Evening Star Newspaper, August 17, 1931, Page 14

FINANCIAL (oo sone BONDS oo rxconve] INCREASE INLOAN eceived by Private Wire Direct te The Star Office UNITED STATES. THE EVENING STAR, WASHI NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ARKET REFLECTS | IBONDS IRREGULAR . Low. Close. Sales. in $1.000.) IntRap Trsta'66.. 12 69 69 69 IMPROVED OUTLOOK Wall Street Believes Bottom * of Business Depression Has Been Reached. ,; BY CHARLES W. STORM, s~ Editor the News Service of Wall Street. Wpecial Dispatch to The Star. JLNEW YORK, August 17.—Concen- tation of buying by strong speculative ups anticipating seasonal jmprove- lent in business during the Fall ac- counts for the increased activity and igher range of stock quotations wit- ed the last week. Whether or not Xusiness will expand remains to be Been, but those who are now identified ominently on the constructive side lieve that trade hes reached such a low ebb that it must of necessity show betterment during the Fall months. The Street is practically unanimous in believing that the bottom has been reached and that there should be in- creased industrial activity if only from the necessitous demands of consumers st a time when merchants’ shelves are rted to be bare of goods. It is with this in mind that important operators on thz bull side of the mar- ket have taken the initlative. The comprehensiveness of their operations deads to the belief that their activity tHs the co-operation of important bank- ing interests, who would be the first to see signs of a broadening of manufac- suring activities. Regorls were also current that close to 30 per cent of the industrial cor- porations whose stocks are listed on the Stock Exchange are now experiencing a ohange for the better in their busi- nesses. Isolated signs of this better- nt have come to hand, but it will t become generally apparent until the turn for the better is more pro- nounced. z Hopes Are High. Hope is being entertained that tbe eourage of aggressive market operators will engender a public following suf- ficiently large to enable the continu tion of the forward movement. The magnetism of higher prices has greated some increased interest on the part of the public, according to large security dealers. While the demand for stocks from the public Bas been slight, the fact that there ha% been some im- provement leads to the hope that there will be further expansion. »One encouraging sign has been the improvement in the bond market. In- asmuch as the Nation has become stock minded it would not be surprising if the improvement in the securities mar- kets precipitated a better ‘feeling in general business, thus laying the founda- tion for a resumption of trade expan- ‘While the banking fraternity and the Street believe that there will be ex- pansion in business this Fall there are some who think that it may be some- what delayed. Moody’s Investment Service states that “indications thus far are that seasonal improvement is being delayed.” It says the few available statistics for August do not vailed for European %‘.x. especially the German gove ment issues, cause a change f oil industry, and important people aggressively. The deplorable condi existed in the oil industry have been change mnum;mnm direetion | should have a favorable influence on | sentiment. ' { The unfavorable earnings being re- ported by the railroads leading to tbe possibility of further reductions. in their dividends continues to be a ng | factor on the stock market, but the | financial district belleves that the In- | terstate Commerce Commission will | recognize the urgency of the present | situation and will give the common carriers some relief. The feeling of hopefulness in the | Street is such that the big professional shorts are standing aside and refusing ' to resume their operations on the short | side, believing that deflation in stocks | has been overdone for the time being | and that the market is at least en- | titled to