Evening Star Newspaper, August 7, 1931, Page 15

CRBISSES DR Bpectel D TOLOWER LEVELS ‘Dils -and Utilities Bear Brunt of Selling in Dull Market. BY JORN A. ORONE. spatch to The Star, NEW YORK. August 7.—A gradual @rift of pivotal issiues to new low lovels | Tor the year or longer marked trading in today’s Irregular and slow Curb Ex-| chenge session f | * Citles Service held for a time at th | & few minutes before midday brisk sell- g sent it to » new low record of 87. Immediately thereafter Indian Territory | IMuminating A and B shares cased and | Tond & Share W Natural Gas A and common turned a trifie soft. Electric down about a half es point in the first two hours. ty Ford of Canada B; irregu especial- Strength In the Pord issu arity and fctivity in the public utilities, furtk Weakness in insurance and allied securi tles and increased pressure on the #musement group were features of the forenoon session The rest of the motors did mot par- Jow level registered late Thursday, but| | | ficipate in the upswing initiated by the | Yord stocks 0 sympathy dn the big board. 1hgged. éperator of utilities in Proceeds put into a curities, American Equities Co. Cord Corporation sold off with Auburn Auto o Motor accessories International Utilities entucky and 1l the end of 1930 and estern Canada u hen such properties were sold has offered to acquire . the through an ex- €hange of stock. Both stocks were active todsy and for a time slightly lower, BONDS ON THE CURB DOMESTIC BONDS. Rign. Low. apama Pw 4las '67. 9 * 43 Aluminum Co 05 '52. 104% 8 Aluminum Ltd 95 98 14 Am Cmwin Pw 8s ‘30, 1% 5 Amer Ei Fow 65 A "7 63 13 Amer G & E 55 038, 100% 3Amer G & Pow 6s 39 68 ZAmer P & L 6s 2016 105 1Amer Raa $ias '47,.. 10¢%a 3 Amer Roll M 4%s '3 93 Amer Koil Mili 55 ‘36 013 11 Appalaca Gas 6 4o §7'a 9 Appalac Gas 65 B ‘40 40 2 Appainc Fw 65 A 2044 103 3 Arkans P & L b3 ‘56, 100 1 Asso Blec lnd 4'2s 'od ASKO G & B 4125 49 U 38'Asso Gas & ki 85 ‘50 83 Atso Gas & Ei 5 65 4 Associat, Rayon o8 0 $As80 T & T 5las A D3 t 18 As Tel Util 5135 44 C 83 lawin Loco 5Yas ‘33 100% 10 Bell Tel Can b8 1 '5i 108'2 El tlas 60 80 ¢ - 101 G ;99 8 Cent Ariz L&P 5s 60 10142 Cent 1Ll P 88325 ¥ '6i 934 234 Ainct Btr Ry tes Lervice b5 iles Bervice 55 i Bery Gas 628 ¢ ser Gas E o5 i berv_row Sias ' mwn B 425 L mwith Edis 55 ih RS BALO 45 Con G_Ut 6128 A 43 % Lons “Pub_ 6%s 36 o b, By coce S85E! 3 2 4 Luaaay Pke B'as Tlew C Gas 55 A 40 Dst © Gas 35 B 0 i 85t Ut 10 58 "5+ ww 60 o hais Ei Hoston 45 42 T kais ki Boston ps 'di Biec ¢ & L bs A 2050 re OkR 528 42 ToADKS MOT Ds ‘44 i Fureatone ‘lire bs ‘44 2 Fisk Rubber 5'zs 31, 3 Fioride P & L o3 '04. 4 Gatineau Fow 5a ‘36 % GenWat Wi oo s 4 31 Georgia Poveer 55 |61 1Us% 1 Gitietie B Raz 55 40 wii: 4 Grana Trank 6'as 38 107 s 36, b Houst Guik G 65 A 83 BOUSY L & P 4bas L) Hudson B Mas 6s SLin P & Lotas B ingepenat ‘Oii’ b inanap F&L 55 A 28 Insuu Duic 65 B 4 Intercon ¥w cv s 18 Intern Sec Am 5s & intersta Fower bs ¥ imersia_Power os FIntersi P S 435 58 F 1 inves 0o 55 A 47 xw. 8iowa Pow & L 4as AKans G&E 65 A 2004 lie 4 Kansas Pow 35 A 47 i00 1 Kentucky Ut 5: H '6i 100 16 Koppers G & bby MeN & 8 Long Isiand Lt 1la P & Los i Manitoba Pw 11 Massacna G 2 Mass Gas 5 3 Mass U 16 Metro Ediso id Weat Ut 8 € Mid West Ut nal Food P &L 05 A 2020 No R . e s e o o ripns_8%as rvel Inc by TR = S R 7 5 E 9 Corporation, | ist of general se-f i | | | | | Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2530s). Sto ana Dividerd Rate. Ala Pow pf (6) . 288 Alleg Gas. . 2 Aluminum Co of Am _ 25+ Aluminum Ltd Bwar Aluminum Ltd Cwag Aluminum,Ltd Dwap Am Cit PEL B b108, Am Com P A 1b10%) Am Corp warrants, Am Cyanamid B. Am Bquities. . Am For Pow wap Am Fo: ndsrs. ., . Am Gas & Elee (1), Am Gas & EI nf 19),, Am Invest Incfq),, Am Invest war.. Am Marncatha. .. | < Am Superpwr (p4fs) Am Superp pf (8)... 