Evening Star Newspaper, August 11, 1931, Page 14

President Hoover Sends Mes- " J'sage to Conference of\ ¥ 190,000 Manufacturers. B the Assogiated Press. SBILVER BAY, N. Y., August 11 President Hoover in & message read at the opening of the smaller business con- | ference yesterday, urgd the merits of | eo-operation in the face of the depres- ' sion. ‘The meeting was the first ever called ly to consider the problem of the Nation's' 190,000 small manufac- turers. “I am interested to learn,” sald Presi- dent Hoover, “that a conference of smaller_industries Ms been called &t Silver Bay to promote charting of dustrial courses in the light of an ex- change of thought and experience by the representatives of the moderate- sized units in our industrial structure. Conference Significant. “Such stock-taking of the factors of management, planning, labor safety, costs, production and distribution, should make for sound practices and stabiliza- tion in the smaller industries. And, Jikewise, it should have a substantial effect on industry generally when it is realized that the smaller industries em- ploy more than half of the Nation's in- e significance of your_con icance of s elur Business stability will h D\lflt on the foundations of the in- divl‘u-{emdzncy of the industrial unit, Jarge and small, but upon their united effort in analyzing their common prob- lems and their co-operation In a sound l lhlllhlvprerc't:e "L!“l’o“ will ex- press to the pants in your con- ference my 1nr‘l-brm in their problems and my ernest hopes that your meeting will be a successful one. The 200 business men also heard oubert T. Hodges, president of the ad- vertising Federation of America, urge the value of advertising in counter- acting the business slump. Buyers Are Made. ‘Mr. Hodges listed several companies which have attained marked success in the deprullon by virtue of such aggres- sive salesmanshi) Bad times, uld Mr, Hodges, are nearly always the result of postpone- ‘ment of normal conception and they can be overcome only by the stimulation of a buying impulse that can be best done by advertising, for that is its true | forcing small businesses to merge. GENERAL MOTORS SALES SHOW INCHEASE IN JULY EVENING STAR, WASHINGT NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Sales Dividend Rate. Plerce-Arrow pf (6). Pillsbury Flour (2).. Pittston Co Pittsburgh Pittabgh Unit pf(7 Poor & Co (B). Porto Ric-Am To(2), Port R Am Tob (B).. Postal Tel&Cable pf . Prairie Pipe Line(3). Pressed Steel Car. .., Proct & Gamb (2.40). 16 Prod & Refiners pf 9614 Public Sve NJ(3.40). 1024 Public Sve D 1384 usu Public Sv 160% 103% Pub Sve GAE PE (5). 5814 :c Pullman Corp. 2 14 Punta Alegre Eular. 11% Pure 0il ; 101% Pure Oil pf (8).. 55% Purity Bakeries ( Tiadio Corp Radio Corp pf A 41 Radio Corp (B) (5). . 4 Radio-Keith=Orph A RIt Sec 1 C stkt Raybestos Man 2.6 Reading Rwy (4). Readinz Ry 2d pf ( Real 8ilk Hoslery Remington-land Rem-Rand 1st pf Tteo Motor Car (80c Republic Steel. Republic Steel pf Reynolds Metls(11y) ynolds Tob B (3) n Ilhfleld(fll . o = SuaMReBnh AemfeaRamnan— 5t Liouls & San Fran. £t L & San Fran pf.. 5t Louis Southwn. ge Arms (1) Schulte Retail Stores Seaboard Air Line. Shattuck (FG) (1135) Shell Union Oil. . . Shell Un Oil pf(5 ‘,). Simmons Oil. ... . Sinclair l 'on Oil (1). Vacunm 1. South Port Rico Sug. Southn Cal Ed (2)... & Southn Pacific (6)... Southern Rwy (m6). Sparks Withing (1). 4 Spicer Mfg Spicer Mfg pf (3). Spiegel-Ma. Stand Brands (1 51 Stand Gas&El (314). 56 Stand Gas&El pf (1) Stand Ol Cal (h2%) Stand O1l of Kansas. Stand Oi1 Stand 011 Starrett4Ls) ( Sterling Se Stone & Webster (3) Studebakeh (1.20) Superior Oil. . 