Evening Star Newspaper, September 7, 1930, Page 68

| BOSTONEXCHANEE | - NOWSYEARSOLD . LEF ‘. Sfarted by Thirteen Businéss Men—363 Bonds and 313 Stocks on Board Today. Special Dispatch to The Star. BOSTON, September 6—Boston has had a stock exchange for almost 100 irs—96 to be exact—the Boston Stock g:h‘nn having been organized on October 13, 1834. Its operations have been continuous, exc?:' for one break, that resulting from chaos created at the beginning of the World War, or Jrom Ji 30 December 10, 1914. Even in panic of 1837, when many of the other exchanges were obliged to suspend activities for a time, the JRaston Exchange continued to operate. The Exchange had its beginning through the foresight of a small group of local men, who realized the impor- tant part which an organized securities market might play in the business and industrial upbuilding of New England, and of the country as a whole. An Auspicious Start. ‘These and many other facts are pre- gented. in a 32-page brochure—“The Boston Stock Exchange'—which has Just been issued by the Exchange through the office of its secretary, George A. Rich. A glimpse into the period when the Stock Exchange was founded, as given in_this book, shows that “Few periods could have been more auspicious for the starting of a stock exchange than the years between 1830 and 1837. Fhis was the period which saw the birth of the American rail- roads. It was the period, too, which witnessed . the extinguishment of .the Government debt, and the return to the various States, by the United States ‘Treasury, of more than $30,000,000 of lus revenues. “It was also the period of settlement for a number of foreign difficulties, particularly between England and France, and a corresponding growth in the avallable investment and specu- lative capital of those two countries. Due to the high state of American credit, by reason of the liquidation of the National debt, large amounts of this English and French money sought an outlet in the United States. True, in 1834, a crisis was precipitated by the withdrawal of Government funds from g for the years 2038 ana 1 known as the 1835 and 1836, long ‘golden age of borto Continuity of Membership. Available securities when the ex- change started were very limited, con- sisting largely of stocks of banks and insurance companies, local mill and canal projects, small mining enterprises and various types of public debts. S'r:gu with 13 members, the Boston to 36, in 10 years had grown mm&fflmm 152 EEE £ i ] vestment corpora 3 rouuom, 96 are essentially New Eng- | land in property, ownership and man- | agement, and 29 of , now of na-| interest and importance, had | their origin and direction from Boston efforts and capital, and local owner- ship and influence are still great in their affairs. On January 18, 1892, a stock ex- change clearing house was ized in Boston, the second of its kind in the country. K ‘The book is - illustrated by a repro- duction of an early print of the Mer- chlnm ts’ Exchange Buil k change, together with original draw- ings of the exterior of the present quar- ters, & corner of the present trading and board rcom and members’ room. The book also contains the Governing Committee, offi- and & complete list of the mem- ips. s NEW CARS IN USE. ‘The Vi Bridge & Iron Co. of 'a., has completed about 400 of the 500 coal cars it has under con- tract for the Virginia Railway, and| these cars have been placed in service. | ‘The 100 remaining probably will be completed within the next two or three AHTLE " DIVIDENDS DECLARED NEW YORK, September 6 ().— Regular. H'ldrs of record Sep. 13 Bep! 1 ) 37 e, 85 Sep Se; 2 2on 485 FA5ES. Cent Bt P & L pi. 31 Cent St Utll 37 Chase Brass & B, Do Fmoire Fow i bt ar (Fred) & Co. Franklin Ry Sup. Gen T & Rub S8 8 588, 83885555 e RGISHAORRORS It 5 0000 PORO R0 0POOOODD, T POOO OOOOODOOOOID DO: DOOO OD; £t Q 4 g 2 2 9, e semi gats sipgpLSami S55% S5ee £ Manufacturers' Cas- od? Htar -5 5 Liguldating, Onion Ootton Mfs....83 Reduced. Aug. 28 SFERSanS SonTLen — 1 ligh. w. 1014 98.26 Lib31s1932-47.....101.1 102.10 100.10 Lib 1st 4% s 1932-47. 