3 A Superp 1st¢8).. 2 Am Transformer. 4 $08 Am UHI&Gen (B)(yy a4 Am Yvetts Co (250). 3 Anglo CHil Nitrate.. &l Appnlachian GRs. |« 24 Appalachian Gaswe, 2 returus Rad Tube rkan: at Ga= A Armstrons Cork (1), Asso GRE! (A) (a1). Asso G & Blet (8) Atlas Util Corp. Atlas Utilftles war, Babcock & Wil (7). 3ahia Corp. Bell Tel of Can ( Beneficial TL (1%).. Benson & Hedges. Bigelow ntord. Rine Ridze cv pf a3, 4 Borne-Serymser Co zil Trac Lt&P(1) Buft NEEP of (160) Burco Inc . Rurco Inc cv Burma rets +2 Bwana M Kubw Cable & Wire A rets. Canada Marcon! Carib Syndieate..... Carman & Co A (2).. Cent Pub SvecA 010% Cent Pub Sve pf (4). 50s Cent Stat El (b10%). 15 Cent West PS Aallg Chain Store Devel. .q Chain Stores Stock. . Charis Corp (13).... Chat Ph Aln.v. (1).. 3 Citles Service (g30c) 640 Cities Serv nf €5).. 8 Cit Sv pf BB (6) Col O] & Gas vic Co Picture vte (76c). Cmwith & Sou war. . Com Wat Ser g12%e Consol Copper....... Con Gas Balto (3.60) Consol Gas Ut A 2.20 Consol Retail Stores. Cord Corp 41 Cor & Rey pf A Cosden O} ......... % Crown Cork Infl (A) Cuban Cane pr opt W, Curtiss Mfg Co (A). Curtiss Wright war. Cus! Mex Mining Darby Petroleum. Dayton Air & Eng. Deere & Co. . De Forest Radlo. Derby Oil Refining. Detroit Atrcraft Cp. DressS R A (3%). Driver Harris new Duquesne Gas Corp.. Durant Motors Edison El. Bos 13.60. 208 Elec Bond&Sh (b6 % ) . 183 ElecB&Shpf (6).. 1§ Elec Pow Asso A (1) Elec P & Lt op war.. Kl Shareholdg (b6 %) Elec Sharhldg pf (a6) Emp Corporation. Empire Pub Sve (A). Europ E Ltd A (£0c) Fairchild Aviation. . Fajardo Sugar...... Federated Cap cu pf. Ford M Can A (1.20) 13 Ford Mot Can B 1.20. 258 Ford Mot Ltd 363-6e & Foremost Dairy Pr.. Foremost Fabrics. .. ~Prav. 188 Baler— Bigh Lew. 108% 100 % 1 224 20 60 12 60 14 14 5% 10% B 1L {90 FE 100s 10 @3).. 3-se. ® 16 Galena 011 Corp. Gariock Pkg (1.20).. Gen Alloy Gen Aviation s Gen G&E cv pf B (6) 100 Gen Laundry Mach.. Gen Theat Ea cv pf. Gien Alden Coal (4). Globe Underwr (15( » Goldman Sach T C. . Goth Knitback Mch. GrtA&PTof (1).. Guif Ofl of Pa (1%). Hackmester Lind EHamilton Gas rets Hecla Mining (40¢). Hoilinger Gold (65c) . Humble Of1 (12%).. imp Ofl of Can (50c) nd Ter Illu Oil A. .. ind Ter Illu Of) B, Insull Inv (b6%) . Insurance Sec(40¢) intercontinent Fet n Int Petroleum (1).. Baltimore Markets 1 | Special Dispatch to The Star 13.00; corn, per dozen i onfons, per 100 pounds BALTIMORE, Md., August 7 -Pota- toes, new, barrel, 1.00a1.75; sweet pota- toes, bushel, 100a2.00; beans, bushel, 50 a60; beets, per 100, 75a1.%5: cabbage bushel, 20a30; carrots, per 100, 2.008 8a12; cucumbers hamper, 20a60; eggplants, hamper, 65a 76; lettuce, per crate, 1.25a5.00 beans. hamper, 1.00a1.25; okra 2.0082.50; peppers, hamper. 7581.000 peas | bushel, 3.75a4.00: squash, ver bushel, 30 | nd0 { bushel {10815 | rec {cop corn. 3.50a3.65 per 50; apples per quart, 75a3.00. tomatoes, hamper, 25a1.25; blackberries cantaloupes, per crate Dalry Markets. alive 19a ducks Poultry, 2; old hens. roosters, 12ai5 pafr, 20a25 Eggs—Recelpts. 1736 cases; cur ipts, 17a18; hennery white, fir a23 utter- 27 ladles packed, 15 Good an 18a19 fancy proces creamery, 23 20a21; ‘store ay and Grain Prices. No. 2 red Winter, export. no 2 red Winter, garlicky. 49; Wheat quotations spot, domesiic tember, 50! Corn—No. . 