Evening Star Newspaper, August 3, 1931, Page 14

INDUSTRIAL SPREAD ™ T0 COUNTRY SEEN Martin Insull Sees Trend To- ward Diffusion in U. S. Business Life. @pecial Dispatch to The Star. NEW YORK, August 3.—Industry, headed for more than a century toward concentration in the cities, is likely to re-inhabit the countryside, Martin J. Insull, president of the Middle West Utilities Co., predicts in a symposium of the Engineering Foundation on *“Benefits from Engineering Progress.” ‘The industrial evolution of the Nation need not b> viewed with despair, ac- cording to Mr. Insull, who points out that industry is retracing its steps, and is again tending toward diffusion. Just as power changed the decentralized in- dustry of 1731 into a centralized in- dustry by 1831, he declares, power in 1931 appears to b: changing industry back into a decentralized structure. “For some peculiar reason, in com- parisons of present day life with that of preceding times, it seems to be as- HOMETHN’ WL9T GOT TO HAPPEN 900N sumed that progress invariably moves |- only in one direction,” Mr. Insull says, discussing “1731-1831-1931.” “This, of course, is not necessarily true. ~We see this easily if we review the history “of the primary factor underlying the industrial changes of the twentieth century and the two centuries which preceded it. Power Factor. “That primary factor is power. Our life today, with its machinery, its mass on and its teming cities, is an cf changes in the nature of our power resources. The life which it supplanted, the rural life, likewise was determined by the nature of the power resources of the time. ) “The human race’s work and welfare maturally varies according to the amount of energy at its command. If energy is limited to human and animal muscle, depending upon vegetation for its fuel, it sets certain limits on the amount of production that is possible. It like- wise dictates a dominantly agricultural mode of existence. On the other hand, if energy is derived from coal and water, the limits upon production tend to disappear, and the importance of agriculture diminishes. “If we examine the nature of our energy resources in 1931 and compare them with the energy resources of 1831 and of 1731, we shall see rather clearly how the form of industrial structure has always been dictated by this energy fac- tor. And we shall see, if we examine it closely, that the direction of these changes is not always the same. “The year 1731 was one in which gopuhnon was widely diffused. Why? ecause it was necessary to derive from agriculture the greater amount of the energy necessary to do the world's work, and agriculture is necessarily a scattered activity. Purthermore, without me- chanical power there was little incentive to develop machinery or organize people into factories. Changes Violent. “Violent changes occurred in the fol- lowing hundred years. Freed from the definite limitations of human energy, and with the infinite resources of the coal pit at its command instead of the meager annual crops, industrial produc- tion multiplied. To take advantage of this greater energy supply, it was neces- sary to concentrate production, because the power supply itself was concentrated. “Great cities drew population from the countryside. The countryside could spare them, because agriculture no longer had to producg the entire energy supply, and becauss agriculture itself simultaneously became more efficient. “That trend toward concentration, when superficially considered, seems to have continued to the present