102.6 1033 100.28 Lib 4th 4% s 1933-38. 103, 102, 9830 US3 102, 991 US3%s 194347, 106.17 103, U S 3% s 1946-56. 109.4 10516 U S 45 1944-54. 113.14 109.24 U S 4% 8 1947-52. FOREIGN. 95 Argentine 5s June ‘59 94% Argentine 6s A '57. 8415 Australia 68 ‘55 1025 Austria 78 '43 92 Bank of Chile 6% 9 k of Chile 6% 19 6855, 107% Belglum 834 62% Bolivia 7s ct 69 102 Bordeaux 6s ‘34 724 Brazil 614 1926-57 94 Brazll 8s1... 102% Canada 68 52. 88 Chile Republic 21 Chinese Govt Ry 63’6 67% Colombia 6s 1961 Jan 95% Copenhagen s '52. 109% Czechoslovaki: 99% Denmark 5%s 1956. 103% Denmark fs '42. 101% Dutch East Indi 101% Dutch East Indi 974 Finland 7s ‘50 1124 French 7s i 118 French 7%s"41. 86% Ger Gov 5145 '65 i 8414 German Bank 6s 1938 105% German 7s "4 81 Greek 65 196 96 94% Italy 78 '51. 101% Japanese 6%s '64.. 92 Kreug&Toll 68 ct wi's9 10% Mexico 48 1904-54 85 Milan 6%s8'62. . 103 Netherlands 6s'72. 80 New South W i 100% Norway 5% 86% Orlent Dev § 102 Paris-Lyons-Med 100 99% 101% 106% 1031 103% 101% 120% 125% 9% 94 109% 88% 100% 101 105% 100% 1% Peru 7s. .. % 100 Pireili Co of Italy 78 '52 92 Poland 85'60. .. 95% Queensland 6s'47. 102% Queensland 7s '41. 97 Rhinelbe 7 o 86 Rhine Westphall: 93% Rio de Janeiro 8s46. 61% Rio Grande Do Sul 6s'68. 87 Rome61;8'52.... 93 Sao Paulo State of 8 106% Seine Dept of s 102% Swiss 5%8 46 9815 Tohp Elec Pwr 1023 Utd Kingdom 6%s '37 92% Uruguay 6s 1960 8214 Vienna 6s 1952. 70% Warsaw 78 1958.. 95 Yokohama 6s'61 MISCELLANEOUS. 97 Abram & Straus 5%s'43. . 97 Alleghany Co cv b8 44 102% Am Agri Chem 7%s 41 62% Am Beet Sugar 6s°35. 96% Am Chain 6s 1933. 100 AmIGChm5%s19. 93 Am Internation 5% 70 Am Natural G 633 ‘42 100% Am Sm & Ref 18t 5847, 102% Am Sugar Ref 6s ‘37 137% Am Tel&Tel cv ¢ %8 100% Am Tel & Tel s 69 Am Writ Pap 6s 87% Armour & Co 4%s 4 100 Atlantic Ref deb 102% Bell Tel (Pa) ref §: 99% Beth Steel p m 68 '3 37% Certain-teed 5% s 1948 100% 105% 7 42 Con Coal (Md) 1st ref 105% Detro! ison ref 65°40. . 91% Dodg: . 96% Duquesne 4%s 95% General Cable 5348 1947 100% Gen Motors 6s '37. 105 Goodrich (BF') 6%8'47. 90% Goodyear Rub bs 1 Inland St 91 Inter Cem 97 Inter Match bs 96% Inter Mer Marine 91 95% Kan Gas & Elec 4%s 8 74 Kendall 5%s 43 (war) 91% Loew’s Inc 84 Lorillard 6% 99% Mldvale Steel 5s 100 Montana Power 65 1943.. 95 Nat Dairy Prod 6%s 4 21 Nat Radiator 6148 1947, 103% New England Tel bs '63. . 111% N Y Edison 18t 6348 '41. 98% N Y Tel 4%8'39. 106% N Y Tel 65°41. 99 North Amer Ed 58 '57. 99% Northern States Pow § 100% Pacific Gas & El b8 '42. .. 1024 Pacific Tel & Tel 68 ‘52 102% Pan-American 6s ‘34 98 Para-Fam-Lasky 65 °47.. 96% Philadelphia Co 58 *67. .. 91 Phil&Read C&I 68 wi ‘49, 90 Philips Petrolm 6% 8'39.. 91 Posta) Tel & Cab 5533 92 Reming-Rand 5%8°47... 100% Sinclair Ol 7s'37. 97 Sinclair Crude ONl § 94% Sinclair Pipe Line 65 '43 103 Southwes Bell Tel 68'64. . 100% Stand Ofl N J 6s. 95 Stand OlIN Y 43%8°61.... 29 Sugar Est Orfente 55 '42 97 Tenn Copper 6844 B 97 Transcon Ofl 6%s '3 9214 United Drug b 80 U S Rubber 1 97% Utan Power & Light 86 Utilitles P& L 6%s " 11. 10 10’ 10: 10: 10t 10 108 . 10 7 101.23 101.23 111% 101% 103% 9245 105% 96 & 107% 107% 100% 105% 93% 87 9% 100 100 108% 95 103% 108% 103% THE SUNDAY STAR, WASHINGTON, .D. C., UNITED STATES GOVERNMENT. Hiy Bt gh. Low. Close. Chge. 100.30 100.30 101.21 102.2 102.28 102.30 101.12 101.14 W, Wils Youngst 105.26 106.28 107.28 107.30 112115 11217 Atch To Atlantic 95 Atl Coas! 05 97 /7% BTN 104% 104% 9 96 7% 9T 105 105% 108% 109 66 67% 105% 105% 2% 176 961 96% 105% 106 881 89 21 N7 T0% T0% 100 100% 110% 111% 100% 101 105% 106% 1023 102% 102% 102% 99% 100% 120 120% 125 125% 86% 87 89% 90 105% 106 851 86% 100 100% 9815 98% 1054 105% 9TH 98Y 16 16% 90 90% 105% 106 850 86 1024 102% 9% 924 104% 105 103%; 104 6615 67% 88% 89% 103 103 93 98% 99% 100 104 104 96y 97 89 80 954 95% 611 61% 9% 1% 9 95 961 Can Nat FEERRFEEFEFFEIE § BF Clevelan: Den & R b o N o 1 = Ei 4 Erie ref FondaJ 4 Grand T' 1Ly | ~ e FEL F 86 87 961 97% 104% 105 100% 100% 105% 106% 921 934 86% 87 73 3 28 98% Havana +1+ Inter Ra Inter Raj Inter Ra, Inter Ra: Inter Gt Inter Ry 4 Kan City Kan City Kan City 3% + o+ 4+ F FEF ER2 100 100% 100 100 104Y% 104% 64 64 101% 101% 106% 107% 99 100 78 8 103 108 103% 103% b |44+ 1401 eEEER o Mil El R & vl o 3334 w5 &R 82 103% 103% 106% 107% 102% 102'% 46% 9% 65 66 102% 102% 95 95% 9% 99% a7 47 107% 107% 94% 95 102% 108% 96 96 108% 103% 105 105% 92% 92% ‘" 102% 102% 97U 9% 161 102 100% 101 101 101 83 83 106% 107 95% 95% 74 T4 103% 103% 4 105% 105% 122% 128 98% 100 967% 9TH 101% 102 108% 103% Mobile & 4 kE HE+ §e :O : * 4 zzz emmi 1 & FEF FEFEFIIE R ¥ ¥$ Z2Zzzzz2 Ll 2z 3 = Rio Gran ® XPF 3N 108% 1084 114 114 101% 101% 107% 107% 103% 103% 103% 103% 102% 108 106% 106% 103% 108% 100% 100% 101% 101% 99% 101% 96% 97 92% 92% 98% 99% 104 104% 102% 10244 102 1024 106% 1064 104% 104% 99% 100 29 29 102 102 109% 109% 981 100 + % 825, 83 101% 102 + % 90 90% - ¥ 4 1% % 3% 3% 6% 3% 0% 1% FEF FEF L ttia4 SEEE $EF EEE Virginia L++1+ ++ 1 - Atch T& S Fead) 48°95. Bangor & Aroos ¢s '51. Boston & Maine bs Broadwy & 7th Av Canada National 414864 Canadian Natl 4%s '67 ¢ Canadian Pacific deb 4 Central Pacific 43 '49 Central Pacific 6s 1960 Chesapeake Corp bs 47 Ches & Oh gen 414892 Ches & Ohio 4%48'93 A ChiB&Q4%s B 7. Chi B & Q ref 58'71 4 CCC&StLrf4%RsETT CCC&StLb6sD.. . Cleveland Term 58 B'73.. Colo & Sou ref ¢348 Cuba R R 58'62..... Cuba North 53842, Del & Hudson 5%# '37. Flor East Coast 58 '74. Grand Trunk s f deb és. Great North 4%s Great Nor gen 5%s '52. Great North gen 78 '36. Hudsop & Man adj & M f Illinojs Central 4% Lehigh Val en 45 2003. Louls & Nash uni 4340 Market St Ry 7s A *40. Mo Kan & Tex pr In bsA. Mo Pacific gen 4s°75. Mo Pacific 5s A "65. Mo Pacifie bs F'. % Mo Pacific 58 G. North Pacifio Ore Wash 1s RIATk &L ¢%8'34 St L Iron Mt g l:'h '3 Seaboard A L adj Seaboard A L con South Pacific-col 4849, South Pacifio ref ¢s '65. South Pacific 438 '68 Southern Ry gen 48 5 4 South Ry dev 6%8s '66 ‘Third Ave 1st ref s 60 Union Pacific Un Pacific ref West Shore 1st 48 23 Hieh, Low Close. St 881 88 on & Co 1st own St RAILROAD. 944 97l 130 96% 101% 96% 101 1067% 104% 104% e &S Fodtn CListas’ t Line 4% s "64 FPEERFFEESS July 55 '69. E5E P 4 100% + 8 104% +1 101 102% + % 110% +1 69% - % 734 + % 861 +1% EEEFE d Terminal 6148, 5 io Grande cn s 5s5°67. FEEFRFEF #F F &G 4%s 52, runk 78 "40 Elec Ry 5% (13 57 93% + 14 & 100% - 1% T4 +4% 0% +2% 56 +bl 91 424 87% + % 924 +1% 9% - % 108% + % 93% + 4 100% — % 2% — % 98% 98+ % 102% — 9 101% + N1 - pid Tra » Tr pld T pld Tran cv 7s... Nor adj '6 Cent Am 6%, South 3s 1950 South 68 '50 Ter 1st 48 '60 & L 1st ref & 9914 — 1043 + Ohlo 4%, EEEFFNEEET 102% + d We: 89 + 100% + *#Ffsf:‘:‘ ESFESPEREESEE PIFFER FEFX ¥ 121% 50% 321 98% 92% 95% 108 101% 94% 103% 101% Ry 108% + % 101% — % 94% 103% 101% — % 46 61... EASY MONEY RATES REFLECT SMALL DEMAND FOR CREDIT| BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, September 6.—Although Labor day has come and gone, the cus- tomary stiffening of money rates that bankers look for at this season of the year has failed to materialize. Call money rules at 2!, per cent, commer- cial paper at 3 per cent for the best names and bankers' acceptances are discounting at per cent. In early September a year ago call money was 9 per cent, commercial paper 6Y; per cent and acceptances 5 per cent. The continuance of money rates around the low levels of the year signi- fies that the annual Fall expansion of trade has not yet set in, although now overdue. Delay in appearance of that expansion does not mean, of course, that | it will not ultimately materialize. Crops are moving and eventually that move- ment will be translated into larger trade. The delay in the seasonal rise money rates '3 accentuated by two fun- damental causes. One is the fact that business has diminished in volume. The olzheerd is that commodity prices have