (#).—Bar silver, 35%3. a4 R CHICAGO STOCK MARKET By the Associated Press. CHICAGO, September &.—Following : is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: Sales, STOCKS. 50 Acme Steel..... 130 Adams "M 30 Ainsworth Mfg. 50 Allied_ Mot Ind 50 Am Radio...... High. Low. Close. ’ o o T&TA 10 Asso Tel ‘& Tel 6 150 Assoc Tel Util, 30°Assoc In: 250 Auburn 1130 Bunee™ At $0Brown & W ruce (E L) 150 Ceco M 33 Cent 1 Cent i Corp 'Bi. 400 Chic Investors 200 Chic Yell Cab 10200 Cities Service 275 Com'wlth: . > ;‘_‘S.«‘SS—.’TI L BRLREE % S-ERLBERE.EE: B 500 pounds, 8.00a9.10; slaughter pigs, | » SEaB o R T BONDS, 14000 Insull Ttil 65 " 16000 Insull Util 6s Chi Ry ctfs Ss 2000 South Nat Gas 65 .44 Bond sales today. $23.000. What Your Telephone Dollars Buy The money you spend for your telephone does not buy the actual instrument. What then, DO you buy? You buy service=constant, twenty-four hbur service. Whether you are calling across the street or across the continent, the service is waiting for you—always ready. You buy knowledge and experience that have taken years to acquire, and directed toward the single end that you may pick up your tele- phone and ‘get the one other telephone you want out of more than 29,000,000 throughout the world. You buy human devotion=loyalty that never wavers no matter what the emergency. The history of the telephone is filled with stories of men and women who have performed far beyond the line of duty, that the service might not falter. These are the things your telephone dollars bring to you, things that cannot be measured in terms of price. THE CHESAPEAKE AND POTOMAC TELEPHONE "COMPANY, 725 13th Street N. W. MEtropolitan 9900