Evening Star Newspaper, September 5, 1930, Page 14

FIRM 15 OPTIMISTIC Ecker Believes Business Will Show Recovery During Remainder of Year. ‘™" BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, September 5.—Frederick H. Ecker, president of the Metropolitan Life Insurance Co. of New York, the world’s largest in point of assets, thinks business during the last quarter of 1930 will equal “in general that of the corre- riod of last year.” first seven months, when economic con- ditions were generally subnormal, yield- ed an aggregate volume of insurance ater than the first seven months of fi;', ‘when economic conditions were far more favorable, The human life values of the population are still so far under- insured that we in the insurance busi- ness can count upon a fairly steady con- tinuance of the long-time witnessed for many vears past,” Mr. Ecker told me. 1 asked Mr. Ecker to elaborate on the forces which, in his opinion, favored re- eovery in general business conditions. } Credit Is Plentiful. 3 b is the plentiful supply and low ngn& business credit—the cumulative ect, of which over a period of uomle months seems likely to make itself felt soon. Another force of great signifi- sgance is the large volume of bond &uetd. with other evidences of a favoring bon market in recent months. Also, I find encouragement in the fact that fully 10 months of subnormal activity in manu- facture have now elapsed—a perloghlflng ‘enough to advance greatly the ‘diges tion’ process which inevitably follows & jod of abnormal activity, such as we in the first half of 1929. Inven- fories are admittedly not yet digested % gome industries, but I surmise that ‘we had complete data on invisible, .h: well as visible, inventories—not on\ym 11 the industries, but also those in = :-ndx of ultimate consumers—we c-:;:'fl see much clearer signs of growing she is & neetr‘:'vl.l change in business sentiment.” vplgfibg:t:rnmuve side—the forces which are holding back business recoz; ery—the rcmment of this life insuran resident was: % “Somewhat depleted incomes from ag: siculture, coupled with the weakness in construction NEW YORK STOCK EXCHANGE Recelved by Private Wire Direet to The Star Office. G‘rm.lm« Stock and . Low. Dividend Rate. “67% b50% Pan-Am Petrol (B) 12% 44 PanhandleP&R.... 77% 48% Param’nt Publix (4). 100 4% 1% Park Utah........ee 6 Par 5 2644 ‘melee Tran (60¢) 9 2% Pathe Exchange....) 19% 5 Pathe Exchange (A). 2% 16 Patino Mines. .. 55% 26% Penick & Ford (1) 80 48" Penney (JC) (3). . ou 12 6% Penn Dixie Cement we 55% 30% Penn Dixie Cem pf.a, 86% 69% Penna RR (4).....q 825 230 People'sGasCh (8)m 22% 27% 44% 17% Pet MIlk (1%)...0au Petrol Corp (1%).em 1 Plerce Ol 24 Plerce Pe ceem 27 Pillsbury Flour (2) . 39% Pirelli Italy (a3.14).: 25% Pittsburgh Ce 17% Pitts Screw ( Pipe L (15).. Steel Car, . .. 52% Proct & Gamb (2.40). 81% PubSvNJ (3.40) 107% Pub SvE & G pf (6 62 Pullman Corp (4). 1% Punta AlegreSu; 19% Pure Oil (1%). 52 Purity Bakeries 32% Radio Corp, . 68 . Radio Corp (B) (5).. 19 Radio-Keith-Orph A. 369 70 RRSecICstkC (4). 108 % 28 Raybestos Man 2.60. 141% 100 Reading Rwy (4). 647 84% Real Silk (5).... 100 88 Real Silk Hos pf (7).. 108 23 Rem Rand (1.60).... 4 8% Reo Motor Car (80c). 27 6 Reo Motor ctf (80c). 1 82 Republic Steel (4) Ed 80 Republic St pf (6) 23 Reynolds Metals (2),* 70 Reynolds Tob A (3).. 45% Reynolds Tob B (3) 14% Richfield Ofl (2). + 508 338% St Joseph Lead (13).. 851% St L-San Fran (8). 92 St L-San Fran pf (6). 56 Sears Roebuck $2%.. 1% Seneca Coppe! 5% Servel Inc. .. 16% Sharon Stl Hoop (1) (Continued From Page 13.) ~Prev.1930— High. 17 145 14% 32% 10 13% 1% 40 102 11 36 20 10% 12% 2% T 19 984 89% 30% 25 ‘Timken Utd Stos P& Va v VaEl& ‘Warner Warren Stock and low. Dividend Rate. 5% 814 Sweets of Amer (1)w 17% - 7% Symington (A)..coee 10% Tenn Cop & Ch (1)... 60% 50t Texas Corp (3).. 67%, 48 Tex Gulf Sulph ( 110 Texas & Pacific (5) 8% Texas PC&OIl... ‘Texas Pac Land Tr.. I Thatcher Mfg (1.60)« Thatcher pf (3.60) wes The Fair pf (1) 100 Thermold Co. . 614 Third Avenue...... Thompson (J R) (3) Thompson Pr (2.40) . Tide Water As (60c) Tobacco Products. . e Transamer (31.60) Tri-Cont Corp... Tri-Cont Corp pf (6) Trico Prod (2%) Truscon Stl (g1.20) . Ulen & Co (1.60) Und-Ell-Fischer (5 Union Bag & Paper Union Carbide (2.6 Union Ofl of Cal (12) Union Pacific (10). Union Pacific pf (4 Un Tank Car (1.60) Utd Afreraft. Utd Carbon ( Utd Cigar Store Utd Corp (50¢) Utd Gas & Im Utd Gas & Im pf (5, Ttd Strs pf (62%¢) SPipe & F (2). Realty (5). Univ Pipe & Rad. Util Pow & Lt A (e2) d Vanadium Stl (14).. 