5 Sweets of Amer (1). MOTOR TAYES PAY HA”: RflAfl BBSTS Second Encouragmg Factor Would Be- to; |Both Construction and Up- keep Paid for Through Owners of Vehicles. i I ding | By the Associated Press. in wmx month of the year previous. INVESTMENT TRUSTS NEW YORK, August 11 (P —Over- Big, Askgd. R ] oo 882 i‘x’?- : total sales over the eu--‘f W. R. Smith, president of the Ameri- can Road Builders' Association, de- clared taxes pald by motor vehicle own- ers amount to half the cost of the road lnd street construction and mainte. nance in the United States. “Close studies of heayy traffic roads | show -that in cases the user | | taxes. or tolls in the fomm of gasoline | hicles more than pay the road costs. ment,” says Mr. Smith. “On light traf- not entirely met by the user taxes d the property owners pay part of the "It half the trame” continued Mr. Smith, “is cn the 700,000 miles of sur- | faced roads out of the 3,000,000 miles [in the country a simple computation { shows the saving due to road surfacing. It is accurately estimated that the money saving to & motor vehicle driver “|is from 2 to 4 cents per mile traveled | when the road is surfaced as compared with a dirt road. If an automobile | makes only 12 miles on a gallon of gasoline the 15,000,000,000 gallons of gasoline used by motor vehicles in 1930 | Tesulted in 180,000,000,000 miles traveled. A saving of 2 cents a mile on the 700,- . 1000 miles surfaced on which half the | miles are traveled amounts to 81.800.- 1000,000 annually. This is several times | the cost of maintaining these roads The annual savings in money due to | the surfaced roads about equals the to- | tal expenditures each year on all roads and streets, two-thirds of which is a capital investment in new s NN = 19 s‘. Gene: Trad ot inmnl Trad Notual v Tr A 5 Gtual Manage Wide Sec . indust Shrs . | highways.” {AVERAGES 7.56 PER POUND By the Ausociated Press ATLANTA. Ga. August 11.—Mareus | MeWhorter, chief statistician of the De- | partment of Agriculture, announced to- day that 11,622.807 pounds of tobacco re sold in Georgia by growers last week at an average price of 7.56 cents & { pound This compares with 29,386,978 pounds |at an average of 1242 cents for the same week A year ago. and 6.756.182 pomnds at an average of 7.33 cents for the previous week this vear The total paid for tobacco last week was $878,113.48. as against $3.649,880.54 for the second week of the season last year and $495431.44 for the first week this season The highest average price paid last week was 8.49 cents a pound. as com- pared with & high of 14.08 cents for the same period last vear and 9.18 a week previous. i _The lowest average price was 429 week Jast year of 8.71 and a low for the first week of this vear of 2.96 ‘WESTERN UNION MAY CUT | DIVIDENDS ON COMMON | Bpecini Dispateh to The Star NEW YORK. WAugust 11 ~»wh¢k ‘Western Union Telegraph directors meet’ for dividend action on they may give some . aownnm revision in the $8 uu Add 00. m:h. ~Prev. 1991 High. Low 9% b 36% BB% [ 1% Stock and Dividend Rate. Tennessee Corp! Texas Corp (2)..... 4 Tex Gulf Sulphur(3) Tex Pacific Coal&Oil Tex Pacific Land Tr. Thompson Prod 1.2¢. Tide Water As (60c). Prev. Low. Close. Close 5 5% bla 234 2'0. 348, an Sales— Add 00. High 5% 23 3% 4y 10 10 5a 4-.\ Timken-Detroit Axle Timken Roller B(2). Tobacco Products Transameric Trico P (40c) . roducts(21s) . Tri-Contl Corp. Tri Ulen & Tnd-E nion C; nion 01l of Cal ( nion 1 "nion P: n Tan Tnit Af nit Cigar Stores. .. 