Evening Star Newspaper, September 9, 1930, Page 14

‘FINANCIAL. HOPEFUL BUSINESS | | PROSPEET 1S SEEN Last Quarter of Year Ex- b’ pected to Show Turn [ for Better. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Sta: NEW YORK' ?e&ffmg:rm: —-P;:l Shoup, president of the Southern Pa- cific Co., estimates that in the territory b! his railroad there will be an 8 per cent decrease, approximately, in business during the last quarter of 1930 in comparison with the last quarter of 1920, When I asked him what forces were making for business recovery in his sec- tion, he replied: “Better feeling, capital seeking in- vestment, wearing-out processes by making necessary replacements of tll supplies and machinery.” “And ate there any forces hold'i'nl back business recovery at this time?’ “Debts, corporate and individual, not paid or adjusted; some overproduction and some caution and some fear,” was the cryptic answer. Sees Upward Turn. But Mr. Shoup thinks that “every day now brings us nearer normal condi- tions and that there is at the present time a very all(h'.. but denmu, upward turn, uu‘x;nm ut‘e time re" is both uncontrol and uncertain.” No one u'n say that this lnument. coming from one of the most mpoml- ble o( ‘the Western business leaders, is anything but optimistic and hopeful. Necessity for Work. But “P. G.” sends me a letter show- ln‘ t,lu other side of the picture. He 'Whnt is falling, wages are falling, forced sales in real estate are on the in- crease, while you quote business 1-01 as saying that the United Stabes fundamentally sound. The longer ®o- called business leaders while away their time with impertinent blubberings, in- stead of looking facts in the face, just 50 lnn. will they prolong the depres- sion business. And the longer it lasts, the more dangerous it becomes. Until work is available to the millions of now unemployed, who in turn will Teceive sufficient pay to’ provide both shelter and bread, talking zbout better conditions is merely fanning the wind.” The tendency of human nature is to Tun to extremes. - Once a trend dewn- ward is established, many peopie belleve there is no limit to the decline. When business turns upwards, they ‘*hink the trend always will be upward. This feel ing is one of the causes of hualneu cles. q'n:m are plenty of mndlmenu.l fac- Ml to be put into balance before busi- es normal, but onc of the mflt important is to s!t the public at- titude moving in the right direction Better Business Morale. ‘The Brookmire Economic Service re- ports a much more healthy business morale than has been evident for come . m condition, it uy;. ls .hown , huvle'r loadings of mlght and l ‘commodity pme -ubumtkm 3535 gigis | 1 prices no not show that ess come,” says et i T T ek sign, the or some lndnlrel‘:hdwhelbhfiomd business 4 very substantial before then.” Secretary Mellon flbmm off the tember 15, when t.he new issue of §: certificates of indebtedness, pa; mflg& per cent a year, are oflered For he will retire at the same time other Government securities, totaling around $400,000,000. 'n:\. new interest rate of 2% per compares Lh:"/.perunconthe hnu of $420,373,000, mat: next June, with 3% per cent on the issue to be retired September 15 and with 3% per cent on the nu-fly $500,000,000 Noek due December 1! banks are kmled with money, thc issue, providing certificates in five denominations — $500, $1,000, ‘5000 $10,000 ‘nd '$100,000—should be subscribed several times. ‘The dmmnee needed to take up all Government securities due September 15 above the new sazbmooo issue will come out of Federal income tax pay- ments for the third quarter, which are due on that date. ‘Wheat Requirements, Last week, when wheat at Chicago was selling five cents cheaper than corn, and the lowest in 16 years, Broomhall, world wheat authority, an- nounced that Europe in '.heg;wntul- son would import ‘bushels of wheat and camp-red with 492, 000,000 a year ago and other countries 128,000,000 against 144,000,000 last year. He estimates that importing coun- tries would require 736,000,000 bushels of wheat and flour this year, or an increase of 100,000,000 bushels over last year. Further, 'Broomhall thinks 'Russia wfll ship amooooo bushels this_year, gainst nothing ‘last year; India, 24000000 buahek against nothin; lnd the Danubian countries, 44 bushels as against nothing, while lmlll- er countries will total 12,000,000 against 72,000,000 & year ago. He figures out that the estimate of 100,000,000 bushels gain from the importing