Evening Star Newspaper, August 13, 1931, Page 14

D. C., THURSDAY, AUGUST 13, 1931. HEAVY LIQUIDATION cjng@s;: IREDUCTION N COST SENDS BONDS DOWN =/ BOOSTSB. L O.NET Railroad Issues Depressed, Eammgs for Year Placed at With Large Offerings Melt- $4.17 Per Share of Com- FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ' LEAD FIGHT | ON RAILROAD RATES Six Appearing as Unit Con- UNITED ITATIB. (Sales are in §1,000. Sales. m-n Close. T 38 28 T 25 104 26 1 sw\). 10117 1011 1S 3s 2 102 26 102 26 102 26 US3 . 21 10225 10225 10225 U U v Sa Inland St 4% = A'T8 1 Inland St 4155 B'81 Int Rap Tr 5% '66 Int Rap Tr Sates— Prey. Add 00. High. Low. Close. Cloe. 9 1451 143 145% M1 5 85 85 84y 200 201 ome 60 345, Stock and Dividend Rate Union Pacific (10). Union Pacific pt (4). 1 Un Tank Car (1.60).. 1 “nit Afreraft. . 100 Tnit Afreraft pf (3. 4 Tnit Biscuit (2)..... Con PFrom X ~Prev. 1931 e Hin. Tov. ~Prey. 1951~ Stock and Sales— High. Low. Dividend Rate. Add 00. High, 22% Reynolds Metls(1%) 2 14 75% 69 Reynolds Tob A (3). 5412 40% Reynolds Tob B (3). 6% 1 Richfield Oil. s Prev. Low. Close. Close. 13% 14 14 697 69%% 69 501 50% 50% 1% 1% 1% 4 6974 5019 18 3 102 28 10224 102 28 61 108 9 108 5 108 7 9112 9112 9 112 9 int &7 Nor S4%s47-52.. Int & G N ad 65 '52. 314 Rio Grande Oll. g 4l 3% j tend Increase Would In- jure Farmers. BY CARLTON A. SHIVELY. Bpecial Dispatch to The Star. NEW YORK, August 13.—Opponents | of the railroad application for a 15 per | cent_increase in freight rates are hav-\ ing their innings in Washington. Con- trary to what might normally be ex- ! pected, the best organized and most | aggressive mumnn is coming not from | the largest shippers but from State | governments. Six Northwestern States | are as a unit presenting arguments be- | fore the Interstate Commerce Commis- | sion, protesting that the increase would | be an unbearable burden for agriculture. They are supported by the National ‘Grange. Henrln( the evidence in opposition d then some rebuttal will, of course, lenlthen the proceedings, but already | the hearings have been pushed I|\!n| faster than many had hoped. men scarcely had expected a dzch(nn before mid-Autumn, nor had they antici- pated any appreciable increase in their Tevenues this year, even were the rate increase granted. They had, of course, looked larwll “r,:l‘ t;o a c&llnideuble fl!; «chologica! rom the their application. That, tney felt, would reassure security holders, stop the long and severe decline in share and bond prizes, and stiffen the market suffi- eltntly for them to obtain new capital | through the medium of other than | short-term bank loans. Viewpoints Clash. H There is a decided lack of hll’mun)’l in the viewpoints taken on the rate rise | on the railroad side. Some aunernclll observers seem to be under the impres- slon_that revenues would grow enough so0 that the extra income would alone enable the roads to tain wages, cover bond interest sufficiently to keep bonds on the legal list, maintain divi- dends and provide the necessary new capital for improvements and mainte- nance, All the railroad executives really hope for is enough additional revenue to stave off, for some of them at least, receiver- h-x and to help bolster their credit sufficiently to enable them to borrow inst the days of that in actual ap- g fee“n‘ Il atronx ;flflfinn the principal protestors, f.ht‘ larm organizations, will find that the winds will be tempered to the shorn Jambs. Already the raflroads have made | considerable reductions in rates on farm produce. Wall street is agreed that so far the railroad side of the case has not been presented to the best advantage. nuchmulhnbeenhldontheln- now railroad mlnmmnt does not wish to increase expenses so much as rot to reduce them further At the ex- have looked mw