876 Raalte 1st pf. , .. 10 Car Chem 6% pf.. A Vulean Det (4) Vulean Det pt (' IWEDRAN <. s vosimnine Waldorf Systm (1%) Walworth Co (2).. Ward Baking (A) ‘Ward Baking (B), West Penn El pf (6). 10s WASHINGTON, D. C., STAR, finu, A% e, 1 10% 9 7| W ACTVE MARKE Investment Demand Spreads From Prime Issues to Other Parts of List. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, September 5.—With an- other of the increases in volume that have been noted each day this week, bond prices moved upward today. Whfle issues were sirung, the supply of these has now become s0 o limited that the investment demand . spread to other parts of the market and helped on their upward way those issues of re bly sound security that have been sellig on & 5 to 5% per cent basis and, due to the low rates prevai 1 money, are out of line with I in general. ‘The spread of buying to higher yield bonds was particularly noticeable in the « Det Ax (80c) e Maryland 4s, typical example, gained 14 point to & new high for the year. St. Paul 55 were up over a point. Denver & Rio Grande Western 5s improved 12 point and so did Missouri-Pacific 4s. Smaller advances were made by Chicago Great Western 4s, Rock Island 4lgs, Erie General lien Erf Missouri~ Pacific 5%¢s and Prisco 4%s. Convertible issues came in for similar treatment. Many of them, in which the conversion price is far above the current level for the stock, are selling urely on_their merits as bonds. For ince, Warner Bros. Picture 6s, con- vertible into stock at $75, where the current price is just above 30, are nat- urally selling on their bond value. Yet there was buying of these issues today, advances being widest in Philadelphia & Reading Coal & Iron 6s, American International 5%s and Alleghany Ss. In the high-grade section the gains were made by the old seasoned favor- ites, like Atchison General 4s, Pennsyl- vania 4l5s, Great Northern 7s, Chesa- peake & Ohlo 4%4s, Inland Steel 41, American Telephone 5's, Philadelphia Co. 5s and American & Foreign Power 5s. Most of them are at or within a small fraction of their best prices since 1928. only part of the list that showed 8 (A). . F 1st (1.2 Pow pt (6) The evidence of nglect was the industrial section. American Natural Gas G&%l, Pathe 7s, Phillips Petroleum 5%s, Rich- field Oll 6s, Shell Union 5s, Chicago Rallways 55 and other issues of a semi- speculative nature were weak, yielding to selling induced by the desire of in- vestors to get behind the upturn in high and second-grade credits. New York City tractions were again active, though m::m were confined to narrow Bros Pict. Bros (3) - Lib3%s.. Lib1st 4%s.. Lib 4th 4%s, US3%s US3%a'ile US 45’44, US4%s’sa. 5%s’e2.. 61. Australia 4%s ‘56 Australia 5s Australia Bk of Chile 618 '57. Batav Pet 418 '42, Belgium 6s'55 Belgium 6%s '49. Belgium 7s'55 Belgium 7s ‘56 Belgium 8s *41 Bolivar 78 '5 junior raflroad descriptions, Western | 5. Bremen 78’35 Canada 5s°31. Canada 58 °53. Christiana s '54. Colombia 6s Jan 61 Copenhag 4¢%s 538 Dan Mun 8s A *4 Dan Mun 85 B "4 Denmark 4¢%s Denmark 53 Dutch East I 654 Dutch East I Nov El Salvador 85 48 Finland 5%s '58 Finland s 45 Finland 7s '50. . Fram ID 7%s 43, French 7s°49. French Gvt 7348 "1 Gelsenkir Min 6s "84 German 51s German Bank German 7s rep '49.. Ger Gen E1 75 *¢5. Hungary T%s "44... Ttaly 78’51, Italy Pub Sv 7s '52.. Japanese 4s‘31...,. Japanese 535 Japanese 6158 '54 . Jugosl Bank 7s ‘67 Karstadt 6s '43 Kreug & Toll 5s SEPTEMBER ' 5, 1930. BONDS ARE HIGHER | [ o= BONDS oo [BETTER BUSNESS UNITED STATES. (Bales are in §1,000.) Close. 18 1011 100 30 100 81 5 1022 1022 1022 24 108 1 10113 10118 10118 1 10127 101 27 10127 25 107.28 107 28 107 28 26 11215 11216 11215 FOREIGN. b 102 30 10230 6 88 - 96 94% 105% 105% 109% 109% 114% 114% 110% 110% 109 109 68 68% 67% 68 881 88% 105% 105% 4% 76 (18% T3% 85 85 96% 97 102% 102% 100% 100% 106 106 88% 89 881 881 100% 100% 108% 103% KoY 1 4 % 108% 108% 109% 109% 14 14 104% 104% 102% 102% 108 108 87% 88 4% 94% 100% 100% 108% 1081 120% 120% 125% 126% . 95% 95% 86% 86% 89% 90 105% 105% 102% 102% 100 100 98% 98% 9% 95 15 4 37 12 3 16 1 30 1 1 31 13 21 7% 9T% 93% 935 106% 105% 84% 85 74 98Y% 165 2014 3% 98 16 19% 21% 21% FINANCIAL. Sales. High. Low. Close. A'37. 1 96% 96% 96% 47. 35 99% 99 99 9 8¢ 84 8¢ . 13 108% 103% 103% 104% 104% 104% 96% 964 96l 99% 99% 994 104% 104% 104% 106% 106% 106% 5 104% 104% 104% 100 100 100 Richfi'd O cal SinclO6%s B SW Bell T 5 StOIINJ bs StOiIN Y 4%s'51.. 10 nn Cop s B'44.. 