Evening Star Newspaper, August 15, 1931, Page 14

NG STAR, WASHINGTON, D. C., SATURDAY, AUGUST 15, 1931. FINANCIAL NEW YORK STOCK EXCHANGE |[BONDS CONTINUE | Cox o= vone BONDS o ecucr] | OMMODITY PRICE UNITED STATE:! mzis West Pa El v(‘.’ . 30s 108 108 1081 106% s |Six Groups Advance, Five (8ales are in $1,000.) ‘Western Maryland. . 2% 12% List 4% 47 17 103 2 108 103 2 Decline, Three Unchanged Western Union (8).. L 4th 4% = 33-33 85 104 28 104 26 104 26 % for Week. FINANCIAL THE EVE MART FOR W0OL ~ REPORTED SLOW NYCAStL 4%4a'78. 7 61% NYC&StLo%aA'T4. 1 614 80% (Continued From Page 13.) BB - ors v e High. Low. Close. Lib 33 3 .. 5102 11 10211 102 11| NY C&St L 6 ~Prev. 1931 Stock and Sales— Prev. High. Low. Dividend Rate. Add 00. High, Low. Close. Close. 77% 24% T S Indus Alcohol... 8 31 30% 31 t'l’rade LOOkS to C|othing ln_ 3Th U S Pipe & Fary (2).. 2 22% 22% 118 = % U S mubber 1 14 frid e e 5% 26% Rail Securities Firm and In-{Us *. 41 101 17 10116 10116 " ‘dustry to Sustain Market 3% 9 4 x’uung;{l&.;flx u)y 91 5 5 US3IRsd1-43,, ;: ;g:fl. lll‘r,:'u’ ll'.l‘ll' Veston lec Inst (1 . : U S ds 44-54 . dustrial Offerings Make ‘Westvaco Chlor (2).. Good Headway. 17'S Rubber 18t f. 3 25% U S Steel Corpn (4).. 292 3" 918 U S Steel pf (7). 2 188 | United Stores (A). N Burden. Univ Leaf Tob (3) 3015 4 U'niv Pipe & Rad 115 31 Utll P&L(A) et2.15. 231 | g e e 106% 8714 Worthington Pump. 28 i 25 Ve Cety . 9 o 207 | _E0% 66% Wrigley (Wm) (4).. ; 7 71% 38% Vulcan Detin (4) 9 49 15% 5% Yellow Truck.... 5 3 83 | o 2 97 90 _Vulean Detin pf (7). 97 76 40% Yellow Truck & C pf 401 40% | > | Am T&T cv 4% 539 The. ool miriest has. Mowed: uP | e 391 Yestwn Sh&Tube(2) B e . o el s 3l in. Buying pressure is off in the ‘Wabash RR. day's broa vance. in foreign bonds jece-goods _ markets, although _the Waldor? Sys (1%) . 11 Zonite Prod Corp (1) 11% 11% 117% | was duplicated in a more conservative e % e Ward Baking (B). % {manner. Domestic railroad bonds . mills are sold well ahead, with deliv. ¥ Dividend retes as given in the above table the annual cash snd indus 43... eries to be made in many instances | g,:‘f_::‘; g:z;“;;'x N sm:-;:.::"»:s:: onl;’);r latest quarterly or halt-yearly deciaration. hflmed”d“yuv trials made good il S over the next three months, against | ; . Iy extra. tPlus 4% in siock. fPlus 9% in s ! R B Foiaion o which they have covered thelr re-| $8% JgE WRIION BN BV IS BRIy N, bRl g gtoek e B e e ey afuos Was the-contton- | TR ine S duise: quirements in wool very well.h 92 © West Pa El pf (6). Eolmaflrurehrre: %‘:fi'bv'k ‘P:u:‘g;; 1nnchk m,r-'m this vear— | il issues especially proving sensitive | Argentine 65 Oc's3. s o o e . : to this factor. Even some of the more | Argentine 6s A 57. L vow Ieick pele 0 e Wb conservative carrler bonds like South- |ATEentine 6s B 'S8, 4 White Rock (143%). Willys-Overland. Wilson & Co (A). Wilson & Co pf b olworth (2.40), .. 0% Sales. ADitibl P&P §s'53.. Ab&St5% 4 Alleghany Cp Allegheny 5. Am Chain 65'33 BY F. H. RICHARDSON. Am B P 58 2030 Special Dispatch to The Star. AmIGChblks ‘,: NEW YORK, August 15.—Bonds |Am Intl5is'49 BY H. N. MeGILL, Baflor, McGIl Commedity Service. AUBURNDALE, Mass, August 15 UP.—In spite of the fact that new =8 15.—The Com-| 7y merclal Bulletin says today: - Oreg-Wash s Orient dev 538’58 Orient dev 65 '53. Pac GRE bs Paramount Paris-Ly M Paris-Ly M Penn 4l s D - opened at 10 to 15 per cent under prices of a year ago, although only a scant 5 per cent under more recent ! quotatiops. Foreign Markets Quiet. “The foreign markets are generally quiet and slightly easier in consequence of the prolonged inactivity and thne sentimental effect of falling cotton rices. “Mohalr is slow and unchanged with les mostly in kid hair for specialties. “The rail and water shipments of wool from Boston according to the same authority, from January 1, 1931, to August 13, 1931, inclusive, were 89,- 318,000 pounds, against 87,580,500 pounds for the same period last year. The receipts from January 1, 1931, to August 13, 1931, inclusive were 236,822.