2 yellow, domestie, T1a72; barrel Oats—No 2 white, domestic, 33a34; 4045 none. General hay Receipts ample and i movement slow. Oompetition makirg itself felt. Fair to and clover mixed hay from 1800 to 20.00 1 Bowo ¢ Buen Air Pr 7 1 Chile Mtz Mk 16 Gom B 4 Danishi Con £328 s o 2BRTERY £ 84400 Oven 102% 26% August, 49; Sep- | st Divit Int Un Intersa e Irving A 102% 1t 115% 18 o 1% Kinge e Kolgier- Libby M Lone Sta Mariarr Sraces (1), Mavia Bo MRy Rad Metn & Mo-Knn 2t Jaegss Mac Lacknwanpa B 4), Received by Priv: Direct to The Star Office ock ana Sales— dend.Rate. Add 00 Open. tes B .. o7 te Equith 1 1% ir Chute (1) 2 9% 1%4). . 1258 Leus jf D3100s Be cAmSh), Low. Close 6 6% 1% 1% 9% 9% 6% 98, % 3414 10% 15% 10% 98% eNeN B L. + A5 o #%0, o (AD. . & Teiev(d) “Bine (23« Misine, Ine. 0. Wit (8D T (AD. 149, yo 1 HaY ¢ 268 wf (6).100s A +3.80). Y Stea 2 N Y Telpf (634).. Niag-Hua ow «40c) Niag-Hu Niag-Hu ag Sh ng 1d Fow A w.. 14 Fow Bw. Md (40c). itrate Corp Chile B. Nordon Corp Litd. o Am I &P (b3%). Ohlo Copper *hio Paw pt (8) Outboard Mot A. Pac Wes Pandem Pender D Gr A (3%) 508 Pennroa Peoples Philip M. Phoeni Pines ¥ Pitney 3. Powdre Prod Ro; Pub Util Hold war. Pub Utl] Hold Cp xw Pub Ut Hold cu pf(3) Itainbow L,um py A, Rainbow 1,am ps B Reiter-Fter « Reliamcq 1ot A Reltang, 1t Co. & Teliance NADAE. 1o (1a8 Corp ey Raynold fiichfasd O Q) pf. o Jloorerm “r o Menift (F Bealoar Begall, Felevtod Sentry SATOLY Cant Khetruak Ehehans! Bhen worp yf (ay) g erwin minger Mfy (1) JIAT Refinyng . Ho M Goid & Pjat Howin C pathld W Gas Jtiliyy Spanish Srieg Graraf M BtaLs OF May Stern tern O11. . o -« 15 d Corp Lt&Pwr (A) srris Inc ntertr (1).. owes (b4%) S Alex 3% . 5 Cp (b10%) 1% PP % 1% 14 & 20% 34 6 »INVeRt. ., 1t Mela ne.s sny (ola he €0 (2),v A 1181 (20e). & /1 (afhe) .4 1 1dugyypy, s [OTPRD - RPRR - IOTONOIE) s~y PR TS, - ™ Min. .. 08P Corp. Wiltrg). . 40 1 wd o i % Boyaity 0c. 1 & Gen rets. . FO otors. . " of Ind( Heand Ol Ohio (2% ) 1508 Beand Pwr & Ly (2).. &iang P Gtrauss 6 &L (B) (), \Natna) itz Movor Ci an THy . Swir & Swift In pernat’s Syracuse W Mach Tenn E1 Texoa O Tran Col P 18t pf (7). fl&Lana (1), n Alr Tyan Trang Lux DL P 8. Tri-¥rtil itd Union O11 Assoe (2). Un Tobacco Unit Corp wi Unit Foundes Unit Gas Corp. Unit Gs war Unit Lt &Pwr A (1), U 8 Datry (A) (5). U S Dairy (B), U 8 Elec Powe. ww,. U S Foil Unit Ve (B) (50e) rde Exten (1) Utll PALt(A11.02% V. Ut P&L Bat1.02%). Util & Ind of (1%),. cuum Ofl (2)..... Venezuela Petroim.. Wenden Wilwort “¥" Oil RIGH Westva v.dend rates 1n nus, payment. °*Ex ai & Pavable in_cash_or dividend. stock. stock 9 6w ] i Plup 2% in 21 124 n Plv, 8% in 12 ton. Between scasons ation very unsettied Straw—No. 1 wheat, 9.00a9,50 per ton; No. 1 oat, 9.00a10.00 per ton Live Stock Marlet. Cattle—Receipts, 300 head ply: market steady Steers—Choice to prime, T to_choice, 7.2588.00; mediu 6.80a7.25; fa plain to fair. plain, 4.505.25 Bulls—Choice to_choice, none 5.00; fair to medi e 3.0024.00 3.00a3 Cows—Cholce to pri to choice, none; med 4.50; fair to medium 5 common new and situ- 5 to prime. none medium to good m, 4.80a4.50 common to none plain to plain, ne; good to good, 5.50a6.00% mmon 0 6.50a7.00 fair to m 0 fair, 5.00a5.50 c 4.50a5.00 200 head ght inedium pigs light sup- 8.50a8 .80 8.50a8.80 82548.60; 028 80 Sheep and la light ply, = 1.00a3.00; Spring lam Fresh cows and t Cal Receipts ply, market steady ceipts, 600 head higher: sheep, 4.00a8 50 gers, 30.00260.00 75 head; light sup calves, 3.5029.00. New York Cotton Special Dispatch to The Etar NEW YORK, August 7—After mak- ing new low records again today, the cotton market steadied and recoverei nearly all the early loss and ended 1 point lower to 3 points higher than on Thursday Wi an important crop estimate coming Saturday, short covering oper- ations increased in volume and offered resistance, below the 8-cent level for October. &pots were unchanged at 7.95 Cotton range Qctober December Junuscy arch ny uly CHICAGO DAIRY MARKET. CHICAGO, Avgust T (#).