8102 102 102 ;:nn KiP SaA 47, 16 107% 1074 10754 Tex Corp cv bs 9 103% 103% 108 Trans Oil 6348 110 109% 110 Utd Drug cv §s 99N 9% 99% U 8 Rublst 55 47 83 83 83 Utah P & L 5844 101% 101% 101% Util Pow 5% s 47 90% 90% 90% Vert Sug 1st 7s 42, 37 37 37 Walworth 6%8°35,. 2 95% 956% 95% Warn Br Plc 68 '39. 90% 90 . 90 West Un Tel 5s’51. 4 106 105 105 West Un T 6%43%36. 1 109% 109% 109% Wick Spencvis’35 5 20 20 20 Wil & Co 1st 68 °41.. 4 100% 100% 100% 4 YouSt& T 5s'78... 9 104% 104% 1043 RAILROAD. Atchisonad 48°95.. 1 94% 94w 94% Atchison gen 4 .24 9TH% 9T% 9% Atchison cv 4%s At & Bir 48 "33 At C L col 4s'52. 1 10 2 41 4 1 FORECAST IS MADE Gradual Improvement In Trade Seen as Year Draws to a Close. Special Dispatch to The Star. NEW YORK, September 5.—The bus- iness outlook possesses a considerable amount of optimism, and one may ex« pect gradually improving business to become more apparent es the year draws to a close, according to Gage P, Wright, New York business and investment counselor and head of the Businses Eco- nomic Djgest, who also declares that while scarcely any economist denies that there will be general improvement in business over nearby months, the extent and the duration of the recovery are phases of the situation about which there is not so much agreement. Sentiment Improves. “During the last fortnight business sentiment has shown marked improve- menc as a result of a better basis for 102 102 9% 9T 9T 101% 101 101 101 101 101 104% 104% 104% 107% 107% 107% AtCL4%s'64.. 104% 104% 104% 1 8 T Th 101% 100% 101% 102% 101% 102% 92 92 92 100% 100% 100% 91 91 91 95% 96% 9814 99% 99% 99% 994 99% 99% 991 105% 105% 105% 105% 106% 105% 105% 105% 105% 100% 100% 100% 1124 112% 112% 90% 90 90% 100% 1001 100% 107 106% 106% 105% 105 105 97 97 97 104% 104% 104% 100% 100% 100% 108% 103% 108% 101 101 101 104% 104% 104% 4 74 74 963 96% 96% 110% 110 s Bklyn Un 1st BR&PItt 4% Can Nat 4%s'54 Can Nat 4348 57 Can Nat 4%s Can Nat 4%8°10 Can Nat 5s July Can Nat §s Oct Can Nor 4%s '35 95% 99% Cent Pacifie Cent il Ches Corp 5s Ch&Ogn 4%s Ch&O4%sB Ches & Ohlo con Chi & Alt 3 CB&Q Il dv 48’49, Ch & Fast Il b8 ' 69% 69% 69y the releasing of a substantial amount of favorable news,” says Mr. Wright, who continues: “We now find that observers very generally express the belief that the low point of the current pression in business has been reached. “A seasonal lmmvement usually be- ter t, ber. T are a few able students who are not yet convinced that the upswing will be of deed, there is an occasional observer Wwho leans toward the belief that we may witness less than a normal seasonal im- provement. Furthermore. we find some expression to the effect that although the bottom probably has been reached, the expansion during the coming months will not be of great intensity, and that the sustained upward trend need not be expected before the turn of the new year. Commodity Market. “Unudoubtedly, sustained strength in the commodity ket will necessitate & more optimistit view by those observe ers who are momentarily inclined, in varying degree, to pessimism, For some time we have been pointing out ‘the probability that August would witness # halting in the long dscline in com= modity prices. Many of the various ine dices of commodity prices are now ree flecting strength, and some have acte ually turned upward. Of course an up~ ‘ward movement would not be significant unless it were of sustained character, prol y e upward tu which is now discernible, 'l”m be .ur‘n-, 3% 73% 3% 108% 102% 102% 95% 95% 95% 100 100 100 861 85% 86% 31% Shattuck F G (11%). 14 Shell Union Ofl. . 93% Shell Un Oil pf 8% Shubert Theate: 21 SimmonsCo........ 18 Simms Petrol (1.60). 20 Sinclair Con Ol (2)., 274 Skelly O1l (2) ) 99% 83 Skelly Oil pt oo 108 Sou P Ric Sug pf (8).100s 52% Southern Cal Bd (2), 2 108 Southern Pacific ¢6). 76 Southern Rwy (8)... 90 Southern Rwy pf (5) 19% Spang-Chalfant..... 18% Sparks Withing (1).. 5 Spear & C e 17 Stand Brands (1%).. 84% Stand G&E (3%)... 61% Stand G& Epf (4)... 55% Stand O of Cal (234). 98 Stand Oil Exp pf (5). 29 Stand Ofl of Kan (2), 48 Stand Oflof NJ (12) 30 Stand Ol N ¥ (1.60).. 27% Starrett (LS) (12%). Sec (A)..... 90% 90% 100% 100% 1024 102% Ch Gr West 45 '59. ChIn&Lrfbs'47 Ch M&STP 4%3 C. Ch M&SP 4%s'89 104% 11 ChMStP&P 1080 108 | Ch M & St P ad) 51% 51 102% 102% | Ch & NW con 4%s 101 924 923 | Ch Rwys ba *27. 3 80 99% 99%|ChRI&Pgn4s’ss 16 95 104% 104% rf4s'34. 