- 000 pounds, against 265,835,100 pounds for the same period last year.” The Bulletin contains the following quotations: Domestic: Ohio, and Pennsylvania fleece—Delaine, unwashed, 25a27; one- half blood combing, 24a25; three- eighth blood combing, 23a25; one- quarter blood combing, 22a23. Michigan and New York fleeces— Delaine, unwashed, 23a25; one-half blood combing, 22a24; three-eighth blood, 23a25; one-quarter blood, 22a23. ‘Wisconsin, Missouri and average In- diana and New England—One-half blood, 21a22; three-eighth blood, 22a23; one-quarter blood, 21a22, Scoured Basis. Texas—Fine 12 months (selected), B8a61; fine short, 12 months, 55a58; ) fine 8 months, 50a52. clothing trade and the market will | watch with interest the Fall movement | in clothing. Meanwhile, tropical | worsteds for next season have bcen ‘ | 61; fine and F. M. fr. combing, fine and F. M. clothing, 52a53; valley, No. 1, 52a53. Territory (scoured basis) Montana and similar—Fine staple choice, one-half blood combing, 55260 eighth blood combing, 46a51; quarter blood combing, 40a45. Pulled—Delaine, 70a73; AA, 65a70; Domestic graded. 82035; good carding. 26a28. Cape Winter firsts, nominal, 20a21; Summer firsts, 25; cape, Summer, kids, 45247; Turkey, fair average (ind. bond), 25. bullish campaign. was a considerable inclination to_feel that the prospects of a real rally would depend upon the cheracter new ts in the near future. Comments follow: Hornblower & Weeks.—Both technical | and seasonal considerations favor a| BUSIESSUPTURN Only Two _Industries Have Been Lowered Since Report in July. By the Associated Press. NEW YORK, August 15.—With fears concerning Europe tending to subside and an August-September seasonal im- provement now due, general business conditions may logically be expected to show some rallylng power in the near future, says a monthly snalysis of the industrial situation issued today by Moody’s Service. ‘The survey warns, however, that if business fails to develop as much as the normal seastnal movement, honcs of widespread gains in activil and might then have to be de- ferred until 1932, In the relative classification two in- dustries have been lowered in ranking since the July report. Can manufactur- ing has been removed from the highest to the intermediate groupin while motion pictures, formerly in the second or “fair” class, are now rated in the poor-to-fair position. Six in High Rank. ‘These changes, M s states, are due to the fact that ted earnings can manufacturers promise to reduced from the 1930 level because of substantial cuts in such important food packs as peaches and peas, while mo- tion picture producers :I’! lhn:‘lrll;l: little over recent poor - ings reenWflmouh some betterment is seen in prospect by the final quarter e Bghest, or fair-to-good, Taniing now comprises electric power and light, food products, gas, shoes, telephones 0 e 10 Incustries listed in the inter- mediate class are apparel, automobiles, can mln\':{wltunmnz, chemicals, er::n‘i: I eather, p\mlhhlnt N“pdn"c’i“fi; ravon, retail trade and tires and rubber. Lowest Classification. Included in the lowest grouping are culture, _agricultural implements, :snhuam building, cement, m{ ‘copper, chinery and machine tools, meat pack- ing, "-’Lem. (miscellaneous), motion pictures, office and business equipment, paper, petroleum, radio, railroads, rail- way e:ulmznt, shi] and shipbuild- ing, silk and silk mills, steel, sugar, tractions and wool and mills. “Indications thus far are that sea