a further upward movement | until it is ascerfained whether or mnot | Fall improvement in business has ma- | terialized. (Copyrig y 1933, by the North American , Newspaver Alliance, Tnc ) p INSURANCE FIRMS . & | Gon IN GOOD CONDITION' Present depressed price levels for shares of leading life, fire and casualty insurance companies probably have been induced, at least in part, by reports to the effect that even the strongese in- surance companies are suffering se- verely from inadequate rate schedules in some divisions of the business, the geperally lower trend of security values and larger loss ratios as a result of the prolonged depression. says the Stand- ard Statistics Co. of New York in a eur- | rent bulletin “Our investigations disclose.” said the bulletin. “that these reports have little | foundation, except possibly as regards | certain individual companies. We find that it is true that casualty insurance premiums have contracted in volume ! because of reduced pay rolls and in- creased unemployment. Other divisions | of the casually insurance business, however, have shown no alarming de- crease in income comparable with other lines of business “We find, further, that there has been 1o disposition, at least as far as the old- line companies are concerned, to in- cuige in unsound underwriting prac- tices in an attempt to maintain pre- mium volume. To the contrary, insur- ance authorities advise us that' under- | writing is more consarvative today. by and Jarge, than for some years past (Continued From Page ~Prev. 1931, Stock and High. Low. Dividend Rate. 10% 34 Rio Grande O 26 15% Rossia Insur e Sales— Add 00. High. Low. Close. Close. | RS 4 13) High. Low 1% 61 941 901 Tri-Con N 4k 45% 281 Rix 187 10 a8, Prev. 42% 24% Royal Dich(m2.2769) 6 26% o tores (5). 49 trs pf (5).330 Safeway Strs pf (7). StL-San Francisco. . Schulte Retail Stores Seahoard Air Line. .. Seaboard Oil. . Sears Roebuck ( Second Natl Inv pf. 2 Seneca Copper . Servel Inc. .. Sharon Steel Hoop. . Sharp & Dohme Shattuck (FG) (1134) Shell Union Ofl...... Shell T'n Oil pf(57%). Shubert The; Simmons Co Simms Petroleum Sinelair Consol Oi1. . Skelly Oil. Sketly Oil 2. % Slose-Shefl Steel pf. 120 Socony-Vacuum 1.60 45 Solv Am pf ww(ily) South Port Rico Sug. 5 Sou P Rico'Sug pf(8) 105 Southn Cal Ed (2)... 1 & Southn Pacific (6). Southern Rwy (m6). Southern Ry pf (3).. Sparks Withing (1) Spiegel-) Stand Brands (1.20). Stand Gas&El (315) . Stand Gas&El pf (6) Stand Oil Cal (h23%). Stand Oil Bxp pf (3). 4 Stand Oil of Knnsas. Stand OILNJ (12). .. Stand Ol N Y (1.60). Sterling Secur (A).. Sterling Secur pf ... Sterling Sec cv pf(3) Stewart Warner. ... Stone & Webster Studebaker Co (1. Sun Oil (1), Superheater. ( . % Superior Oil .. Sweets of Amer (1) 67 38% Safeway 86 Texas Corp (2)..... Tex Gulf Sulphur(2) Tex Pacific Coal&Oil Tex Pacific Land Tr. Thatcher Mfg (1.60). The Fair (2.40) Third Avenue. .. Third Nat Inv(misc) Thomp-Star pf (314 ) Tide Water Asso Oil Timken Roller B(2) Tobacco Products Tobacco Prod A 19 Transamerica (40c) FOOD N HIGHEST CROUP FOR SALES Statistics Show Rank of Va- rious Retail Goods in United States. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Twenty-two and six-tenths cents of each of the $50,083,850,000 expended in retail trade in the United States in 1929 went toward the purchase of food, the highest group classification of the vari- ous branches of industry making up the This is brought out by a compilation mfiw’ on retail trade of the ‘48 States and the District of Co- Jumbia covering the calendar year 1926. . Whereas a preliminary report cover- 13 States showed the auto- motive the list, the com- inthe o i braic ' stal h in sec- | position, boasting 19.08 per cent of 91y Ulen & Under Ell Fisher (4). “nion ¢ "nion « nion 1 nit Co “nit Co nit Fri ~Prev. 1931 Stock and Dividend Rate. ontl Corp. . co Products(2%z). x Traer Coal Co Prev. . Close. 