—Butter— Roceipts, §.820 tubs; fiem; creamery | s (93 score), 27227%; extras (92| 2615: extra firsts (90-91 scare), | firsts (88-89 score), 231ca2d: | seconds (86-87 score), 191;a21; stand- ards (90 score, riots e -03 2% 3 pra— saskess Clos 80) 224 5 835 2 88 499 cases; firm: fPlus 5% in stock. stock. | March | Stockholm, Copper. ..., h (FW) Ltd. &Gas....... TS Expire. co....Sept 1 7T S dollars bases on last guarteriy or semi ividend. 1Partly exira. tPlus 4% in SLOCK, slock b Payable in stock. e Adjustment & Plus 6% in stock. h Pius 1% in k Plus 10% in stoex. m Pius 3% 1n ular rate. 12 6 stock. Grain Market By the Associated Press CHICAGO, August 7 which leading houses exprassed regard- the ultimate trend of wheat pricas gave a decided upward impulse to all grains late today. The change was based largely on the extreme low level of prevaliing quotations, and likelihood of big reductions of wheat acreage, domestic and foreign, together with probable improvement of general bus ness. European wheat reserve stocks were regarded as small and better de- mand was reported for overseas ship- ment of wheat from North America Wheat ¢ firm, 214825 cents higher; cor oats, lsa% advance, an arying from cents setback to & rise of 2 cents. WHEAT Close. Septembe ot Decembe ¥4 High Low T December i3 8%, 4035 NltiGN EXCHA];GE (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling May i9.86i%¢ Prague. crown (nom Warsaw. zloty Copenhagen. crown Oslo. crown 296%4c 26.70¢ 28.70¢ crown 271 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.1 Rate—Maturity Bid 15, 189 100 6-82 100 2-32 109 7932 101 3-32 6| Builish views | ., U.S. COTTONFABRIC MARKET IS STRONG {Domestic Manufacturers| Have Little to Fear From Foreign Competition. | ! | BY CHAS. P. SHAEFFER. Associated Press Financial Writer. ‘There is little likelihood that the do- | mestic retail market in cotton manu- | facturés will suffer from foreign compe- | tition through probable disposition of | Governmnet-owned raw cotton to Ger- | | many. | | Such expressed fears are entirely dis- | | sipated by etatistics of the Commerce | Department. which show that markets | supplying the United States with cotton | | fabrics are practically nil outside of this ! | Consumption of these fabrics in the domestic market ranges from elght to {nine billion yards annually, while im- | ports from all countrics of the world will total about 30.000.000 yards during 1931 | { the department Isn wgo all eotton fabric imports amountad to about 225 ds_annu most f which came from England and Switzerland. | The ability of American mills to meet | | competitive prices mainly through the | | production of broadcloth and similar | | materials brought all imporis to & level | of around 60,000,000 yards even before [the new tariff regulations went into effect | For ghe first six months of 1931, under |the new tariff regulations, all cotton fabric imports amounted to 18,000,000 | yards, while prospects for the reman- |ing six months point to an even low | Agure. Of this amount Germany sup- | | plied approximately 825,000 yards, with | | the majorit; 800,000 yards being in | | printed, dyed, colored or woven figured | fabrics. The remainder was in bleached | goods. | Trade, barometers indicate consump- | tion_of ‘cotton textiles in June was at | the highest level in more than a year, | giving @ue consideration to seasonal | tendencies. The statistical position of | the industry at the end of June was the | *{most favorable since 1927 based on |improve shortly and that such action *| calculations of the sssociation of cot- | will be unnecessary: ton. textile merchants. Total June sales | were 135.8 per cent of production, the | highest ratio since last February. | |a decrease, and unfilled orders rose 33 per cent. A.T.