sonal improvement delayed, the analysis states. “The few available statistics for August do nct suggest that it has begun . With a large part of the autompbile plant capacity shut down, it looks as though the August- September rise in activity would be late in starting by several weeks.” be (undér conditions such as now prevail- Baltimore Markets Special Dispatch to The Star. | | , BALTIMORE, Md, August 15—Po- | tatoes, new, barrel,’ 1.75a2.00; sweet | potatoes, bushel, 60al.40; beans, bushel, 40890; beets, per 100, 1.5022.00; cab- | bage, bushel, 40a50; carrots, per 100, | 2.00a3.00; corn, per dozen, 5al0; cu- | cumbers,” hamper, 25a40; eggplants, hamper, 40a60; lettuce, per crate, 1.75a | 7.00; lima beans, hamper, 40a65; okra, | | bus 1.0082.00; peppers, hamper, | |20a30; onions, per 100 pounds, 75a1.00; | | peas, ' bushel, 2.00a2.25; squash, per | | bushel, 50a70; tomatoes, hamper, 35a40; | | apples, bushel, 25a1.25; blackberries, | | per_quart, 8a17; cantaloupes, per crate. 25a1.50. | Dairy Market. | Poultry, alive—Chickens, young, 20a 30; old hens, 19a25; Leghorns, 14a18; roosters, 12a15; ducks, 14a22: Guinea fowls, 40a75; pigeons, pair, 15a25. | Eggs—Recepits, 644 cases; current | | ecelpts, 17a18; hengery whites, firsts, | 3 | |” Butter—Good and fancy, creamery, 26a31; ladles, 19a20; process, 21a22; | store packed, 15a16. Investment Rules BY GEORGE T. HUGHES. | Two points about savings banks must | |be made plamn if we are to understand the part these institutions play in the investment world. The first is that savings banks are intended to serve the needs of the man of small resources. | They are not for large capitalists. It sometimes happens, particularly ing—namely, business depression and low interest rates—that large sums rep- resenting temporarily idle funds are de- posited in the savings banks because of the relatively high rate of return ob- | | tainable thereon. Such funds are likely |to be wi wn on short notice, and | although the banks take them up to certain prescribed limits it is not busi- | | ness which they seek, nor is'it a service | they were designed to give. The second point is that savings only secondly mediums for investment. By that is meant that it is the accumu- lation of money and not the amount |earned on the money in the way of | interest or dividends which is the proper objective of the depositor in the | savings bank. These banks furnish a | place where the wage earner or the | small-salaried man can set aside his| surplus earnings, no matter how small, | cotton and cotton mills, fertilizer, ma- | wif the greatest assurance of security. ‘Whether the bank pays 4}2 per cent | on these deposits, 4 per cent or 3 per | |cent, or any other sum. is a matter of | | minor importance. It is true that the | interest rate is an incentive to saving, | | but the bank operates first of all to in- | |sure the safekeeping of the funds in-| trusted to it HIGH SURETY RATES HIT BONDING FIRMS Increases for Fear of Loss of Business. BY ROLLIN M. CLARK. Rate increases just announced fcr public depository bonds guarantecing the safety of public funds deposited in banks are meeting opposition, strangely enough, from some of the bonding ccm- panies. The reason is that the new rates are likely to discourag: bank offi- cials from seeking this protection, caus- n;:kthe sureties o lose many a desirable risk. ‘When the results of last year's busi- ness became known, it was inevitable that rates would have to go up. Losses on depository bonds in 1930 were more then double the premium income, due chiefly to the unusually large number of bank failw The new-rates are based on the| ank’s capital and surplus, disregarding undivided profits. The smaller the | bank the greater is the premium charge. For