8l 914 3614 4% eel (60c 3 3 3 124 Co (1.60) 10 Sales— Add 00. High. 1 89 ntl Corp pr(6) “arb & (2.60). )il of Cal (2). "acifie (10) rp (T5e) .. rp pf (3) uit (4) nit Gas&imi & F & ¥y In Lea Pipe & Fdry (2 Rea ub u an Unit 1915 Util Py 23% Vanadium Corp orn or Sec pr6). psum (1.60). . us Alcohol ... th prpf (7)., Ity & Imp( pher. sber 15t pf . .. + 181 o Chem Detin (4) ... 1008 Wabash RR Ward B; Warner s (133).. aking (B). .. Brothers. Warner Bros pf 3 Warren Wesson Wesson West Pa Weste Bros ( ON&SNO(2) . O&Sno pf(4) »r(6) \ Pacific Western Union (8).. Westinfhse A B(2). Westing EI&M{g (4) White Motors (1) Wilcox Willys- Ol & Gas Overland Woolworth ( 16 807 154 & 78 38 w1 66% Yellow Yestwn Worthington Pump. 4 Wrigley (Wm) (4).. 9 74 4 Zonite Prod Corp (1) 27 12 Truck 3 Rl 81y Sh&Tube(2) 43 2 42 58 11 1% Sales of Stocks on New York Exchange. 1:30 P.M..... Dividend rates as ments pay: tPartly extra A las r—no Tegu 101 n | OF stock. 7 in special preferred no regular rate. n 100 Comment By the Associated Press. | NEW YORK, August 17.—Commis- slon houses’ advices to customers today indicated a widespread feeling that the recovery in the stock market will carry further, subject to interruptions from | profit-taking. Comments follow: | Charles D. Barney & Co—The | weight of past eees::&'g]fleucz. therefore, | Indicates the ne of regarding an August rally in bear market with some degree of skepticism. 1If general business activity fails to show a defi- nitely sustained pick-up from the low levels of the past several months it is questionable whether the market can avoid another period of discouraged liquidation. Therefore, until there is | more definite evidence of fundamental improvement in business we believe it is well to regard the current recovery | as an intermediate movement, with | speculative commitments made on that basis. We would not yet increase long-pull holdings beyond approximate- lx’ %m-tmm of amount ultimately de- sired. Hornblower & Weeks—There is little | doubt that a market such as we have been witnessing has probably elim- | inated some of the short interest and | as a consequence the technical position {of the market has in this respect been somewhat weakened. However, we be- Heve that any profit-taking on renewed | selling for a decline which might based on the latest quarterly o hall-yearly dec 1 Plus®’c in stock . 200,000 12:00 Noon... 800,000 11,000,000 2:10 P.M 1,500,000 given in the above table are the annual cish ratios in stock. in stock. b Payabie in stock. e Payable in cash stock Plus 3% in stock. m Py us 5% in stock. p Plus 2'a% in stock LEGAL RESTRICTIO lus 4% rate. OF COTTON URGED |Carolina Legislator Suggests That No Crop Be Planted in 1932. By the Associated Press COLUMBIA, §. C., August 17.—An act by Congress to regulate the cotton acreage in 1932 was proposed today by Representative Hampton P. Fulmer, | Democrat. of the sevenlh South Caro- |Jina district. as one means of raising | the price of cotton. | _In a letter addressed to the PFederal Farm Board, Representative Fulmer | suggested that as an immediate step toward relief of the coiton grower the board take over the present crop and sign up farmers “not to-plant any cot- ton in 1932." | “Let the next Congre: “pass legislation, which I believe it can do under the welfare clause of the Con- stitution of the Unjted States, to regu- late the acreage to be planted in 1932 and over a period of two or three years “All other stores” is in third | occur during the early part of this | 1f necessary.” “with 1 r groups Pomber and bullding, 7.37 re and household, 4.57. 