it, Iew nflmun ue ‘undermaintained. Removals Not Likely. Bond and share holders' organiza- tions also apparently feel that higher nvenuu 'mlld be retained and nw'n income. Obviously M 'tbelblcinlpendunlrmnzy olm opcnt.hnl and still show licable to stocks and 1 list, although they may not buy\ itional securities of roads on the , and may be obliged to write down these holdings. Trust companies ibly would be obliged to sell. These holders rightfully are aroused over of further declines in their huge investments, but no wholesale dllll'mln. of railroad securities from them in prospect. However. many already ve begun to mcreue heir proportion d public utility bons ‘ownum 1931) ashington Produc Butter—One-pound prints, 31; tub, 30. Bggs—Hennery, 24a25; current re- celpts, 16a17. Poultry, alive—Spring broilers, 3 pounds and over, 30a32; 2 to 2i; pounds, 27a28; 1% to 2 pounds, 25; Leghorn broilers, large, 24a25; medium, 22323; hens, large, 21a22; small, 17818 Leghorn hens, um, 15a16; emall, 13a | 14; roosters, 12a13. Dressed—Spring brotlers, 3 pounds | and over, 33a34; 2 to 2'; pounds, 30a 32; 1'; to 2 pounds, 27a28; Leghorns, brotlers, large, 28a30; medium, 28 hens, large, 23a24. smali, 19a20; Leghorn hens. 17a18; small, 14a15; roosters, 13a 14; Long Island ducks, 21a22. { Meats—Beef, prime, 15 choice, 1415; g00d, 13a13'5; Texas steer, 11212 lamb, | 20: veal, 12al4; fresh hams, 19. smoked ' lard, hams, 21; strip bacon, 24; 10 L | story | fabricators’ hands and of copper under Live stock—Hogs, heavy, light and medium, 8.00: pigs. roughs, 300a5.00; laml 4.0088.00; calves, 4.00a8.50 | Pruits—Watermelons, 25a60; canta- loupes, homegrown, bushel baskets, 50a 1.00; crates, 1.00: Persian melons, 2.50; honeydews, 1.50a2.00: oranges, 4.50a | 5.75; lemons, 7.00; limes, per 100, 1.75; eppies, bushel baskets 501 : box stock, 2.50a2.75; peaches, 75a1.25; few extra fancy, 250 huckleberries, 3.00a4.50; pears, 2502300 plums, 1 grapes 1.50; bananas, 1.00a1.50; currants, 5.00: pineapples, . grapefruit, Porto R‘efl 2010“01 0. ‘egetables— Potatoes, 2.25; sweet, bushel, |7s tomatoes, 2-peck baskers, 501.00; h, spinach, New Zea. land, loa klle .snm Peppers, 2-peck baskets, 50. cabl 75 carrots, 100 bunches, 3.00; beets, per 100 nches. 3.00; corn, 3-dozen sacks, 50a string bean: 1.00; limas, 1.25a 150 cucumber: celery, per bunch 450 eggplant, 150; 7.50] okra, 2-peck baskets 6.25a7.50.; Specnllte on Dividends. NEW YORK, August 13 (Special) — Promny of me dividend dates of Gen- eral Electric estinghouse Elec- , 7.7588.00; | consignment. 10% 2 247 Royal Dich(m B8 Safeway Stores (5). 14% 9 15% 7 66% St Joseph Lead (1).. StIL-San Francisco. . StL-8an Fran pf(6). Louls Southwn. .. Schulte Retail Stores Seaboard Air Line Seagrave (60c) Sears no-hunku"‘ml Second Natl Inv. . %, 4 Shattuck(FG) (11%) Shell Union Oil Shell Un Oil pf(51a). Shubert Theaters. .. Simmons Ofl. . . 4 -Sinclair Consol Ofl. . Skelly Oil..... Skelly Oil pf ww Socony-Vacuum 1.60 South Port Rico Sug. Southn Cal Ed (2) 4 Southn Pacific (8). . Southern Rwy (m6). Spalding (AG) (1) Sparks Withing (1 Spear & Co. Spicer MYN( a@). Stand Brands (1.20). Stand Comel Tobacce Stand Gas&El (3%) . Stand Gas&El pf (4). 4 Stand Ofl Cs (hfl,), % Stand O1l Pt (5). Stand Oil of g Stand OIl NJ (f2). .. Stand 01l N Y (1.60). : Sterling Secur (A).. Stewart Warner 4 Stone & Webst Studebakeh (1 Sun Of1 (01). Superheater Superior Oil. ... Sweets of Amer ( Symington (4) Texas Corp (2) .. 4 Tex Gulf Sulphur (3) Tex Facific Coal&Oil Tex Pacific Land Tr. Third Avenue, ...... Tide Water Asso Oilf Timken Roller B(2). Tobacco Prod A 193¢ Transamerica (40c) Transue & Will (1).. Tri-Contl Corp Trico Products(2 Truax Traer Conl Co’ 21% 9% Ulen & Co (1.60) 75% 39 Und-Ell-Fisner (5). 72 48% Union Carb & (2.60). 