Evening Star Newspaper, August 7, 1931, Page 14

| Disposition to-Pay Out of lid Surplus. : otal dividends pald by American cor- in the depression year 1930 are estimated to have exceeded similar fisbursements during the prosperity year 1920 by some $2,000,000,000, says Edi- torial Research Reports. Although earn- ings fell off in the twelvemonth follow- ing the stock market collapse, payments either ha' mfld ears ive made legutthoperhddu tumMcnhhM wer of the labor mpunwhnh = Curtaied by wide been e el loymen! SR B iy THE EVE NING . STAR, WASHINGTON, D. C. NEW YORK STOCK EXCHANGE Prev. 1031. High. Low. Ada 00, Bl 10% mck(re)(t % 1 Unton O Shell Un 08 pt (5%) Simmons Co. Sinclatr Consol Ofl. Skelly Of1. Skelly Ol pt. Socony-Vacuum Of South Port Rico Sug. South Cal Ed (2). South Pacific (6. Southern Rwy (mé) . Southern Rwy pt (5) Spalding (A Spicer Mfg. Krands (1.20). 8 Stand Ol N J (12) Stand Ofl N ¥ (1 Starrett (LS) (12% Sterling Sec A Sterling Secur pf. Sterl Sec cv pf (3). Stewart Warner.... Stone & Webster (3). Studebaker (1.20) Sun Ol of (6) Corp(50¢) orp (2). Texas G Sulphu c&oil 10 2 3 Tide Water Asso Oil. Tide Wat As pf (§) Timken Roller B(2). Tobacco Products Transamerica (40c). Tri-Cont Ct Tri-Cont Corp pf (6) Truax Traer Coal Co Und-Ell-Fisher (5) Unifon Bag & Paper TUnion Carb & C 2.60 Un Oil of Cal (2). Un Pacific (10). Un Pacific pf (4)... Un TankCar (1.60). ~Prev. 1631 High. Low. Prev. #n. Low. Close, Close. 56, 65 66 55u 3% 3% iy 104 46 4 UnitCy 81y T ™% 104 19% 5 33 14% ™ e 9% 5% 314 Unit G 4 US Rul U S Rul US Sm Univ Ly Univ P! 71% 88l Vulean 26 8 27% 21 27 64 20% 4% 14 Warn W W Wi Wi 1% 5ik 31 6 Wester: Westin, tin; 3614 3 S 1% 21 Wileox Wilson Wilson 54% Woolwi 3714 Worthii 80% 66% Wrixle [ T15%w 6% vellow Truck....... RIGHTS % Insur Sh Del. Sales of Stocks on Ne % 10:30 A.M. 1:3¢ P.M Dividend rates as payments based tPartly 1P 21 special preferred s Dividend Rate. Ada 0 )mh Low. Close. Close. 20% Umit Arcraft a5 26% Unit Atrcraft pf (3).. Unit Corp (76¢) Unit Corp pf (3 Unit Fruit (¢) U S Freight. U 8 Indust Alcohol. . U S Leather. .. ' USPlpe & F (2) U 8 Steel Corpn (4).. U 8 Steel pf (7). Unit Stores A. ml. U a4 ¢ (et2.15) . 7ta Va-Car Chem l$ R 9814 Va Flec & Pwr pt(8). 408 Wabash RR. Waldorf Sys (1%) Ward Baking A. Warren Bros (2) Wess Oil & Snow t Pa El pf (6). Pa El pf (7). Weston El Instr (1). White Rock MS 4% . Willys- in 20% | no regular rate. n Plus 5% In s Received by Private Wire Direct to The Star Office. Stock and Prev. 264 61"1 gar Stores. 2!\ 50% 5. & Im . 27% 5% 20% bber. . 12% bber 1st pf... & Ref of 3%. 280 7 eaf Tob (3) ic 15t pf (8).. 10s 21 90 Det (4) Bros Pict. n Union (8).. g E1&MIg (4) g E&M pt (4). 31 108 0il & Gas. Overland & Co. & Copt orth (2.40). .. ngton Pump. . v (Wm) (4).. Expire. Ang 10 52 York Exchange. 100,000 12 500,000 siron 1n the above tabls are the annusl cash 00 Noon 2:10 P.M. 400,000 on the latest auarterly or half-yearly declarat ig, stock. {Plus 6% i siock. id D stock e Payable’ 1 cash ‘I elock. ) Plus 50, ee tock. K Phu 34 T’ stook " pdia thus rear CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August }—mnf:g; wxn' ll a summary of o news prepared by _the Bhndnrfl &Mlu Co !nc New York, | for the Associated News Trend. ingot production for July, ac- | eor!dfi e American Iron & Steel Institute, was. 1876149 tons, o about | 72,160 tons daily, com with 2.