23 per cent, while the as follows: 14.27. e show that the purchase of food was bighest in mthpc-rollnl. where 31.33 per cent of the total was expended in this direction. It was lightest in South Dakota, where only 13.22 per cent was used in purchasing foodstuffs. Auto Group. The automotive group found greatest favor in Oklahoma, where a percentage of 27.19 went toward motor purchases, and least in New York with a cent- age of 13.34. General merchandise, third in importance in the group, found highest favor in North Carolina, where 25 96 of the total was spent in this di- rection, and least in Vermont with 8.74 per_cent. v ‘The percentage of sales by principal types of stores throughout the entire country, as compiled from individual State reports, follow . Auto- Gen Pood. ‘motive. md 1807 nnecticut Delaware District of Columbia Flos Geos Idaho lowa Kansas Kentucky Louisians Maine Maryland M Michi Minnesota Mississipp esouri Montana Nebraska Nevada New Hampshire New Jerser New North ork. Carolina North Dak: ota Pentastvania sivan iode Isiand South Dak Tennessee Washington West Virginia Wisconsin Wyoming Total SHORT-TERM SECURITIES. (Reported by J. & W. Sellgmen & Co LR 102' XQ? “In sum, we believe that whereas the | rious results of the val insur- ence will this ‘year Be relatively un- | Bay s (a perfecily natural ex- ‘;‘r::e:‘réu n;:h a subnormal period), 1 5 nearly as disappointing as Lrne“ ‘prices for individual insur- ance shares would indicate.” DIVIDENDS DECLARED NEW YORK, August 17 (®).— E - T | a2 week, will encounter strong resistance {and do not Jook for any reaction to | carry beyond technical proportions. Frazier, Jélke & Co.—The amusement shares and the more speculative bonds of the moving picture companies have shown quite an improvement during the past 10 days. This may be at- | tributed to a very large cut in overhead | |eosts and to_the beliel that the quality | of the new films released this Fall will |be much higher than the quality of those. released a vear ago. In theater circles it is insisted that one of the big troubles with the amusement business during the past year has been the large | number of poor or indifferent films pro- | ! duced in the Summer of 1930. Jackson Bros. Boesel & Co.—The main hope for a better stock market in the near future is based on expectation of the normal seasonal trend in busi- ness which is upward at this time of the year. We have seen some signs | that this normal trend will show itselr. but there is nothing to mdicate a sud- den pronounced recovery in business 2nd international finance. There has been a conspicuous absence of favorable news, both domestic and foreign, which might help the market, but this should not cause undue anxiety Redmond & Co—Under favorable conditions a rally of 20 or 30 points from the recent lows would not be un- reasonable, but at the same time there is still no assurance that the June lows in the recognized averages will hold in the event of & renewal of liquidation based on_disappointing Fall trade and more dividend and wage cutting, or in the event of a turn for the worse in the European financial sitnation. Third quarter reports probably will begin to make more favorable comparisons with the same period last year than those for the first and second quarters. The rapidity of the advance last week sug- gests the possibility of a sacondary re- action within the next 48 hours. and we would be inclined to defer new long- trading commitments until that sc*back takes place Shields & Co—Sentiment in *he steel and railroad worlds—as ‘Washington—is very talk of a “hard Winter As these are the sam: for the {li-judged st vear ago, they are not to be taken too seriously, but’ their fesling will tend to slow up improvement. Despite seasonal influences the good companies continue to make the best showing. As was the case with the false (stock market) move of last year thor: are too many opt ng on to permit of sent ballish activ that seem prospect will afford geod trading oppo- tunities, but the utmest caution is nec- essary SHOE FIRMS ACTIVE. August 17 (Special) The vroduction echedule started tcday st the Massachusetts plants of United Shoe Machinery, along With the mark:t action of shoe stocks. calls attention to this group, whi have heen Tesponding to better tional Ehoe. which earncd $1.12 a share In the first six against $1.75 a year ago in the same period, has