de~ clined. While commercial loans contracted lac week, loans by member banks on securities expanded $62,000,000, or near- 1y the total decrease in the others. That expansion of loans on securities should not be interpreted as meaning that use of credit for stock market pur] is expanding. The increase in all prob- nb?my was due almost ehtirely to switching of stock market credit from brokers' loans to customers' loans. other words, security owners elected to transfer their security loans to their Q sen, 2 Omitted. .3T%c @ Due July I Mo e Phudt has & movement for insuring suto bus passengers, Pederal Bteel.... Poland ety to own ban| e been compelled to take over a large amount of loans formerly In | 8 (®—The will of David William Crow- some directions toward curtailing such credit. As a consequence, loans on se- curities reported by member banks are $862,000,000 larger than a year ago de- spite liquidation in stocks. On the other hand, commercial loans have diminished more than one billion dol- lars in the same time interval. The figures are impressive evidence of the shifting currents of bank credit during the last 12 months. In view of the liquid condition of commercial credit and the minimum amount of reserve credit in use, the heavy outstanding volume of bank loans on securities, which constitutes about one-half of all outstanding bank loans, is causing little misgiving. Bank- ers themselves minimize the possible dangers of such a situation, They take the view that banks are fortunate ‘o be able to loan large amounts on secu- ritles, in view of the decline of more than a billlon dollars In commercial | borrowing. (Copyright. 1030.) e e Ambassador Gibson's Mother Il LOS ANGELES, September 6 (#).— Mrs. Frank A. Gibson, mother of Hugh E. Gibson, United States Ambassador to Belgium, was reported near death at her home early today. She suffered a cerebral h-merrhn:e Monday. Mrs. Gib- son is 72 years old. N\ e Coachman Leaves $75,000. REDWOOD CITY, Calif., September ley, coachman for the late Templeton Crocker, California financier, disposed of an estate estimated at between $75,- 000 and $100,000. The will was ad- LACK OF INITIATIVE HALTS TRADE GAINS Inertia of Financial Leaders Seen | as Vital Factor in Busi- ness Setback. 8pecial Dispatch to The Star. NEW YORK, September 6.—The slow, uncertain, seasonal upturn in business from the low point at the end of July shows signs of beginning to lag alarmingly under the weight of widespread inertia of financial leader- ship and business initiative, says the Business Week in its report covering the week ending September 6. After rising steadily for three weeks the business index of general trade activity has fallen back sharply from 89 per cent last week to 86.5 per cent this week, the lowest so far reached. ‘This compares with 108.6 per cent in the corresponding week last year. Although steel and coal production, freight movement and currency in cir- culation continue to respond hlrli uronrly to expanding seasonal deman butlding, electric power output, com- mercial borrowing and general trade have turned unseasonally slack. After the promising check to falling com- modity prices in August, they have again weakened, as the Federal Reserve has relaxed its open market pressure toward credit expansion. Despite deepening depression and dis- | turbance sbroad, no moves are being made to rescue business from the bear's claws, and the stock market refuses to advance in face of them. These are the decisive days that will determine whether the relatively mild reccssion s0 far is to settle into stubb- 1 stagna- mitted to probate here yesterday. made h brokers during the year and still doing 1t, although a l{:fie progress to have been made in . PFrance' now has 20 Iurge rellway ve construction plents. tion or swing into strong 1v ..u Y. [, St Mon! [ Canade, i+ 1o have & new Ol,m.l‘l'fl’]ilmul- SEPTEMBER 7. Utd Carbon (2) United Cigar Stores. United, Corp (50c) ... United Corp pf (3). United Elec Coal United Fruit (4). 