Evening Star Newspaper, August 15, 1931, Page 15

FINANCIAL IELECTRICITY'S USE BY FARMERS GAINS Agriculturists Spend Three Times as Much as Rail- roads for Power. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, AUGUST 15, 1931 1UUN IM W Everybody’s Business ‘N ANADA IN JULY Construction Work Better, During Last Month. Encouraging News From Europe, Especially Germany and Hungary, Seen as Factors in Improvement in Security Prices on New York Exchange. Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s). ~Prev, 1091~ Stock and * Bales— High, Low. Dividend Rate. Add 00. Open. High. 24% ‘114 Afliated Prod 1.60 1 28% 28 4% Allied Mills Tne..... 2 4% 29 54 Stock and Dividend Rate. 4% MacMarr Store: Magdalena Syn Mapes Con Mfg t Bales— Add 00. Open. High. Low. Olose. Do 10 11% 11% 1 4 & ko 40% 40% LY 2% Low. Close. s Trading Highly Selective With Some Realizing at End of Session. Aluminum Co 6f Am 450s 1! 40% Aluminum Co Litd. 75 Alum Ltd cum pt(6). 5% Am Cit PRLBb10% . 10% Am Com P A (b10%) 6% Am Cyanamid B. Am Equitie: Am For Pow war ‘Am Gas & Elec ($1).. Am Invest Inc (B) Am Invest war. . Am Maracaibo. ... Am St Pu Sv (21.60)., Am Superpwr (pd0e) Am Util & Gn B vte.., Anglo Chil Nitrate Appalachian Ga Arkans Nat Gas 4 . Art Metal Wks (60c Asso GEFEL (A) (a1) At Const Fish. Atlas Plywood Atlas Utfl Corp. . A tilities was Bahia Corp. ... Bickfords pf (2%). .. Blue Ridge Corp.. ... Brazil Trac Lt&P(1) Buckeye PL (4)..... Burconccv pf (3)... Canadian Marconi. .. Cent Hud G&E (80c) Cent Pub Sv Del..... Cent Pub SveA b10% Cent Stat El (b10%) . Cent West PS Aall Chain Store Devel. .. Chat Phoenix nv (1). 129% 101 Ghesbrough Mfg 15.. 20% 8% Cities Service (g30c) 10% 3% Claude Neon Lts Inc. 1, 34 Colombia §yndicat 3% % Colon Oil.".. 256% 190% Cmwith Edison (8) 2% 1% Cmwlth & Sou wa BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, August 15.—It is becoming more and more evident that the WNvemem. in securities prices, which has been under way for the p: few days, is due in part only to 'essional activities. Fundamentals are beginning to show of t. News from abroad is better, especi: from Europe. German ald is expected to be forthcoming at an early date. Hun- gary’s stress is expected to be relieved by an 18-month credit, which is understood to have been arranged to the amount of $25,000,000. Preparations are under way to arrange, under the auspices of the League of Nations, a long-term loan to Austria, to take care of some pressing short-term obligations. In the United States, too, signs aré not lacking of improvement in certain lines. Engineering construction contracts for the last month are materialy in excess of last year's figures; automobile retail demand for July and August has gained markedly; the machinery and machine tool market is distinctly upward; the oil industry shows appreciable improvement, and there are also noted gains in the auto- mobile tire, shoe and textile trades. Lowest Levels Reached. e ‘The lowest level in the present depres- - sion has been reached, according to E. W. Beatty, president of the Canadian Pacific Railway, even though no ible evidences of a return to normal conditions are as yet discernable. As regards the situation in Canada, Mr. Be: “J adds that plans to relieve unemployment are of such magnitude and are being so care- fully worked out that the Dominion will come through the Winter Mid St Prodn (2). Mid West Ut (b8% Mo-Kan Pipe L (A).. Mo-Kan Pipe L (B)., Mountain Prod (1) t Aviation t Family S BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, August 15.