speeded its daily out- put to the highcst Jevel in more then a |year. Endicott-Johr=on earncd $251 a shace in the first half, against $2.12 in the seme 1930 period. It bas incress.d | _He said legislation was necessary for | the success of the plan, because if the farmers merely signed an agreement | “many of them would break their con | tract. others would refuse to sign and there would be thousands of new plant- | ers going into cotton farming to take | advantage of any price that might ac- | crue because of such plans.” Representative Fulmer termed the board’s proposal that every third row {of cotton be plowed up “absurd and radical.” NET INCOME DROPS Special Dispatch to The Star. NEW YORK, August 17.—Aggregate net income for the first six months of 1931 reported by 335 typical industrial ccmpanies amount to $329,095,000, a 48 per cent decline from the $631,733,000 recorded by these same companies in the corresponding period of 1930, says the Standard Statistics Co. of New York in a current survey, which con- tinues in part: “Additions to the list during the past | week serve to enlarge somewhat the percentage recession expressed in earlier compilations “Raliroads continue to record highly | unsatisfactory comparisons, a decrease of 52 per cent, as compared with the | first half of 1930, having been revealed for 24 carrlers. Profits of 17 utilities registered an advance of 2 per cent. Wi However, this small gain 15 translated into a recession of 6 per cent for 16 utility American_Telephone & Telegraph are excluded from the total. “Sufficient reports are now at hand vicsont a generally accurate descrip- tion of the experience among the va- rious industrial groups during the first half of 1931. the food products group showed rela- tively the most stable level of income, with an aggregate decline, for 25 com- panies, of but 10 per cent. While 21 retail trade units experienced a com- bined gain of 43 per cent in earnings, this increase was largely due to the very substantial expansion of Kroger Grocery. Including\the favorable re- sults of General Motors, automobile manufacturers were only 2 per_cent below those of & year 8go. Excluding the stabllizing influence of this company, the remaining 14 com- pasies so far reporting realized a level of income 59 per cent lower than that | N, in the 1930 interw: The decline in chemical earnings, for 16 companies, was less than the average for generai v and amounted to 27 per cent. 1e theater and tobacco groups. not entirely representative as vet, give evidence of & less than aver- age decline. Among those groups which howed about an average decline are tomobile parts, building, and electri- cal equipment. The machinery, rail- road equipment, oil and steel industries experienced income declines of 80 per cent or more.” FOREIGN EXCHANGE. ons furnished by W. B. Hibbs & Co.) Nominal gold Selling value & (Quota Lndon, pound Frane %} gutput and soon may advance prices 10 ieds] {per cent. Melvl 1013 941 i i3 g (& e Shoe Co.. operator of 503 shoe stores, showed doliar volume sales in the first six months off 3.8 per cent from the same 1930 period, due to reduction of 10 per cent early year, Unit sales of this chain are aapes. pengo. rague. crown (nom | | K .|on the day .| Among high-grade » | Atchison general 4s, Great Northern 7s, 478 | ss,” he continued, | IN LAST SIX MONTHS | companies, when revenues of | Ce As was to be expected, | Ame D earnings of | Dis Rail Group Declines in Selling Movement—Domestic List Lower. BY F. H. RICHARDSON, Special Dispatch to The Star. | NEW YORK, August 17.—Bonds fluc- tuated irregularly in quiet trading to- jday. For the most part the domestic {industrial list was firm, but railroad ~.