Evening Star Newspaper, August 20, 1931, Page 14

¥ A4 ¥EE B GROPS TOAID RALROAD REVENUE Movement of Farm Products to Market Will Be Heavy. Special Dispatch to The Star. NEW YORK, August 20. — Large crops may result in lower cash return to the farmers, but their mcvement to market will be favorable to the rail- roads, Brookmire Economic Service points out, adding that present railroad traffic is close to a minimum and for this reason “some sort of improvement &hould not be long delayed.” July was the iwentieth consecutive month, it is said, when rallroad traffic was under ncrmal and, while this is discouraging from the standpoint 0{& railway earnings, it may prove a help | to the carrlers in therr mgnt for in- | creased rates. ! The request for a freight rate in- | crease should be accorded serious ccn- sideration in their cpinion, when it is considered that earnings of Class 1| roads have never reached the 53 per | cent designated as a fair return on the | value of rallroad property, since the | passage of the national transportation act in 1920. Even in the prospercus year of 1920 the Class 1 roads fell slightly under 5 per cent, while the 1930 slump in traffic lowered this figure U 3.3 per cent and in the first six months of 1931 return amounted to only 2.15 per cent. Even with an immediate in- crease of 15 per cent in rates, as asked by the railroads, a return of 5% per cent could not, in their opinion, be realized for some time. Truck Regulation. “Certainly,” says the Brookmire | Analyst, “no one pelieves that we could dispense with the service cf the rail- roads and all agree that the orderly development of the country’s industries is largely dependent on edficient trans- portation. This, the rails are able to furnish. For it, they should recelve a fair return.” Return of normal business conditions should diminish truck competition, it is stated, “as_the expansion of long-haul truck traffic over the past few months can_undoubtedly be attributed largely to trucks which have previously been employed in building operations and which will again be used in local traf- fic when business warrants it, as many such diverted truck systems are now - being operated at a loss. { Regarding truck regulation, it is said: “It must be further borne in mind that truck transportation has been con- fronted with little or no regulation. It is likely that truck transportation will | be faced both by increased regulation as to the size and character of the ve- hicles and with increased taxes. At the present time the truck transportation systems are the hardest users of our | together with other agencies, are tazed to support. The present state of affairs cannot always continue. As a matter of fact, a change has already started, and once reilroads are placed on an| equitable competitive basis they will| easily overcome any of the prmntl competitive disadvantages. The recent * ‘Texas law is only the forerunner of this movement which is bound to develop. It has also been found that railroads can enter the business of carrying Joaded truck bodies between two cities. “This offers a considerable possibility for future development. With the railroads | in control of these systems or working | in close harmony with them, they| should be able to turn truck transporta- | tion to a distinct advantage in the course of time. _ “We also balieve the maximum com- petition in pacsenger traffic has been reached and that the trend in the pas- senger traffic over the next few years will be upward. The greatest competi- tion to rallway passenger traffic has been the private automobile. With one automobile for about flve inhabitants, the future expansion of the automobile | industry is more than likely to follow and not to increase at the very rapid yate experienced in the past decade. “The transportation of crude petro- leum by pipe lines has iong been a seri- cus competitive factor to the railroads, from the Midcontinent ofl field to Chi- | . cago for the transportation of gasoline, the use of pipe lines for shipping refined | ~Prev. 1031 High. ‘Low. 109 174 20 4 88 51% 19 521 26 57 40 21% 541y 26 1041 405, 1% 15% 6714 5% 147 2% 55t 31t A% 305 13% 215 30% 8 251 141 94 30 3 1% FINANCIAL. THE - EVENING STAR, WASHINGTON NEW YORK STOCK EXCHAN Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Dividend Rate. Southn Pacific (6).. Splegel-May-Stern., . Stand Brands (1.20). Stand Comel Tobacco Stand Gas&H1 (3%). Stand Oil Cal (h2%) Stand Oil of Kansas. Stand Oil NJ (12)... Stand 01l N Y (1.60). 129 Sterling Secur (A).. Sterling Sec cv pf(3) Stewart Warner. ... one & Webster (2), tudebaker Co(1.20) Sun Ol pf (6). Superheater (23 Superior Oll. . 