—Despite & slight amount of week end realizing in the final half hour, today’s Curb Ex- change session finished at virtually the tom levels of the day. Trading was hlgly selective. ectric Bond & Share was up gbout a half point most of the session, while Cities Service held around its previous close. In the miscellaneous industrials a late rise in Woolworth, Ltd., common was a feature and in the higher priced utilities Commonwealth Edison and New England Telephone came in for & quick- “ | ened demand. Standard Oil of Ohio did not open until well into the second hour when it appeared at 49, up 3, and sul uently widened that gain. Buck- eye Line also spurted. Invitations for bids by the Muscle Shoels Commission to American Cyana- mid Co. and Alui um Co. of Amer- ica proved offsettinff corporate factors in the market movement of these shares. Improved earnings were said to explain the unusual activity of Philip Morris, Inc. Standard Oil of Indiana, world's larg- est producer of gasoline, was the active leader of the Standard Ofl group. In {its 1930 consolidated report Indiana | Standard shows for the first time the i effect of earnings cf recent acquisitions. | Standard Crude Ofl Purchasing wid- e ] o EYTI-TUIRTRINE- - FIIPIVISTIIIUIRS. {VEe . 1100 JOTOPRNG 4 PO RIS BY GEORGE E. DOYING. Figures available today from Govern- ernment sources show that farmers in Wmmhl'lflun!m than three times as much for electrie power as the amount spent by all the railrosds in the country and increased their use of this form of energy, not- withstanding the depression. The agriculturists spent $46,187,000 for electricity, having consumed nearly 2,000,000,000 kilowatt hours during the year. More than 10 per cent of the Nation's 6,000,000 farms now make use ?fu epl:c:nc ptow;r, ";hlmmlhs about cent_of used on all farms. b Many Uses r—. Many uses for electrié power on the farms have been developed since it was first used for pumping water for irriga- tion . which operations still con- @pecial Dispatch to The Star. OTTAWA, August 15.—“Tourist trade 4n Canada showed a marked increase in July over the preceding months, which, together with the slight rise in con- struction work, offset, at least in part, e minink ana_foreigh trade These develop- ments are mainly seasonal, although the influence of international events and of crop damage in the prairie provinces can also ized. The be recognized. prospect of comparatively small grain crops in the West seems have screened some favorable elements,” ac- cording to S. H. Logan, general man- ager of the Canadian Bank of Com- " industrial decline has now ex- tended to the point where factory and mill production is at the lowest level since 1926. A sharp drop in the out- of steel and automobiles and of ‘materials is in contrast with small ‘reduction in newsprint and with comparative steadiness in certain industries, such as footwear ; there are as well in- t Investors. e New Mex & Ar Land Newmont Mining, N Y Transit (170c) Niag-Hud Pow (40¢) Niag-Hud Pow A w.. Ning-Hud Pow B w., Niag 8h Md (40c). .. Nitrate Corp Chile B, Nordon Corp Ltd. ... Nor Am Aviat A war, North European Oil., Outboard Mot A. Pac @& E 18t pf 1%. Pandem Ofl . Parker Rust Pr (3).. Pennroad Corp (40c) Penn Pw & Lt pf (6) Perryman Electric. . Philip Morris Inc.... Phoenix Secur Corp. Pilot Rad'Tube A. ... Pines Winterfr (1).. Prod Roalty (b10%). Prudential Invest Pub Util Hold war Pub Util Hold xw. Pure O1l pf (6) ). e ¥o? Y as well as to fill silos, drive cotton i I H public at prices commensurate s its present purchasing power. June Exports Drop. “*While exports of Canadian products ey Sod prelimiaary Teports indlc Ma) rel ary indi- ymmwl: decline in July, there still greater contraction in im- continued Mr. Logan, “with result that for the first time since 1030, and on one of the the demm' ther o B , there was & umb%u-‘? balance. In view of the large external dz}n of Canada and arge [ lowing price fluctua- | there lias been dlngalzfl.ine of !z cent in e: an cen im; a&?‘m first. llxp:nnth.l of 1931, as compared with the corre- period of 1930, and the un- favorable ‘visible’ balance is much less | than'it was a year ago, $64,000,000 in are 1 H trade balan this' years grain ¢ wil, with the adal- INVESTORS OF U. S.