0 (1.60). . ATh&: acific (10). .. acific pf (4). K Car (1.60).. reraft. .. craft pf (). rhon. ‘nit Corp (Tac). .. nit Corp pf (3) nit Dy nit Fr ewood pf (7) uit (4). . T8 Gypsum (1.60).. *S Hoffman. .. '8 x'm e& Iy 15t 1.2 S Realty & lmp(1) S Rubber Itubber 15t pf “nited 31 19% Util P& 'IM. 231 Vanadium Corp Va-Caro Chem 1 .u-. 381 Vulcan Wabssh 1112 Waldor | Priv 21% 250 | 13 Detin (4) g ¥s (1) Walworth Co Ward Baking (A Ward Baking (F Ward Bakin West Pa Bl pf.( Western Dafry (B).. Western Marviand. Western Pacific pf. . Western Union (%), Westinghse A B(2).. i Westing EI&MIg (4) Westing B&M pf (4) 342 208 Weston Flec Inst (1) Westva co Chlor (2). White Rock (14%2). Wilcox Ofl & Gas. Willys-Overland. Wilson & Copf. Woolorth (2.40) 3T 665, 5% Yellow 11 Dividend rates as avments based o Worthi » 14 no resular rate. ) 1 becial preferred stock i, L 7 Phis 87 in stock ngton Pimp. Wrigley (Wm) (4).. Truck Zonite 'rod C e table are the annual & aent_aua 55‘:’;‘. of Barf Vearty ‘deciaracion. | T Stock. A Pald Shavabls i cash Fius 30 cents | KPlus 3 in stock. m Paid this year POSSIBLE ERROR IN ESTIMATE SEEN, COTTON GROWERS HOPE! Prevent Actual Plckmg of This Year s Crop BY CARLTON A. SHIVELY. | Spocial Dispatch to The Star NEW YORK, August 11.—It is one of the paradoxes of our economic sys- tem that (in many cases) the larger the supply of an indispensable commod- ity, the greater the distress. Intrinsically there can be nothing | bearish about a record-breaking cotton crop, a bumper wheat harvest. an un- precedented flow of petroleum from new fields, an abundance of coal, Sugar so tin and lead pressing down the stocks of copper on record. This coun- of these necessary commodities than i ever had before; other parts of thr world are in need of them: other na- tions continue to ship gold to us, add- 'ing to our already swollen and un- needed reserves, yet the trade depression “l about as severe here as anywhere | else. Oversupply of wheat may be settled | by damage to the Spring crop from the ‘weather and Canada, but if the Department of Agriculture’s estimate of the cotton | crop, fust announced. ie borne out. the | 584,000 bales in prospect will be the -mm since 1926. Tt is easy to under- stand why the trade fears 5 cents a nound for the staple. with derand for ton goods scanty and a huge carTy- T At Planters’ Expense. In ali probaBMity consumption of cot- | ton will grow as the price recedes. but it will be at the expense of the Southern planters. It is said that this vear's crop has been produced at the lowest expense in & good many years. What- | ever may be the actual cost of produc- ing a bale of cotton, the cash income to the planter at current prices is low gnough to insure his purchasing litle beyond the necessaries of life. ope of averting a price for cotton which would Tatten out the Soath and bring much greater depression there than now exists lies in two directions. One is that the Department of Agri- culture has a record of making bad guesses on the cotton crop. Its latest estimate is more than a million bales PARAMOUNT PROFITS ARE SI .82 PER SHARE Adolph Zukor Bevuwl Business of Corporation for First Half of 1931. 28 41% | This compared with « low for the second BY the Associated Press. NEW YORK., August 11.