- | t | 075, 900 tons, or 79,843 tons daily, in | the dafly output being the | ) for any month since of | December, 1921. The Companies. Abitibi Power & hpn-workers ac- t cept 5 per cent wage CHICAGO STOCK MARKET | b 3 N i -+ i o % SEEE LS 2SN e, ¥ SEE i i: S & 2.8 FETE BEE 3 2355 5._ i:m?x“ ot ull U bt ’am Ber'. ot TFECFEAR Rat LaBLR BN TReE FEPR Midisnd 450 Mo-Kans Pipe 160 Modine s 10 Monrce Chem 150 Morgan Litho . 130 Kat Batiery Elec Fov 20 Nt en ard * st-nd o FEEPERLEEEL T PP O § 92 3’ gex3ss ~§;_.;.=.<.!§l»u=:lgu“' EE 7 -5 Wy 29992 -3 :_E'I-“ o w1 . ¥ 85323 22 <qdgaag: e FRALEE, £ 2 i ot 4 8 P T weltR ¥ Ed o pith Foad 23 Stelt s es Toduy- #3000 shres. BONDS 6 o B By Ba 95y el s DIVlDENDS DECLARED NEW \DRK August Extra, Pe- riod A Hdrs.of Y. Rate. W e o - munity I‘t 3 o '1c A £ H - B85 5. 558 2 R Biil ImEARIE W finsm——.. - 255 uf $Ee & & R PR ey m | 'seven i American Wy Y ahg 7 months up 4.4 Fairl Bervi decllru 14.835 cents Cent b::enku'n shares; paid 17.21 Awt 1, 1931. -Norris Manufacturing com- | , 6 months to June , $2.4 . ”st.uk.‘. !‘:-d deficit after depreci- ation and depletion, six months to June 30, $983,670 vs. net income $2,025,825, equal to lllemmnnhne on same basis; If production exceeded | 45 eenc, -hmmw o Bearing common share e-rninu six months to June 30, | $1.02 vs. $2.54; declares quarterly 50 | mm‘““‘wfl”‘fi‘:"’mflul;fi rc‘f.el.vne; nuogw order from Pennsyl- vani R! Truscon Steel deficit, six months to | June 30, $280,586 vs. net income $732,- m, qul to 92 cents a common share. terstate Power — June telecmc m output up 11.8 per cent; year ended June 9.74 per cent. deh Tne o sales. five to i cent; months off 7.7 per cent. Stendard OIl N. J. reduces bunker lnwlwp{h i‘c:;‘“nurrel at A and gulf coast Toe—July oenh ucyrus-Erie —Passes quarterly dividends on common and convertible | preference stock; paid 25 cents and | 8212 cents, reoacuvely. July 1. Dominion td —Sales, four ‘weeks ended July 25, up 9.01 per cent; 30 sks up 4.71 per cent. National Securities Investment liqui- | dating value June 30, 1931, $143 a common share vs. $1.67 January 10, 1931. Newberry (J. J.) Oo. July sales up 64 per cent; seven months up 53 per_cent. Republic Steel—Salaries in higher | income bracket cut 16 2-3 per cent. Spalding (A. G.) & Broe. declares 25 | cents quarterly common dividend; for- merly paid 50 cents. Strauss (Nathan) Inc.—Creditors file | hmtmpu.'y action against company; Mh;!fl issues show-cause order petition should not be granted. Adams-Millis Corporation—July sale: up 5.8°per cent; 7 months off 2.9 per cent. American ’l‘ehphcrm & Telegraph— June gross 8 per cent, net operat- ing lneolne up 12 per cent; 8 months | g!- 3.1 per cent, net- operating | off 1.3 cent. Electric Aul ings, tas Derrick & Equipment deficit, 6 months to June 30, $147411, against net income $357.965, equal to 89 cents | & common Lérner Stores July sales off 7.4 per cent; 7 months up 8.4 per cent. M ‘Ward Jllly sales off 17.90 per_cent; 7 months off 17.2 per cent. National Dairy Products common share earnings, 8 months to June 30 $1.68. against $2.16 Safeway Stores July sales off 5.6 per 5.5 per cent Service June qual gross of subsidiaries up 6.9 per cer net after taxes and charges up 16.2 p. cent; 12 months gross up 4.6 per cent net after taxes and charges up 4.5 per cent. Commercial Investment Trusts com mon share earnings, 6 months to June 30, $1.25, llnsl $1.50. Safew: common share earn- It‘;”&' nonthn m June 30, $2.61, against 1 Schiff Co. July sales up 6.1 per cent; per cent. banks, Morse deficit, 6 months to June 30, $550.534, against net income equal to $1.58 a common Amoriun Steel Foundries $7 pre- ferred share earnings. six months to June 30, $2.21: against §32.91 Bohack (H. C.) Co. Jul\' sales up 12 per cent; uxm%n 12.2 per cent. Deaminion Btesl & Gool.