example, on public depository bonds for banks whose combined capital and surplus is less than $50,000 the rate is $2 per $1,000. For the largest banki those with a capital and surplus exceed- ing $2,000,000, the rate is $5. Failures Fix Scale. The fact that mcst bank failures occur among the smaller institutions accounts for the sliding scale which has been used in promulgating the new rates. Now that the small banks will be forced to pay 2 per cent of tHeir public deposits as a premium charge on their bonds, it is obvicus that they are banks are for savings first of all and | o Foig, o, make much profit out of is business unless they reduce the rate of interest paid on the deposited funds. The Towner Rating Bureau, sponsor of the new rate schedule, is of the opin- fon that there should be a fair division of the earning power of a public de- posit between the surety and the public treasury, which, after all, is the real insured. In the past, the bureau states, the division of earnings has been un- balanced, with the public treasury get- ting by far the major share. e new Tennessee statute, to be- come effective September 1, is cited as equitable to all parties. It provides that the rate of interest on deposited State funds shall be 115 per cent below the current rediscount rate of the Pederal Reserve Bank in that district, less half The law recognizes this fact in the |of the premium paid by the bsnk on the stringent supervision it exercises over public depository bond. If a deposit of | Nickel Plate 4'5s, 'Frisco prior lem 4s |and 425 and Southern Pacific 413s. Companies Oppose Required| |5s were up fractionally. The high- :‘{t‘hcugh at some of the Southern cities | |savings bank investments. While the | State funds is to be made in Nashville, arious States have different standards | which is in the Sixth Federal Reserve | governing savings bank investments, | District, where the discount rate is now they all insist. and properly, on ex-| 3 per cent, the interest return would be treme conservatism. Savings banks are | 1'; per cent. In addition the bank would not supposed to buy bonds with the idea | be entitled to deduct half of the bond ern Railway 5s and Rock Island re- funding 4s had movements that par- alled exactly the ebb and flow of stock prices during the session. In general, however, small gains were registered by most of the rails. Fractional rises were made by Chicago & Northwestern 43;s, Alleghany Corporation 5s, Canadian Pacific 4s, Rock Island 4';s of 1952, Erie refunding 5s, Missouri Pacific §s, ‘The leaders of the industrials were the oil company bonds. Shell Union Oil 55 gained 1'; points. Texas Ofl grade Standard Oil of New Jersey 5s and Standard of New York 4l5s were firm. United States Rubber 5s, Good- ¥ 58 and other rubber bonds were slightly higher. Paramount Publix 515, up 1': points, led the amuse- ment group to higher levels. High- grade corporate issues, including Amer- ican Telephone 5 and 5s, Philadel- phia Co. 5s, Consolidated Gas 4';s and 5135 and General Motors Acceptance 6s were strong. United States Govern- ment bonds were active but mostly un- changed. In the forelgn department the most significant development was a statement by a New York banking house that Co- Jombia had ligations al L” The lombian government added that “na- tional revenues are imppoving.” Since this was virtually the first news of Tevenue improverent from any South American republic in 18 months, the market respanded fwith advances of % to 3 points in Colombian government 6s and of 3 to 4 points in the bends of its province, Antioquia. Colombian Mortgage Bank issues, however, were slightly off. Most other South Ameri- cans were steady. German dollar bonds held firmly the improvement of the last few market sesslons. Young plan 5ls were active, around 63. Dawes reparations 7s held Jjust under 90 most of the time, Bank Clearings NEW YORK, August 15 (#).