—A state- mm! issued yesterday by Adolph Zu- president, said that in the first hl“ of 1931 Paramount Publix Cor- tion had approximate net carnings of $5,700,000 or equal to $1 8- per share on outtanding stock. The company reported net available for common of $4,834.000 equai to §1.80 & share on 3128873 shares for the For the full , | became comparable, on Jahuary 1, 1j | excess of stocks on hand. nd insects in the noruwm b | above that of the trade. In the record | is a Government estimate fully 2,500,000 bales out of the way. and without sy | specially unseen factors entering into | ine situation. | that the 1931 crop is not excessive. The other ray of hope comes from | the expectation that low nrices will pre- vent actual picking of much of the | crop. Picking wages are sufficient to | leave the planter little from his crop. but in this direction there is d.ngn of an overestimate by the trade. Prices |paid for production can be brought | lnd license taxes paid by motor ve- | plensifyl that it is burned in the fields: | Gown sharply under the hand of neces- | sity, and even a slim margin over costs inciuding a sinking fund for replace- | yorid markets and the largest surplus | means for many growers the difference | between having a little something to | fic roads the /cost of the improvement -y has a much greater supply of much |live on and charity. Farm Board Melp. Ordinarily the present situation cotton would bring on a large specula- | tive following. The much abused trader would be willing to risk his money in | carrying cotton against the time when | shorter crops and larger demand would | put prices up. At the same time, many peculators who would have sold short | sime time ago would now come to the | | support of the market with covering | | operations. As it is, only the legitimate | hedge selling is ngaged in to any very | |large extent. The helpful Farm Board | has at once shooed off speculators on | the short side by appeals to patriotism | |and frightened prospective longs by | holding its support cotton as a constant | | threat over their heads. | 'Wheat and cotton afford an flluminat- | ing example, in Wall street’s opinion. of | how markets respond to supply and de- |mand without the speculator. The | Street is not slow to think of these | things in terms of securities. On the Stock Exchange, while the bull would | be hailed as-a savior of his country, the in | | | Chevs Chase y, among ! with questionnaires, miums on borrowed stock and with en- couragement to an artificial shortage in lendable stock keep the short's interest | as low as possible. The short of today | is the bull of tomorrow. and the small interest shown by speculators on_either | | den activl | Prices ended substantially improved on | the_day. | under way for a full hour | 1ate | touched PRICES GAIN | IN LATE TRADING Sudd-n Actmty on Dl)" Mar- ket Brmgs Improvement for Day. BY F. H. RICHARDSON. pecial Dispatch to The Star. NEW YORK, August 11.—A dull bond ¢ market session. in which prices worked lower, was climaxed by lud- frregularly y in the la8t hour today. The quickening of activity snd the | fieming of prices followed the afternoon | | upturn in etocks. Bonds did not reflect this rally in stocks until it had been Railroad bonds previously had been drven to their lowest levels of the year in moderately heavy liguidation snd the improvement in this group was narrower than that eisewhere. Sharp upturns in the fcreign list followsd the reduction of the Reichsbank rate. The lower Tange in railroad bonds applied to tirtually the entire carrier Ust, though & few of the prime mortgages held_losses to small frac- tions. The market was pessimistic in regard to the outcome of the rate hearing at Washington, where six Western States have applied for dis- missal of the railroAds' application for a, 15 per cent rate increase on the gfound that the nterstate Commerce | Commission s