countries is offset by 56,000,000 increased shipments from countries which exported little or no wheat last year. Secretary Hyde, in his last survey. announced that the United States will “h‘ve"need for every grain she pos- sesses.” It looks like the wheat market is oversold. (Copyright, 1930, by North American News- per Alliance.) MEMBER BANK LOANS SHOW AN INCREASE Total loans and investments of all the member banks of the Federal Re- serve System increased $599,962,000 from Fiarch 27 to June 30 to an aggregate of $35,655,650,000, according to Federal Reserve Board member bank call. Since June 29, 1929, however, loaus and investments decreased $55,302, Total deposits amounted to $38,13! 178,000 on June 30, last. This was an inerease of $2; 303,022,000 from the previous quarter and $2,246,347,000 from a year previous. Bills payable and rediscounts other than with Federal Reserve banks, stand- ing at $161,090,000 on June 30, were mfim above March 27, and $7,885,- jow & year ago. redisdounts with fihinml Reserve b-nkfi over- Peseta Improves. September 9 (P).—In - the ensral hbm- unrest the peseta z s 1 e 8t @, Bills payable and | I NEW YORK: ST (Continued From Page 13). ~Prev.1030— High. Low 128% 97 Stock and Bales— Dividend Rate. Add 00. NYNHG&Hart (6).. 2 NYNH&Hpt (7). N Y Steam pf(6). ... 1808 North Am Aviation.. 62 Nor Am (b10%stk).. 13 North Amer of (3). North Am Ed pf (6) Northwest Tel (3) Ohto Ol Co (2). Oil Well Supply. Ol Well Sup pf (7).. 160. Oliver Farm Equip.. 3 Oliv Farm Eqev pf.. _ 1 Omnibus Cor’ 4 Otis Elev n (2%) 16 Otis Steel (234) ... 2 Outlet Co (4)... ... Pacific Gas & El (2)... Pacific Lighting (3). 4 Pacific Mill: Pacffic Tel kard Motor (1).. Pan-Am Petrol (B) . Param'nt Publix (4). Parmelee Tran ($0c) Pathe Exchang Patino Mines Peerless Motor Car. Penick & Ford (1)... Penney (JC) (3). .. 4 Penn Dixie Cement. . PennaRR (4)...... Pere Marquette (18). Pere Marg pr pf (5). Pet Milk (13%).. Phelps Dodge (3). 4« PhilaCo 6% pf (3) Phila Read C&1.... Philip Morris&Co (1) 4 Phillips Petrol (n2).. Plerce-Arrow pf (6), Pierce Petroleum. 18 14 308 108 179 4 46 56 8 % Pitts Screw (1.40) Pittston Co l!?‘&c)- . Poor & Co (B) (2)... P R Am Tob (B) Postal Tel & C pf (7) Prairie Pipe L (15).. Pressed Steel Car, .. Proct'& Gamb (2.40). Prod & Refiner: Pub SvE & G p! Pub Sv N J (3.40). Pub Sv N J pf (5). PubSvNJpf(6)... Pullman Corp ( Punta AlegreSugar. . Pure Oil (1%). ) 52 Purity Bakeries (4).. 32% Radlo Corp. 68 Radlo Corp ( 19 Radio-Keith-Orph Al 28 Raybestos Man 2 60.. 100 “Reading Rwy (4).... Real 8ilk (5). . Reis (Robt) & Co. ... Rem Rand (1.60).. Reo Motor Car (loe). Republic Steel (4)... Republic Steel pf (6) Revere C&B (A) (4). Reynolds Spring.... Reynolds Tob B Richfield Oil (2) Rio Grande Oil (2 Insur (2.20).. Dutch a3.2165. Safeway. (e5) Safeway pf () St Joseph Lead ('l) . St L-San Fran (8) . St L-San Fran pf (8). St L Southwestern Schulte Retail Strs. Seaboard Air Line. Sears Roebuck $2 Second Natl Inv. Seneca Copper...... Servel Inc. Sharp & Dohn Shattuck F G l'l%)‘ Shell Union Oil... Shell Un Ofl pf (5%). Shubert Theaters. Simmons Co. © Simms Petrol (1. ‘Il). Sinclair Con Ol (2).. Skelly O11:(2) s . iauve Skelly Oil pf (6) . Solvay Am pf (5% Sou P Ric Sug (1.40) Southern Cal Ed (2) Southern Pacific (6) Southern Rwy (8)... Spalding (AG) (2).. Spalding 1st pf (7).. Spang-Chalfant. Spang-Chal pf 6). .. Sparks Withing (1). % Spicer Mfj ¢ Splegel-May-Stern. . Stand Brands (1%).. Stand Comm Tob. ... D. C., TUESDAY. SEPTEMBER 9, 31930 OCK EXCHANGE Recelvell by Private Wire Direst fo The Star Office. e W 1% 3 Stock and Dividend Ra! Stand G & E (3%) Stand G & E pf (4) . % Stand G & El pt (1).. Stand O of Cal (23). and Ofl of Kan (2) Stand Oil of N J (12) 326 Stand Ofl N'Y (1.60) - Sterling Sec (A).... Ster] Sec pf (1.20) Sterl Sec cv pf (3) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Studebaker Co pt (7) 2t Superior Ofl. 5 Superior Steel. Telautog C (11.35)..y ‘Tenn Cop & Ch (1) Texas Corp (3).. Tex Gulf Stlph (4).. Texas Pac Land Tr.. Thatcher Mfg (1.60) Thermold Co. Thompson Pr (2.40) . i Tide Water As (60c) Tide Wat Ol (pf (5). Timken Det Ax (80c) Timken Roller (3)... Tobacco Products. .. Transamer (11.60). Tri-Cont Corp. . Tri-Cont Corp pf (6). Truscon Stl (g1.20).. Ulen & Co (1.60) Und-EIL-Fischer (5). Union Carbide (2.60) Union Oil of Cal ($2) Union Pacific (10)... Un Tank Car (1.60).. ~ 6 Utd Alreraft........ Utd Biscuit (160)... Utd Carbon (2). 