5 Sweets of Amer (1). 8% 2 Symington (A)..... 211 261 55% 615 17% 16% 18 294 215 1% Telautograph (140) . Texas Corp (2).. Tex Gulf Sulphur(3) Tex Pacific Coal&Oil Tex Pacific Land Tr. Thatcher M 20. . The Fair (2.40) “hermoid Co. % 4K Tide Water Asso Of1f 47 Tide Water As pf(6) 1 Tide Water Oil/ 60¢) ., Tide Wat Oil pf (5) imken Roller B(2). Tobacco Products. Tobacco Prod A t85c Transamerica (40¢). Tri-Contl Corp. . “ontl Corp pf(6) Twin City Rap Tran Under Ell Fisher (4). Union Bag & Paper Union Carb & (2.60). Union Ol of Cal (2). Union Pacific (10) Union Pacific pf (4 Unit Afreraft Unit Carbon . Unit Cigar Stores. Unit Cgr Strs pf(6) Unit Corp (75¢). Unit Corp pf (3). Unit Gas&Im(1.20).. Unit Gas&Im pf(5) U'S & For Sec pf(6). 78 Indus Alcohol Leather (A) Pipe & Fdry Do CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 20.—The follow- ing is a summary of mportant corpo- ration news prepared by the Standard Statistics Co., In New York, for the Associated Press: News Trend. Electric output for the week ended paved highways, which the railroads. |, ci0Tie OURCT [9,0I08 Sk CURRS |'hours, a decline of 29 per cent from the corresponding week last year, ac- cording to the National Electric Light Association. The only section of the country to thow an increase over last year was the Atlantic seaboard, with the largest de- jcline in the other districts reported from the central industrial region. The Companies. Gruen Watch declares 25-cent quar- terly common dividend; formerly paid 50_cents. International Printing Ink $6 pre- ferred share earnings, six months to June 30, $2.43, vs. $1.85. Morrison Electric Supply omits com- |mon dividend; paid«25 cents June 1 ‘> ~Prev. 1931~ High. Low. Prev. | 20% 17% Cio: 20% 10 26% 47 | 152% ted Stock and Dividend Rate. mtg & Ref (1 mtg& Ref pf 334 Steel Corpn (4). teel pf (7). . Sale: Add 00. High. 1st1.20 1 ) tores (A) United Stores pf (4). Univ Leaf Tob (8) 1% Univ Pipe & Rad 1915 Util P&L(A) et21 % Vadasco Sales Corp. um Corp. ... 0 Chem pf (1) lec&Pwr pf (6). Wabash RR (A). Waldorf Sys (1%) Walworth Co. ... Ward Baking (A). Ward Baking (B) Warn Bros Pictures. Warner Bros pf 3.85. Warner Quinlan. Warren Bros (2 . Wesson Oil&Sno(2). 4 West F West Pa Pwr pf (6). Western Dairy (B).. 1 stern Maryland.. 2 Western Union (8). . inghse A B(2).. W, Wes W sting Weston 19 17% 1065 110 106% 110 8 8 % 1% 115% 116% 24% 40s 20s 107% 110 8 12 116'% 24% 65% 991 A PL(T). .. 3 4 169 708 2 SI&MIE (4) M pf (4) ec Inst (1) Westvaco Chlor (2). White Motors (1). Wileox Oil & Gas. . Willys-Overland Wilson & Co pf Woolworth Worthingtol 40)... Pump. 5 Worth Pump B (6) 66 31 Yale 2 Wrigley (Wm) (4).. e Towne (2). 5% Yellow Truck Zenith Radio 2% es of Stocks on New York Exchanve. 10:30 A.M 1:30 P.M Dividend rates as given in the s based on the latest qua ‘Plus 4% no regular rate. n_ stock. paym Partly extra ¢ year or stock in special pr re: 1061 1061, 781 78 341 10 218, f Plus 8 Furnace to continue month-to-month_bass. Filene'’s (Wm.) Sons declares initial 25 cents common dividend. . General Railway Signal receives or- der for 470 light signals from New York Central Railroad. Hudson & Manhattan Railroad July surplus, after charges, off 21.7 per cent; seven months, off 17.8 per cent Macy (R. H) & Co—First half- dollar sales equaled like period a year ago, physical sales up 20 per cent; cur- rent rate of inventory turnover approx- imately 1115 times a year. Metropolitan Edison net income, 12 months to June 30, $3,171445, vs. $3.492,027 New York, Chicago & St. Louis Rail- road July deficit after charges, $121, 228, vs. surplus $35,171; seven mont) surplus after charges, $917,355, $681,485 Pierce Ol net income, six months to_June 30, $111,100. Pierce Petroleum net income, six months to June 30, $280,440, equal to 11 cents a common share. Raybestos-Manhattan declares 40 cents quarterly common previous payment, 65 cents quarterly. Republic Steel—Operations resumed at Warren Plant Strip Mills on 35 per cent to 40 per cont basis, and at Youngstown Tin Plate Mills Rogers-Majestic Corporation radio sales up 34 per cent. Shell Union Ofl passes convertible preferred dividend: paid $1.37); July 1; subsidiary, Shell Eastorn Petroleum operations on Vs, July Pressed Steel Car omits quarterly Products, advanced bulk gasoline price | proferred divi June 30. 