| Ixoeptions Made for Foreign Ex- porters Holding Short-Term es with postponed maturity. All internal se- curities will be included, .dv? to the Commerse Department indicate, not & ing those which were to ma- ture within the next 12 months. Under the provisions of the bill ef- fecting the conversion is a clause that where a holder of existing securities satisfles the treasurer that they were | purchased by him with “overseas trade | money” as a short-term investment, mew securities may be issued in ex- change redeemable on such date or dates as the treasurer approves. In other respects, however, the provisions of the conversion act must be con- formed with Reports to the desartment ~imply pressure has- been brought to bear on the Australlan government, stressing | the hardship which foreign exporters wou'd suffer were no exception made in their cases. ‘The conversion loan does not affect Australian dollar securities or Austral jan sterling securities quoted in Lon. don. It afects only Australian gov- ernment securities issued in Australia. FIGHTING HELD CHINA'S NEED FOR UNIFICATION! Dr. Ming-Chien J. Bau Says Gov- ernment Like U. 8. Too Advanced. ‘TOKIO, Japan (Special) —China must undergo another period of fighting be- fore it can evolve a strong and orderly vernment, declared Dr. Ming-Chien . Bau, professor of political science at the University of Peiping. lecturing here at the Oriental Culture Summer Collegc. t nationalist governmen on the same prin | being installed, and it is e 121 & Com Wat Ser g123%c. 3n Consol Copper 51 Cont Shares pf (B) Cord Corp. .. 5 Corp See Ch (b6%) .. Cr won Consol (4¢). Crocker Wheeler. ... Cumberland P L (2). Curtiss Wright war.. Dayton Air & Eng. Deere & Co. ... De Forest Radio. Derby Oil Refining. Detroit Afreraft. .. Dugquesne Ga: Durant Motor: East Sta Pow (B)... Eisler Electric. 4 Elec Bond&Sh(b6%) Elec B & Shcupts. . Elec Pow Assoc A (1) Elec P & Lt op war. . El Shareholdg (b6 % ) Bmpire Corp. ....... Kureka Pipe L (4). .. Rvans Wallow Lead. Ex-cello Air & Topl. . Ford M Ltd(36 3-5¢). Fox Theater (A)... 4 Gen Alloys Ger. Theat Bq cv pf. Georgia Pw pt (6)... Globe Underwr (15¢) 5 Golden Center Goldman Sach Hamilton Gas ret: Happiness Candy... Helena Rubenatein. . Hudson Bay M & S.. Humble Ofl (12%).. Hygrade Food Prod. Imp Ol of Can (50¢). 1ns Co ofNo Am 1234 4 Insurance Sec (40c). Intercontinent Pet n. Int Petroleum (1).... Int Utilities B. .. Klein (DE) Co(1).. Lackawanna Sec (4) Lone Star Gasn 88c. Ludlow Mf Assoc 10. 108 —res 100s ot 258 1 1 1 Ed 2 5 2 5 4 2 4 139 1 4 7 1 2 s 5 1 5 2 1 1 1 1 1 5 2 2 1 5 3 4 5 4 2 0 0 £ 1 2 8 2 16 105'% 1 Rainbo: Relianc Republic Gas Corp. . St Regl Seaboard Util (28¢).. Secu Corp Gen (40c). Sexal L Shaw Shena Silica Gel ctfs. ... Southld Royalty 20c. Stand Ofl of Ind( 1).. Stand Oil of Ky 1.60. Stand Of1 Ohio (2% 1008 Strauss (Nathan) . 2 Stutz Motor C Sun Inv Sunray Sylvani Technicolor Inc, Tech H Trans Lux DL P S Unit Cos Unit Dry Docks. - Unit EI Unit Founders. Unit Gas Corp. Unit Gas war Unit Gas pf ( Unit Lt UnitL & U S Dat U SEle 4 U 8 Lin Util P& Ut P&L Utility Util & I Vacuum Oil (2). Venezuela Petrolm. . Vick Financial (30¢) Walgre Walker ke d 12% 2% Dividen: nual payment. 2 Payavle in cash_ o dividend. _fPlus 5% stock. {Plus 3% in stock. A Plus 8% % 1 16% '05&1 105% 105% ‘Wenden Copper-...... Woolworth(FW)Ltd 21 in stock, w Lum PrB., e Int | s Paper (60). & H (a500).. doah pf (a3).. est. . Ofl (b5%) ... te Gold Mines ughes (60c) rp war ec Sv (p1.41 | | & Pw A Pwr pf(6 ry (B). c Pow W' es pf . Lt(at1.0; B(at1.0; Equitie nd .. | | | | | | % | 2 2% ). » o T (H) (50¢). % 1% W I% 1% on quarterly or semi-an- | y extra. IPius 4% in stock. | bPavable in’stock. e Adjustment | s in stock. h Plus | i P m Plus | » Pais ular rate. r stock. K. k. % in us 10% " in % in id last year—no - GENERAL MOTORS MAY ENTER RUSSIA Negotiations Resumed Look- ing Toward Establishment of Plant There. BY JUNIUS B. WOOD. By Cable to The Star. MOSCOW, U. 8. S. R., August 15.