4 Utd Cigar Stores Utd Corp (50¢) Utd Corp pf (3). Utd Electiic Coal. Utd Kruit (4). Utd Gas &Im ( Utd Piece Dye W (2 Ltd!‘lekeDn!(.h)‘ Utd Stores (A) U S Distributing U S & For Secur U 8 Freight (3)...... U S Ind Alcohol (17) 4 USPipe&F (2).... USP&F 1st (1.20).. U 8 Realty (5) . U S Rubber. U S Rubber 1st pf. U S Steel (7) U S Steel pf (7). 4 Univ Leaf Tob ( Univ Pipe & Rad Util Pow & Lt A Vadasco Sales Corp. . Vanadium Stl (14). Va El & Pow pf (6). 1074 6614 114 61% 301 2 32 34 48 13 20, 10 349 Vulcan Det (4). Wabash. Waldorf Systm (1%) Walworth Co (2). Ward Baking (A) Ward Baking (B) Warner Bros Pic Warner Quinlan Warren Bros (3). Webster-Eisenloh; Western Pacific. West Penn EI pf West Penn EI pf (7). West Penn P pf (7).. 9 Western Dllry (B). . Western Md. Western Union (8).. tingh'se A B (2). Westing E & M (5).. 101 West E & M pt (5) Weston El Instr (1) ‘White Sew Mach pf Willys-Overland. Woolworth (2.40, Worthington Pum Wrigley (Wm) (4).. Yale & Towne (2)... Yellow Truck....... 114 Youngs Spring (3).. Zenith Radio........ RIGHTS EXPIRE Mich Steel '/fi Warn Bros P.Sept 15 393 2 16 13 Sept22 6 Sales of Stocks on New York Exchange 10::0 A,M, . 292400 12:00 Noon. . 830,100 1,195.400 2:10 P.M........ 1.354 400 Dividend rates a3 given in the abor cash Dayments based on'the latest GUatLerly of Balf searly diniaca: per ‘CeL 1 stock. ¥Payatie In_sorh Paid_this = a 20% 5,50 trading less than 100 shargs, Ju INTEREST CHARGES MAY REMAIN LOW New Treasury Financing In- dicates Continued Ease in Money Market. BY PRESTON S. KRECKER. Special Dispateh to The Star. NEW YORK, September 9.—Treasury financing for September refunding pur- poses, as announced by Secretary Mel- lon, emphasizes the extreme ease of t.hs money market and forecasts a pro- nged period of low interest rates. Secreury Mellon offers banks the op- portunity to invest their funds in notes to run for 12 months at 2% per cent. The mere fact that he expects to sell notes ylelding such a low rate of re- turn carries the implication that he thinks interest rates will remain low for the ensuing year, ‘The rate is somewhat lower than Wall Street bankers had expected, even in these days of extraordinary ease in the money market. It is indeed the lowest coupon ever carried by that type of Government security. Nevertheless, inquiries already received for the forth- coming issue indicate that Mr. Mellon will-experience no difficulty whatever in selling the certificates. He has once more proved his ability to judge the money market with exceptional shrewd- ness. The lowest rate previously paid on s certificate issue was back in 1924, when, incidentally, conditions in the money market- closely paralleled those pre- vailing today. But even in those days the best the Government could do was to sell a 23, per cent note. That rate was fimon equalled last June when an issue of $429,373,000 12-month cer- tificates was marketed on a 27 per cent basis. The June offering was oversubscribed six times. Whether the forthcoming issue will be in as greap & derhand is a question, but it is pos- sible, as certificates are much desired by banks because they create Govern- ment deposits which bear interest. While the Treasury never has sold certificates on low an inocme basis it has bettered 2% per cent in selling nun-inumt be-rtng Treasury bills on occasions. On July 14 it sold $50,- 920000 bills at a discount of 17, per cent, while on August 18 it sold an issue of $120,000,000 at & discount of 1.96 per cent. However, those were short-term issues, not running over two or three months, whereas the present issue will ncy mnure for an entire year, Rates interest financing h-v: progxr_tfll"ly declined through the 'he Government has sold two issues o( certificates of indebt- le‘"m this year. One, as bears 27 per cent. March, consisted months’ ¥ rcent. A year ago, duri the nz‘ecnh era, done on a 4% per cent basis. Incuding the current issue total | 282, tha financin it type of se- curity this year wll reach approxima The on Government rica ] | Bk as already said, The first, sold last ;. D MY $483,841,000 the September offering, amounts to ap- Ut e ‘ma; cases new issues have been made to refund old ones and have not resulted in any in- crease in the public debt. In fact the public debt has decreased moderately this year. The total gross debt on De- cember 31, 1929, was $16,300,920,157, while as of August 31 this year it stood at $16,187,636,782, ‘The September operation will result in a further debt curtailment maturities of this month aggregate