1d; last payment, $1.75 Stone & Webster declares quarterly | 50-cent common dividen previous pay- ment, 75 cents quarterly. Thatcher Manufacturin terly common dividend; omits quar- last payment, 40 _cents, July 1. cunugg States Printing & Lfl.hwrlgh 0. deficit, six ths to Ji 0, the normal trend of population growth | gs4 265, e = Vulean Detinning common share | earnings, six months to June 30, $2.75, | vs. $3.52 American Water Works & Electric July electric output of subsidiaries off but until a few days ago, when it Was 47 per cent; seven months, off 85 snnounced that a line had been opened | per cent. Associated Dry Goods — Reported arnings, fter preferred dividends, si ix months ended July 31, resulted in petroleum products had been largely of small profit on common stock. | _ Baltimore & Ohio Railroad seeks &n experimental nature. Inland Water Transport. “It is understood that there are many difficulties to cvercome in successfully transporting gasoline for long distances | through pipe lines, and it is therefore | . too early to assume that the rails will lose a great amcunt of traffic to this new competitive source. On the other Tand, the expenditure of millions of dollars by leading oil interests for the construction of such lines points to the ibilities of increased use of pipe | lines for transportation purposes “While is is recognized that inland water transportation may offer some | competition to railroad traffic in the future, up to date it has been of no! serious consequence. The taxpayers | must sooner or later awaken to the fact | that the Government is paying far more in the maintenance of its efforts | in this direction than has been received irom revenues. This means that the deficits in all cases must be made up from the taxes paid. While we realize the difficulty of eliminating these en- terprises, sponsored by and for the benefit of local politicians, some day even these zealously guarded enterprises must fall of their own weight, despite the efferts of their political sponsors.” | CHICAGO LIVE STOCK MARKET CHICAGO, August 20 (#).—(United Department of Agriculture 000, including 3,500 direct about steady strong to siow sows pounds. pounds 170. 220 pack- 15 higher; op. 7.20 5.5026.25 ing sows smooth weights, 5.00 light light. good and choice, 140-160 pounds, 6.5087.00. ligh weight, 160-200 pounds ) _pounds, weight, 250-350 packing _sows heay 5.35a6.80 good, 27: ter pigs pounds, 5 Cattle 2,000 choice fed steers and yearlings stead others easy to 25 low criminating not onl ferings, but wideni; t between merely good & offerings. Top _yearlin weighty steers, 10.00 ing classes steady. ve largely grassy run Slaughter cattle and vealers good and choice, 600-900 pounds, 8 10.25; 900-1,100 pounds, 8.25a10.25 1,100-1,300 pounds, 8.00a10.25; 1,30 1,500 pounds, 8.00a10.10; common and medium, 600-1,300 pounds 28.00 heifers, good and chos 50-850 pounds, 7.5089.75; common ai. me- dium, 3.75a7.50; cows, good and choice. 4.2526.75. common and med. 3.00a 4.25; low cutter and cutter, 2.00a3.00 bulls (yearlings excluded), good and cholce (beef), 4.0025.25; cutter t dium, 2.75a4.25: vealers (milk good and choice. 8.50a10.50; medium, 7.0088.50: cull and common, 5.00a%.00. Stocker and feeder cattle—Steers, and choice, 500-1,050 pounds, ' 5.7; 7.50; common and medium, 4.00a6.00 Sheep, 16,000; lambs fairly active, steady; sheep dull, weak; nothing done on feeding lambs; better grade native ewe and wether lambs, 7.00a7.75 to gflm: few, 8.00 to outsiders; best pounds down, good choce, 6 8.00; medium, 5.25a6.75; all weights, common, 3.50a5.25; ewes, 90-150 pounds, medium to choice, 1.25a2.75; all weights, cull and common, 75al75; feeding lfl 7:&1! pounds, good and choice, pounds, good and choice 26.35 thority for direct operation of Buffalo, Rochester & Pittsburgh Railway latter company has petitioned to operate Buf- falo & Susquehanna Railroad Bullard Co._deficit, six months to June 30, $172,732, vs. deficit $62.064 Canada Bread, Ltd., costs reduced about 15 per cent in past fiscal year Colorado Puel Pigs and packing | light | 6852720 me- | 6.60a | medium and | 500 pounds, 4.00a5.50; sizugh- | 00-130 | | | | i ' & Iron—Minnequa to 6 cents a gallon at all Atlantic sea- board terminals except Portland, Me., vhere price was raised w0 6}, cents Continental Oil (Delaware) increases tank car gasoline prices one-fourth cent a gallon to 5% cents Douglas Aircraft declares sales of case and bulk goods up 8 per cent and erred stock. n Plus 5% in stock. D Plus 2%a% dividend; | | net income $349,334, equal to $2.91 a| 6 per cent, respectively, in first half; | five Dominion units on full time. New York, New Haven & Hartford authorized to establish Boston-New York freight rate of 35 cents a hundred pounds on minimum 60,000-pound car- loads to meet steamship and truck competition Warner Bros. Pictures deficit, 39 weeks ended May 30, $4334,738 vs. net income $11.765,265; equal to $4.04 a common share. International Paper & Power—June electricity sales of Gatinedu Power, sub- sidiary, up 21 per cent; six months up | Interstate Commerce Commission au- | 13_per cent. Veeder-Root, Inc. — Common share earnings, 24 weeks to June 20, 49 cents vs. $1.70. . Tidewater Ofl deficit, six months to June 30, $2,008,572 vs. net income $2.