26% 14 26': 65%% 161 637, 59% 38 108% 103 Union Ol of Cal (2). 15 164 4 26% 65% 1615 151 it Corp nit Corp pf ( nit Fruit (4). Init Gas&Im(1.2 78 Hoffman. nit Piece D W TS Freight & S Gypsum (1.60) S Indus Alcohol Leath pr pf (7). Pipe& Fy 18t 1.20 7S Rubber. g 1§ Rubber 15t pf | 17 § Steel Corpn (4). U S Steel pf (7) 3% United Stores (A). 14 Uniy Pipe & Rad. 191 Util PRL(A) e12 23 Vanadium Corp.... 224 Van Raalte st pf... 1 Va-Caro Chem. 981 Va Elec&I'wr pf (8). 85 ValrenC & Cpf(5). 3815 Vulcan Detin (4) . ® Wabash RR. ; 21 3 25% 617 161 Waldorf Sys (1 Ward Baking (B) Warner Brothers Warren Bros (2. Warner Bros pf 3.8 Warren Fd&Pipe(2). Wesson Oil&Sno(2). West Pa Elec A (7).. West Pa El pt (1) / West Pa Pwr pf (7). Western Dairy (B).. Western Marvland. Western Pacific. ... Western Union 4s| 12 378 18% 25 10% 2875 161y 267 301 13% 2% 2319 & I'ru\ S&M pf (4) Inst (1) White Sewing Mach. Wilcox O] & Gas. ... Willys-Overland. Wilson & Co. .. Woolworth (2.40) 37w Worthington Pamp. R0% 66% Wrigley (Wm) (4).. 1512 5% Yellow Truck. 5! 2 Zenith Radio 14 11 Zonite Prod Corp (1) |12 106% 100,000 12 900,000 2 10:30 A.M.. 1:30 P.M.. Dividend rates as siven in the shove table are the annual cash ; 505 108 . 30s 3 20s 10s 208 239 408 1 13 45 2 73N 1 s 4 1% 10 P.M. Init Cigar Stores. 9 % 4% 3% 2% 11% Sales of Stocks on New York Exchanle 00 Noon. .. 0,000 1,000,000 on' the latest quarterly or haif-vearly declaration. in stock. $Pius 4% b Parable h Plus 2= in stock. j P m Paid this year— | | in special preferred stock. k Plus 37 15% o ‘Texuiar rate. n Plus 5% In stock. chiat i, = (OPPER INDUSTRY FACING SHUTDOWN = Further Large Additions to Surplus May Force Com- plete Stoppage. BY CARLTON A. SHIVELY. Special Dispatch 10 The Star. NEW YORK, August 13.—Complete shutdown of American copper mines and further curtallment of output, if not entire stoppage in other parts of the world, is believed by an important section of the copper industry to be inevitable. Each month the statistics on copper production, shipments &nd | stocks show further large additions to | the surpius, according to the American Bureau of Metal Statistics. Addition ! 1o stocks of refined metal in July for North and South America amounted to 26,943 short tons. ‘This made the fourth successive monthly increase, the rise last month | beln‘ a little under 15,000 tons and in | the preceding month 30,000 tons. Stocks of 440,417 tons of refined metal and | 619,178 tons o; re&ne(} -n: 1bmt:' copper are ar the largest in the e of the W Although pro- duction continues to decline, dropping from 98,275 tons in June to 96,408 tons in July, the decrease in shipments was even greater. Last month they fell to 69,465 tons, l[llnlt 83,468 in the pre- vious month and 117,902 a year ago. Output of imary copper in this country in July was 38,608 tons, against 44473 in June and 54,249 in July of 1930. Precedent for Shutdown. | In & few.months it is expected that Rhodesian copper will come to the market, and while some in the trade feel that further curtailment here would merely help out South African developments, the feeling is growing that agreement might be had abroad if something really effective were done at home. The industry has precedent for complete shutdown. Oppressed by the wartime stocks in 1920, the United States copper mines shut down and re- mained closed for a little over a year. Arguments against shutdown = are numerous. They include the dislike of producers to throw more labor owt of employment and the tendency of the miners to leave the vicinity of the mines, making it difficult to secure sufficient help for resumption of opera- tions when conditions improve. On the other hand. carrying such huge stocks of metal is becoming a more and more difficult burden for the producers. A point which 1s not generally appre- ciated