approximately $400,000,000, consisting of $350,000,000 of certificates and $50,000,000 Treasury bills. To meet the excess over the pend- ing offering the Government will have available accumulated sinking fund moneys. ‘The Treasury has virtually ceased to buy outstanding bonds for the sinking fund. It is estimated that | e accumulations of sinking fund monies as a result total about $100,000,000, which would be more than ample to cover not only the new issue, but also some )35000000 of interest payable September 1 DIVIDEN Company. Am ‘tner Bot pi Am_Wringer .. » Belglan Nat P (Am. Bonner Cg Cin G_& E 5% ity “stores Do. A (¢opyr ht, 1930.) SRR CHICAGO LIVE STOCK MARKET CHICAGO, September 9 (#) (United States. Department of Agriculture).— Hogs, 19,000 head, including 3,500 head direct; mostly steady to strong, 5al0 higher; packing sows unevenly steady to 25 higher; top, 11.35; bulk, 190-270 pounds, 11.10a11.30. Light-lightweight, good and choice, 140-160 pounds, 10.00a10.85; light- weight, 160-200 pounds, 10.65a11.25; medium weight, 200-250 pounds, 11.00a 11.35; heavy weight, 250-350 pounds, 10.35a11.30; packing sows, medium and ood, 275-500 pounds, 8.50a9.75; slaughter pigs, good and choice, 100-130 pounds, 8.75a10.00. 6,000 head; calves, 3,000 head; active market on all killln. classes; medium grade steers over 1,000 pounds slow, but everything else mov- ing; all grades of light yearlings stand- ing 25 or more higher for last two days; 1270 paid for mixed yearlings; number of sales, 11.75a12.40; heavy steers, best, 12.25. Slaughter cattle and vealers—Steers, good to choice, 600-900 lbs., 10.75a 13.00; 900-1,100 Ibs., 10.25a13.00; 1,100~ 1,300 lbs, 9.50a12.60. Common and medium, 600-1,300 1lbs, 6.50a10.00. Helfers, good and choice, 550-850 1bs., 9.75812.75; common and medium, 6.00a 10.25. Cows, good and choice, 5.00a 8.25. Low cutter and cutter, 3.00a4.25. (Bulls, yearlings excluded.) Good and choice * beef, 6.00a7.00: cutter to me- dium, 4.25a6.40. Vealers (milk fed), and choice, 11.00a13.00; medium, .00811.00; cull lfld common, 7.50a9.00. Kardner Dei pi Ke'{none Pub Lone Star MT,:HI 1 ervy unicipal Service Nay Goe, Lid lst Onomen Sugar Bitts Thrift C Reese Folding ¢ %o Bk Pran). NEW YORK BANK STOCKS NEW YORK, September 9 (#).—Over the counter market. Bank Stocks. pr.. Ludlum _Ste and alf the rates ly $1,238,214.000. De- Ertmznt -un has sold no less than five interest bills 'hok'&h ‘Government, l&uflln Avpalacn iec " Fow Ry shares) . n 13 c .y FU Contibs "cm Ho. nver ...75¢ Midland Nut u...;.'l"’ 50c Y Tr (Toronto).$3.50 Novadel Agene pf'$1.75 30¢ Pitts Bessemer &' rie R R & a5 m:{u anemm Bee™ w’"h"fl 'rrun G Am Fork & Hoe n. 1.3 MONEY NEW YORK, September 9 (#).—Call ‘money rens:e:lh at i%lyur !:le"n‘t;t tfida thoug! e sup] ‘was re- mained steady at that i st 'u. a The time money market was dull, and unch-n;':d tdmdu al 'S acceptances wi DS DECLARED NEW YORK, September 9 (#)— Resular, 3178 & 1.62% e 38c bi.$2 Lake T8¢ ?on Hnob-‘o D DOD OOOOO OO O OO oobnnm:onoztn REREOLCLCELLLODLELD. £CED OO n’n £00OOOD © O 500 &, Unio s 2 ket 50, | Whiteley (Wm) Ltd..10% Omitted. el e Oct. LorSoVying beriod from Kesust 1 et nanT figure, as demand t. Bank- dl'l] l‘fin. with FINANCIAL, IBOND PRICES FIRM | e son BONDS o enuner] |RATIOS STILL HIGH IN QUIET MARKET) Selling of Argentine Issues Abates on Favorable News Reports. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, September 9.—With bids going in during the balance of the week on the latest $325,000,000 of United States Treasury financing. whlch Secretary Mellon has offered at 23 cent for one-year bills, bond mar et activities slackened a little today, though prices showed more firmness than was the case on Monday. ‘The chief factor in this situation was the virtual cessation of the heavy sell- ing of Argentine credits, following word that order has been restored in Buenos Aires. Most of the Argentine issues were selling at unchanged or fraction- ally better levels today. This influence spread to other South American credits that had been sympathetically influ- enced. New Offerings Light. Once more there was only a negligi- ble budget of new offerings, and money rates were unchanged. At the opening Argentine 6's of all maturities were a shade better. Some of these small gains were later can- celled, but renewed strength was shown before noon. ‘The strength extended to Chile 6's, Uruguay 6's, Bolivia 8's, Sao Paulo 6's, Peru 6's and Buenos Aires Province 6's. Rio Grande Do Sul ‘bonds were weak and fairly heavily sold on reports that a revolution was generating there and that Uruguay had sent trcops to protect her neutrality on the border. The balance of the foreign department was dull, with the only other activity shown in German issues, which were inclined to stiffen. Canadian bonds, federal, provincial and municipal, were in heavy demand following a broadening of the demand from the domestic munictpal market. This was chiefly evidenced in Canadian 5's (1931), Province of Ontario issues, City L(;l Montreal and City of Toronto credits. Prime American corporation bonds were quiet, with gains in Pennsylvania 4l%'s, Frisco “A” 4's, Great Northern 75 and Philadelphia Co. 5's. Convertibles were strong with a steady stock market. Bualtimore & Ohio 4%:s, American I. G. Chemical 515, American International 5Y58, Commercial Investment Trust 5lss, Philadelphia & Reading Coal and Iron 6s, Atchison 4l3s, Southern Pacific 4)5s, American Telephone 41;s and In- ternational Cement 5s were the chief strong points. Activity in Tractions. Once more the New York City trac- tions featured the industrial list. There was much activity, with small price declines in Interborough refunding 5s, Third Avenue Railroad 4s and adjust- ment bonds and Manhattan Railway 4s. Brooklyn-Manhattan Transit 6s were off a small fraction from their high n( the year. National Dairy Products '4s, International Paper 5s and U. S. Rubber 55 improved. The wide-moving Pisk 85 were up 5% to & fresh peak on the current movement. Junior railroad securities, such as Chicago Great Western 4s, Erie general lien 4s, Seaboard Airline 6s and West- ern Maryland 4s, were strong, but there were small losses in St. Paul adjust- ments, Rock Island 4',s, Denver & Rio Grande Western 5s, Missouri-Kansas- ';;xu adjustments and Missouri-Pacific g8, Washington Stock Exchange SALES. D. C. Paper 6s—$1,000 at 52. [ Capital Traction Co.—10 at. 60%. Pofg;n;c Electric 5!2% pfd—10 at Prince Georges Bank & Trust—25 at 35. Firemen’s Insurance Co.—25 at 33. Chevy Chase Dairy pfd.—5 at 104. Du;rl_'c;, National Securities , pfd.—10 al M%Ch:nw Transfer & Storage com.— al 5. Mergenthaler Linotype—6 at 96. National Mtge. & Inv. pfd.—50 at 5. Peoples Drug Stores pfd.—10 at 1013. The Carpel Corp.—15 at 24Y,, 50 IL 243, 50 at 2415, 50 at 245, AFTER CALL. Washmgwn Rwy. & Elec. pfd.—4 M. Clpltll ‘Traction 5&—32 500 at 94, $500 at 937, $500 at 937 ‘Washington Gas 5&——31 000 at 10415, W’l;!flnlwn Rwy. & Elec. 4!—81,000 at . Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer Tel. & Telaa 4138 33, Annnm. & “Pot. K. R. n; ln?un Bs &% & o) Gaplial Traction & Potomac, l:xec' ctf, Sty 3 Wash: Baltimore & Annap. 55 w-ahlnnnn Gas 5s.. 1 h. Gas 65, series Wasn: Gas 5 scries B Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ros; a 8. . Cold Storage b . Cons. Title 6s. Punuc UTILITY. Tel. & Tel. (9).... &iba Traction o (4 Wash. Gag Light Co. (18 & teamboat (12). Bot*glee. Sower s, oa Pot. Elec. Power 5!37% pfd Wash. Rwy. & E. com. (1 Wash. Rwy, & EL pfd. (5).. NATIONAL BANK. Capltal (1), mbla (13 oomnvem.l It District Ptdtrnl-Amennn Liberty (7§) Lincoin (1 Metropo'itan Riges (15). Washineton’ Amer. iod:] sy, ‘TRUST COMPANY. Amer. Security & Trust (15). coml':xenul Trust ~(6) AD ash. Loan & Trist (14) SAVINGS BANK. Bank of Bethesda (! gom. & Savings oy Nationat Union '(i3) TITLE INSURANCE. nv. Co, MISCELLANEOUS. Barber & Ros: UNITED . STATES. (Bales are 1n $1,000.) [] 5 1021 ° 102 25 103 102 7 10111 101 FOREIGN. Sales. High. 89 Usufi:'n < Argentine 5545 Argentine 63562, Argentine 6s B '58. Australia 4%s '56 Australia bs '65. i Austria7s"43. Bk of Chile 618’57, Bk of Chile 6%s '61 Belgium 6= '5: 4 Belgium 63549, Belgium 78’55 Belgium 7s Bolivar 7s '58. Bolivia 7s ctfs Bolivia 8s '45. Brazil 6%s " Brazil 6%s'27 41 Bremen 75 '35. Canada 5831, Canada 58’52 Christiana 6s Colombia Con Pow Japan 7s Copenhag 4%s '53 Copenhag 6s°62. Czecho 85’51 Dan Mun 8s A *46. .. Dan Mun 8s B’46. Denmark 4%s"6! Denmark 5%s "5l Denmark 6s '42. Finland 7s'50. Fram I D 7%s "42 Krench 7s '49. French Gvt 73s 41 ]1 German 5% s '65 128 German Bank és 4 German 6%s '50 German 7s rep ‘4 Ger Gen E1 78 "45. Greek 65 '63. B mRemnte - 3PP Italy Puh sv‘l- 52. Japanese 4s ‘31. Japanese 58 Lyons 6534 Marseille 6s ‘34 Mex 4s asstd 1904 Mex 45 asstd 1910 Mexico 58 A '45. Milan 6%s ‘52 Montevideo 7s Netherland Norway 6s'43 Norway 6s '44 Norway 6s 52 Orient dev 5% '58. Orient dev 6s Paris-Ly M 6s Paris-Or-51; 568 Poland 6s 40, Poland 7s '47. Poland 8s '50. Queenland 6s'47. Queenland 7s'41. Rhine West 65 Tthine West 8833 . Rhine West 7s 50 Rio de Jan 61 '5! Rio de Jan R Gr De Sul R Gr De Sul$ Rome 6348 ‘52 solEran 0a alrrons wn vrssaan vavaSa s o) a aulo aulo Saxon 78 s Sao, Shinyetsu 63 Soissons Toho EI Pow 65 '32. Toho El Pow 78 '65. Tokio s '52,, . Utd King 5% = '47 Utd SS Copen Uruguay 6s '60. Uruguay 8s '46. Warsaw 7s '58 Yokohama 61. % 101 High. Low Close. 