day. ‘There are, to be sure, ample evidences of it. But there are still more strik- ing evidences to the contrary—evidences that industry is tending once more away from concentration and toward diffu- sion. “These changes, too, are concerned with the nature of our energy supply. Power changed the decentralized in- dustry of 1731 into a centralized in- dustry by 1831. In 1931 power appears to be changing industry back into a| decentralized structure. The wer supply of today is widely distributed. Electricity is available in any quantity at virtually every point on the map, whereas its predecessor, steam power, was to be had at relatively few points. “The same is true of transportation, which is, after all, another form of power. And indusfry is not slow to recognize the advantages of decentral- ization in terms of lower costs and improved working conditions. Industry of Future. “There is hope in this for those wHo view our industrial evolution with de- spair. Let them not conclude that, be- cause we were headed toward indus- trial concentration for a century or more we cannot reverse the direction of our development. We need not necessarily expect still more congested cities, still higher skyscrapers and a depopulated countryside. “The industry of the future is more likely to reinhabit the countryside; to possess all the advantages of power machinery without the disadvantages of congestion which have hitherto ac- companied it.” Washington Produc a‘Bun/er—one-mum'l prints, 29%; tub, 4 Eggs—Hennery, 22a23; current Te- eeipts, 15a17. alive— Spring broilers, 3 pounds and over, 32a33; 2 to 2% pounds, 32a33%;; 1. to 2 pounds, 28a 30; Leghorn broilers, large, 24a25; medium, 22a23; hens, large, 22a23; small, 18a20; Leghorn hens, large, 15a 16; small, 13a14; roosters, 12a13. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 2. pounds, 37a 38%; 15 to 2 pounds, 32a35; Leghorn broilers, large, 28a30; medjum, 28; hens, large, 25a26; small, 20a22; Leghorn hens, 17a18; small, 14a15; roosters, 13a 14; Long Island ducks, 21a22. Meats—Beef, prime, 15a15 131;a14'2; medium, 12a12%; veal, top, 12%:al3; lamb, pot loins, 8 to 10 pounds, 23a24; 10 to 12 pounds, 19a20; fresh hams, 19a20; smoked hams, 21; lard, 10% all; strip bacon, 24. Fruits—Watermelons, 25a50; canta- Joupes, 75a1.25; flats, 50; honeydews, 1.25a1.75; honeyballs, 2.50a2.75; oranges, 4.50a5.00; lemons, 6.0026.50; limes, gl’ 100, 1.75; apples, per bushel, 50a75; box stock, 2.50a2.75; peaches, 75a1.50; pears, 3.00a3.25; huckleberries, 5.00; -plums, 2.00a2.50; grapes, 1.50a1.75; 1.00; bananas, 50a1.50. Vegetables—Potatoes, per barrel, 2.00; sweets, per bushel, 1.75; tomatoes, 50a %5; squash, 50; carrots,e per dozen ‘bunches, _50a75; beets, per dozen bunches, 50a75; onions, 50-pound sacks, 1.25; lettuce, Iceberg, 4.00a5.50; pep- pers, 50; cabbage, 40a50; eggplant, 1.50; lery, per dozen, 75a1.00; string beans, ; limas, 3. cucumbers, 50a cow, 17; 230; total United States urday, 310; Sunday, 15 stock, weak on pod: ked, per hundredweight: I , 1.0021.20; poor, 65 up; 2.00a2.15; Russets ? | industrial tributing A CAT WILL STAND JUST SO MUCH ! (Copyright. 1931.) s .”'j NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1931~ High. Low. 20% 14% Stand Brands (1.20). 107 55% Stand G&E (3%). 20 1% Stand Invest Corp... 31% Stand Ofl Cal (h2%) 8% Stand Oil of Kansas. 30% Stand Ol N'J (12). 18% Stand Ofl N Y (1.60). 2% Sterling Sec A... 30% Sterl Sec cv pf 8 Stewart Warner.... 25% Stone & Webster (3). 14% Studebaker (1.20)... 31 SunOfl (11). 