&T.REPORTS GAIN *IN OPERATING INCOME 8% | By the Associated Press NEW YORK, August 7—The Ameri- | can Telephone & Telegraph Co. re- ported an increase in net operating in- come for June over the correspondmg month last year. The figure for June this year was $2,813,720, compared with $2,509,396 Net operating income for the first half this year was $17,442,505, a decline from $17,686.535 reported for the like period of 1930. | Steel Ingot Production. ‘ NEW YORK, August 7 (#).—Produc- tion of steel ingots dropped to 1,876,149 tons during July, an approximate daily average of 72,160 tons, the American | Iron and Steel Institute reported today. | The total was the smallest for any | month since the start of the present depression and the daily average was| the lowest since December, 1921, it amounted to 62,700 tons. | Activity last month was at 33.97 per| cent of rated capacity, compared with 37.58 per cent in June and.56.14 per| | cent in July last year. July pmduc_t.lnn compared output of 2.075.910 tons. or a dail average of 79,843 tons. in June. and 2,927,220 tons, or a daily average of 112,393 tons, for July last vear. | BUSINESS Lv. Washington Ar. Charlottesville . . Va., FRIDAY, AUGUST 7, | avery 24. with an {plain why Norw: SCHEDPULE eeeemaemeaes 1SS0 A ML Huntiagton. may be occupied amtil 8:00 A. M. 1931, Everybody’s Business Stock Liquidations Without Increased Volume, Fol- lowing Closing of Number of Banks, Give Rise to Lightly Considered Rumors of Dividend Cuts. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, August 7—Liquidation without increased volume in some of the so-called blue chips on the New York Stock Exchange yesterday may be attributed to the closing of a number of banking nstitutions within the past few days. There is doubtless a desire on the part l of those charged with the liquidation of these enterprises to dispose of whatever can be sold readily and converted into cash. With buying power lacking, stocks, re- gardless of merit, have to be offered at concessions. This, naturally, gives rise {o rumors regarding possible dividead reduc- tions and omissions, which need not, how- ever, be taken ‘seriously. Brokers Forced to Act. The dullness in the New York market, with trading reduced to a minimum, is apparently leading some brokers to resort to all sorts of devices in order to drum up business. One rather prominent wire house is advising its clients and correspondents of the unsatisfactory situation in Argen- tina and of an imminent default in Ar- gentine bonds. The proceeds from the sale of such bonds could, so at least the brokers maintain, be used for the pur- chase of stocks. It would be interesting to learn the source of this firm’s informa- DR. MAX WINKLER. South American government. The brokers are probably ignorant of the fact that Argentina is prepared to ship to New York $50,000,000 to take care of maturing notes. It has recently been decreed to stop damaging rumors regarding banks in the United States. Why not apply these decrees to rumors malevolently spread regarding governments? Looks for Improvement. Requirement of Farmer. One prominent American business It ‘is impossible to expect marked im- xecutive looks for improvement in busi- | provement in the buying ability of the ness before long. H. H. Timken, chair- | gnm}:;a ur;g; h:‘ receives better rlc(e:! or products, ac to W. C. man of the board of the Timken Roller Macfarlane, president of irine. Bearing Co., announced yesterday that i Co. apolis-Moline Power Implement Co. his company has not cut wage rates hiiiiontingon