- 838,851; equal to $1.07 a common share Container Corporation has cut over- head more than $600,000 in first haif 300,000 600,000 £00,000 12:00 Noon.. 2:10 P.M. 900,000 bove table are the annual cash early declaration. In stock. A Pald b Payable in stock. e Payable in cash h Plus 2% in stock. { Plus 50 cents in stock. m Pald this year— % in stock. in stock. k Plus 3% merger of this company with Tidewater Associated Ofl, Prairie Oil & Gas, Prairie Pipe Line and Rio Grande Ofl, reported arranged, except for details; capital of new company placed at 25.- 000,000 no-par shares. Under terms of proposed plan one share of new com- pany’s common stock will be given for each share of Sinclair common after re- tirement of Sinclair preferred 8 shares for 10 common shares of Tidewater As- sociated, 1 share for each Prairie Oil & Gas share and 14 shares for 10 Prairie Pipe Line shares. Terms regarding Rio Grande shares not definitely known: merger subject to ratification of stock- holders Empire Corporation—Passed quarterly dividend on $3 optional dividend series preferred stock; pald 75 cents June 1. St. Louis-San Francisco Raflway re- duces salaries 5 per cent Los Angeles Gas & Electric net in- come after reserves for consumers charges in controversy, 12 months to June 30, $3,941,077 vs. $4.837,593. Perfect Circlwe common share earn- ings, 7 months to July 31, $3.61 vs. $2.65. Preumatic Scale Corporation, Ltd., deficit, year ended May 31, $77.169 va. common share. —— 100,000-BUSHEL PEACH CROP SEEN IN HANCOCK Special Dispatch to The Star. HAGERSTOWN, August 20.—The great Hancock frult district, west of here, has started to harvest its peach crop, which is estimated at 100,000 bushels oy growers. Trucks are being used to send most of the early fruit to the markets. The price at the packing sheds at present is from 50 to 75 cents a bushel. Peaches this year are of good size and | condition, the weather be- | in very ing Yacal Jor thelr developments. G ers express the opinion that last year's drought killed many of the insects which usually prey upon the fruit. The Smithsburg peach district ex- pects to turn out about 100,000 bushels this year, but the harvest will not start until next week. The first peaches to be harvested will be the Belle of Georgia variety, and then Elbertas and J. H. Hales. Electricity — The National Electric Light Asso-iation has corrected its pre- vious report on the annual increase in domestic use of electricity. The ccr- rected report shows that domestic use of electricity for light and power is in- creasing at the rate of 1.200,000,000 kilowatt hours a year, instead ~f 12,000,- Sinclair Consolidated Oil—Terms for ' 000,000, as originally reported. HOPE THEY WON'T GO BACK TO THE STATION HOUSE AND GO TO LEEP AGAIN g YOU'RE KINDA LATE THIS TIME BUT KEEP OM GOIN' AND YOU'LlL BE THERE IN TIME FOR. THE Gesyricht, 1931} , D. C., THURSDAY, IBONDS IRREGULAR INAGTIVE TRADING iSome Rail Issues Show Strength—0il Group in Good Demand. BY F. H. RICHARDSON, | Special Dispateh to The Star. | NEW YORK, August were irregularly lower active trading today. The irregularity arose from the un- expected strength of a few railroad bonds st a time when some carrier stocks and some of the best grade of rail mortgages were still belng liqui- dated, and from the upturn in the oil bonds in refiection of a merger an- nouncement affecting five of the largest companies. Apart from the South American list, which was heavy, there was no weak group Many of the rails continued to sag, and it was evident that much of the selling was still of a forced character. Southern Raflway 61;s dropped another 2 points following their 4-point loss of Wednesday. Baltimore & Ohio 4158 of 1933 were off fractionally. Canadian Natlonal Railways 5s, a government guaranteed bond, lost a fraction. Chi- cago & Northwestern 4155 eased. That_there were special reasons for the selling of these rails was apparent in the fact that there were gains in other rafiroad bonds of similar char- acter, such as Baltimore & Ohlo re- funding 6s, Chesapeake & Ohio 4%is, Delaware & Hudson refunding 4s, Missouri-Pacific 55 and Northern Pa- cific 4s. As a_ matter of fact, there were more bids for carrier bonds in the market than has been the case for some days, but offerings in some issues were quite heavy. The large insurance ! companies were ‘said to be selling bonds to raise cash for policy loans The ofl company bonds moved sharply higher. Sinclair