94 Sun Oil pf (§) 16% Telautograph ¢ sStock and 8 28% Timken Roller (3 1% Tobacco Products Transamerica n( 7% Transue & W (1) 6% Tri-Cont Corp. 12 Truscon Steel Ulen & Co (1.60).... Und-Ell-Fisher (5).. Tnion Carb & C 2.60. Un Oil of Cal (2). M HONNOHANHOANRRTAANNN B HEATI AN u u 17 U S Rubber 1st pf. 13% U S Smelt & Ref (1). 834 U S Steel Corpn (4).. 413 152 150 136% U S Steel pf(7)..... les— Dividend Rate. Add 00. High. 9 139% ~Prev. 1531~ High. 9% 56 60 19 21 15% 76 29 5% W a1 or st in special preferred 86 [E86% 139% 139% 140% | no regular rate. 38% Vulean Det (4).. Wabash RR (A). Waldorf Sys (;V.) Westing Westing E&M pf (4). 1 ‘Wheeling Steel Stock and . Dividend Rate. 71% 60% U S Tobacco (4.40) Close. Close. 3% Unit Stores A. 18% 41% 28 Univ Leaf Tob (3 1 24 Univ Plo 1st pf (8) 1% Univ Pipe & Rac 19% Utl P&L A 223 Van Raalte 1st pf. 984 Va Elec & Pwr pf($) 10s 22 Va Iron Coal & Coke.120s Va Iron C & C pf (5).100s 508 El&Mfg Woolworth (2.40). Worthington Pump. Wrigley (Wm) (4).. 5% Yellow Truck. 42 Yellow Truck pf. 14% Youngs Spring (3 2% Zenith Radio.. Zonite Prod Corp (1) RIGHTS. 3 % Insur Sh Del. Ang10 8 % % Sales of Stocks on New York Exchange. 26 46 10s 1 3 2% 2% 4 11% 1% Expire. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 3.—The follow- ing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York., for the Associated Press. ‘Weekly News Review. Security markets last week were ex- tremely sensitive to domestic develop- ments. while for the most part events abroad were ignored. The reduction of the quarterly com- expe mon_dividend of the United States Rilivay: omcla siates 163 e | in Steel Corporation from $1.75 to $1 and the publicaticn of one of the most dis- appointing income reports since the war caused stock prices to turn downward. Other unsettling influences were the omission of both cot and preferred dividends by Nickel Plate and the further reduction of the common dividend of Bethlehem Steel. ‘The actual movement of the stock market for the week ended July 31, as indicated by Standard Statistics* price index for 90 stocks, showed a decrease of 2.4 points. From 111.4 on July 27 the index declined to 109 on July 17, Is, rails and utilities all cons to the downward movemert. Along with the further recessions in the stock market the bond market, in which there was a moderate volume, was generally lower, as contrasted with the recent indefinite movement. How- conf mand and evidence of strength was not entirely lacking. Prices. recessions -in = commodity rices during the past,week. Of the 40 major items 22 lined, 8 sdvanced and 10 were unchanged. The weakness was well distributed -over the entire ns(,h.'lt.h the more pronounced been registered in cotton, the last- ity vious lows for the year. . |share vs. $142.14 December individual items which have most resisted lowe cuts to 10 per cent,. effective August 10; earners not affected. mmonwealth Securities’ value Jne'30 $01.92 a Companies. Armour & co".(nllnm) lquidat- ferred r 3‘11:-'1”0 Cooper-Bessemer ition six_months to June 30 us.."‘.?