36 104 104 24 67 614 67% 68% 84% 85 93% 94 90 90 tained. If this proves to be the case, Tl B avorable tenor of ir prog- nmgg'hmi:" v G @ time when fear and op- 514 timism play and important role. It 18 100% 100% | important, therefore, to note that in the 79 80 |recently improved sentiment the con- 945% 94% | tinued sharp advance in bond prices 99% 99% | has played an important part. = ‘The ' in stock prices, if sus- do much to revive con- 13:u 1522 132% simism, which has ni nuedm o v recen! b 115% 115% 115% bt C& W Indcv 4s'52. 92% 92% 92% CCC&StL 4%s (E). 46 101% 101 101% 5 101% 101% 101% £ 1021% 102% 102% Washington Stock Exchange SALES. Cupital Traction 55—$1,000 at 94, $1,000 af 3 Potomac Electric 6s 1953—3$1,000 at 108, $1,000 at 108%, $1,000 at 109. Folomac Electric Cons. 31—#5.000 at Washington Gas 6s B—$1,000 at 106%, $1,000 at 106. Washington Rwy. & Elec. 45—$1,000 at 8935, ‘Washi Rwy. & Elec. pfd—1 at Continental Trust Co.—10 at 130. 97%. The Carpel Corp.—50 at 23%, 100 at 2:. ’6‘0 at 24, 50 at 24%, 27 at 24, 1 W West Penn P pf (7).. 108 Western Dairy A (4). 2 Western Dairy (B).. 1 Western Md......... 16 24% Wi rn Union (8).. 3 174 Westingh’'se AB (2). 2 38% Westing E & M (5).. 150 151% ‘Wh Rock M 8 (t4%). Wilcox Ol & Gas.... Wilcox Rich A (2%). Willys-Overland. ‘Wilson & Co (A). Woolworth (2.40) ‘Worthington Pump. Yellow Truck... Youngs Spring (3). Zenith Radio.......; RIGHTS EXPIRE Mich St Sept22 2 14 11X % Warn Bros P.Sept 15 182 2% 2% Sales of Stocks on New York Exchange. 10:30 A.M. 186,400 12:00 Noon. 1:30 P.M., ++.1,011,100 2:10 P.M. o d tes Ve in the \bove tabl L annual cashi Dusimenta based on'"the latest SUATIerl oF Balf Searh’ detana & Unit of h’llhs less than 100 per cent in stock. §Payable in ar—no_regular rate. ble in eash or cent it in stock. stock. n Plus * Bubject Orfent dev 53 Pew bustness men command the tre- Orient dev 65 '53 that this life insur- - Bammowm mmwRD 62 134% 173 284 110 41% 20% 19% 2 8 104% 102% 6634 6614 60% * 601 104% 104% 29% 30 6814 31 35% 11% 26% 7 30% % % 106% 2% 2% |1F 124 13 " preferred stock. 99% 99% 104 104 90% 90% 89% 9014 100% 100% 67 67 95% 934% Baltimore Markets 107 107 66% 66% Special Dispatch to The Star, 51% 511 | BALTIMORE, Md., September 5.— ) tatoes, white, 100° pounds, 75a3.00; % 96% | barrel, t potatoes, barrel, ” ;;% 3. 2.2583.00; 1.00a1.25; carrots, 100, 2.50a3.50; celery, crate, 1.25a1.75; corn, dozen, 25a40; 1% Cuba Nor 5%s'43. Del & Hud rf 4s"43. 17 3 Den& R G W 58 °'65. 30 DRG&Wsths'78. 53 AFTER CALL. Washington s 68 “A"—$2,000 at Washington Gas 55—$500 at 104, $500 at 104, $500 at 104. b Rwy, & Elec. 45—$1,000 at 89%. Bid and Asked Prices. o e Janwargamsn am e 86 | peppers, per, 40a50; squash, ham- 83% | per, 60a75; tomatoes, hamper, 50a1.25; 94 stock, bushel, 60a1.10; apples, % 94 o4 hel, 75a1.75; cantaloupes, hamper, 101 101 |75a1.75; huckleberries, quart, 18a33; 46 46 | peaches, bushel, 1.50a3.50; pears, bushel, 23% 24 |7581.50, 107 107 12 112 100% 100% when ear: 102% Sun Ofl pt (6). k. 2 Superior O 29% 12% Superior St in stock. hPlus 3 k Plus 3 per cent in per_eent in ) to spproval of stockholders. ”m I RAILROAD TRAFFIC INCREASES FRU” SHIPMENTS GIVE SIGN OF BUSINESS GAIN Fla E Coast 58°74. . Fonda J&G 4%s '52. 106% 106% | Gr Trstdb 100% 100y | Gr Trunk 7 1112 1003 100t | Gr Nor 4% ) 10 100% 6 24 5 107 1045 104% Toho El Pow 6s°32. 15 100% Toho El Pow 78 '55.. 1 100% Tokio 5%ms . 9 93 s 15038 o managing director. inted him, as did President Cool- in 1925, o dod to i, T ‘Me! ‘Was ap] one of ers. occasions it was reported he h?ll been offered positions in the cabinets of both President Coolidge President Hoover. bod .l.dz id to the governor wve no influence s, ; ’1":: momentary resignation of Ed- und Platt of New York, vice governor, expected in due course, thus elimi- ting the legal barrier which prevents members of the board from same State. More Golf Courses. wards has been telling bank- .flunfid American Bmkeru'mesoch- $ion Journal that the country needs re golf courses. m?