Oil 7s jumped nearly 3 points. Skelly Oil 5155, Phillips Pe- troleum 5145, Texas Corporation 5s, Standard Oil of New Jbrsey 55, Stand- ard of New York 4155 and Richfleld Oil 6s were all higher. Shell Union Oil 5s, an exception, were a point or more low- er on omission of the preferred dividend. High grade public utility and indus- trial issues were firm. There, was little change in the secondary group, though slight gains were recorded by General Motors acceptance 65, United States Rubber 5s, Dodge Brothers 6s, Warner Brothers Pictures 6s, McKesson & Rob- bins 5125, Paramount-Publix 51%s, Loril- lard 5i5s and Postal Telegraph 5s. The dip in the South American list was traceable to the declaration of a complete moratorium by Chile for the balance of 1931. Hitherto Chile has been depositing service on her external debt in Santiago banks in Chilean cur- | rency to await a more appropriate time to purchase foreign exchange. Chilean & drobped snother point todsy and ile Mortgage Bank obligations sagged. Colombian, Uruguayan and Brazilian | bonds were sympathetically affected. | Argentine 6s were 1 to 2 points lower. 20.—Bonds in moderately | Washington Stock Exchange SALES. AFTER CALL. ectric 6% leftric Cons. Potomac Potomac 105. Peoples Drug Stores pfd.—5 at 10373 | Potomac Electric 5% Mergenthaler Linotype—10 at 76} Bid and Asked Prices. BONDS. FUBLIC UTILITY. !um Tel. & Tel 4's ‘39 | Am. el & Tel. etl. tr. 35 | Anacostia & Pot. R. R. 55 Ana. & Potomac Guar. 55 C & P. Tel of Va 53 Capital’ Traction R R City & Suburban S Georgetown Gas ist 55 Potomac Elec. cons. 8° Potomac Elec. s 1953 Wash.. Alex. & Mt Vernon cif Washington Gas 4145 Washington Gas 5s Wash Gas 8s, series A ‘Wash. Gas 6s. series B Wash, Rwy. & Elec. 4 : MISCELLANEOUS. | Barber & Ross. Tnc., gias | Chevy Chase Club $s2s | Golumbia’ Country Club a8 ID. C Piper M. 65 i W. M. Cold Storage 55 | STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9) Capital Traction Co. (4) Washington Gas Light Co. % W, Steamboat (12) " Elec. Bower 67 pid Elec Power 5's'r bid h. Rwy. & EL com. (1) h Rwy. & Ei pfd. (3) NATIONAL BANK. | Capital (14) | Gofumbia (12} | Commercial (stamped) (10} District (8) Fed -Amer. Natl Bk & Tr a2 Liberty (7§ Lincoln Metropolitan Riggs (158) { Second (ve; Washington 55-—$1,000 at Bid. Asked 126 108 7 95 10434 830 L0 108 105 110 2 100% 107 103 107 9 6 g 10834 s 8 106 1 160% 10334 107% 7 100 as) ) 14y (i3 TRUST COMPANY. | Amer. Bec. & Tr. Co. (15 Continental Trust (8 Natl. Sav. & Tr. (12i) Prince Georges Bk. & Tr Union Trust (8s) Wash. Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (64) Com. & Savings (10} East hington (12) Potomac (10) Sec. Bav. & Com. BK. (17 Seventh Street (12) United States (30) Wash. Mechanics (20) FIRE INSURANCE. n's ¢ National Union (18) TITLE INSURANCE, Columbia (6h) Real Estate (6h) MISCELLANEOUS. | Barber & Ross. Inc.. com Col. Sand & fa. ¢ Natl. Sec Bromo-Selz @) Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20f) Ped-Am. Co. pfd. (6 Lanston Monotype (8) [l | Mer_ Tr. & 8tge. com. (i0} Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6 Natl Mtge. & Inv. pfd. (8} Peoples Drug Stores pid. (612 Real Est. M. & G. ptd. (8 Security ' Storage (de) Ter. Ref. & Wh. Corp The Carpel Corp. (2) W. Mech Mtge. com. (§) Wash. Med, Blds. Corp. (1} 20 ar rop com. (1.20) 35 Woodwara & Lothron Bia (1) 108 *Ex dividend 52% extra bBooks closed. y2l.% exira, nase extra. ? 30c extra. §% extra el extra. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity 235 Sept. 18, 1931 ilas Sept’ 13, 1931 17as Dec 1931 . 1931.T:D.2 1932 193132 FOREIGN EXCHANGE. (Quotations furnished hy W. B. Hibbs & Co.) | gold Sellin ehecks today $4.85 29-32 392 | 888888 Rome. Zurich, nhagen. Oslo. _crown. Stockholm, crown U. S. TREASURY BALANCE. United States Treasury balance an- nounced today as of ciose of business August 18 was $124,123,428.13. Cus- toms receipts for the month to date were $22,013.722.04. Total ordinary ex- penditures were $6,174,118.59, crown pfd.—5 at 11115, ' pfd.—10 at 110. AUGUST 20, 1931. FINANCIA [ox v o BONDS soce sscunv] DEMAND FOR STEEL Received by Private UNITED STATE (Bales are in $1,000. Sales. High. Lib 3% 32-47. . 102 13 L1st 41, s32-47 102 31 1,4th 41, % 33-38 52 104 29 US3hs's 90 101 17 US3s40-43.... 16 102 25 T 83%=x43-47.. 36 102 31 TS 4s44-54..., 47 108 9 US4%sdi-52.. 4 11212 Sales. 