— Important representatives of the Gen- eral Motors Corporation are again in Moscow after a couple of weeks of tour- ing the Soviet Union, ready for a fur- ther discussion with Soviet officials re- garding what is considered the big corporation’ American 's final offer to establish a plant here.. Negotiations between the Soviet gov- ernment and the Detriot firm these lines have been conducted inter- mittently for more than a year. Though details M"mhem losed, it is consi | sides during the discusstons, no agree- ment has been reached.. Visit Big Plants. Particular attention during their pres- ent trip was given by the General Mo- tors representatives to the big Nijnino- vogcrod piant, which will produce Ford model cars #nd the Stalingrad plant producing International Harvester type | tractors. The Nijninovogorod plant is under construction, with machinery now TQM to start assembling cars in ovember, while the Stalingrad formally opened in July, 1930, delivered 4,197 tractors dur- ).n(ht.ht three months ended with July 31 last. ‘Though the alleged shortcomings of the Stalingrad Works has become & n“lin( a:x'm o the e prinf ly num of tractors finished, which for the last three months were only 40 per cent of what the five-year plan istical- 1y calls. for. Employs Huge Force. American experts with years of ex- perience in such plants say that %lhe machinery at Stalingred is ly of mainte- nance and, though about three times the number of employes are workl as in a similar plant in the Uni States, an equally new plant in the { United States with inexperienced cirs. The General Motors representatives | now here are E. C. Riley, from Paris, | Buropean director, and W. L. Carver, | from London, special Russian repre- | sentative, accompanied by thsir s, H. Smith, located In Mos- (Copyright. 1831.) Buying Cheaper Furs. NEW YORK, A il t i B i | workmen would not be producing more | » | New York-Washington 15 (P -~Retail |stated that they Jihe fur trade much trafic could Butter—One-pound prints, 31; tub, 30. Eggs—Hennery, 24a25; current re- celpts, ~16a17. Poultry, alive—Spring brollers, 3 pounds and over, 30; 2 to 2% pounds, 2%; 1% to 2 pounds, 25; Leghorn broil- ers, large, 24; medium, 22; hens, large, 21a22; small, 17a18; Leghorn hens, large, 15a16; small, 13al4; roosters, 12218, pring brolers, 3 pounds and over, 33; 2 to 2; pounds, 30; 1% to 2 pounds, 27; Leghorns, broilers, 28; hens, large, 23a24; small, 19a20; horn hens, 17al8; small, 14a15; roosters, 13al4; Long Island ducks, 21822 ‘Meats—Beef, prime, 15; choice, 1415; , 138132; Texas steer, 11a12; lamb, ; veal, 12al4; fresh hams, 19; smoked ; strip bacon, 24; lard, 105 Live stock—Hogs, heavy, 6.00a7.25; light and medium, 7.25a7.75: pigs, 7.258 7.75; roughs, 3.0025.00; lambs, 4.0088.00; 4.0028.50. 1.00 loum 1. Per: | , 2.0082.50; honeydews, 1.50a2.00; | oranges, 4.0085.00; lemons, 6,0088.50: pears,’ 2.0082.50° huckleberries, 5.00 figs, Norfolk, crates, 5.00; , 12.95; 1.25a1 so,";fi:.pp Vegstables—Potatoes, 2.00a2.25; sweet, per bushel, 175; tomatoes, 2-peck bas- kets, 50a1.00; squash, 50; spinach, New Zealand, 1.00; kale, 7581.00; peppers, 2-peck baskets, 40; cabbage, 75; carrots, per 100 bunches, 3.00; bects,per 108 unches, 3.00; corn, 5-dozen sacks, 40a 60; string beans, lmas, 1.25a 7.50; okra, 2-peck baskets, 50. UPPER BERTH RATES Three Railroads to Reduce Cost of Accommodations on Capital- New York Run. | By the Associated Press CRICAGO, August 15.—The Pullman | Co. and several railroads were granted permission by the Interstate Commerce | Commission yvesterday to reduce upper | berth rates in two areas for experimental | purposes. From August 20 to November 20 up- | per berths on sleeping cars will cost just | one-half as much as lower berths on the lines of the | Pennsylvania, Baltimore & Ohio and Reading-Jersey Central Rallroads. The same reduction will be made for |the same period by all railroads oper- |ating betveen Chicago and St. Paul, | Minnsepolis | In ask the ng for permission to reduce rates, - the operating _companies 3'vadza and whether W there was a .