_fs %; :fl months $3,044,071 vs. $2,861, tion and shipments 5,320 vs. approxi- ‘mately 15,600 in like 1930 Goodyear Tire & Rubber workers in plant No. 2 to be put on four 6-hour shipments a day, five days a week; in plant No. 1 three 7-hour shipments a day, with five-day week. Graham-Paige Motors June _deficit, $654,533, vs. deficit, $391,480, sim months, deficit, $833,056 vs. deficit, $880,960. - - Grigsby-Grunow Co. deficit, before non-recurring charges, year ended May 31, $2,169,761, vs. net income, $1,745,648, ;g\;;l to 87 cents a common share in Harbison-Walker Refractories June quarter common share earnings esti- mated at 20 cents vs. months estimated at 55 cents.vs. $1.71. Katanga Copper—Reported operating at profit despite low copper prices; further reduction in costs cted with completion of Benguella Railway adjustment and interest, $37.067, vs. $25,810; six months, net, $139,390, vs. deficit, $1,085. Pender (David) Grocery—Net income, six months ended June 27, $33,236, equal to $1.10 a class A share vs. deficit, tma, for like period ending June 28, 1930. Pittsburgh Steel passes dend; paid $1.75 a share June 1, 1 Reo Motor Car July shipments up 4.2 per cent from June. Republic Steel—Number of tin plate mills in operation fo be increased to 13 ‘Timken-Detroit . deficit, six months to June 30, $275,178, vs. net in- come, $655,427, equal to 54 cents a com~ mon share in 1930. ‘Western Union Telsgraph ticker service to be installed in Holland in conjunction with Amsterdam Stock Exchange. Atlas Utilities buys control of Unger- leider . Pinancial through purchase in open market of more than majcrity of Byers (A. M.) Co. reported ‘to have S Iron Man . Link Belt cuts wages of factory em- ployes 10 per cent and establishes five- 'week, mmnf‘mal n“ducflm in ‘employes’ income cent. . Alr to maintain er- to ¢ fore tion _and Fed- 12 Wamn. Paramount-Publix !;:;mu:n. sub- %o Gonsolidated aix months PG to 63 cents a preferred 930, equal to $1.56 a common share. Liggett & Myers Tobacco—President of company. . denies agreement on cigarejte Marlin mon share earnings six months to June 30, 56 cents, vs. $1.87. lational Electric Power—Gross earn- ings 12 months ended June 30, up 1.6 per cent; net up 6.8 per cent. Pittsburgh Steel—Deficit year ended net income United Gas Improvement—Common share earings lz_,monuu ended June Am¢ t & Traction éommon share earnings, 12 months to June 30, $3.08, vs. $3.88. Carman & Co. common share earn- ings, % months to June 30, 92 cents, bry&u‘l ‘Tissue common share earn- ings, six n‘l:nm to June 30, 39 cents, cents. cCall Corp. common share earn- ings, six months to June 30, $2.04, vs. Manufacturing - commo lx"mnnthl to June 30, Chrysler Corp. June deliveries to dealers up 34/per cent. Dog'mbn Smr:si Ltd., {.M six mont sales uj 2 cent, setting new record; m: bslflu in opera- tion on June 30, vs. 504 year ago and 516 in 1929. - Bank Clearings Gain. BALTIMORE, August 3 (S clearings, announ share earnings, 4 cents, vs. 63 ). — the May. y lovel fix .m“l; "{‘.%3" - R vel for % , was $431,258,657, so the decrease the same month last year was $8,572,875. Cleal for the first half of the year totaled $2,883,481,739, a drop of £40,701. New Bond Issue. BALTIMO! 3 fet is RE, August 3 (i )n 15. ‘This issue 4! cent, and is called *"m- mw:ml.m & marked dearth of % ‘municipal Hiaa torMW‘ % | Washington s;ock Exchange m Taise. well Corporation—Com- | Fed.-A BONDS ARE STRONG | [z sonx BONDS stoce mxcnanca] w Private Wire Direct to The Star Office 2 Listéi + . Ldthéi Both Domestic and Foreign * Lists Show Upward Trend. 132-47, 33-38 87 '49 5 1 7-52., 41 1 BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 3.