—Byauey pan: operating around 60 per cent 254 common dividend; paid formerly. Shoe July sales off 12.3 per cent: seven months off 5.1 5 National ‘common , $3.50, x months tonnage sales up ‘ BY CARLTON A. SHIVELY. Special Dispatch to The Btar. NEW YORK, August 7—In the oil trade and out the closing of oil wells, as forcibly put into effect by Gov. Mur- | ray of Oklshoma, is regarded as more spectacular’ than sound. disease of overproduction from which only by a drastic curtailment of output. | No complaint gan be made on the score of consumption. 10! gasoline and other oil products has | {Dne ahead at a greater pace than that | for any previous year. In this respect | Phe oil industry differs sharply from | virtually all others. Enormous as it has | been, demand has not been sufficient to | use up current production, to say noth. | ing of the vast amount of crude ofl in | ‘lmrage throughout the country and omer parts of the world. 1 Governor's Authority Limit | cov. Murray is seeking to lift the price of crude oil to $1 a barrel. That isa | figure which apparently he considers | proper remuneratioh for production of | the commodity from the point of view i of the industry and the State's share of its own natural resources. All Okla- homa oil producers undoubtedly would | be giad to get that much for their ef- forts. What consumers of gasoline and | other oil products might think of it is another matter, but in the long run, of course, consumers benefit from stable | conditions to any industry. All but the | so-called stripper wells, producing 25 | barrels a day or less, have been closed 1dm\n in some fields, and the cessation of production probably will be stopped | throughout the State. Fundamentally the Governor is on the right track to lift prices, but his success | 18 threatened by the fact that his au- | thority extends no further than the | Oklahoma fields. This year the oil in- dustry is depressed principally by the | opening up of a huge flush pool in East Texas, and the authorities of that State | | have been powerless to limit the flow in | |BROKER LOAN TOTAL | DECLINES FURTHER Special Dispatch to The Star. NEW YORK, August 7.—The weekly statement of the Federal Reserve on | brokers’ loans showed a decrease of | $44,002,000 during the week ended Au- { gust 5 to a total of $1,346,000,000 a new {low for the movement, and the lowest | since January 16,1924, when they stood at $1,343.400,000] This compares with a total of $1,390,000,000 last week, the previous low record for this movement, {and with $3,214,000,000 on August 6 lflso : loans for out of town banks totaled $222.000,000, against $219,000.- 000, and loans for-account of others | amounted to $164,000,000 contrasted | with $169,000.000. Demand loans con- stituted $938,000,000 of the total, against $976,000,000 5 week ago, and time loans were $408,000,000, against $414,000.000. The New York Federal Reserve dis- trict rediscount rate Temains un- changed at 1'z per cent INTEREST RATES. By the Associated Press Money remained pegged at previous week's level during the week ended Au- gust 1. In the averages that follow the level is given for both classes of funds at, leading centers, for compar- able periods, as determined by the Commerce Department: Call. Week ended August 1. 