3 4 Utd Gas & Improv (1.201 United Gas Imp pf (5) United Paperboard . Ttd Piece Dye Wks (2).. Utd Plece Dywks pf 64 . United Stores A........ Utd Stores pf (214)t. %« U S Distributin U S Express. . 4 US&For Sec..... 5 S & For Sec pf (6)... Freight (3).... Hoffman Mch (2) Indus Alcohol (17) Leather. . S. Leather, A Leather pr pf (7) Pipe & Fdy (2). Pipe&F'y 1st pf 1.20. Realty & lmp (6)... 10 106 10 a8 “unnn Smelt & Ref pf(3%) Steel (T)....ouueee U S Steel Corp pf (1) 4 U S Tobacco (4). U S Tobacco pf (7). Universal Leaf Tob (3). Univ Pictures 1st pf (8). Univ Pipe &'Rad. .. Util Pwr&Lt A (e2) Vadasco Sal, Vanadium Ste Van Raalte pf Va-Caro Chem 6% pf. .. Va Elec & Pwer pf(6) n, Va Iron Coul & Coke. ... Va Iron Coal & Coke (pf) Vulcan Detinning (4). . Vulcan Detinning pt (7) coccGacacacaaan nlypmByunnn sh'Df (A) (B):rc.n Waldorf System (1%).. Walworth Co (2).e.rs- 1930—PART SIX. FINANCI 92 ot hre. “ 1% 7 Stock and_dividend. Ward Baking (A). Ward Baking B. Wara Bak.ng of (1 4 Warner Bros Pict. Warner Quinlan Warren Bros (3) W'ren Bros cv pf (3). W ebster-Eisenlohr. . Webster-Eisenlohr pf. .. Wesson O1] & Snow (2). Wesson Ol] & Sn ot (4). West Penn Elec A (7)... West Penn Elec pt (6).. West Penn Elec pt (7).. West Penn Power pf(6). West Penn Power pf(7). Western Dairy A (4) Western Dairy B.. % Western Maryland Western Pacific. Western Unlon Tel (8).. Westinghouse Air B (2) Westingrouse E & M(5) Westinghse E&M pf (5) Weston Elee Inst (1)... West Vaco Chlorine(2). White Motors (2) White Rock M S (t434). White Sewing Machine. . White Séw Mach pf. 4 Wiicox Ull & Gas. . Wilcox & Rich (A) 3% Willys-Overland Wilson & Co... Wilson & Co (A) Woolworth C® (2.40) Worthington Pump. Worthngton Pump B(6) Wrigley Wm (4).. .Yale & Towne (2). Yellow Truck & Coz Yellow Tr & Coach pf. Young Spring (3). Youngston Sheet & Zenith Radlo........ 9 RIGHTS—EXPIRE. Michigan Steel..Sept22 1% 14 % % Warn Br Plc Sept 15.... 8 2% 2% 4 3 | uividend rates as given In the above table ire the snrual cash paymen's based n tne latest quarterly or vaif yearls declartio x Ex-dividend 1 Partly extra 3 Plus 4% in stock § Payabl serip. § Plus 9% 1n stock a Paid last year—no regular rate. b Pa: able in stock d Payable when earned. e Pavable in cash or stoe £ Plus 10% in stock g Plus 6% in stock h Plus 2% in stock. 3 P 8% In stock. k Plus 3% in stock. n Plus 5% in stock. Low. Close. 46 16 9% % 1 % % L +4+++ w g L1441 14441+ + 0 R I I I I I L AN NS N] 82 108 5% VA 1 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, September 6.—The fol- lowing is today's summary of important | corporation news prepared by Standard Statistics Co., Inc., New York, for the *Associated Press: News Trend. Business reviews of the week are distinctly more cheerful in their opin- ion of the trade outlook. While im- provement so far is believed to be pure- ly seasonal, the advances in several of the important indices indicates there has been some relief from the dullness of July and early August. Buying of staple textiles has increased, as has demand. Oil—Reflecting improvement in re- fining division, wholesale price United | States motor gasoline in mid-continent market advanced ’; cent to 6 cents in Eut few days. In Chicago resale mar- et price advanced Friday from 5%a 6Y, to 6a6', cents gallon. Rallroad equipment—August freight car orders with domestic makers to- taled 823, against 1,306 in July and 2,562 & year ago. Eight months’' total was 32,572, against 61,933 in 1929 period. Locomotives ordered in August num- bered 34, against 2 in July and 31 last | year; eight months, 305, against 588. Passenger cars aggregated 13, against 32 in.July and 131 last year; eight months, 561, against 1,069. ‘Rubber—Crude futures sold at new low prices Friday, September declining to 8.80 cents and October 8.90. Zin tocks of zinc, September 1, totaled 122,635 short tons, against 117,- 381 August 1 and 49,064 a year ago. Production in August totaled 41,029 tons against 40,038 in July and 55,708 year