29 2 Abitibi P&P 58’53 Ab&StsY " Alleghany Cp 55 44 Allegheny 58 '49. Allegheny 55 50. .. Allis-Chalm 58 '37. Am Chain 68°33... Am F P 55 2030 AmIG Chbls Am Intl 53 s 49 Am Metal 518" Am N Gas 635 '4 Am S&R 1st 55" Am Sug Ref 65" Am TET v 4% 5'39 Am T &T58°65.... Am T&T e tr 58 46, Am T&T 588 1'60.. Am T&T 6%s'43. .. Am W Wks 6534 Am Wat Wk 6s 75 Am Wr Pap 65'47.. Argentine 586 Argentine May '61. Argentine §s Ju's9, Argentine fs Oc Argentine 65 A '57. Argentine 68 B 58 Arm & Co 414839, Arm Del 63543, .. Atchison gn 48 ‘5. Atchiscy 4848, AUCL 1st 48’5 At C Lcl 4 Australia 41 Australia 58 55 Australia 58 ‘57 Austria s ‘43 Austria 78 '67 ctfs. 55 Bk Chile 63,5 61, Batav Pet 4% Belglum 65 '55. ... Beigium 6%5'49. .. Belgium 78 '55. Belgium 75 '56..... Berlin Cy El 65 '5: Berlin CEl 615851, Beth Stl pm 53 36.. Beth St rf 58 '42. Bolivia 78 '58. . Bolivia 78 '69.. Bolivia 88 . Bost & Me 435 '61. | Bos & Me 55’55 Bos &Me 55 '67. . Brazil 68 '26. | Brazil 6338 '27. Brazil 7s...... Brazil 8s'41. .. Bremen 78 '35. .. Bd & Tth Av 55 43. Bk Ed gn A 58 '49 Bklyn Elev 61 Bklyn Man 65 ‘68 Bklyn Un 1st 55'50. | Budapest 65 '62. ... | Buenos A 6461 Pv. Buff Gen El 4% s'81 |BR & Pitt 4%s Bush Ter con b5 '55 2 Iif Packing 5840 4 nada 45 '60. . ‘anada 414 s *anada 5s ‘52 ‘an Pacific 415546 n Pac 435’60 n Pac 58 ctfs'44. Can Pac 5854 + | Cent 111 G&E 5851, Cent Pac 45 45, 60 Cert-td db 5% Ches Corp 5547 C&Ogend4%s'92 O 4148 A'93. O 4348 B'95 & Q gen 4838, &Q4%s'TT C B&Q 1st rf 55 Chi & Est 111 58'51 Chi Grt West 4s'59, Chi Ind&L gn 55 '66 Chi fnd&Lou 65’66 . ChiM&StP4s'ss. Chi M&StP 415 E C M StP&P 58°75. CM&StPadib ChIENW 4345 2037, C&NW 415 C 2037. Chi& NW en 4% s hi & NW 635536 Chi RI& P rf 4534 “hi RTcv 415 60, {ChiRI1&P 4%5'52 {Chi Un Sta 6338 '63. | C & W Ind cn 4s | Chite 65 60 *hile 65 '61 hile 65 '63 tle Ta'4s. ..... *hile Cop db 58 '47. CC&St L 448 E Ylev Term 4%s '77. Ylev Term 58 ‘73 “ologne 6358 '50. . . “olomb 68 Jan '§1. ‘olomb 65’61 Oct. . “olon Oil 65’33, C& Cc& CB CB 1 on G NY 4355°51. ., “on G N Y 515845, ‘on Pwr Jap 6%s. . ‘on Pow Japan 7s. ‘openhag 4148 '53. *openhag 58 '52. .. “uba 5% '45 “uba R R 58 ' zecho 85 *zecho 985 Del Pwr&L 4% Del & Hud rf 4s '34. Del & Hud 518 37, Denmark 4 Denmark 5%s " Denmark 6542, D& R Gren 4s 36, D&RG W5 b DRG&W 558, . Det E G&R4 %' Dodge Br cl 65 '40. Duquesne 45 '67. Dutch East I Mar. . Dutch | Dutch Erie 1st con 45 '96. . Krie conv 4s B.. Erie gen 43 Fiat 7s war. . Finland A Fla E Coast Fram 1D Tl%s'42.. French 78°49. .. French T#%s 41 Gelsenk’hen 6s'34 Gen Baking & Gen Motors 6s Gen Th Eq 6: German 5148 '65 German Bk 68 '38. . Ger Cen Bk 6560 J Ger Cen Bk 68’60 O erman Bank 7s '50 oodyr Rub 5s' GrandTr st db Grand Trunk 78'40. Grt Nor 4%8 77 E. Grt Nor 58°73..... Grt Nor gn 5348 '52 Grt Nor gn 75 '36 Greek 63 '63 % Hoe & Co 6148 '34. . Hud & M adj 58 '57. Hud & M rf5s'57.. Humble Of] 58 '37... Humble O 5128 '33, Hungary T8 '44. ., Low. 10211 102 31 104 27 101 15 102 25 102 30 108 8 108 & 112 9 11212 High. Low. Close Close. 102 11 102 31 104 27 10115 102 25 102 31 b4 55 99 6114 56'a a9 611 561 55 103 100 72 96 831 103 100 1% 96 8215 73 19 20 1023 102% 104% 104% 128 129 1091 109% 1073 1074, 109 109% 110% 110% 102 102 103 103 49 61 68 68% 681 69 67% 75 65 9914 112% 112% 9% 85 87% 88 53 54 61 61 61 61 105 106% 9% 9% 95 95% 96% 97y 7% 78 103% 103% 90 90 89 K9 10015 1001 98ls 981 83 83 9% 91% 27 2% 34 34 9414 9414 101 101 106% 106% 110 110% 106 106 49 49 54 55 103% 103% 104 104 15 15 15 15 21 88 92% 92 47 47 38 5415 kg 6 107% 107% 53% 53% 100% 101 105% 105% 50 50 46 46 1061 106% 7 85 85 91n 91% 954 96 102% 102% 106% 106% 101 101 101 1014 100% 1003 1027 102% 105% 106% 1063 106% 101% 101% 118% 119 N2y 112% 831 831, 971 98 06% 96% 102 102 101 101% 98 98 9% 96% 97 97% 561 56% 93% 93% 108 105 My 9Ty 98 98 96% 97 102 102 106 106 26 26 635 63% 51 51 70 70 808 80% 901 901 47 a8 184 184 T T4 B 7 e 60 103% 103% 83 83 60 603 69% 70% 115% 115% 89 89 263 27 26 35% 27 26 350 83 83 o 102% 102% 106% 106% 56% 561 4“4 44 45 45 50 511 98% 99y 98 98 7% 9TH 35 35% 1031 103% 107% 1074 921 92y 98% 984 93% 93% 9% 99% 53 B4 53 54 10715 107% 108 108 101 101 9l 914 105 105 96 964 1001 101 10515 106% 83 83 47 47 56 56 104% 1041 8746 874 9215 92% 105% 105% 1011 101% 101% 101% 1011, 101% 874 8T 671 674 6915 6915 695 694 88 72 78 1814 1015 1024 1184 1184 125% 125% 68 68 98y 98% 103% 103% 84 84 24 613, 24 61 62 52 511y 671 8819 601 9715 i Sinc P L 5s ‘42 Sales. High. Low. Close 1074 107% 56 86 & 670 681 68% RR1; RRL s | 1037 108% 9415 94% 3% 670 111 Bell Tell 111 Cent 48 111 Cent 4 11 Cent rf 4y 111 Cent 6s * 111 CCStL&N 11 Steel 4155 "4 Inland St 4758 A” 9 Inland St 4358 B'S1 21 Int Rap Tr s '66 Int Rap Tr sta * Int Rap Tr 6s°32. . Int Rap Tr 7832, w Int Hydro El 6 "44. Tht M Co 5s ret'd1.. Int Match 5s '47 Int MM col tr 6 Int Pap s A * int Pap 6s 55 Int Ry C A 61 IntT&Td4%s Int T&T cv 41 Int T &T 58 Towa Ttaly Italy Pub § Japanese 5158 Japanese 61,y Jugosl Bnk Ts ' Kan CFLS&M 4s' Kan City Sou Kan City Sou 5850 Kan City Ter 4560, Kan G&T 4155 '80. Karstadt 6543, .. Kend 5158 48 ww. Kresge Found 638 6 103 Kreug & Toll 58'39. 