unauthorized to grant such an increase on & showing of a financial emergéncy aione. Junior issues, such as Frisco B 5s, St. Paul 55, Missouri-Pacific 5s and Frisco a new low. One feature was & drop of over & poitt in Canadian Pacifie perpelusl as | o 8§11, & n:w low for this year and 1(1!! ’1hele are $276,500,000 of these 4s outstanding and they not only con- stitute the general funded debt of the entirs Canadian Pacific—as they are deposited as collateral behind other bond issues of the road—but are one of the world's Mrgest railroad mortgages. The company’s action in maintaining ite $1.25 annual stock dividend rate was_expected by the market, so the weakness in the 4s was attributed to the liquidation of & large account in or more Prior Lien A 4s | them. Recent issues of the great Eastern roads, Pennsylvania 4ls, Central 4',s, Baltimore & Ohio 4158 and in the Southwest the new 4',s of 1981 of the Southern Pacific, eased oft to new lows for the year. Nor did railroad scues of any description show much ten- dency to follow the rally in stocks around midday. High-grade domestic public utility is- russ, such as American Telephone 5155 and 5s, Western sUnion 55, Philadelphia {Co. 5s and People's Gas, Light & Coke 58, were firm. Junior industrials were steady, nota- bly Dodge Brothers 6s, Remington Rand 5155, American International 5%s and the New York City tractions. Warner Brothers' Pictures 6s gained 2 points. The foreign list reflected a waiting attitude. The failure of German issues to move substantially higher on Mon day was evidence of the prevailing tendency to awalt developments in Germany. Young plan 555 and Dawes reparations 7s fluctuated frregularly around thelr previous closing _prices. Other Germans were quiet. _Sterling | was strong and high-grade European bonds were firm. South Americans | moved uncertainly. Argentine improved with _Argentine Chilean and Brazilian bonds were lower. Australian obligations. with small ad vances, mirrowed favorable reports o the success of the government's re: tunding operation. The reduction of the Reichsbank rate to 10 per cent from 15 per cent was construed as bullish because it argued that the German situation had so far It may finally turn out | improved that the Central Bank, au-| | thorities were able to relax to some ex- tent the stringent measures necessary | three weeks ago to keep capital in Ger- | many. German bonds firmed on this news. Washmgton Stock Exchanoe € SALES, Washingtod Gas 8s “A"—$1,000 at Potomac Electrie 515 % pfd. —2 at 111, AFTER CALL. Potomac Electric Cons. 5s—$1,000 a 104 Wtbshmmn Rwy. & Electric 4s—8$1,000 at 93,°$1,000 at 93, $1,000 at 93, $1,000 at 93, $1,000 at 93. Real Estate Mtge. & Guar. at 6. Potomac FElectric Cons. 10415, Washington Rwy. & Flectric 45—$1,000 at 9315, $3,000 at 93'%. Bid and Asked Prices. s BONDS. FUBLIC UTILITY. Amer. Tel & Tel. 4%s Am. Tel & Tel. cif; 1, 3 Anacostia & Pot (3 Anacostis & & P. Tel. Gaohat Traction {City & Suburban 3¢ | Georgetown Gas 1st b . series B MISCELLANEOUS. Ross. Inc.. 8138 Club 5ias Columbia Country Chib 513 D. C. Paper Mg, 6s M. Cold Storage s STOCKS. rUBLIC UTILITY. Tel. & Tel. 9 Barber & Amer | Gapital ] side is bringing the exchange its leanest '- season in & good many years. (Copyright, 1031 COTTON CLOTH SAI.ES REACH 82.2 PER cENTv:‘“ ¥ Production for Month Amounted to 192,545,000 Yards. By the Associated Press. \ NEW YORK, August 11.