‘3‘ the Dumber , | circulation. This item is now approxi- T0 BE CUT FOR TEST ¥ INCREASE IN LOANS - SHOWS BASIC GAIN iTwofo!d Significance Given | Facts Revorted by Federal Reserve Board. BY CHAS. P. SHAEFFER, Associated Press Business Writer. One irrefutable barometer of an m- | provement in basic business conditions | is the increase in commercial loans of | | member banks of the Federal Reserve system, as reported weekly by the Re-| Such a showing is twofold in sig- | nificance. It shows that business men consider conditions as more favorable and the time propitious for expanding commercial operations, It also indi- cates that bankers view the situation | with confidence, feeling assured their | money can be advanced to commercial | interests with safety. lflAI:’otbvr wttl:.memph‘l'h indlclun(' [provemen lown in reports of the Federal Reserve Board, which in- dicate a sharp increase in money in mately $500,000,000 higher than Iast | Summer and represents the peak since October, 1930. Usually more money in ecirculation | means more activity in business, due to | more cash being needed to conduct op- erations. Trade barometers, however, indicate business progress has not been commensurate with the increase regis- tered by circulating funds. A truer ex- planation, undoubtedly, is that many itors, especially 'in the Middle | West, have seen fit to withdraw their | bank accounts due to undermined con- fidence resulting from the series of bank faflures. Lately, however, the trend of deposits is again upward returning’ confidence and a | eling present business ac- it level mml vity. During the last six weeks commercial loans of member banl &s reported by the Reserve Board, have increased to the extent of approximately $150,000.- 000. That amount at least has been thrown into the breach of business ac- tivity and cannot have other than a favorable effect. U. S. ELECTRICAL EXPORTS INCREASE DURING JUNE By the Associated Press. | Exports of electrical equipment fr the United States during June et | ed to 33,034,044, & gain of $25,000 over | the same month last year. Increased shipments to Russin was responsible for the favorable ‘howing. exports to that country beiny valied at $1.076.790. The bulk of this busi- | ness was in power switches and circuit | breakers over 10 smperes, accessories | and parts for generators, portab'e e | tric tools, industrial electric furnaces | and ovens and other heating Cevices, | accessories and parts for motors, i to 200 horsepower stationary motors, and double-ourrent and motor generators, dynamotors, synchronous and other | ened its deficit in 1930 and net income of Stanolind Pipe was slightly lower, but Pan-American's earnmgs were up $3,917,532. Humble Ofl, most important buyer of Texas erude, was up about a point and Vacuum Ofl rose more than a point. Standard of Ohlo, which is merging with Solar Oil Refining, was inactive, despite unconfirmed rumors in the ofl trade that as soon as this consolidation is completed Standard of hio will be linked to Standard of New Jersey. It was thie pipe lines, however, rather than the oils, which, in point of fluc- tuation, attracted tape-readers’ atten- tion. Eureka Pipe Line opened up 2 at 32, National Transit started at slightly higher levels, which also was true of New York Transit. The immediate cause of the recent flurry in pipe line shares was the an nouncement that Buckeye Pipe has ceived an offer for some of its prop. erties. The move in pipe lin. shares was given a further stimulus by a gain ip deliveries of crude ofl by many of these carriers and the belief that some of the unused lines will be utilized as natural gas carriers. Made Railway Director. BALTIMORE. August 15 (Special).— Philip H. Glatfelter, president of the Glatfelter Paper Co. of Spring Grove, Pa. and the Hanover Wire Cloth Co. of Hanover, Pa. has been elected & director of the Western Maryl BONDS ON THE CURB MARKET. Sales in DOMESTIC BONDS. thousands High 3 Alaema Pw 4725 '67 58 5As60 T & T 5735 A 1Birm'ham_Ges 85 '39 iCarolina P & L 85 ' 4 Caterpillar Tr 5¢ '35 16Cent LI P S 4las F 67 Pow & Lt s ' Mot_Ace Georgia' Power Gilletie 8 Raz Grand Trunk 6'2s 36 ulf ol s 47 38 s 6710234 55 '40 9ily 108! 