is that the monthly statistics on copper as published do not tell the whole They stop short of stocks in The extent of these stocks can only be estimated, but they Sy T s high as 200,000 tons. ! problem might be capable of rlrl_v solution_ without further curtail- ment or complete shutdown if there was some hope for largely increased | consumption, but the outlook is rather !cloudy. Some sales may be made to Genzany under proposed long - term | credits, but a general pickup in industry is needed. Curtailed Production. Nearly a year ago copper producers hers and broad met in & sertes of con. ferences and agreed upon a curtailment m. which at the time many re- |garded as inadequate. It did have tne Ieflect of slowing down the increase in stocks for a while, cutting down out- put about 15,000 tons. Since then some producers have voluntarily cur- talled much greater then the per- centages agreed upon. Magma, United Verde and a few small concerns are sald to have shut down entirely. A complicating factor has been the “harp decrcase in shipments. At the time cf the agreement they were around 125,000 tons & menth. They Rave since declined Lzsn'l grea: | three-eighths, 23a24, and quarter blood, BOSTON WOOL MARKET. BOSTON, August 13 (Special) —A | moderate volume of business is being | transacted on all grades of wools, but | n there has been a siackening of demand. D gaar |2 8 Sxtshie The bulk of present buying is on the | Ali three-eighths blood type, with quarter second. Prices on these lines are firm. A sizeable quantity of territory | fine and original bag wools have been | taken. | Fine territory combing clean was quoted today at 62065 French comb- | ing, 58a60; half blood, 57a59; three- | eighths blood. 49a52, and quarter blood. 44847. Fine Ohio fleeces were quoted st se basis; half blood, 24a25: | A 21a22. METAL MARKET. } NEW YORK, August 13 (#).—Cop- per quiet; electrolytic spot and future, 7'2273,. Iron quiet, unchanged. Tin firm; spot and nearby, 26.25: future, 26.37. Lead steady: spot New York, 4.40; East St. Louis, 4.22. Zinc quiet: East St. Louis spot and future, 3.82a 3.85. Antimony, 6.60. MONEY MARKET. NEW YORK, August 13 () .—Call money steady, 1% per cent all day. Time loans steady: 60-90 days, 1'4a 13;; 4 months, 11;a1%; 5-6 months, 13422 per cent. Prime commercial paper, 13,a2 Bankers' acceptances unchanged. IANK OF ENGLAND LONDON, August 13 (#.—The week- ly statement of the Bank of England shows the following changes, in pounds: Total reserve increased 3,677,000, cir- culation decreased 5,201,000, bullion Gecreased 1.524.000, securities decreased 13,153,000, public deposits increased 996,000, other deposits decreased 3.- 570,000, notes and reserve increased 3.- 682,000, government securities increased 3,915,000 The proportion of the bank's reserve to liability is 42.90 per cent, compared with 41.25 Jast week. Rate of discount, 4'; per cent. BOURSE lEPOi‘[ PARIS, August 13 (#).—Three per eent rentes, 88 francs: 5 per cent loan 103 francs 80 centimes. Exchange on London. 123 francs 96 centimes. The dollar was quoted at 25 francs 51% centimes Diversified Tr Diversified Tr Diversified Tr Diversified Tr uity Invest Eaquity Invest Eauity Trugt 8 General Granger Trade | Gude Winmil Independ Blast Furnace Clo-ed NEW YORK, August 13 (#).