1.50 Previous week 1.50 Same week last vear.. 250 SHORT-TERM SECURITIES. (Reported by 4. & V. Seligman & Co) Ofter Allis-Chaimers Co 8¢ 1 American Melal biss 1 American Tel. & Tel Baitimore & oo 41 Bataivan Pet. Corp. Time. . ] 50 96 Bell Tel. of c-m; 54 Tostes ' idan b | Cnile T Co. 55 194' 8 | Denver & Rio Grande 4135 i936 94% | Gen. Mot p. s 1937 Ascen. | General Petralem Corp. General Public Service ar 3 : nat Match Corp by 1647 o st GEEE C BY ias | New Yok Chi L ’ga e Sicsi 52 1oao: & St ST Oii Co_5'2s 1938 ln‘ i |3 ““M Im tork 4'>s 1951 1 l: a;ni::ses::szx: i’Flow in East Texas Field Is So Enormous! ‘ That Prices Elsewhefe Have Been Aflected Adversely It is admitted on all sides that the | the industry is suffering can be cured | General trade depres- | sion notwithstanding, the consumption | OKLAHOMA GOVERNOR FACING HANDICAP IN OIL CURTAILMENT y wav. The result has been that cride oil has sunk to the lowest priees in history. selling as low as 10 cents barrel at the wells in that field. It has shaken down prices in other fields. Texas producers are now offering oil at 15 to 20 cents a barrel to Oklahoma re- finers, which means a price at the re- fineries of about 50 cents a barrel, or irtually the same level as the original Oklahoma prices. Gov. Murray has been | able to close the spigot but not the | bunghole of the oil barrel. Conceivably, if the courts uphold the Governor's lcnog the removal of Ok homa oil from the picture would create | | enough deficiency to raise somewhat the general level of oil prices, for that State | produces more than 23 per cent of the | output for the entire country. Texas is rst, with nearly 40 per cent. Actually | the effect promises to be even more | pronounced, for Oklahoma refines about 13 per cent of the current line out- | put, and demand from refineries there | probably will rapidly lift prices in East | Texas, and incidentally give an even greater spur to production of crude oil | in that region. | Proration Law. ahoma has what has been re- ded as an effective proration law, but its working has been largely nullified by Texas operations, not subject to regu- lation. Texas is seeking to enact a measure for more effective control, but meanwhile the flow of oil continues. Given the proper legal authority, it is possible for the Governors of the leading oll-producing States to act in concert and stifle production until the price had been lifted to the desired height. That undoubtedly would be difficult to obtain, | | for the consumer must be reckoned with. | % No one is wise enough to say just what | | is the proper price for crude oil. In the long run-price, the great cure for ills of overproduction, will bring the oil in- | dustry nearer to a balance. However, so |Jong as new drilling can be indulged in ['there seems little likelihood of high- priced oil in this country. (Copyright. 