—Bank clearings this week at the leading cities in the United States, as reported to Dun’s Review, were $6,377,743,000, a re- duction of 23.0 per cent compared. with the same week of last year. At New York City the amount was $4,348,097,- 000, which was 22.2 per cent less than last year, and the total for all cities out- side of New York of $2,028,746,000 | showed a decline of 248 per cent. ! There was a reduction this week from | the amount shown last week, which was | to be expeeted. settlements through the | C banks Jast week including those for the first of the month, which are always larger. week’s clearings, however, ‘were in excess of those of two weeks ago. This fact may have significance, as bank settlements in August are custom- arlly at the lowest point of the year. ‘The decline from last year's figures con- tinues quite uniform at most centers, loss is not so heavy. Bank clearings for the week, as re- ported to R. G. Dun & Co., showing de- creases compared with same period a year ago, follow: (Totals in thousands.) Arm & Co 4% Arm Del 53%s 143 Atchison gn 48 '8 8 At & Dany 2d 4s Atl Ref db 58°37 Australia 4148 Australia 58 ‘55 Austria 78’43 % Batav Pet 433843, Belgium 65 '5! Beigium 648 . Bell Tell Pa 5s C%0 R Ind Loan C 6846 Beth St pm 6= '36.. Beth St rf on'42. Rolivia §s'47 Bordeaux 6s '34. Bos &Me 55 '67 Brazil 6%s 26, Brazil 6138 2 Brazil T Brazil Bklyn Man Budapest 6 Buenos A 8 Bush Ter con 58 55 Calif Packing 53’40 Canada 45 '60 Canada 58 '52 Can Can Can Can Pac 58 5 Car Clin & O 6s'52. Cent 111 G&E 58’51 Cent Pac 58 Cert-td db 5148 8 C&Ogen 438’92, C&O 4%8A'93.. C&04%sB'Y CB&Qgen ds'58.. CB&Q4%s'TT.... CB&QIldv 3% C M StP&P 58 '76 CM&StPadjss. . Chi & NW gn 4887, C&NW 435 C 2087 Chi& NWen 4% hi & NW $3%s Chile Cop db 58 Te Colomb 68 Jan '61.. Colomb 68'61 Oct .. Col G&E 55 May'52. Col G&E cou 55 '61. Com Inves 53849, Con G NY 4%8"51. Con Pwr Jap 6% Copenhag 58 ' 5 14 [ E€nR 4358770, e - - - N < g O L N e I T T R Ban - Eumlan amo sebiinnemannwSax Penn gn 4 Penn P&L 4% Peru 6s°'60. Peru 63'61. Phila Co 58'67. .. Phila Elec 48°71. Phil & Read 6549, Phillip Pet 53 = '3 PCC&SIL 41487 wheda T T I E TP EP Poland 65740, Poland 8s'50. Port Gn El 4%5'60.. Por RAmT 6s'42., Queensiand §s'47.. Rem Arms 65 A '37, Rem REWS A '47. 4 Rnine West 65 '52. . Rhine West 63 '53.. Rhine West 6555, Rich Ofl Cal 63 '44.. Rio de Jan 63853« Rio Gr W clt 4849, Rome 614853, . Roy D 4s"45 ww. ... St L&SF In 48 A" StL&SF 438’7 StLS W 1st 45’89, StP& KCS L 4%s, Sao Pau 78’40 ret. Sao Paulo 50.. Saxon P W 6%8'51. Saxon 78’45 Seab A L rf 4x'59. . Eea All Fla 65 A '35 Seine 75 '43. . Shell Un Oil 55 '47.. Shell Un O1l 5 Sine Cr 0 5%48'35 Sinc O Tscv A 37 T&T I SenfinSeare Ao R =1 STV JOIIPY e 5143 Sug EsOr7s'42... Taiwan EP 5471 Tenn El P 68 A "47 4 - 868 | Un Pac 18t 48’47 NALAR AW SN NNBNODDN N ~n333 W 98% 98% 103% 103% 1! %% 914 of anafggueyiy Un Pac 413867 Unit Drg ev Freoe ~nean-nBawn M- H 3 BOUNTEOUS HARVEST SEEN BUSINESS BANE e 25832 FEF Uruguay 8s Utah P & L 5844 Util Pw §s ‘59 ww. . Util Pow 538 '47 Vanadium St 5541, 1i VaRy 18t 58°62.... ‘Wabash 1st & . Wabash 58 D '80. .. Walworth 65 A ‘45 Warn Br Pic ‘Warner Sug 78 "41., g 4o 106% Td% 83 e West Un §%s'36.. | Boston . more extended rally and the market | of making & capital profit, but only|premium, which would range from 1 |Ghjladelbhia 'l 110% during recent days would seem to fore- cast just such a development. There- fore, we would buy stocks here in | anticipation of an intermediary Fall uj of sufficient proportions to make available worthwhile trading profits before the middle of next month. Shields & Co.