—-Youngs- town Sheet & Tube Co. has suspended operations at its Hubbard Works blast furnace. Both stacks at the plant now are inactive and the total number of blast furnaces operating for the two leading independents in the Mahoning Valley is reduced tn 3 of 13 available FOREIGN EXCKANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominai cold Seliing checks value, day s4.800s Secont sec o Selected Selected Mana Shawmut Trustee Stand Trustee Stand London, pound Paris, franc Brussels. Berlin, Rome. Zurich Athens. Madrid. Vienna. Budapest P Copenhagen. Oslo._crown Stockholm, crown Plus 9% in stock. « Pavable in cash in stock in’ stoek. A Paid us 30 cents ® Plus 1‘1, in_stock._ s D" E Am_Invest n Gen Sec A D »f hrs Eauily A Trad Incorp Investors Incorp Invest Equit Shrs Leaders of Indust C Low Priced Shrs Major Corp Shrs Mazs nvest Tr Secur Corp Gen $6 pf Am 8h m Selected Income Sh ke Trust Inv ey Bid. 4. STOCK AND BOND AVERAGES B: the Associa THURSDAY, AUGUST 13. Press. STOCKS. ; i T jEREEE INVESTMENT TRUSTS NEW YORK. August 13 (#).—Over- the-counter market: Asked. * | Bot ® jSec. Sav | Amer. Te1 ing Away Prices. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 13.—Depr-ssed ! by heavy lquidation of rafirond bonds, the investment market today was unable | | to_sustain its sieadiness of Wednesday Industrials and the better grade utili- | ties show:d an _inclination to move of carrier bonds that virtually melted | prices away. At the same time the Latin American section of the foreign list gave way on reports of a more acute situation in Cuba and the proba- bility that Chile will make its partial moratorium complete. The only strong | spot was in German and other Euro- pean bonds. The s-1ling of ths rails increased when | it was revealed that a group of the prime rails, including such conservative | mortgages as Atchison general 4s, Chi- cago, Burlington & Quincy geoneral 4s, Northern Pacific 45 and Northern Pa- cific 3':s had dropped to & n-w low | level for the year. Some of the sales liquidation Second and third grade | issues sold off sharply Nickel Plate 6s, which fall dus next year, opened off over 1!, points and then on successive sales of only $11.000 dropped to a new low, down more than | | 3 points on the day. Nickel Plate 41581 | 8old around 57, off about a point. De- clines of a po:nt or more a e | Rock siand 41:s. Buialo Robnester ‘.&n[ ittsburgh 4155 and Souther, 4'.5 of 1969. - The more speculative group of rails |broke to new levels. This group in- | cludes such bonds as Erie 5s, St. Paul |adjustments. Chicago & Northwestern 4% s, Missouri-Pacific 5s and obligations of the St. Louis-San Francisco. Oil company issues were firm with their companion stocks. Texas Corpo- ration, Shell Union Oil 5s, Sinclair 6155 {and 7s and Phillips Petroleum 515 {were most active. Firmness character- ized most industrials. American Tele- phone 5s and 5',s, Utah Power & Light 5s and other prime utility issues were firm. The selling in the Latin American group brought declines of 1 10 3 points | in Chilean government and mortgage | bank bonds, in Columbian issues and in | the bonds of the Province of Antloquia. | Brazilian and Uruguayan bonds were Argentine issues were firm Cuba 5'2s dropped 2 points or more. German Government 5',s were s'rong. So were Dawes Reparations 7s and the | entire group of German industrial, | utility and municipal obligations. Hun garian bonds improved with the ap- proval of the Swiss and Italian credit to that country. Austrian and other Central Eurcpean deseriptions wer2 sympathetically firm. British bonds were steady. Anstralians continued their im- Dm\'emen\ Washmgton Stock Exchange SALES. National Mtge. & Inv. pfd.—50 at 47%. | AFTER CALL. | Security Savings & Commercial Bank— | 10 at 430 | Riggs National Bank—10 at 372. [Al;lfl'lcln Security & Trust Co.—4 at 9. Washington Rwy. & Electric 45—$5,000 | at 93, $5.000 at 93, 31.000 at 93. | Georgetown Gus 55—$1.007 at 106. | Mergenthaler Linotype-—20 at 167 | Wash'ngton Gas 8s A—$1,000 at 1031, | $1,000 at 1031, Washington Gas “B"—$1.000 at 107'5. i 6s UNLISTED DEPT. Commereial Club 55—$500 at 80. Bid and Asked Prices. BONDS. FUBLIC UTILITY. B'{u Asked & Telga. 4135 ‘39 .. 