—Bonds were strong todsy in quiet . The ad- | & e e S a ore! n of the nru:fln group. Brazilian 6%s and 8s worked off a int or more because of the default n Rio de Janeiro 6)2s and 8s. While this proved to be only technical, the bonds have discounted the ity urn;.n Brazil m:ly hnl:‘e. &o default more of her extern: O”gfl‘n":mfim ons before Sir puf effect. There are $30,000,000 of thm 6%s outstanding and $10,000,000 of the 8s. Argentine dollar bonds, which were weak Saturday because of doubts ex- pressed as to service on them, firmed up today with official announcement that debt service has been received by lhfi bankers. Argentine 6s of all ma- turities recovered fractionally. Gerran dollar bonds were~higher by 1 to 2 points, with most of the activity in the 5%s and 7s. Utilities, industrials and nicipals, ho'u]ver. also had a better ly Rhine Westphalia Electric 6s, Berlin 6s and Siemens & Halske 6%2s. The plan to grant Ger- many a long-term credit for the pur- chase-of American wheat at 70 cents a bushel was regarded with favor today, both by Berlin and Wall Street. The Austria A Test of the forelgn list was largely un- ik ek e changed. Domestic bonds were dull, but in gen- eral slightly higher. The trend was up- ward in a long list of second and third grade railroad bonds, chiefly because these iptions were much oversold last week. Missouri-Pacific 5s, Erie 5s, St. Paul 5s, Denver & Rio Grande West- ern 5s, Prisco 4128, Prisco Prior Lien A alx‘ll;d Alleghany issues all worked Industrials were helped by earnings reports. Goodyear 5's led a recovery of rubber company bonds. An estimate today indicated that even if Goodyear has a 20 per cent decline in total sales this year, the company should show $2,400,000 greater income than in 1930 because of the probable absence of any necessity for inventory write-offs. Since most of the rupber companies have been quick to write off inventory | Bolt losses, the whole industry is considered | B! in a good position to take advantage of any b\n{l:se uptun‘ll. ternational group of bonds moved higher. International Telephone 5's were strong. Small gains occurred in American & Foreign Power 5's, In- | B ternational Match 5's, International Hydro-Electric 6's, and Utilitles Power | g, & Light 5's and 5% ‘The municipal market was firm, with only a small amount of new bffes and with bidding by both individs and institutions as active as ever. One list today showed current offerings at prices to yield 2.75 to 3.50 per cent. a Argentine 533 * Argentine May ‘61 Argentine 6s Ju ‘5! = B S L T T L P - F o BauSravrolanumsrabnSanuneanend nReSxBaSauntBeranaSianatansBonaSneaznsd Beth Steel pm 58’36 '43.. - ”» A 6561 Buft Gen El 434581 BR & Pitt 438 '57 Bush T Bldg 5 Canada s [ - SALES. Washington Gas 55—$1,000 at 1067%. ‘Washington Rwy. & Elec. n—u.o@o at 93, $1,000 at 93. Potomac Electric 6% pfd.-—5 at 114, Potomac Electric 5% pfd.—5 at 11115, 5 at ll'l‘,il-rr. £ nts’ Transfe: — gy T & SWflle‘ cony. National Mtge. & Inv. pfd.—100 at 4%. Security Savings & Commercial Bank— 10 at 445, 10 at 445. AFTER CALL. Mergenthaler Linotyps—" at 77%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%as '3 Tel. ctl. Canada 58 Can Nor 4% Can Nor 6343 db *46 Can Nor 7s deb Can Pac deb 4 Can Pac 4345 60. Can Pac bs ctfs "44.. Can Pac s "54 Car Clin & O 5 Car Clin & O 6 . Cent 11l GEE 5851, 0 -3 s o Asked. 2258 =L 2 SEEEE. 586 FEE & 0. 32 Chi RI&Pac 4%w#'52 22 ChiUn Sta 6%s 63, 1 Wash. Rwy. & El co Wash. Rwy, & EL ptd. NATIONAL BANK. Capital (14), Columbia (13 Commercial (stamped)’ (10)’ District (8) s Col G&E 5s May Col G&E coup Com Inves53%s4y. 1 CGas NY 4%4s'95wi 85 ConG N Y 53845, 16 5 il o e Second (e Washington (i3} Amer. Sec. Continental Natl. Sav. & ce Georges Union Trust (8s) Wash, Loan & Trust (14). Seventh, street 13 United States (30). Wash. Mechanics ( M “FIRE INSURANCE. American (12) Firemen's (8) National Union (i8) 388 sE¥fasils Columbia (6h) . Real Estate (6h). 