* | bonds were generally lower. In the for- {eign department initial firmness in | European bonds was replaced with a . | heavy tone, in response to weakness in London and Paris and some anxiety over the projected reopening of the | German_ exchanges. | "In domestic bonds the action of the 591, | Stock market was the ruling factor. %71 Oil company bonds reflected the upturn in oil shares. Phillips Petroleum 5%s gained & point. Shell Union Ofl 5s were fractionally higher. Texas Corporation 155 were active and at one time higher Prime oil issues such as Standard Oil of New Jersey 5s and Standard of New York 4ls were firm. Houston Oil 5';s were steady. The drastic _restriction measures taken in both Oklahoma and Texas are expected to result in a sharp advance in oil prices. carrier issues, Northern Pacific 4s and Baltimore & Ohio first 4s held steady. United States Government bonds and the prime pub- lic utility descriptions were firm. Some nervousness was apparent in the foreign list because of the poor reception in London and Paris of the announcement that the German ex- changes would be reopened August 20. Ihe reports of added taxation on the new British conversion bonds snd the doubtful effects of the proposed revenue tariff were aiso reasons for a lower range abroad. German Young plan 5'2s, after opening firm, diopped about 2 points and then recovered part of the loss. Dawes reparations s touched 90 and then reacted about a puint | German Central Bank bonds, munici | pals and utilities tended lower. Sie- mens & Halske 628, however, advanced sharply. A group of industrials, measured by their average prices, were today about 2'; points above their recent low levels. Included in this category were Armour of Delaware 5!3s, Certainteed 5'58, Chile Copper 5s, Dodge Brothers 6s, General Theaters Equipment 6s, Good- { year 5s, International Cement 5s, Mc- Kesson & Robbins 5';s, Paramount-Fa- mous 6s, Paramount-Publix 51:s, Rem- ington Rand 5158, St. Joseph Lead 5.5, Warner Brothers Pictures 6s and Wil- son & Co. first 6s Railroad bonds were inactive at the start, but later worked substantially lower, though some of the better sec- | ond-grade obligations such as Erie 5s, | Chicago & Northwestern 4'.s, Alle- 1 ghany 5s, Rock Island refunding 4s, TIi- New Haven 6s, Southern Pacific 4125 of 1969 and Western Maryland 4s were steady and. inclined to hold most of the improvement made near the end of the last week. Frisco prior lien A 4s, Chi- cago & Northwestern 43s and Rock Island 4125 of 1952 and convertible 4155 | were sharply lower. SALES. W;;llflnflnn Rwy. & Elec. 45—$1,000 at o | Capital Traction Co.—10 at 38. Seventh Street Savings Bank—10 at 290, 10 at 290, 4 at 730 Lanston Monotype—10 at 87. | Mergenthaler Linotyps—4 at 77, 2 at 77. Real Estate Mtge. & Guar. pfd.—100 612, 100 at 6'2, 100 at 612, 100 at 6%. AFTER CALL. | Washington Gas 6s “B”—$200 at 10515, $100 at 105, | Chesapeake & Potomac Tel. of Va. 55— $500 at 105. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Bid. mer. Tel & Tel. 4':s 39 Am. Tel. d& Tel. ctl tr. 5s. R R. 5% S Gasitar apital Traction R. City & Subi =% { MISCELLANEOUS. Barber & Ross. Inc., 6las. | Chevy Chase Club 3tas. . Golumbla Country Club 28 s C. Paper M: v Wash. Mkt. Cold Storage 8s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (4} . Washington Gas Light Co. (18 N. & W. Steamboat (12) Pot. Elec. Power 6% pid Elec. Power 8'2%- pid Wash Rwy. & EL com. (1) Wash' Rwy. & El pfd. (5).. NATIONAL BANK. Capital | Columbia Commercial (stamped) (10 | District (&) 3 855 snes EX Metropolitan (i4) Riges (18s) d (9e). Washington ' (i3) TRUST COMPANY. s $hasit ust (14 { SAVINGS BANK. Bank of Bethesda (64) om. & Savings (10) .. East' Washington (13 Potomac (10) ... s | Sec. Bav. & Com. Bk, (17)... | Beventh Street (12). Onited States (30). .0 Wash. Mechanics (30) FIRE INSURANCE. . ddxns TITLE INSURANCE. MISCELLANEOUS. Barber & Ross. Inc. com 5. Gol, Sand & Gravel ptd. (1) Real Esta 13, “A” (2) pid. (8) om. (1.201) Woodwar 1 SEx dividend 130c extra. 