12 Am. Tel. & Tel. cll tr. 5» Anscostia & Pot. R. Rl 5 Anacostia & Potomac guar. 55 & P. Tel of Va. 55 Capital Traction R R. 55 City & Suburban ¢ w sh. Gas series B Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross. Tuc, 9 o C STOCKS PUBLIC UTILITY. Pot. | Wash. Ryw. & EI NATIONAL BANK Capital pedi (201 nd (9e) {Washington (1) TRUST COMPANY Loan & Trust (14) BAVINGS BANK. | Bank of Bethesda (61 Com. & Savines (10) East Washington (12 Potomac (10, & Com. Bk nth _Street (12 ca States (301 sh. Mechanies (20 FIRE INSURANCE. a7 n's (8 \union (5 | TITLE INSURANCE. Columbia (6h) Reai Estate (6h) MISCELLANEOUS. Fed -Am. Co. ptd. (8 lL-r--lrm Monotype (8) Tr & | i) inv nta (5 zo] o | {m. Stores pta ¢ a0 7). 108 d & Lothrop pfa *Ex dividend ella% extra letnlerl Buy Gift w"es. NEW YORK, August 13 (#)—Re- tailers preparing for forthcoming sales events provided the New York gift wares market with a considerable volume of business this week. purchases, however, ed mostly to $1 retail items, with a ling of other goods to sell up to . Few of the New York retail stores did any buying in the wholesale market, but are scheduled to order sales mer- chandise ne: k. RUBBER MARKET. N!W YORK, August August 13 Special fllm'!fl Ml,l noon m tion of 55-16 ‘l.“m 6% 8 m"","n and lm ahead, but were held back by offerings | 4 were in blocks indicative of institutional | Abitibi P&P 5853, Ab& St5 43 Allegheny s ‘50 Allis-Chalm 58 '37. Am Chain 65'33. AmF P& AmIG Ch5iss 4d.120 Am Int Cp Blgs 49, Am Metal 518 '34. Sug Ref 65 Am T&T cv dls AmT&T 5865, ... Am T&T c tr 5s '46. 51 Am Wat Wks 6 Am Wr Pap 6 Argentine 5138 Argentine 65 Ju's9, 12 Argentine fs Oc'39. Argentine 6s A '57. Argentine 6= B '58. Arm & Co 4% Atchis 45 190 At& Dany 4s Atl Ref db 58°3 Australia 414 "5 Ausiralia &5 Australia s " Ausiria B&O4s'48. B&O 43S Bk Chile 63 5 '§1 Belgium 68 '3 Beigium 6% Belgium 78" Belgium 7s Bell Tel Pa Bell Tell Pa 58 C'80 B Ind Loan C 6= 46 Berlin C Beth Stl pm 5s Bolivia 78’ Bremen 78 '3 Bklyn Elev 61, BKIvn Man 65 ‘68 Bklyn Un 1s Budapest 6s Buenos A 6561 BR& PRt 41 Bush Ter con 58 ‘55 Calif Packing 5840 Canada 4360 ... Canada 4135 '36 Canada 5% ‘52 Can Nat 413 Can Nat Ry 4! Can Nat 4% Can Nat 4% | Can Nor 75db '40 | Can Pac db 4= an Pacific 4135 '46 Can Pac 5s ctfs 44, Can Pac Car Clin & O 5= Cent 11l G&E Cent Pac 55 '60. . | Cert-tadb5tax CB&QEgen ICR&Q4! CR&Q 1 dv “hi & Est 111585 Chi Grt West 4’ Chi Ind& Lou 6x'66 . Chi M & St P 489, Chi M & StP 4 D Chi M&ESIP 4} C M StP&P 5 CM &St Paa Chi&NW g 31:8 87, Chi & NW gn 4 87 C& W Ind 558762, Chile 6560, Chile 6561 Chile 63 '63. | Chile 75" Chile Cop ab 5 COC&St 1,4 15% Colomb 6s .Jan '61 ‘47 | Colomb 6561 Oct Colo & Sou 4138 I Del PWr&L 4%s 71 | Del & Hud rf 4s° Del & Hud 515837, Denmark 415s " Denmark 5 Denmark 65 42, Dodge Brcl 6840 Duduesne 415546 { Finland 612 Finland 7 Fond 186 s Frene! French 71 Gelsenk'hen 65’ en Cabl Ger Gen El 7s ' Gen Motors 6 Gen P Svilas’3s., Gen Th Eq 65 '40 German Bk fs Ger C'en Bk 6 Ger Cen Bk 6s German Bank German Tsrep 4 Goodrich cv 65 '4 Good 15t 6145847 Goodyr Rub 586 0T Grt Nor gn 53 Grt Nor gn 7s ‘36 Greek 65 '63. 3 Gulf Mobile 5 '50 Haitl 68'52 Humble Of 55 '3 iTumble O &1, Hungary 73 111 BT 18t pt 5 111 Cent 4 '52. Tl Cent 4% '66... 11i Cent 58 '55. 111 COStL&N s AL 111 Steel 4355 40,00 « 106 . Low. Close, o2 981 64 58% 10212 10214 997 997 TN T2 Sar 954 8213 RoMy 1% TI% 18% 18% 10214 102% 10415 105% 120% 129% 108% 108% 1074w 10714 108% 109 1101 1108 1031 1031 52 52 13 95% Q’ul( 8% wo-a 100'& 101-« nu. 101 1013 105% 105% 109% 110 106 1101 1101 13 113 9T 98U 49 49 10815 10314 140 148 20% 105-. 