‘l!obby Jones says there ought to l}e If course for every 5,000 people in wm\mm and that would mean about 26,000 golf courses, or about tour»(lmu 8s many as we have at present,” says Mr, Edwards. “Since golf is everybody's e and a life time diversion, afford- z'l“mthe utmost in healthful recreation, the recent Tapid wth in popularity robably will continue.” ’ulny a farmer, hard-pressed for cash, has struck “pay dirt” by selling & part of his farm tg: a country golf course This suggests to Mr. Edwards that much of the waste land along highways ~—the rocky, rough, sandy, and hilly— might well be transformed into ideal hazards for the golfers. The present popularity of the Toml Shumb golf courses may cause the en- thusiasts to develop into real golfers and demand more and more big courses. ©On the other hand, more people are wusing the Tom Thumb golf courses to- day than are using the regular golf courses. It may be only a passing craze, pr it may develop into a real feeder for “big” golf. But more people are playing golf and mear-golf today in the United States and OtnASI than in all the rest of the world combined. €Copyright, 1930. by the North American Newspaper Alliance.) INTEREST RATES. By the Associated Press. ‘Time money rates last week were un- changed from the previous week, while ‘money rates weakened. The .fol- fllflx figures were announced by the Census Bureau: ack ended August 20 jous_week ... Efn- week last yéa ——e. toms ‘were $2,578,375.67. Renditures, $5,073,478.51, one |~ DECLARED NORMAL Vegetables Also Moving in Usual Seasonal Volume, Says Government Report. Carlot supplies of fruits and vege- tables are coming along in the usual volume, drought or no drought, but the West is sending more than lately, says the United States Depart- ment of Agriculture Bureau cultural Economics Market N¢ ice. Nearly one car in three California and more than one from Colorado. Potatoes in Steady Volume. ‘The potato shipments of about 700 cars ly are nearly the rate last month and also close to that of & year ago. New Jersey and Long Island are shipping liberal quantities. Most other potato sections are running light as yet, There is little further chai in the general price level, but Midwest- ern markets show some gains and some Eastern markets have made slight de- clines, Many cities report carlot re- ceipts mod::lh.'. Elut} Ne;’l mrk'l;lfl: liberal carl juantities arriving, th&r:eoelw Ag Philadelphia have been rather light. New .’!'eruy and Long Island pota- toes lead the Eastern markets with a price range of 1.50a2.00 per 100 pounds on Cobblers in the East and 2.25a2.50 in various Southern markets. Maine Cobblers show some decayed stock in current arrivals, but best lots bring 1.50a 1.60 per 100 pounds bulk. Eastern Shore Cobblers sold as high as 3.00a4.00 in some Western and Southern markets. Pennsylvania round white varieties sell at 1.7521.90 in Baltimore, Onions and Cabbage. The onion crop seems to have defled dr weather in most sections, but the sizes of the Eastern output run small. Probably onions of full size will com- mand more or less of a premium. The onion is one of the few vegetables like- ly to be in full supply. The market, like that on most other vegetables, shows poor action and prices scarcely hold their own, although the general level is about 50 cents below that of a ye.r ago. All Eastern markets r?ofl supplies moderate and demand slow. There is little further change in prices this week. The general range on New York yellow stock is $1.35 to $1.75 in Eastern cities. ‘White onions from Maryland brought a little more than $2 in Boston the first week of Sep- tember. Connecticut Valley shipping points quote yellow onions steady or slightly lower at $1.15 to $1.25 and prices in the Rochester district declined slightly to $1.25 per 100 pounds. The season’s shortage of cabbage shipments, amounting to one-third, has been mostly in the Southern crop so far. The large Northern prom- ises fairly good carlot supplies, even where yield per acre is light.’ Plenty this Fall would insure ample Market supplies are mod- demand cabbage sells in Eastern cities around $20 per ton in bulk. This stock is quoted at $11 to $14 per ton in West- shipments. erate and BY J. C. ROYLE. Rallroad traffic, both passenger and freight, is increasing. This is o "e?:fx 3 “o‘l.\ly slight push ce year. - necessary to start general buam:s on an upward course. Business is a good deal like a freight cdr, according to railroad men. It is hard to move when it is stationary, but comparatively little power is needed to keep it moving increase its pace once it is in motion. The present sea- sonal trend may be the lever which will E;la'.hefn t car of business its tial impetus, Buying Power. How little push is needed is indicated by the assurances that buying power has lost little of its volume. Reports from savings banks show that deposits are gro instead of receding. This means that savers have not had deep into their reserves. They have cut down spending, but they have the to buy, and the slackness of buying is due to a mental attitude rather than to lack of funds. The peci Baltimore, all h been specially severe ;:“kr:d by the Virginia and Maryland nks, Profits for the next 12 months are being virtually insured by many_ far- sighted manufacturers. 