1% extra elta% extr By the Associated Press. Bank loans and discounts scored a | slight increcse during the week ended August 8 as their change was calcu- lated by the Commerce Department. In the averages that follow the Jevel is given for comparable ?menM the 1923-25 totals as Week ended August Previous nois Central 43,s, Missouri-Pacific 5s, | Washington Stock E);chanqe‘ IN SALL MARKET .. ' | (Sales are Sales. Hish. . 102 12 " 108 2 104 28 101 17 102 26 102 29 th 43 = 3338 91 i 108 US4%s47-52.. 14 11211 11 Abitibi PAP Ab& St5% <R Alleghany Cp 58 '44 6 Allegheny 55'49. .. Allegheny 58 °50. .. Allis-Chalm 58 '37., Am Chain 6533 Am F P 552030 AmI1GCh5ls'49, Am Intl 518" . Am Metal 54834 Am S&R 18t Am Sug Ref 6 Am T&T cv 4% 83! Am T & T 58 '66 Am T&T c tr bs 46, Am T&T 58 8 160 Am T&T 514843, Am W Wks 58 '34 Ann Arbor 48°5: Argentine 5148 " Argentine M Argentine 65 Ju Argentine 65 Oc'59. Argentine 6% A '37. Argentine 6x B '38. Arm & Co 4% 39 Arm Del 5%8'43 Atchison gn 4s " Atchiscv 413848 AtI C L 1st 4852, Atl Ref ab b Austraba 4155 6§ Aus'ralia Ausiria 7857 B&O4n'48. . B& O 41833 B&Ocv4las'60, Eooe 284 B & O Sw Av 5850, Bk of Chile 6135 57 Bk Chile 6% s Ratav Pet Belgium 65 '55 Beiglum 65849, Belgium 78°55. Belgium 78 'a6. Bell Tel Pa 55 B 48 B Ind Loan C 654§ Berlin Cy El 68 Beth Stl pm 58 '36.. Bolivia 85 '47... Bordeaux 65 ‘34 Bos & Me 555 Bos &Me 68 Brazil 615 Brazil 6155 Brazil 8s 41 Bremen 78 '35 Bk Ed gn A 58 Bklyn Elev 6335, Bklyn Man 68 '68. Bklyn Un 5845 Budapest 65 '62 Buenos A 65'61 Bush Ter con 58 ‘55 Bush T Bldg 55'60. Calif Packing 58 40 Canada 45 '60 5 Canada 45536 Cana 2 Can Nat 41,854 Can Nat Ry 4% @ OO o PP - Low. Close. 10211 10212 108 1 108 1 104 26 104 27 101 15 101 16 102 26 102 26 102 25 102 25 9 108 9 108 9 210 11211 Bales. High, 10 56% & : BB BB 102% 102 991 9914 72 954 82y 75 10215 102% 105 108 4 12815 1284% 109 107 107 109 109% 110% 110% 102 102 A9% 597% 87 109 74 ki 75 73 991 1131 113% 9% _98% 1011 101% 58% 581y 65 9% 9% 1015 101% 1061% 106% 109% 110% 106% 106% o an 9% 97 50 50 108% 103% 21 21% 10604 105% 98 93 91y 91y 481, 485 4T 59 79% 107% 107% 52 52 100% 101 111% 1% 55 5T% 4T 49 85% 8% 100 100 91 9 95% 95% 103 103 106% 1068, 100% 100% 100% 100% 100% 1007 100% 100% 4 1021 1024 Can Nor 4135 '35. Cen Nor 6135 db '46 Can Nor 78 qb '40. . Can Pac db ds..... Can Pacific 4355 '46 Can Pac 413560, Can Pac bs Car Clin & 52. Cent 111 G&E 55'51. Cent 45749 Cent Pac 5860. Cert-td db 5l hi & Est 111 58'51. . Chi Grt West 48’59, CM&StP 4%s'89.. C M StP&P 5875 € M & St P adj 5s. Chi&NW g 3128 '87. RI&NW 4335 2037, “hi& NW 6%38°36. . ChiRI&Prf4s’s ChiRTev4%s 80 ChiRI&P 47, ChiUn Sta 4138 Chi Un St 5844, Chi Un Sta 615863, C& W Ind 5%s 62 Chile 65 '60.. Chile 65 '61. Chile 65 ° Chile 78" Chile Cop db s COCESLL 418 E'T7 CCC &St L 53D '63 Clev Term 41587 Cologne 614 Colomb 65 Col G&E cou 5: Com Inves 51 Con Pwr Jap 63 Con Pow Japan 7s Copenhag bs ‘52 Cuba 5348745, .. ... Cuba Nor 55842, . “zecho 88'51...... Czecho 98 '52 Del Pwr&L 4%a 71 Del & Hud rf 4 Del & Hud 5% Denmark 4%s Denmark 5% s '5 Denmark 6542, Denver Gas bs D& RGren4s’36 D& RG W 58'65., DRG & Whs'T8. Det E GER4 48’61, Det KEdison rf 58'49. Deutsche Bk 6 Dodge Br el Duteh East 16s'47 Dutch East I 6: . El Salvador 8s"48. . Fast C Sug 7128 '37. Eriecon 4s A '53. .. Erieconv 4s B .. Erie gen 4s Erje cv 58" Erie 58’75 Finland 58 '58. .. Finland 68 '56. .. Finland 0 Fisk Rub 8541, Fram [ D 71384 French 7= '49 French 7138 '41.. Gelsenk’hen Baki 2888 nnnBanee @ AeRSem mnEneRaanena® n Bk 6560 0 23 German Bank German 7s rep . Goodrich cv 68 *45 Good 15t 8138 Goodyr Rub 58'57.. 49 GrandTr sf db 6s'38 4 Grt Nor4%s'16D. 5 GrtNor41:s'TTE. 9 Gri Norgn 6%s's2 7 Grt Nor gn 78 46 Greek 6563, 9 Gult Mobile 7 Hait] 63° 1 Hud & M adj 58 '57. 13 Hud & M rf 53°57.. 29 Humble Ol 2 Humble O 5%n'32. 4 Hungary T%s’44.. 39 111 Bell Tell 5 111 Cent 4%, " 11l Cent b 5 111 Steel 413 Inland St 41 Inlund St ¢ Int Rap Tr 100 1017 101% 118% 118% i 112% 112 825, 82 98 98! 