25 H 8110114 s '47 99% 150 102 s S Milw G inn G & 81 L 1984 Tt Cam o JU_&1 No 1! PaL 5 nit 1 U &1L L& R apd Rail- | s | amounted to 60 Expect Big Year. While it is possible to practice economy in many industries, the food products business is a notable excep- tion. As a rule, depressions affect them less seriously than other enterprises. ‘To bear out this view, the H. J. Heinz Co. is expecting the biggest year's busi- ness in history, sccording to Howard Heinz, president of the company. Mr. Heinz out that the unit output has shown a steady growth: and that, with the introduction of new products in the Fall, there is every reason for optimism about the future. Similar views are expressed by Ed- ward G. McDougall, president of Libby, McNeil & Libby, who reports that the company had shipped more cases of canned food during the first seven months of the current year than in the same period of any year in its history. Would Not Help Cotton. Americans have often been accused of working without a plan. To a cer- {ain extent, this seems true, even though it is generally recognized that even a poor plan is better than none at all, because what may a T poor today may be the right plan tomorrow. ‘The proposal by the Farm Board to growers to destroy every third row of Tew cotton in return for the holding of Stabilization Board cotton off the market is not likely to help the cotton situation. It may afford temporary re- , ac best. We do not, therefore, share the hope of Chairman James C. Stone of the Farm Board, and are in- clined to accept the view of men like J. H. Hutton, president of the Houston Cctton Exchange, and J. W. Evans, former president, who are unqualifiedly opposed to the proposal. Tin Stages Sharp Advance. In the expectation that further drastic restriction of output will be efTected by the tin-producing countries at the next conference, called for August 21, the prices of the metal staged a rather sharp advance. Heavy buying is reported to have taken place in London, where the overnight rise Since the well points. ing of Bolivia de- | with less hardships than had been expected. pends almost exclusively upon tin, im- provement in the price of the com- | modity should have a favorable effect upon the economic conditions in the blic, which, early this year, was to default on its entire (man debt, held almost exclusively by 5 can investors, Boom for Packard. tember will witness the of‘a o0d Faul seling season of Hackard cars, according to H. W. ng"c'x;‘“ presiden y of distnbution. Mr. Peters adds ur\fi shipments in July were the la; for any month since October, 1930, and month. Chile Will Pay Nothing. Chile has apparently made up her mind to disregard completely the rights and privileges of forelgn creditors. She will listen to no compromise. A posal which was offered by the Chil deputy, Pradenas Munoz, that 50 cent of the foreign debt bgpaid du the next five years, was ted. Chile will pay nothing, and will utilize sums which ordinarily go for debt service to cover the budgetary deficit. Reserve Out of Proportion. ‘Why is it necessary for Uruguay to have & gold reserve of over 93 per cent? Is it not within reason to assume thet | even a drastic cut in this percentage ‘would not result in a further weakening In the value of the peso, quoted cur- rently at appreciably less than half its par value? It would seem that since the coun- | try's gold is admittedly out of propor- tion, when compared with the value of the peso, and since U: y s anxious to continue to meet all her en- gagements Fomptly. the earmarking of a part of the gold as security for a temporary advance would help the situation immeasurably. ‘The crisis is not going to last for- ever, and Uruguay possesses in her | resources and in the energy of her people t';ound basis for the ultimatc | American . by the North per Alliance, Inc CORN GROPLODKS B DESPITE LOSS i Sellers’ Strike Among Grow- ers Appears Likel" Because of Low Prices. BY JOHN P. BOUGHAN, Assoctated Press Market Editor. CHICAGO, August 15.