—New business | in standard cotton. cloths booked dur- ing July amounted to 82.2 per cent of production. the Association of Cotton Textile Merchants of New York reported. Production _ during the * month | amounted to 192.545.000 yards. or at the rate of 48.136,000 vards per week for the four- weeks, a decline of 7.5 per cent under output in June July shipments totaled 21,331,000 yards, equivalent to 109.8 per cent of | production, and new business booked | amounted to 158,353,000 yards. | Stocks on hand as of July 31 were | 269,449,000 yards, a' decrease of 6.5 per | cent during the month, and a new low | figure for stocl since these flllu’r;as | July 31 were 277.- A decrease of 16 per month, but still in Unfilled orders 597,000 yards, | eent during the mcmo an MARKET. Jusute 11 (P —Butter. of Jnly { Kier ' Sec. & Tr. Co. (15) | Bonsi Bromeo-Sets, Wash. Ryw. & El pfd NATIONAL BANK. | capitar 14y fumbia ¢ FRES] (107 @) 2) (stamped) 3 a;5§§ as TRUST COMPANY. 1 Prince Georges Bk. & Tr Union Trust (8s) Washington Loan & Trust iid) SAVINGS BANK. Bank of_Bethesda (84) Com. & Savins (10) Washington (12} & Com. Bk (17 Seventh Strest (12) nited States (30) an Mechanies (20} FIRE INSURANCE. Ameriean (12 goreoran (1) Nat'ona Unlon (131 TITLE INSURANCE. Columbia (6n Real Ectate (6h) MISCELLANEQUS. Barber & Ross. Tnc., com Sand & Gravel J’m @ Federal Storage pid 4 “Ame: Co. com Erie General Lien 4s were off a point { New York | pfd.—105 ! 55—$2,000 at " | French 3 [o~ v v BONDS 7o ‘Received by Private UNITED STATES.. (Sales are in $1,000.) Lib 3% LastAln 3247 110 102 14 10212 101 17 101 15 3 102 25 10222 102 27 10227 18 108 108 9 12 9 12 6 Sal Abitibi P&F, 5= '33. Ab & 8t53 43, Adams Exp 4 Alleg Carp b% Allegheny b8 " | Allegheny 58 *50. { Am Chain 6s°33 S8 a9 BeN, 53 9 | Am ¥ P 5= 2030 |AmMIG Chblas 49, | Am Int Cp 5% 49, Am Metal 514 ‘34, | Am N Gas 61384 Am S&R 15t 5 Am Sug Ref 6% Am T & T 58 66 AmT&Tectr5 Am T&T s & Argentine bs " Argentine5l;s '8 Argentine May '61. Argentine 6s Ju'i9. 6815 68 g 73‘ Argentine 63 A Argentive 6x B n,.‘ 13% a 974 101 1013 Ban, 601y 61 i 105 Ati Ref ab 5s Australia 41 Ausiralia 5s Australia 5s Austria-7s 43 unuuu,x TH& O 156848 ] s Dk e Bk "Ml! 6%="61. .. Batav Pet 41384 Belginm 6= '35 Belgium 6% "4 Belgium Tr 55, Belginm 7s Bell Tel Pa bs H Bell Tell Pa 5s (760 B Ind Loan C 6="48 Rerlin Cy Bl 65 '55. Beth Sti pm 5= '36. 2w Ty anmmare3s Brazil 6= Brazil 8541, Bremen 7a '35, Bk Ed gn A & Bklyn Man 65 ‘68 Bklyn Un fs° BKIyn Un 18t 58" Budapest 6s ' Buenos A 6s'61 Pv. Buft Gen El 41 5’81 Calif Packing 5s 40 Canada 4560 . Canada 4% 16 Can Nat RY 4% 856 1 Can Nor 6148 db ‘46 “| Cent 111 G&F 5a'51. ‘ent Pac 4549, ‘an Pactdb 4x Can Pac 415% 60, ., Can Pac b " é Cent Pac 5 '60. Cert-14 db 5158 48, Ches Corp 5847 C&Ogen 43 C&O4%SRB CB&QEgen4s CB&Q4YuS" | CR&Q T1av 315549 | 7hi & Est 111 5. ©hi Grt West 4 {ChiM &SP 4n'8 | C M StP&P 557 CM &St Padj 5s 103} CnieNW g 3325 " | Chig | C&NW u,’u(‘:flx‘;. | ChI&NW rf 5x 2 | Chi RI&D gn 45 '35, Chi RT& P rf 4834 ChiRTev 4% 60, |ChiRT&P4yn'52 " TH&SE in 5 Chi Un Sta 4758 '63. Chi Un St 58 "44. Chi Un Sta 635563 C& Windev4s52. C& W Ind 5%s Chile 680 Chile 6561 Chile 6e !E:‘..-am PS==-r"ry | @olomb 6s Jan | Colomb 661 Oct . Colo & Sou 4 %835, ol G&E con 55 '61.100 - Com Inves 518 " Con Pwr Jap 68, . Con Pow Ja 3 Copenhag 5s 52 Cuba 5% s "45 Cuba R R 5= '5 Cubn RR rf 7128 '36 Ozecho 88751 Del Pwr&L 4%s 71, Del & Hud rf 4543 . Denmark 4155 '62 Deutsche Bk Dodge Br cl 65 Dugquesne 4% 8/6 Erie 15t con 4x " Erie con 4% A 53, Eirie gen ¢s. Frie ov 58 °6 Erfe 55 " wlnund W. 77 338 185 14 118 Fisk Rub 88 41 . . | Fla E Coast 5" | Fond 1&G 4358 ‘53 French Ger Cen Bk 65’60 J 30 Ger Cen Bk 63’60 0 62 German Bank 7s ° German 7s rep '49.. 