1831.) ’Wasl:ington Produc szutwrrrOne-p\'mnd prints, 30; Eggs—Hennery, ceipts, 16a17 24a26; current re- ~ Poultry, alive—Spring broilers, 3 pounds and over, 30a32; 2 to 2% pounds, 27a28; 1/ to 2 pounds, 25 Leghorn broilers, large, 24n35: medium, 22a23; hens, large, 21; small, 17al Leghom hens, large, 15a16; small, 1 Hnrmtgrc 12a13. ressed—SpMng broilers, 3 un and over, 33a34; 2 to 2!, pounds, pl%lflgs 1!z to 2 pounds, 27a28; Leghorns, hml]ern large, 28a30; medium, 28; hens, large, 23a24; small, 19a20; Leghorn hens, 17a18; small, 14a15; roosters, 13a 14; Long Island ducks, 21822 cMeant— B!]ef“prilme 15; choice, 14; oW, ) veal lamb, 20 rk loims, 27a28; fresh hams, 19.20’0 smoked hams, 21: lar lfl‘;lll strip bacon, 24. Live sto ‘Hogs, heavy, 6.25a7.75; light and ium, 8.00a8.15; pigs, 7.50a 8.00; rou(ha 3.00a5.00; calves, 4.00a tra fancy, 75 upes, 7521.00: | Persian melons, 2.50; honeydews, 1.50a honeyballs. 2.50a3.00; oranges, 4.50 lemons, 5.00a8.00; limes, per 100, ‘..UD apples. h\llh?l baskets, 60a75; box 250a2.7§: peaches, 75a1.25; few, & fancy, 2.50; blackberries, 3.00; huckleberries, 3.00: pears, 2.50a3.00; plums, 2.0082.25; grapes, 2.00; bananas, 25a1.00: figs, 50a1.00. —Potatoes, 2.25; sweet. per tomatoes, 2-peck baskets, 25850; squash, 50; spinach, New Zea< land, 1.00; kale, 35: peppers, baskets. 60a75. cabbage, 30a40; carrots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00; corn, 5-dozen sacks, 75a 11.00; string beans, 1.00a125: limes, 2.00;, cucumbers, 2-peck basket, 65; celery, per bunch, 75a1.00: peas, 4.00a 4.50; eggplant, 150, lettuce, Iceberg, 3.00a6.00. | NEW YORK BANK STOCKS NEW YORK, August 7 (#).—Over- Ci tub, | Ce the-counter market: Asked. 4 83 1 HIGH-GRADE. BOND LIST IS IRREGULAR German Dollar Obligations | v Continue Higher on Favor- able News Reports. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August German dollar bonds were sharply higher today on constructive news from abroad, weakness prevailed everywhere else in junior bonds and, to some ex- tent, in high-grade issues. By far the heaviest liquidation was in railroad bonds and second and'third grade issues dropped below their June lows. Even carrier mortgages of the highest grade, where even in times of depression fixed charges have been Gov- ered 3 and 4 times by net income, were considered a sale. Prices of such bonds as Atchison General 4s, Baltimore & Ohio first 4s, Great Northern 7s and | New York Central Consolidated 4s dropped fractionally. All class 1 raflroads in the United States and Canada showed a drop in net operating income of 37 per cent for the first half of 1931, as compared with 1930, when the return on the property investments of all rafiroads was less than 3!, per cent. In June the decrease from & year ago was 28 per cent, which is less than the half- Jear rate of decrease, but on the other hand mpared with a 1930 month yhich itself was far below the 1929 evel Ordinarily, prime carrier mortgages would be at new high levels, and they were until & few days ago. But with doubts expressed as to the legality of | many hitherto highly regarded issues as investments for savings banks, the scarcity premiums formerly established have been largely Wiped out. Great Northern 7s, which sold as high as 112 this year, sold below 109 today. Atch! son General 4s, which had sold at 10! were dealt in today well below par. Baitimore & Ohio first 4s sold around 97 after having touched 99'; earlier in the year. Second and third grade railroad bonds were thrown on the market for what_they would bring. Alleghany St. Paul 5s, Erie 5s, Pennsylvania 628, and many others declined sharp- ly. Nickel Plate 65 were off a point and more than 25 points below their high of the year. Domestic industrials were neglected, but