105% 52 | X 100% 100% 1005 101 100% 100%4 100 100 101% 101% 1051 1058 105% 106 5 10515 10514 119% 120 1128 113 81% 825 9% 98 104 104 100% 101% 10312 10315 1045 10714 ss\ 104% 1001 int Hydro El 68 44. Int M Co 5e ret41.. Int Match 5s 47, Int Pap 68 ‘55 IntT&T 414n 52, Int T&T ev o‘,n: . INtT & T 58’55, . Trish Free Ttaly 1 ltaly Pub § Japanese 5 14s Japanese 61354 . Kan City Ter 4s'60. Kan G&E 415« 80, . Karstadt 6s Kend 5l s 48 ww. . Kresge Found 6x'36 Kreug & Toll 58’59, Laclede 5158 C'53., Laclede 51,5 D6 T.ake Shore 315 e " Lautare Nit 6s ' Tieh Val ov 42 2003, Leh Val 5x 2000 LIg & Myers 78’ Loew's 63 ox war Lorillard 58 '51 Manh Ry 1st 45'90. Market St 7s'40. Marseille 6= ‘34 Midvale Sti 5s " SSM 5ign MStP&SSM61 Mo Pac 5s G 7 Mo Pac 5= H 'S0 Mo Pac rf 5s ‘81 Mo Pacilae A 49, Mobile-Ohio bs '28 . Montevideo 7x Mor & Co 18t 4%4s. ., asan Elec 4251, At Dairy 518 '48. Nw 8§ Wales 6 * VY Cent 4588, Cent db 4s ‘3¢, Y Cent 4155 2013, NY Cnrfates 2013, NYC rf fm 51 Y Cent db 66 NY C&St L 6x'32., Y Edisn 5% B'44 - - » 0 Am €0 55 '61. or Am Ed 55 € 68 NorOT &L 6 Nor Pac 3% 2047 Nor Pac 4x'97 o) Nor St Pw Orient dev 515 w'58. Orient dev 65 '63. . Pac GRESs42..., Pan-Am Pet 6 '34. Pan Am Pet 6240, Paris-Ly M 65 ‘58, Paris-Ly M 7858 Pariz-Or 5150 "68. | Pathe Exch 7s'37 Penn 48 D81, Penn cv 4148'60 Penn gn 415565 Penn gen 55 '68 Penn 4138 Penn 43 s Penn 5= '64 Penn 6155 '36, enn P&T 41,2 '81, Pere M. Peru Peru Phila Co 58" Phil & Read 6s'49, Phillip Pet 3¢5 39, PCC&SIL 4158 P&W V48 C60. Poland s '40. ... Poland 7s ' Poland 8550 Port Gn El 41560, Por R Am T 6x '42 Pos Tel & Pressed St C 5 Prussia 6s Public S, Pub 8y BBon~unn ho vExaxalileEiaRoatanss =n 5 . wu~BoswesSSe Pure Oil 535" Queensland 6s "¢ Read gn 41,5 A '97 Reading 41;s B " Rem Arms 6= A Rem R5158 A "4 Rhinelbe 7s '46. Rhine West s Rhine West 6s Rhine West 75 Rio de Jan 614 Rio de Jan 8s '46 R Gr Do Sul 6s "68 . R Gr Do Sul 85 '46. Rio Gr W clt 4549, Rome 6142752, ... Roy D 4545 w StL TM R&G 45'33. L&SF in 4% A StL&SF plis B StL&SF 4! StP Un Dep Suo Pau Sao Paulo 8336 Sao Paulo 8550, Suxon PW 61,8 Seab A I, 4s st Mo e ARk E-ZalE Danunenuonenena Sou Pac ref 4s'35. Sou P élax 69 w Sou rac 433881, .. Sou P&OTr 4477, Sou Ry &n 4x Sou R 8 .l StOIINY 4 Sweden 513 Taiwan E P Tenn EI P 6 Ter As St Tex & Ark 5% Tex Corpev sx'dd. . ‘Third Av adj 5860, Thizd Av rf 4s " Toho Kl Pw 63'32.. Toho El Pw 78577 Toklo b8 52 Tokio 534 °61. Tokio EI Lt 65 '53. . Tol St L&W 4s'50.. Un Pac 1st 4 Un Pac 4s Un Pac 4%s '67 Un Pac rf 45 2003 ey BRuamz "!.-u.. u..:. P 104% 54 9414 1051 105% 10215 % 1 West Union 5= '60 mon Stock. Niisiiain Special Dispaten to The Star. NEW YORK, August 13.--The Balti- | more & Ohio Railroad Co. largsly through & $17.230.164 reduction in operating expenses for the first six months of this year as compared with the corresponding period of 1930, suc- ceeded in lowering & $24.091393 drop in total. operating revenues to & de crease of only $6,194.606 in net rail- wav operating income, g to the Wall Street Journal. As a result of this curtailment in the expense outlay, the Baltimore & Ohio for the year ended June 30 wa- able to held its net income up to figure estimated to be tquhfl:n $417 a share on the common lwt afier allowing for preferred dividends. These estimated earnings for the B. & ©O. showed that the B. & O. covered iis fixed charges only 1.4%, when the New York State law covering bonds al for purchase by savings banks that a railroad must earn its fixed charges 1!; times during five out of the preceding six years, including the immediately preceding one, for them to be acceptable by the State as suitable for savings bank investment. $5 Dividend Not Earned. Baltimore & Ohio's earnings have been held up to the pre.um point to & great extent throt io penses, particularly, mllmcn-nu Al- though these reductions in costs | effected, the current $5 annual divun\l rate on the common stock is not being covered and charges are not earned 1': times. These facts, the added ibility that the last of 1931 will not show any provement, woulfl seem to a further reduction in the div have to be made and the have to be stricken from the list s T | rezfd year compared with the first half of 1930 follows: Gross revenues. . . $82,352 I‘lml:nlnn of S 7.340.980 89 18,178,687 me: 5 Ratio o' gross.. 