'y are hold- ing down Tl’ofluctlnn. but they are buy- ing extensively of raw materials. They feel that if commodity prices have not touched bottom, they are only a hair’s breadth from it. They figure that it is better business policy to have their woney tied up in cheap raw materials, which they would have to buy even- tually, anyway, than out at interest in the present period of low money rates. dig | in the Midwest. It was this policy which made the Eng- lish cotton manufacturers so hard for D e edient. of docelen. bering past. extent of . g of this character cannot be accurately determined now, for such buying is be- ing done as much under cover as pos- sible in order not to boost prices. Recent Developments. Some backward industries are doing far better than a year ago. This is true of coal. The drought has cut down | W: power production considerably, and coal [ X, & W. Stean producers are being called upon to make this up. The demand for gas, both natural and artificlal, has aided the petroleum industry. So has the high Tate of gasoline consumption. Produc- tion of crude ofl has been fairly con- | Solumbia stant. The anthracite mines are work- ing practically at capacity and addition- Fed al soft coal properties are being opened | Fiberty S ge33e’ 23332.8550s5080 $2utheE EESERY 8 Steel demand continues remarkably high and constant. The automobile in- dustry is far from satisfied with sales but there is a feeling that these sales are merely being deferred, not lost. There is a fine seasonal demand for ag- ricultural equipment, but the profits of implement manufacturers this year are expected to come from foreign business. The dairy industry is in fine condition, .:d,’" as hdnemmd and stocks are concerned, and improved equipment is cutting overhead and helping to make upfeed bills, Retallers are finding installment sales to be the backbone of their business, This factor, once viewed with so much | Wb alarm, is vindicating itself as a business policy and showing the dependability of the average American buyer. Whole- | ST sale trade has picked up since the Labor day holiday and buyers again are streaming into distributing centers, (Copyright, 1930.) ...... B3 e 55 & s 8 TRUST COMPANY. Amer. Securlty & Trust (18) Continental Trust (6) ationa] Bave b Trust (it v Prince Geor; Bk. ‘ Tr. Unlon Trust (.’Er ‘Wash. Loan & ust (14), S8s85% B SAVINGS BANK. Bank of Bethesda (6§) m. & Savings (10) East Washingt Potomac (10; 320 150 Firemen's (8 32 National Union (8}, 2 TITLE INSURANCE. Columbia (8h). Real Estate (6h) + s New Jersey stock is quoted at 50 cents to 75 cents. Carlot supplies are mod- erate in these cities. Sweet Potatoes Lower. ‘The price range of Virginia, North Carolina and Maryland sweet potatoes continues downward this week, al- though supplies are moderate, Slow demand hinders prompt distribution. Declines of 25 cents per barrel occurred in some markets the first week in Sep- tember, and jobbing price range was $3 to $4.50 in the East. Midwestern markets sold Eastern sweet potatoes at $4.50 to $5.50. Southern Porto Ricans sold at $1.50 per bushel in producing sections and reached $2 in Washington and other Northern markets. North Carolina yellow sweets declined 50 cents, selling at $4.50 per barrel. Many States Ship Melons. Watermelons from 20 States from Georgla and Texas northward to Dela- ware, Towa and Idaho are on the mar- ket. Virginia supplies about one car in 10. The total shipments are decreasing this month. It has been a great melon season, with perhaps a total output of 58,000 cars, but prices have been low, as for most other farm products. Cantaloupes are in moderate supply and selling slowly at $1 to $1.50 per standard crate for Eastern Shore fruit. A few lots of New Jersey Fordhooks in 20-quart carriers sold at 75 cents to slow. New York | $1.50, Apple Prices Low. Apple shipments have equaled last season’s quantity to date. The Eastern ern New York prod sections at points. ge of about 1,000 carloads offset by 1,000 more from Cali- fornia and Washington. but de- Supplies are |3 W-ua'l’wd ‘g’:rn:u from Western New ! moderate in Esstern markets, in New York mand rather unsatisf . New York |3 88 Title & Inv. Co. Md. cor MISCELLANEOUS. 