before. Shipments aggregated 35,775 tons against 32,235 in July and 51,980 last year. Reports operating end August, 50,404 against 46,030 end of July and 59,408 year ago. Unfilled orders, Sep- tember 1, were 28972 against 34,135 August 1 and 24,280 last year. Retail sales have been stimualted by the near approach of school openings. The opinion still prevalls that commer- cial recovery, as a whole, will be grad- ual. Bank clearings for the week con- tinued substantially below last year. Aggregate exchanges in principal cen- ters of the country totaled $7,205,889,- 000, & loss of 33.9 per cent from a year | ago. New York City clearings were 38.2 per cent lower, while cities outside of New York fell 226 per cent. The week's commercial fallures numbered 336 against 300 in 1929 period. The Companies. Abbott Laboratories August sales be- low Jike 1929 month; to introduce four new products shortly. ‘Adams-Millis Corporation August shipments up 5.6 per cent; eight months, 12.2 per cent above year ago. Alaska Juneau Gold Mining August net, before depreciation and taxes, off 18 per cent; eight months, 13.4 per cent below year ago. Allls Chalmers Manufacturing un- filled orders, September 1, were $16.- 217,000 against $16,699,000 August 1 and | g,/ $17,833,000 July 1. American Austin Car reported pro- | ducing 200 cars daily. | American Glue arranging for sale of | & glue business to Richard Wilhelm of Gowanda, N, Y., for $2,800,000 cash. Best & Co. August sales up 7.9 per cent; eight months, 7 per cent above | year ago. Bwana McKubwa Copper Mining July output refined copper 616 tons against 560 in June; 4 months’ output, 2,309 | Baltimore quarterly common dividend to 25 cents; paid 50 cents previously. J. J. Newberry Co. August sales up 2.8 per cent; 8 months, 11.1 per cent above year ago. New York Dock net income, before depreciation and taxes, 12 months to July 31 off 3.6 per cent from previous year. Pan-American Petroleum & Trans- port first half earnings $2.31 common share, against $1.1§ vear ago. David Pender Grocery sales 4 weeks to August 30 off 0.8 per cent; 8 months up 2.1 per cent. Pennsylvania Railroad earned $2.31 common share in first half, against $3.57 year ago. Standard Oil of New York subsidiary, General Petroleum, acquires A. M. Mortenson, Inc., San Jose, Calif. Tampa Electric earned $2.62 common | share in 12 months to June 30, against $2.56 in previous year. ‘Waldorf system August sales off 5.9 per cent; 8 months up 0.3 per cent| above year ago. Ward Baking—G. K. Morrow, of Gold Dust Corporation, refuses comment on reports he and associates may take active part in management Ward. Westinghouse Electric & Manufactur- ing—Pennsylvania Railroad testing new | Diesel electric locomotive. NEW YORK BANK STOCKS NEW YORK, September 6 (Special). —Bank stocks and trust shares finished firm today. Manufacturers’ Trust at 80 was up 2%, Bank of America, 97 up 2; Bankers' Trust, 148%, up Ya: Bank’ of United States, 41%, up 1i; Gentral Hanover, 342, oft 1: Chase Na- onal, 147, up 112; Chemical, 68%%, UP | ycyall Fin ly depressed months. 11 -ggsu c"‘{’ 153, up 5} aggnfl' 3. Development of new products/and e, B e 'lfnp the training of employes so that they ; e il Tl zgl?%fl 2; | can shift from one job to another. Brooklyn Trust, 730, up 5: Commercial, | guring. & saamilb aoioy oy o Sriployes 425, up 5, and Public, 104%, up 1%.| ™5 "4 "general policy of fair dealing The following were unchanged: Corn | yith ‘anp employes, giving them the Exchange, 160; First National, 4, Chatham Phenix, 106, and Empire, 80. | {7 e of, their loyaity and productiv- 0 7 ey S Prior to the adoption of this plan, ‘WEEKLY CLEARINGS. Mr. Johnson said that his company, Bank clearings this week at the prin- like most others, had for 25 years ex- cipal cities in the United States, as re- perienced its full share of readjust- ported to Dun's Review, amount to $7,- fi,’;&sfié’ G ity 205,889,000 and show a loss of 33.9 per = cent. from those of the corresponding week of