3 31215347 e Transporiation Ratio to gross. Tolal operating . 64, Mfln o Eross. o & luu,fi- Net operating income. 11,5284 17,720,488 Expects Shortest mu It will be noted from foregoing table that the combined reduction 3 ex. mlnte;:inc‘e nl‘ l:;l’v and for amount o 12,695 as compared with a decrease of $6,344,277 in trans- portation costs. A dollar reduction in transportation is a dollar sayed. ‘l‘hn same rule does not always awl) to maintenance. In some cases it only means that maintenance has been post- poned. It will be seen in the table that the only reduction in the ratios was in maintenance of ways and structures, which in the first six months ;‘of”dtyauw‘y‘:lar took only Il'c”ol the s revenues -mnsc 1 for the like period of last s mexaomnmwmm dly from any advance in business a ty. This should allow it to show from its consolidation program. which it is constantly working on. This con= solidation of the B. & O. is -expected to leave it with the shortest route be- tween Chicago and New York. The company is currently in its fon and New York through offeving sic and New Yor! al comnwmd cars. ?t a&;a:u the total lor road Abw suhunthl dce ea Imm xm year. CHICAGO, August { —lhl, 22,000 head, including fl market slow; most m-an lo'er on weights 220 pounds down; others weak 7&)‘;5 ]&'er_’l:\onk !103-2‘1)0 pounds, 7.25a P, | 220-31 6.10a .25, 6.00a6.75; e ll 200-250 pounds, 6.73a7. w. heavy-weight, 250-350 poimnds, 5.50a 1 6.90; packing sows, medium and good, 275-500 pounds, 4.0085.! 55: sl pigs, good and choice, 100-130 3 6.00a6.75. Cattle, 6,000 head: calves, 2,000 head: fed steers and yearlings, strong to 25 higher; active at advance; top on yearlings, 10.00; best weighty steers, 9.65; 1,600-pound averages bringing 9.10; very active markets on all steers and yearlings selling at 7.50 upwazd, but slow on plain quality grassers. She stock strong to 25 higher. Slaughter cattle and vealers: Steers, good and choice, 750-850 pounds, 8.75a 10.00; 900-1,100 pounds, 8.50a10.00; 1,100-1.300 pounds, 8.2529.75; 1,300- 1,500 pounds, 8.50a9.25; common snd medium, 600-1.300 pounds, 4.25a8.50; pounds, 1t | heifers, good and choice, 550-850 7.2527.75; ccmmon and medium, 3.25a 7.25: cows, good and choice, 4.00a6.75; common and medium, 3. z cutter and cutter, (yearlings excluded). (beef), 4.00a5.25; medium, 2.75a4.25; vealers (milk fed), good and chcice, 8.00a10.00; medium, 6.5028.00: cull and common, 5.00a6.50. Stocker and feeder cattle: Steers, good and chofee, 'soo-loso pounds, 5.50a7.00; common and medium, 3 78235 A0, Sheep—14.000 head; uneven: native 561 | lambs, 25-50 higher than early yester- day: westerns unsold; ewes in Mberal supplies tending sharply lower: good ice pative lambs, 7.50a8.25 to outslders, 8.2528.75; good range foeders, 5.25. Lambs—90 down, good and choice, 7.50a8.75; medium, 5.00a7.50; -all weights, common, 4.00d 550; ewes, 90-150 pounds, medium to choloe, 1.7563:50; 2l weights, eull ang ccmmon, 1.00a2.25; feeding lambs, 60- 75 pounds, good and choice, 285,15, CKICAGO DAIIY MARKET. " CHICAGO. August 13 (), Receipts, 7,542 tubs; flm specials (93 score), score), 28';; 266274 ; firsts lu~"m seconds (86-87 score), 22a23; Vanadium St 5541, rt Sug 1st 7s 4: Vienna 65 Va Ry & Pw Bl 5 Va Ry 1st bs 62 !l"l. 3 % | Wabash 1st 55 "39.. Warn Br Ple 6539, ‘Warn Quin 65 ‘39 Warsaw 7s " 1 West El db55°44.. 15 106% West Md 48 '52. 9 T4 West PacSs'46.... 1 68 West Union 55 '51.. 22 104% - 28 108% 1 47 West Un 6138 36, WEO/%s'ST w Wil &Co 1st 6’41, &% wu Cen gn 4s '36 ‘okohama 6s ‘61 m ;[un S&T 3