8 Inec., com. hase Dairy pfd. (7). nd & Gravel ptd. (7 to $1 per bushel. Wealthy and Maiden Blush brought from $1.25 to $1.50. Mc- Intosh from Virginia and West Virginia and Greenings from Maryland sold at $1 to $1.25. In Western New York pro- | Dis ducing sections Wealthys sell mostly | Emer. at $1.25 a bushel at shi points and Oldenburgs around cents, with supply and demand both light. North- | Ler western Jonathan apples are quoted at shipping points in Washington and | Me: Very arge. Romes. blowght. rom 1,50 ery large es. rom $1.! per box in the Yakima Valley, Wash. Newtowns, $1.85; Winesaps, $1.5 . ‘pel_Corp. ) Staymans, $1.25, and Delicious, $2.25, Mech. Mtge. com. (8) the first, week of September. Woodward & Lothion nié. Carlot supplies of pears include much | .o " 4 724% entra. £% extra. Barber Chev; Col. Col S 35 S S 283588523588 L X 3 355288 - & Whe. Co - S22 85e 20! - Western stock and rather liberal re-|gp ceipts from New York State. Most city markets report supplies moderate. New | § York Bartletts bring from $1 to $1.50 a bushel in Eastern cities and Seckels around $2, although a top of $3.25 was reported in Pittsburgh this week. Prices in the Rochester producing district range near $1 for No. 1 Bartletts. Ore- gon Bartletts have been selling at $35 per ton, which is much below last sea- son's price level in producing sections. Eastern Elberta peaches sold a little lower in some markets this week. Gen- eral price range was $2.25 to $3.25. Pennsylvania Elbertas brought $2 to $2.75 in Midwestern markets. Eastern Belles sold at $1.50 to $2.50 in Eastern markets. New York and Connecticut l'('unu Elbertas brought $2 to $3 in New York and Boston, Panl oks closed. 1% extr el¥%% extra. 82% extr Unlisted Department. BONDS. Army-Navy Club Ss. Cosmos Club__ 436s. Commercial Club Ist Metropolitan Club 4 Bid. 8238, 5 4 Anacostia_ Bank. Chapin _Sacks, Chapin Sacks Chapin Back: Connecticut hr. Heurich o 8255382238833 TREASURY CERTIFICATES. Tied by J. & W. Seligman & c«:;.;h; — e on & -tension cable, a short circuit and threw 50 Ain department de) Perchin owl cause -32 villages of the &Emlfio recentiy. of PubSvG k% Utd King 5% Uruguay 6 ceen Yokohama 92% 93 106% 105% 2% 92% 86% 87 8% 99 15 105% 17 93% 7 87 19 99 MISCELLANEOUS. AbItibi P & P 65 53 Ab& St 5148 "43. Am Ag Ch T%s'41 AmF P5%s2030.. Arm & Co 4%s '3 Arm Del 538 '43 At Gulf 598 At Ref deb 55 '37 Bell Tel Pa s B '48. Bell Tel Pa 55 C "60. Beth St rf 58 '42..., Bush T Bldg 55 '80. Chile Cop ab 47 Colon O11 65 °38. 11 86% 86% B86% 1 100% 100% 100% 25 100% 100 100 3 99% 9914 9915 1102 102 102 11 104% 104% 104% 37 89% 8015 89% 6 107 107 14 100 99% 100 27 91% 97 9% 78 103 161% 160% 161% 107 106% 106% 8 106 105% 106 12 106% 106% 106% 17 109 108% 109 15 101% 101% 101% 33 92% 921 92% 2 82 1 4% T4% T4u 1 108% 108% 103% 8 107% 107% 1074 1 111% 111% 111% 2104 104 104 1 103% 108% 103% 61 97% 97% 97y 5 65 65 65 Col G&E 5s May '52 720 102% 102% 102% Com Invest 515849 Com Invest 6s ‘48 € CMd 1st rf 58’50, ConG N Y 538 "45. Consum Pow 58 52.. C Am Sug col 8531, Denver Gas 5851, De Edison 68 '40 Humble 011 58°37. . 11 BT 1st pf 68 A Inland Steel 4 Int Cement 5s'48. Int Hydro El 6s 44, Int Match 5s *47 Int Pap 58 A '4 Int Pap 6 IntT&T 4% . Int T&T cv 4148 3! Int T & T 68’56 1 47 4 26 107 106% 106% 5 105% 105% 105% 9 9 94 94 1 101% 101% 101% 1 104% 104% 104% 4 108 107% 107% 18 95 9% 95 4 103% 103% 108% 25 96% 96 96 11 103% 103% 103% 1 98% 98% 98% 4 103% 108% 103% 13 96 95% 96a 1 106% 105% 105% 47 93% 93 .93% 8 102% 102% 102% 9 105% 105% 105% 2 97% 9T% 97% 2102 101% 101% 5 101 881 881 % 128 107% 1074 107% 26 196% 96 964 Kan Gas&E 4¢158'80 32 95% 95% 95% Laclede 5%s C'53. Laclede 538 D '60 Lautaro Nit 6s '64. Lorillard 68 '51. ... LouG & El 55°52..., MecCormack Nat Rad 6% NY Ed1st 6% NY ELH&P 4s N Y Tel 4%s°3 47, Nor St Pow 6s B "41 Pac G & E1 5842 Pac T&T1st 6837, Pac T&T ref 58 '53. Paramount 6s 47 Pathe Exch 7s'37.. Phila Co 5567 2 108% 103% 103% 2 104 103% 104 1 103% 108% 103% 4 79 7% 8% 7 100% 100 100% 1 105% 105% 105% 1 123% 123% 123% 2 90% 90% 90% 2105 105 2102 102 52 100% 100 100% 121 21 21 114 96% 96% 1 101% 101% 101% 1 107% 107% 107% 1 111% 111% 111% 1 104% 104% 104% 1106 106 106 1108 108 108 1 108% 103% 103% 1 106% 106% 106% 2 100% 100% 100% 2 68 B5T% BTN 42 101% 101% 101% Phila & Read 65 '49.421 lg;% 100% 101 Phil Pet 5%8'39... 54 Plllsh F M 6843, .. Por R Tam 6s°42.. Pos Tel &C 5 _'H Pure Oll $%8 '3l em 96% 96% 16 105 104% 105 5 85 85 49 944 "93 70.. 20 102% 102% 102% San A& AP 4s . 100 Scabosrd .4 1004 100 GrNor4%s'77(E) 9 99% 9915 99% GrNorgn5%s'62.. 16 112 111 112 Gr Nor gen 7 4 111% 111% 111% Gulf Moblle -1 100% 100% 100% HavEIRy§ 3 3 46° 46 46 Hud & M adj '57.166 84% 84 84 Hud & Mrf5s'57... 