the paasing of the pre- because the directors think business will | .M REE B Ut FUPREE ne stated that the action was in keeping with keneral business conditions. and espe cially with the unusual conditions ing in the farm implement business since the middle of 1930. This statement was issued in connec- tion with Mr. Timken's comment on an order from the Pennsylvania Railroad, | 3t | Stocks at the end of the month showed | which is the largest for anti-friction bearings that has ever been placed by any railroad at one time. The Timken | stockholders, however, received less fa- | Gonfirmed pessimists about the future vorable treatment. The dividend Was | o¢ our little planet overlook one cardinal reduced yesterday to $2, against an | point—the remarkable power of re- annual rate of $3. | cuperation wl;lh:h n:%ms possess. 'The i ! calm atmosphere which accompanied T A ED—— - the opening of German banking insti< An early end of the depression is in tutions bears testimony to this .36 sight, according to H. §. Wilkinson. is well worth remembering that many chairman of the board of the Crucible |a nation may be bankrupt statistically, Steel Co. but the willingness to honor obligations Commenting on the showing reported | is often of greater importance than so- by that company for the first half of | called capaeity. the current year, Mr. Wilkinson ex-| Only too weil do we recall how, not pressed the belief that the continuanee | many years ago, France was a8 of the depression through which we are | hopelessly insolvent. Today she is the now E:“m' is only a question of a few |strongest nation in int of credit mont! He thinks business will start |standing. French bonds which at that forward again soon, and that it will | time sold at less than bankruptey prices advance from then on until normal con- | are today regaried as investments of dfll{?ln; Areh n;;chcd. FERE PR | the highest type, and sell accordingly. 0 referr vidend on | o e ghoes German Short-Term Credits. Crucible Steel v:as not earned, payments | were continued out of surplus, on the | The problem of German short-term [European solu- ground that the present crisis would not | eredits held by American and P. A last long enough to warrant discontinu- | g, i ance and also because of the strong ug;m :xlx l:"?{:’::?::n? mnurh{,s Coodhue, president of the International Acceptance Bank, it is said that while financial position of the company. | | it might take some time to iron out cer- Nations’ Recuperation Power. Aute Ratio Contrasts. Due to prohibition, the United Stetes | tain technigalities between Berlin and can point to one automobile for every |the several markets involved and to 4.9 persons, while France, owing to the | pring about a complete unanimity of absence of prohibition, has only one for | views, the feeling prevails pretty gens This is the conclusion reached | erally that 'satisfactory arrangements by Ernest H. Cherrington, general sec- | will be made to enable Germany to retary of the World League Against finance her importations and exporta. filmlialm:x.d hxr.t che;rrrt‘nhlum fi'fl: tions with the facilities she now enjoys. v rTie 'y Wi { ave cal study further, in whi 1 of 1871 event he might have been able to ex- | . which also enjoys | Few people realize how profitable the benefits of prohibition, reports one | investment the French indemnity automobile for every 113 persons, while | 1871 has turned out to be. It will be Finland, another officially dry country, | recalled that as a result of having lost called upon has only one automobile for every 160. |the war victorious Germany SCIIEDU"LED FOR MEN A FINER, FASTER TRA CINCINNATI LOUISVILLE . ST. LOUIS . . CHICAGO .. INDIANAPOLIS FINANCIAL. x¥x A—I5 OUTPUT OF AUTOS REDUCED FURTHER Factory Schedules Are Ad- justed to Seasonal Decline 1 in Sales. BY DAVID J. WILKIE, | Writer for the Associated Press. | DETROIT, August 7.