54 Grand Trunk 112% Gre Nor 415 " 2035 03% :m Hungary T%s 44, . THIBTIstpfSe.... 3 106% 1061 111 Cent 4852, . ., 5 81 AL R . High. Low. Wire Direct to l 102 14 | v T Cent 4% "86. 11 Cent 58 '35, U1 Cent 635038 ) COSHL&N 58 A of | 111 Steel 415n 40 5] Infand St 41z 4°I8 116 ] injand St 4348 B'S1 Int Rap Trés Int Rap Tr sta nt Rap Tr 6s°32. Int Rap Tr is 32 Int& G N ad 6 Int M Co b= ret's1 Int Mateh 58 47 Int MM col lr nz e Close. a3 INtT& T 43850 Int TRT ev 4 lm T&TSs Japanese 6138 Jugosl Bnk 7s '57 Kan CF(S&M 4836, Kan City Ter 438 Kan G&E 4180 Karstadt 6%743 . Kerd 515548 ww Kresge Found 6x'36 Kreug & Toll 55’3, Laclede 5148 C'53 Laclede 5355 D "#0 Lautaro Nit éx ‘54 T.eh Val cv 45 200: Lieh Val 58 2000 Lig & Myers 78’ 0ew's 65 ex war. Pong 18l rf 4%’ Lorillard & LoriNard &1« Lorillard 7 La & Ark is'§ Lou G & I 55 L&Nist rf"s', 106% 951 95% Manh Ry 1st lx'!fi, Market St 7840 Marseille 68 3 Midv Milan 615852 MSP&ESSM 5% s Mo Pac gn 4 Mo Pac i F Mo Pac ix G a7 | Mo Pac 58 H " 9a% | Mo Pac rf5a 1012 | Mo Pac 538 ¢ 1 Mobile-Ohio 58 35 108" | Montevideo 7a 53 106 | Mont Pow 6843 Nat Dairy 5% 843 w S Wales 62 w8 Wales 6: Y Cgn3igs’sl Cent 4x Y Cent4as'ss. ... N Y Cent db 45 '24. Y Cent 4138 2013, YCLSeldln’os, » I PSP . 'l. =% 2 e Seailvwumnales somdnag ans @ T weaw ond 1 Y Cnrf4%s2013.147 Foaealin Ore Short T, 5« std . Oreg-Wash 48 '81. . Orient dev 57 8’58 Orfent dev 65 °53. Pac T&T rf 55’52 Pan-Am Pet §s " Paramount 68 '47 Paris-Ly M 68 ‘58 Paris-Ly M 7858 Paris-Or 5358 '3 Pathe Exch 78 '37 Penncv 413860 Penn 4%s D Penn gn 475565 Penn 4% s Penn 58 '64. Penn gen 53 ‘68 . Penn 614536, Penn O&D 4% Penn P&L 4% Peoples’ Gas 5x Peor & E 1st 45 '40, Pere M 15t 58 '54. .. Peru 65’ Peru 6s 'u. Peru = Phila Co n BT e Phil & Read 6549 Phillip Pet 51 = '39. Philippine RR 45 Pillsh F M 63 '43 Poland 6x'40. Poland 7s '47. Poland 8550 Port Gn El 4 %60, Por RAm T 68’42, Pos Tel & C 55’53 Prague 7348 '52 Prussia 6s°52 Public Serv 4x°71.. Pub Sv G 415867 Pub Sv G 4%='70 Pure OIl5348'87... Reading 4%s D Read gn 412 A Rhine West 6: R Gr Do Sul 6= Rio Gr W clt 42 "49. RIAr &L 42834, Rome 8% '52 Roy D 4846 ww. StL IM R&G 45'33. StL&SFin4s A StL&SF 4’18 St L&SF prin 6= B. StP&KCSL 4% Sao Paulo $5°36 Sao Paulo Saxon P W 415851, axon 7x 45 All Fla 63 A '35 Seab A L. rf 4s 8 | sinc cros, 14 |SincOTsey A 118 | Sine P L5x"42 1 Taiwan E P §%s71 Tenn Cop | Tokio ‘“LI $5°53 1025 | un Pac s 102% i AL 106% | Un 86 | Uit 0% Utd 9 2228%a wlavonaan 2:-«:...-«- - o Pusncun exmon vmwkt~eCoe~Saxn =om P19 = Haq— PET I =T T =255 - .o - P P FINANCIAL. ;g@ 7INEW YORK Ill PAY 136 543,164 Composite Yleld of 4.75 Per Cent to Be Made Under Current Quotations. Special Dispatch to Tha Star. NEW YORK, August 11.—Based on tes, the total annual companies amount to l!MXM.. 84% | equivalent to 6.2 per cent of their com- 99 |bined capital funds of $2.186,550.840, %0 | according to Morris A. Schapiro of the 96y | firm of Monahan, Schapiro & Co. l‘l&- 106 il\’x current market notations, 65); | Schapiro shows that the % 8% ichares are valued at $2.885, ”“IMVIM & composite vi of 4.75 per a9y, | cent. At the peak of the 1920 market, the total market™value was over four | times the book value with an average 1ylfld of 1.5 per cent. “Thus the market today places little 2 m"‘ | veluation upon the good will and 10015 30 | fia established earning power of institutions representing the greatest concentration of banking resources in the world,” Mr. Schapiro says. 1004 | ““Ag & group, these banks have gone 124% | through a profound readjustment dur- *Mun. e course of the current depres- ::. to low money rates and ‘v” nhckcnod demand for commercial ac ax ation, the rate of earnings hat 16| been_the low ny vears. Un- 106% 291, 8315 ususlly heavy charfe-offs due to loans and to securities accounted for the low 92 ' | 18tios of net profits to capital funds. 