5 81 Lackaw St § il Lac G St Laclede b o .14 . 10 .15 87 .14 835 A . 28 100 8 89 . 22 1968 . 18 106 67 9 97 45 100 4 36 20 700 350 70 103 81 10415210414 5108 103 6102 101 Laclede 1101 101 Lautaro Nit 68 '54. 29 2715 24% Tieh Valcv 4s 2003, 1 RO% Leh Val 58 2000. 3 100 L4g & ) 2 124 Loew’ 2 98% Lorillard s '5 5 9514 Lorillard 518 16 98 21 58 14 107 24 90% 5 105% o McKes & R 5% %50, Manh Ry 1st 45'90. Market St 7540, .. Marseilie 68 '34. Mex 48 asstd 1910, Mexico 58 A "45. Mich C‘en 4158 " Midvale Stl 5s " Milan 6%s'52 4 Mil E Ry & L 58 '61 Mil El Ry&Lt 55°71 5 104% MS:P&SSMends.. 5 64 MSP&SSM 5% 1 92 MK &TIst4s'90.. 18 86% MK&T prin5sA'62. 1 90 Mo Pacgn 4s'75... 32 541 Mo Pac 55 A '65. 2 78 Mo Pac 58 F '77. 7 761 Mo Pac5sG'78.... 10 76 Mo Pacrf 5s'81... 125 76 Mo Pac5i;m A '49.. 13 645 MontPdb5s A'62. 1 1021 Mont Pow 58’43 1 105% Nat Dairy 5% s '48. 40 102 at Steel 55 ‘56 33 914 Eng T 1st55'52. 3 111% OT&Mb5sB'54. 4 w S Wales 58 '57. W S Wales 5858 YCgn3a'e7.. YCent4s'98.... 6 Y Cent db 4s°34. ‘13 Y Cnrf4l%s2013.144 YCrfim 552013. 16 101 N Y Centdb6s'35. 12 107% 107 Y C&StL 43 .24 BT YC&StL518A'74. 6 63 YC&StL6s'32.. 33 77 Y Edisn 68 B'44.. 2 107 Y Fd1st 615541, 3 115% Y ELH&P 45°'49.. 2 101% 1 88 5 1051 4 57 103% 82 103% 1041 64 92 2 103% 104% 64 92 90 54 78 7615 76 63 W02 102 105 105% 102 91% 1115 60 18 11 27 57 7 6 8204 8715 99 9014 100 YNH&H clt 65'40. NY O&W 1st 4592 NY S&W 1st 5 v g ae NY Tel6s°41..... 17 105% NY W&B4%s'46.. 2 77 Nia Sh Md 9 93 Nord 61 s 2 105% No Am Co 53 '61 9 101% Nor Am Ed 58 '57. . 1054 Nor AmEd5sC'69 3 101% Nor AmE5%8'63. 1 104% NorOT&L 6s'47. 6 108% or Pac 39 2047... 11 63% Nor Pac4s'97..... 27 90% Nor Pac ri 68 2047. 5 101% or StPwisA'41. 5 105% or StPw 6s B'41. 1 106 12 100% 21 101% 3. 10 105 Norway 68 '44. 2 105% Norway 65 '52. 1 101% Ore Short L5s gtd. 7 108% 13 925 1 94% 12 99% 5 105% 3 106% 1 108 3 103 1 36 7 86 11 104% 1 101% .. 16 94 L1791y .20 98Y% .22 90% .19 99y . 10 100% % Orient dev 68 '53... Pac G&E bs "42 Pac T&T 1st & Pac T&T rf 58 '52. . Pan-Am Pet 6s '34. Paris-1.y M 68 '58. . Paris-Or 514 Pathe Exch Penn 4% s D 81 Penn gn 4158’ Penn 43 : Penn 4%8°63. Penn 58 '64. Penn gen bs 6 2 104 Penn 6148 °36...... 14 106% Penn P&L 41%:5'81.101 99% Peoples’ .. 7 109% Peor & E Ist 4s'40. 2 554 Pere Mar 4138'30.. 29 72 Pere M 1st 58 '54... 11 81% Peru 68 ‘60 7 164 Peru 6s 61 11 16 Phila Co 58°67..... 27 104 Phila Eiec 4s'71... 18 981, Phil & Read 6s'49. 5 6215 Phillip Pet 51, s '39 Pierce Oil deb 8s. .. Pillsb F M 6543, PCC&StL 4% 5 PCC&StL5sA PCC&St L 55 B '75 P& W ValssC80. Poland 6s '40. Poland 7s Poland 85 '50. Port Gn E1 43560, Pos Tel & C g Prague 71 Pressed St Prussia 6s'52. Public Serv 48 Pub Sv G 4%5'67.. Queensiand 65 °47.. Queensland 7s'41. . Read gn 4135 A '97. Reading 413s B '97. Rem R614s A *47.. Rhinelbe 7s '46. ... Rnine West 65 '5 Rhine West 65’55 Rhine West 7s '50. . Rio de Jan 6%s '53. Rio de Jan 83 '46 Rio Gr W 1st 4s5°39 Rome 6355 '52..... Roy D 4845 ww. .. St L&SF in 48 A '50 StL&SF 4! StL&SF p 1 StLSWis cive Sao Pau 7s'40 ret. . Saxon P W 612851, Seab A L rf 48759, Seab A L 4s st '50. . Eea All Fla 65 A '$5 Seine 78 '¢ erbs-Cr-S1 75’62 Serbs-Cr-Sl 85 °6: Shell Un Ofl 58 47. Shell Un Oil 5= °49. Shinyetsu 615852 Sinclair Oil 6125'38 Sine O Tscv A ine Cr O 5% s B 50 1 106% 42 67 16 73% 15 74 53 13 5 86 50 95 46 99 8 1021 5 102% 21 66 15 97 3 106 8 93 Skelly Ofl 55 '39. Solvay Am 5542, . Sou gell T&T 55 '41 Sou Pac ref 4 ‘55. . 66 97 106 93 91 107% 107% 13 13 87 87 88 %88 98 99% s 1043 104% | 844 34% 58 53 73 13 96% 9574 % 103% 103% 10235 10213, 2% 82 o 82 TexasCorpis'd.. i Sou P 4% ‘69 ww. Sou Pac 4%3'81. .. Sou P&Or 44817, Sou Ry &n 4s 'S/ 1 86% 48 85 9 96 954, 11 64 63 2 103% 108% . 19 96k Po1 § 104% thass 01 8 21 2 108 103 Tegot 105% 29 94 93% 94 22 95':992 95% 23 95! R 95U 867 85% 95% 681 103% 91 104% 101 2% 103 105% iwan E P 5387 & ATk 5158'50. 86% ! | Un Pac 4128 - REPORTED BETTER {Auto Specifications Heip Market—Pipe Line Book- ings Gain. By the Associated Press. NEW YORK, August 20.