—Foremost un- official authorities say corn looks like & big crop when compared with last year, despite a loss of almost 200,000,000 bushels during July. In_ territory im- medietely adjacent to Chicago, trade reports are that corn has a splendid promise, notwithstanding that in parts of the West, Southwest and Northwest the outlook is poor. Regardless of the outcome of the new crop, however, corn at present is down to a basis where prices bid on new No. 4 grades for December shipment from the country are only 20 to 25 | cents a bushe), figures fer bslow produ tion costs. Likelihood of a sellers’ strike among corn srowers is seriously talked of as a result. Prices Down for Week. Compared with one week back. the corn market yesterday ranged from 17% to 5 cents a bushel lower, with wheat 1, to 1% down, oats unchanged |1 to 14 off, and provisions varying { trom 75 cents decline to a rise of 15 cents. Aucpicious weather that has prevailed since August 1 is generally regarded as more than counterbalancing the effect = latest Government report, which suggested virtually 200.000,000 bushels corn crop less in July owing to hot dry weather. cate that drought still persists over a considerable area, and that a return of % | hot weather would bring about & re- STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, Some advices, though, indi- | newal of crop damage talk. It is also urged by bulls that ank change for | the better in economic conditions would be favorable to corn owners. Eastern consumers of corn are ap- | parently obtaining the bulk of their supplies at present from States east of | Chicago. In addition, some other fee: are relatively cheaper than corn, and are being used on an extensive scale. Meanwhile, there is little corn being sold to arrive here, and this would sug- | gest that rural supplies of old corn arc | scanty. It is contended in various quarters, however, that the present level | at which new crop future deliveries are | selling leaves scarcely any doubt. that | | 1 operations later on will be | heavy. Little Hedging Pressure. An outstanding feature in the wheat market is that relatively little | pressure from the new Spring crop ap- | pears probable, as the expected yield K. ts only 75,000,000 bushels avail- able for mills after -uowm‘:' for seed ! |requirements. Oats are steadied by the | fact that the after-harvest movement | has been small and seems likely to re- | main so. | Lard prices reflect support ascribed | to distributors, whereas meats show the bearish influence of big stocks. | i | | FAILURES SLACKEN. | Business failures slackened slightly | during the week ended August 8 as the trend was noted by the Commerce De- | partment. In the levels that follow the insolvencies are given for comparab'e | periods, b2sed on representing the 1923- | 26 average as 100: | Week ended August 8. Previous week ... Same week last year. MORE GOLD RECEIVED. | NEW YORK, August 15 (#).—The gold statement of the Federal Reserve Bank of New York showed imports of | 85,000,000, of which $4.000,000 came | from Argentina and $1,000.000 was re- | ceived from the Banco de la Republica Oriental del Uruguay by the Guaranty | Trust Co. of New York. were | no exports and there was no net | change in gold earmarked for foreign aecount. AUGUST 15. that August business will exceed the| prod: preceding ds | has developed in the fer imp water, Among the latest eflf trical devices are those for the heating of hotbeds and the operation of equip- ment for dehydrating crops. This information is based upon re- ports received by the United States Bu- reau of Agricultural Engineering, and the Geological Survey of the Depart- ment of the Interior reports that while the normal seasonal decrease in the dally demand for electricity for all pur= ::u “r“n:n ‘g’-anunry m\me is about 3 about 2 per cent. s