—There would be more lence in the current effort to turn the market if it hi better leader- ship and if there were less option pools at work. No real turn in price trend was ever effected while this kind of | distributing operations constituted the main incentive of the most active lead- ers. ‘There igno evidence of important | bankers taking an interest in deal- | ings and there is not likely to be until Iouiirl‘l financing plans are arranged and the current deflation of labor costs | nears an end. Charles D. Barne Co.—While we ce in the rest | place even if | the rails continue to lag, the technical assurance on this point would be in- creased if the rails show sufficient strength to break through the average level at which they were halted on thg first day of automatic rebound. A few rail stocks yesterday did exceed their | highest prices established on Tuesday. ‘We believe that the advance of the fol lowing rails through the prices indicated | would aid in increasing confidence in the current constructive movement: | Atchison, timo . 48 tr 86. Pennsvlvania, 43, and Sou ern Pacific, 76 | Jackson Bros, Boesel & Co.—While | we feel that the market may be subs | Jected to a minor selling test before the close today. we consider it probable that | this would be followed by efforts to re- sume the advance next week and, if | early indications begin to appear that a | trade recovery is in the making. it would be logical not to expect an im- | portant reversal of the up line during the remainder other hand, if nearby trade barometers | prove disappointing we would expect that the current recovery would be| short-lived. Because of this possibili'y | lots: choice cows, 6.00a6.50; practical | oc after analysis shows that there is every | per cent to % of 1 per cent, depending {CAROLINA TOBACCO the month. On the |10.00 reasonable prospeet of continued pay- ment of interest on the coupon date |and the return of the principal at ma- CROP GAIN FORECAST &5 ™™ * ™ ¥ | Estimate of 517,560,000 Poundlf for Yeer Made by Federal- State Agency. New York Cotton Special Dispatch to The Star. NEW YORK, August 15—Strength- s ened by an advancing stock market, gy S g steadiness abroad and & tropical dis- RALEIGH, N. C., A“‘“m';.‘ss:"'he [ turbance reported off Swan Island, the D iy messnt B | O et 11 4 .38 announced yests . e e oatlons “ate that. North Carolina will | one, Sme totes, STK L g B | produce 517,560,000 pounds of tObacCo | contracts touched 7Y cents, but closing this year. | In spite of warnings and protests from every agency interested in m'\dullnl!- Spots were advanced 10 farmers’ welfare, another large to-| nointsto 7.05. bacco crop is i evidence at this time| "oy geveral days selling pressure has orth Carolina,” the report said. | peen limited, owing to the drastic de- “The condition on August 1. it CON-| cjine in values and the light hedging tinued veraged 76 per cent of “°""“lbelng done by spot interests. After or 10 per cent better than a month ago | 4y, ning, trading disclosed an ex- and 2 per cent better than on August| {iC SRR market: So few contracts 1last year. The yield thus indichted| were available that brokers with buying is 717 pounds per acre or & of | ompelled to bid up the 517,560,000 pounds. This will be a re- OrdSrs, were compe e » duction of 11 per cent from last yvear. | Par: of this rl'd“cat.:;n is the resl\:llu of the 8 per cent smi r acreage plani ate, this year. and part due to the probable | ShaREe SEERIe L O, Y lighter weight of the leaf being har-| . yiareq with 370,000 last year vested " | brought the total for the 12 months to = o 5.271400060:’“‘!5!1!1:(, G,IM,M;B !11";: uyoe“lr RKET and 709, inters, compared w 5, - O T D last senson. The toial consumption CHICAGO, August 15 (#).