there were encouraging signs of firmness in Goodyear 5s, Armour of | Delaware 51:s, Goodrich 6s, Shell Union Ofl 5s and Vanadium S5s. Amusement company bonds were weak. Most active of the German group were the Dawes Reparations 7s, rap- idly bid up over 2 points at the open- ing and fairly firm around 83—84 later, | Young Plan 5i4s were pushed up a similar - amount and German bank bonds were strong, but other Germans were neglected. Germany's acceptance of the American offer of cotton on a long-term credit basis was favorably received. South Americans. notably Uruguay | 6s and 8s, were all weak on further | drops in exchanges. Australians were stronger on the announcement that the Canberra government's refunding oper- ation would soon be inxmum: Washmgton Stock Exchange, SALES. . AFTER CALL. Capital Traction Co.—10 at 39%. Commercial National Bank—2 at 200. ‘Washington Gas 55—8500 at 107. Washington Gas 65 “B"—$100 at 1051, $200 at 105, UNLISTED DEPT. National Press Bldg. 5':5—$1,000 at 60. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer_ Tel & Tel. 4'as '39..... Am. Tel. & Tel. ctf tr. 35..... Anacostia & Pot. R. R. 5s..... Anacostia & Powmc suar, h C. & P. Tel. of Va 55 Bid. Askea e Capital Traction & ac o Potomac Electric 65 1953. Wash.. Alex. & Mt Vernon ctf. Washington Gas 4148 hington Gas _5s b G Wash. Ray. "% . msczu,lm!:bv! Barber & 6228 Rose.. Bhevs' Chase Clup. 1ge” Golumbla Country”clud § D C W. 52 000" storane s I STOCKS. PUBLIC UTILITY. American Tel. & Tel. Ganital Traction Co Wash Gag Lt 18, s 'nwsT compANy. Amer. Sec. & Tc. Co. (15) Continental Tflul 8 Natl. Sav Second _(9e) Washington Prince Genrlrl n &Tr (8 Union Trust Wash. Loan & Trast (14 SAVINGS BANK. Bank of Bethesds (o1 ings (10) Fast Washington 113) Potomac . Sec. Bav. & Com Bk. (17) Street (12) ‘ United States (30) Wash. Mechanics (30} FIRE INSURANCE. American (12). Gorcoran (1) Firemen s Retlonm "onton (is) TITLE msumch Columbls (h) 3 Real Estate (6h) MISCELLANEOUS, Barber & Ross. Inc.. com. ... Qol, Sand & G;‘uz"nm Eederal Storage pm . Fed.-Am. R AUD AR et h) Natl Mt 7 2-peck | Real | iié" el13% extia. Unlisted Dep. 3 (These securities not llsted under Exchanse m Army- )ug.m 8s. ropolitan 4128, l-llcual Press 3 Asked. 25 sruesst 835888 Siiaus FRIDAY, AUGUST 7, 1931 FINANCIAL. [ e BONDSmamz] |(PTIONAL Received by Private Wire Direct to The Star Office UNITED ‘TATI& les are in Hig) u Close. LAb 3145 32-47.. 2 10215 10215 102 15 List4is32-47. 14 103 51032 1083 2 L4th4ys33-38 28 104 26 10423 104 23§ US334s'49... 107 10116 10115 101 16 3% 40-43. 108 10224 10223 1 ul: 41-43.. 14 10245 102 Usuius -47. 5 10223 102 2 US4s44-54... 26 108 8 108 4 1088 les. High. Low, Close. 53 53 99 9 Allegheny Allegheny Alleg Corp bs Alits-Chalm Am Chain 6s°33.... | Am F P 58 2030... Am1GChb%a Am E&R 1st 68 Am Sug Ref 6s Am T&T cv 4%s ll Am T&T b8 ‘65 2 Am T&T o tr 58 "46. Am T&T 5s s £°60. Am T&T 5% 43... Am W Wks 58 °34.. AmWat Wk 65 '75. Am Wr Pap 6s'47. 