s tion of elec- The average daily product tricity for public use in the United States in June, according to the Geo- logical Survey, was 250,500,000 kilowatt hours, which was 1.5 per cent more than the daily output for May. The total luction of electricity during the first six months of this year was 45,778,000, 000 kilowatt hours, while the total for the entire vear 1930 was 95,936,000,000 kilowatt hours. The decrease in it t'x;r n"!hlewflluld hnve.hbeen far greater but crease shown ! Ay in home and Cut Operating Costs. In the face of the siump in indus- trial consumption as a result of economic d , the electric numt:: i have not only devoted attention to fn- creasing the use of electricit; homes, but have continued !n’ G?Ve'l’h. farm use and have co-operated wi the agriculturists in numerous ways to reduce operating costs. On the Pacific Coast the California-Oregon Power Co. Trecently made a voluntary reduction of lopercmtmlummnmmfirts- tion districts and offered to maintain the lower rates as long as the price of butter fat remains below 35 cents & pound. It is probably the first instance Iul record where a public utility rate was based upon the price of a com- modity not directly involved in the costi of producing - energy. (Copyright, 1931.) STEERS REACH TOP PRICE FOR SEASON Sheep Situation, However, Becomes So Acute Stock May Have to Be Killed. Special Dispatch to The Star. CHICAGO, August 15.--A lbrl(h§, spot m| et this week with the rise n ui‘p‘hee";? best steers to $10, the highest of the season. This follows a recent upturn in hog values to above $8 a hundred po:nds. t the same time, the farmer who has diversified his production finds that his eggs bring him about 20 per cent more than they d'd two or three weeks 2go and he is realizing a larger return from his cream. Live stock -and the farm dairy are carrying thousands of farmers through a eritical period im Ith! Middle West and Northwest. The one most discouraging feature of the Northwest situation is reported to T'e in the range country of Montana end Idaho. wh-re sheep raising is the principal industry. There drought has complicated the problem of marketing an unusually large crop of lambs. May Have to Kill Sheep. Producers coming into the stockyards here say that many shesp men will be forced to shoot their animals, owing to low prices and difficultiss of obtaining pasture and water. C. E. Reichard, an extensive sheep raiser in Sanders County, Mont.,, while here with a big run of animals which he was marketing, said that thousands of breeding ewes will be slaughtered to keep them from starvin, “There is not enough grass for the ew:zs and the lambs, t00,” he sa'd. “The alternative is to dispose of the ewes Some way. They are *co thin in flesh to pay freight to market, and the only salvage for the ranchmah is the pelts. Even the lambs are too light to meet market requirements, but possibly they can be sold as feeders. One b'g outfit near me killed 14.000. Water in some places has been hauled €0 miles.” May Concern Board. The sheep situation is likely to be~ come the next problem to concern the Federal Farm Board. Thers is unusual overproduction this season that is ex- pect>d by live stock men to complicate the market situation when the animals start to flow m during September and Qciober. It is pointed out that a supply of over 21,000,000 lambs in the West and 10,- 000.000 east of the Pocky Mountains must be disposed of between now and next Spring. This is sald to be a crop 22 per cent larger than in 1928, when there was a good marketing year. Con-. sumption of mutton products is said to have fallen about 25 per cent in the h;t divisions of the iive stock trade, however, are in much better shape and promiss to afford the Middle Western and Northwest farmer his meal ticket during the present year. (Copyright. 1921 Will Try Store Methods. NEW YORK, August 15 (#)—Ar- NEW YORK, August 15 . ~De- mflruummmz in New York this week. Calls for and other fabrics were numerous