10031 100 30 100 30 1 1021 28 10228 11 10111 1.ow. Close. 88 88 90 91 95'% 95 95% 95% 95% 96l 45% 96 954 95% 807 807 88'% 884 87% 87T% 104% 104% 26 926 961z 961 105% 106% 109% 109% 114% 114% 110% 110% 69 69 68 68 87% BT4% 74 T4 2% 8 85% 88 951 96 102% 102% 101 105% 106 89 89 89 . 89% 100% 100% 103% 103% 0% 70% 4 100% 100% 94 94% 100 100 1% 1% 108% 108% 4 108% 108% 94% 94% 4 101% 101% 105% 106% 100 100% 108% 108% 120% 120% 125% 125% 86% 86% 89% 90 93% 93% 105% 106% 102 102 85% 86 95 95 98'% 98% 95% 95% 97% 9% 93% Y 106% 105% 85% 85% 98% 98% 106% 105% 105% 105% 105% 105% 86% 86% 100% 100% 102% 102% | She 106 105% 2 106% 105% 102% 103 921 92% 99 99 104% 104% 103% 103% 66% 66% 66% 664 100% 100% 104 104 90 90 893 89% 100% 100% 68 68% 94% 61% 931 914 90% 93 901 98 98k 108 108 86 86 851 851 105% 105% 105% 105% 105 105% 107 107 100 100 100% 100% 81 81 105% 108% 101 101 23 93 106% 105% 12 72 98% 98% MISCELLANEOUS. AbItbl P & P 68 '53 Adams Exp 45 4 Ajax Rubber 8s. . Allegheny 58 ‘44 Alleghany 5s "49 Am Ag Ch 7%s°41, AmF P 615 2030 AmIGChb% . Am Int Cor 5% s '49 Am Metal 5%s '34. . Am N Gas 618’42, Am S&R 1st 47 Am Sug Ref 6537 Am T&T cv 414839, Am T&T 5865 5 Am T&T c tr b Am T&T 688t '50.. Am T&T 5%5'43. .. Am W Wks 58°34, T 86% Asso Ofl 65 '35 At Gult 5985, Bell Tel Pa 58 B ‘4 Beth St p m 65 36, Beth St rf 5842 Bk Edgn A 58'49. Cert-td deb 5%s 48 Chile Cop db 58 '47. - Saaiaeman wno " Com Invest 6s'48 CC Md 1strf 5850, ConG N Y 5%s"45. Consum Pow 55 52.. Denver Gas 53°51.. Det Ed rf 6s B "40. Dodge Br col *40 Duquesne 4%5'67. . Fisk Rub8s'41.... Gen Motors 6: Gen St C; Gen Th Good 18t 63, . Goody'r Rub 5857, Humble Oil 58 °37. , Hum O&R 5%s'62. Inland Steel 4145'78 Int Cement 58 Int Hydro El 6s Int Match 58 4’ InM M col tr 6s 41. Int Pap 5 A "47. Int Pap 6s '55. IntT & T 4%8°52. Int T&T cv 414839, Int T &T58'66.... Kan C P&L 5s A ‘52 Kan Gas&E ¢ Lackaw St 58 '50 Lac G St L 58 "34. Laclede 5%s D .0 Lautaro Nit 54 Lig & Myers Sl 51 Loew's X Wi Logillard 6= 'SI. . Lorillard 6 %8 'd Lorillard s " Lou G & El 58 '52. MecCormack 6s '34. . M1d St & O 58 '36 Mont Pow 5s '43... Mont P db 68 A "62. Mor & Co 1st 4148 Nat Dairy 5% #'48 N Eng T 1st bs ‘52 ® A Ro8eS ERen marn - Nor Am Ed 65’5’ Nor Am Ed 5 NorOT&L 3 Nor St Pow 63 B '4% uom PacG & El 58’43, llfl 4 100% 100 86% 0% 0% 564 5 9% 993 104% 104% RO, 89% 107% 108 99% 100% 97% 9Th 77 78 103 103 104 104 1624 163% 106% 106% 105% 106% % 106% 106% 108y 108% % 101% 101% 92% 98% 82 82% 104% 104% T T4% 107% 107% v 10213 102% 104 104 106 106 46% 46% 108% 105% 101 101 107 107 94% 94% 103% 103% 72 72 103% 103% 108% 103% 954 95% 105% 105 92 92 10215 102% 102% 102% 7% 97% 101% 102 101 101% 100% 100% 101% 101% 821, 8215 85 85% 881 89 106% 107 96% 963 % 1054 106% 95% 95% 108% 1031 1031 103% 104% 105 102% 102% 101% 101% 103% 103% 103% 103% 105% 106 108 103 106 106% "7 Joa% 10 100% lom 100% 102 ll‘)l’ lfl\/- 102% 101% 102% 971 97 106 106 105% 105 83 83 911 1028, 10: 1021, 102% 102 6 100t 100% 100'% 100 © 99% 100 | special Dispatch to The Btar. 103% 1031 103% | 108™ 108 104ss| NEW YORK, September 9. 1021 102 1021, ! bY any standard other than those ! -hb 96% 961 ag' lish>d during the so-called “new era” o 99% 99!, 99% | 1928.29, equity shares in wnl 105% 104% 104% | il hb,,:fly .ym,,.m nings 04 104 104 is. The 90 stocks included in 100% 99% 100 | dally composite index of the Stand 102 102 102 | Statistics Co., which range in quality 107% 107% 1074 | from high-grade investments to specula: 103% 103% 10; tions of the most radical type, and m 99% 991 | be considered thoroughly represexntatit 1 aoa 33"|of the market as & ‘whole, ate currentls 102 102 102 quoted, on the average, at approximatel 2 102 102|156 times estimated 1930 net per ahs 0% % 90%) " "Never in the past decade has an im 961 96'% 96% | portant general recession, even of pro 89% 89 89 | portions not approaching a major 5105 105 105 |market, run its course with 109% 109% 109% | earnings ratios as high as at present 20 20 20 | At the low levels of the interm 1011 101% 101% ] reaction te-minated in April, 1926] Wil & Co 1st s°41. 