1) 5 Atchiscv 4348 "41.. AtCL1st4s’'62... At & Danv 2d 45 48 At Ref deb 58 37 Australia 433 6 Australia 58 '66. Australia 5s 57.. Baocu.'u B & O conv 4% Berlin Cy El 65 Berlin CyE Beth Steel pm 5836 Bolivia 8s Bost & Me 4% 5 ‘61, Bos & Me 68 '55. Bos & Me bs ‘67, Brasil 634 '2 Brazil 6%s ‘27 Brazil 88 41 Bremen 7. | Bk Ed gn A 5. | BRiyn Elev 6% Bkiyn Man 65 '68. Budapest 65'62. Buenos A 65 '61 Pv. | BT & Pitt 4%s '57. Bush Ter con 6s ‘5 | Bush T Bldg 6s '60. | Canada 4260 Canada bs '52 > 2 woraniian wBeans 3 o [ S OY PR S R PO - P L T PO - S Can Nor 6%s db 4§ Can Pac deb 4s Can Pac 4%8 ‘46 Can Pac 41%s 60 | Can Pac 5s etr Can Pac fs'54. . .. Cent 11l GEE 58 °51. Cent Pac 43°49 Cent Pac 68 '60 n Ry Ches Corp 53 *47. . C&Ogen4thn'92 C&O4%sA'Y C&O4%sB'95. Chi & Alt 3 CRB&Qgen CR&Q4%s'T Chi & Eas 111 58 '51. Chi Grt West 43 ‘59 Chi M &StP4s's9. Ch M&SIP 4% s'89. Chi M StP&P 63 75 Chi M & St P adi 5n Chi&NW g 3%s '87. C&Nwn 435 c 2037 Chi & NW con 4% . Chi&NW'rf fi:zn:'l 5. C TH&SE in 5360, C& W nd ev 48 *52 5| C& W Ind 5%s°62. “hile 63 "60 Chile 6s°62 hile 78 *42 Chile Cop 4 CCCaStL 4% Cley Term 53 '72. Colbgne 6% “olomb &5 Colombia ¢ Colo & Sou 4%s '35 ol GAE 55 Mav Col G&E coup 58 Com Inves 5% 849, C C Md 1st rf 55 50 C Gas NY 434 5'95wi104 Con G N Y6%n'45. 19 P?P'r Jap 8%4s. . nsum Pow 68 '52. Copenhag 4% ‘63 Copenhag 58 '52. Del Pwr&L 4%s 71, Del & Hud rf 4s 43, k. Nodge Brel 68 ‘40, Donner St 78°42. .. Duguesne 4% "67. Duteh Bast 16347, E1 Salvador 8s 48 Erie con 48 A ‘53 Erle conv 4s B Fiat 7s war. Flat 7s ex wa Finland 6%5 Fla £ Coast 65 ‘T4, Fram IDT%s 2., French 78 '49. 1 French Gvt 7%s *41 Gelsenk'chen 65 ‘34 | Gen Bakh 40 Gen Cabl: Gen Motors & Gen P Sv 5%s ‘3! Gen St Cas b Good 181 6348747 .. Goody'r Rub 68 '67.. 19 GrandTr sf ab 6838 § Grand Trunk 7’40 § 9., 6 104% 104% Se5i. B2 4755 75 g’g? H‘GAII"‘ IT.A 4 Hungary 7%s 44, MBTIistprosa. 111 Cent 45 °52. ., 111 Cent 4% s 66 11 Cent 55 *65. 111 Cent 63 I CCSILAN bs A 1] Steel 434 n"40. .. Inland Stl 4348 A'78 Inland St1 4s% B'S1 Int Rap Tr Int Rap Tr Int Rap Tr Int Cement Int & Gr Nor Int & Gr Nor int&GNad int Hydro E1 int MM col tr 63 *41 Int M Co b ret "41. Int Mateh b Int Pap int Pap 58 . Iat T&RT ev 448 29 Int T & T &8 "85, Tugosl Bank 78 '57. Kan City Sou 3s '50 Kan City Ter KanG& E4% l\roul & Toll Laclede s C Laclede 5348 D Lake Shore 3348 ‘97 Lautaro Nit 68 '54. . Leh Val cv 48 2003 Loew's 63 ex war. Lig & Myers 68 '51. Long Isl db 55 37, Loriilard 58 ‘61 Lorillard 6 Lorillard 7s Lou G & E McKes & R 5% '50 Man S ist Tis Manh Ry 1st Market St 7 MK&TprinbsA. Mo Pac gen ds '7 Mo Pac s F 77 Mo Pac 58 G '78 Mo Pac 63 H '80. Mo Pae ref bs Mo Pac Elimev "4 Mobile-Ohio 5538, Mont Pow ks 43 Mont P db b A Montevideo 78 '52.. Nat Dairy 54w NYCgn3ya'er., N Y Cent 4542 NY Cen rf 4345201 NYCre im fn 2012 NY CLS el 3%s8°92. NYC&StL4s'a7. NY CASIL 4% 018, NY ELH&P 6848, NY NH&H 45 '56. .. NY NHAH ¢4 =7 NY NH&H clt fx . NY O8W 1at 4n 02, NY O&W en =55, NY Rys 63 A ‘65 NY St Ry 43 vy %n NYTel6n'dl..... Nia Sh Md 5%s'50 Nord 6%s "50 . Nor & Wn ev 4n ‘96 Nor Am EA §8°'K7.. 2 No Am Co 5="61... 3 N A Bd'son bs C Nor Am Fd 5w 'n NorOT AL &s'47, Nor Pac r 168 2047. Nor St Pw 5a A "41. Norwav k= Norway 68 °53. Orez-Wash ¢x Arient dev & Orfent dev Pac G & W1 6n'42 .. Pac T&T ref s 52, Pan-Am Pet Paramount &x Penn 814526 Penn DAD 418 77 Penn P&Lt 414881 Pern = 'A0 Pern Ts 5! Phila Co 52*67 Philiip Pet 6% 8 *19 P OCRSIT, 4% 87T, PCC&StLEsA. Poland r 40 Poland 7s *47 Poland 8s '50 . Port Gen Bl 414 60 lu Pos Tel & C §e'53. . Pragve 7%= '52. Pruesia 63 '52. Public Serv ¢« "" 125 Read gn 41w A 97, 2: Rio Gr W clt 4343, 25 Rome 6348°62..... 