968 96% 1008 100% 108% 1088, 981, 981 116% 116% 104 104 2% 30 26 38 1% 102 56 108% 103% 1078 107% 9 9 981y 9% 55 39 107% 107% 107% 107% 101% 101% 1041 104% 107% 107% 101% 101% 80 80 25 25 581 581 665 101% 101% 118 118 125% 1254 . s . Int M Co 68 ret'd1 Int Match s 47 Int Pap 6s Int Ry € A 5u°%2... Int Ry C A 635947 Int TAT cv 4 4% "3 Int T & T b '56. Irish Free St 5 Italy 7s '51 Italy Pub & Japanese 5155 ‘65, Japanese 6138 '54. . Kan Gity Sou 5850, Kan G&F 4148 ‘80 Karstadt 6s'43. .., Kerdslem 48 ww. Kresge Found 6s'36 Kreug & Toll ba'ss. Taclede 538 C'53. . Laclede 5138 D '60.. Lautato Nit 6 %64.. Leh Val cv 4% 2003, Leh Val 58 2000, . Loew's 65 ex w ‘41 Long 1=l 4b bs Lorillard 6 Lorillard 5% Ta & Ark sl McKes & R 5% 50, Man S 18t 7158 42 Manh Ry 18t 48'90. Marseille 65 '34. ... Milan8%s ‘52 Mil E Ry & L 58 Ml El Ry&L Mo Pac 6% A Mo Pac 58 F Mo Pac 58 H Mo Pae rf 55 '81. Mo Pac il A4 Mobila-Ohio 58 ‘38 . Mont O'r 18t ba '41.. Mont P ab 55 A "62. Mor&Co 18t 413 8'39 Y Cént db 48°34.. N Y Cent 414% 2013, NY CnYf 41582013, NYC rTim 58 2013. N Y Cent db 65 '35 Y C&St L 68’32, or Am Ed 5857, . Y Fd 18t 615841, NY ELH&P 4549, NY NH&H 41567 N ord §38 '50. Norf South 5 '61. Nor & Wnev 489 No Am Co 58 '61 Nor Am Ed 5 C 69 Nor Am E 545 '63. NorOT &L 6547, Nor Pac 4='97... .. Nor Pac r i 68 2047. Nor St Pw A4l Nor St Pw 65 B '41. Norway 5863, .. Norway 5% '65 Norway 68 ‘44 Norway 6s '52 Oreg-Wash 48 Orjent dev 515 Orient dev 65 '53. Pac G&E s 42, Pac T&T 1st 537, Pac T&T rt 5852, Pan Am Pet 6540 Paramount 68 '47. . Paris-].y M 6s ‘68 Paris-Ly M 785 aris-Or 5158 Penn 4345 D '81. Penn cv 435’80 Penn gn 4135’65 Penn 414570, Penn 43,5 '63. Penn 58 '64 Penn gen 5s Penn 635 '3 Penn P&L, 4 Peoplex’ Gas 5s. Pere M Ist As '54. Pere Mar 4155 80 Peru 65 '§0 Peru 75 '59 Phita Co 58 Phila Elec 4s°'7T1 Phil & Read 65" Phillip Pet 6145 '39. Pilish F M 6543 PCCESHL 43877 Poland 6s°40. ... Poland | Poland 8 '50. Port Gn I 4 Por R Am T 65 '42. Pos Tel & C 55'53. . Prague T14s52..., Prussia 3 Public Serv 4s PubSvG 4lis Queensian: Queensland 7s "¢ t 68755 Riode Jan 8358 °53. Rio de Jan 8s 48 R Gr Do Sul 6s'88. Rome 635852 Roy D 4545 w- StL IM R&G 45'33. St L&SF in 4= A '50 StL&SF 41578, StL&SF p15s B '50 StP&KCS L 4%s. Sao Pau 7840 ret. . Sao Pavlo 8s°'50. .. Saxon P W §158'51. Saxon 7s "45. Selne 7842, Serbs-Cr-81 75 62 Serbs-Cr-S1 Shell Un 011 Sheil Un Ol Sinc O 7 Sinc Cr O 51535, Skelly Ol 58 '39. Sou Bell T&T 5 SW Bell T 55 A "54. SouP 4%8'69 ww. Sou Pac 4335781 .. Sou P&Or 4%s 17, Sou Ry &n 4s Sou Ry bn 94 Sou Ry 618 '56. StOIl N J 5846 StOIN Y 4%8'51. Sug Es Or Ts'4 Sweden 5 Swiss 5% Teun EI P 684 "47. Texas Corp 58 44, . Tex & P5sC'79. .. Third Av rf 48 '66. . 8% | Thira Av adj 5 Toho El Pw 6532, Toho El Pw 78 '55. Tokio 5% 5/61. 3 | Toklo EL Lt 65 W 91 91 107 107% 86% 86% R4 85 100 105% 106% 83% Bdw 08% 1028 abash 1 106% 107% | Wabash 24 63 64 - Waba Un Pac 1st 4847, Un Pac 45 '68 Unit Drg cv bs '53. Utd King 5%8'37.. US Rub 1st 58 '47. Un St W 6348 A'47. Ud St W 6148A'51. UA St W 5738C51.. Uruguay §s'60 Uruguay 846 9 w VaRy 4%s Va Ry 1st 5882, st 58 58 sh 53 B H amSom - 2 » bl - - » S atmalfonwlenaccanne A NonSiaswen Snox & Slenunnwen ® anvARnmEand TOTALS IS NOTED Morris Plan Corporation Finds Hope in Expansion of Credit. Special Dispatch to The Star, necessary o buy its ane stocks during recent weeks after ‘u'-'::'y months of cleaning out old surpluses, {1t was stated. The Morris Plan banks continue to strengthen their own positions as in- dicated by increases during the second quarter over the first quarter in paid- :'d mul -u':plun and nndlvkhllmm greater reserves. Paid-in cap- ital in these 101 banks inci per cent to & total of $17,545,879; | plus and undivided profits N cent to a total of $11,746,515 Infll : se; reased INVESTMENT TRUSTS NEW YORK, August 17. jer-the- counter market: Rea » rered Invest - artered Iny b - o 3 S8 GTeaSEEE., LG Ga-sa > 2Rt & i k:firl of 1 Low: Son ust B priced 8h ust 2 PTG BBy TREASURY CERTIFICATES. (Reported by J. & W. Seligmsn & Co.) EETE 3t5a Dee. 15 Sales. High. West Md 4852, West Union §8°61. ‘West Union 58 "60. West Un 613836 Spevis'3s. . i1 & Co 18t 65 cohama 65 '61