—Cattle. | sogregated 5,980,000, or 931,000 less than 200 head; compared week 8go, fed | during the previous 12 months. Mills steers and yearlings, 50a75 higher: | held 995,000 bales on August 1, as plain, grassy, Killing steers remained | against 1,183,000 a year ago. unchanged; butcher she stock largely| “The tn ht movement for the week 25850 higher; low cutters and cutters, | was only 27,000 bales, compared with 25 up; bulls and vealers, about steady: | 148,000 last year, and, with larger spin- stockers ard feeders scarce and fully | ners' takings, the visible supply de- 25 higher: top on fed yearling steers, | creased 136,000, compared with only a yearling heifers, 9.50; bulk-fed | 2,000 loss a year ago. -This left the and yearling, 9.00a9.50; short-fed | world supply of American 4.956,000, y 7.00a8.25; grassy kinds. 5.00a | compared with 2,997,000 last year 6.50; most grass cows, 3.50a4.50, but odd | hedging and week end profit taking brought & setback of 10 points in final | we cannot help feeling that long trading commitments at current levels shtvuldh«?ud vealers, 10.00; best thin steers be protected by reasonably close stop orders. Hamershlag, Borg & Co.—At the pres- ! ent time there seem to be three im- portant factors influencing market sen- timent, namely, foreign conditions, the commodity situation, and the raiiroad situation. These three influences have all been adverse to price improvement | both beeause of their psychological ef- fect and the probability that they will retard industrial improvement. On the other hand, we feel that they have been | discounted marketwise to a large on country, account, 6.85; bulk, 4.50a | Mas 5.50. Sheep, 7,500; today’s market nominal, for week, 124 doubles from feed stations; 111,800 direct. Compeared week ago fa |lambs and yearlings 50a75 higher. bul up more; siaughter ewes in liberal sup- later, barely steady: range feeding lambs 10a25 higher; closi: bulk better grade ewe and wether lambs, 8.00a8.50; few, 8.75; the week’s top, choice Western, 8.25a8.60: native bucks, 7.008%.50; throwouts, 4.00a4.50; throwouts, 550 to Killers. choice fed Western vesrling. - tent and do not warrant the expectation | cwes. 2.00a2.75: week bulk range feeding of further serious declines. that the market is apt to fluciuate | We think | | lambs, 5.25a5.50. Hogs— Receipts, 2,500 head, including 2,000 direct; ebout steady; packing sows High Low Ci tober s1as 1o December reh . 5 July . 808 Special Dispatch to The Star. CHICAGO, August market was firm today under short 8.75: g00d 10| novering because of the better tone to | the Liverpool market. September opened at 50 to 50, December 534, May 57 to 57%. After the first half hour Sep- | tember was 50, December 53%, May 5785, Corn was irregular. There was fur- ther liquidation in September and that 15.—The wheat | on the size of the bank, so that the net | interest recelved by the State would be from 13 of 1 to 1% per cent. States Limit Rate. rate cn public moneys is prescribed. | Nebraska requires the payment of at least 2 per cent, but under a recent law public treasurers are permitted to pay | 2 much as 1 per cent service charge on | their deposits. The attorney general of the State has just ruled that a service charge may be paid without violal the depository law. If this is upheld, it { ma:lm th;t Nebraska banks can use the | service charge for at part | thelr bond Preomie, o " % n some sections of the count banks will probably forego lZe;Tt:ng | public deposits by refusing to furnish Mnd:h‘pt the new rates. If the officials are N unable to find depositor | for public funds, the sureties on u:’:fi— official bends will be forced to assume | without extra charge the added lability of possible loss of this money. (Copyright. 