-With many of | the leading plants shut down for Mid- | summer “vacations” and inventory tak- | Ing. manufacturing activity in the auto- | mobile industry is at virtuaily its lowest | point. Some of the plants which do not |expect to bring out new models until | near the end of the vear continue !&!rb tions, but with few exceptions of them are on curtailed schedules, To a large extent the curtailment of output at this time iy “seasonal.” The | Midsummer ‘“vacations” and_inventury taking, however. are not. These were inaugurated only last yvear. with the realization that the collapse of the auto- | mobile market was destined to be of | more than just u:s:l‘\fi duration. The industry generally has been work- |ing on reduced hours for so many | months. and production has been so well leveled off to retail demand, that for a time it was exmted in some quar- | ursmt‘k:t the Midsummer shutdowns coul omitted. With the slackening ‘n( demand, normal at this season, how- ever, and the small but in- | tion, especially as Argentina is less likely to default than any other | crease in dealers’ stocks, it became evi- | dent that for a time even the greatly reduced working schedules would pro- duce more cars than could be readily | assimilated. | Some of the industry's leading execu- |tives, to whom the shutdowns are no | more desirable than they are to the | workers, point out that if they had been | omitted in the face of a slackening retail | démand the result would have been only | to pile up a surplus that would have | necessitated a shutdown pessibly in Mid- conception of the attitude o, try and its leaders during the adverse conditions of the last 20 months. ‘They have listened to theories as to bow long the depression would last: have heard figures on output and retail distribution compared with those of vious like periods; have heard :he duration of previs prised - their sales executives with struetions for more intensive campeigns than ever before. e T — SILVER QUOTATIONS. NEW YORK, August 7 (P)—Bar sil- ver quiet, 5 lower at 27%. the aid of loans, a considerable of which was underwritten Germany. As a result of having lost Germany was asked to pay an nity, of which Prance was the be . Prom the armistice vember {1, 1918, to July 1, 1931, Prance has received from Germany on account of reparations 8,150,900,000 reichsmarks, e?u!vlhnfi to about 50,000,000,000 francs of the it value. In words, the Prench have re- ceived not only their original invest- ‘ment. but in addition a total of 45,000, 000,000 cs, or 750,000,000 per annum, wl is at the rate of cent on their investment of 5,000,000, francs 60 years ago. This, of course, is exclusive of many other benefits which have accrued to France 'as a result of having won the (Copyris) 1981, by the North Americas jewspaper Alliance, Inc. In scheduling and equipping this new train, Chesapesks 8:17P. M. L.3:48 A. M.* . 457 A MLt 9:05 A. M. .11:30 A. M. (5T < MR I " take this train on your next trip. and Ohio has paid particular attention to the needs of business men. As a resalt, departures correspond with the close of the business day. Arrivals are planned to give maximum time at destinations. And the equipment —ine cluding a luxurious Library Lounge, comfortable diner and latest-type Pullmans—has been selected 1o make every minute of the trip genuinely restful. Make it a point 8o Nom:hb“ : | For shorter trips you can ride in the Imperial Salom ‘Cor (nothing quite like them on any other railvoad).