6 Roy Dds'é6ww... 4 StL TM R&G 45733, 7 StL&SFin 19 StL&SF4%s 78, 50 St L&SF prin i.' | Sao Pan 7 Saxon Pu W §348'51 13 2 geeepnegsgse gt irani o “;f Saies. Righ Low. Close N 98 108 103 PRY 108 108 70 106% 86% 64 2% 105% 76 103% 944 934% 0% T0% 04 85 70 87 ©0 T 108 85 1011 RATESAREW Conflictinu Views Expressed on Practice of Making Sev- eral Different Schedules. BY GEORGE E. BOYING. Much mmen h shown by pubue nfle ity operators in the conflicting views the use of optional rates as ufi—d in orders of the public service of Pennsylvania and New York, subject also holds considerable t&dmlny industrial users of el al rate schedules by & public utiity for the p A E N e i -m’% mulne- vhh‘n the utility othzrwue u’ not secure, or to retain tomers who contempilate a ch.na d service because they can, or think they cAn, save money. The practice of filing sehedules is generally aj crimination. tain for Limself the best rate applical to his business and if he ‘wrong it's just too bad. and nothing can bg done about it except to let him change to another schedule for the future. Some utilities - when mq optional schedule make uum customers who might be affected, t least for some of such customers, dvise the selection of the new Other utilities, however, file a- pumber of “riders” along With an schedule, so that the ave: not versed in the technicalities of situation is unlikely to note that & schedule would reduce his bills. The Pennsylvania commission has clared with some el that it not the duty of a publi optional rates will afford them lot monthly bills. The rates are*on file n to public_inspection in the same class. - Change Held Unlikely. “Public utilities,” the commission said, “are under the legal obligation to charg> every consumer in a class the same rat~. As a matter of fact, it is admitted that t the customer; that if he the most advantageous fault, and that he must of his options at all the shifted, und 1f utilities are under no ob- Ilnucm to guard against such obvious berwper charges as in the case now fore us, it mly well be that optional rates should' be declared unreasonable | and improper, -Mm&mm m‘,. lho\l!d announce its opposition to " Wid adoption of the suggested by the New York would be exceedingly emba those with large aut it is not expected that such a is likely to be made as a general (Copyright. 1931.) CHICAGO LIVE STOCK CHICAGO. August 7B sla gna%d and choice, l”-lfl Cattle, 15,000; calves, 500; grain-fed steers—and yearlings steady, but all grassy cattle ; & very slow catch-as-cateh- arket; only a few grain-fed 1,355 pounds at 8.80; light h-m ;. bulk steers being offered. Most grass 3.00a4.00; grassy heifers, 3. slaughter cattle amd vealers good and choice, 600-f 9. 900-1.000 pounds, 1,300 pounds. 7.75a9. pounds, 7.50a9.25; common dium, 600-1,300 pounds, 4.25a7. pounds, 6.50a9.25; um, 3.0027.00; cows, good and choice, 3.7526.75; common and medium, 3.00a .75; low cutter and cutter, 2.00a3.00: (yearlings txcllld!d)..[ood and 4.00a4.7 cutter to medium, 3.00a4.35; vealers (milk fed), good and choice, 8.50a10.00; medium, 6.5028.50; cull and common, 5.00a6. stocker and feeder cattle: nturn. and choice, 500-1,050 pounds, 5. common and medium, l7blw 000 head; market fai I\;— Toho El Pow s Tokio 5%s 61 Tokio El Lt 6¢' 53 Un Pac 18t & Un Pac 43°88. Un Pac rf 48 2003 101% 101% m( : m lOl‘i ‘ul%_g‘ Unit Drug ev Utd King 5% 3 U S Rub lat bs Un StI W 634s 447 UaSUW ¢4nh 151 Utd St'W 638 C'51 Uruguay 6a ‘60, Drusuay 4= 64 Uruguay #s Utah P.& L 68 Uil Pow 58 59 ww- Utll Pow Bis 4. Vanadiven St 53 Vert Sug ot 184 's-u’l & Pow 8834 Isthe62.... 1st bu'39.. 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