1031 { | CHICAGO STOCK MARKET CHICAGO, August 15.—Following is :ht complete official list of transactions n stocks on the Chica toc - change today: AR Sales. "A!h Low. Close. !s;n 38 35 510 &4 i 3 b 10 Chic Nor 8 & Milw p1 54 . 1500 Gities Se . lub dblatt 2 350 Gt Lakes Alrcraft. . 200 Gt Lakes Dredy & = £ ‘mel & Co... 200 Houdaille-Her A 1130 Houdaille-Her B . = ¥a otz Drug..... 350 Keliogg Switch 200 Libby -McNeill 3. =ty FEFCHY M3 SBESL N SR " war,. 50 Mo Kansas Pipe SERESES s o BBt No & So Am Nor'west Bancorp Pines Winter De In some States s minimum interest | Oman few 170-210 pounds, | month was weak, but deferred futires ) 35235252 imore . Pittsburgh Buffalo ... Chicago .. Detroit Cleveland Cincinnati 8t. Louis City 553 a) Minneapolis . Richmond .. . Atlenta .. Loulsville New Orleans dlas n Prancisco . rtland .. Seattie .. $2228358888033; P83 pi Total New York .. Total all Average daily August. to date July Second auarter First quarter . e S CHICAGO POTATO MARKET. CHICAGO, August 15.—Potatoes, 105; on track, 173; total United States ship- ments, 550; weak, trading only fair: sacked Missouri hundredweight: Oobhlfl's.parflflll.lfi: !dlfi Triumphs, 1.80a2.00; Russets, No. 1, large, 1.90a 2.00; medium, 1.70; Commercials, 1.50; Kentucky Cobblers, 1.55a1.60; Wiscon- , 1.50. . [ DECLARED DIVIDENDS NEW YORK, August 15 (#).—Divi- dends declared: Company. Pe. Pay- Hidrs. of Rate. riod. able. record. Extra. Olney Bk & Tr. 3150 . Tnereased. Bankers Nat Inv A.50c @ D BWiviviy s0c Q Sep. 20 Sep. Aug. 35 Aug. Aus. 38 Interim. Rand Mines Ltd ( Bhre) oo Wik .. ses. Reduced. re) Can Int Inv Tr 5% pf nas Famous Play Can Fed Compr & Ware Hooven & All Eautm Depi 8i bt Montr Cot Lid... 35aa 9828 £81 ¥ 3 LR 55 = & Eiee 8% Bf. Shenango Val Waie: gedeges e iBices s Then % Dodge Br cl 0., Dutch East I 6547, Dutch East T 6s'62. El Salvador 85748 .. East C Sug 7%s 37, Erie 1st con 4s Erfe cv 55 '67 Erie 58'75. Fiat 7s war Finiand 5%s'58. .. Finland 6s " Finland 6 Fla E Coast 5: 4., ¥ond J&G 4%s 52, French 7949 French 7%s '¢1. Gen Th Eq 68’40 German 7s rep '49. Goodrich cv 68 "45. Good 1st 634 "47 Goodyr Rub 58'57. . GrandTr sf db 65'36 Grand Trunk 78'40. Grt Nor 414876 D. Grt Nor 4%s'77E., Grt Nor gn 514852, 6 4% Hud & M adj < Hud & M rf 58’67, . Humble O 535 '33. Hungary 73%s '4¢. ., 111 Cent 4s '53 11l Cent 4% "6 11l Cent b8 55 111 CCStL&N Inland St 414 Inland St 438 Int Rap Tr & Int Rap T Int Rap Tr Int Rap Tr 7s32... Int & Gr Nor 58 '56. Int & Gr Nor 68°52. Int & G N ad 6s'52. Int Hydro El 68 '44. Int M Co §8 ret'd1.. Int Match 58°47.... Int MM col tr 68241 IntT&T4%8'52.. Int TAT cv 43%8'39. IntT&T 58’55 Ttaly 78 '51. L Japanese 5348 '65. , Japanese 638 '54.. Kan City Ter 4s'60 % Karstadt Kend 5%8 Laclede 548 C'83.. Laclede 5%8 D '60.. Lautaro Nit 6s '54.. Lig & Myer: 1. Long Isl rf 4s Lorillard 5%s '37.. | McKes & R 535550, Milan 6%s '52 MStP&SSM6Y% 102% 100 94 AT% rraBennnnBine e esnaname Wis Cen gn 48'36.. Yokohama 6 <17 9% 99N Ygstn S&T 58 A'78. 6 97% 9Tk Ygstn S&T '70. 1 9T 9% INVESTMENT TRUSTS NEW YORK, @August 15 . —Over- the-counter market: o >> W aa BreBEBa » o AR A AN N RABNR BN BB HENBRBS - o 'iégg;;g; 788 i & e s 2 » 3 i ; ] : H SHERERREREREE £ H § f ;QEE e il cfitely Sty i sgi i & OEE T FIEEIE “ 2 8 %use¥iut BuuTINis.o8 g g 2 PEE ¥ ore- 1+ % 55 i 2fge gas z U TR g - i LOLLd —_— SAYS COMMODITIES DON'T RETARD IMPROVEMENT B il 28y ] i & " il 1 fargg il e R In: 35 stimulus toward ting provement in general business.” UTILITY PAYS DIVIDEND. SHICAGO, T August 15 (P)—The zm. ‘previously. a5 T T T o G | Deld Srm with wheat. September opened | A pr s 2 3 { i 585, | . September at 221, December 24. After the first half hour September was 22%, Decem- FRFEF 2 e «Clothing Shipments Off. YORK, August 15 ( A n the volume of shipments - S nanmum L