2eseing’ %5 ® D, . Mtge. com. aiee Woodward & Lothrop pic el % extis. Grt Nor gn 5%8 Grt Nor gen 1838, dlwm for ,000 bonds dated Au-|py ‘the 02 1216 112 High.' Low. Oloss. 4 10215 10213 102 16 1035 1084 1034 104 26 104 23 104 25/ 36 101 14 101 12 101 14 810220 1 10220 10220 103% 105 131% 108% 107% 108% 110% 102% 57 64 0% 70% 0% 100% 113% 105% 484 9% 101 103% b4y 60 103% 64 98% 109% 106 110 114 44 104 104% 17 15 24 104% 105% 101% 49 47% 9% 105% 7 100% 95 1027% 106% 100% 100% 100 101% 106 105% 102% 119% 112% 101% 104 108% % 116% 92 % 105% 35 35% 35 51 86 95% 108 49 55 54 41 107% 108% 101 27 10227 1211212 103% 105 181% 109 107% 108% 110% 102y 57 65 70% 70% 0% % 100% 114 105% 48% 97% 101 103% 541y 60% 104% 64 984 109% 106% 110 114 au 104 104% 17 15 24 104% 106% 101% 49 49% 106% 78% 100% 95 102% 1063% 100% 100% 100 101% 106 106 102% 119% 112% 101% 104 108% Y%s 2 Jugos] Bank 7s ’57. 2 104% 104% 8% 87 City Ter 45 60, KanG & B 4%e Kresge Found 6s 36 Kreug & Toll bs Laclede 648 C'53 Laclede 535 D " Lautaro Nit 68’54, 21 Long Isl rf és Lorillard 5s ‘51 G L &N uni 4540 .., L& N ¢3%s 21 La& McKes & R 5%s 50 Manh Ry 1st 0 Marseille Mia Nat Dairy 5% N&T&MG5sB Zzzzz N Y Tel 6s Nia Sh Md 5%8°50 Nord 6% 5t Nor Am Ed %3 '63 NorOT&L 68 '47.. Nor Pac 38 2047. . Oreg-Wash 4561 Orient dev 6% Orlent dev 6s 53. Penn O&D ¢%s'77 % | Penn P&Lt 414 '81 “5 Phila Co 53°¢ Pnila & Read Philippine RR Phillip Pet §%s'39 % | Prilsh F M 63 °43. 116% 92 105% 35 37 35 51 87 95% 103 52 55 54 41 107% 108% 2 Public Serv 4s '7. Un Pac 28t 48°47. Un Pac rf 45 2003 Pac ) o oo uSonedBamnernn® anson 888.. » wallnmanBoaen © BusaBlowanan - - HRDRTANWND . P —Ge =i 5 - NeReaNSaneSant naneana FINANCIA COMMODITY PRICES BELIEVED BETTER o1 Survey Claims Lows Have Been Passed for. Year 68% 67 values were nearly 30 per cent below the 1929 high ;:‘;er cent under the 1920 posi-war “The advance in prices which tnitiated” with the Bresidente. mors values has made them latently sensitive to_any unexpected development of a definitely constructive nature. “Subject +to specific factors govern- ing the position of 44 major commodi- ties analyzed, we have, in a broad wa; based our purchase recommendations on the h:dlile"( that %.enenl trend of commodity prices be gradually and irregularly upward during the course of the next year. “We are led to this conclusion by indications that (1) liquidation is pro- ceeding faster than costs are being re- duced, and the average mnarrow profit margin is continually driving marginal producers temporarily or permanently out of business; (2) normal growth plus deferred demand is expanding the potential market for materials and The incentive for satisfying these needs has not yet fully materialized, and (3) sta- tistical measures of trade showing fa- vorable comparisons with a year previous will become ly nu- merous during the next few months, improving the general business mworale and encouraging iarger commitments.” PARIS BOURSE PRICES. PARIS, August 3 (#).—Three per cent rentes, 87 francs 70 centimes; § per cent loan, 102 francs 90 centimes. Ex on London, 123 francs, 93 centimes. The dollar was quoted at 25 francs 50% centimes. Utilities Firm Expands. NEW YORK, August 3 UP)—_Atlas m 9% [ more than a majority of the common stock. INVESTMENT TRUSTS By the Associated Press. NEW YORK, August 3.—Investment trust securities (over-the-counter mar- ket). ABCT B > » "'gsn 2 SERseRsEnD =-=-§E E £ sy W 8. 8usalis.t You " sa28S ) R BB onrs 2SS en W 53 SRRE, 550 W FRSESE F S 3§;.~!.m!-n-.fl&‘ grErance ™ 2 s . HE S 4