7 100% 100% 100% 111 Cent 48’52, 111 Cent 4= '53. 111 Cent 4% 5 ‘6| 111 Cent 58 '55. Int Rap Tr 6s '66 Int Rap Tr sta Int Rap Tr 6 Int Rap Tr7s'32 Int & Gr Nor 5s '56 Int & Gr Nor Int &G Nad 6s°52. Int Ry CA 634847, Kan City Ter 45 '60. Lake Shore 4s°31., Leh Valev 45 2003. Leh Vev 4%s2003. Long Islrf 4s'49. L &Nuni 45 °40. L&NI1strfsys Manh Ry 1st 45 °90. Market St 7s "4 Mil E Ry & L 5 M &SL 1st rf 4s'39 Minn & 8tL en M StP&SSM con M StP&SSM 5s '3 6% 1065 10 105% 105% 105% 64 T1% 71 T1% 6..163 71% 71 % 32 5 56 54 56 90% 4% 94% 104% 104% 25 87% 87 87% 1 91% 91% 91% 2 M4 9 94 4 100% 100% 100% 18 93 92% 92% 98Y 98y 107 107 33 B4% b4u B4w 2 92% 92% 92y 25 102% 102% 102% 1 %% 9 9 4 27% 27% 27% 14 90 89% 90 1 924 92% 92% 20 101 101 101 4 93 93 93 8 99% 99% 994 MK & T adj 53’6 MEK&T prin 6 Mo Pac gen 4s '75. Mo Pacific 55 F "77. Mo Pacific 53 G "78.. Mo Pac biscv’49.. Mont Tr 1st 58’41, Mont Tram 5s '55 Mob & Oh 4%s°77,, Nat Ry M 4%s°57.. N MBs A’35. M58 B 54, M n 314 5148’54, 97 t db 4 8 109% 109 109% 2 100% 100% 100% 5 95% 95% 95% 11 95% 94% 95% 20 9% 9% 9y 1 99% 99% 99% 10 100% 100 100% 32 103% 103% 103% % [ 2222727 M4 ORO. QanQQaHaA Snerr 4 107% 106% 106% 5 97% 97% 9T% 45 7 108% 108% 108t 1 102% 102% 102% 9 102% 102% 102% z7 bt} NYNH&H 4%5'67. 6 96% 964 96% NY NH&H evdb 6s. 10 124 123% 123% NY O&W 1st4s'92. 2 50 50 50 NY O&W gn 4s°'55.. 8 Norf South 5s'41. . Nor Pacific 35 2047, Nor Pacific 4s°97. .. 95 9% 95 Not Pacri16s2047. 19 113% 118% 113% Penn cv 4% s '60 2 104% 104% 104% Penn gen 4 30 102% 102% 102% 8 25 o1 1 7 0 3 111% 111% 111% 10 110 110 110 3 88% B88% 88% 5 104% 104% 104% 2 112 Penn gen 58 ‘68 Penn 6%s Peor & E 1st 45 '40. Pere M 1st 58 °56. .. PCC&StLGsA... PCC&StL5sB.. 10 112 P&WV4%sB'sY. 5 96 3 13a17; old 13al4; ducks, 12a18; guinea fowl, each, 65a75; pair, 15a20, Eggs—Receipts, 1403 cases; nearby hennery whites, firsts, 28a30; firsts, 258 28; Southern first, 24a25; current re- ceipts, 23a25. creamery, 28a30; rolls, 27a 28; process, 33a35; store-packed, 25. Hay and Grain. Wheat—No. 2 red Winter, export, 91%; No. 2 Winter, garlickly, spot, 88%: September, 88%; October, 90. Rye—Nearby, 68a75. Oats—White, No. 2, new, 49; No. 3, No. 2 domestic, yellow, new, 1.15a1.16; cob corn, 5.25a5.50. Hay—Receipts, none. General hay market ah'alx‘t“fle:nln.h’ Drought has seriously cur nea crops, chang- ing the entire situation. Sections here. tofore shipping are now as! for of- fers of hay. Good clover ed and timothy new hay will bring from 22.00 to_28.00 per ton. Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. BROKER LOANS INCREASE $8,000,000 DURING WEEK Special Dispatch to The Star. NEW YORK, September 5.—The weekly statement of the Federal Re- serve on brokers’ loans showed an in- crease of $8,000,000 to a total of $3,- 110,000,000. This is the first increase in four weeks, small reductions in the recent weeks having carried the totals to_the lowest levels since July, 1927. This week’s figures compare with $3,« 102,000,000 for the week ended August 27 and with $6,354,000,000 a year ago. Loans for own account were $1,721,- 000,000 for the current week against $1,665,000,000 a week ago; loans for out~ of-town banks were $620,000,000, com- red with $655,000,000 last week, and ns for account of others were $768,- 000,000, contrasted with $782, Of the total, demand loans $2,498,00,000, 11 107% 107% 107% | the The rediscount rate of the New York Federal district remains at 23 per con Seab AL rf ds Seab A L ev 5.. 12 Seab Al F16s A '35, 15 | Sou Pac col 48 Sou Pac ref Sou Pac 4 Sou P 4% '69 ww Sou P & Or 4%s717.103 Sou Rwy gen 4 '56. 20 Sou Rwy 6 2 Sou Rwy 7 Sou Rwy 6348 '56. . Term As St L 43 '53 Tex & Ark 5% '50. Tex & P 1st 58 2000, Tex & Pac 58 B '77. Third Ave ref 45 '60 25 Third Av adj 5 98¢ : 100% 101 Z101% 894" 891 1104 1104 % 115% 115y 122 122 93 106 111% P& W V43%sC'60. 20 5% 95% Port Ry 68’42...... 2 105% 105% 105% Port Ry L&P 6s°47, 5 105% 105% 105% Por RL&P 7%s8'46 7 109 108% 108% enelg A, 1 101% 101% 101% B 60 102 102 102 1 94% 9% 94% . 10 100% 100% 100% 192 92 92 78 94 93% 94 2101 101 101 1 101% 101% 101% 3 82 81 3 99% 99%° 991 5 95 95 s RIAr&L 4% StL&SFin StL&ESF4%8"8, S&L&SF gen StL & SF gn AL4ssa u U Union Pac Un Pacref Un Pac 4% VaRR 4% Va Ry 1st58'62.... Va Ry & Pow 58 ‘34 Wabash 4878, .. 10 Wabash 1st 5s'39., 2 Wabash 2d 85 '39... 14 Wabash §s B ‘76 West Md 48 '52 West Md 53 West Pac 65°46. ... West Sh 1st 48 2361 Wis Cen gn 48’3600 1 101% 843, 103% 8 1 101% 943, 103% 101% 8 1018 101% 99% 99% 92% 924 9 U. U W, G