1 1011 1011 101% | stocks includad in the index were avail Win RA 7368 '41... 2 103% 1032 103% ah|cg ;I an average n;mfllznxn 8. 04% 1041 10415 | of 9.8. Both in 1923 ane ) P N O apase " 'Leontlnue:l downward until these securi: RAILROAD. ties could be obtained for approximatel; Ann Arbor 45’5 2 84% 841 nine times net per share. Atchisonadj4s'95. 7 94% 94 Except in 1922, stocks were not ap Atchison gen 48’95, 11 97% 97% 97!a| praised in any post-war year previo Atchison cv 4% 1314 130% 130% | 0 1927 on A buu exceeding 14.3 tim Atch Ariz 4% 105% 103 103 | earnings. During the period 1927-1929) At & Danv 4s 48, 59 | however, n\e mean average price Wwag AtC L col 48'52. 927% | equivalent to 16.6 times net per share, AtCL 1st 4552, 96%: | Last year's peak levels :efil: zlq’gi‘;rlh" ’, 14 1, | 10 24 times e-mlnga an e BE O iaias ] sh 101 101 1008 i 21,6 times estimated net per commo e or™ 1oh 1041 Obviously, despite the fact that trend] 4 104% 10415 1047, | Of the market as a whole has bee 5 110% 110% 1103, | toward lower levels for more than 2 106 104% 104% | Year past, equity shares generally cf . 15 101% 101% 1011 |be considered deflated only if me: 17 102% 102 10214 Ured by standards which were not) 91 92 |recognized as valid until the late e Y 100 |tended period of prosperity aj ched .. 14 10425 104% 104y | its final stage. Whether or not ac: '50. 19 91': 913 911;|cepted yardsticks of 1928—to say noth. BR&Pitt 414357, 11 95% 95% 95% |Ing of those of 1929—are now mmu Bush Ter con 5555, 6 101% 101 101% applicable, is open to serious question CanNatdsha'st... 8100 100 100 uxing the period of 19341ea. Sor 9 99u 9% 99% porate earnings power in the aggre: 9100 99% 99% gate increased 1iore rapidly than 7 106% 1064 1055 | Sy Proceding five years 18 fhe 17 1084 106% 1064 | Lot this record can he paralleled in i T Bt TS 1 112% 112% 1121 | 18, decidedly not justified on the basis 23 90% 90% 90% 0 31 99w 98% 98% of current evidence. 4 103% 103% 108% 109 109 ON COMMON ISSUES | Stock Yields on Representa tive Shares Now About 15 Times Probable Earnings. Pathe Exch Co 567 Phila & Read 6s Phil Pet 51839 Pierce Oil deb 8s. Pillsh F-M 65 '43. .. Por R T am 6s'42. Pos Te: & C 68 '53 Pub Sv G 4%8.6’ Pub Sy G 415870, Pure Oil 51337, Rem R'A 58 A "47. Solvay Am s Sou Bell T&T 53 ‘41 StOfINJ bs'46.... S1OI N Y 4%s 51, Tenn Cop 63 B '44. . Tenn kil P 68 A '47.. Tex Corp cv 58 "44 Utd Drug cv 68 63 U § Rublst 5 Utah P& L6 Util Pow %5 Walworth 61535 . Warn Hr Pic 6839, West E deb 44 West Un T 6% '36. Wick Spen cv 78 '35 Wil-Ov 18t 6348 '33. 8414 94l .10 93 6 96% 96% 92% B &0 Swa dv sas0’ Bos & Me 5s 1955 Bos & Me bs '67 at Can Nat 58 Oct Can Pac 4%s ‘4 Can Nor 6%, s db "46. Can Nor 7s deb "40. Can Pacificdb 4s. .. Can Pacific 4% s '6 Can Pacific 5s '54 Car Clin & O 6s°5: Cent of Ga 5s C '5! Cent Pacific 55 _6f If growth in profits proceeds at less rapid rate than has been the c: 110 Seksoianie to. chpect. capitatisation of reasonal ca) of] § dozw 102 102 | R0l 0, e et tusiastic. pas 7 114 113% 114 | To assume that average price-earnin 40 101 100% 100% | Fatios will return to the low levels o 4 103% 10312 10315 |°f 1931 and 1923 probably represen 2 100% 100% 100% |2 undrly pessimistic forecast. It 17 101 100% 100% Dot difiWilt, however, to visualize 4 104% 104% 104% dient of mean average Takia prevaillzg during the 1!21-1”& pe! On such a basis, stocks around 15.6 times urnln id bej appraised at from 11.6 w 122 times| net per share. Special Dispateh to The Star. BALTIMORE, Md., September 9. Poultry, luve - ch!ekenl. S Wllnd 20a28: Ches & Ohio con 6s. Chi & Alt3s... CB&Q tstrf 6u 71, CB&Q 11dv 3135 '49 Ch Gr West 45°59..140 741 41, Chin&Lrf5s'47.. 20 102% 102% 1027 Ch M&StP4s 89.. 8 W 100 ChMStP&P5s 75142 88% 87% 88% Ch M & StPad)bs. 104 53% 53 53% Ch & NW 4% 2037. 18 100 100 100 Ch & NW cond4¥%s. . 21! 100% 100% 1 ChRI&Pgn4s'ss 95 95 95 ChRI&Prf4s’'s4 17 991 99U 99 ChRIcv4ls'60.. 27 995 991 99'] 2082 ChRI&P4%sA.. 30 97% 97 5 102%: 102% X02“¢ 3 115% 115% 11 4 105% 105% 105% 18 100% 100% 100% 65a75; pigeons, pair, Eggs—Receipts, l.nu cases; . nearby hennery white firsts, 33a35; !outh.n “| Hock Val 4%s8'99. . Clev Term 4%s 775 Clev Term 5s '7 16 102% 102'% 102% 1°107% 107% 107% 3 101% 101 101 7 9 9 99 67 67 67 3 T0% T0% 70! 19 51% 60% 51 31 96 95% 95% 4 105% 105% 106% 9T 9T 9TW 8 95% 95% ‘9 .22 ¥3% 93% 93% 2 106% 106% 106% M 861 864 82% 84 93% 93% 93% 93% 46 46 27 27 27 1107 107 107 1 112% 112% 112% 4 99% 99% 99% 68 111% 111% 111% 7 100% 100% 100% 5 100% 100% 100% Hud & M adj 68'57. 