—A slight gain in steel demand, mainly as mfl- sult of specifications from the automo- bile industry, and prospective increases in line pipe bookings, structural steel awards and rai] releases have <ned the hopef of iron and steel pro. ducers for a seasonal upturn in_ busi- ness, Iron Age says in its weekly re- view of the industry. ‘While cutrent orders from motor car builders are too small and too cattered to throw much light on Sep- ember- assembly schedules,” the re- view says, “they are ted as portending larger and more widely de- fined. Orders about to be placed in- | clude 36.000 tons for the Stanolind Pipe Lin> Co. and 15,000 tons for the Lycoming Natural Gas Co. which with smaller tonnages approaching the clos- ing stage, are counted on to sustain the recently Increased operations of electric wecld and seamless pipe mills until the end of the current quarter. “Rail specifications are still irregu- lar, as evidenced by the shutting down of the Pittsburgh district mill after a week's run, but will be heavier next month. Releases for September rolling | thus far received at Chicago point to a gain of 25 to 50 per cent in West- ern_ rail mill operations. “Mill shipments of both sctructural ‘.fll('e] and reinforcelng bars have been | holding up well, with the likelthood tr,h.n. they will continue to make a good |showing. A negative factor, so far as | concrete bars are concerned is a con- | troversy in Illinois regarding that State’s ‘standard wage' law, which may delay the award of more than $10,000- vort. of e 3 |00 oad work until next | concrete bars are concerned. is - | sumers of iron and steel have as yet | glven little indication of an impending | seasonal upturn in their requirements, | “Tin plate production, which has | held up unusually well throughout the { depression, has declined to 50 per cent of capacity, the lowest rate of the year, Steel ingot production still fails to |show a uniform trend. The intermit- tent operations now characteristic of various steel finishing departments con- tinue to be reflected in irregularitics lin raw steel output. Gains in ingot | production at Cleveland and Ch are in contrast with losses at Buffaio, | Birmingham and Pittsburgh. The aver. age rat> for the country at large is estimated at 32 per cent. compared | with 30 per cent in the previous week.” i INVESTMENT TRUSTS NEW YORK. August 20 (#).—Ov ! the-counter market: s et A B C TrShes “D”... A B C Tr 8Shrs "E | A1~ Am Tovest - <a" Am & Cont Corp ‘Am & Gen Sec |Am & Gen c B = Asked ste Bld. ¢t & Gen See 33 bt r on 6% i Comp Tr Shrs rs 6% pI.... Fdrs 7% pi Pdre 1-70 Com Fdrs cv pf ctfs Fdrs 1-40 com Ins Stocks Bansicifia: o nsicilla Corp Batic Industr British Type Tnv - Century Tr. Shre ain & Gen Eq 6 Chain Store ‘Tavest | Grain “Store "Tnv Ghartered” Invest Chartered Inv pf | GChelsea Exch A Chelsea Excn B Gumulative Tr 8i Corporate - Trust Poster 33 SRR o Eaquity Invest Equity Invest p{ Eauity Trust Shrs . Pirst Am Corp . Five-Year Pixed Tr ... ed Trust Sh A.. ied Trust Sh B Pund Tr Shrs A_.... Pund Tr Shrs B General Equity A Granger Trade Gude Winmill Trad. Incorp Investors ... Incorp Invest Equit lndeg:gd Tr Shrs . Int Corp Am A...... . Int Sec Corp Am B.......... Int Bec Am 6 pf. Int Sec Am 6'2s pf Inv Tr N Y Coll “A" Invest Trustee Sh .. . Jackson & Curt Bec pf.. Leaders of Indust A von ders of Indust B Leaders of Indust C | Low Priced Shrs Major Corp Shrs Mass Invest Tr Mohawk Invest Mutual Inv Tr Nation Wide Sec Natl Indust Shrs Natl Tr Shrs N Y Bk Tr Shrs . Nor Am Tr Shares.. Northern Secur Oil Shares units Old Col Inv Tr Old Col Tr Assoc Petrol Trad A Public Serv Tr Repres Tr Shrs Second Int Sec Second Int Sec B Sec Int Sec 8 Ist pf . Secur Corp Gen § Selected Am ,Sh Selecte¢ Income Sh Selected Manage Trust Shawmut Bank . Spencer Trask Pund Stand Am Tr Shrs Stand Collat Trust State Street Invest Super of Am Tr A Super of Am Tr B Super of Am Tr C Super of Am Tr Trust Shrs of Am Trustee Stand Iav Trustee St Oil A . Trusteed N Y C Bank.. . Twentieth Cent Pixed Tr Two-Year Trust Sh United Pixed Shrs P | Unit Pdrs 1-70 Com. . United Ins Shrs . : US Elec Lt & Pow A US Elec Lt & Pow Sales. High. Low. Close.~ Tex&P 1st 55 2000. 10 103% 103% 103% 3 81 81 81 Tex & P 55 D '80 3 Third Avrf4s’60.. 2 541 541 541 Third Av adj 55 °60. 16 391 ‘38l 391 Toho El Pw 65 2 991 99 991 Toho El Pw 7s ‘5. 11 1005 1003 1003 Tokio El Lt 65 ‘53 85 84% 841 Un Pac 45 '68 93% 93 93 99% 101 101 101% 101%: 101% 106% 106% 1067 6814 681, 45% 45 45 50 50 47 45 4415 44 87 67 721 2% 80 9 27 T4 e 102 10215 508 50, 100% 10042 50 50 52 52 61 64 54% B4k 4l% 41w 48 48w 88% 88% 105% 106% 69 69 82 82 103% 104 1031 103% 1108 110% 103 103 8315 931 44 44 ww T AR A atlatBeaSnensh A D o D. L O 7 Unit Drg ev 585 Utd King 5%s ‘37 U S Rub 1st 5s 47 Un St W 6%s A'47 Ud St W 6% sA"51 Uruguay 6s'60. Uruguay 65 '64. Util Pw 55 59 . Util Pow 5128 "47.. Vanadium St 58'41. Vert Sug 1st 7s'42 Vienna 6s ‘52 Va Ry 18t 58 '&: Wabash 4155’78 Wabash 1st 58 3 Wabash 5s B 76 79 R T4 Wabash 5%s warn Br Pic 68'33. Warn Quin 65'39.. Warsaw 75 58 Wst Sh 1st 45 2341, West E1db 58 °44.. West Md 48 52 West Md 5% West Union 58 *51 ‘West Union 5 West Un 638 '36. . WEOG5%s'37 ww. Wil & Co 1st 6341, Wis Cen gn 4 '36. . Yokohama 65 '61. ./ Ygstn S&T 58 A7,