last year. At New York City, the figures this week are $4,897,000,000, a decline of 38.2 per cent., while for the centers outside of New York the total of $2,308,889,000 is 22.6 per cent smaller. The week this year and last includes only five business days. Losses continue quite as heavy as for the recent preceding weeks and remain much larger than in the earlier months of the year, reflecting the situation caused by the exceptionally heavy totals at this time a {elr ago. Furthermore, this week's decline, compared with the total for the corresponding period of 1928, is also conspiciously greater than for the last two months, which un- doubtedly reflects the heavy September settlements two years ago. Clearings for the week, as reported to R. G. Dun & Co., and average daily bank clearings for the last three months, are compared herewith: WOULD STEADY TRAD BY NEW ADVERTISING Business Executive Offers Five Sug- gestions to Put Ban on Un- employment. Special Dispatch to The Star. RACINE, Wis,, September 6.—Steady advertising, equalized sales and regu- lated production, backed by a mutual emergency fund, as an effective and practical means of avoiding an unem- I,plnymenz crisis during times of busi- | ness depression is advocated by Herbert | . Johnson, jr., president of 8. C. Johnson & Co. Mr. Johnson, who heads one of the world’s largest concerns making floor Wi enamels, lacquers, etc., points out that this policy is no experiment, as it has enabled his company to operate its plant on its usual 5}-day week schedule since 1922, without any em- ploye being discharged because of & business depression. The unemploy- ment insurance plan, which has worked out so successfully at the plant is out- lined by Mr. Johnson as follows: 1. Consistent advertising through- out the year to develop sales every month in the year. 2. Continuous aggressive merchan- dising, Including special sale plans for dealers and salesmen’s contests during SHIRT SALES GAIN. NEW YORK, September 6 (Special) —National Shirt Shops, Inc., for A gust reports gross sales of $472,596, against $450,269 for August, 1929, an increase of $22,327 or 4.96 per cent. For the eight months ended August, 1930, sales totaled 82,833,092, against $2,667, 958" for the same period last year, increase of $165,134 or 6.19 per cent. DENVER STOCK MARKET NEWS —=glves facts about mining. oil and in- dustrial companies whose geourities are guoted on the DENVER STOCK EX c.. ‘on_any tern_col pany. FREE trial subscription on request, W.R.GIVEN & CO.,Inc. (Est.1913) Interstate Tr. Bldg., Denver, Colorado. 2 3% A0 D A 0l N I3 ISR Boston ... Philadelphia ! for sale a limited amount of choice first trust notes in denominations of $100 up, bearing 6!2% interest. The type of securitigs which please careful investors. CHAS.D.SAGER 924-14t StAW. Nigses Pltishursh falo 31793.000 34,656,000 35.619.000 182.700.000 20.010.000 32,125,000 New Dall San Fran Portiand Seattle Orleans as el tons. Calumet & Arizona Mining August | output 7,516,000 pounds, against 7,534,- 000 in July and 10,525,420 year ago. Ourtiss-Wright Corporation had deficit $3.730,741 in June quarter; six | months' deficit, $5,351,661; unfilled or- | ders June 30 totaled over $14,000.000; reduced inventory unsold planes from | 585, December 31, to 300, June 30. | Dry-Ice Corporation of America ex- clusive ownership of “Hydrice” patents | upheld by Federal Judge M. B. Camp- bell. P. & W. Grand-Silver Stores August sales off 7 per cent; eight months, 6.8 per cent above year ago. \ Pirst National Pictures 1930-1 35 feature film productions booked with R Ford Motor accounted for 43 per cent July domestic passenger car registra- tions; seven months' registrations was | 41.6 per cent of total. General Motors reported reception accorded new Cadillac’ and La Salle V 8's makes necessary increase in Sep- tember production schedule; to bring out new 13-cylinder Cadilac line, price range $3,795 to $4,995. Gulf Oll Corporation subisidiary, Gulf Refining, to build $1,500,000 refining plant on 500-acree site near Cincinnati. Hydroelectric securities income from dividends and interest, less expenses, in 12 months, to June 30, up 92 per cent over previous year. Interborough Rapid Transit chairman Stockholders Protective Committee de- clares committee headed by President | Dahl of Breoklyn-Manhattan Transfer has voting control of Interborough | Rapid Transit stock. International Mercantile Marine plans construction three additional turbo- | electric passenger and cargo vessels. | Krueger & Toll stock in propnsed‘ International Investment Trust to be offered privately. Louisiana Oil Refining added 70 ser- vice stations to marketing division in August, ingreasing total owned and con- led stations to 1,053; has 150 bulk MORTGAGE INVESTMENT ~ SATISFACTION If you wish to invest your money where you may be sure The principal is safe. The interest liberal and promptly paid on its due date. Where you can reckon the value of your holdings to the very dollar at all times. Where it will be unaffected by money market conditions. —you will have all these assur- ances in our 6% FIRST MORTGAGES May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.\W. - Over a Third of a Century Without a Loss stations. Herman Neljon' Corporation reduces THERE IS NO.. SUBSTITUTE FOR SAFETY AL, IBOND PRICES MOVE IN NARROW RANGE Convertibles Show Rising Tendency in Sympathy With Gain in Stocks. BY DONALD C. BOLLES, Associated Press Financial Writer. NEW YORK, September 6.—Bonds made narrow changes in today's two- hour market. Convertible and other share feature issues turned upward. in + | sympathy with stocks and a few turned 4 jOver in fair volume, There was little activity elsewhere n the list. Rails, utilities and industrials held firm and many showed no change from yesterday's high leve! Scatte! a, | declines were made on small sales. Argentine obligations turned heavy 1, | on the political news from that country, but other foreign bonds shared in the . | general firmness, FPractional advances developed in such convertibles or warrant_issues as Baltimore & Ohio 4l.s, International Telephone 41;s, Reading Coal & Iron 6s, St. Paul 5s and Shell Union s. United States Governments were ex- tremely listless. PEAK TABLET UNVEILED Mount Whitney Ceremony Marks Completion of Horséback Trail. LONE PINE, Calif., September 6 (#)— Horace M. Albright, director of national iparks, yesterday unveiled a tablet on the summit of Mount Whitney, highest peak in the United States, marking completion of a trail by which the 14,- 601-foot elevation can be reached on horseback. The new trail is 18 miles long and Jjoins with the automobile road at the base of the mountain, 9 miles from Lone Pine. By: horseback the summit can be reached in five hours, y the old trails_amateur mountain climbers required five days in the round trip from Lone Pine to the summit. Money to Loan Frevaiing. intertes as ot atate. Joseph L. Weller 43 agh ¢ & avant First Mortgage Loan In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phone National 2023 Mortgage Loan Correspondent for The Prudential Insurance Co. of America | First Mortgage Loan Applications Invited at 575% Construction Loans ' Glover & Flather 1508 H St. N.W. National 1753 HILL BUILDING 17th and Eye Street GROUND FLOOR SHOP, 17th street side—12%4x52 ft, with same space in base- ment. Sufficient. height for mezzanine—rear entrance to alley. Also several office spaces available. Rents most rea- sonable, Avply to representative, room 300. MOORE & HILL, INC. 730 17th St. N.W. MEMBERS OF Fidelity Building & Loan Association Are On Receiving 0 Savings and fully participate in surplus earnings Mail coupon for information Fidelity Bldg. & Loan Assn. 200 Natl. Press Bldg. Washington, D. C. We Have Orders to BUY and SELL Many of the Bond Issues Underwritten by ' The F. H. Smith Co. i | Inquiries invited from Banks, Dealers and Investors. Steelman & Birkins Trading: Dept: 60 Broad St, New York Tel. HANover 7500-5973