103 84% 84 84 Hud & M rf 58 '57 22 100% 100% 100% 111 Cent ref 4s '55 6 94 93% 94 111 Cent 4 + 8101% 101 101% 111 Cent 58 '55. . + 6 107% 106% 107% I Cent 6%5°36.... 13 108% 107% 108‘ 111 CCStL&N .15 99 99 IntRap Tr6s'66. .. 37 714 ‘70% 71 Int Rap Trsta'66..171 71% 70% 70% Int Rap Tr6s°'32... 13 56 56 56 IntRap Tr7s 32... 2 90% 90% 90% Int & Gr Nor 58 '56. 13 95% 95% 95% 1 101‘. 104% 104% 6 Cuba Nor 5%s 42.. Del & Hud rf 48’43 Del & Mud 5%s'37. en Erfe 55 1967 Erie 551975 Fla E Coast 5; Fonda J&G 4%s " GrTrsfdbeés'3s.. Gr Trunk 7s '40. . Gr Nor 41877 (E) Gr Nor gen 75 '36. .. Guif Mobile 58 '50. . Dl‘r‘n 9% 46 Int & Gr Nor 6s '5: Int & G Nad 6s'52. Int Rys C A 6s'72.. Int Ry CA 6%s"47. Towa Cent 1st 55’38 Kan C FtS&M 4s 36 Kan City Sou 3s"50. Kan City Sou 5s'50. Kan City Ter 45 '60. Shore 3348 '97 Lake Shore 4531, . Lieh Valcv 48 2003, Leh Vav4ls 2003, Long Islrf 4s 49. .. Long Isl b 5s '31 L&N4%s2003 L&N1strfsy Manh Ry 18t 4s 974 9% 9% 103 97% T9% 103% 94 M 1 88 83 88 10 100% 100% 100% 102% 3 106% 105% 105% 2[ M Bl 531 Market St 75 '40 94 MilE Ry & L bs 12 wm 102'« 102% Mlm.u:rtu'n 1 8% M StP&SSM con 45.,16 90% 90 90 M StP&SSM s gtd. 5 98% 98% 98% M St P&SSM b % 1 84% 84% Bd4% 28 101% 100% 100% 101 90% 90% 90% 4 104% 104% 104% 65 811 80% 81 18 102 101% 101% 19 101% 101% 101% . 25 102 101% 101% 7 108% 108'% 1087 6 100% 100% 100% 25 95% 953 95% 10 94% 94% 94T 7 53 52m 52 8 % 9y 1 100% 100% 100% 3 103% 103 103% 3 85 84% - 4 9T 9N 10 951 95 34 100% 100 100% 1 108% 108% 108% 10 97 97 97 1 100% 100% 100% 89 98 97% 974 2 107% 107% 107% B. 20 108 107% 107% . 41024 102% 102% 17 102% 102% 102% 15 87% 861 87% 3 81 81 81 0. MK&Tprin SaA Mo Pac gen 4s " Mo Pacific 55 F‘ 4 Mo Pacific 58 G *78. Mo PacHic 5s H Mo Pac 5%sev Mont Tr 1st b8 Mob & Oh 4%s NCh&StL4s assau Elec 48 ‘51 Nat Ry M 4%-'57 aagaa [P T = »4»4‘1'<'<“'<-<-<-<~<-<ch Z Q L33 2 22722222 2222227 7.7 NY NH&H cv db 6s. NY O&W 1st 48 NY Rys inc 665 NY St Ry 4%s 62 NY W&B 4%s " Nor & Wn cv 4 Nor Pacific 38 2047. Nor Pacific 4897, .. Nor Pacr16s2047. Oreg-Wash 4s Penn gen lrl 5. 22 964 96 964 10 124% 123% 124% 2 49 49 49 4 94% 29 1u 118% llIV. 3 94% 94% ' 94y 2 102% lfluflfi 102% 64 98% Y 98% 13 101% 101% 101% 13 105% 105 105 37 110% 109% 1097% 5 100% 1003 100% 13 106% 104% 105% 20 95% 95% Reading 4%sB... RIAr& L St L Ir M'nt 5s '31.. St IN&S R&EG StL&SFinds StL&SF4%s T SILSWCV!! ‘82.. Stl, Western St P Un Dep "l o Seah A L rf 4549, 11 Seabh A Lnd] bl 0! Seah A L ev 6 Seab Al Fl 6s A IL Sou Pac col 45 49 Sou Pac ref 55 Sou Pac 4148 ‘68 Sou P 418769 ww. 1 Sou P& Or 4%s'77. 67 Sou Rwy gen 4556, 24 Sou Rwy bs 94 Sou Rwv 6%a Sou Ry M&O 4s '3 Tex & Ark 5% Tex & Pac §s B '77. Tex & Pac 55 C " Third Ave ref 4s Third Av adj 63 '6 28; process, 33a35; store packed, 24a25. Hay and Grain. ‘Wheat—No. 2 red Winter, %w\ 9034; No. 2 Winter, nrueky t, 8734¢| Sepumber. 87 'g: Corn—No. 2 omenuc yellow, new 1.15a1.16; cob eom 5.25 5.50. Rye—Nurby. ts—White, No. 2 new, 49; No. 3, ‘Hay—Receipts, 232 tons. General hay market strengthening. Drought hag seriously curtailed neérby crops, chang+ the !‘:I‘flre 'ns.itulwm Sections hore re s are now oftcrs of may. “Good clover mixed_an timothy new hay will bring from 22.00 to 28.00 per ton. Wheat straw, No. 1, per ton, 9.008 10.00; oat straw, No. 1, per ton, 9.00a 10.00. Vegetable Prices. § Potatoes, white, 100 pounds, 75a2.00; barrel, 2.00a2.75; sweet potatoes, bar- rel, 3.25a4.00; beans, hamper, 1.25a 2.25; beets, 100, 4.00; ~abbage, 75a1.00; c..vcots, 100, 2.00a3.00; cauli- nmm-. cnu 1.75a2.00; eelfly, mu. ers, ver, 3 nts, lima beans, buslul.‘m crate, 40a75; sfiocki buxhzl 0al. huckkberrlel, bushel, . bushek 1.25; wlurmelnna, mo w 00a40.00. Live l“ek» Market. teers—Good X medium to good, 7.25a8.50; fair to dium, 6.2527.25; plain to fair, 5.25a common to plain, 450&525 nuln—cmd to choice, m- , 5.75a6.00; (ll.r m 5. 25!5 55 pl.lln"o fair, 4.7525.25; com- mon to plain, 4.25a4.75. 15a5. medium, 3.7584.75; nuln to fair, 3.75; common to plain, 2.2582.75, Heifers—Good to choice, 6.25a7:35; ‘medium to 5.71526.25; faif to. fnes dium, 5.2525.75; plain to fair, 4.50a5.25; common to phln 4.0024.50. - i-l- A-mn Tow fi T ’fll Port Elec 6s Port Ry 5s '42 Por R L&P 13846 15 106’,6 109 102 102 101 101% 9954 3 10 Reading gen 4% a. 158’34, 8 '50. 8 1 Un Pac ref 48 2008, Va8 Wevss'ss 88 'a Ry & Pow 101% Wahash 418 ‘78 Wabash 1st 5s "398 Wabash 2d s5 1 101% 1013 101% 101 104% 104% 1 881; 88 88 1023 102% 102% 9915 %W W