103 105 1048 managemen! . a few cases dividends have been Tevised. 5% ‘The strong liguid position of New York banis has in part been dictated by ther desire to maintaln an impregnable posi- tion while financial conditions have been W and uncertain. “Possibilities of further readjust- ments exist, depending upon the turn of “forthcoming events. Write-offs b: banks do not necessarily mean tota) loss. as they often result in situations that turn out to be highly ible at & later date. These in: fons are favored with the virtual position of world money center, and will —vmu-ll* be faced with expanding profits. [ashington Produce ok 9| Butter—One-pound prints, 31 tub, 30 Eggs—Hennery, 24a25; current ro- 92 oo | Bowiery, | a ring 98% A ve—Spi _ broilers, 100 | pounds and 2 to 2 5% J ds, 20 60%, broilers, large, 24a25; mediun 76 | 22223; hens, large, 21a22; small, 17a14. 1065 | Leghorn hens, h?e. 15a16; small, 13a 115% | 14; roosters, 12al 84 Dressed—Spring broilers, $ pounds 92 | and over, 33a34; 2 to 2'; pounds, 30a 114 132; 115 to 2 pounds, n-u Leghorns, 4| brotlers, large, flm ‘madium, 28; hen:. 3 , 132131; Texas stoer, 11a12; nmh V!ll 14; fresh hams, 19: hams, 21; strip bacon, 2 ll! Live stock—! heavy, 6.25a7.75: light and mfll\?l W‘l 25; pigs, 'l 15: 8.00; 3,00a5. lxln 101% 103% 1087 4 1087 93 | 75. box stock. 2.5022.75: peaches, 75a 93341 1.25; few, extra fancy, 2.50: black- 100 | berr 3.00; huckleberries, 30.!,“ pears, 2.5003.00; plums, 2.00a2. S0ar06; curmante 00; plm-l»' currant grapefrait, 3.5; Porto 2 ) Vegetables—Potatoes, :m per bushel, 2.75; tomn&om. ’-p'ck 50a1. W -«u -olml. New Zea- land, klle. m 'k mnu 50 cal mfl-’fl 1097 99 109% Ml RAILROADS WIN 1. C. C. RULING ON BOX LOADIN™ By the Associated Press. The Interstate Commerce Commis#: Mly ruled that Southwestern raflroads requlr!mu:lppc:’! to load boxes of vegetal and melons crosswis: 1o51: | instead of lengthwise = hii operating _from 7978 Oklahoma and ps attempted to put the rule into eflut “, t March. The Lower Rio Grande | Valley Shippers' Association d “ and the ;comduln were until 8 | ‘The railroads claimed vegeta bles lg shipped in what is known as lug boxes, . 49% when packed lengthwise in the nr. were 9o | damaged to a much greater extent than 105 ‘when mked sidewise. They ted 105 studies showing that loss a dlmn'e claim payments averaged over ear for tomatoes when packed h 99 |%wise and much less when me l?‘:"" ‘1§ehl obje ppers objected on the e ground that 59 | ventilation of the vegetables would be 57 | interfered with, but the commission said 24 {sufficlent space for ventilation was pro- 254% m'fledhythemc(sllfllnmul 52 10& The new rules provide a penalty of hnur" cent when boxes are htyulvd )IY GOODS MARKETS. 46% | NEW YORK. August 11 (Special).— 85 | Cotton goods markets were quiet today. 8 | Print cloth Suotations were unchanged at 41 for 64 by 60s and were marked down 'y at 43 for 68 by 72s. Raw silks were quiet and unchanged. M'a 58 The London Vegetarian Soclety ty ey protested against a proposed pul U S Rub 18t 5 Ud St W 53 UnStW s A47, i1 10241 1 St W 83504°51 l"* Uruguay 65 66. 04 | Vruguay 6s64. " 8 1 2 42 12 til Pow 5% 5 '47., Vert Sug 1st 97% | Vienna fx ‘52 :.':“ Wabash 55 D '$0 Wabash 1st is ‘39 J00% | wabash 5 %575, .. ‘Walworth 68 A 45, Warn Br Pi 9. 93% | Warn Quin 6=739. . 85 | Warsaw 7s ' :...n.s:,.._ Foia .